Core Viewpoint - The trust of end consumers in the narrative of "gold as a store of value" is being tested due to recent fluctuations in gold prices and the pricing strategies of jewelry brands [2][4]. Group 1: Price Fluctuations and Consumer Behavior - On December 30, international gold prices closed at $4,340.13 per ounce, while domestic gold jewelry prices saw significant declines, with brands like Chow Tai Fook and Lao Feng Xiang dropping over 40 yuan per gram [2]. - In mid-December, brands such as Chow Tai Fook announced price increases of around 15% for their products, indicating a trend of rising prices prior to the recent drop [2]. - The volatility in international gold prices is increasingly impacting the trading dynamics of the gold jewelry market, with sales personnel often not fully disclosing the risks associated with price fluctuations [4]. Group 2: Consumer Sentiment and Market Dynamics - Consumers exhibit irrational behavior characterized by "buying high and selling low," driven by narratives of inflation resistance and risk aversion during price surges, leading to increased purchasing intentions [4]. - When prices decline, consumer sentiment shifts to a wait-and-see approach, resulting in behaviors such as order cancellations and delays in product pickup [4]. - The pricing mechanism of gold jewelry brands typically involves "raw material cost + processing fee + brand premium," leading to rapid price increases during gold price surges, while adjustments during price declines are more cautious due to inventory costs and consumer expectations [5]. Group 3: Trust Issues and Market Positioning - The price stickiness in the market can lead to consumers feeling "stuck" after purchasing at high prices, which undermines their trust in the narrative of gold as a reliable store of value [5]. - If brands continue to market gold jewelry as a value-preserving asset, a decline in gold prices could trigger a demand shrinkage and a crisis of trust among consumers [5].

Core Viewpoint - The recent significant drop in gold jewelry prices among major domestic brands is attributed to a sharp decline in international gold prices, marking a rare and substantial correction after a year of rising prices. Price Movement - On December 30, major gold jewelry brands such as Chow Tai Fook, Lao Feng Xiang, and Lao Miao all saw price drops exceeding 40 yuan per gram, with Chow Sang Sang experiencing a drop of over 50 yuan per gram [1] - The gold price for major brands on December 30 includes: - Chow Tai Fook: 1363 yuan/gram, down 42 yuan - Chow Sang Sang: 1353 yuan/gram, down 53 yuan - Lao Feng Xiang: 1363 yuan/gram, down 45 yuan - Six Fortune Jewelry: 1361 yuan/gram, down 42 yuan [2][3] Market Influences - The price adjustment in gold jewelry is primarily influenced by a significant drop in international gold prices, which fell over 200 USD in a single day on December 29, reaching a low of 4301.79 USD per ounce, a decline of 4.42% [3] - Other precious metals such as silver and platinum also experienced notable declines during this period [3] Trading Regulations - The rapid increase in precious and industrial metal futures prices has led to heightened volatility risks, prompting the Chicago Mercantile Exchange to raise margin requirements for trading metals, effective after the close of trading on the following Monday. Gold futures margin will increase by 10%, silver by approximately 13.6%, and platinum by 23% [3] - This increase in margin requirements is expected to significantly raise the cost of speculative trading, leading some investors to liquidate positions before the new rules take effect, resulting in multiple rounds of price declines in international metal futures on December 29 [3] Market Sentiment - Analysts indicate that the recent price correction is driven by technical and liquidity factors rather than a fundamental shift in the long-term outlook for precious metals. Despite the short-term market sentiment being under pressure, the bullish drivers for gold remain intact [4] - UBS has raised its gold price target for the first three quarters of 2026 to 5000 USD per ounce, with an expectation that prices will retreat to 4800 USD per ounce by the end of 2026, higher than previous forecasts [4]

Group 1 - The international gold price is reported at $4,340.8 per ounce, while international palladium is at $1,608.4 per ounce, and international silver is at $72.28 per ounce. The domestic gold price is at ¥992.9 per gram [1] - Major domestic gold retailers have varying prices, with Lao Feng Xiang at the highest price of ¥1,408 per gram and China Gold at the lowest price of ¥1,312 per gram. Other notable prices include Chow Tai Fook at ¥1,405, Chow Sang Sang at ¥1,406, and Liufuk Jewelry at ¥1,405 per gram [1]

Core Viewpoint - The commercial aerospace sector is experiencing significant interest from major funds, driven by policy breakthroughs and advancements in rocket reusability, which are expected to enhance the industry's growth potential [2][3]. Policy Developments - The Shanghai Stock Exchange has issued guidelines for commercial rocket companies to apply for the Sci-Tech Innovation Board, marking a significant policy breakthrough that supports the industry [2]. - The new regulations require commercial rocket companies to demonstrate successful orbital launches using reusable technology, providing a clear path for listing and reflecting strong national support for the aerospace strategy [2]. Technological Advancements - Reusable rocket technology is identified as a key factor in reducing launch costs, with first-stage rocket bodies accounting for 60% of total costs [3]. - The successful test flights of reusable rockets like Long March 12 and Zhuque 3 are expected to lay a solid foundation for achieving low-cost, high-frequency launches by 2026, marking a pivotal moment for satellite deployment [2][3]. Investment Opportunities - The commercial aerospace industry is anticipated to enter a rapid development phase, with several investment opportunities identified: - **Rocket Manufacturing and Core Supply Chain**: Increased demand for advanced materials and components due to the development of reusable rockets. Beneficiaries include Aerospace Power, Chaojie Co., Srey New Materials, and Huagao Technology [4][5]. - **Satellite Manufacturing, Operations, and Space Applications**: The rise in rocket capacity will shift focus to mass satellite production and launch, benefiting companies like Zhongke Xingtou, Aerospace Hongtu, China Satellite, and Qianzhao Optoelectronics [4][5]. - **Testing and Verification Services**: The need for complex testing during the development and production phases will drive demand for specialized third-party service providers, with beneficiaries including Aerospace Hanyu, West Measurement, Su Testing, and Guangdian Measurement [4][5].

Core Viewpoint - The professional services sector experienced a mixed performance on December 29, with a slight overall increase of 0.0%, while the Shanghai Composite Index rose by 0.04% and the Shenzhen Component Index fell by 0.49% [1]. Group 1: Stock Performance - Leading the gains in the professional services sector was Lihe Kexin, which closed at 10.81 with a rise of 5.88% and a trading volume of 624,200 shares, resulting in a transaction value of 673 million yuan [1]. - Other notable performers included Lingdian Youshu, which increased by 3.05% to close at 50.08, and Xince BiaoZhun, which rose by 2.14% to close at 33.39 [1]. - Conversely, C Tianshu saw a significant decline of 9.11%, closing at 104.21, with a trading volume of 84,400 shares and a transaction value of 857 million yuan [2]. Group 2: Capital Flow - The professional services sector experienced a net outflow of 200 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2]. - Notably, the stock Puni Testing had a net inflow of 26.49 million yuan from institutional investors, despite a net outflow of 20.30 million yuan from retail investors [3]. - Other stocks like Guangdian Jiliang and Zhonggang Tianyuan also saw varying levels of net inflow and outflow from different investor categories, indicating a mixed sentiment among investors [3].

- The report discusses a **volume-timing model** for broad-based indices, which provides signals based on market volume trends. As of December 26, 2025, the model indicates a "cautious" view for the SSE 50 index, while other indices such as SSE Composite, CSI 300, CSI 500, CSI 1000, ChiNext, and Beijing 50 show "bullish" signals[2][23][24] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in avoiding risks during market downturns. Recently, the indicator's value has been around 71%[24][25][28] - A **moving average sentiment indicator** is also discussed, which uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess market trends. The indicator assigns values based on the number of moving averages above or below the current price. When the number of moving averages above the price exceeds five, the market is considered bullish. This indicator currently shows that the CSI 300 index is in a positive sentiment zone[30][33][36] - The report evaluates **cross-sectional volatility** and **time-series volatility** as measures of alpha generation potential. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks shows mixed trends, with CSI 500 experiencing an increase, indicating a better short-term alpha environment. Time-series volatility for all three indices has decreased recently, suggesting a weaker short-term alpha environment[41][42][43] - A **fund clustering degree indicator** is used to monitor the degree of fund concentration. This is measured by the standard deviation of cross-sectional returns of clustered funds. A lower standard deviation indicates higher clustering. Recently, the clustering degree has slightly increased, and both clustered funds and stocks have shown higher excess returns over the past week[83][85][87]

Group 1 - The international gold price is reported at $4531.8 per ounce, while international palladium is at $1923.4 per ounce, and international silver is at $79.13 per ounce [1] - The domestic gold price is reported at ¥1016.5 per gram [1] Group 2 - Major domestic gold retailers have varying prices, with Lao Miao Gold at ¥1417 per gram as the highest and China Gold at ¥1312 per gram as the lowest [1] - Other notable prices include Chow Tai Fook at ¥1413 per gram, Chow Sang Sang at ¥1412 per gram, and Liufuk Jewelry at ¥1413 per gram [1] - Additional prices from other retailers include Xie Rui Lin at ¥1413 per gram, Jin Zhi Zun at ¥1413 per gram, Chao Hong Ji at ¥1413 per gram, Cai Bai Jewelry at ¥1372 per gram, Lao Feng Xiang at ¥1408 per gram, and Zhou Liu Fu at ¥1398 per gram [1]

Core Viewpoint - The company has made significant progress in expanding its overseas capacity and aligning with key clients' international strategies, focusing on Southeast Asian markets for business development and localization services [2] Group 1: Overseas Expansion - The company achieved a critical breakthrough in its overseas capacity layout this year, closely following the international strategies of its core clients [2] - The company plans to invest $500,000 to establish a subsidiary in Vietnam, accelerating its overseas market expansion [2] Group 2: Strategic Partnerships - In December 2025, the company signed a memorandum of understanding with the Indonesian National Standardization Agency (BSN) in Jakarta, aimed at promoting the SNI standards and certifications in the Chinese market [2] - The partnership is intended to enhance economic cooperation and technical exchanges between China and Indonesia [2] Group 3: Market Development - The company is actively expanding its business in Southeast Asian markets, including Indonesia, Vietnam, and Malaysia, in line with clients' overseas plans [2] - In August 2025, the company was recognized as a DV TIC institution for the toy category by Amazon, providing a "one-stop" compliance testing service for toy exports [2]

Group 1 - The company aims to establish a comprehensive quality assurance system covering the entire lifecycle of satellite development, production, launch, and operation [2] - The core strategy includes "full-chain quality assurance + technology platform drive + capital and ecological synergy" [2] - The goal is to become the most comprehensive third-party testing institution in the field, with the highest efficiency in response and the widest customer coverage [2] Group 2 - The company supports the construction of integrated space-ground networks and the development of the 6G industry [2]

Core Viewpoint - The company plans to invest 344 million yuan to build a satellite internet quality assurance platform, enhancing its testing and evaluation capabilities for satellite systems [2] Group 1 - The investment of 344 million yuan will be allocated for the construction of a satellite internet quality assurance platform [2] - The company will set up high-end equipment such as thermal vacuum test systems and high-intensity vibration tables in cities like Guangzhou and Chengdu [2] - The initiative aims to strengthen integrated verification and testing services, covering all levels of satellite testing needs [2]