Core Insights - The recent trend of DR001 gradually declining indicates that there is limited room for further decreases in funding rates before the next interest rate cut [1] - The central bank's statement from the fourth quarter monetary policy meeting in 2025 suggests that the emphasis on "preventing fund idling" is temporarily downplayed, indicating a low probability of funding rate increases [1] - It is expected that funding rates will maintain a low level in the future [1]

Economic Growth - The economy is expected to achieve a growth rate of around 5%, with nominal and real growth rates converging [2][20] - Actual growth is showing a "front high and back low" pattern rather than a "U-shaped" recovery [20] Fiscal Policy - The broad fiscal expenditure is better than last year, with the deficit rate raised to 4% and a debt relief plan of 10 trillion yuan to ease local fiscal pressure [3][4] - The government report confirms a deficit of 5.66 trillion yuan and a debt replacement scale of 10 trillion yuan, with significant increases in education and social security spending [4][21] Monetary Policy - The monetary policy remains moderately loose, with potential for more significant rate cuts and reserve requirement ratio reductions compared to 2024 [5][22] - A 0.5 percentage point reserve requirement cut in May released approximately 1 trillion yuan in liquidity, and the yuan appreciated instead of depreciating [5][22] Credit Cycle - M1 growth turned positive, reaching 4.9% in November, but the social financing growth did not follow the predicted "two ends low, middle high" pattern [7][24] - The actual social financing growth showed a "front high and steady" trend, with an 8.5% growth in November [24] International Relations - Economic disturbances primarily stem from U.S.-China relations, but macro policies have effectively mitigated impacts, with increasing pragmatism in China-Europe relations [8][25] - Cooperation among global southern countries is gaining momentum, evidenced by various agreements and initiatives [8][25] Exchange Rate - The prediction of the yuan remaining in a weak range of 7.3-7.5 was completely incorrect, as the yuan appreciated throughout the year due to strong economic resilience and unexpected export performance [10][27] Export Situation - External demand slowdown and tariff pressures led to a negative export growth in October, but overall performance was stronger than expected, with a 5.4% growth from January to November [12][29] Real Estate Market - Core areas in first-tier cities have stabilized, and new first-tier cities are expected to stop declining by mid-2025, although recent data shows some instability in housing prices [13][31] Domestic Demand Expansion - Policies aimed at boosting consumption and improving livelihoods are in place, but the actual growth in retail sales fell short of the 5% target, with a total growth of 4.0% from January to November [15][32] State-Owned Enterprise Reform - The implementation of market value assessments and increased mergers and acquisitions led by state-owned enterprises has been confirmed, with significant investments in traditional and emerging industries [16][33]

Core Insights - In December, 39 out of 360 industry/theme ETFs reached new highs, primarily in the communication, non-ferrous metals, and military (aerospace) sectors, indicating strong market consensus on these areas [2][11] - Established sectors like communication and non-ferrous metals are seen as core investment themes, while emerging sectors such as commercial aerospace are gaining traction amid market volatility [1][3] Group 1: Performance of ETFs - The communication ETFs saw an average increase of 10% since October, with an annual average increase of 91.5% [2][12] - Non-ferrous metal ETFs experienced an average increase of 20.1% since October, with an annual average increase of 95.2% [2][12] - Military and aerospace ETFs had an average increase of 18.7% since October, with satellite ETFs rising by an average of 34.5% [2][12] Group 2: Emerging Investment Themes - Commercial aerospace is viewed as an active investment choice during market fluctuations, similar to previous low-altitude themes, driven by narratives around US-China space infrastructure competition [3][4] - The commercial aerospace sector, while promising, does not match the scale of humanoid robotics or low-altitude economies, indicating a more modest growth potential [4][14] Group 3: Under-the-Radar Sectors - Sectors like chemicals and engineering machinery are quietly rising and have reached new annual highs, reflecting China's manufacturing competitiveness and pricing power [5][15] - These sectors are characterized by low media attention and fragmented industry discussions, making them susceptible to being overlooked despite their potential for profit margin improvement [5][15] Group 4: Anti-Inflation Trends - Sectors related to anti-inflation, such as new energy and steel, are showing signs of recovery, with market sensitivity to supply dynamics increasing [6][16] - Recent supply chain disruptions in the new energy sector have led to positive stock price reactions, indicating market expectations for tangible supply reductions [6][16] Group 5: Investment Strategy - The current market strategy emphasizes structural opportunities in a volatile market, focusing on sectors with low heat and concentration but increasing attention and potential for long-term ROE improvement, such as chemicals, engineering machinery, and new energy [7][17] - The strategy also includes monitoring the trend of RMB appreciation, with sectors like brokerage and insurance being positioned as both offensive and defensive choices [7][17]

Core Viewpoint - The recent court ruling in favor of Fuanna against CITIC Securities highlights significant issues in the management and transparency of financial products, particularly in the context of asset management and investment risks associated with FOF (Fund of Funds) structures [1][2][3]. Group 1: Legal Proceedings and Court Ruling - Fuanna has received a court ruling that requires CITIC Securities to compensate 29.2863 million yuan for principal losses within ten days of the judgment [1]. - The court also stated that any subsequent recoveries from the asset management plan will be split 50/50 between Fuanna and CITIC Securities, indicating a substantial fault on the part of CITIC Securities [1][2]. - The case has drawn significant market attention due to its implications for asset management product disputes following regulatory changes [2][3]. Group 2: Investment Details and Product Structure - Fuanna began investing in CITIC Securities' "Fu An No. 1" product in April 2018, with a total investment of 120 million yuan in the fifth phase, which was supposed to yield returns but faced delays [2][3]. - The product was restructured into a FOF format, which has raised concerns about the underlying investments and the lack of transparency regarding the actual asset allocation [3][4]. - Investigations revealed that the investment funds were not directly allocated to the stated assets but were instead funneled through a trust plan, which involved a failed real estate project [3][4][5]. Group 3: Risk Management and Industry Implications - The case underscores the risks associated with FOF products, particularly regarding the concentration of investments and the potential for conflicts of interest within financial institutions [11][14]. - The rapid growth of private FOF products among securities firms has raised concerns about the adequacy of risk management practices and the potential for misalignment of interests between product managers and investors [13][14]. - The incident with Fuanna is not isolated, as other companies have also faced similar issues with CITIC Securities' products, indicating a broader industry challenge [11][15].

今天分享的是：中信证券：AI泡沫质疑声中的韧性市场 报告共计：113页 AI泡沫质疑声中的2026年全球市场韧性展望 《AI泡沫质疑声中的韧性市场》报告指出，2025年全球市场在降息周期、科技景气与美元弱势三大因素驱动下，呈现股强于债、科技强于防御的结构性行 情，2026年市场虽面临AI泡沫争议等不确定性，但整体将保持韧性，多领域仍存明确投资机遇。 2025年市场回顾与核心驱动 2025年全球大类资产表现分化显著，黄金以62.8%的涨幅领跑，港股上涨29.5%，美股、欧洲股票等也实现稳健增长。债券市场中，美国投资级债、高收益 债均保持正收益，中资美元债表现亮眼。 核心驱动因素包括美联储预防式降息释放流动性，AI技术推动科技产业景气度提升，美元走弱为新兴市场和贵金属带来支撑。其中，AI相关板块成为关键 主线，中概互联网板块全年涨幅显著，半导体、算力相关资产受产业链需求驱动表现突出。 2026年三大核心投资主题 美国降息周期延续：美联储后续仍有降息空间，新任主席人选将影响降息节奏。预防式降息有望推动股市继续上涨，美股业绩预期持续上修，港股、韩股及 新兴市场股票将受益于流动性外溢，高收益债也将因融资成本下降获得支撑 ...

Group 1 - The Shenzhen Stock Exchange's listing review committee approved the initial public offering (IPO) of Hangzhou Fu'en Co., Ltd., marking it as the 106th company to pass the review this year [1][2] - Fu'en Co. is a global supplier of eco-friendly fabrics, focusing on the research, production, and sales of sustainable materials [2][3] - The company plans to issue up to 58.33 million shares and aims to raise 1.25 billion yuan for projects related to integrated recycling eco-friendly fabric and high-end recycled material research [3] Group 2 - CITIC Securities is the sponsor for Fu'en Co.'s IPO, marking its 12th successful IPO project this year [2] - The actual controllers of Fu'en Co. include Wang Neili, Wang Xuelin, and Wang Enwei, who collectively control 83.89% of the company's shares [3] - The listing committee raised questions regarding the stability of the company's performance and potential risks of declining earnings, emphasizing the need for clarity on market conditions and competitive positioning [4]

Group 1 - The company plans to issue up to 33,108,000 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] - The company must report any significant events to the China Securities Regulatory Commission (CSRC) through the filing management information system from the date of the filing notice until the completion of the overseas issuance and listing [1] - After the overseas issuance and listing, the company is required to report the issuance and listing situation to the CSRC within 15 working days [1] Group 2 - Stone Technology submitted its prospectus to the Hong Kong Stock Exchange on June 27, 2025, with JPMorgan and CITIC Securities as joint sponsors [2] - Founded in 2014, Stone Technology is a global leader in the smart home robotics sector, focusing on meeting consumer needs through technologically advanced products and solutions, including smart vacuum robots and other smart home cleaning products [2] - According to data from Frost & Sullivan, Stone Technology is the number one brand of smart vacuum robots globally in 2024, with market shares of 23.4% in GMV and 16.7% in sales volume [2]

Core Viewpoint - Gallium Nitride (GaN) technology is becoming a key enabler for the performance revolution in the next generation of robotics, addressing the core demands of lightweight, high responsiveness, and high energy efficiency in robotic joints [1] Group 1: GaN Technology Benefits - GaN-based servo drivers can achieve a volume reduction of approximately 50% [1] - Power loss can be reduced by 50% to 70%, leading to more compact joint designs, longer endurance, and more agile motion control for robots [1] Group 2: Investment Recommendations - Attention is recommended towards leading domestic suppliers that can assist overseas manufacturers like Tesla in gradually reducing costs [1]

来源：江苏经济报 责任编辑：刘万里 SF014 来源：江苏经济报 责任编辑：刘万里 SF014 ...

截至发稿，博纳影业市值为111亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 每经AI快讯，博纳影业（SZ 001330，收盘价：8.05元）12月26日晚间发布公告称，持股5%以上股东中 信证券投资有限公司及其一致行动人金石智娱股权投资(杭州)合伙企业(有限合伙)、信石元影(深圳)投资 中心(有限合伙)、青岛金石暴风投资咨询有限公司计划在本公告披露之日起15个交易日后的三个月内以 集中竞价及大宗交易方式减持公司股份不超过约2747万股，占公司总股本的1.9982%（占剔除公司回购 股份后总股本的2%） 股东浙江东阳大麦娱乐有限公司计划在本公告披露之日起15个交易日后的三个月内通过集中竞价方式合 计减持公司股份不超过约1373万股，占公司总股本的0.9991%（占剔除公司回购股份后总股本的1%）。 如在此期间内，公司发生送红股、资本公积转增股本等导致总股本变动事项的，则拟减持的比例不变， 减持数量相应调整。 2025年1至6月份，博纳影业的营业收入构成为：传媒占比100.0%。 （记者 张明双） ...