北京发放首批L3级高速公路自动驾驶车辆专用号牌；金、银、铜价格齐创新高丨盘前情报

Market Overview - On December 23, the A-share market experienced a pullback after an initial rise, with the three major indices briefly turning negative. The Shanghai Composite Index closed up 0.07%, the Shenzhen Component Index up 0.27%, and the ChiNext Index up 0.41% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.9 trillion yuan, an increase of 37.9 billion yuan compared to the previous trading day [1] Sector Performance - The Hainan Free Trade Zone concept showed strength, while the lithium battery sector also performed well. Liquid-cooled servers saw a rise in the afternoon, and semiconductor equipment concepts were active. The tungsten sector was notably active as well [1] - Conversely, the commercial aerospace concept experienced a pullback, and several tourism-related stocks declined. The top-performing sectors included photolithography machines, batteries, and the Hainan Free Trade Zone, while tourism and hotels, as well as commercial aerospace, saw the largest declines [1] International Market - In the U.S. stock market, the Dow Jones Industrial Average rose by 79.73 points to close at 48,442.41, a gain of 0.16%. The S&P 500 increased by 31.30 points to 6,909.79, up 0.46%, and the Nasdaq Composite rose by 133.02 points to 23,561.84, up 0.57% [3][4] - European markets showed mixed results, with the UK FTSE 100 up 0.24%, the French CAC40 down 0.21%, and the German DAX up 0.23% [3][4] - International oil prices saw slight increases, with WTI crude oil futures rising by $0.37 to $58.38 per barrel, and Brent crude oil futures up $0.31 to $62.38 per barrel [3] Key Developments - Beijing issued the first batch of L3-level autonomous driving vehicle special license plates, marking a significant milestone in the country's autonomous driving industry [5] - Semiconductor manufacturer SMIC has implemented a price increase of approximately 10% on some of its production capacity, driven by rising demand from mobile applications and AI [5] - The Chinese Ministry of Commerce expressed strong opposition to the U.S. adding foreign drone systems to its "untrusted supplier list," highlighting concerns over market distortion and unilateral actions [5] Commodity Market - Precious metals saw significant price increases, with gold prices nearing $4,500 per ounce and silver prices reaching $71.575 per ounce. Copper prices also hit a record high of $12,159.5 per ton [6][7] - The Shanghai Gold Exchange announced measures to strengthen market risk control due to recent volatility in precious metal prices [7] Institutional Insights - Historical trends suggest that the market tends to exhibit defensive characteristics towards the end of the year, with a preference for large-cap value stocks over small-cap stocks [8] - Analysts expect January 2026 to continue showing a narrow trading range, with a focus on sectors related to insurance, agriculture, and aerospace [8]