Seek .(US:SKLTY) Sou Hu Cai Jing·2025-12-26 08:27Group 1 - The core investment theme for 2025 is AI, with significant developments such as DeepSeek and Google's Gemini3 model influencing the market, alongside Nvidia's market capitalization reaching $5 trillion [1] - The U.S. tariffs initiated by President Trump in April caused a panic in global markets, leading to substantial declines in major indices, including a 7.34% drop in the Shanghai Composite Index [1] - Central Huijin's announcement of increased holdings in ETFs during the market downturn aimed to stabilize the capital market, with a total investment of approximately 210 billion yuan [1] Group 2 - A comprehensive financial policy package was released in May, including a significant reserve requirement ratio cut by the central bank, which resulted in a rise in the Shanghai Composite Index from around 3,400 to above 3,700 [2] - A-share market capitalization surpassed 100 trillion yuan for the first time on August 18, 2025, with the Shanghai Composite Index reaching a near ten-year high of 3,731 points [2] - A-share trading activity was notably high, with three trading days exceeding 3 trillion yuan in turnover, and the total annual turnover reaching a record 408 trillion yuan, a 58.49% increase from 2024 [2] Group 3 - Gold and silver prices surged throughout the year, with gold reaching $4,530 and a year-to-date increase of over 72%, while silver saw a 160% rise [3] - The Federal Reserve initiated a rate cut cycle in December, providing significant liquidity to the market, which led to a substantial inflow of northbound capital into A-shares [3] - The renminbi strengthened against the dollar, with the offshore rate surpassing 7.0 for the first time since September 2024, reflecting a 6% appreciation since April 2025 [3]