2025A股11连阳收官，2026新政密集启幕丨一周热点回顾

Group 1: Digital Currency Development - The People's Bank of China has introduced a plan to transition digital renminbi from a cash-based system to a deposit currency system, effective January 1, 2026 [1] - Digital renminbi wallets will now earn interest, marking a significant shift in its role from cash to deposits, which is expected to enhance liquidity within the banking system [2] Group 2: National Subsidy Policy for 2026 - The National Development and Reform Commission and the Ministry of Finance have clarified the scope and intensity of the 2026 national subsidy policy for replacing old consumer goods, focusing on four categories: automobile scrapping, automobile replacement, home appliances, and digital products [3] - The subsidy for automobiles will shift from fixed amounts to a percentage of the new car price, while home appliance subsidies will be reduced in both scope and percentage [4] Group 3: VAT Law Implementation - The implementation regulations for the VAT Law will take effect on January 1, 2026, maintaining the current VAT system framework and tax burden while enhancing clarity and operability [5] - New regulations will address key issues in VAT taxation, including the scope of taxable transactions and the rules for tax deductions [6] Group 4: A-Share Market Performance - The A-share market closed the year with significant gains, with the Shanghai Composite Index rising 18.41% for the year, marking its largest annual increase in six years [7] - The total market capitalization of A-shares reached a record high of nearly 109 trillion yuan, with notable performance in sectors like CPO, storage chips, and commercial aerospace [7] Group 5: Manufacturing PMI Recovery - The manufacturing PMI rose to 50.1% in December 2025, indicating a return to expansion after eight months below 50%, driven by improved market expectations and demand [8] - Large enterprises showed a notable recovery, with their PMI reaching 50.8%, while small enterprises remained below the critical threshold [8] Group 6: Precious Metals Market Volatility - Gold and silver prices experienced significant declines at the end of 2025, with gold futures dropping 1.02% and silver futures falling 9.36% due to increased margin requirements [11] - Throughout 2025, gold prices rose approximately 70% and silver prices surged around 150%, driven by speculative buying and macroeconomic factors [12] Group 7: Meta's Acquisition of Manus - Meta announced a multi-billion dollar acquisition of Manus, an AI startup, marking its third-largest acquisition to date, aimed at enhancing its AI capabilities [13] - The acquisition reflects the competitive landscape in AI, with Meta seeking to address gaps in productization and commercialization in the general intelligence domain [14]