每周回顾 证监会坚决防止市场大起大落；全市场跨境ETF规模突破万亿元

Regulatory Actions - The China Securities Regulatory Commission (CSRC) emphasizes the need to prevent significant market fluctuations and strengthen market monitoring and regulation to maintain stability [1] - The Shanghai and Shenzhen Stock Exchanges have raised the minimum margin requirement for margin trading from 80% to 100% to reduce leverage and protect investors' rights [2] Automotive Industry - The Ministry of Industry and Information Technology, along with other regulatory bodies, has called for an end to disorderly price wars in the electric vehicle sector to promote fair competition [2] Commodity Market - Silver has surpassed Nvidia to become the second most valuable asset globally, with a market capitalization exceeding $5 trillion, driven by a cumulative price increase of over 200% in the past five years [2] Company Developments - Alibaba's Qianwen has launched an "AI Life Assistant" with over 400 functions, marking a transition into the "AI service era" [3] - TSMC plans to significantly increase its capital expenditure over the next three years, with 2026 spending projected between $52 billion and $56 billion, a potential increase of up to 36.92% year-on-year [3] - Xibei will close 102 stores, accounting for approximately 30% of its total, following significant losses exceeding 500 million yuan since a controversy last year [4] - Ctrip Group is under investigation for alleged monopolistic practices, including unauthorized price modifications that have led to consumer price discrimination [4] Fund Market - The first commodity ETF in China has surpassed 100 billion yuan in size, with the Huaan Gold ETF reaching 100.76 billion yuan [5] - The total size of cross-border ETFs in China has exceeded 1 trillion yuan, driven by strong performance in overseas markets [5][6] - Public fund issuance has accelerated in 2026, with 78 new funds launched, particularly in the FOF category, which has seen strong fundraising capabilities [6] IPO Activities - Yuanji Food has submitted an IPO application in Hong Kong, with over 4,200 stores globally and a compound annual growth rate of 44.7% in store openings from 2023 to 2025 [7] - Shangmi Technology has filed for an IPO in Hong Kong, with significant backing from major shareholders including Ant Group, Meituan, and Xiaomi [8]