东兴证券晨报-20251230

Economic News - The Ministry of Finance announced a tariff adjustment plan for 2026, implementing provisional import tax rates lower than the most-favored-nation rates on 935 items starting January 1, 2026, resulting in a total of 8,972 tariff items [1] - The State Taxation Administration allows advertising and business promotion expenses for cosmetics, pharmaceuticals, and beverage manufacturing companies to be deducted up to 30% of annual sales revenue, effective from January 1, 2026, to December 31, 2027 [1] - The State-owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance value creation capabilities and focus on effective investment in key areas such as infrastructure and energy resources [1] - The National Medical Insurance Administration reported that from January to November 2025, the total income of the basic medical insurance fund was 26,320.68 billion yuan, with total expenditures of 21,100.46 billion yuan, indicating stable operation of the fund [1] - The People's Bank of China will officially implement a new digital RMB framework starting January 1, 2026, with cumulative transactions reaching 34.8 billion and a total transaction amount of 16.7 trillion yuan by the end of November 2025 [1] Important Company Information - Unisoc is planning to acquire controlling or all shares of Ruineng Semiconductor Technology Co., Ltd. through a combination of issuing shares and cash payment, with the transaction expected to be disclosed by January 15, 2026 [2] - Longpan Technology's subsidiary, Changzhou Lithium Source New Energy Technology Co., Ltd., will conduct maintenance on its lithium iron phosphate production line starting January 1, 2026, reducing output by approximately 5,000 tons, but this is not expected to significantly impact the company's performance in 2026 [4] - Ningbo Huaxiang signed a strategic cooperation agreement with Qianxing Future to enhance collaboration in the development, manufacturing, and sales of embodied intelligent robots, particularly quadruped robots [4] - Haisheng Pharmaceutical's investment in Nuo Wei Biotechnology's innovative drug for liver cancer has entered phase II clinical trials, marking a significant milestone in cancer treatment [4] - Jieli Rigging's controlling shareholder repurchased 20.05 million shares previously pledged to China Galaxy Securities, reducing the pledged shares to 38.34 million, which is 19.94% of the total shares [4] Daily Research Reports - The securities industry is expected to see improved performance in 2026 due to supportive policies and accelerated consolidation, despite facing challenges from global geopolitical events and domestic market pressures [5][6] - The report indicates that the average daily trading volume has increased since early 2025, with a notable rise in margin trading balances, suggesting a shift in asset allocation towards equity markets [6][7] - The report highlights the importance of self-operated investments for securities firms, emphasizing the need for a balanced approach to growth amid market volatility [8] - The anticipated policy support in 2026 could lead to significant improvements in industry performance and valuation recovery, with a focus on innovative business models among leading firms [10]