和讯·2025-12-21 12:47Macro and Financial - Hainan Free Trade Port officially launched on December 18, with "zero tariff" items expanded to over 6,600 (accounting for 74% of all product categories), and processing value-added domestic sales exempt from tariffs [2] - Central Economic Work Conference emphasized stabilizing the real estate market from both supply and demand sides, encouraging the acquisition of existing housing for reasonable uses and promoting the transformation of real estate companies [3] - Private equity fund size reached a historical high of 22.09 trillion yuan by the end of November, growing from 19.91 trillion yuan at the beginning of the year, with an increase of over 2 trillion yuan [4] - Significant fluctuations in commodities: gold surpassed $4,310 per ounce, WTI crude oil fell to a low of $56.82 per barrel, and Bitcoin fluctuated between $86,000 and $88,000 [4] Capital Market - A-share listed companies' cash dividends reached 2.61 trillion yuan this year, surpassing the total for 2024 and setting a historical record [8] - Institutional research on North Exchange listed companies has significantly increased, with over 272 companies receiving various institutional surveys, covering more than 95% [8] - A-share market experienced a volume decline with all three major indices falling, while sectors like commercial aerospace and food and beverage saw gains [8] - Hong Kong stock market keywords for the year were "repair" and "differentiation," with liquidity recovery lifting market valuations and structural differentiation creating investment opportunities [9] Business Industry - The MUSA Developer Conference revealed key technological advancements in the domestic computing industry, including a new GPU architecture that enhances performance by 10 times [13] - The Ministry of Commerce announced anti-dumping duties on EU pork products starting December 17, 2025, for five years, prompting mixed reactions within the EU [13] - The first batch of L3-level conditional autonomous driving vehicles received approval for road testing in designated areas, indicating progress in the autonomous driving industry [13] - The retirement of 2G networks is causing functionality issues for early smart electric vehicles, affecting approximately 380 million electric bicycles in China [14]