半日成交额前三的个股中，中芯国际涨3.12%，成交超49亿港元；腾讯控股涨0.17%，成交超44亿港 元；阿里巴巴跌0.82%，成交超42亿港元。 （文章来源：新华财经） 整体来看，多数板块涨跌互现，芯片、电力、有色金属等股多为上涨，黄金、银行、房地产、券商、石 油与天然气、建材水泥等股有涨有跌，锂电池、煤炭、生物医药、科网、航空等股多有下跌。 个股方面，中国移动跌0.06%，小米集团涨0.05%，华虹半导体涨1.64%，汇丰控股涨1.23%，中国平安 涨0.38%，长飞光纤光缆涨3.11%，禾赛涨3.49%，建设银行跌0.66%，药捷安康跌5.79%，紫金矿业涨 0.98%，赣锋锂业跌0.18%，宁德时代跌1.26%，小鹏汽车跌0.46%，中国石油股份涨0.12%。 新华财经香港12月24日电（记者林迎楠）因圣诞节假期，港股24日下午休市。当日，港股主要指数高 开，截至收盘，恒生指数上涨0.17%至25818.93点，恒生科技指数上涨0.19%至5499.30点，国企指数上 涨0.01%至8915.12点。 当日恒指高开5.95点，开报25780.09点，开盘后在开盘价附近震荡，最终恒指涨44.79点，主板 ...

2025 年 12 月 24 日 黄金、白银、铂、钯、铜期货将创下上市以来新高 铂、 钯、白银、镍、碳酸锂期货将震荡偏强 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期 2025 年 12 月 23 日期货主力合约行 情走势大概率如下： | 期 | 货 | 主力合 | 趋势 | 阻力位 | 支撑位 | 备注 | | --- | --- | --- | --- | --- | --- | --- | | 品种 | | 约 | | | | | | 股指 | | IF2603 | 偏弱震荡 | 4583 和 4605 点 | 4 ...

来源：市场资讯 杨杰出生于1962年7月，于2019年3月加入中国移动董事会并担任董事长，主持公司全面工作。其职业生 涯始于山西省邮电管理局，后在中国电信系统内长期任职，曾担任中国电信集团有限公司的总经理、董 事长等职。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 同日，中国移动召开2025年第十次董事会会议，经公司提名委员会提议、董事会审议及批准，陈忠岳获 委任为公司执行董事兼董事长，该任命亦自2025年12月22日起生效。根据公告，陈忠岳现年54岁，现为 中国移动最终控股股东中国移动通信集团有限公司的董事长，同时兼任中国移动通信有限公司的董事及 董事长。 陈忠岳拥有经济学硕士学位，其职业生涯横跨国内主要电信运营商。他曾长期在中国电信工作，历任浙 江分公司副总经理、公众客户事业部总经理、山西分公司总经理等职务，后升任中国电信集团有限公司 副总经理。 12月22日晚间，中国移动有限公司发布公告，宣布公司董事会收到杨杰的书面辞任函。因年龄原因，杨 杰辞去公司执行董事兼董事长职务，该辞任自2025年12月22日起生效。 ...

Market Performance - Hang Seng Index closed at 25,774, down 0.11% for the day but up 28.49% year-to-date[1] - Shanghai Composite Index closed at 3,920, up 0.07% for the day and 16.95% year-to-date[1] - US Dow Jones closed at 48,442, up 0.16% for the day and 13.86% year-to-date[1] Sector Performance - Hang Seng Financial Index at 49,069, up 0.58% for the day and 39.65% year-to-date[2] - Hang Seng Industrial Index at 13,970, down 0.55% for the day and up 24.18% year-to-date[2] - Hang Seng Real Estate Index at 17,858, up 0.56% for the day and 19.75% year-to-date[2] Capital Flows and Market Trends - Southbound capital net inflow of HKD 611 million, with Alibaba, Meituan, and Zijin Mining as top net buys[3] - A-shares in social services, beauty care, and retail saw the largest declines, while power equipment, building materials, and electronics led gains[3] - Anticipation of a spring market in early 2024, with technology and consumer sectors expected to outperform[3] Economic Indicators - US GDP growth at an annualized rate of 4.3% in Q3, the highest in two years[3] - Core PCE inflation at 2.9%, indicating persistent inflationary pressures[3] - Consumer confidence index declined for the fifth consecutive month, while the job market shows improvement[3]

Group 1 - The core viewpoint of the article highlights the increasing interest in Hong Kong stocks, driven by their valuation advantages and strong corporate governance [3][10] - The Hong Kong market is currently at a low valuation, with major companies focusing on shareholder returns through dividends and buybacks, indicating a robust governance structure [10][11] - The Hong Kong market features a number of scarce industry leaders with lower prices and higher dividend rates, enhancing their investment appeal [10][11] Group 2 - The adjusted cost-performance ratio of Hong Kong stocks is more favorable, with opportunities in both technology and dividend sectors [11] - In the technology sector, attention is drawn to internet companies focusing on large model developments, where leading firms are establishing competitive barriers through funding and data advantages [11] - In the dividend sector, bank stocks are highlighted for their low valuations and stable dividend returns, attracting long-term institutional investors [11][12] Group 3 - Two factors are expected to further boost the Hong Kong market: the U.S. interest rate cut cycle, which may lead to a global capital influx, and the continued appreciation of the RMB, increasing the attractiveness of RMB-denominated assets [12] - The company Guangfa Securities recommends a "barbell strategy" for investment, suggesting a long-term allocation to stable value assets while maintaining exposure to growth assets in the Hong Kong market [12] - The Hong Kong Large Cap 30 ETF (520560) is presented as a suitable tool for long-term investment, combining high-growth technology stocks and stable dividend-paying stocks [5][12]

Core Viewpoint - The Hong Kong market is experiencing increased investment interest due to its attractive valuation and strong corporate governance, with a focus on the "technology + dividend" strategy through the Hong Kong Large Cap 30 ETF (520560) [1][3]. Group 1: Market Performance - The Hong Kong Large Cap 30 ETF (520560) has seen a recent decline of 0.11% but has attracted 135 million yuan in the last 20 days, reaching a record high of 810 million yuan as of December 22 [1]. - Key stocks in the ETF include SMIC, which rose over 3%, and other notable companies like Nongfu Spring, BYD, and CNOOC, which increased by more than 1% [1]. Group 2: Investment Logic - The core logic for investing in Hong Kong stocks lies in their significant valuation advantages and high-quality corporate governance, with many large companies focusing on shareholder returns through dividends and buybacks [3]. - The current low valuation of Hong Kong stocks, along with a number of scarce industry leaders, enhances their investment appeal, particularly due to higher dividend rates [3]. Group 3: Sector Opportunities - In the technology sector, there is a focus on internet companies with a strong presence in the large model field, where leading firms are establishing competitive barriers through funding and data advantages [4]. - In the dividend sector, bank stocks are highlighted for their low valuations and stable dividend returns, attracting long-term institutional investors [4]. Group 4: Future Outlook - Two factors are expected to further boost the Hong Kong market: the potential for a U.S. interest rate cut, which may lead to a global capital influx, and the continued appreciation of the renminbi, increasing the attractiveness of renminbi-denominated assets [4]. - The recommended investment strategy is a "barbell strategy," combining stable value assets with growth-oriented assets in the Hong Kong market [4]. Group 5: ETF Composition - The Hong Kong Large Cap 30 ETF comprises 30 major Hong Kong-listed Chinese stocks, including Alibaba and Tencent for high-growth technology exposure, as well as stable dividend payers like China Construction Bank and Ping An Insurance [5].

Section 1: Overnight Market Trends - The main contract of US crude oil rose 0.79% to $58.47 per barrel, and the main contract of Brent crude oil rose 0.62% to $61.96 per barrel [5] - Most London base metals rose, with LME nickel up 2.38% at $15,640.00 per ton, LME copper up 1.09% at $12,055.00 per ton, etc [5] - As of 23:00, domestic futures main contracts mostly rose, with caustic soda up over 2%, PX up over 1%, etc; some contracts like butadiene rubber fell [6] - As of 1:00, Shanghai copper, aluminum, zinc, etc. main contracts had different changes, with Shanghai nickel up 2.52% and Shanghai tin down 1.63% [6] - As of 2:30, Shanghai gold, silver, and SC crude oil main contracts rose [7] Section 2: Important News Macroeconomic News - The National Development and Reform Commission and the National Energy Administration issued opinions to promote the large - scale development of solar thermal power generation, aiming for a total installed capacity of about 15 million kilowatts by 2030 [9] - The US economy expanded at its fastest pace in two years in Q3, with real GDP annualized quarterly rate at 4.3% [9] - Investors reduced bets on the Fed's rate cut next year, with the probability of a rate cut in the January 28 meeting at about 17% [10] - US Treasury Secretary Baysent supported re - considering the Fed's 2% inflation target, with possible adjusted ranges [11] - US President Trump commented on Q3 GDP data and criticized the market's reaction to good news [11] - The US has dispatched a large number of special - operations aircraft and transport planes to the Caribbean [12] Energy and Chemical Futures - ANRPC predicted a 2.6% drop in global natural rubber production to 1.474 million tons in November 2025 and a 1.4% drop in consumption to 1.248 million tons [14] - US API crude oil inventory increased by 2.391 million barrels in the week ending December 19 [15] Metal Futures - The Shanghai Gold Exchange warned of high volatility in precious metals prices and urged risk prevention [17] - The Guangzhou Futures Exchange adjusted trading fees, price limits, and margin standards for some contracts and restricted daily opening positions for polysilicon futures [18] - The China Non - Ferrous Metals Industry Association Tin Branch issued an initiative due to high costs for SMEs [19] - Gold jewelry prices in China rose, and the water - shell market no longer distinguished between "investment gold" and "jewelry gold" [19] - The China Non - Ferrous Metals Industry Association Lithium Branch reported the November 2025 lithium industry situation [19] - Indonesia's environment ministry shut down 5 mines in West Sumatra [20] Black - Series Futures - The National Housing and Urban - Rural Development Work Conference planned to stabilize the real estate market in 2026 [22] - Global crude steel production in November 2025 was 140.1 million tons, a 4.6% year - on - year decrease [22] - As of mid - December, steel social inventory decreased by 5.9% month - on - month [24] - China's 47 - port imported iron ore inventory increased by 3.4349 million tons [24] - Australian and Brazilian major port iron ore inventory rose slightly [24] Agricultural Product Futures - Shanghai will include pig income insurance in the municipal financial agricultural insurance premium subsidy program [26] - US soybean export net sales in the week ending December 11 were 2.396 million tons [26] - Indonesia planned to increase the biodiesel blending ratio to 50% in 2026 [27] - The US agreed to exempt tariffs on some Indonesian products [28] - Indonesia's rainy season is expected to return to normal in 2026 [28] - Domestic soybean meal inventory increased, and the de - stocking trend may not continue [28] Section 3: Financial Markets Financial - A - shares had a narrow - range consolidation, with the Shanghai Composite Index up 0.07%, Shenzhen Component Index up 0.27%, etc [30] - The Hong Kong Hang Seng Index fell 0.11%, and some stocks had different performances [30] - Newly - issued equity funds' scale exceeded 400 billion shares this year [30] - Public fund institutions discussed 2026 investment opportunities, and the market may have dual - driven growth [32] - Analysts expected a "spring rally" in the stock market [32] - Blue Arrow Aerospace completed its IPO guidance for the Science and Technology Innovation Board [32] Industry - The National Housing and Urban - Rural Development Work Conference deployed 2026 real estate tasks [33] - The National Development and Reform Commission and the National Energy Administration promoted solar thermal power generation development [34] - China's electric vehicle charging infrastructure increased by 52% year - on - year as of November [34] - The National Cultural Heritage Administration investigated the Nanjing Museum's cultural relic management issue [36] - New regulations for food live - streaming e - commerce are to be announced [36] - The Long March 12A rocket completed its maiden flight [36] - Beijing issued the first L3 - level highway autonomous driving vehicle license plates [36] - The "Guangdong cars enter Hong Kong" policy was implemented [36] Overseas - US President Trump hoped the next Fed chair would cut rates during good economic times [37] - Hassert, a potential Fed chair candidate, thought the US was behind in rate - cutting [39] - The US Q3 real GDP increased by 4.3% quarter - on - quarter [39] - The US December consumer confidence index declined [39] - The US government suspended some offshore wind power projects [39] - A radioactive water leak occurred during the decommissioning of a reactor in Japan [40] - The Italian Senate passed the 2026 budget with a controversial gold reserve clause [40] International Stock Markets - US major stock indexes rose for four consecutive days, and most Chinese concept stocks fell [41] - European major stock indexes had mixed results [43] - US retail investors' investment in the stock market increased significantly in 2025 [43] Commodities - The Guangzhou Futures Exchange adjusted trading rules for some metal futures [44] - Domestic gold jewelry prices exceeded 1,400 yuan per gram [44] - The water - shell market adjusted its gold pricing system [44] - The China Non - Ferrous Metals Industry Association Tin Branch warned of irrational tin price increases [46] - US and Brent crude oil prices rose due to supply concerns [46] - London base metals mostly rose [46] Bonds - The Ministry of Finance and the People's Bank of China will conduct central treasury cash deposits on December 26 [47] - China's bond market strengthened, with some bond futures rising and yields falling [47] - US corporate bond issuance neared a record due to the "AI bond issuance wave" [47] - US Treasury yields had different changes [48][49] Foreign Exchange - The on - shore RMB against the US dollar rose, and the dollar index fell [50]

Core Viewpoint - The central enterprises' meeting held on December 22-23 outlines key tasks for 2026, emphasizing steady progress, quality improvement, and effective management of reforms and development to ensure a strong start for the 15th Five-Year Plan [1] Group 1: Key Tasks for 2026 - The meeting identified five key tasks for central enterprises in 2026, including enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring and high-quality mergers and acquisitions, and improving the contractual management level of managerial staff [1][4][5] Group 2: Performance Indicators - From January to November, central enterprises achieved a value-added output of 9.5 trillion yuan, a year-on-year increase of 1.4%. Fixed asset investment (excluding real estate) reached 3.3 trillion yuan, growing by 0.7% [2] - Research and development investment totaled 890.16 billion yuan, with an intensity of 2.62%, indicating steady improvement in innovation capabilities [2] Group 3: Innovation and Industry Upgrading - Central enterprises have made significant progress in technology innovation and modern industrial system construction, with over 100 innovation entities participating in collaborative projects and more than 1,000 high-quality projects underway [2] - The "Artificial Intelligence+" initiative has created nearly 1,000 application scenarios across 16 key industries, enhancing the capabilities of over 200 external units [2] Group 4: Reform and Management Improvements - The meeting emphasized the need for further deepening of reforms, including the improvement of the modern enterprise system with Chinese characteristics and enhancing the management and operational systems of enterprises [6][7] - The focus will be on refining the market-oriented research organization management system and fostering a talent-friendly corporate ecosystem [7]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.53% in the 51st week of 2025, ranking 27th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 79.59%, ranking first among primary industries [2][5]. - The domestic fiber optic cable market is showing signs of stabilization and recovery, with the average price of G.652.D fiber optic cable increasing by 20% from the previous quarter to approximately 24 RMB per core kilometer [6]. - Oracle has secured an exclusive cloud and data security partnership with TikTok's U.S. operations, which is expected to provide a stable demand for cloud and AI computing resources [7]. - The daily usage of the Doubao large model has surpassed 50 trillion tokens, indicating significant growth in AI model applications [8]. Summary by Sections Market Performance - In the 51st week of 2025, the communication sector's performance was down by 0.53%, but it has seen a substantial increase of 79.59% since the start of the year, leading the Yangtze River primary industries [2][5]. Fiber Optic Market - The domestic market for fiber optic cables is stabilizing, with a notable increase in demand driven by data center construction, particularly for multimode fibers, which are expected to contribute to structural profit growth in the industry [6]. Cloud Computing and AI - Oracle's partnership with TikTok is set to secure long-term cloud and AI computing orders, enhancing Oracle's position in the market [7]. - The Doubao large model's daily token usage has reached over 50 trillion, showcasing the rapid growth of AI applications in the domestic market [8]. Investment Recommendations - The report recommends several companies across different segments, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication [9].

Core Viewpoint - The central enterprises' meeting held on December 22-23, 2023, outlined key tasks for 2026, emphasizing stability, quality improvement, and efficiency enhancement in reform and development efforts [1][6]. Group 1: Key Tasks for 2026 - The meeting identified five key tasks for central enterprises in 2026, including enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring, and improving the contractual management level of managerial staff [1][6]. - A focus on stabilizing operations and improving efficiency was emphasized, with plans to utilize big data models to capture market demand and enhance product and service quality [6][7]. Group 2: Economic Performance - From January to November 2023, central enterprises achieved a value-added output of 9.5 trillion yuan, reflecting a year-on-year growth of 1.4% [3]. - Fixed asset investment (excluding real estate) reached 3.3 trillion yuan, with a year-on-year increase of 0.7% [3]. Group 3: Innovation and Industry Upgrading - Central enterprises invested 890.16 billion yuan in R&D, with an R&D intensity of 2.62%, indicating steady improvement in innovation capabilities [3]. - The "Artificial Intelligence+" initiative has created nearly a thousand application scenarios across 16 key industries, enhancing collaboration with over 200 external units [3]. Group 4: Reform and Management - The meeting highlighted the need for further deepening of reforms, including the improvement of the modern enterprise system and management operations [9]. - The focus will be on enhancing the market-oriented research management system and fostering a talent-friendly corporate ecosystem [9].