Group 1: Infrastructure and Investment - Major projects in various regions are progressing, which is crucial for expanding effective investment and supporting infrastructure investment growth [1] - Experts anticipate continued policy support for "two heavy" projects, which will further bolster economic stability [1] Group 2: Automotive Industry - The automotive market is experiencing a "promotion frenzy" with nearly 20 car manufacturers offering purchase tax subsidies to consumers who lock in orders by the end of 2025 [2] - This initiative is a response to upcoming adjustments in purchase tax and marks the beginning of year-end sales efforts by car companies [2] Group 3: Fund Management and Market Trends - In the fourth quarter, mutual funds are implementing purchase limits to manage large inflows and ensure stable operations [3] - New funds are also controlling their fundraising scales amid increasing uncertainties in the market [3] - The launch of "China's first domestic GPU" by Moore Threads on the STAR Market is seen as a significant step for both the company and the domestic computing power industry [3] Group 4: Commercial Aerospace - The domestic commercial aerospace sector is witnessing a dual breakthrough in technology and scale, with significant developments showcased at the 2025 Commercial Aerospace Forum [4] - The opening of major space projects to commercial entities is creating unprecedented opportunities in the industry [4] Group 5: Capital Market Support - Local governments are increasingly implementing measures to support capital market development, focusing on nurturing listed companies and facilitating financing for tech firms [5] - Policies from provinces like Shaanxi, Guangdong, and Zhejiang aim to guide capital towards innovation and emerging industries [5] Group 6: Phosphate Industry - Phosphate rock prices remain high due to a sustained price increase in chemical products, with market prices reported at 1016 CNY/ton for 30% grade [6] - Companies like Batian and Xingfa are actively acquiring phosphate resources, indicating an expansion in production capacity [6] Group 7: AI Glasses Market - The smart glasses market is experiencing a surge with new product launches from companies like Li Auto and Alibaba, indicating a growing interest in AI-integrated eyewear [7] - This trend is expected to have a profound impact on the AI glasses supply chain from both supply and demand perspectives [7] Group 8: Private Equity and Market Research - Private equity firms are actively conducting research to identify new investment opportunities, with a total of 1.3 million research sessions reported in the fourth quarter [8] - The electronics, healthcare, and integrated circuit sectors are among the most researched areas by private equity firms [8] Group 9: Lithium Iron Phosphate Industry - The lithium iron phosphate industry is seeing price increases as leading companies plan to raise processing fees by 3000 CNY/ton starting in 2026 [9] - The industry is expected to transition to a new phase focused on technology and value, moving away from intense competition [9] Group 10: Photovoltaic Industry - The photovoltaic supply chain is experiencing a decline in production across multiple segments, attributed to insufficient end-user demand [9] - Production reductions include a 0.96% decrease in polysilicon and a 15.95% decrease in silicon wafers for December [9]

近年来，显示技术加速从"刚性"向"柔性"升级。柔性显示凭借"能屈能伸"的特性，越来越多地应用于消 费电子、商业空间、智能交互等领域。近日，中国科学院化学研究所研究团队成功制备出高性能可拉伸 高分子发光二极管（PLED），其光电性能和机械稳定性显著提升；不久前，韩国LG显示公司也展示了 其可拉伸显示屏原型，可实现约53％的拉伸变形。一系列突破性进展，正为柔性显示的快速发展奠定重 要基础。 从可折叠手机到弯曲屏手环，从车载柔性屏幕到大屏户外广告，柔性显示凭借可弯曲、超轻薄、高对比 度等特性，突破传统屏幕的物理限制，创造出边缘弯曲、整屏弯曲、折叠与卷曲等新形态。它推动相关 产品朝着"万物皆显示"的愿景迈进，正在重塑人机交互的边界，催生规模巨大的新一代产业集群。 目前，柔性显示的全球市场规模持续扩大。据相关统计，2024年全球柔性有源矩阵有机发光二极管 （AMOLED）面板出货达6.31亿片，占手机屏幕市场的42％；预计到2031年，柔性显示市场规模将超 过1730亿美元，年复合增长率高达34.3％。目前柔性显示技术应用已逐步拓展至智能终端、可穿戴设 备、汽车与交通、医疗健康以及公共服务等多个领域。 在智能终端领域， ...

【今日头条】 航运价格飙升467% 因大宗商品供应线路被扰乱 12月3日，波罗的海干散货指数(BDI)报2845点，创下2023年12月6日以来新高水平，单日涨幅达9.42%， 为近两个月最大单日涨幅。值得注意的是，BDI已连续15个交易日上涨，过去一个月累计涨幅达46%， 显示出干散货航运市场的强劲复苏势头。 由于冲突、制裁和产量激增扰乱了全球供应线路，从能源到散装矿石等大宗商品的跨洋运费迈向罕见的 年底飙升。今年走主要航线运输原油的每日进账金额增幅最大，为467%，液化天然气和铁矿石等大宗 商品的运费则分别上涨了三倍多和一倍多。以往运费在年底会下降，因为这时期是需求淡季。船舶在海 上运输货物的时间越来越长，导致价格飙升，一些航运业高管预计，整体市场的紧张局面至少会持续到 明年年初。 集运市场也呈现回暖迹象。11月以来，亚欧航线迎来一轮涨价潮，包括达飞海运集团、赫伯罗特和地中 海航运在内的多家国际航运巨头相继发布涨价公告。涉及集运产业链相关港股：太平洋航运(02343)、 辽港股份(02880)、海丰国际(01308)、东方海外国际(00316)、中远海控(01919)。 美股三大指数涨跌不一 Meta(M ...

Market Performance - The three major US stock indices closed mixed, with the Dow Jones down 0.07% at 47,850.94 points, the S&P 500 up 0.11% at 6,857.12 points, and the Nasdaq up 0.22% at 23,505.14 points [1] - Popular tech stocks showed mixed performance, with Meta rising over 3% and Nvidia up over 2%, while Amazon and Apple fell over 1% [1] - Popular Chinese concept stocks also had mixed results, with NIO up over 4% and XPeng up over 3%, while Baidu and Bilibili rose over 1%, and Miniso and Yum China fell over 1% [1] - European stock indices all closed higher, with Germany's DAX up 0.87% at 23,899.33 points, France's CAC40 up 0.43% at 8,122.03 points, and the UK's FTSE 100 up 0.19% at 9,710.87 points [1] Commodity Prices - US oil main contract rose 1.27% to $59.7 per barrel, while Brent crude main contract increased 1.04% to $63.32 per barrel [1] - International precious metal futures closed mixed, with COMEX gold futures up 0.13% at $4,237.9 per ounce, and COMEX silver futures down 1.86% at $57.53 per ounce [1] - London base metals showed mixed results, with LME lead up 0.85% at $2,016.00 per ton, LME zinc up 0.65% at $3,085.00 per ton, and LME nickel up 0.08% at $14,885.00 per ton, while LME aluminum down 0.33% at $2,887.50 per ton, LME copper down 0.47% at $11,434.00 per ton, and LME tin down 0.59% at $40,540.00 per ton [1] Bond Yields - US Treasury yields collectively rose, with the 2-year yield up 3.71 basis points at 3.521%, the 3-year yield up 4.78 basis points at 3.545%, the 5-year yield up 4.51 basis points at 3.673%, the 10-year yield up 3.48 basis points at 4.098%, and the 30-year yield up 2.39 basis points at 4.755% [1] - European bond yields mostly increased, with the UK 10-year yield down 1.3 basis points at 4.433%, Germany's 10-year yield up 2.4 basis points at 2.769%, Italy's 10-year yield up 2.2 basis points at 3.466%, and Spain's 10-year yield up 2.6 basis points at 3.243% [1]

广汽集团将旗下昊铂、传祺、埃安三大自主品牌的跨年购置税补贴延续至2025年年底，明确以"2026年2 月14日前完成开票交付"为时限，补贴金额最高1.5万元。 据中国证券报记者不完全统计，截至12月初，选择"自掏腰包"为年内锁单消费者补贴购置税的车企已近 20家，除前述鸿蒙智行与广汽集团外，还包括奇瑞汽车、极氪、蔚来、理想汽车、广汽丰田等。 事实上，除补贴购置税外，从11月至今，车企围绕降低购车门槛和提升附加值，已展开多维度竞争，与 购置税政策形成互补。特斯拉的动作颇具代表性，11月份，针对Model 3下单用户，提车后购买合作车 险可享8000元尾款抵扣，12月更加码赠送基础保养1次。奔驰则同步推出金融方案，主力车型支持48期 低息贷款，首付比例最低为10%，降低购车资金压力。 此外，现金优惠与置换补贴同样亮眼。比亚迪11月底起针对宋PLUS DM-i推出"置换补贴5000元+限时现 金优惠3000元"活动；广汽埃安12月将AION Y系列入门价降至11.98万元，叠加地方补贴后性价比突 出。 ● 龚梦泽 熊永红 2025年12月的车市，正被"促销热"包围。12月4日，深蓝汽车一纸购置税兜底政策打响了年末车 ...

中概股盘初大涨。 当地时间12月4日晚间，美股三大指数集体高开，随后震荡走低，三大股指一度纷纷转跌，小幅探底后震荡回升。截至发稿，道指涨0.04%，标普500指数跌0.01%， 纳指跌0.1%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | DJI | 道琼斯工业平均 | 47899.83 | 16.93 | 0.04% | | IXIC | 纳斯达克指数 | 23429.61 | -24.48 | -0.10% | | SPX | 标普500 | 6849.21 | -0.51 | -0.01% | 经济数据方面，美国上周失业救济申请人数创下 2022 年 9 月以来的最低水平，截至11月29日当周（含感恩节假期），初请失业金人数减少2.7万，至19.1万人，预估 为22万人，前值为21.6万人。 芝商所美联储观察工具最新数据显示，市场对下周三降息的定价概率较昨日（90%）小幅下降，但仍有87%，远高于几周前水平。目前，华尔街普遍认为美联储将 在年内最后一次议息会议上降息25个基点。 个股方面，Meta盘初一度涨超5%，截至发稿涨 ...

记者丨江佩佩 吴斌 见习记者张嘉钰 编辑丨张楠 12月4日，美股小幅高开，截至北京时间23点，美股三大指数转跌，道琼斯指数跌0.11%，标普500指数 跌0.08%，纳斯达克综合指数跌0.21%。 大型科技股多数上涨，脸书涨超5%，英伟达涨逾1%。Meta上涨5.7%，创7月31日以来最大盘中涨幅， 消息面上，据智通财经报道，Meta计划将元宇宙项目支出削减至多30%。Snowflake跌超8%，第四财季 营业利润率指引逊预期。 自动化软件公司Uipath涨7.5%，Q3业绩全面超预期，实现经营利润1300万美元。Dollar General涨 5.6%，上调全年业绩指引。 中国资产逆势上涨，纳斯达克中国金龙指数涨0.42%，无忧英语涨超13%，正业生物涨超8%、阿特斯太 阳能涨超6%，蔚来、小鹏汽车涨超3%，哔哩哔哩涨超2%，理想汽车、百度涨近1%。 世界黄金协会(WGC)周四发布的报告预计，2026年黄金价格有望再上涨15%至30%。WGC指出，美债收 益率下行、地缘政治风险高企以及显著增强的避险需求叠加，将为黄金提供极为强劲的顺风。 加密货币方面，截至22:57，比特币短线加速下跌，跌穿9.2万美元，目 ...

12月4日，美股小幅高开，截至北京时间23点， 美股三大指数转跌， 道琼斯指数跌0.11%，标普500指数跌0.08%，纳斯达克综合指数跌 0.21%。 | 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 47829.39 | 23405.28 | 6843.93 | | -53.51 -0.11% | -48.81 -0.21% | -5.79 -0.08% | | 中国余龙 | 纳指100期货 | 标普500期货 | | 7721.99 | 25591.50 | 6859.75 | | +20.49 +0.27% -66.00 -0.26% | | -2.25 -0.03% | 记者丨江佩佩 吴斌 见习记者张嘉钰 大型科技股多数上涨，脸书涨超5%，英伟达涨逾1%。Meta上涨5.7%，创7月31日以来最大盘中涨幅，消息面上，据财联社报道，Meta计划将 元宇宙项目支出削减至多30%。Snowflake跌超8%，第四财季营业利润率指引逊预期。 自动化软件公司Uipath涨7.5%，Q3业绩全面超预期，实现经营利润1300万美元。Dollar G ...

中国港能(00931)拟向国际金融公司折让配股以扩大资本基础 正推进大型 LNG 项目收购 TECHSTARACQ-Z(07855)：Seyond Holdings Ltd.约3.71亿港元融资敲定 蔚来集团(09866)2.867亿港元加 码认购 天域半导体(02658)香港公开发售获60.63倍认购 12月5日上市 科伦博泰生物-B(06990)与Crescent Biopharma建立战略合作伙伴关系，共同开发和商业化肿瘤治疗手段 义合控股(01662)附属Trio AI与ABBY Pay建立战略合作关系 拟共同探索、开发及实施创新的人工智能驱 动的支付处理解决方案 趣致集团(00917)：与迪拜建立战略合作伙伴关系，将共同推进HOLOX项目 中国石油股份(00857)附属拟收购新疆储气库 相国寺储气库及辽河储气库全部股权 【重大事项】 遇见小面(02408)每股发售价7.04港元 香港公开发售获425.97倍认购 纳芯微(02676)：发售价为每股H股116.00港元 预期12月8日上市 石四药集团(02005)：比拉斯汀及匹可硫酸钠获国家药监局批准登记成为在上市制剂使用的原料药 美的集团(00300 ...

周四，新能源车中概股盘前普涨，蔚来(NIO.US)、小鹏汽车(XPEV.US)涨逾3%，理想汽车(LI.US)涨逾 1%。财报显示，蔚来三季度整车毛利率已达 14.7%，并有望在四季度进一步提升至 18% 左右。蔚来 CFO曲玉透露：三季度，ES6 和 EC6 的毛利率均已达到或超过 25%；ET5、ET5T 和乐道 L90 的毛利率 在 15%-20% 之间；三代 ES8 的毛利率也达到 20%。 展望明年，蔚来有着极为明确的产品规划，明年蔚来将会推出三款大车，其中包括ES9、ES7、乐道 L80，将纯电大三排市场彻底打透，并延续蔚来产品领先的优势能力持续提升高毛利产品占比，在李斌 的预计中，2026年蔚来的综合毛利率有希望达到20%。 ...