12月26日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻 1、商务部召开例行新闻发布会表示，坚决反对美对华半导体产品加征301关税，已通过中美经贸磋商机 制向美方提出严正交涉。对于稀土磁体出口限制相关问题，中方积极促进、便利合规贸易。针对TikTok 与投资者签署协议，中国政府希望企业达成符合中国法律法规、利益平衡的解决方案。 2、中国人民银行12月25日公告称，以固定利率、数量招标方式开展1771亿元7天期逆回购操作，操作利 率为1.4%。当日有883亿元7天期逆回购和3000亿元MLF到期，同时央行实施4000亿元MLF操作，合计 实现净投放1888亿元。12月MLF维持加量续作，继续向市场投放中期流动性，保障岁末年初金融市场 平稳运行。2025年全年，MLF净投放超1万亿元，持续呵护市场流动性。 3、国家发展改革委预告，国家发展改革委专题新闻发布会即将召开，介绍国家创业投资引导基金有关 工作。近日，国家创业投资引导基金旗下三只子基金同日完成工商登记，预示着这一"航母级"基金即将 启航。 4、私募排排网数据显示，截至12月12日，有业绩记录的近1500只私募多资产策 ...

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, emphasizing that it does not recognize the conclusions of the U.S. 301 investigation [2] - The Ministry of Commerce reiterated its commitment to maintaining the stability of global supply chains and facilitating compliant trade regarding rare earth magnet exports to the U.S. [2] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang and Shangwei Co. on February 13 and 14, 2026, respectively [2] Group 2 - The State Administration for Market Regulation has identified issues in the "Antarctic Krill Oil" incident, highlighting non-compliance in the production and processing behaviors of companies, and plans to implement new regulations to enhance supervision of food production [3] - The National Development and Reform Commission will hold a press conference to discuss the work related to the National Venture Capital Guidance Fund on December 26 [4] Group 3 - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [5] - The Shanghai Municipal Government has issued a plan to strengthen the open-source system, aiming to build a competitive open-source innovation hub by 2027, with goals including the establishment of 1-2 internationally influential open-source communities and the cultivation of 100 commercial open-source enterprises [5] Group 4 - The Guangzhou Municipal Government has introduced 18 measures to support the development of the gaming and e-sports industry, including funding for significant breakthroughs in gaming technology [6] - A team from the National University of Defense Technology has set a new global record for superconducting magnetic levitation speed, accelerating a test vehicle to 700 km/h in just two seconds [6] - Major silicon wafer manufacturers have significantly raised their prices, with average increases reaching 12%, attributed to rising upstream silicon material costs [6] Group 5 - Shanghai Port Bay's commercial space business and perovskite solar business are projected to account for less than 1% of the company's revenue in 2024 [8] - Huadian Technology has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [9] - Yichang Technology will resume trading on December 26 after the Chuzhou State-owned Assets Supervision and Administration Commission becomes the actual controller [10] - Unisoc's subsidiary plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [11] - Banachian intends to acquire 100% of Zhonglian Century's shares and will resume trading on December 26 [12] - Zhongding Co. plans to set up a joint venture to manufacture humanoid robots [13] - Guangju Energy will collaborate with China General Nuclear Power Group in areas such as electricity sales and virtual power plants [14] - Zhongwei Co. has signed a strategic cooperation framework agreement with Xinwangda for solid-state battery development [15]

Industry News - The Shanghai Stock Exchange has released the annual report pre-disclosure schedule, with the Sci-Tech Innovation Board company ChipGuide Technology set to disclose its annual report on February 3, 2026, leading the schedule. On the main board, *ST Huawang will disclose its annual report on February 13, and Shangwei Co. will do so on February 14 [35] - Market news indicates that on December 25, four leading silicon wafer companies jointly raised their prices significantly, with an average increase of 12%. This price hike is primarily attributed to substantial increases in upstream silicon material costs [36] - The National Tobacco Monopoly Administration is soliciting opinions on the draft notice regarding the implementation of electronic cigarette industry policies, aiming to promote supply-demand balance and prevent market disorder [36] - The Guangzhou government has officially released its first special policy to support the gaming and esports industry, which includes the establishment of a special funding for the industry [36] - At the 2025 Guangdong-Hong Kong-Macao Greater Bay Area Low-altitude Economy High-quality Development Conference held on December 25, a notice was published to encourage banks and insurance institutions to develop targeted financial products covering the entire lifecycle of low-altitude economy [37] Company News - An investigation by Zhitong Finance revealed that Sunflower intends to acquire the Zhangzhou and Lanzhou factories of Xipu Materials, which have not yet commenced production, contradicting its public claims of being a core supplier to many wafer fabs [38] - Unigroup Guowei announced that its wholly-owned subsidiary plans to jointly invest with a subsidiary of CATL to establish a company engaged in automotive domain control chip business [39] - Zhongwei Co. announced a strategic cooperation framework agreement with Xinwangda regarding solid-state batteries [40] - Yichang Technology announced that Yiran Partners will become the controlling shareholder of the company, and its stock will resume trading [41] - *ST Jianyi announced that its controlling shareholder has waived 1.4 billion yuan in principal debt and 8.8967 million yuan in interest, and donated 400 million yuan in cash assets [41] - Tian Tie Technology announced that its controlling shareholder and actual controller Xu Jiding has been subjected to criminal detention measures [42] - Jinlongyu announced plans to jointly establish a 1.5 billion yuan industrial merger fund, focusing on investments and mergers in the solid-state battery industry chain [42] - Zhongding Co. announced plans to establish a joint venture to conduct joint assembly of robotic products to support complete machine assembly [43] - Victory Energy announced that some fundraising projects will be re-evaluated and postponed again, with the expected usable status date extended to the end of 2027 [44]

Group 1: JD (京东) Analysis - The revenue for Q4 2025 is projected to decline by 0.4% year-on-year to 345.5 billion yuan, with adjusted net profit expected to be 216 million yuan, resulting in a net profit margin of 0.1% [2][12] - JD's retail revenue is anticipated to decrease by 4.7% year-on-year to 292.6 billion yuan in Q4 2025, primarily due to a high base effect from the previous year driven by national subsidies [3][12] - The company is expected to face pressure on growth in the battery-powered category, while the daily necessities category is projected to maintain relatively stable growth [3][12] - JD is actively responding to market changes by increasing subsidies, which may lead to a decline in retail profit margins year-on-year [3][12] - The company is focusing on its food delivery and international business, with expectations of narrowing losses in the food delivery segment in Q4 [12] - JD has launched "JD Review" to innovate the local life service ecosystem, aiming to provide objective consumer references [12] Group 2: Deer Chemical (迪尔化工) Analysis - Deer Chemical is transitioning from a cyclical business model to a growth-oriented one by integrating its nitrate production with molten salt energy storage [4][11] - The company is expected to see a gradual increase in production capacity starting in 2025, which will enhance its sales and overall performance [4][11] - The traditional business is anticipated to recover as the chemical industry stabilizes, with nitrate prices supported by liquid ammonia [11][13] - The demand for molten salt is projected to grow significantly due to its applications in concentrated solar power and flexible coal power generation [13][16] - The company aims to establish a complete product matrix involving potassium nitrate and sodium nitrate, enhancing its competitive edge in the energy storage market [16] Group 3: Unisoc (紫光国微) Analysis - Unisoc is collaborating with Ningde Times to establish a leading platform for automotive-grade chips, enhancing its market competitiveness [15][16] - The establishment of Unisoc Tongxin aims to optimize capital structure and improve performance in the automotive domain [16] - The company is expected to benefit from the growing demand for special integrated circuits driven by national defense and commercial aerospace sectors [16] - Unisoc maintains its profit forecasts for 2025-2027, projecting net profits of 1.723 billion, 2.460 billion, and 3.495 billion yuan respectively, with a strong growth outlook [16]

Group 1 - Water Well Square clarified that media reports about a potential acquisition by another liquor company are untrue [2] - Samsung Electronics plans to launch an application processor with its own GPU by 2027, marking a significant step in building an end-to-end AI ecosystem [2] - Tianqi Lithium has adjusted its product pricing system, effective January 1, 2026, shifting from SMM prices to prices based on Mysteel battery-grade lithium salt or the main contract price of lithium carbonate futures [2] - Xiaomi announced the price for its Xiaomi 17 Ultra starting at 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [2] Group 2 - Unisoc's subsidiary plans to invest 300 million yuan with partners to establish a new company focused on automotive domain control chips, with an asset valuation increase of 3,723.15% [4] - Zhongwei Co. signed a strategic cooperation framework agreement with Xinwanda for solid-state batteries [4] - Banachian plans to acquire 100% of Zhonglian Century's shares through a combination of stock issuance and cash payment, aiming to enhance its marketing business [4] - Tian Tie Technology reported that its controlling shareholder is under criminal detention, but this matter is unrelated to the company's operations [4] Group 3 - Yundong Technology completed a Pre-IPO financing round of several hundred million yuan, led by the National AI Industry Fund [5] - Sifang Precision submitted an IPO prospectus for a Hong Kong listing, reporting revenues of 664 million yuan in 2022 and projected revenues of 740 million yuan in 2024 [5] - Shiyuan Co. also submitted an IPO prospectus for a Hong Kong listing, with revenues of 20.99 billion yuan in 2022 and projected revenues of 22.40 billion yuan in 2024 [5] Group 4 - First Quantum Minerals agreed to sell its Cobre Las Cruces copper mine in Spain for up to $190 million, with the transaction expected to close in the first half of 2026 [8] - Super Copper's Cordillera Cobre project received approval from the Chilean National Mining Agency, securing 26 mining concessions [8] Group 5 - SoftBank is leading a new AI memory development project with Fujitsu, aiming to create next-generation memory products for AI and supercomputers [10] - LG Electronics will showcase its home robot LG CLOiD at CES 2026, integrating AI and automation features [10] - Mitsubishi Heavy Industries is maintaining a stable partnership with Fuan Co. in the gas turbine sector [10] Group 6 - Mercedes-Benz is accelerating its localization strategy in China, focusing on electrification and smart technology, with over 14 billion yuan planned for investment in 2024 [12] - Volkswagen Group is adjusting its core management at FAW-Volkswagen, with plans for a dual-line strategy for large SUVs by 2026 [12] - Audi plans to launch a pure electric sports car based on the SSP Sport architecture, targeting the high-end electric sports car market [12] - Shimadzu has reached a final agreement to acquire Glass HoldCo s.r.o. for approximately $678 million [12] - Deutsche Bahn signed a framework agreement with BYD for 200 electric buses, promoting green transformation in public transport [12]

Group 1 - The Ministry of Commerce of China has expressed strong opposition to the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it does not recognize the conclusions of the U.S. investigation and has lodged formal protests through the China-U.S. economic and trade consultation mechanism [1] - The Ministry of Commerce also emphasized its commitment to maintaining global supply chain security and facilitating compliant trade regarding rare earth magnet exports, despite existing restrictions [1] - The Shanghai Stock Exchange has announced the scheduled disclosure dates for 2025 annual reports, with Chipway Technology set to disclose on February 3, 2026, followed by *ST Huawang on February 13, 2026, and Shangwei Co. on February 14, 2026 [1] Group 2 - The State Administration for Market Regulation has identified issues related to the "Antarctic Krill Oil" incident, highlighting non-compliance in the contract manufacturing practices of some companies, and plans to implement new regulations to enhance supervision of food safety responsibilities [2] - The National Development and Reform Commission is set to hold a press conference on December 26 to discuss the work related to the National Venture Capital Guidance Fund [3] Group 3 - The National Press and Publication Administration has approved 144 domestic online games for December 2025 [4] - The Shanghai Municipal Government has issued a plan to strengthen the open-source system, aiming to establish a competitive open-source innovation hub by 2027, with goals including the cultivation of 100 commercial open-source enterprises and the incubation of over 200 quality open-source projects [4] Group 4 - The Guangzhou Municipal Government has released 18 measures to support the development of the gaming and esports industry, including incentives for technological innovation and support for projects achieving significant breakthroughs in gaming technology [5] - A team from the National University of Defense Technology has set a new global record for superconducting magnetic levitation speed, accelerating a test vehicle weighing tons to 700 km/h in just two seconds [5] - Major silicon wafer manufacturers have significantly raised their prices, with average increases reaching 12%, attributed to substantial price hikes in upstream silicon materials [5] Group 5 - Shanghai Port Bay (605598) reported that its commercial space business and perovskite solar business will account for less than 1% of its revenue in 2024 [6] - Huadian Technology (601226) has signed a contract worth 265 million yuan for six major pipelines for a supercritical power plant [6] - Yichang Technology (002420) will resume trading on December 26 after the Chuzhou State-owned Assets Supervision and Administration Commission becomes its actual controller [6] Group 6 - Unisoc (002049) plans to establish a new company with a subsidiary of CATL to engage in automotive domain control chip business [7] - Baina Chancheng (300291) intends to acquire 100% of Zhonglian Century's shares and will resume trading on December 26 [7] - Zhongding Co. (000887) plans to set up a joint venture to manufacture humanoid robots [7] - Guangju Energy (000096) is set to collaborate with China General Nuclear Power Group in areas such as electricity sales and virtual power plants [7] - Zhongwei Co. (300919) has signed a strategic cooperation framework agreement with Xinwangda (300207) for solid-state battery development [7]

Core Viewpoint - Southwest Securities is actively implementing its financial strategy with a focus on technology finance and green finance, aiming to enhance its professional investment capabilities and support high-quality regional development [1][3]. Group 1: Financial Strategy and Implementation - The company has developed a three-year work plan (2025-2027) to advance its financial initiatives, including technology finance, green finance, inclusive finance, pension finance, and digital finance [1][3]. - A dedicated task force has been established to lead the implementation of the financial strategy, ensuring accountability and effective execution of tasks across departments [3]. - The company has launched a special incentive support plan for strategic projects, increasing motivation for initiatives like technology innovation bonds and IPOs [3]. Group 2: Technology Finance - Southwest Securities has provided financing services to technology enterprises, with a total investment scale of approximately 10 billion yuan through various means, including the issuance of technology innovation bonds [4][5]. - The company has facilitated significant mergers and acquisitions, with transaction amounts exceeding 5 billion yuan in Chongqing, supporting listed companies in enhancing their production capabilities [4][5]. - The company has focused on strategic emerging industries, investing 230 million yuan in technology enterprises in 2023, and has supported 12 companies in listing on the Science and Technology Innovation Board [5]. Group 3: Green Finance - The company has actively developed green finance to support carbon neutrality goals, having underwritten three green bonds with a total financing scale of 1.2 billion yuan [7]. - Southwest Securities has launched over 120 themed funds related to low-carbon and renewable energy in the first eight months of the year [7]. - The company has obtained qualifications for carbon emissions trading and completed its first carbon quota purchase transaction in the first half of 2025 [8]. Group 4: Future Directions - The company aims to prioritize the implementation of its financial strategy as a key focus for 2026, integrating it into the upcoming "14th Five-Year Plan" [9][10]. - It plans to establish a sustainable service system and business model by enhancing its competitive advantages in various financial sectors [10]. - The company emphasizes the importance of fostering an innovative environment that encourages early and small investments in hard technology [10][11].

Group 1 - The National People's Congress Foreign Affairs Committee expressed strong dissatisfaction and opposition to the U.S. "Fiscal Year 2026 National Defense Authorization Act," which includes negative clauses related to China, continuing a trend of portraying a "China threat" and interfering in China's internal affairs [1] - The Ministry of Commerce stated that China is committed to promoting and facilitating compliant trade regarding rare earth magnets, emphasizing the importance of maintaining global supply chain stability [2] - The National Press and Publication Administration approved 144 new domestic online games in December 2025, bringing the total number of approved games for the year to 1,771, the highest in seven years, indicating a robust demand in the gaming industry [3] Group 2 - Major silicon wafer manufacturers have significantly raised their prices, with increases of approximately 12% due to rising upstream silicon material costs, reflecting broader trends in price adjustments across various industries [4] - The Shanghai Stock Exchange released the annual report disclosure schedule, with Chip Guide Technology set to disclose its report on February 3, 2026, leading the list [5] - The National Investment Silver LOF announced a limit on regular investment amounts to 100 yuan due to its market price being significantly higher than its net asset value, aimed at protecting investor interests [6] Group 3 - The current market situation shows that indices have broken through trends without forming a top structure, suggesting a favorable outlook for maintaining positions as the year ends [7] - Shanghai's government issued measures to support the G60 Science and Technology Innovation Corridor, aiming to create a national 6G comprehensive testing base and foster the development of disruptive technologies by 2030 [8] - The National Tobacco Monopoly Administration is seeking to balance supply and demand in the e-cigarette market, implementing strict production scale controls to prevent disorderly competition [9][10]

Group 1 - The Ministry of Commerce firmly opposes the U.S. decision to impose 301 tariffs on certain Chinese semiconductor products, stating that it has lodged a serious representation through the China-U.S. economic and trade consultation mechanism [2] - The Ministry of Commerce emphasizes its commitment to maintaining global supply chain security and facilitating compliant trade, responding to inquiries about potential relaxation of export restrictions on rare earth magnets to the U.S. [3] - The Ministry of Commerce comments on TikTok's establishment of a joint venture in the U.S., highlighting the importance of reaching a solution that aligns with Chinese laws and regulations [5][6] Group 2 - The Chinese Ministry of Defense criticizes a U.S. Pentagon report that allegedly seeks to sow discord between China and India, asserting that such claims distort China's defense policy [4] - The Chinese government expresses its desire for a fair and transparent business environment for Chinese companies operating in the U.S., urging the U.S. to fulfill its commitments [6] - The People's Bank of China continues to inject liquidity into the market through Medium-term Lending Facility (MLF) operations, with a net injection exceeding 1 trillion yuan for the year [14] Group 3 - The A-share market shows a strong performance with the Shanghai Composite Index recording seven consecutive days of gains, driven by sectors such as commercial aerospace and satellite navigation [10] - The offshore renminbi exchange rate against the U.S. dollar has returned to the "6" level for the first time in 15 months, with expectations of a moderate appreciation in the future [9] - The silver LOF fund experiences a significant drop in premium rates, falling from 68.19% to 45.45%, indicating a shift in market sentiment [11][12]

Core Viewpoint - Unisoc plans to acquire its automotive domain control chip business assets for an assessed price of 193 million yuan, reflecting an impressive valuation increase of 3723.15% [1][5]. Group 1: Company Announcements - Unisoc's wholly-owned subsidiary, Unisoc Tongxin, intends to jointly invest with five related parties and non-related party Ningde Times New Energy Technology Co., Ltd. to establish Unisoc Tongxin Technology (Beijing) Co., Ltd. with a registered capital of 300 million yuan [3][4]. - Unisoc Tongxin will contribute 153 million yuan, holding a 51% stake in the new company, while other investors will hold varying stakes [4]. Group 2: Business Operations - The primary business purpose of Unisoc Tongxin Technology is to engage in the research, development, production, and sales of automotive domain control chips [5]. - Following the completion of the transaction, Unisoc Tongxin Technology will be included in Unisoc Tongxin's consolidated financial statements [5]. Group 3: Impact of the Transaction - The transaction is expected to enhance company performance by allowing external investors to share losses according to their equity stakes, thereby improving financial health and market valuation [6]. - The independence of the automotive domain control chip business is anticipated to strengthen collaboration with key clients and enhance product definition, technological innovation, and competitiveness [6]. - The establishment of employee stock ownership platforms is expected to motivate core personnel, fostering team cohesion and growth alongside the company [6]. - Strategically, the independence of the automotive domain control chip business will improve its financing capabilities and overall competitiveness, solidifying its leading position in the automotive electronics sector [6]. Group 4: Financial Performance - Unisoc is recognized as a leading domestic integrated circuit design enterprise, with significant influence in special integrated circuits and smart security chips [7]. - For the first three quarters of 2025, Unisoc reported revenues of approximately 4.904 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of approximately 1.263 billion yuan, up 25.04% year-on-year [7].