今日关注 全国财政工作会议召开，锚定明年六大任务； 上交所发布商业火箭企业IPO指引; 6.12月27日起，银行业监督管理法修订草案(下称"修订草案")向社会公开征求意见，为期30日。在此之前，修订草案于12月22日提请十四届全国人大常委 会第十九次会议首次审议。修订草案以强化机构监管、行为监管、功能监管、穿透式监管、持续监管为主线，以消除监管空白、弥补监管短板、明确监管 授权为着力点，切实提高监管的前瞻性、精准性、有效性和协同性，更好发挥法治固根本、稳预期、利长远的保障作用，切实提高金融治理体系和治理能 力现代化水平。 7.国投白银LOF发布公告，为保护基金份额持有人利益，国投瑞银白银期货证券投资基金(LOF)C类基金份额将从2025年12月29日开始暂停申购。本基金取 消或调整2025年12月29日起的暂停C类基金份额申购(含定期定额投资)业务的具体时间将另行公告。 白银史诗级暴涨； 国投瑞银白银基金C类份额周一(12月29日)开始暂停申购。 重要的消息有哪些 1.12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年重点任务。财政部党组书记、部长蓝佛安作工作报告。会 ...

Key Points - The National Financial Work Conference was held from December 27 to 28, 2025, outlining six key tasks for 2026, including a focus on domestic demand and consumer spending, as well as increased investment in new productivity and human development [4] - The Shanghai Stock Exchange released guidelines for the IPO of commercial rocket companies, allowing them to list under the fifth set of standards on the Sci-Tech Innovation Board [4] - Precious metals experienced a historic surge, with silver rising by 10% to $79.405 per ounce, marking a year-to-date increase of over 170%, while gold reached $4549 per ounce [4] - The People's Bank of China published the "China Financial Stability Report (2025)," emphasizing the need for collaboration among financial regulatory bodies to enhance the investment environment for long-term capital in A-shares [5] - A draft amendment to the Banking Supervision Law was opened for public consultation, focusing on strengthening regulatory measures and improving the effectiveness of financial governance [6] - The Guotou Silver LOF announced a suspension of subscription for its C-class fund shares starting December 29, 2025, to protect the interests of fund holders [7] Company News - *ST Changyao received a notice from the China Securities Regulatory Commission regarding administrative penalties for inflating revenue and profits over three consecutive years, with potential delisting risks [8] - Xiaomi Group announced a plan for its co-founder to sell up to $20 billion of B-class ordinary shares starting December 2026, with proceeds aimed at establishing an investment fund [8] - New Energy Holdings is progressing with its privatization and has completed foreign exchange registration for significant asset restructuring [9] - Yijing Optoelectronics reported delays in its photovoltaic project in Qianjiang County and received a hearing notice [10] - ST Huluwawa and its chairman are under investigation by the CSRC for information disclosure violations [11] - ST Lutong plans to apply for the removal of other risk warnings from the Shenzhen Stock Exchange [12] - State Grid Yingda intends to sell 100% equity of Yingda Futures for 1.129 billion yuan [13] - Reader Culture terminated plans for a change in control and will resume trading on December 29 [14] - Tianchuang Fashion will have its controlling shareholder change to Anhui Xianrui and will resume trading on December 29 [15] - Baihua Pharmaceutical is planning a change in control and will suspend trading starting December 29 [16] - China Electric Research proposed a profit distribution plan of 2.5 yuan per 10 shares for the first three quarters of 2025 [17] - Jinhui Wine proposed a profit distribution plan of 2 yuan per 10 shares for the first three quarters of 2025 [18] - Qianfang Technology proposed a cash dividend plan of 0.2 yuan per 10 shares for the mid-2025 period [19] - Pulit has officially scaled up production of its LCP film products [20] - Slin shares will change their name to "Slin Smart Drive" starting December 29 [21] - Pairui shares are under investigation by the CSRC for information disclosure violations [22] - Daye Intelligent is also under investigation by the CSRC for information disclosure violations [23] - Zhenlei Technology is under investigation by the CSRC for information disclosure violations [24] - ST Changyuan is under investigation by the CSRC for information disclosure violations [25] - Qiangda Circuit plans to issue convertible bonds to raise no more than 550 million yuan [26]

大家早上壕！ 先看海外要闻： 美股迎小幅调整，道指收跌0.04%、纳指收跌0.09%、标普500收跌0.03%；英伟达收涨1.02%、亚马逊收涨0.06%、特斯拉收跌2.10%、Meta、谷 歌A、苹果、微软至多跌0.64%。 全球多地的数据中心开发商正采用航空发动机衍生的涡轮机和化石燃料发电机进行发电。 白银期货涨超10%，创历史新高逼近80美元关口；现货铂金涨8.84%，刷新历史高位；现货钯金涨12.38%；纽约铜涨5%；周一亚市早盘白银再度 大涨逾5%。 芝商所12月26日发布重大保证金调整通知称，将于12月29日收盘后，全面上调黄金、白银、锂等金属期货品种的履约保证金。 全球最大的黄金ETF SPDR Gold Trust持仓量为1071.13吨，较前一个交易日增加2.86吨。全球最大的白银ETF iShares Silver Trust持仓量为16390.56 吨，较前一个交易日减少56.41吨。 特朗普称俄乌"接近达成协议"，"20点和平计划"已95%谈妥。 国内重大事件汇总： 一周券商策略前瞻： 本周各家券商策略分析师整体依旧保持乐观。 华西策略李立峰团队称，岁末年初多头势力聚集，"春季躁动"行 ...

Market Overview - The market structure characteristics are expected to continue in the short term, with trading volume being a key signal for market trends [1][9] - Major U.S. stock indices hovered near historical highs, with the Dow Jones down 0.04%, Nasdaq down 0.09%, and S&P 500 down 0.03% at the close [3] - The Nasdaq China Golden Dragon Index rose by 0.72%, with notable gains from Alibaba (1.5%), Pinduoduo (1.4%), and Baidu (1.2%) [3] Commodity Markets - Gold futures for December delivery increased by 1.08% to $4,529.10 per ounce, while silver futures surged by 7.68% to $76.48 per ounce, with post-market gains pushing silver above $78 per ounce [4] - International oil prices declined, with WTI crude down 2.76% to $56.74 per barrel and Brent crude down 2.57% to $60.64 per barrel [3] Financial Policies and Regulations - The People's Bank of China and the State Administration of Foreign Exchange announced the promotion of integrated currency pools for multinational companies, aiming to streamline cross-border fund management [6] - The National Bureau of Statistics released implementation opinions to strengthen data technology innovation, targeting the establishment of leading data technology innovation platforms by 2027 [6] Market Sentiment and Investment Trends - Institutional investors are increasingly adding to A500 ETF and other broad-based products, contributing to stable incremental capital in the market [9] - The market is currently characterized by a "buy on dips, structural switching" approach rather than aggressive trend-based accumulation at high levels, indicating a potential for gradual upward movement in the market [9] Company-Specific Developments - Xiaomi Group's co-founder plans to sell up to $2 billion of Class B common stock [10] - ST Houlv's chairman is under investigation for information disclosure violations by the China Securities Regulatory Commission [10] - Chipmaker AI orders from Chip Original Co. exceeded 24.94 billion yuan, with over 84% of fourth-quarter orders related to AI computing power [10]

Market Updates - The total profit of industrial enterprises above designated size in China reached 66,268.6 billion yuan from January to November, showing a year-on-year growth of 0.1%. New momentum industries, represented by equipment manufacturing and high-tech manufacturing, maintained rapid growth [2] - The National Financial Work Conference emphasized the continuation of a more proactive fiscal policy in 2026, aiming to boost consumption and implement special actions to stimulate consumption [2] - The National Industrial and Information Technology Work Conference outlined key tasks for 2026, focusing on stabilizing growth, enhancing innovation, promoting integration, optimizing governance, and preventing risks [2] - The People's Bank of China and the State Administration of Foreign Exchange announced the nationwide promotion of integrated currency pools for multinational companies, facilitating the collection and use of funds [2] - The Beijing Stock Exchange issued guidelines to regulate various types of related party transactions and significant trading behaviors [2] Industry Insights - The Shanghai Stock Exchange expanded the fifth set of listing standards to commercial rocket enterprises, aiming to accelerate the development of commercial aerospace and support national strategies [6] - The digital financial high-quality development implementation plan was released, proposing 33 tasks to enhance digital finance governance, services, technology application, and risk management [7] - The establishment of the humanoid robot and embodied intelligence standardization committee aims to promote the maturation and application of humanoid robot technologies [9] Company News - China Duty Free Group won a bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year and a sales commission of 5% [11] - Wangfujing also secured a bid for another section of the airport's duty-free project, with a guaranteed operating fee of 113 million yuan for the first year [11] - China Aluminum International signed a contract worth approximately 14 billion yuan with an overseas client, which is expected to positively impact the company's revenue [12] - XCMG Group plans to increase its shareholding in XCMG Machinery by investing between 80 million and 160 million yuan within six months [12] - China Shenhua's subsidiary successfully completed the commercial operation of its second phase expansion project, enhancing its power generation capacity [12] - Heng Rui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project, with potential milestone payments totaling up to 1.9 billion yuan [13]

聚焦一 5家公司因涉嫌信披违法违规被证监会立案 ST葫芦娃：公司及公司董事长刘景萍于2025年12月26日分别收到中国证监会下发的《立案告知书》。 因公司及公司董事长刘景萍涉嫌信息披露违法违规，根据相关法律法规，中国证监会决定对公司和刘景 萍立案。 公司表示，目前公司各项生产经营活动正常有序开展，在立案调查期间，公司将积极配合中国证监会的 相关调查工作，并严格按照有关法律法规及监管要求履行信息披露义务。 大烨智能：公司于2025年12月26日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露违法违 规，根据相关法律法规，中国证监会决定对公司立案。 5家公司因涉嫌信披违法违规被证监会立案；天创时尚：控股股东拟变更为安徽先睿 29日起复牌；读客 文化：终止筹划控制权变更事项 29日起复牌；*ST长药：公司股票12月29日起被叠加实施退市风险警 示；国网英大：英大证券拟11.29亿元出售英大期货100%股权；一批公司披露股票交易异常波动公告； 中国中免：全资子公司中标首都国际机场免税项目01标段；王府井：中标北京首都国际机场免税项目02 标段…… 今日看点 公司表示，立案调查期间，公司将积极配合中国证监会的各项 ...

Suspension and Resumption of Trading - Aolian Electronics: The controlling shareholder plans to change to Chaocheng Innovation, and the stock will resume trading [1] - Tianchuang Fashion: The controlling shareholder will change to Anhui Xianrui, and the stock will resume trading [1] - Dook Culture: The company's controlling shareholder, Hua Nan and Hua Shan, have terminated the planned change of control, and the stock will resume trading [1] - Baihua Pharmaceutical: Planning a change of control, and the stock is suspended [1] Mergers and Acquisitions - Zhongyou Capital: A wholly-owned subsidiary plans to acquire 100% equity of Yingda Futures for 1.129 billion yuan [2] - TCL Technology: Subsidiary TCL Huaxing successfully acquired 80% equity and related debts of Fujian Zhaoyuan Optoelectronics for 490 million yuan, aiming to enhance its layout in next-generation display technology [2] - Tongye Technology: Plans to cash purchase 91.69% equity of Silin Semiconductor for 561 million yuan, focusing on power IoT communication chips and related products [2] Shareholding Changes - Xiangyang Bearing: The controlling shareholder's equity structure has changed, with the actual controller restored to the Hubei Provincial State-owned Assets Supervision and Administration Commission [3] External Investments and Daily Operations - Jintaiyang: The invested company Linghang Electronics has achieved significant breakthroughs in tungsten polishing liquid at leading domestic FAB factories [4] - Chip Origin: From October 1 to December 25, the company signed new orders worth 2.494 billion yuan, a substantial increase of 129.94% year-on-year and 56.54% quarter-on-quarter [4] - Changhong Technology: Subsidiary Dinglong Weibo has secured 60%-70% of the semiconductor wafer carrier and consumables demand from a domestic wafer manufacturer for 2026 [4] - Qiangda Circuit: Plans to issue convertible bonds of no more than 550 million yuan to build a project with an annual production capacity of 960,000 square meters of multilayer boards and HDI boards [5] - Vanke A: The grace period for the fifth phase of the 2022 medium-term notes has been extended to 30 trading days [5] - Weichuang Electric: Plans to establish a joint venture with Zhejiang Rongtai in Thailand to expand the mechatronics market for intelligent robots [5] - Guangdong Construction: A subsidiary plans to invest approximately 6 billion yuan in a green methanol project [5] - Chalco International: Signed project contracts worth approximately 14 billion yuan with overseas clients [5] - Feilong Co.: Established close cooperation with over 40 leading companies in the server liquid cooling field [5] - Yirui Technology: A wholly-owned subsidiary is increasing capital and introducing strategic investors for a silicon-based OLED micro-display backplane project [5] - Heng Rui Pharmaceutical: Licensed the SHR6508 project to Hansoh Pharmaceutical for a potential maximum of 190 million yuan in milestone payments [6] - Shenzhen Energy: A wholly-owned subsidiary plans to invest 6.822 billion yuan in a grid-side compressed air energy storage project [6] - China Duty Free: A wholly-owned subsidiary won the bid for the first phase of the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 480 million yuan for the first year [6] - Wangfujing: Won the bid for the second phase of the duty-free project at Beijing Capital International Airport with a guaranteed operating fee of 113 million yuan for the first year [6] - Shandong Road and Bridge: A subsidiary won bids for highway construction projects with a total bid price of approximately 9.402 billion yuan [6] - Huadian Science and Technology: Signed a total contract for the construction of cooling towers and indirect air cooling systems for power plants worth 818 million yuan [6]

财经新闻 1. 近日，证监会对上市公司长江医药控股股份有限公司（简称*ST长药）涉嫌定期报告等财务数据存在 虚假记载作出行政处罚事先告知。经查，*ST长药连续三年虚增收入和利润，违反证券法律法规。证监 会拟对上市公司罚款1000万元，对14名责任人合计罚款3100万元，对公司原总经理罗明采取终身证券市 场禁入措施。*ST长药涉嫌触及重大违法强制退市情形，深交所将依法启动退市程序。 2. 12月26日，沪深交易所发布2026年系列降费让利措施，覆盖上市、交易、服务等环节，两所预计2026 年合计降费让利超19亿元。 3. 12月26日，上交所发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企业适用科 创板第五套上市标准》，支持尚未形成一定收入规模的优质商业火箭企业在科创板发行上市。其中， 《指引》将适用科创板第五套上市标准的阶段性成果明确为："在申报时至少实现采用可重复使用技术 的中大型运载火箭发射载荷首次成功入轨"。 4. 12月25日至26日，全国工业和信息化工作会议在京召开。会议指出，培育壮大新兴产业和未来产业。 打造集成电路、新型显示、新材料、航空航天、低空经济、生物医药等新兴支柱产业。支 ...

Regulatory Updates - The China Securities Regulatory Commission (CSRC) has issued an administrative penalty notice to Changjiang Pharmaceutical Holdings Co., Ltd. (*ST Changyao*) for allegedly falsifying financial data over three consecutive years, resulting in a proposed fine of 10 million yuan for the company and 31 million yuan for 14 responsible individuals, with the former general manager facing a lifetime ban from the securities market. The Shenzhen Stock Exchange will initiate delisting procedures due to significant violations [1] - The Shanghai Stock Exchange has released guidelines for commercial rocket companies to apply for listing on the Sci-Tech Innovation Board, allowing companies without significant revenue to issue shares, provided they have achieved successful orbital launches using reusable technology [1] Financial Measures - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures expected to save over 1.9 billion yuan by 2026, covering various aspects of listing, trading, and services [1] Company News - Shengyuan Environmental Protection reported a significant loss of 46.92 million yuan from a private fund investment, with a net asset value dropping to 0.1846 yuan per unit, representing an 81.54% loss, exceeding 10% of the company's audited net profit for the last fiscal year [5] - Duker Culture announced the termination of its control change discussions due to unresolved issues, stating that current operations remain normal and will not significantly impact financial performance [5] - Tianchuang Fashion disclosed a share transfer agreement where its controlling shareholder will change, with a new entity acquiring nearly 20% of the company’s shares [6] - Zhenray Technology received a notice from the CSRC regarding an investigation into information disclosure violations, while maintaining that its operations and financial status are normal [6] - Hainan Huatie was notified of an administrative penalty for incomplete disclosures regarding major contracts, facing a fine of 8 million yuan [7] - Chip Origin reported a significant increase in new orders, totaling 2.494 billion yuan from October 1 to December 25, marking a 129.94% increase year-over-year and a 56.54% increase from the previous quarter, with a majority of orders related to AI computing [8]

Group 1 - The core announcement is that Dook Culture (301025) will resume trading on December 29, 2025, after terminating the planned change of control [1] - Prior to the suspension, on December 19, Dook Culture's stock price surged over 8% during intraday trading, closing with a gain of over 6% [4] - The company stated that the discussions regarding the change of control involved multiple parties and core terms, but no consensus was reached, leading to the decision to terminate the matter [4] Group 2 - Dook Culture confirmed that its current operational status remains normal and that the termination of the control change will not have a significant adverse impact on its business performance and financial condition [4] - The company emphasized its commitment to creating value for shareholders and continuing to focus on its development strategy [4]