Group 1 - The State Council Tariff Commission has released the "2026 Tariff Adjustment Plan," which will be implemented starting January 1, 2026 [1] - The plan includes a temporary import tariff rate lower than the most-favored-nation (MFN) rate for 935 items to enhance the linkage between domestic and international markets and expand the supply of quality goods [1] - Key components of the tariff adjustments include reducing import tariffs on critical components and advanced materials to promote high-level technological self-reliance and the construction of a modern industrial system [1] Group 2 - The plan aims to support the comprehensive green transformation of the economy and society by lowering import tariffs on resource-based products such as regenerated black powder for lithium-ion batteries [1] - It also focuses on improving people's livelihoods by reducing import tariffs on medical products like artificial blood vessels and diagnostic kits for certain infectious diseases [1] - The total number of tariff items after adjustments will be 8,972, with new entries for items supporting technological development and circular economy [1] Group 3 - In 2026, the country will continue to implement preferential tariff rates for certain imported goods from 34 trade partners based on 24 free trade agreements and preferential trade arrangements [2] - To promote economic cooperation with least developed countries, 100% tariff-free treatment will be granted to products from 43 least developed countries with which diplomatic relations have been established [2] - The plan also includes special preferential tariff rates for certain imports from Bangladesh, Laos, Cambodia, and Myanmar under the Asia-Pacific Trade Agreement and relevant intergovernmental agreements with ASEAN member states [2]

每一次砥砺前行，都在历史的坐标上刻下崭新的印记；每一份辉煌成就，都化为未来征程更为坚实的底 气。以正能量引领，用精品叙事，汇聚起"奋斗的你我"的点点星火，必将照亮"奋进的中国"的壮阔前 程，为以中国式现代化全面推进强国建设、民族复兴伟业注入澎湃而持久的精神洪流。（明月松） 时间的长河奔涌向前，奋进的步伐永不停歇。站在2025年的岁尾回望，这是一幅由亿万人民共同执笔、 以拼搏奋斗为主色调的壮丽画卷。画卷之中，有宏大的时代叙事，亦有鲜活的个体实践；有硬实力的跨 越提升，亦有软实力的浸润滋养；有大国工程的雄浑基石，亦有民生福祉的温暖注脚……奋斗的豪情、 奋进的足迹，深深镌刻在时代发展的坐标轴上，化为网络空间中一幕幕动人图景、一篇篇闪光记录。 这奋进的脚步里，有蓝图接力的历史担当，有继往开来的时代信心。"十四五"即将收官，回看5年前制 定的规划《纲要》，各项主要指标进展符合甚至超越预期：经济增长、全员劳动生产率、全社会研发经 费投入等稳步推进；常住人口城镇化率、人均预期寿命、粮食和能源综合生产能力等8项指标提前或超 额完成；规划确定的102项重大工程落地生根，战略任务全面见效。承前启后之际，党的二十届四中全 会胜利召 ...

2025.12. 29 本文字数：1670，阅读时长大约3分钟 作者 | 第一财经 魏中原 这些现象引发了市场对科技企业"重融资、轻研发"的担忧。需要厘清的是，问题不在于资本市场制度 本身，而在于执行与监督环节的缺失。以科创板为例，该板块的创新性制度设计的初衷是通过市场化 机制引导资金流向真正需要的硬科技研发，推动科技企业做大做强。 创新政策带来了溢价，使得市场给予的部分科技企业高估值与超募资金，本质上是社会对科技企业突 破技术"卡脖子"的深切期待，是国家为支持创新提供的特殊政策支持。这份政策支持的初心，始终指 向"研发突破"而非"理财躺赚"。 笔者认为，当前科技型上市公司募资理财现象背后有三方面深层原因。 企业层面，部分企业对研发周期和资金消耗速度缺乏准确评估，担心资金投入过快导致"烧钱"压力过 大，选择"慢撒网、稳推进"策略。 政策支持科技企业上市的初心，始终是为中国科技突破"卡脖子"技术提供资本支撑，为国家科技自立 自强注入源头活水。科创板等上市板块的设立，是国家推动科技创新、实现产业自主可控的战略性制 度安排。这一制度设计本身具有前瞻性与积极意义，其目标在于引导资本"脱虚向实"，推动科技企业 真正在研 ...

政策支持科技企业上市的初心，始终是为中国科技突破"卡脖子"技术提供资本支撑，为国家科技自立自 强注入源头活水。科创板等上市板块的设立，是国家推动科技创新、实现产业自主可控的战略性制度安 排。这一制度设计本身具有前瞻性与积极意义，其目标在于引导资本"脱虚向实"，推动科技企业真正在 研发攻坚中实现突破。 然而，当摩尔线程拟用75亿元IPO募资进行理财，华虹半导体将200多亿元闲置资金投入低风险理财， 西安奕材、寒武纪等科技公司纷纷效仿时，我们不得不发出质问：这些企业是否已经忘记了自己为何而 来？ 尤其是近两年，"上市即理财"的现象已从个别案例演变为系统性行为，根据笔者不完全统计，翱捷科 技、拓荆科技、沪硅产业、中国通号、华熙生物、赛维时代、智立方等上市公司均存在募资即理财的情 况，其中不少公司来自半导体芯片领域。这些行业本就研发投入大、周期长，但企业却将资金"空转"于 金融产品，而非投入生产线和研发中心。资金"脱实向虚"，导致真正需要资金的优质项目可能融不到 资，市场资源配置效率被严重扭曲，它甚至动摇了资本市场诚信的基石。 这些现象引发了市场对科技企业"重融资、轻研发"的担忧。需要厘清的是，问题不在于资本市场制度 ...

Group 1 - The State Council Tariff Commission released the "2026 Tariff Adjustment Plan," which will be implemented starting January 1, 2026, aiming to enhance the linkage between domestic and international markets and expand the supply of quality goods by applying provisional import tariffs lower than the most-favored-nation (MFN) rate on 935 items [1] - To support technological development and the circular economy, new tariff items will include smart bionic robots, bio-aviation kerosene, and forest ginseng, bringing the total number of tariff items to 8,972 [2] - The plan continues to promote economic cooperation with least developed countries (LDCs) by granting zero-tariff treatment on 100% of products for 43 LDCs with which China has diplomatic relations, and implementing preferential tariff rates for certain imports from Bangladesh, Laos, Cambodia, and Myanmar [2] Group 2 - The adjustment aims to promote high-level technological self-reliance and the construction of a modern industrial system by reducing import tariffs on key components and advanced materials such as hydraulic cushions and composite connectors [3] - It also supports the comprehensive green transformation of economic and social development by lowering import tariffs on resource products like regenerated black powder for lithium-ion batteries [3] - The plan emphasizes improving people's livelihoods by reducing import tariffs on medical products such as artificial blood vessels and diagnostic kits for certain infectious diseases [3]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, and the Hang Seng Technology Index decreasing by 0.30% to 5,483.01 points [2] - The total market turnover for the day was HKD 224.51 billion [2] Stock Performance - Among the Hang Seng Index constituents, 22 stocks rose while 67 fell, with Sands China Limited dropping by 4.46% to HKD 19.91 per share, JD Health down by 3.42% to HKD 56.50, and CK Hutchison Holdings decreasing by 3.35% to HKD 53.45 [2][3] - Notable declines included Midea Group down 3.05%, and Zijin Mining down 3.01% [3] Specific Stock Movements - Geely Automobile repurchased 1.956 million shares for HKD 33.14 million, totaling 22.434 million shares repurchased in the last 30 days for a total of HKD 385 million, reflecting confidence in the company's value [4] - The energy sector saw a slight increase of 0.41%, while the materials sector led declines with a drop of 2.21% [4] Satellite Industry Developments - Asia Pacific Satellite shares surged nearly 12% following the release of new listing standards for commercial rocket companies by the Shanghai Stock Exchange, which clarified the requirements for companies seeking to list on the STAR Market [6][7] - The stock closed at HKD 2.40 per share, up 10.09% [7] Commercial Space Sector Insights - The new guidelines for commercial rocket companies are expected to accelerate capital operations within the sector, transitioning from policy expectations to institutional realization [10] - The guidelines are seen as a long-term structural support for the commercial space industry, enhancing market recognition of hard tech assets on the STAR Market [10] Gold Sector Performance - The gold sector faced significant declines due to a pullback in gold prices, with major companies like China National Gold Group and Zijin Mining experiencing drops of 5% or more [11][12] - The domestic gold price on the SHFE closed at CNY 1,007.18 per gram, down 0.91% [11] Market Outlook - UBS forecasts that the upward trend in the Chinese market is likely to continue through 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [13]

据《财政部网站》12月12日消息，国务院关税税则委员会发布《2026年关税调整方案》（以下简称《方 案》），将自2026年1月1日起实施。《方案》以习近平新时代中国特色社会主义思想为指导，深入贯彻 党的二十大和二十届历次全会精神，完整准确全面贯彻新发展理念，加快构建新发展格局，坚持稳中求 进工作总基调，科学调整进口暂定税率，优化税目设置，继续实施协定税率和特惠税率，有利于引领发 展新质生产力，满足人民日益增长的美好生活需要，扩大高水平对外开放，推动高质量发展。 为增强国内国际两个市场两种资源的联动效应，扩大优质商品供给，2026年对935项商品实施低于最惠 国税率的进口暂定税率。一是推动高水平科技自立自强，促进建设现代化产业体系，降低压力机用数控 液压气垫、异型复合接点带等关键零部件、先进材料的进口关税。二是助力推进经济社会发展全面绿色 转型，降低锂离子电池用再生黑粉、未焙烧的黄铁矿等资源性商品的进口关税。三是加大保障和改善民 生力度，助力加快建设健康中国，降低人造血管、部分传染病的诊断试剂盒等医疗产品的进口关税。此 外，为增强国内大循环内生动力，根据国内产业发展和供需情况变化，在我国加入世界贸易组织承诺范 ...

12月29日，华夏基金将与泰国券商InnovestX Securities携手，在泰国证券交易所（SET）同步挂牌上 市"华夏沪深300ETF"及"华夏科创50ETF"挂钩的存托凭证（DR）。此举标志着华夏基金在上交所上市 的ETF首次以DR模式进入海外市场，也是中泰资本市场在"一带一路"框架下深化合作的又一重要进 展。此次华夏基金两支旗舰ETF产品同步登陆泰国，也充分体现了当地市场对中国优质资产与科技成长 前景的积极关注和配置信心。 与传统宽基或一般成长型指数不同，科创50指数汇聚了中国半导体、高端装备、生物医药等战略新兴产 业的龙头企业。华夏科创50ETFDR的上市，填补了东南亚市场在投资中国"硬科技"板块的空白。这不 仅让泰国投资者能直接分享中国科技转型的红利，更集中体现了国际资本对中国在关键核心技术攻关、 半导体产业链自主可控以及科技自立自强方面最新成果的高度认可。 与此同时，作为中国经济"晴雨表"的华夏沪深300ETF也同步通过DR形式登陆泰国，为海外资金提供了 一键配置中国核心优质资产的首选通道。两只产品同时上市，形成了"核心资产+硬核科技"的双轮驱动 布局。 华夏基金：持续领跑中国资产"出海"新 ...

Core Viewpoint - The State Council Tariff Commission has announced the "2026 Tariff Adjustment Plan," which will take effect on January 1, 2026, aiming to enhance the synergy between domestic and international markets and expand the supply of quality goods [1] Group 1: Tariff Adjustments - A total of 935 items will have temporary import tariffs set below the most-favored-nation (MFN) rates in 2026 [1] - Key components and advanced materials, such as numerical control hydraulic cushions and special composite joints, will see reduced import tariffs to promote high-level technological self-reliance and the construction of a modern industrial system [1] - Import tariffs on resource-based products, including regenerated black powder for lithium-ion batteries and unroasted pyrite, will be lowered to support a comprehensive green transformation of the economy and society [1] Group 2: Healthcare and Living Standards - Import tariffs on medical products, such as artificial blood vessels and certain diagnostic kits for infectious diseases, will be reduced to enhance and improve living standards and accelerate the construction of a healthy China [1] Group 3: Domestic Market Dynamics - To strengthen the internal driving force of the domestic market, certain items, including micro motors, printing machines, and sulfuric acid, will have their temporary import tariffs canceled and revert to MFN rates based on changes in domestic industry development and supply-demand conditions [1] - New tariff items will be added to support technological development and progress, including smart bionic robots, bio-aviation kerosene, and forest ginseng, bringing the total number of tariff items to 8,972 [1]

国务院关税税则委员会发布《2026年关税调整方案》（以下简称《方案》），将自2026年1月1日起实 施。 为增强国内国际两个市场两种资源的联动效应，扩大优质商品供给，2026年对935项商品实施低于最惠 国税率的进口暂定税率。 为服务科技发展和技术进步，支持循环经济和林下经济发展，2026年增列智能仿生机器人、生物航空煤 油、林下山参等本国子目。调整后，税则税目总数为8972个。 为持续深化经贸合作，促进区域融合发展，2026年根据我与34个贸易伙伴签署的24项自由贸易协定和优 惠贸易安排，继续对原产于上述贸易伙伴的部分进口货物实施协定税率。 为促进与最不发达国家的经贸合作，帮助最不发达国家发展，2026年继续给予43个与我建交的最不发达 国家100%税目产品零关税待遇；根据亚太贸易协定以及我与有关东盟成员国政府间换文协议，继续对 原产于孟加拉国、老挝、柬埔寨、缅甸的部分进口货物实施特惠税率。 来源 | 央视新闻 编辑 | 杨家瑞 一是推动高水平科技自立自强，促进建设现代化产业体系，降低压力机用数控液压气垫、异型复 合接点带等关键零部件、先进材料的进口关税。 二是助力推进经济社会发展全面绿色转型，降低锂离子电 ...