Core Viewpoints - The A-share market is expected to see a spring rally, with thematic growth breaking through despite mixed signals from the global economy and domestic indicators [2] - The manufacturing PMI for December rose by 0.9 percentage points to 50.1, indicating a return to expansion [3][4] - The "old-for-new" policy and optimization of real estate policies are expected to further support domestic demand [2] Recent Dynamics - The manufacturing PMI increased to 50.1, with production and new orders indices both above 50, indicating improved business conditions [3][4] - The construction PMI rose significantly by 3.2 percentage points to 52.8, reflecting a strong recovery in the construction sector [4] - The service sector PMI also showed slight improvement, rising to 49.7, indicating a gradual recovery [4] Policy Tracking - The 2026 "old-for-new" policy aims to support the replacement of old vehicles and appliances, with a focus on smart products and mid-to-high-end automobiles [5][6] - The reduction of the personal housing sales value-added tax rate is expected to enhance the activity in the second-hand housing market [6] - The central bank's measures to strengthen the digital RMB management system are set to enhance financial services [6] Market Performance - The A-share market showed mixed performance, with the Shanghai Composite Index slightly up by 0.13%, while the ChiNext Index fell by 1.25% [15] - Key sectors such as oil and petrochemicals, defense, and media led the gains, with increases of 3.92%, 3.05%, and 2.13% respectively [13][15] - The average daily trading volume in the A-share market rose to approximately 2.1 trillion yuan, reflecting an 8.3% increase week-on-week [15][17]

Core Insights - Messari's report highlights TRON as a key observation for 2026, recognizing its leadership in the stablecoin sector and its historical breakthroughs in network efficiency, ecological innovation, and global application penetration [1][9] Group 1: Global Payment Network - TRON's success is attributed to its underlying technology, which emphasizes high throughput and cost efficiency, enabling near-zero transaction fees and second-level transaction confirmations [3] - In 2025, TRON processed an average of 9 million transactions daily, with active addresses ranking among the top three in the industry, significantly surpassing similar public chains [3] - As of Q3 2025, the circulating USDT on TRON exceeded $82 billion, accounting for over 50% of the global USDT supply, with a daily transfer volume reaching $24 billion, particularly in emerging markets [3] Group 2: DeFi Ecosystem Development - TRON's ecosystem is evolving from a single stablecoin hub to a diversified financial infrastructure, with significant developments in DeFi through protocols like JustLend and SunSwap, achieving a Total Value Locked (TVL) of over $7.5 billion [4] - Collaborations with Chainlink enhance the security of on-chain smart contracts, while partnerships with MetaMask and PayPal USD bridge traditional finance and the crypto ecosystem [4] - The native stablecoin USDD has surpassed a market cap of $400 million, with a 25% increase in holding accounts, reinforcing TRON's diversified presence in the stablecoin market [4] Group 3: Financial Performance and Market Impact - In Q2 2025, TRON's quarterly revenue approached $1 billion, with cumulative burn revenue exceeding $300 million, outperforming competitors like Ethereum and Solana [6] - TRON's daily active addresses reached 2.5 million, with a user base exceeding 330 million, maintaining its position as the third-largest public chain globally [6] - Institutional recognition is growing, with Canary Capital submitting an ETF application for TRON, indicating traditional capital's acceptance of TRON's staking yield model [6] Group 4: Regulatory Compliance and Market Penetration - In a tightening regulatory environment, TRON prioritizes compliance as a long-term strategy, having partnered with mainstream payment institutions in 35 countries [7] - In countries like Argentina and Brazil, TRON's on-chain USDT serves as a core tool for residents to hedge against inflation, addressing local financial service pain points [7] - TRON's dual strategy of "technology empowerment + compliance first" enables it to establish a foothold in emerging markets while gradually penetrating developed financial markets [7] Group 5: Future Opportunities - The acceleration of stablecoin regulation presents TRON with greater opportunities, positioning it as a core pillar of the stablecoin economy [9] - TRON is evolving from a blockchain technology testing ground to a digital foundation catering to the daily financial needs of billions globally, impacting payment settlements and asset digitization [9]

Core Insights - Coinbase's CEO Brian Armstrong outlined the company's primary goals for 2026, focusing on the development of a comprehensive trading platform that includes cryptocurrencies, stocks, prediction markets, and commodities [1] - The company aims to expand its stablecoin and payment services, enhancing its offerings in the digital finance space [1] - Significant investments will be made in product quality and automation to support these initiatives, alongside the introduction of the Coinbase Developer Platform, Base, and Base App to bring the world onto the blockchain [1]

Core Insights - Tether has added 8,888.88 BTC to its treasury wallet, valued at approximately $780 million, as part of its Q4 2025 profit allocation, reinforcing its position as a major corporate holder of Bitcoin [1] - The company has implemented a policy to allocate up to 15% of its realized quarterly operating profits to Bitcoin purchases, transitioning from an opportunistic buyer to a systematic accumulator [2] - Tether's profits are linked to cash-like assets backing USDT, primarily short-term U.S. Treasuries and repos, meaning higher rates and demand for stablecoins can lead to increased operating profits and more Bitcoin purchases [3] Company Strategy - Tether utilizes excess earnings to diversify its reserves without affecting the assets backing its stablecoin liabilities, maintaining a focus on highly liquid instruments [4] - The timing of these purchases is significant, as Bitcoin has faced challenges in sustaining rallies, with liquidity decreasing and risk appetite being uneven [4] - As of mid-day Hong Kong time, Bitcoin was trading around $89,000, indicating market conditions during the accumulation period [4]

Core Insights - The cryptocurrency industry is expected to experience significant growth by 2025, driven by multiple factors that will further accelerate adoption in 2026, including crypto ETFs, stablecoins, asset tokenization, and clearer regulatory frameworks [1] Group 1: Growth Drivers - The approval cycle for ETFs is anticipated to shorten, enhancing the role of stablecoins in DvP settlements and leading to broader recognition of tokenized collateral [1] - The trend of clearer global regulations is shifting cryptocurrency from a niche market to a component of global financial infrastructure [1] Group 2: Market Dynamics - Demand for cryptocurrency is evolving beyond a single narrative, now influenced by macroeconomic conditions, technology, and geopolitical factors [1] - The market is gradually transitioning towards more long-term and strategic capital participation [1]

Market Overview - A-shares opened higher with the Shanghai Composite Index up 0.09% and the ChiNext Index up 0.15% [1] - The Hong Kong market opened lower, with the Hang Seng Index down 0.21% and the Hang Seng Tech Index down 0.22% [1][8] - Domestic commodity futures mostly rose, with nickel up 3.05% and lithium carbonate up 2.02% [1][9] Sector Performance - The advanced packaging, memory, consumer electronics, commercial aerospace, and photovoltaic sectors showed strength, while stablecoins and energy metals concepts weakened [1] - The non-ferrous metals sector saw significant gains, with Jiangxi Copper hitting the daily limit and other companies like Yunnan Copper and Zijin Mining rising over 5% [1][2] - The commercial aerospace concept strengthened again, with companies like Tailong Technology and Aerospace Development seeing notable increases [2][3] Stock Highlights - Jiangxi Copper's stock price rose to 55.03, up 9.51% [2] - Tailong Technology experienced a five-day consecutive rise, indicating strong market interest [2] - New stock N Hengdongguang listed with a surge of over 1000%, reaching a price of 350 yuan [4] Bond Market - Government bond futures opened with slight increases across various maturities, with the 30-year contract up 0.04% and the 10-year contract up 0.05% [1][4]

Domestic Market Overview - The domestic market experienced a slight increase with the Shanghai Composite Index closing at 3965.28 points, up 0.04% [1][10] - The Shenzhen Component Index closed at 13537.10 points, down 0.49%, while the ChiNext Index fell by 0.66% [1][10] - A total of 10 out of 30 sectors in the CITIC first-level industry saw gains, with the petroleum and petrochemical, defense and military, and banking sectors leading the increases [1][10] Overseas Market Overview - The majority of European and American stock markets closed lower, with the Dow Jones down 0.51% at 48461.93 points and the Nasdaq down 0.50% at 23474.35 points [2] - Major tech stocks, including Goldman Sachs and American Express, fell over 1%, contributing to the decline [2] Key Economic Data - From January to November, the total operating revenue of state-owned enterprises reached 756257.6 billion yuan, reflecting a year-on-year growth of 1.0% [3][14] - The total profit for the same period was 37194.5 billion yuan, showing a decline of 3.1% year-on-year [14] Digital Currency Developments - The People's Bank of China announced that starting January 1, 2026, digital yuan wallet balances will earn interest, marking a transition from "digital cash" to "digital deposit currency" [11][18] - As of the end of November 2025, the digital yuan has processed 34.8 billion transactions, with a total transaction amount of 16.7 trillion yuan [18] Industry Performance - The total trading volume in the A-share market was 2.16 trillion yuan, showing a slight decrease compared to the previous day [1][10] - Among the stocks, 1993 rose while 3325 fell, with 90 stocks hitting the daily limit up and 26 hitting the limit down [11]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report The report comprehensively presents the overnight performance of the global financial and commodity markets, along with significant macro - economic and corporate news. It shows that geopolitical factors are affecting the energy market, and various industries such as metals, black - series, and agriculture are experiencing different trends due to factors like policy, production, and market demand. The financial market also shows a complex situation with the divergence of stock indices and fluctuations in different asset classes. Summary by Relevant Catalogs Overnight Night - Market Market Trends - The US crude oil main contract rose 1.92% to $57.83 per barrel, and Brent crude oil main contract rose 1.66% to $61.24 per barrel. Geopolitical issues and production decline in Kazakhstan drove up oil prices [5][43]. - Most London base metals declined, with LME lead and copper rising slightly, and LME tin falling 6.55% to $40010 per ton [5][43]. - Spot silver first broke through the $80 per ounce mark but then plunged, dragging down other precious metals. COMEX gold futures fell 4.45% to $4350.2 per ounce, and COMEX silver futures fell 7.2% to $71.64 per ounce [6][7]. - Domestic futures main contracts showed mixed performance, with some like asphalt rising and others like pulp falling [7]. Important News Macroeconomic News - The National Development and Reform Commission proposed to develop new - quality productivity in a coordinated manner [9]. - Trump said the US military's strike on a Venezuelan factory reduced drug trading by 97% [9]. - The Shanghai Export Container Settlement Freight Index (European route) rose 9.7% [10]. - Russia set the withdrawal of Ukrainian armed forces from the Donbass as a pre - condition for a truce [10]. - The State Administration for Market Regulation deployed key tasks for 2026, including anti - monopoly measures [11][12]. Energy and Chemical Futures - The start - up rate of China's LOW - E glass sample enterprises increased [14]. - A subsidiary of Boyuan Chemical decided to shut down due to continuous losses [14]. - The expected arrival of New Zealand coniferous logs at 13 Chinese ports increased significantly [14]. - Guyana's oil production in November rose to about 894,000 barrels per day [15]. Metal Futures - Yunnan Province plans to strengthen resource - based industries [17]. - Longpan Technology will conduct production line maintenance, reducing lithium iron phosphate output [19]. - The price of high - quality and battery - grade lithium carbonate decreased [19]. - UBS raised its gold price target for the first three quarters of 2026 [19]. - Environmental controls in some areas affected the aluminum market [19]. - Zinc mines in different regions had production changes [20]. - Chuanfa Longmang's projects were put into production or in trial production [20]. Black - Series Futures - Global iron ore shipments increased, while China's 47 - port and 45 - port arrivals decreased [22][24]. - Hebei steel mills lowered coke prices, starting the fourth round of price cuts [24]. - Tiansteel will conduct blast furnace maintenance [25]. Agricultural Product Futures - India's domestic sugar quota for January 2026 was set at 2.2 million tons, and the market is expected to be stable [27]. - China's domestic oil mills' soybean crushing volume remained high in December [27]. - The commercial inventory of soybean oil decreased, while that of palm oil increased [27]. - US soybean export data showed changes, and Brazil's soybean sowing rate was 97.9% [27][30]. Financial Market Finance - A - share indices were divergent, with the Shanghai Composite Index rising 0.04%, and the Shenzhen Component Index and ChiNext Index falling [32]. - Hong Kong stocks fell, with large - cap tech stocks generally declining [32]. - China's public - offering fund scale exceeded 37 trillion yuan in November [32]. - GSM, an electric mobility service provider in Vietnam, plans to list in Hong Kong [34]. Industry - The National Energy Administration emphasized the construction of charging infrastructure [35]. - The 2026 auto market growth is complex, with a possible January increase [35]. - Shenzhen proposed to adjust real - estate investment [35]. - Hong Kong's private housing prices rose in November [35]. - The price of imported GLP - 1 diet pills was halved [36]. - AI Agent is expected to be popularized in 2026 [36]. - The global memory industry's "super - cycle" is expected to last until 2027 [36]. Overseas - Trump criticized the Fed and considered suing Powell [38]. - Trump met with Zelensky, but no major announcements were made [38]. - The US government investigated large companies' DEI projects [38]. - US pending home sales rose in November [38]. - The Bank of Japan hinted at future interest - rate hikes [38]. - Most German business associations expect to lay off employees in 2026 [39]. - The ACCA will end online exams in March 2026 [39]. International Stock Markets - US stock indices fell, with AI - related stocks under pressure [40]. - European stock indices were mixed, with the German DAX and French CAC40 rising slightly, and the UK FTSE 100 falling slightly [42]. - Wall Street is optimistic about US stocks in 2026 [42]. - Intel bought back over 214.7 million shares worth $5 billion [42]. Commodities - Crude oil prices rose due to geopolitical factors [43]. - Most London base metals declined [43]. Bonds - China's bond market weakened, and long - term bonds were under pressure [44]. - The yield of treasury bond reverse repurchase in the Shanghai and Shenzhen Stock Exchanges rose [44]. - The US federal debt exceeded $38.5 trillion, and the buyer structure changed [46]. - US bond yields fell [46]. Foreign Exchange - The on - shore RMB against the US dollar fell slightly, and the central parity rate rose [47]. - The US dollar index fell slightly, and non - US currencies showed mixed performance [47].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The global economic and financial markets are experiencing significant fluctuations, with various industries showing different trends. For example, the metal market has seen extreme price swings, the energy market has supply - related changes, and the stock and bond markets have their own performance characteristics [4][10][30] - China is implementing a series of economic policies, such as tariff adjustments and promoting the development of digital RMB, which will have an impact on domestic and international trade and the financial system [2][15] 3. Summary by Relevant Catalogs Macro Data - GDP in Q3 2025 grew by 4.8% year - on - year, slightly lower than the previous quarter's 5.2% [1] - In November 2025, the manufacturing PMI was 49.2%, and the non - manufacturing PMI for business activities was 49.5%, both showing certain trends compared to the previous month and the same period last year [1] - Social financing scale, M0, M1, M2, and other monetary indicators also had corresponding changes in November 2025 [1] Commodity Investment Comprehensive - From January 1, 2026, China will implement import provisional tax rates lower than the most - favored - nation rates for 935 commodities to enhance resource linkage and expand high - quality supply [2] - On December 29, 2025, 40 domestic commodity varieties had positive basis, and 26 had negative basis [2] Metal - Precious metals had a volatile "Black Monday". Silver first soared and then plunged, dragging down other precious metals. International and domestic metal prices and futures contracts showed significant declines [4][5] - On December 29, 2025, CME Group raised metal futures trading margins, triggering price drops [5] - In 2025, silver prices broke a 45 - year record and were higher than crude oil prices, driven by industrial and investment demand [5] Coal, Coke, Steel, and Ore - Bauxite miner Axis has filed a $29 billion claim against Guinea [9] Energy and Chemicals - U.S. refineries are expected to have capacity outages in the coming weeks, with the scale increasing [10] - India's oil imports from Russia in December 2025 are expected to exceed 1 million barrels per day [10] Agricultural Products - China's grain output in 2025 was 1.43 trillion jin, a 1.2% increase from the previous year, mainly due to the increase in corn production [12] - As of December 2025, the autumn grain purchase volume exceeded 200 million tons, a year - on - year increase of 32 million tons [13] Financial News Open Market - On December 29, 2025, the central bank conducted 482.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 415 billion yuan [14] Important News - The Chinese military conducted the "Justice Mission - 2025" exercise around Taiwan [15] - China will start to pay interest on digital RMB from January 1, 2026 [15] Bond Market - The bond market was generally weak, with treasury bond futures falling and bond yields rising [21] Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.0098 on December 29, 2025, down 13 points from the previous trading day [26] Research Report Highlights - Xingzheng Fixed Income believes that in the short term, the bond market carry strategy is relatively certain, and there is room for the repair of long - end bonds [27] - CITIC Securities suggests paying attention to high - grade state - owned enterprise perpetual bonds in industries such as public utilities, transportation, and construction [27] Stock Market - A - shares showed a divergence between large and small indexes. The Shanghai Composite Index rose 0.04%, while the Shenzhen Component Index and the ChiNext Index fell [30] - Hong Kong stocks fluctuated, with the Hang Seng Index falling 0.71% [30]

Core Insights - The cryptocurrency market is experiencing a significant downturn, leading to reduced retail activity and negative sentiment towards crypto exchanges [1][4] - Despite slashing price targets for major crypto platforms like Coinbase, Robinhood, E Toro, and Gemini, the firm maintains buy ratings on these stocks [1] - The sentiment in the crypto market has reached its lowest level since October 2024, indicating a period of extreme disinterest [2][3] Market Sentiment - Current sentiment is characterized by extreme disinterest, which may indicate a potential bottom for crypto prices [3][4] - The negative sentiment has resulted in decreased retail trading activity, which may take up to two quarters to recover even with rising crypto prices [4][5] Future Catalysts - Potential growth for crypto platforms may come from the tokenization of real-world assets and increased adoption of stablecoins, which do not typically experience price volatility [6] - Diversification away from traditional crypto offerings, such as prediction markets, may also benefit platforms in the future [7] Company Performance - Robinhood has emerged as a leading performer in the market, with a 215% increase year-to-date, attributed to its success as a super app offering a variety of products [8][9] - The company's strategy of not focusing solely on one asset but providing a wide range of services has set a benchmark for other crypto platforms [10] - Robinhood's acquisition of Bitstamp has helped mitigate the impact of declining crypto volumes, as Bitstamp caters more to institutional clients [11]