Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The precious metals market experienced a significant decline on Monday, with silver prices first surging and then plummeting, dragging down other precious metals. The domestic precious metals market also saw sharp drops [9]. - China will be the first economy to pay interest on central bank digital currency, and the new - generation digital RMB system will be launched on January 1, 2026 [9]. - The Chinese People's Liberation Army Eastern Theater Command organized military exercises, and the State Council Tariff Commission announced the 2026 tariff adjustment plan [10]. - The market regulatory总局 deployed key tasks for 2026 and introduced new regulations on food production supervision [11]. - In the futures market, different varieties showed various trends. Some agricultural products and energy - chemical products had price fluctuations, and the stock index futures and options market also had its own characteristics [6][13][18]. Summary by Relevant Catalogs 1. Chemical Industry - On December 30, 2025, among chemical products, the prices of coking coal, coke, asphalt, methanol, etc. rose, while the prices of natural rubber, 20 - number rubber, etc. fell. For example, coking coal rose 20.50 to 1,108.50, with a 1.884% increase; natural rubber fell 65.0 to 15,600.00, with a - 0.415% decrease [6]. 2. Agricultural Products - On December 29, 2025, the prices of some agricultural products showed different trends. Sugar prices were in a low - level range, with cost support but limited upside due to supply pressure. Corn prices rebounded, and peanuts were under pressure below 8000 yuan. The pig market showed signs of stabilization, and the egg market had a strong price - increase expectation. Cotton prices had a short - term correction after rising, but the fundamentals remained strong [13]. 3. Energy - Chemical Products - For caustic soda, the market is expected to continue its weak trend due to supply - demand contradictions. Coking coal and coke markets are in a weak and volatile state. Log prices are in a narrow - range shock, and pulp prices have a greater downward risk. Double - offset paper prices have broken through the previous resistance level, and copper and aluminum prices continue to run at a high level. Alumina is in an oversupply situation, and steel prices are in a range - bound state. Ferroalloys are currently treated with a bullish short - term view, and lithium carbonate prices have reversed their previous upward trend [14][15][16]. 4. Option Finance - On December 29, 2025, the three major A - share indexes showed different trends, with more stocks falling than rising. The trading volume exceeded 2 trillion for two consecutive days. The stock index futures and options market had different performance in terms of positions, spreads, and implied volatility. The short - term market may fluctuate, and investors are advised to pay attention to the trading rhythm and moderately increase positions on dips [18][19][20].

Core Insights - China is set to become the first economy to pay interest on its central bank digital currency, with the new digital yuan framework starting on January 1, 2026, marking a transition from "digital cash" to "digital deposit currency" [10] - The People's Liberation Army has begun military exercises around Taiwan, indicating heightened geopolitical tensions in the region [10] - The State Council has announced a tariff adjustment plan for 2026, which includes temporary lower import tariffs on 935 items to enhance the synergy between domestic and international markets [10] - The automotive market in China is expected to see complex growth dynamics in 2026, influenced by early government subsidies and seasonal factors [11] - Hong Kong's private residential prices have increased for six consecutive months, suggesting a potential end to the downward trend since 2021 [11] - The global memory industry is expected to experience a prolonged "super cycle" due to strong demand for AI servers and enterprise SSDs, lasting at least until 2027 [11] - TSMC has commenced mass production of its 2nm technology, which is anticipated to be the most advanced semiconductor technology in terms of density and energy efficiency [12] Macroeconomic Insights - The A-share market shows mixed performance, with the Shanghai Composite Index slightly up by 0.04% while the Shenzhen Component Index fell by 0.49% [14] - Industrial profits for large enterprises have shown a decline in growth rate as of November [14] - The central economic work conference emphasized the importance of stabilizing industrial growth and addressing "involution" competition [14][15] Commodity Insights - The steel market is expected to maintain a volatile trend, with iron ore prices under pressure due to weak demand from the real estate sector and slow construction progress [18][19] - The coal and coke prices may experience short-term fluctuations, influenced by production and safety inspections in coal mines [20][21] - The silicon metal market is facing pressure from the establishment of polysilicon platform companies, which may affect future production expectations [30] - The lithium carbonate market is showing signs of weakening demand, with expectations of inventory accumulation in the first quarter of 2026 [29] - The agricultural sector, particularly cotton and sugar, is experiencing mixed signals with supply pressures and seasonal demand fluctuations [33][35] Energy Sector Insights - Crude oil prices are expected to remain under pressure due to oversupply, despite geopolitical tensions in regions like Ukraine and the Middle East [46] - Fuel oil prices are influenced by geopolitical factors and are expected to follow crude oil price trends [47] - The plastic market is facing supply pressures, with expectations of weak demand impacting prices [48]

•日本央行释放持续加息信号 •德国企业悲观情绪蔓延 转自：新华财经 【资讯导读】 •中国率先为数字人民币计息 •特朗普再批鲍威尔 【市场资讯】 •中国人民银行正式发布数字人民币行动方案，明确自2026年1月1日起实施新一代计量框架、管理体 系、运行机制与生态体系。届时，数字人民币钱包余额将按活期存款利率计息，标志着其从"数字现 金"正式迈入"数字存款货币"时代，中国将成为全球首个为央行数字货币计息的经济体。 •美国总统特朗普表示将在"适当时候"宣布新任美联储主席人选，并猛烈抨击现任主席鲍威尔及其主导 的美联储大楼翻修项目。他更透露正考虑对鲍威尔提起诉讼，指控其"无法胜任职务"，引发市场对美联 储独立性的新担忧。 •美国政府正式启动针对大型企业"多元化、平等与包容"（DEI）项目的调查。据知情人士透露，谷歌、 威瑞森等多家知名企业已被列入调查名单，此举被视为对近年来企业DEI政策扩张的强力回应。 •日本央行12月会议纪要显示，多位政策委员指出当前实际利率仍处极低水平，支持进一步加息。其中 一名委员更建议未来以"几个月"为间隔灵活调整货币政策，强化了市场对日央行渐进式紧缩路径的预 期。 •德国经济研究所最新调查显 ...

专家表示，对数字人民币钱包余额计付利息后，中国将成为首个为央行数字货币计息的经济体。这将有 助于提高用户使用数字人民币的意愿，也将拓展数字人民币的使用场景，并进一步巩固中国在全球央行 数字货币探索中的领先地位。（央视新闻） 中国人民银行已经出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方 案》（简称"《行动方案》"），新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026 年1月1日正式启动实施。 根据方案部署，从2026年1月1日起，数字人民币钱包余额将按照活期存款计付利息。这也意味着，经过 十年研发试点，数字人民币将从"数字现金时代"迈入"数字存款货币"时代。 ...

今天（29日），记者从中国人民银行了解到，中国人民银行已经出台《关于进一步加强数字人民币管理 服务体系和相关金融基础设施建设的行动方案》（简称"《行动方案》"），新一代数字人民币计量框 架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 根据方案部署，从2026年1月1日起，数字人民币钱包余额将按照活期存款计付利息。这也意味着，经过 十年研发试点，数字人民币将从"数字现金时代"迈入"数字存款货币"时代。 专家表示，对数字人民币钱包余额计付利息后，中国将成为首个为央行数字货币计息的经济体。这将有 助于提高用户使用数字人民币的意愿，也将拓展数字人民币的使用场景，并进一步巩固中国在全球央行 数字货币探索中的领先地位。 数据显示，截至2025年11月末，数字人民币累计处理交易34.8亿笔，累计交易金额16.7万亿元。通过数 字人民币App开立个人钱包2.3亿个，数字人民币单位钱包已开立1884万个。多边央行数字货币桥 （mBridge）累计处理跨境支付业务4047笔，累计交易金额折合人民币3872亿元，其中数字人民币在各 币种交易额占比约95.3%。 （总台央视记者 孙艳） 责任编辑：秦艺 责任编辑 ...

经过数年的试点与推广，数字人民币已经构建起庞大的用户基础和应用场景。数据显示，截至2025年11 月末，数字人民币累计处理交易达34.8亿笔，金额高达16.7万亿元。与此同时，通过数字人民币App开 立的个人钱包已达2.3亿个，单位钱包1884万个，渗透率显著提升。 更为亮眼的是跨境支付的突破。在多边央行数字货币桥项目中，数字人民币表现抢眼，累计处理跨境支 付业务4047笔，交易金额折合人民币3872亿元。值得注意的是，在这些交易中，数字人民币在各币种交 易额占比高达95.3%，确立了其在该项目中的主导地位。此前，央行等八部门印发的文件也明确提出， 支持与泰国、中国香港、阿联酋、沙特阿拉伯等国家和地区使用央行数字货币进行跨境支付。有市场预 测数据显示，基于2030年全球跨境支付规模及人民币份额提升的预期，数字人民币在跨境支付领域有望 打开40.6万亿至162.4万亿元的巨大市场空间。 产业链共振升温，资金抢筹迹象明显 【环球网财经综合报道】数字金融领域迎来里程碑式进展。据央视新闻报道，中国人民银行已正式出台 《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，并宣布新一代数字 人民币计量 ...

央行数字货币试点再扩容：数字人民币如何重塑我们的"钱袋子"？ 一、技术破壁：从"支付工具"到"数字生活中枢" 数字人民币（e-CNY）的技术架构突破了传统货币的物理边界。其核心创新体现在： 1. 双离线支付：在无网络环境下，通过手机NFC或SIM卡硬钱包实现"碰一碰"交易，解决了地下停车场、偏远山 区等场景的支付痛点。 2. 智能合约赋能：在预付卡、供应链金融等场景中，资金流向可编程控制。例如苏州某健身房通过智能合约冻 结预付资金，消费者可按次解锁服务，杜绝商家卷款跑路风险。 3. 跨境支付革命：通过多边央行数字货币桥（mBridge），香港居民可绑定境外银行卡开立数字人民币钱包，实 现大湾区"10秒到账"，跨境汇款成本降低60%。 截至2025年12月，数字人民币累计交易金额突破14.2万亿元，覆盖560万个商户，用户超10亿。这种技术跃迁， 让货币从"账本上的数字"进化为"可编程的生活服务入口"。 二、钱袋子革命：支付、储蓄与财富管理的重构 1. 支付场景的全面渗透 2025年12月25日，中国人民银行宣布数字人民币试点城市新增11个，覆盖天津、重庆、广州、福州等区域，试 点范围扩大至28个省市。这一动作 ...

《意见》明确，支持沿线省(区、市)参与多边央行数字货币桥项目，推动与泰国、香港、阿联酋、沙特 阿拉伯等跨境支付使用央行数字货币。支持探索推进内地与新加坡数字人民币跨境支付试点。支持沿线 有条件的省(区、市)建设跨境电商数字服务平台，与新加坡等国家跨境电商和贸易数字化平台公司对 接，提升跨境电商服务能力。(完) 中国人民银行副行长陆磊表示，《意见》的出台，将推动金融高水平开放，服务西部陆海新通道经贸发 展。《意见》优化跨境结算便利体系，支持中国境内金融机构与东南亚、中亚、港澳地区金融机构加强 代理结算和清算合作。 中新社北京12月25日电 (陶思阅)近日，中国人民银行、国家发展改革委等八部门联合印发《关于金融支 持加快西部陆海新通道建设的意见》(以下简称《意见》)，提出20多条举措，支持西部陆海新通道高质 量发展。中国人民银行25日举行新闻发布会介绍有关情况。 《意见》还指出，要引进境外金融机构和组织。支持东盟、港澳地区符合条件的银行通过新设法人机 构、分支机构、专营机构等方式在沿线省(区、市)开展金融服务。支持国际金融中心、符合条件的境外 交易所在沿线省(区、市)设立驻华代表机构。 据悉，目前，西部陆海新通道 ...

Core Viewpoint - The People's Bank of China (PBOC) has introduced a set of 21 key measures to support the high-quality development of the Western Land-Sea New Corridor, focusing on expanding the use of the Renminbi in cross-border transactions [1][2] Group 1: Key Highlights of the Opinion - The Opinion emphasizes regional collaborative development as a primary focus [1] - It aims to strengthen institutional innovation for open finance [1] - The initiative includes enhancing digital intelligence capabilities [1] - It promotes open leadership in financial practices [1] Group 2: Digital Currency Initiatives - The Opinion outlines the advantages of digital Renminbi in payment and settlement, highlighting its low-cost and programmable features [2] - It proposes the exploration of digital Renminbi smart contracts to create innovative solutions for various financial applications [2] - The plan includes expanding the cross-border application of digital Renminbi to reduce costs and improve efficiency in corridor payments [2]

二是强化制度型开放创新。《意见》在风险可控的前提下，通过制度性改革创新，为通道企业"走出 去"提供更高效便捷的结算和投融资服务。例如，支持在有条件地区，开展跨国公司本外币一体化资金 池业务试点，帮助跨国企业更高效地调配和管理境内外资金，降低财务运营成本。深入推进更高水平贸 易投资人民币结算便利化试点，支持外经贸企业人民币结算，节约汇兑成本。 四是加强开放性引领。《意见》把握数字金融、绿色金融等国际合作的新趋势，创新带动中西部地区金 融高水平开放。例如，支持通道沿线省区市参与多边央行数字货币桥项目，推动跨境支付使用央行数字 货币；支持依托中国-新加坡绿色金融工作组机制，在绿色金融标准的制定和应用、绿色金融产品、金 融支持绿色科技等方面加强合作。 责任编辑：王馨茹 12月25日金融一线消息，中国人民银行今日举行新闻发布会，介绍金融支持加快西部陆海新通道建设有 关情况。谈及《关于金融支持加快西部陆海新通道建设的意见》（以下简称《意见》）各项举措的主要 亮点，中国人民银行研究局局长王信表示，《意见》主要有四个方面亮点。 一是注重区域协同发展。西部陆海新通道涉及东中西地区"13+2"个省区市，集内陆、沿海、边贸等多元 ...