Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2026, as the beginning of China's 15th Five - Year Plan, with the global monetary easing expectation, the new Fed chairman taking office, and Trump's mid - term election approaching, the macro - environment is generally positive. The shortage of copper concentrates at the mine end, the anti - involution of the smelting industry, and the continuous siphoning of global copper inventories by the US at the spot end provide strong support for copper prices. The competition in the fourth industrial revolution between China and the US has brought a huge power gap, and the demand for green copper in photovoltaic and new energy vehicles is on the rise, leading to an expanding global refined copper supply - demand gap. The strategic value and price center of copper are steadily rising. It is recommended to hold copper long positions, use trailing stop - loss protection, be cautious about chasing high prices, and mainly try to go long on dips. Be vigilant against the risk of a high - level correction due to insufficient demand after the fading of macro - sentiment [2]. - In mid - 2026, when Powell steps down, the short - term macro - positive factors will be realized and the traditional off - season will begin, so copper may face high - level adjustment pressure, but the long - term trend remains unchanged. Industrial customers should flexibly adjust the hedging ratio, lock in reasonable profits, strictly manage positions, and control risks. In the medium - to - long - term, copper is highly regarded as an important strategic resource and a substitute for precious metals in asset allocation, considering the tight supply of copper concentrates and the booming demand for green copper [3]. Summary by Directory Chapter 1: 2025 Market Review - In 2025, the copper market rebounded from the bottom at the beginning of the year due to Trump's weaker - than - expected tariff policy, the increasing expectation of the Fed's interest rate cut, and the pre - heating of the Two Sessions in China. In February, the lower - than - expected inventory accumulation during the Spring Festival and the increasing overseas mine disturbances pushed copper prices up. In March, Trump's escalating threat of imposing import tariffs on copper, the widening price difference between COMEX and LME, and the rumor of domestic smelter production cuts led to a sharp rise in copper prices, with hot money pouring into the market [5]. - In April, after the implementation of the copper tariff exemption, there was a rush to exit among long - position holders, and copper prices plunged. Subsequently, as Sino - US relations eased and the global economic recession concern weakened, copper prices oscillated and recovered. In June, due to the resurgence of the war in the Middle East and the continuous decline of LME copper inventories, copper prices rose against the seasonal trend [6]. - In July, Trump's new tariff threat caused copper prices to oscillate and fall back. In August, after the exemption of refined copper from the 50% tariff, COMEX copper prices plummeted, and the price difference between COMEX and LME narrowed sharply. In September, the expectation of the Fed's interest rate cut led to a rise in copper prices, but then they pulled back. In late September, the mine accident in Indonesia's Grasberg and the increasing expectation of a shortage of copper concentrates, along with other macro and micro factors, drove copper prices to a high after the National Day. From November to December, the overall macro - sentiment was positive, and copper prices continued to rise, reaching new highs at the end of the year [7][8]. Chapter 2: Macro Analysis 2.1 Global Economic Moderate Recovery and Asia - Pacific Geopolitical Conflict Risks - From 2025 to 2026, the global economy shows a trend of "overall slowdown in growth, differentiation among major economies, and moderate recovery in trade". The global economic growth rate is expected to slow slightly from 3.2% in 2025 to 3.1% in 2026. Major economies such as the US, China, the Eurozone, and India have different economic growth trends and inflation situations. Central banks around the world have shifted their monetary policies from tightening to easing [11][12]. - The global situation is turbulent, and geopolitical risks are increasing. The military use of copper may increase due to the global arms race. In 2025, the geopolitical risk in the Asia - Pacific region has increased significantly. If the Taiwan Strait risk breaks out in 2026, copper prices may rise further due to supply security concerns and the explosion of military copper demand [13][14][18]. 2.2 Trump's Copper Tariff TACO Review: Will Copper Tariffs Make a Comeback in 2026? - In 2025, Trump listed copper as a "national security vital resource" and proposed a series of copper tariff policies, which had a significant impact on the global copper market. The implementation or non - implementation of these policies led to large fluctuations in copper prices and the price difference between COMEX and LME. Trump's tariff policies have reshaped the global copper trade flow, accelerated the regionalization of the copper supply chain, and increased the uncertainty of the market. In 2026 - 2027, the US may impose selective tariffs on refined copper imports from some countries [19][20][30]. 2.3 AI Bubble Concerns and the "Iron Chain of Ships" of US Tech Giants - In 2025, the growth of US copper consumption is mainly driven by grid transformation, the explosion of data centers, and the return of manufacturing industries. Data centers have become an important and rapidly growing area for copper consumption. However, there are concerns about the AI bubble, and the investment in AI in the US may face challenges such as unclear commercialization and over - dependence on a single company. In 2026, China is expected to start the era of AI application, which will strengthen the long - term demand for copper [32][34][38]. 2.3 The Fed's Powell's Final Act: Weaker Dollar, Stronger Copper Prices - In December 2025, the Fed cut the federal funds rate by 25 basis points and launched a short - term Treasury purchase plan. The decision - making process showed internal differences, and the future policy path will depend on economic data. Powell's term will end in May 2026, and the possible candidates for the new Fed chairman have different stances on inflation, interest rates, and independence. The US economy shows signs of a slowdown in employment and a decline in inflation, and the dollar index is in a downward trend. There is a negative correlation between the dollar and copper prices, but attention should be paid to the risk of a high - level adjustment of copper prices in mid - 2026 [39][40][45]. 2.4 Global Macroeconomic Cycles and the 15th Five - Year Plan - Currently, the global economy is at the end of the sixth Kondratieff cycle and the fifth Juglar cycle since China's reform and opening - up. The theme of this Juglar cycle is the Sino - US chip war. The importance of copper as a key raw material in the fields of green energy transformation and AI competition is increasing. The start of the restocking cycle in China and the US will support the demand for copper. The 15th Five - Year Plan will promote China's economic transformation and upgrading, and copper's strategic value will continue to rise [50][51][53]. Chapter 3: Supply Analysis 3.1 Intensified Global Competition for Copper Mine Resources and Chinese Copper Enterprises' Overseas Expansion - Due to geopolitical risks, resource protectionism, and other factors, the long - term capital expenditure in the global copper mining industry is insufficient, and the new supply is limited. Global copper mine reserves are mainly concentrated in countries such as Chile, Australia, and Peru. China's domestic copper reserves are relatively small, but Chinese enterprises have actively expanded overseas. In 2025, many global copper mines were affected by accidents, strikes, and other factors, resulting in a downward revision of production forecasts. In 2026, the global mainstream copper mine supply is expected to increase theoretically, but the overall supply situation remains tight [54][58][60]. 3.2 Deeply Inverted Smelter Processing Fees and the Industry's Call for Anti - Involution - In 2025, the global copper smelting capacity utilization rate remained high, but the copper concentrate processing fees continued to decline, reaching a new low. The smelting industry is facing "involution - style" competition. The China Non - Ferrous Metals Industry Association has called for measures to control capacity and resist unfair pricing. The CSPT group has reached a consensus on reducing production capacity, resisting unreasonable pricing, and preventing malicious competition [64][65][66]. 3.3 Smelters to Cut Capacity in 2026, Slowing the Growth of Refined Copper Supply - In 2025, the global refined copper production reached a record high. It is expected that there will be a supply gap of about 150,000 tons in the global refined copper market in 2026. In November 2025, China's copper smelting operation rate increased, and the refined copper production increased month - on - month. However, the import of refined copper decreased, and the export increased significantly. Affected by the reduction of smelter capacity and the decline in imports, the growth rate of refined copper supply in 2026 will slow down [70][71][75]. 3.4 High Global Visible Inventory, Tight Non - US Inventory - As of December 25, 2025, the global copper visible inventory was at a historically high level, but the inventory in non - US regions was relatively tight. The US is expected to continue to siphon global copper inventories, and there are concerns that the US copper tariff may return. The non - US copper market may face a squeeze - out risk [76]. Chapter 4: Demand Analysis 4.1 The Fourth Industrial Revolution Triggers a Surge in Power Demand, and Green Copper Demand Shines - The fourth industrial revolution, including AI and the development of the power industry, has led to a sharp increase in power demand, which in turn drives the demand for copper. The power industry is the most important area for copper consumption, accounting for about 45% of the total. China's new infrastructure construction and the development of renewable energy will greatly boost copper demand. It is expected that the copper consumption in the domestic power industry will increase by 6.78% year - on - year to 7.88 million tons in 2026, accounting for 47% of the total copper consumption [81][84][88]. 4.2 The Real Estate Market is at the Bottom, Urgently Needing to Stabilize - The real estate market is currently in a downturn, with a decline in construction area, new construction area, and completion area. The real estate stimulus policies have had limited effects, and the industry has dragged down the overall demand for copper. It is predicted that the copper consumption in the construction industry will decline by 11.59% year - on - year to 2.9 million tons in 2026, accounting for 17% of the total copper consumption [95][96]. 4.3 Stimulating Consumption and the Recovery of Exports: Household Appliance Consumption Maintains Resilience - The government has introduced policies to support the replacement of household appliances. The copper consumption in the household appliance industry is expected to maintain a certain growth rate, with an average annual compound growth rate of about 5.1% from 2021 to 2025. It is expected that the copper consumption in the household appliance industry will reach 2.32 million tons in 2026, a year - on - year increase of 6.42%, accounting for 14% of the total copper consumption [98][100]. 4.4 The New Energy Vehicle Industry is Booming, and Green Copper Demand is on the Rise - New energy vehicles have a much higher copper consumption per vehicle than traditional fuel vehicles. In 2025, the sales of new energy vehicles in China continued to grow, and the penetration rate increased. In 2026, the new energy vehicle subsidy policy will be reformed, and the industry is expected to maintain high - speed development. It is estimated that the copper consumption in the transportation industry will reach 2.3 million tons in 2026, a year - on - year increase of 4.07%, accounting for 14% of the total copper consumption [101][102]. 4.5 The Industrial Machinery and Electronics Sectors Show Considerable Growth, and the Robot Industry Shines - The robot industry has developed rapidly in 2025, and copper is an essential key material for robots. Although the current copper consumption in the robot industry is relatively small, it has great growth potential. It is expected that the copper consumption in the machinery and electronics industry will reach 1.4 million tons in 2026, a year - on - year increase of 7.69%, accounting for 8% of the total copper consumption [105][106][107]. 4.6 The Return of Speculative Forces: The Bull Market of Copper is Irresistible - With the overseas copper supply disturbances and the Fed's interest rate cut cycle, the speculative enthusiasm in the copper market has rebounded. As of December 12, 2025, the net long positions of speculative funds in LME copper decreased slightly, while those in COMEX copper increased significantly. As of December 26, the trading volume and price of Shanghai copper both increased [108]. 4.6 Forecast of the 2026 Refined Copper Supply - Demand Balance Sheet - It is predicted that the global copper concentrate production in 2026 will be 23.38 million tons, with a year - on - year growth rate of 1.65%. The global refined copper production will be 28.75 million tons, with the growth rate slowing down to 0.88%. The global refined copper demand will be 29.25 million tons, with a year - on - year growth rate of 2.09%. The global refined copper supply - demand gap will expand to 500,000 tons. The domestic refined copper supply will be 16.55 million tons, and the demand will be 16.8 million tons, with the domestic supply - demand gap expanding to 250,000 tons [115]. Chapter 5: 2026 Annual Outlook - In 2026, the copper price operation logic has changed from "China - demand - led" to a ternary structure of "capital pricing + resource politics + supply chain control". The global copper concentrate supply will remain tight, and the smelting industry will continue to resist involution, with an expected 10% capacity reduction. The US will continue to siphon global copper inventories, and the green copper demand will support the demand side [117][118]. - Although the long - term trend of copper is upward, the short - term volatility may increase. It is recommended to use trailing stop - loss for long positions and be cautious about chasing high prices. In mid - 2026, copper may face high - level adjustment pressure, but the long - term trend remains unchanged. Industrial customers should adjust their hedging strategies according to market conditions. The recommended price range for Shanghai copper in 2026 is 85,000 - 120,000 yuan/ton, and for LME copper is 10,000 - 13,000 US dollars/ton [118][120].

Core Viewpoint - The article emphasizes that if the Shanghai Composite Index can close above 4000 points by the end of 2025, it will instill strong confidence in the market, encouraging more incremental capital to enter in the future. The market is expected to continue a slow bull trend in 2026, with a focus on technology growth, cyclical stocks, and resource stocks [2][3]. Economic Dimension - The economic landscape is characterized by accelerated structural transformation and the rise of new productive forces. Manufacturing PMI is stabilizing, and retail consumption is recovering. High-end manufacturing sectors like smart devices and new energy vehicles are growing significantly faster than the overall economy, becoming key drivers of new productive forces [5]. Financial Dimension - Valuations are aligning with performance, showing significant horizontal space. Non-financial sectors' net profit grew by 1.04% year-on-year in the first half of 2025, with technology sectors like AI (up 19.24%) and semiconductors (up 32.41%) showing remarkable profitability. A-shares are undervalued compared to U.S. stocks, with financial and infrastructure sectors still having safety margins [5]. Policy Dimension - The policy environment is focused on stabilizing expectations and increasing incremental capital. Reforms in the capital market, such as raising the equity investment cap for insurance funds to 50%, and optimizing delisting and dividend mechanisms, are enhancing investment functionality. The "15th Five-Year Plan" emphasizes support for new industries like AI and commercial aerospace [5]. Capital Dimension - Continuous inflow of capital is observed, with insurance funds increasing their equity investments to over 4.7 trillion yuan, adding more than 600 billion yuan in 2025. There is ample room for growth, as evidenced by a reduction of 1.11 trillion yuan in household deposits and a 2.14 trillion yuan increase in non-bank deposits, with funds entering the market through ETFs and mutual funds [6]. Industry Dimension - The dual focus on technology and cyclical sectors is evident. In technology growth, there is a surge in demand for AI computing power, storage, and commercial aerospace driven by policy support. In cyclical sectors, the supply-demand gap for industrial metals like copper and aluminum is widening, with expectations of a 150,000-ton shortfall in refined copper in 2026 [6]. Company Dimension - Overall profitability is improving, showcasing resilience. Leading companies in innovation-driven sectors, such as CATL, are achieving high capacity utilization rates close to 90%, with technological breakthroughs driving down costs [7]. Outlook for 2026 - Multiple brokerages express optimism for the A-share market in 2026, predicting a continuation of the slow bull market. The core driving logic is expected to shift from valuation recovery to profit support, with anticipated earnings growth of 5% to 12% [9][10]. The recovery of PPI is seen as a key factor that will drive nominal GDP growth and improve overall profitability in the market [11]. Key Investment Themes - Key investment themes include technology growth led by AI and hard technology, with a focus on areas like optical modules and computing chips. The cyclical and resource sectors are also expected to benefit from improved supply-demand dynamics, with industrial metals and energy sectors showing potential for cash flow improvement and high dividend yields [12].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1][5] - The US stock market also saw declines, with the S&P 500 down 24 points or 0.4% to 6,905 points, following a recent record high [2] Investment Opportunities - The report highlights that the semiconductor and AI sectors remain attractive for investment, particularly in light of the government's focus on early-stage projects in these areas [3][9] - Companies like SMIC and Huahong Semiconductor are recommended for their potential in the domestic semiconductor industry, benefiting from favorable policies [9] - The report suggests continued interest in high-dividend sectors and state-owned enterprises with low valuations [3] Company Performance - BYD and Geely Auto showed positive performance, with BYD up 3.74% and Geely up 3.43%, the latter having repurchased 22.434 million shares recently [1][5] - Tencent and Xiaomi reported share buybacks, indicating confidence in their stock valuations [12] - China Railway achieved a revenue of 773.814 billion yuan in the first three quarters of 2025, despite a year-on-year decline of 5.46% [10] Economic Indicators - The report notes that China's ETF market reached a record high of 6.03 trillion yuan, reflecting a growth of over 60% year-to-date [9] - Industrial profits in China showed a slight increase of 0.1% year-on-year for the first eleven months [11] - The report emphasizes the importance of maintaining a focus on sectors that benefit from anticipated interest rate cuts by the Federal Reserve [3]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down 0.1% at 3961.21 points, while the Shenzhen Component Index rose 0.23% and the ChiNext Index fell 0.06% [2] - The trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day [3] Film Industry - The 2025 New Year box office has reached 5.245 billion yuan, marking the second time in Chinese film history that the New Year box office has surpassed 5 billion yuan, achieving the highest level in nearly eight years [8] - The film sector saw significant stock price increases, with companies like Baida Qiancheng hitting the daily limit with a 20% increase, and Jin Yi Film also reaching the limit [8] Robotics Sector - The humanoid robot sector continued its upward trend, with companies like Wuzhou Xinchun achieving consecutive gains and setting historical highs, while Tianqi Co., Hongying Intelligent, and others also saw significant increases [11] - The establishment of a standardization committee for humanoid robots and embodied intelligence is expected to enhance the industry's development [13] Semiconductor Industry - The semiconductor sector experienced a rise, with stocks like Zhuosheng Micro and Dongxin Co. seeing increases of over 10% and 6% respectively [15] - A significant acquisition by SMIC was announced, involving the purchase of 49% equity in a subsidiary for 40.6 billion yuan, which will result in SMIC holding 100% of the subsidiary [16] Aerospace Sector - The commercial aerospace sector was active, with stocks like China Satellite and China Satcom reaching new highs, and Lei Ke Defense hitting the daily limit [19] - New regulations aimed at facilitating financing for commercial rocket companies were introduced, which could boost the industry's growth [23]

又到一年岁尾，又到了可以做总结的时候。 眼光长远 从2018年研究生毕业开始算，我到现在在一级市场工作了7年有余。再算上研究生期间的实习，差不多9年经验。 这9年，我一直在人民币基金，大部分时间都在搞回购，搞返投。 大概第5年的时候，我就意识到，回购和返投让我错过非常多的好项目，错过可以改写我职业生涯的项目。 也让我意识到，我的很多时间精力，被浪费在了无助于我提高投资能力的地方。 于是我就思考：我的能力，能不能去到一家没有返投，没有回购的机构？ 答案是，不能。至少短期内不能。 不能，那我该怎么办？我当时能想到的对策： 1）从返投和回购中，积累更多对我个人有价值的能力；2）在目前的机构里，躲开一些空有返投和回购，却没有长期价值的项目；3）不断去到更好的， 不那么依赖返投和回购的机构。 同时我也悟到： 要站在5年，甚至10年的维度，去看待你所在的行业，看待你的个人职业发展，看待你赚钱的机会，个人价值实现的机会，在哪里。 但是，大部分人看不了10年。我也看不了。 股市也有一句很多人都听过的话：人总是对短期的涨跌很介意，却对长期的涨跌不关注。说的也是人对时间的不敏感性。 可能因为，人是三维世界的动物，而不是四维。 慢 ...

Group 1 - The stock price of Pairui Co., Ltd. has decreased by 29.49% this year, with a recent drop of 12.25% over the last five trading days, 15.65% over the last 20 days, and 20.91% over the last 60 days [2] - As of December 19, the number of shareholders for Pairui Co., Ltd. is 30,300, a decrease of 1.76% from the previous period, with an average of 6,089 circulating shares per shareholder, an increase of 1.80% [2] - The company reported a revenue of 79.76 million yuan for the period from January to September 2025, a year-on-year decrease of 54.52%, and a net profit attributable to the parent company of 5.56 million yuan, down 91.71% year-on-year [2] Group 2 - Pairui Co., Ltd. has cumulatively distributed dividends of 58.02 million yuan since its A-share listing, with 31.78 million yuan distributed over the past three years [3] - The company specializes in the research, production, testing, and sales of power semiconductor devices and equipment, with its main business revenue composition being 88.51% from power electronic devices, 11.31% from power electronic equipment, and 0.18% from other sources [2] - The company is classified under the semiconductor industry, specifically in the electronic-semiconductor-discrete devices sector, and is associated with concepts such as Shaanxi state-owned assets, small-cap stocks, IGBT concepts, DC transmission, and semiconductors [2]

Core Viewpoint - The financing activities of Canxin Semiconductor Co., Ltd. indicate a mixed sentiment in the market, with significant net inflows and outflows in recent weeks, reflecting investor interest and caution in the semiconductor sector [1] Financing Activities - Canxin Semiconductor recorded a net financing inflow of 41.51 million yuan last week, ranking 203rd in the market [1] - The total financing amount for the week was 356 million yuan, while repayments amounted to 314 million yuan [1] Capital Flow - Over the past 5 days, the main capital inflow into Canxin Semiconductor was 53.59 million yuan, with a price increase of 2.06% during this period [1] - In contrast, the company experienced a capital outflow of 82.86 million yuan over the last 10 days, resulting in a price decline of 1.78% [1] Company Overview - Canxin Semiconductor (Shanghai) Co., Ltd. was established in 2008 and is based in Shanghai, primarily engaged in software and information technology services [1] - The company has a registered capital of 120 million yuan, which is also its paid-in capital [1] - The legal representative of the company is ZHIQING JOHN ZHUANG [1] Investment and Intellectual Property - Canxin Semiconductor has made investments in 8 companies and participated in 20 bidding projects [1] - The company holds 20 trademark registrations and 178 patents, along with 18 administrative licenses [1]

Research Conclusion - The report remains optimistic about the trading opportunities of convertible bonds, expecting a sideways shock and a slight strengthening in the equity market, with the market shifting from a two - end trend of technology + dividends to mid - cap blue - chips [6][9]. Core Viewpoints - This week, the ChiNext and STAR Market drove the small and medium - cap stocks stronger, and convertible bonds followed the upward trend. The high - priced equity - like bonds continued to rise. The 100 - yuan premium rate oscillated between 30% - 34% as previously predicted and was difficult to break through the previous high. Although the current cost - performance of convertible bonds is low, there are still trading opportunities under the optimistic expectation of the equity market [6][9]. - The strengthening factors of the equity market this week include the continuous popularity of the commercial space and optical module sectors, the strengthening of metal prices, and the significant increase in the share of CSI A500 ETF. After the uncertain events are settled, the market starts to rise with oscillations and the sentiment turns positive. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips [6][9]. Summary by Directory 1. Convertible Bond Views - Driven by the equity market, convertible bonds broke through the previous high, and the valuation rose and then fell. The 100 - yuan premium rate oscillated between 30% - 34% and was difficult to break through the previous high. Despite the low cost - performance and small - scale redemption behavior, the trading opportunities of convertible bonds are still promising under the optimistic equity market [9]. - The equity market tried to break through upward again this week. With the settlement of uncertain events, the market started to rise with oscillations. The subsequent equity market will be in a sideways shock and slightly strengthen, and the market trend will shift to mid - cap blue - chips in industries such as cycles, consumption, and manufacturing [9]. 2. Convertible Bond Review 2.1 Market Overall Performance - This week, the equity market was strong, with all broad - based indexes rising. The CSI 500 rose 4.03%, the ChiNext Index rose 3.90%, and the CSI Convertible Bond Index rose 1.64%. In terms of industries, non - ferrous metals, national defense and military industry, and power equipment led the rise, while beauty care, social services, and banks led the decline. The average daily trading volume increased by 210.457 billion yuan to 1.96 trillion yuan [12]. 2.2 Significant Increase in Trading Volume, Good Performance of High - priced and Small - cap Convertible Bonds - This week, convertible bonds rose significantly, the 100 - yuan premium rate rose and then fell, and the average daily trading volume increased significantly to 78.563 billion yuan. The CSI Convertible Bond Index rose 1.64%, the parity center rose 0.4% to 101.7 yuan, and the median conversion premium rate rose 1.3% to 32.4%. High - priced and small - cap convertible bonds led the rise, while high - rated and double - low convertible bonds performed weakly [6][19].

Company Overview - Silicondale Semiconductor Equipment (Shenzhen) Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on December 25, 2003. The company is set to be listed on March 24, 2025. Its main business involves the research, production, and sales of semiconductor specialized equipment, focusing on semiconductor probe testing technology [2] - The revenue composition of the company includes: 54.52% from die probe tables, 34.00% from wafer probe tables, and 11.48% from other sources [2] - As of September 30, 2025, the number of shareholders of Silicondale is 12,100, an increase of 15.30% compared to the previous period, with an average of 862 circulating shares per person, a decrease of 13.27% [2] Financial Performance - For the period from January to September 2025, Silicondale achieved operating revenue of 289 million yuan, a year-on-year decrease of 20.54%. The net profit attributable to the parent company was 25.06 million yuan, down 61.30% year-on-year [2] - The company has cumulatively distributed dividends of 39.97 million yuan since its A-share listing [3] Stock Market Activity - On December 30, Silicondale's stock price fell by 2.03%, trading at 219.50 yuan per share, with a transaction volume of 130 million yuan and a turnover rate of 5.59%. The total market capitalization is 9.159 billion yuan [1] - Year-to-date, Silicondale's stock price has increased by 39.83%, but it has decreased by 5.87% in the last five trading days, increased by 1.11% over the last 20 days, and decreased by 1.30% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" 14 times this year, with the most recent appearance on September 26, where it recorded a net buy of -86.73 million yuan, with total purchases of 115 million yuan (14.75% of total trading volume) and total sales of 202 million yuan (25.84% of total trading volume) [1] Shareholder Structure - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 266,000 shares, an increase of 181,800 shares compared to the previous period. The tenth largest circulating shareholder is Bosera Semiconductor Theme Mixed A (012650), holding 63,000 shares, which is a new entry [3] - Notably, FuGuo Emerging Industries Stock A (001048) and FuGuo Innovative Enterprises Flexible Allocation Mixed (LOF) A (501077) have exited the list of the top ten circulating shareholders [3]

Group 1: U.S. Market Trends - The three major U.S. stock indices experienced slight declines on December 30, with the Dow Jones, Nasdaq, and S&P 500 down by 0.51%, 0.5%, and 0.35% respectively [1][8] - Large tech stocks mostly fell, with Tesla dropping over 3% and Nvidia down more than 1%, while Intel saw a rise of over 1% [1][8] - The precious metals sector led the declines, with Harmony Gold plunging over 8% and Pan American Silver and Kinross Gold both down more than 5% [1][8] Group 2: Precious Metals Market - On December 29, the international precious metals market experienced extreme volatility, with gold prices plummeting over $200 and silver prices dropping by more than 10% [1][9] - Rumors suggested that a "systemically important bank" faced a margin call due to short positions in silver futures, but UBS denied these claims [1][9] - Analysts indicated that the price drop was due to previous speculative excess, and measures taken by exchanges to curb speculation led to selling pressure, although the fundamentals for a silver bull market remain unchanged [1][9] Group 3: Nvidia and Intel Partnership - Nvidia completed a $5 billion stock purchase of Intel, acquiring approximately 4% of the company, which is seen as a lifeline for Intel amid financial difficulties due to strategic missteps and capacity expansion [1][10] - The transaction has received approval from U.S. antitrust authorities and includes a collaboration on chip development for personal computers and data centers [1][10] Group 4: Foreign Investment in China - Multiple foreign institutions remain optimistic about Chinese assets, shifting the market's core driving force from "valuation recovery" to "profit growth" [2][11] - Institutions have raised corporate profit forecasts and expect continued foreign capital inflows in 2026, supported by macro policy coordination and RMB appreciation [2][11] - The technology sector, particularly artificial intelligence and semiconductors, is highlighted as a primary focus for foreign investment, alongside high-dividend assets [2][11] Group 5: Huayi Brothers Financial Issues - Huayi Brothers founders Wang Zhonglei and Wang Zhongjun have been restricted from high consumption due to a court case involving 74.73 million yuan, with Wang Zhongjun facing restrictions twice this month [3][12] - The company is experiencing severe financial difficulties, with overdue debts reaching 52.5 million yuan, and all shares held by the Wang brothers have been frozen [3][12] - The company has reported continuous losses, with revenue significantly declining in the first three quarters of 2025, and its stock price has shrunk over 90% from its peak [3][12] Group 6: Zhao Peng's Departure - Zhao Peng, a former member of the Anbang takeover group and executive at Minsheng Bank, has resigned from his positions, coinciding with poor performance at the companies he was associated with [3][13] - His resignation comes amid scrutiny over dual salary arrangements and a previous investigation regarding his disappearance [3][13] Group 7: Beijing Tongrentang's Product Scandal - Beijing Tongrentang is embroiled in a scandal involving its Antarctic krill oil products, which are suspected of being counterfeit, revealing issues with brand authorization and OEM practices [3][14] - An investigation uncovered 425 associated companies using the Beijing Tongrentang name, leading to consumer confusion regarding product authenticity [3][14] - The company has initiated a brand management campaign, but counterfeit products continue to be sold on e-commerce platforms, raising concerns about consumer rights [3][14] Group 8: Changes in Tariff Policy - Starting January 1, 2026, China will adjust import and export tariffs on certain goods to better align with domestic economic needs and optimize trade structure [1][17] - Import tariffs on advanced technology equipment, key components, and energy resources will be reduced to support industrial upgrades and consumer demand [1][17] - Conversely, export tariffs on high-energy consumption and high-pollution products will be increased to protect domestic industries and the environment [1][17]