[ 12月24日，黄金、白银、铜、铂金等国内外价格均创出历史新高，国内钯金期货主力合约涨停。当 日，伦敦金、银现货价格最高探至4525.83美元/盎司、72.701美元/盎司。 ] 年末金属市场掀起涨价狂潮。12月24日，黄金、白银、铜、铂金等国内外价格均创出历史新高，国内钯 金期货主力合约涨停。 当日，伦敦金、银现货价格最高探至4525.83美元/盎司、72.701美元/盎司，沪金、沪银主力合约价格最 高涨至1022.88元/克、17671元/千克；国内铂金、钯金期货主力合约相继涨停，再度分别创出新高 675.65元/克、578.45元/克；铜价也创出历史新高，LME铜最高冲至12282美元/吨，沪铜期货主力合约最 高价为96750元/吨。此外，镍的价格也在近期急速上涨。 南华期货高级总监傅小燕对第一财经称，此轮金属市场价格上涨是在降息周期大背景下，叠加了地缘政 治、产业周期的扰动，资金逐利共同推动的。国泰君安期货有色及贵金属研究团队认为，这轮金属价格 的集体狂飙，本质上是宏观流动性宽松+供需紧平衡+AI浪潮下的三重共振。 国信期货首席分析师顾冯达也称，2025年金属板块的强势表现缘于宏观金融政策与供需结构 ...

港股科技ETF（513020）跟踪的是港股通科技指数（931573），覆盖【互联网+创新药+新能源车】等港 股核心资产，集中体现多元化科技产业特征与港股市场核心科技企业的整体表现。 港股通科技指数相比恒生科技指数超配新能源车、创新药等行业，从业绩表现来看，从2014年底基日开 始至2025年10月底，港股通科技指数累计收益256.46%，相对恒生科技指数（96.94%）超额近160%，长 期跑赢恒生科技指数、沪港深互联网指数、恒生互联网科技业指数、恒生医疗保健指数等同类指数。 中泰证券指出，本周港股市场整体承压，恒生科技指数下跌2.82%，信息科技业表现疲软。但在美联储 降息预期下，市场流动性改善为港股带来支撑，2025年美联储已进行三次降息且未来可能进一步宽松， 港股负债端或持续优化。此外，美国科技股反弹对港股科技板块形成一定带动作用。展望未来，在美联 储降息周期和内地经济强劲表现的支撑下，港股流动性预期改善，科技板块在AI浪潮下具备成长潜 力。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境 ...

港股科技ETF（513020）跟踪的是港股通科技指数（931573），覆盖【互联网+创新药+新能源车】等港 股核心资产，集中体现多元化科技产业特征与港股市场核心科技企业的整体表现。 中泰证券指出，在美联储降息预期下，市场流动性改善为港股带来支撑，2025年美联储已进行三次降息 且未来可能进一步宽松，港股负债端或持续优化。此外，美国科技股反弹对港股科技板块形成一定带动 作用。展望未来，在美联储降息周期和内地经济强劲表现的支撑下，港股流动性预期改善，特别是在 AI浪潮下具备成长潜力的科技板块值得关注。 每日经济新闻 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 港股通科技指数相比恒生科技指数超配新能源车、创新药等行业，从业绩表现来看，从2014年底基日开 始至2025年10月底，港股通科技指数累计收益256.46% ...

Group 1 - Semiconductor equipment stocks have strengthened, with Anji Technology rising over 4%, and Beifang Huachuang and Xinyuan Micro both increasing over 3% [1] - Semiconductor-related ETFs have also seen gains, with an increase of over 2% [1] Group 2 - Specific ETF performance includes: - Semiconductor Materials ETF at 1.666, up 0.038 (2.33%) - Chip Equipment ETF at 1.744, up 0.038 (2.23%) - Semiconductor Equipment ETF E Fund at 1.854, up 0.039 (2.15%) - Semiconductor Equipment ETF Fund at 1.887, up 0.038 (2.06%) - Semiconductor Equipment ETF at 1.587, up 0.032 (2.06%) [2] Group 3 - Analysts indicate that under the backdrop of the AI wave and domestic production, there is a continuous demand for expansion in advanced production lines, making semiconductor equipment a cornerstone for wafer foundry expansion and an important link for achieving self-sufficiency in the industry chain [2]

Group 1: A-Share Market - The A-share market showed a mixed performance this week, with value sectors being relatively strong. Major indices like the Shanghai 50 and CSI 2000 saw slight increases, while the ChiNext index fell by 2.26%. Value performance was notable across large, mid, and small-cap stocks, with sectors such as retail, consumer services, and non-bank financials leading the gains. The average daily trading volume was 1.76 trillion, down 9.86% week-on-week [6][7]. - The market experienced a pattern of initial decline followed by recovery, indicating structural hotspots. The China Securities Regulatory Commission (CSRC) chairman emphasized the need to deepen the capital market's 14th Five-Year Plan and expand high-level opening-up to boost market confidence. The Central Financial Office highlighted that expanding domestic demand is a primary task for the coming year, aiming to stimulate consumption through supply and demand-side efforts [6][7]. - Looking ahead, the A-share market is expected to remain structurally active due to ongoing policy support for capital markets and consumption. Despite a decline in trading volume, support from emerging industries like technology and new energy, along with the push for domestic demand, will provide market backing. Investors are advised to focus on sectors benefiting from policy support, such as consumption upgrades, technological innovation, and high-end manufacturing [7]. Group 2: Hong Kong Market - The Hong Kong market faced overall pressure this week, with major indices recording declines. The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index fell by 1.1%, 1.96%, and 2.82%, respectively, with the technology index experiencing the largest drop. Essential consumer and financial sectors rose against the trend, while most sectors, including information technology and non-essential consumer goods, showed weakness [8]. - Despite the overall pressure, the market was supported by expectations of improved liquidity due to anticipated interest rate cuts by the Federal Reserve. In 2025, the Fed has already cut rates three times, with potential for further easing, which may optimize the debt side for Hong Kong stocks. Additionally, a rebound in U.S. tech stocks provided some uplift to the Hong Kong technology sector [8]. - In the future, while the Hong Kong market may experience volatility due to external factors, the expected improvement in liquidity from the Fed's easing cycle will have a positive impact. Strong performance from the mainland economy and ongoing policy support, particularly in high-level opening-up, will provide a solid foundation for the Hong Kong market. Investors are encouraged to focus on sectors benefiting from Fed easing and mainland economic recovery, as well as technology sectors with growth potential amid the AI wave [8].

Core Viewpoint - The non-ferrous metal sector in A-shares has experienced a remarkable rally in 2025, with an annual increase of 73.67%, surpassing the communication sector and leading the market [1] Group 1: Market Performance - The non-ferrous metal sector has seen significant individual stock performances, with Srey New Materials (688102.SH) leading with a 340.01% increase, and several other leading companies like Zhaojin Gold (000506.SZ) and Xinyi Silver Tin (000426.SZ) also showing over 150% gains [1] - A total of 26 stocks in the sector have doubled in value, marking 2025 as a standout year for A-shares [1] - The non-ferrous metal sector is currently 0.7 percentage points ahead of the second-place communication sector in annual growth, with only 12 trading days left in the year [1] Group 2: Historical Context - Historically, the non-ferrous metal sector has never topped the annual growth rankings, achieving second place twice since 2000 but failing to maintain consecutive years in the top five [5] - The sector's past performance has been closely tied to super cycles in commodities and global monetary easing, with notable declines following previous peaks [5][6] Group 3: Future Outlook - The upcoming year, 2026, poses a critical question: whether the non-ferrous metal sector will follow historical patterns of correction or break the "champion curse" [2][6] - The sector's high valuation levels present a challenge for continued growth, with the non-ferrous metal index reaching a historical high of 7499.07 points, approximately 17% below the previous peak in 2007 [6] - Analysts suggest that the performance of the sector in 2026 will depend on the dynamics of metal prices and demand, with specific drivers identified for gold, silver, copper, and aluminum [7][8]

祖龙娱乐始终秉持"人才是企业发展的第一资源"的理念，致力于为员工提供充满活力和成就感的职业发 展平台。公司通过完善的福利体系、系统化的培训和清晰的职业晋升路径，确保员工在成长过程中得到 充分支持。与此同时，祖龙娱乐还积极与高校合作，定期举办校园开放日、宣讲会和双选会等活动，帮 助年轻人才更早接触行业，了解公司文化，持续关注并连接校园中的未来人才。 12月5日，猎聘"2025非凡雇主"评选活动在热烈氛围中圆满落幕，祖龙娱乐凭借在雇主品牌建设和人力 资源管理方面的卓越表现，成功荣获"2025北京年度非凡雇主"称号。这一荣誉既是对祖龙娱乐持续深耕 员工幸福感、企业文化建设以及全球化人才战略的肯定，也展现了其在游戏行业中对人才培养和创新的 长期积累与贡献。 深耕人才培养，致力构建全面发展平台 作为一家率先将全球领先的虚幻引擎技术引入移动游戏开发的企业，祖龙娱乐不断突破技术边界，将技 术创新的基因融入到现象级产品中，推出了《以闪亮之名》《龙族：卡塞尔之门》《踏风行》等一系列 具有长线运营价值的精品游戏体系，涵盖 MMORPG、女性向、策略卡牌、SLG 等多种类型，也让祖龙 娱乐在技术层面，能率先抓住AI浪潮带来的新机遇 ...

Core Viewpoint - ZTE Corporation's stock plummeted over 13% due to a "black swan" event related to compliance investigations by the U.S. Department of Justice regarding the Foreign Corrupt Practices Act [9][10][12]. Market Overview - On December 11, the Hong Kong stock market experienced a slight decline, with the Hang Seng Index down 0.04% to 25,530.51 points, and the Hang Seng Technology Index falling 0.83% to 5,534.59 points. The market turnover was HKD 182.48 billion, a decrease from HKD 193.39 billion the previous trading day [2][3]. Stock Performance - Among the Hang Seng Index constituents, 37 stocks rose while 50 fell. Notable gainers included HSBC Holdings (+2.06%), Hansoh Pharmaceutical (+1.98%), and Henderson Land (+1.74%) [4]. - Conversely, significant decliners included Alibaba Health (-3.95%), Lenovo Group (-2.67%), and Sands China Ltd. (-2.31%) [6]. ZTE Corporation Specifics - ZTE's stock opened lower and fell as much as 13.72%, closing at HKD 27.50 per share, down 13.08% for the day [10]. - The company announced it is in communication with the U.S. Department of Justice regarding compliance investigations and is committed to protecting its rights through legal means [12]. - ZTE's recent performance has drawn attention from analysts, with Huayuan Securities previously issuing a "buy" rating, projecting revenues of RMB 138.48 billion, RMB 156.64 billion, and RMB 174.41 billion for 2025 to 2027, with corresponding net profits of RMB 83.80 billion, RMB 89.37 billion, and RMB 103.79 billion [14]. Risk Factors - Analysts have highlighted several risks for ZTE, including geopolitical tensions, potential underperformance in AI technology commercialization, currency fluctuations, declining profit margins, and cash flow pressures [15].

信创ETF（159537）跟踪的是国证信创指数（CN5075），该指数从沪深市场中选取业务涉及软件开 发、计算机设备等信息技术领域的上市公司证券作为指数样本，以反映信息技术创新主题相关上市公司 证券的整体表现。指数覆盖了从基础硬件到应用软件的全产业链，行业配置上侧重于制造业和信息传 输、软件服务业，成分股呈现大盘特征，注重市值较大企业。 （文章来源：每日经济新闻） 随着"十五五"规划提出，科技自主可控成为重点工作目标，国产算力板块有望成为市场主线，同时持续 看好AI浪潮下的存储周期和消费电子的创新周期。 相关机构表示，随着海外原厂将资本开支倾斜于HBM为代表的高端存储产品，传统存储的供需缺口具 有持续性，因此国内存储厂商扩产的紧迫性不断上升。目前，长鑫存储已完成IPO辅导，当前其在 DDR5和LPDDR5产品上正实现显著增长，Counterpoint预测，长鑫存储在DDR5市场的份额将从第一季 度不到1%上升至年底的7%，在LPDDR5市场的份额将从0.5%激增至9%，先进制程技术发展迅猛。 ...

研报中指出，财务投资方面，众多投资标的成为行业领军企业，如长江存储、Circle、第四范式、商 汤、恒翼生物等，覆盖科技各领域，公司众多优质投资项目逐渐进入收获期。重要企业投资方面，光大 养老业绩稳健，特斯联有望把握AI浪潮高速发展，加快上市步伐。 智通财经APP获悉，中国光大控股(00165)今早一度涨超11%，截至发稿，涨7.51%，报9.73港元，成交 额2.64亿港元。 消息面上，国泰海通证券在今年9月发布的研报指出，在基金管理领域，公司重点投资科技领域公司， 自21年以来，新成立基金全部面向高科技领域。公司近年来投资典型案例中包括盛美半导体、上海微电 子等。不过，国泰海通证券在研报中提示，以上公司为历史投资项目，部分项目可能已经退出。 ...