Market Performance - The major stock market indexes experienced minimal movement, with the S&P 500 declining by 2.05 points (0.03%), the Dow decreasing by 19.95 points (0.04%), and the Nasdaq Composite dipping by 0.1% [1] - Such low volatility on the day after Christmas is rare for the S&P 500, having occurred only five times since 1956, with the last instance being the previous year [2] Historical Context - Historically, the S&P 500 has shown an average decline of 0.1% on the day after Christmas in the years it experienced minimal movement, although this average is influenced by a significant 2.6% decline last year [2] - Out of the five instances of low movement, the S&P 500 actually rose three times [2]

Market Performance - U.S. stocks experienced an upward trend, with the Dow Jones index increasing by over 200 points, closing up 0.48% at 48,673.55. The NASDAQ rose 0.09% to 23,582.81, and the S&P 500 gained 0.25% to 6,927.29 [1] - Consumer staples shares rose by 0.7%, while communication services stocks fell by 0.1% [1] Job Market - U.S. initial jobless claims decreased by 10,000 to 214,000 for the week ending December 20, which was better than market estimates of 223,000 [2][10] Commodity Market - In commodity trading, oil prices fell by 0.2% to $58.28, gold decreased by 0.3% to $4,493.50, and silver dropped by 0.2% to $71.00. Conversely, copper rose by 0.2% to $5.5640 [5] European Market - European shares showed mixed results, with the eurozone's STOXX 600 gaining 0.1%, while Spain's IBEX 35 Index fell by 0.06%. London's FTSE 100 decreased by 0.19%, Germany's DAX 40 rose by 0.23%, and France's CAC 40 slipped by 0.01% [6] Asian Market - Asian markets closed mixed, with Japan's Nikkei 225 down 0.14%, Hong Kong's Hang Seng up 0.17%, China's Shanghai Composite rising 0.53%, and India's BSE Sensex falling 0.14% [7] Company Updates - Edgewise Therapeutics Inc (NASDAQ:EWTX) shares surged 21% to $26.36 following updates from the ongoing CIRRUS-HCM Phase 2 trial of EDG-7500 [9] - Multi Ways Holdings Ltd (NYSE:MWG) shares increased by 62% to $0.41 after reporting a year-over-year increase in H1 EPS results [9] - Omeros Corp (NASDAQ:OMER) shares rose 68% to $14.72 after the FDA approved YARTEMLEA for treating hematopoietic stem cell transplant–associated thrombotic microangiopathy [9] - Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares fell 10% to $24.56 after a significant rally, influenced by a major divestiture by AMC Entertainment Holdings Inc (NYSE:AMC) [9] - Citius Pharmaceuticals Inc (NASDAQ:CTXR) shares dropped 24% to $0.80 despite reporting better-than-expected earnings for the fourth quarter [9] - SMX (Security Matters) PLC (NASDAQ:SMX) shares decreased by 9% to $135.00 [9]

Group 1: Global Asset Market Performance - The latest yields of 10 - year treasury bonds in major economies: US 4.165%, UK 4.535%, France 3.611%, Germany 2.897%, Italy 3.598%, Spain 3.332%, Switzerland 0.307%, Greece 3.482%, Japan 2.077%, Brazil 6.184%, China 1.835%, Australia 4.794%, New Zealand 4.475% [3] - The latest yields of 2 - year treasury bonds in major economies: US 3.508%, UK 3.736%, Germany 2.147%, Japan 1.113%, Italy 2.262%, China (1Y yield) 1.356%, Australia 4.075% [3] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.592, South Africa zar 16.711, South Korean won 1480.700, Thai baht 31.180, Malaysian ringgit 4.078. The latest on - shore RMB is 7.037, offshore RMB is 7.031, RMB central parity is 7.057, and RMB 12 - month NDF is 6.902 [3] - The latest values of major economies' stock indices: S&P 500 6878.490, Dow Jones Industrial Average 48362.680, Nasdaq 23428.830, Mexican stock index 64778.180, UK stock index 9865.970, French CAC 8121.070, German DAX 24283.970, Spanish stock index 17158.000, Russian stock index (not available), Nikkei 50402.390, Hang Seng Index 25801.770, Shanghai Composite Index 3917.364, Taiwan stock index 28149.640, South Korean stock index 4105.930, Indian stock index 8645.844, Thai stock index 1269.680, Malaysian stock index 1671.290, Australian stock index 9000.726, emerging - economy stock index 1383.830 [3] - The latest values of credit - bond indices: Eurozone investment - grade credit - bond index 264.992, Eurozone high - yield credit - bond index 409.720 [3] Group 2: Stock Index Futures Trading Data - Index performance: A - share closing price is 3917.36 with a 0.69% increase, CSI 300 closing price is 4611.62 with a 0.95% increase, SSE 50 closing price is 3020.23 with a 0.53% increase, ChiNext closing price is 3191.98 with a 2.23% increase, and CSI 500 closing price is 7255.66 with a 1.20% increase [4] - Valuation: PE(TTM) of CSI 300 is 14.05 with a 0.08环比 change, SSE 50 is 11.76 with a 0.06环比 change, CSI 500 is 32.95 with a 0.37环比 change, S&P 500 is 27.48 with a 0.18环比 change, and German DAX is 18.79 with a - 0.01环比 change [4] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.53 with a - 0.04环比 change, German DAX is 2.42 with a - 0.01环比 change [4] - Fund flow: The latest value of A - share fund flow is 58.51, main - board is - 112.17, ChiNext is 108.59, and CSI 300 is 222.28. The 5 - day average values are - 66.43 for A - shares, - 50.91 for the main board, - 1.48 for ChiNext, and 131.41 for CSI 300 [4] Group 3: Other Trading Data - Transaction amount: The latest transaction amount of the Shanghai and Shenzhen stock markets is 18619.40 with a 1360.25环比 change, CSI 300 is 4482.41 with a 766.64环比 change, SSE 50 is 1067.35 with a 117.95环比 change, small - and - medium - sized board is 3801.25 with a 289.02环比 change, and ChiNext is 4826.42 with a 443.70环比 change [5] - Main contract basis and spread: IF basis is - 46.82 with a - 1.02% spread, IH basis is - 1.83 with a - 0.06% spread, IC basis is - 132.46 with a - 1.83% spread [5] - Treasury futures: T2303 closing price is 107.98 with a - 0.16% change, TF2303 closing price is 105.86 with a - 0.10% change, T2306 closing price is 108.01 with a - 0.16% change, TF2306 closing price is 105.86 with a - 0.10% change [5] - Fund rates: R001 is 1.3547% with a - 16.00 BP daily change, R007 is 1.5063% with a 0.00 BP daily change, SHIBOR - 3M is 1.6010% with a 0.00 BP daily change [5]

二、宏观经济与市场分析 纳斯达克中国金龙指数收涨0.53%，阿特斯涨10.62%，Tims中国涨7.01%，中进医疗涨5.94%。 一、上市公司重要公告 吉利汽车在港交所公告，极氪私有化交易已于2025年12月22日完成，极氪已转变为公司间接全资附属公 司，其财务业绩将继续全部并入集团综合财务报表。 商务部新闻发言人就安世半导体问题表示，中国政府已采取措施对合规民用芯片出口予以豁免，闻泰科 技与安世荷兰负责人上周举行首轮协商并同意继续沟通；指出问题根源是荷政府对企业经营的不当行政 干预，呼吁荷方撤销行政令、推动前高管撤诉，以恢复全球半导体产供链。 三、外围市场与关联资产 周一（12月22日）美股三大指数收涨，道指涨0.47%，纳指涨0.52%，标普500指数涨0.64%；大型科技 股多数上涨，美光涨超4%，甲骨文涨超3%，英伟达、特斯拉涨超1%，苹果、奈飞、英特尔跌超1%。 商务部新闻发言人就安世半导体问题表示，中国政府已采取措施对合规民用芯片出口予以豁免，闻泰科 技与安世荷兰负责人上周举行首轮协商并同意继续沟通；指出问题根源是荷政府对企业经营的不当行政 干预，呼吁荷方撤销行政令、推动前高管撤诉，以恢复全球半 ...

1. Report Industry Investment Rating - No relevant information found. 2. Core Viewpoints of the Report - The report presents the performance of global asset markets, including the latest yields of 10 - year and 2 - year government bonds in major economies, exchange rates of the US dollar against major emerging - economy currencies, and the latest values of major economies' stock indices and credit bond indices. It also provides stock index futures trading data such as closing prices, price changes, valuations, risk premiums, and fund flows. Additionally, it includes trading data for treasury bond futures, money market interest rates, and trading volume and price changes of the stock market [3][4][5]. 3. Summary by Related Catalogs Global Asset Market Performance - **Government Bond Yields**: The latest 10 - year government bond yields are 4.148% in the US, 4.523% in the UK, 3.611% in France, etc.; 2 - year government bond yields are 3.484% in the US, 3.746% in the UK, etc. [3] - **Exchange Rates**: The US dollar to Brazilian real exchange rate is 5.543, to South African rand is 16.776, etc. The on - shore RMB exchange rate is 7.041, the off - shore RMB is 7.034, etc. [3] - **Stock Indices**: The latest values of major stock indices are 6834.500 for the S&P 500, 48134.890 for the Dow Jones Industrial Index, etc. [3] - **Credit Bond Indices**: The latest values of credit bond indices are 3534.890 for the US investment - grade credit bond index, 265.100 for the euro - zone investment - grade credit bond index, etc. [3] Stock Index Futures Trading Data - **Index Performance**: The closing prices of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are 3890.45, 4568.18, 3004.34, 3122.24, and 7169.55 respectively, with price changes of 0.36%, 0.34%, 0.19%, 0.49%, and 0.97% respectively. [4] - **Valuation**: The PE(TTM) of the CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are 13.97, 11.70, 32.58, 27.30, and 18.80 respectively, with环比 changes of 0.01, - 0.02, 0.29, 0.24, and 0.07 respectively. [4] - **Risk Premium**: The risk premium (1/PE - 10 - year interest rate) of the S&P 500 is - 0.49 with a环比 change of - 0.06, and that of the German DAX is 2.43 with a环比 change of - 0.06. [4] - **Fund Flows**: The latest fund flow values for A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 are 369.45, 489.44, N/A, - 38.03, and 163.95 respectively, and the 5 - day average values are - 208.57, - 96.34, N/A, - 61.15, and 54.52 respectively. [4] Other Trading Data - **Stock Market Transaction Amount**: The latest transaction amounts of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized board, and ChiNext are 17259.15, 3715.77, 949.40, 3512.23, and 4382.72 respectively, with环比 changes of 704.32, - 105.25, 122.23, 197.55, and - 61.24 respectively. [5] - **Stock Index Futures Basis**: The basis of IF, IH, and IC are - 41.18, 2.06, and - 114.15 respectively, with basis spreads of - 0.90%, 0.07%, and - 1.59% respectively. [5] - **Treasury Bond Futures Trading**: The closing prices of T2303, TF2303, T2306, and TF2306 are 108.15, 105.97, 108.18, and 105.97 respectively, with price changes of 0.13%, 0.11%, 0.12%, and 0.10% respectively. [5] - **Money Market Interest Rates**: The interest rates of R001, R007, and SHIBOR - 3M are 1.3517%, 1.5148%, and 1.6022% respectively, with daily changes of - 17.00BP, - 1.00BP, and 0.00BP respectively. [5]

Core Viewpoint - Goldman Sachs maintains a constructive outlook on the stock market for 2026, expecting continued growth in corporate earnings, but forecasts lower index returns compared to 2025 as the bull market expands [1] Economic Outlook - The firm anticipates ongoing economic expansion across all regions, with the U.S. Federal Reserve expected to implement slight interest rate cuts [1] - The stock market is unlikely to experience significant declines or bear markets as long as the economy does not enter a recession, despite high valuations [1] Market Projections - Goldman Sachs projects a price return rate of 13% for the stock market in 2026, with a total return of 15% when including dividends, primarily driven by earnings [1] - There is an upward risk to the firm's forecasts, as valuations typically rise during optimistic phases later in the economic cycle [1] Investment Recommendations - The firm advises investors to maintain their investments and diversify assets across different regions, with a particular focus on emerging markets [1] - Investors should evenly distribute their portfolios between growth and value stocks, as well as across various industries, while paying attention to stocks with high alpha values [1]

Core Viewpoint - Ken Griffin, founder of Citadel Investment, indicates that the Republican Party is struggling with policies on tariffs and immigration that are driving inflation, but emphasizes that deregulation will ultimately help curb rising prices [1] Group 1: Republican Policies and Inflation - Griffin states that many policies proposed by Republicans during their campaigns, such as banning illegal immigration, are actually contributing to inflation by reducing the available labor force [1] - He highlights that terminating the flow of illegal immigration constrains the labor market, which is inflationary [1] Group 2: Long-term Economic Outlook - In the long run, Griffin believes that deregulation should lead to productivity improvements, which will help reduce inflation [1] - The Federal Reserve officials have cut interest rates for the third consecutive time but signaled that further cuts are not guaranteed, with some decision-makers concerned about inflation remaining above the Fed's 2% target [1] Group 3: Market Reactions - Griffin notes a divergence in responses between the bond market and the stock market regarding inflation and deregulation issues [1]

格隆汇12月15日｜睿盛银行预期，美联储明年会继续温和减息，在关税问题抑制经济增长下，虽然有低 利率和AI投资抵销相关影响，但预期2026年美国经济增长或略较2025年放缓。另一方面，美联储新主 席是否有亲特朗普的候选人担任，仍有待观察，现时预计美国明年会降息3次。 该行维持对股票长期升势的看法，指企业盈利和美国低利率环境会继续支撑股票市场。明年前景看来更 具挑战性，主要因为估值已变得很高及全球经济前景疲弱。企业能否继续以令人信服的盈利增速满足市 场的高预期，将成为关键因素。有机会令市况波动性变得更大。 该行提到，在在不稳定时期，美元仍是热门避险资产。如果美元出现意外的突然升值，部分沽美元进的 合约更有机会需要平仓，将会产生反效果，即推高美元。 ...

日经225指数开盘下跌1.0%，报50352.09点。韩国综合指数开盘下跌2.7%，报4053.74点。 责任编辑：王永生 日经225指数开盘下跌1.0%，报50352.09点。韩国综合指数开盘下跌2.7%，报4053.74点。 责任编辑：王永生 ...

The outlook for intrest rates next year has changed notably over the past month. ...