人民财讯12月29日电，中共深圳市委关于制定深圳市国民经济和社会发展第十五个五年规划的建议发 布。其中提到，推进人工智能产业高质量发展和全域全时高水平应用。充分发挥机电一体化和软硬件协 同优势，加快速度做强产业全链条，发展壮大国产操作系统生态，推动人工智能计算芯片和软件生态自 主可控。深入开展算力强基行动，构建全球领先通用算力、智能算力、超级算力一体的基础设施体系。 支持企业自研新型人工智能算法，加快人工智能通用大模型和垂类大模型研发应用。强化公共数据开放 和行业数据使用，建设涵盖面广、内容丰富、标准统一的数据语料集。加大数、算、电、网、用等资源 协同，加快推动超智融合发展，统筹算力资源跨平台、跨层级、跨区域使用。全面落实"人工智能＋"行 动，加大力度拓展应用和产业空间，在公共服务领域充分挖掘所有可能的应用场景，在商业应用领域加 大协调支持力度，加强人工智能同产业发展、文化建设、民生保障、社会治理相结合，抢占人工智能产 业应用制高点，支持人工智能进入千家万户、深度赋能千行百业。推动具身智能规模化应用，支持人形 机器人、脑机接口等行业发展，加快培育新型智能终端集群。推动人工智能引领科研范式变革，加速各 领域科技 ...

Group 1 - The article highlights the importance of tracking major announcements in the stock market, including suspensions, share buybacks, investment wins, acquisitions, performance reports, and unlocks, to help investors identify potential investment hotspots and mitigate risks [1] - It emphasizes the involvement of a company in China's low-orbit satellite internet construction, which is linked to sectors such as 6G, commercial aerospace, chips, computing power, low-altitude economy, and artificial intelligence [1] - Another company is noted for its products that have broad applications in missiles, rockets, sounding rockets, and commercial aerospace launch vehicles, integrating commercial aerospace, artificial intelligence, military industry, and drones [1] Group 2 - A company is recognized for its contributions to aerospace missions, including Long March, Shenzhou, and Chang'e, through its products that support aerospace engines and nuclear power, connecting commercial aerospace, aviation engines, and nuclear energy [1]

Core Viewpoint - Major institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, bringing stable incremental capital to the market [1] Group 1: Market Dynamics - The significant net subscription of A500 ETF may be influenced by quarter-end capital inflow, but this factor has a relatively limited impact on the overall funding situation [1] - Following the substantial subscription of A500, financing funds have shown an accelerated net inflow trend [1] - As market learning effects and profit-making effects accumulate, capital may preemptively position for the "spring rally" trend, with incremental funds expected to continue net inflow [1] Group 2: Currency and Foreign Investment - The continuous appreciation of the offshore RMB is likely to facilitate the gradual return of foreign capital to the Chinese market, further improving the funding situation [1] Group 3: Investment Focus - A "cross-year + spring" market trend is anticipated to continue, with a focus on blue-chip indices represented by CSI 300 and SSE 50 [1] - Key sectors to watch include cyclical price-increasing products, with recent price increases concentrated in non-ferrous metals, crude oil, chemicals, new energy supply chains, memory storage, and certain agricultural products [1] - Notable areas of interest include industrial metals, non-bank financials, and hotel aviation [1] - Recommended investment tracks include computing power, commercial aerospace, and controllable nuclear fusion [1]

Core Viewpoint - The current market is experiencing a "cross-year + spring" rally, driven by significant institutional investment in A500 ETF and other broad-based products, which brings stable incremental capital to the market. The continuous appreciation of the offshore RMB is expected to attract foreign capital back to the Chinese market, further improving the liquidity situation [1][2][21]. Fund Flows and Market Dynamics - Major institutional investors are increasing their holdings in A500 ETF, contributing to stable incremental capital in the market. Despite the large net subscriptions of A500 ETF potentially being influenced by quarter-end dynamics, the impact on liquidity is considered limited. Following the surge in A500 subscriptions, financing capital has also seen accelerated net inflows [2][6][21]. - In the first four trading days, financing capital saw a net inflow of 413.4 billion yuan, while new equity public funds increased by 100.4 million units, up by 31.9 million units from the previous period. The net inflow from ETF subscriptions reached 330.5 billion yuan [4][42][51]. Sector and Industry Focus - The market is likely to focus on blue-chip indices represented by the CSI 300 and SSE 50, with an emphasis on cyclical sectors. Key sectors to watch include industrial metals, non-bank financials, and hotel aviation, as well as the new energy industry chain and semiconductor sectors [2][7][22]. - Recent price increases have been concentrated in sectors such as non-ferrous metals, crude oil, chemicals, and new energy. For instance, platinum prices rose by 32.92%, silver by 14.38%, and nickel by 9.25% due to global liquidity easing and geopolitical tensions [22][40]. Market Sentiment and Technical Indicators - The A-share market has shown a strong upward trend, attributed to the offshore RMB breaking the 7.0 mark, creating a 15-month high, alongside expectations of a Federal Reserve rate cut, which has led to improved market liquidity. The central bank's commitment to maintaining a moderately loose monetary policy has also stabilized market expectations regarding future liquidity [3][28]. - The three major indices have broken through and stabilized above the 60-day moving average, forming a bullish arrangement, providing an opportunity for positioning ahead of the cross-year rally [3][28]. Investment Opportunities - The ongoing net inflow into A500 ETF reinforces a structural market rally, with significant capital flowing into high-weighted industries such as electronics, power equipment, and banking, which collectively account for over 45% of the index weight [12][17]. - The anticipated launch of options for A500 ETF in 2026 is expected to attract more capital, as historical data suggests that once an ETF is selected as an options underlying, its shares typically see a 40% to 60% increase in the short term [15][21]. Conclusion - The current market is gradually accumulating upward momentum, with a sustained "cross-year + spring" rally expected to continue. The focus remains on the inflow of incremental capital, the performance of cyclical sectors, and the potential for foreign capital to return to the Chinese market [6][26][21].

Report Industry Investment Rating - The short - term, medium - term, and long - term trend rating of stock index futures is "oscillation" [4] Core Viewpoint of the Report - This week, the global stock market recovered. Affected by foreign holiday misalignment, the A - share market was mainly priced by domestic capital. The Shanghai Composite Index achieved eight consecutive positive days with increasing trading volume. The sentiment of holding cash for the holiday was low. In the short term, there are limited macro - level negatives, and positive factors like Beijing's real - estate policy optimization will boost the market. The subsequent market is expected to be oscillatory and positive, and long positions in stock index futures can be held continuously [2][10] Summary According to the Directory 1. One - Week View and Overview of Key Macroeconomic Events 1.1 Next - Week Viewpoint - The subsequent market is expected to be oscillatory and positive, and long positions in stock index futures can be held continuously [2][10] 1.2 Key Events This Week - On December 22, the central bank introduced a one - time credit repair policy for personal overdue information from January 1, 2020, to December 31, 2025, with a single - amount limit of no more than 10,000 RMB. The 12 - month LPR remained unchanged for the seventh consecutive month, with the 1 - year LPR at 3.0% and the 5 - year and above LPR at 3.5% [11][12] - On December 23, Shanghai proposed the main economic goals for the 15th Five - Year Plan period and long - term goals for 2035 [13][14] - On December 24, the Ministry of Housing and Urban - Rural Development promoted the spot - sale system for commercial housing. Beijing optimized real - estate policies, including relaxing purchase conditions for non - local households and supporting multi - child families' housing needs. There were also reports of SMIC planning to raise prices for downstream customers [15][16][17] - On December 26, the National Venture Capital Guidance Fund was officially launched. The profit of industrial enterprises above designated size decreased by 13.1% in November. The central bank aimed to increase the scale and proportion of medium - and long - term funds invested in A - shares [18][19][20][21] 2. One - Week Market Performance Overview 2.1 Global Stock Market Weekly Overview - From December 22 - 26, the global stock market denominated in US dollars rose. The MSCI Global Index increased by 1.43%, with emerging markets (+2.11%) > developed markets (+1.35%) > frontier markets (+0.74%). The South Korean stock market rose 6.87%, outperforming the world, while the Indian stock market fell 0.21%, performing the worst globally [22] 2.2 Chinese Stock Market Weekly Overview - From December 22 - 26, Chinese equity assets rose significantly. In terms of different markets, A - shares > Chinese concept stocks > Hong Kong stocks. The average daily trading volume of the A - share markets in Shanghai, Shenzhen, and Beijing was 1965.3 billion yuan, an increase of 204.7 billion yuan compared to last week. All broad - based A - share indices closed higher, with the CSI 500 Index rising 4.03%, performing the best, and the micro - cap stock index rising 0.68%, performing the worst [25] 2.3 Weekly Overview of GICS Primary Industries in Chinese and Foreign Stock Markets - Most GICS primary industries globally rose this week. The leading industry was materials (+2.78%), and the industry with the largest decline was consumer staples (-0.07%). In the Chinese market, materials had the largest increase (+5.85%), and consumer staples lagged (-0.65%) [28] 2.4 Weekly Overview of China A - Share CITIC Primary Industries - Among A - share CITIC primary industries, 24 rose (20 last week) and 6 fell (10 last week). The industry with the largest increase was non - ferrous metals (+6.45%), and the industry with the largest decline was commerce and retail (-1.31%) [31] 2.5 Weekly Overview of China A - Share Styles - Small - cap growth stocks outperformed this week [35] 2.6 Overview of Stock Index Futures Basis - Relevant charts show the basis of IH, IF, IC, and IM in the past 6 months [38][39] 3. Overview of Index Valuation and Earnings Forecast 3.1 Broad - Based Index Valuation - The report provides PE, eight - year percentile, PE at the beginning of the year, PE change during the year, PB, eight - year percentile, PB at the beginning of the year, and PB change during the year for multiple broad - based indices such as the SSE 50, CSI 100, etc. [44] 3.2 Primary Industry Valuation - The report provides valuation data for various primary industries, including PE, eight - year percentile, PE at the beginning of the year, PE change during the year, PB, eight - year percentile, PB at the beginning of the year, and PB change during the year [45] 3.3 Equity Risk Premium of Broad - Based Indices - The ERP of the CSI 300, CSI 500, and CSI 1000 decreased slightly this week [46][51] 3.4 Consensus Earnings Growth Forecast of Broad - Based Indices - The 2025 expected earnings growth rate of the CSI 300 was adjusted down to 8.65%, and the 2026 rate to 9.20%. For the CSI 500, the 2025 rate was adjusted down to 27.35%, and the 2026 rate was adjusted up to 22.23%. For the CSI 1000, the 2025 rate was adjusted up to 28.56%, and the 2026 rate was adjusted down to 23.09% [52] 4. Liquidity and Capital Flow Tracking 4.1 Interest Rates and Exchange Rates - This week, the 10 - year bond yield rose, the 1 - year yield fell, and the spread widened. The US dollar index was 98.0, and the offshore RMB exchange rate was 7.03 [62] 4.2 Tracking of Trading - Type Capital - This week, the average daily trading volume of north - bound funds decreased by 26.4 billion yuan compared to last week, and the margin trading balance increased by 41.3 billion yuan [61] 4.3 Tracking of Capital Flows through ETFs - There were 30 on - exchange ETFs tracking the CSI 300, 29 tracking the CSI 500, 15 tracking the CSI 1000, and 40 tracking the CSI A500. This week, the share of ETFs tracking the CSI 300 increased by 530 million, the CSI 500 by 690 million, the CSI 1000 by 1.3 billion, and the CSI A500 by 6.1 billion [65][66][69] 5. Tracking of High - Frequency Domestic Macroeconomic Data 5.1 Supply - Side: Tire Production Rate Declined - The report shows data on national blast furnace operating rates, coking enterprise operating rates, domestic crude steel daily output, etc., and the tire production rate declined [71][72][73] 5.2 Consumption - Side: Seasonal Uptick in Real - Estate Transactions - There was a seasonal uptick in real - estate transactions, including data on first - hand housing transaction areas in 30 large and medium - sized cities, second - hand housing transaction areas in 16 key cities, land transaction areas in 100 large and medium - sized cities, and second - hand housing listing volume and prices. The year - on - year growth rate of passenger car wholesale sales rebounded, and the crude oil price dropped to around $63.7 per barrel [78][79][87] 5.3 Inflation Monitoring: The Uptrend of Producer Goods and Agricultural Product Prices Leveled Off - Producer goods prices rose rapidly, agricultural product prices recovered, and the report also shows the weekly change rate of the commodity index [89][90][94]

Market Overview - The A-share market experienced a broad-based rally from December 22 to December 26, with increased bullish sentiment. The Shanghai Composite Index regained the 3900-point mark, reflecting a "V-shaped" rebound despite some intraday dips, indicating a mix of year-end market dynamics and emotional fluctuations [1] Sector Highlights - The metals sector, particularly non-ferrous metals, emerged as a standout performer, frequently setting historical records. The commercial aerospace sector also showed strength, buoyed by the launch of China's first commercial aerospace social fund and the anticipated debut of new reusable rockets [1] Sichuan Stocks - Among Sichuan stocks, Xinyi Sheng led with an impressive annual gain exceeding 400%. Other notable performers included Dongcai Technology, Xinjin Road, and Development Technology, each with annual increases over 200% [2] Company Developments - Yuantong Bio's subsidiary received FDA approval for its methylene blue injection, marking the company's third successful international product launch. This approval enhances the company's international product pipeline and supports its globalization strategy [3] - Mengsheng Electronics was shortlisted in the bidding for low-orbit satellite constellation application equipment, confirming its technical capabilities. However, the specific contract details and potential revenue remain unclear [4] - Zhongyou Insurance increased its stake in Sichuan Road and Bridge to 5%, marking its fourth stake increase in listed companies this year [5][6] - Tongwei Co. established a new solar energy company, expanding its operations in solar technology and equipment sales [7] Upcoming Events - The market anticipates several key events, including a product launch by Shanjiji on December 29, which is expected to attract significant attention. Additionally, the 2025 China Green Hydrogen Industry Conference will focus on critical aspects of the green hydrogen sector [10] - The A-share market is expected to continue its upward trajectory into 2026, with a focus on technology growth and consumer recovery opportunities [11]

Core Insights - The report indicates that significant institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, providing stable incremental capital to the market. This trend is expected to lead to a "cross-year + spring" market rally as the market's profitability improves and financing capital accelerates its net inflow [1][4][22] - The report emphasizes that the main focus of the market is likely to be on blue-chip indices represented by CSI 300 and SSE 50, while cyclical sectors should be prioritized for investment [1][5][22] Group 1: Recent Capital Flow and ETF Trends - Since the beginning of 2025, the capital flow in stock ETFs has shown distinct phase characteristics and structural differentiation, with significant net subscriptions in A500 ETF since December, reflecting institutional investors' entry into the capital market [6][9][12] - The A500 ETF has seen a substantial net subscription of 810 billion yuan in December, indicating a strong interest from institutional investors, particularly in the context of the upcoming launch of A500 ETF options in 2026 [12][13][17] Group 2: Price Trends in Key Commodities - Recent price increases have been concentrated in sectors such as non-ferrous metals, crude oil, chemicals, and the new energy industry chain, with notable price rises in platinum (+32.92%), silver (+14.38%), and nickel (+9.25%) driven by global liquidity easing and geopolitical tensions [23][24] - The report highlights that the holding volumes of various commodities are at historically high levels, indicating potential supply constraints and speculative exposure in metals like aluminum, lead, and tin [26][27] Group 3: Market Sentiment and Economic Indicators - The report notes that the overall A-share market has shown a positive trend, with major indices breaking through key moving averages, supported by a favorable monetary policy environment and improved market liquidity [30][31] - The report also points out that sectors such as non-ferrous metals and defense have performed well due to improved economic expectations and specific market events, while consumer sectors have faced challenges [31][32]

Core Viewpoint - *ST Dongyi is undergoing a capital increase through the conversion of capital reserves into shares as part of its restructuring plan, which aims to improve its financial structure and support debt resolution [1][2]. Group 1: Restructuring Plan - The restructuring plan has been approved by the Beijing First Intermediate People's Court, allowing *ST Dongyi to proceed with the execution phase [1]. - The capital increase will be based on a total share capital of 420 million shares, with a ratio of 12.68 shares for every 10 shares, resulting in an additional 532 million shares, bringing the total to 951 million shares [1]. - The newly issued shares will not be distributed to existing shareholders; instead, 417 million shares will be conditionally transferred to restructuring investors, while the remaining shares will be used to settle debts [1]. Group 2: Financial Impact - As of December 3, 2025, a total of 7,327 creditors have claimed debts amounting to 2.16 billion yuan, with confirmed debts totaling 1.847 billion yuan [2]. - The restructuring is expected to improve the company's asset-liability structure and support sustainable development, potentially impacting financial data for the year 2025 [3]. Group 3: Business Focus and Future Prospects - Post-restructuring, *ST Dongyi's controlling shareholder will change to Beijing Huazhu Technology Co., which specializes in integrated services for data centers [3]. - The company will continue to focus on its core home decoration business while upgrading its digital home decoration services, leveraging resources from the new investor to expand into computing center services [3]. - Short-term stock price boosts are anticipated from the injection of computing assets, but long-term benefits will depend on the scale and profitability of these assets [4].

Core Viewpoint - The A-share computing power sector underwent a significant value reshaping in 2025, transitioning from policy-driven expectations at the beginning of the year to performance verification by year-end, with the index showing an impressive annual increase of 80% [1][15]. Performance Summary - As of December 25, 2025, the Wind Computing Power Theme Index (399363.SZ) closed at 7108 points, reflecting a substantial rise [1][15]. - A total of 22 stocks in the A-share computing power sector doubled in value, with four stocks exceeding a 400% increase: Shijia Photon (457.28%), Xinyi Sheng (441.57%), Yongding Co. (425.89%), and Zhongji Xuchuang (410.21%) [2][16]. Market Dynamics - The capital market's perception of the computing power industry shifted from "concept speculation" to "value anchoring," indicating a necessary evolution of the Chinese computing power industry chain amid intensified global competition and domestic upgrade demands [3][18]. - The computing power sector exhibited a "ice-fire duality" structural differentiation, where the market focus transitioned from short-term policy benefits to long-term performance realization and technological barriers [4][18]. Key Sector Highlights - AI chips and semiconductor equipment emerged as the core areas of capital pursuit, with leading companies like Haiguang Information reporting a 54.65% year-on-year revenue increase to 9.49 billion yuan and a net profit of 1.96 billion yuan, up 28.56% [6][19]. - Another AI chip representative, Cambricon, reported a staggering 2386.38% year-on-year revenue growth to 4.607 billion yuan, marking a significant turnaround to profitability [7][19]. - The global AI server leader, Industrial Fulian, achieved record revenue of 603.931 billion yuan, a 38.4% increase, with net profit rising by 48.52% [7][19]. Technological Advancements - The data center sector is prioritizing quality over quantity, with national regulations mandating that new large data centers must achieve a PUE (Power Usage Effectiveness) of ≤1.2. Domestic liquid cooling technology has achieved a PUE of 1.03-1.08, becoming essential for energy efficiency [8][20]. - Companies like Yingwei Ke have reported a 40.19% revenue increase to 4.026 billion yuan, driven by their liquid cooling solutions that meet stringent energy efficiency requirements [8][20]. Domestic Substitution Progress - The domestic substitution process in the A-share computing power sector has transitioned from "policy-driven" to "market-driven," with a comprehensive ecosystem emerging that includes chips, servers, and foundational software [9][21]. - Leading companies like Huawei have established a vertically integrated capability from Ascend AI chips to the Euler operating system, playing a crucial role in the construction of AI computing centers [9][21]. Future Outlook - The computing power sector is expected to continue its value reshaping into 2026, with a focus on high-performance AI chips and the widespread adoption of liquid cooling technology [12][25]. - The competition will shift from individual products or technologies to ecosystem collaboration, with companies that can provide comprehensive solutions from hardware to software gaining a competitive edge [12][25].

保持人民币汇率在合理均衡水平上的基本稳定 大力发展科技金融、绿色金融、普惠金融、养老金融、数字金融 显著提高各类中长期资金实际投资A股的规模和比例 实施更加积极有为的宏观政策，防范化解重点领域风险 做好房地产金融宏观审慎管理，牢牢守住不发生系统性金融风险的底线 1、央行发布中国金融稳定报告：显著提高各类中长期资金实际投资A股的规模和比例 重要程度：★★★★★ 近日，中国人民银行发布了《中国金融稳定报告(2025)》。核心要点如下： 市场监管总局强调，全行业要充分认识整治光伏行业"内卷式"竞争的重要性。光伏企业要依法依规开展生 产经营，严禁价格串通、价格欺诈等不正当价格行为；坚决杜绝虚假宣传、商业贿赂等不正当竞争行为。 发电企业要切实承担起应负责任，在光伏项目招标中坚持优质优价，加强对产品质量的要求。行业协会要 切实履行自律职能，引导企业通过创新提升、质量优化和服务升级实现共赢，共同推动形成健康有序、可 持续发展的行业生态。 加力支持国家重大战略、经济社会发展的重点领域和薄弱环节 2、重磅！商业火箭企业IPO迎大利好 券商看好这些细分投资方向 重要程度：★★★★ 12月26日，上交所发布《上海证券交易所发行上市 ...