进入2026年之后，汽车圈第一个引起围观的话题，竟然是"年终奖"。近期，网传某目标完成率达97%的车企取消 年终奖的消息，引起车圈热议。结合销量完成数据，网友猜测传闻涉及车企是去年新晋升央企的长安汽车。 今日，长安汽车公开发文辟谣。长安汽车不实信息举报中心发布声明称，2025年长安汽车整体经营态势稳健，公 司已根据年度经营实绩，按照激励标准制定并推进相应激励计划，切实保障员工权益，助力企业可持续发展。 对于颇受关注的长安汽车年终奖一事，该公司公关部某负责人回应，以公告为准，至于其它细节信息并未透露。 不过有知情人士称，该公司没有"年终奖"一说，而是按照激励标准制定并推进相应激励计划。 一名长安汽车子品牌的一线技术人员向南都·湾财社记者透露，虽然2025年具体要求发放标准及计算方法尚未公 布，但据他了解，无论是长安品牌还是他所在的子品牌，今年的年终奖都没有取消。"今年只是没有在1月1日发 放，有人就传取消了吧。"该人士表示。 据悉，长安汽车2024年年终奖金额因岗位、绩效、工作年限等因素存在差异，大致年终奖平均约为4.8个月工资。 下限为3个月工资，上限为6个月工资。部分核心岗位处于较高水平，例如前端、软件开发 ...

每到这个时候 很多人就开始期待年终奖 最近 已有不少网友 在社交平台发帖表示 2025年的年终奖到账了 图源：小红书网友 辛苦忙了一年 你的年终奖发了吗？ 下面这些关于年终奖的问题 你都了解吗？ 经济效益不好 能不发年终奖吗？ 如果企业经济效益不好，年终奖能"打折发"或不发吗？ 一起来看看吧~ 单位必须发放年终奖吗？ 年终奖金属于员工劳动报酬的一部分，一般来说，年终奖金是否发放、发多少，与单位经营状况及员工 表现密切相关，属于单位的自主权利。但这并不意味着单位可以随意决定，关键看"约定"： 有合同约定或制度规定——必须发：如果劳动合同中明确写了年终奖金的发放条件、金额，或者单位的 规章制度(需经过民主程序制定并公示)对年终奖金有具体规定，且员工符合发放条件，那么企业就得按 约定发放。这时候年终奖金相当于劳动报酬的一部分，企业无权随意克扣。 有发放惯例——可主张发：即使没有书面约定，若单位每年都固定给员工发年终奖金，且单位当年经营 状况如前，员工的工作表现符合往年标准，基于公平原则和诚实信用原则，员工有权主张发放。司法实 践中，法院会结合多年发放惯例综合判断。 无约定无惯例——可自主决定：如果既没有合同约定、制 ...

1. Report Industry Investment Ratings No investment ratings for industries are provided in the report. 2. Core Views of the Report Fundamental - based Judgments - **Trend空头**: Carbonate lithium, zinc, caustic soda, plastic, ferromanganese - silicon, live pigs, ferrosilicon, SSE 50 stock index futures, five - year treasury bond futures, CSI 300 stock index futures, CSI 1000 index futures, CSI 500 stock index futures, corn, eggs, urea, methanol, pulp, logs, offset printing paper, red dates, coking coal, soda ash, glass, apples, coke [2] - **Oscillating偏空**: Ethylene glycol, crude oil, liquefied petroleum gas, industrial silicon, thirty - year treasury bond futures, ten - year treasury bond futures, two - year treasury bond futures, synthetic rubber [2] - **Oscillating**: Lead, zinc, aluminum, tin, copper, palm oil, plastic, rebar, corn, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [2][4] - **Oscillating偏多**: Rubber, polysilicon, bottle chips, PTA, staple fiber, p - xylene, fuel oil, cotton, cotton yarn [2] - **Trend多头**: None Quant - based Judgments - **偏空**: Rapeseed meal, sugar, PTA, methanol, lead, rubber, coke [4] - **Oscillating**: Zinc, palm oil, plastic, aluminum, rebar, tin, copper, soybean No.2, glass, PVC, soybean No.1, asphalt, gold, coking coal, polypropylene, ferromanganese - silicon, silver, Zhengzhou cotton [4] - **偏多**: Soybean meal, rapeseed oil, soybean oil, iron ore, eggs, corn starch, hot - rolled coil [4] 3. Key Points by Directory Macro News - The Political Bureau of the CPC Central Committee held a meeting to study and deploy the work on improving Party conduct, building a clean government and combating corruption in 2026, emphasizing anti - corruption and enhancing the comprehensive effectiveness of corruption governance [6] - On December 25, the offshore RMB against the US dollar rose above the "7" mark, and the on - shore RMB approached "7". The RMB is expected to appreciate in 2026 without a unilateral trend [6] - JD announced its 2025 year - end bonus plan, with 92% of employees getting full or excess bonuses, and the total bonus input increasing by over 70% year - on - year. There are also rumors of salary increases at BYD, ByteDance, and CATL [6] - The Ministry of Commerce opposed the US imposing 301 tariffs on Chinese semiconductor products, promoted compliant rare - earth magnet exports, and hoped for a balanced solution for TikTok's agreement with investors [7] - The Shenzhen Stock Exchange approved the IPO application of Dapu Micro, the first unprofitable company on the Growth Enterprise Market to pass the review [7] - Israeli officials signaled a possible military conflict with Iran over Iran's efforts to rebuild its ballistic missile arsenal [7] - Morgan Stanley strategists pointed out three potential "surprises" in the US stock market in 2026: "job - less productivity improvement", the return of the inverse relationship between stocks and bonds, and a sharp rise in commodity and energy prices [7] Macro - finance Stock Index Futures - The A - share market continued to rise, with the Shanghai Composite Index up 0.47%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.3%. The market turnover was 1.94 trillion yuan [9] - The central bank's MLF operation had a net injection of 100 billion yuan, and if bond purchases reached 350 billion yuan this month, it would be the largest - scale operation. The urgency for interest - rate cuts is low [9] - Pay attention to the sustainability of liquidity repair and structure. If the conditions are met, the index may strengthen, and focus on IH [9] Treasury Bond Futures - The short - and medium - term bonds may oscillate strongly, but the odds are more important than the direction. The capital is balanced and loose, and the capital interest rates are stable [10] - The central bank's MLF operation had a net injection of 100 billion yuan. Without interest - rate cuts, the market sentiment may decline, and bonds within 10 years will oscillate [10] Black Commodities Coking Coal and Coke - The prices of coking coal and coke may oscillate and rise in the short term. Pay attention to the production at coal mines, safety inspections, downstream raw - material winter storage, and changes in hot - metal production [12] - The production of coal mines has decreased slightly, and the third round of coke price cuts has been implemented. The demand for raw materials from steel mills has declined in the short term [12] - Due to "anti - involution" and "over - production inspection" policies, the supply of coking coal is expected to shrink, but the potential negative feedback from the steel industry may limit the price increase [12] Ferroalloys - For ferrosilicon, the end - of - session rally may stimulate hedging, and the sustainability of high prices needs attention. Manganese - silicon is weak, and focus on the new capacity launch before the end of January. In the medium term, both are bearish on rallies [13] - On December 25, the auction price of Hongliulin lump coal increased, with a decrease in the auction volume [13] Soda Ash and Glass - For soda ash, wait and see; for glass, try to go long after the market sentiment stabilizes [14] - Soda ash supply is at a low level due to some enterprises' maintenance, and cost increases have weakened the upstream's willingness to start production. Glass supply reduction expectations have less impact, and spot sentiment is weak [14] Non - ferrous Metals and New Materials Zinc - As of December 25, the domestic zinc inventory decreased. Tianjin and Guangdong saw inventory declines. After the fading of macro - positive factors, the price is expected to oscillate downward. Hold short positions [16] - In November 2025, the import of zinc concentrates increased significantly, with a year - on - year increase of 13.84% and a cumulative increase of 33.74% from January to November [16][17] Lead - As of December 25, the social inventory of lead decreased. The trading activity in the lead spot market declined. The market is in a state of weak supply and demand, and the price is expected to oscillate at a high level in the short term. Wait and see, and aggressive investors can enter short positions at high prices [18][19] Lithium Carbonate - The fundamentals are showing signs of weakening in the short term, but the long - term demand is positive. Look for buying opportunities after the price correction [20] Industrial Silicon - Environmental disturbances in Xinjiang and strong coking - coal prices have provided some valuation - repair space, but the rebound is under pressure. Consider selling out - of - the - money call options on rallies [21] Polysilicon - Exchange risk - control measures have tightened, and the trading volume may cool down. The expected price increase of downstream silicon wafers will support the spot price of polysilicon, and the price is expected to be strong [22] Agricultural Products Cotton - The short - term supply is loose, but the long - term supply is expected to shrink. The pre - festival restocking demand has boosted the cotton price. The US cotton production and inventory have increased, while the global production has slightly decreased [23][24] - The domestic commercial and port inventories are accumulating, but the low industrial inventory of textile enterprises and policy expectations support the price [24] Sugar - The domestic sugar market is in a season of high supply and demand, and the Zhengzhou sugar futures are undervalued, with a technical rebound. Wait and see [25] - The global sugar supply is expected to be in surplus in 2025/26, but some institutions have lowered the surplus forecast. The domestic supply pressure is increasing, and the demand for pre - holiday stocking will start [26][27] Eggs - The commodity market sentiment is strong, and the pre - January festival stocking demand may increase, leading to short - covering in the near - term contracts and a price rebound. The supply - demand pattern is still loose, and the price increase space is limited before the Spring Festival [28] - The far - term contracts are supported by the expectation of a possible decline in the laying - hen inventory, but this expectation cannot be verified or falsified for now. Wait and see [28][29] Apples - The apple futures price may oscillate. The apple出库 is slightly lower than the same period last year, and the sales in the distribution areas are slow. The good - quality apple price is firm [30][31] - The national cold - storage inventory ratio is 53.31%, and the inventory is 7.021 million tons, lower than the same period last year. Citrus fruits are on the market, affecting apple sales [31] Corn - The corn price may oscillate in the short term. Wait and see and pay attention to farmers' selling sentiment [33] - The domestic corn spot price is mixed. The supply - demand mismatch is easing, but the far - term contracts face pressure from supply [33] Red Dates - The market is in a stage of concentrated new - product arrival, with supply pressure. The price may oscillate in the short term. Pay attention to the sales progress in the distribution areas and downstream purchasing sentiment [34] Live Pigs - The supply - demand pattern is still supply - strong and demand - weak. The expectation of a sharp price increase during the Winter Solstice was false, and the price is expected to oscillate downward. Go short on the near - term contracts on rallies [34][35] Energy and Chemicals Crude Oil - The escalating situation in Venezuela has led to a rapid rebound in oil prices, but the impact is limited. In the medium term, the oil price may decline due to oversupply and the easing of geopolitical tensions [37] - The Chinese INE crude oil futures 2602 contract rose to 444.7 yuan/barrel at night [37] Fuel Oil - Geopolitical and macro - factors dominate the oil price. The supply of fuel oil is loose, and the demand is weak. The price will follow the oil price, and the inventory is increasing [38] Plastics - Polyolefins have high supply pressure and weak downstream demand, but the upstream losses may provide some support. The price is expected to oscillate [39] Synthetic Rubber - Continue to focus on the strategy of buying RU and selling BR. The butadiene inventory has increased, and the price is expected to oscillate strongly in the short term but may not maintain high prices [40] Methanol - The current supply - demand situation of methanol has improved slightly, and the inventory is gradually decreasing. Do not be overly bearish in the short term. Consider a slightly long - biased allocation for the far - term contracts after the inventory reduction is smooth [41][42] Caustic Soda - The near - term contracts of caustic soda are close to the real - world situation and are relatively weak, while the far - term contracts have many macro - positive expectations. Keep a bearish view on the main 03 contract [43] Asphalt - The asphalt price is expected to have a larger fluctuation range. The focus is on the price bottom after the winter - storage game [44] Polyester Industry Chain - The market benefits have been gradually realized, and the downstream negative feedback is increasing. Consider reducing long positions on rallies [44] Liquefied Petroleum Gas - The LPG futures price has entered the delivery logic. The supply is abundant globally, and the demand has both supporting and constraining factors. The price is expected to oscillate [47] Pulp - The pulp port inventory has decreased continuously, and the spot price is firm. The market sentiment has improved, but there may be hedging pressure. Wait and see in the short term [48] Logs - The log market fundamentals are oscillating, and the spot price has stabilized. The market is expected to maintain a weak supply - demand balance [49] Urea - The urea market is expected to oscillate. The upstream production reduction is positive for the market. Pay attention to the basis pressure when the futures expectations are too strong [50]