1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall operation of China's commodity market in 2025 was stable, with obvious characteristics of new and old kinetic energy conversion. The average value of the China Commodity Price Index was expected to be 112.1 points, a decrease of 0.1% compared to the previous year [4]. - The Chinese bond market showed a positive trend, with the yields of interest - rate bonds declining. The year - end bond market might continue to fluctuate, and the market was cautious about the overall space of the bond market next year [26]. - A - share market entered a critical window for cross - year layout, and structural opportunities would focus on the tracks where policy orientation and industrial prosperity resonated, with the subsequent spring market worth looking forward to [36]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter's 5.2% but higher than the same period last year's 4.6% [1]. - In November 2025, the manufacturing PMI was 49.2%, and the non - manufacturing PMI for business activities was 49.5%, both showing a certain decline [1]. - Social financing scale in November 2025 increased compared to the same period last year, and M0, M1, and M2 growth rates showed different trends [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Guangzhou Futures Exchange restricted the daily opening volume of lithium carbonate futures contracts [2]. - Dalian Commodity Exchange adjusted the premium and discount of designated delivery warehouses for coking coal futures [2]. - Shanghai International Energy Trading Center planned to revise the standard contract of the Container Shipping Index (European Line) futures [3]. - The Ministry of Commerce launched a final review investigation on anti - dumping measures for imported ethylene - propylene - diene monomer rubber from the US, South Korea, and the EU [3]. 3.2.2 Metals - Platinum prices soared in 2025, with a year - to - date increase of over 110%, far exceeding that of gold [6]. - Gold and silver prices rose under the new round of interest - rate cuts, with silver prices increasing by over 130% this year [6]. - There was an obvious surplus of refined copper in the first ten months of 2025 [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Dalian Commodity Exchange adjusted the premium and discount of designated delivery warehouses for coking coal futures [2][9]. - China's steel consumption in 2025 was expected to be 8.08 billion tons, a year - on - year decrease of 5.4%, and the global steel consumption was expected to be 17.19 billion tons, a year - on - year decrease of 1.8% [9]. - Indonesia proposed to significantly reduce nickel ore production in 2026 [11]. 3.2.4 Energy and Chemicals - Bohai Oilfield's cumulative production of oil and gas equivalent in 2025 exceeded 40 million tons, reaching a record high [12]. - China's energy key projects in 2025 were expected to complete an investment of 3.54 trillion yuan, a year - on - year increase of 11% [12]. - The price of polysilicon increased, but there was a situation of "high price but no market" [13]. 3.2.5 Agricultural Products - Manzhouli Port achieved a "zero breakthrough" in importing Russian agricultural products [15]. - The Philippines extended the import ban on sugar until December 2026 [15]. 3.3 Financial News Compilation 3.3.1 Open Market - This week, 4575 billion yuan of reverse repurchases in the central bank's open market were due, along with 1200 billion yuan of treasury cash fixed - term deposits and 3000 billion yuan of MLF [16]. - On December 19, the central bank conducted 562 billion yuan of 7 - day reverse repurchases and 1000 billion yuan of 14 - day reverse repurchases, with a net investment of 357 billion yuan on that day [16][17]. 3.3.2 Important News and Information - The market generally expected that the LPR in December would remain stable [18]. - The State Council Executive Meeting arranged the implementation of the decisions and deployments of the Central Economic Work Conference [18]. - The General Administration of Market Regulation revised the "Regulations on Prohibiting Monopoly Agreements" [18]. 3.3.3 Bond Market Summary - The yields of interest - rate bonds in the Chinese bond market declined, and the 30 - year active bond "25 Super Long Special Treasury Bond 06" performed prominently [26]. - Most of Vanke's bonds rose in the exchange bond market [26]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.041 on December 22, up 9 basis points from the previous trading day [30]. - The US dollar index rose 0.28% in late New York trading, and most non - US currencies fell [30]. 3.3.5 Research Report Highlights - CITIC Securities believed that the factors driving the RMB appreciation were increasing, and investors should adapt to asset allocation in a RMB - appreciating environment [32]. - CITIC Securities thought that Japan's benign inflation cycle was stable, and the Bank of Japan was about to raise interest rates again [32]. - CITIC Construction Investment considered that the concentrated release of pessimistic sentiment at the end of the year brought potential space for financial bonds [32]. 3.4 Stock Market Important News - A - share market was in a high - level oscillation state near the end of the year, and the Shanghai Composite Index turned positive last week [36]. - As of December 19, the net inflow of subscription and redemption funds of CSI A500 exceeded that of CSI 300 in December, with the net inflow scale exceeding 46 billion yuan [36]. - By December 18, more than 454 listed companies had received institutional research in December, and the hard - tech track became the main focus [37].

Core Insights - Standard Chartered Hong Kong, BlackRock, and Mastercard have completed the second phase of the Hong Kong Monetary Authority's "Digital Hong Kong Dollar" pilot program, exploring the application of simulated "Digital Hong Kong Dollar" in tokenized fund subscriptions and redemptions [1] - The research team identified benefits for various stakeholders in the value chain, including fund distributors, fund issuers, payment network providers, and tokenization service providers [1] Group 1: Benefits Identified - For fund distributors, digital currencies like "Digital Hong Kong Dollar" and tokenized deposits offer greater flexibility and faster settlement, enabling T+0 subscriptions and redemptions [1] - For fund issuers, digital currencies can enhance customer experience, extend trading periods, shorten settlement times, provide transparent transaction statuses, and allow for fractional fund unit holdings [1] - For payment network providers, using blockchain technology, such as Mastercard's Multi-Token Network (MTN), can achieve near real-time settlement when utilizing "Digital Hong Kong Dollar" and tokenized deposits, facilitating ecosystem development [1] - For tokenization service providers, tokenization allows clients to hold fractional fund units and expands investor access to such investments through traditional and digital channels [1] Group 2: Challenges to Address - The transition to mainstream tokenized fund settlements requires addressing several practical issues, including the need for real-time net asset value (NAV) calculations instead of end-of-day pricing [2] - Operational transformation is necessary to support instant settlements, requiring a redesign of the entire fund cycle's operational model, liquidity risk monitoring, cash flow forecasting, and enhanced governance and risk management frameworks [2] - Interoperability and network integration must establish unified standards to connect stakeholders in the value chain and local and cross-border payment networks while complying with regional requirements [2] - Regulatory standards need to maintain consistency in data privacy and settlement to strengthen institutional and investor confidence [2]