Core Viewpoint - Both ZTE Corporation and Sunlord Electronics announced their intention to invest 200 million yuan as limited partners in the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund [2][8]. Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund was established on December 22, 2025, with a total scale of 50.45 billion yuan, focusing on areas supported by national policies such as new-generation information technology, biotechnology, high-end equipment manufacturing, new materials and new energy, and electronic hardware [5][7]. - The fund is one of three regional funds under the National Venture Capital Guidance Fund, which has a registered capital of 100 billion yuan and is fully owned by the Ministry of Finance [7]. - The fund aims to support seed and early-stage technology companies in strategic emerging industries and future industries, promoting original and disruptive technological innovation [7]. Group 2: Investment Strategy - The fund adopts a "sub-fund + direct investment" model, primarily targeting equity investments in strategic emerging industries [7]. - The fund's partners include notable entities such as the National Guidance Fund, which has committed 20 billion yuan, accounting for 39.64% of the total contributions [7][8]. - The investment strategy emphasizes long-term investments in hard technology, with a focus on achieving significant technological advancements and converting major scientific achievements into productive forces [7]. Group 3: Company Involvement - ZTE Corporation stated that its investment in the Guangdong-Hong Kong-Macao Fund supports the strategic execution of its core business and aims to achieve investment returns through quality industry investments [8]. - Sunlord Electronics indicated that its participation in the fund allows it to leverage the resources and advantages of professional investment institutions in equity investment and industry cultivation, aiming for long-term investment returns [8]. - The investment areas of the fund align with the main business operations of both companies, facilitating external business development and enhancing overall competitiveness and profitability [8].

21世纪经济报道记者 曹媛 深圳报道 国家创业投资引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基金层面积极鼓励社 会资本参与。天眼查APP显示，国家创投引导基金成立于2025年7月21日，注册资本为1千亿，由财政部持股100%，认缴出资额 为1千亿。 其中，粤港澳基金目标规模504.5亿元，存续期最长可达20年，由深创投担任管理人，深创投和华润资本共同作为基金普通合伙 人。 这一千亿级"航母"基金将撬动带动近万亿地方资金、社会资本，一级市场信心有所提振。一位深圳创投机构创始合伙人曾告诉 记者，"2026您对于头部GP而言，募资机遇较多，最大的机会是获得国家级大基金，如国家发改委主导的万亿级别的引导基金 等。随着大基金数量的增加，优质GP将有更多机会获得资金，我相信在今年募资端是比较好的。" （图源：深创投）三只基金定位不同，结合资源禀赋布局 国家创业投资引导基金是经国务院批准，国家发展改革委、财政部推动组建，按市场化方式运作、重点投向种子期和初创期创 新型企业的政策性基金。 年初，500亿超级国资开闸了。 近日，国家创业投资引导基金（简称"国家创投引导基金"）的区域子基 ...

Core Viewpoint - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund aims to support strategic emerging industries and innovative technology enterprises, enhancing the region's technological self-reliance and innovation capabilities [2][3] Group 1: Fund Overview - The Guangdong-Hong Kong-Macao Fund has a total scale of 50.45 billion yuan and is part of the National Venture Capital Guidance Fund, which has a registered capital of 100 billion yuan [2] - The fund will focus on seed and early-stage technology companies in strategic emerging industries, supporting original and disruptive technological innovations [2] - The fund's management is undertaken by Shenzhen Capital Group, with a structure that includes a "fund company - regional fund - sub-fund" model [2] Group 2: Local Impact and Collaboration - The investment of 200 million yuan by Jiangmen City Investment Co., Ltd. is part of a broader strategy to link high-quality innovation resources in the Greater Bay Area and support local economic development [3] - Jiangmen aims to attract core elements such as capital, technology, and talent to key industries, accelerating the transformation of technological achievements into productive forces [3] - The city plans to deepen collaboration with fund management institutions and other cities to guide fund resources towards local quality SMEs, enhancing the industrial ecosystem [3]

Domestic Market Overview - The domestic market experienced a slight increase with the Shanghai Composite Index closing at 3963.68 points, up 0.1%, and the Shenzhen Component Index at 13603.89 points, up 0.54% [1][4][9] - Among the 30 sectors, 19 saw gains, with non-ferrous metals, consumer services, and steel showing significant increases, while electronics, communications, and retail sectors faced declines [1][4][9] - The total trading volume for the A-share market reached 21,811 billion yuan, reflecting an increase from the previous day [1][4][9] Overseas Market Overview - The US stock market saw a slight decline, with the Dow Jones down 0.04%, S&P 500 down 0.03%, and Nasdaq down 0.09% [2][4] - Notable declines included McDonald's and Disney, both dropping nearly 1%, while Tesla fell over 2% [2][4] - Chinese concept stocks mostly rose, with Xpeng Motors increasing over 6% and Dingdong Maicai rising more than 5% [2][4] Key News Highlights - The National Fiscal Work Conference was held in Beijing, emphasizing the continuation of a proactive fiscal policy in 2026 [3][10][12] - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1% [3][13] - The National Venture Capital Guidance Fund was launched, with a total investment of 100 billion yuan aimed at leveraging over a trillion yuan in social capital [3][15] - The Shanghai Stock Exchange issued guidelines to support quality commercial rocket companies in listing on the Sci-Tech Innovation Board [3][16][17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures on December 29, 2025, and the trends of the main (continuous) contracts in December 2025. It also provides resistance and support levels for each futures contract [2][5]. - The report analyzes the macro - information, including national policies, economic data, and international events, and their potential impacts on the futures market [7]. - It elaborates on the price trends and influencing factors of precious metals, such as gold, silver, platinum, and palladium, as well as other commodities like crude oil, copper, and aluminum [13][14]. 3. Summary According to Relevant Catalogs 3.1 Macro - Information and Trading Tips - The 19th meeting of the 14th National People's Congress Standing Committee passed a decision on convening the 4th session of the 14th National People's Congress and the agenda. It also passed the revised Foreign Trade Law, which will come into effect on March 1, 2026 [7]. - The 2026 National Two Sessions' convening time is determined. The 4th session of the 14th National Committee of the Chinese People's Political Consultative Conference will be held on March 4, 2026, and the 4th session of the 14th National People's Congress will be held on March 5, 2026 [8]. - From January to November, the total profit of industrial enterprises above the designated size reached 6,626.86 billion yuan, a year - on - year increase of 0.1%. In November, the profit of industrial enterprises above the designated size decreased by 13.1% year - on - year [9]. - The National Conference on Industry and Information Technology deployed ten key tasks for 2026, including curbing low - price and low - quality competition, supporting AI research, and promoting the development of new businesses [9]. - The Ministry of Industry and Information Technology stated that in 2025, the industrial economy advanced steadily, with the added value of industrial enterprises above the designated size expected to increase by 5.9% year - on - year [9]. - The National Financial Work Conference pointed out that in 2026, a more proactive fiscal policy will be continued, with an expansion of fiscal expenditure and optimization of government bond tools [10]. - The central bank released the "China Financial Stability Report (2025)", indicating that relevant departments will improve the institutional environment for long - term investment in the A - share market and promote the improvement of listed companies' quality [11]. - The National Venture Capital Guidance Fund was officially launched, focusing on early - stage projects and seed enterprises in fields such as integrated circuits, artificial intelligence, etc. [11]. - This year, the global M&A transaction volume exceeded $4 trillion, reaching $4.5 trillion, the second - highest level in history [11]. - A new convention on global trade rules, the "United Nations Convention on Negotiable Transport Documents", was passed at the 80th United Nations General Assembly [12]. 3.2 Commodity Futures - Related Information - Global major economies' monetary policies are turning loose, geopolitical tensions are intensifying, and central banks are strengthening capital flow supervision, which enhances the institutional attractiveness of precious metals. On December 26, international gold and silver prices reached new highs [13]. - The reasons for the recent rise in precious metal prices include geopolitical tensions, a weakening US dollar, and low market liquidity. Silver's performance is more remarkable, driven by speculative capital inflows and supply mismatches [14]. - CME Group will comprehensively increase the performance margins of gold, silver, lithium, and other metal futures after the close on December 29 [14]. - The London silver market is experiencing a severe physical squeeze, with the "one - year silver swap spread" dropping to - 7.18%, indicating an extreme shortage of spot silver [15]. - On December 26, the prices of domestic precious metals and base metals rose collectively, with many varieties reaching new highs. The Shanghai Futures Exchange reminded to control market risks [15]. - The Guangzhou Futures Exchange adjusted the price limit ranges and trading margin standards of platinum and palladium futures contracts during the New Year's Day holiday in 2026 [15]. 3.3 Futures Market Analysis and Outlook 3.3.1 Stock Index Futures - On December 26, the main contracts of stock index futures, such as IF2603, IH2603, IC2603, and IM2603, showed a trend of opening high, rising, then falling back and oscillating upward [16][17][18]. - It is expected that on December 29, stock index futures will likely show a strong - biased oscillation. For example, IF2603 has resistance levels at 4,667 and 4,691 points and support levels at 4,625 and 4,611 points [24]. - In December 2025, the main (continuous) contracts of stock index futures are expected to show a strong - biased or strong - biased oscillation trend, with corresponding resistance and support levels provided [23]. 3.3.2 Treasury Bond Futures - On December 26, the main contract of ten - year treasury bond futures, T2603, opened slightly higher and oscillated upward. The 30 - year main contract also rose [44]. - It is expected that on December 29, the main contract of ten - year treasury bond futures, T2603, will likely show a strong - biased oscillation, with resistance levels at 108.36 and 108.43 yuan and support levels at 108.21 and 108.17 yuan [46]. - The main contract of 30 - year treasury bond futures, TL2603, opened slightly higher and oscillated upward on December 26. It is expected to show a strong - biased oscillation on December 29, with resistance levels at 113.2 and 113.6 yuan and support levels at 112.4 and 112.1 yuan [48][50]. 3.3.3 Precious Metal Futures - **Gold Futures**: On December 26, the main contract of gold futures, AU2602, opened slightly lower, then rose after a fall and oscillated upward. It is expected to show a strong - biased oscillation on December 29 and reach new highs. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [50][52][51]. - **Silver Futures**: On December 26, the main contract of silver futures, AG2602, opened flat, then rose after a fall and oscillated upward significantly. It is expected to show a strong - biased oscillation on December 29 and reach new highs. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [59][64][63]. - **Platinum Futures**: On December 26, the main contract of platinum futures, PT2606, opened with a gap up, then rose and oscillated strongly. It is expected to show a strong - biased oscillation on December 29 and reach new highs. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [67]. - **Palladium Futures**: On December 26, the main contract of palladium futures, PD2606, opened with a large gap up, then fell after a rebound and oscillated downward. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [74]. 3.3.4 Base Metal Futures - **Copper Futures**: On December 26, the main contract of copper futures, CU2602, opened slightly higher, then rose after a fall and oscillated upward strongly. It is expected to show a strong - biased oscillation on December 29 and reach new highs. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [77][79]. - **Aluminum Futures**: On December 26, the main contract of aluminum futures, AL2602, opened slightly lower, then rose after a fall and oscillated upward. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation [85]. - **Alumina Futures**: On December 26, the main contract of alumina futures, AO2605, opened slightly lower, then rose after a fall and oscillated upward significantly. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased wide - range oscillation [90]. - **Nickel Futures**: On December 26, the main contract of nickel futures, NI2602, opened slightly higher, then rose after a fall and oscillated upward. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation after an initial decline [95]. - **Tin Futures**: On December 26, the main contract of tin futures, SN2602, opened slightly higher, then rose and oscillated strongly. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation [98]. 3.3.5 Other Commodity Futures - **Polysilicon Futures**: On December 26, the main contract of polysilicon futures, PS2605, opened slightly lower, then fell after a rebound and oscillated weakly downward. It is expected to show a wide - range oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation and reach new highs [102]. - **Lithium Carbonate Futures**: On December 26, the main contract of lithium carbonate futures, LC2605, opened slightly higher, then rose after a fall and oscillated upward significantly. It is expected to show a strong - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a strong - biased oscillation [106][107]. - **Rebar Futures**: On December 26, the main contract of rebar futures, RB2605, opened slightly higher, then fell after a rebound and oscillated slightly downward. It is expected to show a strong - biased oscillation on December 29. In December 2025, it is expected to show a wide - range oscillation [112]. - **Hot - Rolled Coil Futures**: On December 26, the main contract of hot - rolled coil futures, HC2605, opened flat, then rose after a fall and oscillated slightly upward. It is expected to show a strong - biased oscillation on December 29 [117]. - **Iron Ore Futures**: On December 26, the main contract of iron ore futures, I2605, opened slightly lower, then rose after a fall and oscillated upward. It is expected to show a strong - biased oscillation on December 29. In December 2025, it is expected to show a wide - range oscillation [119]. - **Coking Coal Futures**: On December 26, the main contract of coking coal futures, JM2605, opened slightly lower, then fell after a rebound and oscillated downward. It is expected to show a weak - biased oscillation on December 29. In December 2025, it is expected to show a weak - biased wide - range oscillation [123]. - **Glass Futures**: On December 26, the main contract of glass futures, FG605, opened slightly lower, then rose after a fall and oscillated upward. It is expected to show a weak - biased oscillation on December 29. In December 2025, it is expected to show a weak - biased oscillation [127]. - **Soda Ash Futures**: On December 26, the main contract of soda ash futures, SA605, opened slightly higher, then rose after a fall and oscillated upward. It is expected to show a weak - biased oscillation on December 29. In December 2025, it is expected to show a weak - biased oscillation [133]. - **Crude Oil Futures**: On December 26, the main contract of crude oil futures, SC2602, opened slightly lower, then fell after a rebound and oscillated slightly downward. It is expected to show a weak - biased oscillation on December 29. In December 2025, the main (continuous) contract is expected to show a weak - biased oscillation [137]. - **PTA Futures**: On December 26, the main contract of PTA futures, TA605, opened slightly higher, then rose after a fall and oscillated upward strongly. It is expected to show a weak - biased oscillation on December 29 [143][144]. - **PX Futures**: On December 26, the main contract of PX futures, PX603, opened slightly higher, then rose and oscillated upward strongly. It is expected to show a weak - biased oscillation on December 29 [146]. - **PVC Futures**: On December 26, the main contract of PVC futures, V2605, opened slightly higher, then rose after a fall and oscillated upward. It is expected to show a strong - biased oscillation on December 29 [149].

Group 1 - The National Venture Capital Guidance Fund has officially launched with three regional sub-funds registered in Beijing, Shanghai, and Shenzhen, focusing on cutting-edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage [1][5] - The fund has a lifespan of 20 years and aims to invest in seed and early-stage companies, while also supporting small and medium-sized enterprises in their early to mid-stages, fostering original and disruptive technological innovations [1] - The initial investment targets are startups valued below 500 million RMB, with individual investments not exceeding 50 million RMB [1] Group 2 - The fund is structured in a three-tier system: "fund company - regional fund - sub-fund," with a total fiscal contribution of 100 billion RMB at the national level, aiming to leverage social capital to mobilize a trillion-scale funding [5] - The first three regional funds have signed investment intentions with 49 sub-funds and 27 direct investment projects, with expectations to complete a batch of key sub-fund and direct investment projects soon [5] - The guidance fund plans to establish over 600 sub-funds in the three regions to support the development of emerging and future industries [5]

Open Market Operations - The central bank conducted a 930 billion yuan reverse repo operation with a fixed rate of 1.40% on December 26, resulting in a net injection of 368 billion yuan for the day after accounting for 562 billion yuan in reverse repos maturing [1] - A total of 622.7 billion yuan in reverse repos will mature in the week from December 29, 2025, to January 4, 2026, with significant amounts maturing on specific days [1] Funding Conditions - The interbank market maintains a stable and slightly loose funding condition, with the D R001 weighted average interest rate slightly decreasing and remaining below 1.26%, while the D R007 increased by about 4 basis points due to year-end factors [3] - The overnight financing rate in the U.S. is reported at 3.66% [3] Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.64%, unchanged from the previous day [6] Government Bonds and Futures - The closing prices for government bond futures show an increase, with the 30-year main contract rising by 0.36%, the 10-year by 0.10%, the 5-year by 0.05%, and the 2-year by 0.03% [10] Fiscal Policy Developments - The national fiscal work conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending, optimizing government bond tools, and enhancing the effectiveness of transfer payment funds [11] - A new guideline was issued to strengthen the role of government financing guarantee systems in supporting employment and entrepreneurship, particularly for labor-intensive small and micro enterprises [11] Financial Sector Overview - As of the end of Q3 2025, the total assets of financial institutions in China reached 531.76 trillion yuan, a year-on-year increase of 8.7%, with the banking sector's assets at 474.31 trillion yuan, growing by 7.9% [11] Investment Fund Initiatives - The National Venture Capital Guidance Fund has been officially launched, with regional funds established in key areas to attract diverse investments and support innovative enterprises in strategic emerging industries [12] Global Economic Insights - Japan's government approved a preliminary budget for FY 2026, with total general account expenditures reaching 122.3092 trillion yen, marking a historical high due to rising costs and increased tax revenues [14]

Core Insights - The National Venture Capital Guidance Fund has officially launched, with three regional funds established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, managed by CICC Capital, State Investment and Development Corporation, and Shenzhen Capital Group respectively [1][4] Group 1: Fund Characteristics - Increased financial support: The fund utilizes long-term special national debt funding, with a total of 100 billion yuan contributed by the central government to leverage central financial resources [1] - More precise investment focus: The fund emphasizes "early, small, long-term, and hard technology" investments, targeting cutting-edge fields such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a lifespan of 15 to 20 years to match the long-term R&D needs of hard technology [1] - Enhanced fund operation model: The fund operates under a "mother fund + regional fund + sub-fund" model, aiming to mobilize social capital at a scale of trillions through substantial fiscal resources [2] Group 2: Management Mechanism - Improved management mechanism: The fund will be operated in a market-oriented manner by capable management institutions, with plans to explore a due diligence exemption mechanism and a full lifecycle assessment mechanism to enhance fund vitality and encourage long-term focus [3] Group 3: Regional Fund Focus - Yangtze River Delta Venture Capital Guidance Fund: This fund is jointly funded by national and multi-level state-owned assets from Shanghai, Jiangsu, Zhejiang, and Anhui, focusing on investments in artificial intelligence, quantum technology, hydrogen energy storage, biomanufacturing, embodied intelligence, and 6G, supporting original and disruptive technological innovations [4]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to attract a wide range of participants to form a fund scale of trillions of yuan, with a focus on early-stage investments and hard technology sectors [1][5]. Group 1: Fund Structure and Operation - The fund adopts a three-tier structure: "Fund Company - Regional Fund - Sub-fund," which is described as a "mother fund of mother funds" [6][8]. - The National Venture Capital Guidance Fund will operate under a company system, with a 20-year duration, allowing for a more patient investment approach [7][5]. - Sub-funds will operate under a market-oriented model, with an average scale not exceeding 1 billion yuan, and at least 70% of investments directed towards seed and early-stage enterprises [9][10]. Group 2: Investment Strategy - The fund emphasizes a "four investment" approach: investing early, investing small, investing long-term, and investing in hard technology [3][4]. - At least 70% of the fund's capital will be allocated to seed and early-stage companies, with individual investments capped at 50 million yuan for companies valued below 500 million yuan [4][5]. - The fund will have a 20-year lifespan, breaking away from the traditional 7-10 year investment cycle, which is particularly beneficial for long-cycle sectors like innovative pharmaceuticals [5]. Group 3: Regional Funds - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [1][16]. - The Beijing-Tianjin-Hebei fund will be managed by China Investment Corporation's subsidiary, focusing on mobilizing central financial enterprises [13][14]. - The Yangtze River Delta fund will be managed by State Development Investment Corporation, aiming to gather various social capital to empower regional tech enterprises [14][15]. - The Guangdong-Hong Kong-Macao Greater Bay Area fund will be managed by Shenzhen Capital Group, encouraging diverse market participants to engage [15]. Group 4: Investment Focus - The funds will target key sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [17]. - The investment strategy aligns with national planning documents, focusing on strategic emerging industries and future industries [5][12].

Market Overview - The Shanghai Composite Index recorded an eight-day winning streak, with the market's trading volume increasing to 2.18 trillion yuan [1] - The market anticipates two interest rate cuts by the Federal Reserve next year, totaling 50 basis points, influenced by political factors such as the upcoming U.S. midterm elections and the change in Fed leadership [1] Currency and Trade - The offshore RMB broke the "7" threshold against the USD for the first time in 15 months, reaching a high of 6.9985, while the onshore RMB also approached the "7" mark, hitting 7.0053 [2] - The appreciation of the RMB is driven by a weaker U.S. dollar index due to Fed rate cut expectations and seasonal demand for currency settlement by domestic companies [2] - China's export scale and trade surplus have reached historical highs, indicating resilience in export structure and direction, with expectations for continued strong performance in exports next year amid improving Sino-U.S. trade relations [1] Investment Initiatives - The National Development and Reform Commission announced the launch of the National Venture Capital Guidance Fund, with a total scale exceeding 120 billion yuan, focusing on cutting-edge technology sectors such as AI and quantum technology [2] - This initiative aims to attract more social capital to support early-stage and startup tech companies, potentially benefiting the A-share market and the venture capital sector [2] Monetary Policy - The People's Bank of China conducted a 400 billion yuan MLF operation to maintain liquidity in the banking system, with a net injection of 100 billion yuan in December [3] - The total net injection of medium-term liquidity since the beginning of the year has reached 49.61 billion yuan, indicating a continued "stable and slightly loose" monetary policy approach [3] Market Performance - On December 26, the A-share market saw the Shanghai Composite Index close at 3963.68 points, up 0.10%, while the Shenzhen Component and ChiNext Index rose by 0.54% and 0.14%, respectively [4] - The sectors showing the highest gains included non-ferrous metals, electric equipment, and steel, with increases of 3.69%, 1.40%, and 1.34% respectively [4] - A total of 1,819 stocks rose while 3,239 stocks fell on the same day [4] Capital Flow - The market's trading volume reached 21.81 billion yuan, an increase from the previous trading day, with the margin financing balance reported at 25.45 billion yuan, also showing an increase [5]