股指早报 大盘八连阳 2025 年 12 月 29 日 股指期货早报 2025.12.29 报告摘要： 海外方面，圣诞假期后外围金融市场开市，上周五美元指数收涨， 美债收益率短端和长端均回落，黄金继续上涨，美三大股指集体小幅 收跌，纳斯达克中国金龙指数收涨，离岸人民币汇率震荡小幅贬值， 目前人民币汇率已经在 7，短期需要时间震荡消化，美股也在圣诞行 情后迎来震荡，短期需要密切关注外围情况对 A 股的影响。 国内盘面上看，上周五大盘低开震荡上涨 0.1%，深成指上涨 0.54%，创业板指上涨 0.14%，市场呈现震荡分化走势。科技和部分消 费拖累指数，题材保持活跃，最为明显的就是商业航天，而其他题材 则处于轮动，盘面结构性行情明显。板块上看，有色、电力、钢铁、 军工涨幅居前，电子、轻工制造、通信、食品饮料跌幅居前。全市场 1865 只个股上涨，3406 只个股下跌。消息上看，管理层表示明年财 政支持延续，对新能源、科技等补贴相关行业形成利好。另外中国 ETF 突破 6 万亿规模。 整体上看，外围美股圣诞节后开盘，美股的下跌一定程度对于今 日 A 股开盘形成压制。而目前大盘已经八连阳且没出现加速，同时市 场放量， ...

分析认为，美国国内对特朗普政府给阿根廷提供的财政支持存在批评情绪，是贝森特取消对阿根廷访问 的原因之一。双方互相取消行程表明，此前特朗普与米莱之间牢固的关系可能出现裂痕。 来源：中国新闻网 编辑：付健青 美国财长突然取消访问阿根廷 中新网12月3日电 据外媒报道，美国财政部长贝森特2日决定无限期取消原定12月初对阿根廷的访问。 报道称，阿根廷约有50亿美元的债务将于2026年1月到期，该国急需外部融资以补充外汇储备，贝森特 此举含蓄传递出美国对阿根廷的持续支持存在局限性的信号。 在贝森特宣布这一决定前，阿根廷总统米莱宣布暂缓前往美国。米莱原计划12月5日在美国首都华盛顿 参加2026年美加墨世界杯抽签仪式，并与美国总统特朗普会面。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

Core Viewpoint - OpenAI is seeking U.S. government support to reduce AI infrastructure costs by expanding the scope of the 35% manufacturing investment tax credit to include AI data centers and related components [1][3][4] Group 1: Government Support Proposal - OpenAI's letter, dated October 27, proposes to expand the Advanced Manufacturing Investment Credit from the CHIPS Act to cover AI data centers, AI server manufacturers, and critical grid components [1][3] - The company has committed to investing $1.4 trillion in data centers and chips to develop advanced AI systems, indicating a significant financial commitment to AI infrastructure [2][4] Group 2: Financial Support Mechanisms - In addition to tax credits, OpenAI advocates for various forms of government financial support for AI manufacturers, including grants, cost-sharing agreements, and loans [4] - The letter emphasizes that such financial support could help address supply chain bottlenecks and reduce delivery times for essential components like transformers [4] Group 3: Clarifications and Reactions - Following CFO Sarah Friar's comments suggesting government support, both she and CEO Sam Altman clarified that the company is not seeking direct financial assistance from the government [1][5][8] - David Sacks, a White House official, stated that the government would not provide financial bailouts for AI companies, emphasizing that the market would naturally replace any failing companies [5][6]

Tax Reductions and Financial Support - Foreign trade companies registered in Jing'an District can enjoy certain tax benefits, such as VAT reductions during the startup phase and income tax incentives based on actual business performance [3] - There are special funds available for small and medium-sized foreign trade enterprises, with subsidies ranging from tens of thousands to hundreds of thousands of RMB based on annual revenue or export scale [3] Rent Subsidies and Office Support - Some business buildings or industrial parks in Jing'an District offer rent reduction policies to attract foreign trade companies, including rent subsidies for the first year of registration [5] - Certain parks provide free basic infrastructure services, such as meeting rooms and storage space, to lower initial operating costs for enterprises [5] Cross-Border Trade Facilitation Measures - Jing'an District provides conveniences in customs and logistics for foreign trade companies, including priority customs clearance and fast inspection services through partnered logistics providers [5] - A one-stop comprehensive service platform for foreign trade is available in some concentrated office areas to assist companies with documentation and settlement processes, thereby shortening business cycles [5] Talent Recruitment and Training Subsidies - The district offers social security subsidies or training allowances for companies hiring qualified foreign trade, foreign language, or cross-border e-commerce talents [7] - Regular foreign trade practical training and industry exchange meetings are organized, with participating companies eligible for fee reductions [7] Special Industry Support Policies - Targeted policies exist for foreign trade enterprises involved in emerging fields like cross-border e-commerce and digital trade, including rewards for achieving certain sales volumes through e-commerce platforms [7] - Projects that utilize technologies like blockchain to enhance trade efficiency may also receive technical application subsidies [7] Other Supporting Services - Jing'an District has a mature business environment, allowing foreign trade companies to easily connect with financial, legal, and consulting services [7] - Some institutions provide free or low-cost trade risk assessments and contract reviews for companies in the district, along with subsidies for exhibition fees or promotional costs for those participating in international exhibitions [7]

Policy Outlook - Moody's Analytics suggests it's premature to anticipate significant policy shifts in Japan following Prime Minister Ishiba Shigeru's decision to resign [1] - Analysts are likely to characterize moderates as cautious technocrats and conservatives as free-spending, perpetually reliant on the Bank of Japan to maintain a weak yen [1] - Even moderates favoring fiscal austerity must contend with voter discontent over inflation and the rise of right-wing populism [1] - Conservatives advocating for expanded budgets need to acknowledge that the economy requires more than just demand-side stimulus [1] - The notion that a prime minister from the conservative camp would prompt the Bank of Japan to maintain unchanged interest rates is an oversimplification [1] - Additional fiscal support could stimulate demand and price pressures, potentially supporting interest rate hikes [1] - The next leader will face a delicate balancing act [1]

Group 1 - The core viewpoint emphasizes the necessity of strengthening fiscal support to translate policy measures into tangible benefits for the public [1][2] - The recent policy document outlines various measures aimed at addressing the most pressing livelihood issues faced by the populace, including employment, pension, education, and basic living security [1][2] - The government aims to ensure sustainable fiscal support for people's livelihoods while maintaining a balance between economic development and financial capacity [4][5] Group 2 - The fiscal policy is directed towards optimizing expenditure structures and enhancing financial guarantees for basic livelihood sectors such as education, health, and social security [3][4] - Significant increases in budget allocations for education, social security, and employment are projected, with nearly 4.5 trillion yuan allocated for these sectors by 2025, reflecting a growth of 6.1% and 5.9% respectively [2] - The government is committed to improving the minimum standards for pensions and public health funding, which will enhance the public's sense of well-being and security [4][5]

Core Points - The G7 countries have agreed to provide Ukraine with financial support worth €45 billion through a special income acceleration loan program [1] - The European Commission has already disbursed €6 billion, with the next payment scheduled for next week [1]

Group 1 - The core viewpoint of the article emphasizes a shift in macro policy focus towards boosting consumption as a key strategy for expanding domestic demand and stabilizing growth [1] - The report indicates that the government's debt is supported by corresponding assets, which is significant for enhancing social welfare, improving income distribution, and promoting economic transformation and dynamic balance [1] - There has been a noticeable increase in fiscal support this year, with local governments accelerating the issuance of special bonds, totaling nearly 1 trillion yuan in the first quarter, effectively driving investment growth and boosting confidence [1]