Market Overview - Precious metals and US stocks experienced a pullback, with major tech stocks like Tesla, Nvidia, and Meta declining due to reduced bets by traders ahead of year-end [1] - Tesla led the decline with a drop of 3.27%, impacted by a significant reduction in its supply contract with South Korea's L&F [29] - The 10-year US Treasury yield fell by 1.75 basis points to 4.11%, while the dollar remained stable [1] - Bitcoin briefly surged above $90,000 before falling back below $87,000, and Ethereum also saw a significant drop [1] - Silver prices plummeted over 8% after briefly surpassing $80, while gold fell approximately 4.5%, marking its largest single-day drop since late October [1] Key News - The People's Bank of China announced that a new digital RMB framework will officially launch on January 1, 2026, transitioning from a cash-based to a deposit currency model [15][31] - A major European bank is rumored to have faced a short squeeze in silver futures, leading to a forced liquidation due to a failure to meet a $2.3 billion margin call [16] - Trump is considering legal action against Powell for "gross incompetence" and may announce a new Fed chair candidate in January [17] Company Developments - Tesla significantly reduced its high-nickel battery material order from South Korea's L&F by approximately 99% due to project delays and changing consumer preferences [29] - Meta is reportedly acquiring Manus for several billion dollars, marking its third-largest acquisition to date [19] - The Hong Kong IPO of Zhiyuan Technology is priced at HKD 116.2 per share, with plans to issue over 37 million shares [19] Industry Insights - Analysts predict that silver could challenge the $100 mark by 2026, but the opportunity for low-risk, high-reward investments has diminished [21] - The logistics industry in China is expected to continue its growth, with a projected total social logistics volume of CNY 380 trillion by 2025 [34] - The hydrogen energy sector is advancing, with a significant breakthrough in a 30MW pure hydrogen gas turbine project [36]

在关键个股录得稳健周涨幅后，人工智能相关交易在周一受到一定压力。英伟达、美光科技、甲骨文等 普遍走低。上周，英伟达上涨逾5%，美光和甲骨文则分别上涨约7%和3%。 北京时间12月30日凌晨，美股周一尾盘走低，科技股领跌。获利回吐盘使AI相关股票承受了一定的压 力。交易员正在准备为表现强劲的2025年收官。 道指跌186.11点，跌幅为0.38%，报48524.86点；纳指跌109.04点，跌幅为0.46%，报23484.06点；标普 500指数跌20.74点，跌幅为0.30%，报6909.20点。 北京时间12月30日凌晨，美股周一尾盘走低，科技股领跌。获利回吐盘使AI相关股票承受了一定的压 力。交易员正在准备为表现强劲的2025年收官。 上周五美股收跌，但标普500指数在盘中一度触及6945.77点的历史高点。 对华尔街而言，2025年是美股表现亮眼的一年，今年迄今标普500指数已上涨近18%。道指上涨14.5%， 有望创下自2021年以来的最佳年度表现。纳斯达克综合指数年内表现更佳，涨幅超过22%。 美股目前正处于所谓的"圣诞老人涨势"（年末涨势）时期，这是股市历史上通常表现强劲的阶段。根据 《股票交易员 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025年12月29日 (二)股东会召开的地点：上海市宝山区湄浦路 361 号公司 302 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，田国兵董事长主持本次股东会现场会议。采用现场投票与网络投票相结 合的表决方式。本次股东会的召集、召开、表决程序符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的列席情况 1、公司在任董事11人，出席3人，其他8位董事因工作原因无法出席本次会议； 2、刘慈玲董事会秘书出席本次会议；公司部分高管列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：2026 年度日常关联交易的议案 ■ 2、议案名称：与财务公司续签金融服务协议暨关联交易的议案 审议结果：通过 审议结果：通过 表决情况： 表 ...

行业研究丨点评报告丨软件与服务 [Table_Title] 我国达成量子纠错关键里程碑，关注量子计算产 业进展 报告要点 [Table_Summary] 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 7 的表面码上实 现了低于纠错阈值的量子纠错，使得我国达到了"低于阈值，越纠越对"的关键里程碑。我国 基于超导量子处理器"祖冲之 3.2 号"在量子纠错领域实现突破，为构建实用的大规模量子计 算机铺平了道路，我国量子计算有望进入快速发展阶段，从而重塑现有的计算体系，进而带动 包含稀释制冷机、量子芯片，整机制造、量子计算软件以及下游应用的产业上下游共同发展， 打开未来巨大产业空间。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 丨证券研究报告丨 [Table_Title 我国达成量子纠错关键里程碑，关注量子计算 2] 产业进展 [Table_Summary2] 事件描述 近日，中国科学技术大学团队基于超导量子处理器"祖冲之 3.2 号"在码距为 ...

Investment Rating - The investment rating for the industry is "Positive" and maintained [6]. Core Insights - Alibaba is a rare domestic player with a full-stack AI layout, recently launching several core C-end AI native products, including Qianwen APP, Lingguang APP, and Ant Aifu, aiming to complete the last piece of the full-stack AI puzzle [2][4]. - The comprehensive push by Alibaba in the C-end is not merely about traffic entry but is crucial for occupying communication channels and platforms with users in the AI era, deeply binding user habits [2][9]. Summary by Sections Recent Product Launches - Qianwen APP was launched on November 17, marking Alibaba's entry into the consumer AI market, featuring high-quality dialogue based on large models, task execution capabilities, and multi-modal functions. As of December 10, it surpassed 30 million monthly active users within 23 days of public testing, becoming the fastest-growing AI application globally [9]. - Lingguang APP was released on November 18, achieving over 1 million downloads within 4 days, surpassing other notable products. Its unique feature allows users to generate applications with a single description, leading to over 3.3 million flash applications created within two weeks [9]. - Ant Aifu, upgraded from the AI health application AQ on December 15, focuses on health companionship, leveraging a solid user base of 800 million medical insurance code users and a vast network of medical resources, including over 30,000 real doctors [9].

Core Viewpoint - Zhongke Jiangnan (301153) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and financial health [1] Financial Performance - For the first three quarters of 2025, the company achieved a main operating revenue of 364 million yuan, a year-on-year decrease of 26.28% [1] - The net profit attributable to shareholders was -64.249 million yuan, reflecting a year-on-year decline of 1048.15% [1] - The non-recurring net profit was -67.126 million yuan, down 1588.32% year-on-year [1] - In Q3 2025, the company reported a single-quarter main operating revenue of 124 million yuan, a decrease of 4.66% year-on-year [1] - The single-quarter net profit attributable to shareholders was -15.8007 million yuan, an increase of 39.78% year-on-year [1] - The single-quarter non-recurring net profit was -17.7662 million yuan, up 31.24% year-on-year [1] - The company's debt ratio stood at 21.8%, with investment income of 3.2356 million yuan and financial expenses of -19.5266 million yuan [1] - The gross profit margin was reported at 53.19% [1] Market Activity - As of December 29, 2025, Zhongke Jiangnan's stock closed at 20.4 yuan, up 1.8%, with a turnover rate of 1.32% and a trading volume of 43,400 hands, amounting to a transaction value of 88.147 million yuan [1] - On the same day, the net inflow of main funds was 555,400 yuan, accounting for 0.63% of the total transaction value, while retail investors experienced a net outflow of 1.7168 million yuan, representing 1.95% of the total transaction value [1] Business Segments - Zhongke Jiangnan's main business includes electronic payment services, integrated budget management services upgraded to smart finance, and cloud services for budget units, reflecting a focus on digital transformation in various industries [1]

（文章来源：第一财经） 据港交所文件，上海汉得信息技术股份有限公司向港交所提交上市申请书，独家保荐人为国泰海通。 ...

格隆汇12月29日丨久远银海(002777.SZ)公布，根据全国高新技术企业认定管理工作领导小组办公室签 发的《对贵州省认定机构2025年认定报备的第一批高新技术企业进行备案的公告》，四川久远银海软件 股份有限公司全资子公司贵州久远银海软件有限公司（简称"贵州银海公司"）通过了高新技术企业的认 定，证书编号：GR202552000042，发证日期：2025年12月2日，有效期三年。贵州银海公司为首次被认 定为高新技术企业。根据国家相关规定，获得高新技术企业认定通过后三年内可享受国家关于高新技术 企业的相关优惠政策，即按15%的税率缴纳企业所得税。 根据全国高新技术企业认定管理工作领导小组办公室签发的《对四川省认定机构2025年认定报备的第三 批高新技术企业进行备案的公告》，公司控股子公司四川健康久远科技有限公司（简称"四川健康公 司"）通过了高新技术企业的认定，证书编号：GR202551001870，发证日期：2025年12月8日，有效期 三年。四川健康公司本次高新技术企业的认定系原高新技术企业证书有效期满后的重新认定。根据国家 相关规定，公司自通过高新技术企业重新认定起连续三年可继续享受国家高新技术企业15 ...

Core Viewpoint - Tianrongxin's intelligent computing cloud platform integrates five capabilities: computing, storage, networking, security, and intelligence, catering to various needs such as intelligent computing centers, private deployment and training of large models, and security protection for large models [1] Group 1 - The intelligent computing cloud platform is designed to provide full-stack cloud capabilities from general computing power to intelligent computing power for government, state-owned enterprises, and public institutions [1] - The company has made investments and laid out plans in the field of quantum technology, although its intelligent computing cloud does not currently incorporate quantum technology [1]

Group 1 - The core point of the article is that Chuangyue Huikang (300451) has received a total of 24 million-level orders in the first three quarters of 2025 [1] Group 2 - The company encourages investors to pay attention to relevant announcements disclosed in designated media [1]