Market Overview - The Hong Kong stock market showed a positive trend in the morning session on December 30, with the Hang Seng Index rising by 0.44% to 25,749.19 points, the Hang Seng Tech Index increasing by 1.04% to 5,540.17 points, the National Enterprises Index up by 0.67% to 8,950.95 points, and the Red Chip Index gaining 0.33% to 4,033.69 points [1] Sector Performance - Major technology stocks experienced gains, with Alibaba up by 0.7%, Tencent Holdings increasing by 0.42%, JD Group rising by 1.25%, Xiaomi up by 0.73%, NetEase increasing by 1.3%, Meituan rising by 0.19%, Kuaishou up by 0.08%, and Bilibili increasing by 0.21% [1] - The semiconductor sector showed strong performance, led by InnoCare, with the leading company SMIC rising over 3% [1] - Oil stocks were among the top gainers, with CNOOC increasing by over 4% [1] - The non-ferrous metals sector rebounded collectively, while wind power stocks saw significant declines, and gaming stocks continued to drop [1] New Listings - Six new stocks were listed on the Hong Kong market today, with InnoCare seeing a substantial increase of over 35% [1] Corporate News - China Energy Construction (03996.HK) won a bid for an ecological comprehensive governance project in Shaanxi Province, with a total contract value of 6.864 billion RMB, covering various construction aspects with a total duration of 36 months [2] - China Shenhua (01088.HK) announced that its second phase generator unit has officially commenced commercial operation after a 168-hour trial run, with the fourth unit expected to be operational by February 2026 [2] - Bay Area Development (00737.HK) signed a construction contract worth 775 million RMB with Poly Longda [3] - China Railway Construction (01186.HK) completed the issuance of 4.45 billion RMB in corporate bonds [4] - Sichuan Energy Investment Development (01713.HK) entered into a strategic cooperation agreement with Mengsheng Electronics to deepen collaboration in the power industry [5] - China Supply Chain Industry (03708.HK) signed a data center agreement with Shuwi Technology [6] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for SYH2069 injection in China [6] - Hutchison China MediTech (00013.HK) announced that its new drug application for HMPL-453 for intrahepatic cholangiocarcinoma has been accepted for priority review [6] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a phase 1 clinical study of HLX37 for advanced/metastatic solid tumors [6] - Henxin Technology (01085.HK) announced that its planned 350MW solar thermal power station is ready to commence construction [7] - Runhua Services (02455.HK) expanded its property management services to multiple provinces in western China [8] - Hong Kong Industrial International (00480.HK) plans to sell its entire issued share capital of Yue Shan Limited for 452 million HKD [9] - Yimei International Holdings (01870.HK) received formal approval for its 218MW electrochemical independent energy storage project in Guangdong [9] Institutional Insights - Huatai Securities noted that the asset performance has been volatile this year, with frequent style and sector rotations, leading to decreased clarity in investment behavior [10] - CITIC Securities highlighted the recent appreciation of the RMB, which benefits RMB-denominated equity assets, and expects stable macro-financial conditions to support bank operating environments [10] - Founder Securities reported on the central economic work conference and the Ministry of Finance's optimization of "two new" policies, indicating that national subsidies will continue into 2026 [11]

12月29日，中国石油塔里木油田对外宣布，我国最大沙漠油田——哈得逊油田与富满油田年产油气产量 当量突破500万吨大关，创历史新高，为我国原油增储上产打造了新的增长极。 ...

Group 1 - The National Development and Reform Commission and the China Central Radio and Television Station have published the book "Xi Jinping Economic Thought Series," which will be distributed nationwide starting from the 29th [1] - The State Council Tariff Commission has announced the "2026 Tariff Adjustment Plan," which will implement provisional import tax rates lower than the most-favored-nation rate for 935 items starting January 1, 2026, to enhance the linkage between domestic and international markets [1] - The National Immigration Administration expects daily inbound and outbound travelers during the New Year holiday to exceed 2.1 million, a 22.4% increase compared to the same period last year [1] - The Ministry of Finance reported that state-owned and state-controlled enterprises generated total operating revenue of 7,562.576 billion yuan in the first 11 months of this year, reflecting a 1% year-on-year growth [1] - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital currency, with a new digital yuan measurement framework set to launch on January 1, 2026 [1] - The State Administration for Market Regulation has released the "Food Additive Production License Review Guidelines (2025 Edition)" to regulate the production licensing of food additives and enhance supervision [1] Group 2 - As of the 28th, the Xinjiang Oilfield of China National Petroleum Corporation has achieved a carbon dioxide injection volume exceeding 1 million tons this year, becoming the first oilfield in China to reach this milestone [2] - Data indicates that by 2025, the cargo throughput of the Yangtze River trunk line ports is expected to exceed 4.2 billion tons, with the Three Gorges Hub's throughput projected at 170 million tons, representing year-on-year growth of 4.8% and 8.7% respectively [2] Group 3 - In October, the amount involved in global trade friction measures decreased by 7.3% year-on-year, although it remains at a high level [3] - Driven by increased safe-haven demand and bullish technical indicators, silver futures prices on the New York Commodity Exchange surpassed $80 per ounce for the first time on the 28th, setting a new historical high, followed by significant price fluctuations [3] Group 4 - The Sudan Mineral Resources Company announced that the country's gold production is expected to reach 70 tons in 2025, exceeding the target by 13% [4] - The National Medical Insurance Administration reported that from January to November, the total income of the basic medical insurance fund (including maternity insurance) was 2,632.068 billion yuan, while total expenditures were 2,110.046 billion yuan, indicating stable overall operation of the fund [4] - The National Forestry and Grassland Administration has implemented strong measures during the 14th Five-Year Plan period to accelerate the revitalization of forestry and grassland seedlings, collecting and preserving 147,400 samples of forest and grassland germplasm resources, a 180% increase compared to the end of the 13th Five-Year Plan [4]

Core Insights - The Tarim Oilfield has achieved a historic milestone with the combined annual oil and gas production of the Hudson and Fuman oilfields exceeding 5 million tons, marking a significant contribution to China's energy security and local economic development [1][2] Group 1: Production Achievements - The Hudson and Fuman oilfields, located in the Taklamakan Desert, have reached an annual production capacity of over 5 million tons, establishing a new growth point for China's crude oil reserves [1] - The Fuman oilfield has been recognized as the largest and most efficient super-deep oilfield in China, with an average annual production increase of over 500,000 tons over the past five years [2] Group 2: Technical Innovations - The Tarim Oilfield has made significant advancements in engineering technology, successfully addressing challenges associated with ultra-deep drilling, including extreme conditions and difficult geological formations [2] - The oilfield has drilled 186 ultra-deep wells exceeding 8,000 meters, with an average drilling depth surpassing 8,300 meters, making it the oilfield with the most ultra-deep wells in China [2] Group 3: Future Plans - The management of the Tarim Oilfield aims to continue enhancing geological theories and engineering technologies to maintain stable production at 5 million tons and strengthen energy security [3]

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 投资有风险，入市需谨慎。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 每日核心期货品种分析 发布日期：2025 年 12 月 29 日 商品表现 数据来源:Wind、冠通研究咨询部 期市综述 截止 12 月 29 日收盘，国内期货主力 ...

Market Performance - The three major A-share indices showed mixed performance on December 29, with the Shanghai Composite Index up 0.04% to 3965.28 points, while the Shenzhen Component Index fell 0.49% to 13537.1 points and the ChiNext Index dropped 0.66% to 3222.61 points [2] - A total of 1993 stocks rose while 3325 stocks fell across the exchanges, with a total trading volume of 21,393 billion yuan, a decrease from the previous day's 21,601 billion yuan [3] Sector Performance - The defense and military sector saw strong gains, with several stocks hitting the daily limit or rising over 10%, including Aerospace Huanyu and Guangwei Composites [5] - The oil and petrochemical sector led the market, with stocks like Intercontinental Oil and Unified Shares reaching the daily limit, while several banks also experienced gains of over 3% [5] - The lithium battery supply chain faced declines, with significant drops in retail stocks and sectors like Hainan Free Trade Zone and cross-border e-commerce [2][5] Market Outlook - Citic Securities indicated that the A-share market has entered a cross-year rally, driven by positive signals from the Shanghai Composite Index and optimistic expectations from institutional investors [7] - The market is expected to experience a "spring surge" as liquidity improves and policy expectations rise, with the overall market showing signs of strength [7] - Guosheng Securities noted that while the market is still in a phase of adjustment, there are opportunities for investors to position themselves ahead of potential upward movements [8] Investment Recommendations - Huatai Securities suggested that despite a short-term market adjustment, there is potential for a spring rally, recommending investments in sectors such as batteries, chemicals, military, and consumer goods [9] - The report emphasized the importance of focusing on stocks with pricing power and policy support within these sectors [9]

同时，他们常态化开展硫化氢防护技能培训和应急演练，提升员工的风险辨识能力和应急处置水平，确保涉硫化氢安全生产运行"可防、可治、可控"，为 油藏经营管理水平提档升级提供安全保障。(大众新闻记者顾松通讯员吴木水罗楠) 今年以来，胜利油田河口采油厂聚焦"硫化氢零伤害"核心目标，创新推行"一井一策、一站一策"差异化管控模式，构建起"源头治理+过程管控+末端防 护"的全链条防控体系，统筹推进五项重点措施落地见效。 ...

Core Insights - The Xinjiang Oilfield CO2 Capture, Storage, and Utilization Project has achieved a significant milestone by surpassing an annual CO2 injection of 1 million tons, marking it as China's first oilfield to reach this level, indicating a major step forward in the country's CO2 capture and storage capabilities [1][3] Group 1: Project Overview - The project is located in the Junggar Basin and involves capturing and purifying CO2 emissions from industrial processes, which are then injected into oil reservoirs for reuse and storage [1] - The project began in 2019 with a pilot test for CO2 miscible flooding and has since developed into a demonstration project for CO2 capture and storage [1] - The current daily CO2 injection rate has increased to over 4,800 tons, showcasing significant improvements in both cumulative injection and oil recovery effectiveness [1] Group 2: Industry Context - The Junggar Basin is a crucial energy base in China, rich in oil, gas, and coal resources, with an estimated oil and gas resource volume of 19.9 billion tons [5] - The geological reserves of oil reservoirs suitable for CO2 flooding in the Xinjiang Oilfield have reached a billion-ton level [5] - The surrounding economic zone is characterized by heavy industries such as coal power, coal chemical, steel, and metallurgy, which are high energy-consuming and high-emission sectors, providing favorable conditions for the development of CO2 capture and storage industry clusters [5]

Core Viewpoint - The price of silver has surpassed that of oil for the first time in 45 years, driven by strong demand for the precious metal and an oversupply of oil leading to lower fuel prices [3]. Group 1: Silver Market Dynamics - Silver prices have reached a record high of $76.486 per ounce, significantly higher than the $56.74 per barrel price of U.S. crude oil [3]. - Demand for silver is robust from both investors and industrial buyers, particularly in sectors like solar energy, where nearly 30% of annual silver production is consumed [4]. - The competition for silver is intensifying as industrial buyers, including those in the solar panel industry, compete with investors who are shifting from gold to more affordable silver [4]. Group 2: Investment Trends - The surge in gold prices has led to increased silver imports in countries like India, where silver is favored by savers [5]. - Exchange-traded funds (ETFs) are also seeing a shift, with the largest silver ETF, iShares Silver Trust, priced at $71.12 per share, compared to the SPDR Gold Trust at $416.74 per share [5]. - The supply of silver is constrained, as it is primarily a byproduct of mining other metals, and the global pure silver reserves are nearly depleted [5]. Group 3: Price Predictions and Market Sentiment - Silver bulls argue that the gold-silver ratio is around 60, suggesting potential for silver prices to rise significantly [6]. - Conversely, some analysts predict a decline in precious metal prices, forecasting silver to drop to around $42 per ounce by the end of next year [7]. - The oil market is also under pressure, with expectations of a 21% drop in oil prices by 2025, which could further impact the silver market if the price ratio reverses [8].

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 年末ETF市场火爆，总规模首破6万亿元 12月15 - 19日A股主要指数震荡攀升，ETF市场提前"嗨翻"。12月最后冲刺周，国内ETF总规模单周暴增 2004亿元，首破6万亿元。股票型ETF单周揽资1330亿元，宽基指数贡献85%；债券型ETF规模首破8000 亿元，增量创下单周新高。中证A500挂钩ETF成"带头大哥"，12月单月规模暴增1066亿元，还带飞多只 宽基指数。多家头部机构ETF规模增长显著。详情>> 天风策略：2026年A股等主要资产排序预测 天风研究预计2026年主要资产排序为A股＞美股＞铜＞黄金＞美债（含票息）＞人民币＞中债＞美元＞ 原油。宏观上，欧美财政扩张，美国货币温和宽松，制造业有望底部回升。美股虽有望收涨但动能或 弱，美债收益率有降有震荡，人民币有望温和升值，贵金属、商品走势有别，中国资产"股强债弱"格局 或延续。详情>> 国家创业投资引导 ...