Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Futec Technology, indicating a decline in stock price and significant trading volume on December 30 [1] - As of December 30, Futec Technology's financing balance reached 106 million yuan, accounting for 2.34% of its market capitalization, which is above the 70th percentile of the past year [1] - The company reported a revenue of 2.559 billion yuan for the period from January to September 2025, representing a year-on-year growth of 116.31%, with a net profit of 137 million yuan, up 65.94% year-on-year [2] Group 2 - Futec Technology has a total of 9,070 shareholders as of December 19, 2025, reflecting a 1.80% increase from the previous period, while the average circulating shares per person decreased by 1.76% [2] - The company has distributed a total of 1.9983 million yuan in dividends since its A-share listing [3] - As of September 30, 2025, notable changes in institutional holdings include the exit of several funds from the top ten circulating shareholders [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Continue to be bullish on equity assets in 2026, maintaining a "slow bull" pattern. However, the narrative of liquidity will weaken marginally, and the expectation of economic rebound remains weak, so the increase in 2026 may be smaller than that in 2025 [3][8] - Structurally, it is more optimistic about the opportunities in technology growth stocks and the profit repair direction of enterprises in the "anti-involution" line. It is more bullish on IM. If incremental policies for real estate and consumption are implemented, low-valued sectors have the dual opportunities of profit and valuation repair, and IF can be allocated [5] 3. Summary According to Relevant Catalogs External Environment - **Sino-US Relations**: Before the US mid-term elections in 2026, Sino-US frictions will continue, but they are more of a means of game, and the probability of a significant increase in tariffs is small. Sino-US relations will be in a period of phased relaxation. Pay attention to the possible visit of Trump to China in April 2026, which may cause significant market fluctuations [5][16] - **US Interest Rate Policy**: The recent rise in the US unemployment rate to 4.6% and the decline in core CPI to 2.6% in November provide a basis for interest rate cuts. It is expected that there will be 2 - 3 interest rate cuts in 2026, with a space of 50 - 75BP [18] - **Global Capital Flow**: With the continuation of the global interest rate cut process, overseas funds' allocation demand is expected to further spill over to emerging markets. Chinese equity assets are cost-effective, and overseas funds are expected to contribute more marginal increments to the domestic market. However, Japan's interest rate hike to 0.75% may disrupt global capital spillover and weaken the capital spillover effect [23] Domestic Judgment - **Policy Orientation**: Fiscal policy remains positive, and monetary policy is moderately loose. The support at the macro level has not increased. The real estate market is in the deep - water area of stability, and policies to expand consumption are expected. The main lines of new quality productivity and anti - involution remain unchanged. Capital market policies aim to enhance internal market stability, with strict supervision as the norm [28][31] - **Economic Situation**: GDP growth rate will remain relatively stable at around 4.9% in 2026. Economic stability depends on the central government's borrowing. Manufacturing investment and infrastructure construction investment are expected to pick up in 2026, while the real estate market is still in a downturn. Domestic consumption improvement has fallen short of expectations, and exports may still drive GDP growth next year [34][35][38] - **Market Liquidity**: The A - share market will maintain sufficient liquidity in 2026. Incremental funds come from retail investors' new accounts, margin trading funds, index ETFs, dividend reinvestment, foreign capital, and long - term funds (insurance funds). However, attention should be paid to the impact of shareholder reductions and net outflows of southbound funds, as well as the IPO progress [52] Structural Judgment - **Industry Growth**: The economic growth engine is shifting, and structural opportunities still exist in 2026. Traditional industries such as real estate, construction, coal, and food and beverage are still under pressure of negative growth, while industries representing cutting - edge technologies such as computer, electronics, and power equipment maintain growth. Non - ferrous metals also benefit from technologies such as AI [62] - **Growth vs. Value Stocks**: The strength of domestic growth stocks and value stocks is highly correlated with the yield of the 10 - year US Treasury bond. It is expected that the US will cut interest rates 2 - 3 times in 2026, and the yield of the US Treasury bond has room to decline further, so growth stocks are expected to remain strong [70] - **Index Allocation**: From an absolute valuation perspective, the valuations of the Shanghai Stock Exchange 50 and CSI 300 are both below 15 times, with allocation value. If incremental policies for real estate and consumption are implemented, low - valued sectors have the dual opportunities of profit and valuation repair, and IF can be allocated. The absolute valuations of the CSI 500, CSI 1000, ChiNext, and STAR 50 have increased significantly, pending verification of profit fundamentals. Among the four major index futures, the CSI 1000 has the highest annualized basis rate, which can provide a safety cushion, and can be allocated when its annualized basis rate is higher than 15% [71][75]

Core Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a significant shift from a niche category to a major player in the market [36][37] - The gaming industry is also noted for its robust growth, with a focus on AI applications enhancing operational efficiency and product innovation, suggesting a positive outlook for companies in this sector [15][17] - The report emphasizes the importance of policy improvements and technological advancements in driving the performance of various sectors, including media and entertainment, as well as new materials [17][29] Market Performance - The A-share market has shown slight upward movement, with various sectors such as financials, petrochemicals, and aerospace leading the gains, while energy metals and pharmaceuticals lagged behind [6][10][11] - The report indicates that the average P/E ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, suggesting a favorable environment for medium to long-term investments [9][10] Industry Analysis - The animation film sector has seen a significant increase in box office contributions, with top films like "Nezha 2" and "Zootopia 2" leading the charge, indicating a growing consumer preference for animated content [36][37] - The gaming industry is projected to continue its upward trajectory, driven by a combination of market demand and technological integration, particularly in AI [15][17] - The new materials sector is expected to benefit from increasing demand in manufacturing and technological innovation, with a strong emphasis on sustainable practices [21][29] Investment Recommendations - The report suggests focusing on companies within the gaming and animation sectors that are leveraging AI technologies for growth, as well as those in the new materials industry that are positioned to capitalize on market trends [17][29] - Specific companies such as Jiubite, Perfect World, and Light Media are highlighted as potential investment opportunities due to their strong market positions and growth prospects [17][18]

Group 1 - The new mandatory national standard for electric vehicle energy consumption, effective January 1, 2026, sets stricter limits on energy consumption compared to the previous recommended standard, tightening by approximately 11% [1][2] - For vehicles weighing around 2 tons, the new standard mandates that energy consumption should not exceed 15.1 kWh per 100 kilometers, leading to an average increase of about 7% in driving range after technical upgrades [1][2] - The implementation of this standard is expected to enhance the actual driving range and reduce operating costs for consumers, ultimately providing a more economical and reliable green travel experience [2][3] Group 2 - The establishment of the new standard is part of a broader initiative to accelerate energy consumption limit upgrades in the automotive industry, aligning with national carbon reduction goals [3][4] - The standard aims to transition the industry from a model focused on large batteries for extended range to a more refined approach emphasizing high efficiency and low energy consumption [4][5] - Approximately 40% of current vehicle models do not meet the new standard, necessitating technical upgrades to avoid being phased out, which will drive increased investment in core technologies such as lightweight design and battery efficiency [4][5][6] Group 3 - The new standard will also require manufacturers to provide energy consumption data under various temperature conditions, ensuring consumers are well-informed about vehicle performance in different climates [3][4] - The implementation of the standard is expected to promote advancements in automotive energy-saving technologies and gradually phase out high-energy-consuming models, supporting the industry's transition to high-quality development [6]

善于识变应变求变，于变局中稳大局、开新局，是我们党领导人民战胜一切风险挑战、牢牢把握战略主 动的重要方法。 2026年我们将迎来"十五五"开局之年。党的二十届四中全会深刻把握世界大势和时代潮流，就"十五 五"时期我国发展面临的环境作出重大判断，对事关全局的战略任务进行顶层设计和战略擘画。全会审 议通过的"十五五"规划建议，事关我国未来5年发展的新蓝图，是以习近平同志为核心的党中央发扬历 史主动精神的重要体现，是我们党准确识变、科学应变、主动求变的实践成果，为我们掌握主动、赢得 未来提供了重要遵循。 确保"十五五"开好局、起好步，一个重要方面就是增强识变应变求变的自觉和本领，以历史主动精神克 难关、战风险、迎挑战，奋力开创中国式现代化建设新局面。 （一） 正确判断形势是科学决策的重要前提。 保持战略清醒，面对前进道路上必然会遇到的风险挑战、矛盾问题，始终做到胸中有数，正是我们掌握 历史主动的重要基础。 习近平总书记指出，"正确认识党和人民事业所处的历史方位和发展阶段，是我们党明确阶段性中心任 务、制定路线方针政策的根本依据"。 从直面"三期叠加"的复杂局面，作出我国经济发展进入新常态的判断，到把握结构失衡、环境 ...

Core Viewpoint - The Federal Reserve's meeting minutes did not alter expectations for two interest rate cuts next year, leading to slight declines in major U.S. stock indices [1] Group 1: U.S. Stock Market Performance - The three major U.S. stock indices closed with minor declines: Nasdaq down 0.24%, Dow Jones down 0.2%, and S&P 500 down 0.14% [1] - Large technology stocks showed mixed performance, with Intel and Meta rising over 1%, while Tesla fell over 1% and Apple, Nvidia, and Netflix experienced slight declines [1] Group 2: Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 0.27%, with notable movements in popular Chinese stocks: Baidu rose by 4.5%, Xpeng by 3.8%, and NIO by 3.2% [1] - Other Chinese stocks such as Li Auto increased by 0.5%, while Alibaba fell by 0.6%, Yum China by 1.4%, Pony.ai by 1.7%, and JD.com by 1.8% [1]

【导读】美联储公布了2025年最后一份会议纪要，以白银为代表的金属在高位跳水后反弹，特朗普再次 威胁起诉鲍威尔 中国基金报记者 储是 隔夜美股市场连续收跌，美联储公布了2025年最后一份会议纪要。从历史高位跳水的白银、铜等金属日 内显著反弹。 美联储公布今年最后一份会议纪要 美东时间12月30日（周二），美股三大指数连续第三个交易日微幅收跌。截至收盘，标准普尔500指数 下跌0.14%，纳斯达克综合指数下跌0.24%，道琼斯工业平均指数下跌0.20%。 美联储公布了2025年最后一份会议纪要，12月会议纪要显示，FOMC在12月会议上同意降息，但官员们 分歧严重。 一些与会者表示，根据他们的经济展望，在本次会议下调利率区间后，可能需要在一段时间内保持目标 利率区间不变。纪要也显示，如果通胀如预期般逐步下降，大多数官员认为进一步降息是合适的。委员 们一致认为，准备金余额已经下降到充足的水平，委员会将根据需要开始购买短期国债，以持续保持充 足的准备金供应。他们还同意取消对常备回购操作的总额限制。 Meta官宣收购AI智能体公司Manus 大型科技股涨跌不一。脸书涨幅超过1%，亚马逊、微软、谷歌小幅上涨0.20%、 ...

今日关注 新股上市：新广益（创）、蘅东光（北） 国务院台湾事务办公室12月31日举行新闻发布会，就近期两岸热点问题回答记者提问。 国家发展改革委召开12月份新闻发布会。 小米集团董事长雷军举行跨年直播，请工程师现场拆车。 国家主席习近平发表二〇二六年新年贺词。 香港交易所交易半日，12时08分与12时10分之间随机收市。 京东与宇树科技正式推出首家线下门店，12月31日正式开业。 第十二届全国大众冰雪季暨陕西省第十二届滑雪大会启动仪式于12月31日启幕。 纳米盒与微光科技联合研发的全球首款智能学习眼镜于12月31日启动全球限量预售，预计明年1月中旬 正式上市。 未来MARS系列具身智能机器人全球首发盛典于12月31日举办。 今日有260亿元7天期逆回购到期。 日韩德法交易所休市一日。 英国-伦敦证券交易所提前于北京时间20:30收市。 上金所、上期所、郑商所、大商所无夜盘交易。 经济数据：美国上周初请失业金人数、中国12月官方制造业PMI。 隔夜市场 美国三大股指小幅收跌，道指跌0.2%报48367.06点，标普500指数跌0.14%报6896.24点，纳指跌0.24%报 23419.08点。 COMEX黄金 ...

一边是寸土寸金的深圳 一边是亟待发展的粤东汕尾 这块距离深圳市中心 约100公里的"飞地" 演绎着"特区带老区"的故事 俯瞰深汕特别合作区 约460平方公里的土地上 经历着翻天覆地的变化 荒山小村 变成了连片的现代化厂房 一栋栋学校、医院和保障房 拔地而起 这里，融入深圳 "敢闯敢试"的血脉 这里，见证深圳 新一代世界一流汽车城 核心承载区的无限潜力 风口上起飞的"汽车城" "开拓者1号""深圳号" "郑州号""常州号" …… 比亚迪巨轮组成汽车"出海舰队" 相继在小漠国际物流港停靠 一辆辆新能源汽车驶入船舱 发往欧洲、东南亚、南美洲等国际市场 比亚迪"深圳号"停靠小漠国际物流港 作为粤东深水良港 小漠国际物流港 是海上"高速路"的入口 11条滚装外贸航线 织就四通八达的网络 为新能源汽车通往海外市场 架起"黄金走廊" 小漠国际物流港 如今的深汕热火朝天 通港大道一路向东 串联起 零部件生产、整车制造、出口运输 从工厂到港口 不到5分钟车程 新能源汽车一脚油门直接开上船 比送快递还利索 深汕比亚迪汽车工业园一期 深汕比亚迪汽车工业园二期 曾经 "农渔四镇""经济洼地" 是鹅埠、小漠、赤石、鲘门的标签 如今，全 ...

Group 1: Market Overview - US stock market continues slight adjustments, with Dow Jones down 0.2%, Nasdaq down 0.24%, and S&P 500 down 0.14% [1] - Notable stock movements include Meta up 1.10%, Microsoft up 0.08%, and Tesla down 1.13% [1] Group 2: Federal Reserve Insights - Federal Reserve meeting minutes indicate that "most" officials expect it to be appropriate to continue rate cuts after December, with some advocating for a period of inaction [2] Group 3: Technology and Investment Developments - US government has issued licenses allowing South Korean companies to export chip manufacturing equipment to China [3] - Amazon plans to invest up to $50 billion in AI systems for US government agencies [3] - Musk confirms xAI has acquired a third building, with training computing power approaching 2 gigawatts [3] - SoftBank has completed a $40 billion investment commitment to OpenAI [3] Group 4: Automotive Industry Updates - The National Development and Reform Commission and the Ministry of Finance announced a continuation and optimization of the vehicle trade-in policy for 2026, with subsidies for consumers trading in old vehicles for new energy vehicles [11] - The implementation details for the 2026 vehicle trade-in subsidy have been released, including specific subsidy amounts based on vehicle price [12] - The automotive trade-in program has reportedly driven over 1.12 million vehicle exchanges in the first 11 months of 2025, contributing to a sales increase of approximately 3.66 million vehicles [13] Group 5: Semiconductor Industry Developments - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, breaking the monopoly of US, South Korean, and Taiwanese firms in the DRAM market [10] - The company aims for a global DRAM market share of 15.6% by Q3 2026 [10] Group 6: AI and Data Center Trends - AI large models are driving the expansion of data centers, with a significant upgrade in demand for switches, particularly in the 400G and 800G segments [14] - The Chinese switch market is expected to see data center switches account for nearly 50% by 2024, with projections exceeding 50% by 2025 [14]