Group 1 - The Ministry of Commerce and other departments have released the implementation details for the 2026 vehicle trade-in subsidy, offering a maximum subsidy of 20,000 yuan for consumers who scrap older vehicles and purchase new energy or low-emission vehicles [2] - The new revenue-sharing model for movies on iQIYI will take effect from January 15, 2026, covering both online story films and short window period films [3] - The National Development and Reform Commission has announced the early batch of "two heavy" project lists and central budget investments for 2026, totaling approximately 295 billion yuan, aimed at accelerating the pace of fund allocation and usage [4] Group 2 - Shenzhen Yujiang Technology Co., Ltd. has initiated the process for its A-share listing, with the underwriting broker being Guotai Junan Securities [5][6] - Xiaomi's chairman Lei Jun has postponed a New Year's live stream due to health issues, emphasizing the importance of health [7] - Weijing Medical has completed a B+ round financing of over 100 million yuan, with exclusive investment from Guotai Junan Innovation Investment Co., Ltd. and additional investment from strategic shareholder Kangji Medical [7] Group 3 - SoftBank has completed an additional investment of $22.5 billion in OpenAI, raising its total stake to approximately 11% [8] - Jin Xun Resources plans to globally issue 36,765,600 H-shares at a price of 30.00 HKD per share, with trading expected to begin on January 9, 2026 [9] - Changxin Technology has submitted its prospectus for listing on the STAR Market, reporting a revenue of 32.084 billion yuan for the first three quarters of 2025 [10] - OmniVision Technologies plans to globally issue 48,500,000 H-shares at a maximum price of 104.80 HKD per share, with trading expected to start on January 12, 2026 [11] Group 4 - The U.S. government has approved Samsung and SK Hynix to export chip manufacturing equipment to China in 2026, benefiting from exemptions from export restrictions [12]

Group 1 - The number of initial jobless claims in the U.S. unexpectedly decreased by 16,000 to 199,000, marking the lowest level since late November [4][5] - The labor market remains stagnant, influenced by significant policy shifts under the Trump administration, including increased import tariffs and immigration restrictions [4] Group 2 - The U.S. is discussing enhanced security guarantees for Ukraine with European leaders, focusing on conflict de-escalation mechanisms [7] Group 3 - Alphabet Inc. achieved its best annual performance on Wall Street since 2009, with a stock price increase of 65% for the year, outperforming other major tech companies [9][10] - The stock price of Alphabet saw a significant recovery after hitting a low in April 2025 due to trade threats, with gains exceeding 100% thereafter [10] Group 4 - Investor Michael Burry clarified that he is not currently shorting Tesla, despite previously labeling its valuation as excessive [12] Group 5 - The 10-year U.S. Treasury yield recorded an overall decline for the year but rose on the last trading day, closing at 4.163% [14][15] Group 6 - Gold and silver prices fell, but are still expected to achieve their largest annual gains in over 40 years [17]

Group 1 - The core viewpoint of the article is that China has quietly introduced a new regulation requiring chip manufacturers to ensure that at least 50% of the equipment used in new capacity additions is sourced from domestic suppliers [1] - This regulation is not yet formalized in any legal text, but companies applying for government approval to build or expand wafer fabs have been asked to provide proof that at least 50% of their equipment procurement expenditures are allocated to local suppliers [1] - Relevant authorities have indicated that the 50% requirement is merely a baseline, with the long-term goal being the complete localization of wafer and chip manufacturing equipment in China [1]

Group 1 - Longxin Technology has submitted its prospectus to the Shanghai Stock Exchange, aiming to raise 29.5 billion yuan for three projects, including technology upgrades for memory chip production lines and R&D for DRAM technology [1][3] - The company, established in 2016, has become the largest and most advanced DRAM manufacturer in China, adopting an IDM (Integrated Device Manufacturer) model similar to global giants like Samsung and SK Hynix [1][4] - Longxin's product offerings include DDR and LPDDR memory solutions, with recent advancements in DDR5 and LPDDR5X products that rank among the industry's top in speed and capacity [4] Group 2 - Despite significant revenue growth, Longxin has faced substantial losses, with cumulative losses reaching 40.86 billion yuan by mid-2025, attributed to high R&D and capital expenditures during its rapid capacity expansion phase [6][7] - The company has invested 15.21 billion yuan in R&D from 2022 to 2024, representing 36.60% of its cumulative revenue, with a workforce of 4,143 R&D personnel [6][9] - Longxin's gross margin has been negative in previous years, but it is projected to improve significantly in 2025, with expectations of achieving profitability by 2026 [8][11] Group 3 - Longxin's market share in the global DRAM market is currently only 3.97%, while major competitors like Samsung and SK Hynix dominate with over 90% combined market share [8] - The company has a complex shareholder structure with no single controlling shareholder, which includes various state-owned and private investors [10] - Longxin's future growth is supported by favorable market conditions and government policies, with expectations of increased production capacity to meet rising global demand [12]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The competition among AI models, particularly between Gemini, OpenAI, and Claude, is expected to enhance user experience and drive advancements in model capabilities [3][7]. - The competition in computing power between Nvidia and Google TPU is intensifying, with Google leveraging its TPU architecture to improve total cost of ownership (TCO) [5][7]. - The semiconductor manufacturing landscape is evolving, with TSMC and Samsung competing in AI chip production, which may accelerate capacity expansion in the AI chip foundry sector [6][7]. Summary by Sections Model Section - Recent releases from Google, including Gemini 3 Pro and others, have heightened market interest and impacted competitors like OpenAI and Claude, leading to a competitive environment that fosters model capability improvements [3]. Computing Power Section - Google is advancing its TPU technology, particularly with the TorchTPU initiative aimed at optimizing the performance of the PyTorch framework on its TPU chips, which could enhance its competitive stance against Nvidia [5]. Capacity Section - AI chip startup Groq has entered a non-exclusive licensing agreement with Nvidia for inference technology, utilizing Samsung's manufacturing capabilities, which may intensify competition in the AI chip foundry market and prompt TSMC to accelerate its production efforts [6].

Market Overview - The three major indices opened higher, with the education sector leading the gains. As of the market opening, the Shanghai Composite Index was at 3968.73, up 0.09%; the Shenzhen Component Index was at 13627.26, up 0.17%; and the ChiNext Index was at 3247.74, up 0.15% [1]. Policy Announcements - The National Development and Reform Commission and the Ministry of Finance have allocated 625 billion yuan in special long-term bonds to support the consumption of old goods in the first batch for 2026 [1]. - The Ministry of Finance and the State Taxation Administration announced a new policy on the value-added tax for individuals selling homes, with a 3% tax rate for properties held for less than two years and exemption for those held for two years or more [1]. - The Ministry of Industry and Information Technology, along with three other departments, issued a plan for the digital transformation of the automotive industry, promoting the large-scale application of intelligent robots in various manufacturing processes [1]. - The Ministry of Commerce and eight other departments released the implementation details for the 2026 vehicle trade-in subsidy, offering up to 20,000 yuan for scrapping eligible old vehicles and purchasing new energy vehicles [1][2]. Industry Developments - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and trade-in policy for consumer goods, providing a 15% subsidy for energy-efficient home appliances and a maximum of 1,500 yuan per item [2]. - The Ministry of Education plans to advance artificial intelligence in education, with policies expected to be released next year to enhance AI education and applications [2]. Corporate Announcements - Aoyuan Ceiling announced a change in its actual controller to Shi Qiming, and its stock has resumed trading. Dongjie Intelligent has terminated its major asset restructuring plan, and its stock has also resumed trading [4]. - Salt Lake Co. plans to acquire a 51% stake in Minmetals Salt Lake for 4.605 billion yuan to accelerate the development of a world-class salt lake industry base. Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan [4]. - China National Airlines plans to purchase 60 Airbus A320NEO aircraft, with a total catalog price of approximately 9.53 billion USD [6]. - Guotou Zhonglu intends to issue shares at a premium of 147.4% to acquire 100% of China Electronics Engineering Design Institute for 6.026 billion yuan [6]. Market Sentiment - Citic Securities reported an increase in expectations for the appreciation of the RMB, which is favorable for the performance of RMB-denominated equity assets. The central bank is expected to adopt more flexible policy tools, focusing on domestic demand [10].

盘前要闻 1、2026年以旧换新政策公布，涉及汽车、手机、平板、智能眼镜等 类型：宏观 情绪影响：正面 发改委、财政部联合发文，明确2026年"两新"政策的支持范围、补贴标准和工作要求。2026年国补主要 有四类，即汽车报废、汽车置换、家电和数码、智能产品。与2025年国补相比，少了家装、电动自行车 两大类。数码国补对象是手机、平板、智能手表手环、智能眼镜等4类产品，相比2025年新增了一项智 能眼镜。 2、美政府已颁发许可证，批准三星和SK海力士向中国出口芯片制造设备 类型：行业 情绪影响：正面 路透社报道称，据消息人士透露，三星和SK海力士已获美国批准，在2026年向中国出口芯片制造设 备。在今年早些时候撤销一些科技公司在美国芯片制造设备出口方面的许可豁免后，美国暂时松绑了对 韩国企业的限制。 3、四部门发文推动汽车行业数字化转型，推动智能机器人规模化应用 类型：行业 中国12月PMI数据将公布 机构观点 利好利空前瞻 情绪影响：正面 工信部等四部门联合印发《汽车行业数字化转型实施方案》。方案提出，组织行业"人工智能+"应用行 动，遴选一批人工智能创新应用标杆案例；推动智能机器人在焊接、喷涂、总装等环节规 ...

Group 1 - The Chinese government will adjust the scope and intensity of the "national subsidy" policy for the replacement of old consumer goods in 2026, maintaining overall stability while making some changes compared to 2025 [2] - The State Council has released the implementation regulations for the Value-Added Tax (VAT) Law, which will take effect on January 1, 2026, impacting approximately 6 trillion yuan in VAT revenue [4] - The Ministry of Finance and the State Taxation Administration announced a reduction in the VAT rate for individuals selling homes from 5% to 3% starting January 1, 2026, for properties held for less than two years [5] Group 2 - The Ministry of Education plans to introduce policies next year to promote the integration of artificial intelligence in education, aiming to develop a future-oriented educational system [6] - The Ministry of Civil Affairs will establish a minimum living guarantee standard filing system to prevent issues like "raising standards while reducing beneficiaries" [7] - The successful launch of the Shijian-29 satellite by China on December 31, 2025, marks the 623rd flight of the Long March series of rockets [8] Group 3 - The U.S. government has approved South Korean companies to export chip manufacturing equipment to China, indicating a temporary easing of restrictions [11] - Meta has acquired Manus, marking its third-largest acquisition in history, which recognizes Manus's work in the field of general AI agents [17] - The U.S. stock market experienced a slight decline, with the S&P 500 index falling for the third consecutive day, reflecting mixed performance among large tech stocks [18]

一、国际新闻 国际贵金属市场波动显著，纽约期银价格在日内经历剧烈震荡，先后突破77美元/盎司和78美元/盎司关 口，日内涨幅一度达到10.70%，随后回落并失守75美元/盎司，日内跌幅达4.07%[1][2][3]。 现货白银同步呈现宽幅震荡，日内涨幅最高达8.17%并突破78美元/盎司，最终失守75美元/盎司，日内 跌1.65%[4][5][6][7]。 美国金融市场方面，周二美股三大指数小幅收跌，道指跌0.20%，纳指跌0.24%，标普500指数跌 0.14%；大型科技股涨跌分化，Meta、英特尔涨超1%，特斯拉跌超1%[8]。 纳斯达克中国金龙指数收跌0.18%，成分股中金生游乐跌12.93%，1药网跌8.04%，而百度、蔚来等个股 在盘中曾推动指数涨超1%[9][10]。 来源：喜娜AI 地缘政治与贸易政策方面，美国政府已颁发许可证，批准三星和SK海力士2026年向中国出口芯片制造 设备，此前美国于8月撤销相关豁免政策，此次为暂时松绑[20]。 印度宣布对非合金钢和合金钢扁平材征收11%-12%的保障措施关税，有效期至2028年4月20日[21]。 二、国内新闻 中国企业融资与市场动态方面，MiniM ...

2025年，中国的表现格外引人注目。英国《经济学人》杂志刊文称，尽管面对美国的关税战压力，中国国内生产总值在今年前三季度仍 然实现了5.2%的同比增长。截至今年11月，MSCI中国指数的涨幅已经跑赢了标普500指数。在这一年里，中国本土芯片制造商和人工智 能企业迎来繁荣，降低了对外国"卡脖子"技术的依赖。随着对美贸易被转移，中国对世界其他地区的货物贸易出口在2025年前11个月同比 增长6.2%。"'中国不可投资'的论调已不攻自破。"文章称。 《经济学人》另一篇文章认为，华盛顿的"美国优先"政策为中国扩大全球影响力提供了新机遇。中国把自己塑造成一个"更可靠的合作伙 伴"，尤其是在全球南方国家中。 将目光投向美国。"特朗普回归后的第一年。"美国《纽约时报》说，他以惊人的速度发布行政命令，截至12月18日共发布了225项，几乎 是40多年时间里其他美国总统在第一年执政时的近3倍。与此同时，本届政府招致大量诉讼，截至目前，已经有358起诉讼，其中149起部 分或完全阻止了政府的举措。 报道称，特朗普主张"美国优先"，这种理念最明显的体现是他征收关税，这是其国际经济政策的核心。4月2日，特朗普对进口商品征收 10%的 ...