1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On December 25th, equity index futures rose while CGB futures declined; most commodities advanced, with Poly-Silicon, Platinum, and Silver leading the gains, and Palladium, Nickel, and Tin leading the decliners [2][10][12]. - TikTok will establish a joint venture in the United States, and the Chinese government hopes enterprises reach a solution compliant with Chinese laws and regulations and balanced in interests [1][37]. - China firmly opposes the US imposition of Section 301 tariffs on Chinese semiconductor products and has lodged strong representations [38]. - China actively promotes and facilitates compliant trade regarding possible relaxation of restrictions on rare earth magnet exports to the US [39]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On December 25th, equity index futures rose (IC rose by 1.0%, IM rose by 1.2%), CGB futures declined (TL dropped by 0.2%), most commodities advanced. The top three gainers in commodity futures were Poly-Silicon (up 4.8% with a 4.0% month-on-month increase in open interest), Platinum (up 4.5% with a 3.9% month-on-month rise in open interest), and Silver (up 2.6% with a 12.8% month-on-month decrease in open interest). The top three decliners were Palladium (down 7.7% with a 10.5% month-on-month decrease in open interest), Nickel (down 1.2% with a 5.1% month-on-month decline in open interest), and Tin (down 1.2% with a 5.0% month-on-month reduction in open interest) [10][11][12]. 3.1.2 Daily Raise - **Platinum**: On December 25, it rose 4.5% to 686.95 yuan per gram. In the medium to long term, the Federal Reserve's independence and liquidity easing provide upside momentum, supply disruption risks exist, and demand will expand steadily. A long-term bullish view is maintained. In the short term, it has entered a correction phase, with expected trading ranges of 1,800 - 2,400 USD per ounce for NYMEX platinum and 510 - 700 CNY per gram for GFEX platinum. Bull positions are recommended to gradually reduce holdings. Opportunities to go long on platinum and short on palladium are suggested when the platinum-palladium spread is low, and inter-market arbitrage opportunities between domestic and overseas markets should be monitored [17][18][19]. - **Silver**: On December 25, it rose 2.6% to 17,397 yuan per kilogram. It is in an accelerated rally, with a monthly gain of over 40% since late November and a 2025 gain nearing 150%. Short-term two-way volatility risks exist, and position risk management is needed. In 2026, the gold-silver bull market will continue, and silver's upside potential will be fully unlocked, with London spot silver targeting 50 - 100 USD/oz [26][27][28]. 3.1.3 Daily Dropped - **Palladium**: On December 25th, it fell 7.7% to 529.05 yuan per gram. In 2026, global palladium mine production and refined production are projected to rise by 0.3% and 2.1% respectively, while demand is expected to drop by 1.7%. A 16.9-tonne surplus in supply relative to demand is anticipated. It is in a long-term oversupply situation but has some downside support in the short term. NYMEX palladium is expected to fluctuate within 1,650 - 2,000 USD per ounce, and GFEX palladium between 460 - 600 CNY per gram. Previously, bull positions were advised to reduce holdings [31][32][33]. 3.2 China News 3.2.1 Macro News - The Chinese government hopes enterprises reach a solution compliant with Chinese laws and regulations and balanced in interests regarding TikTok's plan to establish a joint venture in the US [37]. - China firmly opposes the US imposition of Section 301 tariffs on Chinese semiconductor products and has lodged strong representations [38]. - China actively promotes and facilitates compliant trade regarding possible relaxation of restrictions on rare earth magnet exports to the US [39].

在合规监测方面，合规系统依托AI能力，实现对员工企微会话、直播间消息的实时扫描与敏感词预警，辅助将风控重心从事后追责向事前预防与事中干 预延伸，有助于更及时地应对误导宣传等业务风险。 此外，系统还通过智能化处理大量内容审核工作，如营销记录、研报、营销素材等，将合规人员从基础筛查工作中解放出来，使其能专注于复杂风险的分 析研判，提升合规工作的效率与精准度。配合直观的风险可视化界面，管理层能更清晰地把握整体风险状况，做出更合理的决策。 金律系统界面 在当前的市场环境下，期货公司面临风险管理与业务发展的双重考验。金信期货选择了一条务实创新的发展路径——将人工智能技术扎实应用于风控体系 建设，通过自主研发的"金律—智能风控系统"，有效提升了合规管理效能。这一实践不仅让公司获得了行业认可，也为服务实体经济提供了更为可靠的技 术保障。 构建智能风控体系 期货行业因其高杠杆、价格波动剧烈及跨市场关联性强的特性，对风控的全面性、及时性和穿透性提出了较高要求。金信期货基于对业务需求的深入理 解，致力于开发以"AI合规助手"为核心的智能风控系统。这一系统并不追求技术的"炫目"，而是注重解决实际问题。 据了解，这一合规系统覆盖客户 ...

然而，一个基于远期基本面的风险值得高度重视。世界铂金投资协会的最新报告预测显示，2026年铂市 场可能转向供需再平衡，甚至出现0.6吨的小幅过剩。该预测的前提是关税担忧缓解，交易所库存流出5 吨，且价格上涨促使铂ETF投资人获利抛售5吨。这意味着，当前市场交易的"供不应求"逻辑，进入 2026年后可能出现变化。目前铂价格的飙涨，已超前定价了远期的短缺预期，且当前市场情绪过于乐 观，与明年潜在的供需再平衡形成背离。 展望后市，贵金属板块在连续冲高后，短期市场情绪与价格表现出现分化。尤其是12月25日钯价格自高 位大幅回落，显示市场情绪已从单向乐观转向高波动、高敏感阶段。交易者需清醒地看到，部分品种价 格已明显脱离其基本面。当前，任何宏观预期的边际变化、监管态度的微调或外围市场的波动，都可能 触发获利盘集中了结，导致价格出现剧烈震荡与深度回调。 本轮铂价格大涨，源于多重因素的共振。核心在于贯穿2025年的"供不应求"结构性矛盾。在现货供应紧 张的背景下，宏观环境为贵金属价格上涨提供了支撑。 虽然美国三季度GDP增速加快至4.3%，显示经济仍在扩张，但消费者信心指数持续走弱。市场焦点在 于货币政策预期：特朗普关于美 ...

Group 1: Silver Market Dynamics - The Shanghai silver futures main contract surged over 5%, closing at 18,131 yuan per kilogram, while international spot silver opened at a record high of $73.7 per ounce, marking a significant increase [1] - Year-to-date, the spot silver price has risen nearly 150%, with a key breakout in August signaling a bullish trend, supported by momentum indicators reaching their highest levels since 2011 [3] - The ongoing AI boom is expected to sustain demand for silver in the electronics sector, with a positive outlook for the silver market through 2026 [3] Group 2: Fund Management and Investment Strategies - The Guotai Asset Management announced a limit on daily subscriptions for its silver fund to 100 yuan starting December 29, down from a previous limit of 500 yuan [6] - The fund's secondary market price has significantly exceeded its net asset value, with a premium reaching nearly 70%, prompting concerns about potential losses for investors [10] - The recent surge in the Guotai silver fund's price has attracted attention on social media, leading to discussions about arbitrage opportunities [12] Group 3: Nickel Market Developments - Indonesia is reportedly considering a significant reduction of 34% in its nickel production quota for 2026, which could indicate a major shift in resource management and market regulation [13] - The Shanghai nickel futures experienced volatility, with a decline of 1.22% in the main contract, influenced by market sentiment and profit-taking [14] - Analysts suggest that the nickel market remains oversupplied globally, and future price movements will depend on Indonesia's policy decisions and production cost changes [15]

受外盘铂、钯价格大幅冲高回落影响，12月25日，广期所铂、钯期货大幅低开，随后走势显著分化，铂期货盘中再创上市新高，主力2506合约报收于 686.95元/克，上涨4.51%；钯期货则维持较弱走势，报收于529.05元/克，下跌7.65%。 铂 2606 ▼ pt2606 期货 主力 700.90 15.96% 21.24万 振幅 高 量 686.95 657.30 40666 596.00 昨结 持仓 let 29.65 4.51% 625.00 645.35 +1519 今结 日增 开 分时 日K 周K 月K 王日 更多。 (0) 均价: 645.76 最新: 686.95 29.65 4.51% 718.60 9.33% 657.30. 0.00% -9.33% 598.00 15:00 09:00 | | V | 锂 2606 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | pd2606 期货 主力 | | | | | | 529.05 | 息 | 541.00 振幅 | | 4.42% | llall | 93335 | | 低 ...

消息面上，白银基金限购100元。国投瑞银白银期货证券投资基金（LOF）宣布从12月29日起，将A类 基金份额的定期定额投资金额上限重新下调至100元，C份额暂停申购。此前这一额度曾被放宽至500 元，以引导套利资金平抑溢价。 另外，国投白银LOF发布公告称，将于26日开盘起至10:30停牌后复牌，并警示二级市场交易价格存在 明显溢价风险。截至12月25日，该基金二级市场收盘价为2.804元，较12月24日的基金份额单位净值 1.9278元高出45%。 有专业人士分析，限购不是为了制造稀缺，而是因为在交易所持仓上限和公募禁止高杠杆的双重制度约 束下，这只白银LOF已经达到可承载规模的物理极限。如果放开申购，新增资金将无法按合同买入对应 的白银期货，只能闲置或买债，从而严重稀释仓位、制造巨大的跟踪误差，构成对持有人和监管的违约 风险。因此，限购是基金公司在制度约束下唯一能采取的合规止损手段，而不是主观选择。 值得注意的是，白银今年涨幅已接近150%，成为今年涨幅最高的贵金属品种。 12月24日午后，杭州一位"70后"向钱江晚报透露："太疯狂了，在白银LOF基金上赚了3万多元，今天跑 了。"这位投资者表示，她是9月 ...

（文章来源：每日经济新闻） 每经AI快讯，12月26日，上期所基本金属期货夜盘多数上涨，沪铜涨2.51%，沪镍涨1.35%，沪锡涨 0.96%，沪铝涨0.61%，沪锌涨0.43%，不锈钢涨0.08%，沪铅持平，氧化铝跌0.38%。 ...

12月25日（周四，圣诞节当日）美股全天休市，12月26日（周五）恢复全天正常交易。 债券市场同步调整，12月25日全天暂停交易。期货市场方面，CME旗下贵金属、美油、外汇期货合约 提前至北京时间25日02：45结束，股指期货合约则于02：15停止交易；ICE旗下布伦特原油期货合约交 易提前至03：00结束。 来源：环球市场播报 2025年圣诞节，美股及全球多个金融市场进入假期休市模式。根据纽约证券交易所和纳斯达克官方安 排，美股将迎来短期交易调整，投资者需提前做好仓位规划与资金安排，具体提醒如下： 美股休市安排 全球市场联动休市情况 港股同步进入圣诞假期，12月25日至26日全天休市，沪深股通北向交易暂停。欧洲主要市场中，伦敦、 法兰克福、巴黎等交易所12月25日休市，26日因节礼日继续暂停交易。澳大利亚、新加坡等亚太市场也 将按当地惯例休市，全球交易活跃度显著下降。 投资者注意事项 提前梳理未成交订单，12月24日提前收盘前未成交的限价单需关注有效性，避免因假期休市导致被动持 仓。美股当前实行T+1结算规则，节前交易的资金需在节后首个交易日完成清算，需合理规划资金周 转。 节后市场可能出现波动，历史数据显 ...

Core Viewpoint - Qingdao's capital market has shown resilience and vitality during the 14th Five-Year Plan period, contributing significantly to the high-quality development of the regional economy, with expectations to continue this trend into the 15th Five-Year Plan period [1] Group 1: Capital Market Development - Qingdao has seen an increase of 33 companies listed domestically and internationally over the past five years, bringing the total to 86, a 46% increase compared to the end of the 13th Five-Year Plan [2] - The number of domestic listed companies rose by 23 to 65, marking a 48% increase, positioning Qingdao third among northern cities, following Beijing and Tianjin [2] - The capital market ecosystem in Qingdao is continuously optimizing, with 1 company under review by the Beijing Stock Exchange and another by the Shenzhen Stock Exchange, alongside 25 companies in the counseling and filing stage [2] Group 2: Economic Impact - The total market value of Qingdao's domestic listed companies has steadily increased, with the securitization rate rising from 52% to 65%, an increase of 13 percentage points [4] - In 2024, the total revenue of Qingdao's domestic listed companies reached 649.1 billion yuan, and net profit was 45 billion yuan, representing growth of 50% and 54% respectively compared to 2020 [4] - In the first three quarters of 2025, revenue exceeded 500 billion yuan, with a year-on-year growth of 6.07%, surpassing the national average of 1.36% [4] Group 3: Industry Structure and Innovation - Qingdao's 65 domestic listed companies span 12 industry categories, with manufacturing being the dominant sector, comprising 47 companies across 18 sub-sectors [4] - There were 139 mergers and acquisitions in the past five years, a 72% increase from the 13th Five-Year Plan period, enhancing the industrial chain [4] - R&D expenditure for Qingdao's listed companies doubled from 10.2 billion yuan to 21.7 billion yuan over five years, reflecting a strong focus on technological innovation [6] Group 4: Global Expansion - From 2021 to mid-2025, overseas business revenue for Qingdao's listed companies reached 960.6 billion yuan, a 58% increase compared to the 13th Five-Year Plan period, with overseas revenue accounting for 36% of total revenue [5] Group 5: Investor Returns - Over the past five years, Qingdao's listed companies distributed over 70 billion yuan in dividends, doubling the amount from the 13th Five-Year Plan period [8] - The number of companies distributing dividends and the total amount reached historical highs in mid-2025, totaling nearly 4.5 billion yuan, 2.5 times that of the previous year [8] Group 6: Wealth Management and Financial Services - Qingdao's wealth management scale in the securities, fund, and futures sectors surpassed 1.6 trillion yuan, more than doubling since the end of the 13th Five-Year Plan [10] - The establishment of new financial institutions, including the first new futures company in over 20 years, has enhanced the financial service system in Qingdao [9]

Group 1 - The core viewpoint highlights the significant growth and development of the Qingdao capital market during the "14th Five-Year Plan" period, establishing itself as a stabilizing force for high-quality regional economic development [1] - The number of listed companies in Qingdao has increased to 65, ranking third among northern cities, with a historical high in the reserve of companies planning to go public [1] - The innovation layer of the New Third Board has seen a 133% increase compared to the end of the "13th Five-Year Plan," and over 3,500 companies have been served by the regional equity market [1] Group 2 - Direct financing in the Qingdao capital market exceeded 600 billion yuan, with technology innovation bonds totaling 13.9 billion yuan and R&D expenditures doubling to 21.7 billion yuan [2] - The issuance of REITs has marked a breakthrough, and the scale of asset-backed securities (ABS) financing has tripled compared to the "13th Five-Year Plan" period [2] - The overseas business revenue of Qingdao listed companies reached 960.6 billion yuan in the first half of this year, a 58% increase compared to the "13th Five-Year Plan" period [2]