李超还介绍，发改委近期批复或核准多个重大基础设施项目，包括广州新机场、新建湛江至海口跨海轮 渡及相关线路工程等交通设施，辽宁省辽东半岛水资源配置工程、云南省丽江市南瓜坪水库工程等水利 设施，浙江特高压交流环网工程、四川大渡河丹巴水电站等能源设施，以及怀柔、崖州湾实验室重大科 研平台等科研设施，总投资超过4000亿元，将进一步完善我国现代基础设施体系，为"十五五"平稳开局 提供有力支撑。 中央经济工作会议部署明年经济工作重点任务时提出"坚持内需主导，建设强大国内市场"，并明确"推 动投资止跌回稳"。适当增加中央预算内投资规模，优化实施"两重"项目，优化地方政府专项债券用途 管理，继续发挥新型政策性金融工具作用，有效激发民间投资活力。 国家发改委新闻发言人李超在12月31日的发布会上介绍，"两重"建设方面，强化"两重"性质、坚持自上 而下、注重软硬结合，共安排约2200亿元，支持城市地下管网、高标准农田、三北工程、有效降低全社 会物流成本等领域的281个项目，进一步突出"两重"建设的战略性、前瞻性、全局性。 中央预算内投资方面，聚焦需要集中力量、持续投入、补短板调结构惠民生的公共领域，安排超过750 亿元，支持城 ...

国家发展改革委回答证券时报记者提问：国产算力水平有望不断提升，为AI产业提供有力支撑 12月31日，国家发展改革委政策研究室副主任李超在回答证券时报记者提问时表示，我国深入实施"人 工智能+"行动，为人工智能算力芯片提供了广泛应用场景，各类型算力芯片需求增长迅速、创新非常 活跃。目前，国产芯片产品在不同场景中加速适配，应用成效非常好。特别是"超节点"等集群互联技术 发展，为国产算力赶上国际领先水平提供了良好机遇，拓展了广阔发展空间。未来，随着产业链上下游 协同持续深化，国产算力水平将不断提升，为人工智能产业发展提供更加有力的支撑。 国家发展改革委：2026年提前批"两重"项目清单和中央预算内投资已下达 共计约2950亿元 国家发展改革委政策研究室副主任李超表示，近日，发改委组织下达2026年提前批"两重"建设项目清单 和中央预算内投资计划，共计约2950亿元，将加快各类资金拨付和使用节奏。 国家发展改革委：2026年提前批"两重"项目安排约2200亿元，支持城市地下管网等281个项目 12月31日，国家发展改革委召开12月份新闻发布会。 国家发展改革委政策研究室副主任李超表示，发改委近期批复或核准广州新机场、 ...

美联储12月货币政策会议纪要公布。 当地时间12月30日（周二），美国股市三大股指表现比较平淡，并均录得三连跌。 美联储披露的12月货币政策会议纪要显示内部的分歧明显，在该纪要发布后，交易员维持美联储2026年内两次降息押 注。 银行股全线走低，拖累指数表现，不过普遍跌幅不大。其中，高盛、花旗集团跌近1%，摩根大通、摩根士丹利、美国 银行、富国银行等微跌。 美股三大指数连续3个交易日下跌 当地时间12月30日（周二），美国股市三大股指小幅收跌，其中道琼斯工业指数跌0.2%，报48367.06点；标准普尔500 指数跌0.14%，报6896.24点；纳斯达克指数跌0.24%，报23419.08点。值得注意的是，上述三大股指均录得三连跌。 美股市场大型科技股涨跌互现。具体个股方面，特斯拉跌超1%，英伟达、苹果跌幅不足1%，Meta涨超1%，亚马逊、 微软、谷歌微涨。 能源股集体上涨，西方石油涨超2%，斯伦贝谢、康菲石油涨逾1%，埃克森美孚、雪佛龙涨幅不足1%。 芯片股涨跌不一，费城半导体指数跌0.13%。具体芯片个股方面，英特尔、迈威尔科技涨超1%，科天半导体、拉姆研 究、应用材料跌逾1%。其他芯片股方面，微芯科 ...

Group 1 - The core viewpoint of the article highlights the stable performance of Qiu Dongrong's funds, with five funds achieving positive returns in the first quarter of the year, particularly the Zhonggeng Small Cap Value Fund, which has returned over 10% [1][2] - The total management scale of Qiu Dongrong's funds has reached 32 billion, with the Zhonggeng Small Cap Value Fund experiencing net subscriptions, while other funds faced varying degrees of net redemptions [2][4] - The investment strategy shows a high stock allocation of over 90%, with a significant focus on Hong Kong stocks, particularly in the newly established Zhonggeng Hong Kong Stock Connect Value Fund, which has an equity position of 98.68% [5][7] Group 2 - Qiu Dongrong's view on Hong Kong stocks indicates that the overall valuation is around the historical 20th percentile, with value stocks at the 10th percentile, suggesting long-term attractiveness and systematic opportunities [8][21] - The fund manager has made notable adjustments, including a significant increase in holdings of Meituan, which has become the largest position in several funds after being cleared out last year [9][15] - Other adjustments include reducing positions in China National Offshore Oil Corporation and China Hongqiao, while increasing holdings in Guanghui Energy, which is now a top ten holding across multiple funds [22][29] Group 3 - The first major sector in Qiu Dongrong's portfolio is non-ferrous metals, with reductions in holdings of China Hongqiao and Shenhuo Co., indicating a strategic shift in the sector [34][38] - The investment focus includes low-valuation but growth-oriented stocks, particularly in sectors like energy, technology, and manufacturing, with an emphasis on companies with unique competitive advantages [41][43] - The funds are also looking at opportunities in the healthcare sector, driven by domestic demand growth and supply constraints, particularly in the pharmaceutical manufacturing industry [44]

Industry Investment Rating - No information provided Core Viewpoints - The industry presents a mixed picture with different trends in various sectors, and policies such as the "Two New" policy in 2026 and the automotive digital transformation plan will have an impact on relevant industries [1][2] Summary by Directory Middle - view Event Overview Production Industry - The Ministry of Industry and Information Technology and other four departments issued the "Implementation Plan for the Digital Transformation of the Automotive Industry". By 2027, the intelligent manufacturing capability maturity level of benchmark vehicle manufacturers will be upgraded by one level, the digital level of component enterprises will be significantly improved, the penetration rate of R & D and design tools will exceed 95%, and the numerical control rate of key processes will exceed 70%. By 2030, the industry will achieve a high - level digital and intelligent development [1] Service Industry - The National Development and Reform Commission and the Ministry of Finance issued the "Notice on Implementing the Policy of Large - scale Equipment Renewal and Consumer Goods Trade - in in 2026", supporting home appliance trade - in, new purchases of digital and smart products, and new purchases of smart home products with corresponding subsidy standards [2] Industry Overview Upstream - In the non - ferrous sector, copper prices continue to rise; in the energy sector, liquefied natural gas prices continue to fall; in the agricultural sector, the prices of pork, cotton, and palm oil rise slightly [3] Middle - stream - In the chemical industry, the operating rates of PTA and PX remain low; in the energy sector, the coal consumption of power plants increases [4] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities continue to pick up; in the service sector, the number of domestic flights increases [5] Key Industry Price Indicators Tracking - Agricultural products such as corn, eggs, palm oil, cotton, and pork show price increases, with the price of pork rising by 2.19% [40] - Non - ferrous metals including copper, zinc, aluminum, and nickel also see price increases, with copper rising by 4.39% [40] - Energy products like WTI crude oil have a slight price increase of 0.12%, while Brent crude oil and liquefied natural gas prices fall, with liquefied natural gas dropping by 5.39% [40] - Chemical products such as PTA have a price increase of 2.49%, while polyethylene and urea prices fall [40] - In the real estate - related sector, the cement price index and building materials comprehensive index decline slightly [40]

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the development of domestic computing power to support the AI industry, with significant investments planned for infrastructure projects and regulatory measures to enhance funding efficiency and combat fraud in subsidy programs [2][3][4][5][8]. Group 1: AI and Computing Power - The NDRC emphasizes the continuous improvement of domestic computing power, which is expected to provide strong support for the AI industry through the implementation of the "Artificial Intelligence +" initiative [2]. - Domestic chip products are rapidly adapting to various application scenarios, with significant innovation and demand growth observed [2]. Group 2: Investment in Infrastructure Projects - The NDRC has announced the early release of a project list and central budget investment plan for 2026, totaling approximately 2,950 billion yuan, aimed at accelerating the pace of fund allocation and usage [3]. - Approximately 2,200 billion yuan is allocated for "two heavy" construction projects, supporting 281 initiatives in urban underground pipeline networks, high-standard farmland, and logistics cost reduction [4]. - Over 750 billion yuan is designated for central budget investments in 673 projects focused on urban renewal, water conservancy, ecological protection, and pollution control [5]. Group 3: Regulatory Measures - The NDRC plans to conduct special actions to strictly regulate fraudulent activities related to subsidy programs, including optimizing fund distribution and balancing the implementation of funds [8]. - The commission aims to enhance the efficiency of government investments and ensure that funds are utilized effectively across various projects [5][8].

Report Summary 1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints - The energy and chemical industry is divided into several sectors including energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others [8]. - The report provides option strategies and suggestions for selected varieties in each sector, covering underlying market analysis, option factor research, and option strategy recommendations [8]. - It is recommended to construct option - combination strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [2]. 3. Summary by Related Catalogs 3.1 Underlying Futures Market Overview - The prices, price changes, trading volumes, and open interests of various energy and chemical futures are presented, such as crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2602) is 437, down 2 with a decline rate of - 0.36%, trading volume of 6.61 million lots (down 0.71 million lots), and open interest of 3.04 million lots (down 0.18 million lots) [3]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For example, the volume PCR of crude oil is 0.56 (down 0.23), and the open interest PCR is 0.66 (down 0.02) [4]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of option underlying assets are determined from the strike prices of the maximum call and put option open interests. For example, the pressure level of crude oil is 540, and the support level is 435 [5]. 3.4 Option Factors - Implied Volatility - The implied volatility data of different options are presented, including at - the - money implied volatility, weighted implied volatility, and its changes, etc. For example, the at - the - money implied volatility of crude oil is 26.515%, the weighted implied volatility is 32.23% (up 1.59%) [6]. 3.5 Option Strategies and Suggestions 3.5.1 Energy - Related Options - **Crude Oil**: - **Underlying Market Analysis**: The US Department of Energy delayed data release due to the Christmas holiday. Military interceptions in Venezuela and production changes in Kazakhstan and the Middle East affected the market. The price showed a weak trend [7]. - **Option Factor Research**: The implied volatility was below the average, the open interest PCR was below 0.70, indicating a weak market. The pressure level was 540, and the support level was 435 [7]. - **Option Strategy Recommendations**: Construct a short - biased call + put option combination strategy; for spot long hedging, construct a long collar strategy [7]. - **LPG**: - **Underlying Market Analysis**: Supply had no significant increase, and chemical demand supported the price. The price showed a volatile and downward trend [9]. - **Option Factor Research**: The implied volatility was around the average, the open interest PCR was below 0.80, indicating a weak market. The pressure level was 4300, and the support level was 4000 [9]. - **Option Strategy Recommendations**: Construct a short - biased call + put option combination strategy; for spot long hedging, construct a long collar strategy [9]. 3.5.2 Alcohol - Related Options - **Methanol**: - **Underlying Market Analysis**: Inventory was expected to increase, and the price showed a weak trend with limited rebound [9]. - **Option Factor Research**: The implied volatility was around the historical average, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2300, and the support level was 2100 [9]. - **Option Strategy Recommendations**: Construct a short - biased call + put option combination strategy; for spot long hedging, construct a long collar strategy [9]. - **Ethylene Glycol**: - **Underlying Market Analysis**: Port inventory was expected to increase, and the price showed a continuous weak trend [10]. - **Option Factor Research**: The implied volatility was above the average and rising, the open interest PCR was below 0.60, indicating strong short - side power. The pressure level was 3800, and the support level was 3600 [10]. - **Option Strategy Recommendations**: Construct a short - volatility strategy; for spot long hedging, hold spot long + buy put option + sell out - of - the - money call option [10]. 3.5.3 Olefin - Related Options - **PVC**: - **Underlying Market Analysis**: Inventory decreased overall, and the price showed a weak rebound after a continuous decline [10]. - **Option Factor Research**: The implied volatility decreased to below the average, the open interest PCR was below 0.60, indicating a continuous weak trend. The pressure level was 5000, and the support level was 4300 [10]. - **Option Strategy Recommendations**: For spot long hedging, hold spot long + buy at - the - money put option + sell out - of - the - money call option [10]. 3.5.4 Rubber - Related Options - **Rubber**: - **Underlying Market Analysis**: Inventory was at a medium level, and the price showed a warming - up trend [11]. - **Option Factor Research**: The implied volatility gradually returned to around the average, the open interest PCR was below 0.60, indicating a weak overall trend. The pressure level was 17000, and the support level was 14000 [11]. - **Option Strategy Recommendations**: Construct a neutral - biased call + put option combination strategy; no spot hedging strategy was provided [11]. - **Synthetic Rubber**: No detailed analysis and strategy recommendations in the above - mentioned format were found. 3.5.5 Polyester - Related Options - **PTA**: - **Underlying Market Analysis**: Polyester load decreased, and PTA inventory decreased. The price showed a strong short - term rebound [11]. - **Option Factor Research**: The implied volatility was at a relatively low level, the open interest PCR was above 1.00, indicating a strong market. The pressure level was 4750, and the support level was 4400 [11]. - **Option Strategy Recommendations**: Construct a bull - spread call option strategy; construct a long - biased call + put option combination strategy; no spot hedging strategy was provided [11]. 3.5.6 Alkali - Related Options - **Caustic Soda**: - **Underlying Market Analysis**: The capacity utilization rate increased, and the price showed a weak and stable trend [12]. - **Option Factor Research**: The implied volatility was at a high level, the open interest PCR was below 0.60, indicating a weak market. The pressure level was 2320, and the support level was 2040 [12]. - **Option Strategy Recommendations**: Construct a bear - spread strategy; for spot long hedging, construct a long collar strategy [12]. - **Soda Ash**: - **Underlying Market Analysis**: Inventory decreased, and the price showed a low - level volatile trend [12]. - **Option Factor Research**: The implied volatility was at a relatively high historical level, the open interest PCR was below 0.50, indicating a bearish market. The pressure level was 1300, and the support level was 1100 [12]. - **Option Strategy Recommendations**: Construct a bear - spread strategy; construct a short - volatility combination strategy; for spot long hedging, construct a long collar strategy [12]. 3.5.7 Urea Options - **Underlying Market Analysis**: Production decreased, and the price showed a short - term weak trend [13]. - **Option Factor Research**: The implied volatility was at a relatively low historical level, the open interest PCR was below 0.60, indicating strong short - side pressure. The pressure level was 1700, and the support level was 1640 [13]. - **Option Strategy Recommendations**: Construct a neutral - biased call + put option combination strategy; for spot long hedging, hold spot long + buy at - the - money put option + sell out - of - the - money call option [13].

Group 1: Oil Market - Oil prices remain stable as traders weigh geopolitical tensions from Venezuela, Russia, and Yemen against global supply surplus concerns [2][15] - WTI crude oil settled at approximately $58 per barrel, with a slight decline of 13 cents for February futures [16][19] - OPEC+ is expected to maintain its production freeze plan amid signs of increasing global oil supply surplus [18] Group 2: Base Metals - Copper prices recorded the longest consecutive gains since 2017, rising by 2.75% to $12,558.5 per ton, driven by expectations of supply chain pressures [5][22] - Year-to-date, copper has increased by over 40%, potentially marking the largest annual gain since 2009 [22] - The weakening dollar has contributed to the upward trend in copper prices, with a measure of dollar performance down approximately 8% [22] Group 3: Precious Metals - Silver prices rebounded after experiencing the largest single-day drop in over five years, with a monthly increase of about 35% due to ongoing supply shortages [10][27] - Silver reached over $78 per ounce, recovering from a previous 9% drop [27] - Gold prices saw a slight increase after two months of significant declines, with spot gold rising by 0.37% to $4,348.42 per ounce [12][27]

Group 1 - The core objective of the price regulation is to maintain market price order during the holiday season and protect consumer rights [1] - The focus of the inspections is on essential consumer goods, particularly in the areas of rice, oil, meat, dairy, and fresh fruits and vegetables, monitoring price fluctuations comprehensively [3] - Regulatory efforts will also target high-demand holiday items such as New Year's Eve dinner reservations, premium alcoholic beverages, and cultural entertainment services, as well as tourism-related sectors like dining, accommodation, and transportation [3] Group 2 - The market regulatory authority plans to enhance price supervision during the holiday season, increase inspection efforts, and ensure effective complaint channels for consumers [5] - The aim is to respond promptly to public concerns and address any illegal pricing issues to maintain a stable market environment during the "Double Festival" period [5] - The initiative seeks to create a safe and reassuring consumption environment for the citizens of Chifeng [5]

Group 1: Construction and Industrial Production - Recent construction starts have shown a seasonal recovery, with residential construction performing better than infrastructure projects[2] - Industrial production remains at a historically high level, although some sectors, such as high furnace and coking, have weakened[2] - Cement supply for infrastructure projects has decreased month-on-month, with a larger year-on-year decline, while residential cement usage has seen a smaller month-on-month change and a narrowing year-on-year decline[2] Group 2: Demand and Sales Trends - Overall demand in construction remains weak, with rebar, wire rod, and building materials at historical lows[3] - Passenger vehicle sales continue to show negative growth year-on-year, while online sales of major home appliances have weakened further[3] - The average transaction area of new homes in 30 major cities increased by 44% compared to the previous two weeks, but still reflects a year-on-year decline of 18% and 27% compared to 2023 and 2024, respectively[6] Group 3: Commodity Prices - Copper, aluminum, and gold prices have reached new historical highs, driven by the expansion of dollar liquidity and industrial activity related to AI investments[4] - Domestic industrial product prices are experiencing a strong upward trend, with the South China industrial product index showing resilience[5] - Recent fluctuations in commodity prices indicate a potential risk of volatility exceeding expectations[77] Group 4: Export and Economic Indicators - Export growth for the period leading up to December 28 is projected to be between 2% and 4%, with a model indicating a 4.2% year-on-year increase[68] - The central bank has implemented a net withdrawal of 119.3 billion yuan through reverse repos, indicating a tightening of liquidity[70]