Market Overview - The three major indices showed mixed performance, with the metal zinc sector leading in gains. As of the market opening, the Shanghai Composite Index was at 3964.65, up 0.02%, the Shenzhen Component Index was at 13604.30, flat, and the ChiNext Index was at 3237.77, down 0.19% [1] Fiscal Policy - The National Financial Work Conference held on December 27-28 emphasized the continuation of a more proactive fiscal policy in 2026, with a focus on boosting consumption through special actions and financial support for consumer goods [1] - The Ministry of Finance plans to implement measures to enhance consumption, including adjusting and optimizing subsidy ranges and standards [1] Monetary Policy - The People's Bank of China released the "China Financial Stability Report (2025)," advocating for more proactive macro policies to mitigate risks in key areas and improve the investment environment for long-term capital in A-shares [1] Industry Developments - The Shanghai Stock Exchange announced refined rules for commercial rocket companies under the fifth set of listing standards for the Sci-Tech Innovation Board, emphasizing the importance of industry ranking and recognition from market participants [1] - The establishment of the humanoid robot and embodied intelligence standardization technical committee was announced, focusing on developing industry standards in key technology areas [2] Economic Indicators - Data from the National Bureau of Statistics indicated that from January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, reflecting a year-on-year growth of 0.1% [2] Digital Currency - The People's Bank of China is set to introduce an action plan to strengthen the management and service system for digital currency, with a new framework and ecosystem expected to launch on January 1, 2026 [2] Trade Regulations - The National People's Congress Standing Committee passed a revised foreign trade law, effective March 1, 2026, which establishes a trade adjustment assistance system to stabilize supply chains [2] Market Trends - China's ETF market has reached a scale of 6.03 trillion yuan, marking a growth of over 60% from the beginning of the year [4] - The Shanghai Stock Exchange is implementing a series of fee reduction measures for 2026, with an estimated total reduction of approximately 1.113 billion yuan [3] Corporate Announcements - Zhong Aluminum International signed a project contract worth approximately 14 billion yuan with overseas clients [6] - The announcement from Xinyi Solar indicated compliance guidance for the photovoltaic industry to maintain fair competition [4] - The announcement from Xiaomi Group revealed plans for co-founder Lin Bin to sell up to $500 million of Class B common stock every 12 months [10]

破解信息不对称的核心机制 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，"十五五"时期应"在发 展中固安全，在安全中谋发展，强化底线思维，有效防范化解各类风险，增强经济和社会韧性，以新安 全格局保障新发展格局。"在这一总体部署下，完善金融体系、优化资本市场布局、增强市场内在稳定 性和应对冲击的能力，已成为关键着力点。其中，积极引导耐心资本进入市场，被视为优化市场生态、 提升市场长期韧性和抵御系统性风险能力的重要路径。 然而，当前我国耐心资本发展远滞后于国家战略要求、科技创新步伐与市场实际需求，其根本症结 在于前沿科技领域存在难以通过传统估值模型弥合的信息不对称。因此，战略科学家作为兼具深厚学术 积淀、前沿洞察力与产业转化视野的"关键少数"，其个人信用已成为穿透信息不对称壁垒、承载科技信 用的人格化载体。深刻理解战略科学家在科技信用生成与传导中的独特作用机制，构建与之适配的赋能 体系与制度安排，不仅是立足国情破解耐心资本供给不足的创新路径，更是重塑金融支持科技创新底层 逻辑、实现"科技—金融"双向奔赴的现实选择，对建设科技强国与金融强国具有重大战略意义。 深刻理解战略科学家 在科技信用形成中 ...

Market Overview - Major US indices showed slight declines, with the Dow Jones Industrial Average at 48,710.97, down 20.19 points or 0.04% [2] - The Nasdaq Composite decreased by 20.21 points, closing at 23,593.10, a drop of 0.09% [2] - The S&P 500 index fell by 2.11 points to 6,929.94, reflecting a decrease of 0.03% [2] - In Asia, the Taiwan Weighted Index rose by 184.04 points to 28,556.02, an increase of 0.65% [2] - The Nikkei 225 in Japan increased by 342.60 points, closing at 50,750.39, up 0.68% [2] - The KOSPI in South Korea rose by 21.06 points to 4,129.68, a gain of 0.51% [2] - The Indian Sensex fell by 367.25 points to 85,041.45, down 0.43% [2] - The Thai SET index decreased by 5.52 points to 1,259.25, down 0.44% [2] - The Vietnamese VNINDEX dropped by 13.05 points to 1,729.80, a decline of 0.75% [2] Geopolitical Developments - US President Trump and Ukrainian President Zelensky discussed a proposed peace plan for the Russia-Ukraine conflict, indicating both leaders' interest in reaching a peace agreement [3] - Trump emphasized the importance of ending the conflict, stating that a security agreement between the US and Ukraine will be established, which he described as "very strong" [3] Defense and Security - Ukraine conducted a drone attack on Moscow, temporarily disrupting air traffic and leading to the cancellation of hundreds of flights [4] - Russian authorities reported intercepting approximately 30 Ukrainian drones, with a total of 273 drones shot down within Russian territory [4] Space Exploration - NASA's new administrator announced plans for the US to return to the Moon during Trump's second term, including the establishment of a lunar base and exploration of helium-3 mining [5] - Collaborations with private companies like SpaceX and Boeing are ongoing for the Artemis missions [5] Corporate Developments - Tesla is actively recruiting hardware engineers for its Robotaxi project in Shanghai, indicating progress towards launching autonomous ride-hailing services in China [9] - TSMC reported no damage to its facilities following a 6.6 magnitude earthquake near Taiwan, ensuring stability in global chip supply [12] - Toyota is expected to exceed a production target of 10 million vehicles in 2026, driven by strong demand for hybrid vehicles in the US [13]

美国科技亿万富翁正计划在加州进行一项可能对他们的资产征税以帮助支付医疗费用的投票之前撤离该 州。 据消息人士称，有"硅谷风投教父"之称的彼得·蒂尔（Peter Thiel）已经考虑在加州以外的地方呆更长时 间，并在另一个州为他位于洛杉矶的个人投资公司泰尔资本（Thiel Capital）开设办事处。 与此同时，谷歌的联合创始人拉里·佩奇（Larry Page）已经讨论在年底前离开加州，而与他有关的三家 有限责任公司已经提交了在佛罗里达州注册的文件。 科技投资者查马斯·帕利哈皮蒂亚（Chamath Palihapitiya）对加州征收财富税的风险发出警告，称这最终 将使该州破产。 他上周一在X上发帖称："不可避免的结果将是该州最有才华的企业家外流，他们能够也将选择在不那 么落后的州建立自己的公司，剩下的只有中产阶级。因此，税收负担将落在中产阶级身上，因为在'最 富有的人'选择离开后，中产阶级既是（a）唯一剩下的人，也是（b）国家征税的最大收入来源。" 上周五，他在回复敦促他搬到德克萨斯州的参议员特德·克鲁兹（Ted Cruz）时表示，"正在认真考虑"。 这项潜在财富税的支持者仍必须收集到足够的签名，才能在202 ...

"顶天立地"书写科技自立自强新答卷 2025年8月，江门中微子实验正式运行取数，成为国际上首个运行的超高精度和超大规模中微子专用大 科学装置。图为江门中微子实验站的中央探测器（资料图）。视觉中国供图 神舟飞船划破夜空，人形机器人冲上跑道，青年科学家在"破五唯"的评价新风中潜心探索，国际大科学 计划里响起中国倡议。 2025年的中国科技创新，既是"十四五"改革攻坚的答卷，更是面向"十五五"蓝图的展望。从星辰大海到 微观粒子，从制度破壁到人才奔涌，一幅以"自立自强"为底色的画卷正在展开。 今年11月，《国家航天局推进商业航天高质量安全发展行动计划（2025-2027年）》印发，明确5方面22 项重点举措，推进商业航天高质量发展和高水平安全。其中明确，"鼓励商业航天布局航天产业链相应 环节""重点支持商业航天主体开发新技术、新产品，挖掘应用新场景"等。展望"十五五"，中国商业航 天全产业链正在逐渐形成，迎来自己的发展机遇。 2025年的中国航天，继续在星辰大海的征途上留下浓墨重彩的印记。 当前，我国载人航天工程已进入空间站应用与发展阶段。作为人类在太空仅有的两个空间站之一， 在"十四五"期间全面建成的中国空间站实现 ...

【导读】多只牛股发布公告 大家好，马上就要开盘了，多只大牛股在今晚紧急发布公告。 航天发展（000547）：下属公司主要从事商业低轨卫星运营及数据应用服务 其前三季度营业收入占公 司总营业收入的比例低于1% 航天发展发布异动公告称，公司以航天防务信息科技为主要发展方向，聚焦主责主业，持续发展蓝军体 系及装备、新一代通信与指控装备等业务。2025年前三季度，公司实现营业收入16.97亿元，较上年同 期上升的重要原因是船舶交付。公司下属航天天目（重庆）卫星科技有限公司主要从事商业低轨卫星运 营及数据应用服务，其2025年前三季度营业收入占公司总营业收入的比例低于1%。 8连板嘉美包装：如未来股票价格进一步异常上涨 公司可能申请停牌核查 12月28日晚间，嘉美包装（002969）发布公告称，公司股票连续3个交易日（12月24日至26日）收盘价 格涨幅偏离值累计超过20%，属于股票异常波动的情况；同时，公司股票自12月17日以来连续8个交易 日涨停，收盘价格涨幅偏离值累计达到109.54%，属于股票交易严重异常波动的情形。公司基本面未发 生重大变化，但近期公司股票价格严重脱离公司基本面情况，如未来公司股票价格进一步异 ...

Group 1 - The core viewpoint of the article highlights the potential for increased institutional buying power, which may drive the market index to break through its current resistance levels due to a combination of factors including a rebound in US tech stocks, appreciation of the RMB, and rising prices of metals like gold, silver, and copper [2] - The Shanghai Composite Index has achieved an "eight consecutive days of gains," indicating a recovery in market trading volume and a positive shift in external uncertainties [2] - Institutional buying power is expected to strengthen as overseas capital flows back into Chinese assets, driven by a weak dollar environment and narrowing interest rate differentials between China and the US [2][3] Group 2 - The private equity fund sector is experiencing significant growth, with the total management scale increasing by 1.04 trillion yuan to reach 7.0076 trillion yuan in October 2025, and continuing to rise to 7.0383 trillion yuan in November [3] - The asset allocation of private equity funds has increased, with the average position rising to 66%, approaching historical averages seen during bull markets [3] - The current market conditions, including favorable policies and improved sentiment, are expected to enhance institutional buying power, potentially pushing the index closer to its yearly high [2][3]

Core Insights - The article highlights significant business events in 2025, emphasizing the rise of AI competition and the reshaping of the technology landscape [4] - Key players like OpenAI, Nvidia, and Google are at the forefront of this transformation, with substantial investments and strategic partnerships [1][3] AI Competition and Investments - The U.S. government announced a $500 billion investment in AI infrastructure, dubbed "Stargate," aiming to build 20 large-scale AI data centers [5] - OpenAI's partnership with SoftBank and Oracle faced challenges, leading to a reduction in project scope and delays in execution [6] - CoreWeave, a company specializing in GPU cloud services, went public with a valuation of approximately $230 billion, marking a significant moment for AI computing rental services [7][12] Major Corporate Developments - Nvidia became the first company to reach a market capitalization of $5 trillion, driven by the demand for AI-related hardware [24][26] - The company invested $50 billion in Intel, marking a strategic alliance to enhance their competitive positions in the PC and data center markets [13][15] - OpenAI's influence on the market was profound, with its valuation and orders significantly impacting the AI industry narrative throughout the year [17][21] Market Dynamics and Trends - The article discusses the shift in the automotive industry, particularly Germany's decision to amend its 2035 ban on internal combustion engines, reflecting the tension between aggressive transformation and market realities [2][40] - Google's advancements in AI, particularly through its TPU and Gemini models, are positioned to challenge Nvidia's dominance in the AI infrastructure market [43][44] Conclusion - The events of 2025 illustrate a complex interplay of alliances, competition, and market adjustments, with companies navigating the evolving landscape of AI and technology [3][21]

证券日报网讯12月28日，航天发展（000547）发布公告称，公司股票连续3个交易日收盘价格涨幅偏离 值累计超20%，未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大影响的未公开重 大信息。公司实际控制人、控股股东及公司不存在关于本公司的应披露而未披露的重大事项。 ...

01 沪深交易所：降费！ 12月26日，中国资本市场迎来政策利好，沪深交易所同步发布通知，宣布推出2026年度系列降费措施。这不仅是资本市场落实中央经济工作 会议精神的具体行动，更是一场"真金白银"的及时雨。 据初步测算，两大交易所预计降费总金额将超过19亿元人民币（其中上交所约11.13亿元，深交所超8亿元）。政策覆盖了股票、基金、债券 等主要品种，贯穿了上市、交易、服务等全环节。 三是推进城乡融合和区域联动，拓展发展空间。扎实推进乡村全面振兴，积极支持以人为本的新型城镇化，促进区域协调发展。 四是进一步强化保基本、兜底线，切实加强民生保障。促进居民就业增收，支持办好人民满意的教育，提高医疗卫生服务保障水 此外，财政部党组书记、部长蓝佛安表示，明年财政将大力提振消费。深入实施提振消费专项行动，继续安排资金支持消费品以旧换新，调 整优化补贴范围和标准。 03 央行：显著提高各类中长期资金实际投资A股的规模和比例 详见： 《沪深交易所发布：降费！》 02 财政部：2026年继续实施更加积极的财政政策，扩大财政支出盘子 12月27日至28日，全国财政工作会议在北京召开。会议总结2025年财政工作，布置2026年重 ...