证券日报网讯 12月26日，中国卫星发布公告称，公司股票自 2025 年 12 月 3 日以来收盘价格累计上涨 幅度为 91.43%，同期申万军工行业涨幅 13.70%，上证 A 指涨幅2.19%，公司股票短期涨幅高于同期行 业及上证指数涨幅，处于历史相对高点，但公司基本面未发生重大变化，存在市场情绪过热的情形。敬 请广大投资者注意二级市场交易风险，理性决策，审慎投资。 （文章来源：证券日报） ...

Core Viewpoint - The global geopolitical landscape is increasingly complex, with ongoing international conflicts, intensified strategic competition among major powers, and a surge in sanctions and export control measures, significantly raising compliance thresholds for cross-border transactions and complicating corporate compliance management [1][2]. Group 1: Overview of Global Sanctions and Trade Control Policies - The number of global sanctions and sanctioned entities is at a historically high level, indicating a trend towards institutionalization of international sanctions activities [1]. - The article outlines the core policy dynamics in the field of global economic sanctions and trade controls for 2025, focusing on major economies like the US, EU, and China [2]. Group 2: US Economic Sanctions and Export Control Policies - In 2025, the US continues to tighten economic sanctions and export controls, enhancing oversight of sensitive technologies and strategic industries while allowing for some flexibility in implementation timelines to ease short-term compliance burdens [3]. - A new "Interim Final Rule" was introduced, requiring higher standards of due diligence for the export of advanced computing integrated circuits, expanding the scope of controlled items [4]. - The introduction of the "50% ownership rule" in export controls signifies a shift from a targeted approach to a more comprehensive one, impacting multinational companies with complex ownership structures [5][6]. - The integration of economic sanctions and export controls is becoming more pronounced, with both areas increasingly serving similar strategic objectives [7]. Group 3: EU Economic Sanctions and Trade Control Policies - The EU has intensified sanctions against Russia, expanding the scope to include third-party entities that assist in evading sanctions, reflecting a more systemic approach to sanctions [8][9]. - The EU's export control policies are increasingly aligned with international multilateral frameworks, emphasizing compliance with international obligations and enhancing cooperation among member states [10][11]. - Recent updates to the EU's dual-use item control list include new technologies and materials, indicating a proactive stance in regulating sensitive technologies [12]. Group 4: UK Economic Sanctions and Trade Control Policies - The UK has strengthened its sanctions against Russia, particularly in traditional energy and emerging technology sectors, while enhancing oversight of evasion behaviors [13][14]. - The UK has revised its Export Control Order to align more closely with international export control mechanisms, reflecting a commitment to maintaining consistency with major partners [16]. Group 5: China's Economic Sanctions and Trade Control Policies - China has introduced significant policies in economic sanctions and export controls, transitioning from a defensive posture to a more proactive and strategic approach [17]. - The implementation of the "Counter-Sanctions Implementation Regulations" marks a key step in operationalizing China's counter-sanctions law [18][19]. - China has actively utilized unreliable entity lists and export control lists, indicating a more frequent and systematic use of these tools in response to foreign sanctions [21]. - Recent announcements regarding export controls on critical materials and technologies reflect a substantial upgrade in China's export control framework [22][23]. Group 6: Future Outlook on Compliance with Economic Sanctions and Export Controls - The compliance environment for businesses is expected to become more complex and multifaceted, with rising costs associated with adapting to frequently changing regulations [25]. - Companies will need to integrate compliance into their internal controls and develop robust governance frameworks to navigate the evolving landscape of international sanctions and export controls [28][29]. - The demand for legal services related to cross-border disputes and compliance strategies is anticipated to increase as businesses face heightened risks from sanctions and export controls [26][27].

（原标题：中方决定对美反制！） 来源：央视新闻 外交部今日发布"关于对美国军工相关企业及高级管理人员采取反制措施的决定"。 本决定自2025年12月26日起施行。 反制清单 一、企业 （一）诺斯罗普·格鲁曼系统公司（Northrop Grumman Systems Corporation） （二）L3哈里斯海事服务公司（L3Harris Maritime Services） （三）波音密苏里州圣路易斯市分公司（Boeing in St. Louis） （四）吉布斯与考克斯公司（Gibbs & Cox, Inc.） （五）先进声学概念有限责任公司（Advanced Acoustic Concepts） （六）VSE公司（VSE Corporation） （七）塞拉技术服务公司（Sierra Technical Services, Inc.） （八）红猫控股公司（Red Cat Holdings, Inc.） （九）蒂尔无人机公司（Teal Drones, Inc.） （十）侦察艇有限责任公司（ReconCraft） （二）约翰·坎蒂伦（John Cantillon），男，L3哈里斯技术公司副总裁、L3哈里斯海事 ...

Core Viewpoint - The article discusses China's decision to implement countermeasures against 20 U.S. military-related companies and 10 senior executives in response to the U.S. announcement of a large-scale arms sale to Taiwan, which China views as a violation of its sovereignty and territorial integrity [2][9]. Group 1: Countermeasures Against Companies - China has decided to freeze the assets of 20 U.S. military-related companies within its territory and prohibit any transactions or cooperation with these entities [2][3]. - The companies listed include Northrop Grumman Systems Corporation, L3Harris Maritime Services, Boeing in St. Louis, and several others, totaling 20 firms [6][8]. Group 2: Countermeasures Against Executives - The countermeasures also target 10 senior executives from the listed companies, freezing their assets in China and prohibiting any transactions or cooperation with them [3][9]. - Notable executives include Palmer Luckey (founder of Anduril), John Cantillon (L3Harris), and Michael Carnovale (Advanced Acoustic Concepts) [3][7]. Group 3: Legal Basis and Implementation - The countermeasures are based on China's Anti-Foreign Sanctions Law, specifically citing multiple articles that justify these actions [2][9]. - The measures will take effect on December 26, 2025 [4].

Core Viewpoint - China has implemented countermeasures against 20 U.S. military-related companies and their senior executives in response to the U.S. decision to sell weapons to Taiwan, which China views as a violation of its sovereignty and territorial integrity [1][2]. Group 1: Companies Affected - The following 20 U.S. military-related companies are included in the countermeasure list: Northrup Grumman Systems Corporation, L3 Harris Maritime Services, Boeing St. Louis, Gibbs & Cox, Advanced Acoustic Concepts, VSE Corporation, Sierra Technical Services, Red Cat Holdings, Teal Drones, ReconCraft, High Point Aerotechnologies, Epirus, Dedrone Holdings, Area-I, Blue Force Technologies, Dive Technologies, Vantor, Intelligent Epoxy Technology, Rhombus Power, and Lazarus Enterprises [1][4][5]. Group 2: Senior Executives Affected - The countermeasures also target 10 senior executives from the listed companies, including Palmer Luckey (founder of Anduril), John Cantillon (VP of L3 Harris), Michael Canoville (CEO of Advanced Acoustic Concepts), John Cuomo (CEO of VSE), Mitch McDonald (CEO of Teal Drones), Anshuman Roy (founder of Rhombus Power), Dan Smoot (CEO of Vantor), Aditya Devarakonda (CEO of Dedrone), Ann Wood (CEO of High Point Aerotechnologies), and Jay Hofflich (co-founder of ReconCraft) [2][6]. Group 3: Implementation Details - The countermeasures will take effect on December 26, 2025, and include freezing assets within China and prohibiting transactions or cooperation with the listed companies and individuals [3].

每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 曾健辉） 截至发稿，安诺其市值为58亿元。 每经AI快讯，安诺其（SZ 300067，收盘价：5.04元）12月26日晚间发布公告称，公司第六届第二十三 次董事会会议于2025年12月26日采用通讯方式召开。会议审议了《关于部分募集资金投资项目延期的议 案》等文件。 2025年1至6月份，安诺其的营业收入构成为：染料行业占比68.14%，人工智能和军工及其他占比 31.86%。 ...

Market Strategy - The Shanghai Composite Index has experienced seven consecutive days of gains, indicating a market that is entering a period of oscillation and upward movement, although the overall increase remains limited [2][7] - The report suggests a focus on structural investments rather than index-heavy strategies, recommending broad-based ETFs that reflect mid-cap blue-chip characteristics [7] - Key sectors identified for investment include advanced manufacturing, non-bank financials, technology, and cyclical industries, which are expected to attract incremental capital and serve as the backbone of the market during this upward trend [7] Industry Strategy - The coal industry is highlighted, with coking coal prices expected to rebound due to seasonal inventory replenishment by downstream steel and coking plants, which is anticipated to support prices in the short term [4][7] - The report emphasizes the importance of monitoring the coking coal sector for investment opportunities, particularly as downstream purchasing behavior shifts from a wait-and-see approach to active procurement [7] - Recommended stocks in the coal sector include Shaanxi Coal and Chemical Industry (601225) and Jincheng Anthracite Mining Group (601001), both rated for increased holdings [7] Thematic Strategy - The humanoid robot sector is noted for significant advancements in motion control technology, with mass production expected to accelerate in 2026 [5][7] - Recent demonstrations by Tesla and Yush Robot showcase rapid progress in humanoid robot capabilities, indicating a shift in market focus towards actual production rather than just technological advancements [7] - Companies with strong manufacturing and management capabilities in the components sector are expected to benefit from this trend, with Top Group (601689) recommended for purchase [7]

国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2025年11月28日，中证国防指数(399973)前十大权重股分别为中航沈飞(600760)、航发 动力(600893)、中航光电(002179)、中航西飞(000768)、菲利华(300395)、西部超导(688122)、中航机载 (600372)、航天电子(600879)、睿创微纳(688002)、海格通信(002465)，前十大权重股合计占比44.06%。 消息面上，工信部指出，2026年要培育壮大新兴产业和未来产业。打造集成电路、新型显示、新材料、 航空航天、低空经济、生物医药等新兴支柱产业。支持人工智能攻关。有序开展卫星物联网等新业务商 用试验。创建首批国家新兴产业发展示范基地，建设一批创新型产业集群。开展未来产业重点细分赛道 创新任务揭榜挂帅，完善具身智能、元宇宙等的创新发展政策。加强6G技术研发。 东兴证券指出，卫星互联网趋势下，卫星载荷迎来发展 ...

通过今天上午市场盘面可以看到，两市上涨个股1386家，其中涨幅超过9%的个股77家，涨幅超3%的个 股307家；下跌个股3906家，其中跌幅超过9%的个股6家，跌幅超过3%的个股234家！通过个股数据 看，两市个股明显跌多涨少了，下跌个股数量是上涨个股数量的近3倍，盘中市场一个点一个点新高， 分时线高点再次确认，其实两市个股都很难超过3000股上涨，虚拉指数明显，尤其已经有色板块还在领 涨，所以其他板块不服，那就在情理之中了！这种行情，看似指数涨了，其实大部分个股，还是很难受 的！盘面该涨的不涨，涨上天的还涨，这种格局，就是诱惑投资者杀跌追涨，这不，午盘前第一波跳水 来了，大科技板块领跌明显，教育、军工、医药、保险、酿酒、医药、银行等板块紧随其后！ 周五上午市场呈现冲高回落跳水的格局，投资者可以看到，早盘沪指低开1点于3957点，创业板低开6点 于3232点，两市1903股上涨，2554股下跌，市场低开以后冲高，资源类个股再次大涨领涨，盘面继续一 个点一个点上涨，盘中出现分时线高点确认，最高3977点以后震荡遇阻，盘尾小级别放量跳水，最低到 了3945点，盘尾略微回稳，各大指数涨跌都很小！最终沪指收跌7点于3 ...

Market Strategy - The Shanghai Composite Index has experienced a seven-day consecutive rise, indicating a shift towards a market structure that favors mid-cap blue-chip stocks while maintaining a cautious approach to overall index performance [2][7] - The report suggests focusing on mid-cap blue-chip characteristics in investment strategies, particularly in sectors like advanced manufacturing, non-bank finance, technology, and cyclical industries, which are expected to attract incremental capital [7] Industry Strategy - The coal industry is highlighted, with coking coal prices expected to rebound due to seasonal inventory replenishment by downstream steel and coking plants, which is anticipated to support prices in the short term [4][7] - The report emphasizes the importance of monitoring the coking coal sector for investment opportunities, particularly as downstream purchasing behavior shifts from a wait-and-see approach to active procurement [7] Thematic Strategy - The humanoid robot sector is projected to see significant advancements in motion control technology in 2025, with mass production expected to accelerate in 2026 [5][7] - The report notes that companies with strong manufacturing and management capabilities in the components sector are likely to benefit from the rapid evolution of humanoid robots [7]