Core Viewpoint - The market experienced a pullback on December 23, with the major indices turning negative, while the Dividend Low Volatility ETF (512890) closed flat with a 0.00% change, indicating stability amidst market fluctuations [1][9]. Trading Performance - The Dividend Low Volatility ETF (512890) had a closing price of 1.173, with a trading volume of 5.10 billion CNY and a turnover rate of 1.92% on December 23 [2][10]. - Over the past 20 trading days, the ETF accumulated a total trading volume of 12.602 billion CNY, averaging 630 million CNY per day. Year-to-date, the total trading volume reached 114.068 billion CNY, averaging 481 million CNY per day [3][10]. Fund Flows - The ETF has seen significant net inflows, with 1.15 billion CNY over the last 5 trading days, 1.59 billion CNY over the last 10 days, and 5.9 billion CNY over the last 60 days, indicating strong investor interest [3][10]. Market Outlook - Multiple institutions have expressed views on the market outlook. Zhongtai Securities highlighted the increasing value of high-dividend, strong cash flow assets in a low-interest-rate environment, driven by long-term capital inflows [5][12]. - CICC noted that dividend assets may exhibit defensive value as the market approaches the end of December, with the CSI 300 index's dynamic P/E ratio nearing historical averages, suggesting potential for further expansion [5][13]. - Caixin Securities emphasized the sustainability of high-dividend strategies, predicting continued institutional allocation towards dividend assets, particularly in sectors like home appliances, banking, gas, publishing, cement, and telecommunications, which generally have stable earnings and high dividend yields [5][13]. Historical Performance - The Dividend Low Volatility ETF (512890) has shown a solid historical performance since its inception in December 2018, with a total return of 134.48%, outperforming its benchmark and ranking 78th among 502 products [8][15].

Core Insights - Guangdong's foreign-invested enterprises have shown strong growth in imports and exports, with a total of 2.76 trillion yuan in the first 11 months of the year, marking a 6.7% increase compared to the same period last year, outperforming the overall growth rate of Guangdong's imports and exports by 2.5 percentage points [1] Group 1: Trade Performance - Exports reached 1.68 trillion yuan, growing by 2.9%, while imports totaled 1.08 trillion yuan, increasing by 13.3% [1] - In November alone, the import and export value of Guangdong's foreign-invested enterprises was 265.66 billion yuan, with a year-on-year growth of over 10% [1] Group 2: Trade Methods - General trade accounted for 972.64 billion yuan, growing by 8.8%, representing 35.3% of the total import and export value [1] - Bonded logistics saw a significant increase of 28.3%, totaling 478.45 billion yuan, making up 17.4% of the total [1] - Processing trade contributed 1.3 trillion yuan, accounting for 47.1% of the total [1] Group 3: Key Markets - Hong Kong, ASEAN, and the EU are the top three trading partners for Guangdong's foreign-invested enterprises, with trade values of 551.99 billion yuan (9.5% growth), 385.39 billion yuan (11% growth), and 306.19 billion yuan (6.6% growth) respectively [2] - Trade with Taiwan grew by over 20%, reaching 238.9 billion yuan [2] Group 4: Export Products - The export of electromechanical products reached 1.34 trillion yuan, growing by 4.3% and accounting for 79.8% of total exports [2] - Key products such as electronic components, computers and their parts, and electrical equipment saw significant growth, with exports of 201.96 billion yuan (16% growth), 168.78 billion yuan (10.6% growth), and 132.13 billion yuan (12.1% growth) respectively [2] Group 5: Import Products - Imports of electromechanical products totaled 782.59 billion yuan, increasing by 19% and making up 72.3% of total imports [3] - Integrated circuits were the largest import item at 433.2 billion yuan, with a growth of 28% [3] - Other significant imports included computers and their parts (41.36 billion yuan, 86.1% growth), aircraft parts (13.95 billion yuan, 37.9% growth), and machine tools (2.68 billion yuan, 85.5% growth) [3] - Agricultural products and energy products also saw increases, with imports of 40.94 billion yuan (23.2% growth) and 28 billion yuan (6.7% growth) respectively [3]

Core Viewpoint - The strategic partnership between China and Iraq, established in December 2015, has significantly strengthened over the past decade, focusing on mutual respect, political trust, and practical cooperation, serving as a model for cooperation among developing countries in a changing world [2][3]. Political Trust - Political trust has been the solid foundation for the steady development of bilateral relations, with China supporting Iraq's economic development, improving livelihoods, and combating terrorism, while opposing external interference in Iraq's internal affairs [2]. - Both countries respect each other's sovereignty and territorial integrity, accommodating core interests and major concerns, which has expanded consensus and provided crucial support for the growth of the strategic partnership [2]. Mutual Benefit and Cooperation - China has been the earliest and longest participant in Iraq's economic reconstruction, engaging in various infrastructure projects across multiple sectors, including energy, electricity, and transportation [3]. - The bilateral trade volume is expected to exceed $54 billion in 2024, covering sectors such as energy, automotive, and electronics, with Chinese electric vehicle brands gaining popularity in Iraq [3]. - Chinese-made electronic devices and smart home products have improved the convenience of daily life for Iraqi citizens, while the application of Chinese standards in electrical equipment and construction materials has enhanced public service levels [3]. Cultural Exchange - Cultural exchanges have deepened the relationship, with initiatives such as the establishment of a global civilization initiative research center in Iraq and an increase in Iraqi students studying in China [4]. - These exchanges have expanded into education, culture, academia, and youth interactions, fostering a social foundation for the strategic partnership [4]. Future Outlook - Both countries aim to continue their traditional friendship, deepen mutual trust, and elevate the strategic partnership to higher levels, broader fields, and deeper dimensions, embarking on a new chapter of high-quality cooperation under the Belt and Road Initiative for the next decade [4].

格隆汇12月23日丨广聚能源(000096.SZ)在投资者互动平台表示，全资子公司航天欧华信息技术有限公 司目前开展政企产品增值分销业务，未涉及航天算力相关业务。 ...

FICC日报 | 2025-12-23 降息与地缘共振，贵金属延续强势 市场分析 政策预期回摆。12月8日中共中央政治局会议召开：强调"继续实施更加积极的财政政策和适度宽松的货币政策"， 延续此前措辞。并强调"加大逆周期和跨周期调节力度"，逆周期和跨周期并提或意味着在总量维持的前提下，明 年政策边际增量更需要等待稳增长节点。12月11日中央经济工作会议召开：会议强调，深入实施提振消费专项行 动；强调深入整治"内卷式"竞争制定和实施；会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重 要考量。后续继续提振消费，以及推进"反内卷"的大方向并未发生变化，未来物价回升路径仍需关注供给侧的政 策方向。在此基础上，多部委同步响应落实：央行明确将灵活高效运用降准降息等货币政策工具，发改委聚焦出 台消费提振实招新招、整治内卷并培育新动能，财政部则提出用好用足政府债券资金、发行超长期特别国债，着 力推动投资止跌回稳。数据方面，中国11月外贸增速大幅回升，以美元计价出口同比转增5.9%，进口同比增1.9%。 中国11月经济数据仍承压，消费环比跌至年内低点，固投与地产承压。近期多部委响应政治局会议精神，关注近 期降准降息， ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report comprehensively presents the overnight performance of global financial and commodity markets, along with significant macro - economic, industrial, and policy news, offering a multi - faceted view of market trends and potential investment opportunities [3][7][35] 3. Summary by Relevant Catalogs Overnight Night - market Market Trends - International precious metal futures generally rose, with COMEX gold futures up 2.13% at $4480.60 per ounce and COMEX silver futures up 2.37% at $69.09 per ounce [4] - US oil and Brent crude oil futures both increased, with US oil up 2.53% at $57.95 per barrel and Brent crude up 2.45% at $61.52 per barrel [5] - London base metals showed mixed results, with some rising and some falling [5] - Most domestic futures contracts closed higher, with PVC, fuel oil, etc. rising, while ethylene glycol (EG) fell nearly 1% [5] Important News Macro News - Li Qiang emphasized planning major projects in the '15th Five - Year Plan' to boost future development and current economic stability [8] - The PBOC kept the one - year and five - year LPR unchanged for seven consecutive months [9] - Multiple futures exchanges will adjust fee policies from January 1, 2026 [9] - Fed Governor Milan said the need for a 50 - basis - point rate cut has weakened [10] - Trump will meet with national security officials, and Russia is evacuating diplomats' families from Venezuela [11] - The Shanghai Export Container Settlement Freight Index (European route) rose 5.2% [13] - LME plans to introduce option auto - expiration and e - option trading in 2026 [13] Energy and Chemical Futures - Domestic gasoline and diesel prices were cut on December 22 [15] - Jiangsu's styrene port inventory increased [15] - Domestic soda ash manufacturers' total inventory rose slightly [15] - Qingdao's natural rubber inventory increased [16] Metal Futures - The SHFE adjusted trading rules for silver futures [18] - The first - quarter long - term price of a large Guinean mine decreased [18] - Global and Chinese primary aluminum production data were released [20] - The non - ferrous metal industry maintained growth [20] - Australian lithium concentrate shipments to China decreased [20] - The GZEX adjusted the delivery rules for lithium carbonate and polysilicon futures [21] - The holdings of major gold and silver ETFs increased [21] Black - series Futures - Multiple departments launched inspections on illegal mining [23] - Global and Australian - Brazilian iron ore shipments decreased [25] - China's port arrival volume of iron ore decreased [25] - Coke purchase prices in Shandong and Hebei markets were cut [25] - A silicon - manganese alloy plant in Inner Mongolia plans to expand production [26] Agricultural Product Futures - US soybean export data showed growth [28] - Malaysia's palm oil market is expected to stabilize in 2026 [30] - Domestic soybean crushing volume increased [30] - Malaysian palm oil export and production data for December showed changes [31] - Sugar production data in Guangxi and India were reported [31] - Brazil's soybean production forecast was raised [33] - Brazil's soybean sowing rate and shipping data were updated [34] Financial Market Finance - A - shares rose with increased trading volume, and the HSI also increased [36] - The exchanges announced holidays for 2026 [37] - Shenzhen's M&A market and Shanghai's refinancing market showed good performance [38] - Goldman Sachs analysts expect Chinese stocks to continue rising [38] - But Bin is optimistic about the A - share AI industry [39] Industry - China and relevant parties negotiated on the semiconductor supply chain [40] - China imposed anti - subsidy measures on EU dairy products [40] - Guangzhou proposed plans for horse - racing and e - sports industries [42] - Many Sino - Japanese flights were cancelled [42] - Shenzhen expanded the housing voucher resettlement pilot [42] - Some land auctions in Guangzhou failed [42] - Domestic refined oil prices dropped for the third consecutive time [43] - A 70 - billion financial product of Jinyafu defaulted [43] - The market regulator reformed the CCC certification [43] Overseas - Ukraine and the US completed the initial draft of a 'peace plan' [45] - Trump will appoint a new Fed chair [45] - Fed Governor Milan warned of recession risks without rate cuts [45] - The Trump administration increased cash subsidies for illegal immigrants' voluntary departure [45] - The EU extended sanctions against Russia and introduced anti - circumvention measures [45] - India and New Zealand reached a free trade agreement [46] Commodity - The SHFE adjusted trading fees for silver futures to cool the market [50] - International precious metal futures rose due to policy expectations and geopolitical risks [50] - Crude oil futures prices rose due to supply concerns in Venezuela [51] - London base metals showed mixed trends [52] Bond - China's bond market weakened, and institutions adjusted their bond allocations [53] - Insurance companies accelerated bond issuance [53] - US bond yields rose [54] Foreign Exchange - The on - shore RMB rose against the US dollar, and the US dollar index fell [56] - Japan and South Korea warned against currency speculation [56] Upcoming Events - The RBA will release its December monetary policy meeting minutes [58] - The PBOC will have 1353 billion yuan of reverse repurchases due [58] - The State Council Information Office will hold a press conference [58] - Multiple conferences and events will take place [58] - New stocks will be listed and申购 [58] - The Bank of Canada will release its monetary policy meeting minutes [58]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：网易科技） 谷歌在为大幅扩张数据中心从而支持人工智能（AI）领域发展而进行超大规模交易。母公司Alphabet Inc.将以现金加承担债务的方式，总规模47.5亿美元全资收购数据中心的能源供应商Intersect Power LLC。 这笔收购旨在为谷歌获得更多数据中心电力供应，应对美国老化电网难以满足因AI、新工厂和经济全 面电气化而数十年来首次激增的电力需求。一年前谷歌已通过融资入股Intersect，与其建立了在数据中 心园区旁建设大型能源工厂的合作伙伴关系。 根据美东时间22日周一公布的协议，收购完成后，提供数据中心和能源基础设施解决方案的Intersect将 继续以独立品牌运营，但将与谷歌技术基础设施团队紧密合作。该交易预计将在2026年上半年完成。 Alphabet CEO Sundar Pichai表示："Intersect将帮助我们扩大产能，在与新数据中心负载同步建设新发电 能力时更加灵活地运营，并重新构想能源解决方案，从而推动美国的创新和领导地位。" 收购覆盖在建项目，部分资产除外 据Alphabet本周一的公 ...

Group 1 - The core point of the article is that China Chengtong Development Group announced a sale and leaseback agreement involving its wholly-owned subsidiary, Chengtong Financing Leasing, and the lessee, Datang Huayin Youxian Energy [1] - The leaseback agreement is set to last for two years, with the possibility of early termination based on the terms and conditions outlined in the agreement [1] - Chengtong Financing Leasing will purchase the leasing assets from the lessee and subsequently lease them back to the lessee [1]

Group 1 - The People's Bank of China has announced a one-time credit repair policy, allowing individuals to have overdue information removed from the financial credit information database if they repay overdue debts of up to 10,000 RMB by March 31, 2026 [1] Group 2 - In the next two weeks, 46 routes between China and Japan will cancel all flights, with a total of 2,195 flights canceled from mainland China to Japan by December 22, 2025, resulting in a cancellation rate of 40.4% [2] Group 3 - Four new stocks in Hong Kong experienced a collective drop on their first trading day, with Mindray Hospital falling nearly 50%, marking the worst performance for new stocks this year [4] Group 4 - The U.S. Secretary of State emphasized the importance of maintaining relations with China while continuing strong partnerships with Japan, indicating a balanced approach to U.S. policy in the Asia-Pacific region [3][10] Group 5 - Zhiyuan Robotics expects to achieve sales revenue exceeding 1 billion RMB this year, with plans for significant growth in robot shipments and revenue in the coming years [4] Group 6 - The State-owned Assets Supervision and Administration Commission of China is committed to deepening cooperation with Hong Kong to enhance its status as a financial center and support the internationalization of the RMB [6] Group 7 - The Ministry of Commerce announced temporary countervailing measures on imported dairy products from the EU, effective December 23, 2025 [10]

Group 1: Core Viewpoints - In the third week of December, the real - estate transaction heat slightly recovered, but the overall situation of new and second - hand houses was weak, and the year - on - year readings were weaker than before due to the high base effect. House prices needed improvement, and land transaction indicators remained at a low level [3]. - In terms of production, the resilience of freight volume declined in the industrial sector, most production start - up rates were weak, the refinery start - up rate recovered, while coking, blast furnace, and automobile production were marginally weak. In the construction industry, the supply and demand of cement and black products were weak, inventory decreased slightly, and the asphalt start - up rate fluctuated at a low level [3]. - For external demand, the throughput decreased year - on - year but remained at a high level, and freight rate indicators were slightly differentiated. Comprehensive indices such as BDI and RJ/CRB were strong but marginally declined, while CCFI and SCFI indices increased [3]. - In the consumption sector, the travel heat slightly declined, and the year - on - year performance of automobile consumption was weak [3]. - Regarding prices, pork prices were weak under supply pressure, overseas interest - rate cut expectations and production - end disturbances affected crude oil and copper prices, and black - series prices recovered [3]. Group 2: Consumption - Travel heat decreased overall, with year - on - year declines in subway travel, congestion delay index, and domestic and international flights compared to the previous values [4]. - Automobile consumption was weak year - on - year, and the express delivery collection level decreased [4]. Group 3: Real Estate - The real - estate transaction heat slightly increased, with new - house transaction heat slightly recovering, and third - tier cities leading in structure; second - hand house transaction heat also slightly recovered, but with differentiated performance in high - level cities [5][10]. - The listed quantity and price of second - hand houses both decreased [11]. - The land - market premium rate remained at a low level, and land transaction volume increased seasonally [11]. - Last week, real - estate policies continued to exert force on both the supply and demand sides [12]. Group 4: Production - Railway and highway freight volume decreased, and industry start - up rates were differentiated. The start - up rates of coking and refineries increased year - on - year, while those of PTA, polyester, and Jiangsu - Zhejiang looms were weak, and the start - up rates of semi - steel and all - steel tires slightly decreased [17]. - Coal consumption decreased year - on - year, hydropower generation weakened, and coal prices increased month - on - month [13]. Group 5: Construction - Construction funds decreased month - on - month, and the supply and demand of cement and black products were weak. Cement and black - series inventories decreased slightly, and prices increased [14][15]. - The asphalt start - up rate decreased month - on - month, and prices increased slightly. The start - up rates of PVC and styrene were marginally differentiated [16]. Group 6: External Demand - Port cargo throughput and container throughput maintained resilience, and freight rates were differentiated. RJ/CRB and BDI decreased year - on - year, while CCFI and SCFI increased [5][18]. - South Korea's and Vietnam's exports maintained resilience [5]. - The US employment data was generally weak, and the euro - zone price pressure eased [5][19]. - The domestic import freight rate (CDFI) decreased month - on - month [19]. Group 7: Prices - The comprehensive indices of RJ/CRB and South China Industrial Products Index decreased. Pork and vegetable prices decreased, while black - series prices increased, and the prices of crude oil and copper were affected by various factors [6][20][21]. - Crude oil prices decreased due to supply - side factors such as expected record - high US production and sufficient Middle - East supply, and the weakening of geopolitical premiums [21]. - Black - series prices increased. Coke supply was tightened by environmental protection policies, and the supply - demand expectation of rebar slightly improved [22]. - Copper prices remained flat, supported by the supply - demand pattern but affected by different factors such as interest - rate cut expectations [22].