格隆汇12月30日｜京基智农(000048.SZ)公告称，公司拟将其持有的深圳市京基智农酒店管理有限公司 100%股权转让给广东承希科汇投资控股有限公司，预计总金额6.5亿元。该交易预计将增加公司现金流 入，公司将及时处置酒店及龙岗智慧科园物业等大宗资产，并加快地产项目销售去化，推动回笼资金。 最终交易对价以公司聘请的资产评估机构出具的正式评估报告结果为核心依据。该交易不构成关联交 易，不构成重大资产重组，无需提交股东会审议。 ...

Group 1 - The core viewpoint of the announcement is that individuals selling residential properties held for more than two years will be exempt from value-added tax (VAT), while those selling properties held for less than two years will be subject to a full VAT rate of 3% [1][3] - The policy applies specifically to individuals and does not include general taxpayers among individual businesses [3] - This new policy replaces a previous regulation effective from January 1, 2026, which will cease to be in effect [3] Group 2 - The announcement clarifies that individuals who sell properties purchased less than two years ago will need to pay VAT at a rate of 3% [3] - For properties held for two years or more, individuals will not incur any VAT upon sale [3] - The announcement also addresses transitional provisions for VAT that has not yet been declared or paid before January 1, 2026, allowing compliance with the new regulations [3]

今日A股市场呈现出显著的"科技强、周期稳"特征，整体走势分化。上证指数全天维持窄幅震荡，最终 以3965.12点报收，与前一交易日持平，走势平稳。相比之下，深市表现更为活跃，深证成指收盘上涨 0.49%，创业板指上涨0.63%。 其中，科创50指数表现最为突出，涨幅达到1.01%，且成交量同步放大，显示出资金对科技创新板块的 明确偏好。这一走势与港股市场形成共振，恒生科技指数亦大幅上涨1.92%。 从行业板块观察，市场热点集中在两条主线。一方面，石油石化板块表现强势，以2.63%的涨幅领涨市 场，汽车、有色金属、机械设备等周期与制造板块紧随其后，涨幅均超过1.3%，共同构成推动市场的 主要动力。另一方面，以科创50为代表的科技成长股获得资金集中关注。 它要求投资者在众人因恐惧而抛售时，冷静地问："这家公司的核心'护城河'是否仍然坚固？"在市场因 贪婪而疯狂时，清醒地问："当前的价格是否已经透支了未来十年甚至更久的乐观预期？" 此外，严格遵守"安全边际"原则是这一框架的实践关键。它坦率地承认任何人对未来的预测都必然存在 误差，因此通过只在价格显著低于保守估算的内在价值时买入，来为未知的风险和自身可能犯的判断错 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2025 年 12 月 30 日 钢材&铁矿石日报 专业研究·创造价值 市场情绪趋弱，钢矿震荡回落 核心观点 螺纹钢：主力期价震荡运行，录得 0.10%日跌幅，量缩仓增。现阶段， 螺纹钢供应回升，而需求季节性走弱，基本面表现相对偏弱，淡季钢价 继续承压，相对利好的是成本支撑，预计钢价延续震荡运行态势，关注 钢厂生产情况。 热轧卷板：主力期价偏弱震荡，录得 0.33%日跌幅，量缩仓增。目前来 看，热卷需求表现良好，带来供需格局好转，给予价格支撑，但需求韧 性存疑，且库存水平偏高，上行驱动预计不强，后续走势延续震荡运行 为主，关注钢厂生产情况。 铁矿石：主力期价高位震荡，录得 0.44%日跌幅，量仓收缩。现阶 段，得益于现货结构性矛盾和节前补库预期，铁矿石高位偏强运行，但 矿石需求走 ...

中资金融股方面，中国银行涨1.13%，收报4.49港元；建设银行涨1.31%，收报7.72港元；工商银行涨 0.64%，收报6.27港元；中国平安跌0.68%，收报65.95港元；中国人寿跌0.64%，收报27.94港元。 石油石化股方面，中国石油化工股份涨1.96%，收报4.68港元；中国石油股份涨2.42%，收报8.46港元； 中国海洋石油涨3.97%，收报21.46港元。 【纠错】 【责任编辑:赵阳】 蓝筹股方面，腾讯控股涨0.59%，收报600港元；香港交易所涨0.1%，收报408.6港元；中国移动涨 0.37%，收报82.1港元；汇丰控股涨0.9%，收报123港元。 香港本地股方面，长实集团涨0.2%，收报39.62港元；新鸿基地产涨0.26%，收报95.15港元；恒基地产 跌0.35%，收报28.36港元。 新华社香港12月30日电 香港恒生指数30日涨219.37点，涨幅0.86%，收报25854.6点。全日主板成交 1997.69亿港元。 国企指数涨99.31点，收报8991.02点，涨幅1.12%。恒生科技指数涨95.37点，收报5578.38点，涨幅 1.74%。 ...

越秀地产(00123)公布，于2025年12月30日，公司(作为借款人)与一家银行(贷款人)订立一份融资协议， 据此，贷款人在融资协议的条款及条件的规限下提供2.2亿港元的定期贷款融资，贷款期由首次提款日 期起计364天。 ...

英镑/美元 英镑昨日震荡盘整，日线小幅收涨，现汇价交投于1.3500附近。除空头回补对汇价构成了一定的支撑 外，美元指数在疲软经济数据和美联储降息预期挥之不去的打压下走软对英镑构成了一定的支撑。此 外，对英国央行降息接近尾声的预期也对汇价构成了一定的支撑。今日关注1.3600附近的压力情况，下 方支撑在1.3400附近。 责任编辑：陈平 12月30日，根据全美房地产经纪人协会（NAR）周一公布的数据，11月美国成屋待完成销售（Pending Home Sales）指数环比上升3.3%至79.2，创下2023年2月以来新高，升幅明显高于经济学家普遍预期。 该指数衡量的是已签署购房合同但尚未完成交割的房屋数量。媒体对经济学家的调查显示，本次涨幅仅 低于一项预测，表明市场回暖具有一定广泛性。 NAR首席经济学家Lawrence Yun在声明中表示，"购房 者动能正在增强"，主要得益于负担能力改善以及可选择房源较去年增多。数据显示，二手房签约量已 连续四个月上升，这一连涨周期与新冠疫情期间楼市火热阶段的表现相当。 另外，美国总统唐纳德·特朗普暗示，他已有非常偏好的下一任美联储主席人选，但并不急于宣布。同 时特朗普还表 ...

Consumption - In November 2025, the total retail sales of consumer goods reached 43,898 billion yuan, with a year-on-year growth of 1.3%, down 1.6 percentage points from the previous value of 2.9%[12] - Sales of "two new" products and real estate-related consumption continued to decline, with automotive consumption down 8.3% and home appliances down 19.4% year-on-year[12] - Service retail sales grew by 5.4% year-on-year from January to November, indicating a gradual release of service consumption potential[14] Investment - Fixed asset investment continued to decline, with a year-on-year decrease of 2.6% in November, marking three consecutive months of negative growth[23] - Real estate development investment fell by 31.4% year-on-year in November, a significant increase in the decline compared to the previous month's 23.2%[23] - Equipment purchase investment showed a year-on-year growth of 6.3%, contributing 1.8 percentage points to overall investment growth[24] Trade - In November, exports increased by 5.9% year-on-year, rebounding from a previous decline of 1.1%[32] - Exports to the EU saw a significant recovery with a growth rate of 14.8%, while exports to the US decreased by 28.6%[32] - Imports rose slightly by 1.9% year-on-year, with notable increases in the import of integrated circuits and automatic data processing equipment[34]

Core Viewpoint - The A-share market has undergone a cyclical rise, with certain sectors and styles remaining undervalued, making Chinese assets attractive for global allocation in 2026. Key investment opportunities are identified in four main areas: globally competitive manufacturing leaders, industries with improving supply-demand dynamics, sectors with low valuations and potential for significant fundamental changes, and long-term high-return industries with mismatched valuations [2][4]. Group 1: Market Overview - The current A-share market is experiencing active trading volumes and turnover rates, but there is a notable differentiation among stocks, presenting both opportunities and risks. Some stocks are becoming expensive, while others, particularly in real estate and domestic demand, remain undervalued [3]. - The investment strategy for equities should focus on safety margins and certainty, avoiding blind speculation on volatility. The U.S. economy is not performing well, and potential monetary easing could occur in response to the upcoming mid-term elections, which may influence domestic fiscal policies [3]. Group 2: Investment Opportunities - Four key investment opportunities for 2026 are highlighted: 1. Long-term focus on globally competitive manufacturing leaders, including sectors like power equipment, batteries, electric vehicles, home appliances, chemicals, and machinery. Observations from Southeast Asia indicate a significant gap in infrastructure and supply chains compared to China, reinforcing confidence in China's manufacturing competitiveness [5]. 2. Industries with improving supply-demand dynamics, such as real estate, aquaculture, chemicals, and light industry, are expected to enhance their global market positions and profitability [5]. 3. Sectors with low valuations and potential for substantial fundamental changes, such as chemicals, are noted for their past performance shifts, similar to coal, steel, and non-ferrous metals in previous years [6]. 4. Long-term high-return industries with severe valuation mismatches, including airport and airline services, insurance, and non-liquor food sectors, are highlighted for their high return on equity (ROE) despite low stock attention [6]. Group 3: Risks and Considerations - Potential risks include persistent inflation and sector-specific risks. The undervaluation of the RMB may pressure export industries, and inflation could pose significant risks to the stock market in the latter half of the year. Additionally, long-term risks associated with AI, including its impact on labor and technological competition, warrant attention [6].

日经225指数以科技和出口板块的大型蓝筹股为主，在市场对AI泡沫的担忧升温的情况下在11月出现了较明显的回调。而东证指数成分股的行业分布 更为均衡，包含金融、消费、服务等全行业，且覆盖更多中小型公司。 以爱德万测试软银集团和为首的科技股成为了日本股市2025年上涨的最大驱动力。爱德万测试今年市值首次突破10万亿日元，年内涨幅约114%。作为 英伟达(NVDA.US)芯片出厂前检测缺陷的测试设备供应商，爱德万测试受益于预期将持续数年的AI支出热潮，这也促使这家半导体设备龙头在10月上 今年4月初，在美国总统特朗普对外大规模加征关税的余震中，东证指数一度暴跌。随后，在贸易战担忧缓解、以及日本股市相对于美欧股市被低估 的情况下，日本股市重获青睐。此外，日元持续疲软让外资能以更低成本购入日本资产，从而刺激需求。在对日本企业盈利改善、高市早苗政府财经 刺激计划以及全球流动性过剩的预期推动下，东证指数在年末持续创下新高。 与此同时，买盘兴趣也扩展到了小盘股，表明日本股市的吸引力正在扩大。数据显示，东证指数中盘股和小盘股板块今年分别上涨了27%和26%，自 2022年以来首次跑赢大盘股21%的涨幅。 野村资产管理公司首席策 ...