【 导读 】 A股主要指数走势分化，创业板指半日跌1.81%；SPD、商业航天方向走强，ST板块遭"爆炒" 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 12月18日上午，A股市场走势有所分化。截至午间收盘，上证指数涨0.16%，深证成指跌0.85%，创业板指跌1.81%。 全市场半日成交额为1.06万亿元，较昨日略有放量，超3600只个股上涨。 盘面上，国防军工、轻工制造、纺织服饰等板块走强，SPD、商业航天、6G等概念股火热，储能、锂电、覆铜板等概念股回调。 | | | Wind热门概念指数 | | | | --- | --- | --- | --- | --- | | SPD | | 卫星互联网 | 卫星导航 | 商业航天 | | 5.41% | | 5.05% | 4.30% | 4.16% | | 医保支付改革 | | 化学纤维 | 6G | 军民融合 | | 2.99% | | 2.92% | 2.91% | 2.86% | | 大飞机 | | 军工信息化 | 消费电子代工 | 动力电池 | | 2.85% | | 2.55% | -1.15% | -1.18% | | 磷酸 ...

展望未来，迟福林认为，海南自由贸易港要适应中国企业与东盟企业双向投资大趋势，以建设国内企业 进入东盟投资合作的"总部基地"和以东盟企业为主进入中国大市场的"总部基地"为重大任务，使海南自 由贸易港在区域合作中发挥战略枢纽作用。 从官员贬谪的蛮荒之地，到南海碧波中冉冉升起的沧海明珠。这片曾是中国历史上最遥远的边疆，如今 已成为新时代改革开放最前沿的试验场，书写着从"天涯海角"到"世界枢纽"的跨越传奇。 南方财经 21世纪经济报道记者吴斌 海南报道 "海南背靠超大规模国内市场，毗邻东南亚，面向太平洋和印度洋。从海南出发，4小时飞行时间可以覆 盖亚洲21个国家和地区、约47%的全球人口、全世界约30%的GDP。"中国（海南）改革发展研究院院 长、海南自由贸易港研究院院长迟福林在第六届"海洋合作与治理论坛"上接受21世纪经济报道记者专访 时表示。 这正是海南独特区位优势的生动写照。在中国改革开放47周年纪念日，2025年12月18日，海南自由贸易 港正式启动全岛封关运作。在迟福林看来，封关运作标志着海南自由贸易港由起步阶段到实质性运作的 全面转型、由政策试点到制度安排的全面转型，标志着海南自由贸易港制度型开放进入新的 ...

日前，从中国科学院国家空间科学中心传来一系列关于"天关"卫星的好消息：发现新型X射线暂现天 体，为理解这类神秘暂现天体提供关键线索；探测到银河系内X射线暗弱爆发天体，为人类发现恒星级 黑洞开辟新途径…… 浩瀚苍穹中，那些遥远、暗弱又转瞬即逝的宇宙X射线，是人类探秘宇宙的重要线索。要想捕捉这些射 线，必须拥有能看得广、看得远、看得清的"眼睛"，而这正是"天关"卫星具备的重要特点。 "取得这些发现，主要归功于我们为'天关'卫星量身定制的微孔龙虾眼X射线聚焦成像技术。"中国科学 院国家天文台研究员、"天关"卫星首席科学家袁为民向科技日报记者介绍，该技术不仅让卫星具备极大 的视场——一次定点观测即可覆盖约十一分之一天区，还大幅提升了卫星的探测灵敏度和定位精度，让 其性能远超国际同类设备。 细磨"广角镜" 为什么要给卫星装上"龙虾眼"？这就要从龙虾的眼睛说起。 中国科学院国家天文台研究员张臣介绍，龙虾的眼睛拥有广阔的视野和独特的聚焦机制，里面有无数细 小的方管，管壁光滑，且全部指向同一个中心。光线射入后，经管壁反射，能精准聚焦到视网膜上。 美国天文学家基于此提出设想：模仿龙虾的眼睛，研制一台既可覆盖大视场又能聚焦的X射 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year, the policy - supported attitude towards the capital market remains unchanged, and the medium - to - long - term strategy is to go long on dips [4]. - For national debt, in the short term, the bond market is expected to fluctuate under the background of weak domestic demand and institutional behavior disturbances. Attention should be paid to the repair of the supply - demand relationship at the end of the year and the rebound after over - decline [6]. - For precious metals, the weak US non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. - For non - ferrous metals, the prices of copper, aluminum, etc. are expected to be relatively stable or have upward potential due to factors such as supply - demand structure and macro - policies, while zinc, lead, etc. may face some downward pressure [11][13][16]. - For black building materials, steel prices are expected to maintain a bottom - range oscillation, and the price of iron ore is estimated to run within an oscillation range [33][35]. - For energy and chemicals, different products have different trends. For example, rubber can be short - term operated with a neutral - to - long idea, and oil prices are recommended to be traded with a low - buy and high - sell strategy [53][57]. - For agricultural products, the prices of different products such as pigs, eggs, and beans are affected by factors such as supply - demand relationship and seasonal factors, presenting different trends and investment suggestions [81][84][86]. Summaries According to Relevant Catalogs Macro - financial Category Stock Index - **Market Information**: The A500ETF had a huge trading volume of nearly 53 billion yuan, three times that of the CSI 300ETF. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. SpaceX entered the pre - IPO regulatory quiet period [2]. - **Strategy Viewpoint**: At the end of the year, some funds cash in on profits, and the market faces certain uncertainties. But in the long - term, the policy - supported attitude towards the capital market remains unchanged, and the strategy is to go long on dips [4]. National Debt - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The national general public budget revenue from January to November was 20.0516 trillion yuan, a year - on - year increase of 0.8%. The central bank conducted 46.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 143 billion yuan [5]. - **Strategy Viewpoint**: In November, the production side was stable, but the service industry was weak, and the demand side needed to be strengthened. The expectation of interest rate cuts is expected to boost the bond market sentiment. The bond market is expected to fluctuate in the short term [6]. Precious Metals - **Market Information**: Shanghai gold rose 0.53% to 982.48 yuan/gram, and Shanghai silver rose 3.93% to 15,594 yuan/kilogram. The US non - farm payroll data was weak, and the Fed governor's speech was dovish [7]. - **Strategy Viewpoint**: The weak non - farm payroll data boosts the expectation of interest rate cuts. It is recommended to hold long positions in gold and maintain a wait - and - see attitude towards silver [8]. Non - ferrous Metals Category Copper - **Market Information**: The silver price hit a new high, and the copper price rose. The LME copper inventory increased, and the domestic futures warehouse receipts decreased. The domestic copper spot import was at a loss, and the refined - scrap price difference widened [10]. - **Strategy Viewpoint**: The liquidity expectation is marginally relaxed, and the supply of copper ore is tight. The short - term copper price is expected to oscillate at a high level [11]. Aluminum - **Market Information**: The LME aluminum cancelled warehouse receipts continued to increase, and the aluminum price rose. The domestic aluminum inventory decreased, and the spot was at a discount [12]. - **Strategy Viewpoint**: The global aluminum inventory is decreasing, and the aluminum price is strongly supported. It is expected to rise after oscillation [13]. Zinc - **Market Information**: The zinc price fell, the zinc ore inventory decreased, and the LME zinc inventory slowly increased. The domestic zinc ingot social inventory decreased, and the import was at a loss [14][15]. - **Strategy Viewpoint**: The zinc ore inventory decreased, and the domestic spot tightened. After the Fed's meeting, the zinc price may give back some gains [16]. Lead - **Market Information**: The lead price fell, the lead ore inventory was basically flat, and the domestic social inventory increased slightly [17]. - **Strategy Viewpoint**: The lead price is expected to run weakly in a wide range in the short term [17]. Nickel - **Market Information**: The nickel price rebounded after hitting the bottom. The nickel ore price was stable, and the nickel iron price weakened [18]. - **Strategy Viewpoint**: The nickel surplus pressure is still large. It is recommended to wait and see in the short term [19]. Tin - **Market Information**: The tin price rose. The supply side had problems such as insufficient raw materials, and the demand side was affected by high prices. The inventory increased [20]. - **Strategy Viewpoint**: The tin price is expected to fluctuate with market sentiment. It is recommended to wait and see [21]. Lithium Carbonate - **Market Information**: The lithium carbonate price rose. The MMLC battery - grade and industrial - grade lithium carbonate prices increased [22]. - **Strategy Viewpoint**: The supply - demand pattern repair expectation cannot be falsified. It is recommended to wait and see and pay attention to fundamental dynamics [23]. Alumina - **Market Information**: The alumina price rose. The domestic spot was at a premium, and the overseas price fell. The futures inventory decreased [24]. - **Strategy Viewpoint**: The ore price is expected to oscillate downward, and the alumina production capacity is surplus. It is recommended to wait and see in the short term [26]. Stainless Steel - **Market Information**: The stainless steel price rose. The raw material price was stable, and the social inventory decreased [27]. - **Strategy Viewpoint**: The stainless steel market is in a traditional off - season, and the price is expected to oscillate widely. It is recommended to wait and see [28]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price rose. The trading volume and open interest decreased, and the inventory decreased [29]. - **Strategy Viewpoint**: The cost is firm, and the supply is disturbed. The price is expected to fluctuate within a range [30]. Black Building Materials Category Steel - **Market Information**: The rebar price rose slightly, and the hot - rolled coil price fell slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil increased [32]. - **Strategy Viewpoint**: The terminal demand is weak, and the steel price is expected to oscillate at the bottom. The export license policy may suppress the price in the short term [33]. Iron Ore - **Market Information**: The iron ore price rose, and the inventory increased [34]. - **Strategy Viewpoint**: The supply of iron ore increased, and the demand decreased. The price is expected to oscillate within a range [35]. Glass and Soda Ash - **Market Information**: The glass price was flat, and the inventory decreased. The soda ash price was flat, and the inventory decreased [36][38]. - **Strategy Viewpoint**: The glass market is in a weak supply - demand balance and is expected to oscillate narrowly. The soda ash price is expected to decline under pressure [37][39]. Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon price rose slightly, and the ferrosilicon price rose. The manganese silicon was at a premium, and the ferrosilicon was at a premium [40]. - **Strategy Viewpoint**: The future market trend is mainly led by the black sector and cost factors. It is recommended to pay attention to the manganese ore and electricity price [44]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon price rose, and the polysilicon price rose. The inventory of industrial silicon decreased, and the inventory of polysilicon increased [45][47]. - **Strategy Viewpoint**: The industrial silicon supply and demand weakened marginally, and the polysilicon supply decreased and the demand was weak. Both are expected to fluctuate with the market [46][48]. Energy and Chemicals Category Rubber - **Market Information**: The rubber price oscillated and rose. The inventory was low, and the demand for winter storage was positive. The tire enterprise's operating rate was different [51]. - **Strategy Viewpoint**: It is recommended to operate short - term with a neutral - to - long idea and hold the hedging position of buying RU2601 and selling RU2609 [53]. Crude Oil - **Market Information**: The crude oil price fell, and the refined oil prices had different changes. The gasoline and diesel inventories decreased, and the fuel oil inventory increased [54][56]. - **Strategy Viewpoint**: The oil price is not recommended to be overly shorted in the short term. It is recommended to wait and see and test OPEC's export support willingness [57]. Methanol - **Market Information**: The regional spot prices of methanol had different changes, and the futures price rose. The MTO profit was negative [58]. - **Strategy Viewpoint**: After the bullish factors are realized, the methanol price is expected to be sorted out at a low level. It is recommended to wait and see [59]. Urea - **Market Information**: The regional spot prices of urea were stable, and the futures price rose. The inventory decreased [60]. - **Strategy Viewpoint**: The urea supply decreased and the demand increased. It is recommended to go long at low prices [61]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene decreased. The inventory of pure benzene and styrene increased, and the demand had different changes [62][63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long at present [64]. PVC - **Market Information**: The PVC price rose. The cost was stable, and the operating rate decreased. The inventory increased [65]. - **Strategy Viewpoint**: The PVC supply is strong and the demand is weak. It is recommended to go short on rallies [66]. Ethylene Glycol - **Market Information**: The ethylene glycol price fell. The supply decreased, and the demand decreased. The inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol supply and demand need to be improved by reducing production. Pay attention to the risk of price rebound [69]. PTA - **Market Information**: The PTA price rose. The supply was stable, and the demand decreased. The inventory decreased slightly [70]. - **Strategy Viewpoint**: The PTA supply is expected to increase, and the demand will decrease. Pay attention to the opportunity of going long on dips [71]. p - Xylene - **Market Information**: The p - xylene price rose. The supply decreased slightly, and the demand decreased. The inventory increased [72]. - **Strategy Viewpoint**: The p - xylene inventory is expected to increase slightly. Pay attention to the opportunity of going long on dips [73]. Polyethylene (PE) - **Market Information**: The PE price fell. The supply decreased slightly, and the demand decreased. The inventory increased [74]. - **Strategy Viewpoint**: The PE price is under pressure, and it is recommended to go short on rallies for the LL1 - 5 spread [76]. Polypropylene (PP) - **Market Information**: The PP price fell. The supply increased slightly, and the demand increased slightly. The inventory decreased [77]. - **Strategy Viewpoint**: The PP supply and demand are weak, and the price may be supported in the first quarter of next year [78]. Agricultural Products Category Pigs - **Market Information**: The domestic pig price rose. Some farmers held back sales, and the demand for large pigs increased [80]. - **Strategy Viewpoint**: The pig price may rebound in the short term, but the long - term supply is high. It is recommended to short after the rebound and long the far - month contract [81]. Eggs - **Market Information**: The egg price was mostly stable. The supply was stable, and the demand was different in different regions [82]. - **Strategy Viewpoint**: The egg price is expected to squeeze the premium in the near - month and pay attention to the pressure in the far - month [84]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price fell. The domestic soybean meal price fell slightly, and the inventory decreased [85]. - **Strategy Viewpoint**: The soybean import cost has a bottom, and the soybean meal price is expected to oscillate [86]. Oils and Fats - **Market Information**: The palm oil production and export data were different. The domestic oil price stopped falling [87]. - **Strategy Viewpoint**: The palm oil supply may reverse in the future. It is recommended to operate based on high - frequency data [88]. Sugar - **Market Information**: The sugar price oscillated weakly. The production data of major sugar - producing countries were different [89][90]. - **Strategy Viewpoint**: The global sugar supply is expected to be in surplus, and it is recommended to wait and see in the short term [91]. Cotton - **Market Information**: The cotton price oscillated narrowly. The spot price rose, and the inventory increased [92]. - **Strategy Viewpoint**: The cotton price is unlikely to have a unilateral trend due to uncertain policies and hedging pressure [93].

Economic Data - The U.S. 2-year Treasury yield increased by 0.43 basis points to 3.483%[4] - The U.S. 5-year Treasury yield rose by 0.36 basis points to 3.698%[4] - The U.S. 10-year Treasury yield climbed by 1.36 basis points to 4.153%[4] - The national general public budget revenue in China grew by 0.8% year-on-year in the first 11 months[4] Market Indices - The Nasdaq index closed at 22,693.32, down by 1.81%[5] - The Dow Jones Industrial Average closed at 47,885.97, down by 0.47%[5] - The S&P 500 index closed at 6,721.43, down by 1.16%[5] - The Hang Seng Index closed at 25,468.78, up by 0.92%[5] - The Shanghai Composite Index closed at 3,870.28, up by 1.19%[5]

在SpaceX确认有意明年进行首次公开募股(IPO)据称寻求1.5万亿美元估值，以及马斯克强烈 支持在太空部署数据中心之后，连华尔街卖方机构也开始深入研究起了这一概念。 在SpaceX确认有意明年进行首次公开募股(IPO)据称寻求1.5万亿美元估值，以及马斯克强烈支持在太空 部署数据中心之后，连华尔街卖方机构也开始深入研究起了这一概念。 在过去一周，摩根士丹利和德意志银行仅相隔数日发布了两份几乎相同的研报。它们的核心结论是：虽 然实现该计划存在明显的技术挑战，但这些挑战更多似乎属于工程限制而非物理限制。此外，谷歌、 OpenAI和贝索斯的蓝色起源似乎都在探索实现途径，这一事实令分析师和科学家们备受鼓舞。 目前谷歌的"太阳捕手计划"正通过与Planet Labs合作，力争在2027年发射原型卫星。另据报道，OpenAI 的奥尔特曼曾考虑收购火箭公司Stoke Space，而谷歌前CEO埃里克·施密特则实际收购了Relativity Space ——部分动因正是他对太空数据中心的兴趣；蓝色起源团队也在该技术领域深耕了多年。 以下，不妨让我们深入剖析这项曾被视为天马行空的科幻构想将如何成为科学现实。为此我们摘录了德 ...

Core Viewpoint - The scarcity of assets, such as precious metals and private tech companies, significantly contributes to their value, leading investors to pay high valuations for companies like SpaceX and OpenAI [2][8]. Investment Landscape - Wealth managers and fund executives have profited by connecting clients with hot private investment projects, resulting in substantial gains for some clients so far [2][8]. - Many of the companies receiving investments are in highly competitive industries and are burning cash, making future profitability uncertain [2][8]. IPO Considerations - There is speculation that SpaceX and Anthropic may launch IPOs in 2026, followed by OpenAI, which could diminish their current scarcity and lead to a drop in valuations [2][8]. - Historical examples indicate that once assets become widely available, their valuations may decline, as seen in the cryptocurrency and real estate markets [2][9]. Performance of Assets - The performance of assets like cryptocurrencies and SPACs has been disappointing, serving as a warning for potential investors considering buying into private tech giants at current valuations [3][9]. - The average market value of companies that went public via SPACs from 2021 to 2024 has decreased by two-thirds, highlighting the risks associated with such investments [10]. Real Estate Investment Trusts (REITs) - Blackstone's REIT, which once reached a size of $70 billion, faced challenges as rising interest rates and declining commercial real estate prices led to investor redemption attempts being restricted [5][11]. - Many investors entered the market at unfavorable times, missing out on gains and instead facing losses as the market turned [12]. Market Trends - The majority of newly listed stocks this year have not provided significant returns to public market investors, with many experiencing substantial declines post-IPO [12]. - The high valuations of current private companies suggest that individual investors may struggle to achieve even short-term gains after their IPOs, as the focus shifts from scarcity to scrutiny of profitability and growth potential [12].

大有大的道理。海南聚焦旅游业、现代服务业和高新技术产业"三大领域"，依托国家深海基地南方中心 等"五大平台"构建特色产业体系，充足的空间体量能承载完整的产业链布局。 大也有大的底气。海南自贸港的大体量是中国超大规模经济的必然要求，其不仅仅着眼于外，也立足于 国内广阔的经济腹地——南繁科研育种基地可联动全国农业市场，航天基地能对接国内航天产业集 群……这种产业联动的模式，让海南既能吸引全球高端要素，又能将开放红利传导至国内，形成国内国 际双循环的枢纽节点。 2025年12月18日，中国改革开放进程迎来历史性时刻——海南自由贸易港正式启动全岛封关运作。 这种覆盖全要素、全产业的制度革新，以《中华人民共和国海南自由贸易港法》的形式得到确认和保 护，为来自全世界的市场主体创造了稳定的政策环境。海南自贸港"2025年初步建立、2035年更加成 熟、本世纪中叶全面建成"的目标也就有了高确定性的预期。 封关并非物理隔绝，而是以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制 度。随之落地的零关税、低税率等政策红利，将广泛惠及市场主体——企业可享受进口生产资料免税、 对鼓励类产业企业生产的含进口料件加工 ...

Core Viewpoint - Starcloud, a space computing startup supported by Nvidia, has successfully trained and operated an AI model in space for the first time, marking a significant milestone in the field of space AI [1][3]. Group 1: Company Developments - Starcloud's satellite, Starcloud-1, successfully ran Google's open-source model Gemma and trained NanoGPT using the complete works of Shakespeare, sending a Shakespearean-style message back to Earth [3]. - Starcloud aims to achieve a tenfold reduction in energy costs for orbital data centers compared to ground-based data centers, validating the feasibility of constructing space data centers that require large computing clusters [3]. Group 2: Industry Trends - Google plans to begin building space AI data centers by early 2027, with ambitions to utilize solar energy in space, which is significantly more abundant than on Earth [5][6]. - The drive towards space AI data centers is largely motivated by the need to address energy shortages faced by tech giants in the U.S., where insufficient infrastructure has become a critical issue [9]. - The energy demands for AI data centers are projected to reach 347 GW by 2030, highlighting the urgency for alternative energy solutions [9]. Group 3: Technical Challenges - Space AI data centers face significant challenges, including heat dissipation and radiation protection, which have yet to be effectively resolved [11][15]. - The average temperature in low Earth orbit is -120°C, complicating heat management, as heat transfer in space occurs primarily through radiation [13]. - High-energy particles in space can cause single-event upsets in electronic components, leading to potential computational errors, which necessitates the use of older chip manufacturing processes for space applications [13][15].

④ 【华纳据称本周将拒绝派拉蒙收购要约】12月16日，据媒体援引知情人士透露，华纳兄弟探索（简称华纳）计划拒绝派拉蒙天舞上周提出的收购要 约，主要原因是对派拉蒙天舞的融资安排和其他交易条款存在担忧。华纳董事会经过审议后认为，公司与奈飞的现有协议在价值、确定性和条款方面都优 于派拉蒙天舞的提案。截至发稿，奈飞上涨1.83%。 每经记者｜岳楚鹏 每经编辑｜段炼 兰素英 ① 【三大期指齐涨】截至发稿，道指期货涨0.19%、标普500指数期货涨0.30%、纳指期货涨0.34%。 ② 【纳斯达克将迎来年内全球最大IPO】美东时间12月17日晚，纳斯达克交易所将迎来全球今年最大IPO Medline，股票代码"MDLN"。该IPO发行规模经 上调后，最终定价锁定在推介区间高位。具体来看，该公司将以每股29美元发行2.16亿股股票，拟融资约62.6亿美元，定价对应的公司估值约为390亿美 元。Medline现有股东涵盖黑石集团、凯雷集团及弗里德曼（Hellman & Friedman）三大私募巨头。早在2021年，这三家机构就以340亿美元联合收购 Medline多数股权，成为史上规模最大的杠杆收购之一。Medline由米 ...