12月30日，上交所官网显示，长鑫科技集团股份有限公司科创板IPO申请获受理。该单IPO项目申请此 前已预先审阅，并在受理当日披露了两轮预先审阅问询函的回复。这是科创板首单获受理的预先审阅 IPO项目。 （文章来源：第一财经） ...

Group 1 - European stock markets rose on Tuesday, driven by mining stocks as commodity prices increased, with investors awaiting the release of the Federal Reserve's recent meeting minutes [1] - The Stoxx Europe 600 index closed up 0.6%, while the German DAX index also rose by 0.6%, achieving its largest annual gain since 2019 due to optimism surrounding substantial fiscal stimulus measures [1] - The Italian FTSE MIB index outperformed other major European indices, rising by 1.1% and recording a cumulative gain of 32% for the year 2025, marking its best annual performance since 1998 [1] Group 2 - The mining sector increased by 1.7%, with copper prices on track for the longest consecutive rise since 2017, indicating strong demand in the sector [1] - Blue-chip Stoxx 50 index rose by 0.8%, closing at a record high for the first time since November [1] - Fresnillo Plc saw a significant increase of 6.8% after Citigroup analysts raised the target price for the company while maintaining a buy rating, citing rising silver and gold prices as a key factor [1]

本届活动以"破局·致远"为主题，"破局"致敬探索勇气，"致远"彰显发展信念，发掘那些在2025年以行动 践行信念、以创新引领发展的企业与人物标杆。在"破局"中夯实根基，在"致远"中明确方向，让更多人 看见行业生生不息的奋斗力量。 乐居财经 12月30日，由乐居财经主办的"破局·致远：2025年美好生活荣誉盛典"举行。珂玛科技荣 获"2025年最具成长性创业板上市公司"。 该奖项围绕研发投入、业绩增速、市场潜力等维度，表彰成长性科技企业，树立创新发展标杆。 ...

Group 1: Economic Policies and Trends - In 2025, the U.S. government is implementing conservative economic policies and nationalist trade protectionism, focusing on "small government" principles and significant tax cuts [1] - The U.S. GDP growth shows a trend of declining initially and then increasing, with quarterly growth rates of -0.5%, 3.8%, and 4.3% respectively [1] - The overall inflation is expected to ease, with the Consumer Price Index (CPI) showing a year-on-year increase of 2.7% in November, down from 3.0% in September [3] Group 2: Technology Sector Performance - Major tech companies like Apple, Microsoft, and Google are maintaining revenue growth rates of 8% to 12% due to advancements in AI and enterprise solutions [2] - Startups are facing challenges, with total financing down 28% in 2025 due to high costs and increased investment thresholds [2] - There is a significant disparity in layoffs within the tech sector, with companies like Meta and Amazon expanding AI-related departments while traditional software and hardware sectors see over 60% layoffs [2] Group 3: Manufacturing and Services Sector - Despite government efforts to revive manufacturing, the sector is struggling, with a projected Purchasing Managers' Index (PMI) average of 48.5, indicating contraction [2] - The automotive manufacturing sector is particularly affected, with production down 3.2% year-on-year due to supply chain disruptions and weak consumer demand [2] - The service sector remains a growth pillar for the U.S. economy, although there is a noticeable shift in consumer spending patterns towards lower-quality goods [2] Group 4: Employment and Labor Market - The unemployment rate in the U.S. reached 4.6% by November 2025, indicating a cooling labor market [4] - There is a trend of "no job prosperity," with significant layoffs in the tech sector and a widening wealth gap potentially impacting consumer spending [4] - The Federal Reserve has shifted to a rate-cutting stance, reducing rates by 75 basis points since September 2025 in response to economic pressures [4] Group 5: Future Economic Outlook - Economic growth in 2026 is expected to be driven by private consumption and AI-related investments, with a projected growth rate of around 2.5% [6] - The structural decline in inflation is anticipated, with core Personal Consumption Expenditures (PCE) inflation expected to be below 2.5% [6] - The economic outlook remains uncertain due to various factors, including debt sustainability, trade policies, and geopolitical tensions [6][7]

Group 1: Economic Overview - The U.S. economy experienced moderate growth in 2025, with the S&P 500 index increasing over 17% and the Nasdaq rising more than 21% by late December, primarily driven by investments in artificial intelligence and technology giants like Nvidia, Alphabet, Broadcom, Microsoft, and Apple, which contributed nearly 45% of the index's gains [8] - However, wealth distribution remains highly unequal, with the top 1% owning nearly 50% of stock market value and the top 10% holding over 87%, while the bottom 50% possess just over 1% [8][9] - The wealth of the ten richest billionaires in the U.S. surged by $698 billion in the past year, indicating a record wealth share of 12.6% for the wealthiest 0.1% [8] Group 2: Inflation and Economic Data - The U.S. Consumer Price Index (CPI) rose by 2.7% year-on-year in November, down from 3.0% in September and below the market expectation of 3.1%, but the data was significantly distorted due to the federal government shutdown, which left key indicators like housing costs unaccounted for [2] - The CPI report has been criticized for its lack of rigor, with experts advising caution in using this data for policy and investment decisions [2] Group 3: Political Climate and Governance - The political landscape in the U.S. has become increasingly polarized, with intense battles between the Democratic and Republican parties over economic policies and governance priorities, leading to significant legislative gridlock [6] - The recent government shutdown, lasting 43 days, resulted in substantial economic losses and highlighted the dysfunction in governance stemming from deep-seated political divisions [6][7] - The upcoming midterm elections in 2026 are prompting both parties to engage in redistricting battles to secure favorable electoral outcomes, further intensifying political strife [7]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, the Hang Seng Tech Index down by 0.3% at 5,483.01 points, and the China Enterprises Index decreasing by 0.26% to 8,891.71 points [1] - Major technology stocks mostly declined, with Alibaba down 1.85%, Tencent Holdings down 1.08%, and JD Group down 0.71%. However, Netease and Meituan saw gains of 1.41% and 0.97%, respectively [1] - Gold stocks fell significantly, with WanGuo Gold Group dropping over 6% and several others declining more than 5% [1] - Robotics stocks led the market, with MicroPort Robotics-B rising over 25% and UBTECH increasing by over 9% [1] - Automotive stocks performed well, with NIO up over 4% and both Xpeng Motors and BYD close to 4% [1] - Gaming stocks generally fell, with MGM China dropping over 17%, while Chinese brokerage stocks also saw declines, with China International Capital Corporation down over 2% [1] Company News - Kuaishou-W (01024.HK) repurchased 464,000 shares for approximately HKD 29.99 million at prices between HKD 64.05 and HKD 64.90 [2] - Bank of China (03988.HK) completed the issuance of HKD 50 billion in tier-2 capital bonds to supplement its tier-2 capital [2] - Weisheng Holdings (03393.HK) entered into a capital increase agreement with Boyu Capital, raising RMB 380 million for new shares [2] - Green Leaf Pharmaceutical (02186.HK) granted exclusive commercialization rights for three long-acting injectable antipsychotic products to Enhua in mainland China [3] - Hengrui Medicine (01276.HK) had its SHR-A1904 injection included in the list of breakthrough therapy products by the drug review center [4] - Tencent Holdings (00700.HK) repurchased 1.056 million shares for approximately HKD 636 million at prices between HKD 598 and HKD 604 [6] - COSCO Shipping Holdings (01919.HK) repurchased 1.96 million shares for approximately HKD 27.23 million at prices between HKD 13.82 and HKD 13.95 [7] - Xiaomi Group-W (01810.HK) repurchased 3.8 million shares for approximately HKD 149 million at prices between HKD 39.08 and HKD 39.26 [8] - Youzhiyou Biotechnology-B (02496.HK) received IND approval from NMPA for Y225 (Aimeisai monoclonal antibody injection) [9] - MicroPort Robotics-B (02252.HK) achieved a global commercialization milestone with over 100 installations of its surgical robots [10] - China Huadian Corporation (01071.HK) completed the construction and operation of two 660,000 kW ultra-supercritical units at the Huadian Longkou Phase IV project [11] - Energy International Investment (00353.HK) plans to issue a total of 1.035 billion shares at an approximately 18.33% discount, raising about HKD 254 million [12] Institutional Insights - CITIC Securities forecasts that the Hong Kong stock market may experience a second round of valuation recovery and performance revival in 2026, driven by internal and external economic factors [13] - Huatai Securities notes that the market is still in a left-side layout phase, with supply and demand pressures expected to persist towards the end of the year [14] - Qianhai Kaiyuan Fund's chief economist Yang Delong predicts that the Hong Kong stock market will regain upward momentum in 2026, driven by capital inflows and a potential long-term bull market [15]

1. Report Industry Investment Rating | Asset Category | Rating | | --- | --- | | Gold | Oscillation | | USD | Bearish | | US Stocks | Oscillation | | A-Shares | Oscillation | | Treasury Bonds | Oscillation | [26] 2. Core Views of the Report - Christmas holiday led to thin trading in overseas markets, but risk appetite moderately rebounded. US Q3 GDP far exceeded expectations, and the employment market remained resilient. In China, short-term macro negatives were limited, and the Beijing real estate policy boosted the market [5]. - Global equity markets generally rose, with emerging markets outperforming developed markets. The USD index weakened, while the RMB appreciated. Global commodity markets were strong, especially precious metals and non-ferrous metals [7][8][10][24]. - US stocks are expected to oscillate higher due to strong Q3 GDP and positive year - end seasonality. A - shares are likely to have a positive and oscillating trend, supported by the Beijing real estate policy. Treasuries are expected to strengthen, with long - term bonds likely to outperform short - term ones [26]. 3. Summary by Directory 3.1 Macro Context Tracking - Overseas: Christmas trading was thin, but risk preference rose. US Q3 GDP far exceeded expectations, driven by consumer spending. The employment market remained resilient, and the political pressure on the Fed increased. The market was optimistic about future liquidity, and the metal sector rose sharply [5]. - Domestic: Short - term macro negatives were limited. The Beijing real estate policy boosted the market, and various hot topics performed well. The stock market is expected to oscillate positively [5]. 3.2 Global Asset Class Performance Overview 3.2.1 Equity Markets - Global equity markets generally rose. In developed markets, the S&P 500 rose 1.4%, the Nikkei 225 rose 2.51%, etc. In emerging markets, the Shanghai Composite Index rose 1.88%, the Taiwan Weighted Index rose 3.1%, etc. MSCI indices also rose, with emerging markets > global > developed > frontier [7][8]. 3.2.2 Foreign Exchange Markets - The USD index weakened by 0.69% to 98. The RMB appreciated by 0.46% against the USD, reaching below 7.01. Other major currencies also showed different trends, with some appreciating and some depreciating [10][11]. 3.2.3 Bond Markets - Global 10 - year government bond yields fluctuated narrowly. In developed countries, US bond yields fell 2bp to 4.14%, while Japanese bond yields rose 2bp. In emerging markets, Chinese bond yields rose 1bp to 1.84% [14][15]. 3.2.4 Commodity Markets - The global commodity market was strong, with the spot market oscillating at a high level and the futures index rebounding. Energy prices were weak, while the metal sector was strong. Gold and silver rose significantly, with silver rising over 18% [20][24]. 3.3 Weekly Outlook for Asset Classes 3.3.1 Precious Metals - Gold is rated as oscillating. Overseas silver short - squeeze trading is nearing the end, increasing the risk of a decline and dragging down gold. The actual interest rate slightly rose, the USD index oscillated, and the RMB appreciated. The internal - external price difference of gold increased without a one - sided trend. The speculative position data of Comex gold futures was lagging, and the SPDR gold ETF holdings slightly increased. The silver price short - squeeze may be ending, and attention should be paid to the decline risk [26][32][38]. 3.3.2 USD - The USD is rated as bearish. Although the US GDP growth rate exceeded expectations, it will not change the interest - rate cut rhythm, so the USD is expected to continue to decline [26]. 3.3.3 US Stocks - US stocks are rated as oscillating. The Q3 GDP data supported market risk preference, and the market volatility decreased. The year - end seasonality of US stocks is strong, and they are expected to oscillate higher [26][43][50]. 3.3.4 A - Shares - A - shares are rated as oscillating. Short - term macro negatives are limited, and the Beijing real estate policy boosts the market. The market is expected to have a positive and oscillating trend, and long positions in stock indices can be held [26][51][54]. 3.3.5 Treasury Bonds - Treasury bonds are rated as oscillating. With fewer trading days next week, institutional behavior will be more stable, and the weak manufacturing PMI may drive the bond market to strengthen. Long - term bonds are expected to outperform short - term ones [26][60]. 3.4 Global Macroeconomic Data Tracking 3.4.1 Overseas High - Frequency Economic Data - GDPNow model estimates Q4 growth at 2.97%, and the red - book retail sales increased by 7.2% year - on - year. Oil prices were weak, and inflation expectations fell. Unemployment benefit claims remained high, and the employment market continued to cool but remained resilient [76]. - Bank reserves were 2.93 trillion, TGA account balance rose to 861.4 billion, and overnight reverse repurchase scale rose to 20.03 billion. High - yield corporate bond credit spreads slightly declined, and the market's interest - rate cut expectations cooled slightly. The probability of a pause in interest - rate cuts in January rose to 82.3%, and 2 interest - rate cuts are expected in 2026 [83]. - November's non - farm data was mixed. New employment was better than expected, but the unemployment rate rose to 4.6%. CPI and core inflation decreased, and the pressure on core inflation further eased [86]. 3.4.2 Domestic High - Frequency Economic Data - Beijing issued real - estate policies to stimulate demand, but the policy strength is still weak, and the support for housing prices is limited [87]. - In November, economic indicators showed a weakening trend in total volume, with a supply - strong and demand - weak structure. Investment and social retail sales declined, while industrial production was relatively stable [97]. - In November, credit data continued to be weak, and private - sector financing willingness was low. Government bond issuance decreased year - on - year, while non - standard and corporate bonds supported the year - on - year increase in social financing. M1 and M2 growth rates declined [99]. - In November, CPI and PPI showed a K - shaped divergence. CPI was in line with expectations and trended upward, while PPI was weaker than expected. Food prices supported CPI, while tourism, oil prices, and rent dragged it down. PPI was suppressed by "anti - involution" and input factors [108]. - In November, exports increased by 5.9% year - on - year, exceeding expectations, while imports increased by 1.9%, slightly lower than expectations. In the future, exports are expected to remain resilient [109].

由于臻镭科技涉嫌信息披露违法违规，被中国证监会立案调查，为维护证券投资者合法权益，上海汉联 律师事务所宋一欣律师向曾经购买过臻镭科技的证券投资者展开诉讼代理征集，代理投资者索赔诉讼， 权益受损的证券投资者可以向前述律师进行索赔登记。（宋一欣律师专栏） 宋一欣律师认为，臻镭科技案的索赔条件为：2025年12月27日前买入臻镭科技股票或债券等证券市场公 开发行产品，并在2025年12月27日及之后卖出或继续持有的受损投资者，可以办理索赔登记。（臻镭科 技维权入口） （律师对本案的提示与说明） 1．上述提示的索赔条件仅供参考，不涉及投资者任何证券投资决策和证券买卖建议。索赔的最终条件 将根据中国证监会行政处罚的结论进一步调整，并以相关法院最终生效的判决所认定的法律时点、赔付 对象、赔付范围、赔付标准、会计计算方式为准。 2．以行政处罚决定为特征的前置条件取消后，投资者虽然可以直接诉讼，但由于调查手段有限，以立 案调查通知或行政监管措施决定作为直接诉讼的依据起诉存在败诉的风险，所以，我作为专业律师提示 投资者：行政处罚决定仍然应当作为提起诉讼的必要前提之一。 登录新浪财经APP 搜索【信披】查看更多考评等级 2025 ...

Group 1 - The core viewpoint of the news is that the recent performance of the Sci-Tech Innovation Board 100 Index and its ETF indicates a positive trend, driven by strong policy support and improving market conditions [1][2] - As of December 29, 2025, the Sci-Tech Innovation Board 100 Index rose by 0.19%, with notable individual stock performances, including Fushen Eagle up by 6.81% and Yuntian Lifi up by 6.28% [1] - The Sci-Tech 100 Index ETF has seen a significant increase in trading volume and liquidity, with a recent turnover of 0.59% and a total transaction value of 36.25 million yuan [1][3] Group 2 - The latest size of the Sci-Tech 100 Index ETF reached 6.18 billion yuan, marking a one-month high, with a notable increase of 18 million shares in the past week [3] - The net inflow of funds into the Sci-Tech 100 Index ETF was 16.54 million yuan, with a total of 149 million yuan accumulated over the last ten trading days [3] - The top ten weighted stocks in the Sci-Tech 100 Index account for 26.72% of the index, including companies like Huahong Semiconductor and East China Semiconductor [3]

Core Insights - Requests for relocation abroad by Israelis employed at multinational companies in Israel have increased over the past year due to the ongoing conflict with Hamas [1] Group 1 - The rise in relocation requests is a direct response to Israel's two-year war against the Palestinian militant group Hamas [1]