交通是发展之脉、民生之基，交通畅则万业旺。 "十四五"期间，甘肃锚定"国家向西开放战略通道"新定位，将基础设施建设作为破解发展瓶颈、夯实发展根基、增进民生福祉的战略抓手，科学谋划，笃行 实干，推动全省基础设施建设实现历史性跃升，为经济社会高质量发展注入澎湃动能。 交通网络织密成网 贯通八方活力奔涌 近日，兰州至张掖三四线铁路武威至张掖段项目建设用地获国务院批准，项目建成后将形成兰州至新疆第二条高铁通道，与既有兰新高铁构建"双通道"格 局； 12月23日下午，兰州什川黄河大桥工程项目经验收委员会综合评审，工程质量符合设计及规范要求，施工资料完整齐全，正式通过交工验收。 新甘肃客户端记者 王登科 与此同时，兰合、平庆、天陇等铁路项目正加速推进，持续加密的路网为区域联动注入新活力。 航空枢纽上，2025年3月，兰州中川国际机场三6期工程建成投运。自此，"航空+高铁+城市轨道交通+高速公路"的现代综合交通枢纽全面成型，为甘肃深度 融入"一带一路"建设，架起了一座联通世界的"空中走廊"。 绿色能源强势崛起 风光无限赋能发展 在"世界风库"瓜州县，戈壁滩上风机林立、光伏板熠熠生辉，绿电澎湃不息。 …… 一个个火热的建设现 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Event disturbance factors weakened. The market continued its decline from the previous week on Monday and Tuesday, with a cumulative decline of 4.35% from the previous Monday to Tuesday this week. Market sentiment reversed on Wednesday and Thursday, with strong rebounds of 2.33% and 0.99% respectively, pushing the index back to the levels of last Tuesday and Wednesday, but the previous decline was not fully recovered. It fell slightly again on Friday. After the "decline → recovery" this time, equity REITs rose slightly by 0.12% overall, while concession - type REITs still fell by 3.61%. The pace of project declaration/acceptance on the Shanghai and Shenzhen Stock Exchanges significantly accelerated this week, laying a project reserve foundation for the supply - side growth of infrastructure REITs in 2026 [3]. - As of December 26, 2025, 20 REITs have been successfully issued this year, with a total issuance scale of 40.3 billion yuan, a year - on - year decrease of 37.6%. Four newly - issued public REITs and two expanded - offering public REITs made new progress this week. There are currently 13 REITs in the approval process that have been declared, 1 has been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For expanded - offering REITs, 3 have been declared [3]. - This week, the CSI REITs Total Return Index (932047.CSI) closed at 1014.80 points, up 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend by 1.01 percentage points. The CSI REITs Total Return Index has risen 4.85% since the beginning of the year, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend by 6.06 percentage points. In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - type REITs rose 0.61%. In terms of asset types, the affordable housing, warehousing and logistics, park, and data center sectors performed well [3]. - In terms of liquidity, the average daily turnover rates of equity - type/concession - type REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared with last week. The trading volume this week was 509 million/202 million shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water services sector was the most active [3]. - In terms of valuation, according to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 4.08%/5.04% respectively. The transportation, warehousing and logistics, and park sectors ranked among the top three [3]. Summary According to the Directory 1. Primary Market: A Total of 4 Newly - Issued Public REITs Made New Progress - As of December 26, 2025, 79 REITs have been issued in total, with a total issuance scale of 203.5 billion yuan, a total market value of 219.9 billion yuan, and a circulating market value of 116.6 billion yuan. In terms of two major project attributes, 56 equity - type REITs and 23 concession - type REITs have been issued. In terms of eight major asset types, 8 affordable housing REITs, 11 warehousing and logistics REITs, 20 park REITs, 12 consumer REITs, 2 data center REITs, 13 transportation REITs, 10 energy REITs, and 3 environmental protection and water services REITs have been issued [14]. - Four newly - issued public REITs made new progress this week: 3 were newly declared/accepted (Huatai Three Gorges Clean Energy REIT, CICC Torch Industrial Park REIT, Bosera Shandong TieTou Road and Bridge REIT), and the fundraising of Huaxia CNNC Clean Energy REIT ended, with the offline and public effective subscription multiples reaching 340 and 392 times respectively. Two expanded - offering public REITs also made new progress: the expansion of AVIC Jingneng Photovoltaic REIT was completed, and the expanded shares of Guotai Junan Dongjiu New Economy REIT were listed [3]. - Currently, in the approval process, there are 13 REITs that have been declared, 1 has been questioned and responded, 1 has passed the review, and 1 has been registered and is awaiting listing. For expanded - offering REITs, 3 have been declared [3]. 2. Secondary Market: The Index Recovered This Week 2.1 Market Review: The CSI REITs Total Return Index Rose 1.56% - This week, the CSI REITs Total Return Index closed at 1014.80 points, up 1.56%, underperforming the CSI 300 by 0.39 percentage points and outperforming the CSI Dividend by 1.01 percentage points. The CSI REITs Total Return Index has risen 4.85% since the beginning of the year, underperforming the CSI 300 by 13.51 percentage points and outperforming the CSI Dividend by 6.06 percentage points [3]. - In terms of project attributes, equity - type REITs rose 1.95% this week, and concession - type REITs rose 0.61%. In terms of asset types, the affordable housing (+3.14%), warehousing and logistics (+2.20%), park (+2.11%), and data center (+1.80%) sectors performed well. Among individual bonds, 63 rose and 15 fell this week. CICC Chongqing Liangjiang REIT (+7.86%), Huaxia Fund China Resources Youchao REIT (+5.99%), and Bosera Tianjin Binhai High - tech Industrial Park REIT (+5.94%) ranked among the top three, while ICBC Inner Mongolia Energy Clean Energy REIT (-5.04%), Guotai Haitong Jinan Energy Heating REIT (-4.39%), and Harvest PowerChina Clean Energy REIT (-3.87%) ranked among the bottom three [3]. 2.2 Liquidity: Both Turnover Rate and Trading Volume Increased - The average daily turnover rates of equity - type/concession - type REITs this week were 0.51%/0.60%, an increase of 12.26/18.43 BP compared with last week. The trading volume this week was 509 million/202 million shares, a week - on - week increase of 33.57%/43.95%. The environmental protection and water services sector was the most active [3]. 2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity - type/concession - type REITs were 4.08%/5.04% respectively. The transportation (6.20%), warehousing and logistics (5.61%), and park (4.82%) sectors ranked among the top three [3]. 3. This Week's Key News and Important Announcements Key News - On December 19, 2025, Shanghai Real Estate Group launched a tender for the public REIT fund manager and special plan manager of its commercial real estate REIT project [35]. - On December 22, 2025, the second selection for the 2025 rental housing public REIT fund manager and special plan manager service procurement project of Zhengzhou Chengfa Anju Technology Co., Ltd. was launched [35]. - On December 23, 2025, the National Development and Reform Commission and the National Energy Administration issued the "Several Opinions on Promoting the Large - scale Development of Concentrated Solar Power", proposing to support eligible concentrated solar power projects to issue REITs, asset - backed securities, etc. to revitalize existing assets and promote a virtuous cycle of investment and financing [35]. - On December 24, 2025, the tender result for the infrastructure REIT fund manager of Nanjiang Energy Group was announced, with GF Fund winning the bid. The annual fund management fee during the term is 0.2%, and the pre - issuance fee is 2.45 million yuan [35]. - On December 25, 2025, the Sichuan Securities Regulatory Bureau focused on the use of innovative financing tools, strengthened the interpretation of policies such as commercial real estate REITs, and encouraged enterprises to actively respond, conduct asset surveys, and prepare for the launch of commercial real estate REITs pilots. After the meeting, the Sichuan Bureau and the exchange visited enterprises interested in issuing commercial real estate REITs [35]. - On December 25, 2025, eight departments including the People's Bank of China jointly issued the "Opinions on Financial Support for Accelerating the Construction of the Western Land - Sea New Corridor", mentioning the need to make good use of diversified financing channels such as REITs to support the construction of the Western Land - Sea New Corridor [35]. - On December 26, 2025, Huang Jianshan, the deputy director of the Bond Regulatory Department of the China Securities Regulatory Commission, stated that the CSRC is steadily promoting the pilot of commercial real estate REITs [35]. Important Announcements - Multiple REITs announced dividends, including ICBC Hebei Expressway REIT, Hua'an Bailian Consumer REIT, CICC Puluosi REIT, and CITIC Construction Investment SPIC New Energy REIT [35][36]. - Some REITs announced their operation data for November 2025, including Huaxia Nanjing Traffic Expressway REIT, ICBC Hebei Expressway REIT, etc. [35][36]. - Some REITs announced the lifting of the ban on strategic placement shares, including China Merchants Science and Technology Innovation REIT, Huaxia Heda High - tech REIT, etc. [35][36]. - The expanded shares of Guotai Junan Dongjiu New Economy REIT were listed for trading, and the expansion of AVIC Jingneng Photovoltaic REIT was completed [36][37].

Core Insights - The article discusses the implementation of national standards to support high-quality development in various sectors, particularly focusing on equipment updates and the replacement of consumer goods [1][2]. Group 1: National Standards and Their Impact - The "Two New" initiative targets the automotive, home appliance, and emerging consumer sectors, with 115 national standards being revised to enhance the quality of durable consumer goods and stimulate domestic demand [2]. - New safety standards for electric vehicle batteries now mandate that they must not catch fire or explode, which is expected to improve the safety of new energy vehicles significantly [2]. - The introduction of a new mandatory national standard for coal-fired power generation is projected to reduce average coal consumption to below 302 grams per kilowatt-hour by 2030, leading to a decrease in carbon dioxide emissions by approximately 160 million tons [3]. Group 2: Environmental and Circular Economy Standards - The "Two New" initiative also emphasizes the need for upgrading energy consumption and emission standards, with 113 national standards being revised to facilitate the elimination of outdated production capacity and enhance advanced capacity [2]. - The initiative includes the development of 66 national standards focused on green product design, second-hand product transactions, and recycling, which aim to promote resource circulation and efficient recovery of strategic resources like nickel, cobalt, and lithium [3]. Group 3: Industry Development and Future Plans - The Ministry of Industry and Information Technology has completed the revision of 44 key national standards under the "Two New" initiative, which is crucial for driving investment growth and industrial development [4]. - The focus for the upcoming year includes the revision of over 1,800 standards across traditional industries such as petrochemicals, machinery, and textiles, to support high-quality development and meet consumer demands for safety, quality, and sustainability [5].

智通财经APP获悉，对于多元化基金经理而言，最不愿面对的困境，莫过于管理的投资组合被七家科技公司高度主导——它们清一色是美国企业，均为巨型 市值，且全部聚焦于经济领域的同一板块。然而，就在本周标普500指数再度刷新历史高点之时，投资者不得不直面一个残酷现实：若想跟上市场步伐，很 大程度上意味着只能被迫重仓持有这些股票。 2025年，一小群紧密关联的科技超级巨头再次贡献了不成比例的回报——而这一模式已延续近十年。真正值得关注的是，并非那些耳熟能详的赢家名单依旧 如故，而是这种收益差距正以空前的强度，严重考验着投资者的耐心底线。 挫败感决定了资金的流向。据美国投资公司协会(ICI)数据估算，全年约有1万亿美元从主动型股票共同基金中流出，标志着连续第11年净流出，且按某些指 标衡量，是本轮周期中流出最严重的一年。相比之下，被动型股票交易所交易基金(ETF)则获得了超过6000亿美元的资金流入。 图1 随着这一年推进，投资者开始逐步撤离——他们重新审视是否值得为偏离指数显著的投资组合支付额外成本。然而经过复盘验证，却发现这种差异化布局非 但未带来预期回报，反而让他们不得不直面"付了溢价却未获收益"的尴尬处境，最终只能 ...

国际金银续创新高。COMEX黄金期货收涨1.31%，报4562美元/盎司，本周累计上涨3.98%；现货黄金涨1.12%，报4531.1美元/盎司，本周累计上涨 4.44%。 COMEX白银期货收涨11.15%，本周累计上涨18.06%；现货白银涨10.24%，本周累计上涨17.87%。 隔夜美股盘中下跌，中概股走强。黄金拉升。 截至12月26日收盘，美股三大指数均微跌，纳指跌0.09%，道指跌0.04%，标普500指数跌0.03%。纳指本周累计上涨1.22%；道指本周累计上涨1.2%；标普 500指数本周累计上涨1.4%。 个股方面，特斯拉跌超2%，谷歌、苹果、微软等小幅下跌；英伟达涨超1%。消息面上，英伟达确认与AI芯片初创公司Groq达成技术授权协议，还从Groq 公司招揽了工程人才。 中概股盘中拉升，纳斯达克中国金龙指数收涨0.72%。小鹏汽车涨超6%，蔚来涨近4%，阿里巴巴、百度涨超1%；霸王茶姬跌逾2%。 国际原油期货价格下挫，WTI原油期货结算价收跌2.76%，报56.74美元/桶；布伦特原油期货结算价收跌2.57%，报60.64美元/桶。 ...

Core Viewpoint - The market has shown a strong upward trend, achieving an "eight consecutive days of gains" performance, but many individual stocks are lagging behind, creating a disparity between index performance and individual stock returns [1][3]. Market Performance - The overall market has been bullish, with a notable increase in the index, yet many stocks are experiencing declines, leading to a situation where investors feel frustrated as they see gains in the index but losses in their portfolios [3][8]. - The current market environment is characterized by a focus on core assets, with limited liquidity and accelerated rotation of hot sectors, making it challenging for investors to succeed by blindly chasing high-performing stocks or holding onto weak ones [3][8]. Futures Market Insights - Citic Futures has reduced its long positions by 188 contracts and short positions by 777 contracts in the CSI 300 index futures, indicating a "bullish" signal [4]. - In the CSI 1000 index futures, there was a reduction of 606 long contracts and 436 short contracts, signaling a "bearish" outlook, while the SSE 50 index futures showed a reduction of 76 long contracts and 232 short contracts, indicating a "bullish" signal [4]. Stock Highlights - Victory Energy has achieved an impressive feat with 11 consecutive days of price increases, reflecting the volatility and excitement in the market [5]. - The current market sentiment is described as a "structural market," where only a few sectors and leading stocks are generating profits, while the majority of stocks remain stagnant or decline [7][8]. Investor Sentiment - Many investors are longing for a robust bull market characterized by widespread gains across the board, rather than the current environment of structural divergence where only select stocks perform well [8].

注：数据来源Emmanuel Saez，UC Berkeley，David Jacks，Wind，统计区间1925-1991。 沃尔克之后，货币政策开始变得无所不能，此后的美国内生性的经济危机仅发生过三次，相较于19世纪骤减。 但是用变色油墨与无酸纸真的可以对抗"剩余价值"的铁论么？美国政府债务就像里根标志性的微笑一样，以指数级的上扬动摇着全世界的信心。 以指数方程为例，随着自变量的逐步扩大，曲线的曲率将会逐步接近于无穷大。换句话说，如果当前美国政府沿用赤字财政思路，我们或许会见证"信用 货币的数量达到无穷大，而相对价值无穷趋近于零的经济学奇迹"。 1981年可以被看作是现代经济学的一个关键分水岭。 那一年新自由主义卷土，现代货币理论（MMT）开始使用"信贷创造货币"的话语权，构建以"美国消费-全球供给"的新全球化格局。 注：数据来源Wind，统计区间1952/03-2025/06。 在21世纪前四分之一叶的最后一个月，现货期货黄金、银、铜屡次刷新历史新高，这无疑是金融市场发出的显著信号。 对于当前投资者们来说，与其猜测"债务奇点"到来，莫若关心生产关系本身。 关注大类资源品：当前正当时！ 从多方角度判断，各 ...

Core Insights - The "Beijing Future · Innovation is Me" second Innovation Scenario Challenge concluded on December 26, showcasing 60 innovative research ideas from six professional tracks, including future information, health, manufacturing, energy, materials, and creativity [1][3]. Group 1: Event Overview - The challenge gathered nearly 400 innovative results from 30 universities and research institutions, with a professional jury evaluating 10 outstanding achievements in each track based on industrial needs and technological strength [3]. - The event featured five matchmaking sessions, allowing participating teams to engage with representatives from relevant enterprises, industry authorities, and investment institutions for potential collaboration and application of their innovations [5]. Group 2: Notable Innovations - In the future manufacturing track, a "network-computing-control integrated intelligent open industrial control system" was highlighted, which integrates advanced technologies to achieve interconnectivity among equipment, systems, and data [3]. - The "Beidou Smart Measurement - Low-Cost Beidou Multi-Information Water Level Monitoring System" from China University of Mining and Technology (Beijing) demonstrated significant potential in hydrological monitoring, featuring a complete system architecture including hardware, software, and data processing algorithms [5].

Core Insights - Google ranks first, followed by Microsoft and Apple in the 2025 World Brand 500 list, with the United States leading with 184 brands, while China surpasses Japan with 50 brands, securing the third position globally [3][6]. Group 1: Brand Rankings - Google, Microsoft, and Apple are the top three brands in the 2025 World Brand 500 list [3][12]. - The United States has the highest representation with 184 brands, followed by France with 51, China with 50, Japan with 40, and the United Kingdom with 34 [6][12]. Group 2: Industry Representation - The automotive and parts industry leads with 33 brands, followed by the energy and food & beverage industries, each with 30 brands [4][5]. - The banking sector has 29 brands, while retail and computer & communications sectors each have 27 brands represented [4][5]. Group 3: Notable Chinese Brands - Key Chinese brands in the list include State Grid, Tencent, Haier, and ICBC, among others [7][8][9]. - The presence of Chinese brands has increased, with 50 brands listed, surpassing Japan's 40 brands [3][6]. Group 4: Impact of AI - The rise of generative AI is influencing brand creativity and expression, presenting both opportunities and challenges in the branding landscape [3][4].

Core Insights - The transformation in Hainan is not just about luxury shopping but represents a significant change in the wealth management strategy for billions of people, driven by China's vast foreign exchange reserves and the risks associated with holding US Treasury bonds [1][3] Group 1: Economic Strategy - The upcoming full closure operation in Hainan on December 18, 2025, is a strategic move aimed at creating a secure channel for national wealth, likened to a "Noah's Ark" to withstand financial storms [3] - Hainan's policy of "one line open, two lines controlled" allows for a low-tax environment to attract foreign investment while maintaining a firewall against potential financial risks from the mainland [5] Group 2: Investment and Business Environment - The low-tax environment in Hainan is a key factor attracting global companies, with notable firms like Siemens Energy and Longi Green Energy establishing operations there, indicating the strategic potential of the region [5] - The establishment of the EF account system in Hainan has facilitated over 295 billion yuan in transactions since its launch in May 2024, indicating a shift in the use of the renminbi from a transaction currency to an asset currency [6] Group 3: Financial Network and Collaboration - Hainan's initiatives are part of a broader strategy involving discussions with oil-rich nations like Saudi Arabia to use the renminbi for oil settlements, reflecting a move towards a more diversified global financial network [6] - The collaboration between Shanghai, Hong Kong, and Hainan represents a coordinated effort to enhance China's financial resilience, with each city playing a distinct role in this strategy [7]