1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The current Guosheng fundamental high - frequency index is 129.2 points (previous value: 129.1 points), with a week - on - week increase of 6.2 points (previous increase: 6.2 points), and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds is downgraded, with a signal factor of 3.4% (previous value: 3.5%) [2][10]. - In terms of production, the industrial production high - frequency index is 127.7 (previous value: 127.7), with a week - on - week increase of 5.0 points (previous increase: 5.0 points), and the year - on - year growth rate remains unchanged [2][10]. - In terms of total demand, the high - frequency index of commercial housing sales is 40.8 (previous value: 41.0), with a week - on - week decrease of 6.4 points (previous decrease: 6.4 points), and the year - on - year decline rate remains unchanged; the high - frequency index of infrastructure investment is 122.1 (previous value: 122.2), with a week - on - week increase of 8.5 points (previous increase: 8.7 points), and the year - on - year growth rate narrows; the high - frequency index of exports is 143.7 (previous value: 143.7), with a week - on - week increase of 0.4 points (previous increase: 0.5 points), and the year - on - year growth rate narrows; the high - frequency index of consumption is 121.1 (previous value: 121.0), with a week - on - week increase of 3.4 points (previous increase: 3.3 points), and the year - on - year growth rate expands [2][10]. - In terms of prices, the month - on - month CPI forecast is 0.0% (previous value: - 0.1%); the month - on - month PPI forecast is 0.1% (previous value: 0.2%) [2][11]. - The high - frequency inventory index is 163.6 (previous value: 163.4), with a week - on - week increase of 7.4 points (previous increase: 7.5 points), and the year - on - year growth rate narrows. The high - frequency transportation index is 133.7 (previous value: 133.4), with a week - on - week increase of 11.0 points (previous increase: 10.9 points), and the year - on - year growth rate expands. The high - frequency financing index is 245.2 (previous value: 244.6), with a week - on - week increase of 30.9 points (previous increase: 30.8 points), and the year - on - year growth rate expands [3][11]. 3. Summary According to Relevant Catalogs 3.1 Total Index: Fundamental High - Frequency Index Remains Stable - Based on the statistical system, a high - frequency data system covering overall, production, demand, prices, financing, etc. is constructed, and the Guosheng fixed - income fundamental high - frequency index and its sub - items are built [9]. - The current Guosheng fundamental high - frequency index is 129.2 points, with a week - on - week increase of 6.2 points, and the year - on - year growth rate remains unchanged. The long - short signal of interest - rate bonds is downgraded [2][10]. 3.2 Production: Electric Furnace Operating Rate Rises - The current electric furnace operating rate is 60.9% (previous value: 60.3%); the polyester operating rate is 88.9% (previous value: 88.9%); the semi - tire operating rate is 71.4% (previous value: 71.6%); the full - tire operating rate is 64.1% (previous value: 64.1%); the PTA operating rate is 73.8% (previous value: 73.8%); the PX operating rate is 89.2% (previous value: 89.2%); the coal dispatch at Qinhuangdao Port is 42.4 tons (previous value: 43.9 tons) [16]. 3.3 Real Estate Sales: Commercial Housing Transaction Area Recovers - The commercial housing transaction area in 30 large and medium - sized cities in the current week is 34.9 million square meters (previous value: 27.9 million square meters); the premium rate of land transactions in 100 large and medium - sized cities is 1.7% (previous value: 1.9%) [27]. 3.4 Infrastructure Investment: Asphalt Operating Rate Fluctuates Narrowly - The current asphalt operating rate is 27.6% (previous value: 27.8%) [42]. 3.5 Exports: Freight Rate Index Rises Slightly - The current CCFI index is 1124.7 points (previous value: 1118.1 points); the RJ/CRB index is 293.9 points (previous value: 300.3 points) [44]. 3.6 Consumption: Daily Average Movie Box Office Declines - The daily average movie box office is 98.36 million yuan (previous value: 171.46 million yuan) [53]. 3.7 CPI: Fruit Prices Rise - The latest average wholesale price of pork is 17.5 yuan/kg (previous value: 17.6 yuan/kg); the average wholesale price of 28 key - monitored vegetables is 5.9 yuan/kg (previous value: 5.9 yuan/kg); the average wholesale price of 7 key - monitored fruits is 7.6 yuan/kg (previous value: 7.5 yuan/kg); the average wholesale price of white - striped chickens is 17.8 yuan/kg (previous value: 17.8 yuan/kg) [60]. 3.8 PPI: Kerosene Prices Fall, Copper and Aluminum Spot Prices Continue to Rise - The closing price of thermal coal (produced in Shanxi) at Qinhuangdao Port is 719 yuan/ton (previous value: 761 yuan/ton); the futures settlement price of Brent crude oil is 60 US dollars/barrel (previous value: 62 US dollars/barrel); the spot settlement price of LME copper is 11,739 US dollars/ton (previous value: 11,692 US dollars/ton); the spot settlement price of LME aluminum is 2,855 US dollars/ton (previous value: 2,849 US dollars/ton) [64]. 3.9 Transportation: Subway Passenger Volume Declines - The subway passenger volume in first - tier cities in the current week is 38.63 million person - times (previous value: 39.83 million person - times); the highway logistics freight rate index is 1051 points (previous value: 1052 points); the number of domestic flights is 12,172 (previous value: 12,137) [75]. 3.10 Inventory: Electrolytic Aluminum Inventory Increases Significantly - The current electrolytic aluminum inventory is 190,000 tons (previous value: 167,000 tons); the soda ash inventory is 151,600 tons (previous value: 149,800 tons) [82]. 3.11 Financing: Local Bond Financing Declines - The net financing of local bonds in the week is 28.1 billion yuan (previous value: 62.3 billion yuan); the net financing of credit bonds is 57.5 billion yuan (previous value: 73.2 billion yuan); the 6M national - share bank draft rediscount rate is 0.91% (previous value: 0.84%); the average value of the bill rate - certificate of deposit rate is - 0.72% (previous value: - 0.79%) [94].

智通财经APP获悉，12月22日，香港财政司司长陈茂波担任主席的大宗商品策略委员会(委员会)召开第 一次会议。陈茂波表示，过去一两年间，香港正积极建构更蓬勃的大宗商品生态，从加入伦敦金属交易 所的全球仓库网络，以促进实体金属的交割活动；到加速建立国际黄金交易市场等，香港在这方面已经 迈出了坚实的步伐。接下来，香港政府会通过高层统筹规划，制订和践行全面的大宗商品发展策略，抓 紧未来的发展机遇。 主席：财政司司长 非官方成员：Angad Banga、陈建年、陈瑞娟、陈婉珊、郑嘉尧、郑慕智博士、徐亦钊、Richard Hext、 黄健华、刘莎、卢金荣博士、庞超贻、岑文辉、石成虎、王祖兴、张寒英、朱璟。 官方成员、财政司副司长、财经事务及库务局局长、商务及经济发展局局长、发展局局长、运输及物流 局局长、特首政策组组长、政府经济顾问。 引进重点企业办公室、投资推广署、香港金融管理局、证券及期货事务监察委员会、保险业监管局、香 港交易及结算所有限公司、香港海运港口发展局、香港机场管理局等机构的负责人按需要出席会议。 陈茂波说："在地缘政治、科技变革、绿色转型等多个大趋势的多重驱动下，全球就贵金属、有色金 属、传统能源、新 ...

Group 1 - In 2025, major asset performance showed significant differentiation, with gold prices rising over 60%, A-shares experiencing a structural bull market, and the bond market entering a phase of volatility [1][6] - The driving forces behind these trends include a domestic financial cycle downturn, a restructuring of the global economic order, and a deepening industrial revolution led by AI [6][7] - The bond market faced challenges due to the "asset shortage" logic weakening and economic rebalancing policies entering a phase of turbulence [6][7] Group 2 - For 2026, the market is expected to be in a complex transitional phase, with a strategic focus on defensive positioning while tactically seeking structural opportunities in commodities and equities [2][10] - The stock market is anticipated to see a profit-driven rally supported by improved economic fundamentals, ample liquidity, and reasonable valuations, particularly in sectors like AI and semiconductors [3][15] - The bond market is projected to experience a wide fluctuation in yields, with the ten-year government bond yield expected to range between 1.6% and 2.1% [3][47] Group 3 - The commodity market is expected to continue structural differentiation, with basic metals like copper and aluminum benefiting from global fiscal expansion and industrial upgrade demands [3][63] - Gold is anticipated to undergo a phase of high-level consolidation, supported by weakened dollar credit and central bank purchases, while facing short-term volatility [3][74] - The investment logic for commodities is shifting from traditional economic cycles to a focus on strategic scarcity and essential resources, particularly in the context of global security and industrial needs [3][64][66]

【低波动属性契合当下避险需求】 "低波动"是该策略另一关键特征。指数通过编制方法筛选历史波动较低的股票，使组合整体波动性显著低于港股大盘。 在宏观不确定性犹存、市场情绪偏谨慎的时期，这一追求稳健收益、控制回撤的特性，恰好满足了资金的避险与"求 稳"诉求，成为投资组合中理想的 "压舱石"。 【展望与配置价值】 临近岁末，具备高股息与低波动双重特征的资产成为资金重点布局方向。截至12月19日，港股红利低波ETF(520550)已 连续22个交易日获得资金净流入，年内累计净流入规模近10亿元人民币，显示出资金对其作为市场"避风港"策略的坚定 看好。 【高股息与低估值构成核心优势】 资金持续涌入的核心驱动力在于其突出的估值吸引力与股息回报。该ETF跟踪的指数最新股息率已攀升至接近7%的高 位，在全球主要市场中表现领先。这一收益水平在当前利率环境下显得尤为稀缺和具有吸引力。其成分股主要集中于经 营稳定、现金流充沛的金融、能源、公用事业等行业，经过市场调整后，形成了 "高股息、低估值" 的显著配置价值。 风险提示：基金有风险，投资需谨慎。 综合而言，资金的持续流入反映了市场在经济复苏预期趋于理性、无风险利率下行的宏观背景 ...

Group 1 - The core viewpoint is that the market has preemptively priced in a favorable economic environment expected in 2026, characterized by low inflation, a robust economy, and loose policies [1] - Michael Hartnett, a prominent analyst, suggests that the current market conditions reflect an anticipation of a return to easy monetary policies and lower costs, indicating that money is flowing back into the market [1] - The report highlights significant inflows into equities, with $98.2 billion entering the stock market in one week, including $77.9 billion into U.S. stocks, marking the second-highest historical inflow [1] Group 2 - Hartnett's investment strategy focuses on low inflation rather than high growth, favoring zero-interest bonds, mid-cap stocks, emerging market equities, and commodities [1] - The Bull-Bear Indicator has reached 8.5, signaling an overheated market, which historically suggests a potential pullback in global stock markets by 2-3% on average, with extreme cases leading to a 4-9% decline over 1-3 months [1] - The real risk identified is that the market has already over-leveraged the positive outlook for 2026, rather than reacting to negative news [2]

为贯彻落实党中央关于坚持和发展新时代"枫桥经验"重大部署要求，坚持把非诉讼纠纷解决机制挺 在前面，践行金融工作的政治性、人民性，金融监管总局依托与最高人民法院建立的"总对总"在线诉调 对接机制，持续做好金融领域纠纷多元化解工作，切实维护金融消费者合法权益。为发挥好典型案例对 金融纠纷多元化解工作的示范引领作用，就涉及行业普遍性及社会关切的热点难点问题，两部门共同遴 选出一批具有典型性、示范性的金融领域纠纷多元化解案例，现面向社会公开发布。本批案例体现出如 下特点： 一是"法院+行业"多元解纷合力作用更加突显。金融纠纷类型多样、法律关系复杂。各级人民法院 会同金融管理部门，指导行业调解组织积极落实金融法律法规及相关政策要求，在金融纠纷化解过程 中，建立"法院+行业"多元解纷机制，既充分发挥司法保障作用，又突显行业整合资源的关键枢纽作 用，形成纠纷化解合力，释放"1+1>2"双重优势解纷效能。 五是"以调促治"促推金融纠纷源头治理水平持续提升。坚持"抓前端、治未病"，在做好金融纠纷高 效化解的同时，积极主动向金融消费者普及金融与法律知识，让金融消费者知悉非法贷款中介的违规套 路、深刻认识出租出借出售银行账户的现实 ...

截至2025年12月22日 09:56，上证180指数(000010)上涨0.65%，成分股拓荆科技(688072)上涨6.39%，中 国中免(601888)上涨6.27%，紫金矿业(601899)上涨4.95%，山东黄金(600547)上涨4.20%，中金黄金 (600489)上涨4.11%。上证180ETF指数基金(530280)上涨0.58%，最新价报1.21元。 数据显示，截至2025年11月28日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、恒瑞医药(600276)、中国平安(601318)、寒武纪(688256)、药明康德(603259)、招商银行 (600036)、工业富联(601138)、中芯国际(688981)、长江电力(600900)，前十大权重股合计占比26.13%。 上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ETF联接C： 023548；平安上证180ETF联接E：024609)。 中金公司研报称，指数前期回调为投资者提供了较好的逢低布局"跨年"行情时机。配置上， ...

上周美国公布的非农和通胀数据对市场和美联储有何影响？ 全球其他央行上周有哪些重要货币政策变化？ 上周美国公布了 10 月和 11 月的非农就业数据。由于 10 月份政府关门，导致 数据质量下降。数据显示，11 月份新增非农就业人数为 6.4 万人，而 10 月份 减少了 10.5 万人，三个月平均增加 2.2 万人。这表明就业增长趋于放缓，但 未显著恶化。失业率上升至 4.6%，为 2021 年以来最高水平，就业减少主要 集中在政府部门，而私人部门相对稳健。 通胀方面，上周四公布的数据低于预 期，核心 CPI 同比增速为 2.6%，总 CPI 同比增速为 2.7%。这低于市场预期的 3%左右，主要原因是统计缺失和假期促销导致物价被低估。因此，这些数据可 能存在失真，美联储官员认为没有迫切需要再次降息。目前市场对 2026 年 1 月降息的定价概率仅为 22%。 上周欧央行按兵不动，没有调整利率。从 2024 年 6 月开始，欧央行已连续降 息至约 2%的中性水平，目前欧元区通胀也达到了 2%。因此，欧央行可能已经 结束了降息周期，并且资本市场开始定价 2026 年加息的可能性。 日本央行上 周五加息，将政策利 ...

Market Overview - The Hong Kong stock market opened higher on December 22, with the Hang Seng Index rising by 0.41% to 25,795.94 points, the Hang Seng Tech Index increasing by 0.61% to 5,512.54 points, and the State-Owned Enterprises Index up by 0.49% to 8,944.74 points [1] - Major technology stocks mostly rose, with Alibaba up by 0.48%, Tencent Holdings up by 0.98%, and Meituan up by 1.46% [1] - The smart driving concept stocks saw significant gains, with Xiaoma Zhixing rising over 6% [1] - Gold stocks experienced a general increase, with Lingbao Gold rising over 2% [1] - Chip stocks were active, with SMIC rising over 1% [1] Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for November, a year-on-year increase of 7.85%, with express logistics revenue growing by 9.88% and business volume increasing by 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses due to improved performance in listed equity investments [2] - Tianqi Lithium (09696.HK) announced the completion of the third phase of its chemical-grade lithium concentrate expansion project [3] - Qingdao Port (06198.HK) plans to purchase two assets from the cruise port development for the Qingdao Shipping Financial Center [4] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for the DTCP–HIb–MCV4 combined vaccine [5] - China National Nuclear Corporation's subsidiary, CNNC Haidewei, received clinical approval for BNCT boron drugs [6] Investment Insights - CITIC Securities noted that after a period of single-sided growth in September, the Hong Kong stock market has experienced fluctuations since October, with quality assets entering a high-value zone [14] - Changjiang Securities highlighted that the approval of the first batch of L3-level vehicles marks a new stage for smart connected vehicles in mass production, suggesting investment opportunities in smart driving algorithm providers and related hardware suppliers [14][15]

Group 1 - Ukraine's President Zelensky announced constructive progress in negotiations with the U.S. regarding the end of the Russia-Ukraine conflict, security guarantees for Ukraine, and post-war reconstruction [2] - Israel's Foreign Minister stated that Gaza can only be rebuilt if Hamas disarms, emphasizing that Hamas is currently trying to consolidate its power in Gaza [3] - The U.S. Starlink satellite experienced an anomaly, losing contact and producing debris, with monitoring efforts underway to assess potential threats to other satellites [4] Group 2 - China's Ministry of Commerce held a meeting to summarize and plan for business work, focusing on the implementation of the 14th Five-Year Plan and preparing for the 15th Five-Year Plan [5] - New regulations were issued for internet platform pricing, prohibiting platform operators from selling below cost to eliminate competition, with exceptions for certain types of goods [6] - China successfully launched the Communication Technology Test Satellite No. 23, which will be used for multi-band, high-speed satellite communication technology verification [7] Group 3 - China's animated film box office exceeded 25 billion yuan in 2025, marking the highest year in the history of Chinese animated films [8] - Chinese robots won a championship at the second Future Sports Games held in Abu Dhabi, showcasing advancements in robotics [9] Group 4 - The Russian Foreign Ministry denied any secret discussions with South Korea regarding North Korea's nuclear issues, asserting that the meeting was misrepresented by the media [10] - The Russian Defense Ministry reported advances in Ukraine, with Russian forces occupying more advantageous positions and targeting Ukrainian military infrastructure [11] - Thailand's Prime Minister announced that the military has controlled nearly all target areas, emphasizing adherence to international law and the aim to prevent further conflict escalation [12] Group 5 - Venezuelan President Maduro stated that the country has faced 25 weeks of aggression but remains committed to defending national peace and stability [13] - A shooting incident in South Africa resulted in 10 deaths and 10 injuries, highlighting ongoing security challenges in the region [14][15] Group 6 - Moore Threads announced a new GPU architecture that supports large-scale intelligent computing clusters, improving computing density by 50% and energy efficiency by 10 times [16] - Changan Automobile received the first official license plate for L3-level autonomous driving, marking a significant milestone in the autonomous vehicle industry [17] Group 7 - Nearly 190 billion yuan worth of restricted stocks will be unlocked this week, with several companies having significant unlock values, including Shouchuang Securities and Sany Heavy Energy [18][19][20] - Three new stocks are set to be issued this week, with specific details on issuance prices and subscription limits provided [22][23]