Group 1 - The core viewpoint of the articles indicates that traditional state-owned enterprises (SOEs) are expected to receive clear guidance for transformation and growth in emerging businesses, driven by policy support and capital investment, which may enhance their profitability and long-term investment value [1][2] - The National State-owned Assets Supervision and Administration Commission (SASAC) has announced that during the "14th Five-Year Plan" period, state-owned enterprises will actively undertake major national technological tasks and promote the "AI+" initiative, focusing on high value-added and high-tech industries [1][2] - The China Securities State-Owned Enterprises Dividend Index, which tracks high dividend yield securities from SOEs, reflects the overall performance of these high dividend yield stocks, with the top ten weighted stocks accounting for 16.99% of the index [2][4] Group 2 - The National State-Owned Enterprises Dividend ETF (159515) has shown a trading volume of 450.44 million yuan with a turnover rate of 9.47%, indicating a stable interest in dividend-paying assets in the current low-interest-rate environment [1][2] - The ETF has seen a growth of 298.21 million yuan in size and an increase of 360.00 million shares since the beginning of the month, highlighting the attractiveness of dividend assets in the current market [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings, Jizhong Energy, and Lu'an Environmental Energy, among others, with varying performance in terms of price changes [2][4]

Market Overview - A-shares opened collectively higher with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.05%, and ChiNext Index up 0.14% [1] - Sectors such as Hainan, dairy powder, and precious metals showed significant gains [1] Institutional Insights - Huatai Securities suggests a left-side layout focusing on the spring market rally, indicating that uncertainties from U.S. economic data and interest rate hikes have diminished, leading to improved global liquidity and risk appetite [2] - The overall market showed a contraction in trading volume, with a cautious sentiment among institutional investors as the year-end assessment approaches [2] - Recommended sectors include precious metals, automotive, computing, media, and real estate, while favoring small-cap stocks and avoiding high-priced large-cap stocks [2] Industry Developments - CITIC Construction indicates that space photovoltaic technology is transitioning from experimental to commercial acceleration, with P-type HJT batteries expected to gain market penetration post-2026 due to their radiation resistance and lightweight advantages [3] - Perovskite and tandem batteries are anticipated to take on low-orbit constellations and deep space exploration tasks after 2028, owing to their high power-to-weight ratio and radiation resistance [3] - Companies leading in materials and equipment for these technologies are worth monitoring [3] Banking Sector Outlook - Galaxy Securities maintains a positive outlook on the banking sector, highlighting the continued dividend attributes and increased long-term investments from insurance funds, which enhance pricing efficiency and valuation restructuring [4]

Macro and Strategy - Silver prices have reached historical highs, driven by its dual industrial and financial attributes, with over 60% of silver used in industrial applications as of December 2025 [6][7] - The recent surge in silver prices was triggered by significant physical deliveries at the New York COMEX, with registered inventories dropping over 70% from their peak in 2020 [6] - Long-term demand for silver is expected to grow due to industrial applications in solar energy, AI, and electric vehicles, alongside continued global monetary easing [6] Industry and Company - The agricultural sector is witnessing a bullish trend in livestock prices, particularly for beef and milk, with expectations of a cyclical recovery in the meat and dairy markets [24][26] - The price of live pigs has increased to 11.57 CNY/kg, reflecting a week-on-week rise of 2.03%, while beef prices are also on an upward trajectory [24][26] - The media and internet industry has shown resilience, with a 0.54% increase in the sector, outperforming major indices, driven by upcoming IPOs and strong box office performances from films like "Avatar 3" [27][28] - The copper industry is facing a significant shift as long-term processing fees for copper concentrate have been set to zero, indicating a potential improvement in the industry structure [31] - The home appliance sector is experiencing a downturn, with retail sales down 19% year-on-year in November, although there are signs of recovery in exports for certain categories like refrigerators and washing machines [32][33]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The "broad fiscal + broad monetary" policy in the US will promote economic prosperity. The ECB maintained interest rates in December and raised GDP forecasts for this year and next, while Japan's interest rate hike was in line with expectations and not a radical tightening, with an upward adjustment of the 2025 GDP growth forecast and maintaining the 2026 forecast [6]. - In November domestically, social retail sales year - on - year was 1.3%, lower than expected and the previous value. Commodity retail continued to weaken, while service consumption improved. Investment in manufacturing, infrastructure, and real estate continued to decline, but exports were strong [6]. - In asset allocation, the macro - environment is favorable for the precious metals and non - ferrous metals sectors. For precious metals, the logic for gold's rise is clear and it has a high safety margin, while silver's volatility risk increases after a sharp rise. For non - ferrous metals, there are opportunities to buy on dips for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be defensive at the end of the year and during the policy window period [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures was at 4564.8 with a daily increase of 0.83%, weekly increase of 0.83%, monthly increase of 2.07%, quarterly decrease of 1.15%, and an annual increase of 16.42%. The Shanghai 50 futures was at 3018.4 with a daily increase of 0.40%, weekly increase of 0.40%, monthly increase of 2.01%, quarterly increase of 0.98%, and an annual increase of 12.71%. The CSI 500 futures was at 7123.2 with a daily increase of 0.96%, weekly increase of 0.96%, monthly increase of 4.74%, quarterly decrease of 2.29%, and an annual increase of 25.12%. The CSI 1000 futures was at 7203.6 with a daily increase of 0.87%, weekly increase of 0.87%, monthly increase of 2.53%, quarterly decrease of 2.74%, and an annual increase of 23.17% [2]. - **Bond Futures**: The 2 - year bond futures was at 102.464 with a daily decrease of 0.03%, weekly decrease of 0.03%, monthly increase of 0.08%, quarterly increase of 0.17%, and an annual decrease of 0.50%. The 5 - year bond futures was at 105.86 with a daily decrease of 0.10%, weekly decrease of 0.10%, monthly increase of 0.11%, quarterly increase of 0.32%, and an annual decrease of 0.64%. The 10 - year bond futures was at 107.98 with a daily decrease of 0.16%, weekly decrease of 0.16%, monthly increase of 0.04%, quarterly increase of 0.42%, and an annual decrease of 0.87%. The 30 - year bond futures was at 111.98 with a daily decrease of 0.60%, weekly decrease of 0.60%, monthly decrease of 2.19%, quarterly decrease of 1.40%, and an annual decrease of 5.76% [2]. - **Foreign Exchange**: The US dollar index was at 98.7125 with no daily or weekly change, a monthly decrease of 0.73%, quarterly increase of 0.91%, and an annual decrease of 9.01%. The euro - US dollar exchange rate was at 1.1708, with 0 pips change daily and weekly, 107 pips increase monthly, 26 pips decrease quarterly, and 1355 pips increase annually. The US dollar - Japanese yen exchange rate was at 157.729, with 0 pips daily change, no weekly change, 1.00% monthly increase, 6.63% quarterly increase, and 0.34% annual increase [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.44 with no daily or weekly change, a 6 - bp monthly decrease, 1 - bp quarterly decrease, and 31 - bp annual decrease. The 10 - year Chinese government bond yield was 1.83 with a 0.5 - bp daily decrease, no weekly change, 1 - bp monthly decrease, 3 - bp quarterly decrease, and 0.2 - bp annual increase. The 10 - year US government bond yield was 4.16 with a 4 - bp daily increase, no weekly change, 0.03 - bp monthly increase, no quarterly change, and 39 - bp annual decrease [2]. 3.2 Overseas Commodity Market - **Energy**: NYMEX WTI crude oil was at 56.54 with a daily increase of 1.14%, weekly decrease of 1.72%, monthly decrease of 3.32%, quarterly decrease of 9.43%, and an annual decrease of 21.33. ICE Brent crude oil was at 60.12 with a daily increase of 1.20%, weekly decrease of 1.80%, monthly decrease of 3.53%, quarterly decrease of 9.12%, and an annual decrease of 19.664. NYMEX natural gas was at 4.026 with a daily increase of 2.05%, weekly decrease of 1.83%, monthly decrease of 17.19%, quarterly increase of 20.86%, and an annual increase of 10.82% [2]. - **Precious Metals**: COMEX gold was at 4368.7 with a daily increase of 0.11%, weekly increase of 0.90%, monthly increase of 2.64%, quarterly increase of 12.38%, and an annual increase of 65.52%. COMEX silver was at 67.395 with a daily increase of 2.97%, weekly increase of 8.55%, monthly increase of 18.06%, quarterly increase of 43.88%, and an annual increase of 130.109 [2]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, etc. had different price changes. For example, LME copper had a certain increase in some periods, LME aluminum was at 2945 with a daily increase of 0.99%, weekly increase of 2.43%, monthly increase of 2.79%, quarterly increase of 9.60%, and an annual increase of 15.38% [2]. - **Agricultural Products**: CBOT soybeans were at 1049 with a daily decrease of 0.24%, weekly decrease of 2.53%, monthly decrease of 7.76%, quarterly increase of 4.82%, and an annual increase of 3.86%. CBOT corn was at 443.25 with a daily decrease of 0.17%, weekly increase of 0.62%, monthly decrease of 1.01%, quarterly increase of 6.55%, and an annual decrease of 3.38% [2]. 3.3 Domestic Commodity Market - **Shipping**: The container shipping European line was at 1871.8 with a daily increase of 8.84%, weekly increase of 8.84%, monthly increase of 27.17%, quarterly increase of 13.94%, and an annual decrease of 17.07% [3]. - **Precious Metals**: Gold was at 1000.86 with a daily increase of 2.14%, weekly increase of 2.14%, monthly increase of 4.92%, quarterly increase of 14.15%, and an annual increase of 62.06%. Silver was at 16210 with a daily increase of 5.42%, weekly increase of 5.42%, monthly increase of 27.37%, quarterly increase of 48.06%, and an annual increase of 117.00% [3]. - **Non - ferrous Metals**: Copper was at 94320 with a daily increase of 1.22%, weekly increase of 1.22%, monthly increase of 7.92%, quarterly increase of 13.57%, and an annual increase of 27.86%. Aluminum, zinc, and other non - ferrous metals also had their own price change trends [3]. - **Black Building Materials**: Steel products such as rebar and hot - rolled coils, as well as raw materials like iron ore, coke, and coking coal, had different price fluctuations. For example, rebar was at 3126 with a daily increase of 0.22%, weekly increase of 0.22%, monthly increase of 0.29%, quarterly decrease of 0.06%, and an annual decrease of 5.53% [3]. - **Energy and Chemicals**: Crude oil, fuel oil, asphalt, and other energy and chemical products had various price changes. For example, crude oil was at 437.9 with a daily increase of 2.65%, weekly increase of 2.65%, monthly decrease of 3.78%, quarterly decrease of 8.73%, and an annual decrease of 21.79% [3]. - **Agricultural Products**: Grains, oils, and livestock products such as soybeans, corn, and hogs had their own price trends. For example, hogs were at 11345 with a daily increase of 0.18%, weekly increase of 0.18%, monthly increase of 0.84%, quarterly decrease of 9.09%, and an annual decrease of 11.37% [3]. 3.4 Sector - by - Sector Short - term Judgments - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options are expected to be volatile, and bond futures are expected to be volatile [7]. - **Precious Metals Sector**: Gold and silver are expected to rise in a volatile manner [7]. - **Shipping Sector**: The container shipping European line is expected to be volatile [7]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to be volatile [7]. - **Non - ferrous Metals and New Materials Sector**: Some varieties like copper, aluminum, and tin are expected to rise in a volatile manner, while others are expected to be volatile [7]. - **Energy and Chemicals Sector**: Some varieties like PX and PTA are expected to rise in a volatile manner, while others such as asphalt and high - sulfur fuel oil are expected to decline in a volatile manner, and most are expected to be volatile [9]. - **Agricultural Sector**: Some varieties like cotton are expected to be volatile, while others such as hogs and sugar are expected to decline in a volatile manner [9].

Group 1 - The core viewpoint is that recent economic data from the US and key events such as interest rate hikes by the Bank of Japan have alleviated previous market uncertainties, leading to improved global liquidity expectations and a recovery in risk appetite [1] - Global stock markets have shown a recovery trend after an initial decline, with notable performance in metal commodities [1] - Despite the year-end assessment approaching, institutional investor sentiment remains cautious, resulting in a contraction in trading volume in the AH market, with a prevailing judgment of market volatility from timing models [1] Group 2 - The recommendation is to maintain a strategy of "light index, heavy structure," suggesting to look for opportunities in low-position sectors while preparing for the spring market rally [1] - Industry recommendations include precious metals, automotive, computing, media, and real estate sectors [1] - On the style front, there is a positive outlook for small-cap stocks, with advice to avoid high-position large-cap stocks and prioritize opportunities in lower-position sectors [1]

人民财讯12月23日电，华泰证券研报称，上周，随着美国经济数据与日央行加息等关键事件落地，市场 先前担忧的不确定性基本已成过去式，全球流动性预期有所改善、风险偏好有所回暖——全球股市走出 先抑后扬的修复行情，商品市场中金属品类表现突出。不过临近年底考核，机构投资者情绪仍相对谨 慎，上周AH市场整体呈现缩量格局，且择时模型对大盘维持震荡判断。依然维持"轻指数、重结构"的 观点，建议逢低着眼春季躁动行情的左侧布局。方向上推荐：(1)行业层面：贵金属、汽车、计算机、 传媒、房地产；(2)风格层面：看好小盘风格，建议规避高位大盘股，优先从低位板块中寻找机会。 ...

Group 1 - The People's Bank of China has announced a one-time credit repair policy for small personal overdue information under 10,000 yuan, applicable to credit cards, housing loans, and consumer loans, emphasizing that full repayment of overdue debts is required for eligibility [1] - Vanke's 2 billion yuan bond extension plan has been rejected again, but it has secured a 30 trading day grace period before default is triggered [1] - Precious metals have seen a significant surge, with gold surpassing 4,440 USD/ounce and silver breaking 69 USD/ounce, both reaching historical highs, while platinum and palladium also saw substantial increases [1] Group 2 - The State Council, led by Premier Li Qiang, is focusing on major projects to stimulate economic growth and support current demand expansion [2] - The December LPR remains unchanged at 3.0% for one year and 3.5% for five years, marking seven consecutive months of stability [2] - The 19th meeting of the Standing Committee of the 14th National People's Congress reviewed the report on the rectification of issues found in the 2024 central budget execution, with a total of 1.04 trillion yuan in issues rectified [2] Group 3 - The Central Economic Work Conference has outlined key reform tasks, including the establishment of a unified national market and the deepening of state-owned enterprise reforms [3] - The draft of the Childcare Services Law has been submitted for review, aimed at supporting families with children under three years old [3] - A draft amendment to the Banking Supervision Law has been introduced to enhance regulatory oversight of major shareholders and actual controllers of banking institutions [3] Group 4 - The Shanghai Municipal Government has approved the "14th Five-Year Plan" aiming for significant improvements in urban competitiveness and GDP per capita by 2035 [4] - The A-share market has seen a notable increase, with the Shanghai Composite Index rising by 0.69% and the Shenzhen Component Index by 1.47%, driven by sectors like semiconductors and free trade zone concepts [4] - The Hong Kong Hang Seng Index closed up 0.43%, with significant gains in semiconductor and gold stocks [4] Group 5 - The Shenzhen housing voucher pilot program is expanding, incorporating housing vouchers as a core compensation method for urban renewal projects [8] - Domestic refined oil prices have experienced a "three consecutive drops," with gasoline prices reduced by 170 yuan/ton and diesel by 165 yuan/ton [8] - The market for mergers and acquisitions in Shenzhen has seen a significant increase, with 1,104 new disclosures totaling 553.7 billion yuan, reflecting a 54% and 55% year-on-year growth respectively [5]

中方最新发声：荷政府应立即撤销行政令 【头条要闻】 LPR连续7个月不变 2026年降准降息空间仍存 贷款市场报价利率（LPR）连续7个月维持不变。12月22日，央行授权全国银行间同业拆借中心公布：1 年期LPR为3.0%，5年期以上LPR为3.5%。 东方金诚首席宏观分析师王青表示，12月两个期限的LPR保持不变，主要是因为：近期政策利率保持稳 定，意味着LPR报价的定价基础没有发生变化；12月以来主要中长端市场利率稳中有升，银行在货币市 场的融资成本略有上升，报价行缺乏主动下调LPR报价加点的动力。 中国股票又获唱多！高盛：明年将继续"牛" 到2027年底有望再涨38% 商务部新闻发言人就安世半导体问题答记者问 有记者问：近期有媒体报道称，安世东莞厂的晶圆库存目前处于较低水平，开始导致包括在中国的中外 汽车制造商出现芯片短缺。请问您对此有何评论？此外，上周闻泰科技（37.620， 0.41， 1.10%）（维 权）与安世荷兰进行了协商，请问协商进展如何？ 答：我注意到你提到的媒体报道。中国政府本着对全球半导体产供链负责任的态度，已采取切实措施， 对合规的、用于民用用途的芯片出口予以豁免，为半导体供应链稳定 ...

Market Overview - The three major indices in the A-share market opened higher and closed positively, with the ChiNext Index rising over 2% [1][2] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion, an increase of 136 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Communication, which rose by 4.28%, and Comprehensive, which increased by 2.63% [1] - Conversely, sectors such as Media and Banking experienced declines, with drops of 0.61% and 0.52% respectively [1] - Notable concept indices that performed well included Hainan Free Trade Zone and Commercial Aerospace, while sectors like Hair Medical and Family Doctors lagged behind [2] Policy Impact - The People's Bank of China announced a one-time credit repair policy that will remove certain overdue credit information from the financial credit information database for eligible individuals [3] - The Loan Market Quote Rate (LPR) remained unchanged for the seventh consecutive month, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [3] Future Outlook - The market is expected to maintain a loose liquidity environment until the first quarter of the following year, influenced by the Federal Reserve's interest rate decisions and domestic economic policies [4] - The report suggests that the recent market pullback provides a good opportunity for investors to position themselves ahead of the upcoming spring market [4] - Recommended sectors for investment include dividends, TMT (Technology, Media, and Telecommunications), and consumer sectors [4]

记者丨江佩佩 吴斌 见习记者张嘉钰 编辑丨谢珍 当地时间12月22日， 美股高开高收，三大指数均连涨三日。 标普500指数涨0.64%，纳指涨0.52%，道指涨0.47%。 银行股全线上涨，摩根大通涨近2%，高盛涨0.6%，花旗涨超2% 创17年多新高 ，摩根士丹利涨逾1%，美国银行涨超1%，富国银行涨逾 1%。 特斯拉涨超1%，盘中一度涨超3%创历史新高，股价逼近500美元关口。消息面上，据财联社，分析认为，特斯拉股价近期飙升的部分原因 是其首席执行官埃隆·马斯克取得了一项重大的法律胜利——特拉华州最高法院上周恢复了马斯克2018年的薪酬方案，该薪酬方案一度价值 560亿美元。 | 特斯拉(TESLA) | | --- | | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48362.68 | 23428.83 | 6878.49 | | +227.79 +0.47% +121.21 +0.52% +43.99 +0.64% | | | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7683.26 | 25700.25 | 6930.75 | | +4 ...