2026年陕西经济工作头绪多，会议指出要纲举目张，抓好重点任务落实。一是统筹推进扩投资和促消 费，用足用好"两重""两新"政策，滚动推进项目谋划储备、组织实施、投产达效，着力激发民间投资活 力，精心开展提振消费专项行动和服务消费提质惠民行动，扩大优质商品和服务供给，更好挖掘内需拉 动经济增长的潜能。二是统筹推进科技创新产业（300832）创新和金融服务，以西安区域科技创新中心 建设和教育科技人才一体发展强化高质量科技供给，以"三项改革"和科技金融改革协同促进科技创新和 产业创新深度融合，以"秦创原"产业创新聚集区建设和链长制推动产业体系优化升级，更好培育发展新 质生产力。三是统筹推进深层次改革和高水平开放，落实全国统一大市场建设"五统一、一开放"要求， 深化开发区管理制度、国资国企、要素市场化配置等关键性改革，优化外事外贸外资外经外宣联动机 制，提升自由贸易试验区制度型开放水平，加强横向经济技术协作，推动构建中欧班列经济圈，更好释 放发展的动力活力。此外，还要统筹推进城乡融合和区域联动，统筹推进降碳减污扩绿增长，统筹推进 民生保障和社会建设，统筹推进问题整改和风险出清，推动各项部署安排落地见效。 2026年是 ...

Group 1 - The sixth Jiangbeizui New Financial Conference was held on December 28 in Chongqing Liangjiang New Area, focusing on the theme "New Finance, New Opportunities: Smart Integration for a Smooth Flow - Building the Western Financial Center" with over 500 industry experts and corporate representatives in attendance [1] - Chongqing has implemented the "Smart Integration for a Smooth Flow" initiative to enhance financial support, leveraging the advantages of financial institutions and talent in Jiangbeizui to build a high-level core area of the Western Financial Center [1] - The comprehensive strength and radiating power of the financial industry in Jiangbeizui have been continuously improving, significantly enhancing the ability of financial services to support the real economy [1] Group 2 - The private equity fund cluster in Liangjiang New Area was officially launched, with 12 private equity funds introduced this year, focusing on advanced manufacturing, semiconductors, aerospace information, and technology transformation, with a total committed capital exceeding 10 billion [1] - The Luhai New Corridor Jiangbeizui Financial Service Base was inaugurated, aiming to create a hub for financial service supply and demand, an important platform for reform and innovation, and an integrated service ecosystem, providing "one-stop" financial services [1] - A signing ceremony for the "Gathering New Quality Productivity, Co-building a New Ecological System for Science and Finance" was held, where local tech companies like Chongqing Optoelectronic Technology Co., Ltd. signed cooperation agreements with financial institutions like Chongqing Rural Commercial Bank to build a new ecological system for science and finance [2]

Core Viewpoint - The company, LuKong, has been awarded the "2024 Annual Excellence in Service to the Real Economy Award" for its contributions to empowering small and micro enterprises through innovative financial services and technology [1][4]. Group 1: Financial Services and Innovation - LuKong is recognized as a leading financial service provider for small and micro enterprises in China, focusing on enhancing the accessibility and effectiveness of financial services [1]. - The company has upgraded its financing service brand to "Ping An Rong Yi," targeting the needs of small business owners and individual entrepreneurs, utilizing a "technology + finance" dual approach to stimulate the real economy [1]. - By implementing an O2O model combining online processes with offline consulting, LuKong has significantly improved the accessibility and convenience of its financial services, with 13.68 million customers benefiting from timely financing services by Q3 2025 [2]. Group 2: Digital Finance and Efficiency - LuKong is advancing its "AI in All" strategy, leveraging artificial intelligence and big data to create a diverse intelligent service matrix, enhancing operational efficiency [2]. - The company has achieved a 2.5 times increase in per capita productivity through its remote financing service platform "Yun Fan," and improved customer due diligence efficiency by 75% using the "Zhi Dun" system [2]. - The implementation of the Aegis project has led to a comprehensive intelligent risk approval system, covering 157,000 applications within five months, enhancing both efficiency and risk control [2]. Group 3: Green Development and Social Responsibility - LuKong is committed to the national "dual carbon" goals, promoting green finance initiatives such as special financing plans for electric vehicles and participating in national park conservation projects [3]. - The company has supported over 2,500 rural women through the "@Her Entrepreneurship Program," integrating finance, public welfare, and industry to invigorate rural economies [3]. - LuKong's recognition as a leading institution in service to the real economy reflects its effective service outcomes and innovative "technology + finance" model, contributing to high-quality economic development [3].

●FPG最新市场脱水消息： 1. 美元温和反弹也给黄金价格带来压力，因为这使得非美国买家购买黄金的成本更高。美元的复苏正值 一些投资者在年底前调整仓位之际。 2. 价格下跌还因流动性受限，主要与美国总统特朗普对关键矿产调查提出建议的最后期限以及假期交易 清淡有关。 3. 黄金今年以来上涨约65%，但白银表现更加亮眼，在关键矿产地位、供应短缺以及工业和投资需求上 升推动下，白银今年以来暴涨147%。 ●FPG fortune prime global分析师观点： | | | 欧元兑美元 (EURUSD) | | | --- | --- | --- | --- | | 日内方向 | 日图 K 线呈现: 偏多 | | | | 阻力 | 1.1781 | 1.1791 | 1.1800 | | 支撑 | 1.1763 | 1.1749 | 1.1738 | | 动能 | | 动适中（实时变化）全品种量化周期大于3年，参考价值≥67.1% | | 点击输入图片描述（最多30字） ●今日关键指标（事件）： 16:00 瑞士12月KOF经济领先指标 FPG特约分析师（Felix）观点： 尽管金价短期有所回调，但宏观经济环境 ...

Market Overview - The Hang Seng Index (HSI) has short-term support at the 25,000 point level, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent 0.25% rate cut, which aligns with market predictions [1] - The Chinese government is focusing on stabilizing investment and addressing supply-demand imbalances, with a slight increase in growth signals compared to previous meetings [1] - The HSI has seen significant gains this year, leading to profit-taking incentives as trading volume decreases [1] Company News - Semiconductor Manufacturing International Corporation (SMIC) is acquiring a 49% stake in Northern SMIC for a total consideration of 40.6 billion RMB, enhancing its asset quality and business synergy [3][10] - Meituan is distributing 45 million large consumption vouchers to consumers, aiming to boost sales during the promotional period [3][10] - Wall Street's recent performance shows a decline, with the Dow and Nasdaq both down by 0.5% [5] Industry Insights - The AI chip sector is gaining traction, with companies like Birran Technology seeing oversubscription of over 1,890 times in their public offering [3][10] - The electric vehicle export from China surged by 87% year-on-year in November, indicating strong demand in international markets [8] - The Chinese government plans to lower import tariffs on key components and battery materials starting January 1, 2026, to support technological advancement and economic growth [8] Economic Indicators - The U.S. Federal Reserve has adjusted its GDP growth forecast for 2026 to 2.3%, while lowering the inflation forecast to 2.4% [3] - Hong Kong's exports rose by 18.8% and imports by 18.1% in November, exceeding market expectations [8] - The profit of state-owned enterprises in China decreased by 3.1% year-on-year in the first eleven months of the year, with total revenue reaching 75.63 trillion RMB [8]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - On December 29, all four major stock index futures contracts for the current month declined. IF dropped by 0.5%, IH by 0.41%, IC by 0.46%, and IM by 0.32% [1] - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 22,687 lots, IH by 11,586 lots, IC by 36,757 lots, and IM by 53,242 lots. In terms of positions, the total positions of IF decreased by 12,050 lots, IH by 5,602 lots, IC by 17,385 lots, and IM by 19,963 lots [2] - The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The closing price of CSI 300 is 4,639.4, down 0.38%. The closing prices of IF2601, IF2602, IF2603, and IF2606 are 4,630.8, 4,620.8, 4,610.2, and 4,567.4 respectively, with declines of 0.50%, 0.43%, 0.56%, and 0.47%. Their trading volumes decreased by 6,620, 289, 12,369, and 3,409 respectively, and their positions decreased by 3,726, increased by 261, decreased by 8,066, and decreased by 519 respectively [1] - **SSE 50 and Related Futures**: The closing price of SSE 50 is 3,034.6, down 0.35%. The closing prices of IH2601, IH2602, IH2603, and IH2606 are 3,036, 3,036.8, 3,038, and 3,033.2 respectively, with declines of 0.41%, 0.36%, 0.48%, and 0.39%. Their trading volumes decreased by 2,169, 66, 7,117, and 2,234 respectively, and their positions decreased by 2,404, decreased by 110, decreased by 2,558, and decreased by 530 respectively [1] - **CSI 500 and Related Futures**: The closing price of CSI 500 is 7,430.6, down 0.38%. The closing prices of IC2601, IC2602, IC2603, and IC2606 are 7,421.6, 7,379, 7,336.6, and 7,157.6 respectively, with declines of 0.46%, 0.51%, 0.67%, and 0.76%. Their trading volumes decreased by 10,673, increased by 763, decreased by 20,731, and decreased by 6,116 respectively, and their positions decreased by 6,224, increased by 1,008, decreased by 10,791, and decreased by 1,378 respectively [1] - **CSI 1000 and Related Futures**: The closing price of CSI 1000 is 7,594.2, down 0.15%. The closing prices of IM2601, IM2602, IM2603, and IM2606 are 7,572.2, 7,500.2, 7,439, and 7,206 respectively, with declines of 0.32%, 0.48%, 0.51%, and 0.59%. Their trading volumes decreased by 15,720, increased by 639, decreased by 29,817, and decreased by 8,344 respectively, and their positions decreased by 7,157, increased by 4,723, decreased by 12,285, and decreased by 975 respectively [1] 2. Top 20 Member Positions in Stock Index Futures - For IF2601, long positions decreased by 2,419, and short positions decreased by 2,639. For IF2602, long positions decreased by 9,611. For IF2603, long positions decreased by 6,158, and short positions decreased by 6,771. For IF2606, long positions decreased by 1,034, and short positions decreased by 742 [5] - For IH2601, long positions decreased by 1,714 with a net change of -4,414, and short positions decreased by 1,956 with a net change of -4,742. For IH2603, long positions decreased by 2,168, and short positions decreased by 2,270. For IH2606, long positions decreased by 532, and short positions decreased by 516 [5] - For IC2601, long positions decreased by 4,226, and short positions decreased by 5,047. For IC2603, long positions decreased by 7,318 with a net change of -13,116, and short positions decreased by 8,625 with a net change of -14,790. For IC2606, long positions decreased by 1,572 [5] - For IM2601, long positions decreased by 5,380 with a net change of -13,183, and short positions decreased by 6,072. For IM2602, long positions increased by 83, and short positions increased by 747 with a net change of -15,394. For IM2603, long positions decreased by 7,886, and short positions decreased by 10,069 [5] 3. Market Conditions - **Precious Metals Market**: On Monday, the spot silver price in the Asian market hit a record high of over $80 per ounce and approached $84, with a nearly 6% increase. However, the market then reversed sharply, and in the New York market, it dropped by over 11%. The decline in silver also dragged down other precious metals, with spot palladium dropping by 17%, spot platinum by 15%, and spot gold by over 5%. In the domestic market, platinum and palladium hit the daily limit down, and the Shanghai silver futures price dropped at the end of the session, erasing all the 10% intraday gains and further dropping by 8.74% at night. The Shanghai gold futures price closed down nearly 1% and further dropped by 4% at night. COMEX gold futures closed down 4.45% at $4,350.2 per ounce, and COMEX silver futures closed down 7.2% at $71.64 per ounce [6] - **A - Share Market**: The A - share market showed a divergence between large and small - cap indices. The Shanghai Composite Index recorded nine consecutive positive days, while the ChiNext Index declined. The commercial aerospace and humanoid robot sectors performed well. The Shanghai Composite Index closed up 0.04% at 3,965.28 points, the Shenzhen Component Index down 0.49%, the ChiNext Index down 0.66%, the Northbound 50 down 0.45%, the STAR 50 up 0.04%, the Wind All - A down 0.29%, the Wind A500 down 0.46%, and the CSI A500 down 0.48%. The total A - share trading volume was 2.16 trillion yuan, compared with 2.18 trillion yuan the previous day. The carbon fiber concept rose as Toray Industries announced a price increase for carbon fiber products. The brain - computer interface concept was active, the commercial aerospace concept remained strong, the humanoid robot concept continued to heat up, and the stablecoin index rose in the afternoon. The lithium - battery industrial chain adjusted significantly, and the Hainan Free Trade Zone concept declined [6] - **Hong Kong Stock Market**: The Hong Kong stock market rose first and then fell. The Hang Seng Index closed down 0.71% at 25,635.23 points, the Hang Seng Tech Index down 0.30% at 5,483.01 points, and the Hang Seng China Enterprises Index down 0.26% at 8,891.71 points. The market trading volume was HK$224.508 billion. Among the Hang Seng Index constituents, JD Health fell 3.42%, Cheung Kong Holdings fell 3.35%, BYD Co., Ltd. rose 3.74%, and Geely Automobile rose 3.43%. Among the Hang Seng Tech Index constituents, Horizon Robotics - W fell 3.20%, Midea Group fell 3.05%, NIO - SW rose 4.89%, and XPeng Motors - W rose 3.88% [7] - **US Stock Market**: The three major US stock indices closed down. The Dow Jones Industrial Average fell 0.51% to 48,461.93 points, the S&P 500 Index fell 0.35% to 6,905.74 points, and the Nasdaq Composite fell 0.5% to 23,474.35 points. Goldman Sachs Group and American Express fell by over 1%, leading the decline in the Dow. Profit - taking put pressure on AI - related stocks. The Wind US Tech Giants Index fell 0.6%, Tesla fell by over 3%, and NVIDIA fell by over 1%. Most Chinese concept stocks declined, with Dingdong Maicai falling by over 7% and Hecla Mining falling by nearly 7% [7] 4. Automobile Market - Cui Dongshu, the secretary - general of the Passenger Car Association, said that the growth of the auto market in 2026 is complex. The most important factor at the beginning of the year is the late Spring Festival, and this year, combined with the early implementation of national subsidies, the effect will be significant. It should achieve positive growth in January, but there will be more pressure in February [8]

Core Viewpoint - Silver prices experienced a sharp decline after initially breaking the $80 per ounce mark, ending a recent upward trend, with traders struggling to identify a single catalyst for the drop, indicating a correction in extreme market sentiment [1] Group 1: Market Movements - On Monday, silver prices surged above $84 before plummeting, nearly erasing early gains, and ultimately closing up only 0.51%. Other precious metals like platinum and palladium also faced significant declines, with gold dropping 0.91% [3] - The reversal in silver prices occurred against a backdrop of increased investment demand from China, where the premium for physical silver in Shanghai exceeded $8 over London prices, marking a historical high [3] - Despite the volatility, Goldman Sachs noted that there was no "definitive shorting reason" for the market's behavior, suggesting that liquidity issues during the holiday period and increased margin requirements contributed to the price correction [3][4] Group 2: Speculation and Regulation - The current speculative atmosphere is seen as a key driver of recent market activity, with analysts noting that speculation around tight physical supply has become extreme [5] - Regulatory tightening is having a cooling effect on the market, as CME announced an increase in margin requirements for certain Comex silver futures contracts from $3.2 to $4.4 per ounce [5] - The tightening measures from the Guangxi Futures Exchange (GFEX) aim to curb excessive trading in palladium and platinum [5] Group 3: Technical Indicators - Market structure and technical indicators suggest a necessary correction, with the PFR ExtremeHurst model signaling a top exhaustion for silver, similar to signals that accurately predicted an 11% correction in gold in October [7] - There was a notable liquidation trend on Monday, with 40,000 contracts sold throughout the day, despite ETFs purchasing 13 million ounces of silver between December 19 and 26 [9] - The increase in margin requirements may have contributed to the sell-off, as funds likely began to reduce long positions amid high volatility and elevated prices [9]

智通财经12月30日讯（编辑 潇湘）自美国总统特朗普4月以"解放日"关税引发美国债券市场动荡以来， 白宫便一直精心调整着政策与表态，以避免事态再度升级。但部分投资者指出，但一些投资者表示，这 种暂时的缓和局面仍然十分脆弱。 从表面上看，特朗普政府确实在一定程度上成功安抚了债券市场。衡量债券市场预期波动率的美银 MOVE指数上周五跌至约59，为2021年10月以来的最低水平。该指数目前已低于2024年底的约99，并有 望创下自1988年有数据以来最大的年度跌幅之一，仅次于2009年的暴跌幅度。 然而，在这背后，许多暗流其实依然涌动——11月5日，美国财政部暗示正考虑增发长期国债，再次印 证了这种脆弱性。同日，最高法院开始就特朗普全面贸易关税的合法性展开听证。基准10年期国债收益 率今年虽已大幅下跌，但自那以后仍攀升超过6个基点，创下近几个月来最大涨幅之一。 鉴于市场对美国联邦赤字规模本就忧心忡忡，财政部的发债提案加剧了部分投资者对长期债券收益率上 行压力的担忧。与此同时，最高法院的关税诉讼案，也引发了市场对偿还30万亿美元政府债务的主要收 入来源是否可靠的质疑。 花旗分析师Edward Acton在11月6日的 ...

Core Viewpoint - Shenzhen has officially proposed the establishment of an "Industrial Financial Center" as an independent strategic goal in its 15th Five-Year Plan, marking a significant shift in its financial development logic and aiming to enhance the synergy between finance and industry [1][2][3]. Financial Center Development - The proposal signifies a fundamental change from traditional financial centers focused on capital allocation and liquidity to a model where financial success is measured by its ability to catalyze specific industrial clusters like advanced manufacturing and hard technology [2][3]. - Shenzhen aims to differentiate itself from other financial hubs like Shanghai and Beijing by creating a model that directly supports industry through finance, leveraging its strong industrial base [2][3]. Focus on Patient Capital - The plan emphasizes the cultivation of "patient capital" to address the inherent conflicts between the long-term nature of hard technology ventures and the short-term returns typically sought by traditional finance [4][5]. - Patient capital is defined as capital that is willing to endure longer investment horizons and support early-stage technology companies, thus becoming a partner in their development [4][5]. Systemic Innovations - The proposal outlines a comprehensive financing system that includes angel investment, venture capital, equity investment, and credit financing, aiming to reconstruct risk-sharing mechanisms [5][10]. - Innovations in the conversion of assets, particularly through intellectual property and data resources, are highlighted as critical to improving capital accessibility for technology firms [5][10]. Collaboration with Hong Kong - The plan emphasizes the importance of collaboration with Hong Kong's international financial center, aiming to create a synergistic effect that combines Shenzhen's industrial strengths with Hong Kong's capital market capabilities [9][10]. - Specific initiatives include enhancing cross-border financial services and developing a complete innovation financial chain that integrates financing, research, and market application [9][10]. Risk Management and Regulatory Framework - The proposal stresses the need for a robust risk prevention system tailored to the unique risks of industrial finance, including the establishment of a comprehensive debt monitoring system [10][11]. - Regulatory innovations, such as the "regulatory sandbox" for cross-border asset verification, are essential for addressing financing challenges faced by light-asset companies [10][11]. National Implications - Experts believe that Shenzhen's approach to building an industrial financial center could serve as a replicable model for other regions in China, promoting deeper integration of finance and industry [11][12]. - The strategic focus on patient capital, market-driven mechanisms, and intellectual property capitalization is seen as a pathway for enhancing the overall financial ecosystem in China [11][12].

Core Viewpoint - The global bond market in 2025 experienced significant volatility as major central banks shifted from coordinated monetary policies to divergent strategies, reflecting deep concerns over fiscal sustainability and changing investor sentiment towards interest rates and country risk [1][2]. Group 1: Divergence in Monetary Policy - In 2025, major central banks exhibited the most pronounced divergence in policy since the financial crisis, which was a key driver of bond market volatility [2]. - The Federal Reserve's cautious approach led to a total rate cut of 75 basis points by year-end, influenced by cooling inflation and labor market weaknesses [2][3]. - The European Central Bank initially cut rates by 75 basis points but later paused due to inflation uncertainties and concerns over premature policy easing [3]. - The Bank of England aggressively cut rates by 150 basis points to stimulate demand amid a technical recession [2][3]. Group 2: Market Dynamics and Yield Curves - The U.S. Treasury market acted as a "magnifier" of global sentiment, with the 10-year Treasury yield fluctuating between 3.9% and 4.8% throughout the year, characterized by three distinct phases [5][8]. - The first phase saw a decline in yields driven by rate cut expectations, with the 10-year yield dropping to a low of 3.99% [8]. - The second phase was marked by fiscal concerns and inflation anxiety, leading to significant yield fluctuations, with the 10-year yield rising back to 4.6% and 4.5% during the year [8][9]. - The third phase involved a narrowing of yield fluctuations as the market awaited new directions, with the yield ending the year at approximately 4.11% [9]. Group 3: Regional Market Characteristics - The Eurozone bond market faced challenges due to high debt levels and deficit rates, leading to increased risk premiums despite inflation returning to target levels [10][13]. - German 10-year bond yields rose from 2.36% to a peak of 2.938%, reflecting a total increase of about 47 basis points over the year [13]. - The UK bond market struggled with dual pressures of recession and fiscal concerns, with yields fluctuating around 4.49% by year-end [15]. - Japan's bond market underwent a historic shift as the Bank of Japan raised rates for the first time, with the 10-year yield increasing nearly 100 basis points to over 2% [18]. Group 4: Investment Strategy Evolution - Investors shifted from simple "buy and hold" strategies to more active management and tactical adjustments, focusing on high-frequency trading based on economic data and political events [19]. - The definition of "safe assets" evolved, with increased emphasis on credit analysis and fiscal sustainability becoming critical in assessing sovereign bonds [19]. - Duration management became cautious, with many investors adopting a "barbell strategy" to balance short-term and long-term bond investments [19].