来源：格隆汇APP 2026年度格隆汇"全球视野"十大核心资产已正式发布，卡特彼勒（CAT.US）历经多轮筛选与角逐，最 终入选成为全球核心资产中工业领域的标杆标的。 以下是关于卡特彼勒的入选逻辑与深度解析： 2025年全球基建投资回暖、能源结构转型深化与AI算力需求爆发形成强劲合力，工业领域迎来"需求扩 容+模式革新"的黄金发展期。作为全球建筑机械、资源开采设备与能源动力系统的领军企业，卡特彼 勒正告别传统工业股"周期依赖"的标签，加速推进从"设备销售商"到"全生命周期服务提供商"的结构性 转型。 公司明确2030年战略蓝图：服务收入冲刺300亿美元量级，ME&T（机械、能源与交通）业务自由现金 流上限跃升至150亿美元，调整后营业利润率目标区间提升至21%-25%。凭借"硬件制造+服务生态+数 字化绑定"的独特模式，卡特彼勒已构建起兼具"周期弹性+成长确定性"的盈利结构，成为2026年全球市 场中抗风险能力突出的核心配置标的，其转型背后的长期价值正被资本市场重新定价。 01 核心竞争壁垒：四大维度构筑不可复制优势 卡特彼勒的行业龙头地位，源于数十年积累的多维竞争优势，形成了新进入者难以逾越的壁垒，也是其 ...

2026年港股首个交易日，三大指数高开高走。截至收盘，恒生指数涨2.76%报26338.47点，日内涨超700点；恒生国企指数涨 2.86%报9168.99点，恒生科技指数涨4%报5736.44点。 午后保险股走强，云锋金融盘中涨近8%，中国再保险盘中涨近6%，中国人寿一度涨超5%。资源股集体飙升，亚太资源盘中 涨超22%，中国白银集团盘中涨超10%，力勤资源一度涨超8%，灵宝黄金盘中涨近6%。科技股中，百度集团-SW午后涨近 10%，金蝶国际盘中涨超7%，创维集团一度涨超12%。 综合多家市场机构观点来看，港股2026年首个交易日大涨有多重原因：一是1月2日，离岸人民币兑美元汇率盘中升破6.97， 创下2023年5月以来的新高水平，进一步鼓励资金流入港股；二是"港股GPU第一股"壁仞科技上市大涨，这种"首日盘中翻 倍"的赚钱效应提振了市场对硬科技、半导体和AI板块的投资情绪；三是港股龙头个股有利好消息，如华虹半导体向华虹集团 等4名交易对方购买其合计持有的华力微97.4988%股权，以及百度拟分拆昆仑芯并独立上市，再次印证了芯片、AI算力赛道 的市场前景和资本认可度。 1月2日，港股商业航天概念股集体飙升。 ...

Core Viewpoint - The Hong Kong stock market experienced a significant rally on the first trading day of 2026, driven by multiple factors including currency strength and positive market sentiment towards technology and resource stocks [3][5]. Group 1: Market Performance - The Hang Seng Index rose by 2.76% to close at 26,338.47 points, gaining over 700 points during the day [3]. - The Hang Seng China Enterprises Index increased by 2.86% to 9,168.99 points, while the Hang Seng Tech Index surged by 4% to 5,736.44 points [3]. Group 2: Sector Highlights - Insurance stocks showed strong performance, with Yunfeng Financial rising nearly 8%, China Reinsurance up nearly 6%, and China Life Insurance gaining over 5% [5]. - Resource stocks collectively soared, with Asia Pacific Resources increasing over 22%, China Silver Group up over 10%, and Lingbao Gold experiencing a rise of nearly 6% [5]. - In the technology sector, Baidu Group-SW rose nearly 10%, Kingdee International increased over 7%, and Skyworth Group surged by nearly 12% [5]. Group 3: Market Drivers - The offshore RMB to USD exchange rate broke above 6.97, reaching its highest level since May 2023, encouraging capital inflow into the Hong Kong market [5]. - The debut of "Hong Kong GPU first stock" Biran Technology, which saw its price double on the first day, boosted investor sentiment towards hard technology, semiconductors, and AI sectors [5]. - Positive news for leading Hong Kong stocks included Huahong Semiconductor's acquisition of a significant stake in Huali Microelectronics and Baidu's plan to spin off Kunlun Chip for independent listing, reinforcing market confidence in the chip and AI computing sectors [5]. Group 4: Individual Stock Movements - Despite the overall market rally, some individual stocks faced sharp declines, such as lottery concept stock Runge Interactive, which dropped over 30% and fell below 1 HKD per share, becoming a "penny stock" [6].

周三是2025年的最后一个交易日，A股市场冲劲虽不足，但上证综指仍然顽强收出阳K线，从而形成了 近年来较为罕见的11连阳的K线组合，彰显出A股强大的韧性。与此同时，商业航天板块等科技方向资 产价格继续强势，从而为2026年的年初走势指引了方向。 耐心资本筑牢地基 在周三盘中，A股市场主要股指一度有所调整，主要是因为两个因素，一是国际商品价格持续高位大幅 波动，尤其是国际银价在近四个交易日的日震荡幅度均超过5%，如此就使得资源主线在盘中也是大起 大落，在一定程度上释放出波动压力源。二是AI硬件主线有所休整，中际旭创（300308）等个股更是 形成了短线头部的K线形态，如此就意味着高位股的筹码压力在持续释放中，这对短线走势带来了一定 压力。 （执业证书：A1210623100001） 来源：金百临咨询 卢娜 不过，大市值蓝筹股仍然强硬，比如说以农业银行（601288）为代表的银行股、中国石油（601857）为 代表的石化股在盘中反复拉升。其中，中国石油更是得益于大股东大手笔增持的信息，成为各路资金竞 相配置的标的。如此走势说明，作为去年以来A股边际增量资金主要来源的耐心资本仍很有"耐心"，在 2025年最后一个交 ...

转自：金融投资报 2026年1月1日，《中央企业违规经营投资责任追究实施办法》（以下简称"办法"）将正式施行，资本市 场迎来央企治理的制度性革新。这份明确98种违规情形、将5000万元及以上损失定为"重大损失"的"办 法"，不仅给央企经营套上"紧箍咒"，更将重塑央企参股上市公司的治理刚性与投资逻辑，为笔者预期 2026年即将出现的"央企尽责概念股"打开价值重估空间。 作为控股参股上市公司的大股东（特别是无实控人场景下的大股东），央企的投资行为长期影响着标的 公司的治理质量与发展走向。此前，*ST高鸿、中银5等退市案例中，央企大股东未能有效履职的问题 暴露无遗。从深交所第一家非ST股票一元"闪电"退市的中银绒业，到充分退市预警后严重造假退市的 *ST高鸿，诸多案例中都曾出现央企股东"缺位"，导致中小投资者利益受损的情况。 "办法"的落地恰逢其时，其核心突破在于将追责范围延伸至央企股权投资全链条。无论是跨界非主业投 资、参与金融衍生品交易，还是对参股公司失控失管等，均被纳入追责清单。从制度上遏制了央企盲目 投资、粗放管理的乱象。对于无实控人公司中的央企股东而言，办法明确了其作为重要股东的监督义 务，避免"控股不控 ...

Group 1 - The core viewpoint of the article is the adjustment of the super-luxury automobile consumption tax policy by the Ministry of Finance and the State Taxation Administration, effective from July 20, 2025, which aims to guide reasonable consumption [1][2]. - The scope of the consumption tax includes vehicles that meet specific criteria based on model and sales amount, with a threshold set at 900,000 yuan for the total price and additional fees [1][3]. - For second-hand super-luxury automobiles, no consumption tax will be levied, defined as vehicles that have completed registration and are sold before reaching the national mandatory scrapping standard [3]. Group 2 - The sales amount for super-luxury automobiles must include all price components and additional fees, such as those for accessories and services, to determine if it exceeds the 900,000 yuan threshold [3]. - The sales amount does not include value-added tax, which is an important consideration for calculating the taxable amount [3].

Group 1: Securities Settlement Risk Fund - The revised "Securities Settlement Risk Fund Management Measures" will take effect on December 8, 2025, aimed at enhancing the management system of the risk fund to adapt to market development and risk prevention needs [2] - The revision includes differentiated contribution ratios based on risk levels, with equity products' contribution rate reduced from 0.0003% to 0.00009% and fixed income products' contribution rate reduced from 0.0001% to 0.00003% [2] - The upper limit for the risk fund size has been adjusted from 3 billion to a net asset total of no less than 3 billion [2] Group 2: Anti-Money Laundering Regulations - The "Notice on Implementing the Supervision and Management Measures for Anti-Money Laundering and Anti-Terrorist Financing by Financial Institutions" will be effective from December 1, 2025, requiring financial institutions to submit annual anti-money laundering reports by the end of March each year [3] - The report must include an overview of the institution, overall anti-money laundering efforts, risk assessments, and major risk incidents [3] Group 3: Resource Tax Policy - The "Announcement on Clarifying the Execution of Resource Tax Policies" will be effective from December 1, 2025, detailing nine aspects of resource tax policy execution, including tax exemptions and tax base definitions [4] - The announcement clarifies definitions for contentious resources such as coal and rare earths, addressing common disputes in tax administration [4] Group 4: Individual Business Credit Financing - The "Credit Evaluation Indicators for Individual Businesses" standard will be implemented on December 1, 2025, aimed at enhancing credit evaluation for individual businesses [5][6] - The standard seeks to support financial institutions in developing tailored financial products for individual businesses, thereby increasing loan accessibility and precision [6] Group 5: Credit Repair System - The "Credit Repair Management Measures" will take effect on December 25, 2025, aimed at improving the credit repair system and encouraging proactive correction of credit violations [7][8] - The measures expand the scope of credit repair, refine the classification of violations, optimize processing times, and enhance data sharing between credit information systems [8]

《 人民日报 》（ 2025年12月01日 18 版） (责编：岳弘彬、牛镛) 关注公众号：人民网财经 本报电 近日，财政部、国家税务总局联合发布公告，明确了资源税有关政策执行口径，自2025年12月1 日起施行。公告主要从9个方面明确了对资源税有关政策和征管问题的执行口径，包括不缴纳资源税的 情形、部分应税产品的适用税目和征税对象、特殊情形下应税产品的计税依据、关联交易价格明显偏低 的正当理由、自用连续生产应税产品定义、减免税管理规定和计算方法、不同结算方式下资源税的纳税 义务发生时间等。在资源税征税对象方面，公告对实际征管中征纳双方争议较为集中的煤炭原矿、选矿 产品、盐类选矿产品和轻稀土、中重稀土等重要战略资源原矿、选矿产品的概念定义，作了进一步的明 确和细化。明确资源税有关政策执行口径，有利于进一步消除地区间资源税法的执行差异，避免因政策 理解偏差导致的征管争议，为税务部门和纳税人提供了更为清晰的操作指引。 （王 观） ...

长江商报奔腾新闻记者 李璟 其中，两类不征资源税的情形被明确界定：一是各级执法机关以及法律法规授权的具有管理公共事 务职能的事业单位和组织依照国家有关法律法规罚没、收缴的资源税应税产品；二是工程建设项目在批 准占地范围内开采并直接用于本工程回填的砂石、粘土等矿产品，属于不征资源税的情形。 《公告》对纳税人开采的凝析油、原油中分离出的油气田混合轻烃、天然气中分离出的油气田混合 轻烃，明确了征税税目；对纳税人以尾矿为原料对特定矿物组分进行再回收利用和进行资源化利用生产 粒级成型砂石颗粒两种情形，细化了相应的征税税目。 在资源税征税对象方面，《公告》对实际征管中征纳双方争议较为集中的煤炭原矿、选矿产品、盐 类选矿产品和轻稀土、中重稀土等重要战略资源原矿、选矿产品的概念定义，作了进一步的明确和细 化。 为进一步加强对关联交易的风险防控和合规管理，《公告》列明了属于关联交易价格明显偏低正当 理由的四种情形。对于不在"正当理由"之列的情形，主管税务机关可以按规定调整纳税人的应税产品销 售额。《公告》还同步明确了减免资源税的计算方法和管理规定，细化明确了不同结算方式下资源税的 纳税义务发生时间。 责编：ZB 作为引导资源合 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration jointly announced the implementation of resource tax policy execution standards, effective from December 1, 2025, to clarify various aspects of resource tax management and address existing ambiguities in the current system [1][4][22] Summary by Sections Resource Tax Policy Execution - The announcement clarifies nine aspects of resource tax policy execution, including circumstances for non-payment, applicable tax categories for certain taxable products, tax basis for taxable products under special circumstances, and management of tax exemptions [4][8] Tax Revenue Data - Resource tax revenue for 2024 is projected at 296.4 billion yuan, a decrease of 3.5% from the previous year. Annual resource tax revenues from 2020 to 2023 were reported as 175.5 billion, 228.8 billion, 338.9 billion, and 307 billion yuan respectively [4][5] Tax Exemption Circumstances - The announcement specifies that certain entities, such as administrative and judicial bodies, are exempt from resource tax for products confiscated or collected under legal authority. Additionally, materials like sand and clay used for construction within approved land areas are also exempt [8][9] Tax Categories and Objects - The announcement details tax categories for various resources, including condensate oil, mixed light hydrocarbons from oil and gas extraction, and specific mineral recovery processes. It also clarifies definitions for coal, rare earths, and salt products [10][12][11] Related Transactions - To mitigate risks associated with related transactions, the announcement outlines four legitimate reasons for significantly low pricing in related party transactions. Tax authorities can adjust taxable sales amounts if no valid reason is provided [15][16] Tax Calculation Methods - The announcement provides detailed methods for calculating tax exemptions and reductions, including formulas based on production ratios and average sales prices. It emphasizes the need for proper documentation to support claims for tax exemptions [17][18] Tax Obligation Timing - The timing for tax obligations is defined based on various sales methods, including direct payment, credit sales, and consignment sales, specifying when the tax obligation arises [21] Implementation Timeline - The new resource tax execution standards will take effect on December 1, 2025, and will apply to any unresolved matters prior to this date [22]