Morning News

### Source: Wall Street CN

#### Market Overview

Tech stocks propelled the three major U.S. stock indexes to open lower, move higher, and notch a fourth consecutive positive close, with the S&P 500 finishing at a record high. Following news of chip tariffs, NVIDIA surged 3%. Tesla fell more than 0.6%, the only loser among the Magnificent Seven. Mining stock Freeport-McMoRan rose 2.5%. After the first U.S. approval of an oral weight-loss blockbuster drug, Novo Nordisk jumped over 9% in European trading, driving the pan-European stock index to hit a new all-time high for the third time in four days.

France passed a short-term budget bill, and its 10-year government bonds led gains among euro-area peers of the same maturity.

Strong U.S. GDP data dampened rate-cut expectations. Post the GDP release, U.S. Treasury prices reversed gains to fall, yields erased earlier declines and briefly touched a near two-week high. The U.S. Dollar Index trimmed losses to approach the daily high. After Japanese senior officials signaled readiness to intervene, the yen rebounded for two straight days. Offshore Renminbi hit a 14-month high, breaking through the 7.02 level intraday for the first time in over a year. Bitcoin dropped more than 2% from its daily peak to below $87,000.

Gold, silver, and copper continued to set record highs. Spot gold and silver rose more than 1% and nearly 4% intraday, respectively, but experienced a "flash crash" after the U.S. GDP release. LME copper topped $12,000 for the first time ever. As the U.S. stepped up efforts to cut off Venezuela’s oil trade, crude oil posted a fifth consecutive daily gain, closing at a near two-week high with a cumulative rise of nearly 6% over five days.

During the Asian session, China’s three major stock indexes advanced and then retreated to close slightly higher. Hainan-themed stocks maintained strong momentum, while the commercial aerospace sector pulled back.

#### Key News

General Secretary of the Communist Party of China Central Committee issued an important instruction on the work of central state-owned enterprises (SOEs), emphasizing the need to fully recognize their responsibilities and missions, better serve the overall work of the Party and the country, contribute more to advancing Chinese-style modernization, and intensify efforts to tackle core and key technologies.

National Housing and Urban-Rural Development Work Conference: In 2026, efforts will be made to stabilize the real estate market. Policies will be tailored to local conditions to control new supply, reduce inventory, and optimize supply. The "white list" system for real estate projects will be further leveraged to accelerate the establishment of a new model for real estate development.

The U.S. added more entities to its Unreliable Suppliers List targeting the drone sector. China’s Ministry of Commerce urged the U.S. to immediately revoke the relevant measures. The Ministry of Foreign Affairs responded to the U.S. inclusion of DJI drones on its Entity List, firmly opposing the unreasonable suppression of Chinese enterprises.

Beijing issued China’s first special license plates for L3 autonomous driving vehicles on highways, allowing operation on three designated road sections.

On the eve of its IPO, Zhipu AI launched its flagship large language model GLM-4.7.

U.S. Q3 GDP grew by 4.3% year-on-year, exceeding expectations and marking the fastest pace in two years. The core PCE price index, the Federal Reserve’s preferred inflation gauge, rose 2.9%. U.S. durable goods orders dropped 2.2% month-on-month in October, far below expectations, but indicators showed resilient business equipment spending. Consumer confidence declined for the fifth consecutive month in December. The labor market recovered, with ADP’s average weekly private employment increasing for three straight weeks.

Donald Trump set a prerequisite: "If they dare to cut interest rates, I will never agree to become Federal Reserve Chair." Bessent stated that the Fed has room to adjust its 2% inflation target, and ranges such as 1.5%-2.5% or 1%-3% are worth discussing. Kevin Hassett, a candidate for Fed Chair, argued that the U.S. is lagging far behind other central banks in cutting interest rates.

France passed a short-term budget bill to keep the government running until January next year, avoiding a U.S.-style government shutdown.

U.S. media reported that the U.S. deployed additional special operations aircraft and personnel to the Caribbean region to further pressure the Venezuelan government.

#### Market Closing Quotes

- U.S. and European Stocks: The S&P 500 rose 0.46% to 6,909.79; the Dow Jones Industrial Average gained 0.16% to 48,442.41; the Nasdaq Composite climbed 0.57% to 23,561.844. Europe’s STOXX 600 Index advanced 0.34% to 588.73.

- China A-Shares: The Shanghai Composite Index edged up 0.07% to 3,919.98; the Shenzhen Component Index rose 0.27% to 13,368.99; the ChiNext Index increased 0.41% to 3,205.01.

- Bond Market: By the bond market close, the yield on the benchmark 10-year U.S. Treasury note stood at approximately 4.16%, unchanged from Monday. The 2-year U.S. Treasury yield was around 3.53%, up about 2 basis points intraday.

- Commodities: February WTI crude oil futures rose roughly 0.64% to $58.38 a barrel; February Brent crude oil futures gained about 0.50% to $62.38 a barrel. February COMEX gold futures climbed 0.81% to $4,505.7 an ounce. March COMEX silver futures jumped 3.75% to $71.137 an ounce. LME copper futures advanced around 1.1% to $12,060 a ton. LME nickel futures rose approximately 3% to $15,739 a ton.

### Key News Details

#### Global Headlines

**Xinhua News Agency**: General Secretary of the Communist Party of China Central Committee issued important instructions on the work of central state-owned enterprises (SOEs), emphasizing the need to fully recognize their responsibilities and missions, better serve the overall work of the Party and the country, and contribute more to advancing Chinese-style modernization. SOEs should focus on their core businesses, continuously optimize the layout of the state-owned economy, and effectively enhance core functions and competitiveness. They should be rooted in the real economy, intensify efforts to tackle core and key technologies, and promote deep integration of scientific and technological innovation with industrial innovation. SOEs should further deepen reforms, improve the modern corporate system with Chinese characteristics, refine corporate governance structures, address deep-seated issues restricting enterprise development, and strive to build world-class enterprises. They should balance development and security, effectively prevent and resolve risks, and continuously consolidate the foundation for safe enterprise development.

**National Housing and Urban-Rural Development Work Conference**: Efforts will be made to stabilize the real estate market in 2026. The conference noted that the focus is to tailor policies to local conditions to control new supply, reduce inventory, and optimize supply, further leverage the "white list" system for real estate projects, and support reasonable financing needs of real estate enterprises. It will accelerate the establishment of a new model for real estate development, build foundational systems in an orderly manner: in real estate development, fully implement the corporate system for development projects; in commercial housing sales, promote the existing housing sales system to achieve "what you see is what you get," fundamentally preventing delivery risks.

**How to stabilize the real estate market? MOHURD decodes key priorities for the 15th Five-Year Plan**: The Ministry of Housing and Urban-Rural Development (MOHURD) stated that in 2026, it will promote the construction of modern people-oriented cities, stabilize the real estate market, accelerate the quality upgrade of the construction industry, and consolidate the foundational support for high-quality development. Specifically for the real estate market, it will control new supply, reduce inventory, and optimize supply based on local conditions, further utilize the "white list" system for real estate projects, accelerate the building of a new real estate development model, deepen the reform of the housing provident fund system, and implement actions to improve property service quality.

**U.S. adds to "Unreliable Suppliers List" for drones; China’s MOFCOM urges immediate revocation**: A spokesperson for China’s Ministry of Commerce (MOFCOM) stated that the U.S. is using state power to suppress enterprises from other countries, including Chinese firms, which is a typical practice of market distortion and unilateral bullying. China urges the U.S. to stop its wrongdoings and immediately revoke the relevant measures. If the U.S. persists, China will resolutely take necessary measures to firmly safeguard the legitimate rights and interests of Chinese enterprises.

**Foreign Ministry responds to U.S. listing DJI drones on "Entity List": Firmly oppose unreasonable suppression of Chinese enterprises**: Foreign Ministry Spokesperson Lin Jian stated that China firmly opposes the U.S. overgeneralizing national security concepts, establishing discriminatory lists, and unreasonably suppressing Chinese enterprises. The U.S. should correct its wrong practices and provide a fair, just, and non-discriminatory environment for Chinese enterprises’ operations.

**Beijing issues China’s first special license plates for L3 highway autonomous vehicles, usable on three sections**: According to CCTV News, on December 23, Beijing officially issued the first batch of special license plates for L3-level highway autonomous driving vehicles to three intelligent connected cars. This marks that China’s autonomous driving vehicles have progressed from test demonstrations to formal mass production, pioneering the L3 autonomous driving era and becoming a milestone in the automotive intelligence process.

**Zhipu AI launches flagship large model GLM-4.7 ahead of IPO**: In multiple mainstream public benchmark tests, GLM-4.7 outperformed leading current market models in some indicators. Data shows that in Code Arena, a professional coding evaluation system with participation from 1 million global users in blind tests, GLM-4.7 ranked first among open-source models and first among domestic models, surpassing GPT-5.2. Architecturally, GLM-4.7 introduced "reserved thinking" and "turn-level thinking" mechanisms, significantly enhancing the stability and controllability of complex tasks.

**U.S. Q3 GDP grows 4.3% (fastest in two years); Fed’s preferred inflation gauge core PCE rises 2.9%**: The sharp GDP growth stemmed from resilient consumer and business spending and more stable trade policies. Q3 consumer spending rose 3.5%, far exceeding Q2’s 2.5% growth; Q3 business investment grew 2.8%, with equipment spending up 5.4%, driven by strong growth in computer equipment spending and record-high AI data center investment. Core inflation remains above the Fed’s target, but looser tariff policy expectations have buoyed markets, and the Fed may slow rate cuts next year due to economic overheating.

**U.S. October durable goods orders drop 2.2% MoM (well below expectations), but core durable goods orders rise for seventh straight month**: Durable goods orders grew 4.7% YoY, outpacing inflation, indicating that manufacturing orders remain on an upward trend in absolute terms. The indicator directly included in GDP’s equipment investment component—non-defense capital goods orders (including aircraft)—grew more than expected in October. Excluding aircraft, non-defense capital goods orders rose 0.5% MoM (exceeding expectations), marking four consecutive months of growth, with September’s growth revised up to 1.1%, reflecting strong business equipment spending at the start of Q4.

**U.S. consumer confidence falls for fifth straight month (matching longest streak since 2008)**: The Conference Board’s consumer confidence index remains weak, reflecting households’ deep concerns about prices and employment, with cautious large-ticket spending. On the same day, the Richmond Fed Manufacturing Index, while still in contraction territory, rebounded sharply from -15 to -7, and business, order, and employment expectation indices for the next six months jumped to high positive levels, showing that business entities are quickly gaining confidence in the medium-term outlook.

**Labor market recovers! U.S. ADP private employment adds 11,500 jobs weekly on average, positive for third straight week**:

**Trump sets prerequisite: "If they cut rates, I’ll never agree to be Fed Chair"**: He posted that he hopes the next Fed Chair will cut rates when the economy and markets are performing well, rather than "killing the rally" early due to inflation concerns. He criticized the current market logic of "good news being bad for stocks," emphasizing that low rates help boost stock market gains, lift the economy, and improve housing affordability, saying that a rising stock market could push U.S. GDP growth to 10%, 15%, 20%, or more per year.

**Bessent: Fed has room to adjust 2% inflation target; 1.5%-2.5% or 1%-3% worth discussing**: U.S. Treasury Secretary Bessent supports re-examining the Fed’s inflation target after inflation steadily falls to 2%. She suggested that once the inflation target is re-anchored, it could be converted to a range, such as 1.5%-2.5% or 1%-3%. Bessent acknowledged public concerns about living costs, stating "we understand that American people are in deep pain," and attributed it to high prices during the Biden administration.

**Fed Chair candidate Hassett: U.S. rate-cut pace lags far behind other central banks**: Hassett said the strong GDP data is "a great Christmas gift to the American people"; 1.5 percentage points of the 4.3% Q3 GDP growth came from Trump’s tariff policies narrowing the U.S. trade deficit; if GDP growth stays at 4% in the new year, monthly job growth will return to the 100,000-150,000 range.

**France passes short-term budget bill to avoid "U.S.-style" government shutdown**: France’s National Assembly passed a 2026 interim budget bill on Tuesday, allowing the government to continue taxing and borrowing before a full fiscal budget is approved, avoiding a shutdown. The "special bill" extends 2025 fiscal arrangements into the new year and is expected to be quickly approved by the Senate, ensuring government operations until January next year.

**U.S. media: U.S. military deploys special operations aircraft and personnel to Caribbean to further pressure Venezuela**: It is unclear how many personnel and equipment the aircraft transported, but the planes are from military bases hosting multiple U.S. special operations units.

**Tariff expectations and mine shutdowns "resonate"; LME copper breaks $12,000 for first time, hits new record**: LME copper has risen about 37% this year, on track for its biggest annual gain since 2009. This stems mainly from two factors: first, Trump tariff expectations prompted traders to rush copper shipments to the U.S., leading to surging imports and intensified global bidding; second, mine shutdowns in the Americas, Africa, and Asia have cut production of the world’s largest miners by 3% this year, causing severe supply shortages. Citi predicts copper prices could rise to $15,000 in a bull scenario.

**Gold and silver hit new records, on track for biggest annual gains since 1979; two key drivers**: On Tuesday, spot silver broke $70/oz for the first time, rising nearly 3.7% intraday; spot gold approached $4,500/oz, up over 1%. Driven by escalating geopolitical tensions and expectations of further Fed rate cuts, gold has risen more than two-thirds this year, while silver has surged about 140%, with a sharper rally.

**Guangzhou Futures Exchange: Adjusts trading fees, price limits, and margin requirements for platinum and other futures contracts**:

**Is uranium the "next gold"? Goldman Sachs: Supply shortage rate to widen to 32%, at least 20% upside by end of next year**: The supply shortage is driven by accelerated global nuclear energy construction and reactor life extensions. The long-term contract market has already seen "lower volume, higher prices," confirming tight supply and demand.

#### Alpha Summit

**Ant Digital Technology’s Wang Lei: Training costs for vertical large models drop 100x; financial AI deployment requires three cornerstones of "trusted intelligent agents"**: Wang Lei noted that the emergence of open-source foundation models has shortened the iteration cycle of vertical large models from months to two weeks, and reduced computing power demand from "10,000 GPUs" to "100 GPUs." He also emphasized that financial AI deployment must prioritize rigor, professionalism, and compliance, with the primary task of building a hallucination-suppression system to uphold safety bottom lines. He believes that large model applications in industry are not only a technological revolution but also a reshaping of business strategies.

#### Domestic Macro

**"National Team" takes action: Long March 12A reusable launch vehicle makes maiden flight**: Designed for high-frequency launch needs of low-orbit satellite constellations, it is China’s second liquid oxygen-methane launch vehicle to attempt recovery on its maiden flight, laying the foundation for low-cost, high-frequency launches in the future. Progressing in parallel with commercial aerospace’s Zhuque-3, it forms a complementary development pattern between the national team and commercial aerospace, jointly serving the networking needs of 10,000-satellite low-orbit constellations.

**Long March 12A launch vehicle successfully enters orbit on maiden flight; first-stage recovery fails; mission deemed "basically successful"**:

**NDRC and two other ministries issue notice on improving kindergarten fee policies**: The notice states that for-profit private kindergartens implement market-regulated prices, with fees determined reasonably by kindergartens based on operating costs and market supply-demand, and reported to county-level or higher education administrative departments. Local education, development and reform, and finance departments should strengthen supervision, conduct cost surveys if necessary, guide reasonable pricing, and curb excessive fees.

**Goldman Sachs reviews 10 key insights from China’s 2025 stock market: AI revalues tech, anti-involution repairs profits, slow bull is underway**: DeepSeek triggered a $2 trillion market cap surge in the AI sector; "anti-involution" policies may drive a 50% jump in corporate profits; the 15th Five-Year Plan theme portfolio delivered a 68% annual return; domestic and foreign capital is accelerating its return. Goldman Sachs predicts China’s stock market will rise 38% by the end of 2027, with profit growth taking over from valuation recovery.

#### Domestic Companies

**Rare attack by 10,000+ "zombie accounts" hits Kuaishou Live; security experts reveal "attack chain": Tens of thousands of account-level attacks may cost over RMB 1 million**: On the evening of December 22, Kuaishou Live was hit by a large-scale cyber attack, with tens of thousands of controlled "zombie accounts" flooding in to push pornographic, violent, and other illegal content, causing some live rooms to exceed 10,000 viewers. The platform urgently took down the live channel and reported the incident to police. Security experts believe the attack exposed the platform’s protection challenges against organized, large-scale automated attacks.

**Shanghai Securities News: SMIC raises some production capacity prices by about 10%**: Some companies report the price hike is expected to take effect soon. However, due to previously low memory product prices, wafer fabs have already raised prices for them first. Semiconductor industry insiders note that raw material price increases are also part of the reason for SMIC’s price hike. Additionally, TSMC confirmed it is consolidating 8-inch capacity and plans to shut down some production lines by late 2027, potentially fueling wafer fab price hike expectations.

**ByteDance’s Doubao to appear at Spring Festival Gala: AI-to-C consumer products accelerate mass adoption**:

**Goldman Sachs: China-U.S. AI gap narrows to "3-6 months"; Doubao phone signals "shift in app traffic landscape"**: Goldman Sachs is bullish on cloud computing, data center sectors, and full-stack AI beneficiaries. It predicts China’s leading cloud service providers’ 2026 capital expenditure will climb to RMB 500 billion, a 20% increase from the estimated over RMB 400 billion in 2025. The share of domestic chips and computing power is expected to jump from 20-30% in 2025 to 40% in 2026.

**Report: ByteDance plans 2026 capital expenditure of RMB 160 billion, half to go to AI chips**: ByteDance’s preliminary 2026 capital expenditure plan is slightly higher than this year’s RMB 150 billion. Investment will focus on AI infrastructure, with about half the funds used to purchase advanced chips for AI model and application development.

**JD.com responds to "warehouse theft": Paris warehouse resumes normal operations**: JD.com’s warehouse in the Paris area of France was robbed on Monday; local police have launched an investigation. JD.com stated the warehouse has resumed normal operations, and the "significant loss data" disclosed by relevant parties differs greatly from the actual situation. Earlier reports claimed over 50,000 3C digital devices (including phones, computers, and tablets) were stolen, valued at about €37 million (≈RMB 3.06 billion).

#### Overseas Macro

**Japan’s new fiscal year budget and defense budget likely to hit new highs**: The drafting of Japan’s 2026 fiscal year budget draft is nearing completion, with the total budget expected to reach ¥122 trillion (≈RMB 5.5 trillion), including ¥9 trillion for defense. From December 23-24, Japan’s Ministry of Finance will consult with various departments on the 2026 budget draft, which will be formally decided at a cabinet meeting on the 26th.

**Trump’s capital restructuring: A trillion-dollar capital flow shift**: Trump is reshaping U.S. capital flows with high-intensity policies: relaxing bank regulations to activate the Treasury market, promoting the privatization of Fannie Mae and Freddie Mac, reversing clean energy subsidies to guide capital back to fossil fuels, and opening 401(k) plans to private equity investments. This policy package is撬动 trillions of dollars in capital migration, reshaping asset allocation logic for Wall Street and ordinary households.

**Goldman Sachs top trader’s year-end review: Historic highs for gold, silver, copper; growing stock-bond divergence; U.S. stock "structural differentiation"**: Goldman Sachs trader Pasquariello noted three key 2025 market features: first, an epic bull market in precious metals, with gold and silver posting their best performance since 1979; second, a rare divergence between stocks (pricing accelerating growth) and bonds (cautious), with the highest signal contradiction in recent years; third, ongoing U.S. stock internal differentiation, with tech stocks strengthening their advantage over small caps, and the market advancing with low volatility and high dispersion.

**BofA survey: Fund managers are nearly "fully invested" for year-end; cash levels drop to record low 3.3%**: BofA’s survey shows fund managers’ stock positions continue to climb, indicating unprecedentedly optimistic investor sentiment for year-end. However, the S&P 500’s valuation has exceeded levels before the dot-com bubble burst, raising concerns about excessive AI capital expenditure and overly high corporate profit expectations. Analysts warn that high valuations put great pressure on fundamentals, and a weakening U.S. job market may reintroduce recession risks, increasing 2026 economic uncertainty.

**39th "golden cross" for the dollar since 1970, an extremely rare type**: This is the 16th golden cross since 1970 when the 200-day moving average is declining; in this special scenario, the dollar has an 80% probability of rising. The S&P 500 performs unevenly initially after the "golden cross" but usually strengthens after 35 trading days. Crude oil has a 100% probability of rising within 35 trading days of this signal.

#### Overseas Industries/Companies

**U.S. approves first oral weight-loss blockbuster; Novo Nordisk takes lead, shares surge; Eli Lilly expected to get approval in March**: The U.S. FDA approved Novo Nordisk’s first oral GLP-1 weight-loss drug, giving it an edge in fierce competition with Eli Lilly. The oral version of Wegovy will launch in the U.S. in early January next year, with a starting cash price of $149/month. Clinical data shows it can help patients lose up to 16.6% of body weight and reduce cardiovascular risks. Eli Lilly’s similar oral drug is expected to get approval in March.

**Make big money or catch a falling knife? U.S. AI infrastructure spending to surpass office buildings for first time; Oracle alone signs $248 billion leasing deal**:

**Bond issuance nears all-time high! AI infrastructure spending spree drives U.S. corporate debt to $1.7 trillion**:

**Morgan Stanley’s blockbuster robot yearbook (7): Brain-computer interface (BCI) will be AI’s ultimate physical embodiment**: BCI is rapidly moving from medical applications to the ultimate vision of human-machine symbiosis; the U.S. market is expected to reach $320 billion by 2045. Meanwhile, various "embodied AI" professional robots—from warehouse logistics to food service—are penetrating all industries, and a global automation wave is reshaping productivity, forming a massive market combining cutting-edge BCI and widespread robot applications.

**2026 humanoid robot market highlights? Morgan Stanley: Short-term hype will continue; Tesla is the focus; U.S. government and big firms will enter, but China-U.S. gap is widening**: Morgan Stanley’s report argues that 2026 humanoid robot market enthusiasm will persist, but caution is needed regarding the huge gap between hype and large-scale practical value. The industry faces correction risks from technical development challenges and startup industry consolidation, and the China-U.S. gap is widening—China is consolidating its lead with manufacturing advantages, while U.S. policy support cannot reverse the trend in the short term.

**European November car sales rise for fifth straight month; Tesla sales drop 11%, BYD surges over 220%**: Electric vehicles (EVs) are the main driver; pure EVs account for 21% of the EU market, 26% in the UK, and 98% in Norway. EV registrations in major markets like Germany, Italy, and Spain saw significant growth. Gasoline and diesel vehicle market share fell from 45.8% to 36.1%.

**Paving the way for physical AI? Google bets on "world models," hopes smart glasses become AI’s true "killer app"**: Reports say Google plans to launch AI smart glasses in partnership with Samsung in 2026, competing with Meta across generations via spatial awareness and environmental prediction technology. With Gemini 3’s performance reversal and organizational integration, Google is reshaping the AI competition landscape while hoping hardware commercialization will establish leadership in the next computing platform.

**Report: Alibaba may purchase AMD MI308 chips in large quantities; Su Zifeng visited China last week**: Alibaba is reportedly considering purchasing up to 50,000 MI308 AI chips, seen as strong competitors to NVIDIA’s AI chips. Analysts note that the final terms and timing of the deal are uncertain.

**Betting on AI cybersecurity: ServiceNow announces $7.75 billion acquisition of Armis**: The deal is expected to close in H2 2026. ServiceNow stated it will triple the market opportunity for its security and risk solutions and further consolidate its AI security layout. ServiceNow’s stock fell 3% intraday, closing down over 1.4%.

#### Industries/Concepts

1. **Autonomous Driving**: Beijing issues first L3 license plates. Research institutions believe that with the continuous volume verification of Tesla Robotaxi and the institutionalized rollout of China’s L3 models, the industry inflection point for high-level autonomous driving is accelerating, which will profoundly impact the vehicle valuation system and competitive landscape. As pilot experience accumulates and regulations improve, L3 functions are expected to expand from local demonstrations to broader adoption; 2026 may be a key node for mass production of L3 intelligent driving in China.

2. **Charging Piles**: Zhou Rongfeng, Director of the Highway Bureau of the Ministry of Transport, stated on December 23 that 10,000+ charging guns will be built in highway service areas nationwide in 2026, with no less than 25% being high-power charging guns. For service areas with extremely busy charging during major holidays and those with daily charging facility utilization rates exceeding 40%, newly built charging facilities should use high-power ones in principle.

3. **CSP (Concentrated Solar Power)**: The National Development and Reform Commission and the National Energy Administration recently issued *Opinions on Promoting Large-Scale Development of Concentrated Solar Power*, proposing that by 2030, China’s CSP installed capacity should strive to reach about 15 million kW, with levelized cost of electricity (LCOE) roughly equivalent to coal-fired power. The opinions note that CSP capacity will be reasonably allocated in large energy bases, with a number of CSP-based support and regulation power plants built, and CSP application markets (such as source-grid-load-storage integrated systems with CSP as the base power source) will be explored.

4. **Quantum Computing**: China’s quantum technology industry is moving from academic research to commercial implementation. According to CCTV News, based on the superconducting quantum processor "Zuchongzhi 3.2," the team of Academician Pan Jianwei from the University of Science and Technology of China achieved major progress in quantum error correction—"below the threshold, the more correction, the more accurate"—laying an important foundation for practical quantum computers. The results were published in the international academic journal *Physical Review Letters* on December 22.

5. **Tourism**: On December 23, Li Yang, Vice Minister of Transport, stated at a State Council Information Office press conference that yacht and cruise consumption will be a growth point next year and beyond. The number of newly registered yachts in China has grown rapidly over the past three years, meaning yachts—traditionally considered high-end consumption—are evolving toward mass consumption and large-scale development. Yang Huaxiong, Director of the Water Transport Bureau of the Ministry of Transport, stated that the Ministry of Transport and the Ministry of Culture and Tourism jointly formulated *Measures to Further Promote Cruise Transport and Tourism Service Development*, which was recently issued and implemented. The measures propose 10 actions in four areas: enriching cruise routes and products, improving cruise port service levels, enhancing cruise management and service efficiency, and strengthening cruise transport safety and service guarantees.

6. **Power**: Alphabet, Google’s parent company, announced it will acquire U.S. clean energy developer Intersect for $4.75 billion in cash plus assumed debt. The acquisition aims to drive U.S. energy innovation and strengthen renewable energy infrastructure layout. Alphabet hopes this move will accelerate progress toward global sustainability goals and improve green energy supply for its data centers and other facilities.

7. **Thionyl Chloride**: According to百川盈孚, domestic thionyl chloride market prices have risen rapidly recently. On December 23, the latest average market price rose to RMB 3,500/ton, up RMB 222/ton from the previous day (a 6.77% single-day gain). Thionyl chloride has risen 22.25% in the past week and 78.03% in the past month. Current market supply and demand are tight, prices fluctuate frequently, and some manufacturers have suspended public quotations, switching to an "order-based real-time pricing" model, with actual transaction prices confirmed in real time based on order timing.

#### Today’s News Preview

- Bank of Japan releases October monetary policy meeting minutes.

- U.S. weekly initial jobless claims.

- Hong Kong stock market trades half-day on Christmas Eve; U.S. stocks close early.

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