Morning News

# Source: Wall Street Insights

## Market Overview

On Monday, both the previously surging precious metals and U.S. stocks pulled back. Major tech stocks such as Tesla, NVIDIA and Meta all declined as traders reduced their bets on tech giants ahead of the year-end. Tesla led the decline among the Magnificent Seven with a 3.27% drop, as its supply contract with South Korea’s L&F shrank by 99%.

U.S. Treasuries saw moderate buying interest, with the yield on the 10-year U.S. Treasury note falling 1.75 basis points to 4.11%. The U.S. dollar traded sideways, while the offshore yuan weakened first and then strengthened, returning to below the 7.0 mark.

Cryptocurrencies also experienced sharp ups and downs within 12 hours. Bitcoin staged another rally followed by a pullback, briefly topping $90,000 before quickly falling back below $87,000. Ethereum also reversed in an inverted V pattern, dropping nearly 5% from its daily high at one point.

Silver suffered a "stampede-like" retreat after breaking through $80 on Monday, plummeting more than 8% in a single day and briefly falling below $71. Spot gold tumbled approximately 4.5%, marking its largest single-day decline since late October and approaching $4,300. WTI crude oil rose 1.6%.

During the Asian trading session, China’s A-share Shanghai Composite Index fluctuated higher and then lower to notch a ninth consecutive positive close. Commercial aerospace and humanoid robot sectors surged. SDIC Silver LOF swung wildly intraday, with the gain of Shanghai Silver futures pulling back to 5.7%. Hong Kong stocks turned lower.

## Top News

- **Lu Lei, Vice Governor of the People's Bank of China**: The new-generation digital yuan measurement framework, management system, operation mechanism and ecosystem will be officially launched and implemented on January 1, 2026.

- **Silver Plunge Sparks Speculation**: Rumors suggest that a systemically important bank was hit by a short squeeze in silver futures, with speculation pointing to a major European bank as the involved party.

- **Donald Trump**: He is considering suing Jerome Powell for "gross negligence" and may announce the nominee for the next Federal Reserve Chair in January.

- **Russia claimed that Ukraine launched an attack on President Putin’s official residence with 91 drones**: Volodymyr Zelenskyy denied the allegation, and Donald Trump expressed his "strong anger".

- **Did the U.S. military launch its first attack on Venezuelan land targets?** Donald Trump stated that the U.S. military destroyed a "large-scale facility".

- **Donald Trump met with Benjamin Netanyahu**: He issued another threat over the Iranian nuclear issue.

- **Wall Street is unanimous in expecting U.S. stocks to continue rising in 2026 with no bears in sight**: Veteran strategists expressed concerns about this consensus.

- **Zhipu AI, the "first large model stock"**: It priced its Hong Kong IPO at HK$116.2, planning to issue over 37 million shares.

- **Report**: Meta acquired Manus in a multi-billion-dollar deal, and Xiao Hong will serve as Meta’s Vice President.

- **"I may be early, but I’m right!"**: Big short Michael Burry once again went against the market, shorting AI leaders NVIDIA and Palantir.

## Market Closing Quotes

### European and U.S. Stock Markets

- S&P 500: Down 0.35% to close at 6,905.74 points.

- Dow Jones Industrial Average: Down 0.51% to close at 48,461.93 points.

- Nasdaq Composite: Down 0.50% to close at 23,474.349 points.

- STOXX Europe 600 Index: Up 0.09% to close at 589.25 points, hitting a new record closing high after a one-session gap.

### A-Shares

- Shanghai Composite Index: Closed at 3,965.28 points, up 0.04%.

- Shenzhen Component Index: Closed at 13,537.10 points, down 0.49%.

- ChiNext Index: Closed at 3,222.61 points, down 0.66%.

### Bond Market

- U.S. 10-year Treasury yield: Fell 1.56 basis points to 4.1121%.

- U.S. 2-year Treasury yield: Fell 1.63 basis points to 3.4627%.

### Commodities

- COMEX Gold Futures: Down 4.47% to close at $4,349.20 per ounce.

- COMEX Silver Futures: Down 7.41% to close at $71.475 per ounce.

- COMEX Copper Futures: Down 4.62% to close at $5.5695 per pound.

- WTI Crude Oil Futures (February contract): Up 1.84% to close at $58.08 per barrel.

# Detailed Top News

## Global Headlines

**Lu Lei, Vice Governor of the People's Bank of China (PBOC)**: The new-generation digital yuan measurement framework, management system, operation mechanism and ecosystem will be officially launched and implemented on January 1, 2026. In an article, Lu Lei stated that the *Action Plan for Further Strengthening the Digital Yuan Management Service System and Construction of Relevant Financial Infrastructure* has clarified mechanismically that the digital yuan is moving from the era of digital cash to the era of **Digital Deposit Money**. The future digital yuan is a modern digital payment and circulation tool issued and circulated within the financial system. It is technically supported and supervised by the central bank, bears the attribute of commercial bank liabilities, is account-based, and compatible with the characteristics of distributed ledger technology, with the functions of monetary unit of account, store of value and cross-border payment.

**Digital Yuan: A New Type of Bank Deposit**. Wang Jian from Guosen Securities noted that the digital yuan has evolved from the cash-based Version 1.0 to the deposit-money-based Digital Yuan Version 2.0, which is a new type of bank account. Essentially, users "deposit back" their held digital yuan into bank accounts, specifically into a new deposit account type. This new account not only retains the high efficiency of traditional account-based payments but also enables new features such as smart contracts.

**Silver Plunge Triggers Frenzy of Speculation – Has a Major Wall Street Bank Buckled?** Amid the rollercoaster price movement of spot silver in Monday’s early trading, rumors spread on overseas social platforms claiming that a systemically important bank was forced to liquidate positions after suffering a short squeeze in silver futures and failing to meet a $2.3 billion margin call, with the Federal Reserve injecting an emergency $34 billion to stabilize the market. Speculation points to a major European bank as the involved party. Analyses suggest that even if the rumors are true, with the European bank’s $330 billion liquidity reserve, the $7.75 billion payment pressure is manageable, and "a bankruptcy is unlikely". However, vigilance is needed against the market’s panic-driven logic of "sell first, ask questions later".

**SDIC Silver LOF Swings Wildly Intraday, Surging from Limit Down to Over 9% Gain**. SDIC Silver LOF issued an announcement on Monday stating that investors who blindly invest in fund shares with high premium rates may face substantial losses. The net asset value (NAV) growth rate of SDIC Silver LOF has lagged behind the silver futures index performance. Nevertheless, on-exchange investors, anchoring their trades to the silver futures trend, have driven up the secondary market price of SDIC Silver LOF, leading to a significant deviation from its NAV and further widening the premium.

**Why Did Silver Crash Suddenly? A Hedge Fund Veteran Warned of Five Short-Term Risks in Advance**. Campbell, a veteran hedge fund manager, warned that silver faces five short-term risks: tax-driven year-end sell-offs, pressure from a stronger U.S. dollar, reduced leverage due to margin hikes, technical overbought conditions, and the threat of copper substitution. Additionally, the January rebalancing of the Bloomberg Commodity Index will force passive funds to sell positions equivalent to 9% of open interest in the silver futures market.

**Donald Trump: Considering Suing Jerome Powell for "Gross Incompetence"; May Announce Next Fed Chair Nominee in January**. Trump hinted that he already has a candidate in mind for the next Federal Reserve Chair but is in no hurry to announce it, suggesting the reveal may come in January. He also reiterated that he may fire current Fed Chair Jerome Powell and is considering suing Powell for "gross incompetence" over an ongoing renovation project at the Federal Reserve.

**Russia Claims Ukraine Attacked Putin’s Official Residence with 91 Drones; Zelenskyy Denies It, Trump Expresses "Strong Anger"**. Russian Foreign Minister stated that Russia has identified retaliatory targets, does not intend to withdraw from the negotiation process, but will adjust its negotiating stance in light of the Ukrainian government’s shift toward state terrorism. Russia claimed that during a call with Putin, Trump revealed that when he met with Zelenskyy, he advised Ukraine not to attempt to secure a breathing space, adding that the drone attack on Putin’s residence will impact how the U.S. cooperates with Zelenskyy. Russia echoed Trump’s assertion that negotiations on a Russia-Ukraine peace agreement have entered the final stage. Trump said there are still some very tricky issues to resolve to achieve peace in Ukraine. Zelenskyy noted that Trump confirmed the provision of security guarantees to Ukraine and an economic aid package after the conflict ends.

**After Separately Speaking with Putin and Zelenskyy Over the Weekend, Trump Said "Ukraine’s Territorial Issue Remains Unresolved"**. Trump stated after the talks that both Russia and Ukraine are willing to end the conflict, and the relevant negotiations have entered the "final stage", with approximately 90% of the negotiations on territorial issues "completed". He revealed that the U.S. and Ukraine will reach a "very strong" security agreement. However, core differences persist. Trump acknowledged that the territorial issue of Ukraine is actually "still unresolved", with "thorny" issues such as the demarcation of demilitarized zones in the Donbas region yet to be settled.

**First U.S. Military Attack on Venezuelan Land Targets? Trump Says U.S. Military Destroyed a "Large Facility"**. Trump provided no further details about the attack, only stating that a "large factory or large facility" related to ships was destroyed "two days ago". U.S. officials claimed he was referring to a drug-related facility, and the White House did not respond to requests for comment. Following the report, crude oil prices hit a new daily high, with WTI crude rising nearly 3%.

**Trump Meets with Netanyahu, Reissues Threats Over Iranian Nuclear Issue**. Trump threatened that if Iran continues to develop ballistic missiles, he supports launching strikes against Iran; if Iran develops nuclear weapons, he supports launching a rapid strike against the country.

**Wall Street Unanimously Expects U.S. Stocks to Continue Rising in 2026 – No Bears in Sight, but Veteran Strategists Are Worried About the Consensus**. According to a Bloomberg survey, none of the 21 strategists are bearish, predicting that the S&P 500 Index will rise by an average of 9% in 2026, marking its fourth consecutive year of gains and the longest winning streak in nearly two decades. Previously bearish institutions such as JPMorgan Chase have completely reversed their stance, raising their target to 7,500 points. However, veteran strategists have warned that optimism among all market participants is a cause for concern, with a small number of cautious voices highlighting risks such as high valuations, Federal Reserve policy and tariffs.

**Zhipu AI, the "First Large Model Stock"**: Hong Kong IPO Priced at HK$116.2, to Issue Over 37 Million Shares. Zhipu Huazhang Technology Co., Ltd. plans to issue more than 37 million shares in its Hong Kong IPO at an offer price of HK$116.20 per share, with trading expected to commence on January 8.

**Report: Meta Acquires Manus in Multi-Billion-Dollar Deal; Xiao Hong to Serve as Meta Vice President**. It is reported that Meta has acquired Butterfly Effect, the company behind the AI application Manus, in a multi-billion-dollar deal. This is Meta’s third-largest acquisition to date, trailing only WhatsApp and Scale AI in terms of cost. Prior to the Meta acquisition, Manus was in the process of a new financing round with a valuation of $2 billion. "The deal was so fast that I once suspected it was a fake offer," said Liu Yuan, partner at ZhenFund and angel investor in Butterfly Effect. The acquisition negotiations were completed in an extremely short period, taking only about a dozen days from start to finish.

**"I May Be Early, But I’m Right!" Big Short Michael Burry Defies the Market Again, Shorting AI Giants NVIDIA and Palantir**. Michael Burry, the inspiration behind *The Big Short*, has once again taken a contrarian stance by shorting NVIDIA and Palantir, insisting that the AI boom is a repeat of the dot-com bubble. He criticized NVIDIA for concealing the risk of future asset write-downs by its customers through accounting maneuvers, pointing directly to the misleading logic in the company’s official responses. Despite frequent criticism for "predicting too early", Burry remains steadfast in his bearish logic, stating, "I may be early, but I’m right!"

**CES to Kick Off Next Week – NVIDIA and Peers Need to Prove AI Can Sell**. The upcoming CES in Las Vegas will serve as a critical test of whether AI hardware can break into the mass market. Tech giants including NVIDIA, Samsung and Lenovo need to demonstrate to consumers that AI is not just a technical demo but also has practical purchase value. The focus of the exhibition will be on categories such as AI smart glasses, humanoid robots and health wearable devices.

## Selected Research Reports

**Lyn Alden: Silver May Surge to $100 in 2026, But It’s No Longer a "Low-Risk, High-Reward" Opportunity**. Macro strategist Lyn Alden pointed out that driven by fiscal dominance and currency depreciation, silver is expected to challenge the $100 mark in 2026, but its era as an asymmetric trade with "low risk and high reward" has come to an end. As valuations gradually recover, silver has now entered a "symmetric phase" where the probability of price increases and decreases is more balanced. She emphasized that whether silver surges to $100 or pulls back to $40 next year, it would not come as a shock.

**New Logic for Silver to Hit $200? Financial Writer John Rubino Predicts Tech Giants Will Spark a "Mine Acquisition Spree"**. John Rubino revealed the new logic behind silver’s skyrocketing price: tech giants such as Tesla and Google are turning to direct acquisitions of physical silver mines to lock in resources amid supply risks, speculating that "maybe Tesla will buy First Majestic Silver". Driven by strong demand from products like Samsung’s solid-state batteries, silver has fallen into a critical shortage crisis of being "unobtainable". Rubino predicted that the silver price reset target is $200, and warned of "significant volatility" this week.

**An Ounce of Silver Is Rarely More Expensive Than a Barrel of Oil! Is the "New Dominator" of the Commodity Market Here?** Silver prices broke a 45-year record in 2025, with the price of one ounce of silver exceeding that of one barrel of crude oil. Since the launch of WTI crude oil futures trading in 1983, it has been extremely rare for silver prices to consistently stay above crude oil, occurring only twice briefly during the 2020 COVID-19 pandemic. Silver has shown strong performance driven by both industrial and investment demand, while the crude oil market has been under pressure from oversupply and energy transition.

## Review and Outlook

**2025: The Nine AI Giants in Turmoil – OpenAI Partners with Amazon, While Microsoft Buys Anthropic’s Models**. The AI industry entered an era of "full-stack" integration in 2025. As the nine giants expand their humanoid robot and hardware footprint, they have become entangled in a more complex web of interdependence. Google has emerged as a core supplier leveraging its TPUs and Gemini 3; OpenAI has broken free from its reliance on Microsoft through multi-cloud collaboration; Meta leads in devices but faces setbacks in models; xAI and Anthropic are catching up rapidly. This in-depth industrial chain reshuffle has prompted all parties to rebuild competitive boundaries while pursuing independence and mutual checks and balances.

**2025 China Top 10 Business Events in Review – DeepSeek’s Overnight Sensation, Labubu Sparks Global Buying Frenzy, and the "Epic" Food Delivery War**. China’s business landscape reshaped its logic amid drastic changes in 2025. DeepSeek ignited a global AI cost revolution with its extreme cost-performance ratio, and state-backed "stabilization funds" were launched to shore up the financial market. The business battlefield was rife with intense competition: JD.com made a surprise foray into the crowded food delivery sector, Alibaba bet big on consumer-side AI, and Pop Mart conquered the world with Labubu. The hard tech sector also delivered a string of successes: Level 3 autonomous driving officially hit the roads, domestic GPUs collectively launched IPOs, and nuclear fusion and commercial aerospace achieved major breakthroughs.

**Greenwoods Asset Management’s Year-End Statement: 2026 Will Be Another First Year for AI, with International Capital Flowing Back into Chinese Assets**.

# Domestic Companies

**Semiconductor Manufacturing International Corporation (SMIC)**: Plans to issue 547 million shares to 5 shareholders to acquire a 49.00% equity stake in SMIC North, with a transaction value of RMB 40.6 billion.

**EHang Holdings**: Its EHang VT35 completed its first public flight in Hefei.

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# Overseas Macroeconomics

**Fed’s New Chair to Take Office in May – Has the "Good News Been Fully Priced In"? Nomura: "Extra Caution Needed" for U.S. Markets from July to November Next Year**. Nomura forecasts that the new Fed Chair will lead a rate cut in June. However, as the U.S. economy recovers, there may be strong opposition within the Federal Open Market Committee (FOMC) to further rate cuts. Such policy divisions will not only undermine market confidence in the new Chair but also risk escalating tensions between the Fed and the Trump administration. This uncertainty is expected to peak between July and November next year, potentially triggering a market trend of "fleeing U.S. assets".

**Bank of Japan (BOJ) December Minutes Note "Real Interest Rates Remain Very Low", Hinting at More Rate Hikes**. The minutes clearly indicate that the BOJ’s policy rate has not yet reached a neutral level. One board member stated that there is still a considerable distance to the neutral rate. Economists anticipate the BOJ will raise rates again in approximately six months, with most projecting the terminal rate of the current hiking cycle at 1.25%.

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# Overseas Companies

**Nomura: Unexpectedly Strong AI Demand to Sustain Memory Super Cycle Until at Least 2027**. Nomura predicts the memory "super cycle" will extend into 2027, primarily driven by the unexpected surge in demand for AI servers and enterprise - grade solid - state drives (SSDs). Since large - scale capacity expansion will not occur until 2028, the supply - demand gap will push up dynamic random - access memory (DRAM) prices significantly. Nomura has raised its profit forecasts for Samsung and SK Hynix, arguing that the profitability of general - purpose memory now matches or even surpasses that of high - bandwidth memory (HBM).

**Jim Fan (NVIDIA)**: The Robotics Sector Is Still in Chaos, and Even Its Development Direction May Be Wrong. Jim Fan noted that the reliability of robot hardware has become the biggest obstacle to software iteration, and the lack of industry standards has led to a chaotic evaluation system. He believes the current mainstream vision - language - action (VLA) technical route "feels incorrect", as its pre - training approach based on vision - language models (VLMs) is fundamentally misaligned with the actual needs of robots. He stated he is betting on video world models as an alternative.

**Paving the Way for "Stargate"? SoftBank Plans to Acquire DigitalBridge to Secure Hundreds of Billions in Data Center Assets**. SoftBank is in advanced negotiations to acquire private equity firm DigitalBridge, though no final agreement has been reached yet. Boosted by this news, DigitalBridge’s stock soared 45% in pre - market trading. If the acquisition succeeds, SoftBank will directly control over $100 billion worth of data center assets under DigitalBridge. This move is regarded as a key strategic step for SoftBank to advance its "Stargate" AI computing power project and strengthen its data infrastructure layout.

**After Repeated Delays to Cybertruck, Tesla Slashes High - Nickel Battery Material Orders, South Korea’s L&F Supply Contract Shrinks by 99%**. Due to the delay of the Cybertruck project and adjustments to Tesla’s production strategy, the 3.83 trillion won contract for high - nickel cathode materials signed with its supplier, South Korea’s L&F, has been cut to just 9.73 million won, a reduction of approximately 99%. This material was originally intended for Cybertruck batteries, but the delayed model launch and shifting consumer preferences have led to a sharp drop in actual demand. Additionally, policy changes such as the Inflation Reduction Act have also affected Tesla’s procurement plans.

**The Rise of Indonesia’s "Nickel King" Arif: From Small Trader to Controlling One - Third of the Country’s Nickel Ore Trade in Less Than a Decade**. He is the most secretive power player in the world’s largest nickel - producing country, holding mining rights covering 71,000 hectares and controlling one - third of Indonesia’s nickel ore trade, with an annual transaction volume exceeding $3 billion. Arif rose from an ordinary trader at Glencore to an industry giant in ten years. However, as Indonesia’s new President Prabowo launches a mining industry overhaul and power restructuring, this "invisible nickel king" is facing severe challenges brought about by policy shifts.

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# Industries/Concepts

### 1. Digital Renminbi (e - CNY)

According to CCTV News, the People’s Bank of China (PBOC) has issued the *Action Plan for Further Strengthening the Digital Renminbi Management Service System and Construction of Relevant Financial Infrastructure*. The new - generation digital renminbi measurement framework, management system, operation mechanism, and ecosystem will be officially launched and implemented on January 1, 2026.

**Commentary**: Data shows that as of the end of November 2025, the digital renminbi has processed 3.48 billion transactions with a cumulative transaction value of RMB 16.7 trillion. A total of 230 million personal wallets and 18.84 million corporate wallets have been opened via the Digital Renminbi App. The multi - central bank digital currency bridge (mBridge) has processed 4,047 cross - border payment transactions with a cumulative value of RMB 387.2 billion, of which the digital renminbi accounts for approximately 95.3% of the transaction volume across all currencies. Guotai Haitong Securities believes that the rapid development of the digital renminbi will bring growth opportunities to supporting industries such as banking IT systems, payment ecosystems, hardware wallets, and financial equipment.

### 2. Nuclear Fusion

The conference themed "Convergent Power, Creating the Future" aims to promote collaborative innovation and achievement transformation upstream and downstream of the nuclear fusion industry chain. It is expected to accelerate capital inflows and industrial - technological cooperation in the nuclear fusion sector.

**Commentary**: Reports indicate that controlled nuclear fusion has been included in future industries in top - level planning for the first time, and capital expenditure in the industry has clearly entered an upward cycle. Hefei, Anhui, has built a world - leading cluster of fusion devices, covering multiple key technical links in magnetic confinement fusion relying on major scientific facilities such as the Experimental Advanced Superconducting Tokamak (EAST), the Breakthrough Experiment Superconducting Tokamak (BEST), and the China Fusion Engineering Test Reactor (CRAFT). A relatively complete industrial chain closed - loop has been formed, and the number of fusion - related patents in the region accounts for 37% of the national total. The demand for electricity driven by AI computing power has increased the importance of controlled nuclear fusion as an "ultimate energy source". The industry has entered the "engineering feasibility verification" stage, with a series of test reactors entering an intensive phase of equipment procurement, bidding, and construction. Suppliers of upstream materials and mid - stream core equipment in the industrial chain will see a release of orders.

### 5. Logistics

According to China Securities Journal, the State Administration for Market Regulation, the National Development and Reform Commission, the Ministry of Transport, the Ministry of Commerce, the National Data Administration, and the State Post Bureau have jointly issued the *Key Work Plan for Modern Logistics Standardization (2025 - 2027)*. It focuses on deploying 101 national standard development tasks across 5 major sectors to support the in - depth advancement of building a unified national market. Priority will be given to accelerating the development of standards for the functional design, service capabilities, and digital evaluation of key logistics infrastructure such as national logistics hubs, logistics parks, and warehousing and distribution centers. This will improve the connectivity of logistics infrastructure and improve the modern logistics operation system of "corridors + hubs + networks".

**Commentary**: Reports point out that as the "nervous system" of the national economy, the modern logistics industry has achieved remarkable results during the 14th Five - Year Plan period. Its market size has ranked first in the world for 10 consecutive years, and it is moving towards high - quality development featuring intelligence, greenization, and integration. In 2025, China’s total social logistics volume is expected to reach RMB 380 trillion, and the total revenue of the logistics industry will exceed RMB 14 trillion. Technologies such as artificial intelligence, the Internet of Things, and big data have deeply penetrated the entire logistics chain, with the penetration rate of AI in the logistics field exceeding 50%. The modern logistics industry is shifting from scale expansion to quality improvement. Through digital - intelligent, green, and integrated transformation, it provides strong support for building a new development pattern and promoting high - quality economic development.

### 6. Reusable Rockets

According to IT Home, on December 28, China’s private rocket company New Space Aerospace announced the official launch of the engineering testing of key technologies for the recovery and reuse of its Chitu - 1 carrier rocket. This indicates that New Space Aerospace’s core capabilities in the "low - cost, high - reliability, reusable" aerospace technology route are being accelerated. After a year of debugging and upgrading the electronic, electrical, and software systems of the recovery capsule, New Space Aerospace will focus on conducting actual flight verification of the capsule’s engine suspension system, thrust control system, attitude control, and safe landing technology in 2026, forming a complete closed - loop reusable rocket technology system. The "recovery capability" was set as an underlying engineering goal in the initial design of New Space Aerospace’s Chitu series rockets.

**Commentary**: China Securities Journal stated that rocket recovery technology can reduce the cost of a single launch from the tens of millions of US dollars level to the millions of US dollars level by enabling the first - stage rocket to return accurately and be reused. Currently, rocket recovery technology is transitioning from the technical verification stage to the commercial implementation stage. The period from 2025 to 2026 is a critical juncture, with multiple companies planning to achieve the maiden flight of reusable rockets by 2026. If successful, it will mark the official entry of China’s commercial aerospace into the reusable era. Although China’s rocket recovery market faces technical challenges, policy support, market demand, and industrial foundations provide solid support for the industry’s development.

### 7. Hydrogen Energy

According to China Energy Network, on December 28, the 30MW pure hydrogen gas turbine hydrogen energy storage demonstration project, co - built by Mingyang Smart Energy Group and Shenzhen Energy Group, achieved a major breakthrough: the unit successfully generated power using pure hydrogen and maintained stable operation. This marks the world’s first 30MW - class "electricity - hydrogen - electricity" demonstration project moving from blueprint to reality.

**Commentary**: China Securities Journal pointed out that pure hydrogen power generation signifies that hydrogen energy is quickly moving from a promising clean energy concept to the center of the energy stage with large - scale and practical applications. Its core value lies in providing a feasible solution for the large - scale, long - cycle storage of renewable energy. By building an integrated "energy source - grid - load - storage" system, it effectively addresses the volatility of new energy and the problem of curtailment.

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# Today’s News Preview

- Shanghai Futures Exchange: Starting from the close on December 30, the daily price limit for gold and silver futures contracts will be adjusted to 15%, and the margin ratio will be adjusted simultaneously.

- The Federal Reserve releases the minutes of its monetary policy meeting.

- U.S. home prices in 20 major cities for October.

- Wuyi Horizon and Lin Qingxuan are expected to be listed on the Hong Kong Stock Exchange on December 30.

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# Risk Warning and Disclaimer

The market is risky, and investment needs to be prudent. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are in line with their specific circumstances. Any investment made based on this article shall be at the user’s own risk.