Morning News

Source: Wall Street CN

## Market Overview

Last Friday, technology stocks provided strong support, and U.S. stocks continued to rise despite the volatility of the record - breaking "Triple Witching Day" on that day. The three major stock indexes closed higher for two consecutive trading days. The Nasdaq rose more than 1% for two consecutive days. Both the Nasdaq and the S&P 500 managed to turn to gains for the whole week, but the Dow Jones Industrial Average recorded a weekly decline for the first time in a month. Following the news about the TikTok agreement, Oracle soared 6.6%, driving AI stocks and chip stocks higher. The semiconductor index rose 3%, AMD jumped more than 6%, and NVIDIA climbed nearly 4%. Tesla bucked the trend and pulled back, yet it still gained nearly 5% for the whole week. After the European Central Bank raised its economic outlook, the pan - European stock index hit a record high for two consecutive days.

After the Bank of Japan raised interest rates, the prices of the global bond market fell across the board. The yield on the 10 - year Japanese government bond exceeded 2.0% for the first time since 1999. The breakdown of negotiations on France's budget plan pushed the yield on the 30 - year French government bond to a new high since 2009. The "third - highest - ranking official" of the Federal Reserve stated that there was no rush to cut interest rates, which led to an accelerated rebound in U.S. Treasury yields.

The U.S. Dollar Index rose for three consecutive days to a one - week high, reversing the weekly downward trend. Due to the "prudent" prospect of interest rate hikes by the Bank of Japan, the Japanese yen plummeted more than 1% to a four - week low, marking its worst performance in over two months. Offshore RMB stepped back from a 14 - month high but still rose for four consecutive weeks. Cryptocurrencies rebounded: Bitcoin once rose nearly 5% from its daily high, approaching the $90,000 mark again, and Ethereum jumped more than 7% during intraday trading.

Precious metals and gold rebounded. Both silver and copper hit record highs. Gold turned to gains during intraday trading, drawing close to its all - time high. Silver set a new record high for the second time this week, with futures silver rising nearly 4% intraday and gaining for four consecutive weeks. London copper closed at a new high again after a week, surging more than 3% for the week. Crude oil rose more than 1% during intraday trading, rebounding for three consecutive days, but it still recorded weekly declines for two consecutive weeks.

During the Asian trading session, both A - share and Hong Kong stock indexes closed higher collectively. The ChiNext Index rose 0.49% after peaking and then pulling back. Controlled nuclear fusion and mass - consumption sectors led the gains, the commercial aerospace sector maintained its strong momentum, the Hang Seng Tech Index rose more than 1%, and biopharmaceutical stocks soared.

## Key News

1.  State Council Executive Meeting: We must take proactive measures to ensure the implementation of policies and lay a solid foundation for a good start to the 15th Five - Year Plan period.

2.  The Cyberspace Administration of China and the China Securities Regulatory Commission have joined forces to take legal action against accounts that spread rumors and provide illegal stock recommendation services.

3.  Ministry of Foreign Affairs responded to the news that ByteDance and investors of TikTok signed an agreement to establish a joint venture in the United States: China's stance on the TikTok issue has always been clear and consistent.

4.  The "Rules on Price Behaviors of Internet Platforms" has been issued. It stipulates that no one shall sell goods or provide services at a price lower than the cost, which would disrupt the market competition order.

5.  The first day of Hainan's closed - loop operation witnessed a booming scene. Sanya's duty - free shops achieved sales of 118 million yuan, and the number of store - visiting customers increased by more than 60% year - on - year. Some Apple mobile phones were sold at a price 2,140 yuan cheaper. The number of air ticket bookings to Hainan for New Year's Day rose by 10%.

6.  Trump made great efforts to attract voters at the end of the year. He announced plans to issue a $1,776 "Warrior Bonus" to the military, add two more Christmas holidays for federal government employees, ease marijuana regulation, restart the moon landing program, and reach a price - reduction agreement with nine major pharmaceutical companies in exchange for a three - year tariff exemption.

7.  The competition for the Federal Reserve Chair has intensified. Reports say that Christopher Waller performed "excellently" in the interview for the Federal Reserve Chair and won the support of corporate executives. Wall Street insiders have been lobbying for Kevin Warsh, and Trump's focus may shift to the job market.

8.  John Williams, the "third - highest - ranking official" of the Federal Reserve, stated that there was no urgency for further interest rate cuts, and the CPI data in November was somewhat distorted, which triggered an accelerated rebound in U.S. Treasury yields.

9.  The U.S. Department of Justice began releasing investigation documents related to the Epstein case last Friday. The information of thousands of victims and their families was redacted. The Deputy Attorney General said that "hundreds of thousands of documents" related to the case would be released, and the full disclosure would take several weeks.

10. The Bank of Japan unanimously approved a 25 - basis - point interest rate hike as scheduled with a 9 - 0 vote, and stated that it would continue to raise interest rates if the economic and price outlooks are achieved. Kazuo Ueda said that the pace of adjusting the easing policy depends on future data, but if the action is too late, it may be forced to raise interest rates sharply and rapidly in the future. Ueda emphasized that the central bank will "act prudently" in the future. The Japanese yen fell more than 1% during intraday trading, and traders bet that the next interest rate hike may not come until September next year.

11. The Ukrainian delegation held a series of meetings with the United States and Europe from last Friday to Sunday. The U.S. special envoy described the meetings as "productive". Volodymyr Zelensky said that the new round of consultations between Ukraine and the United States had made constructive progress. A new round of consultations between the United States and Russia was held last Saturday, and the Russian side stated that the talks were constructive.

12. The United States intercepted the third oil tanker in the waters near Venezuela. Nicolás Maduro said that Venezuela will unswervingly safeguard national peace and stability.

13. It was reported that ByteDance's profit is expected to reach a record $50 billion this year. However, insiders responded that the data is untrue and has a large deviation.

14. Moore Threads made a major release: its new - generation GPU architecture "Huagang" has a 10 - fold improvement in energy efficiency. The series of chips will be mass - produced and launched next year, and the first AI computing - power laptop has also been unveiled.

15. The "first GPU stock in Hong Kong stocks" is coming. Biren Technology's IPO has a maximum offering price of HK$19.60 per share, and it is expected to start trading on January 2.

16. Rushing to become the "world's first major model stock": Zhipu AI took the lead in disclosing its Hong Kong IPO prospectus last Friday, and MiniMax also released its prospectus after passing the Hong Kong Stock Exchange's hearing on Sunday.

17. It was reported that OpenAI's latest fund - raising round may reach $100 billion, with a valuation possibly hitting $830 billion, and the fund - raising is expected to be completed as early as the first quarter of next year. SoftBank has promised $30 billion and is said to be striving to get the remaining $22.5 billion of committed investment in place by the end of this year. Disney and capital from the United Arab Emirates are also participating in this round of fund - raising.

18. A court ruling restored the revoked $139 billion Tesla stock options for Elon Musk, making him the first billionaire in history with a net worth exceeding $700 billion.

## Market Closing Quotes

### U.S. and European Stock Markets

- S&P 500: Rose 0.88% to close at 6,834.50 points, with a weekly gain of 0.1%.

- Dow Jones Industrial Average: Increased 0.38% to close at 48,134.89 points, with a weekly decline of 0.67%.

- Nasdaq Composite Index: Advanced 1.31% to close at 23,307.62 points, with a weekly gain of 0.48%.

- STOXX 600 Index (Europe): Climbed 0.37% to close at 587.50 points, with a weekly increase of 1.6%.

### A - Share Market

- Shanghai Composite Index: Rose 0.36% to close at 3,890.45 points.

- Shenzhen Component Index: Gained 0.66% to close at 13,140.21 points.

- ChiNext Index: Increased 0.49% to close at 3,122.24 points.

### Bond Market

By the end of the bond market trading session, the yield on the 10 - year U.S. benchmark Treasury note was about 4.15%, rising approximately 3 basis points on the day and falling about 3 basis points for the whole week. The yield on the 2 - year U.S. Treasury note stood at around 3.48%, climbing roughly 2 basis points intraday and dropping about 4 basis points for the week.

### Commodities

- WTI Crude Oil Futures (January contract): Rose 0.91% to close at $56.66 per barrel, with a weekly decline of about 1.4%.

- Brent Crude Oil Futures (February contract): Increased 1.09% to close at $60.47 per barrel, with a weekly drop of about 1.1%.

- COMEX Gold Futures (February contract): Gained 0.52% to close at $4,387.3 per ounce, with a weekly rise of about 1.4%.

- COMEX Silver Futures (March contract): Jumped 3.48% to close at $67.489 per ounce, with a weekly increase of about 8.8%.

- LME Copper Futures: Closed at a new high again after a week, surging more than 3% for the week.

- LME Tin Futures: Rose about 0.7% to close at $43,227 per ton, with a weekly gain of about 4.6%.

# Detailed Key News

## Global Headlines

### State Council Executive Meeting: Act Proactively for Implementation to Ensure a Sound Start to the 15th Five-Year Plan

The meeting emphasized that all departments of the State Council must fully align their thinking and actions with the Party Central Committee's scientific judgment on the current situation and its decision-making arrangements. They should fully implement the overall requirements and policy orientations for next year's economic work, further strengthen their sense of responsibility and urgency, closely follow the set goals and benchmarks, take the initiative to assume tasks, refine and materialize each item in accordance with their functions, accelerate the formulation of specific implementation plans, and promote the effective implementation of all work initiatives.

### Joint Action by Cyberspace Administration and CSRC to Lawfully Deal with Rumor-Mongering and Illegal Stock Recommendation Accounts

Regulatory authorities stated that the capital market is highly sensitive to information. Fabricating and spreading false information about the capital market and other illegal and non-compliant remarks that disrupt the order of information dissemination and affect the stable operation of the market will be subject to legal penalties. The cyberspace and securities regulatory authorities remind the general public of netizens to establish a correct investment concept, enhance risk prevention awareness, strengthen the ability to distinguish financial information, and refrain from spreading or believing rumors, so as to jointly create a clean and healthy online space.

### Ministry of Foreign Affairs: China's Stance on TikTok Issue Remains Consistent and Clear

According to Global Times, some foreign media reported that on Thursday, TikTok CEO Shou Zi Chew sent an internal memo stating that ByteDance and TikTok have signed an agreement with three investors to establish a new TikTok US joint venture company. On Friday, Chinese Foreign Ministry Spokesperson Guo Jiakun responded to foreign journalists' questions regarding "whether China has approved the agreement and what comments the Ministry of Foreign Affairs has on it".

### "Rules on Price Behaviors of Internet Platforms" Issued: No Sales Below Cost to Disrupt Market Competition Order

Platform operators shall conduct subsidy promotions in a fair and impartial manner, and shall not make false or exaggerated claims about the amount and intensity of subsidies. They shall not force or indirectly force merchants on the platform to activate systems such as automatic price following, automatic price reduction or similar systems.

### Hainan's Island-Wide Independent Customs Operation Kicks Off with a Bang: Sanya Duty-Free Sales Soar to 118 Million Yuan on Day One

On the first day of Hainan Free Trade Port's island-wide independent customs operation, the performance was brilliant. Sanya's duty-free stores achieved sales of 118 million yuan, with store foot traffic surging by over 60% year-on-year. Some Apple mobile phones were sold at a price 2,140 yuan lower than usual. The number of air ticket bookings to Hainan for New Year's Day rose by 10%, and inbound air tickets for the New Year's Day holiday jumped by more than 40%. On the same day, Hainan also welcomed the settlement of its first Fortune Global 500 company. The first batch of foreign nationals obtained work and residence permits, with the fastest processing time completed in 4 days.

### 24-Hour Blitz of "Gifts": Trump Pushes Hard to Woo Voters at Year-End, Covering Military Personnel, Civil Servants, Cannabis and Aerospace Industries

As his approval rating dropped below 40% in opinion polls, Trump rolled out a series of pro-people measures in approximately 24 hours: issuing a $1,776 "Warrior Bonus" to active-duty military personnel, granting federal government employees an unprecedented two additional Christmas holidays, and signing far-reaching executive orders to ease cannabis regulation and restart the moon landing program. On Friday, the Trump administration also reached a drug price discount agreement with nine major pharmaceutical companies.

### Trump Hails "Major Victory": Nine Pharmaceutical Giants Agree to Price Cuts in Exchange for Three-Year Tariff Exemption

After nine pharmaceutical companies including Merck, Novartis and GlaxoSmithKline signed the agreement, Trump claimed that 14 out of the 17 pharmaceutical companies targeted by the government this summer have agreed to "substantial" price cuts. The U.S. Secretary of Commerce hinted that the remaining three companies will announce similar agreements after the year-end holidays.

### Waller Performs "Exceptionally Well" in Fed Chair Interview; Trump May Shift Focus to Job Market

Reports indicate that the selection process for the Federal Reserve Chair is still ongoing. The candidate list has now been narrowed down to four: White House Economic Advisor Kevin Hassett, former Federal Reserve Governor Kevin Warsh, Federal Reserve Governor Christopher Waller, and Rick Rieder, Chief Investment Officer of Fixed Income at BlackRock, who will be interviewed in the last week of the year. Federal Reserve Governor Michelle Bowman is no longer a candidate.

### Competition for Fed Chair Intensifies; Under Currents in Wall Street and Washington; Trump Undecided

Media reports suggest that Waller was also interviewed by Trump last week and has won the support of corporate executives. Waller stands out due to his unique advantages: he has demonstrated a rational and consistent policy narrative on interest rate cuts and has a proven track record of driving internal reforms at the Federal Reserve. Wall Street insiders have been lobbying vigorously for Warsh, calling government officials to secure support for him, with part of the goal being to eliminate Hassett from consideration.

### John Williams, "Third-Highest-Ranking Official" at the Fed: No Urgency for Further Rate Cuts; November CPI Data Somewhat Distorted

John Williams, President of the New York Federal Reserve, stated that given recent employment and inflation data, the Fed has no urgency to cut interest rates further. He pointed out that previous rate cuts have put the policy in a favorable position. The November CPI report data was distorted by the government shutdown, but core inflation continues to move closer to the 2% target, and the labor market adjustment remains stable. Market expectations indicate a low probability of rate cuts in the first half of next year, with roughly a 50% chance of a rate cut in June.

### U.S. Deputy Attorney General: "Hundreds of Thousands of Documents" on Epstein Case to Be Released; Full Disclosure Will Take Weeks

Democrats accused the move of being illegal. Senate Minority Leader Chuck Schumer stated that the "Epstein Files" were passed by Congress and signed into law by U.S. President Trump. Insiders close to ByteDance said that the reported data for the first three quarters and the whole year are untrue and have a large deviation.

### Report: ByteDance Promotes AI Mobile Phone Cooperation with Multiple Manufacturers

ByteDance is advancing cooperation with hardware manufacturers such as vivo, Lenovo and Transsion. It plans to lay out AI mobile phones by pre-installing AIGC plug-ins to gain user access. The core of its strategy is to create new traffic and monetization channels. It attracts cooperation by offering concessions to mobile phone manufacturers (such as waiving development fees and revenue sharing from traffic). The plan is to first launch the products on mid-range models in overseas markets, aiming to compete with internet giants after achieving large-scale deployment.

### Moore Threads Makes a Major Announcement: New-Generation GPU Architecture "Huagang" Delivers 10-Fold Efficiency Boost

Moore Threads unveiled its new-generation GPU architecture "Huagang", which achieves a 10-fold increase in energy efficiency. The chip series will enter mass production and hit the market next year, along with the launch of its first AI computing power laptop. The new architecture increases computing density by 50%, integrates full-precision end-to-end acceleration technology and a new-generation asynchronous programming model, supporting intelligent computing clusters with a scale of over 100,000 chips. "Huagang" also achieves breakthroughs in graphics processing, featuring the first-generation AI Generative Rendering (AGR) architecture and the second-generation hardware-accelerated ray tracing engine. The computing power laptop MTT AIBOOK is equipped with the self-developed intelligent SoC chip "Yangtze River", with the 32GB RAM and 1TB storage version priced at 9,999 yuan for pre-order.

### "Hong Kong's First GPU Stock" Arrives: Biren Technology Announces IPO with Maximum Offering Price of HK$19.60 per Share

Biren Technology announced that its Hong Kong IPO has a maximum offering price of HK$19.60 per share, and trading is expected to start on January 2.

### Zhipu AI Takes the Lead in Disclosing Hong Kong IPO Prospectus on Friday, Racing to Be the "World's First Major Model Stock"

An analysis of Zhipu AI's prospectus shows that its annual revenue reached 300 million yuan with a growth rate of 130%. The Tsinghua-affiliated company has completed 8 rounds of financing totaling over 8.3 billion yuan in 6 years, with a valuation of 24.38 billion yuan. Its gross profit margin remained above 50% in 2024. The company has developed the GLM series of large models, boasting over 2.7 million developers and serving more than 12,000 enterprises worldwide. Its R&D team accounts for 74% of the total staff, and it has published more than 500 top-tier papers. Backed by star investors such as Meituan, Tencent, Sequoia Capital and Hillhouse Capital, it has become China's largest independent large model company.

### MiniMax Releases Prospectus After Passing HKEX Hearing on Sunday, Expected to Set Record as Fastest AI Company from Establishment to IPO

According to the prospectus, the general artificial intelligence company achieved a year-on-year revenue growth of over 170% in the first nine months of 2025, with overseas market revenue accounting for more than 70% of the total. As of September 30, 2025, MiniMax has served over 212 million individual users in more than 200 countries and regions, as well as 130,000 enterprise customers in more than 100 countries.

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## Alpha Summit

### Xing Ziqiang (J.P. Morgan): Promote Consumption, Stabilize Real Estate, Strengthen Social Security... For China's Economy to Go Far in 2026, the Key Lies in "Investing in People"

Xing Ziqiang stated that relying solely on new productive forces and enterprises' overseas expansion will be difficult to offset the practical challenge of insufficient domestic demand. The way for China's economy to break through lies in stabilizing the real estate market, shifting fiscal focus from "investing in things" to "investing in people", consolidating the social security system, stimulating consumption, and reshaping growth momentum and market confidence.

### Fu Peng: The Key to Determining the Rise and Fall of Global Assets in 2026 - Are There Real Applications Running on the AI "Expressway"?

Fu Peng said that upstream computing infrastructure investment has basically been completed, and 2026 will be a "year of verification" to see whether downstream enterprise-level AI applications can be implemented and deliver profits. If AI fails to live up to expectations, global stock markets will face severe volatility. Currently, U.S. stocks, especially the AI sector, are the core of global "productivity", and the volatility of major global assets is highly tied to them. If AI ultimately proves to be a bubble, not only U.S. stocks but also global stock markets including Japan and Europe will collapse, as "they are all in the same boat".

### Wang Guohui (Founder of Bison Asset Management): A Long-Term Bull Market Has Arrived; Those Labeling China as "Uninvestable" May Not Understand Investment

Wang Guohui put forward the unique "China MIT" theory - the combination of Manufacturing, Innovation and Talent, which he believes is the core of China's economic moat. He predicted that with the recovery of fundamentals and the return of foreign capital, China's stock market may have entered a multi-year bull market cycle, and China's GDP is expected to surpass that of the United States by 2030.

### Dan Ives (World-Renowned Tech Analyst): The AI Party Has Just Begun; 2026 Is the "Year of Monetization"; Apple Will Trigger the Real Consumer AI Revolution

Ives believes that if the AI party is compared to a feast lasting from 9 p.m. to 4 a.m., it is only 10:30 p.m. now. He put forward a striking view: for every $1 spent on NVIDIA chips, an 8 to 10 times multiplier effect will be generated in the entire technology ecosystem. Investors must look beyond NVIDIA to find the real winners in the second, third and fourth tiers of derivative effects.

# Selected Research Reports

Goldman Sachs' Commodity Outlook: Central bank gold purchases combined with Fed rate cuts are expected to drive gold to challenge $4,900 in 2026; AI triggers a shortage crisis of "copper and electricity", with local power outages and soaring electricity prices potentially hampering U.S. AI progress; oversupply will dominate oil and gas prices, with oil prices expected to bottom out by mid-2026.

Goldman Sachs reaffirms its bullish stance on gold, projecting that the price will surge to a record high of $4,900 per ounce by December 2026. This forecast is mainly based on two driving forces: first, structural demand—emerging market central banks continue to make substantial gold purchases to hedge geopolitical risks; second, cyclical tailwinds—the Fed's rate-cut cycle will drive the return of ETF capital, exacerbating the supply-demand tightness in the physical gold market.

Goldman Sachs warns that the risk of rising electricity prices is particularly acute in regions with concentrated data center construction—72% of U.S. data centers are located in counties accounting for only 1% of the country's total area. Given the structural demand growth driven by electrification and the unique constraints facing copper mine supply, Goldman Sachs designates copper as its top long-term pick and reaffirms its forecast of copper prices reaching $15,000 by 2035.

Goldman Sachs predicts a severe global oil and gas oversupply in 2026. The crude oil market will see a supply surplus of 2 million barrels per day. Brent crude is expected to drop to $56 per barrel, bottoming out in mid-2026 before starting to recover in the fourth quarter of the year. In terms of natural gas, global LNG supply will surge by over 50% between 2025 and 2030, and European natural gas prices are projected to fall by nearly 35% by mid-2027.

Goldman Sachs: U.S. stocks may rebound in the last two weeks of the year; 2026 is set to be a "stock-picking year", with opportunities shifting from AI to cyclical sectors. Looking ahead to 2026, Goldman Sachs believes that as economic growth accelerates, U.S. stocks will break free from the dominance of the "Magnificent Seven", and stock correlation will drop to a historic low. The market will then enter a highly differentiated "stock-picking year", with core opportunities moving from AI to cyclical sectors such as industrials, materials, and consumer discretionary.

## Morgan Stanley Robot Yearbook: AI Will Be the Core Key to Unlocking Drone Autonomy

Morgan Stanley points out that AI algorithms are the core driving force behind unlocking drone autonomy, transforming drones from "tools" to "intelligent agents". AI lowers the technical threshold, reducing costs from $30 million to $500. The number of global drones is expected to increase from 130 million in 2030 to 2 billion in 2050. The low-altitude economy will evolve from "single-point applications" to "ecological synergy", and the previously nearly idle three-dimensional space will become a new economic growth driver.

## Farewell to Low Inflation, AI Takes Over the New Demand Narrative, Reform Dividends Boost Consumption Rate... Top 10 Securities Firms' 2026 China Economic Outlook in One Article

Most securities firms have reached a high consensus on the "return of inflation". As "anti-involution" policies restrict supply, coupled with the bottoming out of the pig cycle and positive PPI growth, the recovery of price factors will drive improvements in corporate profits. 2026 will also be a key juncture for the "transition from old to new growth drivers". "New productive forces" such as AI, energy demand from data centers, and high-end manufacturing will become substantial growth engines.

## Technology Leads, Cycles Take Over, Slow Bull to Full Bull... Top 10 Securities Firms' Strategies for A-Shares in 2026

The market logic is shifting from sentiment and liquidity-driven to a new phase dominated by performance realization. AI remains the strongest main theme, but its era of "solo dominance" may be coming to an end. Commodities, cyclical manufacturing, overseas expansion, and consumption sectors will take turns to shine. With the advancement of "anti-involution", the recovery of the profit cycle, and the continuous improvement of capital structure, a more fundamental-testing shift from a "slow bull" to a "full bull" market is brewing in the second half of 2026.

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## Domestic Macro

### SAMR Clarifies Exemption Criteria for Vertical Monopoly Agreements: Exempted if Market Share Below 5%-15%

The State Administration for Market Regulation (SAMR) revised the Provisions on Prohibiting Monopoly Agreements, clarifying the exemption criteria for vertical monopoly agreements, which will take effect on February 1, 2026. The new regulations implement differentiated standards: fixed resale price agreements can be exempted if the market share is below 5% and the turnover is below 100 million yuan; other vertical agreements can be exempted if the market share is below 15%.

### Continuous Increment! Stock Private Equity Position Hits New Annual High, "Full Position" Ratio Exceeds 70% for the First Time

According to The Paper, private equity firms continue to increase their positions in the A-share market, with the stock private equity position index reaching a new annual high of 83.59%. The proportion of private equity firms with full positions (positions > 80%) reaches 70.34%, breaking the 70% threshold for the first time this year. Stock private equity firms as a whole have positive expectations for the future of A-shares. Especially leading private equity firms are taking the initiative to increase their positions and actively deploy, reflecting their firm confidence in the medium and long-term market trends.

### CCTV Yuyuantan Tian: "Respond" Rather Than "Retaliate" - Mexico Needs to Understand China's Profound Meaning

In China's toolbox, trade and investment barrier investigations are more of a warning. In the face of Mexico's obviously discriminatory practices against China, China... The European Union approved 90 billion euros in aid to Ukraine from 2026 to 2027, to be funded through joint bond issuance. With U.S. support cut and Ukraine potentially facing a funding crunch next year, the EU abandoned the plan to use frozen Russian assets and switched to budget-guaranteed loans, with some countries granted exemptions. This funding is regarded as Kyiv's "lifeline" and also aims to strengthen Europe's bargaining power in peace negotiations.

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## Overseas Companies

### Benchmarking OpenAI's "Stargate"? Japan's Toyama Plans to Build 3.1GW Super Data Center Cluster

It is reported that Nanto City, Toyama Prefecture, Japan, plans to cooperate with private enterprises to build a super data center cluster with a total power of 3.1GW. The first phase of 400MW facilities will be put into operation in 2028 to serve technology giants such as Amazon and Microsoft. Institutions predict that driven by cloud computing and AI services, the scale of Japan's data center market will double within five years by 2028, exceeding 5 trillion yen (approximately $32 billion).

### Google Cloud Deepens Cooperation with Palo Alto Networks, Signs Nearly $10 Billion AI Security Deal

Google Cloud and cybersecurity company Palo Alto Networks signed a multi-year cooperation agreement worth nearly $10 billion, making it Google Cloud's largest security service order to date. The cooperation will focus on the development of AI-driven security services to address new cyber threats brought by generative AI. This cooperation not only strengthens Google Cloud's advantage over Amazon and Microsoft in the AI cloud computing competition but also provides key support for Palo Alto in the rapidly growing security AI market.

### Ackman Proposes New SpaceX Listing Plan: No Traditional IPO, No Underwriting Fees, Tesla Shareholders Can Get Priority Access

Under Ackman's plan, each Tesla share will receive 0.5 SPARs, totaling approximately 1.723 billion SPARs. Each SPAR can be exchanged for two SpaceX shares, representing a total of 3.446 billion shares. This structure eliminates underwriting fees, founder shares, and shareholder warrants while maintaining a 100% common stock capital structure. The key innovation of this structure lies in the complete elimination of underwriting fees, founder shares, and shareholder warrants.

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## Industries/Concepts

1.  **Ultra-Supercritical Power Generation**: According to Xinhua News Agency, on December 20, the world's first commercial supercritical carbon dioxide power generation unit was successfully put into commercial operation at Shougang Shuigang Group in Liupanshui, Guizhou. This is also the global demonstration project of the supercritical carbon dioxide waste heat power generation technology "Chaotan No.1". "Chaotan No.1" helps break the global technical bottleneck of efficient utilization of medium and small power scales and medium and high-temperature heat sources. This commercial operation also marks the world's first commercial implementation of supercritical carbon dioxide power generation technology from the laboratory to the market. Compared with current technologies, this technology can increase power generation efficiency by more than 85% and net power generation by more than 50%.

2.  **Optical Chips**: According to Shanghai Securities News, researchers from Shanghai Jiao Tong University recently made a breakthrough in the field of next-generation optical computing chips, achieving the first all-optical computing chip supporting large-scale semantic media generation models. The team stated that LightGen's performance leap is due to its simultaneous breakthrough of three key bottlenecks on a single chip: "integration of millions of optical neurons on a single chip", "all-optical dimension conversion", and "optical generative model training algorithm independent of ground truth", enabling all-optical end-to-end implementation for large-scale generation tasks.

3.  **AI Phones**: According to Jiemian, ByteDance is advancing cooperation with hardware manufacturers such as vivo, Lenovo, and Transsion on AI phones, pre-installing AIGC plug-ins on their devices to gain user access and reverse the current passive situation of AI in execution. Multiple vivo employees confirmed that vivo and ByteDance have confirmed cooperation, and the two parties are discussing specific cooperation details. It is reported that ByteDance attaches great importance to the AI phone project internally, with the system department and annotation department each having more than 500 employees.

4.  **Robots**: According to National Business Daily, on December 18, Wang Leehom's Chengdu concert first introduced Unitree Technology's G1 humanoid robots as backup dancers to perform "Full Firepower" together, achieving the world's first robot stage at a concert. Six robots dressed in silver sequined costumes accurately synchronized with the music rhythm, with movements highly consistent with Wang Leehom and his backup dancers. The performance ended with the robots collectively completing the difficult "Webster" flip, thrilling the audience. After the video was released online, it attracted attention at home and abroad. Tesla CEO Elon Musk reposted it with the comment "Impressive". Related topics quickly became trending on social media, sparking heated discussions among netizens.

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## Today's News Preview

1.  China's December 1-year and 5-year Loan Prime Rate (LPR).

2.  The 19th meeting of the Standing Committee of the 14th National People's Congress will be held in Beijing from December 22 to 27.

3.  Huawei holds the nova 15 series and all-scenario new product launch conference.

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