Japanese Prime Minister Sanae Takaichi: The budget will focus on policy priorities to ensure market confidence.

Key News 1. People's Bank of China: Will continue to implement a moderately loose monetary policy and increase counter-cyclical and cross-cyclical adjustments. 2. People's Bank of China: Conducted 400 billion yuan MLF operation on December 25. 3. The US concludes the previous administration's investigation into Chinese chip trade, and will not impose additional tariffs on Chinese chips for the next 18 months. 4. Beijing: Beijing-registered families with multiple children can buy up to three homes within the Fifth Ring Road; the minimum down payment ratio has been adjusted from no less than 30% to no less than 25%. 5. Financial support accelerates the construction of the Western Land-Sea New Corridor; eight departments jointly released 21 measures. Individual Stock News 1. CATL's Yichun Jianxiawo lithium mine is expected to resume production around the Spring Festival. 2. Fenglong Shares: The controlling shareholder is planned to change to UBTECH, the world's first listed humanoid robot company; the stock will resume trading on the 25th. 3. Lianchuang Electronics: The actual controller is planned to change to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission; the stock will resume trading on the 25th. 4. Hainan Development (4 consecutive daily limit-up): Has not entered the aerospace satellite materials business and has not received any related business orders. 5. Anfu Technology: Suzhou Yilan Microelectronics has developed a unique silicon photonics heterogeneous integrated thin-film lithium niobate technology platform, which is the optimal solution for the evolution of silicon photonics platforms. 6. Sungrow Power: Four shareholders collectively reduced their holdings by 423,700 shares, of which Wu Jiamao terminated his reduction plan early and still holds 1,200 shares. 7. Sega Technology: The capital increase of Guangcai Xinchen has been approved by more than 2/3 of the target company's shareholders. 8. Shengtong Energy (9 consecutive daily limit-up): If the stock price rises further in the future, it may apply to the Shenzhen Stock Exchange for a trading suspension for investigation. 9. Hongda Electronics: The IPO of its investee company Jiangsu Zhanxin will not have a significant impact on the current financial statements. 10. Hengrui Medicine: Injectable SHR-A1904 has been included in the list of breakthrough therapy products; currently, there are no similar products approved for marketing globally. 11. Huaqin Technology: Signed a 254 million yuan contract for special functional materials for aircraft fuselages.

Domestic News: 1. Ministry of Commerce: Resolutely opposes the US imposition of Section 301 tariffs on Chinese semiconductor products and has lodged a strong protest. 2. Ministry of Commerce responds to whether it will relax restrictions on rare earth magnet exports to the US: Actively promote and facilitate compliant trade. 3. my country sets a world record for superconducting electric magnetic levitation propulsion, successfully accelerating a ton-weight test vehicle to 700 km/h in two seconds. 4. Ministry of Commerce responds to TikTok's plan to establish a joint venture in the US: Hopes the company can reach a solution that complies with Chinese laws and regulations and balances interests. 5. State Tobacco Monopoly Administration publicly solicits opinions on the "Notice of the State Tobacco Monopoly Administration on Implementing Policies for the E-cigarette Industry and Further Promoting Dynamic Balance of Supply and Demand (Draft for Solicitation of Opinions)". 6. Spokesperson of the Foreign Affairs Committee of the National People's Congress issues a statement on the negative clauses concerning China in the US "National Defense Authorization Act for Fiscal Year 2026". 7. National Press and Publication Administration releases information on the approval of domestic online games in December 2025, with a total of 144 games approved in December. 8. The State Administration for Market Regulation: Regarding the "Antarctic krill oil" issue, it will strengthen supervision of contract manufacturing of food products, such as those produced under the Tongrentang brand. 9. Four leading silicon wafer manufacturers jointly and significantly raised their prices today. Industry insiders generally report that the price increase is mainly due to the substantial rise in upstream polysilicon prices. International News: 1. Cambodia and Thailand continue to hold meetings at the border to discuss a ceasefire. 2. Japanese Prime Minister: The total amount of new Japanese government bonds issued in the next fiscal year will reach 29.6 trillion yen. 3. Samsung Electronics plans to launch an application processor equipped with its self-developed GPU as early as 2027. 4. Russian Deputy Prime Minister Novak: The plan to produce 100 million tons of liquefied natural gas annually has been delayed for several years due to sanctions, but factory construction is still continuing.