Pre-Market Highlights 1. **Central Economic Work Conference Sets Key Policy Directions** *Type: Macro* *Sentiment: Positive* The Central Economic Work Conference was held in Beijing from December 10 to 11, emphasizing continued proactive fiscal policies. Key points included boosting domestic demand, stabilizing the property market, and achieving higher-level supply-demand balance. Experts anticipate increased fiscal support for consumption and potential monetary easing measures like RRR and interest rate cuts.
2. **OpenAI Launches GPT-5.2, Touted as "Most Advanced Professional AI Model"** *Type: Industry* *Sentiment: Positive* OpenAI officially released its GPT-5.2 series, surpassing predecessors in reasoning, financial modeling, and productivity tools (e.g., PPT/Excel). The model outperforms Google’s Gemini 3 in benchmarks. Analysts suggest this move aims to capture enterprise AI market share and drive revenue growth. CEO Sam Altman hinted at upcoming product launches.
3. **China’s Commerce Ministry to Boost Retail Innovation with Policy Support** *Type: Industry* *Sentiment: Positive* Spokesperson He Yadong announced plans to accelerate retail sector transformation during the 15th Five-Year Plan period. Policies will focus on quality upgrades, omnichannel competition, and supply-demand synergy. A dedicated guideline for retail innovation is expected soon.
4. **Rumors on Quant Trading Equipment Removal Denied by Brokers** *Type: Industry* *Sentiment: Neutral* Market rumors suggested exchanges would mandate brokerages to clear client-dedicated trading equipment within three months. Multiple券商IT departments clarified they have not received official notices.
**Investment Calendar** - Adjustments to SSE 50 and other indices take effect today.
**Investment Insight** *"Avoiding mistakes beats chasing brilliance—long-term investors thrive on this principle."* — Clark, *Charlie Munger’s Investment Wisdom*
**Institutional Views** 1. CICC: Post-conference, large-cap stocks historically outperform in the following week. 2. Guotai Junan: Favorable policy, liquidity, and fundamentals may benefit tech and financial sectors. 3. Orient Securities: Short-term correction persists; Shanghai Composite may test 3,850 support.
**Opportunities & Risks** 1. **SK Hynix-NVIDIA AI NAND Collaboration** (*Market Buzz*) TF Securities highlights AI-driven storage demand, favoring SSD and memory module firms. 2. **Nuclear Fusion Projects Gain Momentum** (*Market Buzz*) Everbright Securities notes increased tendering activity, with capital expenditure poised to rise. Track BEST and "Spark-1" projects. 3. **Tungsten Prices Rise on Tight Supply** (*Institutional Focus*) CICC projects sustained supply constraints, supporting price uptrend.
**Corporate Announcements** *Positive* 1. Shaanxi Construction: Wins 5 projects totaling ¥3.912B. 2. Bairen Medical: Subsidiary’s collagen implant approved. 3. Golden Wisdom Tech: Secures ¥76.17M in contracts.
*Negative* 1. Sunshine Dairy: Major shareholder plans ≤3% stake sale. 2. Luokai Technology: Shareholders to减持≤3%. 3. Quanxinhao: Receives regulatory penalty from Shenzhen CSRC.
**Global Markets** U.S. indices mixed; S&P 500 and Dow hit record highs. Oracle plunges 10.8% on weak guidance. NIO gains 2% among Chinese ADRs.
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