【Market Data】 On December 16, the Shanghai Composite Index fell 1.11% to close at 3,824.81 points, while the STAR 50 Index dropped 1.94% to 1,293.38 points. The Shenzhen Component Index declined 1.51% to 12,914.67 points, and the ChiNext Index slid 2.1% to 3,071.76 points. In U.S. markets, the three major indices closed mixed: the Dow Jones Industrial Average fell 0.62% to 48,114.26 points, the S&P 500 dipped 0.24% to 6,800.26 points, and the Nasdaq Composite rose 0.23% to 23,111.46 points.

【Financial Highlights】 1. According to reports, a senior official from the Central Financial Office stated that the global economy is expected to maintain moderate growth next year, though uncertainties remain. Domestically, despite challenges, China's economic fundamentals remain strong, supported by institutional advantages, a vast market, a complete industrial system, and abundant talent resources. Active innovation and factor mobility will continue to inject new momentum, with investment and consumption growth likely to recover next year. Industrial transformation and technological breakthroughs are accelerating, signaling a bright economic outlook.

2. On December 15, the National Council for Social Security Fund convened a meeting to discuss implementing the Central Economic Work Conference's directives. The council emphasized prudent fund management, strategic asset allocation, and leveraging long-term capital to support technological and industrial innovation while ensuring security.

3. The National Development and Reform Commission published an article advocating for expanded domestic demand, including measures to remove unreasonable restrictions on auto and housing consumption, improve paid leave policies, and expand free education access. Infrastructure and public services will be optimized to align with demographic and industrial trends.

4. The State Administration for Market Regulation announced upcoming regulations to standardize platform economies, including rules for live-streaming e-commerce and online trading platforms. New food safety regulations for commissioned production and chain enterprises will also be introduced.

5. The Securities Association of China issued guidelines for reporting unfair competition by IT service providers in the securities sector, detailing complaint procedures and scope.

6. Hong Kong Exchanges and Clearing CEO Nicolas Aguzin revealed that over 100 companies have listed in Hong Kong this year, raising more than HKD 270 billion, with over 300 applications pending for 2026.

7. TikTok’s vice president announced stricter rules to curb unqualified financial advice and impersonation of experts, requiring certification for professional content creators while allowing compliant personal sharing.

8. 360 Group refuted defamatory claims by former employee Yu Hong, stating compliance with regulations and vowing legal action to protect its reputation.

9. Nasdaq plans to extend trading hours to 23 hours per weekday, pending SEC approval, marking a step toward round-the-clock trading.

10. On December 17, Montage Technology (Shanghai) Co., Ltd. will debut on the STAR Market.