**Hainan Free Trade Port**: On December 18, Hainan officially launched island-wide customs closure operations, entering a new phase of "open at the first line, controlled at the second line, and free within the island." This move expands zero-tariff coverage to approximately 6,600 product categories, jumping from 21% to 74%, and signals Hainan's transition from a "policy hub" to an "industrial nexus." Post-closure, preferential tax policies, relaxed trade regulations, and efficient supervision are expected to unlock institutional dividends and reshape the island's industrial ecosystem, creating a "super gateway" for Chinese enterprises' global expansion.

**Coal Clean Utilization**: China's National Development and Reform Commission released updated benchmarks for coal clean and efficient utilization (2025 edition), urging industry upgrades. New projects must meet advanced standards, while existing facilities below baseline levels face mandatory upgrades or phased elimination to cut emissions and outdated capacity.

**Fiscal Data**: January-November fiscal figures show national public budget revenue at ¥20.05 trillion (+0.8% YoY), with tax income up 1.8% to ¥16.48 trillion. Stamp tax surged 27% to ¥404.4 billion, including a 70.7% spike in securities transaction stamp tax to ¥185.5 billion.

**Tech Sector Focus**: As of Q3, China's social security fund boosted TMT holdings to a record ¥46.9 billion, with electronics leading at ¥27.4 billion. Tech holdings grew 61% YoY and 18-fold since 2011.

**Currency & Markets**: The onshore CNY hit a 14-month high of 7.0409/USD, attracting renewed foreign capital amid IMF/World Bank upgrades to China's growth outlook. Meanwhile, ETF inflows surged, with Huatai-PineBridge CSI A500 ETF becoming the first in its category to exceed ¥30 billion in assets.

**Metals Rally**: Shanghai silver futures jumped 5% to fresh highs, while platinum/palladium contracts hit limit-up. Spot silver, platinum, and palladium have gained 128%, 112%, and 80% YTD respectively, driven by supply constraints and macro liquidity expectations.

**Global Markets**: U.S. indices fell (Dow -0.47%, Nasdaq -1.81%), led by tech (Oracle -5%, Tesla -4%). Japan's 10-year yield neared 2% ahead of anticipated BOJ rate hikes. Micron surged 9% post-market on strong AI-driven earnings and raised capex guidance.

**Sector Highlights**: - **Semiconductors**: SEMI forecasts 2025 equipment sales to hit $133B (+13.7%), fueled by AI investments. - **Lithium**: Futures rose 7.6% to ¥108,620/ton, up 84% from lows. - **Biopharma**: Xi'an targets ¥40B industry output by 2027, with 2 planned IPOs. - **AI Push**: Chongqing unveiled an "AI+" action plan covering smart vehicles and home appliances.

**Corporate Moves**: - **Huayi Brothers**: Alibaba-affiliated holdings fell below 5%. - **Zhipu AI**: Cleared for Hong Kong IPO, aiming to be the first major AI model listing. - **Micron Technology**: Shares rallied post-earnings on robust AI data center demand.