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On December 31st, according to foreign media reports, international oil prices stabilized on Tuesday after experiencing fluctuations. Despite escalating tensions in the Middle East surrounding Yemen and a renewed setback in the prospects for a peace agreement between Russia and Ukraine, market concerns about a global supply glut again limited the upside potential for oil prices. The significant increase in political risks in the Middle East prompted the market to re-induce a certain geopolitical risk premium. Localized disruptions on the supply side also provided support for prices. The US blockade of Venezuelan crude oil continues, and severe weather in the Black Sea region has disrupted CPC crude oil exports, tightening some supplies flowing to Europe and Asia in the short term. These events combined to provide some support for oil prices around $60. However, in the medium term, the crude oil market still faces oversupply pressure. Several institutions have pointed out that the global oil market may enter a significant oversupply phase in early 2026. Production from non-OPEC oil-producing countries continues to grow, while demand lacks the momentum for simultaneous expansion. Even if the Russia-Ukraine conflict continues, the impact on actual crude oil exports will remain limited, making it difficult to fundamentally reverse the supply and demand structure. Analysts believe that oil prices are currently in a sideways consolidation range, and geopolitical risk events may bring a short-term rebound, but it is unlikely to form a sustained trend.

New Energy Vehicles: 1. The Ministry of Industry and Information Technology and three other departments issued the "Implementation Plan for Digital Transformation of the Automotive Industry," proposing that by 2027, the maturity level of intelligent manufacturing capabilities of benchmark vehicle manufacturers will be upgraded by one level, and the digitalization level of component manufacturers will be significantly improved. 2. Tesla's official website released analyst forecasts for delivery volume: analysts on average expect the company to deliver 422,850 vehicles in the fourth quarter, a 15% decrease compared to the same period last year. 3. Reports indicate that Xiaomi Auto initially plans to launch four new models next year: a facelifted SU7, an executive version of the SU7, a range-extended five-seater SUV, and a range-extended seven-seater SUV. Artificial Intelligence: 1. MiniMax: Plans to issue over 25 million shares in its Hong Kong listing, with a maximum price of HK$165. 2. Nvidia plans to acquire Israel's AI21 Labs for up to $3 billion. 3. Foreign media: Alibaba, the Abu Dhabi Investment Authority, and others are reportedly participating in MiniMax's $600 million IPO. 4. CNBC: SoftBank has fully completed its $40 billion investment commitment in OpenAI. 5. xAI: Plans to build a third hyperscale data center will increase training computing power to nearly 2 gigawatts. Other: 1. my country successfully launched the Tianhui-7 satellite. 2. my country successfully launched the Shijian-29 satellite. 3. Next year, the "Two New" policy will be optimized and upgraded, with smart products included in the subsidy scope. 4. China's domestically produced manned airship "Xiangyun" AS700 obtained a production license, officially entering the mass production stage. 5. Reports indicate that TSMC's Arizona plant will begin 3nm mass production in 2027, a year earlier than originally planned. 6. Samsung Electronics plans to achieve a monthly HBM wafer production capacity of 250,000 wafers by the end of 2026, a 47% increase from the current monthly capacity of 170,000 wafers.

December 31, 2025 – At 06:40 Beijing time on December 31, 2025, my country successfully launched the Shijian-29 Satellite A and Satellite B into their predetermined orbits using a Long March-7A carrier rocket from the Wenchang Space Launch Site. The launch mission was a complete success. The satellites will primarily conduct verification experiments on new technologies for space target detection. This mission marks the 623rd flight of the Long March series of carrier rockets.

On December 31st, South Korea's consumer price index (CPI) rose 2.3% year-on-year in December, down from 2.4% in November. Core inflation rose at 2%, the same rate as in November. Both overall and core inflation rates remained near the Bank of Korea's 2% target. These figures suggest some easing of price pressures, but they are unlikely to prompt the Bank of Korea to resume monetary easing on January 15th. The continued rise in the housing market has raised concerns that soaring mortgage debt levels could trigger financial imbalances, making the central bank reluctant to take further stimulus measures. Furthermore, the cost of living is likely to continue rising. Earlier this month, authorities warned that rising food prices could push inflation higher than expected next year, although overall price pressures remain largely manageable.

Israeli Prime Minister Netanyahu: Iran is resuming ballistic missile production.

December 31st - The minutes of the Federal Reserve's December meeting, released Tuesday, stated that a Fed survey showed respondents, overall, expected the Fed to purchase approximately $220 billion in short-term Treasury securities over the next 12 months, although there were significant differences in respondents' estimates of the expected purchase size. Fed policymakers decided at their December meeting to begin purchasing short-term Treasury securities, believing that reserves in the financial system had fallen to a level considered "ample," reflected in rising short-term funding costs. The Fed stated it would purchase approximately $40 billion in short-term Treasury securities per month, gradually reducing the amount thereafter. To date, the Fed has purchased approximately $38 billion in short-term Treasury securities this month and will conduct two more such operations in January.

December 31st - This week's U.S. Energy Information Administration (EIA) weekly crude oil inventory report was delayed by several hours, highlighting the latest indication that layoffs at U.S. federal agencies are impacting data releases that are crucial to the market. This year, the EIA has laid off more than 100 of its approximately 350 employees. These layoffs and downsizing were driven by the U.S. Department of Government Efficiency, a plan previously led by Elon Musk. Scott Shelton, an energy expert at TP ICAP Group, stated that because the oil market is currently primarily influenced by geopolitical factors, traders are not paying as close attention to U.S. inventory levels as they used to when the report was released. This helps mitigate the impact of the data delay. "There's a general indifference about this. It's just a helpless shrug at the inefficiency and unpredictability of the U.S. government's data after the government shutdown."

On December 31, GigaDevice announced on the Hong Kong Stock Exchange that it plans to issue 28,915,800 H shares (subject to the exercise of the offering size adjustment right and over-allotment option) in Hong Kong, with an issue price not exceeding HK$162 per share. Trading is expected to commence on January 13, 2026.

U.S. API crude oil production for the week ending December 26 was -58,000 barrels per day, compared to -57,000 barrels per day in the previous week.

U.S. refined product imports for the week ending December 26 were -441,000 barrels per day, compared to 121,000 barrels per day in the previous week.

U.S. crude oil imports for the week ending December 26 were -995,000 barrels, compared to 361,000 barrels in the previous week.

U.S. heating oil inventories were 120,000 barrels in the week ending December 26, compared with 369,000 barrels in the previous week.

U.S. crude oil inventories at Cushing, Oklahoma, for the week ending December 26 were 845,000 barrels, compared to 596,000 barrels in the previous week.

U.S. API distillate fuel inventories for the week ending December 26 were 977,000 barrels, compared to an expected 1.75 million barrels and a previous reading of 685,000 barrels.

U.S. gasoline inventories for the week ending December 26 were 6.248 million barrels, compared to an expected 1.55 million barrels and a previous reading of 1.09 million barrels.

The Dow Jones Industrial Average closed down 94.87 points, or 0.20%, at 48,367.06 on Tuesday, December 30; the S&P 500 closed down 9.50 points, or 0.14%, at 6,896.24; and the Nasdaq Composite closed down 55.27 points, or 0.24%, at 23,419.08.