Wall Street News Breakfast FM-Radio | December 25, 2025

Wall Street News Breakfast FM-Radio | December 25, 2025

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Voice of Huajian Morning News

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Market Overview

US stocks continued to edge higher during the shortened trading session before Christmas. Initial jobless claims last week fell. VIX dropped to 14, the lowest since early December 2024. All US stock sectors rose on Wednesday except energy, with consumer staples leading gains. Nike rose 4.6%, and Apple CEO Cook bought $3 million worth of company stock.

US Treasury yields fell across the board, 10-year yield down by 2.73 basis points.

The US dollar briefly fell to nearly a three-month low, then rebounded, ending up 0.23% from the day's low. The RMB rose for three consecutive days, once approaching the 7.00 mark.

Cryptocurrency was weak, with Bitcoin once down 1.5% before rebounding to flat. Ethereum rebounded but was still slightly down.

Gold briefly broke above $4,500, but under profit-taking pressure, gold fell 1.7% from its daily high. Silver fluctuated at high levels. WTI crude oil fluctuated below $58.5.

During the Asian session, both A and H shares closed up collectively, precious metals were strong, commercial spaceflight and semiconductors were active, and offshore RMB was about to break 7.

Top News

PBOC Q4 Meeting: Continue moderate monetary easing, increase counter-cyclical and cross-cyclical policy adjustment.

Beijing property market new policy: Relax home buying requirements for non-Beijing families, support multi-child family housing needs.

Yellen hints at future Fed direction: Inflation “target range,” abolishing the “dot plot,” supporting the Treasury, returning to the background.

US labor market warms before Christmas, weekly initial claims at 214,000, down slightly from prior value.

Musk forecasts double-digit US economic growth in 18 months, AI as key driver.

Silver LOF hit daily upper limit! Some investors received “abnormal trading” alerts and will be closely monitored. Silver arbitrage goes viral, and “fat finger error” alerts are out!

Report: Nvidia plans to deliver H200 chips to Chinese clients before Spring Festival. $2 billion acquisition of AI chip startup Groq? Nvidia denies: only inference tech licensing.

Intel US pre-market once plunged 5%, report: Nvidia suspends promotion of Intel 18A process testing.

 

Market Closing

Europe and US stocks: S&P 500 up 0.32% at 6,932.05, setting a new closing record. Dow up 0.60% at 48,731.16, record close. Nasdaq up 0.22% at 23,613.307. Europe’s STOXX 600 down 0.01% at 588.70.

A-shares: Shanghai Composite closed at 3,940.95, up 0.53%. Shenzhen Index at 13,486.42, up 0.88%. ChiNext at 3,229.58, up 0.77%.

Bond market: US 10-year Treasury yield down 2.93bps at 4.1335%. US 2-year yield down 3.06bps at 3.5014%.

Commodities: COMEX Gold futures down 0.01% at $4,505.40/oz. COMEX Silver futures up 1.04% at $71.875/oz. WTI Feb crude closed at $58.35/bbl. Brent Feb crude at $62.24/bbl.

Details of Top News

Global Headlines

PBOC Q4 Meeting: Continue moderate monetary easing, intensify counter- and cross-cyclical adjustment. The meeting stressed using multiple tools, strengthening monetary policy control, tailoring policy intensity, rhythm, and timing to domestic and global economic and financial conditions. Maintain ample liquidity, matching growth in aggregate financing and money supply with the economy and price level goals and facilitate low total social financing costs.

Beijing Property New Policy: Relax home buying requirements for non-Beijing families, support multi-child families. 1) Loosen requirements for non-Beijing families to buy property: social security or tax payment period for purchasing within Fifth Ring reduced from 3 years to 2; buying outside the Fifth Ring from 2 years to 1. 2) Support multi-child families: families with at least two children may purchase one more property inside Fifth Ring; Beijing multi-child families can buy up to 3 inside Fifth Ring, non-Beijing multi-child families with two years of social security/tax can buy 2.

Yellen hints Fed’s future: inflation “target range,” canceling dot plot, backing Treasury, returning to background. US Treasury Secretary Yellen supported reviewing the Fed’s inflation target after steady drop to 2%. Yellen suggests switching the target to a range, e.g., 1.5–2.5% or 1–3%. Yellen criticized QE as an “inequality engine,” proposing the Fed steps back with reduced intervention and collaborates with Treasury.

US job market recovers before Christmas, weekly initial claims at 214,000, slightly down from previous. Continuing claims rose slightly to 1.923 million but remain well below the year’s peak. Data shows labor market resilience; layoffs remain low.

Musk forecasts double-digit US economic growth in 18 months, AI as key driver. Musk expects the US economy to enter double-digit growth in the next 12-18 months. With AI-driven applications as a proxy for economic growth, “triple-digit growth in about five years is possible.”

Silver LOF hits intraday upper limit! “Abnormal trading” alerts, closely monitored. Silver arbitrage goes viral, “fat finger” and “abnormal trading” reminders issued!

  • On Dec 24, SDIC UBS Silver LOF was temporarily suspended for an hour in the morning, resumed trading and hit upper price limit. By midday, intraday gain reached 9.99%. Despite constant warnings of premium risks, both regulators and brokers are monitoring “abnormal trading.”
  • Silver’s epic short squeeze triggered a speculative frenzy, SDIC Silver LOF hunted by funds, consecutive limit-up surges, premium once soared to 68%, triggering “fat finger” errors. Fund side urgently issued purchase restriction warnings, but high premium and T+2 mechanism amplify arbitrage illusion; liquidity trap is pushing this frenzy toward a risk vortex center.

Report: Nvidia plans to deliver H200 chip to China before Spring Festival. According to Global Times, sources say Nvidia aims to deliver its second-best performing H200 chip to Chinese customers in mid-February next year. The company plans to use inventory to fulfill initial orders, with a total shipment range of 5,000 to 10,000 chip modules (approx. 40,000 to 80,000 chips). However, successful delivery remains highly uncertain.

$2 billion acquisition of Groq? Nvidia denies: only reached inference tech licensing. Nvidia will integrate Groq’s products into its own. Groq says it reached a non-exclusive agreement to allow Nvidia to use its inference technology, will operate independently, founders and team will join Nvidia to further the tech. If the reported size is correct, Groq's valuation nearly doubled since last funding three months ago.

Intel US pre-market once plunged 5%, report: Nvidia suspended Intel 18A process testing. Intel’s 18A process testing was paused by Nvidia, sending Intel shares down 5% pre-market. Although Intel says its 18A and next-gen 14A tech progress is smooth, the market is questioning its advanced process competitiveness. This may affect its rivalry with TSMC foundry services. Previously Intel received $5 billion Nvidia investment, but no manufacturing commitment.

Trump aims to “secure space advantage;” will US “space stocks” be the next “quantum tech”? Trump signed an executive order for a lunar base strategy, plus Musk allies leading NASA, US space stocks tripled in valuation in one year. Goldman Sachs bullish on commercial space and defense contractors; SpaceX IPO next year may boost market sentiment, making space tech a new hot investment track.

Alpha Summit

Clocktower Kevin Wang: The end of the old order and global asset rebalancing amid a dollar “mega bear market.” Wang says the new US National Security Strategy marks the end of the old order, triggering global asset reallocation. He believes the dollar has entered its largest bear market, with a possible depreciation of nearly 40% in the next 5-8 years, forcing investors to exit dollar assets. In this context, severely underallocated Chinese assets may become the biggest “short squeeze” opportunity, gold’s bull market is not over, and silver has even more potential. 2026 carries Fed policy change risks with lingering inflation; US stocks are in the “last run of the bull market.”

Clocktower Kevin Wang: Silver is currently the highest conviction trade. If the Fed “dares” to cut rates amid inflation, silver will “shoot to the moon.” Wang believes, if the Fed is forced to cut rates amid inflation, 1970s “stagflation” will repeat and silver prices will surge “to the moon.” His radical prediction: global central banks may be forced to include silver as a reserve asset to hedge fiat credit risk.

Commodity roundtable: logic unchanged for buying gold on dips through 2026; silver leading inflation risk; biggest risk in US market next year. Chen Dapeng says geopolitical uncertainty remains, buy gold on dips remains logic for next year; Tian Yaxiong sees continued AI investment, widespread inflation, declining dollar credibility, USD Index may dip to 80-70 range, commodities may move early, silver is ahead; Xu Tao warns US market is next year’s biggest risk, commodity prices will adjust if volatility rises—a “big pit” may be a good buying opportunity.

Huachuang Zhang Yu: 2026 will be the awakening year for China’s stock allocation value, midstream manufacturing is the most certain direction. Zhang sees 2026 as a step toward low-volatility, high-Sharpe-ratio allocation for Chinese capital markets, breaking the old “fast bull common, slow bull rare” pattern. Boosted by export competitiveness, anti-involution policy and global tech competition, midstream manufacturing’s climate will become more independent. He expects no “double bull” in stocks and bonds, focus on volatility asymmetry.

Research Spotlight

Senior tech analyst: Nvidia is really cheap. Bernstein notes Nvidia's valuation is at a historical low, price-earnings ratio under 25, rare discount versus the semis sector. Despite sluggish stock price, earnings are climbing and new architectures (Blackwell, etc.) are ready. Analyst sees now as a great buying opportunity, target price $275.

Morgan Stanley Annual Robotics: Autonomous driving on the eve of explosion, China takes the lead. MS report says autonomous driving is about to explode, China leads with scale and data, controlling 60% of global L2+ market share. In the US, Waymo’s hardware redundancy and Tesla’s pure vision approaches compete. By 2050, global autonomous vehicles may exceed 700 million, revolutionizing mobility.

Kondratieff cycle, toward 1978: historic bull market for commodities and A-shares. Western Securities believes the current commodity supercycle led by metals could mean the US repeats 1978 “second inflation,” while China may resemble Japan’s post-1978 recovery, entering a long bull run led by manufacturing and consumption. Report advises grasping “fire and ice” historic opportunity, layout cyclical sectors like metals, new consumption (tourism, duty-free), high-end manufacturing (new energy, innovative drugs, domestic compute tech).

Kondratieff perspective on metal sector: gold breakthrough and reevaluation of ferrous value. Guosheng Securities Duhui team says, Kondratieff cycles drive trend of monetary standard reverting toward metals, accentuating gold’s financial attributes; meanwhile, fiscal expansion and consumption recovery during China’s economic transition boosts metal commodity value. Ferrous metal sector emerges from supply clearing, asset value at low level, strategic allocation appeal is obvious, synchronized with China's recovery.

RMB appreciation: “settlement surge” to boost? Recent fast RMB appreciation attributed to end-of-year settlement surge, but Shenwan Hongyuan says during fastest appreciation (Oct–Nov), bank settlement rate actually fell, and no indicators showed a true settlement surge. Report concludes initial rally mainly led by PBOC's counter-cyclical adjustment, recent rally synchronized with dollar weakening. While seasonal settlement support may persist in January, dollar rebound risk and PBOC's intention to “smooth” exchange rate could affect RMB breaking “7.”

Domestic Macro

Eight ministries: Financial support to accelerate Western Land-Sea New Corridor development! The opinion proposes “PBOC West Land-Sea Smart Finlink” comprehensive financial service platform covering provinces along the route. Supports ASEAN investors using RMB for investment and reinvestment. Encourages RMB pricing/settlement for commodities. Supports Yunnan, Guangxi, Inner Mongolia, Tibet, Xinjiang border ports in agent payment for cross-border market trade, strengthens interdepartmental cooperation for full-chain info sharing.

South Korea’s business circle prepping delegation to China; media: heads of Samsung, SK, Hyundai, LG may join. Reports suggest South Korea’s four biggest group leaders may visit China early next year as a business delegation, to attend Korea-China Business Forum, sign MOUs, hold one-to-one business talks. AI and autos are the two priorities for South Korean delegation cooperation.

Domestic Companies

Secured top South American copper-gold mine! Jiangxi Copper to acquire SolGold for over $1.1 billion. Jiangxi Copper made three bids this month, the final price at a 43% premium to SolGold’s share price before the first offer. Jiangxi will control the large undeveloped copper-gold deposit Cascabel project in South America. SolGold shares have risen over 30% since the offers.

Report: CATL Yichun Jianxiawo lithium mine expected to resume production around Spring Festival. According to Jiemian News, sources close to CATL say Yichun Times New Energy Mining’s Yifeng-Zhenkouli-Fengxin Jianxiawo lithium mine project is expected to resume production around Spring Festival. In August, CATL revealed on investor platform that mining halted after permit expired August 9.

China commercial space industry chain map: Cornerstone – Network – Frontier. Tianfeng Securities believes the sector reached a “integrated earth-space, deep space expansion” stage with a three-level structure: “cornerstone” (reusable rockets), with China and US leading; “network” (low-earth orbit satellite constellations) forming new global info infrastructure; “frontier” (space resource development), global deep-space economy may grow to trillion U.S. dollars by 2040, core engine for new productivity.

Overseas Macro

Dollar set for worst year since 2003, falls almost 10%, global central bank policy divergence triggers sell-off. Fed rate-cut expectations and political uncertainty triggered historic dollar sell-off, down almost 10% this year, close to worst in 20 years. Meanwhile, ECB and Australia/NZ central banks are hawkish, non-dollar currencies all strong, gold at record high. Yen is new focus due to intervention risks.

Japan’s finance minister stresses “discretion,” hints US backs yen intervention, doesn’t want JGB collapse? Finance Minister repeatedly stressed discretion over FX, pushing intervention expectations higher, with USD/JPY 160 as a key line. Nomura says tough talk may mean US tacitly consents, possibly not wanting JGB market turmoil to destabilize global finance.

Japan plans to issue 17 trillion yen in super-long bonds next year, lowest in 17 years! Facing historically high super-long bond yields, Japan will cut next year’s super-long bond issuance to ~17 trillion yen, lowest in 17 years, to ease concern about excess debt supply. Medium- and short-term issuance remains unchanged.

Israeli media: Netanyahu to visit US, may discuss plan to strike Iran. Global Times says Netanyahu preparing to meet Trump at end of month, likely to again raise possible Iran attack at Mar-a-Lago. Analysts warn Iran has been rapidly making many missiles, hinting that Israel may need new strikes.

Has Ukraine abandoned NATO goal? Zelensky changes tune. On Dec 24, Zelensky said Ukraine doesn’t agree to the new 20-point peace plan’s demand to drop NATO membership aim, and will not give up joining NATO. Ten days before, just ahead of meeting the US envoy in Berlin, Zelensky said Ukraine gave up NATO goal in exchange for Western security assurance as a compromise to end the war.

Russia plans to build a lunar nuclear power plant in the next decade. Roscosmos plans to build a lunar nuclear station by 2036 to power Sino-Russian joint projects and own lunar missions. At the same time, NASA plans to deploy a lunar reactor by 2030. The two countries compete over the rights to develop helium-3 and rare earth resources.

Gold breaks $4,500: Is it still bull “early stage?” Wall St. prophet Yardeni: To hit $10,000 by 2029? Gold price keeps rising, up about 67% this year, outperforming US stocks 25 years running. Ed Yardeni expects under the "Roaring 2020s" scenario, gold may hit $10,000/oz by 2029, becoming a core defensive and growth asset. Expensive versus cash/bonds, but upside remains vs stocks, silver also surges.

Overseas Companies

Musk on track for a human record: first trillionaire, biggest one-year gain. Musk’s wealth will surge in 2025 due to SpaceX valuation and Tesla pay case win, now near $750 billion and approaching a trillion. If he reaches a trillion, his net worth will account for 3% of US GDP, far surpassing Rockefeller’s 2% at the time, marking a historic shift in tech titan influence.

Tesla’s new trouble: US regulator probes Model 3 emergency door release. NHTSA investigates about 179,000 units of 2022 Model 3 for hidden/undesignated emergency door handle that’s hard to locate in emergencies. Investigation stemmed from owner's claim of being trapped in a burning Tesla in 2023, forced to kick out window to escape.

HBM price hikes, memory shortage! HBM3E prices up about 20%, memory market remains tight. Micron, Samsung, SK Hynix all shift production from consumer electronics to high-margin AI HBM, causing DRAM/NAND shortages. Memory shortages may last years, 2026 capacity already sold out. Smartphones, PCs face price hikes or lower specs, mid-low end hit most.

McKinsey AI application survey: widespread but low monetization. McKinsey finds current AI use is “broad but shallow,” high adoption but little large-scale deployment, only few companies see profit growth. Only about 6% of high performers profit from AI by restructuring business and investing heavily. Investors should focus on these “real players” and not just pilot projects.

$120 billion off-balance-sheet financing! Tech giants join Wall St. to play AI infrastructure, risks shift to private credit. To support costly AI competition and preserve top ratings, Meta, Oracle, xAI, etc. use SPVs to move over $120B in datacenter debt off-balance-sheet, drawing Wall St. and private credit funds. This protects ratings but increases risk opacity and contagion, testing AI boom sustainability.

Industry/Concepts

1. Computing Power | The 2025 Computing Power Internet Conference was held Dec 24–25 in Chengdu. National computing power internet service platform’s cross-domain system was officially released during the event, signaling initial validation of the “1+M+N” architecture covering whole domain and cross-layer interconnection. Total test scheduling reached 20 million card-hours. The Sichuan node for the platform was also launched.

Commentary: China Securities Journal notes the platform implements the “Eastern Data Western Computing” strategy, builds national integrated computing infrastructure. With “1+M+N” architecture, it enables standardized interconnection, efficient dispatch and inclusive services for computing power, marking a shift to “shared pool, interconnected net.” The system solves inefficient utilization, hard cross-regional collaboration, supply/demand mismatch, and lets computing be used as conveniently as water/electricity. It powers “AI+” action, deepens digital/real economy integration, and fosters new productivity growth.

2. Glasses-free 3D | The AI Lab at Shanghai and Fudan published new desktop-class glasses-free 3D display system “Shusheng-EyeReal” in Nature. Using AI tech, they achieved ultra-wide, full-parallax 3D on desktop for the first time, with 100+ degree high-quality 3D view, both horizontal and vertical parallax, no need for gear. Avoids dizziness from pupil distance mismatch in traditional 3D, marks critical step toward practical glasses-free 3D.

Commentary: China Securities Journal says glasses-free 3D, with its no-gear stereo advantages, rapidly expands in many fields. Demand for enhanced visual/immersive experience in games and entertainment is a key driver. Also, high model display needs in architecture, medicine, advertising, education B2B accelerates adoption. It may reshape visual interaction in 3–5 years, a key tech revolution in display.

3. Cross-border Payment | As per Securities Daily, PBOC and eight departments released Opinions on Financial Support for Western Land-Sea Corridor. It urges digital financial international cooperation, support for provinces to join the multi-central bank digital currency bridge, cross-border digital RMB trial with Singapore, building cross-border e-commerce platforms for provinces and connecting with Singapore etc., to boost service capability.

Commentary: Dongxing Securities finds consumers are rational and value-for-money, helping China brands expand online and internationally. Guangda Securities forecasts global cross-border retail payments to reach $64.5 trillion by 2032, CAGR 6.2% 2024–32, with stablecoins boosting RMB cross-border infrastructure, multiple use cases.

4. Robots | Dec 24, Hangzhou Yunsenchu submits IPO counseling filing, part of “Hangzhou Six Little Dragons” including Yushu, Game Science, Qiangnao, Deep Exploring, Qunhe. IDC data: in 2024, Yunsenchu owns 18.9% of global quadruped robots, second to Yushu (32.4%). Pre-round funding totals over 1 billion yuan after 8 rounds.

Commentary: Shanghai Securities says industry chain—from AI software, core parts to body manufacturing—keeps innovating. Humanoid robots may be the next disruptive product after PC, smartphone, EV. Kaiyuan Securities says, if support policies come, China’s scene and supply chain edge will drive the first rapid growth period.

5. Rockets | Jiemian News: Tianlong-3 reusable rocket, developed by Chinese commercial space firm Tianbing, will soon make maiden flight.

Commentary: Dongwu Securities sees a batch of new commercial rocket models to test maiden flights by 2025 end—Tianlong-3, Zhuque-3 remote-2, Lijian-2, Hyperbola-3, Gravity-2, Zhishenxing-1. Batch testing may trigger a qualitative change for commercial rockets in 2026, China may enter the reusable era. By early 2026, LEO satellite network construction will enter a new deployment round. StarNet and Yuanxin Satellite to launch massive satellite bidding, accelerating constellation, orbit/frequency resource race. This will mean a volume ramp-up in satellite demand, driving collaborative chain from rockets to satellites and payloads.

Today's News Preview

Christmas: US, HK, EU, KR stock markets closed, Brent crude pauses trading.

BOJ Governor Ueda speaks.

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Risk Disclosure & DisclaimerMarkets are risky, invest with caution. This article does not constitute personal investment advice nor consider individual user’s investment goals, financial conditions, or needs. Users should consider whether any views, opinions or conclusions herein suit their situation. Invest accordingly, at your own risk. ```