In late December 2025, the domestic financial market showed the dual characteristics of precise regulation and industrial improvement. In-depth analysis of the central bank's continued net injection of MLF to support liquidity, the rebalancing of semiconductor supply and demand reflected in SMIC's wafer price increase, and the internal and external driving logic behind the strengthening of the RMB exchange rate. Wmax Market Observation helps you clarify the cross-market linkage mechanism of currency, technology and foreign exchange markets, and grasp the core investment logic in structural market conditions.