证券时报记者 韩忠楠 12月30日，国家发展改革委、财政部发布《关于2026年实施大规模设备更新和消费品以旧换新政策 的通知》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。 据悉，国家已于近日向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资 金计划，满足元旦、春节等旺季消费需求。 2026年"两新"政策主要在支持范围、补贴标准、实施机制三方面进行优化。 支持范围方面，设备更新领域，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养 老机构设备更新，在安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合 体、购物中心、百货店、大型超市等线下消费商业设施的设备更新。 消费品"以旧换新"领域，继续实施汽车报废更新和汽车置换更新补贴。国家节能中心主任刘琼表 示，2026年将此前定额补贴优化调整为按车价比例补贴，报废更新补贴最高2万元、置换更新补贴最高 1.5万元。补贴资金支出随车辆价格调节，既能稳定更新总量，又能改善补贴车型结构，减少"内卷 式"、低水平的简单价格竞争。 同时，继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热 ...

Group 1 - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan for the first batch of special bonds to support the consumption upgrade policy for old goods replacement in 2026 [6] - The new policy will expand support to include the installation of elevators in old residential areas, equipment updates in elderly care institutions, and facilities for fire rescue, among others, to better meet public needs [6] - The policy aims to optimize application conditions and review processes, lowering the investment threshold for equipment updates, and increasing support for small and medium-sized enterprises [6] Group 2 - The implementation regulations for the Value-Added Tax Law will take effect on January 1, 2026, detailing taxpayer and tax scope, applicable tax rates, and tax calculation methods [7] - Individuals selling residential properties purchased for less than two years will be subject to a 3% VAT, while those selling properties held for two years or more will be exempt from VAT starting January 1, 2026 [7] Group 3 - The Ministry of Industry and Information Technology has issued a digital transformation implementation plan for the automotive industry, aiming for significant improvements in smart manufacturing capabilities and digitalization by 2027 [8] - The plan includes enhancing labor productivity by 10% and reducing product development and delivery cycles by 20% by 2027 [8] Group 4 - Beijing's Health Commission has released measures to support the innovation and development of the artificial intelligence industry in healthcare, aiming to establish a comprehensive AI product development and application model by 2027 [9] - The goal is to create a support system for AI in healthcare that ensures precise demand matching, efficient data flow, rapid technology transfer, and collaborative ecosystem development [9]

（原标题：科创板首单！预先审阅IPO获受理） 此次科创板IPO，长鑫科技拟募集资金295亿元，将用于"存储器晶圆制造量产线技术升级改造项 目""DRAM存储器技术升级项目"和"动态随机存取存储器前瞻技术研究与开发项目"。 科创板首单预先审阅IPO出炉！ 12月30日，上交所官网显示，长鑫科技集团股份有限公司（以下简称"长鑫科技"）科创板IPO申请获受 理。此前，该IPO申请已预先审阅，并在受理当天披露了两轮预先审阅问询函的回复。这是科创板首单 获受理的预先审阅IPO项目。 根据招股书申报稿，长鑫科技是我国DRAM（动态随机存取存储器）研发设计制造一体化企业，已完成 了第一代工艺技术平台到第四代工艺技术平台的量产，以及DDR4、LPDDR4X到DDR5、LPDDR5/5X的 产品覆盖和迭代。 长鑫科技IPO也是科创板首单预先审阅项目。6月18日，证监会发布《关于在科创板设置科创成长层 增 强制度包容性适应性的意见》，首次明确提出试点IPO预先审阅机制。今年7月13日，上交所发布《发 行上市审核规则适用指引第7号——预先审阅》（以下简称《预先审阅指引》）。根据《预先审阅指 引》，开展关键核心技术攻关或者符合其他特 ...

Core Viewpoint - The emergence of AI Agent smartphones is anticipated to revolutionize the mobile industry by 2026, with significant developments from various manufacturers and AI model companies, although challenges remain in compliance, cost, and value [1][10]. Group 1: Industry Developments - The collaboration between Doubao and ZTE has led to the introduction of the Doubao AI smartphone, marking a significant step in AI Agent smartphone development [1]. - Major companies like ByteDance are reportedly pursuing partnerships with leading hardware manufacturers such as Vivo and Lenovo to advance AI smartphone initiatives [3]. - The "Big Model Six Little Tigers," including Zhipu, are contributing to the AI Agent smartphone landscape, with Zhipu's AutoGLM model being a notable development [3]. Group 2: Diverging Paths - The industry is witnessing two distinct approaches: the "radical faction," represented by Doubao AI smartphones, which integrates high-level permissions, and the "conservative faction," represented by companies like Huawei, which opts for a more cautious approach through API interfaces [4]. - Major smartphone manufacturers like Vivo and Huawei, which had over 40 million units shipped last year, face significant compliance costs for system-level changes, influencing their strategy to treat AI as a feature rather than a foundational element [4]. Group 3: Challenges and Concerns - The development of AI Agent smartphones raises concerns regarding user privacy and security, particularly as applications like WeChat and Taobao have begun to block access to Doubao's AI assistant due to potential risks [6][7]. - The relationship between permissions and intelligence is described as a "seesaw," where increased permissions for AI can enhance functionality but also pose privacy threats, leading to cautious authorization from app and phone manufacturers [7][8]. - To address these challenges, industry experts suggest the need for advancements in privacy computing and regulatory frameworks to establish clear guidelines for AI usage [8]. Group 4: Future Outlook - The year 2026 is projected to be a pivotal moment for AI Agent smartphones, contingent on achieving specific technological benchmarks, including processing power and cost reductions [10]. - The successful mass production of AI smartphones will depend on overcoming three key hurdles: compliance with regulatory standards, managing production costs, and demonstrating compelling user value [10].

Group 1 - Meta announced the acquisition of AI startup Manus for several billion dollars, following its $15 billion acquisition of Scale AI six months prior, indicating a strategic focus on AI through mergers and acquisitions [2] - The core logic of these acquisitions is to use capital to overcome innovation bottlenecks, with Scale AI providing essential infrastructure for training large models and Manus offering scalable capabilities in general AI Agent technology [2] - The acquisitions aim to secure technology, talent, and ecosystem advantages, positioning Meta to effectively counter competitors like Microsoft and Google [3] Group 2 - The talent acquisition aspect is a critical motivation behind these mergers, as acquiring companies directly brings in top teams and leaders, bypassing traditional recruitment inefficiencies [3] - Meta's strategy includes building ecological barriers, with the two acquisitions forming a complementary strategy to resist competitive pressures and control key technological nodes [3] - The success of these large-scale acquisitions hinges on the ability to integrate the acquired companies effectively, as this will determine the overall success of the investments in the evolving AI landscape [3]

降息现分歧 当地时间12月30日公布的美联储12月货币政策会议纪要显示，多数官员认为，如果通胀如预期所料随时间推移而回落，进一步降息是合适之举。不过，也 有一些官员明确表示，他们认为在12月会议之后，利率应当"在一段时间内"维持不变。 12月9—10日联邦公开市场委员会（FOMC）的会议纪要继续反映出央行内部的分歧，以及最近一次决策的艰难程度。 多数与会者支持在12月降息；少数与会者认为，12月降息并不合理。一些支持降息的与会者表示，这一决定权衡得很微妙，他们本也可以支持维持利率不 变。多数官员认为劳动力市场风险仍偏下行，同时又普遍认为通胀风险偏上行。 据报道称，尽管美联储官员已就12月降息达成共识，并暗示未来可能进一步宽松，但这并未促使交易员大幅上调对借贷成本下降的预期。市场仍倾向于押 注明年将进行两次降息，而非12月初预期的三次。虽然政策制定者强调关注劳动力市场风险，但交易员很可能在等待后续数据来验证这些担忧。 隔夜美股尾盘下跌。黄金上涨，白银狂飙。 美联储12月货币政策会议纪要显示，"大多数"与会者支持12月降息，其中少数本可能支持按兵不动。大多数官员预计，若通胀下行趋势符合他们预期，未 来适合进一步降 ...

Core Viewpoint - The first national standard for solid-state batteries has been publicly solicited for opinions, marking a significant step towards the industrialization of solid-state battery technology [1][2]. Group 1: National Standard Development - The national standard titled "Solid-State Batteries for Electric Vehicles Part 1: Terminology and Classification" has been released for public consultation, defining key terms, classifications, and coding related to solid-state batteries [2]. - The standard will be developed in four parts: terminology and classification, performance specifications, safety specifications, and lifespan specifications [4]. - The draft categorizes solid-state batteries based on the type of electrolyte, ion conduction type, and application area, including categories such as sulfide, oxide, polymer, and halide solid-state batteries [6]. Group 2: Stricter Classification and Standards - The draft specifies that solid-state batteries must have a weight loss rate of no more than 0.5%, which is stricter than the previous group standard of less than 1% [6]. - The standard aims to eliminate the concept of semi-solid batteries, focusing on clear definitions and classifications [5]. Group 3: Industry Implications - The establishment of a national standard is expected to unify technical standards, enhance industry collaboration, and strengthen China's position in international regulations, facilitating the transition from laboratory to mass production [7][8]. - The solid-state battery industry in China is experiencing significant capital investment, with major companies completing substantial financing rounds, indicating strong market confidence in the technology [9]. Group 4: Market and Investment Trends - A total of 54 listed companies in A-shares are involved in the solid-state battery supply chain, attracting institutional interest [10]. - In the fourth quarter, 22 concept stocks received institutional research, with companies like Rongbai Technology and Dandeng Technology being the most frequently researched [12]. - Companies are increasing their R&D investments, with several solid-state battery stocks reporting significant growth in R&D expenses as a percentage of revenue [13][14].

美联储12月货币政策会议纪要显示，"大多数"与会者支持12月降息，其中少数本可能支持按兵不动。大多数官员预计，若通胀下行趋势符合他们预期，未 来适合进一步降息。不过，美联储对明年初降息态度仍显谨慎。 降息现分歧 隔夜美股尾盘下跌。黄金上涨，白银狂飙。 当地时间12月30日公布的美联储12月货币政策会议纪要显示，多数官员认为，如果通胀如预期所料随时间推移而回落，进一步降息是合适之举。不过，也 有一些官员明确表示，他们认为在12月会议之后，利率应当"在一段时间内"维持不变。 12月9—10日联邦公开市场委员会（FOMC）的会议纪要继续反映出央行内部的分歧，以及最近一次决策的艰难程度。 个股方面，英特尔、Meta涨超1%，微软、谷歌、亚马逊小幅上涨；特斯拉跌超1%，苹果、英伟达、奈飞小幅下跌。 中概股方面，纳斯达克中国金龙指数高开低走收跌0.26%。百度涨超4%，蔚来涨超3%，网易涨近1%；京东跌近2%，金山云跌近1%。 国际金银12月30日收涨，COMEX黄金期货涨0.2%，报4352.3美元/盎司；现货黄金涨0.17%，报4338.83美元/盎司；COMEX白银期货涨7.88%，报76.02美 元/盎司；现货白 ...

Core Viewpoint - The company XinGuoYi has initiated its subscription process, offering a total of 36.716 million shares at a price of 21.93 yuan per share, with a price-to-earnings ratio of 28.59 times, which is significantly lower than the industry average of 57.92 times [1] Company Information - The main business of the company is the research, production, and sales of high-performance special functional materials [1] - The stock code for the company is 301687, and the subscription code is also 301687 [1] Subscription Details - Total shares issued: 36.716 million shares - Online subscription quantity: 8.8115 million shares - Subscription date: December 22, 2025 - Maximum subscription limit per account: 8,500 shares - Minimum subscription quantity: 500 shares in integer multiples [1] Fundraising Purpose - Investment in functional materials project: 500 million yuan - Investment in new energy lithium battery materials project: 300 million yuan [1] Financial Indicators - Total assets for 2024: 83.6 billion yuan, up from 70.7 billion yuan in 2023 and 58.6 billion yuan in 2022 - Net assets for 2024: 67.9 billion yuan, compared to 56.1 billion yuan in 2023 and 47.6 billion yuan in 2022 - Operating revenue for 2024: 65.7 billion yuan, an increase from 51.6 billion yuan in 2023 and 45.5 billion yuan in 2022 - Net profit for 2024: 11.6 billion yuan, up from 8.3 billion yuan in 2023 and 8.2 billion yuan in 2022 - Basic earnings per share for 2024: 1.05 yuan, compared to 0.76 yuan in 2023 and 0.90 yuan in 2022 - Weighted return on equity for 2024: 18.63%, an increase from 16.02% in 2023 but down from 35.56% in 2022 [1]

Macro Highlights - The implementation regulations for the Value-Added Tax Law of the People's Republic of China will take effect on January 1, 2026, aiming to improve tax incentives and clarify the standards for various VAT exemption projects [1] - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the large-scale equipment update and old-for-new consumption policy to be implemented in 2026, detailing the support scope, subsidy standards, and work requirements [1] Subsidy Policies - Consumers purchasing energy-efficient home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters will receive a subsidy of 15% of the product price, capped at 1,500 yuan per item [2] - For digital and smart products like smartphones and smartwatches, a similar subsidy of 15% applies, with a maximum of 500 yuan per item [2] - Consumers who scrap their personal vehicles and purchase new energy vehicles or fuel vehicles with a displacement of 2.0 liters or less will receive subsidies of 12% (up to 20,000 yuan) and 10% (up to 15,000 yuan) respectively [2] Housing Tax Policy - Individuals selling homes purchased for less than two years will be subject to a 3% VAT, while those selling homes purchased for two years or more will be exempt from VAT starting January 1, 2026 [2] Special Bonds and Consumption Support - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan in special bonds to support the old-for-new consumption policy, ensuring a smooth implementation and monitoring of subsidy funds [3] Automotive Industry Digital Transformation - A digital transformation implementation plan for the automotive industry aims to enhance smart manufacturing capabilities and digital levels of enterprises by 2027, with significant improvements in digital public service systems by 2030 [4] Company News - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025 [5] - Tianpu Co., Ltd. has seen its stock price rise by 718.39% from August 22 to December 30, leading to a suspension for verification [5] - Daye Co., Ltd. has not yet achieved substantial revenue from its robotic tendon products, which are not in mass production [5] - Longjiang Power plans to distribute 2.1 yuan per 10 shares as a profit distribution for the first half of 2025 [5] - Zhejiang Rongtai intends to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5]