"十四五"时期，有着"苏大强"之称的江苏，交出了分量十足的资本市场成绩单：全省新增上市公司257 家，其中约九成为科技企业或科技含量较高的企业；全省上市公司总数达到721家，累计完成首发融资 2259.71亿元、再融资3852.79亿元，为企业技术迭代、产能扩张提供了充足资金"弹药"。 江苏上市公司群体既担负着引领传统行业转型破局的任务，又承载着科技创新和产业创新深度融合的希 望。展望"十五五"，当地将继续鼓励上市公司不断做优做强，为"经济大省挑大梁"提供坚实支撑。 "江苏军团"规模效益双优 "十四五"时期，江苏上市公司群体实现了从"量的积累"到"质的飞跃"，成为稳定区域经济大盘的重要力 量。 截至2025年12月29日，全省境内上市公司家数达721家，数量占全国的1/8，形成了全国规模领先的上市 公司集群；总市值攀升至8.9万亿元，较"十三五"末增长46%，千亿市值龙头企业从7家增至11家，行业 引领作用持续凸显。直接融资渠道持续畅通，"十四五"时期累计完成首发融资2259.71亿元、再融资 3852.79亿元，为企业技术迭代、产能扩张提供了充足资金"弹药"，有力支持了江苏经济发展。 2025年上半年，全省 ...

Core Viewpoint - The increasing complexity and risk of cross-border operations in Chinese companies necessitate enhanced scrutiny and resources for auditing, as many firms face significant challenges in managing overseas revenue and compliance with regulations [1][2][3]. Group 1: Cross-Border Business Growth - In 2024, the total overseas revenue of A-share listed companies is projected to reach 10.52 trillion yuan, accounting for 17% of total revenue, with a 61% increase compared to 2020 [2]. - Over 1,100 companies have more than 30% of their revenue from overseas operations, indicating a significant shift towards international business [1][2]. Group 2: Audit Challenges - Cross-border auditing is complicated by factors such as the difficulty in obtaining evidence, compliance with varying international accounting standards, and the lack of transparency in overseas subsidiaries [4][5]. - The cost of cross-border audits is significantly higher than domestic audits, with additional expenses for travel, local legal and accounting services, and compliance with different regulatory frameworks [6][7]. Group 3: Audit Fee Discrepancies - Many companies with substantial overseas revenue pay insufficient audit fees, with 195 out of 810 companies spending less than 1 million yuan on annual audits, raising concerns about audit quality [7][8]. - The disparity between the complexity of cross-border audits and the fees paid can lead to inadequate resource allocation and increased audit risks [8][9]. Group 4: Recommendations for Improvement - Companies should recognize the importance of adequate audit funding as a necessary investment for risk management and financial reporting accuracy, rather than merely a cost [10][11]. - Audit firms need to enhance their professional capabilities and refuse to take on projects that are priced below cost, while also investing in technology and international talent [11][12]. - Regulatory bodies should improve cross-border regulatory collaboration, establish differentiated oversight mechanisms, and enhance transparency in overseas business operations to mitigate audit challenges [12].

Group 1 - The establishment of the Standardization Technical Committee for Humanoid Robots and Embodied Intelligence is a significant step to enhance high-quality standard supply and promote the maturation and application of humanoid robot technology [3] - The humanoid robot and embodied intelligence industry is experiencing rapid growth, but faces challenges due to outdated standards and lack of unified interfaces, which increase collaboration costs and affect market trust [3] - The committee will focus on developing industry standards in key areas such as common technologies, components, systems, applications, and safety to guide healthy industry development [3] Group 2 - By 2025, China's humanoid robot industry is expected to transition from technology validation to large-scale commercialization, driven by supportive policies and advancements in both algorithms and hardware [4] - The market for humanoid robots is projected to reach $5 trillion by 2050, with an estimated deployment of 1 billion units, indicating a significant growth trajectory [4] - Investment opportunities in the humanoid robot sector are anticipated to focus on complete machines, key components, and core modules, with a notable differentiation in domestic and international paths [4] Group 3 - As of December 26, 23 humanoid robot concept stocks have seen net financing purchases exceeding 50 million yuan, with Shenghong Technology leading at 2.43 billion yuan [5] - Other notable companies with significant net financing include Lingyi Zhizao, Sanhua Intelligent Control, and Wolong Electric Drive, indicating strong market interest [6] - Some humanoid robot stocks have experienced price corrections, with nine stocks retreating over 20% from their yearly highs, highlighting market volatility [6]

Group 1 - The core focus of the news is on the development and support of future industries in China, as highlighted by the "14th Five-Year Plan" which emphasizes nurturing emerging industries and exploring diverse technological routes and business models [3] - Various cities, including Beijing, Shenzhen, and Shanghai, are actively promoting future industries through initiatives and financial measures, with Beijing supporting 83 potential future industry companies and facilitating over 2 billion yuan in financing for 60 companies [4][5] - The future industries mentioned have significantly outperformed the market, with specific indices showing substantial annual growth, such as the nuclear fusion index rising over 83% and the 6G index increasing by more than 80% [5] Group 2 - Future industries are characterized by strong growth momentum, driven by disruptive technologies, with a projected median net profit of over 650 billion yuan for related companies by 2025, indicating a year-on-year growth of over 20% [6] - Specific companies within the future industries are expected to see remarkable profit increases, with over 60 companies projected to achieve net profit growth exceeding 100% by 2025, including notable firms like Foton Motor and Sino Medical [6][7] - A subset of companies has shown a decrease in shareholder numbers, indicating potential for price recovery, with 10 companies identified as having significant rebound potential due to their stock performance being below 19% for the year [8][9]

当地时间10月29日，美国知名芯片企业英伟达股价突破212美元，市值突破5万亿美元，成为全球首家市 值达到5万亿美元的上市公司。技术垄断、需求爆发、商业模式创新等因素驱动公司财务指标持续保持 高速增长，并刺激公司股价上涨。截至12月26日，公司最新市值为4.63万亿美元。 （文章来源：证券时报） ...

熊锦秋 12月26日振芯科技发布第一次临时股东会决议公告，《股东会议事规则》《董事会议事规则》《股东会 网络投票实施细则》三项核心治理议案未获通过，反对票占比均超71.84%，大概率来自控股股东国腾 电子集团，显示控股股东与董事会在治理理念方面或存分歧。 其三，应充分保障股东知情权和信披合规。公司应严格按照规定时限向全体股东送达完整的会议材料， 保证股东特别是中小股东有充足时间研读议案。对于专业性强、条款复杂或可能存有理解歧义的议案， 公司可考虑同步提供通俗的条款解读说明或问答，通过公告、官网、互动易等多种渠道解答疑问。若议 案系修订原有制度，应披露详细的修订内容对比。整个议案的筹划、起草、审议过程，必须严格执行内 幕信息保密规定，防止泄露内幕信息。 其四，完善审议阶段的沟通与事后跟进机制。在股东会审议过程中，议案提议方或公司管理层应就议案 内容进行清晰说明，真诚回应股东质询。当股东对议案内容存在重大分歧或材料准备不充分时，可考虑 暂缓表决，待沟通完善后再行审议。对于未获通过的议案，公司应认真分析原因，必要时可通过专项说 明会、意见征集等方式与股东沟通，并根据法律法规和股东合理意见进行修改完善。 比如，振芯科 ...

（文章来源：证券时报） 2025年全球人工智能投资建设进入高峰期。数据显示，美国五大科技公司微软、亚马逊、谷歌、 Meta、甲骨文的资本支出总额超过3700亿美元，总增速约为64%。腾讯、字节跳动和阿里巴巴等中国科 技巨头也在人工智能领域投资数百亿美元。与此同时，科技巨头在大模型和算力上的高强度投入尚未完 全转化为稳定现金流，商业化路径的不确定性开始被反复审视，人工智能"泡沫"的讨论开始升温。 ...

Core Insights - The insurance industry in China has achieved record high asset levels and profitability in 2025, driven by practical reforms and a focus on rational management [1][2]. Group 1: Industry Growth and Performance - By the end of October 2025, China's insurance industry total assets reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [2]. - The total assets of the insurance industry have seen double-digit growth since 2023, primarily due to increased premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [2]. - The combined market capitalization of five listed insurance companies in A-shares exceeded 3.3 trillion yuan, with a growth of over 700 billion yuan, reflecting a nearly 30% increase [3]. Group 2: Profitability and Financial Health - In the first three quarters of 2025, the five listed insurance companies achieved a total net profit of 426 billion yuan, a year-on-year increase of 33.5%, setting a historical high [4]. - The insurance sector's balance sheet has entered a phase of healthy expansion, benefiting from low interest rates and strong sales of main products like dividend insurance [4]. Group 3: Regulatory and Structural Reforms - The dynamic adjustment mechanism for insurance product preset rates was officially launched in 2025, with preset rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of the year [10][11]. - The introduction of the fourth life table in October 2025 will impact insurance product pricing, reflecting changes in population structure and mortality rates [15][16]. Group 4: Market Strategies and Innovations - The insurance industry is increasingly focusing on dividend insurance products, which now account for nearly half of new life insurance products launched after September 2025 [13]. - The commercial health insurance innovation drug directory was released in December 2025, marking a significant step in clarifying the boundaries between basic medical insurance and commercial health insurance [17][18]. Group 5: Investment Trends - Insurance capital has accelerated its entry into the market, with equity asset allocation reaching historical highs, and the stock and fund allocation balance reaching 5.59 trillion yuan, a 35.92% increase from the previous year [8][9]. - The "long money, long investment" strategy has gained traction, with regulatory changes encouraging insurance funds to focus on long-term investments [7].

黄仁勋一对子女都有酒水行业创业经历，都学习了管理，最终都进入了英伟达的关键部门担任管理职 务。那么，为什么黄仁勋要采取这种培养策略呢？个人认为原因如下： 盘和林 最近，黄仁勋的两个子女进入英伟达公司核心管理层。这标志着黄仁勋已开始将企业传承与战略布局深 度绑定，打破了硅谷"科技巨头子女不进家族企业"的潜规则。 通常来说，西方的富人更愿意将财富打包成信托，然后交给儿孙继承，比如伯克希尔·哈撒韦的接班人 是阿贝尔，和公司创始人巴菲特没有血缘关系，是个典型的职业经理人。而东方的富人，更愿意将企业 交接给下一代，比如泰国的谢家。很多人将这种举措看做文化差异，其实并非如此。 西方富人之所以将财富打包给职业经理人，一方面是西方富人财富继承面临天价遗产税。信托，本身就 是为遗产避税准备的，在很多国家属于第三次分配。第一次分配是工资收入，第二次分配是政府的转移 支付，第三次分配是慈善，而慈善的一个重要功能就是避税。另一方面是西方富人的企业中，存在大量 独立董事，且普遍股权分散。此时，若是想要子女继承企业，能不能在董事会和股东会获得足够多的支 持？事实上很难。 我们再来说回黄仁勋。黄仁勋对一对子女采取了"先放后收"的培养策略。 ...

Core Viewpoint - The introduction of the "Good House" national standard marks a significant shift in China's real estate development from scale expansion to quality improvement, impacting the living conditions of 1.4 billion people [1] Group 1: Policy and Standards - The "Good House" national standard, officially implemented on May 1, aims to enhance residential quality, transitioning from "housing for all" to "livable housing" and then to "high-quality housing" [1] - Since 2025, over 15 provinces have included the promotion of "Good House" construction in their government work reports, indicating a nationwide commitment to this initiative [1] Group 2: Market Outlook - The Central Economic Work Conference in 2026 emphasized the need to stabilize the real estate market, orderly promote "Good House" construction, and accelerate the establishment of a new development model for the real estate sector [1]