房地产产业链条长、涉及面广，事关人民群众切身利益和经济社会发展大局。中央经济工作会议提出着 力稳定房地产市场，并明确去库存的政策方向，明年房地产库存如何去化备受关注。 今年以来，随着控增量、优存量等房地产政策措施持续发挥作用，房地产去库存稳步推进，全国商品房 待售面积自3月以来已经连续9个月减少。不过，成效背后亦有隐忧。截至11月末，全国商品房待售面积 的绝对规模仍超7.5亿平方米，叠加二手房市场挂牌量较多，库存压力仍大。去库存成为着力稳定房地 产市场的当务之急。 推动明年房地产去库存，从供需两端协同发力是关键。不仅要在供给端严控增量、盘活存量，还要在需 求端采取有力措施加快消化库存。 （文章来源：证券时报） 在盘活存量方面，收购存量房用于保障性住房等是重要抓手。这不仅能加快商品房去库存、缓解部分房 企资金压力，同时，能调整存量市场结构，快速增加保障房供给，满足新市民、青年人的刚性住房需 求，避免了重复建设资源浪费。不过，去年5月存量房收储政策推出以来，整体进展相对缓慢，这主要 是因为收储过程中面临资金来源、定价机制、项目选择标准等多重制约。作为去库存的重要手段，明年 收储工作还将进一步加力推进，相关配套政策 ...

Group 1 - The core viewpoint highlights the significant growth and development of the Qingdao capital market during the "14th Five-Year Plan" period, establishing itself as a stabilizing force for high-quality regional economic development [1] - The number of listed companies in Qingdao has increased to 65, ranking third among northern cities, with a historical high in the reserve of companies planning to go public [1] - The innovation layer of the New Third Board has seen a 133% increase compared to the end of the "13th Five-Year Plan," and over 3,500 companies have been served by the regional equity market [1] Group 2 - Direct financing in the Qingdao capital market exceeded 600 billion yuan, with technology innovation bonds totaling 13.9 billion yuan and R&D expenditures doubling to 21.7 billion yuan [2] - The issuance of REITs has marked a breakthrough, and the scale of asset-backed securities (ABS) financing has tripled compared to the "13th Five-Year Plan" period [2] - The overseas business revenue of Qingdao listed companies reached 960.6 billion yuan in the first half of this year, a 58% increase compared to the "13th Five-Year Plan" period [2]

Core Insights - The company, Teruid, is a leading enterprise in domestic power equipment manufacturing and charging network construction, focusing on "smart manufacturing + integrated services" and electric vehicle charging networks as its core businesses [2] - Teruid has achieved significant breakthroughs in internationalization, successfully implementing a high-voltage mobile prefabricated substation project in Saudi Arabia, which meets overseas market demands and promotes Chinese power equipment globally [2] - The company has established a comprehensive integration framework of "charging network + microgrid + energy storage network + data network" during the 14th Five-Year Plan period, enhancing its leading position in the charging pile sector [2] Industry Developments - As of October 2025, Teruid operates 855,000 public charging terminals, with 513,000 being DC charging terminals, holding approximately 24% market share, ranking first in the country [3] - The company has explored new business models such as "charging network + microgrid + virtual power plant," utilizing its self-developed AI prediction system for accurate forecasting of charging volume and photovoltaic output [3] - Looking ahead, Teruid aims to align its development with national and global energy transition goals, focusing on achieving carbon peak targets by 2030 through the integration of industry and capital [3]

Core Insights - Haier Smart Home has transformed from "selling products" to "creating ecosystems" during the 14th Five-Year Plan period, focusing on smart, high-end, global, and green initiatives [1][2] - The company has maintained double-digit growth in revenue and profit despite a slowdown in industry growth, with a compound annual growth rate (CAGR) of 8% in revenue and 14% in net profit from 2021 to 2024 [1] Group 1: Business Strategy - The growth drivers for the company include breakthroughs in high-end branding, localized overseas operations, and efficiency optimization through digital transformation [1] - The core of Haier's smart transformation is to replace products with scenarios and cover industries through the UHome model, leading to a global smart home ecosystem [1] Group 2: High-End Branding - The high-end brand Casarte has become a core engine for performance growth, ranking first in online sales of high-end home appliances priced over 10,000 yuan during the 2025 Double 11 shopping festival [1] Group 3: Global Expansion - Haier has established a global brand matrix with precise regional coverage, achieving a 10.5% year-on-year increase in overseas revenue in the first three quarters of 2025 [2] - The company has built 35 industrial parks, 163 manufacturing centers, and 12 "lighthouse factories" to facilitate global resource coordination and efficient allocation [2] Group 4: Sustainability Initiatives - Haier has committed to achieving global operational carbon neutrality by 2050, creating a comprehensive green ecosystem covering home, commercial, and industrial sectors [2] - The green strategy is being rapidly promoted in over 200 countries and regions, allowing low-carbon values to benefit global users [2] Group 5: Future Outlook - The company aims to continue deepening technological innovation and accelerate the development of new productive forces, focusing on basic research, disruptive technologies, and the integration of AI with scenarios [2] - Haier is steadily moving towards its goal of becoming a "world-class smart living ecosystem enterprise" [2]

Group 1 - The core announcement from Hongsheng Huayuan (601096) indicates that the company has pre-qualified for 27 bidding packages from the State Grid Corporation of China, with a total pre-bid amount of approximately 569 million yuan, accounting for about 5.61% of the company's projected revenue for 2024 [1] - The company emphasizes that the signing and execution of contracts from these projects will positively impact its operational performance, and that it will not become dependent on the contract counterparties due to the fulfillment of these contracts [1] - As of the announcement date, the projects are still in the evaluation result public stage, and there is uncertainty regarding whether actual orders will be formed and delivered [1] Group 2 - For the first three quarters, Hongsheng Huayuan reported a revenue of 7.343 billion yuan, a year-on-year decrease of 3.10%, while the net profit attributable to shareholders increased by 58.54% to 283 million yuan [2] - In the third quarter, the company achieved a revenue of 2.438 billion yuan, a slight year-on-year decrease of 0.09%, with a net profit of approximately 84.64 million yuan, reflecting a year-on-year growth of 9.27% [2] Group 3 - Other listed companies also announced pre-bid or bid results related to State Grid projects, including Jinguang Electric (688517), which won three bidding packages with a total amount of 37.43 million yuan, accounting for about 5.04% of its projected revenue for 2024 [3] - Tongguang Cable (300265) reported pre-bids totaling 139 million yuan, representing about 5.36% of its projected revenue for 2024 [3] - Dalian Electric Porcelain (002606) announced pre-bids amounting to approximately 70.7 million yuan, which is about 4.73% of its projected total revenue for 2024 [3]

融资：全链条迎活水 在"低空经济元年"的2024年，eVTOL这一低空经济的核心载体受到资本市场密切关注，eVTOL整机厂 商频频传出融资捷报。2025年以来，资本逐渐将更多目光投向上游的飞行控制系统、电池管理系统、精 密零部件等细分环节。 低空经济在2024年、2025年均被写入政府工作报告，并亮相"十五五"规划建议，成为公认最具潜力的未 来产业赛道之一。纵观2025年，低空经济在多元化的场景中百花齐放，并作为新质生产力的代表之一深 入海外市场。资本市场上，投资机构持续助推头部整机企业商业化，并加码布局飞控系统等产业链上游 的核心技术环节，产业基础正不断夯实。 在低空经济快速发展的另一面，商业模式、基础设施、标准细则等产业瓶颈也逐步浮现。业内普遍认 为，未来中国低空经济需在技术创新、基础设施完善、安全监管强化、商业模式探索等方面协同发力。 只有坚持技术攻关与安全保障并重，积极培育可持续的应用场景，才能推动这片万亿级蓝海行稳致远。 应用：海内外遍地开花 从海鲜"打飞的"送到餐桌、海洋牧场上空精准投饵作业，到"低空+医疗"打通生命通道、低空观光航线 领略壮美山河，2025年，低空经济应用不断赋能千行百业，并逐渐 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is leading initiatives to develop a trusted data space system within state-owned enterprises (SOEs), aiming to enhance the value realization of data elements through pilot projects and policy support [1][6]. Group 1: Policy and Initiatives - The SASAC has issued a notice to initiate pilot projects for the construction of trusted data spaces, with 14 SOEs taking the lead [1]. - The issuance of the "Opinions on Promoting the Development and Utilization of Enterprise Data Resources" in December 2024 provides a regulatory framework for the open circulation of data [2]. - Multiple departments are spearheading various pilot projects related to data asset management and the innovative development of trusted data spaces, with SOEs playing a significant role [2]. Group 2: Data Resource Management - As of now, SOEs have formed four industry data industry communities, with significant progress in data asset management [3]. - The State-owned Assets Supervision and Administration Commission is promoting the construction of high-quality data sets across ten sectors, with the first batch of 30 exemplary construction results already published [5]. - Many SOEs have established large-scale data infrastructures, such as the National Pipeline Network Group's data platform, which aggregates over 10 billion core data entries [5]. Group 3: Challenges and Recommendations - Experts highlight ongoing challenges in realizing the value of data elements, including issues related to compliance, costs, and benefits [8]. - The lack of active market pricing and the high initial investment required for data transactions are significant barriers for enterprises [8]. - Recommendations include the need for clearer operational guidelines on data rights confirmation and the establishment of unified standards for data valuation and circulation [9].

Core Insights - Haier Smart Home has transformed from "selling products" to "creating ecosystems" during the 14th Five-Year Plan period, focusing on smart, high-end, global, and green development strategies, which has allowed the company to maintain double-digit growth in revenue and profit despite a slowing industry growth rate [2] Group 1: Financial Performance - From 2021 to 2024, Haier Smart Home's revenue is expected to have a compound annual growth rate (CAGR) of 8%, while the net profit attributable to shareholders is projected to grow at a CAGR of 14%, indicating that net profit growth consistently outpaces revenue growth [2] - The company's growth is driven by breakthroughs in high-end branding, localized overseas operations, and efficiency optimization through digital transformation [2] Group 2: Technological Advancements - In terms of smart transformation, Haier Smart Home focuses on "scene replacing products and ecosystem covering industries," leveraging the UHome model to create a leading global smart home ecosystem [2] - The company plans to launch the "AI Eye" technology by 2025, advancing household tasks towards "unmanned" operations and upgrading smart living from "passive response" to "active care" [2] Group 3: Global Expansion - Haier Smart Home has established a global brand matrix with precise regional coverage, achieving a 10.5% year-on-year increase in overseas revenue in the first three quarters of 2025 [3] - The company has built 35 industrial parks, 163 manufacturing centers, and 12 "lighthouse factories," implementing a model of "localization promoting globalization" for efficient global resource allocation [3] Group 4: Sustainability Initiatives - Haier Smart Home has committed to achieving global operational carbon neutrality by 2050, creating a comprehensive green ecosystem covering home, commercial, and industrial sectors [3] - The company's green strategy is being rapidly deployed across over 200 countries and regions, ensuring low-carbon values benefit global users [3] Group 5: Future Outlook - Looking ahead, Haier Smart Home aims to continue deepening technological innovation and accelerate the development of new productive forces, focusing on basic research investment, disruptive technology layout, and deepening AI and scene integration [4] - The company is steadily progressing towards its goal of becoming a "world-class smart living ecosystem enterprise" [4]

Core Insights - Teruid has established itself as a leading enterprise in domestic power equipment manufacturing and charging network construction, focusing on "smart manufacturing + integrated services" and electric vehicle charging networks as its core businesses [1] - The company has made significant strides in internationalization, successfully implementing a high-voltage mobile prefabricated substation project in Saudi Arabia, which showcases its modular, rapid deployment, and digital operation solutions [1] - Teruid has upgraded its charging infrastructure from a single "load terminal" to a controllable energy node, solidifying its leading position in the charging pile sector during the 14th Five-Year Plan period [1] Industry Performance - As of October 2025, Teruid operates 855,000 public charging terminals, with 513,000 being DC charging terminals, holding approximately 24% market share, ranking first in the country [2] - The company achieved over 15.6 billion kWh in charging volume from January to October 2025, maintaining a market share of about 23%, leading the industry [2] - Teruid is exploring new business models such as "charging network + microgrid + virtual power plant," leveraging its AI prediction system for accurate forecasting of charging volume and photovoltaic output [2] Future Outlook - The next five years are seen as a critical window for Teruid to achieve its carbon peak target by 2030, with plans to integrate its development into the broader context of national and global energy transition [2] - The company aims to promote higher quality development for itself and the entire renewable energy industry through the combination of industry and capital [2]

Group 1 - Xiaomi officially launched the Xiaomi 17 Ultra on December 25, with a starting price of 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [1] - The Xiaomi 17 Ultra is the first 2D flat-screen model in the Ultra series and is the thinnest Ultra to date, measuring only 8.29mm in thickness [1] - The device features a Leica 1-inch main camera, a 200-megapixel telephoto lens, a 6.9-inch ultra-narrow four-sided flat screen, and is powered by the Snapdragon 8 Gen 2 processor [1] Group 2 - The Xiaomi 17 Ultra is available in several configurations: 12GB+512GB priced at 6,999 yuan, 16GB+512GB at 7,499 yuan, and 16GB+1TB at 8,499 yuan, with pre-orders already open and official sales starting on December 27 [1] - Additionally, a Leica version of the Xiaomi 17 Ultra was introduced, inspired by classic Leica cameras, with prices set at 7,999 yuan for the 16GB+512GB version and 8,999 yuan for the 16GB+1TB version [2] - Xiaomi's president, Lu Weibing, indicated that rising memory costs, driven by increased demand for high-performance computing (HPC), have significantly impacted product pricing, predicting that memory costs will continue to rise through 2025 to 2027 [2] Group 3 - During the launch event, Xiaomi also unveiled other products including the Xiaomi Watch 5, Xiaomi Buds 6, and the Mijia Central Air Conditioner Pro [3]