2020年7月17日，易安保险被原银保监会接管；2022年6月29日，原中国银保监会作出批复，原则同意易 安保险进入破产重整程序；2022年7月15日，北京金融法院依法裁定受理易安保险提出的破产重整申 请。 2023年2月24日，北京金融法院作出（2022）京74破1号之二民事裁定：批准易安保险重整计划草案并终 止本案破产重整程序。2023年5月24日，北京金融法院裁定确认重整计划执行完毕并终结案件重整程 序。 担任这一案例编写人的北京金融法院机关纪委书记、北京市审判业务专家蒙瑞表示："本案是全国首例 保险公司破产重整案，涉及的主要问题是如何建立风险隔离机制，从而最大化保护易安保险保单债权人 的利益。" 蒙瑞认为，针对保险公司保单持有人人数众多且分布广泛、保单金额及履行情况不同等问题，为最大化 保护全体保单债权人的实体和程序权利，防范化解风险，有必要在保险公司破产重整程序中构建风险隔 离机制。 全国首例保险公司破产重整案——易安保险申请破产重整案，其中如何最大化保障保单债权人利益？ 在该案终结两年之后，北京金融法院于近日公布了相关举措的形成细节，通过建立风险隔离机制以最大 化保护保单债权人利益，成为重要看点。 ...

Core Viewpoint - The Hong Kong stock market is expected to fully recover in 2025 after experiencing a significant downturn from 2021 to 2024, with the Hang Seng Index dropping over 50% during that period. The market is now witnessing a resurgence driven by technological breakthroughs and strong IPO activity, leading to record levels in various capital market dimensions [1]. IPO Performance - The IPO scale in Hong Kong is projected to exceed 300 billion HKD in 2026, with 2025 expected to see an IPO scale of 286.3 billion HKD, reclaiming the title of the world's largest IPO market [2][3]. - Eight companies in the top ten IPOs of 2025 raised over 10 billion HKD each, with many being A-share companies listed in Hong Kong [3]. - The IPO failure rate has decreased significantly, reaching a low of 28.83% in 2025, attributed to market conditions and new pricing mechanisms implemented by the Hong Kong Stock Exchange [4]. New Share Subscription Records - The Hong Kong market has set multiple records in new share subscriptions, including a historic oversubscription of 11,465 times for the IPO of Jinye International Group, marking the highest oversubscription in Hong Kong's history [5]. Refinancing Market - The refinancing scale in Hong Kong surpassed 300 billion HKD in 2025, with a total of 3,166 billion HKD raised, significantly exceeding the total from the previous three years [6][7]. - Leading companies like Xiaomi and BYD are at the forefront of major refinancing projects, raising substantial amounts for business expansion and development [8]. Stock Index Performance - The Hang Seng Index recorded a year-to-date increase of 28.49% as of December 23, 2025, positioning it among the top global stock indices [9]. - Sectors such as innovative pharmaceuticals and non-ferrous metals have shown remarkable performance, with stocks like Yaojie Ankang experiencing a staggering increase of 950.95% [10]. Capital Inflows and Buybacks - Southbound capital inflows into the Hong Kong market reached a record high of approximately 1.41 trillion HKD in 2025, significantly enhancing market liquidity [11][12]. - Stock buybacks by listed companies totaled 1,759.36 billion HKD in 2025, with Tencent leading the buyback amounts [13][14]. - Dividends distributed by Hong Kong companies reached nearly 1.46 trillion HKD, surpassing the total for the entire year of 2024 [15]. Delisting Trends - The pace of delistings in Hong Kong accelerated in 2025, with 61 companies exiting the market, primarily due to privatization and forced delisting mechanisms [16].

对于奔驰数字的入股，千里科技董事长印奇曾公开表示："非常高兴奔驰成为了我们的股东，也代表对 千里科技的一个认可，同时我们也会跟奔驰形成一个非常紧密的战略合作，在智驾和智舱上都会有一些 丰富的合作。" 千里科技主要从事终端业务、科技业务两大类。其中，公司终端业务主要涵盖汽车与摩托车两大业务； 科技业务作为其核心增长引擎，重点深耕智能辅助驾驶与智能座舱领域，共同打造面向整车制造企业 的"AI智行开放平台"。 千里科技（601777）12月24日晚间公告，公司收到通知，股东力帆控股与梅赛德斯-奔驰(上海)数字技术 有限公司(下称"奔驰数字")之间的股份协议转让交易，已取得上交所的合规性确认，并取得中登公司出 具的《证券过户登记确认书》，过户日期为12月23日，过户数量为1.36亿股。 上述交易后，力帆控股所持千里科技股份由6.19亿股降至4.83亿股，持股比例由13.68%变更为10.68%。 奔驰数字持股1.36亿股，持股比例为3%，系上市公司第五大股东。奔驰数字承诺，上述股份自过户登 记至其名下之日起12个月内不减持。 此前，千里科技在9月下旬披露，力帆控股、奔驰数字分别与华创股份和申万宏源签署《股份购买协 议 ...

Core Viewpoint - The "Silver Economy" is emerging as a significant sector in China, driven by the rapid growth of the elderly population and their evolving consumption needs, transforming from a perceived burden to a vibrant market opportunity [1][3][4]. Group 1: Market Size and Growth - The elderly population in China is projected to grow from approximately 310 million to 390 million by 2030, indicating a substantial market potential for the Silver Economy [1]. - The current scale of the Silver Economy is around 7 trillion yuan, accounting for 6% of GDP, with expectations to reach 30 trillion yuan by 2035, representing 10% of GDP [4]. - By 2050, the consumption potential of the elderly population is expected to exceed 106 trillion yuan, positioning China as the largest market for the Silver Economy globally [4]. Group 2: Consumer Behavior and Demand - The new elderly demographic, particularly those born in the 1960s and 1970s, is characterized by higher education levels and a strong desire for quality of life, leading to a diverse and high-potential consumer market [3]. - Key drivers of consumption among the elderly include essential needs, health management, and emotional fulfillment, with a notable shift towards proactive health management and quality lifestyle choices [6][7]. - The demand for health-related products and services is increasing, with significant growth in sales of health management tools and services, reflecting a transition from passive to active health management [7][8]. Group 3: Supply Innovations - The "AI+" era is reshaping the supply side of the Silver Economy, with innovations in elderly care services and products, including AI-assisted care solutions and smart elderly care facilities [9][10]. - Companies are focusing on integrating technology to enhance service efficiency and personalization in elderly care, addressing the diverse needs of the aging population [10]. Group 4: Capital Investment and Market Dynamics - The number of registered Silver Economy-related enterprises has significantly increased, with a 27.5% year-on-year growth in 2023, indicating strong market interest and investment potential [11]. - The Silver Economy is viewed as a "super hot spot" for capital investment, particularly in the health and wellness sectors, driven by the growing demand for home care services [11]. - Despite the positive outlook, challenges remain in distinguishing between actual needs and market demands, which could hinder the industry's growth and profitability [13].

Group 1 - The core viewpoint emphasizes the importance of optimizing the layout and adjusting the structure of state-owned enterprises (SOEs) to support the construction of a modern industrial system and enhance the resilience and security of the industrial chain [1][2] - The "14th Five-Year Plan" has shown significant results in optimizing the layout of central enterprises, with increased influence in key industries and sectors, focusing on both traditional industry transformation and emerging industry development [1][2] - A series of strategic reorganizations have been implemented, resulting in the establishment of 9 new central enterprises and improved resource allocation efficiency, with traditional industries seeing a rise in high-end product ratios [1][2] Group 2 - The upcoming "15th Five-Year Plan" assigns a deeper mission to the optimization and structural adjustment of the state-owned economy, requiring central enterprises to consolidate existing advantages while fostering new growth points [2] - The meeting highlights the need for strategic, specialized reorganizations and high-quality mergers and acquisitions, marking a new approach to resource allocation and capital concentration [2] - Internationalization is framed as a means to enhance competitiveness based on China's industrial advantages, with a focus on high-quality cooperation along the "Belt and Road" initiative [2]

穿行于齐鲁大地产业一线，一个值得探寻的命题逐渐浮现：支撑山东传统产业转型与新兴产业进阶的核 心动能，源自何处？调研结束，答案也逐渐清晰，那就是重视人才、尊重人才。 济南晶正电子科技有限公司创始人、总裁胡文手中的人才金卡，送上公园免票、公交免费等看似寻常的 福利，却让人才感受到处处受到尊重。1000万元的人才贷，体现的是地方政府对高端人才价值的信任背 书。感动于这份信任，胡文经常化身招商志愿者，现身说法，帮济南招徕高端人才和新项目。 济南"5150"人才计划，原定5年引进150名高层次创新创业人才，但实际引进了三四百名博士。计划到期 后又推出"5150"引才倍增计划，持续加码人才招引力度。 政府诚意满满，企业行动加倍。圣泉集团（605589）董事长唐一林说："人才引进不能小打小闹，不要 只考虑三四个，先定下每年引进20名博士的目标。要打破薪酬'天花板'，没有年薪百万的竞争力怎么赢 得顶尖人才？我们要从全世界广泛招募！" 博苑股份（301617）构建了"引育留用"一体化体系，将人才贡献度、项目效益与业务发展节奏深度绑 定，实施差异化奖励，同时明确从招聘、培训到项目激励的全流程标准，形成"引进有通道、成长有平 台、 ...

Group 1 - "Yun Shen Chu Technology" has officially started its IPO counseling on December 23, 2025, with CITIC Securities as the counseling institution [1] - The company completed a C round financing of over 500 million RMB on December 9, 2025, aimed at enhancing the R&D of quadruped and humanoid robots [1] - The founder, Zhu Qiuguo, is the controlling shareholder, holding 32.60% of the shares along with his concerted parties [1] Group 2 - Established in 2017, "Yun Shen Chu Technology" specializes in quadruped and humanoid robots, primarily serving B-end applications such as power inspection and emergency rescue [2] - The company launched the first domestically produced quadruped robot capable of climbing stairs and autonomous navigation in 2018, followed by the first self-charging quadruped robot in 2019 [2] - In October 2024, the company released the world's first industry-grade all-weather humanoid robot, DR02, which operates in a wide temperature range of -20℃ to 55℃ and is designed for various applications including security patrol and factory operations [2] Group 3 - Since 2025, the humanoid robot industry has experienced a surge in orders, new product launches, and capital activities, with leading companies like Yushu Technology and Leju Intelligent initiating IPOs and mergers [3] - According to a report by Everbright Securities, the robot industry is expected to transition from "demonstration applications" to "scale production" by 2026, benefiting leading manufacturers with technological barriers, production capabilities, and supply chain control [3]

Core Viewpoint - The new "Encouraging Foreign Investment Industry Catalog (2025 Edition)" aims to optimize foreign investment direction and improve regional layout, reflecting China's commitment to high-level opening-up [1][2]. Group 1: Focus on Advanced Manufacturing - The catalog emphasizes advanced manufacturing, guiding foreign investment towards high-end and intelligent manufacturing sectors, including new areas like nucleic acid drug development and robotics component manufacturing [1]. - The inclusion of cutting-edge fields aims to support the transformation and upgrading of the manufacturing industry [1]. Group 2: Development of Modern Service Industry - The catalog promotes high-quality development of productive services, adding new entries such as modern high-end shipping services and virtual power plant operations [2]. - It also addresses consumer upgrade demands by including sectors like pet healthcare and sports tourism services, balancing industrial upgrades with improvements in people's livelihoods [1][2]. Group 3: Regional Investment Expansion - The catalog expands the encouragement scope based on regional endowments, adding specific entries for provinces like Liaoning and Hainan to promote balanced regional development [2]. - This approach aligns with local development realities and provides foreign investors with diverse investment options [2]. Group 4: Policy Incentives for Foreign Investment - Industries included in the catalog will benefit from substantial policy incentives, such as tax exemptions on imported equipment and reduced corporate income tax rates in specific regions [3]. - Foreign investors can also enjoy tax credits if they reinvest profits in qualifying sectors listed in the catalog [3]. Group 5: Future Initiatives for Foreign Investment - The National Development and Reform Commission plans to enhance coordination and guidance for foreign investment, focusing on expediting major projects and addressing bottlenecks in land use and environmental assessments [4]. - There will be initiatives to listen to foreign enterprises' needs and facilitate investment and operational challenges [4].

12月24日晚，光洋股份（002708）公告，公司于2025年12月23日与浙江孔辉汽车科技股份有限公司(以 下简称"孔辉汽车")签署了《战略合作协议》，针对智能驾驶全主动悬架相关产品展开全方位的战略合 作，积极推动公司在智能驾驶领域的业务布局。 光洋股份表示，本次合作，为发挥各自资源优势，建立更紧密的战略合作关系，双方拟在主动稳定杆以 及其他线控底盘关键零部件等产品的研发、制造等领域紧密合作。本次签署的战略合作协议无需提交公 司董事会或股东大会审议，亦不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 对于本次合作，光洋股份表示，随着新能源汽车、智能驾驶及辅助驾驶技术的迅猛发展，为了紧抓市场 机遇，根据公司业务布局，新能源汽车、低空经济、机器人等相关领域产品是公司重要业务板块。公司 本次与孔辉汽车就主动稳定杆以及其他线控底盘关键零部件产品展开合作，将有效整合公司与合作方的 优势，拓展公司在智能驾驶领域的业务布局，有利于提高公司在线控底盘产品的设计、制造能力及公司 产品竞争力，加大对此业务板块潜能的发掘，有助于带动公司业务的增长，获得新的利润增长点。 光洋股份称，本次签署战略合作协议仅为双方达成初步合 ...

据介绍，银行可以透过沙盒，获得跨领域专业人士的支持，以及香港金融管理局、香港商务及经济发展 局、香港知识产权署的指导，制定并完善其知识产权融资的安排。这一措施亦能为银行日后提供知识产 权融资累积实务经验，以更好满足创新企业的需要，尤其是拥有丰富知识产权但欠缺有形资产作银行融 资抵押品的中小企业。 近日，香港金融管理局联同香港商务及经济发展局、香港知识产权署推出知识产权融资沙盒，中国银行 (香港)、汇丰银行、渣打银行(香港)加入沙盒，成为首批参与者。多家生物、电子等行业企业有意向参 与沙盒测试知识产权融资交易。 根据香港此前发布的《行政长官2025年施政报告》，知识产权融资沙盒旨在协助试点行业利用知识产权 资产进行融资。香港金融管理局表示，沙盒提供一个协作和风险可控的环境，让银行、知识产权估值机 构、法律执业者及其他相关专业界别共同测试以知识产权资产(例如专利、商标及版权)为基础的整个融 资安排。 ...