来源：经济参考报 作者：闫磊 2025年，地缘政治波动、新能源汽车产业发展、市场避险需求高企等因素持续影响大宗商品需求端，主 要品种价格单边震荡，走势分化，行情呈现"冰火两重天"——油价显著回落，而黄金等贵金属价格屡创 新高、铜价持续飙涨。 需求疲弱令油价走低 针对今年以来震荡走低的国际油价，多个机构近期表示，需求端疲软令基本面宽松的局面持续打压油 价，地缘政治局势缓和等因素也给油价带来下行压力。 受到供应过剩压力加剧的预期，以及市场对俄乌和谈再现乐观情绪的影响，国际油价近期跌至2021年2 月以来最低水平，令今年的油价总体跌幅达到约20%。 据英国《金融时报》近日报道，全球大宗商品贸易巨头托克集团警告称，由于供应激增与全球需求下降 并存，石油市场明年将面临"超级过剩"。该集团日前发布的公司年度业绩显示，截至9月份的财年净利 润为27亿美元，创五年新低。 除了行业头部企业业绩反映需求下降，《金融时报》还指出，随着全球大量原油开采新项目将于明年投 产，预计油价将受到进一步压制。 英国oil price网站称，在需求增长疲软的背景下，石油供应持续上涨，因此预测机构和分析师预计2026 年市场将出现大幅供应过剩。许 ...

12月22日，中原建业（证券代号：09982）恢复买卖。截至发稿，报价0.152港元/股，上涨38.18%，总 市值5.9亿港元。 ...

Core Insights - The Chinese gaming industry has shown robust growth over the past year, with increasing global influence and a significant rise in market metrics [1][4] - The report predicts continued strong growth in the gaming market for 2026, with a focus on multi-platform distribution and the rise of both heavy and lightweight games [3][4] Market Performance - The actual sales revenue of the domestic gaming market is projected to reach 350.79 billion yuan in 2025, marking a year-on-year increase of 7.68% [4] - The user base is expected to exceed 683 million, reflecting a growth of 1.35% [4] - The client game market is anticipated to generate 78.16 billion yuan in revenue, showing a significant year-on-year increase of 14.97% [4] - The console gaming market is projected to achieve 8.36 billion yuan in revenue, with an impressive growth rate of 86.33% [5] - The esports gaming market is expected to reach 170.05 billion yuan, reflecting an 18.96% increase [6] - The mini-program gaming market is projected to generate 53.54 billion yuan, with a substantial year-on-year growth of 34.39% [6] Global Expansion - The overseas revenue from self-developed games is expected to reach 20.455 billion USD in 2025, with a year-on-year growth of 10.23% [7] - The overseas revenue from self-developed mobile games is projected to be 18.478 billion USD, reflecting a growth of 13.16% [7] - The industry is shifting from merely seeking profits abroad to promoting Chinese culture globally through gaming [8] Industry Trends - The gaming industry is experiencing a quality upgrade and restructuring, with a focus on high-quality products and cultural integration [4][10] - Companies are increasingly adopting AI technology and cultural confidence as key drivers for global competitiveness [8][9] - Successful games like "Whiteout Survival" and "Kingshot" demonstrate the importance of global themes and localized gameplay design [9]

Core Insights - The "Qingtian Rental" platform aims to empower the robot rental industry by creating a standardized and scalable ecosystem, facilitating value co-creation across the entire supply chain [1][2][6] Group 1: Industry Development - The robot rental industry is transitioning from fragmented services to an ecosystem-based approach, driven by the need for standardized and scalable development [2] - The "Qingtian Rental" platform is designed to connect users, rental companies, content developers, and equipment manufacturers, thereby enhancing the overall value of the robot rental industry and defining a new era of RaaS (Robot as a Service) [2][3] Group 2: Strategic Plans - The "Qingtian Rental 1234 Strategic Plan" aims to achieve partnerships with over 10 manufacturers, 200 premium service rental companies, 3,000 content creators, and 400,000 rental customers by 2026 [3] - The platform emphasizes the importance of collaboration among industry stakeholders to unlock the potential of intelligent robots across various sectors [3] Group 3: Innovative Rental Mechanism - The platform introduces a convenient rental model similar to shared charging stations, addressing high operational costs, complex collaboration chains, and content homogenization in the current robot rental market [3][4] - "Qingtian Rental" connects users, merchants, and creators, providing operational support and facilitating direct orders for robot rentals [4] Group 4: Nationwide Coverage and Growth Strategies - The platform has established a rental network covering 50 key cities in China, with plans to expand to over 200 cities by 2026, ensuring nationwide delivery capabilities for robot services [4] - User growth and merchant incentive policies will be gradually introduced to stimulate demand and enhance the platform's ecosystem [4] Group 5: Industry Confidence and Collaboration - The summit featured various industry representatives sharing successful applications of robots, highlighting the transformative impact on service experiences and operational efficiency [5] - The successful launch of the "Qingtian Rental" platform marks the beginning of a collaborative and win-win industry ecosystem, injecting confidence into the robot rental sector [6]

IPO Review and Registration Progress - Six companies passed the IPO review last week, including 尚水智能, 固德电材, and others, with a focus on sustainable growth and market demand [2][3] - 尚水智能 reported revenue of 567 million yuan and net profit of 122 million yuan for the first three quarters of 2025, with BYD as its largest customer [2] - 固德电材 achieved revenue of 750 million yuan, up 18.81%, and net profit of 118 million yuan, up 2.52% [2] - 电科蓝天's revenue was 1.708 billion yuan with a net profit of 113 million yuan, focusing on commercial aerospace power supply [3] - 创达新材 plans to raise 300 million yuan for production line construction and working capital, reporting revenue of 323 million yuan and net profit of 53 million yuan [3] - 赛英电子's revenue was 438 million yuan with a net profit of 70 million yuan, facing scrutiny over the qualifications of its independent director [3] - 长裕集团 reported revenue of 1.321 billion yuan and net profit of 175 million yuan, with concerns over potential profit margin declines [4] Upcoming IPOs and New Listings - Nine companies are set to undergo IPO reviews this week, including 大普微, which is notable for being the first unprofitable company to apply for the创业板 [5][6] - 大普微 reported revenues of 962 million yuan and 1.264 billion yuan for 2024 and the first three quarters of 2025, respectively, with a net loss of 191 million yuan [6] - 视涯科技, another unprofitable company, achieved revenue of 293 million yuan, up 54.67%, but reported a net loss of 167 million yuan [7] - 三瑞智能's revenue grew from 362 million yuan in 2022 to 831 million yuan in 2024, with a net profit of 318 million yuan for the first three quarters of 2025 [7] - Five IPO applications were accepted last week, including 绿控传动, which aims to raise 1.58 billion yuan for electric vehicle drive systems [8] - 粤芯半导体, another unprofitable company, plans to raise 7.5 billion yuan, reporting revenues of 1.545 billion yuan in 2022 and a net loss of 1.043 billion yuan [10] New Stock Subscriptions and Market Performance - Three new stocks are scheduled for listing this week, including 纳百川, which focuses on thermal management for electric vehicles [12] - 沐曦股份, known as the "second domestic GPU stock," saw a significant first-day increase of 692.95% after listing [13] - Upcoming subscriptions include 陕西旅游 and 新广益, with expected revenues of 951 million to 1.117 billion yuan and 657 million yuan, respectively, for 2025 [14][15]

Group 1 - Wang Guohua, the company's vice president, has resigned due to job adjustments, effective upon the delivery of his resignation report to the board of directors. He will continue to hold other positions within the company [1] - Xie Linhua, the company's director, financial director, and board secretary, has also resigned from the board secretary position for similar reasons, effective upon the delivery of his resignation report. He will retain his roles as director, financial director, and committee member [1] - The company has appointed Yao Jingjiang as the new vice president, with the term starting from the board's approval until the end of the current board's term [1] Group 2 - Wang Tiantian will no longer serve as the securities affairs representative due to job changes. The board has approved the appointment of Cao Mingchu as the new securities affairs representative, effective from the board's approval until the end of the current board's term [2]

Core Viewpoint - Shuanghui Development announced the election of Hu Yuhong as the employee representative director of the ninth board of directors, which will be held on December 20, 2025 [1] Group 1 - The employee representative director, Hu Yuhong, has made a written commitment to accept the nomination and confirmed that he meets the qualifications for the position [1] - Hu Yuhong's election will ensure that the number of directors who are senior management or employee representatives does not exceed half of the total number of directors on the ninth board, in compliance with relevant laws and regulations [1] - The term of Hu Yuhong as a director will align with the term of the ninth board of directors [1]

Core Viewpoint - The company aims to reduce the comprehensive cost of pig farming and enhance production efficiency through various technological and management improvements while exploring growth opportunities in its pig farming business [1][2] Group 1: Cost Management and Projections - The comprehensive cost of pig farming is expected to decrease to 6.1-6.2 yuan per jin by November 2025, with a further projection of around 5.9 yuan per jin for the entire year of 2026 [1] - The company plans to focus on breeding technology, digital intelligence, production model iteration, feed nutrition optimization, and lean management to continuously improve production quality and efficiency [1] Group 2: Growth Opportunities - The company identifies growth potential primarily through optimizing existing production capacity, aiming to enhance the PSY (Pigs Sold per Year) level from the current 27 heads to over 32 heads in the future [1] - The company plans to diversify its operations by optimizing the structure of market releases, targeting that piglet sales will account for 5%-10% of total pig sales [1] - A strategic plan for black pig sales has been established, with a target of achieving a sales proportion of approximately 5% in the future [1] Group 3: Financial Position and Future Plans - The company currently has sufficient funds and a reduced debt ratio, indicating high financial security, and does not have immediate plans for a Hong Kong stock listing or new equity financing [2]

【#比亚迪技术研发人员涨薪#】12月22日消息，针对"比亚迪技术研发人员涨薪"传闻，比亚迪方面今日 回应称，"情况属实"。但对于消息中"大部分涨薪500-1000元、少部分涨薪2000-3000元"等内容，比亚迪 未作出表态。据悉，2024年比亚迪曾发布通知，依据员工的工作业绩和工作表现，进行加薪、晋级和奖 金分配。公司设立了每年两次的薪资调整机会与一次晋升机会，确保员工的付出能够得到及时、公正的 回报。（智通财经） ...

Core Viewpoint - The National Medical Products Administration (NMPA) has approved Pimicotinib capsules for the treatment of symptomatic tenosynovial giant cell tumors (TGCT) in adult patients, which may lead to functional limitations or serious complications [1] Group 1: Product Approval - Pimicotinib (development code: ABSK021) is a novel, oral, highly selective, and effective small molecule CSF-1R inhibitor developed independently by He Yu Pharmaceutical [1] - The approval was granted through the CDE priority review process [1] Group 2: Licensing Agreement - In December 2023, He Yu Pharmaceutical entered into an exclusive licensing agreement with Merck for Pimicotinib [1] - Under the agreement, Merck obtained exclusive rights for the commercialization of Pimicotinib for all indications in mainland China, Hong Kong, Macau, and Taiwan, along with exclusive options for global commercialization rights [1]