Market Overview - The U.S. stock market experienced a three-day decline with small-cap stocks underperforming and facing selling pressure [2] - Major technology stocks showed some recovery after a previous downturn, while cyclical sectors like communication services and materials briefly outperformed [2] - U.S. Treasury yields saw slight fluctuations, with the 10-year yield rising by less than 1 basis point [2] - The offshore RMB appreciated by 0.2% before narrowing its gains, closing at 6.992 [2] - Gold prices initially rose by 1.60% but later retraced most of the gains, while silver saw a significant rebound, closing up over 5% [2] Key News - The Central Rural Work Conference emphasized the need to strengthen core agricultural technologies and efficiently convert scientific achievements into practical applications [3][17] - The government announced a new tax policy for individuals selling homes held for over two years, exempting them from value-added tax starting January 1, 2026 [6][19] - A new national subsidy plan for 2026 was introduced, which includes support for smart products while adjusting standards for household appliances and automobiles [4][18] - Four departments are pushing for the digital transformation of the automotive industry, focusing on key technologies and the development of public computing infrastructure [5][19] Company Developments - Tesla's Q4 delivery volume is projected to decline by 15% due to the expiration of tax credits and increased competition [22] - Longxin Technology's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 29.5 billion yuan [7] - MiniMax plans to raise 4.2 billion HKD through its IPO, with Alibaba and Abu Dhabi as cornerstone investors [8] - Manus, an AI startup, was acquired by Meta for over $2 billion, marking a significant milestone in the AI sector [30] Commodity Market - The metal market showed mixed trends, with silver prices rebounding significantly while gold's gains were curtailed [21] - Copper prices surged nearly 4%, and nickel reached a 14-month high due to supply concerns [21][33] - OPEC+ is expected to maintain its current production levels amid ongoing supply surplus pressures [11][25] Economic Policies - The government is set to implement a large-scale equipment update and consumer goods replacement policy in 2026, focusing on key consumer products [38] - The Ministry of Industry and Information Technology is promoting the application of artificial intelligence in the automotive sector, aiming for significant advancements by 2030 [40]

兆易创新 （GigaDevice Semiconductor Inc.）申请香港IPO。寻求发行2890万股股票，发行价指导区间顶 端为每股162港元。预计股票将于1月9日定价，将从1月13日开始交易。 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 马斯克确认The Information关于扩建数据中心的报道，称：xAI收购了第三座建筑，这将使xAI的训练算 力达到近2吉瓦。 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 美联储会议纪要：大部分官员认为随着时间的推移继续降息是适宜的。 ...

Core Viewpoint - Changxin Technology Group Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan, marking a significant step for China's memory chip industry in the capital market [1][3]. Group 1: IPO Details - The IPO is the first project accepted under the pre-review mechanism for IPOs on the Sci-Tech Innovation Board, designed to protect sensitive information and reduce the listing exposure time [3][7]. - The company plans to issue no more than 10.622259999 billion shares, with 7.5 billion yuan allocated for upgrading manufacturing lines, 13 billion yuan for DRAM technology upgrades, and 9 billion yuan for advanced R&D projects [3][4]. Group 2: Financial Performance - In the first nine months of this year, the company reported revenue of 32.084 billion yuan, with a compound annual growth rate (CAGR) of 72.04% in main business revenue from 2022 to 2024 [3][10]. - Revenue for 2022, 2023, and 2024 is projected at 8.084 billion yuan, 9.063 billion yuan, and 23.929 billion yuan, respectively, with 15.224 billion yuan in the first half of 2025 [10]. Group 3: Market Position - Changxin Technology has become the largest DRAM manufacturer in China and the fourth globally, with a diverse product range including DDR4, DDR5, LPDDR4X, and LPDDR5/5X [3][9][13]. - The company has established a strong customer base, collaborating with major industry players such as Alibaba, Tencent, and Xiaomi, and has no single customer accounting for over 50% of its revenue [9][10]. Group 4: R&D Investment - The company has invested significantly in R&D, with a total of 18.867 billion yuan from 2022 to the first half of 2025, representing 33.11% of cumulative revenue [11][12]. - The R&D investment for 2024 is projected at 6.341 billion yuan, a 35.77% increase from 2023 [11]. Group 5: Future Outlook - Market analysts predict that Changxin Technology will achieve nearly 50% capacity growth by 2025, with market share by bit shipments expected to rise from 6% to 8% [13]. - The company aims to leverage storage technology to empower the information society and become a leading semiconductor storage enterprise [13].

2025年亚洲主要股市交出亮眼成绩单，韩国、日本和印尼股指均录得两位数大涨。韩国首尔综指全年飙 涨将近76%，创1999年以来最大涨幅；日本东证指数收于历年来年终新高，超越1989年泡沫经济时期峰 值；印尼雅加达综合指数上涨约22%，创2014年以来最佳表现。 日本：估值修正推动东证指数超越泡沫时代 韩国股市涨幅在亚洲市场中表现最为突出，远超标普500指数约17%和MSCI亚太指数约25%的今年内涨 幅。三星电子和SK海力士等芯片巨头领涨，军工和核电板块同样表现强劲。日本东证指数年终收于 3408.97点，全年上涨22%，连续第三年录得年度涨幅，显示日本股市买盘基础不断扩大。 印尼股市的上涨主要由本土散户投资者推动，抵消了外资净流出10亿美元的影响。在一系列降息导致债 券收益率下降后，寻求更高回报的印尼散户投资者大举入市。花旗、摩根大通和野村等券商均指出，这 些市场明年仍有进一步上涨空间。 韩国：AI基建与芯片股引领25年最强涨势 韩国首尔综指周二收盘微跌0.2%至4214.17点，但全年累计涨幅达75.6%，创进入21世纪以来二十五年最 强年度表现。韩国股市的涨势覆盖了半导体、军工、核电和美容产品、即K-b ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 Qwen Code本次更新至v0.5.0版本。这次更新不仅包含了功能增强，更是Qwen Code从「命令行工具」向 「开发生态」迈进的关键一步。 ...

4年前，诺和诺德的长效GLP-1药物司美格鲁肽上市后凭借超强的减重效果一炮而红。 自此之后，诺和诺德也在2023年超越法国奢侈品巨头LVMH，一举摘得欧洲市值最高的上市公司王座。 但随着礼来推出了减重效果更强的GLP-1/GIP双靶点减肥替尔泊肽后，诺和诺德已经日益落寞，市值从去年7月迄今蒸发了超过6成。 尽管替尔泊肽仍有一定的独家地位，但终端价格似乎正在渠道的竞争下有些扛不住了。 更大互联网平台之间，已然掀起了一场针对减肥神药的无声价格战。 日前，美团买药补贴下的替尔泊肽10mg规格预售到手价低至450元，低于阿里、京东自营平台数十元。 在这场一触即发的价格战中，固然有替尔泊肽近期进入医保目录后大幅降价对院外市场价格体系的冲击，但更为关键的因素或还是指向了GLP-1 赛道的内卷。 随着替尔泊肽价格的走低，后续国产GLP-1药物正在面临更为严酷的竞争。 首当其冲的是信达生物，其GLP-1/GCGR双靶点药物玛仕度肽（2mg*2）目前价格仍显著高出替尔泊肽百元左右。 若不采取降价，玛仕度肽后续市场开拓难言乐观。 同质化玩家要面临的挑战更为激烈。据不完全统计，目前国内已有不少于10家药企正在推进司美格鲁肽的上市申 ...

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 报道：软银已全额出资 400 亿美元投资 OpenAI。 ...

人工智能投资主题正在发生转移。随着大型云服务提供商向新数据中心投入数十亿美元，投资者正在抢 购技术基础设施领域的"卖铲人"股票，而非此前主导市场的芯片巨头。这一轮AI交易的受益者已从英伟 达等明星公司扩散至数据存储、电力供应、建筑承包等更广泛的产业链环节。 据统计数据显示，数据存储公司在2025年主导了标普500指数涨幅榜。闪迪股价飙升近580%，成为该基 准指数表现最佳的股票，西部数据公司位列第二，希捷科技排名第四。与此同时，与AI相关的电力供 应商以及电缆和光纤生产商，如Amphenol Corp.、Corning Inc.、NRG Energy Inc.和GE Vernova Inc.均跻 身前25名。 这与过去几年形成鲜明对比。作为最初的AI"卖铲人"，英伟达曾长期占据标普500指数顶级股票之列。 但该芯片巨头2025年仅上涨40%，成为今年该指数第71位表现最佳的股票。尽管英伟达及云计算巨头微 软、Meta Platforms和Alphabet因其庞大规模仍在推动市场，但它们的涨幅百分比已开始减弱。 Allspring Global Investments投资组合经理Jake Seltz表示："当基 ...