Core Viewpoint - The minor planet (336877) has been officially named "Qifaren" in honor of Qi Faren, a prominent figure in China's aerospace engineering, recognizing his significant contributions to satellite and spacecraft development [1][3][4]. Group 1: Naming Ceremony - The naming ceremony for "Qifaren" took place on December 17, organized by the China Academy of Space Technology [1]. - The minor planet was discovered by the Purple Mountain Observatory of the Chinese Academy of Sciences and received international naming approval from the International Astronomical Union [1][4]. Group 2: Contributions of Qi Faren - Qi Faren, born in 1933, is an academician of the Chinese Academy of Engineering and played a key role in the development of China's first artificial satellite, "Dongfanghong-1" [3][6]. - He was also the chief designer of the Shenzhou spacecraft series and contributed to significant projects such as the "331 Project" and the Shenzhou-5 manned spaceflight, establishing China as the third country with human spaceflight capability [6]. - Qi Faren has received multiple prestigious awards, including the National Science and Technology Progress Award and the International Astronautical Federation Hall of Fame Award [6].

Core Viewpoint - The Fourth Shanghai International Online Literature Week has commenced, highlighting the growth and global influence of online literature, particularly emphasizing the role of Shanghai as a cultural hub and the importance of cross-cultural collaboration in literature [1][3][6]. Group 1: Event Overview - The event is attended by online literature writers, scholars, and representatives from 14 countries and regions, showcasing a global cultural exchange [1]. - The event is guided by the Shanghai Municipal Press and Publication Bureau and organized by the Shanghai Publishing Association and other entities [1]. Group 2: Industry Insights - Shanghai is recognized as the birthplace and industrial hub of online literature, with companies like Yuewen Group leading the way in international expansion [3]. - The global market for online literature is evolving, with a significant shift towards a "multi-polar growth" model expected by 2025, indicating a transition from a Chinese cultural phenomenon to a worldwide cultural trend [8][10]. Group 3: Market Trends - The "2025 China Online Literature Going Global Trend Report" indicates that the Chinese online literature market is projected to reach a revenue of 49.55 billion yuan in 2024, marking a 29.37% year-on-year growth [12]. - The overseas market is also growing, with a revenue of 4.815 billion yuan in the same year, reflecting a 10.68% increase [12]. Group 4: Content Ecosystem - By the end of 2024, the total number of Chinese online literature works is expected to reach approximately 42.1 million, indicating a solid creative foundation [12]. - The overseas original content ecosystem is thriving, with nearly 400 million cumulative users on WebNovel and over 530,000 writers contributing more than 820,000 original works, a 20% increase year-on-year [12][14]. Group 5: Demographic Shifts - There is a notable trend of younger creators in the global writing community, with 50% of signed authors on WebNovel being born after 2000, and a 55.9% increase in authors born after 2005 [14]. Group 6: IP Development - The Chinese IP industry model is being applied overseas, with over 70% of award-winning works from the annual WebNovel Writing Contest entering IP development [15]. - Successful adaptations of works like "My Vampire System" have achieved significant engagement, with audiobook plays reaching 1.1 billion [15]. Group 7: Global Market Dynamics - Latin America's market is experiencing a remarkable rise, reshaping the traditional dominance of North America and Eurasia, with Brazil leading in user growth [18]. - The U.S. market has seen a 91% year-on-year growth in user scale, indicating sustained vitality in mature markets [18]. Group 8: AI and Technology Integration - AI is enhancing the global reach of Chinese stories, with over 10,000 new AI-translated works added in a year, marking a 281% increase in total scale [21]. - The total number of translated works has surpassed 13,600, with significant growth in various languages, including a 349% increase in Indonesian [22]. Group 9: Cultural Collaborations - The integration of IP and tourism is emerging as a significant trend, with collaborations like "The Path of the Weird Immortal" at Universal Studios Singapore marking a new frontier for Chinese online literature [27]. - Events like the "Full-Time Master: 25 Years in Zurich" plan have attracted over 10,000 tourists, showcasing the potential of cultural tourism [27]. Group 10: Awards and Recognition - The event recognized outstanding contributions in the industry, with awards given for various categories, including the "International IP Co-Creation Pioneer Exploration Award" for the collaboration between "The Path of the Weird Immortal" and Universal Studios [30].

12月10日至11日，第六届"海洋合作与治理论坛"在海南三亚隆重召开。海南大学一带一路研 究院资深研究员、台湾中华妇女联合总会主任委员雷倩在"向海图强：蓝色伙伴关系与海南 自由贸易港建设"的分论坛上发表演讲，从地缘经济秩序、全球治理平台等角度畅想海南自 贸港的未来愿景。 本文整理自现场发言及会议摘要，未经本人审阅，仅供读者参考。 【文/雷倩】 2025年12月18日，海南自由贸易港（FTP）正式启动封关运作。这是南海地缘经济的重大转折点。 作为中国首个自由贸易港——关税大幅减免、通关高度便利、资本流动宽松、数字贸易规则扩容——海 南被定位为"海上丝绸之路"中一个民用、开放、以发展为导向的枢纽，海南的制度型开放，再叠加其雄 厚的海洋、生态能力，有望将南海叙事从"安全对抗"扭转为"合作发展"。 海南洋浦国际集装箱码头 新华社 "涨海声中万国商"，历史上南海本是一条商贾云集的海上走廊。明、清时期，海南、广东、越南、吕宋 与马来等地凭借密集的贸易网络互通有无，形成了"共享海域、共享生计"的传统，这一遗产凸显了南海 作为商业与流动性空间的角色。 2024年3月18日，历时近两年，由中国铁建旗下中铁建设集团参与改造施工的 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to issue the 10th Central Bank Bill in Hong Kong to enhance the high credit-rated RMB financial products and improve the RMB yield curve in Hong Kong [1][8]. Group 1: Central Bank Bill Issuance - The 10th Central Bank Bill will have a term of 6 months (182 days) and will be a fixed-rate bond, with a total issuance amount of RMB 40 billion [1][8]. - The bill's effective date is December 24, 2025, and it will mature on June 24, 2026, with the maturity date adjusted for holidays [1][8]. - The face value of the bill is RMB 100, and it will be issued through a Dutch auction method, with the bidding subject being the interest rate [1][8]. Group 2: Economic Implications - Central Bank Bills serve as a monetary policy tool aimed at regulating market liquidity, providing a benchmark interest rate, and promoting the development of the money market, rather than raising funds [3][10]. - The issuance of these bills is expected to help absorb offshore RMB liquidity and stabilize exchange rate expectations, as the offshore RMB exchange rate has reached 7.0378, the highest in nearly 14 months [5][10].

Core Viewpoint - The article critiques a Reuters report on China's alleged "Manhattan Project" for semiconductor technology, suggesting that while the facts presented may not be false, the conclusions drawn are misleading and based on narrative manipulation rather than solid evidence [1][4]. Group 1: Narrative Techniques - The report employs a narrative style that uses terms like "informed sources" and "engineers familiar with the situation" to create an impression of a well-supported argument, despite the lack of direct evidence [1][2]. - The article suggests that the mention of personnel movements, such as Lin Nan's recruitment by Huawei, is designed to imply a connection to reverse engineering without providing concrete proof of such a relationship [2][4]. Group 2: Technical Misunderstandings - The emphasis on reverse engineering in the article is misleading, as it overlooks the complexities involved in high-end industrial systems, where critical knowledge cannot be obtained merely through disassembly [2][3]. - The report fails to acknowledge that even if prototype machines exist, significant challenges remain in achieving operational success, particularly regarding the high dependency on advanced components and supply chains [3][4]. Group 3: Legal and Ethical Implications - The article attempts to create a narrative of espionage and illegal activities surrounding ASML's technology, yet lacks substantial evidence to support claims of wrongdoing [4][6]. - It argues that any technological advancement based on infringement and secrecy cannot achieve long-term success in the global market, as trust and collaboration within the industry are essential for sustainable development [6].

导读：福特放弃全面电动化转型的计划波及供应链。 福特汽车已于本周一宣布计提195亿美元（约合人民币1400.10亿元）的资产减值，并取消多款电动车 型。 据悉，在福特计提的195亿美元资产减值中，约85亿美元（约合人民币610.30亿元）与取消规划中的电 动车项目相关，约60亿美元（约合人民币430.80亿元）与解散其与韩国SK On的电池合资企业有关，另 有50亿美元（约合人民币359.00亿元）被归类为"项目相关费用"。 值得注意的是，2022年，SK On与福特曾投资114亿美元（约合人民币818.50亿元），在美国建设联合电 池工厂。 从目前来看，福特放弃全面电动化转型的影响范围正在进一步扩大。包括SK On和LG新能源在内，福 特的战略变动导致的损失已经开始蔓延到整个供应链。 本文系观察者网独家稿件，未经授权，不得转载。 （文 / 观察者网 周盛明 编辑 / 高莘） 据路透社报道，韩国电池制造商LG新能源当地时间12月17日表示，福特汽车已终止一项价值约9.6万亿 韩元（约合人民币510.70亿元）的电动车电池供应协议。 据悉，去年10月，LG新能源曾和福特签署两份协议，计划自2026年和2027年 ...

Core Viewpoint - Elon Musk stated that fuel vehicles without autonomous driving capabilities are akin to "riding a horse while using a flip phone," emphasizing the necessity of electric vehicles (EVs) and autonomous technology in the automotive industry [1][2][4]. Group 1: Tesla and Autonomous Driving - Musk's comments were a response to discussions about the electric transition of American automakers, highlighting that only Tesla and BYD have succeeded in the EV market [2]. - Jesse Peltan, co-founder of HODL Ranch, echoed Musk's sentiment, asserting that once cars achieve autonomous driving, the operational costs of fuel vehicles will become unsustainable [4]. Group 2: Ford's Challenges and Strategic Changes - Ford announced a $19.5 billion (approximately 137.67 billion RMB) asset impairment, canceling several EV models, with about $8.5 billion (approximately 60 billion RMB) related to the cancellation of planned EV projects [4]. - The company plans to replace the pure electric F-150 Lightning with a range-extended electric vehicle and has scrapped the next-generation pure electric pickup project [4]. - Ford aims to transform its Kentucky battery plant into a storage battery business, resulting in the layoff of approximately 1,600 employees during the transition [4]. Group 3: Future Projections and Market Needs - Ford expects that by 2030, hybrids, range-extended EVs, and pure EVs will collectively account for 50% of its global product mix, up from the current 17% [5]. - The CEO of Ford, Jim Farley, indicated that high battery costs are a critical factor hindering profitability for large EVs in the U.S., compounded by a retreat in consumer interest in EVs [6].

12月17日，中金公司、东兴证券、信达证券发布公告，宣布中金公司合并东兴证券与信达证券的计划进 入新一阶段。根据公告，每股东兴证券、信达证券能换取中金公司股票的比例分别为1:0.4373、 1:0.5188。此外，三家公司股票于12月18日复牌。 截至早盘收盘，中金公司股价为36.65元，涨超5%；信达证券股价为18.65元，涨4.83%；东兴证券股价 为14.44元，收获涨停。 此前在11月19日，中金公司发布公告宣布正在筹划重大资产重组，拟同时吸收合并东兴证券、信达证 券，预计停牌时间不超过25个交易日。公告表示，中金公司拟通过向东兴证券全体A股换股股东发行A 股股票、向信达证券全体A股换股股东发行A股股票的方式，换股吸收合并东兴证券、信达证券。 而根据12月17日公告信息，中金公司换股吸收合并的定价基准日前20个交易日的A股股票交易均价，考 虑利润分配实施所带来的除权除息调整后为36.91元/股。东兴证券换股吸收合并的定价基准日前20个交 易日的A股股票交易均价为12.81元/股。在此基础上给予26%的溢价，由此确定东兴证券的换股价格为 16.14元/股。信达证券换股吸收合并的定价基准日前20个交易日的 ...

Core Viewpoint - The domestic GPU unicorn, Birun Technology, has officially passed the Hong Kong Stock Exchange hearing and is set to become the "first domestic GPU stock" in Hong Kong if the IPO is successful [2][4]. Group 1: IPO and Funding - Birun Technology plans to issue no more than 372.458 million ordinary shares and aims to raise funds primarily for the development of intelligent computing solutions, including hardware, software platforms, and next-generation GPGPU chips [2][3]. - The company has undergone multiple rounds of financing, achieving a post-investment valuation of 20.915 billion yuan by August 2025, with notable investors including state-owned platforms and top-tier venture capital firms [2][7]. Group 2: Financial Performance - The financial data shows that Birun Technology has not yet achieved profitability, with significant net losses reported: -1.474 billion yuan in 2022, -1.744 billion yuan in 2023, and projected losses of -1.538 billion yuan in 2024 [3][7]. - Revenue figures for the years 2022 to 2025 are as follows: 499,000 yuan in 2022, 62.03 million yuan in 2023, 337 million yuan in 2024, and 59 million yuan in the first half of 2025, indicating strong growth but still in the early commercialization stage [3][6]. Group 3: Market Position and Product Development - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of a projected market size of 50.4 billion USD by 2025 [3][4]. - The company has developed its first-generation GPGPU architecture and several hardware products, including the Wall Strength 106 and 110 chips, with plans for the Wall Strength 20X series to be commercialized in 2026 [10].

Core Viewpoint - The domestic GPU unicorn, Birun Technology, has officially passed the Hong Kong Stock Exchange hearing and is set to become the first domestic GPU stock in Hong Kong if the IPO proceeds smoothly [1]. Group 1: IPO and Funding - Birun Technology plans to issue no more than 372.458 million ordinary shares and aims to raise funds primarily for the development of intelligent computing solutions, including hardware, software platforms, and next-generation GPGPU chips [1][2]. - The company has received a foreign issuance listing approval and has notable investors, including state-owned platforms and top-tier venture capital firms, with a post-investment valuation of approximately 20.915 billion yuan by August 2025 [1][5]. Group 2: Financial Performance - Birun Technology has shown strong revenue growth over the past three years but has not yet achieved profitability, with cumulative net losses exceeding 6.3 billion yuan from 2022 to June 2025 [2][4]. - Revenue figures for the years 2022 to 2025 (June) are 0.499 million yuan, 62.03 million yuan, 337 million yuan, and 59 million yuan, respectively, while net losses for the same periods are -1.474 billion yuan, -1.744 billion yuan, -1.538 billion yuan, and -1.601 billion yuan [2][4]. Group 3: Market Position and Product Development - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture about 0.2% of a projected market size of 50.4 billion USD by 2025 [2]. - The company has developed its first-generation GPGPU architecture and several hardware products, including the Wall Strength 106 and 110 chips, with plans for the Wall Strength 20X series to be commercialized in 2026 [8]. Group 4: Customer Base and Contracts - The top five customers contributed 98.1%, 90.3%, and 97.9% of Birun Technology's total revenue in 2023, 2024, and the first half of 2025, respectively, all being companies in the ICT, data center, and AI solutions sectors [5]. - As of the latest reporting date, Birun Technology has 24 binding orders valued at approximately 822 million yuan and has established framework sales agreements and contracts worth a total of 1.241 billion yuan [6].