Core Insights - The industry of embodied intelligence is transitioning from the "proof of concept" phase to a new stage characterized by large-scale investments, concentration of leading companies, and expectations for industrialization [2][8] Investment Trends - In 2025, at least 165 embodied intelligence companies completed 303 financing rounds, accumulating nearly 37 billion yuan, a nearly 260% increase compared to the entire year of 2024 [2] - The number of companies receiving investment in 2025 reached 168, with a financing scale of 32.9 billion yuan, a year-on-year increase of 291% [3] - The total investment in the embodied intelligence sector from 2022 to 2025 amounted to 512 cases, with disclosed financing exceeding 48 billion yuan [4] Company Performance - Notable companies like ZhiYuan Robotics and Galaxy General have achieved significant financing milestones, with Galaxy General raising over 300 million USD (approximately 2.1 billion yuan) in December 2025, setting new records for single and cumulative financing [6] - ZhiYuan Robotics completed 11 financing rounds by August 2025, with a valuation reaching 15 billion yuan, and plans for an IPO in Hong Kong [6] Market Dynamics - The concentration of investment is evident, with the top 10 companies accounting for about 40% of the total financing in 2025, indicating a narrowing window for mid-tier projects [8] - The industry is experiencing a surge in entrepreneurial activity, with 53 new companies established in 2025, and 31 of them securing funding shortly after their inception [3] Future Outlook - 2025 is seen as a watershed year for financing in the embodied intelligence sector, marking a systematic increase in capital scale and a shift from "technology validation" to "pre-industrialization" [8] - The financing rhythm is expected to differentiate in 2026, with leading companies likely to secure large, low-frequency but high-certainty funding, while mid-tier companies may face a more challenging environment [8]

Core Insights - The total box office revenue for the year reached 500.03 billion yuan, with domestic films accounting for 409.52 billion yuan, representing an 81.90% market share [1] - The "ticket root economy" is emerging as a new economic model that integrates various consumption activities with ticketing, enhancing urban consumption vitality [2][3] - Guangdong province has maintained its position as the top box office region in China for 23 consecutive years, with Shenzhen contributing 15.56 billion yuan to the total box office [5] Box Office Performance - As of December 13, 2025, the total box office reached 500.03 billion yuan, with 11.94 billion admissions [1] - The top film of the year, "Ne Zha," grossed over 154 billion yuan, followed by "Detective Chinatown 3" and "Zootopia 2" [1] - Guangdong's annual box office surpassed 60.7 billion yuan, attracting over 1.45 billion viewers [5] Ticket Root Economy - The "ticket root economy" connects ticket holders with various merchants, offering cross-scenario discounts and enhancing consumer engagement [2] - Popular films like "Zootopia 2" have successfully extended their influence into the consumer market, with themed pop-up stores and promotional activities [2][3] - The "ticket root map" launched by China UnionPay and Maoyan Entertainment provides dining discounts based on cinema locations, enhancing the viewing experience [3] Consumer Engagement Strategies - The integration of ticketing with local businesses has led to innovative marketing strategies, such as discounts at nearby restaurants for ticket holders [3][5] - The success of the "ticket root economy" relies on leveraging popular IPs to drive consumer interest and engagement [7] - Various strategies are suggested to enhance the effectiveness of the "ticket root economy," including expanding the range of applicable scenarios and providing financial support [7] Industry Development - The film industry in Guangdong is not only contributing high box office revenues but also excelling in the development of film-related merchandise [5] - The "ticket root economy" is seen as a significant driver of economic growth, transforming how films are perceived and marketed within the broader economy [7]

深圳商报首席记者袁静娴 2025年末，人形机器人再迎来一则重大消息。 12月24日，"人形机器人第一股"优必选（9880.HK）发布公告，以"协议转让+要约收购"的组合方式共 收购深交所上市公司锋龙股份（002931）（002931.SZ）93957518股（占锋龙股份公司股份总数 43%）。 根据公告，本次控制权变更方案中的股份转让价格、要约收购价格均为17.72元/股（相比12月17日锋龙 股份停牌前19.68元/股折让10%），以此计算，合计总对价达16.65亿元。 交易完成后，优必选将成为锋龙股份的控股股东，其董事会主席、执行董事兼CEO周剑将成为锋龙股份 的实际控制人。周剑目前也是优必选单一第一大股东，直接持股比例达20.61%。 优必选表示，收购事项在战略上符合双方的长期目标，并能创造协同效应，加速公司人形机器人的开发 与商业化。 在优必选收购锋龙股份之前，今年的机器人与人工智能赛道，已出现数例并购案例。今年7月，智元机 器人入主上纬新材（688585.SH）；12月，分别传来中昊芯英拿下天普股份（605255） （605255.SH）、七腾机器人控股胜通能源（001331）（001331.SZ） ...

"首发团的火爆人气，既体现了游客对加拿大旅游资源的喜爱，也印证了市场对新景界专业服务的认 可。"深圳国旅新景界总经理陈旭彬表示，此次首发团是中加团队旅游复苏重要里程碑，新景界配备拥 有10年以上出境经验的金牌领队，将为旅游消费者奉上安全、品质的出游体验。 首发团在机场聚集后，新景界联合海南航空、加拿大旅游局及加拿大BC省旅游局官方代表为团友们举 行了隆重欢送仪式。加拿大旅游局及加拿大BC省旅游局官方代表期待以首发团为契机，吸引更多中国 游客探访加拿大。 【深圳商报讯】(记者范宏韬)12月25日凌晨2:30，载有深圳国旅新景界"加西名城10天圣诞欢乐之旅"首 发团10余名游客的海航HU7959航班在深圳机场（000089）缓缓起飞。这也是时隔5年后，首个从中国内 地出发前往加拿大的自组散客团，标志着中国旅行社赴加拿大出境团队旅游业务正式重启。 11月3日，中国外交部宣布恢复旅行社经营中国公民赴加拿大团队游业务。作为深圳旅游行业标杆企 业，深圳国旅新景界迅速响应市场需求，率先推出"加西名城10天圣诞欢乐之旅"首发团，产品一经发布 便受到广大游客关注，报名热度持续攀升，成为全国赴加团队游重启后首个自组散客团。 记者 ...

Core Insights - The "Nanshan Housing Exchange" initiative in Shenzhen has successfully completed 90 transactions within 10 days of its launch, marking a significant breakthrough in exploring new pathways for real estate circulation [1][2] Group 1: Initiative Overview - The "Nanshan Housing Exchange" program, launched on December 14, aims to facilitate the process of selling old homes and buying new ones, with participation from various stakeholders including government departments, real estate agencies, and developers [2][5] - The program features a "one-price commission" model introduced by local agency Le You Jia, simplifying the transaction process and providing cost predictability for sellers [2][3] Group 2: Transaction Details - The initiative has seen participation from over 1,400 second-hand homes, with more than 80 units sold, indicating strong market interest [3][4] - A notable case includes a buyer from Bao'an District who successfully sold his old home for approximately 5 million yuan while purchasing a new property priced around 12 million yuan, demonstrating the program's effectiveness in easing financial burdens [2][3] Group 3: Market Impact - Data from the Shenzhen Real Estate Agency indicates that new home sales reached 939 units in the week of December 15-21, with a 22.5% increase in commercial properties, while second-hand home sales saw a slight decline of 5.3% [4] - The market remains robust, with a 5.7% increase in new demand over four consecutive weeks, and larger units (over 90 square meters) accounting for 44.3% of sales, up 5 percentage points from November [4] Group 4: Future Prospects - The "Nanshan Housing Exchange" program is set to continue until March 31, 2026, offering participants a "no-worry refund period" for deposits if their old homes do not sell within 30 days [4] - Experts suggest that this innovative model could serve as a template for other cities, promoting reasonable housing consumption and stabilizing market expectations during the ongoing transition in the national real estate market [5]

Group 1 - The core management team of Linuo Pharmaceutical has undergone significant changes, with nearly half of the key management replaced in the last three months [1] - Cao Zhongyong, the former deputy general manager, has resigned but will continue to work in the company, focusing on human resources and overseas business development [1] - Song Lai has taken over as the legal representative and chairman of the company, succeeding Yang Zhongchen, who retired [1] Group 2 - The actual controller of Linuo Pharmaceutical, Gao Yuankun, has joined the board as a non-independent director, indicating a potential shift in strategic direction from the controlling shareholder [1] - The company was listed on the ChiNext board in November 2021, focusing on the research, production, and sales of borosilicate glass, with key products including medicinal glass and heat-resistant glass [1] - In the third quarter report, heat-resistant glass accounted for 57.02% of the main business revenue, while medicinal glass made up 40.74% [1] Group 3 - In 2022, the company's performance declined, with revenue decreasing by 7.52% and net profit dropping by 6.51% [2] - In 2023, the net profit saw a significant decline of 43.49%, following a slight increase of 0.23% in the previous year [2]

Group 1 - The core viewpoint of the news is that Guangzhou Shiyuan Electronic Technology Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange, with CICC and GF Securities as joint sponsors [1] - The company primarily provides smart terminal products and solutions, focusing on education and enterprise service scenarios, and has built an ecosystem that includes AI-driven software solutions [1] - Shiyuan's products are marketed in over 100 countries and regions, utilizing a combination of direct sales and a global distribution network [1] Group 2 - For the first three quarters of 2025, Shiyuan reported operating revenue of 18.087 billion yuan, representing a year-on-year increase of 5.45% [2] - The net profit for the same period was 982 million yuan, showing a slight decline of 0.2% year-on-year [2] - The company's gross margin has been declining, with figures of 26.2%, 24.55%, 20.93%, and 19.92% for the years 2022 to 2024 and the first three quarters of 2025, respectively [2]

【深圳商报讯】(首席记者吴蕾)本周，苹果公司CEO蒂姆.库克对其担任董事的耐克公司投出"信任票"。 他以平均每股58.97美元的价格，动用私人资金购入5万股耐克股票，总投资约295万美元。这是库克自 2005年加入耐克董事会以来，首次在公开市场个人买入公司股票。 消息出来后，市场反应积极，当地时间12月24日，耐克股价收盘大涨逾4%。 据悉，向资本市场传递信心同时，耐克也持续强化品牌营销，尤其是面向中国市场。 财报显示，区域表现呈现分化：北美市场当季营收同比增长9%，其中批发业务大涨24%，成为财报一 抹亮色；而作为全球第三大市场的大中华区仍面临复苏挑战，营收同比下降17%，数字业务下滑36%， 批发业务下降15%。年初至今，公司股价大幅跑输标普500指数。 在财报引发市场忧虑的背景下，董事会成员的增持行为被视为重要信号。除库克外，独立董事罗伯特. 斯旺也在同日购入8691股。 分析指出，核心高管"自掏腰包"与公司深度绑定，意在向市场传递股价可能已接近底部的信息。 库克此番增持正值耐克发布最新财报之际。12月18日，耐克发布了截至2026财年第二季度业绩报告。整 体来看，公司在营收端止跌企稳，但净利润大幅下滑 ...

Core Viewpoint - Ruikang Pharmaceutical has terminated its cooperation with Zhongxing Caiguanghua Accounting Firm and appointed Shenzhen Jiuan to undertake the 2025 audit, raising concerns about potential audit risks and independence issues [3][4]. Group 1: Company Actions - The company announced the change in auditors on December 24, citing "comprehensive consideration of business development and audit needs" without providing further details [3]. - The decision to change auditors comes just before the annual audit process, which typically starts in January and concludes by the end of April [3]. Group 2: Regulatory Issues - Ruikang Pharmaceutical has faced multiple regulatory warnings over the past five years, including a warning from the Shandong Securities Regulatory Bureau in December 2023 for serious violations [3]. - Specific violations include failing to disclose a 4.6 billion yuan related party transaction and not timely reporting litigation matters totaling 5.84 billion yuan [3]. Group 3: Management Turmoil - In July 2023, the company experienced significant management changes, including the detention of a board member and the resignation of the actual controller's son [4]. - These management upheavals coincide with a decline in the company's operational performance [4]. Group 4: Financial Performance - Revenue for Ruikang Pharmaceutical has seen significant declines from 2020 to 2024, with year-on-year decreases of 22.84%, 22.67%, 41.54%, 34.74%, and a slight drop of 0.85% in 2025 [4]. - The net profit for the company has also deteriorated, with a 63% year-on-year decline in the first three quarters of 2025 [4]. Group 5: Industry Context - Ruikang Pharmaceutical is not alone in terminating its relationship with Zhongxing Caiguanghua; at least 30 other A-share companies have also ended their partnerships with the firm amid concerns over its audit practices [5][6]. - The wave of terminations is linked to Zhongxing Caiguanghua's involvement in a financial fraud case, which has led to regulatory scrutiny and investigations [6].

Core Insights - The luxury residential project, CITIC City Opening Xinyue Bay, has set a new record in Shenzhen with a maximum filing price of 380,000 CNY per square meter, attracting significant market attention [1][2] - The project is located in a prime area of Shenzhen Bay, with the first batch of units approved at an average filing price of approximately 244,000 CNY per square meter, marking the highest record in the history of new residential filings in Shenzhen [1] Summary by Category Project Details - CITIC City Opening Xinyue Bay has a total of 156 units available, with filing prices ranging from 176,000 to 380,000 CNY per square meter, and total prices spanning from 53.27 million to 250 million CNY [1] - The main offerings focus on high-end improvement needs, featuring large flat units of approximately 302 and 370 square meters, along with two units of 519 and 658 square meters, the latter priced at about 380,000 CNY per square meter [1] Market Trends - Since November, several luxury projects in the Shenzhen Bay area have been launched, including China Resources Yuncheng with an average filing price of about 168,800 CNY per square meter and a maximum price of 350,000 CNY per square meter [1] - The launch of Lian Tai Super Headquarters Base in mid-December, which offered 125 units with sizes ranging from 300 to 1000 square meters, achieved sales of approximately 5.3 billion CNY on the opening day, with a maximum price of 340,000 CNY per square meter [1] Sales Performance - Recent data from the Le You Jia Research Center indicates that the hot sales of top luxury projects in Shenzhen have led to an increase in transactions of second-hand improvement properties in core areas, with the proportion of transactions for properties over 10 million CNY rising by 2.4 percentage points compared to November [2] - The proportion of transactions for properties priced between 8 million and 10 million CNY also increased by 1 percentage point, indicating a positive cycle of improvement demand that supports confidence in the luxury market at year-end [2]