美国总统特朗普1月3日上午在佛罗里达州海湖庄园举行新闻发布会，说美军前一晚突袭委内瑞拉首 都加拉加斯、抓走委内瑞拉总统马杜罗及其夫人，称美国将"管理"委内瑞拉直至实施"安全"过渡。 特朗普说，美军2日晚至3日凌晨动用包括"陆海空"三军在内的军事力量，出动直升机、飞机，突袭 加拉加斯市一座"戒备森严的军事堡垒"，抓走马杜罗夫妇。行动中，美军没有一人死亡，也没有损失一 件军事装备。 美军参谋长联席会议主席凯恩在新闻发布会上介绍，行动持续大约2小时20分钟，涉及150多架飞行 器，其中一架飞行器被击中，但仍可飞行。 特朗普表示，如有必要，美国将对委内瑞拉发动"规模更大"的"第二波"打击，但目前看可能不需 要。 特朗普说，美国将"管理"委内瑞拉直到"能够进行安全、妥善和明智的过渡"，并称美国不想让其他 方面介入。在回答美军是否会在委内瑞拉部署的提问时，他说，美国"不怕"派出地面部队。 他说，美国将组建一个工作组"管理"委内瑞拉，国务卿鲁比奥将负责具体事宜。特朗普同时对委内 瑞拉反对派要员玛丽亚·科丽娜·马查多是否有能力管理国家表示质疑，说委内瑞拉民众既不支持也不尊 重她。 特朗普称，美国大型石油企业将进入委内瑞拉，投 ...

据@CCTV国际时讯1月3日消息，根据委内瑞拉官方声明，总统马杜罗已下令在严格遵循《委内瑞 拉玻利瓦尔共和国宪法》《紧急状态组织法》和《国家安全组织法》的前提下，启动和落实各项国家防 御计划。 为此，马杜罗已签署并下令实施在全国范围内宣布"外部动荡状态"的法令，以保护人民权利、保障 共和机构正常运作，并立即进入武装斗争阶段。全国必须全面动员，击败这场帝国主义侵略。 新华社援引美国媒体3日报道，美国联邦航空局以"军事活动正在进行中"为由，禁止美国商业航班 进入委内瑞拉领空。 美国哥伦比亚广播公司记者在社交媒体发文称，有美国官员透露，美国总统特朗普已下令对委内瑞 拉境内目标实施打击，包括军事设施。帖文称，"此举标志着特朗普政府于周六凌晨升级了对马杜罗政 权的施压行动。" 此外，当地时间1月3日凌晨，美国对委内瑞拉蒂乌纳空军基地发动袭击，据悉，委内瑞拉国防部长 洛佩斯当时身处该空军基地。目前洛佩斯情况不明。 近几个月来，美国以"打击贩毒"为由，在加勒比海委内瑞拉附近海域持续加大军力部署，不断加码 对委内瑞拉制裁封锁和武力威胁，接连袭船，并扣押油轮，将委内瑞拉政府列为"外国恐怖组织"，扬言 委内瑞拉领土、石油和资产归 ...

Core Insights - The Chinese automotive industry is at a critical juncture in 2025, transitioning from traditional paradigms to new models driven by technological advancements, market competition, and globalization [1] Group 1: Battery Technology - 2025 marks a paradigm shift in the Chinese battery industry, with competition moving from laboratory performance to industrialization speed and supply chain control [3] - Leading companies like CATL, BYD, and Guoxuan High-Tech are accelerating the production of semi-solid batteries while investing in all-solid-state battery research [3] - The expected domestic shipment of semi-solid batteries for passenger vehicles is projected to reach 3 GWh in 2025, indicating a significant step towards commercialization [3] Group 2: Smart Driving - The Chinese smart driving industry is set for a breakthrough in 2025, with L2 penetration exceeding 60% and L3-level autonomous driving gaining regulatory approval [5][6] - The cost of high-level driving assistance systems has decreased significantly, with hardware costs dropping over 60% compared to 2022, making advanced driving features accessible for lower-priced vehicles [5] - The market is expected to see a surge in demand for smart driving technologies, with a focus on vertical integration of software and hardware [6] Group 3: Market Competition - The Chinese automotive market is experiencing a shift from price wars to value competition, with an industry profit margin of only 4.4% in 2025 [7][9] - A significant number of models saw price reductions, with an average drop of 11.7% for new energy vehicles, leading to a decrease in market prices [7] - Regulatory measures are being implemented to curb price wars, including guidelines to prevent below-cost sales [8] Group 4: Export Growth - China's automotive exports are on a strong upward trajectory, with a total of 6.343 million vehicles exported from January to November 2025, marking an 18.7% year-on-year increase [10] - New energy vehicles are a key growth driver, with exports doubling to 2.315 million units, accounting for 36.5% of total exports [10] - Major automakers are increasingly focusing on overseas markets, with strategies evolving from simple sales to establishing local ecosystems [11] Group 5: Joint Ventures and Localization - The market share of joint venture brands is under pressure, with domestic brands capturing 69.6% of the passenger car market by November 2025 [13] - Joint venture brands are focusing on enhancing their fuel vehicle advantages while integrating smart technologies to regain market share [14] - Collaborations with local tech companies are becoming essential for joint ventures to address their technological gaps and adapt to the local market [14]

Core Insights - The Hong Kong stock market is experiencing a significant resurgence in 2025, with 114 new IPOs and a total fundraising amount of 286.3 billion HKD, marking a 63% increase in new listings and over 200% growth in fundraising compared to 2024, reclaiming the top position in global IPOs after four years [1][3][26] IPO Market Performance - The year 2025 saw a total of 114 new stocks listed on the Hong Kong Stock Exchange, a substantial increase from 70 in 2024 [1][3] - The total fundraising amount reached 286.3 billion HKD, representing a growth of over 200% year-on-year [1][3] - Eight new stocks raised over 10 billion HKD each, with Ningde Times raising 41 billion HKD, becoming the second-largest IPO globally [3] New Stock Subscription Records - The market witnessed record-breaking subscription rates, with Jin Ye International Group achieving a subscription multiple of 11,465 times, the highest in Hong Kong's history [4] - The IPO of Mixue Group saw a frozen capital scale of 1.84 trillion HKD, making it the "frozen capital king" of Hong Kong IPOs [4] - The IPO failure rate dropped to 28.83%, the lowest in five years, indicating a strong market sentiment [4] Company Listings and Trends - The new listings in 2025 can be categorized into three tiers: new consumer brands, A+H listed companies, and resilient companies transitioning from A-share failures [5][6][8] - New consumer brands like Mixue Group and Lin Qingxuan have shown strong market performance, with Mixue Group's market value reaching 109.3 billion HKD [7][8] - A+H listed companies contributed significantly to the IPO recovery, with 19 such companies raising about 50% of the total fundraising [8] Market Dynamics and Future Outlook - The IPO market is expected to remain active in 2026, with over 300 applications pending, predicting around 160 new listings and a total fundraising of at least 300 billion HKD [15][18] - The influx of southbound capital and selective foreign investment is reshaping the market structure, with domestic investors gaining significant pricing power [22][24] - The trend of A-share companies seeking dual listings in Hong Kong is likely to continue, supported by favorable policies encouraging domestic companies to list abroad [17][18] Capital Market Evolution - The capital market is witnessing a shift in funding structure, with southbound capital net purchases reaching nearly 1.41 trillion HKD, a record high [22] - The integration of companies into the Hong Kong Stock Connect is enhancing liquidity and valuation, creating a positive cycle for listed firms [22][24] - Companies are increasingly focusing on operational efficiency and sustainable growth to attract capital, moving away from mere storytelling [20][21]

Core Insights - The first season of the "Super Travel Guide Competition" is actively taking place, with Shanghai launching various cultural and tourism activities themed "Travel to Shanghai Super New Year" for the New Year's holiday in 2026 [1] - On the first day of the New Year holiday, Shanghai received 2.7053 million visitors, with an average hotel occupancy rate of 75% [1] Group 1: New Year Activities - Multiple "first activities" for the New Year were organized, including a health walk event in the Pudong New Area, combining walking with market, ecology with commerce, and sports with culture [2][4] - The health walk event covered approximately 3 kilometers, connecting various parks and showcasing the integration of ecology and culture in Pudong [4] - Various events such as Disney's "New Year Star Wish Gala" and light shows were held, with iconic landmarks like the Oriental Pearl Tower hosting New Year climbing activities [4] Group 2: Promotions and Discounts - The Putuo District launched a series of promotions during the New Year, offering discounts and special deals across key attractions, hotels, and transportation services [4][5] - The "Half Marathon Suhe, Happy Plus 'Horse'" event featured a market showcasing cultural heritage products and local specialties from the Yangtze River Delta region [5] Group 3: Community Engagement - The Shanghai Municipal Bureau of Culture and Tourism emphasized "全民共创" (全民共创), allowing citizens to become active participants and promoters of Shanghai's cultural tourism [8] - The initiative aims to generate a credible "Must-Visit List for New Year in Shanghai" based on public contributions, enhancing the city's cultural and tourism branding [8]

Core Insights - The 25th season of the Robotex World Robot Competition Asian Finals and Technology Pan-Entertainment Carnival commenced on January 2 at the National Exhibition and Convention Center in Shanghai, aiming to create an innovative experience park that integrates technology and entertainment [1][3] - The event aligns with the strategic positioning of the Hongqiao International Central Business District to become a "strong growth pole" in the Yangtze River Delta and an "international open hub," driving the convergence of technology innovation, talent, and consumption [1][3] Event Structure - The competition features four core components: technology competition, technology pan-entertainment carnival, international forums, and workshops, designed to engage the public and showcase innovative ideas [1] - A total of 26 competition categories have been established, emphasizing interdisciplinary knowledge, technological innovation, and practical application, showcasing the capabilities of participants from the "post-00s" to "post-20s" generations [3] Participant Demographics - Over 15,000 participants, including university students and even 4-year-old children, represent a new generation raised in the internet era, highlighting the future of China's technological strength [3] - The event aims to attract leading global companies and research institutions in the robotics field, facilitating breakthroughs in key technologies such as core components and AI algorithms [3] International Collaboration - The event will feature "national pavilions" from 12 countries, showcasing representative innovations and cultural content, akin to a mini "China International Import Expo" [3] - Seven domestic city delegations will also participate, promoting cultural, industrial, and talent exchanges through technology [3] Technology Pan-Entertainment Carnival - The carnival aims to break down barriers in technology, offering immersive experiences such as interactions with humanoid robots, combat robot arenas, and brain-computer interface racing [4] - A "Climate Park" area, in collaboration with Shanghai Climate Week, encourages visitors to reflect on the ultimate significance of technological development through engaging displays [5] Workshops and Interactive Experiences - Seven themed workshops provide hands-on opportunities for participants to create unique items, such as traditional Chinese lanterns and kites, blending cultural heritage with modern technology [5][6] - The interactive technology experience zones include drone challenges, 3D printing demonstrations, and immersive cosmic explorations, enriching public engagement and fostering a blend of traditional and modern elements [6] Educational Focus - The event incorporates the United Nations' 17 Sustainable Development Goals (SDGs) as a core guiding principle, aiming to provide an international platform for cultivating global youth talent in technology [7] - Future plans include hosting the global finals in Shanghai Hongqiao within three years, further enhancing the area's appeal and capabilities as a landmark of reform and opening-up [7]

Core Viewpoint - The A-share market is expected to continue its bullish trend into 2026, with a projected index increase of 10%, driven by a shift from valuation recovery to profit growth [1][4]. Market Outlook - A-shares, Hong Kong stocks, and U.S. stocks are anticipated to maintain their bullish momentum, supported by global liquidity easing, economic recovery, rapid development of the AI industry, and rising resource prices [2]. - The current bull market is characterized by a policy shift, improved liquidity, and various factors including technological breakthroughs and changes in U.S.-China relations [2]. - Analysts predict that the A-share market will see a profit growth of 8% in 2026, following a 6% increase in 2025, aided by macro policies and a shift of household savings into the stock market [3]. Investment Strategies - The market is expected to transition into a "prosperity verification period" in 2026, where the core driver will be fundamental improvements rather than valuation increases [5]. - Key investment areas include technology and resource sectors, with a focus on AI applications, new energy, and industries benefiting from the "anti-involution" policies [6][7]. - Goldman Sachs suggests focusing on four main areas: AI and technology, leading Chinese companies expanding overseas, new consumption sectors, and industries benefiting from supportive policies [6]. Market Dynamics - The market structure is expected to become less extreme compared to 2025, with a broader distribution of economic prosperity across consumption, cyclical, and manufacturing sectors [7]. - The transition from a valuation-driven market to a profit-driven market is anticipated, with a potential for a "bull market 2.0" phase in the latter half of 2026 [4].

2025年，上汽通用五菱持续保持高增长，全年累计销量突破163.5万辆，同比增长6.2%，其中，新能源 汽车累计销量首次突破百万辆，达到1000066辆，新能源渗透率从2024年底的50%提升至61%，连续两 年增长，转型速度稳居行业第一梯队。在出口方面，上汽通用五菱全年海外销量超26.6万台套，连续10 年创下新高，其中新能源出口累计超9.4万台套，同比增长128.6%。 ...

骐骥驰骋马蹄疾。如预期般踏着时间的鼓点，2026年稳步而来。 这是新世纪的又一个马年，也是中国经济的又一个承上启下之年："十四五"已然圆满收官，"十五五"正 在从容开启。站在这一重要的历史节点，我们既要总结过去，更要开局未来。 面临深刻复杂变化的发展环境，我们继续坚持科技自立自强这个核心战略。我们清晰地认识到，加快高 水平科技自立自强，引领发展新质生产力，既是对全球科技竞争格局的深刻洞察，更是对中国式现代化 进程中"发展动力从何而来"的响亮回答，做好这道应对全球变局与时代挑战的必答题，就一定能破解困 扰发展的桎梏，引领中国经济向更高质量、更可持续的方向迈进。 面临深刻复杂变化的发展环境，我们继续坚持走改革开放这条"必由之路"。我们清晰地认识到，不断扩 大对外开放、提高对外开放水平，以开放促改革、促发展，是新时代中国不断取得发展新成就的重要法 宝，只要进一步推进深层次改革，扩大高水平开放，就一定能破解制约高质量发展的体制机制障碍，持 续增强发展动力和社会活力。 面临深刻复杂变化的发展环境，我们继续坚持高质量发展这个新时代的硬道理。我们清晰地认识到，发 展是硬道理，这既是新时代做好经济工作的规律性认识，更是推动我 ...

荷兰的长护险制度主要由"三大支柱法案"构成：一是《长期护理法案》，作为整个制度的核心，主 要为需要最密集、全天候监管护理的人群提供保障，例如严重失智症患者、重度残疾人以及需要临终关 怀的人群；二是《健康保险法案》，覆盖临床必需的专业医疗护理服务，如术后居家护理、物理治疗 等；三是《社会支持法案》，由地方政府负责实施，旨在帮助人们尽可能长时间地实现独立居家生活， 相关服务包括家务协助、出行支持、住房改造以及社区支持网络建设等。 在筹资与支付机制方面，荷兰的长护险所需资金主要来源于两个方面：一是专项收入所得税，所有 雇员和退休人员都需缴纳，税率由政府设定；二是政府财政补贴，即当保险基金出现赤字时，由国家财 政进行补充。对于资金的支付与运营，荷兰采取了高度集中化方式，即资金由一个名为CAK的公共机 构执行，它不提供护理服务，而是负责向提供长期护理服务的机构支付费用，并计算和收取个人应承担 的部分费用，其中对于居家护理，荷兰引入了"全包护理包"的支付方式，也就是评估机构根据个人需求 核定一个护理总预算，这个预算可以直接用于购买经认证的护理机构提供的打包服务，由此给了消费者 一定的选择权，也引入了市场竞争。 长期护理保 ...