2026年开年，韩国股市延续去年强劲涨势，继续高歌猛进。 眼下正值韩国总统李在明对中国进行国事访问，探讨深化双边经贸合作之际，韩国资本市场的这一轮跨年度行情正受到全球投资者的密切关注。 上涨核心逻辑增强 2025年，韩国股市涨幅在亚洲市场中表现最为突出，韩国首尔综指全年飙涨将近76%，创1999年以来最大涨幅，远超标普500指数约17%和MSCI亚太 指数约25%的年内涨幅。 历史性行情的背后，是多重利好因素的共振。 首要驱动力来自于全球半导体行业的周期性回暖。作为韩国经济的支柱，三星电子、SK海力士等半导体巨头的业绩和股价表现对大盘影响举足轻 重。 高盛集团亚太区首席策略师在去年末的报告中指出："半导体库存去化结束和人工智能（AI）驱动的新需求周期，为韩国科技股带来了强劲的盈利修 复预期。这是推动KOSPI指数上行的核心引擎。" 随着行业盈利改善，三星电子会长李在镕的持股价值在过去一年内实现惊人增长，达到25.88万亿韩元，增幅高达117%，创下了韩国股票财富新纪 录，超越了其已故父亲李健熙创下的22.3万亿韩元的纪录。 其次，李在明上任后推行的以"价值提升计划"（Value-up Program）为代表的 ...

Core Insights - Nvidia is accelerating its return to the high-end AI chip market in China after obtaining U.S. government export licenses, with strong demand for its H200 advanced AI processors [1][2] - The approval for H200 exports is a significant development, as Nvidia had been effectively excluded from the Chinese high-end AI chip market since April 2025 due to stricter export controls [1][2] - Nvidia's CFO indicated that the company could ship chips worth between $2 billion to $5 billion to China each quarter, with potential for further growth in orders [2] Group 1 - Nvidia's CEO Jensen Huang stated that the H200 chips are currently in production and supply chain arrangements are underway, pending final export license procedures [1] - The export approval for H200 is a result of a decision made by the Trump administration, which includes a requirement for Nvidia to share 25% of sales with the U.S. federal government [1] - Huang emphasized that actual procurement demand is more critical than policy statements, anticipating that orders will materialize once the execution process is completed [2] Group 2 - Nvidia previously entered the Chinese market with a downgraded version of its chip, the H20, in August 2025, agreeing to share 15% of sales revenue with the U.S. government [2] - Despite the recent approval, the Trump administration had previously denied Nvidia's request to sell a weaker version of its Blackwell chip to China [2] - Reports indicate that Chinese companies like Huawei and Baidu are rapidly advancing in chip development, narrowing the performance gap with U.S. chips [2][3] Group 3 - A report from Frost & Sullivan shows that Baidu and Huawei control over 70% of the Chinese cloud computing chip market, with Chinese tech companies developing comprehensive "full-stack" solutions to compete with Nvidia's CUDA ecosystem [3] - Nvidia has announced the launch of its new AI chip and server platform, Vera Rubin, which has entered full production and is expected to ship in the second half of 2026 [3] - The global demand for AI computing power continues to rise, prompting Nvidia to engage in multiple significant collaborations and investments, including a three-tier investment strategy focused on new product launches, ecosystem investments, and strategic acquisitions [3]

Core Viewpoint - Xiaomi Auto officially announced the first facelift of its mass-produced model SU7, with pre-orders starting immediately and an expected launch in April 2024 [1][6]. Group 1: Product Upgrades - The facelift of the SU7 focuses on four main areas: safety features, chassis technology, range capability, and design enhancements [6]. - Safety upgrades include an optimized battery thermal runaway prevention system and improved vehicle body strength, with all models now equipped with lidar [6]. - The new intelligent chassis system aims to enhance driving quality and stability through software and hardware collaboration [6]. - The maximum range of the vehicle has been significantly improved, exceeding 900 kilometers, addressing user concerns about range anxiety [6]. - New design elements include a "Capri Blue" paint option, new wheel styles, and refreshed interior design [6]. Group 2: Pricing and Market Position - The new SU7 will be available in three configurations: Standard, Pro, and Max, with pre-sale prices set at 229,900, 259,900, and 309,900 yuan, respectively, reflecting an increase of 10,000 to 14,000 yuan compared to the previous model [6]. - The emphasis on safety in this upgrade is likely a response to the increasing safety concerns in the electric vehicle industry, particularly in light of recent safety incidents [7]. Group 3: Sales Performance and Future Goals - In 2023, Xiaomi Auto's overall sales exceeded 410,000 units, surpassing the initial target of 300,000 and the revised target of 350,000 [7]. - The SU7 model contributed significantly to sales, with 230,000 units sold in the first eleven months of 2023, while the YU7 model sold 130,000 units during the same period [8]. - For 2026, the company has set an ambitious delivery target of 550,000 units, with hopes of exceeding this goal [9].

中邮科技公告，持股5%以上股东国华卫星于2025年10月16日～2026年1月7日通过集中竞价减持136万 股、大宗交易减持272万股，合计减持408万股，占公司总股本3%，减持价格47～68.8元/股。减持后其 持股降至374.34万股，占2.7525%。与一致行动人航天投资合计持股由1072.73万股降至833万股，占比 由7.89%降至6.13%，权益变动触及1%刻度，本次减持计划已实施完毕。 ...

Group 1 - The core issue is the frequent listing of equity stakes from small and medium-sized insurance companies, with a specific focus on the transfer of 190 million shares (3.18% of total equity) of Chengtai Property Insurance Co., Ltd. at a base price of 184.42 million yuan [1][2] - Yunnan Metallurgical Group, the transferor, has previously attempted to sell its shares in Chengtai Insurance, with the transfer price decreasing from 156 million yuan to 125 million yuan, but these attempts ended in failure [2][4] - The current market condition for small and medium-sized insurance companies is characterized by a lack of buyers, leading to a situation described as "having a price but no market" [3][5] Group 2 - Yunnan Metallurgical Group, established in 1990, is a state-controlled enterprise and one of the original shareholders of Chengtai Insurance, which has seen its stake diluted from 19% to 3.18% over time [4][6] - The recent equity transfer actions are seen as a response to the "retreat from finance" directive issued by the State-owned Assets Supervision and Administration Commission, which emphasizes focusing on core business and limiting non-core investments [4][5] - Many state-owned enterprises have begun to divest their stakes in insurance companies, indicating a broader trend in the industry [4][5] Group 3 - Chengtai Insurance has faced significant financial challenges, transitioning from profitability to a net loss of 248 million yuan in 2023, with losses expected to increase to 297 million yuan in 2024 [8] - However, there are signs of recovery in 2025, with a reported insurance business revenue of 1.763 billion yuan, a year-on-year increase of 15.86%, and a net profit of 19 million yuan [8][9] - The company has a complex ownership structure, with 56.96% of its shares under pledge or freeze, indicating potential liquidity issues [6][7] Group 4 - To enhance competitiveness, small and medium-sized insurance companies are advised to focus on differentiation, utilize AI and big data for operational efficiency, strengthen capital through various financial strategies, and deepen partnerships with intermediaries and technology platforms [9]

马云飞/摄 公开资料显示，作为国内最早布局AI加速领域的芯片企业，昆仑芯前身为百度智能芯片及架构部，由百度首席芯片架构师欧阳剑出任CEO，于2021年4 月完成独立融资，首轮融资估值即达130亿元。2025年7月，获得最新一轮股权融资，投后估值已达210亿元。IDC数据显示，2024年，中国GPU市场中，英 伟达以70%市场份额居首，华为昇腾以23%位列第二，昆仑芯排名第三。 海外投行Bernstein Research（伯恩斯坦）在2025年12月初发布了一份关于中国GPU市场份额的分析报告《China AI accelerators market share》。报告显 示，2025年华为以102.68亿美元销售额，占据国内AI加速器市场份额的40%，与英伟达的101.98亿美元基本持平，断层领先于其他国产GPU厂商。寒武纪以 9.99亿美元销售额与海光的11.18亿美元的销售额并列第三，阿里平头哥、百度昆仑芯、AMD等紧随其后。 对于拆分缘由，百度在上述公告中称，此举旨在提升昆仑芯在客户、供应商及潜在战略合作伙伴中的形象，并增强其在业务谈判中的地位，使百度集团 可通过持有的股份受益于昆仑芯的增长。此外，分 ...

Group 1 - Baidu's autonomous driving service platform "Luobo Kuaipao" has received the first full autonomous driving test permit from the Dubai Roads and Transport Authority (RTA), marking it as the first and only company authorized for full autonomous testing in Dubai [1][2] - This approval signifies recognition of Chinese autonomous driving technology by Dubai's highest authorities and opens a critical pathway for Luobo Kuaipao to launch full autonomous commercial operations in Q1 2026, with plans to expand its fleet to over 1,000 vehicles in the region [1] - The first integrated autonomous driving operation base established by Luobo Kuaipao in Dubai has officially commenced operations, serving as a "smart hub" that integrates vehicle operation, maintenance, safety management, and personnel training [1] Group 2 - RTA's Director General, Matar Al Tayer, praised the establishment of Luobo Kuaipao's first overseas operational base, highlighting it as a reflection of global confidence in Dubai's policy environment and smart infrastructure [2] - Baidu's Vice President, Wang Yunpeng, expressed honor in receiving the RTA's permit and emphasized Dubai's advanced transportation infrastructure and forward-looking policies as ideal conditions for the large-scale implementation of autonomous driving technology [4] - In Q3 2025, Luobo Kuaipao reported a significant increase in global ride service instances, reaching 3.1 million, a 212% year-over-year growth, with weekly orders for fully autonomous rides exceeding 250,000 by October 2025 [4]

Group 1 - The company plans to acquire 100% equity of Shenzhen Wandeng Guangdian Technology Co., Ltd. through a combination of stock issuance and cash payment [1] - This acquisition is subject to approval by the shareholders' meeting and relevant regulatory authorities, indicating a significant level of uncertainty regarding final approval [1]

骄成超声公告，公司持股5%以上股东上海鉴霖企业管理合伙企业(有限合伙)持有758.76万股，占 6.56%。因资金需求，其拟于本公告披露之日起15个交易日后的3个月内，通过集中竞价和/或大宗交易 方式减持不超过189.69万股，不超过1.64%。其中，集中竞价不超过115.73万股，大宗交易不超过73.96 万股，减持价格按市场价格确定。 ...

中科蓝讯公告，预计2025年度实现归属于母公司所有者的净利润为14亿元到14.3亿元，与上年同期相 比，将增加11亿元到11.3亿元，同比增加366.51%到376.51%。预计2025年度实现营业收入为18.3亿元到 18.5亿元，与上年同期相比，将增加1096.6万元到3096.6万元，同比增加0.60%到1.70%。2025年度归属 于母公司所有者的扣除非经常性损益的净利润为2.2亿元到2.4亿元，与上年同期相比，将减少414.87万 元到2414.87万元，同比下降1.70%到9.89%。 ...