隔夜美股喜气洋洋，12月25日，A股也量价温和齐升，沪指七连阳，日成交额增至1.94万亿元，3773只个股收涨，航天板块表现亮眼。 受访人士指出，当前市场分歧仍大、主线未明，但万亿成交显示情绪偏乐观，"春季躁动"行情或提前启动。操作上建议均衡配置，兼顾政策+景气双轮驱 动的赛道与防御板块。 国防军工掀涨停潮 今日，沪指收涨0.47%报3959.62点；创业板指先抑后扬，收涨0.3%报3239.34点；深证成指收涨0.33%。沪深300、上证50、北证50微红，科创50微跌。 成交放量。全天成交额1.94万亿元，较上一交易日增加近467亿元；杠杆资金同步升温，截至12月24日，沪深京三市两融余额升至2.54万亿元。 | 名称 | @ | 涨幅% ↓ | 涨停家数 | 跌停家数 | 成交额 | 年初至今涨幅% | 5日涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 国防军工(申万) | | 2.91 | 10 | 1 | 1451亿 | 29.05 | 6.45 | | 轻工制造(申万) | | 1.59 | 10 | 0 | 353亿 | 21 ...

Group 1: Product Launches - Xiaomi officially launched the Xiaomi 17 Ultra on December 25, available in four colors with prices ranging from 6,999 yuan to 8,499 yuan for different configurations [1] - The Xiaomi 17 Ultra Leica Edition was also introduced, priced between 7,999 yuan and 8,999 yuan, celebrating the 15th anniversary of Xiaomi and the 100th anniversary of Leica [1][8] - Multiple ecosystem products were released, including the Mijia Central Air Conditioner Pro and Xiaomi Buds 6, with prices ranging from 699 yuan to 51,999 yuan [3] Group 2: Technological Advancements - The Xiaomi 17 Ultra features a new "Leica 1-inch Optical Master" main camera with advanced sensor technology, significantly improving dynamic range for photography and video [4] - The long-focus camera supports continuous optical zoom with a 200-megapixel sensor, achieving a 40% reduction in power consumption compared to the previous generation [4] - The device includes a 6.9-inch high-definition screen, Snapdragon 8 Gen 2 processor, and a 6800mAh battery with fast charging capabilities [5] Group 3: Strategic Partnerships and Market Positioning - Xiaomi upgraded its strategic partnership with Leica, moving from joint development to a co-creation model, enhancing the overall imaging experience [4][8] - The launch of the Xiaomi 17 Ultra marks a significant step in Xiaomi's high-end product strategy, with the company achieving notable sales growth in its flagship devices [9] - Xiaomi's ecosystem strategy has been completed, integrating products across mobile, automotive, and smart home sectors, positioning itself as a comprehensive technology company [8][9] Group 4: R&D and Market Strategy - Xiaomi's R&D investment reached 235 billion yuan in the first three quarters, with an expected total of 320-330 billion yuan for the year, supporting its high-end product strategy [10] - The company aims to establish a strong presence in the high-end market, with significant sales achievements in both smartphones and smart home appliances [9][10]

Core Viewpoint - Shanghai has officially issued the "Implementation Plan for Strengthening Open Source System Construction," aiming to establish a comprehensive open source ecosystem by 2027, with significant contributions to industry innovation and resilience by 2030 [1][2]. Group 1: Goals and Objectives - By 2027, Shanghai aims to build a complete open source system with a robust technical support framework, a well-rounded service system, a reasonable talent structure, and a thriving open source industry, including the cultivation of 100 commercial open source enterprises and over 200 quality open source projects [1][5]. - The plan envisions creating 1-2 internationally influential open source communities and gathering over 3 million open source developers [1]. Group 2: Strategic Focus Areas - The plan emphasizes a triad of "technology, talent, and enterprises" to foster a sustainable open source innovation ecosystem [5]. - On the technology side, Shanghai will focus on supporting "hard open source" projects in key areas like artificial intelligence and critical software, transitioning from a "usage ecosystem" to a "leading ecosystem" [5]. - Talent initiatives will include enhancing the environment for attracting global developers, establishing a positive incentive system, and strengthening open source education in universities [5][11]. Group 3: Implementation Strategies - Shanghai will implement five major enhancement projects, including reducing barriers to "using open source" and improving service capabilities of open source platforms [6]. - A new open source platform aimed at overseas users is expected to launch next year, enhancing global intellectual resource connectivity [6]. - The plan includes financial support for key open source tools, with up to 20 million yuan allocated for foundational development tool projects [6]. Group 4: Incentives and Support Mechanisms - The open source project cultivation initiative aims to activate intrinsic motivation for "contributing to open source," with annual awards for outstanding projects reaching up to 5 million yuan [7]. - The plan encourages the commercialization of open source results and supports the establishment of collaborative investment mechanisms for promising open source entrepreneurial projects [7]. Group 5: Ecosystem Development - The plan aims to create a vibrant open source community in Shanghai, connecting developers, suppliers, and customers to enhance interaction and collaboration [8]. - The establishment of incubators focusing on "open source MCN models" will provide deep empowerment through technical flow, community operation, and commercial closure [8]. Group 6: Future Directions - Shanghai will enhance coordination efforts to ensure the effective implementation of the plan, encouraging regions like Pudong and Yangpu to explore open source mechanisms and talent aggregation [13]. - The initiative invites domestic and international tech companies, innovative institutions, and individual developers to contribute to building Shanghai as a global open source hub [13].

然而，这项号称"史上最贵"的预算案，却因依赖大规模国债发行引发市场对日本财政可持续性的深切担 忧。 高市财政"豪赌" 日本政府此次推出的创纪录预算案总额达122.3万亿日元，比2025年度的115.2万亿日元增加了约6.3%。 这一史上最贵预算案的背后，是多重结构性压力共同作用的结果。 老龄化社会带来的社会保障负担成为预算增长的主要驱动因素。根据预算案，社保相关费用达到约39.1 万亿日元，在财政支出中占比最大。 彭博社获取的文件显示，日本的社会保障开支将从本财年的38.3万亿日元增至下一财年的39.1万亿日 元。 市场仍在担忧日本债务的可持续性，高市政府最新公布的财政预算案则被视为进一步加剧这一恶性循环 的重要因素。 就在市场为日元跌势忧心忡忡之际，日本首相高市早苗于12月25日宣布了总额高达122.3万亿日元(约合 人民币5.5万亿元)的2026财年预算案，创下日本史上最高预算纪录。 高市早苗称："我们相信这份预算草案在财政纪律与实现强劲经济之间取得了平衡，同时确保了财政可 持续性。" 不过，截至今年7月，日本政府债务余额占GDP的比例已高达263%，显著高于2009年—2010年希腊主权 债务危机时期的 ...

Core Viewpoint - The acquisition of Fenglong Co., Ltd. by UBTECH Robotics is a strategic move aimed at accelerating the development and commercialization of humanoid robots, creating synergies between the two companies [4][12]. Group 1: Acquisition Details - UBTECH plans to acquire a total of 93.96 million shares of Fenglong, representing 43% of its total share capital, through a combination of agreement transfer and tender offer [2][6]. - The share transfer involves UBTECH purchasing 65.53 million unrestricted shares at a price of 17.72 yuan per share, totaling approximately 1.16 billion yuan, which is about 10% lower than the last closing price before the suspension [5][9]. - Following the share transfer, UBTECH will issue a tender offer for an additional 28.45 million shares at the same price, amounting to 504 million yuan [5][6]. Group 2: Financial Performance of Fenglong - Fenglong reported a peak revenue of 720 million yuan and a net profit of 79.21 million yuan in 2021, but faced declines in both revenue and profit in 2022 and 2023, including a net loss of 7.04 million yuan in 2023 [10]. - In the first three quarters of 2024, Fenglong's revenue reached 373 million yuan, a year-on-year increase of 9.47%, with a net profit of 21.52 million yuan, up 1714.99% [10]. - Fenglong has set performance commitments for the next three years, ensuring net profits of at least 10 million yuan, 15 million yuan, and 20 million yuan for 2026, 2027, and 2028, respectively [11]. Group 3: UBTECH's Business Strategy - UBTECH has secured nearly 1.4 billion yuan in orders for humanoid robots this year and is set to begin mass production of its industrial humanoid robot, Walker S2, in November 2025 [12]. - The company aims to increase its production capacity to 10,000 units by 2026, establishing a solid foundation for large-scale commercial deployment [12]. - Despite significant revenue growth, UBTECH reported net losses of 1.27 billion yuan and 1.16 billion yuan for 2023 and 2024, respectively, with a continued loss of 440 million yuan in the first half of 2025, although the losses are narrowing [12].

Core Viewpoint - The U.S. stock market is at a threshold where it is no longer solely driven by "rate cut narratives," facing a complex combination of variables as it approaches 2026 [1] Group 1: Market Performance and Trends - In 2025, the S&P 500 index experienced significant volatility, initially dropping near bear market territory due to tariff threats but rebounding due to policy concessions and AI momentum, resulting in a year-to-date total return of approximately 18%-19% by year-end [2] - The S&P 500 index reached its 38th historical high on December 23, reflecting market confidence in the resilience of the U.S. economy and corporate earnings [3] - The VIX index, a measure of market volatility, closed at 14 points on December 23, the lowest since December 2024, indicating reduced market tension [3] Group 2: Economic Outlook and Influencing Factors - Analysts are focused on whether the U.S. stock market will continue its bull run or face systemic risks in 2026, with key determinants being economic stability, Federal Reserve policy direction, and whether current stock prices are supported by economic fundamentals [4] - The U.S. economy showed no signs of significant recession in 2025, with GDP expanding at its fastest pace in two years, reinforcing expectations of a "soft landing" [4] - The OBBBA tax cut legislation is expected to boost economic growth starting in 2026, alongside a gradual decline in inflation, contributing to a favorable macroeconomic environment [5] Group 3: Federal Reserve and Interest Rates - If inflation continues to cool, the Federal Reserve may begin to lower interest rates in 2026, which could help maintain high stock prices despite elevated valuations [6] - Current market sentiment indicates a 19.9% probability of a 25 basis point rate cut in January 2026, with a 47.1% chance of maintaining current rates [6] Group 4: Sector Performance and Investment Focus - Wall Street strategists expect 2026 to be a strong year for the U.S. stock market, with optimistic projections for the S&P 500 index reaching between 7,000 and 8,100 points by year-end [8] - Investment focus is shifting from technology stocks to cyclical stocks, which are closely tied to economic cycles, with notable performance improvements in sectors like real estate, steel, and automotive [9] - Cyclical stocks have outperformed defensive stocks, with a 9.3% increase in a recent month, indicating a growing investor interest in sectors benefiting from economic recovery [9]

米奥会展公告，公司已于2025年12月24日向香港联合交易所有限公司递交了发行境外上市股份(H股)并 在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行并上市的申请资料。 ...

站在"十四五"收官与"十五五"启幕的历史交汇点，产业迭代、科技跃迁、金融变革的浪潮奔涌而来。兴业研究十年深耕，以"求真"为笔，聚焦"科技—产 业—金融"新三角转型，破解银行业发展困局，沉淀成十余部兼具理论深度与实践价值的系列丛书。 从科技金融的"耐心资本"构建，到产业园区的高质量发展引擎；从金融强国的"六大支柱"探索，到双碳目标下的绿色金融创新——每一页文字，都是穿越 周期的思考；每一份洞察，都是服务实体经济的初心。 现在，我们将这份凝聚兴业智慧的时代答卷，赠予深耕金融领域、心系产业发展的你。愿与你共探经济变局中的真出路，共寻金融实践里的真方案，以思 想共鸣凝聚前行力量，共赴高质量发展之约！ 鲁政委 兴业银行首席经济学家，兴业研究学术评审委员会主席。经济学博士，20余年研究从业经验，2010年12月被上海市金融工作委员会确定为"上海金融领军 人才"。 中国环境科学学会碳达峰碳中和专业委员会副主任委员，中国环境科学学会气候投融资专业委员会（CIFA）常务委员，中国金融学会理事，中国首席经 济学家论坛（CCEF）理事，中国金融四十人论坛（CF40）特邀成员。 研究领域覆盖宏观经济与政策、中国金融改革与发展、绿色金 ...

Group 1 - The core theme of the event is the transformation of the banking industry through AI technology, emphasizing that the application of intelligent agents has shifted from optional to essential for banks [2][4] - The "14th Five-Year Plan" highlights the importance of AI in driving the digital transformation of the financial sector, positioning it as a key practice for enhancing financial services and promoting high-quality development [2][3] - Experts suggest that the focus of digital finance should shift from the "household sector" to the "enterprise sector," as the latter has a lower level of digitalization, which can enhance the efficiency of financial institutions [2][3] Group 2 - The development of digital finance is seen as a means to support supply-side structural reforms, requiring banks to apply digital capabilities across various management and operational levels [3] - The successful implementation of intelligent agents in finance relies on three factors: technological breakthroughs, iterative business scenarios, and supportive policies [4][5] - Financial institutions are encouraged to enhance their technological maturity and adapt to new business scenarios while building a collaborative ecosystem for the deployment of intelligent agents [5][9] Group 3 - The event highlighted the challenges faced by banks in AI application, including the need for high-quality knowledge bases and the integration of business and technology [6][7] - There are significant challenges in software testing for AI applications, including the need for comprehensive testing across various dimensions and ensuring fairness and safety in AI applications [8][9] - The future of intelligent agents in banking is expected to focus on creating operational loops that assess both business outcomes and model parameters for continuous improvement [9][10]

由上海国家会计学院主办的广西"十百千"高端会计人才交流研讨"人工智能+可持续发展"活动于日 前举办，旨在回应人工智能与可持续发展对会计工作的新要求，持续提升高端会计人才服务国家战略和 区域发展的能力。 广西壮族自治区财政厅党组书记、厅长李春阳表示，近年来，广西壮族自治区财政厅积极发挥财政 所能，创新机制，支持人工智能高质量发展。此次研讨聚焦人工智能和可持续发展两大关键词，与广西 加快推进人工智能发展、守护山清水秀生态美金字招牌精准契合，意义重大、恰逢其时。希望本次研讨 能坚持准则引领，筑牢财会数字基础，加强人才共育，构建复合型支撑体系，以此为纽带，推动人工智 能更好赋能千行百业、服务可持续发展、提高财政治理效能，为"十五五"创新发展、可持续发展贡献财 会力量。 上海国家会计学院党委书记张锋表示，本次研讨聚焦"人工智能+可持续发展"前沿议题，回应了新 时代对财会行业提出的新的更高要求。当前财会行业正迎来制度保障持续强化、职能定位不断升级、信 息赋能深入推进等多重发展机遇。学院作为国家级高端财会人才培养主阵地，紧扣"应用型、实践型"人 才培养定位，丰富教学内容，创新培养模式，全面推行"产出式研讨"教学模式，推动学 ...