Group 1 - The core viewpoint emphasizes the importance of industry trends in identifying good companies, which are often aligned with significant industry developments and technological innovations [1] - The investment value is primarily anchored using the Discounted Cash Flow (DCF) model for evaluation [1] - Three main criteria are highlighted for defining a good company: a clear upward trend in the industry over the next three to five years, a strong product or technological foundation with a deep "moat," and a commitment to high R&D investment and continuous innovation [1]

Core Viewpoint - The investment outlook for 2026 is optimistic regarding large-cap leading value stocks, which are expected to offer better value compared to mid-cap and tech growth companies that lagged in 2025 [1] Sector Summaries - Growth sectors to watch include AI, domestic self-controllable technologies, consumer electronics, internet applications, military satellites, high-end equipment, robotics, energy storage, and electrical equipment [1] - In the cyclical sector, opportunities are seen in photovoltaic, pig farming, aviation, express delivery, and chemicals, driven by the anti-involution policy [1] - The significant increase in computing demand from cloud service providers is expected to accelerate the development of the domestic computing chip industry chain, potentially leading to a substantial market share increase for domestic manufacturers [1] - The cloud service industry is anticipated to experience rapid growth due to the explosion in AI demand and the return of overseas demand [1] - Expansion in advanced processes and breakthroughs in domestic photolithography machines are expected to further enhance market opportunities in related industries [1]

Core Insights - The 2025 China Game Industry Annual Conference was held in Shanghai, where a report on the progress of minor protection in the gaming industry was released [1] Group 1: Industry Developments - The report indicates that the long-term effectiveness of anti-addiction policies has led to 71% of minors playing games for no more than 3 hours a week in 2025, maintaining stability for four consecutive years [1] - However, there are loopholes in family supervision, with 73.4% of users exceeding the time limit using accounts or identity information of parents or elders to bypass restrictions [1] Group 2: Recommendations and Future Directions - The report emphasizes the need for enhanced family education, particularly addressing the issue of parents assisting children in exceeding gaming time limits [1]

从融资能力维度来看，长三角、京津冀、粤港澳大湾区人工智能企业对风险资本的吸引力最大，其中北 京、上海、杭州、深圳人工智能企业获风险投资次数最多。人工智能各领域投融资热度持续上升，2024 年投融资次数是2014年的近15倍，自然语言处理类人工智能企业平均每家获得的投资次数最多，显著领 先于其他技术方向。 人工智能产业呈现出"高投入、高增长"的突出特征。汪勇表示，人工智能企业数量持续快速增长， 2011-2024年，人工智能企业总数由0.45万家增加到3.30万家，年均复合增长率超过15%。人工智能企业 融资大幅提升，近十年来，人工智能企业获得的风险投资次数大幅增长，C轮及以上投融资占比稳步上 升。 从创新能力维度来看，2024年，长三角、京津冀、粤港澳大湾区人工智能企业的新专利申请量位列前 3，占到59个城市新增专利量的76%；北京、深圳、杭州、上海、广州、济南、青岛的新申请专利数靠 前。 中证报中证网讯(记者连润)12月17日，《中国金融科技燃指数报告(2025)》发布会暨第五届"金融科技指 数论坛"在国家金融与发展实验室举办。金融科技燃指数项目执行负责人、中国社会科学院金融研究所 金融科技研究室汪勇副研究 ...

从融资能力维度来看，长三角、京津冀、粤港澳大湾区人工智能企业对风险资本的吸引力最大，其 中北京、上海、杭州、深圳人工智能企业获风险投资次数最多。人工智能各领域投融资热度持续上升， 2024年投融资次数是2014年的近15倍，自然语言处理类人工智能企业平均每家获得的投资次数最多，显 著领先于其他技术方向。 此外，京津冀地区金融科技稳步发展。汪勇表示，自2021年《中国金融科技燃指数报告》发布以 来，京津冀地区金融科技发展连续五年位居全国前三位。具体而言，2020-2024年，北京连续五年燃指 数全国领先，要素基础、智力支撑和企业实力指标均保持领先；天津市燃指数得分位居全国前列。2024 年，石家庄市燃指数中的要素基础和资源环境快速增长，对京津冀地区燃指数增长的贡献率接近50%； 唐山市则在企业实力增速方面表现突出。 "良好要素条件、完善的政策引领和区域协同创新的辐射作用是推动京津冀金融科技稳步发展的核 心动力。未来京津冀地区有望形成'北京研发—天津转化—河北应用'的金融科技产业链协同模式。"汪 勇说。 中证报中证网讯（记者 连润）12月17日，《中国金融科技燃指数报告（2025）》发布会暨第五 届"金融科技指数 ...

Core Insights - DreamX Technology emphasizes the importance of private domain e-commerce as a key growth avenue in the current market environment, where public traffic growth has peaked and customer acquisition costs remain high [1][2] - The company identifies four core development directions for the upcoming year, focusing on product quality, content enhancement, AI empowerment, and expanding an open ecosystem [1] Group 1: Private Domain E-commerce - Private domain e-commerce is seen as crucial for brands to overcome growth bottlenecks and achieve long-term user asset retention and operational efficiency [1] - Unique advantages of private domain e-commerce include low-cost customer acquisition, high-value user asset retention, precise content monetization, and building long-term user trust [1] Group 2: Development Directions - The company plans to prioritize "quality products" by upgrading its supply chain and differentiating its product strategy [1] - Content enhancement will be driven by launching a "news" column and iterating private domain live streaming tools to strengthen content marketing capabilities [1] - AI will be leveraged to build an intelligent platform that optimizes operational efficiency across the entire supply chain [1] - The company aims to expand its ecosystem by connecting with diverse online and offline partners to co-create a "winning ecosystem" [1][2] Group 3: B2R Model and AI Integration - DreamX Technology will continue to leverage its B2R (Business to Retailer) model, utilizing AI technology and private domain operational capabilities to empower merchants across the entire supply chain from product selection to user engagement [2] - The focus will be on precise audience management, creating popular products, and providing strategic support to explore niche market potential and adapt to changing consumer trends [2]

本次《方案》以"五个自由便利"和"一个安全有序流动"为核心主线，充分发挥交通银行账户多元、全球 协同、创新引领优势，打造五大特色跨境服务体系（跨境贸易结算体系、跨境投融资体系、跨境财资管 理体系、跨境资管和个人跨境金融服务体系）；充分涵盖企业/个人、居民/非居民、融资/结算等多个服 务场景，为企业提供全周期、全流程的境内外、离在岸、本外币、股债投一体化金融服务。 中证报中证网讯（记者 黄一灵）12月18日，海南自由贸易港（以下简称海南自贸港）正式启动全岛封 关。当日，交通银行（601328）同步发布《交通银行服务海南自贸港跨境金融服务方案》。 自2020年起，交通银行已连续五年出台金融支持海南自贸港发展的专项服务方案，内容涵盖产业导向、 政策研判到创新路径，紧密对标海南自贸港建设的核心任务，切实将国家战略部署转化为推动高质量发 展的行动蓝图。 交通银行表示，将积极加强相关境外分支机构的业务联动与信息共享，为海南企业"走出去"开展跨境并 购、海外上市及全球融资铺设"高速公路"。 ...

Core Insights - The seminar "Industrial Economy 2026: New Starting Point and New Momentum" highlighted the expected growth and challenges in China's industrial economy, emphasizing the importance of reform and innovation for sustainable development [1] Group 1: Industrial Economy Overview - By 2025, China's industrial production is expected to exceed expectations, with significant growth in equipment manufacturing and high-tech industries, leading to an optimized industrial structure [1] - In 2026, external risks and domestic structural contradictions are anticipated to create challenges, necessitating a boost in corporate development expectations [1] Group 2: Electronic Information Manufacturing - The electronic information manufacturing sector is projected to maintain stable and rapid growth through 2025, with ongoing structural upgrades and significant technological innovation [2] - In 2026, uncertainties in international politics and economics may slow fixed asset investment growth, but the sector is expected to find new growth points through high-end product support and market expansion [2] Group 3: Raw Materials Industry - The raw materials industry is undergoing significant adjustments, with overall growth expected in industry value added by 2026, despite increasing internal differentiation and stable investment scales [3] - Challenges include shrinking traditional demand, supply risks for key mineral resources, and pressures for green transformation, necessitating targeted measures for high-quality development [3] Group 4: Equipment Manufacturing - The equipment manufacturing sector is showing strong development, transitioning from scale expansion to quality and efficiency improvements, with new productive forces accelerating [4] - Recommendations include regulating market order, alleviating financial pressures, and enhancing technological advancements to solidify the sector's role in industrial stability [4] Group 5: Consumer Goods Industry - Since 2025, the consumer goods industry has shown a steady recovery, with various sectors like light industry and food collaborating for production and revenue growth [4] - In 2026, the industry is expected to continue its growth trajectory, although uncertainties in international trade policies and domestic demand issues remain significant challenges [4]

开源鸿蒙项目群工作委员会执行主席章晓峰表示，开源鸿蒙致力于打造统一数字底座，加速千行百业的 智能化升级。目前，社区已汇聚500多家合作伙伴，累计1500多款产品通过兼容性测评，贡献代码人数 突破1万人，已落地到交通、教育、医疗、金融等10多个国计民生行业。 据悉，软通天鸿操作系统6是基于OpenHarmony社区版深度定制的商用发行版。软通天鸿操作系统6围绕 跨平台兼容性、高性能显示、智能连接与开放生态四大核心维度进行了全面升级。其最大亮点在于，已 面向教育、能源、矿山、交通、商业视觉等领域推出定制化发行版，形成了从技术底座到行业实践的完 整闭环，为各行业数字化转型提供了灵活、高效、稳定的数字化基础平台。 中证报中证网讯（记者 朱涵）12月17日，软通动力（301236）在北京举办"开源鸿蒙·智绘未来"主题发 布会，推出软通天鸿操作系统6与软通华方开源鸿蒙智慧屏两款核心产品。软通动力表示，本次发布会 不仅全面展示了公司"软硬一体，全栈智能"战略的坚实成果，更为开源鸿蒙的商业化应用与生态繁荣注 入了强劲动力。 据介绍，软通华方开源鸿蒙智慧屏是行业内首款100%全国产化"软硬一体"方案。产品集硬件、软件、 生态与 ...

中证报中证网讯（记者 赵白执南）12月17日，中国可持续发展研讨会暨《中国可持续发展报告 （2025）》新书发布会召开。报告显示，中国可持续发展综合指数从2016年度的56.2攀升至2025年度的 83.0，累计增幅达到47.7%，连续9年实现增长。 "今年报告是第八次正式出版，已经连续第三年在联合国气候大会上对外发布。"中国国际经济交流中心 副理事长王一鸣在会上表示，自2020年提出"双碳"目标后，中国在能源绿色转型、建设碳交易市场、加 强绿色低碳科技创新、加强应对气候变化基础能力建设、发展绿色金融等方面都取得了重大进展。 从2015年起，报告课题组构建了一套可持续发展评估框架体系，对中国可持续发展水平做出了较为客观 的评价。本次报告在原有评估框架体系的基础上，增补了一些具有代表性的新指标，修改后的评估框架 涵盖经济发展、社会民生、生态环境和治理保护4个维度。 具体来看，经济发展、社会民生、生态环境和治理保护4个分项指数总体保持上升态势。自2016年度以 来，经济发展指数年均增幅为5.26%，社会民生指数年均增速达4.4%。2025年度，生态环境指数同比上 升1.2%，自2016年度以来保持稳步上涨；治理保 ...