记者｜吕倩 编辑｜瑜见 12月31日，月之暗面（Kimi）创始人、CEO杨植麟发布内部信，称公司有超100亿元人民币现金储备。 另有消息称，Kimi近期完成5亿美元C轮融资，IDG领投，阿里、腾讯、王慧文等老股东超额认购。截至 发稿，月之暗面方面暂未予以确认。 ...

Group 1: Local Consumption Trends - The demand for local consumption and ride-hailing services is surging as the New Year holiday approaches, with Didi reporting an expected ride-hailing demand exceeding 80 million on December 31 [1] - The bathing industry is projected to experience significant growth in 2025, with search volume for keywords related to 24-hour bathing centers increasing over six times year-on-year in the week leading up to New Year [1] Group 2: Bathing Industry Insights - The general manager of Nanjing Jiuhua Hot Spring Life Hall anticipates a record high in customer flow and transaction volume during the New Year period, estimating a 40%-50% increase compared to the same period last year [3] - The core customer demographic for Jiuhua Hot Spring is primarily young individuals aged 18-35, making up over 60% of the clientele, with family customers steadily increasing to 25% [3] - The establishment has evolved from a traditional bathing service to a comprehensive urban micro-vacation destination, enhancing customer experience with amenities like free tea and gaming areas, resulting in an average stay of 10 hours [3] Group 3: KTV and Beauty Industry Performance - The KTV industry has emerged as a surprising performer during the New Year holiday, with transaction volume increasing nearly 30% year-on-year in the two weeks leading up to the holiday, particularly in Taiyuan and Changsha where growth exceeded 70% [4] - The 00s generation is the fastest-growing demographic in KTV transactions, with a year-on-year increase of over 57% [4] - The beauty industry has also seen a surge in activity, with nearly 200,000 beauty service providers on platforms experiencing close to 100% income growth year-on-year during the weekend before New Year [5] Group 4: Ride-Hailing Demand Surge - Midnight ride-hailing demand spiked as many opted to celebrate New Year outside, with Didi predicting an 11% year-on-year increase in ride requests in the half-hour leading up to midnight [5] - The demand for high-quality transportation services, such as Didi's premium and luxury car options, is expected to rise significantly, with increases of 226% and 188% respectively compared to the previous week [5]

12月31日下午，上纬新材旗下的机器人业务品牌上纬启元发布了全球首款全身力控小尺寸人形机器 人"上纬启元Q1"。 据了解，该机器人身高约80厘米左右，主要面向极客玩家、家庭以及科研教育等用户。 记者｜乔心怡 编辑｜瑜见 ...

系列盘点： （长版图片，请将手机调整至横屏阅读） 制图｜"晓数点"工作室 ...

Market Performance - The A-share market closed on December 31, 2025, with the Shanghai Composite Index rising by 0.09%, marking an 11-day consecutive increase and an annual gain of 18.41%, the highest in 10 years [2] - The Shenzhen Component Index fell by 0.58% but recorded an annual increase of 29.87%, while the ChiNext Index dropped by 1.23% with an impressive annual rise of 49.57% [2] - The STAR 50 Index and the Northern Stock Exchange 50 Index saw annual increases of 35.92% and 38.8%, respectively [2] Sector Performance - The commercial aerospace sector continued its strong performance, with significant gains in AI applications, education, aviation, and cultural media sectors [5] - Conversely, the pharmaceutical commercial, shipbuilding, battery, oil, and semiconductor sectors experienced declines [5] Notable Stocks - Top gainers included Jiuzhiyang (+20.00%), Feiwo Technology (+17.91%), and Xinyi Communication (+16.98%) [6] - The AI concept stocks also performed well, with BlueFocus Media reaching a 20% limit up, alongside Desheng Technology and Kevin Education [7] Market Activity - The total trading volume in the Shanghai and Shenzhen markets was 2.05 trillion yuan, a decrease of 97.2 billion yuan from the previous trading day, with over 2,700 stocks declining [7] - Major inflows were observed in aerospace, media, and computer sectors, with BlueFocus Media, Liou Co., and Aerospace Electronics receiving net inflows of 2.746 billion yuan, 2.300 billion yuan, and 1.810 billion yuan, respectively [9] Institutional Insights - According to Everbright Securities, there is a significant divergence in market funds, indicating that a structural market trend is likely to continue [10] - China International Capital Corporation noted that the structural differentiation observed on the closing day is expected to persist into 2026, with a gradual upward trend anticipated [11] - CITIC Securities projected a low-volatility slow bull market for A-shares in 2026, driven by policy support and long-term capital inflows, with expectations for continued improvement in listed companies' net profits [11]

Group 1 - The core achievement of the domestic public REITs market in 2025 includes 20 new issuances and 5 expansions, raising a total of 47.335 billion yuan, with a total issuance of 79 products and a total scale exceeding 210 billion yuan [1] - The domestic REITs market has grown to become the largest in Asia and the second largest globally over five years [1] - The market is evolving from a focus on financing to becoming a key tool for revitalizing existing assets, with increasing participation from individual investors [1] Group 2 - In the secondary market, public REITs gained popularity in 2025, experiencing a significant rise in the first half of the year followed by a recent adjustment, with the CSI REITs total return index rising nearly 10% from the beginning of the year to August [2] - By December 31, 2025, out of 78 listed REITs, 55 saw price increases while 22 experienced declines, with the top performer, the Jiashi Wumei Consumption REIT, rising over 39% [2] Group 3 - Different asset types showed varied performance, with consumption REITs leading the market with an average increase of over 30% due to consumer subsidy policies and improved market expectations [3] - The average distribution rate for franchise rights assets was recorded at 9%, significantly higher than the 10-year government bond yield by 7 percentage points, making it an attractive option for long-term investors [3] Group 4 - The public REITs market experienced a "hot" new issuance trend in 2025, with record subscription multiples for various products, including 1,192 times for the Huitianfu Jiuzhoutong Pharmaceutical REIT [4] - The underlying asset types for REITs have diversified, now including not only logistics and transportation but also heating equipment, industrial park renovations, and pharmaceutical logistics [4] Group 5 - The approval of data center REITs in 2025 indicates ongoing support for technology companies to utilize intellectual property and data assets for asset securitization [5] - The diversification of original rights holders has increased, with more international asset management entities entering the market, such as the first foreign asset management institution initiating a consumption REIT [5]

Core Viewpoint - The banking sector is experiencing a significant shift as deposit rates decline, leading to a "deposit migration" where residents are moving their funds from traditional deposits to diversified assets like wealth management products, insurance, and gold. This trend is expected to continue into 2026, with further adjustments in the deposit market anticipated [1][7]. Group 1: Interest Rate Changes - In 2025, the personal deposit and wealth management markets showed a clear structural differentiation, with long-term fixed deposit rates generally falling into the "1" range, and high-interest products like large-denomination certificates of deposit being withdrawn [2]. - Major state-owned banks initiated a round of interest rate cuts on May 20, 2025, reducing the interest rate on demand deposits by 5 basis points to 0.05%, and cutting rates on short-term fixed deposits by 15 basis points [2]. - Smaller banks have been more aggressive in their rate cuts, with some reducing three-year fixed deposit rates from 2.8% to 2.15% and five-year rates from 2.8% to 2.1% [2]. Group 2: Withdrawal of Long-Term Deposit Products - Many private banks have already removed five-year fixed deposit products, while state-owned banks have significantly reduced the availability of three and five-year large-denomination certificates of deposit [3]. - The trend of withdrawing long-term deposit products is evident across various banks, with major state-owned banks no longer offering five-year large-denomination certificates of deposit on their mobile banking apps [3]. Group 3: Net Interest Margin Pressure - The prolonged low macro interest rate environment has led to a decrease in loan market quoted rates (LPR), resulting in lower bank loan yields while deposit costs remain rigid, compressing net interest margins [4]. - As of the end of Q3 2025, the net interest margin for commercial banks was reported at 1.42%, with state-owned banks at 1.31% and joint-stock banks at 1.56%, all at historical lows [4]. - Many smaller banks have paused new business for three to five-year fixed deposits and large-denomination certificates of deposit to reduce high-cost long-term funding, thereby enhancing funding flexibility [4]. Group 4: Impact on Resident Asset Allocation - Data from the central bank indicates that from January to November 2025, the growth of resident fixed deposits slowed significantly, with a noticeable shift towards higher-yielding assets such as wealth management products, insurance, and gold [5]. - The interaction between non-bank institutions and resident deposits has increased market trading activity, reflecting a trend towards diversified asset allocation [5]. - In 2025, local banks employed gift marketing and loan-deposit linkage strategies to maintain customer loyalty, while state-owned banks focused on optimizing liability structures and cost control [5]. Group 5: Outlook for 2026 - Industry experts predict that the adjustment in the deposit market will deepen in 2026, with the "deposit migration" trend expected to persist as residents continue to shift savings towards diversified assets [7]. - By the end of Q3 2025, the total scale of outstanding wealth management products reached 32.13 trillion yuan, marking a year-on-year growth of 9.42% [7]. - Analysts forecast that retail deposit average rates will decrease by approximately 30 basis points in 2026, with a significant increase in the growth of non-fixed deposit investments [7]. Group 6: Differentiated Strategies Among Banks - In 2026, different types of banks are expected to adopt varied strategies, with state-owned banks focusing on wealth management to offset net interest margin pressures, while smaller banks may be more sensitive to deposit rates [8]. - Smaller banks are likely to attract deposits through differentiated pricing, flexible term products, and innovative offerings linked to gold, foreign exchange, or stock indices [8]. - Banks are encouraged to enhance service levels and innovate product designs to improve the proportion of demand and short-term deposits, thereby optimizing deposit maturity structures [8].

来源｜中新经纬 编辑｜钉钉 (头图由AI生成) 31日上午，支付宝方面回应称：支付宝的各项功能和服务一切正常，用户可正常使用。网传"支付宝暂 停服务"为谣言，请大家不信谣不传谣。 近日，在一些社交平台上，"12月30日、31日支付宝、微信支付不能使用"的消息流传。 同日，微信团队回应称，微信支付服务一切正常，"微信支付暂停"为谣言，请大家不信谣不传谣。 ...

Core Insights - The AI industry is experiencing significant changes as companies like Manus are acquired by Meta, and startups like Zhiyu and MiniMax are preparing for IPOs in Hong Kong, indicating a shift in the competitive landscape [1][3] - The "Little Six Dragons" concept in the domestic market has faded, with a clear differentiation in the foundational model startup arena, as major internet companies ramp up their efforts [1][3] - The exploration of new technological paradigms is underway as the industry faces a slowdown in the Scaling Law, with a focus on monetization and industrialization of AI by 2026 [2][12] Industry Dynamics - The AI startup landscape is undergoing a "survival of the fittest" phase, with companies either pushing for IPOs, focusing on niche applications, or exiting the competition [3][4] - Major players are leveraging their computational power, data, and ecosystem advantages to capture market share, with Tencent and Alibaba making significant strides in the AI app market [7][8] - The competition among large firms is intensifying, with Tencent and Alibaba investing heavily in AI infrastructure and applications, while also focusing on user engagement and product iteration [7][8] Market Trends - The user engagement metrics for AI applications show a competitive landscape, with Doubao and DeepSeek leading in active user numbers, while Kimi is focusing on enhancing its web-based capabilities [4][6] - The funding strategies for companies like Zhiyu and MiniMax indicate a trend towards high R&D investments in foundational AI models, with significant portions of their IPO proceeds allocated for this purpose [6] - The industry is witnessing a shift towards multi-modal integration and deeper model capabilities, as companies aim to redefine user experiences and address the limitations of current AI tools [5][6] Future Outlook - The industry anticipates that 2026 will shift focus from what AI models can do to how they can generate revenue, emphasizing the need for sustainable business models [2][13] - Despite discussions of a potential technological ceiling, experts believe that the AI sector will continue to evolve, with new innovations emerging to address existing challenges [12][13] - The competitive landscape remains dynamic, with both startups and established firms vying for leadership in a rapidly changing environment, suggesting that the race for AI dominance is far from over [9][13]

Group 1 - The article discusses significant upcoming events and data releases in January 2026, including the Boao Global Digital Consumption Conference and the International Consumer Electronics Show (CES) [3][4]. - It highlights the adjustment of import tariffs and the implementation of the new VAT law in China, which may impact various sectors [3][4]. - The article notes that major stock markets, including A-shares, Hong Kong stocks, and U.S. stocks, will have holidays during this period, affecting trading activities [3][4]. Group 2 - The article mentions the upcoming release of China's national economic operation data for January, which will provide insights into the country's economic performance [5]. - It also references the 19th Asian Financial Forum scheduled for late January, which will focus on financial trends and opportunities in the region [5]. - The Canadian central bank's interest rate decision is expected to be announced, which could influence market sentiment and investment strategies [5].