两说 Business Insights 继2024年在纳斯达克上市后，小马智行近日在港交所上市，成为首批实现"美股+港股"双重上市的自动 驾驶科技公司。如今已率先在北上广深四大一线城市提供全无人自动驾驶出租车服务。无人驾驶安全 吗？公众的接受度如何？创业公司在商业生态上如何谋势布局，站在"十五五"开局元年即将到来之时， 本期节目探讨如何在自动驾驶领域推动中国式创新，发展新质生产力？破茧成蝶的路上，中国企业家如 何面对不确定性？需要有怎样的精神内驱特质？ 本期嘉宾 彭军 小马智行创始人、首席执行官 秦朔 人文财经观察家 更多精彩内容，敬请关注12月17日周三晚22:30 东方卫视《两说》节目，第一财经 12月20日周六晚 22:00 播出。 ...

Group 1 - The CPO sector showed strong performance on December 17, with several companies reaching significant price increases, including Yidong Electronics hitting a 20% limit up [1] - Notable performers included Liante Technology nearing the limit up, and Zhongci Electronics, Changfei Optical Fiber, and Huanxu Electronics also reaching the limit up [1] - Tianfu Communication and Xinyi Sheng saw increases of over 8% and 7% respectively, indicating a positive trend in the sector [1] Group 2 - Yidong Electronics experienced a price increase of +20.01%, reaching a current price of 52.78 [2] - Liante Technology rose by +19.28%, with a current price of 172.95 [2] - Other significant gainers included Huaguang New Materials (+16.41%), Juguang Technology (+14.09%), and Yuanjie Technology (+12.17%) [2]

Group 1: Nasdaq's All-Day Trading Initiative - Nasdaq has submitted a proposal to the SEC to launch "all-day trading" services starting in 2026, aiming to meet the growing demand for continuous trading from investors [1][2] - The plan includes extending daily trading hours from 16 hours to 23 hours, operating five days a week, with a new structure of daytime and nighttime trading sessions [3] - The initiative reflects a trend towards globalization in trading, with Nasdaq's president emphasizing the increasing global nature of the U.S. market [2][4] Group 2: Medline's IPO - Medline, the largest IPO of the year, is set to debut on Nasdaq on December 17, with an offering price of $29 per share for 216 million shares, aiming to raise approximately $6.26 billion [4][6] - The company, founded in 1966, specializes in medical supplies and has reported revenues of $20.6 billion and a net profit of $977 million for the past nine months [5] - Medline's existing shareholders include major private equity firms, and the IPO has attracted cornerstone investors with commitments totaling up to $2.35 billion [5][6]

Core Viewpoint - The U.S. government has publicly named several European multinational companies, warning that if the EU does not change its regulatory approach towards U.S. tech giants, the U.S. will have "no choice" but to retaliate [1] Group 1: U.S. Government's Position - The U.S. Trade Representative (USTR) accused the EU and its member states of discriminatory and harassing legal actions, taxes, fines, and directives against U.S. service providers [1][2] - USTR emphasized that if the EU continues to impose discriminatory measures, the U.S. will utilize all available tools to counter these unreasonable actions [1] - The U.S. has a long-standing dissatisfaction with digital taxes imposed by Europe, viewing them as non-tariff trade barriers that harm American businesses [2] Group 2: Specific Companies Named - The USTR specifically named several European companies, including DHL, SAP, Siemens, Mistral, Capgemini, Publicis Groupe, Accenture, and Spotify, indicating that these companies have enjoyed a favorable operating environment in the U.S. for decades [2][3] - The U.S. has threatened to impose substantial tariffs on countries that implement digital taxes targeting American tech companies [2] Group 3: EU's Response - The EU Commission responded by asserting that it is an open market where rules are applied fairly and equally to all companies operating within the EU [6] - The EU Trade Commissioner acknowledged that while the recent trade agreement framework has stabilized relations with the U.S., unexpected issues may still arise [6] - The EU is committed to protecting its technological sovereignty, indicating a firm stance against U.S. pressures [6][7] Group 4: Regulatory Developments - Recent investigations by the EU into U.S. tech companies like Google, Microsoft, Amazon, and Meta reflect the EU's strong regulatory approach [7] - The EU is also simplifying regulations related to AI, cybersecurity, and data, aiming to reduce administrative burdens on European companies and create more growth opportunities [7]

12月17日，沪银期货主力合约涨近5%，报15475元/千克，续创历史新高，今年迄今累计涨超106%。 ...

Group 1 - The commercial aerospace concept stocks experienced a significant decline, with Longzhou Co., Ltd. hitting the limit down for two consecutive days after a previous surge [1][3] - Sichuan Jinding also faced a limit down, while Tongguang Cable and Hongxiang Co., Ltd. dropped over 10%, along with Aerospace Changfeng, Zaiseng Technology, Zhongchao Holdings, and Boya Precision Engineering, all falling over 9% [3][4] Group 2 - The following stocks reported notable declines: - Tongguang Cable: -12.19% at 12.75 - Hongxiang Co., Ltd.: -11.48% at 12.42 - Sichuan Jinding: -10.01% at 13.66 - Longzhou Co., Ltd.: -9.96% at 9.67 - KQ Co., Ltd.: -9.84% at 15.67 - Galaxy Electronics: -9.92% at 5.99 - Aerospace Changfeng: -9.53% at 20.02 - Zaiseng Technology: -9.54% at 8.44 - Zhongchao Holdings: -9.40% at 5.59 - Boya Precision Engineering: -9.30% at 21.95 [4]

2025.12.17 本文字数：2041，阅读时长大约3分钟 作者 |第一财经 陈益刊 中央经济工作会议定调明年继续实施更加积极财政政策之后，备受关注的财政政策实施细节逐步明晰。 近日，中央财办有关负责同志接受新华社采访解读中央经济工作会议精神，进一步阐述了明年继续实施 更加积极财政政策的内涵，体现在三个层面： •政策力度上，保持必要的财政赤字、债务总规模和支出总量。既着眼当前，用好用足财政政策空间， 也为应对未来风险留有余地，确保财政可持续。重视解决地方财政困难，建立健全增收节支机制，增强 地方自主财力，兜牢基层"三保"底线。 •政策质效上，提高精准性和有效性。优化财政支出结构，强化国家重大战略财力保障，推动更多资金 资源投资于人。统筹用好政府债券资金，更加注重惠民生、扩内需、增后劲。同时，严肃财经纪律，坚 持党政机关过紧日子。 •实施时机上，主动靠前发力。合理加快资金下达拨付，推动尽快形成实际支出和实物工作量。 在当前外部形势复杂、内需不足等挑战之下，外界对财政政策关注焦点之一正是政策实施力度。 2025年中国首次定调财政政策"更加积极"，力度空前。2025年财政赤字率从2024年的3%提高至4%历史 高 ...

Group 1 - The stock of Farsen (法尔胜) reached a peak increase, hitting the limit up during trading on December 17, with a closing price of 7.75 yuan and a trading volume of nearly 900 million yuan [1][2] - The stock experienced a price change of 0.64 yuan, representing a 9.00% increase, with a market capitalization of 3.3 billion yuan [2] - The stock's trading volume ratio was reported at 18.176, indicating significant trading activity [2]

2025.12.17 本文字数：1384，阅读时长大约2分钟 作者 |一财评论员 在日前召开的中央经济工作会议上，习近平总书记强调：所有规划都要实事求是，追求实实在在、没有 水分的增长，推动高质量、可持续的发展；对于脱离实际急躁冒进、层层加码、乱铺摊子的，要严肃问 责。 应该看到，这些年驰而不息纠正形象工程、政绩工程，取得了很多成效，但尚未根治，有的地方还出现 了新变种。比如，有的地方开发区大而不当，有的地方展会论坛活动无序发展，还有"数字注水"、虚假 开工、"开票经济"等各种表现形式。 因此，追求实实在在、没有水分的增长是一项长期艰巨任务，尤其在高质量制定"十五五"规划及"十五 五"要取得良好开局的关键时期，更是如此。 过去唯GDP论英雄的理念造成了官出数字、数字出官的不良现象。有的地方在增长方面先设定指标，然 后一级压一级，压到最基层。如此而言，数字的真实性可想而知。 GDP早已不是对地方领导干部政绩考核的主要指标，当前考核更着重科学发展、高质量发展，但根深蒂 固的GDP情结仍然有着深刻影响，原因之一是这一指标更加直观、更加体现政绩。由此也就引发了"数 字注水"、虚假开工、"开票经济"等"变种"的产生。 ...

Core Viewpoint - The GPU manufacturer Muxi Co., Ltd. (688802.SH) was listed on the STAR Market on December 17, with an initial offering price of 104.66 CNY per share, leading to a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% to reach 699 CNY per share, resulting in a market cap of 279.7 billion CNY, with investors earning approximately 297,000 CNY per share [2][3]. Company Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, and projected revenues of 743 million CNY and 320 million CNY for the first three months of 2024. The company has incurred net losses of 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY for the respective periods [4][5]. - For the first half of this year, Muxi's revenue was 915 million CNY, reflecting a year-on-year growth of 404.51%, but it still reported a loss of 186 million CNY. The company anticipates revenues of 1.2 billion to 1.26 billion CNY for the first nine months of the year, indicating a year-on-year growth of 437.36% to 464.23%, with expected losses of 300 million to 380 million CNY [4][6]. Market Position and Competition - Muxi is recognized as a leading developer of high-performance general-purpose GPU products in China, with a cumulative sales volume of over 25,000 units. However, the company has not yet achieved profitability [4][5]. - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's N100 series of intelligent computing inference GPUs are still in the early stages of sales growth [5][6]. - Muxi's market share in the Chinese AI chip market is projected to be around 1% in 2024, amidst increasing competition and a rising trend in the penetration rate of domestic AI chip brands [6].