相比iPhone17 Pro Max和iPhone 17 pro两个型号，iPhone 17的优惠幅度相对较小。iPhone17 256GB版本 免税价为5579元，电商平台苹果旗舰店同款售价是5999元，差价为420元。 2025.12.18 本文字数：745，阅读时长大约1分钟 来源 |极目新闻 12月18日，海南自由贸易港正式启动全岛封关。 封关对普通人有哪些影响？海南免税店里的奶粉、化 妆品、电子产品等商品会不会更便宜？封关首日，极目新闻记者来到位于海南省三亚市的海旅免税城。 18日上午10时许，极目新闻记者在海旅免税城一家售卖苹果产品的门店看到，消费者排起长队选购苹果 产品。iPhone 17 Pro Max 256GB版本的免税价格为9299元，记者查询某电商平台苹果旗舰店，发现该版 本的售价为9999元，两者售价相差700元。 iPhone17pro 256GB版本免税价为8299元，电商平台苹果旗舰店同款售价是8999元，也相差700元。 该店工作人员称，目前免税苹果产品不能使用国家补贴，但可以叠加政府免税消费券。以iPhone 17 pro 256GB版本为例，可以领取满6000元减300元 ...

Core Viewpoint - The article highlights the divergence between the Japanese government, led by Prime Minister Fumio Kishida, and the Bank of Japan regarding interest rate hikes, emphasizing the need for cautious monetary policy adjustments [2][4]. Group 1: Monetary Policy - Masazumi Wakatabe, former Deputy Governor of the Bank of Japan, warns against premature interest rate hikes and advocates for a focus on fiscal policy and growth strategies to raise the neutral interest rate before considering rate increases [4]. - The Bank of Japan has maintained a cautious stance on using the neutral interest rate as a primary guide for future rate hikes, preferring to assess the impact of previous rate increases on economic activities [4]. - Wakatabe expresses a moderate view on inflation, suggesting that as energy and food costs stabilize, inflation may slow down, potentially falling below 2% [4]. Group 2: Fiscal Policy - Prime Minister Kishida emphasizes the need for proactive fiscal policies to enhance Japan's economic capacity rather than overly tightening fiscal measures, proposing a path of fiscal stimulus to improve corporate profits and household incomes [5]. - The Japanese government approved an additional budget of 18.3 trillion yen to support Kishida's economic stimulus plan, with 11.7 trillion yen financed through new bond issuance [5]. - Concerns have arisen regarding Japan's fiscal discipline due to Kishida's expansionary fiscal policies, with warnings about the sustainability of government debt [6]. Group 3: Economic Impact - Oxford Economics' chief economist warns that Japan's fiscal policy will remain loose, potentially leading to limited economic growth impact, estimating a GDP boost of only around 0.4% from the new budget [6]. - Rising expectations for interest rate hikes and concerns over fiscal health have led to increasing yields on Japanese government bonds, with projections for the 10-year bond yield to reach 2.1% by the end of 2026 [6][7]. - The Japanese Finance Ministry anticipates that the interest on government debt will rise significantly, from 7.9 trillion yen last year to 16.1 trillion yen by 2028, raising concerns about the government's fiscal sustainability [7].

Group 1 - The average cash holding rate in global fund managers' portfolios decreased from 3.7% in November to 3.3% in December, marking the lowest level since the survey began in 1999 [2] - 42% of surveyed fund managers reported increasing their global stock holdings, the highest level since 2022, indicating a significant shift towards equities and commodities [2] - Global fund managers are currently experiencing the highest level of optimism since mid-2021, surpassing the peak during the "Trump trade" at the end of 2024 [3] Group 2 - Fund managers' expectations for global corporate profits are at their highest since 2021, leading to a more bullish outlook on the stock market [3] - Analysts suggest that the performance of global stock markets in 2026 will depend on sector distribution and style allocation, recommending a broader investment approach beyond just AI themes [4] - UBS forecasts a robust earnings growth of 7% to 14% for major markets next year, supporting further stock market gains despite high historical valuations [4] Group 3 - There are concerns that the overly optimistic sentiment in the market could lead to severe reactions to negative news, with low cash levels indicating a fragile market resilience [5] - The "AI bubble" is still viewed as the biggest market risk, although the percentage of fund managers identifying it as such has decreased from 45% to 38% [5] - A significant number of investors expect long-term bond yields to rise, with three-quarters of surveyed fund managers anticipating a steeper yield curve in the coming months [5]

李富真现年55岁，是三星集团已故会长李健熙的长女，又被称为"三星长公主"。 微信编辑| 苏小 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 来源 |海客新闻 2025.12.18 据韩国Channel A电视台报道，12月17日，韩国访问年委员会委员长、新罗酒店社长李富真现身首尔明 洞街区，与文化体育观光部副部长金大显一起视察商铺。她当天还参加了2026韩国购物季开幕式并致开 幕辞。 现场视频显示，李富真面带微笑，与身边的官员交谈。她腿脚不便的画面，引发关注。 ...

12月18日，针对索尼关闭广东惠州工厂传闻，业内人士对第一财经记者表示，去年索尼（中国）有限公 司已将索尼精密部件（惠州）有限公司的股权转让给日本再生晶圆制造厂RS Technologies，该项交易去 年12月底完成。 ...

Core Insights - Two GPU stocks, Moer Technology and Muxi, have gained significant attention after their recent listings on the STAR Market, with Moer Technology's stock price increasing over four times on its debut [2] - Both companies, along with another GPU firm, Birun Technology, are yet to achieve profitability despite substantial R&D investments [3][4] - The market share of these domestic GPU companies remains low compared to global leaders like NVIDIA and AMD [7][8] Group 1: Company Performance - Moer Technology, Muxi, and Birun Technology have all seen revenue growth over the past three years but have not turned a profit [3] - Financial data for Moer Technology shows revenues of 0.46 million, 1.24 million, and 4.38 million from 2022 to 2024, with losses of 18.4 billion, 16.73 billion, and 14.92 billion respectively, totaling 50.05 billion in losses [3] - Muxi's revenues for the same period were 42.64 million, 53.02 million, and 743 million, with losses of 7.77 billion, 8.71 billion, and 14.09 billion, accumulating over 32 billion in losses [3] - Birun Technology reported revenues of 49.9 million, 620.3 million, and 3.37 billion, with losses of 14.74 billion, 17.44 billion, and 15.38 billion, totaling 47.5 billion in losses [3] Group 2: R&D Expenditure - Moer Technology has the highest R&D expenses among the three companies, with expenditures of 38.1 billion, 22.47 billion, and 27.3 billion for Muxi and Birun Technology respectively from 2022 to 2024 [4] - In 2022, Moer Technology's R&D expenses accounted for 309.88% of its revenue, while Muxi's was 121.24%, and Birun Technology's was 245.5% [4] - The high R&D costs are a significant factor contributing to the ongoing losses for these GPU manufacturers [4] Group 3: Market Position and Future Outlook - Moer Technology and Muxi have projected timelines for achieving profitability, with Moer Technology aiming for 2027 and Muxi for 2026 [5] - Despite the recent stock price fluctuations, the market share of these domestic GPU companies is still low, with Moer Technology and Muxi's market shares in the domestic AI chip market being less than 1% [6][7] - The AI chip market in China is currently dominated by international players, with NVIDIA holding a 54.4% market share, followed by Huawei and AMD [7] - Birun Technology indicated that the top two players in the Chinese smart computing chip market hold 94.4% of the market share, highlighting the concentration of market power [8]

【编者按】 站在"十五五"开局元年即将到来之时，我们关注如何推动中国式创新，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？又需要有怎样的精神内驱特质？ 自动驾驶出租车：安全吗？ 一场"无人"的马拉松：如何从0到1？ 这场突破背后是海量的复杂场景训练。小马智行在这场长跑中是已经积累了近6000万公里驾龄的"老司 机"。 回忆起公司发展历程中最激动的时刻，彭军的答案出人意料地具体到2022年底北京那个飘着小雪的日 子。那天启动无安全员的全无人运营测试，第一次实现了真正意义上"驾驶座空无一人"的突破。"有没 有安全员是0和1的本质区别。"彭军解释道。 T型战略布局：生根与拓展的双轨并行 无人驾驶出租车赛道上并不缺乏玩家。从萝卜快跑、文远知行到滴滴，从广汽、上汽集团到比亚迪，产 业链的四大领域：获客平台、AI司机、车辆生产和运营保养都会遇到对手和伙伴。小马智行该如何定 位自身角色？如何谋势布局？ 面对未来两三年规划，小马智行推出"T型战略"。纵向维度聚焦核心市场生根，提升服务密度。"如果路 上车太少，用户等半小时才叫到车，体验就无从谈起。"横向则指向更广阔的城市拓展，通过与地方政 府合作推动政策创新， ...

Core Viewpoint - The banking sector experienced a rebound on December 18, with all banks in the sector showing positive performance, indicating a potential recovery trend in the market [1]. Group 1: Stock Performance - Shanghai Bank saw an increase of 2.75%, reaching a price of 10.08 with a rise of 0.27 [2]. - Suzhou Bank increased by 2.60%, with a current price of 8.28, up by 0.21 [2]. - Xiamen Bank rose by 2.53%, now priced at 7.70, an increase of 0.19 [2]. - Hangzhou Bank's stock went up by 2.30%, reaching 15.58, with a rise of 0.35 [2]. - Construction Bank increased by 2.13%, priced at 9.12, up by 0.19 [2]. - Other notable increases include: - Chongqing Bank +1.73% to 11.15 [3] - Agricultural Bank +1.34% to 7.55 [3] - Industrial and Commercial Bank +1.02% to 7.89 [3]. Group 2: Overall Market Sentiment - The overall positive sentiment in the banking sector suggests a favorable environment for investment, as multiple banks reported gains exceeding 2% [1][2]. - The performance of various banks indicates a broad-based recovery, which may attract further investor interest in the sector [1].

香港交易所于12月18日刊发《优化香港证券市场每手买卖单位框架》的咨询文件。香港交易所致力于持 续优化市场结构，以及根据香港特别行政区政府"促进股票市场流动性专责小组"提出的建议，香港交易 所现正提出一个新的每手买卖单位框架，旨在透过提高市场效率和降低市场投资门槛以提升市场竞争 力。 建议的新每手买卖单位框架适用于股票和房地产投资信托基金，并包含以下三个部分： 1.将每手价值的指引下限从2000港元降至1000港元。 2.增设50000港元的每手价值指引上限。 3.将每手股数的种类减至八种标准化的选项：1股、50股、100股、500股、1000股、2000股、5000股和 10000股。 咨询期将于2026年3月12日结束。 来源｜香港交易所官网 编辑｜钉钉 ...

Core Insights - PwC has launched a new brand positioning and identity, marking its first major global brand update since 2010, aimed at enhancing its market presence and attracting talent [1] Group 1: Brand Strategy - The brand refresh is driven by the need to adapt to technological changes and reinforce core values of trust and quality, which are fundamental to the brand's foundation [1] - The new brand design, featuring an orange "dynamic logo," is intended to convey a sense of growth and forward-thinking [1] Group 2: Strategic Importance of China Market - The Chinese market plays a crucial role in PwC's global network, being the second-largest economy and vital for global clients [2] - PwC has been in China for over 120 years, with significant contributions to helping Chinese companies access capital markets, auditing 55% of US-listed Chinese companies by market value [2] - 57% of multinational executives believe their investments in China enhance operational efficiency, indicating the market's potential [2] Group 3: Business Operations and Competitive Advantage - PwC's competitive edge lies in its high-quality service and extensive experience, supported by a culture of continuous improvement and substantial investment in employee training [3] - The firm has four main service areas: auditing, tax services, transaction services, and consulting, with a strong market presence in each [3] - PwC has facilitated over 2,000 transactions in the past three years, participating in 40% of cross-border deals in the Chinese market [3] Group 4: Talent Strategy - PwC focuses on providing excellent career development paths and has recruited over 1,000 graduates in mainland China and 500 in Hong Kong this year [4] - The company invests in technology and training to ensure employees remain at the forefront of industry skills, offering global career opportunities [4] Group 5: Corporate Social Responsibility - PwC integrates environmental, social, and governance responsibilities into its mission, committing to net-zero greenhouse gas emissions [5] - The firm has established the Beijing PwC Zhongtian Charity Foundation to support social initiatives, particularly in rural revitalization and youth skill development [5] - Over 11,000 employees have contributed more than 100,000 hours to various volunteer projects [5] Group 6: Artificial Intelligence Utilization - PwC is investing significantly in artificial intelligence, developing tools like ChatPwC to enhance employee access to various language models in a secure environment [6] - The firm emphasizes responsible AI usage, aligning with its mission to enhance societal trust [6]