2025.12.26 本文字数：2214，阅读时长大约4分钟 作者 |第一财经 樊志菁 本周西方迎来传统节日圣诞节，随着诸多市场进入假日交易时段，通常情况下行情往往处于低波动状 态。今年的情况有所不同。 节后首个交易日，避险情绪、供需失衡等因素继续推动资产规模较小的贵金属市场狂欢。相比之下，人 工智能AI泡沫担忧、货币政策不明朗让流动性更好的明星科技股失去了短期进一步上行的动力。 美股波澜不惊 作为节前公布的重磅数据，美国三季度国内市场总值（GDP）表现强劲，但美债利率却未出现相应上 扬，美国10年期国债收益率徘徊在4.17%，10年期与2年期国债利差保持31个基点的正值区间。 BK asset management宏观策略师施罗斯伯格（Boris Schlossberg）在接受第一财经采访时表示，这向市 场释放的信号是：当前货币政策虽处于限制性区间，但并不会进一步收紧，是美元走弱、股市企稳的核 心逻辑。他认为，短期内股市表现近似于 "低波动套息资产"——标普500指数与纳斯达克综合指数保持 强势，市场波动性整体受到压制，如恐慌指数（VIX ）徘徊在年内低点附近。 这与市场对权重人工智能领域的担忧情绪不无关系 ...

Group 1 - Technology stocks mostly rose, with SanDisk up over 3%, Micron Technology and NVIDIA both rising nearly 1% [1] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.2%, while Bawang Chaji fell over 8% and Dingdong Maicai rose over 5% [1] - Biohaven dropped over 10% following the failure of its mid-stage trial for a depression drug [1] - Space concept stock Sidus Space opened up over 30%, briefly rising over 50%, and currently up nearly 45% [1] Group 2 - On December 26, the three major U.S. stock indices opened mixed, with the Dow Jones down 0.02%, the Nasdaq up 0.13%, and the S&P 500 up 0.09% [2]

12月26日，据"华为数据存储"公众号消息，华为第六届奥林帕斯奖正式启动全球征集。 今年奥林帕斯奖奖金池总奖金300万元，其中，设置2个奥林帕斯奖，奖金各100万元；5个奥林帕斯先锋 奖，奖金各20万元。 本届奥林帕斯奖将聚焦解决AI时代数据处理的算力开销大、推理效率与精度冲突、存储成本激增等问 题，面向全球科研工作者公开征集解决之道。 编辑丨瑜见 ...

Core Viewpoint - Dong'an Holdings Group Co., Ltd. has announced the suspension of operations for several dealerships, including Zhengzhou Zhongyuan Porsche Center, which has sparked discussions among car owners and netizens [1]. Group 1 - The suspension of operations will take effect from December 26, 2025, for Zhengzhou Zhongyuan Porsche, Guiyang Mengguan Porsche, and Zhengzhou Dongjin Volkswagen stores [1]. - All employees at these locations will be on leave during the suspension period, with salaries temporarily paid at the local minimum living standard, excluding outsourced labor [1]. - The company is actively working to secure funds to address employee account issues, with a plan to resolve these within 30 days in batches and proportionally [1]. Group 2 - Employee wages are expected to be paid within 60 days [1]. - The company will continue to make normal social security contributions during the suspension period [1]. - Dong'an Holdings is in communication with banks and manufacturers to resolve issues related to the delivery of customer qualification certificates, with a positive outcome anticipated soon [1]. Group 3 - The company plans to address supplier debts in batches [1]. - Customer deposits and maintenance service issues will also be resolved in an orderly manner over time [1].

Core Insights - The land transaction landscape for 2025 has concluded, with the title of "top land seller city" being revealed in the final days of the year [1] - Hangzhou initially led the market in the first half of 2025, but experienced a significant downturn in the second half, resulting in a total land sale revenue that, while impressive, remains relatively low compared to historical highs [2][4] Group 1: Hangzhou's Performance - In the first half of 2025, Hangzhou sold 68 residential land parcels, generating a total revenue of 1160.1 billion yuan, nearly matching the total for the entire previous year, and marking a year-on-year increase of nearly 100% [2] - The total land sale revenue for Hangzhou in 2025 reached 1420.8 billion yuan, reflecting a year-on-year growth of 21.5% [1][2] - The second half of 2025 saw a drastic decline in land sales for Hangzhou, with only 260.7 billion yuan in transactions, which is just 22.5% of the first half's performance [2] Group 2: Beijing's Year-End Surge - Beijing made a strong year-end push, with significant transactions occurring in the last week of December, including a notable sale in Haidian district for 84.56 billion yuan [3][4] - The total land sale revenue for Beijing in 2025 amounted to 1427.4 billion yuan, despite a year-on-year decrease of approximately 24% in transaction volume [4] - Beijing's land market saw an increase in floor prices by 20% and a rise in premium rates, allowing it to surpass Hangzhou in the final weeks of the year [4][5] Group 3: Shanghai's Dual-Track Strategy - Shanghai's public land sales included 48 residential parcels, generating 1427.2 billion yuan, a year-on-year increase of 1.9%, nearly matching Beijing's performance [6] - In addition to public sales, Shanghai utilized a dual-track model, with approximately 30 parcels sold through private agreements, contributing over 900 billion yuan to the total land revenue [6] - When including non-public sales, Shanghai emerges as the "invisible champion" of the land market, leading in actual land sale revenue for 2025 [6][7] Group 4: Conclusion on Top Seller City - The title of "top land seller city" varies based on the metrics used; Beijing leads in public auction sales, while Shanghai holds the top position when including all sales methods [7]

（六）关于市场空间。发行人的商业火箭业务或产品应具有清晰的目标市场，相较于竞争对手具有先发 优势，在研发进度、关键指标等方面位于行业前列。 12月26日，据上交所网站，上交所制定了《上海证券交易所发行上市审核规则适用指引第9号——商业 火箭企业适用科创板第五套上市标准》，现予以发布，并自发布之日起施行。 （七）关于商业化安排。发行人应当为商业火箭业务或产品从技术验证到规模运营制定清晰明确、切实 可行的商业化安排，不存在主要业务或产品商业化生产销售预期明显不足等重大不利影响的事项。 《指引》共十四条，对商业火箭企业适用科创板第五套上市标准作出了细化规定。主要内容如下： （一）业务范围以及"硬科技"属性要求。明确主营业务的具体范围为"商业火箭自主研发、制造和提供 航天发射服务"，更加看重发行人的"硬科技"属性。同时，对于承担国家任务、参与国家工程项目的商 业火箭企业，予以优先支持。 （二）关于明显技术优势。明确企业需在关键核心技术上具备明显优势或重大突破，关注核心技术产品 以及关键部件的自主研发情况，运载能力及一箭多星能力等技术先进性衡量指标。 （三）关于阶段性成果。明确商业火箭企业申报时应当至少实现采用可重复使 ...

虽然全球最大经济体在构筑关税壁垒，但大部分国际机构的统计数据都证实，全球商品贸易在2025年仍 然保持了相对良好的势头。 不过，在整体韧性之下，暗流涌动，贸易的轨迹发生了转变：美国进口量下降，非洲、中东、拉丁美洲 等发展中经济体的进口量均呈现强劲增长态势。 美国知名智库海事战略中心研究员、航运业明星分析师麦科恩（John McCown）在最新一期研究报告中 称，10月全球集装箱货运量同比增长2.1%，但世界集装箱供应链已经开始调整和重塑贸易模式，"在美 国2024年全年集装箱进口量增长15.2%之后，如果说2025年的年度总数将与此截然相反，那都是轻描淡 写了。" 麦考恩认为，特朗普政府的贸易威胁是货物运输模式重塑的主要原因之一。他认为，如果说2025年是关 税之年，那么2026年将是关税后果显现之年。 与此同时，大部分贸易专家都预计，未来一年国际贸易动荡将加剧，而其中有四个"不确定性"最为关 键，分别是：重新审查美墨加协定（USMCA）、重启红海之路、协议的不确定性和美国最高法院对特 朗普政府关税的裁决。 重审美墨加协定 美国、加拿大和墨西哥即将开始审查2020年生效的《北美自由贸易协定》。美国贸易代表格里 ...

Core Insights - Nullmax, founded by a former Tesla executive, received a strategic investment in the C1 round from a domestic automotive-grade chip company, highlighting its credibility in an industry focused on "software-hardware integration" and "vertical integration" [1] - The company aims to position itself as an AI company rather than just a supplier for automotive firms, with a vision of expanding its technology beyond the automotive sector [1][2] - Nullmax's approach combines a "vision-centric" strategy with multi-sensor fusion, allowing it to stand out as a leading independent AI company capable of achieving "software-defined intelligent driving" [1][5] Company Development - The founder, Xu Lei, transitioned from Qualcomm to Tesla, where he played a key role in developing Autopilot, before establishing Nullmax in 2016 to focus on the rapid growth of ADAS in China [2][3] - The company initially collaborated with Didi on a project that faced challenges due to Didi's strategic shift, leading to a focus on a more flexible "platformization" strategy [3][6] - Nullmax has developed a middleware layer that abstracts hardware interfaces, allowing its software to be compatible across various chip platforms, enhancing deployment flexibility [5][6] Business Model - Nullmax's business model is more adaptable compared to traditional Tier 1 suppliers, focusing on high-margin, low-inventory risk "pure software licensing" [6] - The company aims to leverage its software platform to deploy solutions across different regions and chip platforms, emphasizing a pragmatic approach to business development [6][9] - The potential for rapid scalability is evident, with expectations of reaching a million vehicle scale in the next five years through partnerships with leading Tier 1 companies [7][9] Future Prospects - Nullmax is exploring applications beyond automotive, including industrial AGVs, agricultural machinery, and specialized robots, indicating a strategy to diversify its market presence [9][10] - The company is expanding into international markets, including Europe and Southeast Asia, through localized partnerships with Tier 1/OEMs to adapt to regional traffic regulations and chip ecosystems [9][10] - As the industry evolves, Nullmax aims to capitalize on its visual AI capabilities to drive innovation across various sectors, positioning itself for future growth opportunities [10]

2025.12.26 本文字数：770，阅读时长大约1分钟 来源 |智通财经、锦观新闻、鲁中日报、密度新闻 近日，广东一网友在社媒发帖吐槽周大福"牛马"方圆牌黄金吊坠，直言 "收了这个你就是金牌牛马"， 此帖随即引发热议，冲上热搜。 该款产品官方小程序售价3044.7元起。据智通财经，周大福微信小程序商城上的客服人员表示该款产品 暂时没在销售，一般是没有库存然后下架了。不过，周大福天猫官方旗舰店上显示，该款产品目前仍在 销售之中，页面显示的售价为3115.35元。 此外，周大福某电商平台客服表示，该款产品寓意为不怕困难、好运加倍，吊坠上"牛马"字样是繁体 字。 近期黄金价格上涨，周大福今年来第三次对一口价黄金产品进行了提价。12月17日，周大福天猫官方旗 舰店在首页发布公告称：受市场因素影响，部分商品即将提价。点击公告后的界面显示，提价时间为12 月19日。 据了解，本轮涨价中，周大福部分"一口价"黄金饰品涨幅达4%-16%，当前足金饰品克价已突破1400 元。 爱企查App显示，截至目前，周大福关联公司周大福珠宝金行（深圳）有限公司已申请超6000项专利， 专利类型涵盖外观设计、发明专利与实用新型，其中绝大 ...

在即将到来的2026年，一二级市场将呈现怎样的格局？PE/VC能否借IPO回暖、并购升温而迎来"退出盛 宴"？A股在2025年的慢牛行情又是否将继续演绎？年尾，以上问题成为市场的重要关切。 "本轮市场行情上涨了一年多，由于上市公司业绩大幅提升，目前大盘整体市盈率不算太高，（市场） 仍然有一定的上涨空间。"中央财经大学金融学院教授贺强表示。 在12月26日举办的启航·2025金融年会上，贺强提到，市场若要实现进一步上涨，上市公司市值要继续 增加，公司业绩要提供支撑。同时，中长期资金要持续入市。这是股市走出长牛、慢牛的两大关键因 素。 对于一级市场，清华大学国家金融研究院院长田轩表示，创投市场的发展环境应更加包容，国资LP要 持续优化考核机制、评价体系，例如拉长项目考核周期，对其进行"打包"评估等。 股市长牛需要两大关键因素 贺强提到，"十五五"规划建议中提及资本市场发展，为市场带来了良好的政策预期。在此背景下，他认 为，股市要走出长牛行情，有两大关键条件：一是上市公司业绩持续增长，二是源源不断的中长期资金 入市。 在他看来，"十五五"期间，上市公司规范发展是关键。"可以说上市公司良性发展、业绩不断提升， 是'十 ...