历时两年半的司法重整之路，终于画上圆满句号。12月15日晚间，金科股份发布《关于公司及控股子公 司重整计划执行完毕的公告》。公告称，经管理人监督报告及律师事务所法律意见书确认，公司及重庆 金科重整计划均已执行完毕。公司将向深交所申请撤销因被法院裁定受理重整而触及的退市风险警示 （*ST）。 金科股份成为全国首家通过司法重整实现风险化解的千亿级上市房企。这个债务规模高达1470亿元、债 权人超8400家的重整案例，为陷入困境的房企风险化解提供了范本。随着卸下沉重的债务负担，一 个"新金科"浮出水面。那么，重整完成后的金科股份将走向何方？能否真正实现新生？ 根据公告，金科股份提到，重整计划执行完毕后，公司的资产负债结构将得到极大改善，将对公司2025 年度的财务状况产生积极影响，具体影响金额以经审计的2025年度财务报表数据为准。 财务"破局"仅是第一步，可持续增长挑战仍在 然而，对于金科股份来说，财务层面的"破局"仅是第一步，真正的挑战在于"立新"——如何构建可持续 的增长模式。 鉴于重整计划已执行完毕，金科股份将向深圳证券交易所申请撤销因被法院裁定受理重整而触及的退市 风险警示，能否获得深圳证券交易所的同意尚 ...

Group 1 - The core point of the article is that Sunac China announced a comprehensive overseas debt restructuring expected to take effect around December 23, 2025, involving approximately $9.6 billion of existing debt being relieved and the issuance of mandatory convertible bonds to planned creditors [1] - The company and Sanya Qingtian have entered into a restructuring agreement with Jiyou, where the unpaid principal of Jiyou's loan of HKD 858 million will be classified as HKD 300 million (35%) as post-restructuring loans, with a ten-year extension [1] - The remaining amount will be settled by issuing 279 million new shares at HKD 3.85 per share, which represents about 2.43% of the existing issued share capital and approximately 2.38% of the enlarged share capital post-settlement [1]

Core Insights - The price of Chilean cherries in China has significantly decreased this winter, with prices dropping after the arrival of sea-freighted cherries, leading to a "half-price" model compared to air-freighted cherries [3][5][7] Pricing Trends - Initial air-freighted cherries were priced over 100 yuan per pound, but sea-freighted cherries have led to prices being slashed to around 25-35 yuan per pound in some markets [4][5] - The wholesale price for 5 kg of SANTINA variety cherries is reported to be between 300 to 320 yuan, which is approximately 20% lower than the same period last year [5][7] Market Dynamics - The shift in consumer purchasing behavior has led to a greater emphasis on cost-effectiveness, with more consumers opting for bulk purchases, prompting retailers to adjust their pricing strategies [5][7] - The supply of cherries has increased this year due to a slight rise in planting area in Chile, resulting in a larger supply and earlier market entry compared to previous years [7][14] Sales and Promotions - Online sales of cherries have become highly competitive, with significant discounts being offered through live-streaming platforms, creating a "price war" atmosphere [10][12] - Retailers are also implementing promotional strategies, such as offering travel incentives for top suppliers and purchasers, to boost sales during the cherry season [9][14] Import and Supply Chain - Chile remains the primary source of cherries for China, with over 90% of cherries exported to the Chinese market, and the expected export volume for the current season is projected to reach 1.31 million boxes (approximately 65.5 million kg) [14][15] - The logistics for transporting cherries from Chile to China have improved, with dedicated "cherry express" routes reducing transit times to about 23 days [16][17]

Core Insights - The "Early Antifibrosis, Smooth Breathing - Pulmonary Fibrosis Public Education Action" successfully concluded, focusing on raising public awareness about pulmonary fibrosis, a disease severely impacting respiratory health [1][2] - The project received nearly 100 submissions from 34 medical institutions across 23 provinces, promoting the concept of early screening, diagnosis, and treatment of pulmonary fibrosis [1][2] Group 1: Project Overview - The initiative was launched in March and aimed to engage healthcare professionals, media, and society to enhance public understanding of pulmonary fibrosis [1] - The project is part of the "Healthy China, Science Popularization First" initiative, emphasizing the importance of early diagnosis and treatment in improving patient outcomes [1][2] Group 2: Medical Insights - Pulmonary fibrosis is characterized by the gradual replacement of lung tissue with scar tissue, leading to irreversible loss of lung function, often referred to as "honeycomb lung" [2] - Idiopathic pulmonary fibrosis (IPF) has a poor prognosis, with mortality rates higher than those of bladder, kidney, and cervical cancers, highlighting the critical need for awareness and early intervention [2] Group 3: Expert Contributions - Experts from various fields contributed to the project, emphasizing the importance of multidisciplinary collaboration in improving patient outcomes and public knowledge regarding comorbidities related to pulmonary fibrosis [3] - The initiative has created a systematic approach to health education, providing a model for advancing respiratory disease prevention and control [2][3]

Core Insights - Tencent has announced an upgrade to its large model research and development framework, establishing new departments to enhance its capabilities in this area [1] Group 1: Organizational Changes - The newly formed AI Infra Department, AI Data Department, and Data Computing Platform Department will strengthen Tencent's large model R&D system and core capabilities [1] - Vincesyao, a former OpenAI researcher, has been appointed as the Chief AI Scientist in the "CEO/President's Office" and will report to Tencent's President, Liu Chiping [1] - Vincesyao will also lead the AI Infra Department and the Large Language Model Department, reporting to the President of the Technology Engineering Group, Lu Shan [1] Group 2: Department Responsibilities - The AI Infra Department is tasked with building the technical capabilities for large model training and inference platforms [1]

Core Viewpoint - Hainan Free Trade Port is entering a new phase of full island closure operations, with all financial preparations completed by the People's Bank of China, aiming to enhance cross-border capital flow and financial innovation [4][5]. Financial Infrastructure - The multi-functional Free Trade Account (EF Account) has become a key player in cross-border capital flow, with a business volume reaching 268.9 billion RMB, marking it as a significant contributor in Hainan [6][7]. - As of October 2025, 11 banks in Hainan have launched EF Accounts, with a total of 658 accounts opened, facilitating capital transfers with 80 countries and regions [7][8]. Policy and Regulation - The People's Bank of China has established a unified account system for domestic and foreign currencies to support high-level free and convenient cross-border capital flow, enhancing services for both domestic and foreign clients [8]. - A management approach for the EF Account has been implemented to ensure regulatory support for cross-border capital flow, alongside a monitoring mechanism to improve financial risk prevention [9]. Trade and Investment Growth - Hainan's foreign exchange income and expenditure reached 108.63 billion USD by the end of 2024, which is 2.9 times higher than at the end of 2021, with nearly 10,000 enterprises listed for foreign exchange transactions by October 2025 [12]. - The expansion of high-level open pilot policies across Hainan aims to facilitate compliance in cross-border trade and investment, significantly boosting the local economy [11][13]. Innovative Financial Products - Recent pilot projects have seen the issuance of private fund products for overseas investors, indicating a growing trend in cross-border investment activities [14].

12月10日至11日，中央经济工作会议在北京召开。作为来年宏观经济政策最权威的风向标，这次会议在"十四五"圆满收官与"十五五"开篇布局的历史交汇点 上，明确了2026年中国经济的发展重点。 贝壳财经记者发现，相较于往年，本次会议在延续"稳中求进"总基调的同时，更着重强调了 "提质增效"，并多次提及"高质量发展"。这意味着新一年的经济 工作，不仅关注增长之"量"，更追求发展之"质"。 在此背景下，新京报贝壳财经推出"首席看经济"系列专访，深度解读中央经济工作会议精神，明晰2026年重点工作任务。本期对话嘉宾为中信建投证券首席 经济学家黄文涛。 相比之下，2024年财政政策的表述偏重"提高财政赤字率""增加超长期特别国债和地方专项债发行使用"等，突出的是加大力度、扩大总量。今年则更加强调 财政可持续性、风险和纪律。因此，预计2026年赤字率保持不低于4%，广义口径或抬升至8.8%左右，支出端进一步强化"投资于人"的领域。 货币政策方面，会议把"物价合理回升"写进总要求；并强调畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域， 这表明价格和传导机制被放在更加突出的位置。预计2026 ...

Core Insights - Xiaomi Group's strategy has officially upgraded to a "Human-Vehicle-Home Ecosystem," aiming to create a complete closed loop with the upcoming launch of Xiaomi cars in 2024, positioning itself as a leader in the global technology ecosystem [1][2] User and Hardware Ecosystem - Xiaomi's global monthly active users have reached 742 million, while the AIoT platform has connected over 1.04 billion devices, with more than 15,000 hardware partners [1] - The domestic application ecosystem sees a monthly app distribution volume exceeding 1.1 billion [1] Automotive Development - Xiaomi's automotive deliveries have entered a new phase, with cumulative deliveries surpassing 500,000 units, and over 350,000 units delivered in 2025 alone [1][2] - The CarIoT platform has opened over 30 product categories and established deep collaborations with four automotive manufacturers, including BYD and GAC Toyota [2] AI and R&D Investments - Since April, Xiaomi has launched several AI models and opened them to global developers, including the Xiaomi MiMo language and multimodal models [2] - Xiaomi MiMo-V2-Flash, a self-developed hybrid expert language model, has been announced as open-source, ranking among the top two global open-source models in multiple benchmarks [2] - The company plans to invest 200 billion yuan in R&D over the next five years, with an expected investment of 32-33 billion yuan in 2023 and around 40 billion yuan in 2026, focusing on core technologies such as chips, operating systems, and AI [2]

Core Insights - Xiaomi plans to invest approximately 200 billion yuan in research and development over the next five years, aiming to become a global leader in hard technology [1] - For the current year, Xiaomi's R&D investment is expected to reach between 32 billion and 33 billion yuan, with an estimated investment of around 40 billion yuan in 2026 [1] - The company will focus on core technologies, specifically in the areas of chips, operating systems, and artificial intelligence, while collaborating with global developers to enhance the "human-vehicle-home ecosystem" [1]

Core Viewpoint - The Ministry of Industry and Information Technology has announced the first batch of L3 conditional autonomous driving vehicle permits in China, with Changan Automobile and BAIC's Arcfox planning to pilot their models in designated areas of Beijing and Chongqing by the first quarter of 2026 [1][2]. Group 1: Company Plans - Changan Automobile's model, the Deep Blue SL03, and BAIC's Arcfox Alpha S (L3 version) will be operated by Chongqing Changan Car Networking Technology Co., Ltd. and Beijing Mobility Automotive Service Co., Ltd., respectively [2]. - Both companies aim to accumulate practical experience for a replicable and scalable autonomous driving operation system, with plans to initiate L3 operations in specific scenarios by the first quarter of 2026 [2]. Group 2: Market Impact - Following the announcement of the permit list, BAIC Blue Valley's stock hit the daily limit, while Changan Automobile's stock closed with a 4.42% increase; the intelligent driving sector saw a surge, with multiple stocks reaching their daily limits [2]. - However, by the afternoon of December 17, both Changan Automobile and BAIC Blue Valley experienced declines, although the intelligent driving index continued to rise [2].