Core Viewpoint - The A-share market experienced significant growth in 2025, with major indices like the Shanghai Composite Index and the ChiNext Index showing substantial increases, driven by technological advancements and market revaluation narratives [1][2]. Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 18.41% for the year, while the ChiNext Index surged by 49.57%, reflecting the strong performance of growth stocks during the industrial cycle upswing [1]. - The total market capitalization of A-shares reached 108.74 trillion yuan, a 26.65% increase from the beginning of the year, with 176 companies achieving a market value of over 100 billion yuan, up from 137 at the end of 2024 [5]. Trading Activity - A-share trading volume hit a record high of 420.21 trillion yuan in 2025, marking a 62.64% year-on-year increase, indicating a strong influx of new capital into the market [1]. Individual Stock Highlights - Two stocks, Upwind New Materials and Tianpu Co., saw extraordinary price increases of 1820.29% and 1645.35%, respectively, largely due to changes in control and mergers [6][7]. - The top ten stocks of 2025 included several companies benefiting from restructuring and acquisitions, with five out of ten experiencing significant price surges due to control changes [5][8]. Industry Trends - The "Technology + Resources" theme emerged as a clear market trend in 2025, with aerospace equipment and energy metals sectors showing remarkable growth, with aerospace equipment rising by 146.03% [10]. - AI and related technologies played a pivotal role in driving market narratives, with companies in AI infrastructure and semiconductor sectors experiencing substantial gains [11][12]. Future Outlook - Analysts predict that the A-share market will continue to thrive in 2026, driven by ongoing technological innovations and increased domestic demand, with expectations of a 38% market increase by the end of 2027 [15][16].

Group 1 - The article emphasizes the transformative potential of emerging and future industries in reshaping China's economic growth trajectory towards 2025, as highlighted in the "14th Five-Year Plan" [1] - The low-altitude economy is experiencing explosive growth, indicating a significant opportunity for investment and development in this sector [1] Group 2 - The commercial aerospace sector is accelerating, contributing to the formation of a trillion-yuan ecosystem, which presents substantial investment opportunities [4] Group 3 - The installed capacity for renewable energy is rapidly increasing, showcasing the sector's growth and its importance in China's energy transition [7] Group 4 - The brain-computer interface market is continuously expanding, indicating a growing interest and investment in this innovative technology [9] Group 5 - China is leading globally in artificial intelligence patents, with accelerated computing power expansion, positioning the country as a key player in the AI industry [12] Group 6 - The embodied intelligence market in China accounts for nearly 30% of the global market, highlighting its significance and growth potential [14]

Group 1 - The core viewpoint of the article emphasizes that understanding the Chinese economy requires looking beyond GDP growth rates, focusing instead on five key themes that will shape the economy leading into 2026, the start of the 15th Five-Year Plan [1] Group 2 - Keyword 1: Artificial Intelligence - AI is seen as a revolutionary technology that is becoming a universal efficiency amplifier across all industries, with significant advancements in manufacturing, logistics, healthcare, and governance. The complete industrial ecosystem around AI is being established, positioning it as a new infrastructure for China's economic growth over the next decade [2] - Keyword 2: Expanding Domestic Demand - The focus is on enhancing consumer willingness and capacity by addressing the entire production-distribution-保障 chain. The aim is to stabilize income and improve social security, making "expanding domestic demand" a critical task for economic work in 2026 [3] - Keyword 3: Investment in People - The shift from "investment in material" to "investment in people" highlights the importance of improving residents' income, social security systems, education, and healthcare. This represents a paradigm shift from a "Chinese economy" to a "people-centric economy" [4] - Keyword 4: Countering "Involution" Competition - The article discusses the need to move away from low-level repetitive competition that harms profits and innovation. The government aims to refocus competition on efficiency and value creation, indicating a structural adjustment in supply-side economics that may be painful in the short term but necessary for long-term stability [5] - Keyword 5: Quality Housing - The focus has shifted from merely having housing to ensuring the quality of housing, which should be safer, more energy-efficient, and better suited to real living needs. This indicates a return to the residential attributes of real estate, moving away from its financial characteristics [6]

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Core Viewpoint - The article emphasizes the need for China to build a robust monetary and capital market to bridge innovation and consumption, driving the economy into a new cycle of high-quality development [2][3]. Group 1: Economic Development Strategies - China should advance the construction of a manufacturing powerhouse, a consumption powerhouse, and a financial powerhouse characterized by a full-chain technology and industrial layout [3]. - The future growth model will rely on multiple pillars, supported by a stabilized real estate market and ongoing efforts to reduce "involution" [5]. Group 2: Innovation and Consumption - There is an expectation for consumption to reverse its trend by 2026, driven by a strengthened innovation-driven layout [4]. - The dual focus on "starry sea" innovation and "daily necessities" improvement in people's livelihoods is crucial for China's economic future [7]. Group 3: Capital Market and Investment - A capital market that supports China's technological future must establish a full-chain capital support ecosystem, including a "National Basic Research Fund" to attract long-term capital from insurance and pension funds [17]. - The article highlights the importance of stabilizing residents' income growth expectations to boost consumption and break the cycle of pessimism [21]. Group 4: Global Economic Context - The global economic growth is expected to remain between low and moderate levels by 2026, influenced by the actions and policies of the United States, such as potential sanctions or trade restrictions [13]. - As the competition between China and the U.S. in technology continues, other economies may find it increasingly difficult to navigate independently and may need to adopt a "bet on both sides" strategy [19].

记者丨 崔文静 编辑丨巫燕玲 视频丨陈泽锴 长期以来，尽管《公司法》赋予董秘高级管理人员的法定地位，但在实践中，其角色时常面临 定位模糊、权责不清、保障不足的困境，部分董秘甚至被视同"高级文秘"，制约了其在公司治 理中监督制衡作用的发挥。 此次监管规则直面痛点，进行系统性重构。 其最引人瞩目的突破在于，赋予了董秘一大履职 便利——直接上报权。当董秘履职受阻或发现公司存在违法违规迹象时，在向董事长汇报无法 解决后，可直接向证监会及交易所报告。 这为董秘独立、有效履职提供了坚实的制度"护身 符"。 上市公司董事会秘书，这个连接资本市场与公司治理的关键角色，迎来了履职环境的重要重 塑。 12月31日，证监会就首部《上市公司董事会秘书监管规则（征求意见稿）》（以下简称《规 则》）向社会公开征求意见，标志着对上市公司"关键少数"的监管迈入精细化、强保障的新阶 段。 与此同时，规则为董秘厘清了"信息披露组织者"、"公司治理监督者"与"内外部协调者"三大核 心角色，并同步提升了专业任职门槛并强化了责任追究。一套涵盖明责、赋权、保障、追责的 全链条监管体系正在形成，旨在推动董秘从形式上的"必备职位"，真正转变为提升上市公司质 ...

报道说，爆炸发生在当天凌晨1时30分左右，爆炸原因尚不清楚。 当地媒体援引瓦莱州警方发言人加埃唐·拉蒂翁的话说，当时酒吧所在的建筑物里有100多人。 据瓦莱州警方官网信息，当地时间10时（北京时间17时）将举行针对该事件的新闻发布会，在 此之前不会提供更多信息。 据新华社援引瑞士广播电视台报道，位于瑞士南部瓦莱州克朗－蒙大拿的一家酒吧1月1日发生 爆炸并引发火灾，已造成大量人员伤亡。 来源丨新华社 编辑丨吴桂兴 见习编辑张嘉钰 SFC ...

Core Viewpoint - The launch of the 2026 Flying Moutai on the iMoutai platform has generated significant consumer interest, with the product selling out quickly upon release, indicating strong demand for Moutai products in the market [1][6]. Group 1: Product Launch and Sales - On January 1, iMoutai officially launched the 2026 Flying Moutai at a price of 1499 yuan per 500ml bottle, which sold out within minutes of its release [1][6]. - Each consumer is allowed to purchase a maximum of 12 bottles per day, with daily supply determined by factors such as preventing speculation and ensuring market stability [6][9]. - The wholesale reference price for the 25-year Flying Moutai was reported at 1540 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [6][8]. Group 2: Market Dynamics and Consumer Behavior - There has been a persistent price gap between the actual market price and the suggested retail price of the 53-degree 500ml Flying Moutai, leading to a surge in consumer demand for authentic Moutai products [9]. - The chairman of Moutai Group emphasized the importance of consumer-centric approaches and market reforms to ensure fair and reliable access to Moutai products [9]. - iMoutai, as the official online platform, is expected to play a crucial role in addressing the challenges of fair sales and authenticity in the Moutai market [9].

Core Viewpoint - The recent Central Rural Work Conference emphasizes the importance of strengthening key agricultural technologies and promoting efficient transformation of scientific achievements to address critical issues in rural development and modernize agriculture [1][2]. Group 1: Agricultural Modernization - The modernization of agriculture relies on technological innovation to enhance development momentum, with the agricultural science and technology contribution rate reaching 63.2% in 2024 and total grain production exceeding 1.4 trillion jin for the first time [1][2]. - Challenges remain in food security, agricultural production efficiency, and environmental resource issues that need urgent attention [1]. Group 2: Key Technology and Results Transformation - Key technology breakthroughs and results transformation are essential for transitioning agriculture to a "technology-driven" model, focusing on critical areas such as seed industry foundations and high-end agricultural machinery development [2]. - A collaborative transformation mechanism involving research institutions, leading enterprises, cooperatives, and farmers is crucial for addressing existing issues in technology promotion and acceptance [2]. Group 3: County-Level Prosperity Industries - Cultivating and expanding county-level industries is fundamental for broadening farmers' income channels and achieving common prosperity, with a focus on leveraging counties as key hubs connecting urban and rural areas [2][3]. - The potential for farmers' operating income can be maximized by exploring new channels for participation in industrial development, particularly in extending income sources beyond primary production [3]. Group 4: Synergy Between Technology and County Industries - Agricultural technology development and the cultivation of county-level industries are mutually supportive, with technological breakthroughs providing support for industry competitiveness and county industries offering practical applications for technological advancements [4]. - A robust policy support system is necessary to establish a "technology-industry-wealth" cycle, including increased financial investment in agricultural technology and infrastructure, innovative financial services, and improved rural governance [4][5].

记者丨 刘锦阳 编辑丨赵智豪 近日，在广州塔450米高空的旋转阶梯上，进行了一场既熟悉又新奇的登高比赛——全国首场机器人登高挑战赛。11支顶尖机器人战 队、5大组别同台竞技，在带弧度、高度不均的30级台阶上，用每一步稳健攀登，诠释着广东具身智能机器人产业的硬核实力。 过去，机器人技术多停留在实验室的理想环境，而这次登高赛，把算法、算力和新材料扔进了450米高空的真实场景——风的干扰、 台阶的弧度、实时的重心调整，每一个"小难题"都是对具身智能的实战检验，从两足机器人用类人的体感和思维迈出仿生步态，到 不同机器狗产品的轮足融合，再到全地形轮椅和外骨骼装备的不同应用场景装备让登高如履平地般的轻松，每位参赛企业在赛后都 表示，来参赛不仅为了名次，更是为了数据的积累和实践的经验。广东企业用技术突破证明：AI的制高点不在论文里，而在能解决 实际问题的场景中。 这背后，是广东"政策引导+产业协同"的生态合力：广东省工信厅的政策支持、产业联盟的资源联动、企业的创新活力，让技术研发 不用"单打独斗"，而是能快速对接场景、落地应用。这种从实验室到生活场景的无缝衔接，正是广东抢占AI应用制高点的核心密 码。 更多详情点击进入专题 ...