Core Viewpoint - The article discusses the acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology, highlighting the high valuation despite Silin's current losses and the performance guarantees tied to the deal [1][6]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, with a significant valuation premium of nearly four times its book value [1][6]. - Silin has committed to achieving a cumulative net profit of no less than 175 million yuan from 2026 to 2028, with cash compensation required if this target is not met [1][7]. - The acquisition price was adjusted down from 670 million yuan to 612 million yuan, reducing the immediate cash burden on Tongye Technology [7]. Group 2: Financial Performance of Silin - Silin's projected revenues for 2023 and 2024 are 259 million yuan and 277 million yuan, respectively, with net profits of 27.71 million yuan and 20.32 million yuan [5]. - However, in the first seven months of 2025, Silin reported a revenue of 125 million yuan but incurred a net loss of 3.25 million yuan [5][6]. Group 3: Strategic Rationale - The acquisition represents a cross-industry move, as Tongye Technology primarily operates in the rail transportation sector, while Silin focuses on IoT communication chip design [9]. - The integration of Silin's technology is expected to enhance Tongye's product offerings and reduce costs, leveraging synergies in customer bases and operational processes [11]. - Both companies serve major state-owned enterprises, allowing for potential collaboration in marketing and supply chain management [11].

中央经济工作会议指出，2026年要更好统筹国内经济工作和国际经贸斗争，实施更加积极有为 的宏观政策，持续扩大内需、优化供给，因地制宜发展新质生产力，纵深推进全国统一大市场 建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质 的有效提升和量的合理增长。 如何看待2025年经济表现？2026年应追求怎样的经济增速？如何展望2026年经济形势？如何 更好地提振消费？如何继续实施更加积极有为的宏观政策？要重点推进哪些结构性改革？带着 这些问题，21世纪经济报道记者专访了上海财经大学校长刘元春。 刘元春表示，2026年将沿着两条主线展开： 一是短期扩内需和控风险 ，对冲各种周期下行力 量，促进投资周期、债务周期以及房地产周期筑底反弹； 二是持续推进创新驱动增长模式的 构建 ，久久为功持续聚焦现代化产业体系、科技自立自强等系统布局，推动我国基础研发、 产业升级、科创金融等形成穿越周期的力量，并进一步形成微观主体的盈利能力，助力产业结 构转型升级，为解决短期周期问题提供中长期发展的解决方案。 记者丨周潇枭 编辑丨李博 2025年前三季度我国经济同比增长5.2%，尽管四季度经济面临下行压力，但 ...

Core Viewpoint - The article emphasizes the achievements during the "14th Five-Year Plan" and outlines the foundation for the upcoming "15th Five-Year Plan," highlighting the role of Postal Savings Bank in supporting various sectors through financial services. Group 1: Financial Support for Key Industries - Postal Savings Bank has increased its credit allocation to key sectors such as advanced manufacturing, with a mid-to-long-term loan balance in the manufacturing sector growing over 11% year-on-year as of September 2025 [2] - The bank is actively supporting the modernization of the industrial system and enhancing technological self-reliance, contributing to the development of new productive forces [3] Group 2: Consumer Market Development - During the "14th Five-Year Plan," China's consumer market saw significant qualitative and quantitative improvements, with the retail sales of consumer goods reaching new heights [4] - Postal Savings Bank is optimizing financial supply to promote the upgrading of consumption, with personal consumption loans showing substantial growth [5] Group 3: Support for SMEs and Private Enterprises - The vitality of business entities has been continuously released, with the number of registered business entities increasing [6] - Postal Savings Bank has implemented various measures to support the high-quality development of private enterprises and small and micro enterprises, with a balance of inclusive small and micro enterprise loans reaching 801.247 billion yuan in 2020 [6] Group 4: Agricultural Modernization - The "14th Five-Year Plan" has seen steady progress in agricultural modernization, with the comprehensive mechanization rate of crop farming reaching 925% [7] - Postal Savings Bank is deeply engaged in supporting agricultural and rural development, with an agricultural loan balance of 1.41776 trillion yuan in 2020 [8] Group 5: Improvement of People's Livelihood - The welfare of the people has reached new levels during the "14th Five-Year Plan," with per capita disposable income increasing significantly [9] - Postal Savings Bank is extending its services to enhance the quality of life for individuals, with the number of personal customers served reaching 674 million by mid-2020 [9] Group 6: Commitment to Future Development - Postal Savings Bank has delivered high-quality financial services that support national economic and social development during the "14th Five-Year Plan" and is poised to continue its contributions in the "15th Five-Year Plan" [10]

记者丨柳宁馨 实习生蒋瑛芙 近日召开的中央经济工作会议提出，必须坚持投资于物和投资于人紧密结合。 如何落地？记者发现，各地正积极推动人才支持措施的落实与优化。以浙江为例，近期多个 浙江城市更新了其人才补贴政策，新增为专科人才提供就业补贴，包括现金补贴、房票或购 房补贴等。同时，人才补贴政策也向民营小微企业就业人员倾斜。 大专毕业后进入浙江丽水从事水利项目监理工作的小周，就是该政策的受益者之一。了解到 了丽水当地针对毕业生的就业补贴政策，小周目前已经申请了第一年的高校毕业生就业补贴 3000元，补贴直接发放至市民卡。 "申请过程基本上没困难，要求达到就可以，流程也不复杂，很多材料系统里都能直接生成， 还是很方便的。"小周向21世纪经济报道记者表示。 本科生和研究生的补贴力度更大。2021年硕士毕业后，在宁波上班的小薛在入职后申领了安 家补贴和租房补贴，他目前已领取2万元租房补贴和6万元购房补贴，均通过社保卡发放，"满 足社保缴纳时间要求后就可以申请，整体体验比较顺畅。" 此前，杭州在全国较早推出人才政策，包括放开落户限制、为本科毕业生发放就业补贴等举 措。如今，这一政策在进一步调整。尤其是在人工智能发展、智能制 ...

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]

应国家主席习近平邀请，韩国总统李在明将于2026年1月4日至7日对中国进行国事访问。 来源丨新华社 编辑丨金珊 SFC 外交部发言人宣布： ...

Core Viewpoint - Huawei's rotating chairman Meng Wanzhou emphasized the company's strategic focus and commitment to quality in 2026, highlighting key battlefields such as vertical industry operations, ecosystem development, and AI integration in communication networks [1]. Group 1: Strategic Focus Areas - Strengthening vertical industry operations to enable intelligent transformation across various sectors [7]. - Building an open-source ecosystem with Kunpeng and Ascend to support partners in developing products that meet diverse industry needs [7]. - Promoting HarmonyOS and its applications to enhance user experience and drive consumer engagement [7]. Group 2: Achievements and Progress - Huawei has supported operators in building 5G-A networks, providing high-speed connectivity to 60 million users [5]. - The Harmony ecosystem has seen over 36 million devices running HarmonyOS 5.0 and above [5]. - The QianKun intelligent driving system has been installed in over 1.4 million vehicles, with nearly 7 billion kilometers of assisted driving mileage [5]. Group 3: Future Opportunities - The company recognizes the long-term strategic opportunities presented by the wave of intelligent transformation, including advancements in AI, 5G, and smart devices [6]. - AI technology is accelerating its integration with industry knowledge, leading to systemic value reconstruction in core business operations [6]. - The focus will be on enhancing consumer experiences and ensuring safety and comfort in driving through innovative technologies [7].

Core Viewpoint - The digital renminbi is transitioning from a "digital cash era" to a "digital deposit currency era," with the implementation of a new action plan by the People's Bank of China starting January 1, 2026, aimed at enhancing management and service capabilities [1][3]. Group 1: Digital Renminbi Development - The research and development of digital renminbi began in 2014, with a theoretical framework proposed in 2016, leading to the successful trial of a dual-layer operational system [3]. - As of November 2025, digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened [3]. - The digital renminbi is currently leading among central bank digital currency projects globally [3]. Group 2: Challenges and Solutions - The digital currency faces four main challenges: modern digital payment tools affecting monetary control, risks of financial disintermediation, the relationship between central bank liabilities and commercial bank responsibilities, and the compatibility of centralized management with decentralized blockchain technology [4]. - The new action plan aims to optimize the dual-layer structure to address these challenges, marking the transition to a digital deposit currency [4][5]. Group 3: Key Changes in Digital Renminbi - Starting January 1, 2026, digital renminbi will be managed under a reserve system, with non-bank payment institutions required to maintain 100% reserves [5]. - Digital renminbi wallet balances will earn interest, aligning with the treatment of traditional bank deposits [5]. - This transition will enhance the monetary elasticity of digital renminbi, allowing it to support credit activities and deposit expansion [6]. Group 4: Technological Integration - The action plan emphasizes the integration of account-based management with blockchain efficiency, proposing a digital solution that includes "account systems + digital currency + smart contracts" [9]. - The establishment of a digital renminbi international operation center in Shanghai aims to enhance cross-border payment capabilities and support various financial services [10]. Group 5: Future Prospects - The People's Bank of China plans to expand the list of digital renminbi operating institutions, with current institutions including major banks like ICBC, ABC, and BOC [11]. - Some banks, such as SPD Bank, are actively preparing to become digital renminbi operating institutions, indicating a growing interest in this sector [12].

记者丨 季媛媛 编辑丨张伟贤 12月30日，由生成式人工智能驱动的临床阶段生物医药科技公司英矽智能在港交所成功挂牌上 市，股份代码：3696.HK，成为首家通过联交所主板上市规则8.05条上市的人工智能生物医药 科技公司。 本次首次公开募股（IPO）募集资金总额22.77亿港元，是年内募集资金最高的港股生物医药 IPO。 今日港股早盘，英矽智能涨幅一度高达48%。截至发稿，仍涨超30%。 根据招股书，英矽智能成立于2014年，2019年落地上海浦东，凭借生成式AI技术快速崛起。 其核心业务涵盖自研管线开发、AI平台授权以及跨领域合作三大核心领域，并成功构建了从靶 点发现直至临床验证的完整产业链条。 2018年至今，英矽智能进行了8轮融资，2025年2月完成超1亿美元E轮融资，投后估值约13.31 亿美元（折合人民币约 93.11元 ）。 财务方面，于2022年度、2023年度、2024年度，英矽智 能的收入持续增长，分别为约3010万美元、5120万美元、8580万， 2022年至2024年收入增长 率为185% 。毛利率分别为63.4%、75.4%、90.4%。 经过调整，亏损额持续减少，分别为 7080万 ...

Core Viewpoint - The article discusses the recent appreciation of the Renminbi (RMB) against the US dollar, highlighting its potential for continued strengthening in the coming years due to various economic factors. Exchange Rate Trends - On December 30, 2023, the onshore RMB against the US dollar broke the 7.0 mark, reaching 6.9961, the highest since May 17, 2023 [1] - The offshore RMB also surpassed the 7.0 threshold, reported at 6.99126 [1] Future Projections for RMB - By 2025, the RMB is expected to experience a two-phase trend: initially depreciating from 7.30 to 7.35 (a 0.7% decline) before appreciating to 7.01 (a 4.6% increase) by the end of the year [3] - Factors contributing to this appreciation include strong export resilience, a potential agreement on tariff reductions between China and the US, and a shift in international investor confidence away from US dollar assets [3] 2026 Outlook - The dollar index is projected to experience slight depreciation, while the RMB is expected to continue its steady appreciation against the dollar [4] - Key reasons for this anticipated trend include strong performance in China's export sector, continued implementation of proactive fiscal and stable monetary policies, and a favorable investment climate in the Chinese stock market [5] - The expectation of RMB appreciation may accelerate the conversion of export earnings into RMB, further supporting its value against the dollar [5]