Core Viewpoint - Major foreign institutions are optimistic about the Chinese stock market for 2026, shifting their focus from "valuation repair" in 2025 to "profit growth" in 2026, driven by accelerating corporate earnings, macro policy support, and RMB appreciation [1][3][6]. Group 1: Market Outlook - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, with corporate earnings expected to grow by 14% in 2026 and 12% in 2027 [4]. - UBS sets the target for the Hang Seng Tech Index at 7100 points and the MSCI China Index at 100 points by the end of 2026, indicating significant upside potential [4]. - HSBC forecasts the Shanghai Composite Index to reach 4500 points, the CSI 300 Index to 5400 points, and the Shenzhen Component Index to 16000 points by the end of 2026, driven primarily by corporate earnings growth rather than valuation increases [4]. Group 2: Investment Opportunities - Foreign institutions highlight structured investment opportunities, particularly in technology innovation, with a focus on artificial intelligence, semiconductors, and high-end manufacturing [8]. - Traditional industries are also attracting foreign investment, with expectations of valuation recovery and improved profitability in state-owned enterprises [8]. - The influx of foreign capital is primarily directed towards high-quality assets, including technology leaders and high-dividend stocks, emphasizing value investment [8][10]. Group 3: Foreign Capital Inflow - Since the beginning of 2025, global investments in Chinese assets have seen a net inflow of $83.1 billion, with the technology sector receiving the most significant inflow of $9.5 billion [10]. - Active foreign capital is expected to return to the Chinese market, with institutions like Citigroup maintaining an "overweight" rating on China while reducing exposure to other Asian emerging markets [10][12]. - The anticipated return of active funds is supported by improving corporate fundamentals, a weaker dollar, and the attractiveness of RMB assets [11][12].

记者丨曾静娇 编辑丨刘雪莹 备受关注的宇树科技又有大动作。 12月29日，宇树官方微信公众号发布消息称，其全国首店将于12月31日在北京京东MALL开业。该门店是京东与宇树科技全球首 店，集中展示宇树Go2四足机器狗、G1人形机器人等多款明星产品。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品丨21财经客户端 21世纪经济报道 宇树科技成立于2016年8月26日，是一家聚焦消费级、行业级高性能通用足式/人形机器人及灵巧机械臂自主研发、生产与销售的高 新技术企业，由王兴兴创立。 相比于其他的人形机器人公司，宇树科技在商业化方面的进度更为快速。在今年6月举行的天津夏季达沃斯论坛上，宇树科技创始人 王兴兴首次公开披露公司最新经营数据：2024年度营收已突破10亿元人民币，较前一年实现显著增长，是业内少数实现盈利的机器 人企业。另据公开信息，宇树科技明星产品Unitree Go1四足机器人累计出货量超5万台，占据全球消费级足式机器人市场60%以上份 额。此外，宇树科技在工业、巡检、物流等场景的机器人解决方案也已实现规模化应用。 目前宇树机器人的IPO亦进入加速度阶段。 11月1 ...

Core Viewpoint - The article discusses the unexpected trend of rising smartphone prices, which contradicts Moore's Law that suggests prices should decrease as technology improves. This price increase is attributed to significant cost hikes in memory components, driven by supply shortages and increased demand from AI servers [1][2]. Group 1: Price Increases in Smartphones - Xiaomi's new model, the Xiaomi 17 Ultra, has a starting price of 6,999 yuan, which is an increase of 500 yuan from the previous model. The price hike is attributed to substantial increases in the costs of key components such as processors, cameras, and memory [2]. - Other major smartphone manufacturers like OPPO and vivo have also raised prices for their flagship models compared to previous generations, indicating a broader trend in the industry [2]. Group 2: Memory Supply Shortages - The supply of LPDDR4X memory has seen a shortage of approximately 15%-20% due to a shift in production lines, particularly affecting low-capacity products [4]. - The demand for LPDDR5X memory has surpassed 50% penetration in global smartphones, while LPDDR4X is primarily used in mid-range devices. The tightening supply of LPDDR4X is expected to drive prices up and accelerate the transition to LPDDR5X in the smartphone industry [4]. Group 3: Impact of AI on Memory Supply - AI servers are increasingly consuming memory production capacity that was previously allocated to smartphones and computers, leading to supply constraints in the non-server market [6][7]. - OpenAI's partnership with Samsung and SK Hynix for AI data centers is expected to significantly increase memory demand, with projections of up to 900,000 DRAM wafers needed monthly [7]. Group 4: Domestic Manufacturers' Opportunities - The shift of major manufacturers towards high-margin AI storage has created opportunities for domestic DRAM manufacturers, with the storage index rising over 70% this year [9][11]. - Domestic firms are positioned to fill the supply gap in standard DDR5/RDDR5, with expectations of a 15%-20% supply shortfall by 2026. They can leverage lower technical barriers and cost advantages to provide competitive solutions in the PC and server markets [11][12].

2025年，在科技巨头天量资本支出的推动下，AI投资浪潮席卷全球，市场正以前所未有的 速度高歌猛进。然而，伴随着资本狂欢的，是日益升温的有关"泡沫"的担忧：当前涌入科技 领域的巨额资金，能否真正转化为生产率的提升？这场热潮背后，是否存在估值透支未来潜 力的风险？ 围绕这些问题， 近日诺贝尔经济学奖得主、全球发展经济学权威迈克尔·斯宾塞（Michael Spence）接受了南方财经记者的独家专访。 作者丨周蕊 编辑丨和佳 科技创新正在重塑全球竞争格局与发展逻辑。 斯宾塞指出，当前这轮投资潮或许已"有些过热"，AI估值中确实存在一定的泡沫。尽管如 此，对科技公司而言，过度投资的代价仍远低于在竞争中落后甚至出局的风险。但与当年的 互联网泡沫不同，如今投身AI浪潮的公司已具备真实的业务收入。 与此同时，中国在新能源、机器人及AI大模型等领域的进展令世界瞩目。" 中国在很多领域 很可能会成为主要力量，甚至是最主要的那一个。 "斯宾塞称。 从投资激励结构来看——尤其是美国——这个领域的主要参与者大多是科技巨头或获得巨额 融资的初创公司，站在这些科技公司的立场思考：在这一轮竞赛中，"落后一步、跌至第 三"的代价，与"现在多 ...

Core Viewpoint - The A-share IPO market in 2025 shows a "low at the beginning, high at the end" trend, with significant growth in the number of IPOs and fundraising amounts, particularly after the introduction of new policies aimed at supporting technology innovation [1][3]. Summary by Sections IPO Market Overview - As of December 29, 2025, a total of 244 IPO applications were accepted by the three major exchanges, with 80% (180 companies) submitted after the "618 new policy" announcement [1]. - The number of new listings reached 111, a 12.12% increase from the previous year, with total fundraising amounting to 125.32 billion yuan, a 96.25% increase year-on-year [1]. Fundraising and Company Listings - The total fundraising from new listings was 1253.24 billion yuan, with the Shanghai Stock Exchange leading at 432.28 billion yuan, followed by the Science and Technology Innovation Board at 353.05 billion yuan [4]. - The ChiNext and Science and Technology Innovation Board accounted for 45.05% and 47.72% of the total number of listings and fundraising, respectively, indicating a strong focus on technology innovation [3]. Notable IPOs - Major IPOs included Huadian New Energy, which raised 181.71 billion yuan, and other significant listings such as Moer Thread and Muxi Co., which raised 80 billion yuan and 41.97 billion yuan, respectively [5][6]. - The top ten fundraising IPOs included four from the Science and Technology Innovation Board and three from the Shanghai Stock Exchange [4]. Performance of New Stocks - New stocks had an impressive average first-day increase of 256.77%, with no stocks experiencing a drop below their issue price [15]. - Notable performers included Dapeng Industrial, which saw a first-day increase of 1211.11%, and Muxi Co. with a 692.95% increase [16][18]. Underwriting and Sponsorship - Major securities firms dominated the underwriting market, with CITIC Securities leading by sponsoring 13 IPOs and earning 11.39 billion yuan in underwriting fees [9][10]. - The total underwriting fees for the 111 new stocks amounted to 62.33 billion yuan, reflecting the lucrative nature of the IPO market this year [9]. Sector Analysis - The computer, communication, and other electronic equipment manufacturing sectors led in IPO numbers with 20 companies and a total fundraising of 340.03 billion yuan [7]. - The specialized equipment manufacturing sector followed with 14 companies and 86.35 billion yuan raised, indicating a robust interest in technology-related industries [7].

记者丨刘雪莹 编辑丨曾静娇 视频丨见习编辑 陈泽锴 12月29日间， 中国卫星(600118.SH)公告称，公司股票自 2025年12月3日以来收盘价格累计上 涨幅度为106.19% ，明显高于同期行业及上证指数涨幅，存在市场情绪过热、非理性炒作风 险。公司基本面未发生重大变化，但股价已处于历史最高点，脱离基本面。公司最新滚动市盈 率为 1810.79倍 ，显著高于行业平均水平，存在估值偏高风险。同时，公司股票换手率较高， 近期日均换手率高于日常水平。 今日A股商业航天概念爆发，中 国卫星在收盘前最后不到10分钟封死涨停，连续第4日封板， 股价创历史新高，今年以来大涨超222%，市值1041亿元 ； 成 交 额 133.56 亿 元 ， 换 手 率 13.44%，盘后龙虎榜数据显示，沪股通专用席位买入4.03亿元。 板块内除中国卫星外，航天环宇也在临近收盘20%涨停，创历史新高，海格通信、航天发展等 超20股涨停或涨超10%。 消息面上，《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》近日出台，旨在鼓励商业火箭企业开展关键核心技术产品研发创新，增强制 度的包容性、适应 ...

Core Viewpoint - Guangzhou's commercial landscape is experiencing unprecedented growth, driven by the city's strategic initiatives to enhance its status as an international consumption center by 2025 [1][5][6]. Group 1: Commercial Development - The opening of multiple shopping malls in Guangzhou, including the third Sam's Club and the unique Jiangwan Taikoo Li, reflects a surge in commercial activity [1][2]. - The "14th Five-Year Plan" emphasizes the development of a "5+2+4" commercial system, with significant investments and policies aimed at accelerating the construction of high-end commercial spaces [1][5]. - Since July, Guangzhou has seen a consistent stream of new mall openings, indicating a vibrant commercial environment [1][6]. Group 2: Market Dynamics - International brands and top commercial giants are increasingly investing in Guangzhou, recognizing the city's consumer potential and robust supply chain [2][6]. - The commercial ecosystem in Guangzhou is transitioning from quantity to quality, with new commercial landmarks acting as engines for economic growth [2][6]. - The competition among shopping districts is shifting from attracting foot traffic to creating unique experiences and emotional value for consumers [7][9]. Group 3: Strategic Initiatives - Guangzhou's government has introduced financial incentives and prioritized land supply to stimulate the opening of new commercial projects [1][5]. - The city is focusing on creating a "15-minute convenient living circle" and digital transformation of community commerce to boost local consumption [7][9]. - The "first store economy" is evolving into a comprehensive economic model that includes brand first stores, product launches, and design showcases, with a projected annual increase of 25% in new store openings from 2021 to 2024 [10][11]. Group 4: Future Outlook - The competition among commercial districts is expected to intensify, with a focus on unique positioning and the integration of cultural, tourism, and business elements [11]. - The upcoming "15th Five-Year Plan" aims to enhance the consumer environment and promote the transformation of traditional shopping venues into experience centers [9][11]. - Guangzhou's commercial development is set to leverage its historical significance as a trading hub to transition into a global consumption center [11].

Core Viewpoint - The article emphasizes the importance of developing a comprehensive pension finance system to address the challenges posed by an aging population, highlighting the role of Postal Savings Bank in promoting high-quality development in pension finance [1][6]. Group 1: Pension Financial Services - Postal Savings Bank has served over 130 million urban and rural basic pension insurance customers and has issued a significant number of financial social security cards, ranking among the industry leaders [2]. - The bank has established a comprehensive personal pension service system covering the entire process from account opening to withdrawal, offering a wide range of investment products [3]. - Innovative features such as retirement benefit calculators, automatic contributions, and family pension accounts are being introduced to enhance personal pension planning [3]. Group 2: Elderly Customer Services - The bank has launched various initiatives to improve services for elderly customers, including the "Postal Warm Double Ninth Festival" and the "Vitality Life Card" series, which provide a range of benefits in health and wellness [4]. - Efforts to bridge the digital divide for elderly clients include optimizing physical branches and enhancing online banking accessibility [5]. Group 3: Pension Industry Financing - Postal Savings Bank has developed a "5-2-3" service system focusing on five core areas and implementing a dual-drive strategy to provide tailored financial solutions for the pension industry [6]. - The bank has successfully initiated significant projects, such as a 4.972 billion yuan health care syndicate project in Wenzhou, demonstrating its commitment to innovative financial services in the pension sector [6][7]. - The establishment of a collaborative mechanism among government, banks, and enterprises aims to enhance the local pension service system and promote high-quality pension service supply [7]. Group 4: Future Directions - The bank plans to continue enhancing its pension financial service capabilities and has launched the "U Enjoy Future" pension finance brand, further solidifying its commitment to protecting pension assets and serving the elderly population [7].

Core Viewpoint - The article emphasizes that Huawei's Mate X7 represents a significant evolution in the foldable smartphone market, transitioning from a niche product for tech enthusiasts to a mainstream device for everyday users, showcasing Huawei's leadership and innovation in this sector [1][13]. Market Position and Dominance - Huawei's market share in China's foldable smartphone segment reached 75% in the first half of 2025, indicating that three out of every four foldable phones sold bear the Huawei logo [4]. - In the third quarter, Huawei maintained a leading market share of 68.9%, demonstrating its dominance in a highly competitive environment [4]. - The article highlights Huawei's role not just as a participant but as a rule-maker in the foldable smartphone market, establishing a "moat" based on technological depth and brand trust [4]. Product Evolution and User Experience - The Mate X7 signifies a shift from merely exploring the concept of foldable phones to enhancing user experience, focusing on durability, imaging capabilities, and productivity [5][14]. - Huawei's previous models addressed the challenges of folding technology, while the Mate X7 aims to redefine the value of foldable screens by emphasizing user experience over mere specifications [5][6]. Technological Innovations - The Mate X7 incorporates a "super reliable folding structure" that addresses common issues such as fragility and aging, featuring advanced materials and design [8]. - It utilizes second-generation Kunlun glass for the outer screen and a unique three-layer composite structure for the inner screen, significantly improving durability and impact resistance [8]. - The device also boasts an advanced camera system that enhances color accuracy and low-light performance, positioning it as a "foldable imaging flagship" [10]. AI and User Interaction - The Mate X7 features HarmonyOS 6 and introduces advanced AI capabilities, allowing for seamless task management and enhanced user interaction [11]. - The device offers premium services, including warranty and maintenance options, enhancing the overall customer experience [11]. Industry Impact - Huawei's innovations in foldable technology have set new standards for the industry, pushing the market towards mainstream adoption and redefining user expectations [14]. - The article concludes that the Mate X7 is a powerful engine driving the transformation of foldable smartphones from niche products to essential tools for the general public [14].

作者丨朱芷葵 3小时前 来自 微博视频号 编辑丨叶映橙 12月29日，21财经·南财快讯记者注意到，企查查APP显示，近日， 王自如被执行案件更 新，王自如被法院签发限制消费令。 据悉，该起案件涉及与交通银行股份有限公司惠州分 行间借款合同纠纷，因王自如未按期履行生效法律文书确定的给付义务，法院对其采取限制 消费措施。据此前报道， 王自如与岐山度假村发展公司因此案被执行246万元。 此前，王自如曾被执行3383万元，并因此案被冻结股权、限制高消费。任职信息显示，目 前，王自如名下关联4家企业，其中2家为存续状态，包括深圳市悦宸汽车美容有限公司 等。 值得注意的是，今年6月， 王自如在社交平台高调复出，选择在AI领域二次创业。 10月20 日，雷鸟创新突然官宣，近日王自如已正式入职，但并未提供明确职务信息，只是放出了涉及 王自如及公司新产品的活动海报。 11月13日， 王自如发布视频，再次明确表示"自己从未签过对赌协议" ，并建议创业者，"如 果对所处行业和项目有十足信心，可考虑签订对赌协议。但99%的情况下，不建议创业者签署 包含无限连带责任、创始人兜底条款的对赌协议，这类条款会大幅增加创业成本与个人风 险。 ...