Core Viewpoint - The competition for the title of "the first global large model stock" will conclude by the end of 2025, with Zhiyuan Huazhang officially launching its Hong Kong IPO on December 30, 2025, aiming to raise approximately HKD 4.3 billion and achieve a market valuation exceeding HKD 51.1 billion [1]. Financial Performance - Zhiyuan Huazhang's revenue has grown from HKD 57.4 million in 2022 to HKD 312 million in 2024, reflecting a compound annual growth rate (CAGR) of 130% [2]. - In the first half of 2025, the company reported revenue of HKD 191 million, a year-on-year increase of 325.39% [3]. - The gross margin has remained robust, with figures of 54.6%, 64.6%, and 56.3% from 2022 to 2024, and 50.0% in the first half of 2025, indicating strong technical pricing power and product competitiveness [3]. Business Model - The core of Zhiyuan Huazhang's revenue growth is its successful MaaS (Model as a Service) business model, which allows developers and enterprise clients to easily access its large model capabilities through open API interfaces [3]. - The company has shifted its revenue structure significantly, with localized deployment revenue decreasing from 97.6% in 2022 to 69.4% in the first half of 2025, while cloud deployment (MaaS) revenue increased from 2.4% to 30.6% in the same period [5]. Technological Foundation - Founded in 2019, Zhiyuan Huazhang has a strong technical foundation rooted in Tsinghua University, with a research team of 657 members, many holding PhDs from top universities [5]. - The company's R&D expenditures have escalated from HKD 84.4 million in 2022 to HKD 2.195 billion in 2024, with further increases to HKD 1.594 billion in the first half of 2025, primarily directed towards computing service costs [5]. Market Position - As of 2024, Zhiyuan Huazhang holds the leading position among independent general large model developers in China, with a market share of 6.6% [5]. - The company has over 12,000 institutional clients and its large model technology supports more than 80 million terminal devices, reflecting significant market penetration [6]. Investment and Funding - Prior to its IPO, Zhiyuan Huazhang completed eight rounds of financing, raising over HKD 8.3 billion, with participation from major industry players and top investment institutions [10]. - The IPO will see 11 cornerstone investors, who have committed to a total of HKD 2.98 billion, accounting for nearly 70% of the offering [11]. Future Outlook - The Chinese large language model market is projected to grow from HKD 5.3 billion in 2024 to HKD 101.1 billion by 2030, indicating a significant opportunity for Zhiyuan Huazhang [12]. - The company's IPO is viewed as a landmark event, marking a shift in the AI industry from merely telling technological stories to realizing commercial value [12].

国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通知。 通知提到， 支持家电以旧换新。 个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产 品销售价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补贴不超过1500元。 支持数码和智能产品购新。 个人消费者购买手机、平板、智能手表手环、智能眼镜等4类产品（单件销售价格不超过6000元），按产品销售 价格的15%给予补贴，每位消费者每类产品可补贴1件，每件补贴不超过500元。 支持智能家居产品（含适老化家居产品）购新补贴，具体补贴品类、补贴标准由地方结合实际自主合理制定。 以下为详细内容： 国家发展改革委 财政部关于2026年实施 大规模设备更新和消费品以旧换新政策的通知 发改环资〔2025〕1745号 各省、自治区、直辖市人民政府，国务院各部委、各直属机构： 为全面贯彻党的二十大和二十届历次全会精神，认真落实中央经济工作会议部署，根据《推动大规模设备更新和消费品以旧换新行动方案》 （国发〔2024〕7号），经国务院同意，现就2026年实施大规模设备更新和消费品以旧换新政策通知如下 ...

财联社记者获悉， 鹏华基金前基金经理王宗合于12月29日因病逝世 。 随后传出身体抱恙消息，至2023年4月22日，王宗合卸任所有在管公募产品。到2024年鹏华基金公告称，王宗合因个人身体原因已于2月6日离任。 王宗合曾任鹏华基金副总经理，权益投资二部总经理、稳定收益投资部总经理。 2020年7月8日，其管理的鹏华匠心精选混合基金首日认购资金达1371亿元，一度创公募基金发行认购历史新高。 ...

据 新华社 ，国务院总理李强日前签署国务院令，公布《中华人民共和国增值税法实施条例》（以下简称《条例》），自2026年1月1日起施 行。《条例》旨在贯彻落实《中华人民共和国增值税法》，共6章54条，主要规定了以下内容。 一是细化纳税人和征税范围。细化增值税法规定的应税交易货物、服务、无形资产、不动产的范围；进一步明确纳税人中的单位和个人、一 般纳税人和小规模纳税人的标准，以及服务、无形资产在境内消费的具体情形。 二是明确税率适用。进一步明确适用零税率的出口货物范围，以及跨境销售服务、无形资产适用零税率的具体情形；明确一项应税交易涉及 两个以上税率、征收率时适用税率和征收率的原则。 三是确定不同情形应纳税额计算方法。对增值税扣税凭证的具体种类和进项税额具体抵扣办法作出规定；细化税务机关核定纳税人销售额的 方法，并对特殊情形下进项税额的抵扣规则予以明确。 四是完善税收优惠。明确增值税法中各类免征增值税项目的具体标准，并规定增值税优惠政策的适用范围、标准、条件等应当依法及时向社 会公开，同时要求国务院财政、税务主管部门适时评估增值税优惠政策执行效果，及时报请国务院予以调整完善。 五是健全征管措施。进一步明确一般纳税 ...

据21世纪经济报道， 潮玩龙头泡泡玛特（9992.HK）港股今日延续下跌态势， 自8月下旬触及339.8港元的阶段性高点以来，公司股价累计跌幅已 超40%，市值蒸发逾2000亿港元。 Wind数据显示，12月30日，泡泡玛特卖空金额达 4.58亿港元 ，卖空股数超239万股， 未平仓卖空股份9492万股， 续 创年内最高。股价持续下挫的背后，是核心IP热度的显著退潮。 12月29日， "泡泡玛特开始5折甩卖了"的词条登上微博热搜，曾被炒至天价的Labubu盲盒二手价格大幅回落。 部分黄牛在社交平台发 帖"暂缓收购Labubu系列"，同时，二手平台挂牌数量增多但成交价下移，折扣门店出现甩卖现象。 得物App数据显示，Labubu第4代整盒（14个）成交均价从发售初期的1916元跌至1088元；闲鱼平台部分款式近7日平均成交价仅77.5 元，跌破官方发行价。 ...

对此，一位i茅台相关人士向记者明确表示，消息属实。 小财注：i茅台是贵州茅台自营电商平台，2024年和今年前三季度，i茅台分别销售约200亿元和126.92亿元。 网传i茅台将从2026年1月开始，在申购渠道首次上线飞天茅台（500ml 53度），申购价格为1499元/瓶。 ...

据北京日报，12月30日，外交部发言人林剑主持例行记者会。 法新社记者提问，发言人昨天提到解放军此次台海军演是对外部势力行动的回应。美国总统特朗普最近批准了向台湾出售价值110亿美元的武器，他 还表示此次演习并不令他担忧，并称这是中国过去几十年来一直在做的事情。中方对此有何回应？ 林剑表示，台湾是中国领土不可分割的一部分。中国人民解放军开展有关军事演习，是对"台独"分裂势力"以武谋独"的严厉惩戒，是捍卫国家主权和 领土完整的必要行动。 ...

Market Overview - The A-share market experienced a rebound in the afternoon, with the Shanghai Composite Index achieving a ten-day winning streak, while the Shenzhen Component and ChiNext Index both rose over 0.5% during the session [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion yuan, an increase of 32.8 billion yuan compared to the previous trading day [7] Sector Performance - The robotics sector showed significant growth, with over ten constituent stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [1] - The AI application sector was also active, with Kute Intelligent reaching a limit-up of 20% [1] - The commercial aerospace concept initially surged but then retreated, with Daye Co. achieving five consecutive limit-ups, while Shenjian Co. faced a limit-down [1] Declining Sectors - The Hainan Free Trade Zone and retail sectors were among the biggest decliners, with the Hainan Development stock experiencing a significant drop [2]

Core Viewpoint - ByteDance's decision to have Volcano Engine as the exclusive AI cloud partner for the 2026 CCTV Spring Festival Gala marks a strategic shift towards promoting its B2B services rather than its traditional consumer-facing products [1][6][12]. Group 1: Event and Market Positioning - The announcement of Volcano Engine as the partner for the Spring Festival Gala highlights its rapid growth, with daily token usage surpassing 63 trillion, maintaining its position as the leader in AI service usage in China [3][9]. - The event attracted significant attention, with over 5,000 attendees and many more unable to enter, indicating strong interest in AI applications and services [3][4]. - The collaboration signifies a departure from the norm where consumer apps like Douyin (TikTok) were typically featured, showcasing a new focus on B2B capabilities [4][6]. Group 2: Strategic Implications - ByteDance aims to position Volcano Engine as a foundational technology brand that can influence consumer perceptions, similar to how Intel and CATL have established themselves in their respective markets [16][17]. - The partnership is intended to communicate the advanced capabilities of Volcano Engine, emphasizing its role in supporting high traffic and AI applications during major events like the Spring Festival Gala [9][17]. - This strategic move reflects a broader trend in the AI industry where the competition is shifting towards the performance of underlying models and infrastructure rather than just consumer applications [8][10]. Group 3: Future Outlook - The collaboration is expected to enhance user trust in Volcano Engine as a reliable AI service provider, potentially influencing developers' choices for model infrastructure in the future [17]. - ByteDance's internal discussions indicate a recognition of the changing landscape in AI application competition, necessitating a focus on foundational technologies [13][14]. - The growth of Volcano Engine in the MaaS (Model as a Service) sector, with nearly 50% market share in China's public cloud large model market, positions it as a key revenue contributor for ByteDance moving forward [14][16].

外交部发言人宣布，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。 ...