Core Viewpoint - The Hong Kong International AI Art Festival represents a significant fusion of technology and culture, showcasing the potential of AI in redefining artistic expression and cultural heritage [2][5]. Group 1: Highlights of the Festival - The festival is seen as a manifestation of Hong Kong's dual advantages, combining its unique cultural heritage with a robust legal and business environment to foster innovation [5]. - The event features over a hundred robots that are not merely automated tools but are integrated into the artistic experience, enhancing audience engagement through immersive technology [6]. - The festival aims to create a platform for youth, igniting their passion for creativity and technology through workshops and lectures, thereby serving as a crucial growth opportunity for the younger generation [6][8]. Group 2: Future Directions - The Hong Kong Arts Development Council is committed to promoting the integration of art and technology, as well as supporting the synergy between technology, art, and tourism [8]. - The council recognizes the natural alignment between tourism and technology, suggesting that many tourism experiences can be transformed through artistic and technological enhancements [8]. - There is a call for a balanced approach to technological advancement and copyright protection, emphasizing the need for a robust legal framework to support the evolving landscape of art and technology [8].

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

Core Viewpoint - The article discusses the significant developments in the public fund industry in China throughout 2025, highlighting key reforms, growth in fund sizes, and the shift towards high-quality development in the sector [2]. Group 1: High-Quality Development Action Plan - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting High-Quality Development of Public Funds," which includes 25 measures aimed at reshaping the industry ecosystem [3]. - The plan emphasizes investor-centric development, strong regulation, and risk prevention, encouraging fund companies to shift focus from scale to returns [3][4]. Group 2: Fee Rate Reform - The public fund fee rate reform has entered its final phase, with annual savings for investors exceeding 500 billion yuan [5]. - The reform consists of three stages: reducing management and custody fees, lowering trading commission rates, and decreasing subscription and purchase fees [5][6]. Group 3: Fund Size and Structure - By October 2025, the total size of public funds reached 36.96 trillion yuan, marking a continuous increase over seven months [6][7]. - The proportion of equity products has significantly increased, with stock and mixed funds reaching a combined scale of 10.18 trillion yuan, reflecting a shift towards quality development [7]. Group 4: ETF Market Growth - The ETF market size surged to 5.7 trillion yuan by October 2025, a 53% increase from the end of 2024, with stock ETFs becoming a core component of equity allocation [8]. - Bond ETFs have also seen substantial growth, with total sizes exceeding 700 billion yuan, driven by innovative products like the Sci-Tech Bond ETFs [9]. Group 5: Performance Assessment Reforms - New performance assessment guidelines for fund management companies were released, focusing on long-term value creation and reducing homogeneous competition [10][11]. - The introduction of performance benchmarks aims to enhance accountability and align fund managers' interests with investors [11][12]. Group 6: AI Integration in Fund Management - The fund industry is accelerating its intelligent transformation driven by AI, enhancing investment decision-making, risk assessment, and client services [12][13]. - AI technologies are being integrated into core investment processes, providing data-driven insights and improving operational efficiency [14][15]. Group 7: Expansion of Public REITs - The public REITs market has experienced significant growth, with 77 products listed and a total market value of 216.03 billion yuan by December 2025 [17]. - The asset types for REITs have diversified beyond traditional infrastructure to include commercial real estate, expanding investment opportunities [18]. Group 8: Cross-Border Investment Innovations - The public fund industry is enhancing its international presence, with the number of cross-border ETFs reaching 200 and total sizes nearing 920 billion yuan [19][20]. - The establishment of overseas subsidiaries by multiple fund companies indicates a strategic push towards global asset allocation [20].

Core Viewpoint - The Chinese stock market is expected to have good opportunities in 2026, with A-shares and H-shares likely to maintain an upward trend, and a balance between growth and value styles is anticipated [3][10]. Group 1: Market Performance in 2025 - The market in 2025 showed significant structural performance, with sectors like non-ferrous metals, communication, and electronics performing well due to tightening supply-demand relationships and advancements in AI technology [5][6]. - The A-share and H-share markets exceeded initial expectations, with actual returns surpassing 20%, driven by a recovery in valuations and a strong performance in technology and small-cap stocks [6][7]. Group 2: Economic Outlook for 2026 - The domestic GDP is expected to maintain stable growth, supported by a resilient export outlook and ongoing fiscal and monetary policies [10][11]. - The stock market in 2026 will shift from valuation recovery to being driven by earnings and performance, with opportunities in technology, cyclical, consumer, and manufacturing sectors [10][12]. Group 3: Investment Opportunities - Key investment opportunities for 2026 include the AI industry chain, advanced manufacturing with real technological barriers, and traditional industry leaders with strong balance sheets and cash flows [14][15]. - The focus will be on sectors benefiting from policy support and industry optimization, particularly in technology innovation and traditional industries undergoing upgrades [14][15]. Group 4: Market Dynamics and Stock Selection - The differentiation between "old economy" and "new economy" stocks is expected to narrow, with both types of stocks showing potential for balanced performance [18][19]. - The market is transitioning from a narrative-driven approach to one focused on fundamental performance, emphasizing the importance of earnings realization in stock selection [20][21]. Group 5: Cautionary Notes - Investors should be wary of stocks that lack earnings support and those that have shown signs of bubble formation, focusing instead on undervalued quality companies [22][23].

【导读】 车企在激烈厮杀中告别2025，未来竞争更残酷 中国基金报记者 邱德坤 "我觉得每一家车企都是战战兢兢的。"近日，小鹏汽车董事长兼CEO何小鹏向中国基金报等媒体表示，中国汽车市场变化太快，一年前很 难想到现在的情况，如今也很难想象一年后的局面。 对比2024年，2025年车企竞争格局再次骤变：造车新势力"一哥"从理想汽车变为零跑汽车，而国内车企"一哥"比亚迪正遭遇上汽集团、 吉利汽车等车企快速追赶。 车企竞争格局变化的背后，是国内汽车市场的竞争逻辑出现显著变化。2025年以"限时一口价"为代表的价格战，从上半年愈演愈烈到下半 年戛然而止。随后车企集体表态"反内卷"，要求开启"价值战"。 国内新能源汽车购置税补贴退坡将成为车企竞争更为残酷的新因素。岚图汽车董事长、党委书记卢放表示："一旦走到这个时刻，燃油车和 新能源汽车在某种程度上会迎来终极对决。" 车企"一哥"轮流坐庄？ 每个领域的"一哥"都会受到各方关注，但国内车企"一哥"的宝座在2025年难言稳固。 2025年上半年，比亚迪险守国内车企"一哥"宝座，汽车业务营业收入仅比上汽集团多81.70亿元。此前，上汽集团常年稳坐国内车企"一 哥"宝座，但20 ...

Core Viewpoint - Guanshang Technology plans to acquire over 60% of Liao Jing Electronics' shares, leading to a stock suspension starting December 22 [2][3]. Group 1: Acquisition Details - Guanshang Technology intends to purchase at least 60% of the shares of Jinzhou Liao Jing Electronics Technology Co., Ltd. through a share issuance and raise matching funds [3]. - Liao Jing Electronics, established in January 2007, has a registered capital of 57 million yuan and operates in integrated circuits, electronic components, microelectronics, and related services [3]. - The company is currently negotiating with shareholders holding a total of 67.69% of Liao Jing Electronics' shares and has signed a framework agreement for the acquisition [3]. Group 2: Financial Performance - In the first three quarters of the year, Guanshang Technology reported total revenue of 65.3643 million yuan, a year-on-year increase of 4.86%, while net profit attributable to shareholders dropped by 86.14% to 763,000 yuan [4]. - As of December 19, Guanshang Technology's stock price was 69.05 yuan per share, with a market capitalization of 5.5 billion yuan [4].

他历任云南省审计厅厅长，大理白族自治州州委书记，云南省副省长，江西省副省长，江西省委常委、政法委书记等职，2022年任 江西省政协党组成 员、副主席，至此番被查。本月12日，他还参加了公开活动。 尹建业（资料图） 来源：中央纪委国家监委网站、政事儿 | 点击下载中国基金报客户端 | ■ 中国基金报内容矩阵 ■ | | | | --- | --- | --- | --- | | 巅峰对话 | 投资热点说 | ETF风向标 | IPO情报站 | | 4 444 C | | 20 444 | ■ | | CHINAFUND | CHINAFUND | CHINAFUND | CHINAFUND | | 开空调试 | 港股目报 | 全球早班车 | 数说人物 | | V 444 0 | 444 | 0 444 | 8 444 | | CHINAFUND | CHINAFUND | CHINAFUND | CHINAFUND | | ●微信搜一搜 | Q 中国基金报 | 即刻获取财经资讯 | + | 中央纪委国家监委网站12月21日消息， 江西省政协党组成员、副主席尹建业涉嫌严重违纪违法 ，目前正接受中央纪委国家监委纪律 ...

来源：新华社 爱泼斯坦案新文件公布，克林顿怒了！ 美国司法部19日开始在其网站公布已故富商杰弗里·爱泼斯坦相关案件的文件，但将诸多内容做涂黑处 理。多家媒体初步梳理发现，文件中提及现总统特朗普较少，却"大量提及"前总统克林顿。克林顿方面 随后怒斥此举意在找"替罪羊"。 当天早些时候，司法部官员表示，此次将公开数十万份相关记录，接下来几周继续公开更多内容。然而 按美联社说法，已公布的文件约4000份，大多是照片。司法部将在年底前公布全部文件。 另外，目前公布的许多文件经过了大量编辑，多份长达100页甚至更长的文件被完全涂黑。司法部副部 长托德·布兰奇在给国会的信中说，文件中超过1200名受害者及其家属的名字必须做涂黑处理。 19日新公开的照片中，有一张显示克林顿与爱泼斯坦的前女友吉丝兰·马克斯韦尔在同一个泳池中，旁 边还有另外一名脸被涂黑的人。另一张照片中，克林顿在浴缸里，而同一个浴缸里看起来还有另一个脸 被涂黑的人。白宫新闻秘书卡罗琳·莱维特等白宫官员在社交媒体转发了克林顿的照片。 克林顿此前曾对他与爱泼斯坦的往来表示遗憾，并称不清楚后者的任何犯罪活动。克林顿的办公室副主 任安杰尔·乌雷尼亚19日在一份声明中 ...

Summary of Key Points Core Viewpoint - The article highlights the upcoming IPOs of three new stocks in the A-share market, emphasizing the potential for significant profits for investors, as demonstrated by the recent success of the IPO of Muxi Co., which yielded profits of nearly 400,000 yuan per share for investors [2]. Group 1: Upcoming IPOs - Three new stocks are available for subscription next week: Shaanxi Tourism on December 22, New Guangyi on December 22, and Hengdongguang on December 23 [3][4]. - Shaanxi Tourism's subscription code is 732402, with an issue price of 80.44 yuan per share and a P/E ratio of 12.37, compared to the industry average of 26.90 [5][6]. - New Guangyi's subscription code is 301687, with an issue price of 21.93 yuan per share and a P/E ratio of 28.59, against an industry average of 57.92 [14]. - Hengdongguang's subscription code is 920045, with an issue price of 31.59 yuan per share and a P/E ratio of 14.99, compared to the industry average of 58.05 [20]. Group 2: Shaanxi Tourism Financials - Shaanxi Tourism's total issuance is 19.33 million shares, with a maximum subscription limit of 19,000 shares, requiring a minimum market value of 190,000 yuan in the Shanghai market [5]. - The company reported revenues of 2.32 billion yuan in 2022, 10.88 billion yuan in 2023, and projected revenues of 12.63 billion yuan in 2024, with a net profit of -720.73 million yuan in 2022, 427 million yuan in 2023, and 512 million yuan in 2024 [10][11]. - The company expects a revenue decline of 24.69% to 11.54% in 2025, with a projected net profit decrease of 27.50% to 14.80% [12]. Group 3: New Guangyi Financials - New Guangyi's revenues were 4.55 billion yuan in 2022, 5.16 billion yuan in 2023, and are projected to reach 6.57 billion yuan in 2024, with net profits of 81.51 million yuan in 2022, 83.28 million yuan in 2023, and 116 million yuan in 2024 [15]. - The company anticipates a revenue increase of 7.10% in 2025, with a projected net profit growth of 10.00% [17]. Group 4: Hengdongguang Financials - Hengdongguang's revenues were 4.75 billion yuan in 2022, 6.13 billion yuan in 2023, and are expected to reach 13.15 billion yuan in 2024, with net profits of 55.33 million yuan in 2022, 64.52 million yuan in 2023, and 148 million yuan in 2024 [21]. - The company projects a revenue increase of 60.45% to 67.30% in 2025, with net profits expected to rise by 82.13% to 102.36% [24][25].

Core Viewpoint - The smartphone industry is undergoing a significant transformation driven by AI, shifting from hardware-centric innovations to AI as a core operational component [3][5][15]. Group 1: AI's Role in Smartphones - AI has transitioned from being a marketing buzzword to a fundamental aspect of smartphone operation, with manufacturers emphasizing AI's integration into the user experience [3][5]. - Major brands like Apple, Vivo, and Honor are focusing on developing AI capabilities that operate at the system level, indicating a shift towards AI as essential infrastructure for future smartphones [6][10]. - The introduction of the Doubao AI phone exemplifies this shift, showcasing AI's potential to perform tasks autonomously, thus redefining user interaction with smartphones [9][10]. Group 2: Market Dynamics and Consumer Behavior - The global smartphone replacement cycle is lengthening, with the average annual replacement rate dropping to 23.7% by 2024, indicating a shift from smartphones as fast-moving consumer goods to durable goods [5]. - The Doubao AI phone has generated significant market interest, with its price skyrocketing in the second-hand market, reflecting consumer demand for innovative experiences rather than just hardware specifications [9][12]. - The competition is evolving from hardware specifications to AI system capabilities and ecosystem integration, as companies seek to meet consumer demands for streamlined interactions [15][16]. Group 3: Challenges and Ecosystem Impact - Despite the excitement around AI, there are concerns about the lack of "killer applications" that fully leverage AI's capabilities in smartphones, limiting its current effectiveness [8][12]. - The introduction of AI-driven smartphones has led to disruptions in existing app ecosystems, with some applications restricting access to AI operations, highlighting the tension between innovation and established app functionalities [12][13]. - The shift towards AI as an operational entity may necessitate a reevaluation of app monetization strategies and user engagement models, as AI could change how users interact with applications [13][16].