Core Viewpoint - The A-share and Hong Kong stock markets are expected to continue their upward trend in 2026, with "technology + overseas expansion" remaining the main investment theme [2][9]. Group 1: 2025 Market Overview - The A-share market exhibited a volatile upward trend in 2025, with small-cap growth stocks outperforming due to catalysts like DeepSeek [6]. - The market experienced a "V-shaped" recovery after a sharp decline in Q2, driven by increased overseas AI demand [6]. - Key unexpected areas included the overseas expansion of Chinese companies and the commercialization of AI, which exceeded initial expectations [6][7]. - The bull market was supported by policy shifts, improved liquidity, and a favorable global economic environment [7][8]. Group 2: 2026 Market Outlook - A-share earnings growth is anticipated to show a "front low and back high" trend, while Hong Kong stocks may see a style shift towards core assets [10]. - The "new four bulls" logic includes capital inflow, technological innovation, institutional reform, and consumption upgrade [10][11]. - The A-share market is expected to enter a recovery phase in earnings, driven by improving liquidity and positive signals from the real estate sector [11][12]. - The overall economic growth is projected to remain stable, with a focus on quality improvement as the negative impact of real estate diminishes [12]. Group 3: Investment Opportunities - The "technology + overseas expansion" theme is expected to be a key driver of A-share earnings growth over the next three years [14]. - Key sectors to watch include AI applications, electric power, and high-end manufacturing, particularly in areas like engineering machinery and chemicals [14][15]. - The focus on "new highs" in sectors such as non-ferrous metals and new consumption is emphasized, alongside the importance of global competitiveness [15][16]. - Seven major investment themes for 2026 include policy cycles, technology cycles, real estate cycles, and capital market reforms [16]. Group 4: Market Differentiation and Trends - Market differentiation is expected to narrow, driven by positive changes in domestic demand and the performance of high-growth sectors [20][21]. - The transition from a liquidity-driven bull market to one driven by earnings improvement is anticipated, with a focus on cyclical sectors [21][22]. - The current extreme differentiation in the market is unlikely to persist, with a gradual shift towards a more balanced market structure expected in 2026 [22]. Group 5: Risks and Considerations - Key risks include policy uncertainties and potential changes in U.S. Federal Reserve interest rate expectations, which could impact liquidity [26]. - The performance of the real estate sector and the overseas revenue of A-share companies are critical factors to monitor [26].

布：废除烟花爆竹"禁放令"！商家：已有不少消费者购买！网友嗨了：年味儿又要回来了 据日本气象厅消息，当地时间21日10时29分左右，日本青森县东部近海海域发生5.5级地 震，最大震感为4，震源深度50千米。 日本气象厅称本次地震没有海啸风险。暂未收到人员伤亡报告。 日本东北电力公司方面21日表示，青森县的东通核电站和宫城县的女川核电站没有出现异常 情况。 大消息！山西宣 来源：央视新闻客户端 日本青森县附近海域发生5.5级地震 ...

来源：津云综合 荆楚网、南方都市报 近日，"哀牢山荒野求生赛事"引发关注。 12月20日，记者注意到，该活动主办单位浙江柏杨文化产业发展有限公司于19日发布道歉信 称，关于该公司计划筹备的"哀牢山荒野求生赛事"，因前期宣传不当给广大网友带来了误解和 困扰， 经慎重考虑，公司决定停止举办并致歉。 此前，12月18日晚，云南新平彝族傣族自治县文化和旅游局发布情况说明称， "哀牢山荒野 求生赛事（暂定名）"实为该局与某文化公司策划的情景体验综艺类节目。 据通报，目前具体策划方案正在编制中，具体拍摄时间、地点、内容及条件待进一步洽谈。后 续，云南新平县文化和旅游局将督促合作公司严格执行许可备案等规定，依法依规、安全有序 开展相关工作。 记者19日查询发现，12月17日，云南新平县融媒体中心"大美新平"发布视频称，"哀牢山荒 野求生赛"在新平举行签约仪式，现视频已被删除。 早在2024年国庆假期期间，一段博主进山取颜料的视频，引爆了云南哀牢山的热度。这条被 传成"中国的百慕大""现实版云南虫谷"的神秘山脉，迅速吸引众多游客前往打卡。外界将哀牢 山视作秘境，因此这一小众景点也成了主播们"探秘"的好去处。 哀牢山在互联网爆 ...

以下文章来源于e公司 ，作者证券时报 聂英好 周内涨幅最高的机构调研个股为震有科技，本周涨21.89%，航天智造、经纬恒润-W、南京商旅、红棉股份等9家公司涨幅超过10%，其中红棉股份、雪 人集团、德联集团周内实现首板。 热门标的方面，本周有长安汽车、一品红、博盈特焊、华通线缆等4家公司接受百家以上机构调研，其中长安汽车迎来最多机构投资者， 博盈特焊则在一 周之内接待4次机构调研。 长安汽车获得首批L3准入 长安汽车（000625）本周接受214家机构调研，因工信部在12月15日宣布，发放我国首批L3级有条件自动驾驶车型产品准入许可。 极狐汽车与长安汽车 的两款纯电动轿车获得资质，将在北京、重庆指定区域开展上路试点，长安汽车获批车型为旗下深蓝SL03。 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 来源：e公司 本周（12月15日—12月19日）共有165家上市公司披露机构调研记录，从赚钱效应看，机构调研股涨跌各半， ...

中国驻玻利维亚使馆通过领保志愿者即时获悉案情，迅速与警方核实，派领事官员赴医院探 望受害人，并为案件调查全力提供协助。使馆将密切跟踪案件进展，持续敦促和协助警方破 案，并与警方、侨界等有关方面联合商讨实施加强保护我在玻公民、侨胞人身和财产安全的 有效措施，同时希望对上述案件知情的中国公民和侨胞积极向使馆和警方提供相关信息线 索。 鉴于此案发生及玻利维亚当前复杂的政治和社会经济形势，使馆特提醒旅玻中国公民和侨 胞： 1.提高安全防范意识，尽量避免随身携带大量现金和贵重物品出行，尽量避免单人出行； 2.密切关注当地局势尤其是治安形势，尽量避免前往治安不靖地区，尽量避免在治安案件高发 时段出行； 3.如遇抢劫等紧急情况，务必保持冷静，优先保护个人生命安全，并及时报警。 来源：中国驻玻利维亚使馆 关于近期一起重大治安领保案件的通报以及对我公民侨胞加强安全防范的提醒 当地时间12月18日下午，玻利维亚首都拉巴斯发生一起一男性中国公民遭数名蒙面持枪歹徒 拦车抢劫的恶性治安案件。该中国公民腿部中枪，送医救治后现已脱离危险，其随身携带的 大量现金和贵重物品被抢。目前案件仍在调查之中。 关于近期一起重大治安领保案件的通报以及对 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure on December 18 has led to a significant increase in consumer activity, particularly in duty-free shopping, with notable sales in electronics and gold products [1][8]. Duty-Free Sales Performance - On the first day of the closure, Sanya's total duty-free sales reached 118 million yuan, with a 60% increase in foot traffic to Sanya International Duty-Free City and an 85% increase in sales year-on-year [1]. - Apple and Huawei stores experienced long queues, with the iPhone 17 Pro Max priced at 9,299 yuan, 700 yuan cheaper than on Taobao, and the iPhone 17 Pro at 8,219 yuan, 780 yuan lower than the official website [3][4]. - Huawei's Mate X6 was priced at 10,899 yuan, over 1,000 yuan cheaper than Taobao, with potential savings of around 1,700 yuan when using government consumption vouchers [4]. Gold Products Popularity - Duty-free gold products are also seeing high demand, with the price at 1,187 yuan per gram, compared to the market price of 1,353 yuan, resulting in a difference of 166 yuan per gram [6]. - A consumer purchasing a 30-gram gold item could save approximately 9,116 yuan compared to market prices, after applying discounts and government vouchers [7]. Fresh Fruit Sales - The first batch of Malaysian durians sold out within an hour at a supermarket in Haikou, showcasing the strong consumer interest in imported goods following the closure [8]. Air Travel Trends - There has been a notable increase in flight bookings to Hainan for the upcoming New Year holiday, with over 720,000 tickets sold, a 10% year-on-year increase [9]. - Flight bookings to Haikou and Sanya have increased by 19% and 51% respectively, indicating a strong demand for travel to the region [11].

【导读】印度暴涨55000%的妖股 中国基金报记者 泰勒 大家好，给大家讲一下印度 股市 一个奇观，堪称史上最牛妖股。 印度市场上，最近有一只个股引起了广泛的关注。 这家公司名字叫RRP Semiconductor，股价在截至 12月17日 的 20个月 里暴涨 超过55000% ，迅速成了社交媒体上的"神股"，也成为 全球涨幅最猛的一只股票。 孟买证券交易所发言人表示，交易所对 RRP Semiconductor 采取的所有监控措施都已通过市场通告对外披露。 尽管如此，一些投资者仍把RRP Semiconductor当成"押注芯片热潮"的标的。但这种热情掩盖了一个关键事实：它真正可交易的股份极 少。根据资料，该公司约98%的股份由Chodankar及其小圈子关联人士持有。 审校：许闻 该股为何如此暴涨？ RRP Semiconductor前身为从事房地产业务的G.D.Trading and Agencies，2024年4月由Rajendra Chodankar通过偿还债务收购 74.5%股权后更名。 此外，Chodankar还成立了另一家公司—— RRP Electronics ，计划在马哈拉施特拉邦建设一 ...

来源：北京日报 原标题：北京一副局长送外卖，亲身体会到骑手焦虑 作为北京的美食地标，簋街1472米的街巷里，聚集着130余家餐饮商户，日均活跃外卖骑 手超475人次，日均订单3000单、高峰期突破5000单，构成了"商家——骑手——平台"紧 密联动的微观生态， 也成了外卖行业矛盾的集中缩影。 " 总有12345的派件和派出所的报警， 商家怨骑手催单太急，骑手怪平台算法太严，平台 说要保效率、保用户体验。"北新桥街道办事处副主任龙凤这样描述这一矛盾， "三方都有 难处，却似隔着一道信息壁垒。" 今年4月起，北京市东城区人社局携手北新桥街道，开始"破题"。 副局长骑上电动车 体验一线送餐 打破僵局的第一步，是 到一线找问题根源。 今年4月份一开始， 东城区人社局副局长付楠楠 就牵头设计了一整套立体式调研方案。 团队最终梳理出13项骑手核心诉求、15项商家发展需求， 形成翔实的专项报告，精准锁定 了"出餐慢致超时罚""餐损责任界定难"等核心痛点。 骑手、商家、平台 首次同桌"谈判" 付楠楠（左）与骑手交流 摸清问题后，协商成了关键一步。 5月9日，街道组织首场 "骑商协商会"。 龙凤特意筛选3名敢说会说的资深骑手， ...

来 源 ： 中国驻刚果民主共和国大使馆 19日， 中国驻刚果民主共和国大使馆发布《刚果（金）安全形势通报（2025年12月18 日）》，提醒中国公民尽快撤离。 一、近期重要案件 （一）12月13日，M23在北基伍省马西西地区Kahunda 和Mitimingi村向瓦扎伦多民兵发起 进攻，造成大量居民向该省瓦利卡莱地区逃难，在南基伍省占领乌维拉南部的伊通布维 （Itombwe）、卢万加（Lwanga）和马科博拉（Makobola）等村庄。13日至15日，刚军轰 炸了南基伍省米内布韦（Minembwe）及附近的村庄。15日夜间，M23宣布有条件撤出乌维 拉，要求乌维拉实行非军事化并有中立部队进驻。15日，据当地目击者称，M23在北基伍省 卢贝罗、瓦利卡莱地区调动兵力和军火，向卢贝罗以北以及平加方向移动。 （二）12月17日，坦噶尼喀省政府宣布，鉴于东部安全形势持续恶化，即日起暂停该省与南 基伍省之间包括湖上运输在内的全部交通往来，直至另行通知。 （三）12月11日，刚执政联盟"神圣同盟"宣布将于12月19日在金沙萨和各省省府举行游 行，抗议刚东地区遭受的侵略。 embassy.gov.cn/zytz/202212 ...

Core Viewpoint - Artificial intelligence (AI) is reshaping the essence of education, with China having a significant advantage in AI development due to its emphasis on talent cultivation [1][5]. Group 1: Impact of AI on Education - AI is expected to profoundly influence the education sector by nurturing high-quality talent, which will drive educational innovation in the information age [3]. - AI will not replace teachers but will serve as a valuable assistant, helping to alleviate their teaching burdens by generating personalized practice questions and automating grading [3][4]. - AI systems can identify core knowledge points that students have not mastered and provide timely feedback to teachers, enhancing targeted teaching [3]. Group 2: China's Advantages in AI Development - China places a strong emphasis on AI education, investing significant resources in talent development and prioritizing education as a key aspect of national development [6]. - The "101 Plan," proposed by Hopcroft, aims to cultivate innovative talent through foundational elements like curriculum and practical projects, initially launched in computer science and expanding to other core subjects [6]. - While Chinese students possess strong problem-solving skills, there is a call for universities to focus more on developing "soft skills" such as creativity and critical thinking [6].