Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.64%, 17.51%, and 16.68% respectively [1][2] - The company with the largest increase in short positions is Dongfang Electric (01072), which saw an increase of 2.20% from the previous short ratio [1][2] - The companies with the largest decrease in short positions include Sanhua Intelligent Control (02050), Tianqi Lithium (09696), and Yuejiang (02432), with decreases of -1.42%, -0.82%, and -0.71% respectively [1][3] Group 2 - The latest short position data shows that Vanke Enterprises has 411 million shares shorted, while Dongfang Electric has 71.45 million shares, and COSCO Shipping Holdings has 480 million shares shorted [2] - The companies with the largest increases in short positions also include JAKS Resources B (01167) and CSPC Pharmaceutical Group (01093), with increases of 0.77% and 0.56% respectively [2] - The companies with the largest decreases in short positions also include Ganfeng Lithium (01772) and Sunac China (01918), with decreases of -0.68% and -0.55% respectively [3][4]

随着AI大模型快速发展，从基础设施到上层应用的演进正成为新一轮科技竞争的关键。 一种行业观点认为，基座大模型的数量未来将持续收敛至个位数左右，但围绕千行百业将衍生出诸多更 为丰富的垂域模型与应用，那也将是本轮AI浪潮真正引发技术变革的关键所在。 其中，物理AI成为一种重要关注窗口，正加速推进具身智能、自动驾驶等领域演进，有望深刻改变未 来社会的运行方式。但技术路线仍存分歧，法律、合规与伦理等软性基础尚在夯实。而进入"Agent元 年"，让AI技术真正触及实体经济的"深水区"，仍有挑战需要克服。 中兴通讯首席发展官崔丽接受21世纪经济报道记者专访时，深入分析了物理AI的技术路线走向。据她 观察，一些具体行业已经在真正借力AI，率先完成价值闭环。 物理AI之辩 2025年初，Sora的横空出世因其高度还原物理世界的视频生成能力，引发关于"世界模型"的广泛讨论， 也让物理AI的两条核心路线——世界模型与 VLA（视觉语言模型）的竞争浮出水面。 崔丽对记者分析道，Sora等模型的爆发，标志着AI正从单纯的"预测者"向"模拟者"进化，是从"数据驱 动"到"模型仿真驱动"到"物理对齐"到"通用模拟"的范式转移，也是AI落 ...

Group 1 - The core point of the article highlights the top-performing stocks in the A-share market for 2025, with Zhongji Xuchuang leading the list with a transaction volume of 2.51 trillion yuan [1] - Other notable companies with transaction volumes exceeding 2 trillion yuan include Dongfang Caifu and Xinyisheng, ranking second and third respectively [1] - The top ten rankings also feature companies such as Hanwha, Ningde Times, Shenghong Technology, Industrial Fulian, Sunshine Power, ZTE, and Luxshare Precision, all with transaction volumes surpassing 1.41 trillion yuan [1]

Core Viewpoint - The emergence of AI Agent smartphones is set to revolutionize the mobile industry by 2026, with significant advancements in technology and collaboration among major players [1][10]. Group 1: Industry Trends - The collaboration between Doubao and ZTE has led to the launch of the Doubao AI smartphone, marking a significant step in the development of AI Agent technology [1][4]. - Major smartphone manufacturers, including Huawei, Vivo, and Lenovo, are integrating AI Agent capabilities into their flagship devices, indicating a competitive landscape for AI smartphones [4][5]. - The AI Agent smartphone is seen as a "ticket" to a new era in mobile technology, especially as traditional smartphone sales stagnate [4][5]. Group 2: Development Paths - The industry is divided into two distinct paths: the "radical" approach represented by Doubao, which integrates high-level system permissions, and the "conservative" approach taken by companies like Huawei, which adheres to existing development standards [5][6]. - ZTE's willingness to explore aggressive strategies in AI Agent development is attributed to its lower market share, allowing for more flexibility in innovation [6]. Group 3: Challenges and Concerns - The development of AI Agent smartphones raises concerns regarding user privacy and security, particularly with the potential for malicious exploitation of system permissions [7][8]. - Major applications, including WeChat and banking apps, have begun to block access to Doubao's AI assistant due to security fears, highlighting the tension between innovation and safety [7][8]. - The industry faces multiple hurdles, including compliance, cost, and value, that must be overcome for AI Agent smartphones to achieve mass production by 2026 [10][11]. Group 4: Future Outlook - The successful mass production of AI Agent smartphones hinges on meeting specific technological benchmarks, including processing power and cost efficiency [10][11]. - Experts suggest that the future of AI Agent smartphones will depend on resolving fundamental issues related to data privacy, network latency, and economic sustainability of cloud computing [11].

Core Viewpoint - The company reflects on its achievements in 2025 and emphasizes its commitment to embracing the new era of artificial intelligence while acknowledging the challenges posed by industry cycles and structural adjustments [1][5]. Group 1: Strategic Initiatives - The new "Connection + Computing Power" strategy has been implemented, leading to a return to revenue growth [5]. - The network business remains a solid profit foundation, while the computing power segment is developing new growth engines by serving key clients [5]. - The terminal business has launched the industry's first intelligent body smartphone, exploring new application avenues [5]. Group 2: Achievements and Recognition - The company received the highest SAIL award and topped the open-source rankings with its Intelligent Computing Super Node and "Co-Sight Super Intelligent Body," showcasing its strong R&D capabilities [2][5]. - The company maintained a top-level A rating in climate change leadership from CDP, reflecting its commitment to green development [2][5]. Group 3: Future Outlook - The company recognizes the complexities of the international environment and the uncertainties that may arise, while also noting the opportunities presented by domestic technological innovations such as AI and 5G-A [2][5]. - The company aims to ensure steady and sustainable growth by adhering to the principles of "Harmony and Prosperity" and "Quality Improvement and Profit Growth" [2][6]. Group 4: Market Strategy - The overseas market presents significant opportunities, and the company plans to deepen its presence in existing markets while capitalizing on the expansion of Chinese enterprises abroad [7]. - The domestic operator market will focus on stabilizing network structures and exploring new demand scenarios to expand growth [7]. - The company will enhance its brand and operational capabilities in the terminal business, particularly in the overseas market, while also advancing AI technology in domestic markets [7].

Core Insights - Shenzhen has produced a number of globally impactful companies, showcasing a shift from "Made in China" to "Created in China" [2] - The 45th anniversary of Shenzhen Special Economic Zone marks a significant milestone in its rapid modernization and brand development [2][3] - The "Shenzhen Brand Development White Paper (1980-2025)" outlines the evolution of Shenzhen's brands and their internal logic and success factors [3][5] Group 1: Brand Evolution - Shenzhen's brand journey reflects a transition from manufacturing to innovation, with key phases including the emergence of local brands in the 1980s and 1990s, and the rise of autonomous brands in the early 2000s [7][10] - The current phase is characterized by cluster upgrades, with companies like Tencent, BYD, and DJI leading in various sectors [8][10] - As of now, Shenzhen has cultivated 1,220 notable local brands, including 13 billion-level brands and 7 trillion-level brands, with Tencent, Ping An, and Huawei each exceeding a brand value of 490 billion [10][11] Group 2: Economic Contributions - The 1,220 notable brands contribute 47.97% of the city's sales, 42.05% of tax revenue, and 32.87% of exports, serving as the backbone of Shenzhen's high-quality economic development [11] - These brands span critical sectors such as electronics, renewable energy, biomedicine, high-end equipment, financial services, and digital economy, forming a robust industrial structure [11] Group 3: Brand Development Factors - Shenzhen's brand success is attributed to a unique ecosystem supported by policy innovation, technological advancement, and collaborative industrial frameworks [15][16][19] - The government has played a crucial role in creating a conducive environment for brand growth through targeted policies and regulatory frameworks [16] - Innovation drives brand competitiveness, with companies investing over 10% of their annual revenue in R&D, fostering a comprehensive innovation ecosystem [17] Group 4: Global Expansion and Responsibility - Shenzhen brands have established clear pathways for international expansion, evolving from processing trade to localized operations and global standardization [20] - Social responsibility is ingrained in the corporate strategy, enhancing brand value and sustainability through practices like tax compliance and community support [21] Group 5: Future Outlook - The release of the white paper is a significant step in documenting Shenzhen's brand journey and providing strategic guidance for future brand development [31] - Shenzhen's brands are expected to continue thriving in emerging sectors like digital and low-altitude economies, contributing to the global narrative of Chinese brands [33][34]

12月31日，中兴通讯涨1.18%，截至发稿，报37.71元/股，成交7.65亿元，换手率0.50%，总市值1803.87 亿元。 贝莱德浦悦丰利混合A（016678）成立日期2022年11月23日，最新规模1420.61万。今年以来收益 3.09%，同类排名7258/8085；近一年收益2.77%，同类排名7262/8085；成立以来收益5.53%。 贝莱德浦悦丰利混合A（016678）基金经理为王洋、刘鑫。 资料显示，中兴通讯股份有限公司位于广东省深圳市南山区高新技术产业园科技南路中兴通讯大厦,香 港铜锣湾勿地臣街1号时代广场2座31楼，成立日期1997年11月11日，上市日期1997年11月18日，公司主 营业务涉及投资兴办实业,电子及通信设备零部件的销售。主营业务收入构成为：运营商网络49.00%， 政企业务26.91%，消费者业务24.09%。 从基金十大重仓股角度 数据显示，贝莱德基金旗下1只基金重仓中兴通讯。贝莱德浦悦丰利混合A（016678）三季度持有股数 8000股，占基金净值比例为0.61%，位居第六大重仓股。根据测算，今日浮盈赚取约3520元。 截至发稿，王洋累计任职时间3年35天，现任 ...

当你的手机屏幕第一次在无人操控的情况下自动跳转，各大应用被《钢铁侠》中"贾维斯"一样的 AI Agent（智能体）用无形之手打开、滑动、点击，这种既令人兴奋又让人不安的感觉，或将成 为2026年手机行业新变局的"背景色"。 2025年以来，随着豆包与中兴通讯合作的豆包AI手机（努比亚M153）横空出世，各大手机厂商 和AI大模型厂商纷纷"集结兵力"，加速了AI Agent手机的研发和落地进度。 尽管AI Agent手机是手机厂商和大模型厂商共同的"目的地"，但不同企业的路径不同，可以将其 分为以豆包AI手机为代表的"激进派"和以华为等厂商为代表的"稳健派"。苏商银行特约研究员付 一夫向记者表示，豆包AI手机被视为"激进派"，因其采取高权限集成模式，直接调用系统底层功 能，这触及了传统App的生态边界。而华为等手机厂商更加稳健，通过操作系统级API接口实现 跨应用协作，更符合现有开发规范。 "vivo、华为等头部手机厂商去年出货量超过4000万部，任何系统级改动都意味着亿元级别的合 规等费用，ROI（投资回报率）倒逼它们把AI做成'功能'而非'底座'。而中兴手机全球市场份额约 3%，边际风险低，反而愿意用系统权 ...

来源：证券时报 作者：许盈 | | 券商金股组合2025年收益排名 | | | --- | --- | --- | | | (截至12月29日) | | | 排名 | 存商 | 累计收益率 | | 1 | 国元证券月度金股 | 83.73% | | 2 | 东北证券月度金股 | 67.47% | | 3 | 开源证券月度金股 | 67.00% | | ব | 东兴证券月度金股 | 61.53% | | 5 | 华鑫证券月度金股 | 60.67% | | 6 | 招商证券月度金股 | 60.31% | | 7 | 光大证券月度金股 | 55.50% | | 8 | 东莞证券月度金股 | 51.82% | | ਰੇ | 国泰海通月度金股 | 51.62% | | 10 | 长城证券月度金股 | 50.95% | 证券时报记者 许盈 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规 则：将券商推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以 67.47%、67%的收益率分 ...

（原标题：深度｜"AI手机"元年！AI Agent能否接管一切？激进派PK稳健派） 当你的手机屏幕第一次在无人操控的情况下自动跳转，各大应用被《钢铁侠》中"贾维斯"一样的AI Agent（智能体）用无形之手打开、滑动、点击，这种既令人兴奋又让人不安的感觉，或将成为2026年 手机行业新变局的"背景色"。 2025年以来，随着豆包与中兴通讯合作的豆包AI手机（努比亚M153）横空出世，各大手机厂商和AI大 模型厂商纷纷"集结兵力"，加速了AI Agent手机的研发和落地进度。 多位受访专家向证券时报记者表示，2026年有望成为AI Agent手机量产元年，但行业内正出现"激进 派"和"稳健派"两条截然不同的发展路径，AI Agent手机想大规模普及仍需闯过合规关、成本关、价值 关等多重难关。 "重兵集结" 剑指AI手机新时代 在当前智能手机销量增长乏力的背景下，AI Agent手机正成为许多企业争夺的通往手机新时代的"船 票"。此前有消息称，字节跳动正积极推进与vivo、联想、传音等头部硬件厂商的AI手机合作。证券时 报记者为此向字节跳动方面进行了求证，但未得到明确回应。 除豆包之外，被称为"大模型六小虎"之一 ...