来源：36氪 技术，或许就是产业向双碳叙事转型的起点。 在"双碳"目标提出的第五个年头，关于产业生态的讨论，愈发需要一线的声音。 12月23日，由36氪与东方证券及旗下子公司东证创新、东证资本联合发起的第四届"双碳星物种·碳索计划"第三站在上海启动。这也是本届碳索计划的收 官站。 从郑州航空港区的"未来交通"，到北京大兴的"未来能源"，再到上海聚焦"未来技术"，碳索计划沿着双碳目标的现实推进路径，持续向产业纵深行进。 也正因此，本次活动选择走进上海人工智能产业的重要载体"模速空间"，实地探访人工智能从技术创新走向系统落地的现实样本。 作为发起者，东方证券与36氪组织投资机构与产业链上下游企业深入产业现场，围绕AI驱动下的产业创新路径、低碳智能制造的现实可能性展开系统性 探讨。 活动当天，36氪副总裁谢作强、36氪基金副总裁郑王宇、东方证券副总裁陈刚、模速空间副总经理张韵等嘉宾出席现场。同时，现场还进行了人工智能相 关项目路演。 "如果说前两站我们侧重于'看见'产业实践和'链接'多方资源，那么今天我们更希望与各位一起'沉淀'实践洞察、'升维'发展认知。"东方证券副总裁陈刚表 示。东方证券作为资本市场的参与者和推 ...

Core Viewpoint - The article emphasizes the importance of integrating AI technology into low-carbon transformation efforts, highlighting the need for real-world applications and collaboration across industries to achieve carbon neutrality goals [1][9][19]. Group 1: Event Overview - The fourth "Carbon Species Star · Carbon Index Plan" was launched in Shanghai, marking the conclusion of this year's initiative, which aims to explore the intersection of AI and low-carbon development [1][4]. - The event featured discussions on AI-driven industrial innovation and the potential for low-carbon smart manufacturing, with participation from various industry leaders and investment institutions [3][5]. Group 2: AI and Low-Carbon Transition - AI is being re-evaluated as a critical tool for enabling low-carbon transitions within complex industrial systems, with a focus on its ability to optimize processes and reduce emissions [10][14]. - The article notes that the successful implementation of carbon neutrality goals requires a symbiotic relationship between the innovation chain, capital chain, and industrial chain [10][19]. Group 3: Shanghai Model Space - Shanghai's "Mosu Space" serves as a significant hub for AI innovation, providing a platform for over 200 companies and facilitating collaboration across various sectors [13]. - The space aims to accelerate the development of AI applications in industries such as finance, healthcare, and manufacturing, contributing to a robust ecosystem for technology innovation [13][14]. Group 4: Industry Insights - The article highlights that AI technologies are transitioning from a phase of capability demonstration to one of responsibility, where they will directly impact energy consumption and production efficiency [17]. - Various companies presented their AI solutions during the event, showcasing their readiness to integrate into existing industrial systems and contribute to green transformation efforts [15][16].

1. Report Date - The report is dated December 31, 2025 [2] 2. Treasury Bond Futures Transaction Summary 2.1 Ten - year Treasury Bond Futures - T2603: Closing price 107.86, down 0.07%; volume 93,519, up 30%; turnover 100.8 billion, up 30%; open interest 223,646, down 6,646; margin 4.82 billion [3] - T2606: Closing price 107.88, down 0.06%; volume 5,005, up 17%; turnover 5.4 billion, up 17%; open interest 11,156, up 124; margin 240 million [3] - T2609: Closing price 107.74, down 0.08%; volume 548, down 4%; turnover 600 million, down 4%; open interest 1,317, up 156; margin 30 million [3] - Total: Volume 99,072, up 29%; turnover 106.8 billion, up 29%; open interest 236,119, down 6,366; margin 5.09 billion [3] 2.2 Five - year Treasury Bond Futures - TF2603: Closing price 105.76, down 0.04%; volume 66,075, down 3%; turnover 69.9 billion, down 3%; open interest 147,910, up 595; margin 1.88 billion [3] - TF2606: Closing price 105.75, down 0.04%; volume 5,300, up 79%; turnover 5.6 billion, up 79%; open interest 15,693, up 575; margin 200 million [3] - TF2609: Closing price 105.62, down 0.03%; volume 72, up 3%; turnover 100 million, up 3%; open interest 1,757, up 26; margin 20 million [3] - Total: Volume 71,447, up 1%; turnover 75.5 billion, up 1%; open interest 165,360, up 1,196; margin 2.1 billion [3] 2.3 Thirty - year Treasury Bond Futures - TL2603: Closing price 111.41, down 0.35%; volume 117,690, up 41%; turnover 130.9 billion, up 41%; open interest 142,077, up 998; margin 5.54 billion [3] - TL2606: Closing price 111.63, down 0.37%; volume 10,496, up 56%; turnover 11.7 billion, up 55%; open interest 25,486, up 676; margin 1 billion [3] - TL2609: Closing price 111.40, down 0.33%; volume 472, up 387%; turnover 500 million, up 384%; open interest 1,202, up 71; margin 50 million [3] - Total: Volume 128,658, up 43%; turnover 143.1 billion, up 42%; open interest 168,765, up 1,745; margin 6.58 billion [3] 2.4 Two - year Treasury Bond Futures - TS2603: Closing price 102.45, down 0.03%; volume 39,159, down 5%; turnover 80.2 billion, down 5%; open interest 74,199, down 1,931; margin 760 million [3] - TS2606: Closing price 102.49, down 0.03%; volume 472, up 278%; turnover 1 billion, up 277%; open interest 2,687, up 20; margin 30 million [3] - TS2609: Closing price 102.50, down 0.04%; volume 525, up 108%; turnover 1.1 billion, up 107%; open interest 741, up 50; margin 10 million [3] - Total: Volume 40,156, down 4%; turnover 82.3 billion, down 4%; open interest 77,627, down 1,861; margin 800 million [3] 3. Treasury Bond Futures Net Open Interest - There are charts showing the net open interest of ten - year, five - year, thirty - year, and two - year Treasury bond futures for different periods, including the top five, top ten, and top twenty positions [5] 4. Ten - year Treasury Bond Futures Position Details 4.1 T2603 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 40,023 and an increase of 6,509, Orient Securities Futures (on behalf of clients) with 28,884 and an increase of 10,130, and Guotai Junan (on behalf of clients) with 16,495 and an increase of 1,894 [8] - For long positions, the top three are CITIC Futures (on behalf of clients) with 50,890, Orient Securities Futures (on behalf of clients) with 31,057 and a decrease of 296, and Guotai Junan (on behalf of clients) with 29,996 and a decrease of 1,855 [8] - For short positions, the top three are CITIC Futures (on behalf of clients) with 34,251 and a decrease of 10, Orient Securities Futures (on behalf of clients) with 25,216 and a decrease of 4,858, and China Merchants Futures (on behalf of clients) with 19,256 and a decrease of 61 [8] 4.2 T2606 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 3,572 and an increase of 1,084, Haitong Futures (on behalf of clients) with 998 and an increase of 177, and Orient Securities Futures (on behalf of clients) with 988 and a decrease of 667 [10] - For long positions, the top three are Guotai Junan (on behalf of clients) with 3,419, Galaxy Futures (on behalf of clients) with 1,246, and Hongyuan Futures (on behalf of clients) with 891 [10] - For short positions, the top three are Galaxy Futures (on behalf of clients) with 2,641 and an increase of 27, Orient Securities Futures (on behalf of clients) with 1,430, and GF Futures (on behalf of clients) with 1,048 and a decrease of 48 [10] 5. Five - year Treasury Bond Futures Position Details 5.1 TF2603 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 24,885 and a decrease of 730, Orient Securities Futures (on behalf of clients) with 23,092 and an increase of 2,721, and Guotai Junan (on behalf of clients) with 10,895 and a decrease of 5,128 [12] - For long positions, the top three are Orient Securities Futures (on behalf of clients) with 32,897 and an increase of 4,887, CITIC Futures (on behalf of clients) with 27,254 and a decrease of 123, and Guotai Junan (on behalf of clients) with 9,872 and a decrease of 772 [12] - For short positions, the top three are CITIC Futures (on behalf of clients) with 25,676 and an increase of 350, Guotai Junan (on behalf of clients) with 16,413 and an increase of 331, and Ping An Futures (on behalf of clients) with 13,685 and a decrease of 477 [12] 5.2 TF2606 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 2,049 and an increase of 946, Guotai Junan (on behalf of clients) with 1,583 and an increase of 1,275, and Orient Securities Futures (on behalf of clients) with 1,506 and an increase of 159 [14] - For long positions, the top three are CITIC Futures (on behalf of clients) with 4,269 and a decrease of 342, Xingzheng Futures (on behalf of clients) with 1,784, and Galaxy Futures (on behalf of clients) with 1,382 and an increase of 105 [14] - For short positions, the top three are CITIC Futures (on behalf of clients) with 3,119 and an increase of 1, Huatai Futures (on behalf of clients) with 2,348, and Guotai Junan (on behalf of clients) with 2,318 and an increase of 1,000 [14] 6. Thirty - year Treasury Bond Futures Position Details 6.1 TL2603 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 39,632 and an increase of 11,428, Orient Securities Futures (on behalf of clients) with 24,643 and an increase of 6,198, and Guotai Junan (on behalf of clients) with 19,077 and an increase of 5,014 [15] - For long positions, the top three are CITIC Futures (on behalf of clients) with 16,270 and an increase of 588, Guotai Junan (on behalf of clients) with 16,201 and a decrease of 453, and Orient Securities Futures (on behalf of clients) with 12,796 and an increase of 139 [15] - For short positions, the top three are CITIC Futures (on behalf of clients) with 17,400 and a decrease of 462, Galaxy Futures (on behalf of clients) with 13,711 and an increase of 25, and Orient Securities Futures (on behalf of clients) with 13,473 and a decrease of 1,462 [15] 6.2 TL2606 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 3,816 and a decrease of 105, Haitong Futures (on behalf of clients) with 2,629 and an increase of 691, and Guotai Junan (on behalf of clients) with 2,626 and an increase of 910 [18] - For long positions, the top three are CITIC Futures (on behalf of clients) with 8,197, Guotai Junan (on behalf of clients) with 2,398, and Galaxy Futures (on behalf of clients) with 2,258 [18] - For short positions, the top three are Galaxy Futures (on behalf of clients) with 4,951 and an increase of 136, Guojin Futures (on behalf of clients) with 2,944 and a decrease of 94, and Huatai Futures (on behalf of clients) with 2,559 and an increase of 240 [18] 7. Two - year Treasury Bond Futures Position Details 7.1 TS2603 Contract - In terms of trading volume, the top three are CITIC Futures (on behalf of clients) with 17,261 and an increase of 1,419, Orient Securities Futures (on behalf of clients) with 11,976 and an increase of 896, and Guotai Junan (on behalf of clients) with 5,834 and a decrease of 4,549 [19] - For long positions, the top three are CITIC Futures (on behalf of clients) with 13,550, Guotai Junan (on behalf of clients) with 6,297 and a decrease of 21, and CITIC Construction Investment (on behalf of clients) with 6,233 and an increase of 45 [19] - For short positions, the top three are CITIC Futures (on behalf of clients) with 19,436 and a decrease of 1,243, Guotai Junan (on behalf of clients) with 10,833 and an increase of 475, and GF Futures (on behalf of clients) with 8,703 and an increase of 27 [19] 7.2 TS2606 Contract - All trading volume, long - position, and short - position data are 0 [22]

Core Viewpoint - The Mantoverde copper-gold mine in Chile is facing a strike risk due to stalled labor negotiations, which may impact copper supply growth in 2026. This situation, combined with high copper prices, highlights the intensifying labor-capital conflict in the global copper mining sector, potentially becoming a hidden risk in the supply chain [1][2]. Group 1: Supply Risk and Labor Negotiations - The Mantoverde copper mine's union has indicated that if worker demands for salary increases and improved working conditions are not met in the new labor contract, an indefinite strike may commence. Negotiations have been ongoing since November 2025, with no consensus reached [2][3]. - The potential strike at Mantoverde could lead to increased uncertainty regarding supply growth in 2026, further driving up copper prices amid an already tight supply situation [2][3]. Group 2: Impact of Labor Disputes on Copper Prices - Despite Mantoverde's estimated production of 29,000 to 32,000 tons in 2025 being a small contribution to overall supply, the ongoing labor disputes in the context of rising copper prices may increase the likelihood of similar strikes. Historical examples, such as the Escondida mine strikes in 2017 and 2024, illustrate how labor disputes can significantly impact production and subsequently drive copper prices higher [3][4]. - The current high copper prices may exacerbate labor disputes, making the supply chain more vulnerable and potentially leading to further price increases [3][4]. Group 3: Investment Outlook for Copper Sector - The fundamental driver for rising copper prices remains supply tightness, with uncertainties in supply growth due to potential disruptions like strikes. Meanwhile, demand for copper is expected to grow due to infrastructure upgrades in Europe and North America and the global shift towards clean energy [4]. - The company maintains a positive outlook on the mid-term investment value of the copper sector, anticipating continued upward movement in copper equities as market awareness of these dynamics increases [4]. Group 4: Investment Recommendations - For copper mining, the company recommends focusing on Zijin Mining, which has significant resource reserves and expected production growth. Other notable companies include Luoyang Molybdenum and Jinchuan Group [5]. - In the copper smelting sector, the company suggests monitoring Tongling Nonferrous Metals, one of the largest copper smelting enterprises in China, which is expected to enhance its copper concentrate self-sufficiency through the Mirador mine. Other companies of interest include Jiangxi Copper [5].

Group 1 - The core viewpoint of the news is the revision of the "Securities Company Investment Banking Business Quality Evaluation Measures," which introduces new evaluation indicators to enhance the quality of investment banking services provided by securities firms [1] - The revised evaluation measures include two new specialized indicators: one focuses on encouraging securities firms to invest more in financial advisory services and promote mergers and acquisitions, while the other aims to improve the pricing ability of new stock issuances and the quality of investment value reports [1] - The evaluation results are closely watched by the industry as they are linked to the classification evaluation mechanism for securities firms, serving as an important regulatory tool to enhance the quality of practice among these firms [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the National Securities Leader Index (399437) account for 79.05% of the index, with major companies including Dongfang Caifu (300059), CITIC Securities (600030), and Huatai Securities (601688) [2] - The Securities ETF Leader closely tracks the National Securities Leader Index to reflect the market performance of quality listed companies in the securities theme and provide investors with more diversified index investment tools [2]

Core Viewpoint - The article emphasizes the importance of rational, objective, and in-depth professional research as the foundation for identifying long-term value in the capital market amidst a plethora of information and opinions [1][16]. Group 1: Award Recipients - The "2025 Capital Market Professional Voices" list highlights top research leaders and seasoned investors who provide critical insights and decision-making support through solid research and prudent judgment [1][15]. - Notable individuals on the list include: - Chen Guo, Deputy Director and Chief Strategist at Dongfang Caifu Securities - Huang Yanming, Director of Dongfang Securities Research Institute - Li Chao, Chief Economist at Zheshang Securities - Lin Yuan, Chairman of Lin Yuan Investment - Liu Chenming, Chief Strategy Analyst at GF Securities - Luo Zhiheng, Chief Economist and Director of Research Institute at Yuekai Securities - Wang Qing, Chairman of Chongyang Investment - Wang Sheng, General Manager and Chief Strategy Analyst at Shenwan Hongyuan - Wang Yiping, Founder of Evolutionary Assets - Xun Yugen, Chief Economist and Director of Research Institute at Guosen Securities [2][17]. Group 2: Evaluation Criteria - The selection process adheres to principles of fairness, justice, and transparency, utilizing a comprehensive assessment system that combines quantitative data and professional evaluations [2][13]. - Specific evaluation metrics and their weights include: - Weibo comprehensive data (35%): Assessed based on total posts, effective reading volume, exposure volume, interaction numbers, and interaction volume [2][13]. - Baidu Index (35%): Evaluated based on daily average indices to reflect sustained attention and influence across the internet [2][13]. - Professional recommendations (30%): Involves consulting seasoned institutional investors, brokerage research heads, financial media leaders, and academics to assess the professionalism, depth, and market impact of their views [2][13].

Asset Performance - The report indicates a strong performance in equities and commodities, with A-shares and precious metals leading the gains[11] - The Shanghai Composite Index saw a weekly increase of 1.88% and a year-to-date increase of 21.49%[12] - The CSI 500 Index experienced a weekly rise of 4.03% and a year-to-date increase of 34.49%[12] Market Expectations - The U.S. GDP for Q3 2025 grew at an annualized rate of 4.3%, significantly above the expected 3.3%[19] - The offshore RMB exchange rate broke the 7.00 mark, enhancing the attractiveness of RMB-denominated assets[23] - The report anticipates continued strength in risk assets due to expectations of U.S. economic downturn and policy easing[22] Strategy Recommendations - The report recommends a bullish stance on A-shares, commodities, and gold, with a focus on mid-cap blue-chip stocks and sectors such as non-ferrous metals, basic chemicals, and telecommunications[28] - It suggests monitoring A-share equity-related index enhancement strategies and commodity-related CTA strategies[54] Risk Considerations - The report highlights potential extreme risk events, such as U.S.-China relations and unexpected global geopolitical events, which could disrupt historical patterns[4] - It also notes the risk of quantitative indicators becoming ineffective, as historical data may not reliably predict future outcomes[4]

Core Insights - The "Carbon Index Plan" aims to explore the integration of AI and green development, focusing on how technology can drive low-carbon transformation in various industries [1][5][13] - The event emphasizes the need for real-world innovation in the industrial sector to achieve carbon neutrality goals, highlighting the importance of collaboration between technology, industry, and capital [4][10][11] Group 1: Event Overview - The fourth "Carbon Index Plan" was launched in Shanghai, marking the final stop of the initiative, which has previously focused on future transportation and energy [1][2] - The event featured discussions on AI-driven industrial innovation and low-carbon smart manufacturing, with participation from various industry leaders and project presentations [1][2][5] Group 2: AI and Low-Carbon Transition - AI is being re-evaluated for its potential to optimize complex industrial systems, transforming carbon reduction from a one-time project into a continuous operational capability [4][10] - The shift from AI as a tool for efficiency to a responsible technology that impacts energy consumption and production quality is crucial for the carbon neutrality narrative [10][13] Group 3: Shanghai Model Space - The Shanghai Model Space serves as a unique ecosystem for AI innovation, supporting over 200 companies and facilitating collaboration across the AI industry [6][12] - The space provides essential resources such as computing power, data, and financial support, fostering a competitive and self-sustaining industrial cluster [6][12] Group 4: Industry Insights - The event highlighted various AI applications across sectors like manufacturing, energy management, and safety, showcasing the readiness of these technologies for real-world deployment [8][9][12] - Companies presented innovative solutions that address long-standing challenges in industrial processes, emphasizing the importance of stability and operational efficiency in AI technologies [9][12]

Core Viewpoint - The event "New Journey of Investor Education" was held at East China University of Political Science and Law, focusing on enhancing financial literacy and risk awareness among students through collaboration with Shenzhen Stock Exchange, China Securities Investor Services Center, and Dongfang Securities [2][12]. Group 1: Event Overview - The event involved over a hundred students and faculty members, aiming to improve financial knowledge and risk awareness among university students [2]. - The importance of investor education was emphasized, particularly for law students, as it relates to personal wealth management and future career needs in the intersection of finance and law [2]. Group 2: Educational Content - Bai Xulin from Shenzhen Stock Exchange presented on "Fundamental Analysis and Rational Investment," helping students develop an investment mindset focused on rational assessment and long-term strategies [4]. - Bai Jianguo from Dongfang Securities discussed "Macroeconomic Trends and Investment Strategy Outlook," explaining investment strategies in different market environments through engaging case studies [6]. - Shi Yan from China Securities Investor Services Center focused on "Investor Rights Protection and Practical Enforcement," providing practical knowledge on shareholder rights and dispute resolution through real-life cases [7]. Group 3: Interactive Session - The interactive Q&A session was lively, with students asking about balancing investment practice with risk control and efficient rights protection after experiencing losses [9]. - Experts encouraged students to focus on learning and start with small, low-risk investments to build financial understanding through practice [9]. Group 4: Future Initiatives - The event successfully combined professional financial knowledge with campus needs, promoting a rational investment and compliant participation atmosphere [12]. - Future initiatives will continue to advance investor education in campuses, creating more platforms for young individuals to develop financial literacy [12].

Core Viewpoint - The event "Striving for a New Journey, Investor Education Services Restart" held by Dongfang Securities at Zhongying Electronics provided a platform for investors to understand the company's strategies and future directions amidst a complex market environment [1][10]. Company Overview - Zhongying Electronics, established in 1994 and listed on the Shenzhen Stock Exchange in 2012, operates under a Fabless business model and specializes in industrial control microcontroller chips (MCU), lithium battery management chips (BMIC), and AMOLED display driver chips [3]. - The company ranks among the top manufacturers in the Greater China region for smart home appliance MCUs and is the first domestic company to achieve mass production of AMOLED display driver chips [3]. Financial Performance - The company anticipates a decline in net profit for 2023-2024 due to falling product prices and high wafer costs, with the integrated circuit industry entering a cyclical reversal since the second half of 2022 [4]. - Despite revenue decline, the company has seen a continuous increase in sales volume, projected to grow from 713 million units in 2022 to 885 million units in 2024, reflecting a compound annual growth rate of over 10% [4]. Research and Development - In 2024, the company plans to invest 300 million yuan in R&D, accounting for 22.35% of its revenue, which is considered high within the IC industry [5]. - The company is focusing on optimizing its product structure and plans to deepen collaboration with mainland wafer manufacturers to reduce costs [5]. Product Innovation - Zhongying Electronics is developing new products, including a robot joint MCU, Wi-Fi MCU, and lithium battery management chips for laptops, as well as automotive-grade AFE chips and higher resolution AMOLED display driver chips [7]. - The company has begun supplying its white goods MCU to international brands, with expected shipments nearing 10 million units this year [5]. ESG Initiatives - The company has integrated ESG principles into its operations and product design, aiming to reduce power consumption in home appliances and mobile devices, contributing to significant indirect carbon reductions [7]. - Zhongying Electronics has completed a digital upgrade and plans to achieve smart upgrades by 2026, incorporating AI technology to enhance operational efficiency [7]. - The company emphasizes social responsibility by fostering employee engagement in community projects rather than focusing solely on monetary donations [7]. Investor Engagement - The event facilitated direct communication between the company's leadership and investors, addressing concerns about performance fluctuations and sharing insights on strategic planning and future growth [4][10]. - Investors were able to experience the company's technological capabilities and innovative achievements through product demonstrations and exhibitions [8].