当前产业相关方关于"豆包手机"的系统安全、信息隐私&合规、生态主导权争夺、利益分配不明等方面 仍存在分歧与争议，虽然这一款搭载豆包手机助手的新机并不完美，但仍值得高度重视。参考汽车产 业，自动驾驶落地过程中面临了比当前AI手机更多的质疑和困难，但在远期光明前景驱动下已成为各 家车企核心战略投入方向；对于手机产业也有类似结论，AI手机有望为手机产业带来更广阔的发展空 间，同时也有可能改变商业模式、价值链以及生态格局，豆包的入局意味着各大手机厂商都必须进一步 加快拥抱AI的节奏以取得更有利的竞争态势。此外，中信证券认为"豆包+努比亚"的合作可类比汽车领 域"华为+赛力斯"的成功案例，大模型厂商有望为手机厂商提供更强大的大模型能力+生态助力，进而 加速能进一步优化消费者体验的AI手机爆款产品加速落地。 本文来自格隆汇专栏：中信证券研究 作者：徐涛 胡叶倩雯 夏胤磊 梁楠 AI手机是手机大厂高度重视的下一个重大变革，豆包等三方大模型厂商看重手机在端侧AI时代作为核 心硬件载体亦积极入局，2025年底豆包与努比亚联合发布搭载豆包手机助手的AI手机产品，具备系统 级智能体+高权限+跨应用执行能力，中信证券认为其重大意义可 ...

中信证券研报认为，结合全球"两机"（航空发动机和燃气轮机）OEM与国内配套供应商在近期的财报 表现，梳理目前的燃机订单和产能情况，经中信证券测算，预计至2028年全球燃机的供需逐步实现平 衡。在未来主要OEM的新一轮扩产周期中，我国供应链将充分且持续受益于下游订单与交付的高景气 度。燃气轮机行业受益于海外AIDC建设带来的用电供需紧张、后市场维保的快速起量，有望持续保持 较高的产业景气度。 ...

中信证券主要观点如下： 背景：手机创新趋缓，AI手机是万众期待的下一个重大变革。 单纯手机硬件参数提升对手机换机拉动力持续削弱，根据TechInsights数据及预测，智能手机的平均年 换机率从此前高点30%~60%(不同地区)逐步收敛下降至2024年全球23.7%(对应换机周期约 51 个月)。作 为全球覆盖用户数量最多的、用户每日高频使用的智能终端，如信息&事项汇总与整理、简单&机械任 务执行等场景中手机用户存在从碎片化、繁杂用机流程中解放精力的迫切需求，在此背景下，以AI Agent来改造智能手机现有用户交互方式成为手机产业万众期待的下一个重大变革，也有望成为拉动下 一波手机换机浪潮的重要驱动力。 现状：手机大厂高度重视，大模型厂商正积极入局AI手机市场。 国内外手机大厂已把AI手机作为核心战略方向，2023~2025年陆续推出AI手机助手、AI修图、智能语音 助手、多模态交互等丰富AI功能以追求产品差异化体验;然尚未实现消费者体验的突破性改善。与此同 时，第三方大模型厂商看好手机作为端侧AI时代核心硬件载体，正通过合作赋能等方式参与加速手机 AI化进程，根据Canalys统计，截至2024年底国内头部 ...

Core Viewpoint - OpenAI is seeking to establish, invest in, or acquire a rocket company to compete with Musk in the space computing sector [1] Industry Developments - Major US tech giants are beginning to invest in space computing, recognizing its significant commercial value [1] - Chinese companies, such as Xingwang and G60 Qianfan Constellation, have entered the mass launch phase, indicating a shift in the commercial space industry [1] Market Trends - The introduction of commercial launch sites and rockets in Hainan is contributing to a trend of high capacity and low costs in commercial space [1] - The space computing sector is poised to break industry ceilings, with a new market scale expected to reach trillions [1]

Core Insights - The 2025 Innovative Drug High-Quality Development Conference will be held on December 7, 2025, in Guangzhou, where the National Healthcare Security Administration will release the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug Catalog, along with the Commercial Health Insurance Innovative Drug Catalog [1] Group 1 - A total of 114 drugs were successfully included in the basic medical insurance catalog, which includes 50 Class 1 innovative drugs, achieving a success rate of 88%, the highest negotiation success rate in nearly seven years [1] - The first version of the commercial insurance catalog includes 19 products, among which 5 are CAR-T products [1] - Continuous policy support and encouragement from the government for innovative drugs, along with the parallel operation of basic medical insurance and commercial insurance, is expected to diversify payment methods and gradually enhance the returns for innovative drug companies [1]

Core Insights - OpenAI is seeking to establish, invest in, or acquire a rocket company to compete with Elon Musk in the space computing sector [1][2] - The commercial space sector is entering a new era with significant opportunities for growth, driven by advancements in satellite technology and reduced launch costs [1][7] Group 1: OpenAI's Strategic Moves - OpenAI CEO Sam Altman is in discussions with Stoke Space, a company focused on reusable rocket technology, which recently raised $510 million in Series D funding [2][8] - Stoke Space has a total funding nearing $1 billion, indicating strong investor confidence in the space computing market [2][8] Group 2: Industry Trends and Developments - Major tech companies are increasingly investing in space computing, with predictions of GW-scale data centers being established in space within the next 10 to 20 years [3][9] - SpaceX is reportedly valued at $800 billion, surpassing OpenAI as the most valuable private company in the U.S., highlighting the growing recognition of space computing's commercial potential [3][9] Group 3: Advantages of Space Computing - Space data centers can achieve a Power Usage Effectiveness (PUE) close to 1, significantly lower than the typical PUE of 1.4 for ground data centers, leading to reduced energy costs [4][10] - Space solar power stations can generate over 8,000 hours of electricity annually, further decreasing operational costs for space data centers [4][10] Group 4: Satellite Functionality and AI Integration - Satellites are evolving from single-function platforms to multifunctional systems that support AI applications, enhancing their role in data processing and communication [5][11] - The increasing complexity of satellite operations is driving demand for AI technologies, positioning satellites as critical platforms for AI deployment [5][11] Group 5: Investment Opportunities - The commercial space sector is poised for rapid growth, with significant market potential in space computing, solar energy, laser communication, satellite manufacturing, and rocket launches [7][12] - Key areas for investment include solar cells for power consumption, laser modules for data transmission, satellite manufacturing for computational platforms, and ground terminals for user access [7][12]

Core Insights - OpenAI is seeking to establish, invest in, or acquire a rocket company to compete with Musk in the space computing sector [1] - Major US tech giants are beginning to invest in space computing, recognizing its significant commercial value [1] Industry Developments - Chinese companies like Xingwang and the G60 Qianfan constellation have entered the mass launch phase, indicating a shift in the commercial space industry [1] - The launch of commercial launch sites in Hainan and the use of commercial rockets are contributing to a trend of high capacity and low costs in commercial space [1] Market Potential - The space computing sector is poised to open up a new market with a trillion-dollar scale, presenting substantial growth opportunities for the related industry chain [1]

（文章来源：第一财经） 中信证券研报称，我们结合全球"两机"（航空发动机和燃气轮机）OEM与国内配套供应商在近期的财 报表现，梳理目前的燃机订单和产能情况，经我们测算，预计至2028年全球燃机的供需逐步实现平衡。 在未来主要OEM的新一轮扩产周期中，我国供应链将充分且持续受益于下游订单与交付的高景气度。 ...

Core Viewpoint - In November, China's export growth exceeded expectations and previous values, primarily driven by strong resilience in exports to non-US regions, with significant contributions from the automotive, semiconductor, and machinery sectors. The drag from labor-intensive products on overall exports has diminished [1] Export Analysis - The export growth in November is attributed to robust performance in non-US markets, indicating a resilient demand [1] - Key sectors contributing to export growth include the automotive industry, semiconductor industry, and machinery and transportation equipment [1] - The overall export growth for the year is projected to reach approximately 5.3%, supported by a strong fundamental outlook for next year [1] Import Analysis - In contrast, import growth in November fell below expectations, potentially linked to a decline in manufacturing sector activity [1] - Notable increases in import volumes were observed for bulk commodities such as iron ore, copper, and natural gas, while imports of crude oil and coal saw a decrease in growth rates [1]

Core Viewpoint - OpenAI is seeking to establish, invest in, or acquire a rocket company to compete in the space computing sector against Elon Musk [1] Industry Summary - Major US tech giants are beginning to invest in space computing, recognizing its significant commercial value [1] - The entry of China's StarNet and G60 Qianfan constellation into mass launch phases, along with the operationalization of Hainan's commercial space launch site and commercial launch vehicles, is leading to a new era in commercial aerospace characterized by high capacity and low costs [1] - The space computing sector is poised to unlock a trillion-dollar market opportunity, presenting substantial growth prospects for the related industry chain [1]