Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]

Core Viewpoint - The announcement of the 2025 National Green Computing Power Facility List aims to promote the green and low-carbon development of computing power facilities in accordance with the national energy-saving and carbon reduction action plan [1]. Group 1: Industrial Sector - The list includes various computing power facilities in the industrial sector, such as Hongsheng Copper Industry Data Center [2]. - The facilities are part of a broader initiative to enhance energy efficiency and reduce carbon emissions in the industrial domain [1]. Group 2: Information and Communication Sector - Numerous data centers from China Telecom and China Mobile are featured, including the China Telecom Hangzhou Smart Computing Center and the China Mobile Yangtze River Delta (Jinhua) Data Center [2][3]. - These facilities are expected to contribute significantly to the digital infrastructure and support the transition to a low-carbon economy [1]. Group 3: Energy Sector - The list highlights energy-related computing power facilities, such as the State Power Investment Corporation Guian Data Center and the Southern Power Grid Green Smart Data Center [3][4]. - These facilities are crucial for integrating renewable energy sources and enhancing the overall efficiency of energy management [1]. Group 4: Internet Sector - The Internet sector is represented by facilities like the Karamay Carbon and Water Cooling Data Center and the New Silk Road Cloud Computing Center [4]. - These centers are designed to support large-scale data processing and storage while adhering to green standards [1]. Group 5: Financial Sector - Financial institutions are also included, with data centers such as the Bank of Communications Data Center and the People's Insurance Group Northern Information Center [4]. - This inclusion reflects the financial sector's commitment to sustainability and efficient data management practices [1]. Group 6: Public Institutions - The list features data centers from public institutions, including the Beijing Urban Sub-center Administrative Office Data Center [4]. - These facilities are essential for improving public service delivery and enhancing data management capabilities in government operations [1].

Core Viewpoint - The announcement of the "2025 National Green Computing Power Facility List" aims to promote the green and low-carbon development of computing power facilities in accordance with the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" issued by the State Council [2][3]. Group 1: Announcement Details - The announcement was made by six departments: the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Financial Regulatory Bureau, the National Administration of State Assets, and the National Energy Administration [2]. - The list includes various sectors, with a total of 60 facilities recognized for their contributions to green computing power [3][4]. Group 2: Sector Breakdown - **Energy Sector**: Two facilities were recognized: - State Power Investment Corporation Gui'an Data Center - Southern Power Grid Green Smart Data Center [3][4]. - **Industrial Sector**: Includes facilities such as: - Hongsheng Copper Industry Data Center - China Telecom Hangzhou Smart Computing Center [3][4]. - **Telecommunications Sector**: Notable entries include: - China Telecom's multiple data centers across various locations, including Wenzhou and Changji [3][4]. - **Financial Sector**: Facilities such as: - Bank of Communications Data Center in Pujiang Park (Phase I) - China People's Insurance Group Northern Information Center [5][6]. Group 3: Public Institutions and Educational Facilities - Public institutions and educational facilities also feature in the list, including: - Beijing Urban Sub-center Administrative Office Data Center - Karamay Vocational Technical College Data Center [6].

Core Insights - The establishment of the Zhejiang Provincial Low Altitude Safety Management Association marks a new phase of "industry self-discipline + collaborative governance" in low altitude safety management, aimed at enhancing the high-quality development of the low altitude economy [1] - The association is a non-profit organization with independent legal status, composed of various enterprises and social groups involved in low altitude safety and economy, covering the entire industry chain [1] - The low altitude economy is recognized as a strategic emerging industry with growing market potential, but issues such as an incomplete safety management system and inadequate collaborative mechanisms hinder its development [1] Group 1 - The association aims to integrate resources from government departments, research institutions, operating companies, technology providers, and experts to build a comprehensive safety ecosystem covering technology research, application scenarios, and regulatory services [1] - Zhejiang Unicom, as a vice president unit of the association, is involved in establishing safety management regulations and developing technologies for drone operations in complex urban environments, contributing to safety standards [2] - The association will focus on industry guidance, collaborative development, and professional service enhancement to address pain points in low altitude safety management [3] Group 2 - The association's efforts are expected to create a collaborative governance model for low altitude safety management, ensuring the healthy and orderly development of the low altitude economy [3] - The emphasis on safety as a catalyst for industry growth highlights the importance of balancing safety and development to enhance capabilities and identify risks dynamically [2]

智通财经APP获悉，12月30日，工业和信息化部办公厅发布关于加快推进国家新型互联网交换中心创新 发展的指导意见，意见提到，落实区域协调发展战略和区域重大战略，支持在需求旺盛、业务集中、基 础良好、区域优势明显的地区设立交换中心，实现区域布局重点突出、整体均衡。面向算力基础设施高 质量要求，加强交换中心与全国一体化算力网络国家枢纽节点协同建设，促进跨区域、跨网络、跨行业 算力高效流通。 支持交换中心在满足本地流量疏导需求的基础上，向省级行政区内其他地市延伸，鼓励在周边省份设置 节点，打造区域流量交换枢纽。探索开展交换中心跨省长途互联，建立交换中心间协同调度机制和结算 体系，形成全国一体化交换能力。统筹推动交换中心与国家级互联网骨干直联点等网络设施协同规划， 促进优势互补，实现各类网络就近互联，形成互联主体相济、流量疏导相协的全方位、立体化、高水平 的网间架构格局。 原文如下： 工业和信息化部办公厅关于加快推进国家新型互联网交换中心创新发展的指导意见 各省、自治区、直辖市及计划单列市、新疆生产建设兵团工业和信息化主管部门，各省、自治区、直辖 市通信管理局，中国电信集团有限公司、中国移动通信集团有限公司、中国联合 ...

Core Viewpoint - NEC's withdrawal from the 4G and 5G public base station development market signifies the complete collapse of the Japanese telecommunications equipment industry, highlighting the challenges faced by Japanese companies in the face of fierce competition from Chinese firms like Huawei and ZTE [1][5]. Group 1: NEC's Strategic Withdrawal - NEC's president, Takashi Morita, announced that the company will no longer invest in the public base station development sector, marking a significant shift from their previous goal of capturing 20% of the global market by 2030 [1][3]. - The company's market share has dwindled, with NEC and Fujitsu together holding less than 2% of the global base station market, while Huawei, Ericsson, and Nokia control nearly 80% [3][4]. - The competitive landscape for 5G has fundamentally changed, requiring higher technical standards and larger scale effects, which NEC, with a market share of less than 1%, cannot sustain [3][4]. Group 2: Structural Crisis in Japanese Telecommunications - NEC's exit reflects a broader crisis within the Japanese telecommunications equipment sector, with other companies like Fujitsu also divesting from similar businesses [5]. - The historical reliance on a closed domestic market has weakened Japanese firms' ability to compete globally, leading to their marginalization as they struggle to match the performance and cost-effectiveness of international competitors [5][6]. - NTT Docomo, Japan's largest mobile operator, has shifted its procurement strategy to favor foreign suppliers like Ericsson, further indicating the decline of domestic brands [6]. Group 3: NEC's Strategic Shift to Private Networks - Despite exiting the public base station market, NEC is pursuing a strategic pivot towards providing private 5G network solutions in collaboration with Cisco, targeting enterprise clients in Europe and the Middle East [7]. - This shift reflects NEC's recognition of the competitive landscape, where the enterprise private network market is less concentrated and allows for more customized services, an area where NEC has expertise [7]. Group 4: Challenges of Open RAN - NEC's previous involvement in Open RAN technology, which aimed to democratize the telecommunications equipment market, has not yielded the expected results, with deployment lagging behind initial projections [8][9]. - The challenges faced by Open RAN include technical maturity, total cost of ownership uncertainties, and system integration complexities, which hinder its widespread adoption [9][10]. Group 5: Rise of Chinese Competitors - In stark contrast to Japanese firms, Chinese companies like Huawei and ZTE have solidified their positions in the global 5G market, with Huawei holding 58% and ZTE 31% of the domestic market [11]. - Chinese firms are not only competitive on price but also lead in technological innovation, with Huawei's solutions significantly enhancing capacity and reducing energy consumption [11][12]. - The rapid advancement of technologies like 5G-A and RedCap by Chinese firms has established a generational gap in capabilities compared to their Japanese counterparts [12][14]. Group 6: Future Outlook and Implications - As Japan grapples with its telecommunications industry's decline, China is positioning itself for future advancements in 6G technology, leveraging its existing infrastructure and technological capabilities [14][15]. - The competitive landscape in telecommunications is evolving, with the importance of scale and continuous innovation becoming critical for survival in a technology-driven market [18].

Core Insights - The report highlights the positive performance of various sectors in the A-share market, particularly in financial, petrochemical, and aerospace industries, indicating a slight upward trend in the market [5][9][10] - The central economic work conference emphasizes a shift in policy focus from total expansion to quality and sustainability, with a strong emphasis on technology and industry [8][12][14] - The report suggests that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, indicating a favorable environment for medium to long-term investments [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,965.28 with a slight increase of 0.04%, while the Shenzhen Component Index decreased by 0.49% to 13,537.10 [3] - The A-share market has shown resilience with a trading volume of 21,578 billion, indicating strong investor interest [8][10] - The report notes that various sectors such as banking, petrochemical, and software development have performed well, while sectors like energy metals and pharmaceuticals have lagged [5][9] Industry Analysis - The humanoid robot sector is expected to become a key focus in the U.S. technology strategy, with recommendations to continue monitoring humanoid robots and AIDC supporting equipment [14] - The power sector is experiencing a collaboration between the largest power company and Google for AI initiatives, although the sector's performance has been below market expectations [16] - The solar industry is witnessing significant price increases in silicon wafers and batteries, with a focus on leading companies in the segment [18][19] Investment Recommendations - The report suggests focusing on companies with stable fundamentals, high dividends, and strong growth potential in sectors such as engineering machinery and high-speed rail equipment [15] - In the animation film industry, the report recommends attention to companies like Light Chaser Animation, which have a strong project pipeline and IP management capabilities [26][28] - The automotive sector is advised to focus on companies with innovative driving technologies and those positioned for growth in the intelligent and connected vehicle market [31]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.70% on December 29, with a trading volume of 33.25 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 26, the fund had a total of 350 million shares and a total size of 349 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 559 million yuan over the last 20 trading days, with an average daily trading amount of 27.93 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.04% during the management period [1] - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

【观察】在超大城市核心区治理的宏大叙事中，深圳福田CBD不仅是财富跃动的金融高地，更是基层 治理创新的"实验田"。从物理空间的摩天楼群到心理空间的归属纽带，福田街道通过党建引领，巧妙地 将政治功能与服务功能深度融合。12月25日，"哇噻CBD"项目荣获南都惠民善治传播创新案例，这不仅 是一次荣誉的加冕，更是对深圳以党建链串联产业链、服务链，探索商务区治理现代化路径的有力肯 定。 构筑商圈党校，打造党员教育新高地 为推动基层"两新"党组织和"三新"党员学习教育常态化、制度化和系统化，2021年3月，CBD商圈党委 创新成立全市首个商圈党校。福田街道CBD商圈党委下辖2个党总支、104个党支部，拥有近1900名"三 新"党员。商圈党校逐步打造出"五星风采"系列活动，涵盖主题党日活动、高质量发展党课、线上头雁 微党课、线下头雁研修班和CBD党员公益行，成功打破"三新"党员学习教育时空壁垒，实现基层党的理 论学习+党员教育+头雁培养一体化、专业化、系统化。截至目前，已累计开展线上、线下活动120余 场，参与人数超3.7万人次。同时，与辖区中国联合网络通信有限公司深圳市分公司、中国电信 （601728）股份有限公司深圳 ...

Market Performance - The A-share market showed slight fluctuations with the Shanghai Composite Index closing at 3,963.68, up by 0.10%, while the Shenzhen Component Index closed at 13,603.89, up by 0.54% [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 16.27 and 50.30 respectively, indicating a suitable environment for medium to long-term investments [8][10] Economic Policies - The National Financial Work Conference emphasized boosting consumption in 2026, with plans to implement special actions to support consumer goods and optimize subsidy standards [4][7] - The introduction of guidelines for commercial rocket enterprises on the Sci-Tech Innovation Board aims to facilitate IPO processes for at least 10 companies in the aerospace sector [5][7] Industry Insights - The photovoltaic industry is experiencing a significant increase in prices for silicon wafers and batteries, with N-type silicon wafers seeing price hikes due to cost pressures and industry self-discipline [15][16] - The domestic photovoltaic installation capacity reached 22.02 GW in November, marking a 74.76% increase month-on-month, with expectations of around 300 GW for the year [14] Animation Film Industry - Animation films accounted for nearly 50% of the total box office in 2025, with significant contributions from titles like "Nezha 2" and "Zootopia 2" [22][23] - The domestic animation film sector has seen a rise in quality and influence, with a notable increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [23][24] Automotive Industry - The automotive sector reported a production and sales increase in November, with total vehicle production reaching 3.53 million units, marking a new high [25][26] - The penetration rate of new energy vehicles reached 53.16%, reflecting a strong growth trend supported by favorable policies [26][27] Communication Industry - The communication sector's index rose by 1.44% in November, outperforming major indices, with a significant increase in telecom business volume [31] - The retail sales of communication equipment saw a year-on-year increase of 23.2%, indicating a recovery in the market [32] Food and Beverage Sector - The food and beverage sector experienced a rebound in November, particularly in pre-prepared foods and alcoholic beverages, with increased trading volumes [35]