杭州综合保税区空港片区。 2025年12月28日13时30分，随着长龙航空GJ8008航班平稳降落，杭州萧山国际机场迎来历史性一 刻——全年旅客吞吐量首次突破5000万人次，成功跻身全球"5000万级俱乐部"，成为今年全国第7个实 现这一里程碑的机场，这一历史性时刻恰逢机场通航25周年纪念日。 舞起"长龙"的，还有临空的政策生态。2025年12月23日，杭州综合保税区空港片区顺利通过验收。 在杭州临空经济示范区综合保税园相关负责人看来，从2018年启程申建，到2025年确定路径，实现"当 年申报、当年获批、当年建设、当年验收"，可以说是"八年长跑磨一剑，一年冲刺创奇迹"。这背后， 是临空的韧性，更是临空的速度。 尽管区域面积仅0.4平方公里，这里即将成为撬动杭州外向型经济提质增效的重要抓手。比如，此 前长龙航空的飞机、发动机保税租赁需依赖天津东疆综保区，航材调拨还面临多关区申报繁琐、保税仓 储周期与维修需求不匹配等问题。杭州综合保税区空港片区获批后，这一局面将改变。 在浙江省发展规划研究院副院长兰建平看来，"过去的临空，更多的是高空；现在的临空，是高空 到低空全覆盖。改变的不仅仅是空间，还有从物流到人流、信息 ...

文 | 明晰野望 2025年以来亚马逊的日子着实不好过，股价的年度涨幅凑不出一个涨停板。也就是说，在AI疯涨的大 背景下，投资者压根没把亚马逊算在"AI阵营"里。一系列雷霆手段与其说是亚马逊在AI棋局上的主动出 击，不如说是一次紧迫的"战略补救"。 明明手握AWS、自研芯片和全球电商平台等王牌，亚马逊为何会将一手天胡好牌打得如此被动？ 昔日位面之子，沦为版本弃子？ 在"后百模大战"时期，头部玩家的打法已然清晰：以一个强大的、具备持续进化能力的自研基础大模型 为"大脑"，以自家的云平台为"躯干"提供算力与服务，再通过丰富的应用场景和开发者生态将AI能力注 入"四肢百骸"，形成正向循环、自我强化的闭环。 OpenAI以GPT系列模型为核心，通过与微软Azure的深度绑定，构建了强大的"模型+云"双引擎；字节 跳动则依托豆包大模型迅速赋能抖音、剪映等亿级用户产品，实现技术与场景的快速融合。 当谷歌、Meta、英伟达都在积极推进AI布局时，亚马逊也出招了。 12月17日，亚马逊CEO安迪·贾西亲自宣布，旗下负责大语言模型的AGI团队、自研芯片的Annapurna Labs，乃至前沿的量子计算团队将进行创造性"缝合"， ...

过去一年，尽管亚马逊云科技（AWS）增长重新加速，且公司利润率最高的商业化业务持续扩 张，亚马逊（AMZN）的股价表现仍落后于整体科技市场。 公司当前估值较历史水平存在折 价，市场担忧的核心在于其 2025 年资本支出预计将接近 1250 亿美元，且 2026 年还可能 进一步增加。市场关注短期现金流的逻辑虽可以理解，但投资者忽略了其商业模式中蕴含的 潜 在期权价值 —— 这一价值将推动 2026 年成为公司基础设施投资转化为利润率扩张的关键之 年。 通过发力定制化芯片（Trainium3）并向服务主导型营收结构转型（目前服务收入占总销售额 的 60%），亚马逊正将自身定位为 低成本算力提供商 ，同时在电商基础上搭建更高价值的商 业化平台。对公司而言，关键在于当推理任务成为主导型工作负载时，现有算力规模所能支撑 的利润率水平与定价能力。 【如需和我们交流可扫码添加进社群】 亚马逊的投资逻辑并非赢得整个人工智能军备竞赛，而是通过 单位经济效益规模化 ，同时维 持多元化的商业化渠道，以对冲业务执行风险。 尽管自由现金流有所压缩，但多元化的现金来 源与持续改善的资本回报率，仍使亚马逊具备长期投资吸引力。 资 本 配 ...

转自：成都日报锦观 当前，新时代推进西部大开发、成渝地区双城经济圈建设等多重战略机遇交汇叠加，成都都市圈发展站 上新的历史起点。 成都都市圈走进长三角投资推介系列活动搭建发展新舞台 打破单向招商 实现双向奔赴 初冬时节，热潮涌动。12月26日，随着成都都市圈低空经济产业交流对接会在江苏南京落幕，为期一周 的成都都市圈走进长三角投资推介系列活动画上句号。 半个月前，中央经济工作会议将"坚持协调发展，促进城乡融合和区域联动"作为明年经济工作的重点任 务之一，强调加强重点城市群协调联动，深化跨行政区合作。此次成都联动德阳、眉山、资阳三市，以 成都都市圈主动对接长三角地区，便是闻令而动、听令而行。 1场主活动凝聚合作共识，4场产业专题对接精准匹配需求，N场重点企业拜访夯实合作实效，成都都市 圈与长三角地区聚焦人工智能、低空经济、文化旅游等产业领域展开深入交流。随着一张张机会清单的 发布，区域协同发展建起新舞台。 共享发展机遇 2024年，成都都市圈地区生产总值增至2.98万亿元、占全省的46%，常住人口增至3010万人、占全省的 36%，常住人口城镇化率达73%、接近东部地区平均水平。今年以来，成都都市圈继续保持良好 ...

Core Viewpoint - The article emphasizes the necessity of integrating marketing into the operational chain of businesses, highlighting "effectiveness of grass planting" as a strategic choice for companies to enhance their commercial value and operational efficiency [4][5]. Group 1: Effectiveness of Grass Planting - Over the past four years, the narrative around Xiaohongshu's commercialization has evolved, with "product grass planting" emerging as a key marketing strategy, indicating that "everything can be grass planted" [9][10]. - Xiaohongshu aims to measure the effectiveness of grass planting through data feedback and tools, establishing a clear connection between grass planting and business operations [10][12]. - The concept of "effectiveness of grass planting" signifies that marketing is no longer an isolated action but is closely tied to the entire business operation chain, focusing on user needs and product development [10][14]. Group 2: Understanding Specific Users - Xiaohongshu's unique asset lies in its community of real and specific users, which enhances user-generated content (UGC) and fosters connections between people and products [16][17]. - The platform has identified over 2,500 interest tags, indicating a deep understanding of user needs, which has shifted from traditional "scenes" to "situations," encompassing emotional and relational aspects [18][19]. - The article highlights the importance of capturing emotional value in marketing, as brands face challenges in addressing the emotional needs of consumers [19][20]. Group 3: Strategic Implications for Businesses - The effectiveness of grass planting is reshaping marketing strategies, encouraging businesses to nurture target audiences before product launches, leading to natural conversion during product introduction [23][24]. - Companies are redefining their understanding of costs and assets, recognizing that effective content can create reusable and cyclical assets that contribute to long-term growth [24][25]. - The influence of grass planting extends to organizational structures, with some companies establishing dedicated teams to enhance user lifetime value, indicating a shift towards a grass planting-oriented organization [26][27].

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 科技富豪马斯克的卫星互联网业务"星链"（Starlink）宣布，公司的全球活跃用户数量已经突破900万关 口。根据"星链"过往贴文的统计，公司在11月5日刚宣布活跃用户数量突破800万，之前是在8月28日突 破700万。600万则是在6月9日，500万是在今年2月最后一天达成的。再往前，突破400万用户已经是去 年9月底的事情了。知名特斯拉投资者&马斯克粉丝SawyerMerritt晒出统计称，"星链"用了整整730天才 攒满第一个100万用户的里程碑，第二个、第三个100万都花了大半年（274天和240天），而到了今年， 用户增速开始显著加快，最新的100万增量仅花了47天。 Starlink是SpaceX的现金牛和核心增长引擎，代表了其母公司估值中的绝大部分。它不仅是一个卫星互 联网服务提供商，更是一个高增长、高利润率潜力、且受到其母公司SpaceX发射护城河绝对保护的全 球卫星SaaS平台。国金证券陈矣骄分析指出，Starlink已经形成了强大的飞轮效应。更多的用户带来更 多的收入，更多的收入支持更多的卫星发射，更多的卫星带来更好的覆盖和体验 ...

Core Viewpoint - SpaceX's valuation of $1.5 trillion raises questions about whether it is a bubble or a reflection of future potential, with significant contributions from its Starlink project and ambitious plans for space AI computing [4][7][9]. Group 1: Business Model and Revenue Streams - SpaceX is not just a rocket company; it generates significant revenue from its Starlink satellite internet service, projected to contribute approximately $128 billion by 2025, accounting for 70.3% of total revenue [11][12]. - The company’s revenue model includes $51 billion from launch services and $3 billion from human landing systems, with total projected revenue of $182 billion by 2025 [12]. - Starlink has rapidly expanded its user base from 900,000 at the end of 2021 to over 8 million currently, covering more than 150 countries [17][19]. Group 2: Technological and Strategic Advantages - SpaceX's success relies on its ability to launch satellites at a low cost, with Falcon rockets reducing launch costs to less than one-tenth of traditional rockets [26]. - The company has established a self-sustaining cycle where revenue from Starlink supports rocket development, which in turn lowers costs for future satellite launches [37]. - The ambitious concept of "space AI computing" aims to leverage the unique conditions of space for cost-effective AI training and processing, potentially creating a new revenue stream [31][34]. Group 3: Challenges and Risks - SpaceX faces significant technical challenges, particularly with the Starship program, which is crucial for its future ambitions [42][46]. - The company’s reliance on government contracts and support poses a risk, as political dynamics can impact its operations and funding [50][53]. - The competitive landscape is intensifying, with new entrants and established players like Blue Origin and various national space agencies increasing competition in the commercial space sector [75][83]. Group 4: Market Dynamics and Future Outlook - The global market for satellite internet and space services is evolving, with increasing competition from both private companies and state-sponsored initiatives [76][81]. - SpaceX's valuation hinges on its ability to maintain user growth for Starlink and successfully execute its ambitious projects, including space data centers and lunar missions [66][90]. - The future of SpaceX and its valuation will depend on navigating complex technological, political, and commercial landscapes, with the potential for significant rewards if successful [89].

Core Viewpoint - China Ping An's stock price has reached a new high this year, with a growth of over 30% and a market capitalization exceeding 1.2 trillion yuan, driven by performance recovery and accelerated AI transformation [1][2]. Group 1: Financial Performance - In the first three quarters of this year, China Ping An achieved a net profit of 132.9 billion yuan, representing a year-on-year increase of 11.47% [1]. - The company's strategic focus on AI has significantly contributed to its stock price increase, indicating a strong correlation between AI initiatives and financial performance [1][2]. Group 2: AI Transformation Strategy - China Ping An's co-CEO emphasized the commitment to fully integrate AI across the financial and healthcare value chains, showcasing a strategic shift towards comprehensive AI and intelligent operations [2]. - The term "AI" was mentioned 67 times in the recent half-year report, reflecting its growing importance in the company's strategy [2]. - The company has transitioned from digitalization phases to a 3.0 intelligent stage, leveraging AI to empower its core business [2]. Group 3: Healthcare Business Evolution - The AI-driven transformation has led to a qualitative change in the healthcare business, moving from a supportive role to a core component of the dual-driven strategy of "comprehensive finance + healthcare" [5][7]. - AI technologies are being utilized to enhance customer engagement and create financial value through precise health interventions and risk management [7]. Group 4: Insurance Business Impact - AI has significantly transformed the insurance sector, enhancing efficiency across the entire process from marketing to claims [9][10]. - The introduction of AI assistants has improved decision-making and operational efficiency, leading to substantial growth in non-auto insurance premiums [9]. - AI has reduced underwriting times to seconds and improved claims processing speed dramatically, enhancing customer experience [10]. Group 5: Business Synergy and Ecosystem - AI acts as a digital nerve center, connecting previously isolated business units and facilitating resource sharing and collaboration [11]. - The integration of AI has created a "flywheel effect," enhancing the value cycle between financial services and healthcare, thereby increasing customer retention and product attractiveness [12]. - Customers benefiting from the healthcare ecosystem contribute nearly 70% to the new business value of life insurance, highlighting the effectiveness of AI-driven ecosystem collaboration [12].

21世纪经济报道记者王峰 北京报道 国家统计局12月15日发布数据显示，11月份，全国城镇调查失业率为5.1%，与上月持平。 我国就业形势总体稳定。11月份，本地户籍劳动力调查失业率为5.3%，外来户籍劳动力调查失业率为4.7%，31个大城市城镇调查失业率为5.1%，均与上月 持平；外来农业户籍劳动力调查失业率为4.4%，比上月下降0.1个百分点。 但"统筹促就业、增收入、稳预期"表明，三者是正相关的关系，而非相互博弈和抵消的效应。 中国社会科学院学部委员蔡昉12月15日在《北京日报》撰文指出，当前，新增就业中越来越大的比重表现为新就业形态，如零工经济、平台就业等灵活就 业。已有数据显示，个体就业、私营经济雇员以及不属于任何单位的就业占全部城镇就业的比重已经超过60%，且仍有进一步提高的趋势。 但同时，就业工作一刻不能松懈。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，统筹促就业、增收入、稳预期。中央经济工作会议提出，着力稳就业、稳企业、 稳市场、稳预期。 可见，就业工作在整个经济工作中的分量越来越重，且越来越关乎经济长远发展。对此，中央经济工作会议提出，实施稳岗扩容提质行动。 如何支持 ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is building a diverse product ecosystem to enhance market liquidity and solidify Hong Kong's status as an international financial center [1] Group 1: Market Liquidity and Growth - Over the past decade, liquidity in Hong Kong's capital markets has significantly increased, with the average daily trading volume in the stock spot market rising from HKD 69.5 billion in 2014 to HKD 256.4 billion in the first nine months of 2025, reaching a record single-day high of HKD 621 billion on April 7, 2025 [3] - The establishment of a cross-asset product ecosystem is aimed at sustaining market liquidity growth, driven by global investors increasing their allocations in Asia and China's integration into the global economy [3] - Since the introduction of a new listing regime in 2018, 393 companies from the "new economy" sectors have listed in Hong Kong, raising nearly HKD 30 trillion by September 30, 2025 [3][4] Group 2: Technology Sector Development - The market has seen a surge in technology-related products, with the average daily trading volume of Hang Seng Tech Index futures increasing from 1,754 contracts in 2020 to over 156,000 contracts in the first eleven months of 2025 [7] - The number of ETFs tracking the Hang Seng Tech Index rose to 29 by June 30, 2025, with total assets under management reaching USD 26.3 billion [5] - The market capitalization of the constituents of the Hang Seng Tech Index grew from HKD 1.2 trillion in 2020 to over HKD 3.8 trillion by June 2025 [9] Group 3: Market Infrastructure and Optimization - HKEX is committed to optimizing market infrastructure, with measures including increasing position limits in December 2023 and July 2025, and implementing trading arrangements during adverse weather conditions [10] - These optimization efforts have led to increased market activity, benefiting all participants and supporting continuous growth in trading volume [10] Group 4: Flywheel Effect - The increase in trading activity attracts more investors, creating a "liquidity begets liquidity" effect, which is a result of well-designed market reforms and coordination with market participants [11] - The newly launched Hong Kong Technology 100 Index aims to track the performance of 100 large and mid-sized technology companies listed in Hong Kong, further enriching the technology product ecosystem [12] - The introduction of futures products and a diversified product ecosystem is expected to provide significant opportunities for Hong Kong, aligning with the global economic shift towards Asia [12][13]