Core Viewpoint - Under the backdrop of domestic and international monetary policy easing, foreign capital and southbound funds are expected to continue their net inflow trend, leading to a substantial improvement in the profitability of Hong Kong-listed companies, resulting in a market environment of rising profits and valuations [1] Group 1: Market Outlook - The fundamentals of the Hong Kong stock market largely depend on the domestic macroeconomic environment, with stable macro policies expected to maintain economic resilience and inflation likely to recover from low levels [2] - For 2026, the earnings growth forecast for major indices includes a 9.64% year-on-year increase in the Hang Seng Index, a 34.63% increase in the Hang Seng Tech Index, and a 9.9% increase in the Hang Seng China Enterprises Index [2] Group 2: Capital Flow - As of December 19, 2025, the market value of Hong Kong Stock Connect holdings accounted for approximately 13.1%, while international intermediaries held about 40.1%, indicating a net increase in domestic capital holdings compared to foreign capital [3] - From the beginning of the year to December 19, 2025, the cumulative net inflow into the Hong Kong stock market via Stock Connect reached HKD 1.4 trillion, a 74% year-on-year increase [3] - Cumulative net inflow from foreign capital into the Hong Kong market from early 2025 to December 17, 2025, was USD 17.689 billion, with expectations of a continued low interest rate environment encouraging further inflows [3] Group 3: Market Performance - As of December 19, 2025, the price-to-earnings ratio of the Hang Seng Tech Index was 23.1 times, an 11.91% increase from the end of 2024, indicating significant room for valuation recovery compared to historical highs [5] - The Hang Seng Tech Index's earnings per share increased by 9.58% compared to the end of the previous year, and its valuation is notably lower than other major global tech indices [5] Group 4: Investment Themes - The technology innovation theme is expected to be a major investment focus, with significant valuation recovery potential for the Hang Seng Tech Index and strong performance anticipated from leading companies [6] - In the context of supply-side reform, sectors such as steel, building materials, electrical equipment, and paper are expected to see improved supply-demand dynamics and rising profit margins [6] - Under the strategy of expanding domestic demand, sectors with growth potential and historically low valuations, particularly in service consumption and new consumption models, are expected to perform well [6]

Overall Market Performance - In 2025, the A-share market saw a significant increase, with the Shanghai Composite Index rising from 3351.76 points at the beginning of the year to 3968.84 points by year-end, reflecting an 18.4% year-on-year growth [4][18] - The total number of A-share listed companies reached 5469 by the end of 2025, with a total market capitalization of 123 trillion yuan, marking a 22.5% increase for existing companies compared to the previous year [4][18] - The average price-to-book ratio of A-share companies increased from 3.3 at the beginning of the year to 4.4 by year-end, indicating a steady rise in market valuation [4][18] Industry Performance - Technology-driven industries, particularly high-tech manufacturing and scientific research, experienced substantial market capitalization growth, with total market values increasing by 33.3% and 32.1% respectively [5][18] - Nearly half of the listed companies in manufacturing and scientific research sectors reported a return on equity (ROE) greater than 5%, providing a solid foundation for valuation support [5][18] - Private technology companies showed remarkable performance, with an overall market capitalization growth of 37.0%, increasing their share of the A-share market from 33.6% to 37.5% [5][18] Company-Specific Performance - The top 150 companies by absolute market capitalization growth included major players such as Agricultural Bank of China, Industrial Fulian, and Contemporary Amperex Technology, indicating strong performance across various sectors [20] - The financial sector, represented by companies like Agricultural Bank and Industrial Bank, played a significant role in the overall market growth, reflecting investor confidence in the banking industry [21] - Companies in the manufacturing sector, such as Industrial Fulian and Contemporary Amperex Technology, demonstrated significant market value increases, highlighting the sector's contribution to the overall market performance [21]

Core Viewpoint - In 2025, Majia Bridge Town is set to become the first "billion-yuan" township in Tongzhou District, focusing on high-quality urban development and improving the quality of life for residents through economic growth and effective governance [1]. Economic Development - In 2025, the total industrial output value reached 108.072 billion yuan, a year-on-year increase of 164.32%, with an expected annual output of over 120 billion yuan [8]. - The retail sales in the wholesale and retail sector surpassed 100 billion yuan, while the transportation industry emerged as a new hundred-billion-level sector [8]. - The town has 294 high-tech enterprises, including 265 national high-tech enterprises and 107 Zhongguancun high-tech enterprises [8]. Industrial Growth - Five major industrial clusters have formed in the western industrial area, including new energy vehicles, integrated circuits, smart logistics, intelligent manufacturing, and biomedicine [8]. - Xiaomi's automotive factory achieved a record of producing its 500,000th vehicle in just 14 months, showcasing the efficiency and attractiveness of Majia Bridge [8]. Urban Renewal - The "Urban Renewal Project" at Runsheng Plaza aims to revitalize idle buildings and promote industrial upgrades, focusing on modern service industries and high-tech sectors [11]. - The project will introduce new information technologies, high-end automotive research, biotechnology, and intelligent manufacturing [11]. Governance and Community Engagement - The town government has implemented a full-cycle service mechanism for key projects, addressing 28 urgent issues raised by enterprises [12]. - The response time for resident complaints decreased by 7.17% year-on-year, with the town achieving top scores in governance effectiveness [13]. Environmental and Aesthetic Improvements - The town has upgraded public spaces, such as parks, to enhance community aesthetics and safety, responding to resident feedback [15][16]. - Plans are in place to create vibrant floral landscapes to improve the visual appeal of the area [16]. Social Cohesion Initiatives - The "Majia Neighbors" grassroots governance system promotes community engagement and resource sharing among residents and local businesses [17]. - The community has successfully replaced old elevators in residential buildings, improving living conditions and fostering a sense of community [18]. Future Outlook - The industrial output value of Majia Bridge Town is projected to grow significantly, with a focus on innovation and collaboration in the upcoming "15th Five-Year Plan" [19][20].

近日，海南省工商联在海口召开"2025海南民营企业100强及研发投入20强"发布会。葫芦娃药业集团一 举斩获2025海南民营企业100强第34位及研发投入20强第5位，成为海南医药行业在自贸港政策下创新突 破的生动缩影。 智能制造：打造行业标杆 集团美安儿童药智能制造基地于2024年投产，引入国际先进设备与智能管理系统，建成涵盖片剂、胶囊 剂、颗粒剂、口溶膜剂等药品制剂生产线，实现生产全流程自动化、信息化。通过实施WCM精益生产 项目和数字仓储系统，产能与人均效能显著提升，成功入选海南省工业互联网应用优秀案例与数字化转 型样本企业，成为医药行业智能化转型标杆。 未来展望：锚定"十五五"，与自贸港共成长 面向"十五五"规划开局之年，葫芦娃药业集团将依托自贸港"零关税""低税率"等政策红利，充分把握封 关运作带来的开放优势，持续深化科技创新与智能制造的融合发展，加速推进创新药产业化进程。与此 同时，集团将积极开拓东南亚、中东等海外市场，推动"海南制造"走向国际舞台，致力于成为中国儿童 健康全生命周期的守护者，为海南自贸港建设贡献坚实的医药力量！ 作为扎根海南的儿药领军企业，葫芦娃药业集团坚持以"健康中国娃"为企业 ...

极目新闻记者 吕少峰 碎阳慢升，无人敢跟。2026年第一个交易日，节前已经11连阳的上证再接再厉，以大涨54.58点的中阳助力A股站稳4000点。今天这么一跃，顺利实现了2026 年"开门红"，也创下了12连阳的新纪录。这既是1993年市场规范化以来A股最长的连阳记录，也是33年来A股以如此霸气的12连阳"跨年"。 截至收盘，沪指涨1.38%收复4000点，深成指涨2.24%，创业板指涨2.85%，北证50指数涨1.8%，沪深京三市成交额25672亿元，较上日放量5015亿元，三市 超4100只个股上涨。 从概念板块来看，人工智能、机器人概念、人脑工程、芯片等科技股涨幅居前，其中人工智能、机器材人、人脑工程分别有42只、38只、28只个股涨停。极 目新闻曾以《2025年A股圆满收官：近600只个股翻倍，"科技创新"成全年主线》为题，梳理和盘点2025年股市，并旗帜鲜明地说2026年投资者仍须牢牢把 握"科技创新"这条主线，新年第一个交易日即应验，可见科技股无疑是跨年行情的重要主力。这再次印证了牛市行情里"选择大于努力"、顺势而为的重要 性。 | | 代码 名称 | | 涨停数+ | 张幅% - | | --- ...

Core Viewpoint - In 2025, Qingdao Airport Group aims to establish itself as a "world-class enterprise" and an "international hub airport" while enhancing its connectivity capabilities, showcasing its commitment to development and resilience [1]. Group 1: Expansion of Connectivity - Qingdao Airport is set to handle 193,000 flight takeoffs and landings in 2025, with a daily peak of 680 flights, achieving a passenger throughput of 26.9 million, breaking historical records [3]. - The growth in passenger traffic is attributed to the continuous optimization of the route network, including deepening "dual hub" strategic cooperation with 18 airport groups and increasing the number of express routes to 14, with express capacity accounting for 50% [4]. - Internationally, Qingdao Airport has strengthened its Northeast Asia hub function, adding new direct routes to cities like Shizuoka and Daegu, and expanding to 28 international and regional destinations, with a total of 3.315 million international passengers, marking a 24% year-on-year increase [4]. Group 2: Development of Transfer Hub - The construction of a transfer hub is a key indicator of high-quality development, with 42 airport collaborations enabling "one-time check-in and baggage direct transfer," covering 25 cities [5]. - The airport achieved a total of 2.477 million transfer passengers in 2025, with international transfers reaching 1.188 million, a 31.5% increase [5]. - The cargo business has also expanded, with the launch of a new cargo route to Southeast Asia and a total of 15 domestic and international cargo routes, achieving a cargo throughput of 227,100 tons [5]. Group 3: Safety and Operational Efficiency - Safety remains a top priority, with Qingdao Airport ranking 4th among similar airports in China for operational safety in the first half of 2025 [6]. - The airport achieved a flight departure and release normal rate ranking 7th among major airports in China and 1st in East China, successfully implementing visual approach operations [7]. - Qingdao Airport was awarded the title of "International Health Airport," recognizing its public health capabilities [8]. Group 4: Enhancing Passenger Experience - To meet the growing demand for personalized travel, Qingdao Airport has optimized check-in and boarding processes, reducing check-in time to 35 minutes and boarding gate closure to 15 minutes [9]. - The airport's customer service platform responded to over 268,000 passenger requests, achieving a satisfaction rate of 98% [9]. - Qingdao Airport received multiple awards for service quality, including the "Best Airport" title from the International Airports Council [9]. Group 5: Industry Integration and Innovation - Qingdao Airport is transitioning from a focus on operational guarantees to a large-scale management group that balances operational security and market operations, forming strategic partnerships with various local enterprises [10]. - The airport is advancing its smart airport initiatives, achieving breakthroughs in key technologies and launching the first unmanned driving test site in the civil aviation industry [11]. - A total of 20 innovation achievements were obtained in 2025, with 6 patents authorized, fostering a culture of innovation within the organization [11]. Group 6: Organizational Development and Employee Engagement - The airport's leadership emphasizes high-quality development through strong organizational and cohesive efforts, integrating party building with operational and management tasks [12]. - Employee welfare initiatives have been implemented, including improvements in working conditions and support for employees in need, contributing to a strong internal motivation for high-quality development [13][14]. Group 7: Future Development Plans - In 2026, Qingdao Airport aims to enhance its hub functions and operational efficiency, transitioning towards a multi-faceted aviation service ecosystem [15]. - The airport plans to become a high-level platform supporting urban openness and industrial upgrades, contributing to the modernization of Qingdao [15].

Group 1 - The Hubei Provincial Science and Technology Innovation Conference awarded 312 science and technology awards for the year 2025, highlighting significant contributions from notable scientists [1] - The awards included 49 Natural Science Awards, 31 Technological Invention Awards, 205 Science and Technology Progress Awards, 10 Youth Innovation Awards, and 15 Innovation Awards for Small and Medium-sized Technology Enterprises [1] - The conference emphasized the role of enterprises in innovation, with 87.71% of application research projects being led or participated in by companies [1] Group 2 - Hubei is focusing on key core technology breakthroughs, with expectations for high-tech enterprises and technology-based SMEs to exceed 35,000 and 50,000 respectively by 2025 [2] - The total value of technology contracts is projected to surpass 600 billion yuan, with the quantum industry accelerating towards a scale of 10 billion yuan [2] - The artificial intelligence industry is expected to grow by 30%, reaching over 150 billion yuan for the year [2]

Core Viewpoint - The company is set to celebrate its 10th anniversary in 2025 and aims to fully integrate into Shanghai, enhancing its operational capabilities and cultural alignment under the leadership of the Shanghai State-owned Assets Supervision and Administration Commission [1][3]. Group 1 - In 2026, the company will initiate its new development strategy, focusing on "one foundation, two industries, three comprehensives, and four modernizations" to foster a "hardcore technology" growth curve [3]. - The company achieved a new investment scale of over 78.3 billion yuan in 2025, with total managed assets exceeding 329.2 billion yuan, marking record highs in revenue and profit over the past decade [3]. - The company aims to enhance its brand influence, integration capabilities, product innovation, and scientific decision-making as core competitive strengths [3]. Group 2 - The company emphasizes its commitment to supporting technological innovation and serving the real economy, contributing to the enhancement of Shanghai's five central functions [3]. - The company has successfully implemented a "7+3" management model to align with Shanghai's reform and opening-up initiatives, fostering a collaborative and proactive work environment [3].

| | 2024年R&D经费 | 2024年R&D 经费投入强度 | 修订后2023年 R&D经费投入强度 | | | --- | --- | --- | --- | --- | | 地 区 | (亿元) | | | | | | | (%) | (%) | | | 全 国 | 36326.8 | 2.69 | | 2.58 | | 北 京 | 3278.4 | 6.58 | | 6.22 | | 天 津 | 620.6 | 3.44 | | 3.48 | | 河 北 | 967.8 | 2.04 | | 2.00 | | 山 西 | 311.8 | 1.22 | | 1.14 | | 内蒙古 | 249.6 | 0.95 | | 0.91 | | 辽 宁 | 730.6 | 2.24 | | 2.15 | | 吉 林 | 231.7 | 1.61 | | 1.51 | | 黑龙江 | 249.6 | 1.51 | | 1.39 | | 上 海 | 2343.7 | 4.35 | | 3.99 | | 江 苏 | 4597.5 | 3.36 | | 3.22 | | 浙 江 | 2901.4 | 3.22 | ...

Group 1 - The core viewpoint is that the long-term logic of the technology sector remains validated, with the TMT sector showing superior profit growth compared to the overall A-share market, similar to previous years like 2013, 2015, and 2020-2021 [1] - The current global technology cycle is supported by significant capital expenditure expansion from major global tech giants, which is a key driver for the technology sector [1] - The commercial aerospace sector is entering a new phase with low-orbit satellite constellations becoming a new battleground for major powers, transitioning from an "investment incubation period" to a "profit realization period" [1] Group 2 - The oil and chemical industry is experiencing a restructuring of supply dynamics due to "anti-involution" policies, alongside a reduction in capital expenditure and emerging demand driving an upward cycle in industry prosperity [1] - The rise in non-ferrous metal prices is attributed to a combination of macroeconomic conditions, industry fundamentals, capital allocation, and geopolitical factors, leading to a historic mismatch between supply and demand in emerging industries [1] - The Science and Technology Innovation Board 100 ETF (588120) tracks the Science and Technology 100 Index (000698), which includes 100 mid-cap securities from the Science and Technology Board, reflecting the overall performance of mid-cap securities in the technology sector [2]