二、分论坛：解码中国量化策略的下一增长曲线 在全球宏观格局深度演变、AI重构投研逻辑、新质生产力重塑产业格局的背景下，中国资管行业正站在"逻辑重塑"的十字路口。2026年1月15 日，由财视中国主办的第十九届HED中国峰会·深圳暨"第十九届介甫荣耀之夜"将于深圳盛大启幕，超过400位海内外金融机构掌舵人、顶尖投 资人与行业专家将齐聚一堂，共探2026年市场破局之道。 中国量化行业正站在一个鲜明的分水岭上，呈现出"量质齐升"与"竞争加剧"并行的新格局。规模上，百亿级量化私募数量已历史性地超越主观 多头同行；质量上，其超额收益能力日益稳健，2025年跑赢业绩基准的比例显著高于市场均值。但与此同时，赛道拥挤、AI技术竞赛加剧等挑 战也随之而来，出海寻求第二增长曲线已成为不少头部机构的共同选择——中资量化机构如何构建可持续的全球竞争力，成为行业亟待解答的 新课题。 针对这一背景，峰会特设分论坛"中国量化策略的下一阶段"，集结量化领域"梦之队"：千朔投资总经理丁志强、广金美好总经理罗山、大岩资 本总经理黄铂、优美利投资总经理贺金龙等重磅嘉宾，将围绕"量化股票策略的创新与前沿趋势""中资海外基金的生态构建"等核心议题深度 ...

Group 1 - The successful launch of the Resource 3-04 satellite using the Long March 4B rocket marks a significant achievement in China's space industry, with plans for reusable rockets like the Tianlong 3 and Long March 12A to conduct their maiden flights between December 2025 and early 2026, potentially accelerating industry development [1] - Dongwu Securities highlights that recent breakthroughs in reusable rocket technology signify a shift towards "low-cost, high-reusability" in China's aerospace sector, which will benefit related industries such as aerospace manufacturing, new materials, and satellite applications in the short term, while positioning China as a strong player in the global aerospace landscape in the long term [1] - The commercial space industry in China is experiencing a dual boost from policy and technology, with the National Space Administration's action plan for 2025-2027 aiming for significant industry growth and efficient collaboration, alongside support for low-orbit satellites in the IoT sector [2] Group 2 - West Securities expresses optimism about the low-orbit satellite sector entering a growth phase, emphasizing that breakthroughs in rocket capacity are crucial for the commercial space industry's transformation, with new rockets like Zhuque 3 expected to facilitate large-scale industrialization [2] - The development of AI technology is enhancing spatial computing and satellite data processing capabilities, with advancements in large model capabilities showing promise in image recognition and remote sensing, potentially leading to real-time data analysis and decision-making in commercial space applications [3] - The satellite ETF from Guangfa has seen a strong performance, with a 4.76% increase in the China Satellite Industry Index and a cumulative rebound of over 24% since November 21, indicating positive market sentiment towards satellite-related stocks [3][4] Group 3 - The China Satellite Industry Index focuses on the upstream satellite industry, comprising 50 listed companies involved in satellite manufacturing, launching, communication, navigation, and remote sensing, reflecting the core competitiveness and overall development of China's satellite industry [4] - The index includes key players in various segments: upstream satellite manufacturing and launching (e.g., Aerospace Electronics, China Satellite), midstream ground equipment and operations (e.g., China Satellite, China Satcom), and downstream application services (e.g., China Satcom, Zhongke Xingtou) [4]

中国民航网 通讯员王嘉煜 报道：12月16日，内蒙古机场集团与中国航空器拥有者及驾驶员协会（以下 简称"中国AOPA"）在包头机场签署战略合作协议。内蒙古机场集团副总经理郭涌与中国AOPA理事长 张峰出席签约仪式，并代表双方签署协议。 张峰理事长一行实地参观考察了包头机场配载中心、登机桥集中管控中心、航空情报中心、远程塔台、 空管培训中心等关键运行场景。 中国AOPA相关负责人，内蒙古机场集团规划发展部、航务管理部、信息科技部、包头机场相关负责人 参加签约仪式。（编辑：许浩存 校对：陈虹莹 审核：程凌） 签约仪式 参观包头机场配载中心（本文图片均由内蒙古机场集团提供） 郭涌副总经理对张峰理事长一行的到访表示欢迎。他表示，内蒙古机场集团秉持"崇尚科技、追求进 步、拥抱AI"的理念，自身蕴含深厚的创新发展基因，在应用场景、专业队伍及创新热情等方面具备扎 实合作基础。双方发展思路高度契合，通过高层引领以及全方位资源整合，开启合作共赢的新阶段。 张峰理事长表示，内蒙古机场集团在智能运行保障、空管技术创新、人才培育体系等领域取得了诸多值 得借鉴的成果，双方应充分依托各自优势，围绕低空经济产业链构建、AI技术在机场运营管 ...

12月17日，东融科技集团董事长胡玉建、第二大区总经理李宁一行赴宁波分公司视察并指导工作。 -董事长胡玉建一行与宁波分公司管理层合影- 视察期间，胡玉建一行出席了宁波分公司全体员工大会。会上，胡玉建深入剖析了宁波作为重要港口城 市的独特区位优势的发展活力，并充分肯定了宁波分公司近一年以来的业绩表现。他指出，宁波分公司 作为集团成立超过10年的老牌分公司，底蕴深厚，曾为集团做出重大贡献，荣获"最具投资价值分公 司"荣誉。他勉励团队，宁波地处经济活力强劲的万亿级城市，市场空间广阔，要持续对标集团其他标 杆分公司，为集团持续开拓宁波市场提供有力支撑。 -董事长在员工大会上致辞- 在谈及行业与集团发展时，胡玉建强调，今年正值东融成立15周年，集团已发展成为助贷行业中历史最 久、覆盖最广、规模领先的头部企业。当前，助贷行业仍处于发展早期，行业标准尚未统一，这正是东 融确立领军地位的机遇窗口。集团目前通过大规模试点品牌广告投放、营销模式变革、严抓客户体验、 以及全面拥抱AI技术等多维举措，致力于打造客户心中首选的助贷强势品牌，并引领行业服务标准的 确立。 胡玉建对宁波分公司提出了三点要求，第一，持续强化团队专业能力建设， ...

四、12月17日基金分红一览 （1）12月17日新发基金共有5只，主要为基金中的基金(FOF)基金和混合型基金，其中鑫元鑫选多元稳进配置3个月持有期 混合(FOF)A募集目标金额达50.00亿元；基金分红24只，多为债券型，派发红利最多的基金是前海开源沪深300指数型证券 投资基金，每10份基金份额派发红利2.5000元。 （2）2025年行情进入收官阶段，量化私募全面回暖。数据显示，截至11月底，股票量化多头策略年内平均超额收益达 17.25%，行业管理规模同步攀升，已接近历史高位。业内人士指出，从因子挖掘、组合优化到交易执行，AI技术正深度嵌 入量化全流程，显著放大策略容量与迭代速度，竞争格局被重新书写；随着性能持续提升，头部机构有望借助技术红利进 一步巩固领先优势，行业集中度或继续抬升。 （3）临近收官，2025年新基金发行节奏图浮出水面：下半年募集周期较上半年显著压缩，平均认购天数明显减少，"日光 基"数量大幅增加。业内人士指出，市场氛围回暖、资金配置需求集中释放，为发行提速提供土壤，基金公司顺势缩短募集 期、加快建仓，抢占年末配置窗口，预计这一趋势有望延续至明年春季。 三、12月17日新发基金一览（ ...

Core Insights - The article highlights the inspiring journey of a 13-year-old volunteer, Wang Yuchen, who has dedicated nearly 1,700 hours to serving at the Peking University Red Building, showcasing the impact of youth engagement in historical education [2][4]. Group 1: Volunteer Experience - Wang Yuchen joined the Peking University Red Building volunteer team in June 2023 and became the first youth volunteer to conduct independent tours [2]. - She has accumulated almost 1,700 hours of volunteer service, indicating her commitment over several weekends despite academic pressures [4]. - Wang actively seeks to enhance her knowledge by memorizing additional narratives, viewing this as a way to fill in historical gaps and provide a richer storytelling experience [4]. Group 2: Historical Engagement - The article emphasizes Wang's deepening understanding of the historical significance of the Red Building, where revolutionary figures once gathered, and her desire to convey these stories effectively [4][5]. - Wang utilizes AI technology to create immersive experiences for her audience, such as generating videos to illustrate historical events, thereby enhancing engagement [5]. - She adapts her storytelling approach based on the audience's age, using interactive questions for peers and detailed narratives for older visitors [5]. Group 3: Impact on Youth - Wang's efforts have inspired younger visitors, as evidenced by a young girl expressing a desire to become a volunteer like her, reflecting the growing interest in historical education among youth [6]. - The article underscores the importance of the Red Building as a historical site that continues to resonate with new generations, fostering a connection to the revolutionary past [6].

Core Viewpoint - Great Wall Motors has launched the new A-class pure electric SUV, Ora 5, under its Ora brand, with a price range of 99,800 to 133,800 yuan, and a limited-time trade-in price starting at 91,800 yuan [2] Group 1: Product Features - The Ora 5 features the third-generation driver assistance system, Coffee Pilot Ultra, which has been used for over 230 million kilometers, equivalent to more than 5,600 laps around the Earth's equator, and has accumulated over 2.8 million hours of usage [2] - The vehicle supports advanced capabilities such as traffic light recognition, intelligent lane changing, and obstacle avoidance, along with the longest memory parking function in its class at 3 kilometers and parking assistance for over 200 types of parking spaces [2] Group 2: Technology Integration - The Coffee OS3 smart space system integrates AI technology and is equipped with a 4-nanometer automotive-grade chip, featuring dual large models Coffee GPT and DeepSeek, transforming it into a versatile assistant that understands vehicles, life, and creativity [2] - The "Car Language Intelligent Manufacturing" function helps resolve social awkwardness related to improper parking through external interactions, positioning the vehicle as a "smart social partner" for younger users [2]

证券时报记者 杨霞 近日，"第十九届上市公司价值论坛暨2025新质生产力巡礼宜宾行"在四川宜宾举行，"第十九届上市公司价值评 选"获奖公司也同步揭晓。 由证券时报主办的上市公司价值评选活动是资本市场一年一度的盛事，迄今已成功举办至第十九届。在资本市场 深化改革与高质量发展的时代浪潮中，上市公司作为经济"基本盘"的价值愈发凸显。本文以主板百强公司为样 本，分析这些公司的行业特征和基本面质量，挖掘19年来A股价值龙头的变动趋势和个股穿越牛熊的核心逻辑。 百强企业构筑价值高地 本次入选主板百强的企业堪称中国资本市场的中流砥柱，这些行业领军者以卓越的综合实力构筑起A股市场的价值 高地。 数据显示，百强企业总市值达19.13万亿元，占全部A股总市值的18.15%，聚集了各个行业的龙头企业。其中，石 化行业的中国石油、保险业的中国平安、通信领域的中国移动与中国电信，以及新能源汽车领军者比亚迪等企业 市值排名居前。 从市值结构看，百强企业呈现显著的头部聚集效应：超半数企业市值超千亿元，贵州茅台与中国石油以万亿市值 稳居市场前列，中国人寿、比亚迪、长江电力等9家企业市值逾5000亿元，构成稳定的中坚力量。 投资者回报是检验上 ...

Q&A "十五五"规划建议首提"能源强国"，关注氢能和聚变能 未来产业发展 20251217 摘要 中国致力于建设能源强国，核心在于保障能源供给安全和推动能源结构 的生态低碳转型，降低对外依存度。 截至 2024 年，中国煤炭消费占比约为 53%，可再生能源占比约为 29%。目标是到 2035 年新能源装机容量提升至 36 亿千瓦，年均增速 达 200GW，显示出新能源发展的巨大潜力。 当前电力系统面临尖峰时刻供给紧张和总体电量宽松并存的挑战，导致 电价下降，需解决新能源波动对电网的冲击问题。 非电领域提高可再生能源比例的途径包括：可再生能源供热制冷、利用 绿色氢氨醇、生物质能等。电动车普及和可再生燃料如甲醇的应用也在 交通运输领域发挥作用。 氢能和核聚变被列为中国未来六大重点发展的新兴产业之一，氢能可用 于冶炼、燃料电池及生产绿氨和甲醇，核聚变被视为终极清洁能源，中 国已建立多个实验平台。 AI 技术的发展将促进核聚变技术的进步，两者相辅相成，共同推动科技 进步，为能源转型提供长期解决方案。 绿色千村论坛对 2026 年绿色乡村发展表示乐观，研究所成立核聚变产 业链研究组，表明政策支持和技术创新将推动中国在 ...

Core Insights - The core update of Baidu's Blue Sky algorithm in December 2025 increased the weight of page loading speed to 12%, a 3 percentage point increase from the previous year, with unverified MIP sites potentially facing a 15%-20% drop in mobile search rankings [1][6] - Google's AI overview feature now covers 13.14% of search queries, significantly impacting the technology, health, and social sciences sectors, indicating a shift in traditional SEO practices [1][3] - The SEO landscape has transformed from simple keyword stuffing and link building to a complex system focusing on technical optimization, content quality, user experience, and brand trust [1][3] SEO Strategy Core Elements and Overall Trends - SEO has evolved into a user-centered ecosystem that integrates keyword optimization, content creation, link building, site mapping, and search engine submission, where any weak link can undermine the entire strategy [1][3] - The dominance of the top 10 e-commerce sites in the U.S. is evident, capturing 88% of organic traffic, with leading companies averaging 859 times the traffic of smaller sites [3] Core Algorithm Updates: Baidu and Google - The frequency and intensity of search engine algorithm updates have reached historical highs, with both Baidu and Google focusing on content quality, user experience, and anti-cheating measures [4][5] - Baidu's updates have included significant changes aimed at improving content quality, such as the crackdown on low-quality content and the introduction of new evaluation criteria [5][6] Technical Optimization Key Points: Mobile-First and Structured Data - Mobile-first indexing has become essential, with mobile search accounting for 68% of total searches in China and 78% in the U.S. [9][10] - Key technical optimization points include enhanced content quality, user experience standards, and strengthened anti-cheating mechanisms [10][12] Content Strategy Upgrade: E-E-A-T Principles and AI Content Balance - The content strategy has shifted towards a focus on expertise, authority, and trustworthiness, encapsulated in the E-E-A-T principles, which emphasize the importance of content authenticity and utility [18][19] - AI content generation has become a significant factor, with 71.7% of web pages being produced through human-AI collaboration, although purely AI-generated content remains less favored by search engines [20][21] Link Building and Brand Trust Development: Shift from Quantity to Quality - The focus has shifted from the quantity of backlinks to their quality and relevance, with search engines intensifying their efforts to combat spammy links [22][23] - Brand trust has become increasingly important, with reports indicating that 73.5% of traffic in the jewelry and luxury goods sector comes from direct brand searches [24][28] SEO Strategy Implementation Overview and Future Outlook - A successful SEO strategy requires a systematic approach that includes strategic planning, technical optimization, content creation, and brand building [29][30] - Future trends in SEO will likely include the continued integration of AI, deeper semantic search capabilities, and a focus on personalized search results [33][35]