Group 1 - The core viewpoint of the news highlights the successful IPOs of domestic GPU leaders, Mu Xi Co., Ltd. and Moer Thread, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with opening day gains exceeding 400%, setting a record for IPO returns in the A-share market under the comprehensive registration system [1][3] - The rise of Mu Xi and Moer Thread signifies a significant exploration in breaking the monopoly in the domestic chip industry, as both companies focus on independent innovation and the development of commercially viable domestic GPU chips, which are increasingly applied in high-performance heterogeneous computing and other core scenarios [3] - The successful listings of these companies reflect market recognition of domestic GPU technology capabilities and validate the investment value in the hard technology sector, supported by long-term capital from China Post Insurance through fund investments [1][3] Group 2 - China Post Insurance has adopted a "long-termism + strategic layout" approach, utilizing a dual-driven model of "direct investment + funds" to strategically invest in the hard technology sector, covering key areas such as chips, robotics, and artificial intelligence [3] - The investment strategy of China Post Insurance has positioned it as a stabilizing force for many domestic hard technology companies, exemplified by its investments in various firms, including Yushu Technology, Gokong Technology, Changxin Storage, and Yangtze Memory Technologies [3] - As the digital economy continues to integrate with the real economy, the innovation vitality in the hard technology field is expected to persist, with China Post Insurance committed to maintaining its long-term investment philosophy and injecting capital into more domestic innovative enterprises [4]

Core Insights - During the "14th Five-Year Plan" period, Shenzhen's industrial output value exceeded 5 trillion yuan, maintaining the top position among Chinese cities in both industrial output and added value since 2022 [1] - The added value of strategic emerging industries is projected to increase from 1.03 trillion yuan in 2020 to 1.56 trillion yuan by 2024, accounting for 42.3% of the regional GDP [1] - Shenzhen is accelerating the development of new energy vehicles, artificial intelligence, and robotics, with significant growth rates expected in these sectors by 2024 [1] Industrial Performance - Shenzhen's industrial output value surpassed 5 trillion yuan, with the total industrial added value reaching 1.2 trillion yuan, maintaining a share of over one-third of the GDP [1] - The city has completed 11 major industrial projects, with total industrial investment expected to exceed 1 trillion yuan [1] Strategic Emerging Industries - Shenzhen has planned 20 strategic emerging industry clusters and 8 future industries, with the added value of strategic emerging industries projected to rise significantly by 2024 [1] - Five clusters have been recognized as national advanced manufacturing clusters, and eight have been designated as national-level characteristic industry clusters for small and medium-sized enterprises [1] New Energy Vehicles - The intelligent connected vehicle industry cluster has reached 2,200 enterprises, covering various sectors including complete vehicles and battery technology [2] - Leading companies like BYD and Huawei are driving the transformation of the automotive industry, with advanced technologies rapidly evolving [2] Artificial Intelligence - Shenzhen is establishing a national-level AI innovation development pilot zone and has released the first domestic AI industry-specific legislation [2] - The city has launched nearly 300 "city + AI" application scenarios and is developing AI hardware such as AI glasses [2] Robotics - The "Robot Valley" in Shenzhen is becoming a hub for robotics innovation, with significant production expected in both industrial and service robots by 2024 [3] - The city has implemented a "robot +" application promotion initiative, showcasing numerous intelligent robot application cases [3] Innovation and R&D - The coverage rate of R&D institutions among industrial enterprises has increased from 40% to over 70%, with Shenzhen leading in the number of national manufacturing innovation centers [3] - Notable innovations include the first domestic ECMO system and the first 90GHz real-time oscilloscope [3] Digital Economy Integration - Shenzhen is enhancing the integration of the real economy with the digital economy, having built 86,000 5G base stations, the highest density in the country [3] - The city has been selected as a pilot for new manufacturing technology transformation and "5G + industrial internet" applications [3] Enterprise Development - Shenzhen is improving enterprise services and has launched a "park loan" pilot program, with significant results in nurturing specialized and innovative enterprises [4] - By 2025, the city aims to have 1,333 specialized "little giant" enterprises, leading among major cities in China [4]

第二，地缘与贸易。总体上比今年还要更加确定、更加平稳，但在确定和平稳下也存在着一些不确定和 不平稳的隐患，需要给予关注。 专题：财经年会2026：预测与战略暨2025全球财富管理论坛 《财经》年会2026：预测与战略暨2025全球财富管理论坛于2025年12月18-20日在北京举行。阳光保险 集团首席经济学家、国家统计局原局长邱晓华表示，展望2026年，华预计国家仍将大概率设定5%左右 的增长目标，这一积极目标的实现将受五大核心因素影响： 第一，海外经济政策。发达经济体将延续宽松财政政策，货币政策呈现分化态势，美国计划降息、欧洲 持观望态度、日本可能加息。尽管美国AI领域存在泡沫争议，但他表示，2026年破裂概率较低。整体 来看，外部环境相对平稳，有利于中国保持外需稳定，为国内宏观政策灵活运用预留空间。 第三，国内的市场供强需弱的演变。当前经济最突出的问题是供强需弱、物价低位运行。2026年推进 的"反内卷2.0版供给侧改革"将呈现双刃剑效应，既可能抑制低效产能、放缓生产速度，也有望抬升物 价、改善企业盈利。 投资方面，近些年地产的深度调整，给60%以上的家庭财富带来的缩水效应是非常明显的因素。他谈 到，从房 ...

来源：光明日报 【科学+】 编者按 全国科学技术名词审定委员会日前发布了"基于重大科技创新的新概念新术语规范化体系化"工作成果。 其中，"泛在操作系统""高性能制造""深部固体资源流态化开采""超级微创手术"4项体系化新名词，均 为我国科学家率先提出。它们萌发于重大科技创新的生动实践，是科学家在加快建设科技强国、实现高 水平科技自立自强的征程中，对标"构建汉语科技语言体系"，主动参与国际科技话语权竞争的积极尝 试。 它们将对科研工作，乃至日常生产、生活产生怎样的影响？听听科技大咖们怎么说—— 泛在操作系统 推动"万物互联"走向智能协同 梅宏 郭耀 人类正在进入一个"人机物"三元融合的万物智能互联时代。万物数字化、社会经济数字化转型，催生 了"计算无处不在而又无迹可寻"的泛在计算（ubiquitous computing）新场景。在此背景下，一种新型基 础软件形态——泛在操作系统应运而生。该系统秉承泛在计算思想，面向泛在化计算资源管理，支持泛 在应用开发运行，具有泛在感知、泛在互联、轻量计算、轻量认知、反馈控制、自然交互等新特点，标 志着操作系统从管理"单台计算设备"迈向管理"人机物多类资源及其融合"的新阶段。 ...

异动分析 华为欧拉+腾讯概念+数据安全+数字经济+华为鲲鹏 1、2024年11月14日互动易：公司一体机支持华为欧拉操作系统，公司已加入openEuler社区，未来公司 将持续积极参与国产生态建设，与合作伙伴共同推动国产软件产业的创新与自主可控。 2、2023年10月23日互动易：公司目前拥有容灾、备份、云灾备、大数据四大产品线，近30款标准化产 品，目前有超过300家合作伙伴。英方与合作伙伴共同进行产品方案的联合推广，合作企业包括华为、 新华三、浪潮、曙光、腾讯云、百度云、京东云，以及传统的IT产品经销商，如伟仕佳杰等。在英方全 国合作商中，包括了区域业务整合能力强的国企，通过转售、定制开发等方式进行英方产品的销售。新 型工业化公司本身就是英方的客户群体，同时该类公司也可以在其体系内转售英方的产品，这需要看具 体的合作模式和对方公司本身的业务发展方向与需求。 来源：新浪证券-红岸工作室 12月18日，英方软件跌2.03%，成交额1.05亿元，换手率4.62%，总市值39.83亿元。 主力持仓 主力轻度控盘，筹码分布较为分散，主力成交额5773.06万，占总成交额的11.4%。 技术面：筹码平均交易成本为52 ...

Core Viewpoint - The Central Economic Work Conference has introduced the "Urban and Rural Residents Income Increase Plan," marking a significant shift in policy focus towards a comprehensive approach to boost income across all urban and rural residents, rather than just targeting low-income groups [1][2][3] Policy Framework - The plan represents a transition from a principle-based approach to a systematic design, integrating income growth into the national strategic framework with specific quantitative indicators and implementation timelines [2][3] - It emphasizes a comprehensive layout of "lowering the low, expanding the middle, and limiting the high," aiming to enhance wage income through skill training and job retention, while also broadening channels for property income [3][4] Economic Cycle - The relationship between income increase, domestic demand expansion, and consumption is described as a "trinity" economic cycle, where increased income drives consumption, which in turn supports economic growth [4][5] - The plan aims to enhance residents' consumption propensity by increasing disposable income, thereby addressing the current imbalance between supply and demand [5] Implementation Strategies - The income increase plan is a multi-faceted approach requiring collaboration across various policy areas, including fiscal, monetary, employment, social security, and distribution policies [6][7] - Key strategies include maintaining necessary fiscal deficits, optimizing spending structures, and ensuring financial support for public services and transfer payments [6][7] Pathways to Income Increase - Four main pathways for achieving income increase are identified: 1. Expanding employment and enhancing wage income through job stability and skill improvement [8] 2. Increasing property income by stabilizing capital markets and promoting inclusive financial services [8] 3. Enhancing transfer income through social security and direct fiscal policies [8] 4. Improving operating net income by supporting small and micro enterprises and fostering entrepreneurship [8] Conclusion - The Urban and Rural Residents Income Increase Plan is a critical initiative for the end of the 14th Five-Year Plan, aiming to create a virtuous cycle of "income—consumption—growth" through systemic innovation and coordinated macro policies [9][10]

Core Viewpoint - Dongcheng District has issued measures to promote high-quality development of the digital economy, including 16 specific initiatives with a maximum funding support of 20 million yuan per item, aimed at integrating the real economy with the digital economy [1] Group 1: Measures for Digital Economy Development - The measures are applicable to market entities that legally conduct business activities in key sectors of the digital economy, focusing on supporting core industries such as new-generation information technology and artificial intelligence [1] - The initiatives emphasize the promotion of digitalization in industries like artificial intelligence, green energy, and healthcare, while also supporting traditional industries in developing their digital capabilities [1] - Companies are encouraged to enhance R&D efficiency through applications of computing power, deployment of large models, and data governance [1] Group 2: Support for Digital Industrialization - The measures support the clustering development of artificial intelligence companies and the development of general and industry-specific large models [1] - Companies are encouraged to start from small applications and real scenarios to develop commercial applications using large models [1] - There is a focus on supporting the development of the data industry and nurturing diverse operating entities for data elements [1] Group 3: Building an Innovative Ecosystem - The measures encourage enterprises to strive for excellence and support collaboration between digital economy companies and upstream/downstream enterprises, universities, and research institutions to create innovative coalitions [2] - There is support for the clustering development of the digital economy industry and the organization of industry exchange activities [2]

Group 1 - The People's Bank of China is implementing a moderately loose monetary policy to support the high-quality development of Hainan's economy and society, focusing on financing availability in key areas and weak links [1] - As of November 2025, the total loan balance in Hainan reached 1.4101 trillion RMB, with a year-on-year growth of 11%, surpassing the national average by 4.7 percentage points [1] - Loans in key sectors show strong support, with technology-related loans growing by 9.2%, green loans by 25.4%, inclusive loans by 9.8%, elderly care industry loans by 157.4%, and digital economy loans by 8.4% as of October 2025 [1] Group 2 - The financing costs in Hainan are stabilizing and decreasing, with a pilot program for comprehensive financing costs for corporate loans initiated, resulting in a weighted average interest rate of 3.18% for general loans from January to October 2025, down by 0.34 percentage points year-on-year [1] - The financial services in the Hainan Free Trade Port are continuously optimized, with the digital RMB trial making significant progress across various sectors, including duty-free shopping and rural revitalization [2] - From January to November 2025, the transaction volume and amount of mobile payment products in Hainan, such as "external card binding" and "external payment," increased by 97.46% and 100.11% year-on-year, respectively [2]

Emerging Fields - The release of five national standards related to cybersecurity technology aims to strengthen the national cybersecurity defense and promote the healthy development of the digital economy [1] - Seven national standards in information technology will ensure the interoperability and security of information systems through unified technical application specifications [1] - Three national standards for social experiments in artificial intelligence support the healthy and orderly development of an intelligent society [2] - Seven national standards in nanotechnology will assist in the unification of relevant technical characterization and testing specifications [2] Transportation and Environmental Protection - A total of 44 national standards have been released for automotive steering systems, vehicle brake fluids, railway construction machinery, rail transit vehicles, shore power for ships, containers, and aerospace components, contributing to the construction of a strong transportation nation [2] - Ten energy-saving and environmental protection standards have been published for industrial boilers, meat processing, food processing, alcoholic beverages, and lead-zinc, aiding in the fight against pollution [2] Safety Production - National standards for assessing the risk of combustible dust explosions and guidelines for the construction and operation of gas protection stations in chemical parks have been released to further regulate the management of hazardous chemicals and enhance safety levels in chemical parks [2] - Five national standards for emergency management, including guidelines for evaluating emergency drills and constructing emergency plans, aim to improve emergency response capabilities [2] - Eleven mandatory national standards for fire trucks have been published to ensure technological advancement in fire truck products and effectively enhance the operational capabilities of firef and rescue teams [2] Public Services - Three national standards for educational service management and guidelines for standardized educational course construction in logistics, elderly care, automation, and the Internet of Things have been released to lay the foundation for cultivating compound talents and promoting the integration of education and industry [3] - Guidelines for the usability of home health care products and related services have been published to support the construction of an elderly-friendly society [3] - Four national standards related to asset management digital maturity and cultural digital asset value assessment aim to continuously improve the digitalization level of asset management and enhance the transparency and security of digital asset transactions [3] Quality of Life - National standards for smart textiles have been released to guide the standardized development of intelligent textiles [3] - A national standard for biodegradable plastic shopping bags has been published to promote resource recycling [3] - National standards for testing methods related to formaldehyde content in leather and fur, as well as short-chain chlorinated paraffins, have been established to improve the detection of harmful substance limits [3] - Eight national standards for surgical implants and sterilization of medical products have been released to enhance the quality and safety of medical devices [3]

Core Viewpoint - Chutianlong's stock price has experienced fluctuations, with a year-to-date increase of 37.81%, but recent declines in the short term indicate potential volatility in investor sentiment [1][2]. Company Overview - Chutianlong Co., Ltd. is located in Haidian District, Beijing, and was established on October 16, 2002. It was listed on March 22, 2021. The company specializes in the design, research and development, production, sales, and services of smart cards [1]. - The main business revenue composition includes embedded security products (80.69%), smart hardware (9.86%), software and services (7.25%), and others (2.21%) [1]. Financial Performance - For the period from January to September 2025, Chutianlong reported operating revenue of 685 million yuan, a year-on-year decrease of 1.52%. The net profit attributable to the parent company was -43.97 million yuan, reflecting a year-on-year decline of 55.45% [2]. - Since its A-share listing, Chutianlong has distributed a total of 231 million yuan in dividends, with 167 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Chutianlong was 79,200, a decrease of 30.90% from the previous period. The average circulating shares per person increased by 44.72% to 5,770 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF is the third-largest shareholder with 3.8781 million shares, an increase of 1.8702 million shares from the previous period [3].