炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 港股速报 | 2025年港股收官 恒指年涨幅27.77% "深港指数"领涨全球 每经记者|曾子建 每经编辑|袁东 12月31日，因元旦假期，今日港股只交易上午半天。 截至收盘，恒生指数报收于25630.54点，下跌224.06点，跌幅0.87%。 回顾全年港股走势，在2024年上涨17.67%的基础上，恒生指数2025年累计上涨27.77%，恒生科技指数同样迎来两年连涨，2025年累计涨幅23.45%。 横向对比全球重要指数，恒生指数年涨幅仅落后深成指（截至午间收盘，深成指年内涨幅30%），位居第二。 就港股个股表现来看，年内黄金及有色金属板块涨幅亮眼，珠峰黄金（HK01815）全年涨幅超1200%，灵宝黄金（HK03330）年内涨超570%；半导体板块 表现突出，华虹半导体（HK01347）涨超240%，中芯国际（HK00981）涨超120%；券商股方面，国泰君安国际年内涨超140%；生物医药板块亦表现活跃， 药捷安康年内涨幅超770%；因行业调整，地产、教育等板块表现较弱。 今日港股盘面上，受节日因素影响，市场整体表现清淡。科网股跌 ...

Group 1 - The core viewpoint of the article highlights that the recent decline of over 1.6% in the Sci-Tech Innovation and Entrepreneurship ETF (588360) may be countered by policy support aimed at improving liquidity in the sector [1] - Since 2025, regulatory authorities have provided more financing policy support for technology growth enterprises, including lowering listing thresholds and accelerating approval processes, which has significantly increased the scale of IPOs and private placements [1] - The establishment of the Sci-Tech Growth Layer and the implementation of the fifth set of rules for the Sci-Tech Board are expected to accelerate the listing and financing process for high-quality, unprofitable tech companies, thereby enhancing liquidity in the Sci-Tech Board [1] Group 2 - The Sci-Tech Innovation and Entrepreneurship ETF (588360) tracks the Sci-Tech Innovation 50 Index (931643), which includes 50 securities selected from the Sci-Tech Board and the Growth Enterprise Market based on market capitalization and liquidity [1] - This index reflects the overall performance of technology innovation enterprises and covers various high-tech industries, including new-generation information technology, biomedicine, and new materials, showcasing significant growth and innovation characteristics [1] - The continuous entry of long-term value investment funds, such as social security and insurance funds, is expected to further optimize the market ecology of the Sci-Tech Board and establish a positive development trend for the sector [1]

回望2025年，在以习近平同志为核心的党中央坚强领导下，亿万人民迎难而上、奋力拼搏，我国经济顶 压前行、向新向优发展，"十四五"即将圆满收官。展望新的一年，"十五五"大幕开启，中国式现代化展 现出更加光明的前景。 山一程，水一程，逐梦向前行。我们已经走过千山万水，还需要不断跋山涉水，为了心中梦想笃行不 怠，向着美好未来接续奋斗—— 向前，2026！向上，中国！ 钟华论：山一程，水一程，逐梦向前行——2026年新年献词 当新年的曙光照耀大地，我们又迎来新的出发。 （一） 2025年是很不平凡的一年。时光的卷轴上，镌刻哪些难忘记忆？奋斗的征程里，留下哪些深刻启示？ "韧"字当选"汉语盘点2025"年度国内字，成为新时代中国砥砺奋进的生动写照。"千磨万击还坚劲，任 尔东西南北风。"面对复杂严峻的国内外形势，在以习近平同志为核心的党中央坚强领导下，中国人民 坚定必胜信心、保持战略定力，坚定不移办好自己的事，推动中国号巨轮乘风破浪、行稳致远。 这一年，我们以历史为鉴，汲取前行的磅礴力量。在纪念中国人民抗日战争暨世界反法西斯战争胜利80 周年大会的盛大阅兵仪式中，长安街上铁甲列阵、重器生辉，战鹰呼啸划破长空。国之盛典，举 ...

Core Viewpoint - During the "14th Five-Year Plan" period, Jiangsu Sop Group has achieved significant breakthroughs in various fields such as industrial chain upgrading, asset revitalization, technological innovation, digital transformation, and green development, marking a historic leap in the company's development pattern [1] Group 1: Industrial Chain Upgrading - The company focuses on its core responsibilities in the chemical and new materials sectors, promoting the integration of technological and industrial innovation to enhance competitiveness and risk resistance [12] - A major project, the integrated ethylene vinyl acetate project, has a total investment of approximately 3.23 billion yuan, expected to be completed by December 2026, which will help optimize the industrial structure [12] - The company has implemented a 50,000 tons/year chloracetic acid reconstruction project and a comprehensive utilization project for chlorohydric products, enhancing resource utilization and reducing waste [12] Group 2: Asset Revitalization - Jiangsu Sop Group has developed a series of measures to optimize the utilization of idle assets, enhancing efficiency and reducing waste [16] - The company has invested in a distributed photovoltaic power station project, which is expected to generate 6.05 million kilowatt-hours in its first year, saving 1.71 million yuan in electricity costs [16] Group 3: Technological Innovation - The company has established a national-level postdoctoral research station and has been granted 193 patents, focusing on low-carbon and green technologies [19] - Collaborative projects with universities have led to the successful application of new technologies, such as a low-cost carbon monoxide removal device and a gas purification membrane technology [20] Group 4: Digital Transformation - Jiangsu Sop Group has invested approximately 600 million yuan in digital transformation projects, significantly improving production efficiency and safety management [23] - The implementation of advanced control software has reduced the frequency of process parameter adjustments by 78.48% and improved operational efficiency [24] Group 5: Green Development - The company has been recognized as a "National Green Factory" and has invested in various environmental projects, including a rainwater recovery project that reduces industrial water consumption [27] - The company has successfully reduced nitrogen oxide emissions from 50 mg/m³ to below 10 mg/m³, achieving significant environmental benefits [30]

Core Viewpoint - Jim Rogers, co-founder of Quantum Fund, believes that Guangming has the potential to become the next Silicon Valley, highlighting its significance in China's hard technology future within the Greater Bay Area [1]. Group 1: Industrial and Innovation Rankings - Guangming District has rapidly ascended to 16th place in the 2025 China Industrial Top 100 Districts, improving by 4 positions from the previous year and by 40 positions since 2021, marking it as the fastest-growing industrial district [3]. - The district's industrial clusters, particularly in ultra-high-definition video display, have surpassed a total scale of 400 billion yuan, while future industries like synthetic biology and brain science have valuations exceeding 50 billion yuan [3][4]. - Guangming is also ranked 23rd in the National Innovation Top 100 Districts and has seen its Guangming Science City rise from 24th to 7th in the National Science City Top 100 over three years, showcasing its rapid technological advancement [3][4]. Group 2: Economic Growth and Development - Since the 14th Five-Year Plan, Guangming's GDP has exceeded 170 billion yuan, with an average annual growth rate of 10%, placing it among the top districts in Shenzhen [4]. - The district's industrial output value has surpassed 100 billion yuan, with strategic emerging industries growing at an annual rate of 10.4%, contributing to over 50% of the GDP [4]. - Guangming's economic structure is characterized by a nearly 60% contribution from industry, with emerging industries forming a significant part of the economy, indicating its transformation into a major industrial and innovation hub [4]. Group 3: Guangming Science City and Innovation Platforms - Guangming Science City is positioned as a key innovation hub, aiming to match global standards and serve as a comprehensive national science center and a high-level talent hub in the Greater Bay Area [6][7]. - The city focuses on three major fields: information technology, life sciences, and new materials, with 23 major innovation platforms established, including significant research facilities and universities [7][9]. - Guangming Science City has successfully undertaken over 600 major technology projects and has received multiple national awards for technological progress, indicating its strong output of high-level innovation [9][10]. Group 4: Talent Attraction and Business Environment - Guangming District has attracted significant investment, with 38 major projects signed at the Shenzhen Global Investment Conference, totaling an intended investment of 66.9 billion yuan [12]. - The district has become home to over 100,000 enterprises, including 35 listed companies and 2,275 national high-tech enterprises, reflecting its robust business environment [13]. - The demographic profile shows a high proportion of young labor force, with 83.5% of the population aged 15-59, indicating a vibrant and dynamic workforce [14]. Group 5: Future Opportunities - Looking ahead to the 15th Five-Year Plan, Guangming is expected to leverage its strategic location and comprehensive development positioning to further enhance its economic and industrial capabilities [17][18]. - The district aims to integrate technological and industrial innovation, focusing on emerging industries such as artificial intelligence and biomedicine, which are aligned with national strategic goals [18].

12月31日消息，港股2025年最后半个交易日，三大指数低开低走，截至收盘，恒生指数跌0.96%，报 25606.37点，恒生科技指数跌1.24%，国企指数跌0.95%。今日港股盘面上，科网股跌多涨少，百度涨超 1%，网易跌超3%，京东、美团、阿里巴巴、快手跌超1%；汽车股高开低走，零跑汽车跌超2%；半导 体板块回调，中芯国际跌超1%；航空股涨幅居前，南方航空涨超4%；影视股活跃，大麦娱乐涨超5%。 | 初始 代码 | | 名称 | . | 最新 | 涨幅% ↓ | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 1 | HSCEI | 恒生国企指数 | | 8905.74 | -0.95 | 22.17 | | 2 | મંદા | 恒生指数 | 1 | 25606.37 | -0.96 | 27.65 | | 3 | HSTECH | 恒生科技指数 | | 5509.26 | -1.24 | 23.30 | 从年线看，恒指全年涨27.65%，恒生科技指数全年涨23.30%，国企指数涨22.17%。年内黄金及有色金 属板块涨幅亮眼，珠峰黄金全年 ...

Group 1 - The core theme of the "2025 People's Finance Forum" is to explore opportunities and challenges in economic and social development, focusing on the spirit of the 20th Central Committee's Fourth Plenary Session and the "14th Five-Year Plan" [1] - Yadea Technology Group was recognized as the only brand in the electric vehicle sector to be selected as a "2025 People's Craftsmanship Brand," highlighting its continuous innovation and outstanding development [1][3] Group 2 - Yadea has invested over 5.927 billion yuan in R&D since its listing in 2016, holding more than 2,000 patents and establishing multiple national-level laboratories and research centers to support product innovation [5] - The company has developed a comprehensive product matrix that includes electric bicycles, electric motorcycles, electric scooters, and more, catering to diverse market demands [7] - Yadea has maintained its position as the global sales leader for eight consecutive years, with over 100 million users and more than 40,000 retail stores worldwide, reinforcing its leading position in the global electric two-wheeler market [9]

Group 1: Company Overview and Strategic Goals - On May 8, 2021, China National Chemical Corporation (Sinochem) was formed through the merger of Sinochem Group and China National Chemical Group, marking a significant event in the Chinese chemical industry [1] - The "14th Five-Year Plan" period is the first implementation cycle following the merger, focusing on enhancing core functions and competitiveness to establish a world-class comprehensive chemical enterprise [1] Group 2: Reform and Governance - Sinochem is implementing comprehensive reforms to enhance management capabilities and governance structures, ensuring effective operation of the board and management [2] - The company is advancing a three-tier management structure to strengthen oversight and accountability, achieving notable results in state-owned enterprise reform assessments [3] Group 3: Agricultural Development and Food Security - Sinochem is committed to high-quality agricultural development, focusing on modernizing the seed industry and ensuring food security through innovative breeding technologies [5][6] - The company has introduced significant agricultural protection compounds to enhance crop disease prevention, contributing to national food security [6] Group 4: Innovation in Chemical Materials - Sinochem is making breakthroughs in chemical materials, particularly in electronic chemicals and aerospace applications, with the establishment of a digital production line for civil aviation tires [7][8] - The company has developed key technologies for lithium battery materials and advanced fibers, enhancing its competitive edge in high-value, low-emission projects [8] Group 5: Technological Advancements and R&D - Sinochem prioritizes technological innovation as a key driver for high-quality development, establishing world-class research centers and enhancing its R&D capabilities [9][10] - The company has achieved significant recognition for its innovations, including multiple national awards and a growing patent portfolio [10] Group 6: Digital Transformation and Open Innovation - Sinochem is advancing its digital transformation, implementing a comprehensive digital strategy that enhances operational efficiency and integrates AI technologies into agricultural practices [11] - The company is fostering collaborations with academic institutions to create an open innovation ecosystem, enhancing its research and development capabilities [11] Group 7: Environmental Sustainability and Carbon Neutrality - Sinochem is committed to green development, focusing on low-carbon industrial transformation and optimizing energy structures to support sustainable practices [12][13] - The company has developed technologies for resource recycling and carbon footprint management, contributing to global greenhouse gas reduction efforts [13] Group 8: Overall Progress and Future Directions - Sinochem is making steady progress in enhancing its core functions and competitiveness, contributing to national strategies such as rural revitalization and industrial modernization [14]

Core Insights - In 2025, China made significant technological breakthroughs across various fields, contributing to high-quality development and global progress [1][3][4] Group 1: Technological Innovations - The "artificial sun" achieved a world record of 1 million degrees Celsius for 1066 seconds, marking a major step in nuclear fusion research [10] - The first large-area two-dimensional metal material was successfully produced, opening new avenues in material science [4] - The DeepSeek AI model broke traditional paths by optimizing algorithms, allowing for high performance with limited computational resources [8] Group 2: Space Exploration - The Tianwen-2 probe was launched for China's first asteroid exploration mission, enhancing capabilities in deep space exploration [11] - The Chang'e 6 mission returned samples from the moon's far side, providing groundbreaking insights into lunar geology [5] Group 3: Healthcare and AI - The first invasive brain-computer interface clinical trial in China demonstrated the ability to control devices through thought, showcasing advancements in neurotechnology [9] - AI applications in healthcare, such as the "Xiao Yi" system, improved diagnostic capabilities in community health services [13] Group 4: Economic Impact - The integration of AI and other innovations is driving high-quality development across various sectors, including transportation and healthcare [15] - The approval of 69 innovative drugs in 2025 surpassed the previous year's total, indicating a robust growth in the pharmaceutical sector [14] Group 5: Strategic Developments - China's R&D investment intensity is nearing the OECD average, with a leading position in high-level international publications and patents [16] - The establishment of a comprehensive innovation ecosystem is fostering new industries and economic models, positioning China as a leader in technological advancement [12][16]

Group 1 - The core theme of the news is the integration of technology and culture in Nanjing's New Year celebrations, showcasing innovative performances such as drone shows and AI-driven experiences to enhance public engagement and cultural appreciation [1][2][6] - Nanjing's New Year events will feature drone shows at multiple locations, including Jiangsu Garden Expo Park and Niushou Mountain, with 2026 drones creating visual displays that reflect local culture and New Year wishes [2][3] - The use of advanced technologies like 6G communication and AI in events aims to enhance safety and provide immersive experiences, with companies like Damo Air Technology and Ring Technology leading these innovations [4][5][6] Group 2 - The "6G New Year Party" at Purple Mountain Technology City will utilize 6G technology for real-time monitoring and safety management during the celebrations, highlighting the application of cutting-edge communication technology in public events [4][5] - Various shopping districts in Nanjing will host themed events combining traditional cultural elements with modern technology, such as robot performances and cyberpunk aesthetics, to create a unique festive atmosphere [6][7] - Public interest in these tech-driven celebrations is high, with families planning to attend multiple events, indicating a positive reception towards the blend of tradition and innovation in cultural festivities [7]