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]

Core Viewpoint - China's economy is showing steady progress with high-quality development, driven by increased openness, vibrant winter consumption, and accelerated industrial upgrades [9][16][22]. Group 1: External Opening - China's external opening is advancing to a new level, with significant achievements in container throughput and international freight transport, including a record-breaking 40 million standard containers and over 5,000 trips of the China-Europe Railway Express [11][12]. - The recent policies allow upstream and downstream enterprises to share benefits, enhancing cooperation and boosting economic dynamism [14]. Group 2: Winter Consumption - The winter tourism sector is thriving, with various activities in regions like Harbin and Yunnan attracting significant visitor numbers, showcasing a shift towards a composite tourism model that integrates sports, events, and cultural experiences [20][21]. - The demand for winter tourism is increasing, with rising occupancy rates in accommodations and a surge in orders for scenic spots and travel services [21]. Group 3: Industrial Development - Technological innovations are driving industrial upgrades, with significant investments in projects like a 1.519 billion yuan independent energy storage station in Gansu, which utilizes advanced lithium iron phosphate battery systems [25]. - Various regions are accelerating their technological advancements, including the testing of drone delivery systems and the establishment of quantum computing labs, aiming to enhance productivity and competitiveness [25]. Group 4: Ensuring Warmth - In response to severe winter conditions, the government and energy companies are implementing measures to ensure heating and energy supply, including a 4.44 billion yuan fund for winter assistance in affected areas [34]. - Local authorities are proactively preparing for winter challenges, ensuring that energy supply and infrastructure are adequately maintained to support residents during cold weather [34].

其次，近年来资本市场制度包容性明显提升。张剑认为：科创板的设立、注册制改革的分步骤推进，允许未盈利企业、特殊股权结构企业上市，打破了传统的 盈利门槛限制，为处于不同发展阶段、不同盈利状态的科创企业提供了差异化的上市路径；创业板、北交所等多层次资本市场体系的完善，进一步拓宽了科创企业 的融资渠道；再融资、并购重组等制度的持续优化，为科创企业做大做强提供了有力支持。 最后，集成性制度改革高度重视服务科技创新。"从国家战略规划到具体制度安排，从引导中长期资金入市到优化配套政策，监管部门正致力于构建从天使投 资、创业投资到公开市场融资的全链条金融服务生态，为科技创新注入源源不断的资本'活水'。"张剑说。 张剑表示，在估值定价、耐心资本等方面，我国资本市场仍面临挑战。 三是资本市场双向开放及吸引外资方面仍有提升空间。张剑认为，部分规则、监管范式、信用评级体系、信息披露标准与国际标准存在差异，在操作便利性上 也有待进一步提高。 在资本市场深化改革与科技创新加速演进的背景下，证券行业如何更好地服务实体经济、培育和发展新质生产力，成为行业核心命题。近日，申万宏源证券总 经理张剑接受上海证券报记者专访，深入分析我国资本市场服务 ...

Group 1: Economic Development and Openness - China's economy is showing steady progress with high-quality development and increasing confidence and momentum in economic and social development [3] - The central economic work conference emphasizes "maintaining openness and promoting win-win cooperation in multiple fields" as a key task for 2026, signaling a commitment to high-quality development and modernization through expanded openness [6] - The annual container throughput has surpassed 40 million standard containers for the first time, and the "East Corridor" of the China-Europe Railway Express has exceeded 5,000 trips this year, transporting over 530,000 standard containers [6] Group 2: Winter Consumption Dynamics - The winter tourism industry is evolving beyond simple sightseeing, integrating sports, events, entertainment, and cultural experiences, thus transforming cold resources into vibrant consumption [10] - In Yunnan, the tourism season has become lively with an influx of visitors seeking warmth, leading to increased occupancy rates in local accommodations [11] - The winter tourism activities across northern and southern China are injecting vitality into the consumer market, with various regions innovating to meet diverse consumer demands [11] Group 3: Industrial Development and Technological Innovation - A significant independent energy storage project in Gansu Province, with an investment of 1.519 billion yuan, is set to enhance the region's energy capabilities [15] - Recent technological advancements include the conditional approval of two L3 autonomous driving models and the successful first flight of China's first 800 kg electric vertical takeoff and landing aircraft [15] - Various regions are accelerating their technological innovation efforts, such as testing drone delivery systems in Guangdong and launching a quantum computing lab in Sichuan [16] Group 4: Ensuring Warmth and Energy Supply - In response to cold weather, various regions are taking proactive measures to ensure energy supply and warmth for residents, including the allocation of 4.44 billion yuan for emergency assistance [19] - Energy companies are activating emergency supply mechanisms to ensure adequate heating and electricity during winter [19] - Local governments are preparing snow removal equipment and monitoring heating systems to address potential supply issues promptly [19]

Core Viewpoint - The event "The Crossroads of Luo Yonghao" was held in Shanghai, marking Luo's return to the tech conference scene after seven years, but faced delays and operational issues, leading to full refunds for attendees [1][4][5]. Group 1: Event Overview - The event, dubbed "Tech Spring Festival," sold out all ticket tiers within two hours of release, indicating high public interest [4]. - Luo Yonghao apologized multiple times during the event for the delays and mistakes, ultimately refunding over 1.66 million yuan in ticket sales [5]. - The venue was filled with nearly 5,000 attendees, who had arrived an hour early, showcasing the event's popularity [4]. Group 2: Personal Challenges - Luo revealed he has been suffering from ADHD for many years, which he suggested contributed to the event's disorganization [8][10]. - He mentioned that his current medication is not effective, and if his condition does not improve, he may not host large events in the future [10]. Group 3: Product Launches and Innovations - The event focused on showcasing innovative products, with over ten domestic tech products presented, emphasizing the need for a platform to highlight truly innovative offerings [13]. - Featured products included DJI's Neo2, ergonomic chairs, exoskeleton robots, and AI assistants, demonstrating a range of technological advancements [15]. - Luo announced the launch of the AI book analysis app "Qie Ting," which utilizes natural language processing to provide in-depth content analysis [18]. Group 4: Future Aspirations - Luo expressed his commitment to continue supporting innovative products and aims to elevate the visibility of Chinese technology on a global scale [15]. - He reflected on his past experiences, including his debt repayment journey, and emphasized the importance of perseverance in the tech industry [20].

"十四五"是我国能源转型加速推进的五年，也是中国海油向深蓝逐梦、为国家能源安全筑基的五年。从渤海之滨 到南海之渊，从常规油气田到深水非常规领域，作为我国海洋油气开发的主力军，中国海油以科技创新为翼、以 区域协同为纲、以绿色转型为向，在5年时间里实现了油气产量的跨越式增长、勘探领域的多点突破、技术装备的 自主可控，用一串串坚实的数据、一项项重大成果，书写了国有央企在保障国家能源安全、服务区域发展大局中 的责任与担当。 "十四五"收官之际，回望中国海油这五年的发展历程，是一部向深蓝进军、向技术攻坚、向绿色转型的奋斗史。 产量的跨越式增长、勘探的多点突破、技术的自主可控、区域的精准赋能，每一项成就都凝聚着海油人的智慧与 汗水，每一步跨越都彰显着国有央企的责任与担当。 12月21日，中国海油对外宣布，我国海上最大油田——渤海油田2025年累计生产油气当量突破4000万吨，创历史 新高。图为中国海油秦皇岛32-6油田。 2025年8月，中国海油对外宣布，公司旗下所属中海石油大榭石化炼化一体化项目在浙江宁波全面建成，对推 动国家重质油高效转化、提升高端化工材料自主可控能力有着重要意义。 产量跃升：稳油增气筑牢能源安全压舱 ...

Core Viewpoint - The Hong Kong stock market has not reversed its downward trend as it approaches the end of 2025, with major indices opening lower and the Hong Kong Internet ETF (513770) declining by 0.95% [1][2]. Market Performance - The Hong Kong Internet ETF (513770) has seen a cumulative decline of 18.55% since October, with a current price-to-earnings (PE) ratio of 24.56, which is significantly lower than the 25.87% percentile over the past five years [2][3]. - The ETF's recent trading volume indicates a net inflow of 83.5 million yuan over the last two days, suggesting a shift towards left-side positioning by investors [3][4]. Investment Outlook - Looking ahead to 2026, there is an expectation for the Hong Kong stock market to experience a rebound, supported by a favorable monetary policy environment and potential net inflows from foreign and southbound capital [4][5]. - The focus on technological innovation is highlighted as a key investment theme, with significant potential for valuation recovery in the tech sector, particularly driven by advancements in AI [5]. ETF Characteristics - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index and has a strong focus on leading companies such as Alibaba, Tencent, and Xiaomi, with over 73% of its top holdings concentrated in AI and cloud computing [5]. - The ETF has an average daily trading volume exceeding 600 million yuan, providing good liquidity and allowing for T+0 trading without QDII quota restrictions [5].

年内共受理278家，上会124家，过会107家，撤回99家，终止7家，过会率为95.7%，真实过会率为45.3%（真实过会率=本期开会且已通过家数/ （本期状态更新为通过+未通过+暂缓表决+待表决家数+终止/撤回的家数）） 根据Wind数据统计，年内A股共有116家企业成功上市，同比增长16%，新股受理及发行持续实现常态化；合计募集资金1317.71亿元，同比增长 95.64%；平均募集额11.36亿元，同比增长68.66%。 截至2025年12月31日，仍有333家企业处于IPO排队状态。按审核状态，已受理68家，已问询178家，已审核通过15家，暂缓表决2家，报送证监会 29家，证监会注册13家，中止审查28家。 板块分布方面，创业板以33家上市企业成为数量最多的板块。沪主板则以432.28亿元的募资额位居各板块之首。科创板与创业板合计上市52家企 业，募资633.71亿元，两项数据分别占全年总量的44.83%和48.09%。接近五成的募资投向科创领域，充分彰显资本市场服务科技创新的核心定 位。 | 板块 | 通过家数 | 未通过家数 | 暂缓表决家数 | 取消审核家数 | 过会率 | | --- | - ...

Core Viewpoint - The Hong Kong stock market has not managed to reverse its downward trend as it approaches the end of 2025, with major indices opening lower and the Hong Kong Internet ETF (513770) experiencing a decline of 0.95% [1][10]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) has seen a cumulative decline of 18.55% since October, with the latest price-to-earnings ratio (PE TTM) at 24.56, significantly lower than the 25.87% percentile over the past five years [3][10]. - The valuation of the Hong Kong Internet sector is notably lower than that of the A-share and US tech indices, highlighting a price-performance advantage [3][10]. - Recent data indicates that the Hong Kong Internet ETF has attracted a net inflow of 83.5 million yuan over the past two days, suggesting a shift towards left-side positioning by investors [11]. Group 2: Future Outlook - Looking ahead to 2026, there is an expectation for the Hong Kong stock market to experience a gradual upward trend, supported by a loose monetary policy environment and continued net inflows from foreign and southbound capital [5][12]. - The focus on technological innovation and supply-side reforms is anticipated to enhance the profitability of listed companies in Hong Kong, leading to a scenario of rising earnings and valuations [5][13]. - AI remains a key catalyst for valuation increases in the Hong Kong Internet sector, with emphasis on model iteration, application implementation, and performance realization [6][13]. Group 3: Investment Strategies - The Hong Kong Internet ETF (513770) and its associated funds are designed to passively track the CSI Hong Kong Internet Index, with significant holdings in major players like Alibaba, Tencent, and Xiaomi, which collectively account for over 73% of the top ten holdings [6][13]. - For investors seeking to mitigate volatility while still capitalizing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [6][13].