Core Viewpoint - Chengdu is focusing on the construction of a modern industrial system by promoting the efficient transformation and deep integration of technological and industrial innovation, aiming to enhance its comprehensive competitiveness by 2026 [1] Group 1: Economic Development Goals - The Chengdu Municipal Party Committee has set a clear economic development blueprint for 2026, emphasizing the need for continuous efforts to deepen the integration of technology and industry [1] - The city aims to transform its industrial base into a manufacturing powerhouse, aligning with the national strategy of building an advanced manufacturing base [1] Group 2: Industry Focus Areas - The series of reports will focus on three main areas: revitalizing traditional advantageous industries, tackling challenges in emerging industries such as artificial intelligence and digital economy, and exploring future industries like low-altitude economy and quantum technology [1] - The initiative aims to observe how Chengdu is strategically positioning itself in cutting-edge fields to foster new growth areas [1] Group 3: Implementation Strategy - The transition from planning to execution is highlighted, with Chengdu's industrial advancements serving as a solid foundation for stable development [1] - The city is committed to turning the municipal directives into tangible outcomes, showcasing its industrial progress [1]

Group 1 - The core viewpoint emphasizes that cultural prosperity is a significant indicator of Chinese-style modernization, and without the development of socialist culture, there can be no socialist modernization [1] - The 20th Central Committee's Fourth Plenary Session highlights the importance of integrating culture with technology to promote cultural construction and develop new cultural formats as a key path to building a culturally strong nation [1][2] - The integration of culture and technology is seen as essential for enhancing cultural supply quality and meeting the growing personalized demands of the public [2][3] Group 2 - The article outlines the basic requirements for activating cultural innovation and creativity, stating that culture is the spiritual foundation of national rejuvenation, while technology is the core driving force for social change [2] - It emphasizes the need for deep integration of culture and technology across various fields to inject strong momentum into the construction of a culturally strong nation [3] - The article discusses the importance of using new technologies like big data, IoT, cloud computing, and AI to preserve and promote traditional Chinese culture, ensuring it remains relevant in modern times [4] Group 3 - The article highlights the role of technology in fostering cultural innovation and creating new cultural formats, urging the cultural industry to leverage opportunities presented by the digital economy [5] - It suggests creating immersive cultural experiences and developing new digital cultural consumption models to enhance public engagement and participation in cultural activities [5][6] - The establishment of a modern public cultural service system that utilizes digital and intelligent means to meet the growing spiritual and cultural needs of the people is emphasized [6][7] Group 4 - The article discusses the importance of enhancing cultural dissemination through technology to improve national cultural soft power, advocating for innovative cultural communication methods in the digital age [8] - It suggests leveraging China's advantages in digital technologies to expand the international influence of Chinese culture, utilizing social media and immersive experiences to engage global audiences [8]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) returned to the expansion zone for the first time in eight months, with a reading of 50.1% in December 2025, indicating a recovery in market demand [1] - The manufacturing new orders index increased by 1.6 percentage points to 50.8% in December 2025, driven by effective growth stabilization policies and strong export resilience [2] - The production index within the manufacturing PMI rose significantly by 1.7 percentage points to 51.7%, contributing the most to the overall PMI increase [2] Group 2 - Large enterprises reported a PMI of 50.8%, up 1.5 percentage points, while medium-sized enterprises saw a PMI of 49.8%, up 0.9 percentage points, indicating a recovery in business conditions [3] - Small enterprises experienced a decline in PMI to 48.6%, down 0.5 percentage points, reflecting a tighter relationship with consumer demand, which remains weak [3] - The main raw materials purchasing price index was at 53.1%, indicating continued expansion despite a slight decrease, while the factory price index rose by 0.7 percentage points to 48.9% [3] Group 3 - The service sector's business activity index was at 49.7%, showing a slight recovery but remaining in contraction territory for two consecutive months [4] - The construction PMI rose to 52.8%, marking a significant increase of 3.2 percentage points, returning to the expansion zone for the first time in five months [5] - The recovery in the construction sector is attributed to the completion of the 500 billion yuan policy financial tool and favorable weather conditions in southern provinces [5]

Core Viewpoint - The financial information services industry is evolving with the integration of data as a production factor, driven by government policies and advancements in AI technology, positioning digital economy as a new growth engine [1][2]. Group 1: Industry Development and Trends - The financial information services industry has transitioned from merely aggregating data to providing intelligent insights, leveraging big data and AI technologies [3]. - The introduction of data as an asset in accounting practices marks a significant shift, allowing companies to recognize and manage data resources effectively [2][4]. - The industry is currently facing saturation in traditional markets, prompting firms to explore mergers and acquisitions to expand their customer base and enhance profitability [4][5]. Group 2: New Business Models and Challenges - As traditional markets become saturated, financial information service providers are shifting towards data asset-driven business models, utilizing big data and AI to uncover new market demands [5][6]. - Despite the potential of data asset-driven models, many companies struggle with the practical implementation of data as an asset, with only 2% of A-share listed companies disclosing relevant information [6][7]. - The challenges include a lack of understanding of data asset management, the cautious nature of financial personnel, and the inherent complexities of standardizing financial data [7][8]. Group 3: Impact of Data Asset Recognition - Recognizing data as an asset provides a new pathway for business model transformation, enhancing the visibility and governance of data resources [8][9]. - The rapid development of AI technology is increasing the demand for high-quality data, creating opportunities for the financial information services industry to innovate and expand [9][10]. - Companies like Zhongdai Valuation Center are exemplifying how to effectively manage data assets, transitioning from qualitative to quantitative assessments of data value [11][12]. Group 4: Practical Applications and Innovations - Zhongdai Valuation Center's approach to data asset management includes standardizing data asset recognition and implementing a two-step value allocation model to quantify data contributions [12][13]. - The shift from a reactive to a proactive product development strategy allows firms to focus on their unique data assets, leading to innovative and differentiated offerings [14][15]. - Continuous iteration and expansion of data products enable companies to evolve from providing single data services to comprehensive solution outputs, enhancing their competitive edge [15][16].

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Buy" rating for the sector [1]. Core Insights - The report highlights significant developments in the semiconductor and AI sectors, particularly focusing on companies like Wallran Technology and TianShu Intelligent Chip, which are preparing for IPOs and showcasing innovative GPU products [3][28]. - The report emphasizes the rapid growth of revenue in AI-related businesses, with companies like Zhipu and MiniMax leading the way in large model commercialization [39]. Summary by Sections Wallran Technology - Wallran Technology is set to launch its IPO on January 8, 2026, and has developed a range of GPGPU chips and intelligent computing solutions, with significant revenue growth from 0.499 million in 2022 to 58.9 million in 2025H1 [3][4]. - The company has a strong team with backgrounds from major tech firms like AMD and Huawei, focusing on GPGPU architecture and software platforms [4][5]. - Wallran's core products include the BR106 and BR110 series, with a sales volume of 9,344 units for BR106 in 2024 and a projected revenue of 1.24 billion from orders [26][21]. TianShu Intelligent Chip - TianShu Intelligent Chip commenced its IPO process on December 30, 2025, and has developed a comprehensive product line for AI computing, including the TianGai series for training and the ZhiKai series for inference [28][32]. - The company has achieved significant milestones, including the launch of its second-generation training product, TianGai Gen 2, and has a strong financial backing from notable investors [29][32]. - The average selling price for TianGai products is between 30,000 to 40,000 yuan, while ZhiKai products average around 10,000 yuan [34]. Zhipu - Zhipu has established itself as a leader in the B-end localization deployment of AI models, achieving a revenue of 310 million in 2024, with a year-on-year growth of 150.9% [42]. - The company focuses on a comprehensive AI model suite, including language, multi-modal, and intelligent agent models, with a strong emphasis on R&D and high gross margins in localized deployments [41][44]. - Zhipu's models have been adopted by over 8,000 institutional clients, showcasing its significant market presence [47]. MiniMax - MiniMax, founded in 2021, emphasizes efficient model architecture and rapid commercialization of AI products, with a significant portion of its revenue coming from overseas markets [39][50]. - The company has released several innovative products, including the Hailuo AI video generation platform and the M2 series models, which enhance coding capabilities across multiple programming languages [50]. - MiniMax's business model focuses on direct sales and expanding its distribution network, with a notable decrease in revenue concentration from its top clients over recent years [36].

Core Insights - The core viewpoint emphasizes the need for China and South Korea to explore new cooperation spaces and leverage their respective advantages for mutual benefit amid structural adjustments in their economic relationship and rapid developments in future industries [1][2]. Group 1: Bilateral Trade and Economic Cooperation - In 2024, the bilateral trade volume between China and South Korea is projected to reach $328.08 billion, reflecting a growth of over 60 times since the establishment of diplomatic relations in 1992 [1]. - China has been South Korea's largest trading partner for 21 consecutive years, while South Korea ranks as China's second-largest trading partner [1]. - The economic cooperation relationship is undergoing structural adjustments, transitioning from a vertical to a horizontal cooperation model, promoting equal collaboration [1]. Group 2: Emerging Industries and Strategic Collaboration - Competition between the two countries does not imply a reduction in cooperation space; rather, it presents opportunities for complementary advantages through technological collaboration [2]. - Key emerging industries such as artificial intelligence and renewable energy are identified as core areas for a new industrial revolution, where strategic communication and leveraging respective strengths can lead to the establishment of a new production network in East Asia [2]. - Companies like Samsung SDI and China's Haosheng Technology Group are already engaging in deep collaboration in emerging industries, exemplified by the acquisition of Samsung SDI's polarizer business by Haosheng Technology [2]. Group 3: Future Directions and Government Role - Future cooperation areas of high importance include artificial intelligence, digital economy, service trade, green transformation, and third-party market collaboration [2]. - The enhancement of understanding and trust between the two governments is crucial for fostering mutual benefits based on horizontal competition and cooperation [3].

Core Viewpoint - The People's Bank of China has introduced an action plan to enhance the management and service system of the digital renminbi, marking a significant shift from a cash-based model to a deposit currency model, effective January 1, 2026 [1][5]. Group 1: Digital Renminbi Development - China is one of the earliest countries to initiate central bank digital currency (CBDC) research, with the digital renminbi undergoing over ten years of development and achieving significant progress, including 3.48 billion transactions totaling 16.7 trillion yuan by November 2025 [3]. - The digital renminbi has expanded its application scenarios, covering retail payments and gradually moving into wholesale and cross-border payments, with 95.3% of cross-border payment transactions processed using digital renminbi [3][4]. Group 2: Transition to Digital Currency 2.0 - The transition from a cash-based digital currency (1.0 version) to a deposit currency (2.0 version) will allow users to earn interest on their digital renminbi wallet balances, enhancing user engagement and promoting broader acceptance among merchants [5][7]. - The new model positions digital renminbi as a liability of commercial banks rather than the central bank, which will incentivize banks to promote its use and develop related financial products [6][7]. Group 3: Regulatory and Legal Framework - There is a need to establish a clear legal framework for digital renminbi, including amendments to existing laws to define its status as legal tender and clarify the rights and responsibilities of all parties involved [9][10]. - The digital renminbi will be integrated into the regulatory framework for reserve requirements and interest rates, which will help mitigate risks associated with financial disintermediation and shadow banking [8]. Group 4: Future Recommendations - Recommendations include expanding the pilot program nationwide, enhancing user incentives, and increasing the variety of application scenarios to ensure comprehensive coverage in both online and offline environments [10][11]. - Strengthening international cooperation and governance in digital finance will enhance China's influence in global discussions on CBDC standards and regulations [11].

Core Viewpoint - Shanghai has launched the "9.0" version of its action plan to optimize the business environment, focusing on addressing key issues faced by enterprises and enhancing operational support for internationalization [1][2]. Group 1: Action Plan Details - The new action plan includes 26 specific measures, a reduction from the previous version's 58 measures, emphasizing a more focused approach to solving prominent business challenges [1]. - The plan aims to strengthen the "going global" services, particularly through the Hongqiao International Central Business District, which will develop mechanisms and service systems to support international operations [1][2]. Group 2: Support for Enterprises - The action plan promotes the establishment of a professional partnership alliance for "going global" and aims to create a one-stop service platform covering the entire outbound investment chain [2]. - Enterprises, such as Weigao Holdings, express the need for more convenient outbound green channels and policy guidance to connect with reliable overseas resources [2]. Group 3: Focus on Innovation and New Business Models - The action plan actively supports new business models such as digital economy, artificial intelligence, data trade, and cross-border e-commerce, indicating a proactive stance towards industrial innovation [2]. - It includes revisions to regulations to promote the openness of service trade and digital trade, and establishes a government service window for technology innovation enterprises to address previous service gaps [2].

Group 1 - The visit of South Korean President Lee Jae-myung to China is aimed at enhancing bilateral cooperation in various sectors including supply chain investment, digital economy, environmental issues, cultural exchange, tourism, and combating transnational crime [3]. - Accompanying President Lee is a high-profile economic delegation consisting of over 200 South Korean business leaders, including heads of major corporations such as Samsung Electronics, SK Group, Hyundai Motor, and LG Group [3]. - This visit marks the first time in six years that South Korean businesses have come to China in such a significant capacity, signaling a shift towards pragmatic cooperation in the context of fluctuating China-South Korea relations [3]. Group 2 - The urgency of South Korean companies to deepen economic ties with China is evident, reflecting a more rational and pragmatic approach to bilateral relations amid global supply chain restructuring and intensified regional competition [3].

来源：中泰证券 报告摘要 一、A 股： 【市场走势】本周A 股市场表现分化，主要宽基指数涨跌不一。上证指数微涨0.13%，但深证成指、创 业板指和北证50 均有所下跌，其中北证50 跌幅最大，下跌1.55%。 风格指数方面，中盘价值和小盘成长表现较好。行业方面，综合金融、石油石化和国防军工领涨，而商 贸零售、电力及公用事业、食品饮料跌幅居前。成交额方面，本周日均成交额为2.1 万亿，环比上涨 15.16%。 【深入剖析】本周为2025 年最后一个交易周。受节假日资金撤出影响，本周创业板等高弹性板块整体 承压。结构方面，近期商业航天板块不断迎来催化。2025 年12 月31 日，上交所官网信息显示，蓝箭航 天空间科技股份有限公司（蓝箭航天）科创板IPO申请获受理，正式冲刺科创板"商业火箭第一股"。受 各种催化影响，A 股卫星与商业航天板块持续占优。 【预期展望】展望A 股市场，预计在政策利好和产业创新的驱动下，市场结构性机会将持续显现。数字 经济、汽车产业链、AI 应用以及商业航天等新兴科技领域有望获得更多关注。在长线资金不断涌入带 来的流动性支持下，本轮"春季躁动"行情或提前启动。建议投资者关注具备技术创新优 ...