外资持续看好中国资产。 瑞银全球策略团队认为，2026年全球科技股有望进一步上行。此外，近期大型科技股的交易占比已回落至今年均 值水平以下，且融资规模有所下滑，显示科技板块交易拥挤的担忧已得到缓解。 在此基础上，孟磊认为，2026年值得关注的投资主题包括：科技自立自强；全年来看企业盈利提速将逐步带动居 民收入和销售费用提升，下半年可择时布局消费；在"反内卷"持续推进的背景下，优选高潜力板块，把握中国企 业出海与提升全球竞争力的机遇。 在风格配置方面，孟磊认为由于市场中期展望向好，成长风格可能跑赢价值风格。随着"反内卷"的持续推进推动 PPI跌幅收窄且工业企业利润提速，周期风格有望跑赢防御风格。 在大小盘方面，孟磊预计，两者会在2026年维持一个相对均衡的态势。市场成交额进一步大幅跃升的可能性较 低，因此小盘股难以获得超额流动性进一步的加持，而ETF大规模发展也有利于市值较大的行业龙头。在行业偏 好方面，在战术上看好受益于中国创新火花、充足市场流动性以及PPI跌幅收窄的行业。 近日，瑞银证券中国股票策略分析师孟磊发表中国股票策略观点指出，2026年全部A股盈利增速有望从今年的6% 进一步升至8%。此前，已有摩根 ...

Group 1 - Hainan is focusing on building a modern industrial system with unique characteristics and advantages, aiming for high-quality development through the optimization and upgrading of leading industries [3][8] - The tourism sector is experiencing significant growth, with a 58.7% year-on-year increase in overnight international visitors from January to October 2025, and a notable rise in consumption driven by duty-free shopping and high-end medical services [4][20] - The modern service industry is rapidly developing, with Hainan becoming a regional aircraft maintenance center benefiting from zero tariff policies, attracting international airlines [5][8] Group 2 - Hainan is establishing a high-tech industrial cluster, particularly in blockchain and digital trade, with significant investments in innovation and technology [6][12] - The tropical agriculture sector is thriving, with over 2,800 seed industry-related enterprises generating an annual output value exceeding 18 billion yuan, focusing on the development of new varieties [7][8] - The province's innovation ecosystem is being strengthened through increased R&D investment, which reached over 10.9 billion yuan in 2024, growing by 22.1% year-on-year [12] Group 3 - Hainan is positioning itself for future high-quality development by fostering new productive forces in sectors such as deep-sea exploration and space breeding, with a focus on emerging industries [13][16] - The Wenchang International Space City is becoming a hub for aerospace companies, with a projected revenue of over 20 billion yuan in 2024, driven by a comprehensive supply chain for rockets and satellites [14][16] - The province is also expanding its blue economy, focusing on marine oil and gas, marine equipment, and marine biomedicine, creating a robust industrial chain [14][15]

南方财经 21世纪经济报道记者胡慧茵 对于明年APEC第三十三次领导人非正式会议将在深圳举办，维拉尤达表达了期待，并寄希望于中国重 申APEC立场，维持自由和公正的贸易以及扩大投资流动。 哈桑·维拉尤达在2001年至2009年担任印尼外长，期间，他曾多次到访中国，致力于推动中印尼在各领 域的交流合作。 （原标题：对话印尼前外长：中印尼在AI和数字经济等领域合作前景广阔） 11月30日至12月2日，2025年读懂中国国际会议在广州举办，嘉宾们围绕"十五五"规划、中国式现代化 创新发展的新布局等话题进行讨论。论坛期间，印尼前外长哈桑·维拉尤达接受了21世纪经济报道记者 等媒体的采访。 维拉尤达表示，中印尼双方推进全面战略伙伴关系建设，从最高层面扩大和深化各领域双边关系。他赞 叹中国在科技方面的发展成果，并表示印尼在科技发展方面有很多可以向中国学习的地方，未来，两国 在科技领域，乃至数字互联互通、人工智能领域都有广阔的合作空间。 他进一步表示，印尼提出的"黄金印尼2045"愿景与中国式现代化的推进高度契合，为两国在探索符合本 国国情的道路上彼此助力、相互成就创造了有利条件。"中国远远走在我们前面，有很多值得借鉴之 ...

Core Viewpoint - The article emphasizes the importance of obtaining the ICP Value-Added Telecommunications Business Operating License for companies engaging in internet information services in Shanghai, highlighting the regulatory requirements and the potential penalties for non-compliance [1]. Group 1: Application Conditions - Companies must meet specific core requirements to apply for the ICP license, including enterprise qualifications, personnel and technical configurations, website and server requirements, and security and compliance measures [1]. - A comprehensive information security management system and user information protection measures are mandatory, along with a Level 2 security assessment report as per the 2025 regulations [1]. - For websites involving user-generated content (UGC), an AI and human dual-review system is required, along with a retention of content logs for over six months to comply with the Personal Information Protection Law [1]. Group 2: Domestic Company Requirements - Domestic companies must have a registered capital of at least 1 million RMB, with specific sectors like news and education requiring a minimum of 10 million RMB [2]. - The business license must explicitly state "Second Class Value-Added Telecommunications Business" and "Internet Information Services" [2]. - Companies and their key personnel must have no significant legal violations and should not be listed in the business anomaly directory [2]. Group 3: Application Materials - The completeness and standardization of application materials significantly affect the approval process, with a submission success rate of less than 60% [4]. - Required materials include foundational qualification documents, personnel and business documents, and technical and security documents [5]. - Additional materials for foreign-invested enterprises include business licenses, identification documents, financial reports, and proof of compliance with capital requirements [6]. Group 4: Technical and Security Requirements - Technical documentation must include network topology diagrams, server configuration lists, and information security assurance plans [6]. - A Level 2 security assessment report is mandatory under the new regulations, along with third-party security evaluation proofs [6]. - For online transactions, a third-party payment interface cooperation agreement is required, and special industries must submit pre-approval documents from relevant authorities [6].

Core Insights - The company has made significant progress in the digital economy, particularly in digital currency and AI-driven data elements, positioning itself as a leader in these innovative fields [1] Digital Currency Developments - The company is one of the few in China capable of providing comprehensive digital currency technology services, having established regional platforms in cities like Guangzhou and Fangchenggang [1] - Notable implementations include the first digital currency metro transit scenario in Guangzhou and the first government closed application scenario in the city [1] Data Element Market Engagement - The company was among the first listed firms to enter the data element market, focusing on building operational capabilities in public data processing, development, and trading [1] - It has a stake in the Guangzhou Data Exchange and has successfully entered the secondary market for data elements [1] - In April, the company won a bid for a pilot project in digital data circulation infrastructure in Guangzhou, valued at 35.0187 million yuan, marking a significant milestone in urban data market configuration [1] Future Plans and Integration - The company aims to further integrate digital currency, data elements, and technologies like AI and big data to provide comprehensive digital solutions across various sectors, including finance, government, and transportation [1] - The strategy involves a dual-driven approach of "industry + capital" to empower the digital transformation of numerous industries [1]

Core Insights - The Guangxi Zhuang Autonomous Region has issued management guidelines and investment directives for an artificial intelligence industry fund, aiming to regulate government investment in the AI sector [1][2] Group 1: Fund Management and Structure - The fund is initiated by the Autonomous Region Data Bureau and is supported by the Guangxi Government Investment Guidance Fund, with contributions from local governments, state-owned enterprises, leading companies, and private capital [1] - The fund will focus on sectors such as artificial intelligence, digital economy, low-altitude economy, Beidou remote sensing, and spatial geographic information [1] - The management process includes five key stages: intention collection, plan formulation, investment decision-making, post-investment management, and fund exit [1] Group 2: Financial Contributions and Risk Management - The local government can contribute up to 50% for sub-funds targeting seed and early-stage tech companies, with a combined contribution from local and county finances not exceeding 70% [1] - The guidelines specify that the supervisory department will not bear losses from market activities, and a performance evaluation system will be established to guide future investments and budget allocations [1] Group 3: Investment Focus Areas - The investment directives outline three primary sectors: artificial intelligence, low-altitude economy, and Beidou remote sensing and spatial geographic information [2] - The AI sector includes 15 subfields such as computing infrastructure, data systems, algorithm frameworks, and general AI technologies [2] - The low-altitude economy will focus on communication navigation networks, traffic management facilities, and the development of aircraft and core components [2] Group 4: Future Industry Directions - The directives also plan for investments in future industries like the metaverse, brain-computer interfaces, quantum information, and humanoid robots [2] - The initiative aims to attract quality enterprises, projects, and talent to build an AI industry chain with characteristics unique to Guangxi, targeting applications in ASEAN [2]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a decrease in trading volume, with total turnover dropping to 82.799 billion HKD [1] - The Southbound Stock Connect recorded a net inflow of 4.84 million HKD, indicating continued interest from mainland investors [1] US Market Performance - US tech stocks rallied, leading to gains in major indices: Dow Jones up 0.39% at 47,474.46 points, S&P 500 up 0.25%, and Nasdaq up 0.59% [2] - Notable stock movements included Intel rising over 8% and Boeing increasing by more than 10%, marking its largest single-day gain since April [2] - The market sentiment was buoyed by expectations of interest rate cuts from the Federal Reserve and optimism surrounding AI technology [2] Investment Opportunities - The report highlights that the Hong Kong stock market remains attractive for investments in undervalued high-dividend sectors [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to drive long-term growth [3] - Companies benefiting from the anticipated Federal Reserve interest rate cuts and strong mid-year performance in the upstream non-ferrous metals sector are also recommended for investment [3] Stock Performance Highlights - The report notes significant stock movements among Hong Kong-listed companies, with Connet Optical rising 10.58% due to the launch of AI glasses by Alibaba [1] - Other notable performers included Giant Bio, which increased by 8.53% following a share buyback announcement, and J&T Express, which rose 7.29% due to rapid growth in Southeast Asia [1] - Conversely, Chinese concept stocks faced declines, with XPeng Motors dropping nearly 8% and Canadian Solar falling close to 6% [2] Industry Insights - The global humanoid robot market is projected to enter a golden development period over the next 5 to 10 years, with annual sales expected to reach 6 million units by 2035, potentially exceeding 10 million units in optimistic scenarios [9] - The report emphasizes the importance of technological innovation and market expansion in the robotics sector, suggesting a focus on companies like UBTECH and XPeng Motors [9] - The automation potential in the U.S. labor market is significant, with existing technologies capable of automating 57% of work hours, indicating a transformative shift in workforce dynamics [9]

Core Viewpoint - The third China Overseas Intelligence Development Conference highlights the historical and ongoing contributions of overseas Chinese, particularly from Fuzhou, in fostering economic development and cultural exchange, emphasizing the transformation from "overseas Chinese entrepreneurship" to "overseas capital and intelligence supporting local development" [1][11]. Group 1: Historical Context - Fuzhou has a rich maritime history, dating back to Zheng He's voyages, which established early connections with the world [3][4]. - The migration of Fuzhou residents, often driven by adversity, has led to the establishment of overseas Chinese communities, with approximately 460 million Fuzhou people now residing in over 170 countries [5][6]. Group 2: Economic Contributions - The return of overseas Chinese has significantly impacted Fuzhou's industrial landscape, with investments leading to the establishment of key industrial zones like the Rongqiao Development Zone, which has expanded to 21.92 square kilometers and achieved an industrial output value of 100.83 billion yuan in 2024 [7][8]. - Fuzhou's economy has diversified, with the emergence of industries such as electronics, automotive parts, and optical devices, driven by overseas investments [7][8]. Group 3: New Generation of Entrepreneurs - The new generation of overseas Chinese is increasingly returning to Fuzhou with advanced technologies and international perspectives, contributing to local development and innovation [9][11]. - Initiatives like the "Overseas and Returned Personnel Development Mutual Aid Association" have been established to support returning entrepreneurs, facilitating connections with local resources and government support [10][11]. Group 4: Cultural and Educational Initiatives - Fuzhou has strengthened ties with overseas Chinese communities, establishing connections with nearly 300 overseas organizations and promoting cultural education initiatives [12]. - Programs aimed at fostering emotional and cultural ties among overseas Chinese youth have been implemented, enhancing their connection to their roots [12].

Core Viewpoint - Hainan is actively cultivating and strengthening four leading industries to create a modern industrial system with Hainan characteristics and advantages, focusing on optimizing and upgrading these industries through deep integration of technological and industrial innovation [2][4]. Group 1: Industry Development - Hainan's shopping amount during the first month of the new offshore duty-free policy in November 2025 exceeded 2.38 billion, a year-on-year increase of over 27% [2]. - The province is emerging as a regional aircraft maintenance center benefiting from "zero tariff" policies, with high-level inspections and maintenance for international airlines [6]. - The agricultural sector is seeing significant advancements, with over 2,800 enterprises in seed industry achieving an annual output value exceeding 18 billion [9]. Group 2: Tourism and Services - The tourism market is experiencing rapid growth, with inbound overnight visitors increasing by 58.7% from January to October 2025 [5]. - New tourism formats such as international medical tourism and deep-sea exploration are flourishing, contributing to the construction of an international tourism consumption center [5]. Group 3: High-tech Industry - Hainan is building a smart and green high-tech industry cluster, with significant developments in blockchain and digital trade, establishing a global digital economy ecosystem [8]. - The province's innovation investment has seen a notable increase, with R&D funding exceeding 10.9 billion in 2024, a growth of 22.1% year-on-year, outpacing the national average [14]. Group 4: Policy and Innovation - Core policies such as "zero tariffs" on raw materials and preferential tax rates are fostering a conducive environment for the four leading industries, with their added value accounting for 67.2% of the provincial GDP in the first three quarters of 2025 [10]. - Companies like Qilu Pharmaceutical have significantly increased their output value, reaching 20.36 billion, leveraging the benefits of the free trade port policies [12]. Group 5: Future Development - Hainan is focusing on nurturing new productive forces and planning for future industries in fields such as biomanufacturing and hydrogen energy, aiming to enhance high-quality development [17]. - The Wenchang International Space City is becoming a hub for aerospace enterprises, with a projected revenue of over 20 billion in 2024, indicating a robust commercial space industry [16].

Core Viewpoint - The establishment of the Digital Intelligence Alliance marks a strategic response to the accelerating global digital economy and the restructuring of the international financial system, positioning itself as a key player in building digital financial infrastructure for the future [1][14]. Group 1: Global Trends in Digital Economy - The global financial technology competition has entered a new phase, with digital currencies becoming a crucial focus for international finance [1]. - Asset tokenization is emerging as a new standard in the financial industry, ensuring data credibility, transparency, and immutability [2]. - Intelligent regulation is evolving as a key direction for global regulatory systems, emphasizing risk warning, cross-border compliance, and data traceability [3]. - These trends are collectively driving a reconstruction window for global digital financial infrastructure [4]. Group 2: Core Positioning of the Digital Intelligence Alliance - The Digital Intelligence Alliance aims to be a participant and builder of global digital asset infrastructure, focusing on four main areas: asset rights confirmation, payment settlement, on-chain governance, and inclusive finance [6][7]. - Key initiatives include the establishment of a unified, trustworthy, and verifiable digital asset custody platform, which will cover asset ownership registration, digital certificate generation, data storage, and cross-border asset recognition [8]. - The alliance will promote a traceable and auditable governance system for digital assets, achieving full data transparency, automated compliance checks, intelligent risk monitoring, and verifiable transaction paths [9]. - The construction of a cross-border payment and settlement system for the digital yuan will expand its application in international trade and supply chain finance [10][11]. - The alliance will assist in the digital upgrade of international trade and supply chain finance, focusing on the digitization of trade certificates and the on-chain confirmation of orders and receivables [12][13]. Group 3: Building International Digital Financial Standards - The Digital Intelligence Alliance will transition from a single platform to a participant in international digital financial standards, focusing on the standardization of international digital asset management rules and the formulation of cross-border usage norms for the digital yuan [6][7]. - Collaboration mechanisms with overseas nodes and international organizations will be established to support the internationalization of the renminbi [13]. Group 4: Contribution to Global Financial Order - The official launch of the Digital Intelligence Alliance represents a significant step in upgrading China's digital financial system and is a product of the new phase of the global digital economy [14]. - By constructing an open, compliant, and sustainable digital financial infrastructure, the alliance aims to provide long-term value for national strategies, international trade, and public users [14].