Core Insights - In 2025, China's commercial vehicle industry is expected to complete a critical phase of accumulation driven by policies, technology, and market forces, with a clear transition to a new cycle of value competition in 2026 [1] - The industry will focus on three key themes: "stability domestically and expansion internationally," "acceleration of electrification and intelligence," and "value deepening and ecological collaboration" [1] Group 1: Overall Market "Stability and Expansion" - In the first 11 months of 2025, China's commercial vehicle sales reached 3.87 million units, with an estimated total of 4.25 million units for the year, indicating a stable market expected to maintain similar sales levels in 2026 [2] - The domestic market is characterized by stability, with a consensus that sales will remain around 4.25 million units, supported by the replacement of old vehicles and major investment projects [2] - The heavy truck market is projected to have a capacity of approximately 800,000 units, while the light truck market is expected to be between 700,000 and 740,000 units, with significant growth in new energy penetration rates [2] - The overseas market is anticipated to be a core growth engine, with exports expected to reach 400,000 units in 2026, representing a nearly 19% year-on-year increase [2] Group 2: Acceleration of New Energy and Intelligence - The new energy commercial vehicle sector is entering a high penetration phase, with expectations that the penetration rate will exceed 30% in 2026, potentially matching that of traditional fuel vehicles [3] - In the first 11 months of 2025, domestic new energy commercial vehicle sales reached 750,000 units, a year-on-year increase of 62.4%, with a penetration rate of 25.7% [3] - The growth of new energy vehicles is supported by improved lifecycle cost advantages and advancements in technology, such as fast charging and battery systems [3][4] - The market is witnessing differentiated growth across segments, with light trucks exceeding a 40% penetration rate and new energy heavy trucks expanding into long-distance logistics [4] - Intelligent technology is becoming a key competitive differentiator, with predictions that advanced driver assistance systems will progress towards L3/L4 levels in the next three to five years [5] Group 3: Value Deepening and Ecological Collaboration - The trends of increasing new energy penetration and the practical application of intelligent technology are reshaping the industry landscape, shifting the focus from scale expansion to value deepening [7] - Companies are transitioning from being "single product suppliers" to full value chain solution providers, emphasizing ecological collaboration and compliance as core competitive advantages [7] - To achieve high-quality development, companies need to innovate in new energy and intelligent technologies, enhance lifecycle services, and optimize organizational structures and marketing models [7]

Core Viewpoint - The "2025 Securities Market Annual Conference" emphasized the importance of reform and innovation in the capital market, highlighting the role of technology in reshaping industry dynamics and driving high-quality development [1] Group 1: Technology Innovation - Technology innovation is now a "mandatory course" for companies, essential for survival and long-term development [2] - Dazhi Technology has shifted focus to the internet sector, enhancing data center operations through hardware, software, and ecological innovations, achieving a 40% reduction in labor costs and a 70% decrease in failure rates [2] - Ice Wheel Environment has established a research institute to focus on original innovations in temperature and pressure control, achieving breakthroughs in energy utilization aligned with carbon neutrality goals [3] - Huazi Industrial has transitioned from traditional to biotechnology, successfully launching projects in resistant dextrin and functional foods, and aims to build a deep processing platform for grains [3] Group 2: Ecological Collaboration - Companies are increasingly recognizing the need for collaborative ecosystems within the industry chain, moving away from isolated innovation [4] - Dazhi Technology integrates various computing resources to support sectors like telemedicine and autonomous driving, emphasizing the importance of an "AI+" ecosystem [4] - Saima Technology focuses on the automotive industry, leveraging AI to enhance its role in the automotive ecosystem, serving a wide range of clients from manufacturers to emerging enterprises [5] Group 3: AI Empowerment - Ice Wheel Environment is advancing its operations through an AI-driven digital platform, which is expected to redefine production relationships and value creation [7] - AI is seen as a catalyst for shortening product cycles and enhancing human creativity, leading to structural changes in investment markets [7] - Dazhi Technology plans to expand into Southeast Asian markets, aiming to leverage digital economic growth and validate its business model through international operations [8] - Huazi Industrial is also pursuing international expansion, utilizing AI to build platforms for raw materials, processing, and marketing, aligning with global consumer health trends [8]

Core Insights - SenseTime is actively enhancing its AI product offerings, including various intelligent agents tailored for different scenarios such as short drama creation and e-commerce marketing [2] - The company emphasizes user value by integrating AI into real-world applications, driving innovation through original technological advancements, and building a domestic AI ecosystem centered around its self-developed models [2] - SenseTime is positioning itself as a "connector" and "catalyst" within the domestic AI industry, facilitating a shift from passive technology adaptation to proactive ecosystem collaboration [2] Group 1: Product Development and Innovation - SenseTime has launched several intelligent agents, including "Seko" for short drama creation and "Xiao Huan Xiong" for office scenarios, showcasing its commitment to real-world applications [2] - The company has achieved comprehensive adaptation with all domestic chip manufacturers, including major players like Huawei and Cambricon, enhancing its product capabilities [3] - The release of the Seko 2.0 model marks a significant advancement in multi-modal AI capabilities, demonstrating the integration of domestic AI chips into core applications [4] Group 2: Ecosystem and Collaboration - SenseTime has established a comprehensive adaptation system with domestic chip manufacturers, covering all layers from models to infrastructure, which enhances collaboration and innovation [4][5] - The partnership with Moer Technology exemplifies a closed-loop cooperation mechanism that optimizes demand and supply in AI computing, improving market competitiveness [5] - The collaboration with multiple domestic AI chip companies aims to overcome critical technological challenges, ensuring a self-controlled AI computing environment in China [6] Group 3: Strategic Positioning and Market Impact - SenseTime's strategy of deep collaboration with domestic chip manufacturers creates an "ecological moat," positioning the company as a key organizer and connector within the domestic AI ecosystem [6] - By providing a fully domestic solution, SenseTime addresses the highest data security and supply chain safety requirements for critical sectors like finance and government [6] - The company's approach to running demanding AI models on domestic chips serves as a rigorous test for these chips, fostering their growth and accelerating the maturity of the domestic AI computing foundation [7]

出品I下海fallsea 胡不知 2025年12月23日，一则跨国收购消息震动全球汽车产业：三星电子通过子公司哈曼国际宣布，以15亿欧元（约合124亿元人民币）收购德国采埃孚集团的高 级驾驶辅助系统（ADAS）业务。这是三星自2017年以80亿美元收购哈曼以来，八年间在汽车电子领域最大规模的战略动作，也是全球汽车产业向"软件定 义汽车"转型背景下，科技巨头与传统零部件商博弈的标志性事件。 在德国汽车供应商板块集体陷入财务困境、全球ADAS市场年增速超12%的矛盾图景中，这场收购绝非简单的资产交割。对三星而言，这是其"不造车"战略 的终极升级，试图通过整合"芯片+座舱+ADAS"能力，掌控智能汽车的核心话语权；对采埃孚来说，这是重压之下的战略收缩，以剥离非核心业务换取生存 空间；而对整个行业而言，这标志着科技巨头与传统Tier1的边界彻底模糊，全球汽车电子产业的竞争规则正在被重写。 当三星的消费电子生态与采埃孚的工业级汽车技术完成嫁接，当韩国企业的高效整合能力遭遇德国工程文化的严谨传承，这场价值15亿欧元的豪赌，究竟会 开启汽车智能化的新篇章，还是沦为巨头跨界的又一败笔？背后折射出的，正是全球汽车产业变革期的集 ...

Core Insights - The global low-interest-rate environment is pushing the asset management industry towards an "ecological win-win" model, moving away from isolated strategies [1][3] - The discussion highlights the importance of diversified asset allocation strategies to enhance returns while managing risks in a low-yield context [3][9] Group 1: Investment Strategies - ICBC-AXA is actively exploring new investment avenues such as public REITs, convertible bonds, and preferred stocks to enhance returns [1] - The company emphasizes a pyramid asset allocation strategy, with a focus on long-term bonds as the foundation, high-grade credit bonds in the middle, and equities at the top [3][7] - Huatai-PineBridge is increasing its focus on fixed income plus strategies and exploring other asset values to meet client needs in a low-interest environment [1][2] Group 2: Market Outlook for 2026 - The stock-bond relationship is expected to continue, with potential tactical opportunities arising from a recovery in interest rates [2][6] - The macroeconomic outlook for 2026 suggests a controlled risk of recession, with expectations of a gradual recovery and stable nominal GDP growth [6] - The focus will be on the PPI trend, which is anticipated to drive corporate profit recovery [6] Group 3: Collaborative Ecosystem - The asset management ecosystem is characterized by collaboration among insurance companies, public funds, and brokerages, each bringing unique strengths [9][10] - Insurance institutions focus on strategic asset allocation, while public funds excel in tactical asset allocation and security selection [9] - Brokerages provide comprehensive research support and distribution channels, enhancing the overall investment ecosystem [10][11] Group 4: Risk Management and Client Needs - The emphasis on understanding client needs is crucial, with a focus on risk control and aligning investment strategies with client objectives [4][8] - The collaboration between insurance funds and public funds is aimed at creating value through long-term capital provision and quality asset solutions [10] - Brokerages play a vital role in customizing services for different investors, particularly in asset allocation and risk assessment [11]

当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治波动、跨国合规挑战、海外配套资源匮乏，成为中国制造走 向世界必须跨越的关隘。 作为中国高端制造先行区，位于上海市浦东金桥（600639）的产业集群正以"边缘创新"破局——从早期单一产品试探出海，转向构建生态化、网络化的协 同体系，探索一条系统性、高韧性的全球化新路径。 21世纪经济报道记者邓浩 上海报道 这种实践展现了一种具有国际示范意义的转型智慧。它不仅代表了中国制造从"产品输出"向"系统能力输出"的跃升，更在更深层次上揭示了一条新兴经济 体产业升级的可行路径——通过制度开放和生态协同，将地缘政治挑战转化为系统性竞争力，为全球产业链的韧性与创新注入了"中国方案"。 某种程度而言，这种从"边缘创新"到"网络构建"的进阶，恰恰回应了当前全球制造业共同面临的可持续与安全平衡难题，也为新兴市场如何在高标准国际 规则下实现产业突围提供了宝贵参照。 浦东的探索，正悄然塑造着中国与世界对话的新语系。 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面，海外市场相对的高毛利，共同推动有技术和产品优势的高端制造 ...

与会嘉宾围绕人工智能创新融合及出海机遇、挑战与合作方向进行圆桌讨论。 大模型出海，是成为赋能世界的"技术基建"，还是深耕场景的垂直应用？不同阶段的企业该如何选择自 己的"航海图"？12月19日，在珠海举行的AI大模型出海交流会上，"政产学研"等各方代表普遍认为，出 海已进入"生态协同"新阶段，唯有紧扣安全底线、融入本地生态，中国AI才能真正扎根世界。 此次交流会由粤港澳大湾区生成式人工智能安全发展联合实验室指导，中山大学软件工程学院、中国计 算机学会珠海会员活动中心、中国计算机学会澳门会员活动中心、珠海市网络空间安全协会主办，广东 省网络数据安全与个人信息保护协会、南方都市报社等单位支持。 澳门科技大学助理教授张雨末则建议，政府应出台税收优惠政策，推动行业标准化建设。行业协会可通 过国际展会搭建对接桥梁，珠海航展的成功经验已证明此类平台的价值。高校需聚焦人才培养与尖端技 术攻关，与企业共建实习基地，实现产学研深度融合。中国电信珠海分公司副总经理何剑提到其珠西科 学城人工智能创新中心、粤港澳大湾区国产算力适配中心，正面向高校开放算力支持，期待与北师大、 北理工等高校的科研团队携手，夯实AI出海的技术根基。 AI ...

由北京市通州区人民政府指导，《财经》杂志、财经网、《财经智库》主办的"《财经》年会2026：预 测与战略·年度对话暨2025全球财富管理论坛"于12月18日至20日在北京举行，主题为"变局中的中国定 力"。 12月20日，在以"数智转型赋能财富管理新生态"为主题的圆桌论坛环节中，国家金融与发展实验室副主 任杨涛表示，在新阶段，财富管理有必增强普惠金融的重要价值定位，且需要建设协同发展的行业良性 生态。 国家金融与发展实验室副主任杨涛 杨涛表示，过去的财富管理更多集中于中高净值客户，现阶段财富管理工作应该更加聚焦于普惠层面， 为中低收入和长尾人群提供有效的财富管理手段。通过支持居民跟小微企业主、个体工商户的理财与财 富管理，能够有效体现金融工作的人民性。具体而言，在居民可支配收入中居民财产性收入近年来增长 乏力，激发财富管理的力量能够有效提高居民财产性收入，进而实现"增加消费、扩大内需"内循环体系 的良性自洽。 除普惠性之外，杨涛还建议财富管理行业建立生态协同机制，从"单打独斗"向"合作共赢"转变。他认 为，这能够帮助行业满足客户的差异化需求，为其提供全生命周期和多元化服务。 杨涛还阐述了技术发展对财富管理行业 ...

未来五年中国硬科技产业如何从"单点突破"迈向"生态协同"，并构建可持续的商业闭环。 18日，在2025第一财经资本年会上，来自机器人、芯片、EDA软件及新材料领域的五家代表性企业——云迹科技、上海开普勒机器人、沐曦股份、合见工 软与纳琳威纳米科技的高管齐聚一堂，共同探讨了未来五年中国硬科技产业如何从"单点突破"迈向"生态协同"，并构建可持续的商业闭环。 终端应用是技术价值的最终体现，机器人也是当下的热门行业。云迹科技副总裁谢云鹏分享了一组亮眼数据：公司的服务机器人已落地近4万家企业客户， 包括酒店、工厂、商超、医院等多元场景，2024全年服务次数超5亿次。他表示，目前生产制造环节已不是服务型机器人最大的挑战，而是如何在产品上叠 加大模型的通用的能力实现进一步的智能化。 谢云鹏强调，未来机器人不仅是B端降本增效的工具，更要泛在化地融入日常生活。为此，云迹正探索开放的移动平台生态，邀请合作伙伴共创上层应用。 他呼吁上游伙伴与终端厂商"双向奔赴"，共同面向未来场景研发，而非固守现有产品。 作为算力基石，芯片的国产化进程一直备受关注。刚刚在科创板上市的沐曦股份作为耐心资本孵化出的成功案例在会场上频频被"cue"，但在 ...

曾刚指出，相较于去年，角逐激烈的前10名中，苏州、宁波因其科技成果转化能力强均上升1位；相较 之下，武汉、合肥虽科创实力显著，但转化能力欠佳后退1位；贵阳、扬州、宜春均因在数字经济、历 史文化传承领域的优异表现分别上升2位、7位、10位；低空经济发展全国领先的绍兴又因历史文化传承 加持上升7位；湖州、绵阳、宣城均因在城际合作领域的优异表现分别上升6位、7位、10位。 据悉，该指数今年已是第11次对外发布。从指数研究报告看，在长江经济带各城市的协同发展能力中， 上海以74.95分位居第一，连续11年位居榜首，龙头作用显著。值得关注的是，今年，指数研制团队 将"历史文化街区保护数"纳入2025年评价指标体系，进一步突出长江经济带城市在高质量发展中文化传 承与创新融合的重要性。 发布会上，指数研制首席专家、教育部人文社科重点研究基地·中国现代城市研究中心主任、华东师范 大学城市发展研究院院长曾刚指出，该指数构建了包括经济发展、科技创新、交流服务、生态支撑等四 大领域，综合GDP水平等18个具体指标的长江经济带城市协同发展能力指数评价指标体系，对标全球城 市最高标准、最好水平设定目标值与阈值，对长江经济带110座城市 ...