Group 1: Fund Market Overview - Financial and real estate themed funds performed well, while TMT themed funds saw a net value decline [5] - A total of 40 new funds were established in the domestic market, with a combined issuance of 18.321 billion units [5] - Stock ETFs experienced significant inflows, particularly in large-cap broad-based ETFs, Hong Kong stock ETFs, and TMT themed ETFs [5] Group 2: Real Estate Market Insights - From January to November 2025, the transaction area of residential land in 100 cities decreased by 15.1% year-on-year, totaling 221 million square meters [5] - The average transaction floor price increased by 9.4% year-on-year to 6,295 yuan per square meter, with first-tier cities seeing a 29.5% increase [5] Group 3: Steel Industry Analysis - The price gap between hot-rolled and rebar steel is at its lowest level in six years [6] - High furnace capacity utilization rates have been below last year's levels for three consecutive weeks [6] - The price of tungsten concentrate reached a new high since 2012, while the capacity utilization rate for electrolytic aluminum hit a historical high [6] Group 4: Oil and Gas Sector Performance - China National Offshore Oil Corporation (CNOOC) received an "AA" rating in ESG, ranking 10th among 527 companies in the petrochemical sector [7] - The company has improved its board independence and risk management, actively addressing climate change and implementing carbon reduction measures [7] Group 5: Public Utilities Sector Update - In November, electricity generation increased by 2.7% year-on-year, with marginal improvements in the growth rates of nuclear, photovoltaic, and wind power [8] - The SW public utilities sector index fell by 0.59%, ranking 25th among 31 SW primary sectors [8] Group 6: Pharmaceutical and AI Integration - Ant Group rebranded its AI health application to "Ant Ai Fu," which saw a surge in downloads shortly after launch [8] - The product iteration transforms low-frequency medical visits into high-frequency health management, creating a digital closed loop from consultation to insurance claims [8] Group 7: Automotive Industry Developments - Botai Carlink, established in 2009, went public in September 2025, ranking third in China's passenger car intelligent cockpit domain control suppliers with a market share of 7.3% [8] - In the first five months of 2025, the company ranked second in the new energy passenger car cockpit domain control market with a market share of 13.11% [8]

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 博泰车联是中国智能座舱解决方案的领先供应商 公司成立于2009年，前身为上海博泰悦臻电子设备制造有限公司，于2025年9月在香港联交所主板上市 （股票代码：2889）。2024年按出货量计，公司居中国乘用车智能座舱域控供应商第三（市占7.3%）； 2025年1-5月按出货量计，居中国新能源乘用车座舱域控市场第二（市占13.11%）。公司是国内少数可规 模化交付高通8155/8295、提供麒麟9610A+鸿蒙方案的资深全栈方案商，业务覆盖全国29家主流OEM客 户，包括一汽、东风、上汽等国内头部车企及保时捷等国际品牌，核心产品域控制器已服务长安阿维塔、 东风岚图等头部客户。公司2024年营收25.57亿元，其中智能座舱解决方案、网联服务收入占比分别为 95 ...

2025年12月18日，由中国音像与数字出版协会游戏出版工作委员会主办，北京伽马新媒文化传播有限公 司、数数信息科技(上海)有限公司承办的中国游戏产业年会产业发展论坛在上海如期召开。 论坛以"洞察·责任·增长"为主题，邀请多位重量级嘉宾开展主题演讲，并发布《女性向游戏调研报告》 《2025中国游戏产业未成年人保护报告》《2026中国游戏产业趋势及潜力分析报告》。 会上，各位嘉宾发布的主题演讲如下： 中国音像与数字出版协会副秘书长、游戏工委秘书长 唐贾军先生致辞并发布了两份报告。 首先是《女性向游戏调研报告》，唐贾军先生指出，女性向游戏是"专门针对女性玩家群体研发制作的 游戏"，并围绕报告所关注的四个核心问题展开阐述。在价值彰显方面，女性向游戏具备经济、文化与 社会价值，不仅成为了近年来游戏产业增长最快的赛道之一，也推动IP生态与谷子经济进一步增长，同 时通过融合与联动等方式实现文化的转化、发展与传播，并在情感支持、观念变迁、文化创新等方面持 续推动价值升维。在价值产生方面，女性向游戏制作团队展现出的创作理念是以提供情感体验为核心， 以商业可持续性为基础，以技术创新为支点，以社会责任为深层价值导向；在角色塑造上 ...

广州汽车集团股份有限公司（下称"本公司"或"公司"）第七届董事会第16次会议于2025年12月19日(星 期五)上午9:00在广州市番禺区金山大道东668号广汽集团番禺总部T2五楼会议室召开，本次会议应出席 董事10人，现场出席董事6人，肖胜方董事、周开荃董事、王亦伟董事、洪素丽董事以通讯方式参加本 次会议。本次会议由冯兴亚董事长主持，会议的召集、召开符合《中华人民共和国公司法》和《广州汽 车集团股份有限公司章程》的规定。 本次会议听取了《关于广汽集团2025年经营计划预计完成情况的报告》等报告事项，审议并通过了《关 于广汽集团2026年经营计划的议案》。2026年作为"十五五"开局之年，公司将聚焦"稳合资、强自主、 拓生态"三大重点，打好"用户需求、产品价值、服务体验"三大战役，重点推动改革攻坚举措加速落 地、聚焦主干车型实现产品突围、增强品牌引领加速营销变革、锻造技术长板实现弯道超车、深耕海外 打造第二增长曲线、深化生态赋能促进板块协同、实施精益管理改善经营质效、创新AI驱动建设数智 广汽、开展人才为本激发团队活力、坚持党建领航厚植发展根基等十大攻坚行动，确保"十五五"顺利开 局，开创高质量发展新局面。 ...

在实际应用中，介入放射学导航系统被广泛用于肿瘤消融、穿刺活检、血管介入、神经介入、经皮引流以及复杂解剖区域的 微创治疗。例如在肝脏肿瘤消融中，医生可在三维导航界面上规划最佳进针路径，避开血管与重要结构，同时系统实时校正 针尖位置，提高穿刺准确率，减少反复进针。在血管类介入操作中，导航系统能够显示导丝在弯曲血管中的方位，使复杂的 血管入路更加简化，减少对造影剂和透视的依赖，从而降低辐射暴露。在硬膜外腔穿刺、肺小结节活检或深部骨盆病灶穿刺 中，导航系统同样能够有效补偿呼吸运动、体位变化等因素带来的误差。 发展前景 总体而言，介入放射学导航系统通过高精度影像、空间追踪和智能算法的结合，为微创治疗提供精准路径和实时定位，使介 入手术更加安全、高效和可控。它不仅优化了临床流程，也推动了介入医学向精细化、智能化方向发展，成为现代微创治疗 体系中不可或缺的核心技术。 随着人工智能、机器人技术和多模态融合影像的发展，介入放射学导航系统正向更高精度、更智能和更自动化的方向演进。 AI 算法可用于预测最佳穿刺轨迹、识别关键结构并实时调整导航数据，提高系统对动态组织的适应性。机器人臂结合导航系 统可执行稳定而精确的针路控制，进一步 ...

南方财经21世纪经济报道记者李莹亮实习生黄淼 在竞争激烈的东南亚电商市场，长期存在"烧钱"换增长的发展模式。2024年7月，东南亚电商平台 Lazada首次实现单月盈利，标志着其完成关键蜕变，这不仅是企业自身的里程碑，更折射出东南亚电商 竞争逻辑的整体演进。 2012年，Lazada在新加坡诞生。彼时东南亚电商市场仍是一片蓝海，线上购物仅占零售总额1%。初期 Lazada采用自营模式销售库存商品，逐步拓展至东南亚六国，上线仅三年商品交易总额(GMV)便超10亿 美元。2016年，Lazada正式加入阿里大家庭，成为阿里电商全球化战略的重要一环。阿里体系的全面赋 能，系统性导入了成熟的"AI驱动"战略、电商运营方法论及庞大供应链网络，使Lazada迅速成为东南亚 最早广泛落地人工智能的电商平台之一，快速完成向现代化数字商业平台的跨越。 Lazada的发展历程，验证了在陷入低价竞争循环的新兴市场中，通过清晰的战略聚焦与深刻的生态协 同，能够实现高质量、可持续增长。未来，谁能更精准定义消费者价值、以更高效率实现交付，将有望 主导下一个竞争阶段。在中国跨境电商入局后的东南亚市场，一场从"流量战争"迈向"价值竞争"的深 ...

Investment Rating - The industry investment rating is "Overweight" [5][11] Core Insights - The report emphasizes the value of leading companies in the home appliance sector, highlighting the importance of continuous innovation in smart terminals [1] - The central economic work conference has set the tone for 2026 economic work, focusing on domestic demand and optimizing policies for large-scale equipment updates and consumer goods replacement [1] - The report suggests that if subsidy policies continue into next year, it will help stabilize the domestic home appliance market and ensure the performance stability of leading companies [1] Summary by Sections White Goods - Online sales data for November shows significant declines: refrigerators, air conditioners, and washing machines saw sales drop by 23.17%, 26.13%, and 6.17% respectively, with volumes down by 28.31%, 26.24%, and 13.65% [2] - Offline sales experienced even steeper declines, with refrigerators, air conditioners, and washing machines down by 49.18%, 51.76%, and 40.4% in sales [2] - The report indicates that the pessimistic sales expectations are already reflected in the market, and the industry is moving past the peak of base pressure [2] - A coalition of major air conditioning companies has initiated a self-regulation agreement to replace copper with aluminum, which may help reduce costs and improve product quality [2] - Despite current weak demand, the report anticipates a gradual reduction in domestic sales pressure due to high base effects and subsidy tapering [2] Black Goods - November data shows a decline in online sales for televisions, with sales down by 27.01% and volumes down by 37.52% [3] - The report notes that the trend of structural upgrades in black goods continues, with MiniLED technology driving up average prices and margins [3] - The upcoming World Cup is expected to catalyze sales, as leading companies focus on high-end channels [3] Consumer Technology - The report highlights the impact of subsidy reductions and high base effects on the market for cleaning appliances, with a notable decline in sales for robotic vacuum cleaners [4] - The report suggests that the industry is experiencing a concentration of domestic brands, driven by AI innovations and cost reductions in the supply chain [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier and Midea, due to their strong market positions and benefits from ongoing transformations [8] - It also suggests selecting consumer technology stocks, including Anker Innovations and Roborock, as well as opportunities in the 3D printing industry [8] - For overseas expansion, TCL Electronics is highlighted as a company with good growth potential [8]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 最近每天都有蓝筹股异动！ 华虹大跌 12月12日早间，港股华虹半导体和A股华虹公司股价双双大幅杀跌，引发市场关注。而华虹麦银六一购A更是 一度大跌超46%，中芯信证五乙购A亦一度大跌超44%。 消息面上，据恒生指数官网，恒生港股通软件及半导体（可投资）指数将改名为恒生港股通软件主题指数，成 份股数目固定为40只，加入阅文集团(00772.HK)、趣致集团(00917.HK)、美图(01357.HK)、汇量科技 (01860.HK)4股份，同时剔除ASMPT(00522.HK)、中芯国际(00981.HK)、华虹半导体(01347.HK)、英诺赛 科(02577.HK)4只股票，于2025年12月16日（星期二）生效。 另外，有外资研究机构亦认为，H200的消息可能会影响华虹半导体的做多逻辑，海外投资者可能会重新评估 芯片制造商的竞争力和优势。华虹半导体昨天跌幅就达4.8%，中芯国际昨日收盘亦跌2.26%。 国产替代的趋势并未变 值得注意的是，国产替代的方向可能并未发生变化。 从中国中冶开始，到中兴通讯，再到今天的华虹半 ...

最近每天都有蓝筹股异动！ 从中国中冶开始，到中兴通讯，再到今天的华虹半导体，每天都有一只蓝筹股出现较大抛压。今天，港 股华虹半导体一度大跌5.9%，其认购证一度大跌超46%。在A股上市的华虹公司亦明显受压，跌幅一度 超8%，随后有所反弹。 那么，究竟是何缘故？分析人士认为，可能与恒生港股通软件及半导体指数将更名并剔除中芯国际、华 虹半导体、英诺赛科等4股有关。值得注意的是，据此前不久，多位分析师给出的目标价平均值，华虹 公司平均一年目标股价已上调至每股113.93元。这较2025年11月14日发布的先前预测值95.72元/股上调 了19.03%。 华虹大跌 12月12日早间，港股华虹半导体和A股华虹公司股价双双大幅杀跌，引发市场关注。而华虹麦银六一购 A更是一度大跌超46%，中芯信证五乙购A亦一度大跌超44%。 消息面上，据恒生指数官网，恒生港股通软件及半导体（可投资）指数将改名为恒生港股通软件主题指 数，成份股数目固定为40只，加入阅文集团(00772.HK)、趣致集团(00917.HK)、美图(01357.HK)、汇量 科技(01860.HK)4股份，同时剔除ASMPT(00522.HK)、中芯国际(00 ...

Core Insights - The article discusses the challenges faced by manufacturing companies in leveraging short video marketing for customer acquisition, highlighting a "triple dilemma" that includes difficulties in retaining inquiries, converting leads into sales, and replicating successful strategies across different product lines [1][2][3][4]. Group 1: Challenges in Short Video Marketing - Manufacturing marketing logic differs significantly from consumer goods, characterized by a long decision-making chain, high customer prices, and strong professionalism, making typical entertainment or generic content ineffective [1]. - Many manufacturing companies struggle to convert online inquiries into actual sales due to a lack of professional sales empowerment and trust-building mechanisms, leading to high lead loss rates [2]. - Even when some companies achieve good conversion rates, they often rely on individual talents or accidental viral content, failing to establish standardized content production and conversion processes, resulting in unsustainable growth [3][4]. Group 2: Key Solutions for Improvement - The first key to breaking through is AI-driven strategies that ensure precise targeting of decision-makers, moving away from the traditional "shoot and post" model to a focus on accurate positioning and content strategy [5]. - The second key involves providing comprehensive services that go beyond content creation, including designing professional lead magnets, establishing efficient lead management systems, and offering sales team training to support every stage of the customer journey from interest to purchase [6][8]. - The third key is the implementation of standardized models that allow for scalable growth, requiring service providers to offer methodologies and standard operating procedures (SOPs) that empower internal marketing teams and enhance market coverage [9]. Group 3: Future Outlook - The future of manufacturing marketing will be a battleground for technology and deep industry integration, with service providers that can transform short videos from a cost center into a measurable, optimizable, and replicable growth engine being essential for the digital transformation of the manufacturing sector [11][13].