本报记者 易 佳 张 琪 吴昱瑶 夏温新 李 萌 编者的话：在动荡与希望交织的2025年，《环球时报》开展了第20次"中国人看世界"年度调查。自2006 年以来，这项调查不仅见证了中国民意的发展变化，更成为观察中国与世界关系变迁的一个窗口。本次 调查显示，相较于本世纪初受访者的"审慎与低调"，即将步入"十五五"时期的中国民意展现着大国自信 与客观理性。历时20年，认为"中国已是世界性强国"的民意比例翻了一番。此外，中俄关系连续17年成 为受访者最重视的周边关系，中美关系在各组双边关系中受重视程度今年回升至首位，更有94%的受访 者期待中国为推动国际秩序公正发展贡献更多力量。 20年来，认为"中国是世界性强国"的比例翻番 往年"中国人看世界"调查结果 2006年至2013年以及2025年，调查追问了"中国已具备世界性强国的哪些条件"。数据显示，2006年至 2013年，调查列举的"政治及外交影响力""经济实力""军事实力""文化影响力"选项在多数年份获选比例 未过半。而今年，4组数据均达到或超过一半，分别为63%、62%、70%和50%。当前国内民意对我国政 治、外交、军事、经济、文化实力的认可显著提升。超七成 ...

会畅通讯（300578.SZ）12月22日在投资者互动平台表示，Ollobot是公司在"智能化、国产化、全球 化"战略框架下的探索性产品，结合了音视频技术和AI交互能力。鉴于产品尚未正式发布，具体的功能 和应用将在2026年1月的CES展会上亮相。欢迎您持续关注，并期待与您分享更多的后续信息。同时， 该产品尚未对公司收入构成影响，请您注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司的Ollobot产品对比市面上其他产品有什么看点 吗，是未来公司的主要发展赛道吗？ ...

Core Insights - The founder and CEO of Pursuit Technology, Yu Hao, received the "2025 Cover Character Influence Industry Innovation Award" for his leadership in guiding the company towards high-end markets and making technological innovation accessible to the public [1][3]. Company Overview - Pursuit Technology, founded in 2017, has rapidly expanded its presence in over 120 countries and regions, including major markets like China, the United States, Germany, and France [4]. - The company has achieved a compound annual growth rate (CAGR) of over 100% for six consecutive years, establishing itself as a leading global high-end technology brand [3][4]. Strategic Focus - Yu Hao emphasizes a strategy centered on "high-end, technology, and fashion" as core competitive advantages, advocating for a long-term approach to enhance product innovation and brand recognition [3]. - The company allocates one-third of its R&D investment to existing technology iterations, one-third to innovations in existing fields, and one-third to new field innovations, with the latter two being crucial for growth [4]. Market Performance - Pursuit Technology has successfully achieved market leadership in nearly 20 countries, including Germany, France, and Singapore, demonstrating the importance of technological innovation in establishing a high-end brand [4]. - The company has over 6,000 physical stores worldwide and has served more than 30 million households globally [4]. Recent Developments - Pursuit Technology, through its partnership with ZhuYue Hongzhi Technology Development Partnership, has acquired 54.90% of JiaMei Food Packaging Co., Ltd. for approximately 2.282 billion yuan, changing the controlling shareholder to ZhuYue Hongzhi and the actual controller to Yu Hao [4][5]. - Industry experts believe that Yu Hao's leadership at JiaMei Packaging will inject vitality into technological innovation within the traditional packaging industry, pushing it towards automation and AI, and facilitating global expansion [5].

出品I下海fallsea 撰文I胡不知 2025年12月21日，港交所的一则聆讯公告，为喧嚣的AI行业投下了一枚重磅炸弹——通用人工智能公司MiniMax（稀宇科技）正式通过上市聆讯，计划不久 后挂牌上市。若进程顺利，这家成立不足四年的AI独角兽，将不仅刷新"从成立到IPO历时最短AI公司"的纪录，更将成为全球范围内"C端大模型第一股"。 这一事件的意义远超一家公司的资本化进程。在智谱AI冲刺"全球大模型第一股"的赛道上，MiniMax的加速入局，让中国大模型行业的资本化竞争进入"双 雄并跑"阶段，更清晰地勾勒出行业两条核心商业化路径的对决：一条是智谱AI代表的"B端基座模型+国产化"路径，另一条则是MiniMax践行的"C端原生应 用+全模态全球化"路径。 聆讯后资料集（PHIP）揭开了MiniMax的神秘面纱：385名员工支撑起覆盖200个国家、2.12亿个人用户的全球化产品矩阵，累计研发投入仅5亿美元（约35 亿元人民币），不足OpenAI的1%，却实现全模态模型跻身全球第一梯队；2025年前九个月营收同比增长170%，海外收入占比超70%，经调整净亏损同比近 乎持平，展现出大模型行业罕见的"高效增长、 ...

Core Viewpoint - The trade surplus of over $1 trillion in the first eleven months of 2025 reflects a significant shift in China's economic position compared to historical contexts, particularly the humiliating indemnities of the past [1][3][13] Group 1: Trade Surplus Analysis - China's trade surplus reached $1.076 trillion, a substantial figure that highlights the country's economic strength [1] - The current trade surplus is a result of market-driven choices, with a significant portion of exports consisting of electromechanical products, particularly new energy vehicles, lithium batteries, and photovoltaic products [7] - Exports to emerging markets such as ASEAN, Africa, and Latin America have seen rapid growth, with exports to Africa increasing by 26.3% [7] Group 2: Historical Context and Comparison - The indemnity amount from the Boxer Protocol was approximately 450 million taels of silver, equivalent to over $100 billion in today's purchasing power, which could be covered by a fraction of the current trade surplus [3][5] - The historical context of foreign powers using military force to extract resources contrasts sharply with the current situation where China competes in global markets based on quality and supply chain stability [5][9] Group 3: Economic Implications and Future Outlook - A large trade surplus indicates a reliance on overseas markets, which could pose risks if global economic conditions change, prompting a focus on expanding domestic demand [11] - The transition from a history of forced trade to a proactive integration into globalization signifies a shift in China's economic strategy, emphasizing high-quality development and global capacity layout [13] - The trade surplus serves as a historical benchmark, illustrating China's journey from adversity to a central position on the world stage, highlighting the importance of managing domestic affairs effectively [13]

Summary of Tencent Holdings Conference Call Company Overview - **Company**: Tencent Holdings Limited - **Stock Price**: HKD 596.50 - **Target Price**: HKD 750.00 by June 30, 2026 [4][14] Key Industry Insights - **Gaming and International Cloud**: The discussions highlighted Tencent's core advantage as a repeatable operational system rather than reliance on a single popular game or one-time customer acquisition [1][2] - **Market Size**: The shooting game market is projected to reach USD 38 billion by 2025, with mobile games accounting for over 40% of gaming expenditure [6] - **Emerging Trends**: The shift in gameplay paradigms is expected to drive new audience creation and monetization depth, particularly with the rise of "search and destroy" games, which currently represent only 10% of shooting game revenue [6][12] Core Business Strategies - **Three-Engine Model**: Tencent employs a "publisher + developer/joint developer + investor" model to structurally enhance the proportion of new gameplay innovations in its business [1][6] - **AI Integration**: AI is viewed as a structural lever for productivity and quality, with 95% of developers adopting AI tools, leading to significant cost reductions in asset production [3][7] - **International Cloud Strategy**: Tencent's selective wedge strategy focuses on winning large clients (e.g., GoTo) to accelerate penetration in SMEs, particularly in Thailand and Indonesia [2][12] Financial Performance and Projections - **Revenue Growth**: The company is expected to see sustained growth through reinvestment in efficiency rather than short-term profit margins [2][13] - **AI Impact**: AI tools have led to a 50% reduction in 2D asset production costs and an 8% decrease in character design costs, with a significant increase in prototype testing speed [3][7] Risks and Challenges - **Regulatory Risks**: Potential tightening of gaming market regulations could pose a risk to growth [15] - **Economic Conditions**: Ongoing macroeconomic slowdowns may impact revenue growth [15] - **Competition**: Increased competition in new business areas like cloud and fintech could pressure profit margins [15] Additional Insights - **Cultural Adaptation**: Tencent is actively adapting games for local markets, such as localizing for Arabic in the Middle East and compressing game sizes for India [11] - **Long-term Growth Potential**: The focus on sustainable growth through diversified product offerings and reduced dependency on hit games is emphasized [10][13] Conclusion Tencent is positioned as a company with sustainable growth potential, leveraging AI and a robust operational framework to capitalize on emerging trends in gaming and cloud services. The strategic focus on international expansion and local market adaptation further supports its long-term objectives.

Core Viewpoint - The article highlights the recognition of Yu Hao, the founder and CEO of Chasing Technology, as a leading figure in the high-end technology sector, emphasizing his commitment to global market expansion and technological innovation that benefits the public [2][4]. Group 1: Company Overview - Chasing Technology, founded in 2017, has rapidly established itself as a global high-end technology brand, offering a diverse range of products including high-end smart home appliances, smart cars, and personal care devices [5]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship for Chinese technological innovation on the global stage [4][11]. Group 2: Strategic Focus - From its inception, Chasing Technology has aimed for global market positioning, ensuring that its technology and products meet international standards [7][8]. - The company emphasizes a strategy of high-end branding, focusing on "high-end, technology, and fashion" as core competitive advantages, while adhering to a long-term vision [9][10]. Group 3: Technological Innovation - Yu Hao believes that "core technology is fundamental," and has led the company to invest significantly in research and development, ensuring sustainable technological innovation [13][14]. - Chasing Technology allocates its R&D budget into three equal parts: existing technology iteration, existing technology innovation, and new field innovation, with the latter two being crucial for growth [15]. Group 4: Market Presence and Achievements - The company has successfully penetrated nearly 20 countries, including Germany, France, and Singapore, achieving the number one market share in these regions [11]. - Chasing Technology's products are now available in over 120 countries and regions, with more than 6,000 physical stores worldwide, serving over 30 million households [17]. Group 5: Future Outlook - Yu Hao anticipates a future where global resources, Chinese R&D, local manufacturing, and worldwide consumption converge, aiming to create a high-end technology enterprise that can significantly enhance productivity [19].

12 月 19 日，《中国新闻周刊》发布 2025 封面人物，涵盖法治、科技、经济、文化、教育、体育、演 艺等多个领域。追觅科技创始人兼 CEO 俞浩凭借"领导追觅科技在全球化浪潮中坚定走向高端市场、让 技术创新真正普惠大众"的行业创新影响力荣膺"2025 封面人物影响力行业创新奖"。 从 2009 年开始，《中国新闻周刊》每年都会以一份厚重的"封面人物"，致敬推动时代前行的力量。中 国新闻周刊总编辑王晨波表示，"这些丰富、生动、真诚的面孔，构成了这个时代生生不息的影响力图 谱。记录下这些秉持'长期主义'的探索者、建设者和守护者，本身就是一项有价值的事业。" 《中国新闻周刊》评价俞浩，他是一位从清华园走出的科技探索者，怀揣"用造飞机的技术服务千家万 户"的初心，将尖端科技注入日常生活。他领导企业在全球化浪潮中坚定走向高端市场，短短七年将中 国智造带向百余个国家和地区。他坚持以用户为中心，让技术创新真正普惠大众。他带领下的追觅科技 不仅实现连续六年年复合增长率超 100%，更成为中国科技创新走向世界的一面旗帜。 过去几年，中国企业发展在全球化与科技创新中呈现出独特的发展态势。一方面，人工智能技术在智能 制造、科 ...

| 市场数据： | 2025 | 年 | 12 月 | 18 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 22.06 | | | 一年内最高/最低（元） | | | | 27.52/20.6 | | | 市净率 | | | | 2.2 | | | 股息率（分红/股价） | | | | 2.80 | | | 流通 A 股市值（百万元） | | | | 136,976 | | | 上证指数/深证成指 | | | | 3,876/13,054 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 19 日 泛越野+生态出海，新品周期驰而不息 汽车 ——长城汽车(601633.SH)首次覆盖 报告原因： | 基础数据： | | | 日 | 月 | | 2025 | 年 | 09 | 30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资 ...

Gold - Gold prices have shown a significant increase this year, with a cumulative rise of over 60%, driven by economic expansion, risk and uncertainty, opportunity cost, and trend momentum [1] - The potential for a mid-term peak in gold prices is suggested due to structural completion, with a notable resistance level at $4,350 [1] - The recognition of gold's diversification and risk-hedging functions by global investors and policymakers has increased, highlighting its necessity in asset allocation [1] Oil - Oil prices have experienced a slight rebound, but the momentum is weakening, indicating a continuation of the previous downtrend [2] - The oversupply of international crude oil is a significant factor that could lead to further price declines, especially with potential easing of sanctions on Russia [2] - A technical analysis suggests a possible head and shoulders pattern forming, with a resistance level at $56.30 [2] US Dollar Index - The US Dollar Index shows signs of a short-term rebound, but this is likely temporary, with a downward trend expected due to interest rate cuts [3] - Recent CPI data indicates a drop to 2.7%, below market expectations, which may facilitate further rate cuts by the Federal Reserve [3] - The potential for more rate cuts in 2026 may exceed market expectations, as indicated by a Federal Reserve official [3] Nikkei 225 - The Nikkei 225 index shows a small bullish candle with a long lower shadow, suggesting that the adjustment phase may be complete [5] - A trend reversal is indicated in the hourly cycle, with prices re-entering a dense trading area, suggesting potential short-term upward movement [5] Copper - Copper prices have shown a medium bearish trend, but the price level has not significantly declined [6] - A potential continuation pattern is forming in the 4-hour cycle, indicating the likelihood of new highs, with a support level at $5.35 [6] Economic Events - The Bank of England has lowered its benchmark interest rate by 25 basis points to 3.75%, marking the fourth rate cut since 2025 [7] - The European Central Bank has maintained its deposit rate at 2.00% and its main refinancing rate at 2.15% [7] - The US CPI for November has decreased from 3.1% to 2.7%, indicating a significant shift in inflation trends [7]