深陷舆论漩涡的小米集团，最近登上了《人民日报》，而且还是头版。 12月1日，《人民日报》以"小米集团坚持创新驱动——科技生根 智造升级"为题，报道了小米集团，其 中不乏溢美之词。 对于一家民营企业来说，登上《人民日报》实属不易，而头版更是罕见，但小米集团做到了。 一见财经注意到，这是徐洁云接任小米集团公关部总经理一职后，小米在官媒传播方面的又一重大动 作。此前的11月28日，《北京日报》专访了小米集团董事长雷军。 在最近发布的"十五五"规划建议中，"科技自立自强"作为战略，被推至新的高度，成为"十五五"经济社 会发展的七个主要目标之一。 显然，小米集团也希望和很多科技企业一样，成为国内企业"科技自立自强"的典范。 毕竟，该报道是近一段时间小米在遭遇大规模舆论抨击后，少有的、规格如此高的媒体的肯定性报道。 一见财经注意到，该报道重点聚焦小米在科技创新方面的成就，比如玄戒O1以及小米在底层技术，芯 片、人工智能和操作系统领域的技术创新。 更重要的是，雷军在报道中宣布了一项重磅消息：小米未来5年研发投入预计超2000亿元。 这些年，小米长期被"组装厂"、"没啥技术"、"只会营销"的标签所困扰。 雷军在9月25日晚上 ...

Core Viewpoint - The article highlights the significant contributions of the University of Science and Technology of China (USTC) to China's technological advancement and its impact on the capital market through its alumni and their companies [3][4][9]. Group 1: Historical Context and Development - USTC was established in 1958 to meet the urgent need for advanced scientific talent in China, particularly for the "Two Bombs, One Satellite" project, attracting renowned scientists to educate students [3]. - The university has received continuous support from Anhui province, which has been crucial for its development and the promotion of high-level education and technology transfer [3][4]. Group 2: Alumni and Market Impact - USTC alumni have founded 31 publicly listed companies, with over half listed on the Sci-Tech Innovation Board, contributing significantly to the regional market [4][9]. - The average market capitalization of these companies, excluding Cambrian, is 29.5 billion yuan, with seven USTC-affiliated companies in Anhui contributing over 7.6% to the regional market capitalization [4]. Group 3: Technological Innovation and Entrepreneurship - USTC alumni are characterized by their strong technical backgrounds, often transitioning from research to entrepreneurship, exemplified by companies like iFlytek and Cambrian [4][5]. - The article emphasizes the importance of technology-driven innovation among USTC entrepreneurs, who focus on transforming scientific achievements into practical applications [4][9]. Group 4: Recent Developments and Initiatives - The "Empowerment Reform" initiated by USTC has significantly accelerated the commercialization of scientific research, resulting in a threefold increase in successful technology transfers compared to the previous five years [11][12]. - The establishment of USTC Silicon Valley aims to create a global network for innovation and entrepreneurship, facilitating the transformation of research into marketable products [14][16]. Group 5: Educational and Institutional Innovations - The USTC Business School was established to bridge the gap between technology and industry, focusing on cultivating talents who understand both technological and managerial aspects [17]. - The school aims to create a new generation of professionals who can effectively integrate technology with market needs, enhancing the university's role in societal innovation [17].

点 击 蓝 字 关 注 我 们 本文全文共 1479 字，阅读全文约需 5 分钟 《"十五五"规划建议》发布 经济发展目标：到2035年人均GDP达到中等发达国家水平 "十五五"规划提出坚持以经济建设为中心，强调"经济增速保持在合理区间"，并锚定2035年远景目标。为 实现2035年人均GDP达到中等发达国家水平，意味着当前和未来一段时期我国经济增长需要保持适当速度。 10月24日，党的二十届四中全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》，28日《建议》正式发布，明确把"建设现代化产业体系，巩固壮大实体经济根基"摆在战略任务的第 一条。 | "十五五"规划(2026-2030年) | 主题主线:坚持以经济建设为中心,以推动高质量发展为主题 | | | | --- | --- | --- | --- | | 历史方位 | 经济社会发展主要目标 | 战略任务 | | | "十五五"时期是基本实现社会主义 | 1高质量发展取得显著成效 | 建设现代化产业体系,巩固壮大 | 加快高水平科技自立自强,引领 | | 现代化夯实基础、全面发力的关键时 | 2科技自立自强水平大幅提高 | 实 ...

在风格配置方面，预计"成长"可能跑赢"价值"，"周期"有望跑赢"防御"，大小盘会在明年维持一个相对 均衡的态势。战术上看好受益于中国创新火花、充足的市场流动性以及PPI跌幅收窄的行业。具体到投 资主题上，2026年建议关注科技自立自强；在"反内卷"的持续推进下优选板块；中国企业出海与全球竞 争力，以及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。 人民财讯12月4日电，瑞银证券中国股票策略分析师孟磊表示，日前A股市场因一些短期因素而有所回 调，但预计短线顾虑并不改变中期估值提升的趋势，明年全球科技股有望进一步上行。近期大科技的交 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。 ...

12月4日，港股三大指数盘初转跌后快速拉升回暖，恒生科技指数一度涨超1.1%，午间收涨0.58%，恒 生指数、国企指数分别上涨0.19%及0.38%。大型科技股涨跌不一，机器人概念股爆发，药品类股集体 拉升回暖，创新药概念股方向涨幅明显，内银股多数活跃。热门ETF方面，恒生ETF（159920）现小幅 微涨，持仓股中，药明生物、小米集团、携程集团、药明康德、中芯国际、吉利汽车等涨幅居前。 AI+平台经济：恒生科技指数ETF（513180）； 聚焦港股中国企业发展：恒生国企ETF（159850）。 华泰证券指出，当前市场或已接近"利空出尽"状态，前期压制的核心风险点如贸易摩擦、海外流动性宽 松交易回摆及"外卖大战"对互联网板块盈利的冲击已在回调过程中释放相对充分，因此当前市场点位下 行空间或相对有限。平安证券认为，南下资金保持规模净流入，11月份港股通合计净流入1219亿港元。 低估高股息板块仍然是港股较具吸引力的资金布局方向。科技自立自强仍是未来港股演绎的核心主线之 一，相关板块龙头公司有望迎来中长期发展机遇。 值得关注的标的： 港股核心宽基：恒生ETF（159920）； ...

Core Insights - FTSE Russell announced changes to several indices, including the FTSE China A50 Index, which will take effect after the market closes on December 19, 2025 [1] - The newly included stocks in the FTSE China A50 Index are Luoyang Molybdenum and Sungrow Power Supply, while Jiangsu Bank and SF Holding are removed [1] - Luoyang Molybdenum reported a net profit of 5.608 billion yuan for Q3, a 96.4% year-on-year increase, driven by strong copper production and sales [1] - Sungrow Power Supply has seen its stock price increase by over 140% this year, while Luoyang Molybdenum's stock price has risen nearly 165% [1] Index Changes - FTSE Russell's selection criteria include professional analysis, field research, and past profitability, indicating that included companies are top performers in the A-share market [4] - The FTSE China A50 Index consists of the 50 largest stocks by market capitalization on the Shanghai and Shenzhen stock exchanges, serving as a key indicator for international investors [4] - The list of alternative stocks is effective immediately and will be used if any current constituents are removed before the next quarterly review [4] Market Outlook - Multiple foreign institutions are optimistic about the A-share market's performance in the coming year, with UBS forecasting an increase in overall A-share profit growth from 6% this year to 8% in 2026 [6][7] - Key investment themes for 2026 include technological self-reliance and consumer spending, with a focus on high-potential sectors amid ongoing structural changes in the economy [7] - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first ten months of 2025, significantly surpassing the total of $11.4 billion for the entire year of 2024 [7]

Core Viewpoint - FTSE Russell announced changes to the FTSE China 50 Index and related indices, effective after market close on December 19, 2025, which will impact the inclusion and exclusion of certain stocks [1][4]. Group 1: Index Changes - The FTSE China A50 Index will include Luoyang Molybdenum (603993) and Sungrow Power Supply (300274), while excluding Jiangsu Bank (600919) and SF Holding (002352) [1]. - The list of potential candidates for inclusion includes Jiangsu Bank, SF Holding, Siasun Robot & Automation (601127), Shenghong Technology (300476), and Wanhua Chemical (600309) [1]. Group 2: Company Performance - Luoyang Molybdenum reported a net profit of 5.608 billion yuan for Q3, a 96.4% year-on-year increase, attributed to strong copper production and sales, along with rising copper prices [1]. - Sungrow Power Supply has seen its stock price increase by over 140% this year, while Luoyang Molybdenum's stock has risen nearly 165%, with Luoyang Molybdenum reaching a historical high recently [1]. Group 3: Market Outlook - Foreign institutions are optimistic about the A-share market in 2024, with UBS forecasting an increase in overall A-share earnings growth from 6% this year to 8% in 2026 [5]. - Investment themes for 2026 include technological self-reliance and consumer spending, with a focus on high-potential sectors amid ongoing "anti-involution" trends [6]. - Significant foreign capital inflow into the Chinese stock market has been observed, with $50.6 billion flowing in during the first ten months of 2025, surpassing the total for 2024 [6].

专题：第二十五届中国股权投资年度大会 12月2日-5日，"第二十五届中国股权投资年度大会"在深圳举行，主题为"向未来 赋新生"。毅达资本董 事长应文禄出席并演讲。 应文禄出表示，做投资，一定要拉长时间维度，任何波动在历史长河中，都将是小小的浪花。站在今 天，有三大确定的趋势性投资机会： 第一，科技自立自强。他指出，外部环境的压力越大，内部自主创新的决心就越强，这已经从国家战略 内化为整个社会的自觉行动。 第二，AI原生的产业变革。 "未来只会有成功利用AI和被AI淘汰的企业之分。错过人工智能，就是错过 一个时代。" 第三，存量经济时代的并购整合。随着中国经济进入高质量发展阶段，产业结构调整和优胜劣汰成为常 态。IPO虽然重要，但不会是唯一退出路径。龙头企业通过并购重组实现强链补链，将释放巨大的"存 量价值"。他指出，对于我们而言，"投"和"退"的逻辑都需要进化，并购正从备选项，升级为与IPO并驾 齐驱的主流选择。 此外，应文禄还强调，看清未来的牌局，创投机构要回归投资的本质——投"人"。" 没有永远的朝阳产 业，只有穿越周期的企业家。选对行业只是基本功，选对那个能带领企业穿越周期的领航者，才是决胜 的关键。" ...

Core Viewpoint - HarmonyOS is rapidly expanding its ecosystem, covering various device categories and entering a "national upgrade period," with over 27 million devices running HarmonyOS 5 and 6, growing at a rate of over 100,000 devices daily [1][8]. Group 1: Ecosystem Development - The success of an operating system largely depends on the number of applications available, and HarmonyOS has achieved compatibility with mainstream applications, becoming the world's third-largest mobile operating system [1][8]. - Despite having 5,000 common applications, HarmonyOS needs to cover more niche but essential applications, particularly for government and enterprise internal work, to establish a self-sustaining ecosystem [1][8]. - The experience of Windows Phone serves as a cautionary tale, where the lack of a "long tail" ecosystem led to its failure despite initial advantages [2][10]. Group 2: Security and Independence - The development of domestic versions of government and enterprise applications is crucial for ensuring data security and digital sovereignty, especially given the reliance on foreign operating systems [2][11]. - Recent cyberattacks highlight the urgency for enterprises to enhance their information security, necessitating a unified, secure, and efficient domestic operating system [3][11]. Group 3: Technological Advancements - HarmonyOS 5 represents a significant step towards technological independence, featuring a comprehensive security and privacy protection system [4][11]. - The distributed technology of HarmonyOS enhances cross-device collaboration, improving efficiency in enterprise applications and adapting to the demands of the AI era [5][11]. Group 4: Future Goals - The industry consensus is that achieving 100,000 applications is a critical milestone for HarmonyOS to meet diverse consumer needs, which is a key target for the next six months to a year [6][12]. - Strategies to engage government and enterprise institutions include collaborative development of benchmark applications and innovative distribution models to lower adaptation costs [12][13]. Group 5: Long-term Vision - The next five years are pivotal for building a strong technological nation, with a focus on enhancing self-reliance in technology as a primary goal of economic and social development [6][13]. - The collective efforts of developers, internet companies, and stakeholders are essential for creating a robust, autonomous ecosystem that supports a fully connected intelligent world [7][13].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market saw gains, with the Dow Jones rising by 408.44 points or 0.86%, closing at 47,882.90 points [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector in Hong Kong saw a broad retreat, with the Hang Seng Technology Index dropping by 1.58% [1][5] - The copper price reached a historical high due to supply concerns and a weaker dollar, with a year-to-date increase of 31% [9] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in Hong Kong, particularly in technology, artificial intelligence, semiconductors, and industrial software [3] - Companies benefiting from the anticipated US Federal Reserve interest rate cuts and strong mid-term performance in the upstream non-ferrous metals sector are highlighted as potential investment opportunities [3] - The report suggests focusing on leading companies in the AI and technology sectors, which are expected to benefit from self-reliance initiatives [3] Company Highlights - Alibaba's "Qianwen" app has shown significant growth, ranking first in global AI application growth with a monthly active user growth rate of 149.03% [9][12] - China Software International (0354.HK) is noted for its strong positioning in IT services and its collaboration with Huawei, with projected revenue of 16.951 billion CNY for 2024 [10] - The report indicates that leading companies in copper mining and smelting, such as China Nonferrous Metal Mining (1258.HK) and Luoyang Molybdenum (3993.HK), are worth monitoring due to the tight supply-demand balance in the copper market [9]