摩尔线程：公司基于自主研发的MUSA架构，将保持较高研发投入和进行产品迭代。但与部分国际巨头 相比，公司在综合研发实力、核心技术积累、产品客户生态等方面仍存在一定的差距。公司目前新产品 和新架构均处于在研阶段，量产及产生收入仍需一定时间。 南都电源：公司于近日收到公司控股股东杭州南都电源有限公司、上海益都实业有限公司、上海南都集 团有限公司通知，获悉其正在筹划控制权变更、促进再生铅板块股权出售的相关事宜。经申请，公司股 票自2025年12月12日开市起停牌，预计停牌时间不超过2个交易日。 万科A：公司之控股子公司为满足经营需要，继续通过信用保证、股权质押等方式为相关贷款提供担 保。截至2025年10月31日，公司及控股子公司担保余额844.76亿元，占2024年末经审计归属于上市公司 股东净资产比重为41.68%，公司无逾期担保事项。 特发信息：针对公司因收购深圳特发东智科技有限公司被合同诈骗、职务侵占一案，公司于近日收到广 东省深圳市中级人民法院出具的《刑事判决书》。本次刑事判决仅为一审判决，公司为被害单位，目前 判决尚未生效，案件最终判决及后续执行结果尚存在不确定性，对公司本期利润和期后利润的影响存在 一 ...

Market Overview - The Hong Kong stock market opened higher on December 12, with the Hang Seng Index rising by 230.9 points, an increase of 0.9% to 25,761.41 points [1] - The Hang Seng Tech Index increased by 56.56 points, up 1.02% to 5,591.15 points [1] - The National Enterprises Index rose by 78.78 points, a gain of 0.88% to 9,013.06 points [1] - The Red Chip Index climbed by 17.19 points, up 0.42% to 4,119.82 points [1] - Technology stocks saw broad gains, with companies like NetEase, Alibaba, Xiaomi, Lenovo, Tencent, and Kuaishou rising over 1% [1] - Gold stocks also performed well, with China National Gold International increasing by over 4% [1] - Power equipment stocks opened higher, with Dongfang Electric rising by over 2% [1] - New consumption concept stocks were active, with Hu Shang Ayi increasing by over 1% [1] - The lithium battery sector opened higher, with CATL rising nearly 3%, and Ganfeng Lithium and Tianqi Lithium both increasing by over 2% [1] Company News - Hong Kong Technology Exploration (01137.HK) reported a total merchandise transaction value of HKD 636 million in November, a year-on-year decline of 7.4% [2] - BOE Technology Group (00710.HK) signed a total product processing agreement with BOE in Vietnam [3] - China Merchants Securities (06099.HK) was approved to issue company bonds not exceeding RMB 40 billion [4] - China Galaxy (06881.HK) completed the issuance of short-term company bonds amounting to RMB 4 billion [5] - Cloudwalk Technology (02670.HK) plans to establish a joint venture focusing on innovative robotic solutions [6] - Innovent Biologics (09969) received approval for the use of Selpercatinib in treating adult and adolescent patients with NTRK fusion gene solid tumors in China [7] - Peijia Medical-B (09996) received approval from the National Medical Products Administration for the registration application of the TaurusTrio transcatheter aortic valve system [8] - China Antibody-B (03681) had its new drug research application accepted by the National Medical Products Administration [9] - Hengyi Holdings (01894.HK) plans to undergo capital restructuring and fundraising activities [10] Institutional Insights - GF Securities noted that the Hong Kong stock market is more sensitive to external risks, with uncertainties regarding the Federal Reserve's future interest rate cuts and a peak in lock-up stock releases in December, which may lead to liquidity shocks [11] - Dongwu Securities believes that the Hong Kong stock market is still in a left-side phase, and a rebound will require more time [11] - Ping An Securities highlighted the growing importance of the ice and snow economy, which encompasses ice and snow sports, tourism, equipment, and culture, as a new economic growth point [11] - The ice and snow industry is experiencing rapid growth, and companies like Anta Sports, Bosideng, and Sanfu Outdoor are recommended for investment due to their improving margins and stable dividend yields [11] Industry Trends - Western Securities reported that since the end of 2024, the bidding prices for wind turbine manufacturers have shown a continuous upward trend due to self-discipline among manufacturers and changes in bidding rules [12] - The average bidding price for onshore wind turbines in January-October 2025 was RMB 1,618 per kW, a year-on-year increase of 6.86% [12] - The average bidding price for onshore wind turbines (including towers) was RMB 2,096 per kW, a year-on-year increase of 9.78% [12] - The demand for wind turbines in overseas markets is strong, with companies like Goldwind and Envision Energy seeing significant increases in overseas order volumes [12]

眼下正值东北旅游旺季，这两条航线在推动度假热潮、拉动冰雪经济的同时，将促进东北与东南亚 在经贸、文旅、文化等领域的深度融合，为对外开放注入新动能。 12月10日，"沈阳—泉州—曼谷"航线正式启航，标志着沈阳桃仙国际机场东南亚航线网络进一步加 密。沈阳机场相关负责人介绍，12月16日，"沈阳—芽庄"航线将恢复运营，这两条航线将为我国东北与 东南亚搭建起高效便捷的空中桥梁。 "沈阳—泉州—曼谷"航线由九元航空每周一、三、五、日执飞，经停泉州后抵达曼谷，并在当地时 间次日返程。"沈阳—芽庄"航线由越捷航空每周二执飞，分阶段执行不同时刻飞行任务。 目前，沈阳桃仙国际机场正在执行的国际及港澳台地区客运航线共有11条。下一步，机场将持续谋 划新增国际航线，优化航线网络布局，提升通达性，以更完善的航空服务支撑区域经济发展，满足群众 便捷出行需求。 ...

活动现场，新宾赫图阿拉城景区成了沉浸式冰雪民俗体验的欢乐海洋。丰富的民俗活动吸引着游客 的目光，坐在炕上玩"嘎拉哈"，亲身体验满族剪纸、传统刺绣等非遗文化。 在冬季文旅体验大集，民俗"八大碗"、各类山珍菌类等特色物产格外吸引人，全方位展现了冬季里 浓浓的烟火气。现场，"十五冬"赛事亮点花式呈现，带给游客更多期待。 副省长楚天运出席活动。本次活动由省文化和旅游厅指导，抚顺市委、市政府主办。 12月11日，"花式过冬 嗨游辽宁"2025冬游辽宁消费季主场活动暨抚顺市"高铁入画 热雪迎宾"系列 冰雪活动启动仪式在抚顺新宾满族自治县启幕。 启动仪式上，辽宁文旅冬季十大"嗨"玩攻略及"惠游辽宁"冬季促消费政策正式发布，五条全省特色 冰雪温泉线路同步精彩亮相，丰富多彩的辽宁冬景让人耳目一新。辽宁文旅将以此为起点，丰富冰雪产 品供给，完善服务保障，构建游客互补的冬季消费体系，拉动冰雪经济发展。 ...

Group 1 - The core viewpoint of the articles highlights the significant growth potential of China's ice and snow economy, driven by government policies and rising consumer demand [1][2] - Liaoning Province aims to cultivate 10 provincial-level ski tourism resorts and create over 10 premium ice and snow tourism routes, targeting 260 million annual visitors and over 250 billion yuan in revenue by 2027 [1] - Jilin Province is also focusing on consolidating its ice and snow economy, aiming to establish a world-class ice and snow brand and tourism destination [1] Group 2 - The scale of participation in ice and snow sports and consumption is expected to exceed 187.5 billion yuan in the 2024-2025 season, with a year-on-year growth of over 25% [2] - Ski resort consumption reached 78.613 billion yuan, with surrounding area consumption increasing by 27.97% [2] - The Chinese ice and snow industry is projected to surpass 1 trillion yuan by 2025, with a forecasted scale of 2.5 trillion yuan by 2030 and a compound annual growth rate of 15% [2]

近期，各地"十五五"规划建议陆续出炉。黑龙江省的"十五五"规划建议提出，加快发展冰雪经济，推动 冰雪运动、冰雪文化、冰雪装备、冰雪旅游全产业链发展，壮大冰雪经济千亿级产业集群；推进冰雪运 动场馆和冰雪体育专业学校建设，培育高水平冰雪人才队伍，发展群众冰雪运动、冰雪赛事。丰富冰雪 文化创意产品供给；发展高端冰雪装备和寒地测试、寒地服装及寒地用品等产业等一系列政策举措。 此外，还有多个北方省份在"十五五"规划建议中提及冰雪经济。例如，吉林省提出，大力发展冰雪经 济，加快推进"冰雪丝路"创新先导区建设，不断提升冰雪旅游品质，打造世界级冰雪品牌和冰雪旅游胜 地；内蒙古自治区提出，发展冰雪产业，壮大冰雪经济；北京市提出，发展冰雪经济，放大新型消费带 动效应。 《中国冰雪产业发展研究报告(2025)》显示，我国冰雪产业规模从2015年的2700亿元人民币增加到2024 年的9800亿元，预计2025年将突破万亿元大关，达到10053亿元。从冰雪消费趋势上看，2024年-2025年 冰雪季，居民参与冰雪运动及带动消费规模超1875亿元，同比增长超25%；全国滑雪场消费金额达 786.13亿元，滑雪场周边两公里消费金额增长2 ...

近期，各地"十五五"规划建议陆续出炉。黑龙江省的"十五五"规划建议提出，加快发展冰雪经济，推动 冰雪运动、冰雪文化、冰雪装备、冰雪旅游全产业链发展，壮大冰雪经济千亿级产业集群；推进冰雪运 动场馆和冰雪体育专业学校建设，培育高水平冰雪人才队伍，发展群众冰雪运动、冰雪赛事。丰富冰雪 文化创意产品供给；发展高端冰雪装备和寒地测试、寒地服装及寒地用品等产业等一系列政策举措。 此外，还有多个北方省份在"十五五"规划建议中提及冰雪经济。例如，吉林省提出，大力发展冰雪经 济，加快推进"冰雪丝路"创新先导区建设，不断提升冰雪旅游品质，打造世界级冰雪品牌和冰雪旅游胜 地；内蒙古自治区提出，发展冰雪产业，壮大冰雪经济；北京市提出，发展冰雪经济，放大新型消费带 动效应。 智通财经APP获悉，12月11日，《辽宁省冰雪旅游高质量发展三年行动计划(2025—2027年)》公开征求 意见，其中提出，培育省级以上滑雪旅游度假地10个，打造冰雪旅游精品线路10条以上，冰雪旅游综合 消费带动效应显著增强，辽宁冰雪品牌影响力全面提升。力争到2027年，全省冰雪旅游年接待人次突破 2.6亿，年综合收入达到2500亿元以上。 据悉，冰雪经济已成为我 ...

入冬以来，中国冰雪经济持续升温。在地处"冰雪黄金纬度带"的辽宁，借成功申办第十五届全国冬季运 动会之势，将冰雪经济、民俗文化、体育活动深度融合丰富游客体验，让冰雪"冷资源"转化为经济"热 产业"。 本次活动由辽宁省文化和旅游厅指导，中共抚顺市委、抚顺市人民政府主办。活动现场，赫图阿拉城景 区打造的沉浸式冰雪民俗体验场景，勾勒出一幅独具关东风韵的冬日文旅画卷。雪地足球、冰车、单腿 驴等冬季项目展开竞技；民俗"八大碗"等美食还原了东北冬日的市井烟火气；满族剪纸、传统刺绣等非 遗体验活动同步开展，千年民俗文化"活"起来。 中新网抚顺12月11日电(记者韩宏)"花式过冬嗨游辽宁"2025冬游辽宁消费季主场活动暨抚顺市"高铁入画 热雪迎宾"系列冰雪活动启动仪式11日在抚顺市新宾满族自治县盛大启幕，开启文旅消费新热潮。 主办方称，"十五冬"既是辽宁冰雪经济乘势腾飞的有利契机，也推动了文旅体商深度融合。针对2025冬 游辽宁消费季，辽宁策划推出五条辽宁省特色冰雪温泉线路；"雪地贪吃蛇""冰凌穿越"等十大花式玩 法；"冰上农庄"等多个创新场景让"冷资源"与"热文化"破圈融合；"雪域泉境""入乡拾趣"等五条精品线 路串联起辽宁 ...

Group 1: Central Economic Work Conference Insights - The Central Economic Work Conference emphasized the continuation of a moderately loose monetary policy, focusing on stabilizing economic growth and reasonable price recovery, while maintaining ample liquidity [1] - The conference called for a more proactive fiscal policy, optimizing fiscal expenditure structure, and managing necessary fiscal deficits [1] - It highlighted the need to stabilize the real estate market with targeted measures, including controlling increments, reducing inventory, and improving supply [1] Group 2: Retail Industry Support - The Ministry of Commerce plans to introduce policies to accelerate innovation and high-quality development in the retail sector, enhancing product and service quality [3] - The focus will be on promoting fair competition between online and offline channels, aiming for a positive interaction between new supply and demand [3] Group 3: Oracle's Financial Performance - Oracle's stock dropped over 12% due to cloud business revenue falling short of expectations, raising concerns over increased AI spending [4] - The company reported a free cash flow of -$10 billion for the quarter and projected a $15 billion increase in annual capital expenditures [4] - Despite a record backlog of $523 billion in orders, analysts noted that profits were heavily reliant on non-recurring income [4] Group 4: DRAM Shortage Forecast - UBS reported an unprecedented supply-demand imbalance in the storage industry, predicting DRAM shortages to last until Q1 2027 [5] - Demand for DDR memory is expected to grow by 20.7%, significantly outpacing supply growth, leading to a 35% price increase in Q4 [5] Group 5: Waymo's Expansion - Waymo announced a threefold increase in ride-hailing trips since 2025, with plans to expand operations to over 20 cities, including Tokyo and London [6] - The company aims to increase its fleet from 1,500 to 3,500 vehicles by 2026, with a target of 4 million fully autonomous rides in 2024 [6] Group 6: Upgraded Economic Growth Forecasts - Multiple international institutions have raised their 2025 economic growth forecasts for China, citing improved resilience despite challenges [7] - The World Bank, IMF, and ADB adjusted their forecasts upward by 0.4, 0.2, and 0.1 percentage points, respectively, attributing this to proactive fiscal and monetary policies [7] Group 7: Ice and Snow Economy Opportunities - The ice and snow economy is projected to exceed 1 trillion yuan, driven by government policies and increased consumer interest [8] - Key investment opportunities include companies in the ice sports sector, such as Anta Sports and Bosideng, which are expected to benefit from this trend [8]

每经记者｜刘艳美 每经编辑｜杨欢 "第二经济大省"江苏今年经济总量将再上一个万亿元台阶。12月11日，江苏"十五五"规划建议发布。在总结"十四五"时期发展成就时，建议表示，江苏"经 济实力显著提升，全省地区生产总值预计突破14万亿元"。 面向"十五五"，面对"在推进中国式现代化中走在前作示范"的要求，江苏也在自我加压。 12月11日公布的江苏"十五五"规划建议提出，要"努力把挑大梁、作贡献更多体现在对全国经济增长贡献度提升上，体现在辐射带动能力提升上，体现在发 展协调性均衡性提升上，体现在国际合作竞争水平提升上"。 要实现这四大"提升"，前提依然是自身经济发展。江苏特别提到，把坚守实体经济、构建现代化产业体系作为强省之要。 作为第一制造大省，2024年江苏制造业增加值4.63万亿元，连续4年稳居全国首位，占GDP比重达33.8%。不过江苏也坦言，自身还面临"新旧动能转换任务 艰巨"等挑战。 为此，江苏一方面要支持冶金、化工、轻工、纺织、机械、船舶海工、建材等产业锻长板，加快向价值链中高端迈进；另一方面，要增强新一代信息技术、 新能源、新材料、生物医药、高端装备等产业优势，培育航空航天、低空经济等增长新引擎；此 ...