本报记者 毛艺融 12月30日，6只新股在港交所挂牌上市，涵盖人工智能制药、数字孪生科技、预制钢结构、高端美妆、数据基础设施及家 用机器人等领域。 回顾2025年，港股市场在一级和二级市场均表现强劲。除了股指上涨，2025年港股在制度建设和市场结构上也取得重要进 展，包括IPO机制重大改革、开通"科企专线"等，不仅吸引了更多优质科技企业，也推动国际长线资金、南向资金等增量资金 流入。 展望2026年，机构对港股趋势态度乐观。中信证券认为，2026年，港股将迎来第二轮估值修复，恒生指数和恒生科技的动 态PE分别有望扩张5%和10%，全年节奏预计为先稳后升。 交投活跃度显著提升 今年以来，港股市场交投活跃。港交所官网数据显示，2025年11月底，香港证券市场市价总值为48万亿港元，较去年同期 （34万亿港元）增长41%。2025年前11个月的平均每日成交金额为2558亿港元，较去年同期（1309亿港元）增长95%，港股流 动性显著改善。 南向资金成为港股市场的重要增量资金。Wind资讯数据显示，截至12月30日，年内南向资金净买入总额达1.40万亿港元， 成为港股市场最重要的流动性支撑。 随着优质企业接连上市，港 ...

12月29日，记者从"'十四五'广东成就"系列主题新闻发布会东莞专场获悉，"十四五"时期，国际制造名 城东莞围绕国家赋予的全国先进制造业基地、国际科技创新中心承载地角色，推动产业体系向新图强， 工业规模稳居全国城市前十，制造业结构持续优化，高技术制造占规上工业比重从37%提升到44%，先 进制造占比从46%提升到52%，万家规上工业企业完成数字化转型。 "作为制造业当家的城市，东莞始终坚持实体经济为本，着力构建'8+8+4'现代化产业体系，大力发展新 质生产力，推动工业投资五年接近翻一番，实现工业'小升规'超8500家，增量居全省第1。"东莞市委常 委、常务副市长曾坚朋介绍，当前，东莞万亿级新一代电子信息业稳步发展，半导体及集成电路等新兴 产业培育成效初显，智能移动终端等4个集群入选国家级先进制造业集群，获评全国唯一的"中国潮玩之 都"。 东莞市科学技术局局长钟靖平表示，东莞持续强化科技创新赋能产业发展能效，取得了一系列突 破。"国字号"创新平台进一步集聚，松山湖科学城获批纳入大湾区综合性国家科学中心先行启动区，中 国散裂中子源二期、先进阿秒激光设施开工，中国科学院东莞材料科学与技术研究所揭牌成立。源头创 新 ...

Group 1: Economic Context and Trends - China's value chain has rapidly expanded, becoming a key hub in global production networks, with domestic value added (DVA) consistently ranking first globally since 2000[6] - The complete industrial system of China has led to over 22% average global value added share in key manufacturing sectors, surpassing traditional manufacturing powerhouses like Germany and the USA[8] - The GVC position of China has steadily improved, indicating a shift from reliance on imported intermediate goods to becoming a supplier of high-value components[15] Group 2: Challenges and Strategic Responses - The international trade order faces challenges from technological hegemony and protectionism, leading to a decline in the degree of global value chain fragmentation[1] - China is actively addressing vertical supply chain risks by focusing on core technology breakthroughs and upgrading its industrial capabilities[19] - The shift from product export to multinational chain building is accelerating, with Chinese companies establishing overseas production and assembly bases to enhance supply chain resilience[30] Group 3: Future Outlook and Innovations - The modern service industry is emerging as a new driver for overall value chain upgrades, with significant contributions from sectors like industrial design and brand operations[24] - By 2025, China is expected to enter the top ten of the global innovation index, bolstered by advancements in AI, renewable energy, and healthcare[23] - Regional cooperation, such as the RCEP and the Belt and Road Initiative, is enhancing trade ties and reducing costs, with ASEAN becoming China's largest trading partner by 2023[31]

01 大咖论道：洞察经济趋势，把脉投资财富方略 当前，全球宏观经济处于深刻的结构性调整之中。中国经济高质量发展的核心动力已转向创新驱动， "新质生产力"正成为引领未来发展的核心引 擎。"十五五"作为转型攻坚的关键阶段，需在巩固传统产业优势的同时，积极在科技创新、绿色低碳、数字融合等新赛道上构建系统性竞争力。 当顶尖智慧与远见卓识相遇，当产业机遇与资本洞察交融，一场旨在赋能区域商业的深度思享，于江淮大地启幕。 解析资本市场动态，助力企业财富增值与战略布局；挖掘区域产业升级机遇，明晰投资方向。 12月29日，由凤凰网与 中国名酒 剑南春联合主办的 "万里同春·徽聚未来——2025安徽企业家思享荟"在安徽合肥成功举办。 本次思享荟汇聚重磅嘉宾与行业精英，特邀知名经济学家付鹏、复旦大学管理学院科创中心首席经济学家邵宇、四川剑南春（集团）有限责任公司 副总经理田锋、凤凰网副总编辑张涛莅临现场。活动亦吸引了合肥本地科技、消费、金融、教育等多领域的领军企业高管共同参与。大家通过深度 分享与智慧对话，前瞻趋势、洞见机遇，为企业的财富管理与长远发展注入思想动力。 正如 复旦大学管理学院科创中心首席经济学家 邵宇所强调，当前经济 ...

人民财讯12月30日电，12月30日，国家电网公司蒙西—京津冀±800千伏特高压直流工程开工建设。内 蒙古自治区党委副书记、自治区主席包钢表示，蒙西—京津冀工程是内蒙古首条"沙戈荒"新能源大基地 输出通道，对于自治区提高新能源开发水平、加快构建新型电力系统、加强与京津冀的能源合作、保障 国家能源安全具有十分重大的意义。自治区将深入贯彻"四个革命、一个合作"能源安全新战略，谋划做 好"十五五"时期能源工作，全力推动其他"沙戈荒"大基地及输出通道早日开工建设，加快建设清洁低 碳、安全高效的新型能源体系，为建设能源强国作出新的更大贡献。 ...

拔地而起！12月30日，揽尽有色金属行业龙头的有色ETF华宝（159876）早盘大幅低开，场内价格跌超 2%，之后快速拐头向上拉升，场内价格最高上探2.27%，收涨1.75%，全天振幅4.95%。 值得关注的是，有色ETF华宝（159876）昨日刷新上市新高后，今日场内价格再涨1.75%，彰显强者风 范，资金看好有色金属板块后市表现，该ETF全天获资金净申购2880万份！ | 序号 | 名称 | 涨跌幅 ▼ | 两日图 | 申万一级行业 | 申万二级行业 | 申万三级行业 | 总市值 | 成交額 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 云铝股份 | 6.82% | m | 有色含厚 | 工业金属 | 분 | 1098亿 | 18.81亿 | | 2 | 海景服役 | 5.41% | 1000 | 有色金属 | 工业金属 | 铜 | 304亿 | 4.57亿 | | 3 | 天山铝业 | 4.99% | w | 有色金属 | 工业金属 | 铝 | 754Z | 11.29亿 | | ব | 中国铝业 | 4.72% | Van ...

Group 1 - The project has a first-phase installed capacity of 50 megawatts, equipped with 7.5 megawatts/15 megawatt-hours of electrochemical energy storage, and includes 8 wind turbines with a single capacity of 6.25 megawatts [2][5] - The project is connected to a 110 kV booster station through two collection lines, and the management team has successfully navigated significant challenges such as large equipment transportation and complex external coordination [2][5] - Upon operation, the project is expected to generate approximately 110 million kilowatt-hours of electricity annually, equivalent to saving 35,000 tons of standard coal and reducing carbon dioxide emissions by about 86,000 tons each year [2][5] Group 2 - WETOWN ELECTRIC aims to build trust in Chinese electrical products, focusing on customer satisfaction and innovation, while providing solutions and quality services across various sectors including renewable energy and industrial manufacturing [3][6] - The company operates in three main business areas: distribution equipment, energy storage systems, and photovoltaic new materials, positioning itself as a leader in the distribution equipment sector and a significant player in the energy storage market [3][6] - WETOWN ELECTRIC has established itself as a major manufacturer of photovoltaic welding strips in China, contributing to the development of a zero-carbon lifestyle through technological empowerment [3][6]

日本[Table_Title] 日积跬步，水涨船高 ——26 年港股策略展望 [Table_Page] 投资策略|年度报告 2025 年 12 月 30 日 证券研究报告 [Table_Summary] 报告摘要： | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | SFC CE No. BVH021 | | | 010-59136616 | | | | liuchenming@gf.com.cn | | 分析师： | 余可骋 | | | SAC 执证号：S0260524030007 | | SFC CE No. BRU880 | | | 0755-82565905 | | | | yukecheng@gf.com.cn | 972918116公共联系人2025-12-30 18:24:55 1 / 42 识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 日积跬步：（1）本轮港股资产上涨具备基本面支撑，由于较 A 股更少 的传统经济板块，自 2024 年下半年开始，在内外需共同企稳、宏观政 策发力托底的背景下，港股 ...

Core Viewpoint - The National Development and Reform Commission and the Ministry of Finance have announced a policy to implement large-scale equipment updates and a trade-in program for consumer goods starting in 2026, specifically supporting the renewal of new energy city buses [1] Group 1: Policy Implementation - The policy aims to promote the electrification of urban public transport by supporting the replacement of city buses with new energy vehicles [1] - Continued support will be provided for the renewal of new energy city buses and their power batteries [1] - The subsidy standards will follow the guidelines set in the "2025 New Energy City Bus and Power Battery Renewal Subsidy Implementation Rules" [1]

Group 1 - The external environment presents uncertainties but is overall favorable, with global economic resilience expected in 2026, as major economic organizations forecast slight declines in growth rates compared to 2025, with the World Bank predicting a growth rate of 2.40% for 2026, up from 2.30% in 2025 [6][10] - The U.S. is likely to continue lowering interest rates in 2026 due to a weak labor market, with expectations of more than one rate cut, as indicated by the Federal Reserve's recent actions [6][13] - The U.S. dollar's strength is supported by weak economic expectations, with factors such as reduced immigration and uncertain tariff policies suppressing economic activity [6][21] Group 2 - The "15th Five-Year Plan" aims for qualitative and quantitative economic growth, emphasizing stability in employment, enterprises, and market expectations, with policies to support effective growth and enhance quality [6][44] - The investment sector is expected to stabilize, with government initiatives to increase investment in infrastructure and optimize the use of local government bonds [6][49] - Consumer spending is projected to improve, supported by policies aimed at boosting consumption and enhancing the supply of quality goods and services [6][52] Group 3 - The market is expected to continue a "slow bull" trend, with overall company performance anticipated to improve, driven by supportive policies and resilient economic dynamics [6][59] - The technology (TMT) and advanced manufacturing sectors are expected to benefit from long-term policy support and are key drivers of economic transformation [6][67] - Investment opportunities are identified in sectors such as non-involution, supply-demand changes, and emerging themes like artificial intelligence and renewable energy [6][70]