Core Viewpoint - Daiwa's report indicates that Tencent is prioritizing GPU resources for internal model training and strengthening core business, which is expected to yield higher returns [1] Group 1: Company Strategy - Tencent is focusing on AI technology to enhance ecosystem integration, which is likely to increase the value of its core WeChat interface across various functionalities such as chat, search, video accounts, content summarization, interaction, and mini-program development [1] - The company aims to drive the development of its gaming business, which will help reduce costs and foster innovation in game content [1] Group 2: Financial Outlook - Tencent is reaffirmed as a preferred stock in the Chinese internet sector with a "buy" rating and a target price of HKD 750, corresponding to a projected price-to-earnings ratio of 20.6 times for 2026 [1] - The company is expected to focus on updating existing games and launching new long-term games, maintaining confidence in the growth of its gaming business [1]

证券日报网讯12月12日，时代出版（600551）在互动平台回答投资者提问时表示，中科大所属中科大资 产经营公司目前为公司第二大股东，公司将多角度多渠道加大AI技术应用。 ...

Core Viewpoint - JinHao Medical is a leading enterprise in the hearing health sector, achieving rapid growth through continuous technological innovation, global market expansion, and a commitment to deep industry engagement, aiming to become the world's top hearing aid brand and provide better hearing solutions for the hearing impaired globally [1]. Technological Foundation - The hearing aid industry is interdisciplinary, integrating audiology, acoustics, electronics, and psychology. JinHao Medical has significantly increased R&D investment, achieving breakthroughs in chip design, algorithm development, and product miniaturization, including low-power digital hearing aid chips and AI speech enhancement algorithms [3][4]. - The company has a clear path to catch up with international giants, focusing on enhancing its algorithm development depth and clinical trial richness, with a strategy of "ALL in AI" to leverage AI for rapid advancement in the Chinese hearing aid industry [3][4]. Global Market Expansion - The aging population and increased health awareness are driving the hearing aid market's growth in China, with the market size increasing from 2.84 billion to 5.51 billion CNY from 2015 to 2019, reflecting a CAGR of 18.02%. JinHao Medical aims to expand its market share through a comprehensive market expansion strategy [7]. - The company has established online stores on platforms like JD.com and Tmall, and is building a retail network combining direct sales and distribution. Internationally, it has gained certifications from the FDA and EU, allowing entry into major retail chains [7][8]. Product and Brand Strategy - JinHao Medical is focusing on product differentiation across various price segments, leveraging its technological advantages to create a competitive edge for its own brand while avoiding direct competition with ODM clients [8]. - The company is enhancing its brand image by ensuring product quality and implementing a dual-brand strategy targeting both over-the-counter and professional medical-grade products for different levels of hearing loss [10]. Future Development and Integration - JinHao Medical plans to extend its business along the hearing aid industry chain through both organic growth and acquisitions, aiming to integrate upstream components like chips and algorithms, and downstream retail channels to enhance its industry influence and competitiveness [11].

近日，由中国证券报联合北京证券交易所开展的2025北交所万里行调研活动走进锦好医疗。作为听力健 康领域的领军企业，锦好医疗凭借持续的技术创新、全球化的市场布局和坚定的产业深耕，实现了经营 业绩的快速增长，更在打破海外垄断的道路上稳步前行。 锦好医疗董事长王敏在接受中国证券报记者专访时介绍，从自研芯片突破到AI技术赋能，从跨境渠道 拓展到国内市场深耕，锦好医疗以"做全球最放心的医疗器械"为使命，正朝着"成为助听器行业世界第 一品牌"的愿景迈进，力争为全球听障者带来更优质的听力解决方案。 技术攻坚筑根基 助听器虽体积小巧，却是一个集合了听力学、声学、电子学、心理医学的跨学科产业，集成了多项高科 技零部件与前沿技术。锦好医疗深谙核心技术的重要性，多年来持续加大研发投入，在芯片设计、算法 研发、产品小型化等关键领域不断取得突破，成功研发并量产应用低功耗数字助听器芯片，开发出具有 AI言语增强功能的算法，以及自主测听、自主验配软件，让助听器在性能提升的同时，更贴合用户实 际使用需求。 面对目前与国际巨头的差距，锦好医疗制定了清晰的追赶路径。目前，企业在助听器算法研发深度、第 一代集成电路芯片模数转换、ADC模块声音采集 ...

12月12日，外交部发言人郭嘉昆主持例行记者会。法新社记者提问，昨天，美方同日本、韩国、澳大利 亚等8国就加强稀土供应链签署了协议，并且提出将会同中方竞争AI方面的技术。中方对此有何评论？ 智通财经记者 杨文钦 朱郑勇 责任编辑：刘万里 SF014 责任编辑：刘万里 SF014 12月12日，外交部发言人郭嘉昆主持例行记者会。法新社记者提问，昨天，美方同日本、韩国、澳大利 亚等8国就加强稀土供应链签署了协议，并且提出将会同中方竞争AI方面的技术。中方对此有何评论？ 对此，郭嘉昆表示："我们注意到有关报道，各方应该遵守市场经济和公平竞争原则，共同维护全球产 供链稳定。" 对此，郭嘉昆表示："我们注意到有关报道，各方应该遵守市场经济和公平竞争原则，共同维护全球产 供链稳定。" 智通财经记者 杨文钦 朱郑勇 ...

据北京青年报，12月12日，外交部发言人郭嘉昆主持例行记者会。 郭嘉昆回应，我们注意到有关报道，各方应该遵守市场经济和公平竞争原则，共同维护全球产供链稳定。 有记者提问，昨天，美方同日本、韩国、澳大利亚等8国就加强稀土供应链签署了协议，并且提出将会同中方竞争AI方面的技术。中方对此有何评 论？ ...

Core Viewpoint - The report from CITIC Securities highlights the robust financial performance of Sanqi Interactive Entertainment, with a significant year-on-year increase in net profit for the first three quarters of 2025, indicating strong growth potential in the gaming industry [1] Financial Performance - For the period of January to September 2025, the net profit attributable to shareholders reached 2.345 billion yuan, representing a year-on-year growth of 23.57% [1] - In Q3 2025, the net profit attributable to shareholders was 944 million yuan, showing a remarkable year-on-year increase of 49.24% [1] - The non-recurring net profit for Q3 was 870 million yuan, reflecting a year-on-year growth of 45% [1] Dividend Distribution - The company plans to distribute a cash dividend of 2.10 yuan for every 10 shares to all shareholders [1] Product and Technology Development - The company has a rich product matrix, and its future pipeline is expected to be promising [1] - There is a commitment to deeply integrate AI technology into game development and operations [1] Regulatory Environment - The company has addressed regulatory risks, which is anticipated to lead to a recovery in its valuation [1]

新年新气象，创意正当时！由广东省文化馆、广东省文化馆联盟携手全省各级文化馆共同推出的"粤新 年·创未来"2026年广东数字文化推广活动，将于2025年12月16日至2026年3月3日（正月十五）热力全 开！ 据了解，今年特别注入AI能量，推出萌趣数字IP"粤小骏"，以新媒体（微信视频号、微信公众号 等）、"文化在线"广东公共数字文化联盟平台、"育美同行"广东城乡全民美育数字服务平台和全省各级 文化馆媒介平台为主要宣传阵地，围绕"艺起探AIGC""文化推介官""艺起寻岭南""艺起逛云展""艺起看 直播"五大板块，打造一场融合科技感、年轻态与岭南风的新春数字文化盛宴。 "AIGC+年俗"，推动群众文化和AI技术融合 本次活动聚焦文化与科技融合，融合AIGC、短视频、网络直播、IP形象等推出系列公共数字文化惠民 服务。重点推出"艺起探AIGC"系列直播活动，围绕《粤新年·AI创作指南》及专属岭南文化元素素材 库，从入门到进阶，手把手教学AI绘画、视频生成，鼓励群众用AI技术创作，推动AIGC技术与文化深 度融合。打造数字IP形象"粤小骏"，融合马年吉祥寓意与岭南文化符号，并推出微信表情包、四季主题 手机壁纸等系列数 ...

Core Insights - The "14th Five-Year Plan" emphasizes the importance of original innovation and key core technology breakthroughs for high-quality development in manufacturing, with TCL showcasing its advancements in the printing display sector at the TIC2025 conference [1] - TCL has achieved a significant milestone with the construction of the world's first 8.6-generation printing OLED production line, marking a transition to large-scale production and solidifying its global leadership in next-generation display technology [1][2] Group 1: Technological Advancements - TCL Huaxing has overcome critical challenges in the printing OLED field, becoming the first Chinese company to lead and achieve large-scale production of this important display technology [2] - The self-developed printing OLED production line offers significant advantages over traditional OLED technology, including lower energy consumption, reduced resource usage, and higher material utilization rates, aligning with green development principles [2] - The introduction of the Real Stripe RGB pixel arrangement in the printing process addresses traditional display issues, resulting in a qualitative leap in image clarity [2] Group 2: Product Applications - TCL Huaxing's printing display technology has achieved full-size coverage, with the launch of the world's first Real Stripe RGB OLED smartphone screen, featuring a high resolution of 390 PPI and superior visual detail [3] - The unique Blue Less technology in the printing OLED reduces blue light, enhancing eye comfort for users [3] Group 3: Innovation and AI Integration - TCL's achievements in the printing display sector are supported by consistent R&D investment and a robust innovation system, integrating AI technology to enhance efficiency across the entire production process [4] - The implementation of the Auto Defect Classification (ADC) technology has improved defect detection accuracy from 85% to 95%, with further advancements leading to the Auto Defect Repair (ADR) system [4] - The integration of AI in the semiconductor display industry has resulted in significant cost reductions and increased production efficiency, contributing to the widespread adoption of OLED technology [4] Group 4: Market Position and Impact - TCL Huaxing holds the leading global market position in various display categories, including 55-inch and larger TV panels, and is poised to further strengthen its industry leadership through the large-scale application of printing display technology [4] - The widespread adoption of this technology is expected to accelerate upgrades in the global display industry and make high-end display products more accessible to consumers [4]

Core Insights - The core focus of the event was the launch of an AI-driven integrated solution for business and finance, termed "业·财·票·税·档" [2] - The solution aims to achieve three main goals: full electronic management of business and finance processes, seamless data sharing and conversion, and proactive risk compliance control [2] Group 1 - The four foundational capabilities of the solution are "automatic transfer, intelligent control, efficient reconciliation, and comprehensive archiving," which support eight collaborative scenarios: marketing, contracts, projects, procurement, reimbursements, assets, personnel, and archives [2] - The essence of business-finance integration is to break down data barriers between business and finance, enabling real-time data sharing and interaction [2] - The promotion of electronic invoices and the maturity of AI technology are driving the practical implementation of business-finance integration [2] Group 2 - The platform integrates six core technologies: AI intelligence, digital trust, rule engine, accounting engine, process engine, and low-code development [3] - AI technology facilitates automated processing of business and finance documents, reducing manual operations [3] - The company has over 20 years of experience in collaborative office and business-finance fields, serving more than 80,000 medium to large organizations, with over 30,000 clients specifically in the business-finance sector [3]