海外收入占比超九成、业务版图覆盖100多个国家和地区的昆仑万维，正在将出海实践转化为经营支柱，但全力投入AI后，公司盈利仍 待后续进一步突破。 昆仑万维董事长兼CEO方汉在近期调研中告诉北京商报记者，当前盈利承压源于研发高投入与产品增长期跑马圈地的成本，"公司收缩投 入短期即可盈利，但长期来看不利于AI业务发展"。 一则战报出现在12月的昆仑万维办公区：旗下AI音乐产品Mureka 11月首次实现扣减营销费后毛利为正。 作为昆仑万维出海战略布局的重要组成部分，Mureka于2024年4月推出第一代音乐生成模型Mureka V1，目前已迭代至Mureka V7.6及 Mureka O2版本。目前吸引了全球超过100个国家和地区的用户访问，年化流水达1200万美元。 对已在A股上市多年的昆仑万维而言，技术迭代之外的商业转化能力同样关键。而这，也是AI领域普遍面临"技术好但变现难"困境下行 业共同关注的核心点——近期多家大模型公司通过聆讯，头部玩家发展迅速但利润承压的共性问题引发市场关注。全球AI赛道竞争日趋 激烈背景下，技术落地已逐步可行，核心矛盾转向从持续投入到稳定盈利，"利润"成为众多相关企业下一步需要跨越的 ...

Core Viewpoint - The market outlook for 2026 is optimistic, with expectations for more structural investment opportunities in A-shares, driven by a relatively loose liquidity environment [1][3]. Group 1: Market Trends and Performance - Both A-shares and U.S. stocks exhibited significant structural market characteristics in 2025, with technology as a common leading sector. The ChiNext Index rose over 50%, and the Sci-Tech 50 increased by more than 36% [1]. - Since 2020, A-shares have shown clear "structural market" characteristics, with notable trends in sectors such as electric equipment, new energy, and consumer services [1][2]. Group 2: Key Investment Themes for 2026 - The four main investment themes for 2026 include: 1. Technology: Strong focus on AI chain industry upgrades and innovation [3]. 2. Manufacturing: Emphasis on emerging industries like humanoid robots, commercial aerospace, nuclear fusion, and solid-state batteries, which are prioritized by policy [3]. 3. Cyclical sectors: Benefiting from global supply-demand changes and policies aimed at reducing competition [3]. 4. Consumption: Positive policy signals are noted, but the effectiveness of implementation is crucial [3]. Group 3: Insights from Policy and Market Perspectives - The market can be analyzed from both policy and market perspectives, with key directions identified as expanding domestic demand, technological innovation, and reducing competition [2]. - Both domestic and foreign investors are optimistic about A-shares, with a notable improvement in foreign investment sentiment compared to the previous year [2].

记者丨周慧 编辑｜ 李博 通过短暂的采访调研，去了解一个城市和写企业出海趋势，都很容易盲人摸象。 林雪萍《大出海》书中写墨西哥市场环境时提到，那些流传广远的内容迎合了人们的想象。 当这些国家被当成一个简单标签组合的存在时，人们更容易传播符合自己想象的内容。在新 的社交茧房，持有相同观点的人相互验证。 在认识中东城市的过程中，也是如此，在短视频的世界里，中东通常都是和"土豪"标签关联 在一起，在一些网红博主和房地产中介的塑造里，那边好像遍地是黄金，人人富得流油。但 是，在迪拜老城区仍然能看到密集的南亚劳工，街头的骑手，他们的收入并不高。 迪拜的商旅旺季 一位出海经验丰富的企业高管告诉我，不管是媒体的关注角度，还是社交媒体上的传播内 容，你看到的或许是大家希望你看到的，这些声音构成了传播议程设置的一环。 迪拜确实也是开放度高和擅长营销的城市。在走马观花的实地采访中，可以感受到的是， 以 阿联酋、沙特为代表的中东国家，迎来了越来越多的中国企业、商务精英、游客等。 素。 迪 拜 经 济 和 旅 游 部 在 推 介 文 案 中 再 一 次 强 调 持 续 推 进 的 " 欢 迎 中 国 " 战 略 （ China Re ...

Group 1 - In 2025, Chinese companies are shifting from cross-border operations to deeper localization and accelerating globalization in response to changing overseas policies [2] - The U.S. government has implemented policies such as the cancellation of tax exemptions for cross-border packages under $800 and reciprocal tariffs, while the EU has introduced the New Battery Law [2] - Chinese enterprises are transitioning from "single product exports" to "full-chain system output," with market strategies evolving from a focus on Europe and the U.S. to a dual-driven approach involving emerging and traditional markets [2] Group 2 - The EDGE AWARDS recognizes companies that have achieved significant breakthroughs in overseas markets despite fluctuating international conditions, highlighting their contributions to globalization [3] - ECARX has achieved large-scale production and delivery in global markets, securing over $1 billion in overseas orders and achieving profitability in Q3 [3] - Alibaba Cloud is enhancing its global infrastructure to support Chinese enterprises' overseas development, focusing on AI product internationalization and building a global cloud computing network [4] Group 3 - HLA has expanded its global strategy, opening new stores in Southeast Asia, Central Asia, and the Middle East, with overseas revenue increasing by 27.42% [4] - Kudi Coffee has expanded its international presence to 33 countries, with over 18,000 stores globally, ranking third worldwide in the coffee and tea sector [4] - United Imaging Healthcare has seen overseas revenue grow from $40 million to over $2 billion in seven years, with a compound annual growth rate of 93% [5] Group 4 - Pop Mart has experienced explosive growth in overseas revenue, which increased by 437.5% in the first half of 2025, accounting for 40.3% of total revenue [6] - Century Huatong, a leading gaming company, has achieved over $3.8 billion in global revenue from its game "Whiteout Survival" and is actively exploring AI gaming applications [7] - Tongwei Group has a global market share of approximately 30% in polysilicon, with significant growth in component sales across various regions [8] Group 5 - Yanghe Distillery has established a comprehensive international communication system focusing on high-end, platform-based, and localized strategies, covering 86 countries and regions [9] - Yiling Pharmaceutical has successfully registered 17 innovative traditional Chinese medicines in over 50 countries, promoting a multi-faceted approach to global healthcare [10] - The trend of collaborative globalization is emphasized, with companies providing reliable service networks to support Chinese enterprises in overseas markets [11] Group 6 - Amazon Global Selling has facilitated the entry of numerous Chinese sellers into international markets, signing cooperation agreements with various provincial commerce departments [12] - XTransfer offers cross-border financial and risk control services to over 800,000 enterprises, enhancing global competitiveness for small and medium-sized businesses [13] - Huawei Cloud has expanded its global presence with 34 geographic regions and 101 available zones, supporting local industry upgrades in various countries [14] Group 7 - Stripe provides programmable financial services to millions of businesses, enabling Chinese brands to establish payment channels and innovative revenue models as they expand globally [15]

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Core Viewpoint - The article discusses the unique social dynamics and market opportunities in the Middle East, particularly focusing on how Chinese companies have successfully adapted their products to meet local cultural preferences and social habits, leading to significant growth in the region's entertainment and social media sectors [3][8][12]. Group 1: Market Characteristics - The Middle East is characterized by a strong social culture, with locals frequently gathering in cafes and public spaces to socialize, especially during the cooler evening hours [3][4]. - The region has a high demand for social interaction and entertainment, which has been successfully translated into online platforms by Chinese companies [6][8]. - Users in the Middle East are highly engaged with social media, averaging 8.4 accounts per person, with UAE users reaching 10.5 accounts, indicating a strong market for social applications [8][12]. Group 2: Company Performance - Yalla and Chaozi City (赤子城) have emerged as significant players in the Middle Eastern social media market, with Chaozi City reporting a revenue growth of over 50% in 2024, reaching 5.1 billion yuan [9]. - In the first half of 2025, Chaozi City's revenue grew by 40% to 3.2 billion yuan, with a net profit increase of 118% to approximately 500 million yuan [9]. - Yalla's revenue for 2024 was reported at 340 million USD (approximately 2.39 billion yuan), with a stock price increase of over 70% since the beginning of the year [9]. Group 3: Cultural Adaptation and Localization - Successful products like TopTop and Yalla have been developed through extensive local research, ensuring they align with the cultural and social habits of Middle Eastern users [6][7]. - Features such as family badges in TopTop were inspired by local customs, enhancing user engagement by reflecting cultural identity [7]. - Yalla's design is rooted in the traditional "Majlis" culture, facilitating a familiar social experience for users [7][8]. Group 4: Challenges and Market Entry - Entering the Middle Eastern market requires significant investment and time to build local networks, which can be a challenge for companies used to faster-paced environments [4][16]. - The market has high entry barriers, with initial costs for registration and compliance being substantial, often requiring millions to establish a presence [16][17]. - As competition increases, companies that have already established a foothold in the region are likely to perform better, making it harder for new entrants to succeed [17].

Core Viewpoint - The insurance industry is shifting its focus from scale and speed to service and internationalization, as highlighted by the recent statements from industry leaders like Yang Yucheng of Xinhua Insurance during the "14th Five-Year Plan" preparation phase [4][11]. Industry Overview - The domestic life insurance sector has transitioned from rapid growth to a period of slowing growth over the past five years, with premium income rising from 3.10 trillion yuan in 2019 to 3.54 trillion yuan in 2023, reflecting a compound annual growth rate of 3.4%, significantly down from 12.2% in 2019 [5][6]. - The low interest rate environment has compressed profit margins, with the yield on ten-year government bonds fluctuating between 2.5% and 3.0% since 2020, compared to approximately 3.6% from 2014 to 2018, impacting the profitability of savings-type products [5]. Market Dynamics - The competition in the insurance market has intensified, leading to a vicious cycle of "interest rate competition, cost subsidies, and declining value rates," with new business value rates for major listed insurers dropping to 15%-26% in 2024, down from previous years [6][8]. - Regulatory measures are increasingly guiding the industry back to its core risk protection functions, with a focus on enhancing service capabilities and value creation [7][10]. Strategic Shifts - The "15th Five-Year Plan" is seen as a critical period for insurance companies to reassess their business focus, emphasizing the importance of service in the insurance operating system [7][10]. - Major state-owned insurers are adjusting their product strategies to prioritize protection and service capabilities, moving away from a sole focus on short-term financial returns [10][11]. Internationalization Efforts - The internationalization of state-owned insurance companies is no longer exploratory but has entered a strategic implementation phase, driven by both policy support and market demand [13][15]. - Different paths are being taken by major players: for instance, PICC aims for overseas business to account for 30% of its total growth within five years, while China Life and Xinhua are adopting a more cautious approach by focusing on asset investments abroad [14][15]. Future Outlook - The next five years will see competition in the insurance industry shift from a focus on product rates and scale to a comprehensive competition based on service capabilities, risk pricing abilities, and international perspectives [17]. - The ability to effectively implement service and internationalization strategies will be crucial for determining market positions and enhancing the global competitiveness of the Chinese insurance industry [17].

通过短暂的采访调研，去了解一个城市和写企业出海趋势，都很容易盲人摸象。 林雪萍《大出海》书中写墨西哥市场环境时提到，那些流传广远的内容迎合了人们的想象。 当这些国家被当成一个简单标签组合的存在时，人们更容易传播符合自己想象的内容。在新的社交茧 房，持有相同观点的人相互验证。 在认识中东城市的过程中，也是如此，在短视频的世界里，中东通常都是和"土豪"标签关联在一起，在 一些网红博主和房地产中介的塑造里，那边好像遍地是黄金，人人富得流油。但是，在迪拜老城区仍然 能看到密集的南亚劳工，街头的骑手，他们的收入并不高。 迪拜确实也是开放度高和擅长营销的城市。在走马观花的实地采访中，可以感受到的是，以阿联酋、沙 特为代表的中东国家，迎来了越来越多的中国企业、商务精英、游客等。 最近一周，小红书上遍布刘亦菲在阿布扎比看F1赛事的穿搭帖，以及她参观扎耶德国家博物馆"出片神 图"。 同样，迪拜经济和旅游部对中国媒体发布了关于蔡依林新专辑《Pleasure》主打曲《Fish Love》MV在 迪拜取景的消息，MV取景覆盖沙漠、海湾、老城区、黄金相框等标志性景点元素。 迪拜经济和旅游部在推介文案中再一次强调持续推进的"欢迎中国"战 ...

距离2025年收官仅剩6个交易日，公募基金年终排名进入了关键的冲刺阶段。 展望2026年，永赢基金权益投资部联席总经理李文宾预计AI投资机会或将继续向新技术、新趋势、新 模式扩散。 基金年终排名战 2025年，主动权益基金业绩回归。 Wind数据显示，截至12月22日，全市场所有基金的收益中位数9.54%。主动权益类基金，包括普通股票 型、偏股混合型、平衡混合型和灵活配置型基金的年内平均收益则超过了20%，其中超九成基金实现正 收益。 在业绩头部阵营中，共有97只基金今年以来收益超过100%，其中主动权益基金89只，被动指数型基金7 只，QDII基金和商品型基金分别1只。 目前来看，冠军宝座已基本锁定，截至12月22日，永赢科技智选混合基金今年以来收益为231.72%，领 先第二名中航机遇领航混合基金近50个百分点。 今年A股市场整体呈现震荡上行的慢牛走势，上证指数一度突破4000点，市场活跃度显著提升。贯穿全 年的最强主线是科技成长板块，受益于AI技术突破、新能源产业链复苏等多重利好，相关领域上市公 司盈利预期显著改善，成为驱动市场上行的引擎。 统计数据显示，在这一轮行情中，九成以上主动权益类基金年内实现正 ...

上周A股延续高位震荡，股指涨跌不一，万得全A微跌0.15%，日均成交量维持在1.7万亿元附近，春季 行情启动前或会维持震荡阶段。临近年底，两融资金表现渐趋谨慎，而ETF特别是A500ETF成为上周明 显的增量资金来源之一，截至2025年12月19日，万得数据显示，全市场A500ETF规模约2450亿元，近一 周资金净流入在300亿左右。 港股方面，上周港股市场出现回调，恒生指数和恒生科技分别下跌1.1%和2.8%。泓德基金表示，现阶 段港股市场内部资产仍然处于分化阶段，今年一季度到三季度部分涨幅较大且尚未消化充分的部分港股 资产还需要进一步消化压力。 12月15日，国家统计局发布了11月份国民经济运行情况，泓德基金分析，今年以来国民经济延续了稳中 有进的发展态势，顶压前行、向新向优发展，展现强大韧性和活力。同时在另一方面，生产强于消费， 外需优于内需的局面仍然延续。 股市常被视为国民经济的晴雨表，今年以来各行业板块的涨跌表现，也清晰地印证了这一规律。其中， 与新质生产力、人工智能、出海等方向紧密相关的行业板块表现尤为突出，平均涨幅超过30%；而主要 依赖内需的食品饮料、房地产、建筑等板块，则整体走势相对低迷。 ...