Market Performance - As of December 31, 2025, the North Exchange A-shares had a total of 288 stocks with an average market capitalization of 3.019 billion yuan[19] - The North Exchange 50 Index fell by 1.55% during the week of December 29 to December 31, closing at 1,440.43 points[19] - The average daily trading volume for North Exchange A-shares was 19.439 billion yuan, a decrease of 2.74% from the previous week[19] New Stock Listings - The new stock Hengtong Light (stock code: 920045.BJ) was listed on December 31, 2025, with a revenue of 1.625 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 91.38%[3][27] - The net profit attributable to shareholders for Hengtong Light was 224 million yuan, up 123.75% year-on-year[3][27] Investment Insights - The North Exchange's price-to-earnings (PE) ratios as of December 31, 2025, were 45.85 for A-shares, 43.62 for the ChiNext, 13.08 for the Shanghai Main Board, 23.21 for the Shenzhen Main Board, and 75.12 for the Sci-Tech Innovation Board[4][28] - The report suggests focusing on technology sectors such as robotics, AI, commercial aerospace, and smart driving during the "spring market rally" period[4][28] Risks - Potential policy risks may affect investor enthusiasm and market heat[5][29] - Liquidity risks exist due to lower trading volumes compared to other boards like the Sci-Tech Innovation Board and ChiNext[5][29] - Earnings may not meet expectations due to external market changes, impacting stock prices negatively[5][29]

企查查数据显示，截至1月4日，我国现存6.18万家卫星通信相关企业，区域分布上，华东、华南地区均 现存1.5万家卫星通信相关企业，合计占比47.4%，其次是西南地区，占比13.1%。 （原标题：商业航天再走强！2025年卫星通信相关企业注册量涨近50%） 近日，国家国防科工局党组理论学习中心组召开扩大会议。会议提出，要促进商业航天发展，推动航天 产业化。此前2025年12月26日，上交所发布《商业火箭企业适用科创板第五套上市标准指引》，标志着 商业火箭企业登陆资本市场的通道正式打通、标准全面明确。 根据《中国商业航天产业研究报告》的数据，2025年以来我国完成航天发射87次，其中民营商业火箭企 业执行23次，成功入轨航天器324颗。应用场景持续拓宽，中国电信披露截至 2025 年 11 月，支持直连 卫星功能的手机终端销量超2500 万台。随着卫星物联网商用试验启动、可回收火箭技术迭代，空天地 一体化通信网络加速成型，为数字经济发展注入强劲动能。 企查查数据显示，截至1月4日，我国现存6.18万家卫星通信相关企业，区域分布上，以华东、华南地区 为主，合计占比47.4%；注册量方面，2025年全年，我国累计注册 ...

Core Viewpoint - The article emphasizes the importance of support and care for new economy workers, such as delivery personnel and drivers, during the winter season, highlighting the efforts of labor unions to provide warmth and assistance to these essential workers [1][2][3][4][5] Group 1: Support Initiatives - Various labor unions are actively engaging with new economy workers through visits and support activities, delivering essential supplies and services to enhance their well-being [1][2] - The 2026 initiative aims to strengthen the connection between labor unions and new economy workers, focusing on their rights and needs, including labor compensation, rest periods, and career development [2][4] - The unions are providing practical support, such as setting up warm stations for outdoor workers and offering legal assistance for long-haul drivers, ensuring that workers feel secure and supported [4][5] Group 2: Importance of New Economy Workers - New economy workers are recognized as vital contributors to the economy, playing significant roles in logistics, delivery, and transportation, thus deserving greater attention and care from society [3][5] - The article highlights the need for labor unions to listen to the concerns of these workers and provide tailored support, enhancing their sense of belonging and security [3][5] - The ongoing initiatives aim to improve the overall welfare of new economy workers, ensuring they have access to necessary resources and opportunities for professional growth [4][5]

Core Insights - Jinan is transforming from "Digital Jinan" to "Smart Jinan," aiming to become a leading smart city in China by leveraging data-driven productivity and innovation [1] Group 1: Digital Infrastructure - Jinan has established 40 data centers with a total computing power of 6451P, including 5365P of intelligent computing power, marking a significant upgrade from traditional supercomputing to intelligent computing [2] - The total data output in Jinan has reached 616EB, with the city ranking second nationally in the open data index for 2025, showcasing its leadership in public data sharing [2] - Jinan has 18 large models registered with the national generative AI service, leading the province, with the "Inspur Hairo" model being the only one to pass all three registrations for foundational models, intelligent agents, and algorithms [2] Group 2: AI Integration - Jinan promotes the integration of AI across various sectors, having identified 162 AI application projects across 6 major fields and 13 industries to meet the needs of over 200 scenarios [3] - The "AI Spring City" initiative has successfully implemented a 24/7 smart processing system for over 300 high-frequency government services, enhancing administrative efficiency [3] Group 3: Industrial Ecosystem - Jinan has launched a "Data Algorithm" integrated circulation service platform, which acts as a digital marketplace, connecting 3905P of computing power, 199 AI algorithm products, and over 7200 data products [4] - The city supports AI industry development through special policies, high-quality data sets, and free computing resources for developers, attracting major companies like Baidu, Huawei, and iFlytek [4] Group 4: Future Development - Jinan plans to continue optimizing core resources and deepening AI applications in key areas as part of its "14310" smart Jinan development system, contributing to the construction of a digital Shandong and digital China [5]

作者 | 第一财经 潘寅茹 2026.01. 04 本文字数：2593，阅读时长大约4分钟 据央视新闻，今天（4日）下午，韩国总统李在明乘机抵达北京首都国际机场，开启为期4天的访华 行程。 据外交部网站信息，应国家主席习近平邀请，韩国总统李在明于2026年1月4日至7日对中国进行国 事访问。 外交部发言人林剑在此前的例行记者会上表示，此访是李在明总统就任后首次访华。中韩互为重要近 邻和合作伙伴，期待在两国元首战略引领下，此访为推动中韩战略合作伙伴关系进一步向前发展发挥 积极作用。 这也是2017年时任韩国总统文在寅访华后，韩国总统时隔近9年再次对中国进行国事访问。此访距 离李在明就任总统过去215天，也是继去年11月在韩国庆州亚太经合组织（APEC）领导人非正式会 议期间首次举行中韩首脑会谈后，时隔两个月中韩领导人再次会谈。 对于李在明新年伊始的来访，上海市朝鲜半岛研究会副会长、上海对外经贸大学朝鲜半岛研究中心主 任詹德斌在接受第一财经采访时表示，李在明此访会对中韩关系产生非常显著的推动，"自上任以 来，李在明政府不断发出重视中韩关系的信号。如果说去年11月中韩领导人在APEC会议期间的互动 预示着中韩关系止 ...

Core Viewpoint - South Korean President Lee Jae-myung has arrived in Beijing for his first state visit to China since taking office, marking the first visit by a South Korean president in six years [3][6] Group 1: Visit Details - The state visit will take place from April 4 to April 7, 2023, at the invitation of Chinese President Xi Jinping [3][6] - During the visit, Lee Jae-myung will reaffirm South Korea's respect for the One China principle, particularly regarding Taiwan [3][6] Group 2: Bilateral Meetings - Meetings between the leaders of China and South Korea are scheduled, following their previous discussions in November 2025 during the APEC summit [3][6] - This visit aims to further consolidate the momentum of the comprehensive restoration of the China-South Korea strategic partnership [3][6] Group 3: Economic Delegation - Over 200 South Korean entrepreneurs are accompanying President Lee as part of an economic delegation [3][6] - Discussions are expected to focus on practical cooperation in areas such as supply chain investment, digital economy, environmental issues, cultural exchanges, tourism, and combating transnational crime [3][6] Group 4: Strategic Importance - China and South Korea are important neighboring countries and partners, with expectations that this visit will positively impact the development of their strategic partnership under the leadership of both heads of state [3][6]

Core Viewpoint - The Purchasing Managers' Index (PMI) for December indicates a recovery in China's economic activity, with all three major indices entering the expansion zone for the first time since April [1][4]. Manufacturing Sector - The manufacturing PMI rose to 50.1%, an increase of 0.9 percentage points from the previous month, exceeding market expectations [7]. - The production index and new orders index were reported at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points [7]. - The new export orders index increased by 1.4 percentage points to 49.0%, indicating a recovery in domestic demand [7]. - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI rose to 49.8%, and small enterprises' PMI fell to 48.6% [7]. Key Industries - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating positive growth trends [8]. - Equipment manufacturing and consumer goods industries both reported PMIs of 50.4%, entering the expansion zone [8]. - The construction industry PMI significantly increased to 52.8%, up 3.2 percentage points, marking a return to expansion after five months [15]. Non-Manufacturing Sector - The non-manufacturing business activity index was 50.2%, an increase of 0.7 percentage points from the previous month [12]. - The service sector PMI was reported at 49.7%, a slight increase of 0.2 percentage points, with certain sectors like telecommunications and financial services showing strong growth [12]. - The construction industry's business activity expectation index was 57.4%, indicating optimism among construction firms [16]. Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, indicating overall expansion in production and business activities compared to the previous month [16]. - The service sector's business activity expectation index increased to 56.4%, reflecting enhanced confidence in future market development [16].

与会者认真听取报告。 记者 欧阳杰 田为 摄 省委十一届十次全会现场。记者 欧阳杰 田为 摄 省委十一届十次全会上，一份"成绩单"令与会者振奋与感慨。 11月，刚刚经历了一场疫情防控"遭遇战"，四川大学华西医院院长李为民对"担当"二字有着深刻理解。"去年 底到现在，我省经历了3次局部疫情，但每次都在第一时间得到控制，这不仅体现了我省在疫情防控中的精准高 效，更充分体现了省委省政府坚决守护人民生命健康安全的坚定决心与担当作为。" 这也是与会者的共识——面对复杂严峻的外部环境和疫情灾情的冲击影响，面对开局"十四五"、开启新征程 的繁重任务，唯有担当作为，才能应对风险挑战，推动治蜀兴川各项事业取得新的进展。 "未来，我们仍可能面临未知的风险和挑战，我们需深刻理解和全面把握党百年奋斗历史的宝贵经验，从中汲 取智慧与力量，坚持人民至上、生命至上的立场，推动卫生事业发展。"省卫生健康委党组书记敬静表示，全省卫 生系统将一手抓新冠疫情防控不动摇，一手抓卫生健康事业改革发展不懈怠，坚守毫不松懈抓好常态化疫情防 控"一条底线"，深化医疗服务供给侧改革，以及公共卫生体系特别是疾病预防控制体系改革，让群众看得起病、 看得了病、看得 ...

Core Insights - The total electricity consumption in Wuhan for 2025 reached 85.712 billion kilowatt-hours, reflecting a year-on-year growth of 4.76% compared to 2024, indicating robust resilience in the economy [1] - The electricity consumption data highlights a shift in Wuhan's economic direction, with significant growth in sectors such as new energy vehicle manufacturing and internet data services, which saw year-on-year increases of 71.9% and 240.6%, respectively [1] Industry Electricity Consumption - The secondary industry experienced a year-on-year electricity consumption growth of 5.53%, with manufacturing seeing a notable increase of 7.57%, surpassing the average growth rate [1] - The automotive manufacturing sector's electricity consumption grew by 13.05%, with new energy vehicle manufacturing leading with a 71.9% increase, underscoring Wuhan's position as a leader in the electrification transition [1] - The computer, communication, and other electronic device manufacturing sectors also reported a 14.29% increase in electricity consumption [1] Service Sector Growth - The third industry, particularly internet data services, exhibited a remarkable surge in electricity consumption, soaring by 240.6%, highlighting the explosive growth of Wuhan's digital economy industry cluster [1] Infrastructure Development - In 2025, the State Grid Wuhan Electric Power Company focused on creating a modern electricity business environment, implementing a "dual long system" for major project connections, facilitating immediate project commencement and electricity access [3] - The construction of the large power grid continued, with the commissioning of two 500 kV substations, injecting strong momentum into regional economic development [3] - The company also executed 20 key projects for grid optimization and reinforcement, ensuring timely completion of 165 summer peak power supply projects [3] Changes in Electricity Structure - The growth rate of electricity consumption for urban and rural residents reached 3.84%, which is lower than the overall societal growth rate, while the electricity consumption for charging and swapping services increased by 17.4%, reflecting a rise in citizens' willingness for green travel [3]

Group 1: Digital Economy Development - The introduction of the "Shandong Province Digital Economy Promotion Regulations" solidifies the legal foundation for digital economy development in Shandong, with the digital economy now accounting for over 49% of the province's GDP [1] - The "Intelligent Leadership Qilu Digital Benchmark" media event highlights the practical applications of digital initiatives in cities like Dezhou, showcasing the integration of digital practices in various sectors [1] Group 2: Green Data Centers - The Lu Bei Data Center is a modern data center cluster under construction in Dezhou, recognized as a national strategic layout, with plans for completion by September 2025 [3] - The center employs a "data center + source-network-load-storage" integrated model to address high energy consumption issues, aiming to become a "zero-carbon data center" [3] Group 3: Intelligent Computing Center - The "Dezhi Future" Intelligent Computing Center, set to be operational by the end of 2024, will have a planned computing power of 510P, utilizing single-phase immersion liquid cooling technology [5] - The project aims for an annual PUE (Power Usage Effectiveness) value of ≤1.05, achieving over 35% energy savings compared to traditional cooling methods, and will recycle cooling liquid to save approximately 120,000 tons of water annually [5] Group 4: Global Business Intelligence - Shandong Guomao Tong Big Data Co., Ltd. focuses on digital upgrades in foreign trade, offering the BTDataS7.0 system that integrates big data, AI, and business intelligence to assist foreign trade enterprises [6][8] - The system has served over 100,000 foreign trade and related enterprises, including major companies like Sinopec and Haier, enhancing decision-making efficiency in a complex international trade environment [8] Group 5: Smart Community Services - The Chahe community in Dezhou has implemented a smart community platform that connects various municipal data services, improving efficiency in managing services for elderly residents [9] - The community has launched data governance scenarios that have automated over 4,100 data interface calls, significantly reducing the need for residents to visit multiple departments [9] Group 6: Overall Impact of Digital Economy - Dezhou exemplifies how digital economy initiatives translate into tangible productivity and improved quality of life, contributing to the broader development of digital economy in Shandong and nationwide [10]