2025年12月19日，希迪智驾完成港交所主板挂牌，成为"商用车智能驾驶第一股"，也是第七家通过港交所18C章规则 上市的特专科技企业，市值突破百亿关口。 从估值来看，目前希迪智驾PS（市销率）约在20倍左右，明显低于自动驾驶领域其他公司，这决定了投资者押注公司 估值提升具备足够的性价比。 对于一家高速增长，尚在投入期且将要迎接商业化拐点的科技企业，基本面是影响估值的重要催化剂，下文将探讨希 迪智驾的商业模式和估值逻辑，展望公司估值潜力。 高毛利+轻资产+落地快，差异化的成长路径 在矿山无人驾驶领域，商业模型可划分为运营服务与产品销售这两类，对应重资产和轻资产两条路径。 运营服务模式为无人驾驶企业持有车辆资产，提供"车辆+运营+技术"全包服务；产品销售模式由下游客户自购车辆， 无人驾驶企业提供"车辆+技术"解决方案。 长期来看，基于成熟的自动驾驶技术和高认可度的解决方案，希迪智驾能够更好地渗透进矿山项目，加上轻资产模式 更加适合大规模推广，公司将进一步释放规模效应，毛利率有望持续提升。 同时在成本端，得益于智能汽车产业链的技术创新与产品迭代，激光雷达、计算平台等自动驾驶的核心硬件成本呈现 出持续下降趋势，加上 ...

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。中国社科院大学教授、国家数据专家委员会主任委员、国务院原副秘书长江小涓发 表演讲。 江小涓表示，经过多年积累，中国的科技创新能力已经形成了扎实的基础，预计在"十五五"期间，产业 与科技将迎来集中迸发的阶段，因此，"十五五"期间大量新技术的出现是确定性趋势。"只有科创企业 蓬勃涌现，科创金融才有可投的对象，如果没有优质的科创项目，资金投入也就无从谈起。"江小涓表 示，这也正是当前最大的机遇所在。 但她同时提醒，这一机遇并不必然流向传统金融业，多元投资力量的崛起正重塑科创投资格局。 从投资主体来看，传统风险投资（VC）和私募股权（PE）活跃度有所下降，而企业创投资金（CVC） 已成为创投重要力量。国内阿里、蚂蚁、腾讯等企业，以及国际上马斯克旗下企业、Databricks、 Anthropic等创新公司背后的大型科技企业，均在积极投入新兴重大科创项目。CVC往往聚焦与自身发 展紧密相关的领域，依托资金、算法、算力、AI模型及人才优势开展前沿研发，同时扮演战 ...

核心提示 过去一年，河南加"数"前行。聚焦数智强省建设目标，河南以国家数据要素综合试验区建设为契机，多点突破、成效显著，持续夯实数字化发展根基。 早在2022年，郑州市开始着手构建以"数据元件"作为数据要素市场中规模化流通和安全管控的数据"中间态"，建设"数据金库"基础设施，发展数据资源、数 据元件和数据产品三类市场，为数据要素市场化配置改革提供基础性、公益性基础设施支撑。中电（郑州）数据产业有限公司作为重要参与者，协助郑州市 搭建起"1+5+24"的数据基础制度体系，成功完成"数据金库"建设。 "我们要从数据金库接入的百亿条数据中提取核心资源，通过特征工程、数算分离、区块链存证等技术进行模块化拆解与安全处理，最终形成涵盖企业信 用、经营状态、政务核验等十余个维度的标准化数据元件。"张昭说。 目前，中电（郑州）数据产业有限公司已在郑州打造营销风控、用工背调、设备维护等15大类100多个应用场景，支持银行、保险、货运、医药等7类客户的 多样化需求，数据交易规模达1.2亿元，带动相关数据产品合同额超10亿元。 构建郑州数据金库，耕耘数据要素市场培育和数据资源开发利用的张昭；让AI融入实体，深耕具身智能核心技术的行 ...

Economic Overview - Guangdong is recognized as China's "economic leader," maintaining over 10% of the national GDP share for a long time, with a GDP that has surpassed 14 trillion yuan [1] - The province has consistently ranked first in GDP for 36 years and has crossed significant GDP milestones since 2019 [1] - Despite its economic size, Guangdong faces challenges in achieving high growth rates, especially compared to other provinces [1] Industrial Transformation - Traditional industries have historically driven Guangdong's rapid economic growth, with six out of ten strategic pillar industries being traditional, contributing over 70% to manufacturing value added [3] - The province is actively guiding enterprises to innovate and upgrade, as seen in the case of Monalisa Group's investments in the semiconductor sector [3][4] - Guangdong is promoting the transformation of manufacturing towards digitalization and sustainability, with over 300 "lighthouse" projects established to support this shift [4] Innovation and Technology - Guangdong is fostering a new production capacity by integrating technological and industrial innovation, with significant advancements in strategic emerging industries [5] - The establishment of companies like Yuexin Semiconductor has transformed the semiconductor landscape in the Guangdong-Hong Kong-Macau Greater Bay Area, addressing previous supply chain concerns [6] - The province has developed a dense ecosystem for AI chips, with a production capacity of 80,000 12-inch wafers per month [6][7] Competitive Advantages - Guangdong's unique advantages include a complete industrial chain, a large consumer market of 1.5 billion people, and diverse application scenarios that foster innovation [9][10] - The province's market contributes over 10% of the national retail sales, providing significant opportunities for businesses across various sectors [10] - The integration of smart technologies with traditional industries in Guangdong is creating new business models and applications, enhancing the region's attractiveness to global investors [11]

Core Viewpoint - The "Qihang·2025 Financial Annual Conference" emphasizes the importance of technological innovation as a key driver for China's future development during the "14th Five-Year Plan" period [1][3]. Group 1: Technological Innovation - Technological innovation industries are expected to grow rapidly and become a crucial pillar for future development in China [3]. - The development of the technological innovation industry is considered a solid foundation for the growth of innovation finance [3]. - The presence of strong technological enterprises is essential; without them, investment efforts may fail [3]. Group 2: Investment Landscape - Traditional venture capital and government investment are significant forces in the innovation finance sector, characterized by patient capital [3]. - Overseas investors are showing considerable interest in China's innovative enterprises, which, along with traditional innovation finance, will provide robust support for industrial innovation [3]. - Projects with growth potential will attract funding, indicating a healthy investment environment for promising ventures [3]. Group 3: Financial Sector Transformation - The financial industry is urged to accelerate its transformation towards marketization, digitalization, and internationalization to seize new opportunities arising from technological innovation [3]. - The urgency for the financial sector to improve its capabilities is highlighted as essential for expanding its development space [3].

Core Insights - The article discusses the profound changes in consumer behavior and supply-demand mismatches in the context of evolving economic conditions and technological advancements [1] Group 1: Changes in Consumer Behavior - The transition from self-sufficiency in agricultural civilization to large-scale production and centralized distribution during the industrial revolution has led to unprecedented changes in consumption patterns in the digital age [1] - There is a significant shift from product-centric consumption to a balanced focus on both goods and services, with service consumption, particularly in leisure and entertainment, growing at a faster rate than goods consumption [1] - The proportion of upgraded goods characterized by intelligence, greenness, and convenience is rapidly increasing, with China becoming the largest market for wearable wrist devices, accounting for 30% of global shipments [1] Group 2: Supply-Side Challenges - Despite the acceleration of new technologies and business models, the supply side still requires a systematic approach to meet the complex demands of changing consumer needs and technological iterations [1] - Addressing deep-seated technical, structural, and institutional challenges is crucial for expanding effective consumer demand [1] Group 3: Technological Empowerment - The development of new information technologies is redefining product forms and content presentation, enabling customized and personalized supply based on consumer profiles [2] - Companies are encouraged to leverage cutting-edge technologies such as AI, quantum technology, and biotechnology to create tailored products and services [2] Group 4: Multi-Industry Integration - Promoting multi-industry integration can break down industry boundaries and create one-stop, composite consumption scenarios that integrate functional services and experiential value [3] - Upgrading consumption supply facilities and developing local cultural and ecological resources into distinctive tourism products can enhance consumer experiences [3] Group 5: Rural Market Development - The growth rate of consumption in rural areas has surpassed that in urban areas, presenting a "blue ocean" market opportunity [4] - There is a need to enhance the infrastructure and supply structure in rural markets to meet diverse consumer demands effectively [4] Group 6: Optimizing Consumption Environment - The consumption environment, encompassing both hardware and software aspects, is critical for market stability and consumer confidence [5] - Strengthening market regulation and improving quality standards and consumer rights protection are essential for enhancing the overall consumption experience [5][6]

（来源：光明日报） 转自：光明日报 【贯彻落实党的二十届四中全会精神·权威访谈】 党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》（以下简称《建议》），对"深入推进数字中国建设"提出明确要求、作出重要部署。 贯彻落实《建议》部署，如何理解"深入推进数字中国建设"战略任务和数智化对经济社会发展各领 域的赋能作用？"十五五"时期国家数据局将从哪些方面重点发力？新华社记者采访了国家数据局党组书 记、局长刘烈宏。 数据要素激活新质生产力动能 问：如何理解《建议》在"加快高水平科技自立自强，引领发展新质生产力"部分提出部署"深入推进数 字中国建设"战略任务？ 答：数字中国建设涉及经济社会发展方方面面、生产生活各个领域，贯穿于技术突破、场景验证、产业 应用、体系升级全过程，能够源源不断孕育出新质生产力，有利于我国在新一轮科技革命和产业变革中 赢得主动，构筑国家竞争新优势。与"十四五"规划建议将"加快数字化发展"摆在"加快发展现代产业体 系，推动经济体系优化升级"章节不同，《建议》在"加快高水平科技自立自强，引领发展新质生产 力"部分用一节来部署"深入推进数字中国建设"战略任务，充 ...

当日，2025第十四届金融界"金智奖"年度评选也同步揭晓。该奖项旨在引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚，海尔 智家、利亚德、金龙鱼、东鹏饮料等140余家企业从超8000家A股、港股和中概股企业中脱颖而出，成为高质量发展典范。 12月26日，由金融界主办的"启航·2025金融年会"系列活动在北京成功举办。作为年会重磅环节之一，"启航·2025上市公司高质量发展年会"以"穿越周期，韧 性成长"为主题，来自监管部门、行业协会、金融机构等相关领导和重磅嘉宾，以及来自200余家上市公司的优秀企业代表齐聚一堂，共话发展路径，为资本 市场高质量发展赋能，为中国式现代化建设注入持久动能。 其中，"AI优品"与"AI出清"两大应用，精准对应了张宇此前提出的行业痛点。"AI优品"借助数据与大模型技术，为零售企业提供精准的品类规划建议，明确 不同卖场的核心商品组合，从源头解决选品难题；"AI出清"则通过整合历史销量、当日天气、周边市场竞价等多维度数据，利用人工智能为短保质期商品制 定科学的出清时间与折扣力度，彻底告别"经验决策"的随意性。 在探讨城市与下沉市场消费新动能的异同及企业分层触达策略时， ...

面向未来，魏涛表示，五矿发展将立足主责主业，以技术融合赋能供应链安全保障，以模式创新整合重组全供应链服务要素，以提升上市公司市场价值为引 领，全力打造成为具有全球竞争力的金属矿产大贸易商和新物流商。 推进数字化供应链建设 作为中国五矿旗下贸易物流主业的核心载体，五矿发展目前可提供从资源开发到原料进口，从生产加工到仓储物流，配合产融协同服务、技贸协同服务的全 产业链综合服务。 魏涛表示，在全球贸易保护主义抬头、地缘政治冲突加剧的国际环境下，我国发展环境正经历深刻变化，对建设高效、安全、畅通的现代流通体系提出了更 高要求。为了建设更高标准的现代流通企业，五矿发展以"数字化赋能提升+供应链集成创新"为牵引，全面推进数字化供应链建设，聚焦贸易、仓储、运输 三大业务板块，设计了"前、中、后"台协同的数字化供应链蓝图。 具体而言，商务前台以二方交易平台、仓储加工平台、多式联运平台为依托，立足贸易服务优势，整合旗下物流园、加工中心及内外部仓储运输资源，实现 了运输全链条的数字化管控与协同调度，一单制系统上线后，试点线路实现通关时长降低50%，物流成本降低20%，为客户提供一次下单，一次结算，一站 式多式联运服务；运营中台自 ...

Core Insights - The restaurant industry in 2025 is characterized by a shift from rapid expansion to a focus on sustainable growth, driven by challenges such as rising labor costs and store closures, leading to innovative paths in digital transformation and transparent operations [1] Group 1: Pre-prepared Dishes - The debate surrounding the use of pre-prepared dishes has become a focal point in the industry, prompting a shift from concealment to transparency in their usage, accelerating the establishment of supply chain traceability systems [2] Group 2: Delivery Wars - The entry of JD.com into the delivery market has disrupted the previous duopoly of Meituan and Ele.me, leading to a new competitive landscape characterized by dual strategies of subsidy-driven customer acquisition and supply innovation [5] Group 3: Digital Transformation - The application of new technologies such as automated delivery vehicles and service robots has accelerated the digital transformation in the restaurant industry, with significant advancements in operational practices [7] Group 4: Store Closures - A significant number of restaurants have closed in 2025, with over 800,000 exiting the market in the first half of the year, highlighting the industry's realization that focusing on single-store profitability is more beneficial than blind expansion [9] Group 5: Chinese Cuisine Going Global - The rise of niche dishes utilizing local ingredients has led to a surge in Chinese restaurants expanding internationally, showcasing the global potential of regional flavors [11] Group 6: Emotional Consumption - A report indicates that 56.3% of young consumers are willing to pay for experiences that meet their emotional needs, prompting restaurants to enhance their offerings to attract this demographic [13] Group 7: Small Store Models - The popularity of small, community-focused restaurants has increased, with many leveraging low rent and flexible offerings to reduce operational costs and achieve growth [15] Group 8: Compliance - New regulations regarding food safety and labor practices are pushing restaurants to improve supply chain management and operational compliance, making it a core competitive advantage [17] Group 9: ESG Responsibility - The third China Restaurant Industry Social Responsibility Conference highlighted the importance of ESG practices, with initiatives aimed at community engagement and sustainable development gaining traction [19] Group 10: Lightweight Health Trends - The rise of health-conscious consumers has led to the popularity of lighter health food options, integrating wellness elements into everyday snacks and beverages, driving growth in the food and beverage sector [20] Conclusion - The restaurant industry has transitioned from a phase of rapid growth to one of meticulous cultivation, emphasizing the importance of understanding value and adhering to industry regulations as key drivers for future success [22]