撰文丨王聪 编辑丨王多鱼 排版丨水成文 在动物界， 创新能力 （例如解决新问题或采用新方法获取食物） 通常被认为具有进化优势。我们往往认 为，这种具有创新行为的"聪明"个体更受异性青睐，从而会拥有更多后代。但如果真是这样，经过多代进 化，创新能力应该越来越强，最终大多数个体都会成为"创新高手"。 然而，在现实中，即使在同一种群内，个体创新能力也存在显著差异。有些动物善于创新，有些则保守。 但这种差异如何能够长期维持，一直是个谜。 近日，马克斯普朗克进化生物学研究所的研究人员在 Cell 子刊 Current Biology 上发表了题为： Variation in innovation is maintained by disassortative mating and female choice 的研究论文。 该研究通过对家鼠进行观察和实验， 发现 雌性择偶偏好竟与自身创新能力有关 —— 雌性根据自身创新能 力选择具有相反特质的雄性，而雄性则在创新能力和竞争能力 （体型大小） 之间存在权衡。这一发现为解 决生物多样性之谜提供了新线索。 半自然环境下的意外发现 研究团队在四个半自然围栏中放养了 139 只野生 ...

Global Economic Outlook - The global economic growth rate is expected to remain stable, with a slight slowdown from 2.8% in 2025 to 2.7% in 2026, influenced by geopolitical tensions and trade fragmentation [4] - Strong investment in artificial intelligence is anticipated to support investment and trade growth over the next two years [2][4] Trade Dynamics - Global goods and services trade is projected to grow by 3.8% in 2025, accelerating from 3.0% in 2024, but is expected to slow to 2.0% in 2026 due to various factors including reduced consumer spending in the U.S. [5] - Tariff uncertainties have decreased, yet trade policies and geopolitical risks continue to pose challenges [5] Asian Export Resilience - Despite fluctuations in tariff risks, Asia's overall export performance has exceeded expectations, remaining stronger than other regions [6] - The export growth rate in Asia is expected to slow in 2026 but will still outperform the global average [7] China's Economic Strategy - In 2026, China will focus on expanding domestic demand as a key policy priority, with structural reforms and increased openness to foreign investment [2][8] - The "15th Five-Year Plan" emphasizes improving the household consumption rate, which was 39.9% in 2024, as a critical goal for high-quality development [8] Investment and Fiscal Policies - Fixed asset investment is expected to recover, particularly in infrastructure, supported by new policy financial tools [9] - The fiscal deficit target for China in 2026 is likely to remain at 4%, with local government bonds issued to support consumption and major projects [9] Innovation and Competitiveness - Innovation capability is projected to become a core advantage for China, attracting foreign investment and enhancing service trade exports [12] - The government aims to regulate supply-side competition to ensure efficient resource allocation and promote fair competition [10][11]

格隆汇12月17日丨骏杰集团控股(08188.HK)公告，公司于2025年12月11日在香港股票分析师协会及 HOYTV举办的"上市公司年度大奖2025"颁奖典礼上获颁奖项"发展潜力年度大奖"。奖项表彰表现卓越 的上市公司，透过嘉许其优秀的企业管治、持续成长及创新能力，彰显香港金融市场的高品质发展与稳 健活力。 ...

骏杰集团控股(08188)公布，公司于2025年12月11日在香港股票分析师协会及HOY TV举办的"上市公司 年度大奖2025"颁奖典礼上获颁奖项"发展潜力年度大奖"。奖项表彰表现卓越的上市公司，透过嘉许其 优秀的企业管治、持续成长及创新能力，彰显香港金融市场的高品质发展与稳健活力。 ...

为吸引青年人才来深发展，2025年12月15日，深圳市人力资源和社会保障局正式印发《深圳市青年人才 认定和管理办法》（深人社规〔2025〕7号）。该办法自2026年1月1日起施行，有效期五年，旨在通过 标准化、多元化的认定体系，为青年人才提供更清晰的发展路径和保障支持。 办法明确，青年人才认定面向年龄在45周岁以下、2026年1月1日后首次在深就业创业并缴纳社保的人 员。认定标准不唯学历论，设立 "教育背景""创新能力""创新贡献" 三类通道，满足任一条件即可申 请。 在创新能力方面，包括：具有国家、省、市（限副省级市）发展改革、科技创新、工业和信息化、教 育、卫生健康部门发布的纵向项目经历的负责人，或者重点项目前五名参与人；获得具有一定影响力的 国内外奖项；参加国内外知名赛事取得较好成绩；获得境内外相关职业资格；作为第一作者（不含共同 第一作者）或唯一通讯作者，在重点核心期刊发表具有一定影响力的高水平论文；市行业主管部门推 荐，经市人力资源保障部门同意的具有相当创新能力的其他人员。 在创新贡献方面，包括：在深圳创办企业并获得知名创业投资机构投资，或者获得实缴现金投资达一定 金额，或者企业注册资本达一定金额且 ...

（编辑 袁冠琳） 证券日报网讯 12月3日，柏诚股份在互动平台回答投资者提问时表示，公司股价波动受宏观经济、行业 趋势、市场情绪等多重因素影响。敬请投资者理性看待市场波动，注意投资风险。公司持续聚焦做强主 业，着力推动公司稳健发展，加强国内外市场开发，拓展产业链布局。公司不仅聚焦当前业务，更以长 远视野布局未来战略，持续强化可持续发展与创新能力。近年来，公司持续加大对模块化制造、化学分 子过滤产品研发生产等业务领域以及国际化市场拓展的投入，延展公司业务链条，积极培育公司新的业 绩增长点。公司始终坚持以健康可持续的业绩表现、规范的公司治理、持续稳定的分红政策、真诚的沟 通交流，回馈广大投资者的信任，努力为股东创造长期投资价值。 ...

Core Viewpoint - The automotive industry is characterized by strategic endurance and resilience, with market fluctuations and intensified competition being inevitable challenges for all companies. Li Auto's recent financial report reflects "transformation pain," but the real core competitiveness lies in its strategic resilience to navigate through cycles and pressures [1] Group 1: Financial Performance and Strategic Transition - Li Auto reported a revenue of 27.4 billion RMB, with a gross margin of 20.4% after excluding MEGA recall costs, indicating some financial pressure [1] - The company is transitioning from a single-core strategy focused on range-extended vehicles to a dual-core strategy that includes both range-extended and pure electric vehicles, which is seen as a necessary investment for future growth [1][2] - The financial pressures are viewed as a "strategic tuition fee" for this transition, emphasizing the importance of focusing on the effectiveness of its pure electric strategy for long-term development [1] Group 2: Market Response and Product Performance - Li Auto's pure electric strategy has shown positive market feedback, with the Li MEGA achieving the highest sales in the MPV segment above 500,000 RMB and in the pure electric category [2] - The company has successfully launched the Li i8 and Li i6 pure electric SUVs, accumulating over 100,000 orders, marking it as one of the most successful new entrants in the pure electric market [2] - Li Auto's ability to establish a foothold in the pure electric market demonstrates its capability to define the market rather than relying solely on its range-extended vehicles [2] Group 3: Innovation as a Competitive Advantage - The success of Li Auto's pure electric strategy and its position as an industry leader is attributed to its deep-rooted innovation capabilities, which serve as a buffer against market fluctuations and ensure strategic implementation [3] - The company is not dependent on a single model but is rapidly iterating its product matrix based on market feedback, allowing for differentiated competitive advantages [3] - Li Auto's strategy includes reducing SKU numbers to focus on creating standout products, which enhances long-term product advantages and supports future growth [3] Group 4: Technological Investment and Global Strategy - Following its "All in AI" announcement, Li Auto has committed over 6 billion RMB annually to AI research and development, enhancing its product differentiation and reducing reliance on external suppliers [4] - The company's approach of combining user insights with technological innovation positions it well for global market competition, allowing for adaptable product strategies based on regional user preferences [4] - This innovative model not only strengthens its position in the Chinese market but also provides a foundation for participating in global competition [4] Conclusion - Companies that can evolve and adapt over time possess enduring vitality, with innovation being the key driver of this resilience. Li Auto's growth trajectory illustrates the value of its innovative system and its ability to navigate industry changes [5] - The fundamental assessment of a company's future should focus on its capacity to create value and exceed user expectations through innovation, a trait that Li Auto has embedded in its core [5]

Core Insights - The combined GDP of Guangdong, Jiangsu, Shandong, and Zhejiang provinces reached 46.73 trillion yuan in 2024, accounting for over 35% of China's total GDP, highlighting significant regional economic concentration [3][4]. Economic Performance - In 2024, Guangdong's GDP was 14.16 trillion yuan, Jiangsu's was 13.7 trillion yuan, Shandong's was 9.86 trillion yuan, and Zhejiang's was 9.01 trillion yuan [4][5]. - By 2025, the GDP figures for these provinces are projected to continue growing, with Guangdong at 10.52 trillion yuan and Jiangsu at 10.28 trillion yuan in the first three quarters [6][8]. Global Economic Standing - The combined GDP of these four provinces, approximately 6.54 trillion USD, positions them as the third-largest economy globally, surpassing Germany and following the United States and China [4][8]. Factors Contributing to Economic Strength - Geographic advantages, such as coastal access, have facilitated trade and foreign investment [5]. - Strong industrial bases and manufacturing systems are evident, with Jiangsu's industrial output growing by 7.7% in 2024, outperforming the national average [5]. - Innovation is a key driver, with cities like Shenzhen and Hangzhou leading in technology and e-commerce [5]. - The vibrant private sector, particularly in Zhejiang, significantly contributes to economic growth, with private enterprises accounting for 79.4% of the province's industrial growth [5]. Future Projections - By the end of 2025, the combined GDP of these provinces is expected to reach around 50 trillion yuan, or approximately 7 trillion USD, further solidifying their global economic position [8]. - The economic growth rates for these provinces are projected to remain above the national average, with Zhejiang and Shandong showing particularly strong growth [6][8]. Socioeconomic Considerations - Despite high GDP figures, there remains a notable gap in per capita GDP compared to developed nations, with an average of 17,300 USD for the combined population of approximately 378 million [9][11]. - The focus on improving living standards, environmental protection, and sustainable development is emphasized as essential for long-term growth [11].

Group 1 - The core viewpoint of the article highlights China's ambitious goals for the electric vehicle (EV) sector, aiming for over 85% penetration of new energy passenger vehicles by 2040, with battery electric vehicles (BEV) making up 80% of that figure [1] - The article notes that in China, an electric vehicle rolls off the production line every 53 seconds, and thousands of patents are registered daily, indicating a robust innovation environment [1] - China's AI patent count represents 60% of the global total, positioning the country as a leader in this technology [1] Group 2 - Professor Wang Xiaosong from Renmin University emphasizes that a development strategy focused on innovation, comprehensive reforms, and collaboration among economic, technological, and talent cultivation sectors provides a solid institutional guarantee for technological innovation [4] - The article mentions that China holds 37.27 million valid invention patents, accounting for 74.4% of the national total, with strengthened intellectual property protection and a stable market environment accelerating the transformation of R&D results into products [4] - China's expanding "innovation capability" enhances the resilience and vitality of its domestic economy while also driving economic transformation in other countries, as seen in Saudi Arabia, Malaysia, and Africa [4]

Core Viewpoints - The discussion among investors regarding whether to hold stocks or cash during the upcoming holidays has intensified, with HSBC providing a point forecast for A-shares, predicting the Shanghai Composite Index at 4500 points, CSI 300 at 5400 points, and Shenzhen Component Index at 16000 points by 2026 [1][2]. Part 01: Market Dynamics - The current market is expected to see a shift from the optical module sector to other growth sectors such as the Apple supply chain, energy storage, and CXO (pharmaceutical sub-sectors), with the optical module sector still anticipated to rise [3]. - Innovation is identified as a core driver for the Chinese stock market's valuation increase, with China becoming a crucial part of the global supply chain due to enhanced innovation capabilities [4]. Part 02: Earnings, Valuation, and Liquidity - A structural recovery in earnings is projected for 2026, with a minimal downward adjustment of 0.2% in consensus earnings forecasts year-to-date [5]. - The expected earnings growth for high-growth sectors like electronics (+36.8%) and healthcare (+20.0%) is sufficient to support current valuations, while the power equipment sector is expected to see a 49.8% earnings growth that has not been fully priced in [6][7]. - The A-share market's valuation remains reasonable, with the overall market PE at 22.2x, CSI 300 at 14.0x, and the mid-cap index at 34.4x, all below historical median levels [8][9]. - Domestic liquidity is improving, with significant increases in non-bank deposits and a rise in retail investor participation, while foreign capital is expected to flow back into emerging markets due to anticipated interest rate cuts by the Federal Reserve [10]. Part 03: Index Targets, Market Style, and Sector Allocation - HSBC forecasts a 17%-20% upside potential for major indices by the end of 2026, with specific targets set for the Shanghai Composite Index, CSI 300, and Shenzhen Component Index [11][12]. - The trend of growth stocks outperforming value stocks is expected to continue, supported by high turnover rates and improving risk appetite among investors [13]. - Sector allocation recommendations include overweighting information technology and healthcare, while downgrading consumer discretionary due to valuation concerns [14]. Part 04: Investment Themes and Key Stocks - HSBC focuses on four major investment themes: 1. Artificial Intelligence (AI) with key stocks like Lanqi Technology and Zhongji Xuchuang benefiting from increased capital expenditure in cloud services [17]. 2. Healthcare with companies like Hansoh Pharmaceutical and WuXi AppTec positioned to capitalize on global pharmaceutical innovation [18]. 3. International expansion with firms like Yiwei Lithium Energy and Ninebot Company expected to grow overseas revenue [19]. 4. High-dividend quality stocks such as Hangzhou Bank, which are anticipated to perform steadily amid economic recovery [20].