Core Viewpoint - The year 2025 marks a transformative period for Chinese business, driven by technological advancements and strategic market maneuvers, including DeepSeek's cost paradigm shift in AI, the establishment of a "stabilization fund" by state-owned enterprises, and fierce competition in various sectors like food delivery and consumer products [2][3][4]. Group 1: AI and Technology - DeepSeek's R1 model demonstrated a significant cost advantage, achieving comparable performance to OpenAI's models at a fraction of the cost, leading to a reevaluation of AI asset values globally [10]. - The Chinese stock market reacted positively to the implications of DeepSeek's success, with the Nasdaq China Golden Dragon Index rising over 4% shortly after [10]. - The launch of L3 autonomous driving vehicles in China signifies a major milestone in the commercialization of advanced driving technologies, with expectations of a market size exceeding 1 trillion yuan by 2030 [49][51]. Group 2: Market Stability Measures - In response to external economic pressures, the "national team" intervened in the stock market by establishing a "stabilization fund," which included significant investments from state-owned enterprises to restore market confidence [12][14][18]. - The People's Bank of China supported these efforts by promising sufficient liquidity to stabilize the market, reinforcing the government's commitment to maintaining financial security [14][18]. Group 3: Consumer and Service Sector Developments - JD.com entered the food delivery market, intensifying competition with Alibaba and Meituan, leading to aggressive pricing strategies and significant order volume growth [26][30]. - Pop Mart's Labubu character achieved global popularity, resulting in a revenue surge of 170%-175% in Q1 2025, with notable growth in international markets [20][22]. - The competition in the food delivery sector is characterized by substantial subsidies and promotional offers, indicating a shift towards efficiency and market share acquisition among major players [28][30]. Group 4: Capital Market Movements - The collective IPO efforts of China's "four little dragons" in the GPU sector highlight a significant moment for domestic chip manufacturers, with substantial market valuations and growth expectations [52][54]. - The stock prices of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and future growth potential, despite a subsequent correction [22][25]. Group 5: Breakthroughs in Energy and Aerospace - China achieved significant milestones in nuclear fusion research, with advancements in plasma physics and the development of the next-generation fusion energy experimental device [58][59]. - The successful test flights of reusable rockets by both private and state-owned enterprises mark a new era in China's commercial space industry, aiming for cost reductions and increased launch frequency [60][63].

Core Insights - The year 2025 is marked as a transformative year in business, driven by significant advancements in AI and technology, particularly highlighted by DeepSeek's cost-effective AI model that challenges existing market paradigms [1][3][4]. Group 1: AI and Technology Developments - DeepSeek's R1 model, launched on January 20, 2025, achieved performance comparable to OpenAI's models at a fraction of the cost, using only 2,000 GPUs and approximately $600,000 in training expenses, less than one-tenth of OpenAI's costs [5][8]. - The market reacted dramatically to DeepSeek's success, leading to a significant drop in Nvidia's stock, with a loss of nearly $600 billion in market value, marking a historic event in the stock market [10][12]. - The Chinese tech sector saw a resurgence, with the Nasdaq China Golden Dragon Index rising over 4% shortly after DeepSeek's impact, indicating a shift in investor focus towards Chinese tech companies [11][12]. Group 2: Market Dynamics and Competition - The entry of JD.com into the food delivery market initiated a fierce competition with Alibaba and Meituan, leading to aggressive subsidy wars and a new competitive landscape in the industry [24][27]. - The battle for market share in food delivery is characterized by significant discounts and promotional offers, with Meituan experiencing record order volumes amid the competition [29]. Group 3: Innovations in Consumer Products - Pop Mart's Labubu character gained global popularity, leading to a 170%-175% year-on-year revenue increase in Q1 2025, with significant growth in international markets [20][23]. - The stock price of Pop Mart surged over 200% in the first half of 2025, reflecting strong market interest and investment confidence in the brand's potential [20][23]. Group 4: Regulatory and Economic Responses - In response to external economic pressures, the Chinese government implemented a "stabilization fund" strategy to support the capital market, demonstrating a proactive approach to maintain market confidence [15][17]. - The People's Bank of China provided liquidity support to stabilize the market, showcasing a coordinated effort to mitigate the impact of geopolitical tensions on the economy [15][17]. Group 5: Advancements in Autonomous Driving and GPU Technology - China officially approved L3 autonomous driving vehicles for commercial use, marking a significant milestone in the automotive industry and setting the stage for a market expected to exceed 1.2 trillion yuan by 2030 [40][41]. - The emergence of domestic GPU manufacturers, referred to as the "Four Little Dragons," is reshaping the semiconductor landscape, with significant IPO activity and competitive differentiation among companies [42][44].

1月,《关于推动中长期资金入市工作 的实施方案》出台,推动建立健全对各 类中长期资金的长周期考核机制。方案 提出:提升商业保险资金A股投资比例 与稳定性;优化全国社会保障基金、基 本养老保险基金投资管理机制;提高权 益类基金的规模和占比等。 02 增强资本市场含"科" 量 本文来源：新华财经 作者：刘玉龙、丁晶 2025年政府工作报告提出:"因地制宜 发展新质生产力,加快建设现代化产业 体系""推动科技创新和产业创新融合 发展"。聚焦服务新质生产力发展,中国 证监会深化科创板、创业板、北交所改 革,提升制度的包容性和适应性,加快 构建更有利于支持全面创新的资本市场 生态,不断提升资本市场含"科"量。 ０３ "中国版平准基金" 稳市场稳预期 4月8日,中央汇金公司有关负责人表示, 中央汇金公司一直是维护资本市场稳定 的重要战略力量,是资本市场上的"国 家队",发挥着类"平准基金"作用。 当日,中国人民银行明确表示,坚定支 持中央汇金公司加大力度增持股票市场 指数基金,并在必要时向中央汇金公司 提供充足的再贷款支持,坚决维护资本 市场平稳运行。 04 推进公募基金高质量发展 5月7日,中国证监会印发《推动公募基 ...

回望2025年，这注定是被载入商业史册的"重塑之年"。 开年的第一声惊雷并非来自宏大的战略发布，而是DeepSeek以极致的"成本范式"击穿了硅谷的暴利神话，它不仅引发了全球对AI资产的价值重估，更让阿 里、字节跳动等巨头从单纯的"炫技"转向了C端应用与硬件落地的贴身肉搏。AI不再是高不可攀的概念，而是变成了通过价格战和算力突围，真正渗透进商 业肌理的变量。 1月20日，DeepSeek低调发布了R1推理模型，起初并未引爆全场，但随着发酵，到了1月24日周末，其在各大榜单上媲美OpenAI o1的表现震惊了硅谷。 | Rank* | Rank A | Model | Arena ▲ | ▲ 95% CI | | --- | --- | --- | --- | --- | | (UB) | (StyleCtrl) | | Score | | | 1 | 3 | Gemini-2.0-Flash-Thinking- Exp-01-21 | 1382 | +8/-6 | | ਹ | ਹ | Gemini-Exp-1206 | 1374 | +5/-4 | | 3 | ਹ | ChatGPT-4o-latest (2 ...

智通财经记者 | 杨志锦 智通财经编辑 | 王姝 2025年金融故事的起点不是1月1日，而是2024年9月24日。 当日国新办史无前例的在上午9时举行新闻发布会，央行行长潘功胜、金融监管总局局长李云泽、证监会主席吴清"金融三巨头"同时出席。因为发布会在股 市开盘之前召开，市场已嗅到了一丝不同寻常的信号。果不其然，一系列支持实体经济和金融市场的政策在当日发布。 上证指数时隔10年重返4000点，近期徘徊在3900点左右，截至12月23日，相比今年初上涨约17%，A股其他主要指数涨幅更大。放在全球来看，前述涨幅也 名列前茅。如果以去年9月24日以来的涨幅来看，A股主要指数可谓"冠绝全球"。 智通财经记者根据同花 中国央行还首次创设支持资本市场的货币政策工具。"通过这项工具所获取的资金只能用于投资股票市场。"潘功胜说，"只要这个事儿做得好，第一期5000 亿，还可以再来5000亿，甚至可以搞第三个5000亿。" 金融市场被彻底点燃。9月24日上证指数大涨4.15%重回2800点，人民币兑美元汇率升值逼近7，10年期国债收益率上行，市场将之称为"9·24行情"。股、 汇、债的同步反应显示市场对中国经济的信心显著增强。 ...

12月22日，由中国上市公司百强论坛、华顿经济研究院、华东理工大学民营经济研究院联合主办 的"2025年华顿版世界500强公司排行榜与中国百强城市价值表发布会暨中国经济年度研讨会"举办。 会上，中国百强论坛主席、华东理工大学民营经济研究院院长、华顿经济研究院院长沈晗耀发表主旨演 讲。针对当前我国经济发展面临的 "产能过剩、需求不足""房地产下行"地方债务等突出问题，沈晗耀 提出了五大战略性解决方案。 其中在发展主引擎方面，沈晗耀提出"三大国际科创中心建设"，建议将北京（京津冀）、上海（长三 角）和粤港澳大湾区三大国际科创中心建设上升为新战略，同步提升科创中心建设质量，聚焦科创产 业、战略性新兴产业与未来产业一体化融合发展，通过深化"百强公司+百强大学"双百联动合作，着力 打造"大学校区-科创园区-城市社区"三区融合的科创生态，将其建设成为具有世界影响力的国际科创中 心，引领中国经济进入高质量发展快车道。 沈晗耀表示，经济提振要形成 "科创驱动促发展—平准基金稳市场—分配改革固根基"的闭环体系。唯 有兼顾短期与长期、发展与安全，才能实现经济高质量发展与共同富裕的目标。 同日，"华顿版2025年世界500强企业排 ...

"当今世界已迈入了科技时代，科技成为决定当今世界发展的主导因素。我国已是世界工业大国、 贸易大国，需加快将我国建设成为世界科技强国，进而成为世界发展的主导力量。"在近日举行的"2025 年华顿版世界500强公司排行榜与中国百强城市价值表发布会暨中国经济年度研讨会"上，中国百强论坛 主席、华东理工大学民营经济研究院院长、华顿经济研究院院长沈晗耀指出。 针对当前我国经济发展面临的"产能过剩、需求不足""房地产下行""地方债务"等突出问题，沈晗耀 提出了五大战略性解决方案。 华顿经济研究院执行院长杨金国、华东理工大学民营经济研究院执行院长陈万思、复旦大学城市经 济研究院所所长周伟林、上海交大产业经济研究中心主任史占中、华东理工大学哈特合同与治理中心主 任吴玉鸣、深圳清华大学研究院智能体创新研究中心执行主任、数巅科技首席运营官蒋锡茸等专家出席 研讨会并发表演讲。 第三，由央行增发货币解决债务，出台大规模的免、减、降、延政策，免除公共品建设形成的无现 金流债务，对具备长期收益潜力的项目债务实施债转股，降低地方债务压力，并加大"贷款改拨款""贷 款改投资"力度，将公益性、准公益性项目资金需求转为中央财政直接拨款或政策性投 ...

Group 1 - The core viewpoint of the article is that insurance funds, stabilization funds, and index-based investment funds have become the dominant forces in the A-share market, significantly improving liquidity and valuation [1] Group 2 - Future liquidity improvement in the A-share market will mainly rely on three factors: (1) continuous allocation of insurance funds to high free cash flow companies; (2) increased allocation of wealth management and allocation-type funds to index products; (3) long-term funding support from stabilization funds [1] - Stabilization funds' intervention in the market through broad-based ETFs can help reduce volatility and improve pricing efficiency. An annual increase of 750 billion yuan in broad-based ETFs could fill the funding gap from refinancing and share reductions, driving a systematic uplift in A-share valuations [1] - It is expected that the reallocation of household savings will bring about an incremental funding of approximately 250 billion yuan by 2026, and the trend of passive funds entering the market is likely to continue, providing more liquidity support for blue-chip stocks [1] Group 3 - Investors are encouraged to pay attention to the cash flow ETF (159399). The underlying index, the FTSE Cash Flow Index, has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices. According to the fund announcement, the cash flow ETF can assess dividends monthly and has distributed dividends for ten consecutive months since its listing, making it a point of interest for investors [1]

平准基金的运作模式与完善路径选择 [Table_Authors] 何韫露(分析师) 基于国际经验的比较研究 本报告导读： 平准基金对引导社保、保险等中长期资金入市有着关键作用，是资本市场稳定的重 要支撑。参考境外平准基金经验，我国可从四方面进行完善。 投资要点： | | | | | 021-23185849 | | --- | --- | | | heyunlu@gtht.com | | 登记编号 | S0880525110003 | | | 李明亮(分析师) | | | 021-23185835 | | | limingliang@gtht.com | | 登记编号 | S0880525040001 | | | 纪尧(分析师) | | | 021-23185836 | | | jiyao@gtht.com | | 登记编号 | S0880525040003 | | | 孙欣欣(分析师) | | | 021-38038562 | | | sunxinxin@gtht.com | | 登记编号 | S0880525010001 | [Table_Report] 相关报告 中国五年规划的演进脉络 2025.10. ...

华尔街巨头高盛在A股市场遭遇了戏剧性一幕。 2025年9月的数据显示，其重仓持有的26只A股龙头股在牛市背景下全部下跌，其中13只跌幅超过20%。 ST 汇科暴跌69%，ST双成下跌57%，这些个股的表现远远跑输大盘。 这一情景与高盛在美股市场的风光形成鲜明对比，其第二季度持仓总市值高达7400亿美 元，重仓的英伟达持仓市值达252亿美元。 这种反差揭示了全球资本市场的联动性与独特性并存。11月21日，美股三大指数集体收跌，纳斯达克指数重挫2.15%，科技股全军覆没。 AMD暴跌超7%， 英伟达即便业绩超预期，仍从盘中大涨5%到收盘下跌3.1%。 这种"利好出尽"的走势严重打击了市场情绪。 高盛对此给出了九大理由解释美股下跌：英伟达利好出尽、私人信贷风险上升、就业数据未能明确降息路径、比特币跌破9万美元引发风险资产抛售、CTA 加速卖出、空头重新入场、亚洲科技股走弱、标普500流动性枯竭、ETF宏观交易主导导致市场对个股基本面敏感度下降。 美股暴跌迅速传导至A股市场。 截至11月21日，A股跌幅创下4月7日以来单日最大纪录，成交量明显放大。 全市场上涨个股仅300家左右，跌幅3%以上近 2500家。 科技板块 ...