围绕这一判断，李书福总结了吉利近期在电动智能化转型中的阶段性成果。在电动化领域，吉利已在电 池、电混及高压架构等三电技术上形成突破，并推动银河、领克、极氪等品牌的高端智能新能源车型加 速落地。 在智能化层面，吉利构建了覆盖算力、算法与应用的"全域AI"技术体系，辅助驾驶系统开始规模化上 车，同时以安全为核心，推进智能汽车全域安全能力建设。 此外，李书福在致辞中多次强调"天地一体化"战略的现实进展。随着吉利星座完成一期组网、eVTOL项 目进入关键节点、Robotaxi商业化探索提速，吉利试图将汽车产业边界从单一整车制造，延展至立体 化、智能化的出行生态体系，以支撑智能网联汽车的长期演进。 （文/观察者网 张家栋 编辑/高莘） 12月30日，吉利控股集团董事长李书福发表2026年新年致辞。在致辞中，李书福系统回顾了吉利发展的 关键转折点，并围绕电动化、智能化、全球化及人才体系，明确了下一阶段的发展方向。 吉利控股集团董事长李书福 吉利控股集团官网 李书福表示，吉利40年的发展并非线性增长，而是在多次重大抉择中完成转型升级。从早期制造业探 索，到进入汽车产业，再到主动跳出低价竞争、并购沃尔沃以及全面拥抱新能源和智 ...

"AI重在应用，不重在发明。发明AI只是一家IT公司，应用AI则会强大一个国家。" 近日，任正非在ICPC上没有谈大模型的参数竞赛，也没有谈技术巨头的军备比拼，而是将话题引向 了高炉、矿井和码头这些实体经济的核心场景。 他的判断引发了行业的广泛共鸣，也让一个共识逐渐浮现：AI的下半场，不在于模型本身有多强 大，而在于它能在多大程度上与真实世界的复杂场景相结合。 01 技术的价值在于落地 技术史反复印证了一个规律：一项颠覆性技术的价值，最终由其应用场景所定义。多年前，施乐率 先发明了图形界面和鼠标，但这些足以改变世界的技术却被锁在实验室；直到乔布斯将它们嵌入个 人电脑，才真正开启了一个时代。 今天的AI正处于一个类似的十字路口。顶尖科技巨头们纷纷构建更强大的通用大模型，他们将此视 为类似"发电厂"的基础设施。然而，对工业制造、能源开采、交通物流等具体产业场景而言，它们 需要的远不止是"点亮一盏灯泡"那么简单。 发电厂发出的电，须经过一整套由变压器、输电线、配电柜组成的复杂电网系统，进行稳压、适 配、传输，才能安全地驱动工厂里的每一台设备。同理，AI要真正实现产业落地，也需要这样一张 复杂而强大的"适配网络"，一 ...

Core Insights - Hefei Hangpu Times Technology Co., Ltd. has launched the "Ice Bee M01" cooling infrared core, marking it as the first mini product designed specifically for drones and similar devices in China [1] - Since 2025, the company has shown strong growth, entering the national-level specialized and innovative "little giant" enterprise category, with annual revenue surpassing 50 million yuan, up from just 1.56 million yuan three years ago [1] Group 1 - The Hefei Zhongguancun Collaborative Innovation Park provides a complete ecosystem that supports innovation enterprises, characterized by robust hardware facilities, stable operational space, and a professional service system [1] - The park has established a standardized management system with 12 processes covering entry, incubation, assessment, and exit, ensuring that enterprises operate within a structured framework [1] - The average space utilization rate in the park has consistently remained at 90% over the past three years, providing ample and stable space for enterprises to grow [1] Group 2 - The park has successfully incubated 84 enterprises with a success rate of 66.14%, and these enterprises have collectively received over 100 honors and hold nearly 1,500 intellectual property rights [2] - From 2021 to 2025, the park has implemented rent reductions and refunds totaling 11.2789 million yuan, alleviating initial financial pressures on enterprises [3] - A special reward program for specialized and innovative enterprises has allocated 311,500 yuan from 2022 to 2024, encouraging companies to focus on their core competencies [4] Group 3 - The park has nurtured 127 enterprises, creating a diverse and collaborative industrial ecosystem, with 84.81% of these being small and micro enterprises [4] - 89% of the enterprises are concentrated in strategic emerging industries such as new-generation information technology, new energy vehicles, and intelligent connected vehicles, demonstrating significant industrial clustering and synergy [4] - The park aims to deepen its "platform + ecosystem" strategy, with plans to cultivate multiple unicorn enterprises within three years, enhancing its role as a technology innovation hub in Anhui [5]

Group 1 - The core viewpoint of the article is that the classification of the company's stock concepts is determined by a combination of market factors, regulatory rules, industry classification standards, and the essence of the business [1] - The company adheres to a strategic positioning of "pharmaceuticals + technology," "platform + ecosystem," and "self-operated + empowerment" [1] - The company is characterized as a technology-driven health enterprise that builds an SBbC ecosystem based on comprehensive pharmaceutical distribution services [1]

Group 1 - The core point of the article is the leadership transition at Yongsheng Services, with Zhou Hongbin being promoted to Vice Chairman and Lin Zhubo taking over as President and Executive Director starting September 1, 2025 [2] Group 2 - Zhou Hongbin joined Yongsheng Services in 2017 and played a key role in its successful listing on the Hong Kong Stock Exchange in 2018, proposing a "platform + ecosystem" development strategy and establishing a five-year development path [6] - Under Zhou's leadership, Yongsheng Services has transformed from a residential management service company to a smart city service brand, with the managed contract area increasing from 33.34 million square meters in 2017 to 355 million square meters by mid-2025 [6] - Lin Zhubo, born in the 1980s, joined Xuhui Group in 2014 and was appointed as a non-executive director of Yongsheng Services in June this year, having previously worked at China State Construction Engineering and Vanke [6]

Group 1 - The core point of the article is the leadership transition at Yongsheng Services, with Zhou Hongbin being promoted to Vice Chairman and Lin Zhubo taking over as President and Executive Director starting September 1, 2025 [1][4] - Zhou Hongbin has been with Yongsheng Services since 2017 and played a crucial role in the company's successful listing on the Hong Kong Stock Exchange in 2018, implementing a "platform + ecosystem" development strategy [4] - Under Zhou's leadership, the company has transformed from a residential management service provider to a smart city service brand, with managed contract area increasing from 33.34 million square meters in 2017 to 355 million square meters by mid-2025 [4] Group 2 - Lin Zhubo, born in the 1980s, joined Xuhui Group in 2014 and was appointed as a non-executive director of Yongsheng Services in June this year [4] - Prior to joining Xuhui Group, Lin Zhubo worked at China State Construction Third Engineering Bureau and Vanke [4]

Non-Banking Financial Sector - The average net investment return rate of six major listed insurance groups (China Life, Ping An, Taikang, Xinhua, PICC, and Taiping) decreased from 4.7% in 2020 to 3.6% in 2024, raising concerns about interest spread risk in a low-interest-rate environment [2][7] - Under pressure testing, the net asset decline for Taikang and China Life was 7% and 13.6% respectively when interest rates fell by 50 basis points, indicating that the risk is manageable [8][9] - The cost of new policies has effectively decreased, with the cost of liabilities for major companies like China Life and Taikang dropping approximately 50 basis points to 2.4-2.5% in 2024 [9][10] - The cost of existing policies may reach a turning point, with companies like Xinhua increasing equity ratios to hedge against interest rate declines [10][11] Agriculture, Forestry, Animal Husbandry, and Fishery - The latest pig price is 13.72 RMB/kg, with a slight decrease in average weight to 127.8 kg, indicating a short-term decline possibly due to policy-driven weight reduction [12][13] - The Ministry of Agriculture emphasizes high-quality development in the pig industry, focusing on reducing breeding stock and controlling new capacity [12][13] - The chicken industry faces a "high capacity, weak consumption" contradiction, with leading companies likely to increase market share [14][15] Machinery and Building Materials - The new Tibet Railway project marks the beginning of a significant engineering era, with expectations that cement companies in Xinjiang will benefit [22][23] - AI is driving increased demand for high-end electronic fabrics, with Low-CTE materials being particularly undervalued in the current market [23][24] - The report suggests a long-term growth potential for high-end electronic fabrics, recommending companies like Honghe Technology and Zhongcai Technology for investment [23][25] New Consumption - Huayi Group is expected to achieve a revenue of 12.661 billion RMB in H1 2025, reflecting a growth of 10.36% year-on-year, despite external macroeconomic challenges [26][27] - The company plans to distribute a cash dividend of 10 RMB per 10 shares, indicating strong dividend intentions [26][27] - The growth in orders is driven by the development of the sports industry and increased demand from strong brand orders [27][28] Transportation - Zhongyuan Expressway reported a revenue of approximately 3.105 billion RMB in H1 2025, a year-on-year increase of 13.17%, despite a decline in toll revenue in Q2 [30][31] - The company is optimizing its debt structure, which has significantly improved its expense ratio [31][32] - COSCO Shipping Specialized Carriers is expanding its fleet, with 27 new vessels expected to be delivered by 2026, supporting performance growth [34][35]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report emphasizes the need to shift from a cyclical perspective to focusing on financial performance, highlighting that the difficulty in predicting pig prices is increasing while operational efficiency differences among companies remain significant [19] - The report suggests that the current valuation of the pig farming sector is relatively low, with cost-leading companies expected to have strong profit certainty in 2025 [19] - The report recommends focusing on high-quality companies such as Decon Agriculture and Livestock, Muyuan Foods, and Wens Foodstuffs [19] Summary by Sections 1.1. Swine - The latest pig price is 14.69 CNY/kg, with an average slaughter weight slightly increasing to 129.03 kg, and 15 kg piglets priced around 541 CNY/head [6][18] - The number of breeding sows in May was 40.42 million, a year-on-year increase of 1.15% [7][18] - The report indicates that the government is committed to stabilizing pig prices and may continue to strengthen production capacity regulation [7][18] 1.2. Poultry - The price of chicken seedlings in Yantai is 1.5 CNY/bird, up 50% month-on-month but down 39% year-on-year; the price of broilers is 3.2 CNY/kg, up 7.8% month-on-month [20] - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with losses forcing breeding farms to reduce capacity [20] - Key investment focuses include high-quality imported breeding stock leaders and fully integrated industry leaders [20] 1.3. Feed - The report recommends Haida Group due to the recovery of the industry and improved management effectiveness, with rising capacity utilization and expected growth [21] - Recent price performance of various aquatic products shows significant year-on-year increases [21] 1.4. Pets - The pet industry saw a slight slowdown in sales growth in June, attributed to the early start of the 618 shopping festival [23] - The report highlights the limited impact of tariff uncertainties on the pet sector in the long term, with companies having strong overseas operations [23] 1.5. Agricultural Products - The USDA's report indicates a slight downward adjustment in planting area, which is seen as bullish, while the overall report is viewed as neutral [25] - The report notes that natural rubber is entering a production peak season, with supply pressures continuing [25] 2. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4015, up 0.82% from the previous week, while the agriculture, forestry, animal husbandry, and fishery index rose 1.09% [26] - The breeding sector showed the best performance with a 2.60% increase [26]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The pig price has retreated from its high, with the latest price at 14.94 CNY/kg and the average weight at 128.64 kg. The complete cost for leading enterprises has decreased to around 12 CNY/kg, indicating a potential for profit maintenance and valuation recovery [6][17][18] - The report emphasizes a shift from cyclical thinking to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [18] - The report recommends focusing on companies with a "platform + ecosystem" model, highlighting DeKang Agriculture and Livestock as a representative, along with leading pig farming companies such as Muyuan Foods and Wens Foodstuff Group [18] Summary by Sections 1. Pig Industry - The latest pig price is 14.94 CNY/kg, with a slight increase in average weight to 128.64 kg. The price of 15 kg piglets remains stable at around 530 CNY/head. The industry is experiencing a short-term rebound in prices after a slight decline [6][17] - The official number of breeding sows in May was 40.42 million, a year-on-year increase of 1.15%, indicating a stable production capacity [7][17] - The report suggests that the government's commitment to stabilizing pig prices is strong, and capacity regulation may continue to increase [7][17] 2. Poultry Industry - The price of parent stock chicks remains high, with the latest price at 47.93 CNY, a week-on-week increase of 5.25%. The price of broilers is 2.95 CNY/kg, down 12% week-on-week and 18% year-on-year [19] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [19] - The report highlights two main lines of focus: quality imported breeding stock leaders and fully integrated industry leaders [19] 3. Feed Industry - The report recommends Hai Da Group, noting a cash flow turning point and high overseas growth potential. The demand for aquaculture feed is expected to recover in 2025 [20][22] - The report indicates that the domestic capital expansion phase has ended, and leading companies are entering a new phase of stable cash flow [21][22] 4. Pet Industry - The report discusses the impact of potential tariffs on the pet industry, suggesting that the actual impact will be limited due to high profit margins and overseas factory layouts [23] - Companies with strong performance in their own brands, such as Guibao and Zhongchong, are highlighted as key focuses [23] 5. Agricultural Products - The USDA report indicates a slight reduction in soybean planting area for 2025, with a forecast of 83.4 million acres, a year-on-year decrease of 4% [24] - The report emphasizes that agricultural products are less affected by tariffs, and a reduction in imports may help prices rise from low levels [24] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 3982 points, up 1.54% from the previous week. The Agricultural and Forestry Index closed at 2729 points, up 2.55% [25][28] - The report notes that the aquaculture sector performed the best with a 5.13% increase [25]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the need to break the "involutionary" competition in the agricultural sector, suggesting that high-quality, low-cost leading companies may benefit from this shift [3] - The report highlights the importance of technological innovation and the integration of agricultural resources to create a sustainable ecosystem that empowers farmers and drives continuous innovation [6][7] - The report anticipates that the pig farming market, valued at trillions, will see opportunities for technology-driven enterprises that can navigate the challenges of the industry [6] Summary by Sections Production Capacity - As of May, the national breeding sow inventory was 40.42 million heads, a year-on-year increase of 1.15% and a month-on-month increase of 0.1% [5] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing pig prices and controlling production capacity among leading enterprises [5] Market Performance - The price of live pigs reached a new high of 15.08 yuan/kg on July 1, attributed to a reduction in supply and the release of previous weight reduction pressures [7] - The white-feathered chicken market is experiencing a contradiction of "high capacity, weak consumption," but overall industry growth is expected to continue [8] Investment Recommendations - The report suggests that leading companies in the seed industry, particularly those with advanced research capabilities, are likely to see sustained performance growth [11] - The pet economy is highlighted as having strong consumer resilience and significant growth potential, with a favorable market structure [10] Industry Trends - The report notes that the agricultural industry is moving towards a model that emphasizes biotechnology, smart equipment, and low-carbon agriculture as key areas for future development [7] - The feed industry is characterized as a service-oriented sector with opportunities and risks, requiring companies to balance scale and flexibility [9]