2026海南安居房新政炸场！六折+五年可售，引爆四大万亿风口 以前提起海南买房，不管是想扎根的本地人、来创业的年轻人，还是想养老的外地人，都得皱眉头——商品房均价高得让人望而却步，刚需买房难如登 天。 但2026年1月1日《海南省安居房管理办法》正式落地后，这事儿彻底反转了！安居房不仅以市场价60%的"地板价"入市，购房满5年就能上市交易，15年 还能无偿拿完全产权，更意外撬动了基建、消费、农业、科技四大万亿级赛道。 这波操作不仅让购房者狂喜，更让资本扎堆进场，海南自贸港的发展红利彻底藏不住了。 截至2025年底，海南已累计开工安居房11万余套，配售5万余套，还有6万余套库存和在建房源，足够覆盖刚需需求 。 二、风口1：基建狂魔发力，万亿配套跟着安居房建 安居房建到哪，配套就跟到哪，这是新政的硬要求。"十四五"期间海南要建25万套安居房，每一个项目都得满足"交通便捷、配套完善"的要求，教育、医 疗、商业设施必须和房子同步规划、同步建设、同步交付 。 - 交通升级：为了衔接安居房片区，海南正在加码农村公路提升、城市路网优化，新建村内道路100公里，完善灌区和水利设施 ； - 公共服务补短板：每个安居房片区都要配 ...

2025年12月24日，开盘证券发布健康160（2656.HK）首次覆盖报告——数字医疗龙头平台步入盈利拐 点，稀缺资源禀赋驱动价值重估。首次覆盖给予"买入"评级，目标价90.54港元。 健康160是国内领先的数字医疗健康综合服务平台，凭借超过18年的行业深耕，在平台挂号量、合作医 疗机构及医护人员数量等核心资源指标上均位列行业第一，构筑了深厚的"资源+用户"双壁垒。报告期 内，公司展现出明确的业绩拐点信号：营收重回增长轨道，经调整净亏损大幅收窄，盈利在望。 开盘证券测算2025-2027年，公司营收分别为6.74/7.75/9.30亿元，增速分别为8%/15%/20%；净利润分别 为0.12/0.36/0.9亿元。健康 160 核心看点是营收逐步企稳、亏损加速收窄，叠加 AI 医疗与数字服务高毛 利业务放量，预计 2026 年实现盈利，当前估值虽有溢价但成长确定性强，给予 "买入" 评级。 其业务形成"医药产品经销"与"数字健康服务"双轮驱动，并依托覆盖全国超260个城市的本地化网络持 续扩张。当前，公司正受益于数字医疗行业的高景气度，其独特的平台价值、清晰的盈利路径及稳固的 行业龙头地位，预示其将迎来从" ...

今年以来，浙江加快推进人工智能赋能新型工业化，传统工厂智能化升级的需求迫切，催生全新的服务市场。今 天的《三张订单看变化》，来看一张传统热电厂的AI新订单。 在海盐恒洋热电，与设备打了十几年交道的老师傅李忠华，正在训练一名"新手"——锅炉供热系统的"AI数字员 工"，"它"已经能根据用户需求自动调节供气。 这名"AI数字员工"由恒洋热电和宁波的蓝卓数字科技共同研发，预计每年可以节省200万元左右的成本。这吸引了 体量远大于恒洋热电的合肥热电厂，签下了一张数字服务订单。 浙江恒洋热电有限公司技术部经理 李忠华：我们之前是跟人要讲清楚，做一些培训，像一些原理、操作方法、异 常处理，但是现在，我们要把这些跟人讲的东西要跟AI去讲清楚。 浙江恒洋热电有限公司总经理 顾建平：合肥热电当时是到处考察，他们来了以后觉得一个企业能这么快把AI装入 到这个系统里面，他们感觉到很惊讶。 亲眼看到AI技术带来的效益，合肥热电厂很快下单，让恒洋热电有了主业之外的第一张AI数字服务订单，从此在 传统业务之外开辟了数字服务的新赛道。 蓝卓数字科技有限公司嘉兴区域经理 殷秀敏：合肥的这些热电厂跟它（恒洋）的同行，就是业务类型是相似的， 那 ...

Group 1 - Chinese government emphasizes the importance of maintaining free trade and an open world economy during the G20 summit, advocating for multilateralism and reforms in international financial institutions to enhance the voice of developing countries [5] - The Chinese military expresses strong opposition to any actions that threaten its sovereignty and security during the US-China maritime military security consultations, highlighting the need for professional and safe interactions between military forces [6] Group 2 - The National Internet Information Office and the Ministry of Public Security are seeking public opinions on the draft regulations for personal information protection on large online platforms, mandating that personal data collected in China must be stored domestically [7] - The State-owned Assets Supervision and Administration Commission is promoting the integration of central enterprises, with significant project signings in key sectors such as new materials and artificial intelligence [8] - The world's largest "Hualong One" nuclear power base in Fujian has successfully connected its second unit to the grid, marking significant progress in its construction [9] - China has established the most complete clean energy industrial chain globally, with a total investment of $818 billion in energy transition last year, surpassing investments from the US, UK, and EU combined [10] Group 3 - CATL and SAIC Commercial Vehicle have announced a deep strategic cooperation to enhance the electrification and intelligence of commercial vehicles, aiming to build an integrated smart battery swap ecosystem [12] - Ant Group's AI assistant "Lingguang" has achieved over 1 million downloads within four days of its launch, surpassing the download speed of major global AI products [13] - Meituan is constructing "rider apartments" nationwide to provide housing subsidies for delivery riders, aiming to improve their welfare and enhance the company's competitive image [14] - Hikvision and Sanwei Shikong have signed a strategic cooperation agreement to collaborate in key areas such as meteorology and earthquake monitoring [16] - Zhaowei Electromechanical has received approval from the China Securities Regulatory Commission for its IPO in Hong Kong, enhancing the capital strength of the electronic equipment industry [18] - Visual China has publicly apologized for copyright infringement after a court ruling, indicating a commitment to rectify the situation and prevent future violations [19]

Core Viewpoint - The Hong Kong consumption ETF (513230) is experiencing active performance, rising nearly 1.5% as the "Double Eleven" shopping season approaches, indicating a gradual release of consumer demand [1] Group 1: Market Performance - The ETF's holdings, including Alibaba, Tongcheng Travel, Nongfu Spring, Midea Group, and others, are showing significant gains [1] - The positive signals from recent bank disclosures regarding personal consumption loans indicate a notable year-on-year increase in personal consumption loans for multiple banks in the first three quarters [1] Group 2: Long-term Growth Drivers - Guohai Securities highlights that the long-term growth logic of the Hong Kong consumption sector is further solidified by the dual drivers of service consumption, which absorbs traditional employment and creates new jobs [1] - The recovery of labor-intensive service industries such as education, healthcare, and cultural tourism, along with the growth of the silver economy and digital services, showcases the resilience and growth potential of service consumption [1] Group 3: Investment Opportunities - The trends of domestic consumption recovery and the international expansion of domestic brands form the core momentum of the Hong Kong consumption market, providing clear long-term support for investors looking to allocate resources to core consumption assets in Hong Kong [1] - The Hong Kong consumption ETF tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing a wide range of sectors, including leading new consumption brands and major internet e-commerce players [1]

Core Insights - The Chinese real estate market is shifting from a focus on quantity to quality, with an increasing demand for "good houses" that meet higher living standards [1] - The implementation of the "Residential Project Standards" by the Ministry of Housing and Urban-Rural Development marks a transition towards quality and connotation in real estate development [1] Group 1: Market Trends - In the first half of the year, Shanghai's daily sales of available projects reached approximately 10,000 square meters, a year-on-year increase of 38% [1] - Beijing's new residential property online registrations totaled 20,900 units, reflecting an 11.9% year-on-year growth [1] Group 2: Characteristics of "Good Houses" - "Good houses" are defined by four dimensions: safety, comfort, green, and smart, encompassing 16 specific features [3] - Compared to traditional residential products, "good houses" emphasize building standards, planning design, energy efficiency, and smart technology [3] Group 3: Company Innovations - China Energy Construction Group's Urban Investment Development Company integrates "green energy + integrated business + digital services" into community planning and residential design [2] - The company aims to transform from merely constructing houses to creating a better living experience, focusing on safety, low carbon, green, and smart standards [4] Group 4: Construction and Design Practices - The company adopts energy-efficient design principles, optimizing building orientation and ventilation to reduce reliance on air conditioning and lighting [4] - Environmentally certified green materials are prioritized to minimize pollution, and construction follows the "Four Savings and One Environmental Protection" principle to reduce resource waste and carbon emissions [4] Group 5: Project Examples - The "China Energy Construction Shanghai Headquarters Integrated Project" features innovations in safety, comfort, green technology, and smart capabilities, such as high-durability materials and integrated smart home systems [5] - The project aims to provide residents with a sense of safety and comfort, enhancing the living experience beyond basic needs to empower a better life [5]

Core Insights - China's service trade is entering a new development stage characterized by continuous expansion, structural optimization, and accelerated transformation of momentum. The total service trade volume is expected to exceed $1 trillion for the first time in 2024, marking a historical high [1] Group 1: Growth and Structure - The service trade's total import and export volume exceeded $737 billion in the first eight months of this year, indicating robust growth that contributes to global economic certainty [1] - Knowledge-intensive services are becoming a new growth engine, with exports in telecommunications, computer, and information services increasing. Digital cultural products like online literature and games are gaining traction internationally [2] - Travel services are experiencing a strong recovery, with the expansion of visa-free policies significantly enhancing the attractiveness of China as a travel destination, transforming travel services from a major source of trade deficit to a key factor in narrowing it [2] Group 2: Challenges and Opportunities - Despite the growth, traditional service sectors like logistics and construction still dominate, while high-value services such as finance and legal services have a high import dependency of 60% [3] - The eastern region contributes nearly 80% to the national service trade, while the central and western regions, despite rapid growth, remain small in scale. There is a lack of sufficient voice in global rule-making for service trade [3] - Recent policies from the Ministry of Commerce and other departments aim to promote service exports through 13 specific measures, focusing on digital and green services as key support areas [4] Group 3: Policy and Strategic Alignment - The development of high-quality service trade should align closely with the strategy to expand domestic demand, as service consumption has become a crucial driver for domestic demand growth [4] - Encouragement of scenario innovation and business model integration is essential to increase the supply of quality services, leveraging China's large market and potential to attract global resources [4]

Core Insights - The technology sector, particularly in AI applications, is experiencing significant activity, with the Big Data ETF (515400) showing a peak increase of 3.78% during trading, and constituent stocks such as Tianxiexiu, Inspur Information, and Yonyou Network reaching their daily limit up [1] Group 1: Policy Support - Recent favorable policies in the digital services sector have been released, with nine departments issuing 13 measures to support service exports, focusing on digital services and new business formats [1] - The policies emphasize the construction of international data centers and cloud computing centers in free trade zones and Hainan Free Trade Port, as well as the regulation of cross-border data flow to solidify the development foundation [1] Group 2: Digital Consumption Guidance - Eight departments have published guidelines aimed at vigorously developing digital consumption, focusing on four key areas: AI hardware, smart terminals, intelligent driving consumption, and digital national trends to enhance supply and activate consumption potential [1] Group 3: Big Data ETF Overview - The Big Data ETF (515400) closely tracks the CSI Big Data Industry Index (930902.CSI), which selects 50 listed companies in the big data industry from the Shanghai and Shenzhen stock markets [1] - The ETF includes companies involved in big data storage devices, analysis technology, operation platforms, production, and applications, with top holdings including iFLYTEK, Sugon, and Unisplendour [1] - Investors can explore investment opportunities through linked funds (Class A 018134; Class C 018135) [1]

Core Viewpoint - China has entered an era where the service economy and digital intelligence economy overlap, fundamentally changing the role and position of services in the economy [1] Group 1: Historical Context and Theoretical Framework - In the 1990s, China's service output accounted for less than 30% of GDP, and academic research on the service sector was nearly non-existent [2] - Traditional economic theories struggled to explain the rapid development of the service sector, leading to a shift in focus towards service economy research [4] - The development of China's service sector must address three key questions: breaking the low-cost labor trap, reversing the service trade deficit, and empowering manufacturing upgrades through service innovation [4] Group 2: Current Trends and Economic Transformation - China is undergoing a historic transformation where the service economy and digital economy are merging, redefining the attributes of industries and consumer characteristics [5] - The integration of service and manufacturing sectors is accelerating, leading to the emergence of new industrial forms, with data becoming a core production factor [5] - Service consumption is now a significant driver of economic growth, with services being viewed as a binding industry within interconnected ecosystems [5] Group 3: Service Economy Research Framework - A three-dimensional framework for service economy research includes: 1. Value Dimension: Knowledge-intensive productive services contribute 3.2 times more to GDP than traditional services [6] 2. Structural Dimension: Transitioning from consumption-driven to production-driven service sectors can increase manufacturing profit margins by 0.6% for every 1% increase in productive services [6] 3. Institutional Dimension: Opening service markets requires overcoming barriers such as qualification recognition, data flow limitations, and regulatory standard discrepancies [6] Group 4: Future Outlook and Innovations - The impact of digital economy on service innovation is significant, with generative AI expected to enable 45% of knowledge work to be completed by AI agents by 2030 [8] - Blockchain technology is set to reshape trust mechanisms in fields like education and healthcare through verifiable services [8] - The metaverse is anticipated to create a multi-billion market for immersive services in remote work and virtual exhibitions [8] - The digital service deficit is a concern, with the share of digital services in China's service trade deficit rising from 18% in 2015 to an expected 39% in 2024 [8] Group 5: Role of Productive Services - Productive services are identified as a key component in global industrial chain competition, with their development being crucial for enhancing urban service functions [11] - The relationship between service industry growth and urban development is characterized by a positive interaction, with productive services acting as a "glue" that binds various sectors together [11] Group 6: Future Development and Humanization - The future of service innovation lies in the organic combination of humanized services and intelligent technologies, enhancing service efficiency and user experience [12] - The shift in consumer values towards quality of life and self-expression is driving changes in the service market [12]

Cultural and Tourism Services - The cultural tourism service exhibition attracted 415 companies, including 83 Fortune 500 and industry-leading firms, showcasing cutting-edge technologies like blockchain, AIGC, and AR/VR [2] - Haidian District is actively building an AI industry hub and a top cultural district, leveraging cultural soft power for new productivity and leading tech park development [2] - The exhibition featured immersive experiences, with highlights including the debut of WAKUKU, a collaboration with the China Open Tennis, and a showcase of over 300 exhibits in the Shunyi area [2] Sports Services - The sports service exhibition drew over 60 offline companies and 350 online participants, focusing on the theme "Global Sports City" [4] - Orange Lion Sports introduced "Smartshot," an AI tennis imaging product that captures player movements and provides data analysis for amateur players [4] - The exhibition created immersive interactive experiences, hosting over 50 events including esports and basketball competitions, enhanced by 5G and VR technologies [4] Education Services - The education service exhibition featured 55 renowned educational institutions and companies, centered on the theme "Intelligent Future, Integrated Innovation" [6] - The "Jingwa" series of virtual intelligent entities was showcased, with products like "Jingxiaojian" and "Jingxiaozhuang" providing personalized health and sports guidance for students [6] - The exhibition introduced specialized services for professional audiences, facilitating educational cooperation and partnerships [6] Telecommunications, Computing, and Information Services - The telecommunications and information services exhibition attracted over 140 offline and nearly 300 online companies, including 44 Fortune 500 firms [8] - The "Beijing Solution" promotes replicable digital service solutions, outlining a comprehensive digital service system for urban digital transformation [8] - The "San Jing" platform was presented to enhance government services and facilitate efficient public service delivery [8] Engineering Consulting and Construction Services - The engineering consulting and construction services exhibition featured 90 companies, with 74% being Fortune 500 and industry leaders [10] - The "Good House" initiative showcased standards and designs for livable housing, emphasizing comfort and adaptability for various family needs [10] - The exhibition highlighted innovative cases in urban renewal, including the renovation of old communities and the upgrade of industrial parks [10]