（文章来源：证券日报） 证券日报网讯 1月6日，西部矿业在互动平台回答投资者提问时表示，钠离子电池作为新兴技术，确实 在某些应用领域展现出潜力，但锂离子电池在能量密度、技术成熟度和市场接受度方面仍具有显著优 势。目前，锂离子电池在全球市场中占据主导地位，且锂矿资源在短期内仍是重要的战略资源。公司参 股东台锂资源公司在当前市场环境下仍具备较高的经济价值和战略意义。 ...

证券日报网讯12月30日，长信科技（300088）在互动平台回答投资者提问时表示，公司将持续关注新兴 技术发展趋势，并结合公司实际情况进行相应的战略规划和业务拓展。 ...

钧崴电子（301458.SZ）12月24日在投资者互动平台表示，公司产品已应用于无人机领域，公司将持续 关注新兴技术发展趋势，并结合公司实际情况进行相应的战略规划和业务拓展。 每经AI快讯，有投资者在投资者互动平台提问：公司的相关产品是否可应用于航天、低空经济等领 域？公司后续是否会拓展相关领域的市场？ （文章来源：每日经济新闻） ...

周林泓 Amber Zhou 黄雨昕 Yuxin Huang amber.lh.zhou@htisec.com yx.huang@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) [Table_Title] 研究报告 Research Report 20 Dec 2025 中国策略 China Strategy 缩量蓄势延续，逢低布局春季行情 Volume Contraction Signals Consolidation; Buy the Dips Ahead of the Spring Rally 上周我们认为，中国市场将由反弹后期转入震荡蓄势阶段，但整体回调空间有限，仍属于逢低布局的窗口。行业 层面，我们认为内需消费获得利好支撑，在震荡环境下有望跑出相对收益。本周港股和 A 股探底回升，恒生指数跌 1.1%，恒生科技跌 2.8%，上证综指基本持平，创业板指跌 2.3%，科创 50 跌 3%；其中必需消费和非银领涨。 海外市场方面，美 CPI ...

Core Insights - The event "Dialogue between Shanghai and New York" aims to foster cooperation between the two cities through international organizations, focusing on urban and organizational collaboration [1] Group 1: Role of International Organizations - New York transformed into a global political and economic center post-1945 due to the establishment of the United Nations, which significantly boosted its economy and diversity [2] - The presence of major UN institutions in New York has solidified its status as a global hub for diplomacy and international relations [2] - The collaboration between international cities and organizations is crucial for achieving the UN's sustainable development goals and requires a "chemical reaction" between urban innovation and global expertise [2] Group 2: Shanghai's Position - Shanghai has become a preferred location for over 200 international organizations, including the New Development Bank and the IMF, due to its conducive environment for international collaboration [3] - The Pudong area is particularly attractive for international tech organizations, hosting significant events like the Shanghai International Semiconductor Equipment and Materials Exhibition [3] - Shanghai is creating a supportive ecosystem for international organizations, enhancing service capabilities and establishing long-term partnerships with leading service providers [3][4] Group 3: Future Directions - The establishment of the UNESCO International STEM Education Research Institute in Shanghai highlights the need for showcasing the value of international organizations through forums and collaborations with local universities [5] - There is a push for more international tech organizations to establish headquarters in Shanghai, leveraging China's strengths in emerging technologies [6] - Continuous dialogue between Shanghai and New York through international platforms is expected to enhance cooperation in areas like climate resilience and AI ethics, contributing to global standards and narratives [6]

证券日报网讯12月12日，科德教育（300192）在互动平台回答投资者提问时表示，公司管理团队将继续 秉持稳健经营，聚焦核心业务发展，持续关注新兴产业和新兴技术，以良好的经营业绩保障全体股东的 合法权益。 ...

Core Viewpoint - The company is closely monitoring the development of emerging technologies within the industry [2] Group 1 - The company responded to investor inquiries on November 11 regarding its attention to industry trends [2]

Core Insights - The National Market Supervision Administration has reported 61,000 cases of trademark and patent violations from 2024 to the first half of this year, indicating a robust knowledge property protection network is in place [1] - Intellectual property (IP) is recognized as a strategic resource for national development and international competitiveness, closely linked to high-quality development and national security [1] - China has made significant progress in IP protection, with the World Intellectual Property Organization projecting the country to rank 10th in the 2025 Global Innovation Index, marking its first entry into the top ten [1] Group 1: Current Challenges - The rapid development of emerging technologies such as digital economy, artificial intelligence, and biotechnology has led to increasingly diverse and complex IP infringement behaviors [2] - Issues such as low infringement costs and high protection costs for rights holders persist, making it difficult to safeguard legitimate rights effectively [2] - There are still barriers in the collaborative mechanisms for IP protection among government departments, enterprises, and academia [2] Group 2: Future Directions - A collaborative approach involving government, enterprises, and the technology sector is essential for effective IP protection [2] - The government should enhance its role in coordinating IP protection efforts and updating relevant laws to address new challenges posed by emerging technologies [3] - Enterprises need to adopt a proactive stance in protecting their IP rights and integrate IP management into their entire R&D and production processes [3] Group 3: Technological Support - The use of advanced technologies such as big data, artificial intelligence, and blockchain can significantly enhance IP protection methods [4] - Big data can be utilized to analyze vast amounts of IP information to identify infringement leads, while AI can improve the efficiency and accuracy of IP examination tools [4]

Core Insights - Consumption is a key driver of economic growth and has seen increasing contributions due to a series of policies aimed at expanding domestic demand during the "14th Five-Year Plan" period [1] - The consumer finance sector has experienced significant growth, with total assets and loan balances reaching 13,848.59 billion yuan and 13,456.03 billion yuan respectively by the end of 2024 [1] Group 1: Industry Growth and Development - As of 2024, consumer finance companies have served 85.43 million county-level customers, addressing the needs of previously underserved groups [2] - The application of emerging technologies such as AI, big data, and blockchain has been pivotal in expanding customer reach and service offerings [2] - Consumer finance companies have filled gaps left by traditional financial services, providing tailored financial solutions to specific demographics like new citizens and young consumers [3] Group 2: Product and Service Innovations - Companies like Mengshang Consumer Finance have launched specialized credit products for new citizens, resulting in the issuance of 65.398 billion yuan in consumer loans by September 2025 [3] - Zhongyin Consumer Finance has focused on high-education and salaried customer segments, issuing 129.681 billion yuan in loans for amounts below 100,000 yuan, marking a 19.61% year-on-year increase [4] Group 3: Regulatory Environment and Compliance - The consumer finance industry has evolved over 15 years, transitioning from rapid expansion to a focus on high-quality development and compliance [5][6] - Regulatory measures have been implemented to enhance transparency and protect consumer rights, including the prohibition of misleading lending practices [7] - The introduction of the "Consumer Finance Company Management Measures" in March 2024 has set higher compliance standards for the industry [7] Group 4: Technological Empowerment - Technology has become a crucial tool for consumer finance companies to enhance compliance and operational efficiency, particularly in risk management and customer service [8] - Companies like Zhaolian Consumer Finance have developed advanced systems for real-time data processing, improving risk management capabilities [8] - The integration of AI in customer service has streamlined processes, enhancing the overall consumer financing experience [8]

Group 1 - The article highlights that while AI stocks have garnered significant investor attention, other emerging technologies such as quantum computing, eVTOL aircraft, small modular nuclear reactors, and satellite technology have also performed exceptionally well [2][3] - AST SpaceMobile has emerged as a standout performer in the tech sector, with its stock delivering returns exceeding 1,000% over the past 18 months, significantly outperforming even major players like Nvidia [4] - The company is focused on building a satellite-based broadband network that connects with standard smartphones, aiming to provide service in areas lacking terrestrial cell coverage [5][6] Group 2 - AST SpaceMobile has launched six satellites since its inception in 2017 and plans to deploy a total of 45 to 60 satellites by 2026 to serve markets including the U.S., Europe, and Japan [7] - Following the expansion of its partnership with Verizon, AST SpaceMobile's market capitalization surged above $30 billion, indicating strong investor interest despite concerns that its valuation may be inflated [8]