中经记者 李立 上海报道 迟到47分钟后，罗永浩从舞台一侧缓缓现身。 "一会儿我上台的时候，我们假装什么也没发生好吗？"在罗永浩上台之前，他的声音先上场，"具体是 什么错，回头我写一篇文章专门解释一下。" 2025年12月30日晚上近8点，"罗永浩的十字路口"年度科技创新分享大会终于缓缓拉开大幕。这场被外 界普遍视为罗永浩标志性的"科技春晚"，阔别七年后回归。 从官方公布晚上7点开始，整场发布会一直延续到午夜12点之后。尽管看似混乱、漏洞百出，但《中国 经营报》记者在现场注意到，这场长达5小时的发布会，近八成观众坚持到最后才离场。罗永浩再次以 自己的方式回到舞台中央。 晚上7点，上海西岸国际会展中心，现场近4000人已经坐满。在等待罗永浩出现的近50分钟内，从瑞 幸、理想到抖音精选，现场接受了至少十几遍广告的轮番轰炸。 等待超过半小时时，现场才有人吐槽式喊"退票"。不过现场熟悉罗永浩的老粉表现淡定："还记得以前 吗，每次都是这样。"在线上更多的人也在等待，有网友调侃："重新定义了晚上7点。" 经历了前期暖场，"科技春晚"开始发布多款"年度产品"：大疆"年度最佳傻瓜化无人机"大疆NEO2无人 机、"年度最佳外骨 ...

专题："罗永浩的十字路口"之年度科技创新分享大会 "无论是期待看到我在科技行业继续出丑和继续失败的'罗黑'，还是希望我53岁高龄、五旬老汉没有放 弃科技梦想的，你们都不会失望。"罗永浩称。 新浪科技讯 12月30日晚间消息，"罗永浩的十字路口"之年度科技创新分享大会举行，罗永浩发表演 讲。罗永浩谈及播客节目称"志不在此"，他表示，还会一直做只要一做就被嘲笑的科技行业，"我会一 直做这个。" 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 "无论是期待看到我在科技行业继续出丑和继续失败的'罗黑'，还是希望我53岁高龄、五旬老汉没有放 弃科技梦想的，你们都不会失望。"罗永浩称。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 专题："罗永浩的十字路口"之年度科技创新分享大会 新浪科技讯 12月30日晚间消息，"罗永浩的十字路口"之年度科技创新分享大会举行，罗永浩发表演 讲。罗永浩谈及播客节目称"志不在此"，他表示，还会一直做只要一做 ...

Group 1 - The hotel and catering concept stocks are rising against the trend, with Tongqilou (605108) recovering from a drop of over 5% to close at the daily limit [1][7] - The A-share market experienced a slight adjustment, with the Shenzhen Component Index falling below 13,000 points and the North Exchange 50 dropping below 1,400 points, while the STAR Market Index tested the 1,300-point support [1][2] - The overall market saw more declining stocks than rising ones, with a total transaction volume of 1.68 trillion yuan [1] Group 2 - The hotel and catering sector index reached a six-month high, with significant gains in stocks like Xi'an Catering, Shoulu Hotel, and Jinjiang Hotel [7] - The net inflow of main funds into the non-ferrous metals sector exceeded 4.6 billion yuan, while machinery equipment saw over 3.8 billion yuan in net inflow [6] - The hotel sector's overall profitability is expected to stabilize and recover, with mid-to-high-end chain hotel leaders having expansion potential [11] Group 3 - The "ice and snow economy" is being promoted in northern regions, with Jilin Province establishing an "ice and snow holiday" for students from December 3 to 7, 2025, to encourage winter sports [10] - Flight bookings for children aged 0-12 increased by 60.7% year-on-year, while bookings for teenagers aged 13-18 rose by 57.8% during the early part of the winter vacation [10] - Hotel bookings for various theme parks during the winter vacation saw over 50% year-on-year growth, with specific hotels experiencing significant increases in reservations [10]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - The stock market rebounded today, basically recovering yesterday's losses, and the market returned to trading in technology - related industries during the upward process. The stock index remained above the 20 - day moving average, with a positive sentiment today. It is expected that this moving average will continue to provide support in the future. The ADP data in the US yesterday was lower than expected, the US dollar index declined, and the US stocks rose, sending some optimistic signals before the market. However, today's overall trend showed obvious volume contraction, so it is expected that the upward momentum will not be as strong as in the previous upward trend stage. In the short - term, a volatile view on the stock index is maintained. If consumption - related policies are further introduced, it may trigger a new round of optimistic sentiment. Domestic inflation and financial data will be released next week, and attention should be paid to the changes in economic growth momentum conveyed by the data. The recommended strategy is to hold positions and wait and see [5]. 3. Summary by Related Catalogs Market Review - Today, the stock index rose with shrinking volume. Taking the CSI 300 index as an example, it closed up 2.18%. In terms of capital, the trading volume of the two markets decreased by 2395.99 billion yuan. In the futures index market, all varieties rose with shrinking volume [3]. Important Information - Policies and measures to expand service consumption are expected to be introduced soon. The new policies will focus on increasing the supply of high - quality services, including expanding inbound consumption, launching more high - quality inbound tourism routes and services, promoting the orderly opening of the Internet and culture fields, and promoting the inclusion of service consumption items such as camping, homestays, property services, and "Internet + medical" into the catalog of industries encouraged for foreign investment. - Apple's sales in the Indian market in the previous fiscal year reached a record 9 billion US dollars. - Hainan Free Trade Port plans to implement a wider - scope tourist visa - free entry policy [4]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 2.82 | 1.64 | 4.41 | 3.61 | | Trading volume (10,000 lots) | 16.0241 | 6.5764 | 17.0326 | 30.3786 | | Trading volume change compared with the previous period (10,000 lots) | - 5.4542 | - 3.5666 | - 2.3753 | - 7.9453 | | Open interest (10,000 lots) | 27.8339 | 9.9744 | 24.8658 | 38.6798 | | Open interest change compared with the previous period (10,000 lots) | - 2.0566 | - 1.1778 | - 1.2544 | - 1.7948 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 1.24 | | Shenzhen Component Index change (%) | 3.89 | | Ratio of rising to falling stocks | 10.17 | | Trading volume of the two markets (billion yuan) | 23046.59 | | Trading volume change compared with the previous period (billion yuan) | - 2395.99 | [6]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - The stock market hit a new high again today. The technology sector represented by TMT continued to be favored by funds, while the pro - cyclical sectors were generally weak. The Shanghai Composite 50 Index rose only 0.21%, while the CSI 1000 Index soared 1.69% [4]. - In the short term, the stock market is driven by funds, sentiment, and structural market conditions. With low sensitivity to economic data and no obvious short - term negatives, continuous capital inflows, optimistic sentiment, and structural support from technology news have sustained the upward trend of the stock market [4]. - Technically, the CSI 300 Index is approaching the medium - to - long - term resistance line at around 4250. Traders should pay attention to its breakthrough. Although the market sentiment is high, in the long run, the market will not deviate from the economic fundamentals. Therefore, it is necessary for holders to manage risks [4]. - Strategy recommendation: Insurance strategy - hold spot and buy put options [4]. 3. Summary by Related Catalogs Market Review - The stock index showed significant volume expansion and overall growth today, with the market index hitting a new high. The trading volume of the two markets increased by 51.9551 billion yuan. All futures index varieties rose with increased volume [2]. Important Information - China supports all efforts conducive to the peaceful resolution of the crisis and welcomes the contact and improvement of relations between Russia and the US to promote the political settlement of the Ukraine crisis [3]. - The Ministry of Commerce extended the anti - subsidy investigation period for imported related dairy products originating from the EU [3]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.82 | 0.08 | 1.28 | 1.58 | | Trading volume (10,000 lots) | 15.0257 | 7.4191 | 13.1737 | 29.3129 | | Trading volume MoM (10,000 lots) | 0.9502 | - 0.3105 | 0.969 | 3.5552 | | Open interest (10,000 lots) | 27.3598 | 10.7224 | 22.6003 | 39.2524 | | Open interest MoM (10,000 lots) | 1.5159 | 0.7111 | 0.3557 | 2.6482 | [4] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.85 | | Shenzhen Component Index change (%) | 1.73 | | Ratio of rising to falling stocks | 3.09 | | Trading volume of the two markets (billion yuan) | 276.4163 | | Trading volume MoM (billion yuan) | 51.9551 | [5]

Core Viewpoint - The overall market in Q2 2025 experienced a turbulent yet limited increase, influenced by ongoing tariff impacts and structural differentiation across sectors [5][6][30]. Group 1: Market Performance and Economic Outlook - The market showed structural differentiation, with banks and dividend assets performing well, while some cyclical industries struggled [5][6]. - The macroeconomic outlook remains optimistic, but caution is advised at the micro level regarding individual stocks [5][6]. - The impact of tariffs on the long-term fundamentals needs to be validated with new financial data [5][6]. Group 2: Investment Strategy and Portfolio Management - The investment strategy focuses on maintaining a robust portfolio, with a preference for high alpha and low valuation stocks, continuing to buy undervalued assets [5][9]. - The portfolio has seen minor adjustments, with a stable overall position and a focus on quality assets with long-term growth potential [9][20]. - The strategy emphasizes diversification to mitigate risks associated with macroeconomic sensitivity, particularly in cyclical sectors [20][34]. Group 3: Sector-Specific Insights - The white liquor industry faced significant concerns due to government policies against waste, but high-end liquor demand remains stable due to its limited government use [8][9]. - The technology and innovation sectors are expected to benefit from supportive policies and domestic growth, particularly in AI and semiconductor industries [20][21]. - The healthcare sector, particularly innovative pharmaceuticals, is showing signs of recovery and potential for long-term growth, driven by overseas collaborations [20][21]. Group 4: Market Trends and Future Expectations - The market is expected to remain cautious in the short term due to external trade pressures, but domestic policies are anticipated to provide support [30][33]. - The focus will be on sectors with inherent growth potential, such as technology and consumer upgrades, while monitoring macroeconomic policies and liquidity changes [21][22][33]. - The overall investment sentiment is improving, with a notable recovery in excess returns for public funds, indicating a potential for better performance in the coming quarters [30][33].

Core Viewpoint - Nomura Orient International Securities expects Chinese equity assets to outperform overseas markets in the second half of the year due to strong domestic policy expectations and better liquidity conditions in emerging markets amid a weak US dollar [1] Group 1: Market Outlook - The firm anticipates that the second half of 2025 will be a critical juncture for market direction, with potential for increased volatility during this period [1] - Rising volatility may lead to a greater focus on emerging high-growth sectors, supported by robust policy backing for growth industries [1] Group 2: Investment Recommendations - Stable dividend stocks and niche technology growth sectors are deemed more suitable for the market environment in the second half of the year [1] - There remains significant potential in domestic consumption and the technology sector [1]