一份提前一年预告、分四年执行的减持计划，将小米联合创始人林斌推至聚光灯下。这步涉及140亿人民币的资本棋局，是看空离场还是战略转型？市场与 消费者正试图从公告的字里行间寻找答案。 2025年12月28日晚，小米集团一则公告引发资本市场震荡。公司联合创始人、副董事长林斌计划自2026年12月起，每12个月出售不超过5亿美元的公司B类 普通股，累计减持金额上限达20亿美元（约140亿元人民币）。公告强调，林斌对小米业务前景"充满信心"并将长期服务集团，减持资金将主要用于成立投 资基金公司。 消息公布后，市场反应迅速。12月29日早盘，小米股价一度下跌超3%，最终收窄至0.5%。在微博平台，话题" #小米林斌减持20亿美元# "24小时内阅读量突 破8000万次，登上热搜榜第7位；抖音相关话题视频播放量累计超1200万，评论中"套现离场？""投资布局？"成为高频词。 减持计划：温和节奏下的战略转型信号 与常规高管减持不同，林斌此次计划呈现三大特殊性： 超长预告期：首次减持设定在13个月后（2026年12月），给予市场充分消化时间。 分步限额机制：每年不超过5亿美元，4年完成20亿美元目标，避免短期冲击股价。 明确资 ...

Group 1: Power Industry Insights - The report suggests that both electricity and coal prices are likely to rise, with electricity price increases expected to outpace coal prices. This trend may end the previous two years' pattern of declining power sector performance in the second half of the year [2][26][27] - National power load reached a historical high of 1.465 billion kilowatts on July 4, 2025, marking a 200 million kilowatt increase from the end of June and a 150 million kilowatt increase year-on-year. The eastern power grid accounted for 422 million kilowatts, with air conditioning loads constituting 37% [4][27] - The Ningxia-Hunan ±800 kV UHVDC project is set to enhance power supply in Hunan, with a total investment of 28.1 billion yuan and a transmission capacity of 8 million kilowatts, expected to deliver over 36 billion kilowatt-hours annually [5][28] Group 2: Capital Market Transformation - The report emphasizes the necessity for capital transformation to match economic restructuring, highlighting the role of government-led funds and patient capital in supporting innovation-driven growth [7][8] - The scale of the primary market has reached approximately 10 trillion yuan, growing rapidly, which presents five key opportunities for secondary market investors, including the need for research-based exit strategies and the increasing importance of mergers and acquisitions [9] - Successful overseas experiences in venture capital are boosting confidence in China's economic transformation, with a focus on integrating government and market-driven approaches [8] Group 3: Real Estate Market Trends - The report maintains an "overweight" rating for the real estate sector, recommending several companies across different categories, including Vanke A, Poly Development, and China Overseas Development [15][35] - In the first half of 2025, land transaction prices outperformed transaction volumes, with a notable structural divergence favoring first- and second-tier cities. The average land transaction price increased by 30.3% year-on-year [16][36] - The average premium rate for land transactions in first-tier cities was 10.7%, reflecting a 6.6 percentage point increase year-on-year, driven by local governments increasing the supply of quality land [17][37]