特斯拉CEO埃隆·马斯克周二在社交平台X上回应了《大西洋月刊》的一篇文章，该文章称他是"科学种 族主义者"，并将矛头指向资助该刊物的已故苹果联合创始人史蒂夫·乔布斯的遗孀劳伦·乔布斯，顺便再 次批评了亚马逊创始人杰夫·贝索斯前妻麦肯齐·斯科特的慈善捐赠。 一位X用户分享了《大西洋月刊》11月份的文章《为什么埃隆·马斯克需要龙与地下城来成为种族主义者 ——"科学种族主义"的虚幻根源》。 马斯克回应称："《大西洋月刊》是一份假刊物，靠着劳伦·乔布斯用她亡夫的钱做一些他会鄙视的事情 才得以存活。" 他补充称："这再次强调了一点，即'觉醒'白人女性是西方文明的厄运。" 一位网友评论称："亿万富翁的左翼妻子是西方文明最大的威胁之一。她们精神不稳定，拥有世界上所 有的钱来制造混乱。" 马斯克回应称："是的！麦肯齐·贝索斯（或者不管她现在姓什么）是另一个例子。她鄙视她的前任，并 希望任何像他这样的人去死。" 马斯克的这条帖子还附带了2024年一篇文章的链接，该文章讲述了贝索斯的前妻如何将大部分慈善捐赠 给了"帮助移民罪犯和变性运动员的极左组织。" 一位网友评论称："亿万富翁的左翼妻子是西方文明最大的威胁之一。她们精神不稳定 ...

提供的多笔股东借款逾期，常年亏损的深康佳A（000016.SZ）雪上加霜。 12月22日晚间，深康佳A发布公告显示，公司向参股公司滁州康鑫提供约3.95亿元股东借款，滁州康鑫 因资金不足，无法及时归还，导致股东借款逾期。公司向参股公司毅康科技提供了约2.33亿元股东借 款，同样已经逾期。 此外，2025年9月，深康佳A公告称，公司为参股公司莞康宇宏提供了股东借款本金1.96亿元及其利息， 但莞康宇宏因资金不足，无法及时归还，导致股东借款逾期。 长江商报消息●长江商报记者 黄聪 综合来看，深康佳A上述三笔逾期股东借款合计达8.24亿元。 需要注意的是，深康佳A当前可谓"自身难保"。2022年至2024年以及2025年前三季度，公司归母净利润 累计亏损超过79亿元。而且，截至2025年三季度末，公司资产负债率高达96.78%。 滁州康鑫尚无营收 12月22日晚间，深康佳A发布公告显示，截至目前，股东共向滁州康鑫提供了约8.07亿元股东借款，其 中越飞房地产和深圳铜锣湾合计提供约4.12亿元股东借款，公司同股同权提供约3.95亿元股东借款。滁 州康鑫已将股东借款用于支付地价款、相关税费和项目前期其他资金需求。 滁州 ...

苹果在声明中表示，将遵守监管要求，但警告这些变化可能带来隐私和安全风险。该案源于2022年拉美 电商平台MercadoLibre投诉苹果限制数字商品分发及应用内支付。MercadoLibre表示，认可CADE的努 力，但认为协议仅"部分"改善了竞争环境。 CADE称内部小组已以多数票通过该协议，相关条款有效期为三年，并将在对开发者具有约束力后立即 生效。苹果需要在105天内落实相关调整，若违反协议，最高可能面临1.5亿雷亚尔（约合2700万美元） 罚款。 据报道，苹果公司当地时间周二表示，已与巴西反垄断监管机构CADE达成和解，同意在巴西的iOS系 统中允许第三方应用商店运营，以结束持续三年的反垄断调查。根据协议，苹果还将允许应用内购买使 用第三方支付方式，或链接至外部网站完成交易。 （文章来源：第一财经） ...

Group 1 - The Hong Kong stock market has experienced increased volatility in the fourth quarter, with investors speculating on the potential for a "Christmas rally" similar to the "spring market" in A-shares [1][2] - Despite the potential for a rebound narrative, the actual investment guidance may be limited, as the market is still under supply and demand pressure, and the right-side turning point remains unclear [3][4] - The Hang Seng Index and other major indices have shown signs of fluctuation, with net inflows from southbound funds exceeding 240 billion HKD in the fourth quarter, indicating a shift in market dynamics [2][3] Group 2 - The market is expected to benefit from a favorable macroeconomic environment and a potential easing of overseas liquidity, which could enhance risk appetite and stabilize the Hong Kong stock market [3][4] - Key sectors for investment include upstream resources in the power chain, travel-related stocks, and leading domestic AI companies, which are seen as having significant layout value [1][4][5] - Emerging industries such as solid-state batteries, brain-computer interfaces, and biotechnology are anticipated to gain momentum, supported by the "14th Five-Year Plan" and improving macroeconomic conditions [4][5]

Group 1: Economic Policies and Initiatives - The Central Economic Work Conference proposed significant measures to enhance enterprise development, including reinforcing the innovation role of enterprises and expanding the supply of quality goods and services [1] - The conference emphasized the importance of "innovation-driven" strategies and the establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 2: Financial Support for Innovation - Financial institutions are increasingly supporting technological innovation, with the latest data showing that by the end of September, the proportion of new technology loans reached 30.5%, and the loan balance for technology-based SMEs grew by 22.3% year-on-year [4] - Companies are leveraging financial support to optimize capital structures and respond to market demands, as seen with a company receiving a 90 million yuan loan to enhance production capacity [4] Group 3: Demand and Market Expansion - The conference prioritized domestic demand as a key focus for economic work, highlighting the need to expand the domestic market and improve the supply of quality goods and services [5] - Companies are innovating new consumption models to meet the evolving demands of consumers, particularly in the context of rising per capita GDP [5] Group 4: Urban Development and Investment - Urban renewal projects are expected to stimulate local economies and enhance public welfare, with significant investment opportunities in infrastructure and community services [6] - The conference's focus on high-quality urban renewal is anticipated to create new economic growth points through various projects [6] Group 5: International Market Integration - Companies are expanding their global presence, with one office furniture company reporting an annual growth rate of over 35% due to its international marketing strategy [7] - The conference's initiatives to integrate domestic and international trade are expected to facilitate better service for global customers [7] Group 6: Competitive Environment and Regulation - The government is taking steps to address irrational competition in key industries, such as the solar energy sector, where prices have stabilized due to regulatory efforts [8] - Measures to clear government debts to businesses are being implemented, aiming to improve the overall business environment [8]

Group 1 - The central economic work conference proposed significant measures to enhance enterprise development, including reinforcing the innovation role of enterprises and expanding the supply of quality goods and services [1] - The conference emphasized the importance of "innovation-driven" strategies and the establishment of international technology innovation centers in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [4][5] - Financial support for technology innovation has been strengthened, with technology loans accounting for 30.5% of new loans by the end of September, and loans to technology-based SMEs increasing by 22.3% year-on-year [5] Group 2 - The conference prioritized domestic demand as a key focus for economic work, highlighting the need to expand the domestic market and improve the quality of goods and services [6] - The integration of cultural tourism and industry has been explored by companies like Yiweng Group, which aims to create new consumption models that cater to domestic consumer needs [6] - Urban renewal projects are expected to stimulate effective investment and create new economic growth points, with a focus on improving public services and infrastructure [6] Group 3 - The conference's directives on promoting integrated development of domestic and international trade will provide companies with more opportunities to expand in both markets [7] - The emphasis on reducing "involution" competition is expected to lead to a more value-driven competitive landscape, allowing companies to focus on core technology advancements [8] - Measures to improve the business environment include clearing government debts to enterprises and enhancing the regulatory framework for key industries [8]

证券研究报告 | 2025年12月23日 电子行业周报 优于大市 电子上游通胀趋势延续，业绩预告期继续推荐存力+算力 预计明年中国本土 AI 芯片占比近半，而 CSP/OEM 亦有望积极采购 H200。据 TrendForce 数据，中国整体高端 AI 芯片市场总量预计在 2026 年有望增长超 过 60%。一方面，本土 AI 芯片仍朝自主化发展，较高潜力的芯片设计商有机 会扩大市场占比至 50%左右；另一方面，由于英伟达 H200 效能较 H20 大幅提 升，对终端客户具有吸引力，如果能顺利销售，预计中国 CSP/OEM 等有望积 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 行业研究·行业周报 电子 优于大市·维持 证券分析师：胡剑 证券分析师：胡慧 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 电子上游通胀趋势延续，业绩预告期继续推荐存力+算力。过去一周上证上 涨 0.03%，电子下跌 3.28%，子行业中光学光电子下跌 1.35%，其他电子下跌 4.63%。同期恒生科技、费城半导体、台湾资讯科技下跌 ...

12月22日，TCL电子（股票代码：1070.HK）在2026格隆汇"金格奖"年度卓越公司评选中荣获"年度投资价值奖"和"年度卓越IR团队"两项大奖。奖项不仅肯 定了公司过去一年的成绩，也认可其在显示技术革新、全球化布局及创新业务拓展上的前瞻性。 12月11日，2025 TCL全球技术创新大会展示了一系列AI端侧产品，包括雷鸟智能眼镜X3 Pro、小蓝翼新风AI空调、AI超级筒洗衣机、AI冰箱、电视大智能 体、AI陪伴机器人TCL AiMe等。 据悉，TCL自研电视行业首个超级大智能体，从AI画质、AI音质、AI内容生成、AI交互四大维度为用户带来更加智能，更加便捷，更加有趣的家庭影音娱 乐体验。未来，随着语义理解与多模态交互加强，超级大智能体有望加快电视从"显示终端"向"智能交互入口"演进。 2025年，TCL电子以Mini LED电视为突破口，在全球彩电市场逆势中实现量价齐升，同时人工智能在业务以及企业管理中的应用成效显著，构成了TCL电 子"高成长、稳分红"的投资逻辑。 一、技术领先与创新突破：Mini LED与AI双轮驱动 彩电行业曾长期被视为增长见顶的"慢行业"，但TCL电子通过Mini LED技术 ...

证券时报·数据宝统计，小米集团-W在港交所公告显示，12月23日以每股39.100港元至39.280港元的价 格回购375.00万股，回购金额达1.47亿港元。该股当日收盘价39.200港元，下跌1.51%，全天成交额 49.87亿港元。 自12月18日以来公司已连续4日进行回购，合计回购1500.00万股，累计回购金额5.99亿港元。 其间该股 累计下跌4.90%。 今年以来该股累计进行31次回购，合计回购1.41亿股，累计回购金额58.37亿港元。（数据宝） 小米集团-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.23 | 375.00 | 39.280 | 39.100 | 14702.62 | | 2025.12.22 | 375.00 | 39.900 | 39.800 | 14947.28 | | 2025.12.19 | 375.00 | 40.560 | 40.420 | 15178.09 | | 2025.12.18 | 375.00 ...

Core Viewpoint - Huawei's nova 15 series, including nova 15, nova 15 Pro, and nova 15 Ultra, aims to enhance user experience through improved system performance, battery life, and camera capabilities, targeting young consumers with a focus on photography and connectivity [2][13][27] System and Performance - The nova 15 series is equipped with HarmonyOS 6.0 and Wi-Fi 7, featuring the Kirin 8020 processor in the standard version and the Kirin 9010S processor in Pro and Ultra versions, which is an overclocked variant of the 8020 [2][16] - The performance of the Kirin 9010S is similar to the 9010 but with lower power consumption, although its GPU performance is slightly inferior [2][16] Battery and Endurance - The standard version has a 6000mAh battery with 100W wired charging, while both Pro and Ultra versions feature a 6500mAh battery with the same wired charging capability, and the Ultra version also supports 50W wireless charging [4][18] - The Ultra version's design allows for a 6500mAh battery within a thickness of 6.8mm, indicating strong endurance capabilities [4][18] Design and Differentiation - The nova 15 series features a clear differentiation in storage options, with the standard and Pro versions offering 256GB and 512GB, while the Ultra version provides an additional 1TB option [4][18] - The design includes a "horizontal large matrix" camera module for Pro and Ultra versions, enhancing the aesthetic appeal and aligning with the new design language of the nova series [6][20] Color and Aesthetics - The nova 15 series is available in four colors: "Vibrant Green," "Good Match Purple," "Zero Degree White," and "Phantom Night Black," aimed at enhancing brand recognition and appealing to younger consumers [9][23] Imaging Capabilities - The standard version features a 50MP main camera, while the Pro and Ultra versions have enhanced camera setups, including multiple 50MP sensors and advanced features for improved photography [10][24] - The introduction of "dual red maple" technology in the Pro and Ultra versions aims to enhance selfie quality, particularly in challenging lighting conditions [10][24] Display Quality - The standard version has a 6.7-inch OLED display with a resolution of 2412*1084 and a 120Hz refresh rate, while the Pro and Ultra versions feature a 6.84-inch OLED display with a resolution of 2856*1320 and dynamic refresh rates [11][25] - The display quality is supported by TCL Huaxing, ensuring a consistent and high-quality viewing experience [11][25] Overall Market Positioning - The nova 15 series reflects a shift in the industry towards integrated user experiences rather than just individual specifications, focusing on reliability and user-friendly features [13][27] - The series aims to establish a strong market presence by appealing to the needs of young consumers who prioritize photography and connectivity [13][27]