Core Viewpoint - SAIC-GM-Wuling announced the launch of its flagship model, the Huajing S, in collaboration with Huawei, set to debut in the first half of 2026, featuring Huawei's advanced driving system, ADS 4 Pro [1] Group 1 - The Huajing S will be one of the first models equipped with Huawei's ADS 4 Pro technology [1]

12月8日，地平线首届技术生态大会（Horizon Together 2025）在深圳举行。 在这场长达3个小时的发布会上，地平线创始人兼首席执行官余凯以"向高同行"为主题，分享了智驾从"向高而行"到"与高同行"的思考与实践。据介 绍，在智驾普惠时代，地平线通过HSD Together模式与产业链伙伴深度合作，推动组合驾驶辅助功能下探至更广阔的市场。 更值得行业深究的，是这种新型合作关系对汽车供应链生态的重塑——"整零""零零"（供应商与供应商）关系在双向赋能中，正从单纯的供应走向紧密 的共生。 11 - The Property of Concession The Pro- S SELECTION A a WALL AND THE 从链条交付到网状链接的分工变革 这个变化不妨继续从12月8日说起。在地平线首届技术生态大会的聚光灯下，余凯宣布了一项被业界视为"游戏规则改变者"的计划：基于单颗征程6M芯 片的城区辅助驾驶（HSD）系统即将量产上车，并有望搭载于10万元级的国民车型。地平线为此提出两种截然不同的合作路径：除了提供芯片与工具链的传 统模式，还有一种名为HSD Together的全新算法服务模式。在后 ...

Core Insights - The essence of growth investment is to adapt to changes, requiring continuous learning and understanding of industry trends [1][2] - Liu Bin's investment strategy is based on deep industry research, focusing on long-term growth and the combination of cyclical and growth sectors [1][2] Investment Philosophy - Liu Bin believes that short-term market pricing is often efficient, but there are discrepancies in long-term industry trend understanding, leading to early investment opportunities [2] - The investment portfolio is characterized by a "large-cap growth" style, avoiding stocks with a market capitalization below 100 billion [2] - Liu Bin emphasizes the importance of industry penetration rates and technological advancements, identifying significant returns during phases of rising penetration [2] Portfolio Management - The investment approach includes diversifying across multiple sectors with favorable economic conditions to capture various industry trends [3] - Liu Bin maintains a balanced allocation across different industry stages, with the top ten sectors comprising around 60% of the portfolio [3] Focus on Core Competitiveness - The future source of excess returns is expected to come from the continuous release of engineer dividends, with China having advantages in engineer numbers and R&D costs [4] - R&D investment is a critical metric for stock selection, alongside cost control capabilities, which encompass supply chain management and production efficiency [5] Sector Focus - Liu Bin's expertise lies in the "technology manufacturing" sector, with a focus on hard tech industries such as TMT, electronics, new energy, and automotive [6] - The automotive sector, particularly in electric vehicles, is seen as a significant growth area, with Chinese brands poised for substantial profits [6] - The AI industry is also a key focus, with an emphasis on domestic computing power and storage, as well as the potential of robotics as a transformative industry [7]

博原资本管理合伙人及CEO朱璘。受访者供图 开栏语 当时间的刻度指向2026，一个崭新的五年征程即将启幕。 此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济 再次走过了"很不平凡"的一年，并展现出强大韧性和活力，成就奠定坚实基础。 刚刚闭幕的中央经济工作会议深刻指出，做好明年经济工作，要"坚持稳中求进工作总基调"，在政策取 向上，"要坚持稳中求进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效 提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形 势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部 门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 对企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展 目标？新京报贝壳财经记者就此采访了博原资本管理合伙人及CEO朱璘。 新京报贝壳财经：2026年，博原资本在业绩增长、产品 ...

Core Viewpoint - The surge in market capitalization of domestic GPU manufacturers like Moore Threads and Muxi Co., exceeding 600 billion yuan, reflects a capital frenzy in the industry [1] Group 1: Market Trends - Numerous companies, including the first domestic GPU stock in Hong Kong, Wallen Technology, are preparing for IPOs, driven by the optimized listing regulations in Hong Kong [3] - The Hong Kong market has seen 102 companies listed by 2025, raising a total of 272.48 billion HKD, a year-on-year increase of 226.62%, marking a four-year high [3] - As of December 17, there are 298 companies in the IPO hearing process in Hong Kong, with 28 new applications in just half a month of December, significantly surpassing the 18 in November [3] Group 2: Listing Regulations - The newly added Chapter 18C in Hong Kong's listing rules allows unprofitable "specialized and innovative" tech companies to go public, providing a financing path for emerging industries like smart vehicles [3][9] - The 18C mechanism emphasizes "hard technology strength" and "future growth potential" over immediate profitability, making it easier for high-tech companies to secure funding [9] Group 3: Financial Pressures - Many suppliers are listing primarily to meet "blood-making" needs, often driven by funding pressures and agreements [6] - Companies like Yushi Technology, despite revenue growth, are facing significant financial strain, with projected losses of 250 million yuan, 213 million yuan, and 212 million yuan from 2022 to 2024 [8] - The cash reserves of Yushi Technology dropped from 222 million yuan at the end of 2024 to 170 million yuan by June 30, 2025, indicating urgent funding needs [8] Group 4: Industry Challenges - The automotive smart supply sector is characterized by continuous losses, funding pressures, and insufficient self-sustaining capabilities, making the IPO route a critical but challenging solution [14] - The rapid technological iteration in the automotive sector necessitates high R&D investments, impacting short-term profitability and creating competitive pressures [16] - Even successful IPOs do not guarantee long-term stability, as companies face ongoing challenges related to technology, market competition, and profitability [16]

Core Viewpoint - The U.S. has decided not to impose additional tariffs on Chinese semiconductor products for the next 18 months, which is interpreted as a strategic pause rather than a concession in the ongoing tech war with China [1]. Group 1: U.S.-China Tech War - The U.S. has failed to achieve its intended outcomes in the tech war against China, particularly in the semiconductor sector, leading to a stronger resolve in China to achieve self-sufficiency [3][4]. - Unlike Japan, China possesses complete sovereignty, a vast market, and an independent defense system, making it more resilient to U.S. pressure [3]. Group 2: Huawei's Innovations - Huawei's recent product, the "Respect" S800 smart car platform, has received positive evaluations from international media, highlighting its competitive edge despite U.S. sanctions [6][7]. - The success of Huawei demonstrates that leading-edge chip technology is not the only path to product success; system integration and engineering innovation can also create significant advantages [7]. Group 3: U.S. AI Industry Dynamics - The U.S. AI industry is experiencing a paradox where there is a high demand for advanced chips, yet infrastructure issues, such as power outages, threaten the sustainability of AI operations [9][11]. - Major U.S. tech companies are facing layoffs while simultaneously investing heavily in AI, indicating a disconnect between workforce management and technological ambitions [9]. Group 4: Implications of Tariff Decision - The decision not to impose tariffs is seen as a self-preservation strategy for the U.S., as tariffs on mature process chips would raise costs for American manufacturers and harm their competitiveness [13][15]. - The 18-month period is crucial for U.S. AI and chip companies to recover financially and strategize for future actions against China [15]. Group 5: Global Market Strategy - The next phase for China's semiconductor and tech industries should focus on global market expansion rather than solely domestic competition [17][20]. - China should leverage its strengths in smart vehicles, photovoltaics, and energy storage to penetrate markets across Southeast Asia, the Middle East, Africa, and Latin America, ultimately establishing its products as global standards [18][20].

Group 1: Company Developments - Xiaopeng Motors officially entered the Mauritius market after establishing a strategic partnership in December, following its entry into the Qatar market [1] - Xiaomi has applied for multiple trademarks related to its Ultra series, with some already successfully registered [2] - MiniMax has partnered with Kuaikan Manhua to launch the first AI interactive comic, integrating AI technology into the comic industry [3] - Mango Super Media's wholly-owned subsidiary has established a new equity investment fund with a capital contribution of approximately 356 million RMB [4] Group 2: Investment and Financing - "Hai Sida Sodium Star" has completed over 100 million RMB in strategic financing, with investors including Baiyun Financial Holdings and Guangdong Guoyan Industrial Investment [5] - "Xingyi Space" has completed nearly 300 million RMB in Pre-A round financing, primarily for the construction of overseas measurement and control stations and technology R&D [6] - Shanghai Blueprint Aviation Technology Co., Ltd. has announced 500 million RMB in A round financing, focusing on core technology development [7] - Weina Star completed 1.56 billion RMB in equity financing throughout 2025, aimed at R&D investment and capacity expansion [8] Group 3: New Products - Lenovo plans to launch its first global "AI Super Intelligent Agent" during CES, which will have capabilities similar to the Doubao mobile assistant [10] - Huawei announced the launch of the new Huawei WiFi X product in March 2026, featuring transparent antenna technology and supporting the Harmony ecosystem [11] Group 4: Industry Trends - The Industrial Robot Quality Strong Chain project has completed 33 key tasks, marking significant progress in standards, measurement, testing, and certification [12] - Various regions in China have added over 1.1 billion RMB in subsidies to boost the automotive market as the year-end approaches [12] - The National Venture Capital Guidance Fund will focus on supporting emerging and future industries, enhancing investment in early-stage projects in sectors like semiconductors and AI [12] - The Ministry of Industry and Information Technology emphasized the implementation of a new round of key industry growth plans, promoting the supply of green and age-friendly products [13]

站在2025年的尾巴上，回望这一年，如果非要用一个词来总结，我想是——"韧性"。 这一年大家都不容易。从年初海外流动性的冲击，到年中部分板块供需失衡带来的剧烈调整，再到年末 的震荡磨底，这确实是一场对耐心的极限考验。但正是在这种反复的拉锯中，我们更清晰地看到了中国 产业和优秀企业身上那股折不断的韧性。 一、 市场的韧性：在"磨底"中寻找结构性修复 最直观的感受来自细分化工和光伏产业。这一年，我们见证了一场深刻的 "反内卷" 变革。这不单单是 政策在引导，更是产业界痛定思痛后的自我觉醒。我们看到氟化工、硅化工企业主动摒弃了低效产能的 恶性竞争，转向高附加值产品的研发；光伏行业17家硅料龙头坐下来协同控产，标志着行业终于从"价 格战"的泥潭中抽身，进入"稳价保利"的实质阶段。这种从"杀敌一千自损八百"到"行业自律、共生共 赢"的转变，是中国制造业走向成熟的标志。 同样，机器人板块虽然短期经历了"过热"后的回调，但我们在调研中发现，行业风向变了——从单纯 的"秀肌肉"转向了实打实的"算ROI"。商业化落地不再是PPT上的愿景，而是工厂里实实在在的订单。 还有智能汽车。虽然这一年"价格战"打得昏天黑地，但头部车企并没 ...

从揭牌开业到生意"开张"，三家股份制银行AIC仅用了不到一个月。 兴银投资、招银投资、信银金投相继开业后，近日均已落地首笔对外投资，且全部投向科技相关领域， 显示出 AIC 模式在科技金融领域的创新推动作用。 21世纪经济报道记者注意到，三家AIC首单均有助于被投公司提升资本实力，但在行业选择上各有侧 重。 AIC高效运转 作为最早获批及揭牌的股份行AIC，截至12月26日，兴银投资已落地至少三笔对外投资，重点布局锂电 产业链。 据12月3日兴业银行南昌分行消息，该分行与兴银投资共同对赣锋锂电进行了10亿元的C轮投资，以支 持赣锋锂电优化资本结构、加快产能建设和技术创新。本轮融资由兴业银行总行投资银行部统筹推动。 赣锋锂电是赣锋锂业（002460.SZ）的控股子公司，主营动力电池等业务，已实现半固态电池的规模化 量产。 12月10日，兴银投资新增一笔对福建恒申电子达2515.13万元的投资，此前在11月16日揭牌当天，兴银 投资已与恒申集团签署协议。 12月19日，盛新锂能（002240.SZ）公告称，全资子公司致远锂业通过增资扩股形式引入兴银投资，后 者以5亿元增资，其中2.083亿元计入实收资本，获得其2 ...

Core Insights - Lens Technology is a leading provider of one-stop precision manufacturing solutions across the entire smart terminal industry chain, covering products such as smartphones, computers, smart cars, and humanoid robots [1] Group 1: Business Segments - In the consumer electronics sector, Lens Technology has strengthened its leading position in the market for glass, ceramics, sapphire, and metal components, achieving rapid market share growth compared to the previous year [2] - In the smart automotive and cockpit segment, the company leverages its vertical integration capabilities and global production layout to deepen its product matrix, with significant growth in core product lines such as central control modules and wireless charging modules [2] - The company has initiated the production line for automotive glass, expected to achieve mass production by the first quarter of next year, with a total annual capacity to match over one million vehicles once all four production lines are operational [2] Group 2: AI Infrastructure Expansion - Lens Technology plans to acquire 100% of PMG International Co., Ltd. to gain a 95.12% stake in Yuan Shi Technology, which holds NVIDIA RVL certification, a critical entry requirement for NVIDIA's core supply chain [3] - This acquisition will enhance the company's capabilities in AI computing hardware solutions, leveraging its precision manufacturing strengths and advanced liquid cooling systems [3] - The company aims to transform into a global AI hardware innovation platform, significantly boosting its competitive edge in the AI computing infrastructure sector [3] Group 3: Future Growth Potential - Analysts predict that Lens Technology will benefit from the development of AI technology, with all business lines expected to experience comprehensive growth [4]