Group 1: Market Overview - US stock market continues slight adjustments, with Dow Jones down 0.2%, Nasdaq down 0.24%, and S&P 500 down 0.14% [1] - Notable stock movements include Meta up 1.10%, Microsoft up 0.08%, and Tesla down 1.13% [1] Group 2: Federal Reserve Insights - Federal Reserve meeting minutes indicate that "most" officials expect it to be appropriate to continue rate cuts after December, with some advocating for a period of inaction [2] Group 3: Technology and Investment Developments - US government has issued licenses allowing South Korean companies to export chip manufacturing equipment to China [3] - Amazon plans to invest up to $50 billion in AI systems for US government agencies [3] - Musk confirms xAI has acquired a third building, with training computing power approaching 2 gigawatts [3] - SoftBank has completed a $40 billion investment commitment to OpenAI [3] Group 4: Automotive Industry Updates - The National Development and Reform Commission and the Ministry of Finance announced a continuation and optimization of the vehicle trade-in policy for 2026, with subsidies for consumers trading in old vehicles for new energy vehicles [11] - The implementation details for the 2026 vehicle trade-in subsidy have been released, including specific subsidy amounts based on vehicle price [12] - The automotive trade-in program has reportedly driven over 1.12 million vehicle exchanges in the first 11 months of 2025, contributing to a sales increase of approximately 3.66 million vehicles [13] Group 5: Semiconductor Industry Developments - Changxin Technology's IPO application has been accepted, aiming to raise 29.5 billion yuan, breaking the monopoly of US, South Korean, and Taiwanese firms in the DRAM market [10] - The company aims for a global DRAM market share of 15.6% by Q3 2026 [10] Group 6: AI and Data Center Trends - AI large models are driving the expansion of data centers, with a significant upgrade in demand for switches, particularly in the 400G and 800G segments [14] - The Chinese switch market is expected to see data center switches account for nearly 50% by 2024, with projections exceeding 50% by 2025 [14]

金融服务实体能力显著增强。集团参与投资的长江能科在北交所成功上市，助力本土优质企业登陆 资本市场。新设的江苏镇江高端智能制造产业专项母基金、镇江战新私募基金管理公司正稳步推进，为 产业孵化埋下种子。深挖类金融牌照价值，灵活运用流贷、保理及并购贷等工具，进一步优化资金结 构。 改革破冰，激活"一池春水" 时至岁末，镇江国控集团交出亮眼成绩单：利润总额同比增长10.9%，新增融资票面成本同比下降 40BP，用工成本压降率6%以上……数字背后，是国控集团锐意改革、开拓进取的坚实足迹。 深化国企改革，是国控集团全年工作的主旋律。一份包含147项具体改革任务的"施工图"，至年 末，任务已基本"清零"。 动真碰硬，激发活力。国控集团全面推行经理层任期制和契约化管理，签约率达100%，由此责任 与激励更加明晰，治理结构进一步优化。制度改革刀刃向内：市场化用工引来26名新生力量，其中不乏 名校优生；灵活多样的激励工具让投资团队与股权投资项目实行利益共享责任共担。 深刻的治理变革同步进行。集团推动旗下30余家子企业完成监事会改革，取消监事会，强化董事会 责任，现代企业治理结构的"四梁八柱"更加稳固。持续推进子公司清理整合，使集 ...

Core Viewpoint - The rapid evolution of the electric vehicle industry in China is driving a structural transformation in the automotive market, with Hongmeng Zhixing leveraging its full-chain empowerment to push for high-end breakthroughs [1]. Group 1: Sales Performance - The Hongmeng Zhixing ultra-luxury brand, Zun Jie S800, has surpassed 10,000 cumulative deliveries since its launch on May 30, with December deliveries expected to exceed 4,000 units [1]. - The monthly delivery volume of Zun Jie S800 has stabilized above 2,000 units, with significant acceleration in deliveries, indicating a promising future sales outlook [3]. - In November, Zun Jie S800's monthly sales outperformed several traditional luxury brands in the same category, highlighting a shift in consumer preferences [3]. Group 2: Market Dynamics - The ultra-luxury sedan market, traditionally dominated by brand history and symbolic value, is now increasingly influenced by safety, intelligence, and manufacturing consistency due to the rise of electric vehicles [3]. - The changing consumer decision-making process reflects a growing emphasis on safety and intelligent experience in the context of new energy and smart technology [3]. Group 3: Supply Chain and Collaboration - The success of Zun Jie S800 is not only about the product but also about the supply chain, where Huawei plays a crucial role in the entire process from definition to design, manufacturing, and quality control [5][7]. - Huawei's approach involves transferring battery safety technology and a "zero-defect" quality control system from consumer electronics to the automotive industry, establishing a comprehensive quality defense line [7]. - The collaborative model among supply chain enterprises has led to breakthroughs in manufacturing challenges, demonstrating that the value lies in the simultaneous enhancement of standards and capabilities [9]. Group 4: Industry Implications - The deep collaboration model behind Zun Jie S800 promotes advancements in materials science, precision engineering, and intelligent quality inspection across the supply chain [9]. - The practice of using high-end products to drive industry-wide upgrades is seen as a key pathway for high-quality development in manufacturing and building a strong automotive nation [9]. - The accelerating delivery trend of Zun Jie S800 serves as a tangible market indicator for the ongoing industrial upgrade process in the Chinese automotive sector [9].

周二（12月30日），美国三大股指小幅收跌，道指跌0.2%，标普500指数跌0.14%，纳指跌0.24%，三大股指录得连续第三日下跌。 | 道琼斯 | 纳斯达克 | 标普500 | | --- | --- | --- | | 48367.06 | 23419.08 | 6896.24 | | -94.87 -0.20% | -55.27 -0.24% | -9.50 -0.14% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7616.03 | 25684.00 | 6945.50 | | -20.94 -0.27% | -55.75 -0.22% | -9.50 -0.14% | 贵金属反弹，COMEX黄金期货涨0.2%，报4352.3美元/盎司；现货黄金涨0.17%，报4338.83美元/盎司；COMEX白银期货涨7.88%，报76.02美元/盎司；现 货白银涨5.66%，报76.239美元/盎司，其盘中一度触及78美元关口。NYMEX铂金收涨4%，NYMEX钯金微跌0.14%。 今年以来，贵金属价格不断刷新历史高位。贺利氏贵金属全球交易负责人Henrik Marx表示："经历如此 ...

善于识变应变求变，于变局中稳大局、开新局，是我们党领导人民战胜一切风险挑战、牢牢把握战略主 动的重要方法。 2026年我们将迎来"十五五"开局之年。党的二十届四中全会深刻把握世界大势和时代潮流，就"十五 五"时期我国发展面临的环境作出重大判断，对事关全局的战略任务进行顶层设计和战略擘画。全会审 议通过的"十五五"规划建议，事关我国未来5年发展的新蓝图，是以习近平同志为核心的党中央发扬历 史主动精神的重要体现，是我们党准确识变、科学应变、主动求变的实践成果，为我们掌握主动、赢得 未来提供了重要遵循。 确保"十五五"开好局、起好步，一个重要方面就是增强识变应变求变的自觉和本领，以历史主动精神克 难关、战风险、迎挑战，奋力开创中国式现代化建设新局面。 （一） 正确判断形势是科学决策的重要前提。 习近平总书记指出，"正确认识党和人民事业所处的历史方位和发展阶段，是我们党明确阶段性中心任 务、制定路线方针政策的根本依据"。 从直面"三期叠加"的复杂局面，作出我国经济发展进入新常态的判断，到把握结构失衡、环境污染等粗 放发展问题，明确我国经济已由高速增长阶段转向高质量发展阶段……新时代以来，党中央准确把握大 局大势，在关 ...

本报记者 汪文正 12月27日，在安徽省阜阳市颍东区正午镇横山村，农机手驾驶植保机械对小麦进行田管作业。 宿 飞摄 (人民视觉) 10月31日，广东中山东部外环高速公路控制性工程香山大桥顺利合龙。中山东环高速建成后将衔接深中 通道、南中高速、中开高速等高速路网，粤港澳大湾区核心城市间的互联互通将得到进一步提升。 新 华社记者 王瑞平摄 近日，四川省乐山市市中区一大型商业购物中心里，消费者在挑选新款手机。 李华时摄(人民视觉) 敦煌光电产业园区是甘肃省光电项目建成最早、集中连片面积最大、装机容量最多的光电产业园区。图 为该产业园区。 王斌银摄(人民视觉) 在湖北省武汉市武昌区一家商场，顾客在选购新能源汽车。 赵 军摄(新华社发) 回望2025年，一个"新"字，是中国经济的关键词。 这一年，中国粮食产量、快递业务量创新高，消费品以旧换新和设备更新动力足，新能源汽车产销两 旺，新能源产业风光无限…… 从粮食生产到物流发展，从汽车工业到绿色能源，本报记者梳理了8组数据，展现中国经济向"新"而行 的昂扬姿态。 超1.4万亿斤：粮食再丰收，气象新 冬至前后，正是小麦田间管理关键期。 在山东，6000多万亩冬小麦已播种结束 ...

(本文来自第一财经) 美股周二收盘，道指收跌0.2%，标普500指数跌0.14%，纳指跌0.24%。特斯拉(TSLA.O)跌1%，英特尔 (INTC.O)涨1.7%，英伟达(NVDA.O)跌0.3%。纳斯达克中国金龙指数涨跌0.26%，百度(BIDU.O)涨 4.4%，小鹏汽车(XPEV.N)涨3.7%。 ...

● 本报记者 龚梦泽 2025年12月，零跑汽车迎来成立十周年的重要节点。在杭州举办的十周年发布会上，零跑科技创始人、 董事长、CEO朱江明携核心管理团队集体亮相，正式宣告企业告别"造车新势力"身份，抛出2026年冲刺 100万辆销量、未来十年实现400万辆销量的宏伟蓝图。这场跨越十年的战略升级背后，是零跑在全域自 研、股权架构、渠道布局和供应链建设等多维度的深度积淀，而与一汽的战略合作、管理层持续增持等 动作，更成为其冲击销量目标的重要支撑。 坚持全域自研战略 "零跑不能再以新势力自居，我们要做全球化世界级车企。"朱江明在接受中国证券报记者采访时明确表 示。这一战略转变并非空穴来风，而是基于企业十年发展的实力积累与行业格局的深刻洞察。数据显 示，零跑2025年全年销量预计近60万辆，单月销量突破7万辆，累计交付量已突破120万辆，且实现连续 季度盈利，即将达成年度盈利目标。 支撑这一转型的核心是零跑坚持十年的全域自研战略。朱江明透露，新能源汽车70%的核心技术集中在 电子、电控等新兴领域，这些技术在十年前尚未成熟，零跑抓住机遇入局，构建了覆盖整车架构、电 池、电驱、座舱系统、辅助驾驶等关键领域的研发体系，自 ...

Core Insights - Leap Motor is transitioning from a "new force" in car manufacturing to a global automotive enterprise, aiming for 1 million vehicle sales in 2026 and 4 million over the next decade [1][2] - The company has achieved significant milestones, including an expected sales volume of nearly 600,000 vehicles in 2025 and a cumulative delivery exceeding 1.2 million vehicles, alongside continuous quarterly profitability [2] R&D Strategy - Leap Motor has adhered to a comprehensive self-research strategy, with 70% of core technologies in the electric vehicle sector concentrated in emerging fields like electronics and control systems [2] - The company has established a robust R&D system covering key areas such as vehicle architecture, batteries, electric drives, cockpit systems, and assisted driving, with self-researched components accounting for 65% of vehicle costs [2] Shareholder Structure - In 2025, Leap Motor formed a strategic partnership with China FAW Group, which became a strategic shareholder, creating a stable "shareholder triangle" with existing stakeholders [3] - This partnership leverages FAW's manufacturing and policy resources alongside Leap Motor's core technology in new energy vehicles, ensuring the founding team's control and strategic continuity [3] Support System - To achieve the 1 million sales target, Leap Motor has developed a three-pronged support system encompassing products, supply chain, and channel services [4] - The company has launched the D series models based on its flagship D platform, targeting the high-end market with competitive pricing [4] Supply Chain Management - Leap Motor employs a standardized and multi-channel strategy for battery supply, having established stable partnerships with leading suppliers like CATL [4] - The company has prepared a battery stock with a redundancy of 1.2 to 1.3 times to meet the production capacity needs for 1 million vehicles [4] Channel and Service Upgrades - Leap Motor focuses on enhancing user experience through a defined luxury core, creating key touchpoints throughout the customer journey [5] - The company has adopted an innovative channel model that fosters a "partner" relationship with dealers, resulting in over 1,800 global channel outlets [5] Technological Investment - Leap Motor plans to increase investment in intelligent assisted driving technologies, aiming to upgrade all models with L3-level capabilities by 2026 [6] - The company recognizes the automotive industry's upcoming adjustment period but remains optimistic about the irreversible trend of electric vehicle adoption [6]

美股开盘，三大指数小幅低开，纳指跌0.04%，标普500指数跌0.02%，道指跌0.06%。 百度涨超6%，近期多项AI业务利好密集释放，此前获小摩大幅上调港股目标价至185港元。 小鹏汽车涨2.8%，小鹏G7超级增程SUV正式发布，综合续航突破1704公里创全球纪录。 现货黄金重回4400美元上方，带动黄金股上涨，金田涨4%，哈莫尼黄金涨超3%，泛美白银、美国黄金 公司涨超2%。 (格隆汇) ...