1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - Overseas, influenced by geopolitical factors, the long - term monetary policy misalignment will reshape the purchasing power of private and public sectors. However, in the context of the public and market's understanding of the need for increased public sector spending, the overall monetary policy is expected to remain relatively loose, which is beneficial for gold. Japan's situation is unique, as long - term ultra - loose policies have helped it out of the "deflation trap", but the recovery is uneven, and the potential for political polarization in 2026 is a "gray rhino" risk [1] - Domestically, the equity market continued to fluctuate this week, with significant volatility in the ChiNext and STAR Market. Looking towards 2026, the uncertainty on the policy side is decreasing, and the sustainability of the computing power mainline on the industrial side will be continuously questioned by the market. Pan - mainline stocks may tend to rise in the fluctuations, and small - cap stocks will benefit more from the spread market [1] - In terms of convertible bond strategies, three pan - mainline value depression directions are recommended: AI end - side, especially in the consumer electronics field; upstream targets such as key substrates for chip manufacturing and packaging and testing; and the power transmission and distribution equipment sector [1][34] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Liuyao Convertible Bond, etc. [1][35] 3. Summary According to the Directory 3.1. Weekly Market Review 3.1.1. Overall Decline in the Equity Market - From December 15th to December 19th, the overall equity market showed a mixed trend. The Shanghai Composite Index rose 0.03% to close at 3890.45 points, the Shenzhen Component Index fell 0.89% to close at 13140.21 points, the ChiNext Index fell 2.26% to close at 3122.24 points, and the CSI 300 fell 0.28% to close at 4568.18 points. The average daily trading volume of the two markets was about 17409.78 billion yuan, a decrease of about 1949.17 billion yuan from last week, with a week - on - week decline of 10.07% [1][6] - Among the 31 Shenwan primary industries, 19 industries closed up, with 8 industries rising more than 2%. The top - performing industries included commercial retail, non - bank finance, beauty care, social services, and basic chemicals, while the bottom - performing industries were electronics, power equipment, machinery, communications, and computers [11] 3.1.2. Overall Rise in the Convertible Bond Market - From December 15th to December 19th, the CSI Convertible Bond Index rose 0.48% to close at 485.28 points. Among the 29 Shenwan primary industries, 20 industries closed up, with 3 industries rising more than 2%. The top - performing industries were light industry, commercial retail, transportation, beauty care, and petroleum and petrochemicals, while the bottom - performing industries were non - bank finance, communications, electronics, machinery, and household appliances [6][12] - The average daily trading volume of the convertible bond market was 636.11 billion yuan, a significant increase of 29.75 billion yuan, with a week - on - week change of 4.91%. The top ten convertible bonds in terms of trading volume were Zai 22 Convertible Bond, Dazhong Convertible Bond, etc. About 63.48% of the individual convertible bonds rose, with about 32.75% rising between 0 - 1% and 15.37% rising more than 2% [12] - The overall conversion premium rate of the market increased this week, with an average daily conversion premium rate of 42.55%, an increase of 0.21 pcts from last week. Different price, parity, rating, and scale intervals showed different trends in the conversion premium rate. In terms of industry, 23 industries' conversion premium rates widened, and 10 industries' conversion parities increased [17][23][26] 3.1.3. Comparison of Stock and Bond Market Sentiments - From December 15th to December 19th, the weekly weighted average and median of the convertible bond and underlying stock markets were negative, and the underlying stocks had a larger decline. The trading volume of the convertible bond market increased by 4.91% week - on - week, at the 54.50% quantile level since 2022, while the trading volume of the underlying stock market decreased by 6.01% week - on - week, at the 70.20% quantile level since 2022. About 75.29% of the convertible bonds closed up, and about 60.76% of the underlying stocks closed up. Overall, the trading sentiment in the convertible bond market was better this week [28] - Analyzing each trading day, different markets had better trading sentiment on different days. For example, the underlying stock market had better trading sentiment on Monday, Tuesday, and Friday, while the convertible bond market had better trading sentiment on Wednesday and Thursday [30] 3.2. Outlook and Investment Strategy - Overseas, the long - term monetary policy misalignment will reshape the purchasing power of private and public sectors. The overall monetary policy is expected to remain relatively loose, which is beneficial for gold. Japan's situation is special, and the potential for political polarization in 2026 is a "gray rhino" risk [1][32] - Domestically, looking towards 2026, the uncertainty on the policy side is decreasing, and the sustainability of the computing power mainline on the industrial side will be continuously questioned by the market. Pan - mainline stocks may tend to rise in the fluctuations, and small - cap stocks will benefit more from the spread market [1][34] - In terms of convertible bond strategies, three pan - mainline value depression directions are recommended: AI end - side, especially in the consumer electronics field; upstream targets such as key substrates for chip manufacturing and packaging and testing; and the power transmission and distribution equipment sector. Specific stocks are recommended for both existing and upcoming targets [1][34] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Liuyao Convertible Bond, etc. [1][35]

Group 1: Government Initiatives - The State Council, led by Premier Li Qiang, emphasized the need for all departments to align their actions with the central government's economic strategies for the upcoming year, enhancing responsibility and urgency in task execution [2] - Departments are encouraged to collaborate closely and develop specific implementation plans to ensure effective execution of economic policies [2] Group 2: Market Regulation - The National Internet Information Office and the China Securities Regulatory Commission have cracked down on accounts spreading rumors and illegal stock recommendations, highlighting the importance of maintaining market stability [3] - The authorities have urged the public to adopt correct investment philosophies and enhance their ability to discern financial information [3] Group 3: Major Corporate Transactions - China Shenhua announced a significant acquisition involving the purchase of 100% equity in multiple companies, with a total transaction value of 133.598 billion yuan, marking it as the largest acquisition in A-share market history [4][5] - The acquisition will enhance China Shenhua's coal reserves and production capacity significantly, with coal reserves increasing by 64.72% to 6.849 billion tons and production capacity rising by 56.57% to 512 million tons [5] Group 4: Technological Advancements - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in optical computing, developing a chip that supports large-scale semantic media generation, which is crucial for AI and data processing [6] - Moore Threads unveiled a new GPU architecture that improves computing density by 50% and energy efficiency by ten times, indicating advancements in AI computing capabilities [7] Group 5: Regulatory Developments - The National Development and Reform Commission has released the "Internet Platform Pricing Behavior Rules" to regulate pricing practices on online platforms, ensuring fair competition and consumer protection [9] - The rules prohibit platforms from imposing unreasonable restrictions on sellers' pricing autonomy, promoting a healthier e-commerce environment [9] Group 6: Market Movements - Major U.S. stock indices saw gains, with significant increases in tech stocks, indicating a positive market sentiment [11] - The Chinese stock market is set to experience a substantial unlock of restricted shares, with a total of 210.32 billion shares worth approximately 1879.88 billion yuan becoming tradable [14][15]

Core Viewpoint - The company, Birran Technology, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years, with significant revenue increases and a focus on the AI chip market in China [1]. Financial Performance - Revenue increased from 620,000 RMB in 2023 to 3.37 billion RMB in 2024, with unfulfilled orders totaling 8.22 billion RMB and framework agreements worth 12.41 billion RMB [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with an estimated loss of around 1.6 billion RMB by mid-2025 [6][7]. - Gross profit for 2024 is projected at 1.79 billion RMB, with a gross margin of 53.2% [4]. Market Position - The Chinese AI chip market is dominated by Nvidia and Huawei, holding a combined market share of 94.4% in 2024, while domestic AI chip companies, including Birran Technology, hold less than 1% [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is 0.16% and 0.20%, respectively, in 2024 [1]. Product Development - The company has developed its first-generation GPGPU architecture and launched products such as BR106 and BR110, with BR106 being the primary sales driver [8][10]. - The BR166 chip, which offers double the performance of BR106, began mass production in 2024 [9][14]. - Future products include the BR20X series for cloud training and inference, expected to be commercialized by 2026, and BR30X and BR31X for future applications [15]. Customer Base and Sales Strategy - The company is optimizing its customer structure, focusing on specific industries, with revenue primarily from PCIe board sales [4]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [4]. - The contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [6]. Research and Development - R&D expenditures were 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [7]. - The company has 24 binding orders valued at approximately 8.22 billion RMB and five framework sales agreements worth 12.41 billion RMB [7]. Strategic Partnerships - Birran Technology has formed strategic partnerships to enhance its AI infrastructure and has signed significant sales agreements, including a 3.68 billion RMB framework agreement [14][16]. - Collaborations aim to drive technological advancements and improve computing efficiency in AI applications [16].

Group 1: Trade Relations and Economic Impact - The trade disputes between the US and China began in 2018, with tariffs peaking at 145% by 2025, yet China's exports increased despite US efforts to curb them [1] - The US aimed to protect its domestic industries through tariffs, but China's export share rose, indicating that tariffs alone cannot defeat China's economic growth [1] - By 2025, China's semiconductor market share had significantly increased, while US companies like Nvidia struggled to secure export exemptions [3] Group 2: Automotive Industry Developments - China's electric vehicle exports surged to nearly 5 million units in the first nine months of 2025, making it the global leader in EV exports, with Mexico as the largest market [5] - Despite tariff barriers preventing Chinese EVs from entering the US market, China successfully redirected its exports to other regions, particularly the Middle East and Europe [5] - The increase in China's fuel vehicle exports is attributed to a domestic shift towards new energy vehicles, leading to a rise in second-hand vehicle exports [5] Group 3: Military and Defense Dynamics - By 2025, the US defense budget approached $900 billion, while China's military capabilities continued to improve, narrowing the gap [7] - The Chinese military's nuclear arsenal increased to 600 warheads, and its naval fleet surpassed that of the US, indicating rapid military advancements [7] - The ongoing Russia-Ukraine conflict has strained US military resources, revealing weaknesses in its defense supply chain and prompting a reevaluation of military strategies against China [7] Group 4: Semiconductor Industry and Technology - The US imposed stricter export controls on advanced chips to China starting in 2022, but China increased domestic R&D support, leading to a gradual rise in chip localization rates [3] - China's control over rare earth exports has impacted the global semiconductor supply chain, demonstrating the limitations of US technology embargoes [3] - By 2025, China's semiconductor exports remained stable, countering US expectations of a collapse in the supply chain [12] Group 5: Overall Strategic Shifts - The US is transitioning from an offensive to a defensive posture in its approach to China, recognizing the need for coexistence rather than outright competition [9] - The US manufacturing hollowing-out issue has become more pronounced, with reliance on foreign materials for military projects, while China leverages its engineering capabilities for rapid innovation [11][12] - The ongoing competition is characterized by a search for stability in supply chains, with both nations learning valuable lessons from their confrontations [12]

Core Viewpoint - The article discusses the significant advancements in optical computing technology, specifically the LightGen chip developed by Shanghai Jiao Tong University, which addresses the growing demand for computational power and energy efficiency in large-scale generative AI models [5][12]. Group 1: Breakthroughs in Optical Computing - The LightGen chip represents a major breakthrough in the field of optical computing, enabling the support of large-scale semantic visual generation models [5]. - It integrates over a million optical neurons on a single chip and employs all-optical dimension conversion, which are recognized as key bottlenecks in the industry [9]. - The chip achieves a closed-loop process of "input-understanding-semantic manipulation-generation," allowing it to "understand" and "cognize" semantics [9]. Group 2: Performance Evaluation - LightGen chip demonstrates a significant performance leap, achieving two orders of magnitude improvement in computational power and energy efficiency compared to leading digital chips, even with less advanced input devices [11]. - Theoretical calculations suggest that with cutting-edge input devices, the chip could achieve a seven-fold increase in computational power and an eight-fold increase in energy efficiency [11]. Group 3: Implications for AI Development - The advancements in LightGen are crucial for the practical application of next-generation computing chips in modern AI, particularly for high-latency and energy-intensive tasks like large-scale generative models [12]. - This development opens new pathways for exploring faster and more energy-efficient generative intelligent computing [12].

Core Viewpoint - Shenzhen Huada Beidou Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CMB International and Ping An Securities (Hong Kong) as joint sponsors [1] Group 1: Company Overview - Huada Beidou is a space positioning service provider that offers navigation and positioning chips and modules supporting Beidou and major global GNSS systems, along with GNSS-related solutions [1] - In 2024, Huada Beidou ranks sixth globally in the GNSS chip and module market by shipment volume, holding a market share of 4.8% [1] - By revenue, the company ranks eighth globally and third among domestic companies in the GNSS chip and module market in China, with a market share of approximately 1.1% [1] Group 2: Market Insights - The GNSS chip and module sub-market accounts for about 2.1% of the total revenue of the GNSS space positioning service market [1]

智谱、Minimax相继通过港交所上市聆讯 12月17日，北京智谱华章科技股份有限公司（下称"智谱"）通过港交所上市聆讯。同日晚间，上海稀宇 极智科技有限公司（下称"MiniMax"）也通过了港交所上市聆讯，该公司计划于2026年1月挂牌上市。 港股有望迎来以AGI基座模型为核心业务的上市公司。 点评：若进展顺利，智谱有望成为"全球基座大模型第一股"，MiniMax有望成为"全球多模态大模型第 一股"。有数据显示，智谱自2019年成立以来，已累计完成超过15轮融资，最新估值达到400亿元人民 币。年内MiniMax则完成新一轮近3亿美元的C轮融资，投后公司估值超过40亿美元（约合300亿元人民 币）。 壁仞科技通过港交所聆讯 12月17日，国产GPU厂商壁仞科技通过港交所聆讯，有望成为国内AI芯片阵营中第三家上市的GPU厂 商。据招股书，2022年至2024年，壁仞科技年收入分别为49.9万元、6203万元、3.37亿元，分别亏损 14.74亿元、17.44亿元、15.38亿元，三年累计亏损47.5亿元。按在中国市场产生的收入计，2024年壁仞 科技在中国智能计算芯片市场中的份额0.16%，预期2025年将取 ...

Group 1 - The National Development and Reform Commission, along with other regulatory bodies, has issued the "Internet Platform Pricing Behavior Rules" to regulate pricing behaviors on platforms, ensuring that platform operators cannot force or indirectly force sellers to lower prices or use promotional tactics like rebates [2] - The Ministry of Agriculture and Rural Affairs has announced the registration of 1,048 new specialty crop varieties while revoking 226 problematic varieties, enhancing the dynamic management of crop variety registration [2] - The "2026 Outlook on China's Artificial Intelligence Industry Development" predicts that the AI industry in China will continue to grow rapidly, with intelligent computing power expected to exceed 35% of the market share and domestic chips achieving large-scale applications in certain scenarios [2] Group 2 - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operation in Guizhou, marking a significant milestone in the demonstration of supercritical carbon dioxide waste heat power generation technology [2] - CNOOC announced that the Bohai Oilfield, China's largest offshore oilfield, is expected to exceed a cumulative production of 40 million tons of oil and gas equivalent by 2025, contributing significantly to national energy security and high-quality economic development [2] - Heilongjiang Electric Power Trading Center reported that in the 2026 electricity export transaction organized by Beijing Electric Power Trading Center, the exported electricity volume reached 14.668 billion kilowatt-hours, a year-on-year increase of 19.3%, with green electricity exports hitting a historical high [2] Group 3 - The world's first L3-level autonomous driving special license plate has been issued in Chongqing, marking the beginning of the L3 autonomous driving era in China, with Changan Automobile having conducted over 5 million kilometers of real-road testing [2] - At the 2025 MUSA Developer Conference, Moore Threads announced that its new generation GPU architecture "Huagang" will see the launch of the "Wushan" and "Lushan" series chips next year, promising significant performance improvements in gaming and AI applications [2]

Group 1 - The Taiwan Affairs Office of China emphasizes the historical and factual context regarding the fishing activities in the Taiwan Strait, urging the Democratic Progressive Party to recognize the shared fishing grounds and cease aggressive actions against mainland fishermen [1] - China successfully launched the communication technology test satellite No. 23 using the Long March 5 rocket, marking the 618th flight of the Long March series [2] - Three Chinese government departments issued the "Internet Platform Pricing Behavior Rules," which mandate fair promotional practices and prohibit below-cost sales to maintain market order [3] Group 2 - The People's Bank of China announced the issuance of the 2026 New Year commemorative coins and banknotes starting December 22, including one banknote and three types of coins [4] - Fujian Province is enhancing financial support for technological innovation and strategic emerging industries, aiming for a 10% annual growth in loans for technology-related industries from 2025 to 2027 [5] - The Shenzhen market has removed the "investment gold" category following new tax policies, indicating a tightening of market management [6] Group 3 - There is a significant increase in flight bookings to Hainan for the upcoming New Year holiday, with over 720,000 tickets sold, reflecting a 10% year-on-year growth [7] - Shanxi Province has announced the repeal of the ban on fireworks, which had been in place since August 2020 [8] - The World Trade Organization's report suggests that artificial intelligence could boost global trade by 34% to 37% by 2040, contributing to a 12% to 13% increase in global GDP [9] Group 4 - Ukrainian President Zelensky reported a proposal from the U.S. for a trilateral security meeting involving the U.S., Russia, and Ukraine to address unresolved issues [7] - The U.S. Department of Justice released heavily redacted documents related to the Epstein case, totaling over 550 pages [7] - The Thai military has reportedly gained initial control over a key high ground near the Thai-Cambodian border, which has been a site of recent conflict [8] Group 5 - Tesla's CEO Elon Musk's $56 billion compensation plan has been reinstated by the Delaware Supreme Court, ending a prolonged dispute over the plan's fairness [9] - Huawei announced a price reduction for its foldable phone Pura X, with discounts of 600 yuan and 800 yuan for different versions [10] - Moore Threads unveiled its fifth-generation GPU architecture "Huagang," set to enter mass production next year, along with several AI and graphics products [12] Group 6 - Beijing Tongrentang Group issued an apology regarding the Antarctic krill oil incident and has initiated a thorough investigation into the matter [13][14] - The Brazilian company Eve Air Mobility successfully completed the first flight test of its electric flying car prototype, marking a significant advancement in urban air mobility [15] - Xiaomi has distributed over 100 million yuan in subsidies to its automotive dealers to support the expansion of its automotive business [16] Group 7 - The world's first commercial supercritical carbon dioxide power generation unit has successfully commenced operations, representing a breakthrough in clean energy technology [17] - Chongqing has issued the first official license plate for L3-level autonomous driving, marking a significant milestone in the commercialization of autonomous vehicles [18]

每经编辑｜陈鹏程 胡玲 1 国台办正告民进党当局正视历史和客观事实 12月20日，国台办发言人陈斌华答记者问。 问：近日，大陆海警再次进入金门"禁止水域"执法巡查，请问国台办是否掌握情况，对此有何评论？ 答：台、 澎、金、马都是中国的一部分。厦金海域自古以来就是两岸渔民传统作业渔场，根本不存在所谓的"禁止、限制水域"一说。大陆海警部门在相关海域开展常 态化执法巡查行动，有利于维护海上作业秩序，保障两岸渔民生命财产安全。正告民进党当局，正视两岸渔民在传统渔场共同作业的历史和客观事实，停止 无端抓扣甚至采取危险粗暴方式对待大陆渔船民。否则，必须承担一切后果。（央视新闻） 2 我国成功发射通信技术试验卫星二十三号 北京时间2025年12月20日20时30分，我国在文昌航天发射场使用长征五号运载火箭，成功将通信技术试验卫星二十三号发射升空，卫星顺利进入预定轨道， 发射任务获得圆满成功。该卫星主要用于开展多频段、高速率卫星通信技术验证。此次任务是长征系列运载火箭的第618次飞行。（央视新闻） 3 三部门印发《互联网平台价格行为规则》 12月20日，据国家网信办消息，国家发展改革委、市场监管总局、国家网信办发布关于印发《 ...