Core Viewpoint - Meitu has successfully issued $250 million convertible bonds to Alibaba, marking a significant step in their strategic partnership focused on e-commerce, large models, and cloud computing [1] Group 1: Financial Details - The convertible bonds issued by Meitu have a principal amount of $250 million [1] - The net proceeds from this issuance are intended for general business purposes [1] Group 2: Strategic Partnership - Meitu and Alibaba signed a business cooperation agreement on December 30, which will further detail their collaboration [1] - The partnership aims to explore opportunities in e-commerce, large models, and cloud computing [1]

Core Viewpoint - The A-share market is expected to continue its recovery in 2026, driven by a profound change in risk appetite at the institutional level rather than just profit improvement or liquidity expansion [1] Group 1: U.S.-China Relations - The 2026 U.S. midterm elections may lead to a shift in Trump's focus from governance to political self-preservation, potentially exacerbating the "East rises, West declines" trend [2][5] - Two key windows for potential easing in U.S.-China relations are identified: early-year high-level visits and a possible compromise on trade orders as the midterm elections approach [6] Group 2: Federal Reserve's Easing Path - The nomination of a new Federal Reserve chair in early 2026 is anticipated to be a significant turning point for market liquidity [7] - The first phase involves speculation on the nominee, which could lead to a market rally even if interest rates remain unchanged [10] - A substantial easing phase is expected in the third quarter, contingent on weakening inflation and employment data [10][11] Group 3: Macro Policy - Fiscal efforts in 2026 may see a marginal increase in deficit rates, but the focus will shift to targeted investments rather than broad infrastructure spending [12] - Monetary policy will face dual constraints, balancing liquidity needs with maintaining a strong RMB to uphold national credit asset pricing [12] Group 4: Capital Market Management - A-share market performance is expected to be supported by capital market policies, while Hong Kong stocks may benefit more from economic policies [13][14] - Long-term funds are likely to establish a "policy bottom" through strategic investments, while IPO approvals will remain stringent to manage market pressure [14] Group 5: Resident Funds Entry - The pace of resident funds entering the market is expected to remain slow, transitioning from concentrated entry to gradual allocation [15][17] - Factors influencing this slow entry include the stabilization of real estate prices and cautious attitudes towards income expectations [17] Group 6: Global Technology - The global tech sector, particularly AI, is expected to continue its upward trajectory, but with increased volatility and a shift towards application-based investments [18][21] - The focus will shift from pure computational power to companies with strong cash flow and application capabilities [22] Group 7: Domestic Technology - The investment logic in AI is moving towards application and energy materials, with significant growth expected in humanoid robots and medical AI [22][23] - The regulatory environment may stabilize the earnings of major tech platforms, allowing them to benefit from AI applications [23] Group 8: Anti-Internal Competition - The current anti-internal competition strategy aims to enhance global bargaining power through industry consolidation [24][25] - Strategic metals and renewable energy sectors are highlighted as key areas for investment, benefiting from supply-demand dynamics [25] Group 9: Gold - Gold prices are expected to rise due to geopolitical risks and declining monetary credibility, with a focus on a gradual upward trend rather than a sharp increase [28][30] - The demand for strategic resources like copper and gold is anticipated to grow due to geopolitical tensions and supply constraints [30] Group 10: New Consumption - The trend of low birth rates and the rise of single-person households are reshaping consumption patterns, leading to increased demand for emotional value products [31] - Categories such as pet economy, trendy toys, and AI companions are expected to see significant growth as consumer preferences shift [31]

数字经济时代，加快锻造新质生产力，离不开新质技术突破与新质生态构建。近日，在"2026中国信通 院深度观察报告会——数据智能产业创新发展专题报告会"上，"'星火'TA生态：'星火标识×'生态合作 产品授权计划（数据方向）"正式发布，为"星火"TA 生态规模化落地推进迈出坚实一步。 "星火"TA 生态：深耕七大领域、六大方向！ "星火"生态的核心理念是从过去工业经济的大规模生产单边到互联网平台的双边关系，走向数字经济多 边的网络化关系。该生态致力于构建多方、多维度、价值连接的生态圈，秉持开放、绿色、多元共生理 念，以"信任与智能"为发展主题和运行机制，推动生态内外协同共生，助力产业实现数字化、网络化、 智能化、绿色化发展。 星火，是新技术、新基建；星火，是新生态、新质生产力。在人工智能加速重塑数字生产关系的今天， 数字信任正为智能化协作网络提供可能。为此，中国信通院发起"星火"TA生态。"T"代表"Trust"（信 任），是生态共同体连接的基础，意味着生态管理机制从尽力而为转向可信任的价值交换；"A"代 表"AI"（人工智能），是推动星火生态变革的新质生产力，也指向星火生态将实现的智能化治理水 平。"TA"立足 ...

Core Viewpoint - The article discusses the return of Luo Yonghao's annual technology innovation sharing conference, highlighting the mixed reception of the event, which featured various innovative products but faced significant criticism for its execution and organization [5][6][8]. Event Overview - Luo Yonghao's annual technology innovation sharing conference took place on December 30, 2025, in Shanghai, featuring a four-hour presentation that included product showcases from ByteDance and several Shenzhen hardware companies [6][7]. - The event generated high anticipation, with tickets selling out quickly and viewership reaching around 5 million on Douyin [7]. Execution Issues - The event was marred by multiple errors, including incorrect PowerPoint content and a delayed start time of 50 minutes, which included 20 minutes of advertisements and 30 minutes of music [8][12]. - Audience dissatisfaction was evident, with calls for refunds and complaints about the event feeling more like a sales pitch than a genuine product showcase [15][16]. Product Highlights DJI NEO2 Drone - The DJI NEO2 is marketed as an easy-to-use drone for capturing everyday moments, featuring gesture control and a lightweight design of 151 grams [18][19]. Exoskeleton Device - An exoskeleton product designed to assist with physical tasks, utilizing lightweight materials and AI to adapt to different environments, was showcased [22][24]. 3D Printer by Tuozhu - The Tuozhu 3D printer aims to make 3D printing accessible for everyday users, supported by a community for sharing 3D models [26][28]. LiberNovo Ergonomic Chair - This chair adapts to the user's posture automatically, providing support without manual adjustments, representing a new generation of ergonomic furniture [30][32]. LICURV Dishwasher - A compact dishwasher that cleans dishes in five seconds without detergent, utilizing high-pressure water and heat for effective cleaning [34][36]. Antigravity Drone - The Antigravity drone allows users to control it easily and experience aerial views through a VR headset, simplifying the process of capturing panoramic footage [38][40]. AI Product "Doubao" - The Doubao AI application demonstrated advanced voice recognition and translation capabilities, showcasing its potential in real-time communication [46][48]. "Qie Ting" AI Reading App - This app offers AI-generated summaries of books, allowing users to listen to key points and insights, enhancing the reading experience [50][52]. LAVA Studio - LAVA Studio is an AI-powered music workstation that enables users to create complex musical compositions with minimal equipment, showcasing the potential of smart musical instruments [54][58].

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 岁末年初，A股市场会如何表现？投资该如何布局？长城基金高级宏观策略研究员汪立认为，市场有望 走出关键一步，阶段支撑原因包括：1）伴随无风险收益率系统性下行，2026年将迎来定期存款的到期 高峰，叠加政府鼓励长期资金入市，市场或将进入资产管理需求的井喷期，增量入市或远未结束。2） 资本市场改革提振了中国资产的可投资性，并提高了市场面对风险的韧性，股市有望从波动震荡市走向 稳中向好市。3）中国产业结构加速转型，传统产业L型"一竖"走向"一横"拖累边际减少，新技术产业迈 入创新扩张周期，同时中国制造业凭借竞争优势正在全球扩张，经济社会发展的不确定性下降。 投资方向上，汪立表示，跨年攻势或正在开启，看好科技、券商与消费等方向。具体来看，科技成长方 面，随着AI模型和应用进展加快，国内算力基础设施短缺，可关注港股互联网、传媒、计算机、算力 以及具备全球竞争优势的制造业出海（如电力设备/机械设备）等板块；大金融板块可关注券商、保险 等，资本市场改革纵深有望重振市场风险偏好；顺周期板块经历三年调整后，估值与持仓处于相对低 位，消费板块景气线索增多，可关注低 ...

联代科技尾盘突然暴拉。 当地时间2025年12月31日（周三），美股三大指数小幅收低，标普500指数录得连续第四个交易日下滑。三大股指在2025年均录得涨幅，其中标普500指数 上涨16.39%。 截至收盘，道指跌303.77点，跌幅为0.63%，报48063.29点；纳指跌177.09点，跌幅为0.76%，报23241.99点；标普500指数跌50.74点，跌幅为0.74%，报 6845.50点。 纳指2025年大涨超20% 标普500指数录得连续第四个交易日下跌。尽管如此，该指数2025年全年仍收获16.39%的涨幅，这是其连续第三年实现两位数的年度涨幅。纳斯达克综合 指数受益于人工智能热潮，2025年累计上涨20.36%。道指在2025年上涨12.97%。 这标志着市场从2025年4月初美国总统特朗普宣布全面提高关税引发暴跌之后实现了显著反弹。2025年4月特朗普突然宣布关税措施后，标普500指数一度 濒临进入熊市，较2025年2月高点下跌近19%，并在2025年4月首次收于5000点下方，随后反弹。 周三经济数据面，美国至2025年12月27日当周初请失业金人数录得19.9万人，为2025年11月29 ...

Core Insights - Bilibili's New Year's Eve gala achieved a peak live viewership of 350 million, with over 250,000 overseas users from 200 countries and regions participating [1][2] - The event generated over 10 million real-time bullet comments and related user-generated content videos surpassed 100 million views within 24 hours of the broadcast [1][2] - The gala featured classic IPs such as "Journey to the West," "The Lotus Lantern," "Magic Phone," "Ultimate Class," and "Chinese Paladin," and included performances from notable artists like Liu Huan, Zhou Shen, and Katy Perry, blending cultural symbols from the 80s, 90s, and 2000s [1][2]

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

2025年收官日，美股全线下挫。 北京时间2026年1月1日凌晨，美股三大指数尾盘集体跳水，纳指、标普500指数均跌超0.7%，美股大型科技股全线收跌，特斯拉、博通跌超1%。 全线跳水 美东时间2025年12月31日，美股三大指数高开低走，尾盘加速跳水，截至收盘，标普500指数跌0.74%，全年累计涨幅为16.39%；纳指跌0.76%，全年累计 涨幅为20.36%；道指跌0.63%，全年累计涨幅为12.97%。 美股大型科技股全线收跌，英伟达跌0.55%，苹果跌0.45%，谷歌-A跌0.27%，微软跌0.79%，亚马逊跌0.74%，Meta跌0.88%，博通跌1.07%，特斯拉跌 1.04%。 美股矿业股亦集体大跌，Endeavour Silver跌超4%，Silvercorp Metals跌2.8%、希尔威金属跌2.68%。消息面上，在芝商所一周内第二次调高保证金的冲击 下，国际贵金属大幅收跌，COMEX黄金期货跌超1%，COMEX白银期货大跌近9%，现货白银大跌超6%。 有分析指出，美国最新披露的就业数据显示，失业人数下降，劳动力市场仍具韧性，打压了市场对美联储进一步降息的预期。据CME"美联储观察"，截 ...

Market Performance - The U.S. stock market experienced a decline on the last trading day of 2025, with the Dow Jones Industrial Average falling by 303.77 points, or 0.63%, closing at 48,063.29 points. The Nasdaq dropped by 0.76% to 23,241.99 points, and the S&P 500 fell by 0.74% to 6,845.50 points. Despite this, all three major indices achieved double-digit annual gains for the third consecutive year, with the S&P 500 up 16.39%, the Nasdaq up 20.36%, and the Dow up 12.97% [2][3]. Economic Indicators - The U.S. Department of Labor reported a decrease in initial jobless claims by 16,000 to 199,000 for the week ending December 27, marking the third consecutive week of decline. This indicates a relatively stable labor market [2]. Sector Performance - The technology sector, particularly driven by artificial intelligence stocks, was a key factor in the market's performance, with significant demand pushing indices to historical highs [3]. - Notable individual stock performances included Nvidia, which sought to increase production capacity with TSMC, and Nike, which saw a 4.1% increase after its CEO purchased shares [5][6]. Future Outlook - Analysts predict that the trend of broad asset performance will continue into 2026, moving away from reliance on a few leading stocks. The equal-weighted S&P 500 index is expected to perform better than the market-cap weighted version [3]. - The Federal Reserve's monetary policy direction is anticipated to be a critical factor influencing global market conditions in 2026, with expectations of a more dovish stance under a new chair [3]. Commodity Market - Gold and silver prices fell following an increase in trading margin requirements by the Chicago Mercantile Exchange. Gold futures dropped by 1.02% to $4,325.60 per ounce, while silver futures fell by 9.36% to $70.13 per ounce, despite both metals achieving significant annual gains [7]. Individual Stock Highlights - Nvidia's stock decreased by 0.5%, while TSMC's stock rose by 1.4%. Other major tech stocks, including Google, Apple, Amazon, Microsoft, Meta, and Tesla, all experienced declines [5]. - Trump's Media Technology Group saw a 5.3% increase after announcing a partnership with Crypto.com to distribute digital tokens to shareholders [6]. Oil Market - International oil prices declined, with WTI crude oil dropping by 0.91% to $57.42 per barrel, marking a 19.94% annual decrease, the largest since 2018. Brent crude oil fell by 0.78% to $60.85 per barrel, down 18.48% for the year, representing its worst performance in nearly five years [6].