中央经济工作会议指出，2026年要更好统筹国内经济工作和国际经贸斗争，实施更加积极有为 的宏观政策，持续扩大内需、优化供给，因地制宜发展新质生产力，纵深推进全国统一大市场 建设，持续防范化解重点领域风险，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。 如何看待2025年经济表现？2026年应追求怎样的经济增速？如何展望2026年经济形势？如何 更好地提振消费？如何继续实施更加积极有为的宏观政策？要重点推进哪些结构性改革？带着 这些问题，21世纪经济报道记者专访了上海财经大学校长刘元春。 刘元春表示，2026年将沿着两条主线展开： 一是短期扩内需和控风险 ，对冲各种周期下行力 量，促进投资周期、债务周期以及房地产周期筑底反弹； 二是持续推进创新驱动增长模式的 构建 ，久久为功持续聚焦现代化产业体系、科技自立自强等系统布局，推动我国基础研发、 产业升级、科创金融等形成穿越周期的力量，并进一步形成微观主体的盈利能力，助力产业结 构转型升级，为解决短期周期问题提供中长期发展的解决方案。 记者丨周潇枭 编辑丨李博 2025年前三季度我国经济同比增长5.2%，尽管四季度经济面临下行压力，但 ...

智通财经APP讯，腾讯控股(00700)发布公告，于2025年12月30日，该公司斥资6.36亿港元回购106.2万 股。 ...

Market Overview - The Hong Kong stock market saw all three major indices rise, with the Hang Seng Technology Index increasing by 1.74%, the Hang Seng Index by 0.86%, and the National Enterprises Index by 1.12% [1][2]. Technology Sector - Major technology stocks collectively rose, with Baidu surging nearly 9%, and NetEase and Xiaomi both increasing over 2%. Other notable gains were seen in JD.com, Tencent, Alibaba, and Meituan [5][6]. - Semiconductor stocks also experienced significant gains, led by InnoCare, which rose over 15%, while major players like SMIC increased by over 4% [7][8]. New Listings - Six new stocks were listed on the Hong Kong market, with notable increases including InnoSilicon up 24.66%, and Wuyiyi Vision up 29.9% [3]. Energy Sector - Oil stocks strengthened, with CNOOC rising nearly 4% as international oil prices surged due to heightened geopolitical risks. WTI crude surpassed $58 per barrel, and Brent approached $62 per barrel [14]. Entertainment Sector - The film and entertainment sector was active, with Emperor Culture Industries rising nearly 9%. The 2025 box office has already surpassed 5.3 billion yuan, marking a new high in recent years [13]. Wind Power Sector - Wind power stocks fell sharply, with Goldwind Technology dropping nearly 11%, alongside declines in other related companies [16][17]. AI and Robotics Sector - AI application companies like MaiFusTech saw significant gains, rising over 11% after announcing strategic partnerships with major tech firms [18][21]. - Robotics stocks also performed well, with Sanhua Intelligent Control increasing over 12% [11]. Investment Outlook - Analysts suggest that the Hong Kong market may continue to trend upward due to supportive domestic policies and a weaker US dollar. There is a focus on technology growth and high dividend strategies as potential investment opportunities [23].

12月30日，香港恒生指数收涨0.86%，恒生科技指数涨1.74%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | મંદા | 恒生指数 | 25854.60 | 219.37 | 0.86% | | HSTECH | 恒生科技 | 5578.38 | 95.37 | 1.74% | | HSBIO | 恒生生物科技 | 14379.73 | -61.14 | -0.42% | | HSCEI | 恒生中国企业指数 | 8991.02 | 99.31 1.12% | | | HSCI | 恒生综合指数 | 3934.64 | 25.23 | 0.65% | 半导体、机械、石油石化、有色金属、银行等板块涨幅居前，耐用消费品、环保、纺织服装、医疗设备等板块跌幅居前。 半导体板块大涨，英诺赛科涨超15%，中芯国际涨超4%，华虹半导体涨近4%。 黄金板块下跌，珠峰黄金跌超6%，老铺黄金跌超5%，六福集团、万国黄金集团跌超2%。 1 E10/ 10 100 科网股普涨，百度集团涨近9%，此前申万宏源上调公司评级至"买入"；网易、携程、小米集 ...

Group 1 - The core viewpoint of the article highlights the contrasting dynamics in the Hong Kong stock market in 2025, characterized by a significant rise in the Hang Seng Index by nearly 30% and a record IPO fundraising amount of approximately 278.7 billion HKD, while simultaneously experiencing a notable wave of delistings [2][3]. - A total of 62 companies were delisted from the Hong Kong Stock Exchange in 2025, marking a 26.5% increase from the previous year, where 49 companies were delisted [3]. - The delisting process in Hong Kong primarily follows two paths: voluntary privatization and forced delisting, with the latter often resulting from severe issues such as financial misconduct or prolonged trading suspensions [5]. Group 2 - The Hong Kong Stock Exchange has intensified its regulatory measures to enhance market quality, leading to 31 companies being forcibly delisted in 2025, which constitutes half of the total delistings [5]. - Notable companies among those forcibly delisted include China Evergrande, which faced severe financial difficulties and regulatory penalties, and Hong Jiu Fruit, which encountered multiple operational issues [7]. - The market is witnessing a liquidity divide, with approximately 80% of funds concentrated in 20% of high-quality stocks, resulting in low liquidity for many small-cap companies, prompting them to consider privatization [8]. Group 3 - The increase in delistings in 2025 reflects a self-purification process in the Hong Kong capital market, driven by liquidity disparities and a focus on high-growth sectors like AI and advanced manufacturing [9]. - Southbound capital inflows into Hong Kong stocks exceeded 1.4 trillion HKD in 2025, indicating a strong preference for large enterprises, which exacerbates challenges for smaller companies [9]. - As of November 28, 2025, there were 84 companies on the Hong Kong Stock Exchange that had been suspended for over three months, with 10 already approved for delisting [11]. Group 4 - Many companies on the "danger list" are struggling to meet financial reporting requirements, leading to potential delistings, particularly in the real estate sector, which has been significantly affected [13]. - The Hong Kong Stock Exchange's strict enforcement of delisting rules aims to maintain market health and long-term credibility, facilitating a "market cleansing" process that could attract more long-term value investors [13].

Market Performance - The Hong Kong stock market showed a positive trend on December 30, with the Hang Seng Index rising by 0.86% to 25,854.6 points, the Hang Seng Tech Index increasing by 1.74% to 5,578.38 points, and the National Enterprises Index up by 1.12% to 8,991.02 points [1] - Major technology stocks experienced gains, with Alibaba up by 0.84%, Tencent Holdings by 0.59%, JD Group by 1.43%, Xiaomi by 2.02%, NetEase by 2.59%, Meituan by 0.1%, Kuaishou by 1.1%, and Bilibili by 0.68% [1] - Semiconductor stocks also saw an increase, with InnoCare rising over 15%, SMIC up over 4%, and Hua Hong Semiconductor increasing nearly 4% [1] - The gold sector faced declines, with Zhu Feng Gold dropping over 6% and Lao Pu Gold down over 5% [1] - The "three oil giants" saw gains, with CNOOC rising nearly 4% [1] - Wind power stocks declined, with leading company Goldwind Technology falling nearly 11% [1] Corporate News - China Energy Construction (03996.HK) announced that its subsidiary won a bid for an ecological comprehensive governance project in Shaanxi Province, with a total contract value of 6.864 billion RMB, covering various construction aspects with a total duration of 36 months [2] - China Shenhua (01088.HK) reported that its second phase of the Qingyuan power plant's Unit 3 has completed a 168-hour trial run and is now in commercial operation, while Unit 4 is on track for commissioning in February 2026 [2] - Bay Area Development (00737.HK) signed a construction contract with Poly Longda for a total price of 775 million RMB [3] - China Railway Construction (01186.HK) completed the issuance of 4.45 billion RMB in corporate bonds [4] - Sichuan Energy Investment Development (01713.HK) entered into a strategic cooperation agreement with Mengsheng Electronics to deepen collaboration in the power industry [5] - China Supply Chain Industry (03708.HK) signed a "Test Version Data Center Agreement" with Shuwi Technology [6] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for its GLP-1/GIP receptor dual agonist injection in China [6] - Hutchison China MediTech (00013.HK) announced that its application for the new drug listing of HMPL-453 for second-line treatment of intrahepatic cholangiocarcinoma has been accepted and prioritized for review [6] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase I clinical study of HLX37 for advanced/metastatic solid tumors in China [6] - Henxin Technology (01085.HK) announced that its planned 350MW solar thermal power station is ready to commence construction [7] - Runhua Services (02455.HK) expanded its property management services to multiple provinces in western China [8] - Hong Kong International Industries (00480.HK) plans to sell its entire issued share capital of Yue Shan Limited for 452 million HKD [9] - Yimei International Holdings (01870.HK) received formal approval for its 218MW/436MWh electrochemical independent energy storage project in Shaoguan City [9] Institutional Insights - Huatai Securities noted that the volatility of asset performance and frequent style and industry rotations have led to a decrease in clarity regarding market themes, with two main consensus points: solid logic for bulk commodity sectors and a left-side bias in consumer sector allocations due to weak domestic recovery [10] - CITIC Securities highlighted the recent appreciation of the RMB, which benefits RMB-denominated equity assets, and indicated that the central bank's policy tools will be used more flexibly, focusing on domestic demand targets [11] - The outlook for 2026 suggests stable macro-financial conditions pointing to a stable banking operating environment, with expectations for bank interest margins to bottom out and income and profit recovery in the real sector [11]

Market Overview - The Hong Kong stock market indices experienced fluctuations but closed higher, with the Hang Seng Index rising by 0.86% to 25,854.60 points, the Hang Seng Tech Index increasing by 1.74%, and the National Enterprises Index up by 1.12% [1][9]. Technology Sector - The technology sector saw a broad increase, with notable gains in internet companies such as Baidu, which rose over 8%, and both NetEase and Xiaomi, which increased by over 2% [1][9]. - The semiconductor sector was particularly strong, highlighted by InnoTek's surge of over 15%. This growth is attributed to the ongoing AI arms race and a shift in power supply architecture led by Nvidia, transitioning from traditional AC to 800V DC, which is expected to drive a significant upgrade in AI computing infrastructure [2][12]. Robotics Sector - Robotics stocks also saw significant gains, with companies like Yujian rising over 13%. Analysts suggest this increase may be linked to rumors of a potential executive order from the Trump administration regarding robotics in 2026 and recent supplier visits in North America related to Tesla's Optimus project [6][13]. Oil Sector - Oil stocks performed well, with China National Offshore Oil Corporation (CNOOC) increasing by over 3%. CNOOC reported that its offshore gas fields around Hainan Island are projected to exceed 10 million tons of oil equivalent in cumulative production by 2025, marking five consecutive years of production growth and setting a new record for the gas field's development [7][14]. New Listings - Six new stocks were listed today, with notable performances including InnoSilicon rising over 24%, Meilian shares increasing by over 7%, and Wuyi Vision surging by over 29% [8][15].

Core Viewpoint - The article highlights the impressive development of JD.com's Beijing campus, showcasing its extensive facilities and employee benefits that enhance workplace experience and attract talent [1][3]. Group 1: Campus Development - JD.com's Beijing campus has grown from a single building in 2015 to the largest single-site campus in Beijing, accommodating nearly 60,000 employees and covering over 1.42 million square meters, equivalent to approximately 5.5 Bird's Nests [9]. - The campus features a 22-story cafeteria with over 2500 dishes available daily, catering to diverse dietary needs, including a thyroid-friendly menu [5][6]. - The company has invested 7 billion yuan in the construction of a "Youth City" for talent housing, which includes commercial streets and sports facilities [9]. Group 2: Employee Benefits and Amenities - JD.com offers various amenities such as free coffee machines, massage services, and an internal bar, enhancing the overall employee experience [8][12]. - The campus includes a range of services like hairdressing, car washing, and childcare facilities, which are designed to reduce the daily burdens on employees [15][16]. - Employees can enjoy discounts at numerous dining options within the campus, with many services provided at significantly lower prices compared to external markets [12][15]. Group 3: Talent Attraction and Retention - The comprehensive facilities and services at JD.com are becoming critical factors in the competition for talent, as employees increasingly consider the balance between salary and living costs [14]. - The company actively seeks employee feedback to tailor its offerings, ensuring that the amenities meet the actual needs and preferences of its workforce [12]. - JD.com's approach reflects a broader trend among leading tech companies to create self-sufficient ecosystems that blur the lines between work and personal life, providing employees with more choices and conveniences [18][19].

Core Insights - The establishment of the "Medical Artificial Intelligence Innovation Joint Research Center" by Peking University People's Hospital and Ant Group Health aims to advance the application of AI technologies in the healthcare sector [1][2] - The launch of the first national standard for "AI doctors" in the surgical field signifies a systematic step towards standardizing the technical application of medical AI [1][2][3] Group 1: AI Research and Development - The research center will focus on addressing clinical pain points and exploring innovative applications of AI in specialized disease diagnosis, clinical decision support, and health management models [1] - The GAPS (Grounding, Adequacy, Perturbation, Safety) evaluation framework for large models in specialized disease evidence-based capabilities has been developed and applied in the "Antifufu" App [2] Group 2: Collaboration and Standards - Over 500 doctors have contributed to the "Famous Doctor AI Avatar" feature on the "Antifufu" App, providing 24/7 professional health consultation services to the public [2] - The national standard for "AI doctors" in the surgical field outlines technical requirements for medical expertise, interactive service capabilities, safety, and ethical compliance [3] Group 3: Industry Impact - The integration of AI in clinical decision support and health management is becoming increasingly important, necessitating clear capability boundaries, unified technical standards, and an evaluable governance mechanism for scalable industry development [2] - Ant Group emphasizes the importance of collaboration with industry partners to drive forward research and innovative applications of AI in healthcare [3]

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]