证券日报网讯 12月19日晚间，佳都科技发布公告称，公司于2025年12月19日召开第十一届董事会2025 年第二次临时会议，全体董事一致同意审议通过了《关于公司募集资金投资项目延期的议案》，根据市 场环境和募集资金投资项目实施的实际情况，经审慎研究，公司拟在不改变募集资金投资项目投资总 额、实施主体及投资内容的情况下，将"数字孪生核心技术及开放平台研发项目""新一代轨道交通数字 化系统研发及产业化项目""面向车路协同的新一代交通数字化系统研发及产业化项目""全国销售与服务 体系升级建设项目"达到预定可使用状态时间延长至2027年12月31日。 （文章来源：证券日报） ...

Core Insights - The construction of the University of Macau's Hengqin campus has commenced, alongside the ongoing development of the Qinao Innovation Industrial Park, marking a new phase in the collaborative development of "Macau + Hengqin" [1][3] - In the first three quarters of this year, the added value of the "four new" industries in the cooperation zone reached 25.964 billion yuan, a year-on-year increase of 14.6%, accounting for 66.1% of GDP, indicating rapid growth in Macau's diversified economy [3][14] - The cooperation zone has registered 7,555 Macau-funded enterprises, a 62.93% increase since its establishment, showcasing the synergistic effects of "Macau + Hengqin" [14] Economic Development - The cooperation zone's "four new" industries, including high-end manufacturing and traditional Chinese medicine, have significantly contributed to Macau's economic diversification [3][12] - The establishment of the Hengqin front cargo station at Macau International Airport aims to enhance logistics and supply chain efficiency in the Greater Bay Area [12][14] Policy and Infrastructure Initiatives - The launch of the Hengqin Macau Enterprise Government Affairs Secretary Service Platform has facilitated cross-border business operations for Macau enterprises, providing comprehensive support [4][6] - The cooperation zone has introduced a "seedling cultivation" plan to support the rapid growth of enterprises, with several local companies recognized as "cultivated" enterprises [6][12] Cross-Border Collaboration - The cooperation zone has implemented measures to enhance cross-border living experiences for residents, including a smart "face recognition" customs clearance system that has benefited over 640,000 travelers [15][18] - The introduction of a cross-border student bus service has improved accessibility for students commuting between Macau and Hengqin [17][18] Future Outlook - The cooperation zone plans to focus on industries closely related to Macau, such as cultural tourism, higher education, and healthcare, to further enhance competitiveness and international recognition [14][20] - The 2026 policy guidelines emphasize the importance of developing new transportation channels between Hengqin and Macau to support resource flow and integration [20]

Group 1 - The first Hong Kong stock information technology ETF, 159131, is set to shine, focusing on the "Hong Kong stock chip" industry chain [1][6] - The Hong Kong internet ETF, 513770, overlaps with major internet giants in Hong Kong and has a scale of over 10 billion [1] - The Hong Kong stock innovation drug ETF, 520880, is designed to cover the innovative drug sector with 100% pure innovation [2][6] Group 2 - The Hong Kong large-cap 30 ETF, 520560, is positioned to capture both high dividends and low volatility advantages [2][6] - The Hong Kong stock medical ETF, 159137, aims to comprehensively cover leading companies in the medical sector [2][6] - The Hong Kong stock automotive ETF, 520780, is set to be launched, focusing on scarce leading automotive companies in Hong Kong [2][6]

Group 1 - The core viewpoint of the article indicates that despite a decline in various indices, there is significant capital inflow into related ETFs, suggesting a potential opportunity for investment in the growth sectors of the market [1][4]. - The ChiNext Mid-Cap 200 Index fell by 1.3%, the ChiNext Growth Index decreased by 2.2%, and the overall ChiNext Index dropped by 2.3% during the week [1][3]. - The ChiNext ETF (159915) saw a net inflow of over 2.5 billion yuan in the first four trading days of the week, indicating strong investor interest [1][4]. Group 2 - The strategic emerging industries, particularly in the power equipment, communication, and electronics sectors, account for nearly 60% of the ChiNext Mid-Cap 200 Index [4]. - The ChiNext Mid-Cap 200 Index is composed of 200 stocks with medium market capitalization and good liquidity, reflecting the overall performance of representative companies in the ChiNext market [4]. - The ChiNext Growth Index consists of 50 stocks that exhibit strong growth characteristics and good liquidity, with the power equipment, pharmaceutical, and communication sectors making up about 60% of this index [4]. Group 3 - The rolling price-to-earnings (P/E) ratio for the ChiNext Index is 39.7 times, while the ChiNext Mid-Cap 200 Index has a P/E ratio of 100.4 times, and the ChiNext Growth Index stands at 39.5 times [3][5]. - The rolling P/E ratio indicates the valuation of the indices, with lower ratios suggesting relative affordability compared to historical levels [5]. - The ChiNext Index has shown a cumulative increase of 45.8% year-to-date, while the ChiNext Mid-Cap 200 Index has risen by 23.9%, and the ChiNext Growth Index has increased by 65.1% [7].

Core Viewpoint - The Hong Kong stock market experienced fluctuations this week, with the consumer sector showing strength while technology and pharmaceutical sectors faced declines [1]. Index Performance - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 0.6% [1]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 2.0% [1]. - The Hang Seng Technology Index decreased by 2.8% [1]. - The CSI Hong Kong Stock Connect Internet Index dropped by 3.0% [1]. - The Hang Seng Hong Kong Stock Connect New Economy Index declined by 3.1% [1]. Fund Flows - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) saw inflows of 920 million and 270 million respectively during the week [1]. Valuation Metrics - The rolling price-to-earnings (P/E) ratios for the indices are as follows: - Hang Seng New Economy Index: 24.5x [3]. - Hang Seng Technology Index: 22.9x [3]. - CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index: 31.9x [3]. - CSI Hong Kong Stock Connect Internet Index: 24.6x [3]. - CSI Hong Kong Stock Connect Consumer Theme Index: 17.2x [3]. Historical Performance - Year-to-date performance shows: - Hang Seng New Economy Index: +29.0% [8]. - Hang Seng Technology Index: +22.6% [8]. - CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index: +68.8% [8]. - CSI Hong Kong Stock Connect Internet Index: +28.2% [8]. - CSI Hong Kong Stock Connect Consumer Theme Index: +23.9% [8]. Sector Composition - The Hang Seng Technology Index consists of the largest 30 stocks related to technology, with over 90% from information technology and consumer discretionary sectors [6]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index includes 50 liquid and large-cap stocks from the healthcare sector, with over 90% weight in healthcare [6]. - The CSI Hong Kong Stock Connect Internet Index comprises 30 leading internet companies, primarily from information technology and consumer discretionary sectors [6]. - The CSI Hong Kong Stock Connect Consumer Theme Index includes 50 liquid and large-cap consumer stocks, with over 55% from consumer discretionary [6].

Core Insights - The company is enhancing its product and solution capabilities through an "AI in ALL" strategy, focusing on building an integrated AI empowerment platform that includes a comprehensive digital infrastructure, cloud and intelligent platforms, and an AI training and application platform [2] Group 1: AI Empowerment Strategy - The company has adopted a "1+N" large model strategy to accelerate "AI for ALL" and is deeply engaging in industry-specific scenarios [2] - The intelligent platform has been adapted to over 20 types of GPUs and more than 60 large models, optimizing computing units to improve training and inference efficiency while lowering the barriers for enterprises to apply AI [2] Group 2: Industry-Specific Solutions - The company has launched the LinSeer ICT intelligent agent, which enhances the intelligence level of equipment inspection and operation and maintenance based on extensive ICT knowledge training [2] - A series of vertical industry AI solutions, including specialized models for medical, rail transportation, and education sectors, have been released and are already being applied in various scenarios [2] Group 3: Business Model and Services - The company provides one-stop computing power services through the "Turing Town" model, achieving a commercial closed loop from "construction, ecology, operation, empowerment" to "sales, service" [2] - The company will continue to strengthen its full-stack AI capabilities in both software and hardware to empower industry clients in their digital and intelligent transformation [2]

每经AI快讯，同有科技（SZ 300302，收盘价：17.93元）12月19日晚间发布公告称，公司第五届第十五 次董事会会议于2025年12月19日在北京市海淀区地锦路9号院2号楼公司会议室以现场表决和通讯表决相 结合的形式召开。会议审议了《关于公司向银行申请授信额度的议案》等文件。 2025年1至6月份，同有科技的营业收入构成为：政府类客户占比89.18%，非政府客户占比10.82%。 截至发稿，同有科技市值为86亿元。 （记者 王晓波） 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ ...

企查查APP显示，近日，上海寒武纪信息科技有限公司发生工商变更，注册资本由27亿人民币增至37亿 人民币。企查查信息显示，该公司成立于2016年4月，法定代表人为王在，经营范围涉及计算机软件、 计算机科技、信息技术、智能化科技领域内的技术开发、技术咨询、技术服务、技术转让等，由寒武纪 （688256）全资持股。 （原标题：寒武纪上海子公司增资至37亿人民币） ...

格隆汇12月19日丨神州数码(000034.SZ)在投资者互动平台表示，公司与英伟达保持着良好的合作关 系，经销多个系列的英伟达产品，可销售产品范围的增加对于公司发展会有积极作用。 ...

Group 1 - The Hong Kong stock market experienced fluctuations today, with a slight recovery in the afternoon, led by gains in the pharmaceutical, energy, and banking sectors, while technology stocks saw minor declines [1] - The CSI Hong Kong Stock Connect Pharmaceutical and Health Index rose by 0.5%, while the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.4%, the Hang Seng Hong Kong Stock Connect New Economy Index decreased by 0.6%, the Hang Seng Technology Index dropped by 0.7%, and the CSI Hong Kong Stock Connect Internet Index declined by 1.1% [1] - According to Wind data, as of yesterday, the net inflow of funds into the Hang Seng Technology ETP managed by Yi Fangda (513010) exceeded 2 billion yuan for the month, ranking among the top in its category [1] Group 2 - The Hang Seng New Economy Index tracks the 50 largest stocks within the "new economy" sectors listed under the Hong Kong Stock Connect, primarily including information technology, consumer discretionary, and healthcare [3] - The index decreased by 0.6% today, with a rolling price-to-earnings ratio of 24.6 times [3] - The Hang Seng Technology ETF tracks the Hang Seng Technology Index, which consists of the 30 largest stocks highly related to technology themes, with over 90% of the index comprising information technology and consumer discretionary sectors [4] - The index fell by 0.7% today, with a rolling price-to-earnings ratio of 23.0 times [4] Group 3 - The Hong Kong Stock Connect Pharmaceutical ETF tracks the CSI Hong Kong Stock Connect Pharmaceutical and Health Index, which is composed of 50 highly liquid and large-cap stocks in the healthcare sector, accounting for over 90% of the index [6] - The index rose by 0.5% today, with a rolling price-to-earnings ratio of 31.8 times [6] - The Hong Kong Stock Connect Internet ETF tracks the CSI Hong Kong Stock Connect Internet Index, which has seen a decline of 1.1% today, with a rolling price-to-earnings ratio of 24.8 times [8]