证券时报记者 钟恬 2025年的中概股市场正经历一场深刻变革。一边是极氪被私有化从纽交所退市，达达从纳斯达克退市，金融壹账 通港股美股双重退市等标志性事件接连落地，中概股从美股主动撤离的步伐持续提速；另一边，60多家中小企业 以细分赛道优势寻求全球化融资，延续着中企赴美上市的传统路径；与此同时，小马智行、禾赛等企业加速回 港，双重主要上市成为主流选择。 在监管环境变迁、估值差异分化、产业发展需求等多重因素的影响下，这场"退与进"的博弈，既是中国企业全球 化布局的缩影，也映射出全球资本市场格局的重塑。 多家巨头私有化退市 12月22日，吉利汽车公告称，正式完成对极氪的私有化及合并事项的交易，极氪成为吉利汽车的全资附属公司， 并于纽交所退市。此前12月9日已公告交易对价选择结果，70.8%的极氪股东选择股份，吉利汽车共为其配发 7.7723亿股股份；29.2%的股东选择现金，吉利汽车共支付7.01亿美元现金。 作为年内最受关注的私有化案例之一，吉利汽车推动极氪智能科技退市堪称"闪电式撤离"。极氪于2024年5月在纽 交所上市，上市首日股价大涨34.57%，但随后股价一直表现低迷。对于上市不足一年便宣布私有化，吉利 ...

Core Insights - London's creative industry has become the third largest sector, generating over £50 billion in economic benefits, following finance and real estate [2][17] - The creative sector contributes 12.6% to London's total economic output, with a 46.1% increase in gross value added (GVA) from 2010 to 2019, the highest growth among all UK regions [17][18] - The sector's success is attributed to strategic top-level design, high aggregation of creative industries, and a favorable capital environment [10][11][18] Industry Development - The creative industry in London began to take shape as a global leader in the late 1990s, with the establishment of a special task force by then-Prime Minister Tony Blair to elevate creative economy development to a national strategy [6][9] - The introduction of the term "creative industries" in 1998 marked a significant shift towards an innovation-driven economy, attracting over one-third of the UK's creative talent [6][8] Economic Impact - The creative industry has consistently generated over £50 billion in economic output, making it a vital pillar for sustainable urban development [2][17] - In the 2019-2020 fiscal year, the creative sector contributed £13 billion in taxes, accounting for 8% of all tax revenues in London [17] Capital Environment - London's position as an international financial center provides a robust capital market that supports the creative industry, particularly in sectors like film, gaming, and esports [18][20] - The city hosts over 1,600 fintech companies, ranking first globally, and is a hub for fintech unicorns, fostering a unique environment for innovation [20] Policy Support - The London Economic Council's report emphasizes the importance of supporting grassroots cultural organizations, ensuring their representation in cultural policy-making [16] - Various targeted support plans have been implemented to promote the integration of creative individuals and industries, reflecting a pragmatic approach to urban development [15][16]

Core Insights - The seminar on "New Pathways for High-Quality Financial Development in Shenzhen" was successfully held, focusing on the strategic layout of Shenzhen's financial sector during the 14th Five-Year Plan period, aiming to support the construction of a globally influential financial center [1][4] - Two reports were released: the "Shenzhen Technology Financial Innovation Report (2025)" and the "Shenzhen Financial Technology Competitiveness Report (2025)", which provide theoretical and practical insights for the digital transformation of the financial industry [2][4] Group 1: Reports and Findings - The "Shenzhen Technology Financial Innovation Report (2025)" indicates that Shenzhen ranks third nationally in the comprehensive index of technology finance, benefiting from flexible systems, solid industrial foundations, and substantial innovation investment, but highlights areas for improvement in digital empowerment and financing for small and startup enterprises [2][3] - The report emphasizes the need for financial and policy collaboration to address the financing challenges in transforming technological achievements, advocating for a comprehensive financial support system throughout the lifecycle of technology [2][3] - The "Shenzhen Financial Technology Competitiveness Report (2025)" reveals that Shenzhen has developed a diverse industrial ecosystem led by Tencent and Ping An, with notable performance in digital payment penetration and 5G infrastructure, yet faces shortcomings in R&D investment ratio and talent density [3] Group 2: Expert Opinions and Future Directions - Experts suggested optimizing the evaluation index system for technology finance by incorporating industry practices, establishing a credible data system for assessing enterprise innovation capabilities, and enhancing cross-regional coordination to avoid resource waste [3][4] - The seminar highlighted the need for a balanced approach to financial digitalization, focusing on value creation while managing data security risks, and emphasized the importance of integrating technology finance and financial technology for sustainable development [4] - Shenzhen aims to leverage its position in the Guangdong-Hong Kong-Macao Greater Bay Area to overcome institutional barriers and development shortcomings, steadily progressing towards becoming a global financial technology hub [4]

Investment Rating - The report indicates a positive outlook on the cross-border payment industry driven by the digital renminbi, suggesting an upgrade in the investment rating for the sector [1]. Core Insights - The People's Bank of China (PBOC) is promoting the internationalization of the renminbi in conjunction with the digital renminbi, marking a transition from "scale expansion" to "structural upgrade" in the internationalization process [4][7]. - The digital renminbi enhances cross-border payment efficiency and regulatory control, providing a dual engine for the internationalization of the renminbi [4][7]. - The report emphasizes the establishment of a multi-track payment system that integrates cross-border regulation, infrastructure, and regional cooperation, which is crucial for the evolution of the digital renminbi [2][19]. Summary by Sections 1. Dual-Engine Framework Established - The PBOC has identified the steady development of the renminbi and digital renminbi as a core task for high-level financial openness, emphasizing a "dual-engine" strategy to enhance the international status of the renminbi [7]. - The cross-border payment system is being expanded, with a focus on the CIPS (Cross-Border Interbank Payment System) to better serve international trade and investment [7][9]. - The digital renminbi is positioned as a key driver for cross-border payments, particularly in small and frequent transaction scenarios, offering advantages such as decentralization, real-time settlement, and lower costs [7][9]. 2. Multi-Track Payment System Development - The multi-track payment system is evolving through cross-border regulation, infrastructure, and regional cooperation, which is essential for the digital renminbi's acceptance in international markets [2][19]. - The CIPS has expanded its reach, with 1,757 participants across 124 countries and regions, enhancing the renminbi's usability and stability in international transactions [9][10]. - The digital renminbi's design allows for real-time monitoring of cross-border fund flows, ensuring regulatory compliance while maintaining transaction efficiency [19][22]. 3. Infrastructure as Core Support for Internationalization - The CIPS serves as the backbone of the renminbi's internationalization, with a significant increase in participants since its launch in 2015, creating a robust institutional foundation for cross-border usage [9][10]. - The report highlights the comparative advantages of the CIPS over traditional systems like SWIFT, particularly in terms of transaction speed and cost efficiency [14][15]. - The digital renminbi's point-to-point settlement mechanism allows for near-instantaneous transactions, making it particularly suitable for small, high-frequency payments [15][16].

*ST熊猫再度涨停，7个交易日内录得4个涨停，累计涨幅为24.76%，累计换手率为24.77%。截至 14:25，该股今日成交量967.87万股，成交金额9839.61万元，换手率5.83%。最新A股总市值达17.40亿 元。 龙虎榜数据显示，该股因连续三个交易日内，收盘价涨幅偏离值累计达到12%的ST证券、*ST证券上榜 龙虎榜1次，买卖居前营业部中，营业部席位合计净买入11.29万元。 据天眼查APP显示，熊猫金控股份有限公司成立于1999年12月12日，注册资本16600万人民币。（数据 宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.12.25 | -3.20 | 5.63 | -752.64 | | 2025.12.24 | 3.00 | 8.67 | -1994.89 | | 2025.12.23 | 5.04 | 0.33 | 430.63 | | 2025.12.22 | 4.96 | 0.25 | 294.76 | | 2025.12.19 | 2.95 | 2.73 | ...

Core Insights - Hong Kong Cyberport aims to serve as a digital technology hub and an AI accelerator, enhancing the digital technology and AI ecosystem in Hong Kong while acting as a "super connector" and "super value creator" between mainland China and overseas tech industries [1][7] Group 1: Digital Technology Hub and AI Accelerator - Hong Kong Cyberport, established by the Hong Kong SAR government, has two main development directions: digital technology hub and AI accelerator, currently hosting around 2,300 companies, including 15 listed firms and 9 unicorns [2] - The Cyberport focuses on four key areas: artificial intelligence, data science, blockchain, and cybersecurity, and is building an AI supercomputing center to support digital and intelligent transformation across various industries [2] - The AI supercomputing center at Cyberport has a computing power exceeding 3,000 PFLOPS, with plans for further enhancements [2] Group 2: AI Applications and Support - Cyberport has introduced numerous large model enterprises across various sectors such as education, healthcare, logistics, and finance, offering ready-to-use AI application platforms and products [3] - The organization collaborates with system integrators and various institutions to provide AI application support, while also working with universities and research institutions to implement AI regulatory frameworks and risk assessment tools [3] Group 3: Leading Enterprises and Market Value - Over 30 leading enterprises at Cyberport have a combined market value exceeding 300 billion HKD, forming a complete supply chain that attracts more tech companies and fosters collaboration among businesses of all sizes [4] - Notable projects at Cyberport include partnerships between HashKey and One Degree, as well as initiatives from companies like Baidu, iFlytek, and Inspur, leveraging Hong Kong's strategic location to expand into Southeast Asia, the Middle East, and Western markets [4][5] Group 4: Support for Enterprises - Cyberport provides four core supports for resident companies: connecting local industry resources for international product packaging, linking to over 200 investment institutions, facilitating overseas market expansion, and assisting with listing applications [8]

据郑松岩介绍，香港数码港作为香港特区政府全资设立的机构，是香港重要的科创园区。香 港数码港有两大核心发展方向：数字科技枢纽和人工智能加速器。目前，香港数码港已汇聚 了 约 2300家企业入驻，其中，已有15家成功上市，9家独角兽企业 诞生 ，还有超20家入选 香港特区政府重点企业。 郑松岩表示，香港数码港作为数字科技枢纽，聚焦人工智能、数据科学、区块链及网络安全 四大范畴；作为人工智能加速器，则致力于构建人工智能超算中心，汇聚各类垂直领域的专 业大模型，助力各行各业的企业实现数字化与智能化转型。正因如此，香港数码港与香港本 地、中东、东盟等海内外地区的政府部门和科创机构都建立了良好的合作关系。 【导读】香港数码港郑松岩：发挥数字科技枢纽和人工智能加速器作用，做好"超级联系 人"和"超级增值人" 中国基金报记者 郭玟君 日前，香港数码港行政总裁郑松岩在由中国基金报主办的"2025机器人产业和AI投资论坛"上 发表演讲时，分享了香港数码港如何发挥数字科技枢纽和人工智能加速器作用，推动香港数 字科技与人工智能生态圈蓬勃发展，同时做好连接内地与海外科技产业的"超级联系人"和"超 级增值人"。 全力打造数字科技枢纽 和 ...

Group 1 - The core observation is that investors are increasingly skeptical about layoffs announced by companies, even when framed as strategic restructuring, leading to a decline in stock prices rather than an increase [1][2]. - Recent layoffs in the U.S. have reached a total of 1.1708 million job cuts, marking a 54% increase compared to the same period in 2024, indicating a significant rise in corporate layoffs [2]. - Companies citing automation and technological advancements as reasons for layoffs are facing market penalties, with average stock prices dropping by 2% following such announcements [2][3]. Group 2 - Analysts have noted that companies announcing layoffs have seen capital expenditures, debt, and interest expenses grow faster than their industry peers, while profit growth lags behind, suggesting that layoffs may be driven by more concerning factors [3]. - The trend of executives boasting about replacing human workers with AI has become prevalent, with many high-profile leaders expressing confidence in AI's efficiency, which has not been well-received by investors [4]. - A notable example is Klarna, which initially promoted AI as a replacement for human workers but later reversed its hiring freeze, acknowledging the importance of human interaction for customer relations [5].

Core Viewpoint - Shenzhen has emerged as a vibrant hub for technological innovation, supported by a comprehensive financial service system that covers the entire lifecycle of enterprises, enhancing their growth and development [1][2][13]. Financial Support System - Shenzhen's financial support for technology enterprises includes innovative products like "Tengfei Loan," "Technology Startup Pass," and "Cross-Border Loan," which cater to the financing needs from the seed stage to growth [5][8][10]. - As of October 2025, the balance of technology loans in Shenzhen has exceeded 2.2 trillion yuan, with the issuance of technology innovation bonds ranking among the top in the country [2][13]. Innovative Financial Products - "Tengfei Loan" incorporates future revenue sharing into credit relationships, allowing banks to provide longer-term loans to high-growth tech companies without diluting their equity [5][6]. - "Technology Startup Pass" utilizes data from social security, tax, and intellectual property to identify potential tech enterprises, enabling banks to lend earlier and in smaller amounts [6][7]. - "Cross-Border Loan" facilitates rapid financing for growing enterprises lacking collateral by leveraging a collaborative model among local credit platforms, government financing institutions, and banks [8][10]. Ecosystem Optimization - Shenzhen is building a collaborative "technology-industry-finance" ecosystem, enhancing the "stock-loan-bond-insurance-exchange" linkage to support tech innovation [10][12]. - The "Kowloon Technology Innovation Cooperation Zone" promotes cross-border collaboration and has attracted over 200 high-end research projects and 1.5 million researchers [11][12]. - The "Thousand Billion Financing Plan" in Nanshan District aims to alleviate financing difficulties for tech enterprises by establishing a multi-tiered risk-sharing mechanism [11][12]. Conclusion - The combination of innovative financial products and a supportive ecosystem positions Shenzhen as a leader in nurturing specialized and innovative enterprises, with a financial service system that acts as a "co-builder" and "companion" throughout the innovation process [13].

Report Summary 1. Overnight Night Market Trends - Most domestic futures main contracts rose at the 23:00 close, with fuel oil and rapeseed meal up nearly 2%, and PX and PTA up over 1.5%. Jiao coal, coke, LPG, and glass fell over 1% [5]. - At the 1:00 close, Shanghai copper, aluminum, zinc, nickel, tin, and international copper main contracts rose, while the alumina main contract fell [5]. - At the 2:30 close, Shanghai gold, silver, and SC crude oil main contracts rose [6]. 2. Important News Macro News - China has lodged solemn representations with the US over its plan to impose 301 tariffs on some Chinese semiconductor products [9]. - Ukrainian President Zelensky had a good call with US representatives, emphasizing efforts to end the conflict [9]. Energy and Chemical Futures - As of December 25, 2025, the total inventory of national float glass sample enterprises increased slightly, while domestic soda ash manufacturers' inventory decreased [11]. - Russia's plan to produce 100 million tons of LNG annually has been postponed due to sanctions [11]. - Iraq has lost power - generation capacity due to the interruption of Iranian natural - gas supply [11]. - China will take measures to ensure the supply and price stability of fertilizers [13]. Metal Futures - The Guangzhou Futures Exchange has adjusted trading rules for platinum, palladium, and polysilicon futures contracts [15][16]. - Tianqi Lithium will change its spot - trading settlement price starting from January 1, 2026 [16]. - Wanrun New Energy will conduct production - line maintenance, reducing its lithium iron phosphate output [16]. - Four leading silicon - wafer companies have significantly raised their quotes [17][35]. - CSPT decided not to set a reference price for spot copper concentrate processing fees in Q1 2026 [17]. Black - Series Futures - The Dalian Commodity Exchange will adjust the daily price limit for coke and coking coal futures contracts [19]. - China will strengthen the construction of infrastructure and energy reserves [19]. - The average profit per ton of independent coking plants varies by region [19]. - The output, inventory, and demand of rebar have changed in the week of December 25 [20]. - Coal - mine production in Zhaotong, Yunnan, has been temporarily suspended [22]. Agricultural Futures - Malaysia's palm - oil exports from December 1 - 25 increased by 1.6% compared to the same period last month [24]. - Sugar - mill operations and inventory in Guangxi have changed [24]. - Argentina's 2025/26 corn production is expected to be slightly lower due to drought risks [24]. 3. Financial Markets Financial - A - shares continued to rise, with the Shanghai Composite Index up 0.47% and achieving a 7 - day winning streak [26]. - A - share listed companies' private placements have been active this year [28]. - The net inflow of the CSI A500ETF in December has been significant [29]. - Most private multi - asset strategy products have achieved positive returns this year [29]. - Analysts are optimistic about the A - share market in 2026 [29]. - The IPO application of Dapu Micro has been approved [31]. Industry - China has cracked down on financial "black - gray industries" [32]. - New regulations have been issued for the information disclosure of bank and insurance asset - management products [32]. - China will regulate the e - cigarette market [32]. - The government will strengthen the supervision of entrusted food production [32]. - Many game version numbers have been approved in December [33]. - Silicon - wafer prices have increased [35]. - China has made a breakthrough in the super - high - speed maglev field [35]. - Mobile phone shipments in China have increased [35]. - Shanghai will support the construction of the G60 Science and Technology Innovation Corridor [35]. Overseas - Israel may have another military conflict with Iran [36]. - Hungary's Prime Minister believes the root of the Russia - Ukraine conflict lies in the decline of Western Europe [36]. - Japan's 2026 fiscal - year initial budget has reached a record high [36]. - Japan has raised its economic forecast for the 2025 fiscal year [38]. - The Bank of Japan may raise interest rates [39]. - The Bank of Korea may cut interest rates in 2026 [40]. International Stock Markets - Japanese stocks rose slightly, while Vietnamese stocks tumbled [41]. - Morgan Stanley warns of three potential "surprises" in the US stock market in 2026 [41]. Commodities - Most domestic commodity futures closed higher, with new - energy materials leading the gains [42]. - The trading rules of platinum, palladium, and polysilicon futures on the Guangzhou Futures Exchange will be adjusted [42]. - Russia's oil production is expected to increase slightly in 2026 [42]. Bonds - China's bond market continued to fluctuate narrowly, and Japanese 2 - year bond auctions were weak [43]. Foreign Exchange - The on - shore RMB against the US dollar rose on Thursday [45]. 4. Upcoming Events - The People's Bank of China has 562 billion yuan of reverse repurchases maturing at 09:20 [47]. - The National Development and Reform Commission will hold a press conference at 10:30 [47]. - The 2025 Embodied Intelligence Development Frontier Conference and the 2025 Greater Bay Area Digital Chain Ecosystem Conference will be held on December 26 [47].