Group 1 - Shandong Energy Group has invested in the construction of a 900,000 kW offshore wind farm, achieving full-capacity grid-connected power generation by the end of December 2022 [2] - Shandong is the only province in China with all 41 industrial categories, with its state-owned enterprises leading in total assets and operating income among provincial-level regulated enterprises [4] - The province's state-owned enterprises are expected to maintain their leading position in total profit and net profit by 2025 [4] Group 2 - Companies like Weichai Power are focusing on long-term R&D investments, exemplified by their hydrogen internal combustion engine that took eight years to develop without profit but is expected to secure future growth [5][6] - Shandong's state-owned enterprises are actively engaging in high-end manufacturing and technological innovation, with significant R&D investments leading to breakthroughs in various fields [6][7] - The provincial government has implemented a "R&D reserve fund system" to support major technological breakthroughs, with a plan to allocate 20% of the previous year's net profit to a dedicated R&D fund [7] Group 3 - The "chain leader system" has been introduced to enhance collaboration among state-owned enterprises and their supply chains, promoting joint development and innovation [10][17] - Shandong's state-owned enterprises are acting as "chain leaders," fostering innovation and resource sharing among smaller enterprises, thus enhancing overall industry competitiveness [14][15] - The province aims to cultivate 50,000 high-tech enterprises and achieve 200 major innovation results by 2027, reflecting a commitment to long-term industrial development [17] Group 4 - Shandong's traditional industries are undergoing transformation through technological innovation and smart upgrades, demonstrating that established sectors can also generate new growth [18][25] - The province's focus on optimizing traditional industries aligns with national strategies to enhance innovation capabilities and competitiveness [25][29] - Shandong's state-owned enterprises are encouraged to concentrate on their core businesses while exploring reasonable extensions to enhance overall performance [26][28] Group 5 - The provincial government emphasizes the importance of a balanced relationship between government intervention and market dynamics, promoting a model where state-owned enterprises can lead in high-risk, long-cycle R&D areas [33][35] - Shandong's approach to innovation and development showcases a blend of strategic government support and market-driven initiatives, aiming for high-quality growth [35][36] - The province's experience serves as a valuable reference for other regions in China, illustrating that transformation does not require starting anew but can be achieved through leveraging existing strengths [25][36]

为实现上述目标，政府计划统筹配置约5万块图形处理器资源，并据此优化算力分配机制，重点支持风 险投资机构与初创企业在技术研发及示范应用方面的需求。同时，将围绕人工智能、生物医药、文化创 意内容、国防军工、能源及先进制造等六大战略产业，系统完善政策支持体系，力争在2030年前完成相 关初创企业的培育任务。 韩国《韩联社》12月18日报道，韩国中小风险企业部于18日联合相关部门发布《迈向全球四大创投 强国综合对策》，明确提出以下战略目标：培育1万家专注于人工智能与硬科技领域的初创企业；打造 50家具有全球竞争力的独角兽及"十角兽"企业；推动相关企业与年规模约40万亿韩元（约合人民币1904 亿元）的全球风险投资市场实现有效对接。 （原标题：韩制定科创强国发展战略） ...

中央企业以更大力度强化自主创新，在国家创新体系中的作用更加凸显。累计建设国家级研发平台474个，91个全国重点实验室 实现重组入列。 国务院国资委党委书记 主任 张玉卓：1—11月，央企的研发投入8901.6亿元，研发投入强度达到2.62%。 央视网消息：记者12月24日从国务院国资委获悉，2025年中央企业各项工作取得积极进展和明显成效，实现经营稳中有进，高质 量发展根基更实更牢。创新成为中央企业发展中一大亮点，大力推进战略性专业化重组整合和高质量并购。明年坚持稳中求进、提质 增效，确保"十五五"开好局、起好步。 今年中央企业扎实推进提质增效、价值创造等专项行动，抢抓市场机遇，大力降本开源，经济运行企稳向好。 国务院国资委党委书记 主任 张玉卓：今年1—11月，中央企业实现增加值9.5万亿元，同比增长1.4%，发展质量不断提高。（央 企）年化全员劳动生产率81.1万元/人，同比提升3%。 新兴产业布局成效明显，传统产业转型力度持续加大。"AI+"专项行动扩面增量，聚焦能源、制造、通信等16个重点行业打造近 千个应用场景，组建4个行业数据产业共同体。统筹施策提升创新体系效能成效显现，国家战略科技力量不断建强建 ...

今年以来，中央企业以更大力度强化自主创新，在国家创新体系中的作用更加凸显，累计建设国家级研发平台474个，91个全国重点实验 室实现重组入列。 央视网消息：记者24日从国务院国资委获悉，2025年中央企业各项工作取得积极进展和明显成效，实现经营稳中有进，高质量发展根基更 实更牢。 2025年作为"十四五"规划收官之年，中央企业扎实推进提质增效、价值创造等专项行动，抢抓市场机遇，大力降本开源，经济运行企稳向 好。 国务院国资委党委书记、主任张玉卓称："今年1—11月，中央企业实现增加值9.5万亿元，同比增长1.4%，发展质量不断提高。央企年化 全员劳动生产率81.1万元/人，同比提升3%。" 张玉卓介绍，2025年，面对国际变幻局势，中央企业积极应对贸易战对资本市场的冲击，助力新疆、西藏高质量发展，巩固拓展脱贫攻坚 成果过渡期帮扶任务圆满完成。 2025央企关键词：创新 记者注意到，今年以来，创新成为中央企业发展中的一大亮点。 一方面，新兴产业布局成效明显；另一方面，传统产业转型力度也在不断加大。"AI+"专项行动扩面增量，聚焦能源、制造、通信等16个 重点行业打造近千个应用场景，组建4个行业数据产业共同体。国 ...

Core Insights - The U.S. stock market experienced a broad increase, with the Dow Jones rising by 0.16%, the S&P 500 by 0.46%, and the Nasdaq by 0.57% [2] - Precious metals such as gold, silver, and copper reached historical highs, with gold prices nearing $4500 [2] - Oil prices continued to rise for the third consecutive trading day [2] Market Sentiment - The current market rally is characterized by a lack of excitement, described as "nobody opposing" rather than "everyone agreeing" [3] - The prevailing sentiment is that no news is good news, typical for year-end market behavior [3] - The simultaneous rise of gold, silver, and copper is unusual and indicates a complex market state rather than a clear directional signal [3] Asset Pricing Dynamics - Gold is priced for uncertainty, silver for liquidity and speculation, and copper for real demand and economic cycles [4] - The concurrent historical highs of these metals suggest the market is betting on conflicting global scenarios: potential improvement (copper), chaos (gold), and volatility (silver) [4] Bitcoin and Market Volatility - Bitcoin's failure to keep pace with other assets is noteworthy, as it signals market concerns about potential rule changes [4] - The VIX index has dropped significantly, reaching a yearly low, indicating short-term traders are "selling fear," while the steep VIX curve suggests long-term investors are "buying uncertainty" [4] Market Outlook - The current calm in the market is seen as a trade-off for future price movements, indicating that while short-term trends may remain upward, the rationale behind the rally is becoming increasingly difficult to articulate [4]

Report Summary 1. Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The issuance of the first batch of L3-level highway autonomous driving vehicle special license plates in Beijing marks that China's autonomous vehicles have progressed from testing and demonstration to formal mass production, leading the way into the L3-level autonomous driving era, which is a milestone event in the automotive intelligentization process [1]. - The central government emphasizes the role of central enterprises in infrastructure construction, supply - chain autonomy, and technological self - reliance [1]. - The state has issued a notice to improve the kindergarten fee policy, including standardizing fee items and clarifying the principles for setting fee standards [2]. 3. Summary by Industry Directory Upstream - Energy: International crude oil prices have corrected, and liquefied natural gas prices have continued to decline [3]. - Chemical: The prices of PTA and urea have rebounded recently, while the price of polyethylene has declined [3]. Midstream - Chemical: The operating rate of chemical products has declined [4]. - Energy: The coal consumption of power plants has increased [4]. - Infrastructure: It is the off - season for asphalt construction [4]. Downstream - Real Estate: The sales of commercial housing in first, second, and third - tier cities have warmed up at the end of the year [4]. - Service: The number of domestic flight schedules has declined [4]. 4. Key Industry Price Indicators | Industry | Indicator | Price (7/1) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2365.7 yuan/ton | 0.85% | | | Spot price of eggs | 5.6 yuan/kg | - 4.62% | | | Spot price of palm oil | 8600.0 yuan/ton | - 0.02% | | | Spot price of cotton | 15210.0 yuan/ton | 2.30% | | | Average wholesale price of pork | 20.2 yuan/kg | - 0.44% | | | Spot price of copper | 80235.0 yuan/ton | 2.25% | | | Spot price of zinc | 22258.0 yuan/ton | 0.56% | | Non - ferrous Metals | Spot price of aluminum | 20786.7 yuan/ton | 1.14% | | | Spot price of nickel | 121700.0 yuan/ton | 1.64% | | | Spot price of aluminum | 17018.8 yuan/ton | - 0.07% | | | Spot price of rebar | 3069.0 yuan/ton | - 0.07% | | Ferrous Metals | Spot price of iron ore | 726.6 yuan/ton | 0.48% | | | Spot price of wire rod | 3252.5 yuan/ton | - 0.08% | | | Spot price of glass | 13.9 yuan/square meter | 0.22% | | Non - metals | Spot price of natural rubber | 13928.3 yuan/ton | 2.88% | | | China Plastic City Price Index | 826.7 | - 0.79% | | Energy | Spot price of WTI crude oil | 65.1 dollars/barrel | - 4.96% | | | Spot price of Brent crude oil | 66.7 dollars/barrel | - 6.63% | | | Spot price of liquefied natural gas | 4056.0 yuan/ton | 2.17% | | | Coal price | 726.0 yuan/ton | - 0.27% | | | Spot price of PTA | 5081.7 yuan/ton | - 0.63% | | | Spot price of polyethylene | 7503.3 yuan/ton | - 0.90% | | Chemical | Spot price of urea | 1829.0 yuan/ton | 1.39% | | | Spot price of soda ash | 1325.0 yuan/ton | - 1.85% | | | National cement price index | 137.2 | - 0.43% | | Real Estate | Building materials comprehensive index | 110.7 points | - 0.22% | | | National concrete price index | 96.7 points | - 1.58% | [38]

12月20日，KPResearch创始人、《培风客》作者陈大鹏、中信建投期货研究所联席负责人田亚雄、浙商期货首席策略师、投资咨询部总经理徐涛做客由华尔 街见闻和中欧国际工商学院联合主办的「Alpha峰会」，对话帕黎斯资产管理集团董事长余志嘉，共同探讨了2026年大宗商品市场的走向。 KPResearch创始人、《培风客》作者陈大鹏表示，全球许多地缘不确定性并未消失，明年黄金逢低买入逻辑不变，按过去几年经验，逢低是从高点回撤 10%-15%。明年可能导致黄金回调的因素有两种：一是非常乐观的经济趋势，二是地缘局势缓和。但这种回调是买入机会，其结构性看多因素并未消失。 中信建投期货研究所联席负责人田亚雄认为，美联储影响力弱化，财政政策正成为主导。AI绑定太多以至于"大而不能倒"，但高投入并不一定能保证全要素 生产率往上跃迁，但AI投资或将持续，通胀或全面展开，美元信用将受损，美元指数或下破到80-70区间，商品可能提前反应，白银已在抢跑。 浙商期货首席策略师、投资咨询部总经理徐涛则提醒，明年美国市场某个阶段可能有较大波动。当美股波动时，不要说大宗商品，所有资产都会跌。所以明 年大宗商品最大风险点在美国市场，一旦出现 ...

由中国信息协会指导，中国信息协会能源工作委员会主办的第十五届能源企业信息化大会于12月18日在京召开。大会汇聚国家能源主管部门、科研机构 及能源行业领军企业代表，共同探讨能源数字化发展路径与技术创新。小鱼易连作为视频会议国家队受邀出席，并凭借在能源行业的深度视讯实践与智 能创新方案，再次获得行业高度认可。 随着能源行业数字化转型进入深水区，高效、安全、智能的沟通协作体系成为支撑协同办公、指挥调度与安全生产的重要基础。小鱼易连高级副总裁吕 斌在大会演讲中指出，视频会议正从"工具化"向"智能化"演进，小鱼易连基于新一代视频架构打造的'超融合视频平台+全场景多模终端+AI会议智能体 +音视频能力底座'全栈视频解决方案，为能源行业构建安全可信、智能高效的视讯底座，助力能源企业提升运营效率与智能决策能力。 筑牢安全融合底座，赋能能源全链路协同 能源行业是国家经济发展的命脉，其对通信协作的安全性、稳定性及融合性提出了极高要求。小鱼易连立足"视频会议国家队"定位，打造了一套"高安 全·超融合·全连接"的视频会议解决方案。 该方案已服务于包括中石油、中石化、中海油、三峡集团、大唐集团等在内的多家能源央企，支撑从日常会议、跨域 ...

Group 1 - Gold prices continue to rise, reaching a record high above $4,490 per ounce, closing at $4,484.87, with a gain of 0.93% [1] - Silver prices have surpassed the key psychological level of $70, closing at $71.45, with an increase of 3.54% [1] - WTI crude oil prices rose by 0.84% to $58.37 per barrel, while Brent crude oil increased by 0.66% to $62.44 per barrel, amid concerns over supply disruptions due to geopolitical tensions [1] Group 2 - The U.S. economy expanded at a rate of 4.3% in the third quarter, marking the fastest growth in two years, despite a decline in consumer confidence for five consecutive months [1] - The ADP weekly employment report indicates that private sector employers added an average of 11,500 jobs per week over the four weeks ending December 6, 2025 [1] - Discussions are suggested regarding adjusting the Federal Reserve's inflation target to a range of 1.5%-2.5% or 1%-3% [1]

Market Performance - The US stock market showed a broad increase, with all three major indices rising for four consecutive days, and the S&P 500 index reaching a new closing high [1] - The Dow Jones Industrial Average rose by 0.16% to 48,442.41 points, the Nasdaq Composite increased by 0.57% to 23,561.84 points, and the S&P 500 gained 0.46% to 6,909.79 points [2] - Major technology stocks performed well, with Nvidia's stock price surging over 3%, adding approximately $134.1 billion (about 94.25 billion RMB) to its market capitalization [1][2] Commodity Market - The commodity market also experienced strong performance, with LME copper futures prices surpassing $12,000 per ton for the first time in history, leading to gains in copper-related stocks [3] - Precious metals saw significant increases, with spot gold prices rising by 1.02% to $4,489.18 per ounce, nearing the $4,500 mark, while COMEX gold and silver futures rose by 1.02% and 4.44%, respectively [3] - In the energy sector, WTI crude oil futures settled at $58.38 per barrel, up 0.64%, and Brent crude oil futures increased by 0.50% to $62.38 per barrel [3] Individual Stocks - Novo Nordisk's stock surged over 7% following FDA approval of its first oral GLP-1 weight loss drug, expected to launch in early 2026 at a starting cash price of $149 per month [4] - Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index falling by 0.58%, while some stocks like BrainCo and Suzhou Dazhong Bio performed well, with gains exceeding 14% and 12%, respectively [4] - The cryptocurrency market faced a sharp decline, with Bitcoin dropping below $87,000, leading to significant liquidations across various cryptocurrencies [4] Economic Indicators - The US Department of Commerce reported a preliminary estimate showing a 4.3% annualized growth in GDP for Q3, up from 3.8% in Q2 [5] - Market attention is focused on the Federal Reserve, with President Trump expressing a desire for the new Fed chair to lower interest rates when the market performs well, and indicating potential candidates for the position [5] - According to CME FedWatch, there is an 86.7% probability that the Fed will maintain interest rates in January, with a 40.7% chance of a 25 basis point cut by March [5]