Core Insights - The report by Ipsos indicates that the global net trust index for Chinese brands reached 32% in 2025, a significant increase of 12 percentage points compared to 2024, reflecting a continuous rise in trust levels [1] Group 1: Trust Levels - In 2025, the proportion of respondents in developed markets who expressed strong or moderate trust in Chinese brands rose to 36%, with particularly strong performance in the UK and US markets [1] - The consumer electronics sector sees Lenovo, Huawei, and Xiaomi maintaining the top three positions in the trust rankings [1] - In the smart home appliance sector, brands such as Hisense, Haier, TCL, and Midea have seen their trust indices and rankings rise in tandem [1] Group 2: AI Industry Insights - The AI sector is identified as a core area of competition between China and the US, with emerging markets like Malaysia (57%) and Qatar (51%) showing a higher willingness to purchase/use Chinese AI products compared to the US [1]

Core Insights - The global trade landscape is undergoing a structural upheaval due to a new wave of tariffs, reshaping international perceptions of different countries [1] - Chinese brands are at a critical turning point in their globalization process, transitioning from mere product exports to deepening brand value and achieving global trust [1] - The "2025 China Brand Global Trust Index" report by Ipsos reveals new pathways and core opportunities for Chinese brands to build global trust [1] Global Trust Landscape - A significant transformation in the global brand trust landscape is occurring, with European and American brands declining while brands from China, Japan, and South Korea are rising [2] - 49% of global respondents believe China has a positive impact on world affairs, a 10 percentage point increase from 2024, marking the first time this figure surpasses that of the U.S. [2] - China's global net trust level for brands reached 32%, a substantial increase of 12 percentage points from 2024, while U.S. brand trust declined from 68% in 2021 to 61% in 2025 [2] Developed Markets as Key Battlegrounds - In developed markets, the net trust in Chinese brands has turned positive for the first time, with 36% of respondents expressing trust, a 6 percentage point increase from 2024 [3] - Trust levels in the UK rose from 29% in 2021 to 49% in 2025, while the U.S. reached 48%, also a 6 percentage point increase [3] - In emerging markets, the net trust in Chinese brands soared to 51%, a 13 percentage point increase from 2024, with Nigeria and Egypt leading globally [3] Benchmark Brands Leading Trust Upgrade - Chinese benchmark brands are showing strong global trust performance, particularly in the consumer electronics sector, with Lenovo, Huawei, and Xiaomi leading the rankings [4] - The purchase intent for Chinese consumer electronics brands reached 40%, surpassing that of U.S. (38%) and South Korea (34%) [4] - Smart home appliance brands like Hisense and Haier are also seeing trust growth, bolstered by technological innovation and global expansion [4] Automotive and E-commerce Industry Insights - The automotive sector is significantly influenced by the country of origin effect, with Chinese brands' purchase intent at 30%, trailing behind Japanese and German brands [5] - E-commerce platforms are experiencing a decline in overall trust index due to tariff fluctuations, but Temu's recognition surged, moving from 29th to 20th place [5] - The AI sector is emerging as a competitive core area, with countries like Malaysia and Qatar showing higher purchase intent for Chinese AI products than the U.S. [5] Trust Drivers and Market Strategies - Trust drivers for Chinese brands have diversified, with "providing high-quality products/services" remaining the top factor at 10.9% [6] - In developed markets, relationship-oriented factors are prioritized, while emerging markets focus more on product and environmental dimensions [6] - Social media advertising is the primary channel for brand marketing, with a global reach of 59%, particularly effective in emerging markets [7] Conclusion - As the global trust landscape is restructured, Chinese brands are positioned at a new historical starting point, transitioning from product output to brand credibility [8] - The future success of Chinese brands hinges on long-term strategies, high-quality products, ESG practices, and localized approaches to deepen global trust [8]

Vi e w p o i n t | 22 Dec 2025 18:15:17 ET │ 39 pages EM Equity Strategy Compass Tailwinds Aligning CITI'S TAKE We remain Overweight EM equities in a global context and see c.13% upside for the MSCI EM in 2026. Our constructive stance rests on three aligning tailwinds: (1) solid fundamentals (consensus forecasts +17% EPS growth), which could justify extended valuations; (2) Fed easing coupled with "goldilocks" global economic conditions; and (3) continued support from the AI thematic. Key risks to our outlo ...

Group 1: Refining Industry Overview - The refining industry is expected to improve as costs have returned to a comfortable zone, with oil prices stabilizing in a neutral range due to OPEC's production increases and rising non-OPEC output [11] - Current refining product demand is at historically low levels, providing a high safety margin for future performance improvements [11] - Capital expenditure growth in the refining sector is slowing, with some companies nearing the end of their capital spending cycles, which may lead to sustained high dividend levels and potential increases in dividend yields as performance improves [11] Group 2: Investment Analysis - The refining sector is facing both opportunities and challenges, with a significant recovery potential in profitability as the competitive landscape becomes more favorable for leading companies [11] - The demand for refined oil products is expected to decline, accelerating the transition to chemical products, while the supply of olefins is slowing, indicating a potential recovery in profitability [11] - Investment recommendations include focusing on high-quality private refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Dongfang Shenghong, as well as state-owned refineries like Huajin Co [11] Group 3: AI Industry Insights - ByteDance's AI strategy focuses on enhancing multi-modal agent capabilities and cost advantages, aiming to optimize complex task handling and multi-modal interactions [10] - The company is leveraging its C-end business to support model training, creating a feedback loop that enhances its AI capabilities [14] - The competitive landscape in the AI cloud market shows ByteDance's Volcano Engine leading in the MaaS segment, driven by its model capabilities and competitive pricing [14]

Group 1 - The Hong Kong stock market has experienced increased volatility in the fourth quarter, with investors speculating on the potential for a "Christmas rally" similar to the "spring market" in A-shares [1][2] - Despite the potential for a rebound narrative, the actual investment guidance may be limited, as the market is still under supply and demand pressure, and the right-side turning point remains unclear [3][4] - The Hang Seng Index and other major indices have shown signs of fluctuation, with net inflows from southbound funds exceeding 240 billion HKD in the fourth quarter, indicating a shift in market dynamics [2][3] Group 2 - The market is expected to benefit from a favorable macroeconomic environment and a potential easing of overseas liquidity, which could enhance risk appetite and stabilize the Hong Kong stock market [3][4] - Key sectors for investment include upstream resources in the power chain, travel-related stocks, and leading domestic AI companies, which are seen as having significant layout value [1][4][5] - Emerging industries such as solid-state batteries, brain-computer interfaces, and biotechnology are anticipated to gain momentum, supported by the "14th Five-Year Plan" and improving macroeconomic conditions [4][5]

Market Overview - The overall market experienced a rise and then a pullback, with the Shanghai Composite Index increasing by 0.07%, marking five consecutive days of gains, and total market turnover exceeding 1.9 trillion yuan [1] - The CSI 300 Index and the CSI A500 Index both rose by 0.2%, while the ChiNext Index and the STAR Market 50 Index increased by 0.4% [1] Sector Performance - Active sectors included photolithography machines, batteries, and energy metals, while tourism and commercial aerospace sectors saw adjustments [1] - In the Hong Kong market, there was a fluctuation with most AI industry chain stocks weakening, and the innovative drug sector experienced a rise followed by a pullback [1] Index Details - The CSI 300 Index consists of 300 stocks from the Shanghai and Shenzhen markets, with a rolling P/E ratio of 14.1 times, placing it in the 62.7 percentile since its inception in 2005 [2] - The CSI A500 Index is made up of 500 securities from various industries, with a rolling P/E ratio of 16.8 times, ranking in the 72.6 percentile since its launch in 2004 [2] - The STAR Market 50 Index, which tracks the top 50 stocks on the STAR Market, has a rolling P/E ratio of 159.3 times, placing it in the 96.2 percentile since its introduction in 2020 [3] - The Hang Seng China Enterprises Index, which includes 50 large and actively traded stocks from mainland China listed in Hong Kong, has a rolling P/E ratio of 10.4 times, ranking in the 63.4 percentile since 2002 [4]

Global brands move from pilots to production as Rezolve proves the shift from search to conversation is already underwayNEW YORK, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Rezolve Ai (NASDAQ: RZLV) (the “Company” or “Rezolve Ai”), a leader in Agentic Commerce and AI-powered customer engagement, today announced a broad set of commercial wins, live deployments and strategic expansions across EMEA, APAC, LATAM and North America, underscoring strong customer momentum and growing demand for its Conversational Commerce, ...

Core Insights - Ant Group is attempting to establish a second consumer-facing entry point beyond Alipay in the AI era, with the launch of AI health application "Ant Afu" and general AI assistant "Lingguang" [1][2][22] - The company is focusing on two distinct paths: deepening its presence in the high-barrier health sector and entering the competitive general AI assistant market with differentiated features [2][22] Ant Afu: AI and Health - Ant Afu aims to leverage Ant Group's decade-long experience in the health sector, having built a service network covering 800 million medical insurance users and over 30,000 doctors [3][7] - The app has achieved over 15 million monthly active users within six months of launch, with a compound growth rate of 83.4%, significantly surpassing the industry average of 13.5% [7][22] - A notable 55% of health inquiries come from third-tier cities, indicating a significant market opportunity due to uneven healthcare resource distribution [7][22] - However, the health sector has inherent limitations, including low-frequency usage and challenges in maintaining user engagement [8][9][22] Lingguang: General AI Assistant - Lingguang was launched as a general AI assistant with a focus on "flash applications," allowing users to generate applications quickly [13][15] - The app saw over 2 million downloads within six days and generated 3.3 million "flash applications" in two weeks [15][16] - Despite initial popularity, user retention poses a challenge, with feedback indicating that generated applications are often simplistic and not fully functional [19][20][21] - Lingguang's reliance on Ant Group's ecosystem limits its adaptability to other platforms, which may hinder its growth potential [20][22] Competitive Landscape and Strategic Positioning - Ant Group's strategy reflects a shift to independent applications outside of Alipay, aiming to capture users in new scenarios [22][23] - The competitive landscape is intensifying, with major players like ByteDance and Tencent also launching their AI applications, making it challenging for Lingguang to carve out a niche [23][24] - The health management sector, while presenting high barriers, also has a clear ceiling in terms of user engagement, necessitating a focus on building user loyalty over time [23][24] Future Outlook - Ant Group's dual approach of targeting both general and vertical markets aims to maintain relevance in the AI space while establishing a competitive edge [24][27] - The success of Ant Afu and Lingguang will ultimately depend on their ability to address core user needs effectively, rather than just technological capabilities [27]

英维克（002837）（002837）市值突破千亿大关。 A股今日（12月23日）走势出现明显分化，以保险、银行为首的大市值个股拉升，小盘股走势疲弱；港股午后下探，恒生指数翻绿。 具体来看，三大股指盘中强势上扬，午后涨幅有所收窄。截至收盘，沪指微涨0.07%报3919.98点，深证成指涨0.27%，创业板指涨 0.41%，中证2000指数跌0.63%，沪深北三市合计成交19216亿元，较此前一日增加近400亿元。 A股市场超3800股飘绿，旅游餐饮、零售、食品饮料等消费板块集体下挫，曲江文旅（600706）跌停，近日4连板的庄园牧场 （002910）逼近跌停；商业航天概念跳水，顺灏股份（002565）跌停，中国卫通（601698）跌超9%；光刻机、先进封装等半导体产业 链股强势，美埃科技、同飞股份（300990）等涨停；液冷服务器等AI产业链股拉升，英维克（002837）尾盘涨停续创新高；锂电产业 链股崛起，奕东电子（301123）涨停续创新高，华盛锂电等涨超10%。 港股方面，地平线机器人跌约4%，快手跌超3%，腾讯控股、京东健康、药明康德（603259）等跌逾2%。 半导体产业链强势 光刻机、先进封装等半 ...

港股方面，地平线机器人跌约4%，快手跌超3%，腾讯控股、京东健康、药明康德等跌逾2%。 A股市场超3800股飘绿，旅游餐饮、零售、食品饮料等消费板块集体下挫，曲江文旅跌停，近日4连板的庄园牧场逼近跌 停；商业航天概念跳水，顺灏股份跌停，中国卫通跌超9%；光刻机、先进封装等半导体产业链股强势，美埃科技、同飞股 份等涨停；液冷服务器等AI产业链股拉升，英维克（002837）尾盘涨停续创新高；锂电产业链股崛起，奕东电子涨停续创 新高，华盛锂电等涨超10%。 此外，今日上市的三只新股——纳百川、锡华科技、天溯计量收盘分别上涨408.2%、264.5%、174.5%，盘中最高攀升至 180元/股、46元/股、150.99元/股，若以上述最高价计算，三股单签最高盈利分别达7.87万元、1.8万元、5.71万元。 半导体产业链强势 英维克（ 002837 ） 市值突破千亿大关 。 A 股今日（ 12 月 23 日 ） 走势 出 现明显分化，以保险、银行为首的大市值个股拉升，小盘股走势疲弱；港股午后下探， 恒生指数翻绿。 具体来看，三大股指盘中强势上扬，午后涨幅有所收窄。截至收盘，沪指微涨0.07%报3919.98点，深证成 ...