Film Industry - As of December 13, 2025, China's box office has surpassed 50 billion yuan, an increase of nearly 7.5 billion yuan compared to the entire year of 2024, with 1.194 billion moviegoers, an increase of approximately 184 million compared to 2024 [1] - The animated film "Nezha: Birth of the Demon Child" leads the box office with 15.446 billion yuan [1] - Analysts believe that the high reputation and high screening rate of the imported animated film "Zootopia 2" may help its box office exceed expectations, while the upcoming "Avatar 3: The Way of Fire" is expected to further boost box office performance [1] Brain Science - Brain Tiger Technology announced the completion of the first clinical trial of its fully implanted, wireless brain-computer interface product, which allows a patient with complete paralysis to browse the web and play games [2] - The global brain-computer interface market is projected to reach approximately $2.62 billion in 2024 and $2.94 billion in 2025, with a compound annual growth rate of 17.35% expected to reach $12.4 billion by 2034 [2] Metaverse - The Ministry of Industry and Information Technology is soliciting opinions on the "Metaverse Industry Comprehensive Standardization System Construction Guide (2026 Edition)," aiming to establish over 20 national and industry standards by 2028 [3] - The metaverse is characterized by immersive interconnectivity between digital and physical worlds, with significant growth potential in areas such as XR, AIGC, and blockchain technologies [3] Rural Revitalization - The Ministry of Commerce and other financial authorities issued a notice to enhance collaboration between commerce and finance to boost consumption, particularly in rural areas [4] - The retail sales of consumer goods in rural areas are projected to reach 6.6729 trillion yuan in 2024, growing at a rate of 4.3%, which is faster than urban areas [4] Cannabis - Former President Trump is reportedly pushing for a historic plan to lower the federal regulation level of cannabis to that of common prescription painkillers, marking a significant shift in U.S. federal drug policy [5] Commercial Space - SpaceX is preparing for a potential IPO in 2026, with a target valuation of approximately $1.5 trillion, comparable to Saudi Aramco's record valuation [6] - The rapid expansion of SpaceX's Starlink satellite internet service and ongoing projects like the Starship lunar and Mars missions are key factors driving the IPO [6] Smart Healthcare - The National Medical Insurance Administration plans to advance smart healthcare initiatives by promoting AI development in the medical insurance sector and hosting competitions for AI-assisted diagnosis [7] - The integration of AI in healthcare is expected to accelerate, with significant investments from leading companies in the sector [7]

Core Viewpoint - The article discusses the current state of global stock markets, particularly focusing on the valuation of U.S. stocks and the characteristics of bull and bear markets, while also introducing investment opportunities through global index funds. Group 1: Global Stock Market Overview - This week, global stock markets experienced slight fluctuations with minimal movement [1][2][3][4] - The U.S. stock market has seen a slight decline, while non-U.S. markets have shown slight increases [2][3] - A-shares in China also experienced a slight increase, indicating a stable market environment [4] Group 2: Valuation Insights - Despite significant increases in U.S. stock indices over the years, they have rarely reached overvaluation, mostly remaining at normal valuation levels [5][6] - As of October this year, U.S. stocks touched high valuation levels, but have since corrected back to a normal high valuation [7][8] - The growth in earnings over the past two years has helped absorb some of the high valuations in the U.S. stock market [9] Group 3: Bull and Bear Market Characteristics - U.S. stock markets have experienced long bull and bear cycles, with each cycle lasting 15-20 years [12][13][14] - Long bear markets typically occur during economic recessions, as seen in the 1970s and from 2000 to 2010 [15][16] - The current economic environment has not yet entered a recession, and earnings growth remains the primary driver for stock index increases [22][23] Group 4: Investment Opportunities - Historical data indicates that significant undervaluation opportunities in global stock indices occurred in 2018, 2020, and 2022 [29] - The article highlights the introduction of a global index investment advisory portfolio that diversifies across various stock markets [34][35] - The portfolio aims to track global stock market performance, although there are current purchase limits for domestic investors [37] Group 5: Book Promotion - A new edition of the book "The Long-Term Investment Guide" has been released, which includes updated data and new chapters [40] - The book emphasizes that stocks are the best long-term investment vehicle, encouraging asset allocation towards equities [41][42]

"科技牛"是资本市场2025年的最佳注脚。股市再上4000点，印证了科技是撬动经济增长的关键变量，资本市场支持创新已成为普遍共识。2025年，政策开 闸，资本市场向优质未盈利创新企业上市广开大门；市场共振，寒武纪一度登顶，超越茅台成为"新王"，股市"喜芯厌酒"让本轮IPO盛宴科技含量满满。创 新药打样、芯片企业排位、AI和机器人抢跑，中国科技公司的估值和预期、中国资本市场的含金量和信心，共同涌向了来之不易的"牛市"。 有何不同 2025年10月29日，A股重返4000点，并围绕着4000点展开了一场激烈的拉锯战。暂别几日后，11月，A股又先后两次突破4000点。 Wind数据显示，A股信息技术板块年内大涨50%，位居行业涨幅榜首位。截至11月20日，科创50指数年内累计涨幅也超过30%，并于10月9日刷新逾四年来 的新高。 经统计，1月2日—11月20日，科创50成分股中，芯原股份、拓荆科技、寒武纪等4股股价累计涨超100%。其中，备受市场关注的寒武纪自8月以来股价与贵 州茅台相互胶着，数次"问鼎"A股股王。 今年9月，证监会主席吴清表示，目前A股科技板块市值占比超过1/4，已明显高于银行、非银金融、房地产行 ...

Core Insights - The article discusses the importance of better market mechanisms in various sectors, including education, employment, and organ donation, emphasizing that price is not the only effective signal for resource allocation [4][5][6]. Group 1: Market Mechanisms - Alvin E. Roth's research highlights that certain markets operate on "matching" rather than price mechanisms, such as school admissions, marriage, labor, and organ exchange markets [4][5]. - Roth's work on market design aims to improve the efficiency of these matching processes, demonstrating how they can significantly impact individuals' lives and societal functioning [5][6]. Group 2: Applications of Deferred Acceptance Algorithm - The "deferred acceptance algorithm" has been applied in various contexts, including China's college admission reforms, which allow students to fill out parallel choices after receiving their scores, reducing issues like "high scores but low admissions" [6][10]. - Roth's kidney exchange system has become a standard procedure in the U.S., directly saving lives by facilitating organ matches without monetary transactions [6][18]. Group 3: Global Trends in Organ Exchange - There is a growing trend towards cross-border kidney exchanges, which is particularly beneficial for countries with limited organ donation numbers [19][20]. - China has made significant changes in organ transplantation practices, moving towards voluntary organ donation, although kidney exchange systems are still not fully implemented [19][20]. Group 4: Market Design and Social Issues - Roth emphasizes that completely banning markets often leads to inefficiencies and black markets, suggesting that well-designed mechanisms are necessary to meet societal needs [23][24]. - The article discusses the challenges of human migration and the need for better market mechanisms to address the complexities of refugee movements and internal migration [29][30]. Group 5: Future of Market Design - Roth's perspective on market design has evolved to focus on "marketplace design," which considers the micro-units within larger markets, aiming to optimize their operations [30][31]. - The article concludes with Roth's belief that understanding and improving market mechanisms can lead to better societal outcomes, particularly in education and healthcare [31].

Core Viewpoint - The "2025 Shanghai-Taipei City Forum" will be held on December 28 in Shanghai, focusing on the theme "Technology Changes Life" to promote experience sharing and interaction in areas such as healthcare, rail transportation, and elderly care between the two cities [1] Group 1 - The forum will facilitate the signing of memorandums of understanding to deepen cooperation across various fields between Shanghai and Taipei [1] - The "Twin City Forum" has been held since 2010, serving as an important institutional exchange platform that enhances the well-being of people on both sides and promotes peaceful development of cross-strait relations [1] - A total of 47 memorandums of understanding have been signed to date, reflecting positive outcomes from the exchanges and cooperation between the two cities [1]

明年中国经济怎么干？对比去年的中央经济工作会议内容可以发现，今年的会议内容出现不少新表述。 比如，去年关于"当前外部环境变化带来的不利影响加深"的表述，今年变成了"外部环境变化影响加 深"。有分析称，这说明中国更有信心和能力去应对外部压力、主动运筹国际空间。再比如，今年会议 提出"加大逆周期和跨周期调节力度"。分析人士指出，这意味着后续政策改革更加基于长远经济周期变 化，体现出中国决策层对经济规律的精准把握以及审时度势的调整。 转自：北京日报客户端 "在全球经济不确定性上升的背景下，中国以更主动、更稳健的政策调节经济，有助于自身经济增长， 并为世界经济提供有效需求。"对于10日至11日在北京召开的中央经济工作会议，美中合作基金会执行 主席约翰·米勒-怀特与《国际锐评》进行了交流。消费者健康企业科赴中国总裁沈馥安对《国际锐评》 表示，会议部署的建设强大国内市场、坚持创新驱动、坚持对外开放等2026年重点任务让人印象深 刻，"这意味着外资将迎来更多发展机遇，我们有信心与中国经济共成长"。 中国这场年度经济会议何以吸引世界目光？从中国发展方位看，明年是"十五五"开局之年，这次会议 在"十四五"即将圆满收官、"十五五 ...

Core Viewpoint - The global silver market is experiencing a significant surge, with spot silver prices surpassing $60 per ounce, driven by China's upcoming export control policy set to take effect in January 2026 [1][19]. Group 1: Export Control Policy - China's Ministry of Commerce announced a new export control policy for silver, requiring state-owned trading companies to declare export qualifications, which includes having a three-year export record or meeting specific production standards [3]. - The new policy shifts from a dual system of quotas and licenses to a stricter export license management, requiring companies to submit usage explanations and downstream customer qualifications for export [5]. - This policy aims to limit disordered exports and low-value-added products, aligning with the management model used for rare earths [5]. Group 2: Industrial Demand for Silver - Silver's industrial demand has surpassed 60%, particularly in the renewable energy and high-tech sectors, making it an essential material [5]. - The photovoltaic industry, where China produces over 80% of global solar modules, significantly drives silver demand, with the domestic installation plan for 2025 alone requiring a substantial amount of silver [7]. - Other sectors such as electronics, medical, and chemical industries also rely heavily on silver due to its superior conductivity and stability, indicating that a supply shortage could halt critical industries [7]. Group 3: Strategic Resource Management - China's export control is primarily aimed at safeguarding domestic development needs and responding to global resource dynamics, as the country faces a growing demand for silver that outpaces its production [9]. - The previous export practices primarily involved low-value primary products, and the new policy encourages domestic companies to focus on high-value-added products, enhancing China's position in the global supply chain [11]. - Western countries, particularly the EU, the US, and Japan, heavily depend on Chinese silver exports, with the EU's photovoltaic companies sourcing over 70% of their silver from China [11]. Group 4: Market Reactions and Price Dynamics - Following the initial signs of the new policy, silver exports to the EU and the US decreased, leading to production slowdowns in German photovoltaic companies and increased costs for US semiconductor firms [13]. - Alternatives for sourcing silver from countries like Mexico and Peru face challenges, including higher production costs and unstable supply, making it difficult for Western countries to find substitutes [13]. - The expectation of continued interest rate cuts by the Federal Reserve and the overall unstable global economic situation have contributed to rising silver prices, as investors seek safe-haven assets [17]. Group 5: Long-term Implications - China's control over silver exports mirrors its previous strategies with rare earths, aiming to gain dominance over strategic resources and break the pricing monopoly held by Western markets [19]. - By regulating global supply through export controls and enhancing the influence of the Shanghai silver futures market, China is working to ensure that silver prices reflect actual supply and demand, thereby increasing its economic leverage [19].

Core Points - The Shenzhen-Hong Kong Stock Connect Medical Index (HKD) closed at 4302.26 points, up 1.09% with a trading volume of 10.694 billion HKD and a turnover rate of 1.0% [1] - Among the constituent stocks, 39 stocks rose, with Baize Medical leading with a 5.14% increase, while 16 stocks fell, with Furuide leading the decline at 3.23% [1] Fund Flow Analysis - The total net inflow of main funds into the Shenzhen-Hong Kong Stock Connect Medical Index constituents was 80.9503 million HKD, while speculative funds saw a net outflow of 283 million HKD, and retail investors had a net inflow of 202 million HKD [2]

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4383.23 points, up 0.98% with a trading volume of 9.693 billion yuan and a turnover rate of 1.0% [1] - Among the constituent stocks, 39 stocks rose, with Baize Medical leading with a 5.14% increase, while 16 stocks fell, with Furuide leading the decline at 3.23% [1] - The net inflow of main funds into the Shenzhen-Hong Kong Medical Index constituents totaled 80.9503 million yuan, while speculative funds saw a net outflow of 283 million yuan, and retail investors had a net inflow of 202 million yuan [2] Group 1 - The Shenzhen-Hong Kong Medical Index reported a positive performance with a 0.98% increase [1] - Baize Medical showed the highest gain among constituents with a 5.14% rise [1] - Furuide experienced the largest decline with a 3.23% drop [1] Group 2 - The total net inflow of main funds was 80.9503 million yuan [2] - Speculative funds experienced a significant net outflow of 283 million yuan [2] - Retail investors contributed to a net inflow of 202 million yuan [2]

Core Insights - The development of artificial intelligence (AI) is undergoing a profound paradigm shift, transitioning from mere technological breakthroughs to a new stage of deep industry integration and collaborative governance [3] - AI is acting as a core driving force, rapidly reconstructing productivity and production relationships while promoting deep integration across the physical, digital, and biological worlds [3][4] Industry Trends - The emergence of "Agentic AI" marks a new era where intelligent agents will possess enhanced goal-oriented capabilities, autonomous decision-making, and real-time interaction with their environments, with key performance indicators expected to grow exponentially [4] - The concept of the "Internet of Agents" will evolve, shifting the focus from "person-to-person" interactions to "agent-to-agent" interactions, potentially transforming various sectors such as finance, healthcare, and scientific research [5] Technological Development - AI is categorized into three levels: "Information Intelligence," which is close to achieving AGI within 3-4 years; "Physical Intelligence," expected to see breakthroughs in 5-10 years; and "Biological Intelligence," which may take 15-20 years to develop [6] - Achieving AGI requires new architectures and paradigms, including enhanced memory, evolutionary capabilities, and reasoning abilities to understand physical and biological worlds [6] Risk and Governance - The rise of AI capabilities is accompanied by increasing potential risks, necessitating global cooperation to address challenges such as malicious use in CBRN fields and safety hazards in autonomous systems [7][8] - The governance mechanisms are lagging behind technological advancements, highlighting the need for an efficient and inclusive governance system [7] Industry Restructuring - AI is fundamentally rewriting industry structures and business models, with significant impacts observed in sectors like energy, automotive, manufacturing, and healthcare [9] - Large enterprises leverage data and resources to develop large models, while small and medium-sized enterprises often utilize these models to solve real-world problems [9] China's AI Development Path - China is following a unique AI development path focused on optimizing computing power and model efficiency, with innovations like open-source models reducing entry barriers and breaking foreign monopolies [10][11] - Chinese AI models have reached the global first tier, with significant advancements in the "AI + application" domain, positioning China as a key player alongside the U.S. in the global AI landscape [11] Future Outlook - The transformation from generative intelligence to agentic leaps signifies an ongoing revolution in AI, reshaping economic forms and societal landscapes [12] - Emphasizing efficient, new architectures and open-source technology, while deepening vertical application scenarios, is crucial for China's competitive edge in the global AI arena [12]