Core Insights - The capital market in 2025 experienced structural fluctuations, with non-ferrous metals, TMT, and power equipment being market highlights, while dividend sectors and real estate faced pressure. As 2026 approaches, structural opportunities are emerging supported by policy stabilization, corporate profit recovery, and liquidity influx [4] Group 1: Global Liquidity Improvement - The global macro environment in 2026 is expected to release positive signals, with the U.S. fiscal and monetary policies likely to trend towards easing. The "Great Beautiful Act" could lead to a long-term tax cut, potentially increasing the federal deficit by approximately $3.4 trillion over the next decade, and the debt ceiling may rise by $5 trillion (a 12% increase) [5] - A low-interest-rate environment is expected to ease global liquidity constraints, alleviating capital outflow pressures in emerging markets and creating a relatively stable external environment for A-shares [5] Group 2: Domestic Economic Recovery - Domestic policies are aligning with micro signals to create a warming effect. The Central Economic Work Conference at the end of 2025 and the 2026 Two Sessions will emphasize "seeking progress while maintaining stability and improving quality and efficiency" [6] - Industrial enterprises are currently at the bottom of the inventory cycle, with a narrowing decline in PPI indicating an approaching replenishment cycle. The cumulative year-on-year growth of net profit excluding non-recurring gains for all A-shares in Q3 2025 was 3.2%, and asset turnover rates are stabilizing [6] - The "anti-involution" policy is expected to drive price recovery, leading to a positive cycle in corporate profits. Institutional investors such as insurance funds and bank wealth management are anticipated to become significant sources of incremental funds in 2026, further solidifying market liquidity [6] Group 3: Key Investment Areas for 2026 - Focus on the AI supercycle, with continued prosperity in domestic and international computing power chains. Attention should be given to new technology iterations and inflation-related sectors, particularly the gaming industry and the gradual development of smart terminals and AI applications [7] - High-end manufacturing going overseas should be monitored, especially in sectors like energy storage-lithium batteries and AI-related high-demand segments. Sustainable growth potential exists in domestic and overseas markets for heavy trucks, passenger vehicles, and construction machinery [8] - Long-term attention should be given to the revaluation of strategic resources, including precious and industrial metals. Energy and lithium carbonate show signs of bottoming out, while the chemical sector's resource products and significantly rebounding blue-chip varieties are also worth investing in [8] - Continuous monitoring of breakthroughs in frontier technologies such as robotics, solid-state batteries, controlled nuclear fusion, aerospace, and quantum computing is recommended [9] - New consumption trends and innovative pharmaceuticals are areas of interest, with solid fundamentals in emotional, service, and technology consumption. The innovative drug sector remains a long-term trend, with improved cost-effectiveness following recent declines [9] Conclusion - The equity market outlook for 2026, while facing challenges, is supported by a "triple support" system of policy stabilization, profit recovery, and liquidity influx, which may solidify the foundation for structural market trends. Investors are encouraged to align with industry trends and core logic while capturing opportunities from a long-term perspective [10]

在2025年中国工业百强区榜单上，宝安区排名较去年再进两位，强势升至全国第二。 【深圳商报讯】（记者 刘宇峰 李丹 通讯员 粟小玲）12月26日，以"培育新质生产力，打造新型工业 化'县'锋"为主题的"县域工业经济发展论坛（2025）"在北京举行。论坛上，中国信息通信研究院发布了 2025年中国工业百强区榜单，深圳市龙岗区、宝安区包揽前两名。其中，龙岗区实现"八连冠"。 作为深圳的产业大区与创新高地，龙岗区坚持实体经济为本，构筑起"4+6+N"现代化产业体系：巩固提 升智能终端等四大千亿级优势产业集群；培育壮大软件与信息服务业、跨境电商等六大未来千亿级潜力 产业；并前瞻布局低空经济与空天、高性能材料等N个新兴重点赛道，形成层次分明、接力发展的产业 格局。 2025年，龙岗经济持续迸发强劲动能：前三季度地区生产总值达4262.31亿元，全年有望突破6000亿元 大关；规模以上工业总产值连续两年站稳万亿元台阶；PCT国际专利申请量稳居全市第一，创新实力高 居全国创新百强区第五；商事主体总量突破100万户，其中企业数量达57.9万户，位列全市第一，为工 业腾飞筑牢了坚实的市场主体根基。 在企业培育方面，龙岗区成果斐 ...

Core Viewpoint - The "County Industrial Economy Development Forum (2025)" highlighted the achievements of Longgang District in Shenzhen, which has won the title of China's top industrial district for eight consecutive years, showcasing its strong industrial development driven by new quality productivity [1] Group 1: Industrial Development Strategy - Longgang District focuses on an industrial strategy that emphasizes "industry-based district" and has established a modern industrial system of "4+6+N" [5] - The district consolidates four trillion-level advantageous industries, including smart terminals, and nurtures six potential trillion-level industries such as software and information services [5] Group 2: Economic Performance - In the first three quarters of 2025, Longgang's GDP reached 426.23 billion, with expectations to exceed 600 billion for the entire year [7] - The total industrial output value above designated size has surpassed one trillion for two consecutive years [7] Group 3: Innovation and R&D - R&D investment accounts for 14.88% of GDP, with the highest number of PCT international patent applications in the city, ranking fifth among national innovation districts [8] - The total number of business entities in the district has exceeded one million, with 579,000 enterprises, the highest in the city, providing a solid foundation for industrial development [8] Group 4: Enterprise Growth - In 2025, Longgang added two listed companies, four national manufacturing champions, 53 national specialized and innovative "little giant" enterprises, and 556 innovative small and medium-sized enterprises, fostering a gradient growth and continuous innovation ecosystem [10] Group 5: Future Outlook - Longgang aims to align with the "14th Five-Year Plan" strategic direction, leading the development of new quality productivity through technological innovation and accelerating the construction of a modern industrial system [12] - The district is committed to exploring the Longgang experience and creating a model for national and even global industrialization development [12]

12月26日，以 "新开局、新动能、新征程" 为主题的 "启航・2025 金融峰会" 在北京举办，由金融界主 办，汇聚监管部门、行业协会、金融机构、上市公司及媒体等领域数百位嘉宾。会上，第十四届金融界 "金智奖" 揭晓，荣耀凭借产品创新、用户体验与社会责任的突出表现，斩获 "消费者信赖产品" 奖项， 彰显智能终端领域的消费者认可度。 "金智奖" 旨在树立高质量发展标杆，引导企业聚焦主业、创新践行社会责任。本届评选紧扣 "十五五" 规划建议中 "提升上市公司质量" 要求，拆解为社会责任、实业贡献等六大维度，以财务数据和公开信 息建立量化模型，覆盖A、港、中概股超8000家企业，最终评选出近200家获奖企业。 绿色运营与绿色伙伴合作四大抓手，2024年累计减少温室气体排放约1497吨，150款产品通过环保等级 认证。在无障碍领域，屏幕朗读、AI字幕等功能已累计惠及数百万用户，让不同群体都能平等享受科 技红利。 展望未来，荣耀将持续坚守 "创新如一、品质如一、服务如一" 的核心战略，以用户为中心，深度推进 AI技术创新与生态协同升级，为全球消费者提供设计惊艳、性能卓越、体验超凡的产品与服务。依托 阿尔法战略，荣耀将 ...

Core Viewpoint - Chao Yan Co., Ltd. (301602.SZ) announced the establishment of a new investment fund to optimize its industrial layout and leverage the expertise of professional investment institutions [1] Group 1: Fund Establishment - The company plans to jointly invest in the Guangdong Yuecai Zhongying Emerging Industry Equity Investment Fund Partnership (tentative name) with professional investment institutions [1] - The fund aims to raise a total of RMB 1 billion, with the company contributing RMB 50 million, representing a 5% stake [1] Group 2: Investment Direction - The investment focus will be on new energy storage, biomedicine, smart terminal industry chains, and related fields [1]

超研股份(301602.SZ)公告称，公司拟与专业投资机构共同投资设立广东粤财中瀛新兴产业股权投资基 金合伙企业（有限合伙），合伙企业拟募集资金人民币10亿元，其中公司作为有限合伙人，拟以自有资 金认缴人民币5000万元，占比5%。基金重点投向新型储能、生物医药、智能终端产业链及相关领域企 业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The company, Chao Yan Co., Ltd. (301602.SZ), announced plans to jointly invest with professional investment institutions to establish the Guangdong Yuecai Zhongying Emerging Industry Equity Investment Fund Partnership (Limited Partnership) [1] - The partnership aims to raise funds totaling RMB 1 billion, with the company committing RMB 50 million as a limited partner, representing a 5% stake [1] - The fund will primarily focus on investments in new energy storage, biomedicine, smart terminal industry chains, and related fields [1]

Core Viewpoint - The company plans to establish a partnership with professional investment institutions to create a new equity investment fund focused on emerging industries, with a total fundraising target of 1 billion RMB [1] Group 1 - The company will act as a limited partner in the fund, committing 50 million RMB, which represents a 5% stake [1] - The fund will primarily invest in sectors such as new energy storage, biomedicine, and smart terminal industry chains [1]

Group 1: Company Overview and Market Position - The company has established partnerships with major domestic clients and is actively expanding into international markets [1][2] - The 200G and below low-speed optical modules have achieved stable mass production, while 400G/800G high-speed modules are in the sample testing phase with expected small batch shipments in Q2 2026 [1][2] Group 2: Strategic Development and Capacity Expansion - The company adopts a customer demand-driven approach for capacity expansion, focusing on small batch production to explore market needs before scaling up [3] - A stepwise development strategy is employed, starting with mature products to build customer resources and industry experience before moving to high-value products [3] Group 3: Importance of 200G and Below Optical Modules - The decision to prioritize 200G and below optical modules is based on their strong demand stability and significant economies of scale, which enhance market competitiveness [5] - Stable mass production of these modules supports the development of high-speed module production lines and improves overall operational efficiency [5] Group 4: Core Competencies and Innovations - The company has strong capabilities in scaling production and converting laboratory technologies into market-ready products, which benefits the optical communication business [6] - Emphasis on innovation and cost structure optimization through continuous process improvements and automation enhances competitive advantages [7] Group 5: Micro LED Technology Strategy - The Micro LED optical interconnect technology addresses key issues in high bandwidth and high-speed scenarios, positioning the company for long-term growth in optical communication [8][10] - Current focus is on achieving breakthroughs in core light source technology and building intellectual property barriers for future industrialization [10] Group 6: Smart Terminal Business Outlook for 2026 - The smart terminal business is expected to recover in 2026 due to global layout strategies, automation improvements, and diversification of product offerings [10]

Core Insights - The 10th Design Intelligence Award (DIA) ceremony highlighted the importance of industrial design in enhancing product value and competitiveness in Chinese manufacturing, as emphasized by Vice Governor Lu Shan [4] - The award has evolved into an internationally recognized platform for industrial design, showcasing innovative works and fostering collaboration between education, industry, and technology [8][9] - This year's award attracted participation from 52 countries, with a focus on emerging technologies and industries, reflecting global design diversity and cross-cultural exchange [20][17] Group 1: Award Ceremony Highlights - The ceremony was attended by over 600 guests, including government officials, academics, and industry leaders, showcasing the event's significance [2] - Vice Governor Lu Shan presented the grand prize to Huawei's Harmony ecosystem, emphasizing the award's role in promoting high-quality industrial design [5][4] - The event featured speeches from notable figures, including Xu Jiang and Yu Xuhong, who discussed the award's evolution and its impact on global design [7][10] Group 2: Award Achievements and Participation - Over the past decade, the DIA has received more than 65,000 entries from 87 countries, with a participation rate of 84% from leading innovative nations [20] - This year, the award focused on ten key scenarios, including smart health and intelligent visualization, and announced the "Top Ten Cases of the Decade" [20] - The introduction of the "Innovation Incubation Award" aims to facilitate the transformation of innovative projects from laboratories to market, involving prestigious universities and pioneering companies [41] Group 3: Future Directions and Collaborations - The award aims to continue fostering the integration of art and technology, promoting interdisciplinary talent and addressing global challenges through design [12][14] - A strategic cooperation agreement was signed between the Cumulus Association and the China Academy of Art to enhance international collaboration in design education and research [15][18] - The "Development Declaration for the New Decade of the DIA" outlines principles for connecting academic, industrial, and social innovation ecosystems, emphasizing the role of design in addressing humanity's common challenges [30][31]