Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI industry continues to show strong trends, with companies like MiniMax and Zhiyu AI passing hearings, indicating ongoing interest and investment in AI technologies [2] - The coffee and tea beverage sector remains vibrant, with brands actively opening new stores despite seasonal fluctuations [4] - E-commerce is facing pressure due to a challenging domestic consumption environment, leading to a lackluster performance [4] - Music streaming platforms are highlighted as valuable internet assets driven by domestic demand, suggesting a focus on subscription models [4] - The virtual asset market is experiencing limited catalysts, with ongoing market anxiety and weak capital inflows [4] - The automotive service sector is expanding, with significant milestones such as Tuhu's workshop count surpassing 8000 [4] - The report emphasizes the importance of cash flow in technology leaders, particularly in the AI sector, while cautioning against potential overinvestment [4] Summary by Sections 1.1 Consumer & Internet - Coffee and tea beverage sector shows a +0.18% increase in the Hang Seng non-essential consumption index, outperforming the Hang Seng index by -0.32 percentage points [9] - Notable stock performances include Mixue Group (+6.78%) and Luckin Coffee (+0.47%), while others like Bawang Tea and Xiaomian faced declines [9] 1.2 Platform & Technology 1.2.1 Streaming Platforms - The Hang Seng media index decreased by 0.59%, underperforming both the Hang Seng index and technology index [18] - Key stock performances include iQIYI (+3.24%) and Spotify (+0.38%), while Tencent Music saw a decline of -1.98% [18] 1.2.2 Virtual Assets & Internet Brokers - As of December 26, the global cryptocurrency market cap reached $30,205 billion, up 1.76% [22] - Bitcoin and Ethereum prices were $87,306 and $2,926.70, reflecting slight declines of -0.9% and -1.7% respectively [22] 1.2.3 Automotive Services - The Hang Seng composite index fell by -1.21%, with notable stock performances such as Zhongsheng Holdings (+2.25%) and Advance Auto Parts (-12.87%) [30] 1.2.4 O2O - The Hang Seng internet technology index dropped by -2.86%, with significant declines in stocks like Beike (-6.62%) and Didi Global (+4.57%) [34] 1.2.5 AI & Cloud - The Nasdaq internet index increased by +0.92%, with Nvidia (+5.27%) and TSMC (+4.81%) showing strong performances [39] 1.3 Media - The Shenwan first-level media index remained nearly flat with a -0.1803% change, with advertising marketing showing the largest gains [41] - Key stock performances include Xindong Company (+5.22%) and Perfect World (+3.09%) [41]

（来源：邯郸新闻网） 数据见证变化。互通开通后，曲周与京津冀及省内外主要城市的时空距离显著缩短，物流运输效率大幅提升。对于像曲周这样一个以农业为基 础、工业快速发展的县域而言，便捷的交通条件正转化为实实在在的发展优势，为吸引外资、承接产业转移、扩大对外开放打开了全新空间。 激活特色经济"内生动力" 交通兴则产业兴，路网通则经济活。大广高速曲周东互通的开通，为县域童车、育苗、生物健康、蛋鸡养殖等特色产业发展注入了强劲动能， 让"路通财通"的愿景转化为生动实践。 转自：邯郸新闻网 今年12月，大广高速曲周东互通正式开通运营。这一交通枢纽工程，不仅彻底终结了曲周县"无高速口"的历史，也预示着一个路网通达、高效 便捷、功能完备的现代化综合交通运输枢纽正在邯郸东部崛起。 图为大广高速曲周东高速口。 架起发展"黄金通道" 12月17日清晨，大广高速曲周东互通第二天，3进3出的智慧化低碳收费车道秩序井然，ETC快速通行系统高效运转，双向6车道的宽阔路面 上，货运、客运车辆往来穿梭。作为曲周境内首个高速公路出入口，曲周东实现了大广高速与县域交通的无缝衔接，让曾经的"交通末梢"一跃 成为"开放前沿"。 作为曲周的高速"第一出口 ...

Group 1: Macro Retail and Service Consumption - Retail data shows that essential goods maintain resilience while optional goods exhibit differentiated performance, with social retail growth slightly slowing down due to high base effects from government subsidies [10][16] - Service retail continues to show strong growth, with a year-on-year increase of 5.4% from January to November 2025, outpacing overall social retail growth [10][18] - Travel demand is steadily releasing, with domestic tourism numbers reaching 4.85 trillion yuan, a year-on-year increase of 11.5% [18][20] Group 2: E-commerce Sector - E-commerce maintains a steady growth rate, with online retail sales of physical goods increasing by 5.7% year-on-year, surpassing the overall social retail growth [13][25] - The penetration rate of e-commerce continues to rise, reaching 25.9% of total social retail sales by November 2025, an increase of 3.6 percentage points since the beginning of the year [13][25] - The competitive landscape in e-commerce is easing, with platforms like Taobao and JD.com focusing on maintaining stable growth rather than aggressive price competition [28][36] Group 3: Retail Focus on Downstream Markets - The focus is on the resilience of consumption in lower-tier markets, with recommendations for bulk snack retailers and the "锅圈" brand, which excels in the home dining sector [5][31] - The bulk snack market is characterized by low prices and high turnover, effectively meeting consumer demand for snacks [5][31] - "锅圈" is positioned as a leader in the home dining market, leveraging its multi-channel advantages and strong supply chain [5][31] Group 4: Service Sector Recovery - The hotel industry is stabilizing with a recovery in demand, and recommendations include Huazhu Group and Atour Hotel [5][31] - The OTA sector is experiencing stronger leisure demand compared to business travel, with international business continuing to grow rapidly [5][31] - Policies aimed at boosting service consumption are expected to further stimulate demand in the travel and hospitality sectors [23][24] Group 5: Investment Recommendations - Recommended companies include Alibaba, Meituan, Pinduoduo, JD.com, and Didi Chuxing for their strong fundamentals and low valuations [2][3] - The report highlights the potential for growth in the e-commerce and service sectors, driven by favorable policies and market dynamics [5][23]

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，吉利汽车表示，将以此次整合完 ...

Key Points - 36Kr will document the global stories of Chinese brands at CES 2026, following its coverage of IFA and GITEX GLOBAL in 2025 [2] - JD Logistics has launched its first overseas smart warehouse in the UK, enabling same-day delivery for its European online retail business, Joybuy [3] - ByteDance's Feishu has launched an AI office app, AnyGen, which allows users to convert voice notes and ideas into documents and presentations [3] - Alibaba Tongyi has released two foundational models to enhance industrial-grade video and voice capabilities, including a video generation model and an upgraded voice generation model [4] - Tuya Smart has introduced an AI life assistant, Hey Tuya, which integrates with various smart devices and has over 12,000 AI agents developed on its platform [4] - Wuji Power and ZF LIFETEC have formed a strategic partnership to collaborate on robotics training and deployment systems [5] - SF International has signed a memorandum of cooperation with MSC Air Cargo to enhance global supply chain services [5] - Tencent Midas has partnered with Mastercard to improve digital commerce in the global entertainment industry [6] - XPeng Motors has made significant progress in the Middle East and Africa, launching its brand in Qatar and establishing a flagship experience center in Abu Dhabi [6] - Lynk & Co has officially entered the UAE market, showcasing its flagship SUV and emphasizing community interaction [6] - Jinbei Automotive and E-Works have signed a memorandum to establish R&D centers in China and Germany for electric commercial vehicles [7] - Baidu's autonomous driving service platform, Luobo Kuaipao, will begin testing in the UK in 2026 [7] - LONGi Green Energy and Solarpro will collaborate to build the largest BC photovoltaic power station in Europe, with a total capacity of 450MW [7] - Xiangpiaopiao plans to invest approximately 268 million yuan to establish a beverage production base in Thailand [8] - Sazhi Intelligent has completed several rounds of financing, with over 20% of its revenue coming from overseas markets [9] - Yundong has secured pre-IPO financing and is preparing for an A-share listing, focusing on robotics applications in various industries [9] - Qianjue Technology has raised nearly 100 million yuan to expand its global commercialization efforts in the embodied intelligence sector [10] - Mianbi Intelligent has completed financing to enhance its edge AI model development and expand into emerging markets [10] - Thailand will eliminate the tax exemption for cross-border packages starting January 1, 2026, impacting e-commerce costs [11] - The Saudi Arabian e-commerce market is projected to grow significantly, reaching $708.7 billion by 2033 [11]

Group 1 - Kuaishou's live streaming function was attacked by cybercriminals, leading to a significant security incident that requires systemic upgrades across the industry for better prevention measures [1] - The Lijiang Cultural and Tourism Bureau publicly criticized Xiaohongshu for inadequate monitoring and management, resulting in consumer misinformation and damage to local businesses [2] - Wentech plans to assert its rights regarding the control of its subsidiary, Anshi Semiconductor, through a hearing in January 2026, with potential claims reaching up to $8 billion [3] - The Shanghai Stock Exchange issued guidelines for commercial rocket companies, requiring successful orbital launches as a precondition for listing [4] - JD.com faced theft at its warehouse in France, but the reported losses were exaggerated compared to actual figures [5][6] - UBTECH announced a significant acquisition of 43% of Fenglong shares, marking a strategic move in the humanoid robotics sector [7] - NetEase's veteran executive Ding Yingfeng will retire after 23 years, having played a crucial role in the development of several flagship games [8] - Harman International agreed to acquire ZF's ADAS business for €1.5 billion, indicating a strategic entry into the growing ADAS market [9] - The successful first flight of China's first 6-ton tilt-rotor aircraft, Lanying R6000, marks a breakthrough in tilt-rotor technology and opens new opportunities in low-altitude economy [10][11] - TCL Technology plans to acquire 80% of Zhao Yuan Optoelectronics for ¥490 million, entering the LED chip sector [12] - Visionary Technology's IPO was approved, aiming to raise ¥2.015 billion for expanding its Micro OLED production capacity [13] - The global AI hardware market is projected to grow significantly, attracting innovation in various sectors, with a focus on overcoming scene capability challenges [14]

深化制度保障，纵深推进全国统一大市场建设。加快推进"五统一、一开放"，破除阻碍全国统一大市场 建设的堵点卡点，促进有效市场和有为政府更好结合，为优化资源配置、扩大内需、缓解同质化竞争提 供制度保障。持续深入推进政府职能转变，优化完善政府政绩考核体系，健全政府不当干预市场竞争行 为治理规则，规范地方政府经济促进行为，破除地方保护和市场分割，清理行业壁垒，打通区域"小循 环"，畅通释放内需潜力的"大循环"，为企业创造更加稳定、透明和可预期的发展环境。 巩固动态平衡，供需两侧协同施策稳根基。将扩大内需战略同深化供给侧结构性改革有机结合起来，推 动供给和需求达到更高水平均衡。在需求侧大力提振居民消费，要进一步优化收入分配格局，加大投资 于人力度，提升公共服务水平，加强社会保障体系建设，切实增强居民实际消费能力和消费意愿；同 时，优化消费环境，加快清理限制性措施。在供给侧持续深化结构性改革，要坚持智能化、绿色化、融 合化方向，发展智能制造、绿色制造、服务型制造，分类开展行业治理，大力推动重点行业产能治理， 以高质量的供给适配不断升级的需求，形成需求牵引供给、供给创造需求的更高水平动态平衡。此外， 要统筹国内国际两个大局 ...

Core Insights - The "Ganwei" e-commerce live streaming base was officially launched in Hangzhou, marking a significant step in establishing a digital marketing front for the "Ganwei" brand in the Yangtze River Delta region [1] - The base aims to integrate Gansu's agricultural resource advantages with Zhejiang's digital strengths, facilitating a direct channel for "Ganwei" agricultural products from production to market [1] - The initiative is expected to enhance the brand influence and market share of Gansu's specialty products, such as highland summer vegetables, traditional medicinal materials, and grassland beef and lamb in the East China market [1] Industry and Company Developments - The "Ganwei" brand has established 100 authorized stores nationwide and 4 overseas, with over 170 types of agricultural products sold in more than 100 countries and regions [2] - The live streaming base is anticipated to further expand the market footprint of the "Ganwei" brand [2] - The base serves as a platform for industry collaboration and talent exchange between Gansu and Zhejiang, promoting cooperation in agriculture, cultural tourism, and digital economy sectors [1]

今年前三季度，峰岹科技实现营业收入5.58亿元，同比增长28.88%；归母净利润1.67亿元，同比下降 9.01%。峰岹科技表示，作为一家注册在深圳市的芯片设计研发企业，持续需要引进研发及各类人才， 公司当前位于深圳总部的注册、经营、研发、办公所使用的场所多年以来一直为租赁物业，存在租金上 涨、租约不稳定、场地受限等风险，难以满足公司当前及未来发展节奏加速、持续引入高端人才和经营 发展的需要。 头部科技企业加码布局深圳，抖音、小米、vivo纷纷启用新大楼 【深圳商报讯】(记者苑伟斌)12月26日，峰岹科技(深圳)股份有限公司(以下简称"峰岹科技")发布公告， 根据战略发展规划和业务需求，拟购买位于前海深港合作区T102-0482宗地上建设的润融大厦(二期)1栋 房产，用于公司研发办公大楼及公司经营发展，以满足公司规模扩张的需求。公告披露，本次购买的标 的房产建筑面积25204.97平方米，商定总价人民币近7.1亿元。 头部科技企业因何重点布局深圳研发创新？胡国庆博士认为，上述科技企业可以说十分重视深圳整个科 创产业集群，包括电子信息产业集群软硬件一体化的优势条件。具体来说，深圳本身在电子信息这一领 域就有着强 ...

中国青年报客户端合肥12月27日电（中青报·中青网记者 王海涵）12月27日下午，以"党建引领·电商聚 力"为主题的2026合肥电商春"皖"活动在合肥市高新区举办。 活动由合肥市电子商务协会党支部联合蜀山区数字商务联合党委，合肥市电商行业工会、行业团工委、 行业妇联，市网络女主播联盟、守心巾帼宣讲团主办，合肥市电子商务协会各专委会、合肥市电商行业 志愿服务队承办，集中展现合肥市电商行业青年取得的奋斗成果。 场。合肥市电子商务协会供图 活动分为"红旗指引""聚力奋斗""梦想启航"三大篇章，通过歌舞、微党课、情景剧、合唱、朗诵等艺术 形式，演绎了合肥电商行业坚持党建引领、服务发展大局的生动实践。其中，行业志愿者、社区工作者 与外卖骑手共同创排的音乐情景剧《星光订单·温暖同行》，真实再现了新就业群体融入社区治理、传 递城市温暖的感人故事。 来源：中国青年报客户端 场。合肥市电子商务协会供图 合肥市电子商务协会负责人表示，协会积极探索"党建+产业链+服务"新模式，打造"红电商"特色党建品 牌。近年来，累计开展各类活动超1200场。协会携手368家会员单位，在促消费、稳就业、育人才、促 活动现 融合等方面成效显著，打造 ...