Market Overview - The Hong Kong stock market started the new year positively, with the Hang Seng Index and the Hang Seng China Enterprises Index closing at 26,338 points and 9,169 points, down 2.8% and 2.9% respectively [1] - Total trading volume in Hong Kong reached HKD 140.9 billion, an increase of 18.4% compared to HKD 119 billion on December 31 [1] - The technology, materials, and consumer discretionary sectors saw increases of 3.9%, 3.5%, and 3.3% respectively, while consumer staples and utilities rose only 0.9% and 0.5% [1] - Baidu Group (9888 HK) and New Oriental (9901 HK) led the blue-chip stocks with gains of 9.4% and 7.2%, while Cheung Kong Infrastructure (1038 HK) and Tingyi (322 HK) experienced declines of 0.9% and 0.7% [1] IPO Market - The performance of new stocks was strong, which is expected to positively influence investor sentiment in the IPO market [1] - Wall Street's recent IPO of domestic GPU company Birran Technology (6082 HK) saw its stock price rise by 75.6% after an initial surge of approximately 1.2 times [1] Automotive Industry - On the first trading day of the new year, the Hong Kong automotive sector followed the market trend upward [3] - Geely Automobile (175 HK) announced a cumulative sales target of 3.024 million units for 2025, representing a year-on-year increase of 39%, exceeding its annual target [3] - The sales of new energy vehicles (NEVs) for Geely are expected to increase by 90% year-on-year, with a target of 3.45 million units for 2026, including 2.22 million NEVs, a year-on-year increase of 32% [3] - BYD (1211 HK) reported total sales of 4.602 million units last year, up 7.7%, with its stock price rising 3.6% [3] - Li Auto (2015 HK) saw its stock price increase by 4.9% [3] Renewable Energy Sector - The renewable energy and utilities sectors generally rose last Friday, with Goldwind Technology (2208 HK) surging by 21.0% [3] - The company’s stake in Blue Arrow Aerospace received approval for its IPO application on the A-share Sci-Tech Innovation Board, drawing comparisons to SpaceX [3] - Meanwhile, Weisheng Holdings (3393 HK) rose by 4.7%, as its subsidiary received investment from Boyu Capital, which is expected to enhance its smart grid and data center energy solutions business [3]

Group 1 - Nanjing is advancing its integration of technological and industrial innovation, focusing on artificial intelligence and 6G technology [1] - The "6G City" initiative aims to establish a leading demonstration zone for 6G development, with goals to publish at least 6 major research achievements in the 6G field by 2027 and to create over 100 new enterprises for technology commercialization [1] - The plan includes the construction of 6G infrastructure, aiming for full coverage of 6G networks and the development of at least 50 vertical application scenarios across various industries [1] Group 2 - Nanjing's industrial focus includes software and information services, biomedicine, and next-generation information communication, with significant growth in these sectors [2] - The software industry in Nanjing is projected to exceed 1 trillion yuan by 2025, marking it as the city's first trillion-level industry, while the smart grid industry is expected to reach 500 billion yuan [2] - Industries such as next-generation information communication and integrated circuits are maintaining double-digit growth rates [2]

Group 1: Core Insights - The top ten stocks of 2025 have all seen price increases exceeding 500%, with the highest being a staggering 1821% for Shangwei New Materials [3][7] - The surge in stock prices is primarily driven by advancements in technology, particularly in computing power, with significant contributions from companies involved in robotics and AI [3][11] Group 2: Individual Stock Performances - Shangwei New Materials has transformed from a traditional chemical materials company to a key player in the robotics industry, benefiting from national policies supporting humanoid robot innovation, resulting in a 23.73% year-on-year revenue growth and a 49.66% increase in net profit for Q3 [7] - Tianpu Co., Ltd. ranks second with a 1662% increase, driven by the TPU theme and expectations surrounding the acquisition by Zhonghao Xinying, with a notable rise in stock price following the positive developments in domestic computing power [11] - *ST Yushun and *ST Yazhen follow with increases of 719% and 636% respectively, indicating a strong performance among ST stocks [3][6] - Shenghong Technology, with a 588% increase, has capitalized on the demand for AI-driven PCB products, reporting a 324% increase in net profit for the first three quarters [12]

Group 1 - The core point of the article is that Kelu Electronics announced a total external guarantee amount of RMB 1.9 billion, which represents 380.61% of the company's audited net assets as of December 31, 2024 [1] - The current balance of external guarantees is approximately RMB 584 million, accounting for 116.91% of the company's audited net assets as of December 31, 2024 [1] - As of the report date, Kelu Electronics has a market capitalization of RMB 13 billion [1] Group 2 - For the first half of 2025, Kelu Electronics' revenue composition is as follows: energy storage business accounts for 49.83%, smart grid accounts for 48.74%, property accounts for 0.91%, comprehensive energy management and services account for 0.43%, and other businesses account for 0.09% [1]

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" 2024年1至12月份，盛弘股份的营业收入构成为：新能源行业占比78.02%，智能电网占比19.86%，其他 业务占比2.12%。 截至发稿，盛弘股份市值为123亿元。 每经AI快讯，盛弘股份（SZ 300693，收盘价：39.38元）发布公告称，2025年12月29日9:30-11:00，盛 弘股份接受浙江思悦投资等投资者调研，公司董事会秘书胡天舜先生，投关总监张原先生参与接待，并 回答了投资者提出的问题。 （记者 曾健辉） ...

Core Insights - The economic landscape of Chinese cities is undergoing significant changes, with Shanghai leading with a GDP of 5.7 trillion yuan, followed by Beijing at 5.2 trillion yuan and Shenzhen at 3.89 trillion yuan, indicating a shift towards a competition based on "new quality productivity" rather than mere scale [1][2] Group 1: Economic Performance - Shanghai's GDP of 57,073.36 billion yuan represents a growth of 3,146.65 billion yuan from the previous year, driven by a dual engine of finance and technology innovation [2] - Beijing's GDP is projected to reach 52,781.23 billion yuan, with an increase of 2,938.13 billion yuan, showcasing its stable economic position [2] - Shenzhen's GDP is expected to hit 39,025.67 billion yuan, reflecting a growth of 2,223.80 billion yuan, highlighting its role in the digital economy [2] Group 2: Emerging Cities - Quanzhou has surpassed Foshan with a GDP of 918.2 billion yuan, driven by a strong presence of global enterprises and a digital economy that is expected to contribute over 15% to its GDP by 2025 [5] - Yancheng's rise over Nanchang is attributed to its robust new energy sector, with an expected output of over 300 billion yuan, accounting for 28% of its GDP [7] - The digital transformation in Quanzhou's traditional industries has led to a significant increase in its semiconductor sector, which has grown from 3% to 7% of the national market share [5] Group 3: Industry Trends - The Long Triangle region is experiencing a "spillover effect" from Shanghai, with technology contract transactions expected to exceed 380 billion yuan in 2024 [3] - Yancheng's focus on a "dual carbon economy" is reflected in its advancements in renewable energy technologies, positioning it for sustainable growth [7] - Quanzhou's integration of traditional industries with digital capabilities has resulted in a 40% reduction in production cycles, enhancing its competitive edge [5]

以技术突破为内核、以全要素生产率提升为目标的新质生产力，正深刻改写A股赛道的底层划分逻辑。 分析人士普遍认为，在政策红利、技术突破与市场需求的三重共振下，新质生产力相关板块表现亮眼， 核心科技领域成为资金布局的焦点。展望2026年，科技落地、能源基建与制造升级三大方向的投资机遇 逐步凸显，新质生产力正从概念走向产业实践，推动A股开启投资新范式，为资本市场高质量发展注入 强劲动能。 重塑A股赛道划分逻辑 新质生产力是由技术革命性突破、生产要素创新性配置、产业深度转型升级而催生的当代先进生产力， 它通过优化劳动者、劳动资料、劳动对象及其组合，实现全要素生产率提升。多位受访分析师认为，新 质生产力的内涵不仅是对传统生产力理论的扬弃，更是要重新构建出一种全新的发展范式和投资逻辑。 从资本市场视角看，财信证券首席经济学家袁闯认为，新质生产力的核心内涵具备四大关键特征。政策 层面，其符合战略性新兴产业与未来产业定位，既涵盖新能源、新材料等成熟新兴产业集群，也包括量 子科技、脑机接口等潜力增长点。研发层面，参考科创板指数特征，相关企业研发投入占营收比例需不 低于5%，研发人员占比不低于10%。财务层面，近三年营收复合增速需 ...

Core Viewpoint - ST Changyuan is facing a governance crisis due to the suspension of its chairman, Qiao Wenjian, who is under investigation for misconduct, leading to a proposal for his replacement and the nomination of Yang Tao as a new non-independent director by the major shareholder, Zhuhai Gree Financial Investment Management Co., Ltd [1][2][3] Group 1: Governance Issues - Qiao Wenjian has been unable to fulfill his duties since November 24, 2025, due to being placed under detention by the Huizhou Huizhong District Supervisory Committee for suspected misconduct [2] - The company has been in a state of "no actual controller," which has negatively impacted its development [4] - The company’s articles of association allow for the removal of a director who fails to attend board meetings, which applies to Qiao Wenjian's situation [2] Group 2: Financial Performance - ST Changyuan reported a revenue of 54.38 billion yuan for the third quarter of 2025, a year-on-year decrease of 1.34%, and a net profit attributable to shareholders of -3.28 billion yuan, a staggering decline of 567.01% [5] - The company has seen a downward trend in its financial performance, with net profits of 6.74 billion yuan in 2022 and 0.88 billion yuan in 2023, followed by a net loss of 9.78 billion yuan in 2024, a drop of 1243.44% year-on-year [5] - The main business areas include smart grid equipment and energy internet technology services, but the competitive landscape is challenging, necessitating differentiation in the energy market [6] Group 3: Shareholder Actions - Gree Financial Investment, the largest shareholder, holds a 14.38% stake and has attempted to initiate reforms within the company, but with limited success [7] - The company has faced significant stock price declines, from a peak of 28.47 yuan per share to around 3.50 yuan, representing a nearly 90% drop [6] - Gree Financial has initiated legal actions against the company for financial misrepresentation, indicating dissatisfaction with the current management and governance [8][9]

编者按 "十四五"圆满收官，"十五五"新程再启。不久前召开的省委十四届十次全会，深入学习贯彻党的二十届 四中全会精神和习近平总书记对江苏工作重要讲话精神，对未来五年江苏经济社会发展作出系统谋划和 战略部署。坚定在推进中国式现代化中走在前、做示范，奋力谱写"强富美高"新江苏现代化建设新篇 章，8500万江苏儿女正以饱满的热情、实干的姿态，踏上新的征程。新华日报·交汇点新闻今起推出"奋 进'十五五' 同心创伟业"全媒体行动，对话13个设区市主要负责同志，见证并记录各地勇挑大梁、勇开 新局的担当与奋斗。 □ 本报记者 徐晋 季铖 颜芳 冬日暖阳照进南京江北新区生物医药公共服务平台的实验室，科研人员正埋头研发。在这里，千万元级 的精密设备向园区内上百家中小团队敞开共享。工程师轻触屏幕，蛋白质序列数据渐次浮现，仿佛在探 寻生命密码。不远处，驯鹿生物的洁净车间里，全人源CAR-T细胞正在培养箱中悄然生长。窗外楼宇连 绵，1300余家生物医药企业在此扎根、抽枝、结果。 南京，承载着深厚的历史底蕴，更涌动着面向未来的创新活力。站在"十四五"收官与"十五五"启航的交 汇点，如何在传承与创新中书写高质量发展新答卷？本报记者专访南 ...

Core Viewpoint - The Central Economic Work Conference has outlined a comprehensive plan for economic work in 2026, emphasizing the implementation of more proactive macro policies and detailing eight key areas of focus, including building a strong domestic market and fostering new growth drivers [2][22]. Group 1: Methodology and Policy Direction - The conference introduced the "Five Musts" methodology, which includes fully tapping economic potential, integrating policy support with reform innovation, balancing market freedom with effective governance, combining investments in physical and human capital, and honing internal capabilities to face external challenges [3][24][26]. - The policy tone for 2026 is set to be "more proactive and effective," with a focus on maintaining continuity in fiscal and monetary policies, which is crucial for stabilizing market expectations and enhancing confidence [7][27]. Group 2: Key Focus Areas - The conference highlighted the importance of expanding domestic demand as a primary economic task, addressing the challenges posed by external uncertainties and the imbalance between supply and demand [9][29]. - Specific measures to boost consumption include implementing special actions to stimulate consumption, developing urban and rural income increase plans, and enhancing the supply of quality goods and services [10][30][31]. Group 3: Investment Strategies - The conference aims to stabilize investment by increasing central budget investments, optimizing local government bond management, and leveraging new policy financial tools to invigorate private investment [12][33][34]. - Emphasis is placed on high-quality urban renewal as a dual approach to stabilize investment and improve living conditions [15][34]. Group 4: Innovation and New Growth Drivers - The conference stresses the need for innovation-driven growth, focusing on establishing international technology innovation centers in key regions and enhancing the role of enterprises in innovation [16][35]. - It also calls for the development of key manufacturing industry chains and the expansion of "Artificial Intelligence +" initiatives, indicating a shift towards a more supportive environment for technological advancements [17][36]. Group 5: Market Outlook and Capital Allocation - The market is expected to experience a structural shift, with a focus on technology, consumer sectors, and financial services as key areas for investment [18][39]. - Analysts suggest that the upcoming year may see a resurgence in growth-oriented stocks, particularly in sectors like AI applications, semiconductors, and renewable energy [19][38].