应国家主席习近平邀请，韩国总统李在明将于2026年1月4日至7日对中国进行国事访问。韩联社30日报 道称，这将是李在明就任总统后首次访华。韩国总统府发言人透露，李在明将在北京与中国领导人会 晤，这是两国领导人今年11月在韩国庆州出席亚太经合组织（APEC）第三十二次领导人非正式会议并 举行会谈后，仅隔两个月再会，将进一步巩固韩中战略合作伙伴关系全面恢复的势头。 青瓦台发言人姜由桢30日在记者会上表示，根据安排，2026年1月4日至6日，李在明将在北京与中国领 导人会谈，并出席国宴、旅华韩侨座谈会等活动，之后于6日至7日前往上海。"两国领导人此次将仅隔 两个月再会，进一步巩固韩中战略合作伙伴关系全面恢复的势头，并就供应链、投资、数字经济、跨国 犯罪应对、环境等方面切实惠及民生的合作方案交换意见。"姜由桢说。 上海对外经贸大学朝鲜半岛研究中心主任詹德斌30日对《环球时报》记者表示，李在明新年伊始来 访，"新年新气象，李在明的中国之行也象征着中韩关系将在新的起点上重整行装再出发，有望迎来一 段企稳回升的时期"。他提到，李在明之前的双边出访是访日和访美，这表明韩国希望尽快同时处理好 与美国、日本、中国的双边关系。 在 ...

Group 1: Company Developments - Manus announced its upcoming integration with Meta, continuing to operate in Singapore while enhancing its product offerings without altering its operational structure [2] - SoftBank has completed a total investment commitment of $40 billion in OpenAI, with the final tranche of $22 to $22.5 billion recently disbursed [2] - Tencent launched and open-sourced its translation model 1.5, which supports 33 languages and various dialects, now available for download [2] Group 2: Financial Insights - Zhiyuan Huazhang Technology plans to go public on the Hong Kong Stock Exchange on January 8, 2026, aiming to raise approximately HKD 4.3 billion with an expected market capitalization exceeding HKD 51.1 billion [4] - Jason Entertainment completed a new round of strategic financing worth several hundred million yuan, focusing on product innovation and market expansion [4] - Shanghai Tinychip Micro announced a new round of financing nearing 100 million yuan, aimed at increasing production capacity for specialized chips [5][6] Group 3: Industry Trends - Baidu Smart Cloud introduced a comprehensive AI solution for the consumer electronics sector, integrating chip, framework, and platform capabilities [3] - Fanlian Xinan completed a new round of financing, with funds directed towards AI tool upgrades and smart manufacturing research [7] - Soft通教育 secured several million yuan in strategic financing to develop a digital platform for industry-education integration [8]

要闻速递 1、两部门：2026年个人购买手机、平板、智能手表手环、智能眼镜等4类产品 给予15%补贴 国家发展改革委、财政部发布关于2026年实施大规模设备更新和消费品以旧换新政策的通知。支持家电以旧换新。个人消 费者购买冰箱、洗衣机、电视、空调、电脑、热水器等6类家电中1级能效或水效标准的产品，按产品销售价格的15%给予 补贴，每位消费者每类产品可补贴1件，每件补贴不超过1500元。支持数码和智能产品购新。个人消费者购买手机、平板、 智能手表手环、智能眼镜等4类产品（单件销售价格不超过6000元），按产品销售价格的15%给予补贴，每位消费者每类产 品可补贴1件，每件补贴不超过500元。支持智能家居产品（含适老化家居产品）购新补贴，具体补贴品类、补贴标准由地 方结合实际自主合理制定。支持汽车报废更新。个人消费者报废登记在本人名下的乘用车，并购买纳入《减免车辆购置税 的新能源汽车车型目录》的新能源乘用车或2.0升及以下排量燃油乘用车的，给予汽车报废更新补贴支持，购买新能源乘用 车补贴车价的12%（最高不超过2万元）、购买2.0升及以下排量燃油乘用车补贴车价的10%（最高不超过1.5万元）。支持 汽车置换更新。个 ...

"与2025年政策相比，2026年将智能眼镜纳入了支持范围，这是明显的增量部分。"中泰证券研究所政策 团队首席分析师杨畅向上海证券报记者表示，可以预期这将对相关产业产品形成利好。 国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》12月 30日对外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。据悉，为优化实施"两新"政 策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，近日，国家发展改革委会同财政部，已 向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 将智能眼镜纳入支持范围 2026年"两新"政策，在支持范围、补贴标准、实施机制等三个方面进行了优化。 设备更新方面，总体延续2025年支持范围，在继续支持工业、电子信息、能源电力、交通运输、物流、 教育、文旅、医疗、设施农业、粮油加工、安全生产、海关查验、住宅老旧电梯、节能降碳环保等领域 设备更新项目的基础上，将老旧小区加装电梯、养老机构、消防救援设施、检验检测等领域设备更新纳 入支持范围，更好满足民生和安全需要。并且，在消费基础设施领域，增加商业综合体、购物中心 ...

在这个万物互联的时代，人们已经习惯了生活的极简模式。 衣食住行被折叠进了各种应用程序里，点击屏幕——外卖送上楼，专车开到门口，甚至连问诊都可以隔 着屏幕完成，效率被推向了极致，生活似乎变成了一场不需要见面的"无接触"配送。 这种便利确实让人着迷，直到那个小意外发生。 也许是在异地出差的深夜，手机突然黑屏，里面存着明早要用的资料；也许是刚给家里买的路由器组网 失败，怎么也连不上网；也许是刚给父母买的新手机，隔着电话难以沟通清楚使用操作。在这些生活意 外"卡壳"瞬间，才让人猛然发现，习惯了远程解决问题后，在身边竟然找不到一个具体的、可以面对面 交谈的支点。 那一刻，机械的智能客服回复和标准化的"请稍候"不再奏效，大家渴望看到一家街角的门店，推门进去 有暖气和热茶；渴望听到一个真实的声音，告诉你"别急，我来看看"。 随着数字技术的深度渗透与Z世代等新生代消费群体成为主力，消费者对服务的即时性与情感价值的期 待开始发生变化，大家需要的不仅仅是高效的设备维修，更是一份能时刻在身边、有温度的真实回应。 因而一套线上线下共同支持、以专业和温度共同支撑的服务体系，或许才能满足这份期待。 华为服务在做的，就是这样一件事。 无处 ...

Group 1 - The core viewpoint is that while the Chinese yuan has stabilized against the US dollar and trade surplus has exceeded $1 trillion, there are underlying issues such as declining industrial profits and pressure on traditional export sectors, indicating a structural transition in the economy [1][15][31] - The importance of the US as an export destination is decreasing, with ASEAN, the EU, Africa, and Latin America emerging as new growth sources for Chinese exports [7][8] - The current trade surplus is not a distortion but reflects a shift from low-cost goods to high-tech products and critical intermediate goods in the global supply chain [18][20] Group 2 - The decline in industrial profits, particularly in traditional export industries like textiles and footwear, contrasts sharply with the record trade surplus, highlighting the challenges faced by companies during this transition [17][21] - The structural changes in the economy are leading to a focus on profitability and upgrading rather than merely expanding through low prices, which is a significant shift from previous business models [24][27] - The profitability in high-tech sectors such as electronics and semiconductors is increasing, indicating a concentration of resources towards areas with long-term competitive advantages [26][29] Group 3 - The simultaneous occurrence of the yuan breaking 7, the trade surplus surpassing $1 trillion, and profit pressures reflects different facets of the same transformation, emphasizing China's critical position in global competition while acknowledging the exit of old growth models [31][33] - The focus should be on whether new growth drivers can develop quickly enough to fill the gap left by the decline of old drivers, as this transition is expected to be accompanied by discomfort and challenges [33]

Core Insights - The 2026 Consumer Trends Conference hosted by Zhimeng in Beijing highlighted the evolution of consumer trends over the past decade and identified structural opportunities for brands in 2026 [1][3] - Zhimeng Consulting presented ten key consumer trends for 2026, emphasizing the shift from capturing attention to building public value consensus among consumers [5][8] Group 1: Consumer Trends - The ten consumer trends identified include: rational-emotional coexistence, quality calculation, spiritual nomadism, daily highlights, empathetic experiences, local trends, insiderism, health tuning, brand consensus, and AI scenario power [5] - Brands are urged to focus on creating public recognition and emotional resonance rather than merely competing for attention in a saturated market [5][10] Group 2: Market Dynamics - The market is experiencing an overload of choices, with over 20 million new consumer products introduced in 2024 alone, leading to a challenge for brands to differentiate themselves [8][10] - The proliferation of short video accounts and content has resulted in a noisy environment where consumers struggle to discern valuable information, leading to a sense of brand indifference [10][11] Group 3: Brand Consensus - Brand consensus is defined as a multi-layered process that includes cognitive consensus, value consensus, emotional consensus, and experiential consensus [12][13] - Cognitive consensus refers to the unique position a brand holds in consumers' minds, often encapsulated in a memorable phrase or symbol [13] - Value consensus focuses on the brand's value stance and lifestyle proposition, exemplified by brands like Bosideng, which connects its products to broader public values [15][17] - Emotional consensus is about the stable emotional experiences a brand evokes in consumers, often stemming from relatable stories or experiences [18][20] - Experiential consensus occurs when consumers instinctively associate a brand with specific situations, as demonstrated by Vivo's focus on concert photography [20][22] Group 4: Role of Centralized Media - Centralized platforms like Weibo are crucial for building brand consensus, as they facilitate public discussions and shared memories [25][28] - The process of creating brand consensus involves multiple stakeholders, including media, KOLs, and consumers, contributing to a collective understanding of the brand [26][28] - Successful brands become part of the social narrative, transcending individual marketing efforts to establish a lasting presence in consumers' minds [26][28]

Core Viewpoint - The GDP growth target for 2026 is expected to remain around 5%, with macro policies aimed at promoting consumption and expanding investment to ensure a good start for the 14th Five-Year Plan [6][1]. Export Performance - China's exports showed resilience in 2025, with nominal year-on-year growth of 5.4% in USD terms and 6.2% in RMB terms for the first 11 months [7]. - The strong export performance is attributed to factors such as transshipment trade, increased capital goods exports driven by Chinese companies going abroad, and the delayed impact of US tariffs on global trade [8][10]. - For 2026, it is projected that China's exports will continue to grow by 3.4% year-on-year, supported by stable US-China tariffs and cost advantages [10][31]. Manufacturing Investment - Manufacturing investment in China is expected to recover slightly in 2026, with a year-on-year growth of around 2%, up from approximately 1% in 2025 [2][57]. - The recovery is supported by resilient exports and continued policy support for advanced manufacturing, particularly in the context of national security and technological development [49][57]. - Factors such as "strong supply and weak demand" and "anti-involution" expectations have negatively impacted manufacturing investment in 2025, but these conditions are expected to improve [39][40]. Real Estate Sector - The direct drag of the real estate sector on the economy is expected to weaken in 2026, with a projected year-on-year decline in commercial housing sales area of about 5% [59]. - Real estate investment is anticipated to decline by approximately 11% year-on-year in 2026, an improvement from a 16% decline in 2025, indicating a reduced direct impact on the economy [63][58]. - Policies are being implemented to mitigate the risks associated with a weakening real estate sector, including measures to support housing demand and improve the financial health of real estate companies [63][66]. Consumption and Investment Expansion - Expanding domestic demand is identified as a crucial path to achieving the 5% GDP growth target in 2026, with a focus on promoting consumption and investment [66]. - The government is expected to maintain support for consumption through special bonds, with funding levels likely to remain at least equal to the 300 billion RMB allocated in 2025 [67][72]. - Infrastructure investment is projected to rebound to around 8% year-on-year in 2026, supported by previously announced policies and a focus on major projects [4][66].

Core Viewpoint - The GDP growth target for 2026 is expected to remain around 5%, with macro policies focusing on promoting consumption and expanding investment to ensure a good start for the 14th Five-Year Plan [3] Export Performance - China's export performance in 2025 was better than expected, with nominal exports increasing by 5.4% in USD and 6.2% in RMB in the first 11 months. After adjusting for price factors, actual export growth was 7.9% in USD and 9.0% in RMB [4][5] - The strong external demand contributed significantly to China's economic growth, with net exports boosting GDP growth by 1.5 percentage points in the first three quarters of 2025, accounting for 29.0% of the cumulative GDP growth [4] - The expected growth rate for China's exports in 2026 is projected at 3.4% in USD terms, supported by stable US-China tariffs and China's cost advantages [9][28][30] Manufacturing Investment - Manufacturing investment is expected to recover slightly in 2026, from around 1% growth in 2025 to approximately 2% in 2026, driven by resilient exports and policy support for advanced manufacturing [31][46] - The decline in manufacturing investment in 2025 was attributed to "strong supply and weak demand" and trade friction, but the outlook for 2026 suggests a recovery due to improved export expectations and continued policy support [36][46] Real Estate Sector - The direct drag of the real estate sector on the economy is expected to weaken in 2026, with a projected decline in commodity housing sales area of about 5% and a narrowing of the decline in real estate investment to around -11% [55][58] - The real estate sector's recovery will depend on improved consumer confidence and the successful resolution of credit risks among property developers [56][57] Consumption and Investment - Expanding domestic demand is crucial for achieving the 5% GDP growth target in 2026, with a focus on promoting consumption and investment [64] - The government is expected to maintain support for consumption through long-term special bonds, with a funding scale at least equal to the 300 billion RMB allocated in 2025 [66][68] - Infrastructure investment is projected to rebound to 8% growth in 2026, supported by previously announced policies [64]

12月29日恒生指数下跌0.71%，南向资金全天合计成交金额为1151.58亿港元，其中，买入成交558.72亿 港元，卖出成交592.86亿港元，合计净卖出金额34.14亿港元。具体来看，港股通（深）累计成交金额 442.12亿港元，买入成交205.64亿港元，卖出成交236.48亿港元，合计净卖出金额30.84亿港元；港股通 （沪）累计成交金额709.46亿港元，买入成交353.08亿港元，卖出成交356.38亿港元，合计净卖出金额 3.31亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额66.55亿港 元，腾讯控股、中芯国际成交额紧随其后，分别成交60.71亿港元、51.50亿港元。以净买卖金额统计， 净买入的个股共有3只，招商银行净买入额为9.71亿港元，净买入金额居首，该股收盘股价上涨1.07%， 华虹半导体净买入额为2.62亿港元，江西铜业股份净买入额为2259.48万港元。净卖出金额最多的是中国 移动，净卖出14.50亿港元，该股收盘股价下跌1.21%，阿里巴巴-W、紫金矿业遭净卖出10.24亿港元、 6.22亿港元。 今日上榜个股中，中芯国际、优必选、 ...