转自：新华财经 新华财经北京1月19日电（胡玉婷）近日，成都振芯科技股份有限公司发布公告，公司董事会决定不同 意控股股东成都国腾电子集团有限公司（以下简称"国腾电子集团"）关于限期召开临时股东会的提议。 表决情况为0票同意，9票反对，0票弃权。 据此前公告，国腾电子集团1月7日向振芯科技发函提请董事会召开2026年第一次临时股东大会提前进行 董事会换届选举，并提名新一届董事会候选人，包括7名非独立董事候选人及3名独立董事候选人。 一次性更换全部董事成员现象较为罕见 查看振芯科技往年年报，2021-2022年公司业绩高速增长后连续两年下滑，2023年、2024年其营业收入 分别为8.52亿元和7.97亿元，同比分别下降27.95%和6.44%；归母净利润分别为7260万元、4000万元， 同比分别下降75.81%和44.91%。 进入2025年，公司业绩回暖，前三季度实现营业收入7.36亿元，同比增长30.56%；归母净利润9277.70 万元，同比增长30.79%。目前，振芯科技主营业务正向"智能化芯片—智能化终端—智能化应用及服 务"转型。 "经多年努力，我们创始团队就跟养孩子似的把公司一步步养大，成为北斗 ...

Core Viewpoint - The board of directors of Zhenxin Technology (振芯科技) unanimously rejected a proposal from the controlling shareholder to convene an extraordinary general meeting to discuss the early replacement of the board of directors, citing concerns over company governance and stability [1][2]. Group 1: Board Meeting and Shareholder Proposal - The board meeting held on January 16, 2026, had all 9 attending directors vote against the proposal from the controlling shareholder, Chengdu Guoteng Electronics Group [1][2]. - Directors expressed concerns that an early board replacement would affect the disclosure of the 2025 annual report and violate industry regulatory requirements [2]. - The board emphasized the importance of stable governance and suggested postponing the extraordinary general meeting until after the annual report disclosure to protect the interests of all shareholders, especially minority investors [2][3]. Group 2: Regulatory Issues - Two days prior to the board meeting, Zhenxin Technology received a warning letter from the Sichuan Securities Regulatory Bureau for violating information disclosure regulations by releasing information through non-statutory channels [3]. - The warning letter indicated that the company’s actions harmed investors' rights to fair information and violated the principles of truthfulness, accuracy, and completeness [3]. Group 3: Financial Performance - Zhenxin Technology has experienced a decline in performance over the past two years, with net profit growth rates of -75.81% and -44.91% for 2023 and 2024, respectively [4]. - The company's net profits for these years were reported at 72.6 million yuan and 40 million yuan, significantly lower than the 300 million yuan net profit in 2022 [4]. - The 2025 Q3 report indicated a revenue of 736 million yuan, a year-on-year increase of 30.56%, with a net profit of 92.8 million yuan, also up by 30.79% [4].

Group 1: OpenAI and Advertising - OpenAI announced the introduction of advertising in the free version and the entry-level subscription tier ChatGPT Go, starting with adult users in the U.S. [2] - The ChatGPT Go subscription service offers enhanced features, including access to the GPT-5.2 Instant model, ten times more messages, and improved memory and context capabilities [2] - OpenAI aims to diversify its revenue model through advertising while maintaining the objectivity of responses [2] Group 2: Apple Trade-In Program - Apple updated its trade-in program to include devices from Huawei and Xiaomi, offering significant trade-in values for various products [4] - The maximum trade-in value for the iPhone 16 Pro Max in China is 5,800 yuan, while the iPad Pro can be traded in for up to 5,800 yuan as well [4] - The program allows consumers to upgrade their devices within a specified period, enhancing customer retention [4] Group 3: Tesla AI Chip Development - Tesla CEO Elon Musk announced that the design of the AI5 chip is nearing completion, with the AI6 chip in early development [5] - Musk emphasized the goal of achieving a nine-month design cycle for future AI chips, including AI7, AI8, and AI9 [5] - The AI chips are expected to become the highest-volume AI chips globally [5] Group 4: Meituan's LongCat Model - Meituan's LongCat team released the open-source model LongCat-Flash-Thinking-2601, achieving state-of-the-art performance in key evaluation benchmarks [8] - The model excels in tool invocation and interaction reasoning, significantly reducing training costs for adapting to new tools [8] - It is the first fully open-source model supporting online free experiences in the rethinking mode, ensuring comprehensive decision-making in complex tasks [8] Group 5: SpaceX and Commercial Spaceflight - SpaceX successfully launched the Falcon 9 rocket, completing its 600th mission by sending the NROL-105 satellite into orbit [11] - The successful launch highlights SpaceX's continued leadership in the commercial spaceflight sector [11] Group 6: Investment Activities - Xiangzhong Technology plans to invest 50 million yuan in Zhejiang Hexin Integrated Circuit Co., acquiring a 2.27% stake, focusing on advanced packaging and testing in the semiconductor industry [12] - Minexplosion Optoelectronics is planning to acquire 100% of the shares of Xiamen Zhizhi Precision Technology Co., Ltd. and Jiangxi Maida Intelligent Technology Co., Ltd., focusing on PCB manufacturing [13] - Yanjing Co. intends to purchase 98.54% of Yongqiang Technology's shares, expanding its business into high-end electronic interconnection materials for integrated circuits [14]

Core Viewpoint - XianDao Jidian's stock price has increased by 9.46% on January 19, reaching 21.18 CNY per share, with a total market capitalization of 19.711 billion CNY, indicating a cumulative increase of 4.54% over three consecutive days [1] Group 1: Company Overview - XianDao Jidian Technology Co., Ltd. is located at Longhua Vanke Center, Shanghai, and was established on October 28, 1991, with its listing date on April 7, 1993 [1] - The company's main business areas include integrated circuits and photovoltaic core equipment, as well as real estate [1] - Revenue composition: 75.14% from bismuth deep processing and compounds, 14.57% from real estate, 10.18% from specialized equipment manufacturing, and 0.11% from other sources [1] Group 2: Shareholder Information - Guotai Fund's Guotai Zhongzheng Semiconductor Materials Equipment Theme ETF (159516) entered the top ten circulating shareholders of XianDao Jidian in Q3, holding 6.4121 million shares, which is 0.69% of the circulating shares [2] - The ETF has generated a floating profit of approximately 11.7341 million CNY today and 5.3862 million CNY during the three-day increase [2] - The ETF was established on July 19, 2023, with a current scale of 8.299 billion CNY and has achieved a year-to-date return of 27.32% [2] Group 3: Fund Performance - Guotai Guozheng Real Estate Industry Index A (160218) holds 627,600 shares of XianDao Jidian, accounting for 2.62% of the fund's net value, ranking as the eighth largest holding [3] - The fund has realized a floating profit of approximately 114.85 thousand CNY today and 52.72 thousand CNY during the three-day increase [3] - The fund was established on January 1, 2021, with a current scale of 358 million CNY and a year-to-date return of 3.47% [3]

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the need for proactive fiscal policies to stabilize and enhance economic growth, focusing on optimizing fiscal management and tax policies to support consumption and investment [1][2]. Fiscal Policy and Economic Growth - The conference highlights the importance of maintaining necessary fiscal deficits and optimizing the structure of fiscal expenditures to enhance macroeconomic governance [1]. - In 2024, China's GDP is projected to reach 134.9 trillion yuan, with a growth rate of 5%, driven by final consumption, capital formation, and net exports [1]. - Domestic demand contributed 70% to economic growth, serving as a stabilizing force [1]. Tax Policy and Consumption - The 2025 conference prioritizes domestic demand and plans to implement actions to boost consumption, including optimizing tax structures and enhancing income distribution [2]. - Tax policies can stimulate household consumption by increasing disposable income, particularly for low- and middle-income groups, who have a higher marginal propensity to consume [2][3]. - Reducing specific goods' tax rates can lower final prices, thereby stimulating consumer demand [4]. Investment and Economic Capacity - The conference calls for measures to stabilize and increase investment, which is crucial for both current demand and future production capacity [5][6]. - Increased investment leads to higher capital stock, enhancing productivity and economic potential [6]. - Tax policies that lower corporate tax burdens can encourage investment by improving after-tax returns [7][8]. Export and International Competitiveness - The conference emphasizes the role of exports in driving economic growth and improving international competitiveness through tax incentives [9][11]. - Export tax rebates and reductions in corporate income tax for export-oriented enterprises can enhance profitability and reinvestment capabilities [11][12]. - Recent improvements in export tax rebate processing times have positively impacted export sales revenue [12]. Structural Reforms and Future Directions - The focus is shifting from broad tax reductions to structural tax optimization, aiming to enhance consumer purchasing power and reduce business costs [16]. - The government plans to implement targeted tax incentives to support innovation and high-tech industries, promoting sustainable economic growth [15][16].

到2035年，上海人均地区生产总值比2020年翻一番。 1月19日，《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》（以下简 称"上海'十五五规划建议'"）全文公布。根据上海"十五五规划建议"，上海"十五五"期间将实现经济增 长保持在合理区间、与全国保持同步，全要素生产率稳步提升，制造业保持合理比重，产业引领力、竞 争力持续提高，服务业创新发展取得重大进展，现代乡村产业体系更为健全，新质生产力加快培育，国 际消费中心城市建设取得突破，内需拉动经济增长主动力作用持续增强。 其中，上海在"十五五"时期将加强量子科技、脑机接口、可控核聚变、生物制造、第六代移动通信等领 域敏捷布局；积极推动筹建上海国际金融资产交易平台；支持市场化并购基金、企业风险投资基金、外 资创投基金发展，完善股权投资交易定价机制和退出渠道等。 在此基础上再奋斗五年，到2035年，上海"五个中心"功能全面升级，重要发展指标达到国际领先水平， 城市能级和核心竞争力显著提升，人均地区生产总值比2020年翻一番，基本建成具有世界影响力的社会 主义现代化国际大都市。 加快建设"五个中心" 上海"十五五规划建议"表示，上海在"十五五" ...

Core Viewpoint - By 2035, Shanghai aims to double its per capita GDP compared to 2020, focusing on maintaining economic growth, enhancing productivity, and developing key industries and services [1]. Group 1: Economic Growth and Development Goals - Shanghai's "15th Five-Year Plan" emphasizes achieving reasonable economic growth while synchronizing with national trends, improving total factor productivity, and maintaining a balanced manufacturing sector [1]. - The plan includes significant advancements in service sector innovation and the establishment of a modern rural industrial system [1]. - By 2035, Shanghai aims to upgrade its "five centers" functions, achieving international leadership in key development indicators [1]. Group 2: Key Industry Focus Areas - Shanghai will focus on agile development in quantum technology, brain-computer interfaces, controlled nuclear fusion, biomanufacturing, and sixth-generation mobile communications [1][4]. - The city plans to enhance its international economic center status by developing three leading industries, including integrated circuit equipment and biomedicine [3][4]. - The promotion of artificial intelligence innovation and the establishment of six emerging pillar industry clusters are also key components of the plan [4]. Group 3: Financial Sector Development - Shanghai aims to strengthen its international financial center by establishing a global RMB asset allocation center and risk management center [5]. - The city will enhance financial market connectivity and develop a comprehensive technology-driven financial service system [5]. - Initiatives will include the promotion of green finance and the development of inclusive finance to address challenges faced by small and medium-sized enterprises [5]. Group 4: International Trade and Shipping - The plan emphasizes enhancing Shanghai's role as a global trade hub, focusing on high-value product exports and the development of service trade [6]. - Shanghai will work on becoming a leading international shipping center by improving its global maritime and air transport capabilities [6]. Group 5: Technological Innovation and Talent Development - The plan includes deepening basic research and optimizing investment mechanisms to produce significant original outcomes in high-risk, high-value areas [7]. - It aims to create a talent development system that aligns with technological innovation, fostering a new generation of scientists and entrepreneurs [7]. Group 6: Reform and Opening Up - Shanghai's strategy includes deepening high-level reforms and opening up to enhance the vitality of various business entities [9]. - The city will focus on market-oriented reforms and the establishment of an open economic system [10][11]. - Specific measures will include optimizing state-owned enterprise reforms and supporting the growth of the private economy [9][10].

Core Insights - The article highlights the significant progress made in the industrial optimization and upgrading of the Huqiu District over the past five years, with major industries such as new-generation information technology and high-end equipment manufacturing achieving substantial output values of 130 billion and 140 billion respectively [1][2] - The district aims to implement four major initiatives by 2025 to promote high-quality development, focusing on the integration of technological and industrial innovation, urban renewal, safety, and key project attraction [1] Group 1: Industrial Development - The output value of high-tech industries accounts for 60.2% of the total industrial output value in the district [1] - Over the past five years, the district has added 726 projects worth over 100 million and 99 projects worth over 1 billion, ranking first in the province for major projects for three consecutive years [2] - The proportion of R&D expenditure to the district's GDP increased from 4.39% to 4.85%, with 98.3% of industrial enterprises having established R&D institutions [2] Group 2: Innovation and Technology - The establishment of the Suzhou campus of Nanjing University and the approval of four national key laboratories contribute to the district's innovation landscape [2] - The district is home to 1,952 national high-tech enterprises, 95 specialized and innovative "little giant" enterprises, 95 potential unicorns, and 516 gazelle enterprises [2] - The district has received 23 China Patent Awards, with the number of valid invention patents per ten thousand people being 1.8 times the city average [2] Group 3: Future Initiatives - The district plans to implement twelve actions during the "14th Five-Year Plan" period, focusing on enhancing regional competitiveness and sustainable development [2] - Key areas of focus include the integration of production and innovation, deepening reform and opening up, strengthening regional collaboration, and promoting cultural empowerment [2] - The goal is to establish the district as a major hub for industrial science and technology innovation and a significant growth driver for new productive forces [2]

Group 1 - The A-share market has initiated a "spring rally" in 2026, with sectors such as commercial aerospace, brain-computer interfaces, and semiconductors showing significant activity, while humanoid robots and innovative drug concept stocks remain vibrant [1] - In this active market environment, investment strategies should include both high-risk, high-reward instruments and those that control drawdowns and reduce volatility, focusing on stable returns and expert-managed thematic funds in sectors like integrated circuits [1][2] - The new fund, Silver Hua Smart Mixed Fund, aims to balance aggressive growth in technology sectors with absolute return strategies, emphasizing risk control and investor experience [3][4] Group 2 - The investment philosophy of the fund manager, Fang Jian, is to buy good companies with growth potential at reasonable prices and hold them long-term, aiming to share in the growth dividends of these companies [2] - Fang Jian emphasizes the importance of selecting growth stocks with strong performance and certainty over the next 3 to 5 years, focusing on core leading companies that have room for growth [2][3] - The fund manager believes that the AI sector represents a significant long-term investment opportunity, driven by the need for technological advancements to address core human challenges [6][7] Group 3 - The AI revolution is seen as a major industrial opportunity, with essential tasks involving efficient data processing reliant on semiconductors and integrated circuits, which are crucial for computational power [7] - Fang Jian identifies robotics and automotive applications as secondary growth industries benefiting from AI, with a particular focus on innovative drug development in China, which has seen significant advancements [8] - The fund manager expresses concerns about potential risks in 2026, particularly regarding the commercialization of AI technology in the U.S. and geopolitical uncertainties that could impact market confidence [8]

Core Viewpoint - The article outlines the strategic recommendations for Shanghai's 15th Five-Year Plan, emphasizing the construction of a modern industrial system centered on advanced manufacturing, digital transformation, and green development, aiming to enhance Shanghai's global competitiveness and establish it as a world-class international metropolis [1][2]. Group 1: Economic and Social Development Goals - The 15th Five-Year Plan period is crucial for accelerating the establishment of a globally influential socialist modern international metropolis, with a focus on high-quality development and the enhancement of urban functions [3][4]. - The plan aims for significant achievements in high-quality development, with economic growth synchronized with national trends, improved productivity, and a robust service sector [11][12]. Group 2: Industrial and Technological Innovation - The plan proposes a "2+3+6+6" modern industrial system, focusing on advanced manufacturing, digitalization, and green transformation, while promoting the application of robotics and intelligent manufacturing [15]. - It emphasizes the development of three leading industries: integrated circuits, biomedicine, and artificial intelligence, aiming for breakthroughs across the entire industrial chain [15]. Group 3: Urban and Regional Development - The plan highlights the importance of optimizing urban spatial layout and promoting regional coordinated development, particularly in the Yangtze River Delta region [35][39]. - It aims to enhance the core functions of the city, improve public services, and ensure a balanced urban-rural development [13][36]. Group 4: Financial and Trade Enhancements - The plan focuses on strengthening Shanghai's position as an international financial center, enhancing cross-border financial services, and promoting the internationalization of the Renminbi [19][20]. - It aims to upgrade the international trade center by optimizing trade structures and enhancing the capabilities of service trade and digital trade [22][23]. Group 5: Cultural and Social Development - The plan emphasizes the importance of cultural development, promoting socialist core values, and enhancing the city's cultural soft power [42][43]. - It aims to improve the quality of life for residents, ensuring equitable access to public services and promoting sustainable urban living [13][37].