《中共贵州省委关于制定贵州省国民经济和社会发展第十五个五年规划的建议》指出，推动数字经济做 强做优引领支撑"数智贵州"建设。虚拟集聚代表了数字经济时代生产性服务业发展的新方向、新形态。 贵州凭借大数据发展的先发优势与战略定力，完全有能力，也有必要抓住这一机遇，将数字基础设施优 势转化为虚拟集聚胜势。通过夯实数字底座、培育平台生态、深化数实融合、优化制度环境，系统推进 生产性服务业的虚拟化集聚、网络化协同与智能化升级，必将有力驱动全省生产性服务业能级实现跨越 式跃升，为贵州围绕"四新"主攻"四化"、构建贵州特色现代化产业体系、推动高质量发展注入强劲的数 字新动能。 深化数实融合，拓展虚拟集聚的应用场景与价值空间。聚焦重点产业，推动虚拟集聚与实体经济深度融 合。实施"虚拟集聚+特色产业"赋能行动。在白酒产业，推动构建覆盖原料溯源、协同酿造工艺研发、 数字仓储、精准营销的全产业链虚拟服务联盟；在旅游产业，通过虚拟平台整合策划、设计、营销、金 融等服务，为景区、民宿等提供远程智力支持与运营解决方案。推广云端协同制造服务新模式。鼓励制 造企业将研发设计、工程仿真、运维服务等环节剥离，通过虚拟平台与全球或全国的优质服务资 ...

Group 1 - Citigroup Private Bank maintains an overweight rating on the Chinese market within the emerging markets sector, having reduced exposure to Asian emerging market stocks outside of China to optimize asset allocation [1] - Foreign institutions generally hold a positive outlook on Chinese stocks for 2026, with corporate profit improvement being the key driver for market growth [2] - The proportion of companies in the MSCI China Index that have raised earnings forecasts has increased by about 2 standard deviations since May 2025, marking the best performance since 2020 [2] Group 2 - UBS forecasts that the overall A-share profit growth rate is expected to rise from 6% in 2025 to 8% in 2026, driven by nominal GDP growth, revenue increases, supportive policies, and the implementation of "anti-involution" policies [2] - Daniel Morris from BNP Paribas highlights that the greatest profit growth potential in China is concentrated in the technology sector, which is less affected by trade policies due to its revenue being more service-oriented [3] - There has been a significant inflow of global investment into Chinese assets, with $83.1 billion in net inflows into ETFs since 2025, indicating a strong interest from foreign capital in the Chinese market [4] Group 3 - Morgan Stanley's chief equity strategist for China anticipates that more foreign capital will return to the Chinese market in 2026, with passive foreign funds already showing significant inflows while active funds are expected to follow [4] - The current equity risk premium in the A-share market remains above historical averages, suggesting potential for further valuation increases driven by macro policies, accelerated profit growth, and long-term capital inflows [5]

Core Viewpoint - Bridgewater Associates, led by Ray Dalio, is one of the world's top hedge funds managing over $100 billion, making prudent investment decisions despite market uncertainties [1][8] Group 1: Investment Strategy - The fund has made several trades in Q3, reflected in its 13F report, adopting a relatively conservative investment strategy with core holdings in two tech giants and two ETFs [1][8] - The highest allocation is in iShares Core S&P 500 ETF (IVV) at 10.62%, with a 4.83% increase in Q3, holding over 1 million shares since 2010 [2][9] - The second largest holding is SPDR S&P 500 ETF Trust (SPY) at 6.69%, also tracking the S&P 500 index, and has shown a 17.41% increase year-to-date [3][10] Group 2: iShares Core S&P 500 ETF (IVV) - IVV has an asset management size of $733 billion, with a dividend yield of 1.04% and a low fee of 0.03% [2][9] - The ETF has a three-year cumulative return of 94.83% and a five-year return of 114.12%, making it a reliable choice for broad U.S. stock exposure [2][9] - As of 2025, IVV has increased by 17.09%, currently trading at $687.83 [2][9] Group 3: SPDR S&P 500 ETF Trust (SPY) - SPY holds 503 stocks with a fee of 0.09% and a dividend yield of 1.04%, similar to IVV [3][10] - The ETF has a three-year cumulative return of 20.43% and a five-year return of 15.12%, providing a solid foundation for investment portfolios [3][10] - As of 2025, SPY has increased by 17.41%, currently trading at $684.83 [3][10] Group 4: Alphabet (GOOGL) - Alphabet constitutes 2.53% of Bridgewater's portfolio, holding over 3 million shares, despite a gradual reduction in holdings [4][11] - The stock price has surged by 61.89% year-to-date, currently at $308.61, supported by a robust AI ecosystem [4][11] - Recent financial performance includes revenue of $102.3 billion, a 16% year-over-year increase, and a net profit surge of 33% [4][11] Group 5: Microsoft (MSFT) - Microsoft represents 2.23% of the portfolio, with a slight reduction in Q3, yet remains a top holding [6][13] - The stock price has risen by 15.80% year-to-date, currently trading at $484.72, with a dividend yield of 0.75% [6][13] - Recent financial results show revenue of $77.67 billion, an 18% increase, and cloud revenue growth of 28% to $30.9 billion [6][13]

Group 1: Copper Market - Copper prices have reached a historic high, breaking the $12,000 per ton mark, driven by significant mine shutdowns and trade disruptions related to U.S. tariffs [1] - Citigroup warns that in a bullish scenario, copper prices could potentially reach $15,000, attracting more aggressive investments [1] Group 2: Autonomous Driving - China has officially entered the mass production phase of autonomous driving, with Beijing issuing the first L3-level vehicle special license plates [2] - The commercialization of intelligent driving technology is expected to accelerate by 2026, laying the groundwork for future advancements [2] Group 3: A-Share Market - A-shares have recorded a historic annual trading volume exceeding 400 trillion yuan, with an average turnover rate of approximately 1.74% [3] - Nineteen stocks have surpassed a trading volume of 1 trillion yuan, with notable performances from companies in the technology and communication sectors [3] Group 4: Investment Funds - Three major sub-funds of the National Venture Capital Guidance Fund have been established, with total contributions exceeding 120 billion yuan [4] - These funds aim to attract significant local and social capital, focusing on long-term investments in hard technology [4] Group 5: Banking Sector - In Shenzhen, the minimum interest rate for mortgage-backed business loans has risen to 2.35% annually, up from a previous low of 2.2% [5] Group 6: Drone Industry - The U.S. has placed DJI drones on a "regulated list," prompting strong opposition from Chinese officials who argue against discriminatory practices [6][7] Group 7: Food Safety Regulations - New regulations for food live-streaming sales are set to be announced, aiming to enhance food safety responsibilities among various stakeholders in the live-streaming e-commerce sector [8] Group 8: Automotive Market - Tesla's sales in Europe have declined by nearly 12%, while BYD has seen a significant increase in market share, with sales up 221.8% [9] Group 9: Medical Devices - A new round of centralized procurement for high-value medical consumables is set to begin, with expectations of improved performance for related stocks in the medical device sector [10] - Notable stocks in this sector include Zhendemedical and Nanwei Medical, which have seen significant net purchases from leveraged funds [10][11] Group 10: Positive and Negative Announcements - China Power Construction has secured a project contract worth approximately 6.626 billion yuan [15] - Negative announcements include penalties for shareholders of Haohai Biological Technology totaling over 14.62 million yuan [15]

Group 1: Economic Development and Business Environment - Jiangsu Province has strengthened its domestic circulation development foundation during the "14th Five-Year Plan" period, enhancing economic growth support significantly [2] - The province has been recognized as having the best business environment for five consecutive years, with over 14.6 million business entities, including more than 10 million registered individual businesses [2] - The total assets of provincial state-owned enterprises have increased by nearly 600 billion yuan compared to the end of the "13th Five-Year Plan" [2] Group 2: Foreign Investment and Trade - Jiangsu Province has utilized over 119 billion USD in foreign investment over the past five years, maintaining the top position in the country [3] - The province's total import and export volume reached 26.9 trillion yuan, accounting for more than 1/8 of the national total, with electric passenger vehicles, lithium batteries, and solar cells leading in exports [3] - The province has seen a 10% annual growth in imports and exports with countries involved in the Belt and Road Initiative, increasing their share from 42.9% in 2023 to 50% [3] Group 3: Data and Capital Market Development - Jiangsu Province has established a unified data trading system, with 1,977 data merchants and service institutions and a cumulative trading volume of 213 million yuan [4] - The province has actively participated in multi-level capital market reforms, with over 450 companies in the listing reserve database and 26 new domestic listed companies this year, ranking first in the country [4] - The total number of domestic listed companies in Jiangsu has reached 720, with the highest number of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange [4]

证券日报网讯12月23日，美登科技发布公告称，公司披露使用闲置自有资金1000万元购买宁波银行单位 结构性存款，期限180天，预计年化收益率1.20%或2.05%或2.25%，未到期理财余额1.15亿元，占2024年 经审计净资产27.95%。 ...

全省现场会上， 他们晒出"百千 万工程"三年突 出成果_南方+_ 南方plus 12月23日，全省 推进"百县千镇 万村高质量发展 工程"促进城乡 区域协调发展现 场会召开。会 上，部分市县和 单位代表作专题 汇报，回顾三年 来探索与实践的 坚实足迹，共同 勾勒"五年显著 变化"蓝图。这 场会议，既是 对"百千万工 程"三年成果的 集中检阅，更是 向更高目标进发 的全面动员。一 场关乎发展格局 的深刻变革，正 在南粤热土上加 速演进。 全省推进"百县千镇万村高质量发展工程"促进城乡区域协调发展现场会（蓝东旭 摄） "质"的突破，焕 发城乡新气象 "百千万工程"实 施三年来，广东 城乡区域发展不 平衡的难题如何 破解？一组数据 可见成效：全省 57个县（市） GDP增速连续两 年跑赢全省平均 水平，县城人口 实现整体性净流 入，县域常住人 口城镇化率从 44.72%攀升至 46.48%，城乡居 民收入比则从 2.41∶1缩小至 2.31∶1。这背 后，正是广东 以"百千万工 程"为引领，走 出的城乡区域协 调发展新路径。 县镇村如何高质 量发展？涵盖广 州从化、增城区 和惠州市博罗 县、龙门县4个 县（区）、2 ...

Group 1 - Ningbo Huaxiang's subsidiary signed a contract for the production of robot joints, which will enhance its competitive advantage in smart robot components [1] - The contract will not significantly impact the company's current financial performance, but will positively affect future results starting from January 2026 [1] Group 2 - Jiufeng Energy's special fuel and gas supply project for the Hainan commercial space launch site is nearing completion, with products already validated through multiple rocket launches [2] - The company is advancing its Phase II expansion plan with an estimated total investment of approximately 300 million yuan [2] Group 3 - Zhenyu Technology plans to invest at least 1 billion yuan in projects related to core components for humanoid robots and other advanced technologies [3] - The company has signed strategic cooperation agreements for these investments, indicating a strong commitment to expanding its technological capabilities [3] Group 4 - Haibo Shichuang's subsidiary plans to invest 2 billion yuan in a smart green energy storage factory project, aimed at enhancing R&D and manufacturing capabilities [2] - The project is expected to positively impact the company's financial status and long-term sustainability [2] Group 5 - Various companies are involved in significant equity transfers and acquisitions, including ST Jinglan's acquisition of a 51% stake in a South African company and Jianlong Micro-Nano's 200 million yuan acquisition of a 40% stake in Hanxing Energy [5] - Other notable transactions include China Power Construction signing a contract for a Turkish gas booster station project worth approximately 6.626 billion yuan [5]

Group 1: Financial Conference Insights - The second "Shenzhen Xiangmi Lake Financial Annual Conference" was successfully held, focusing on promoting a virtuous cycle of technology, industry, and finance in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Keynote speakers emphasized the need for financial reforms based on rule of law and innovation to support high-quality development, with three main goals: risk prevention, wealth management market construction, and building an international financial center [1] Group 2: Macroeconomic Trends - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, showing an acceleration of 0.4 percentage points compared to the previous year [2] - Experts discussed the challenges of insufficient domestic demand and overcapacity, while highlighting the need for reforms and technological advancements to drive economic recovery [2] Group 3: Manufacturing and Export Strategies - China's manufacturing sector has achieved significant high-quality development, with industrial added value accounting for 32% globally [3] - Recommendations for optimizing export structures include promoting reasonable appreciation of the RMB and enhancing labor productivity [3] Group 4: Technology-Finance Integration - The integration of artificial intelligence (AI) into the financial sector is transforming service models and enhancing operational efficiency [5][7] - The "Xiangmi Lake Intelligent Finance Development Report (2025)" outlines the current state and challenges of AI in finance, emphasizing the need for a supportive financial ecosystem [6] Group 5: Future of Intelligent Finance - The upcoming "15th Five-Year Plan" is expected to focus on the integration of AI technology with financial industry transformation, presenting new opportunities for intelligent finance [9][10] - Experts suggest that the financial sector must enhance its operational efficiency and adapt to market demands while expanding internationally [10][11]

以下文章来源于笔记财经晨会 ，作者笔记小助手 笔记财经晨会 . 有观点的财经晨会 点击上方 蓝字"笔记财经晨会" 关注我们 今日金曲：王菲-又见炊烟 笔友们早上好！点击上方音频收听详细晨会内容，音频末尾放送今日金曲，也可以留言区点歌哦！ 一、A股：海南"椰风"吹遍大A，50亿资金疯抢！ 1. 海南这波封关启动后，三亚免税店连续3天单日卖超1亿，今年累计冲200亿，把双11搬到了海滩上，政策红利"大型炫富现场"～ 2. 海南板块狂到没朋友： 海南板块指数涨9.45%差一步涨停，20只个股集体封板，主力资金砸50亿进场，妥妥全市场最靓的仔！ 3. 5个方向受益： 二、市场整体情况 沪指涨0.69%、深成指涨1.47%、创业板指涨2.23%，超3200只股飘红，成交额1.86万亿还放量了； 2. 机构彻底分裂： 交易盘忙着卖长债，配置盘揣着钱观望 ，本来都是"一家人"，结果现在"互相伤害"，"本是同根生，相煎何太急"～ 3. 央行操作：放了673亿逆回购，又收回1309亿，相当于净收回636亿，但市场钱还是够花，不紧张～ 四、LPR：连续7个月"躺平"，降息盼到脖子酸 1年期LPR3%、5年期以上3.5%，连续7个 ...