1月5日，省委常委、市委书记安伟主持召开市委科技委会议，强调要深入学习贯彻习近平总书记关 于科技创新的重要论述和党的二十届四中全会精神，认真落实中央、省委关于科技创新的决策部署，全 面深化"三标"活动，全力打造教育科技人才一体实践中心，加快建设全国有影响力的创新型城市，为郑 州国家中心城市现代化建设提供强有力的科技支撑。 市领导庄建球、陈宏伟、虎强、李党生、陈红民、马志峰、魏宁娣、夏扬出席。 会议研究了郑州市创新发展能力及"十五五"科技创新重大项目谋划、中原科技城建设发展、郑州产 业技术创新研究院建设、提升全社会研发投入等工作。 安伟对2025年全市科技创新工作表示肯定。他指出，过去一年，郑州科技创新工作稳步加强，创新 动能持续壮大，高能级平台加速集聚，新质生产力加快培育，创新生态不断优化，科技创新策源力、影 响力稳步提升。做好今年工作，要进一步提高认识、统一思想，切实增强加快建设全国有影响力的创新 型城市的责任感、紧迫感，坚定不移、持之以恒加大科技创新投入，集中资源、齐心协力推动郑州科技 创新能力、城市核心竞争力稳步提升，有力支撑经济社会高质量发展。 安伟强调，要聚焦技术、聚焦应用、聚焦工业，充分发挥一流大 ...

1月5日，上海市浦东新区"共赢浦东共创未来——引领区2026年抓投资优环境促发展大会"举行。会议现 场，50个重点项目集中落地，总投资额超700亿元。 这些项目覆盖金融、科技产业、商贸外资、文体旅游、国资、人才等多个关键领域，既有"尚界"新能源 车整车生产基地项目、华软股份总部及研制基地项目等产业标杆项目，也有海光信息AI总部、星能玄 光可控核聚变项目等硬核科技项目，彰显浦东产业生态的多元活力与创新潜力。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：罗莹 021-26093550 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 ...

Group 1 - The city of Shengzhou is highlighted for its unique cultural and culinary heritage, particularly known for its small steamed buns, which have become a significant part of its identity and economy [3][16][54] - Shengzhou's small steamed bun industry generates an impressive annual revenue of 14 billion yuan, supported by 69 local production enterprises that produce over 7 million buns daily, with more than 30,000 stores nationwide and 80,000 employees [18][20] - The city is recognized as a "Cultural City of Chinese Snacks" and has been featured in CNN's list of the world's most delicious foods, showcasing its global culinary appeal [16][18] Group 2 - Shengzhou is also the birthplace of Yue Opera, which has seen a resurgence in popularity, particularly among younger audiences, with significant online engagement and performances by local troupes [35][40] - The city hosts the "Rural Yue Opera League," which has gained over 1.2 billion views online, indicating a strong cultural revival and community involvement in traditional arts [38][40] - The integration of traditional opera with modern elements has attracted a new generation, making it a vibrant part of Shengzhou's cultural landscape [35][40] Group 3 - Shengzhou is a key player in various industries, including the production of ties, which accounts for 90% of China's output, and other sectors like electric motors and kitchen appliances, contributing to its reputation as a manufacturing hub [42][44] - The city is undergoing an industrial transformation, focusing on smart kitchens and high-end equipment, with significant investments from companies like BYD, which is establishing a major battery production facility [46][48] - Shengzhou's economic landscape is being reshaped by a "cluster-based" approach, enhancing its competitiveness in various sectors, including biomedicine and sustainable materials [48][50]

Core Viewpoint - The construction of a modern industrial system is a crucial foundation for China's modernization, emphasizing the importance of intelligent, green, and integrated development to enhance economic modernization and competitiveness [1]. Group 1: Intelligent Development - The intelligent transformation of the industrial system is essential for leveraging new technological revolutions and facilitating the transition from old to new growth drivers, focusing on the deep integration of artificial intelligence with the real economy [2]. - Current challenges include reliance on foreign core technologies, insufficient application of "AI+" solutions, and a lack of motivation among small and medium enterprises for digital transformation [2][3]. Group 2: Green Development - The green transformation of the industrial system is vital for achieving high-quality development and carbon neutrality goals, as well as for addressing climate change and promoting ecological balance [4]. - The development of the new energy vehicle industry exemplifies this transformation, with projections indicating over 12 million units produced and sold in 2024, alongside significant advancements in green technology and market penetration [5]. Group 3: Integrated Development - The integrated development of the industrial system is characterized by the deep fusion of primary, secondary, and tertiary industries, as well as the integration of technological and industrial innovation [7]. - The service-oriented manufacturing transformation is crucial for enhancing competitiveness and achieving a shift from a manufacturing power to a manufacturing stronghold [7][8]. Group 4: Overall Quality and Safety - The ultimate goal is to achieve a qualitative leap in the industrial system, ensuring its integrity, advancement, and safety, which are essential for maintaining economic stability and competitiveness [10]. - The current global landscape presents challenges such as supply chain disruptions and the need for a comprehensive green transition, necessitating a focus on modernizing industrial chains and enhancing resilience [11][12].

资讯速递 1、李强在广东调研时强调：厚植创新发展优势 勇立改革开放潮头 只争朝夕做好"十五五"开局之年工作 据新华社，中共中央政治局常委、国务院总理李强1月3日至5日在广东调研。在深圳市，李强听取深港科技创新合作区规 划发展等情况汇报，了解园区企业运用人工智能赋能新材料、生物医药等领域研发进展，察看比亚迪公司新能源汽车展 示。李强来到深圳蛇口邮轮母港直升机场和机器人谷，了解低空经济发展情况，观看机器人企业产品演示，细致询问企 业技术转化应用、产业集群发展等方面情况。李强指出，科技的生命在于应用，要进一步完善产业生态，培育拓展应用 场景，探索有效的经营模式，推动机器人、无人机等新技术新产品在扩大应用中加快迭代升级，更好赋能千行百业、造 福千家万户。 2、证监会：进一步增强行政、刑事、民事协同 对财务造假和第三方配合造假一体打击 1月5日，中国证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。证监会党委书记、主席吴清主持会议 并讲话，最高人民法院、最高人民检察院、国家发展改革委、公安部、司法部、财政部、中国人民银行、国务院国资 委、税务总局、市场监管总局、金融监管总局等部门负责同志出席会议并发言，共同研 ...

Core Viewpoint - The lithium carbonate futures market has shown a strong upward trend, with the main LC2506 contract surpassing 130,000 yuan/ton, driven by optimistic market sentiment despite no significant changes in the fundamental market conditions compared to before the holiday [3][10]. Group 1: Market Dynamics - As of January 5, 2026, the LC2506 contract increased by 7.74% to 129,980 yuan/ton [3][10]. - The National Development and Reform Commission and the Ministry of Finance announced a continuation of the "old for new" subsidy policy for heavy trucks and passenger cars, which has improved market expectations for electric vehicle demand in Q1 2026 [3][10]. - Analysts believe that the current price increase in lithium carbonate is largely influenced by multiple positive news factors, reflecting a more optimistic market atmosphere [3][10]. Group 2: Supply and Demand - The supply-demand dynamics for lithium carbonate are showing signs of marginal weakening, with a reported 6% decrease in downstream demand and a 2.5% decrease in supply for January 2026 [5][12]. - Despite the decrease in demand, it is better than previous market expectations, with battery production remaining strong [5][12]. - As of December 25, 2025, lithium carbonate weekly inventory was 109,605 tons, a decrease of 168 tons, indicating that inventory depletion may be nearing its end [5][13]. Group 3: Market Sentiment and Future Outlook - Market sentiment remains positive, but there are concerns about potential downward pressures due to a decrease in new energy vehicle wholesale sales, which fell by 8% month-on-month in December 2025 [6][12]. - Analysts suggest that while the current market conditions are favorable, the short-term price increase may be excessive, and the rising costs of battery materials could impact the growth of energy storage [6][14]. - Future demand expectations remain strong, but the market's emotional response to price changes is significant, with potential risks of a return to lower expectations [7][14].

Core Insights - Ningbo has demonstrated robust economic growth, achieving a GDP of 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year increase of 5.0% [1] - The city is home to 119 national manufacturing champions, maintaining its position as the leader in this category for eight consecutive years [3] - Emerging sectors such as artificial intelligence, robotics, and high-tech services have seen significant investment growth, with increases of 9.3%, 41.2%, and 56.7% respectively [1] Economic Structure and Innovation - Ningbo is a vital economic center in the Yangtze River Delta, with a diverse and vibrant economic structure, excelling in manufacturing, foreign trade, and logistics [2] - The city has a high concentration of innovative enterprises, with 90% of R&D activities and 80% of invention patents originating from businesses [2] - High-tech enterprises in Ningbo have reached a total of 8,855, with an average annual growth rate exceeding 30% over the past three years [2] Manufacturing and Global Presence - Ningbo's manufacturing sector has a strong global presence, with significant contributions to various industries, including optical lenses and sewing machines [3] - The city has seen a rise in the number of companies capable of producing humanoid robots, increasing from 3 to 8 since 2025 [6] - Notable companies like Long阳科技 have achieved a 55% market share in their field, showcasing Ningbo's competitive edge in global markets [3] Technological Advancements - Ningbo's innovation landscape is characterized by a focus on high-barrier hard technology, addressing critical challenges in various sectors [5] - The establishment of national key laboratories and high-energy innovation platforms has bolstered original innovation capabilities [7] - The city has made significant strides in developing advanced materials and technologies, such as the "极智G-X100" space computing chip [7] Financial Support and Capital Markets - The financial sector in Ningbo has shown strong growth, with a financial industry value added of 1,224.3 billion yuan, a 13.8% increase year-on-year [14] - The city has implemented various financial tools to support manufacturing and emerging industries, including specialized loans and insurance [14] - Ningbo's private equity fund management scale reached 6,982 billion yuan, with a significant portion directed towards cutting-edge sectors [22] Challenges and Strategic Responses - Ningbo faces challenges from global trade tensions and market fluctuations, yet it remains committed to high-quality development through technological innovation [9] - The city has adopted a collaborative approach between government and enterprises to enhance innovation and address industry challenges [11] - Efforts to strengthen partnerships with leading enterprises, such as 吉利控股, aim to foster technological advancements and industry integration [19]

Market Overview - The A-share market experienced a strong start to the new year, with the Shanghai Composite Index closing at 4023.42, up 1.38%, and the ChiNext Index rising 2.85% to 3294.55 [1][8] - The overall market saw significant trading activity, with a total turnover of 25,672.4 billion, an increase of 5,014.52 billion from the previous trading day [9] Industry Dynamics - The pet consumption market in urban areas is projected to reach 312.6 billion in 2025, reflecting a year-on-year growth of 4.1%. The dog market is expected to grow to 160.6 billion, while the cat market is anticipated to reach 152 billion [25][27] - Several phosphate fertilizer companies have committed to ensuring supply stability and price maintenance amid rising raw material costs [28] - CATL is expected to lead the Chinese market in the terminal usage of power batteries for new energy passenger vehicles in 2025, with a market share of 43.4% [30] - TSMC's 2nm production capacity is projected to reach 140,000 wafers per month by the end of 2026, exceeding previous market expectations [32] - The China Railway Group reported a record high in railway performance for 2025, with total transportation revenue reaching 1,020.4 billion, a year-on-year increase of 3.1% [34] Company Tracking - Muyuan Foods reported a decline in December sales of live pigs, totaling 6.98 million heads, down 14.75% year-on-year, with sales revenue dropping by 36.06% to 9.667 billion [36] - Pumen Technology has received a medical device registration certificate for tumor marker quality control products, which will be used in conjunction with their diagnostic kits [38]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨小鹏汽车-W（09868.HK） [Table_Title] 小鹏汽车 2025 年 12 月销量点评：总交付 3.75 万辆，同环比增长，X9 交付强势 报告要点 [Table_Summary] 小鹏汽车发布 2025 年 12 月销量。12 月公司共交付新车 37,508 台，同比+2.2%，环比+2.1%。 2025 年全年公司累计交付新车共 42.9 万台，同比+125.9%。智能驾驶持续领先，随着渠道变 革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。MONA M03 和 P7+开启 公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利的商业模式拓展 以及出海持续增长，公司未来盈利具备较大弹性。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 小鹏汽车-W（0 ...

Core Viewpoint - The article highlights the urgent need for European policymakers to recognize and adapt to the transformative concept of "dark factories," which are highly automated and require minimal human intervention, as Europe risks falling behind in the global industrial landscape [1][6]. Group 1: Definition and Characteristics of "Dark Factories" - "Dark factories" refer to modern manufacturing facilities that operate almost entirely without human intervention, utilizing robots, sensors, AI systems, and digital twin technology for real-time coordination [3]. - These factories can run 24/7 without the need for traditional lighting, heating, or human shifts, significantly reducing operational costs while achieving quality standards that traditional manufacturing struggles to meet [3][4]. Group 2: Global Competition Landscape - The competition in the "dark factory" and smart manufacturing sector shows a clear divide: China has made significant advancements in technology application, particularly in electronics, automotive, and home appliances, supported by a large market and government backing [4]. - The U.S. leads in research and application, especially in high-precision manufacturing sectors like aerospace, while Europe has a strong foundation in automation technology but is lagging in practical application [4][5]. Group 3: Challenges Facing Europe - Europe has historically relied on outsourcing labor-intensive production to low-wage countries, but "dark factories" challenge this logic as production is now shifting towards locations with reasonable energy prices and stable regulatory environments [4][5]. - High energy costs, insufficient policy coordination, and societal concerns about unemployment hinder the widespread implementation of "dark factories" in Europe, which remains largely limited to pilot projects [5][9]. Group 4: Economic Implications and Future Outlook - The core advantages of "dark factories" include high energy efficiency and low operational costs, which are crucial for addressing Europe's energy crisis and labor shortages due to an aging population [7]. - The market for "dark factories" is projected to grow from $120 billion to nearly $200 billion by 2030, indicating a significant opportunity for industries that successfully implement automation [10]. Group 5: Strategic Recommendations for Europe - European policymakers and industry leaders are urged to support small, flexible automation enterprises that cater to local markets, rather than attempting to replicate China's large-scale industrial model [12]. - A cohesive political consensus and accelerated decision-making processes are essential for Europe to adapt to the new competitive landscape, which has shifted from labor cost competition to energy and automation collaboration [12].