Group 1 - Advanced packaging, memory, consumer electronics, and photovoltaic sectors showed strong performance in the market [1][4] - The newly listed stock N Hengtong on the Beijing Stock Exchange surged over 1000% [1][4][5] - The education sector was active, with Kevin Education hitting the daily limit, and the Ministry of Education announced plans to promote AI in education by 2026 [2] Group 2 - Longxin Technology, a major DRAM manufacturer, has submitted an IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion CNY, with expected profits exceeding forecasts by Q4 2025 [2][4] - Dongjie Intelligent experienced a significant drop of nearly 19% after announcing the termination of a major asset restructuring plan [6] - Aoyuan Ceiling's stock hit the daily limit after announcing a change in its actual controller [7] Group 3 - The central bank conducted a reverse repurchase operation of 528.8 billion CNY with a 1.40% interest rate, with 26 billion CNY of reverse repos maturing today [7]

锤子手机被字节跳动收购之后，时隔七年，罗永浩重启现场发布会。同时，他也以"七年未上台手生了"解释现场出现的迟到、直播、画面等问题。 原定12月30日晚间19：00启动的晚会，延迟至19：49才开始。开始时，有现场观众大喊"退票"，也有观众吐槽现场网络太差。 现场罗永浩介绍到第三款广告产品时，已经有观众开始零散退场，直播弹幕上有人吐槽"花三小时来现场听广告？" 罗永浩表示如果后期不能改善体能问题，将不再举办这种大型活动。 31日凌晨2：27，罗永浩在个人微博发文解释称：因为 ADHD（注意缺陷多动障碍）的关系，发布会全是没有彩排直接上去硬讲的；幻灯片从来没有提前做 完过，都是做到开场前，还有30%左右的页面需要再调整，有好几场甚至将全场幻灯片切成前后两大段，交代同事后一半应如何处理后拿着前一半提心吊胆 上台；多年以来，看起来没出大问题的（场次），全是靠体力、经验和时灵时不灵的药物支撑。 罗永浩称，现在他的体力已经不太行了，比如连撑两三天不睡觉心脏会明显不适，而且脑子不工作，吃了十几年的药物也不太管用了。他表示，如果后期 ADHD 换药失败，或是不能通过锻炼彻底改善体能问题，未来也将不会再举办这种大型活动了。 这 ...

Core Viewpoint - The article emphasizes the critical importance of adapting to AI technologies for survival and success in the evolving landscape of investment and business, highlighting the need for a shift in mindset and operational workflows to embrace AI fully [2][3][28]. Part 01: Competition Between the US and China - The article discusses the historical context of AI, noting that a decade ago, the potential of AI was often dismissed, but it is now recognized as essential for individual and collective survival [6]. - It identifies two key players in the AI landscape: the US, known for its innovative spirit and ability to create from scratch, and China, which excels in scaling and execution [7][8]. - The concept of "含华量" (Chinese by volume) is introduced, indicating a competitive dynamic where the US has a significant proportion of Chinese talent in AI, while China has a fully Chinese talent pool [10][11]. Part 02: Reevaluating Human Value - The article predicts that by 2030, 30% of current jobs will be replaced by AI, with further increases expected by 2040 and 2050, leading to a fundamental restructuring of the workforce [14]. - It argues that AI's ability to replicate creative processes challenges the notion of unique human value, prompting a reevaluation of what constitutes irreplaceable human contributions [15][16]. - The necessity of integrating AI into daily workflows is emphasized, with a call for individuals and organizations to adopt an "AI-first" approach to remain competitive [17]. Part 03: Distinguishing Between Types of Bubbles - The article differentiates between two types of market bubbles: "soap bubbles," which leave no value when they burst, and "beer bubbles," which enhance the experience of the underlying product [19]. - It acknowledges the current hype around AI but suggests that there are substantial underlying values in certain sectors, particularly in robotics and automation [20][21]. - The future of factories is envisioned as highly adaptable environments where robots can quickly switch tasks, driven by advancements in AI and supply chain efficiencies [21][22]. Part 04: Globalization in Transition - The article discusses the historical cycles of global leadership and suggests that the next few decades may see a shift in power dynamics, with a focus on the interplay between AI development and geopolitical changes [25][26]. - It highlights the importance of understanding and leveraging AI advancements in conjunction with global resource integration to create significant value [26]. - The article concludes with a call for entrepreneurs to adapt and innovate in the face of these changes, emphasizing the need for a mindset shift to thrive in a new era [27][28].

Core Viewpoint - Tijuana, located on the US-Mexico border, is emerging as a key hub for cross-border manufacturing and trade, particularly for electronics, automotive, and medical devices, as global supply chains are being restructured [1][2] Group 1: Globalization and Local Strategy - TCL's approach to globalization is not merely market expansion but involves a long-term layout around industrial capabilities and organizational structure [3][4] - The company aims to establish five regional centers globally, enhancing its operational system and brand influence while supporting global business expansion [3][4] - TCL emphasizes a localization strategy by building local supply chains and integrating with local resources and development needs, aiming for mutual benefits [4][5] Group 2: Challenges and New Cycles - The company identifies two overlapping challenges: a new cycle in global economic and trade patterns and a new cycle of technological transformation [5][6] - The shift towards localization and regionalization in global trade is seen as both an opportunity and a challenge for Chinese enterprises [5][6] Group 3: Industrial Capability Building - The logic of overseas expansion is shifting from "factory production" to "capability co-construction," focusing on building comprehensive supply chain systems and R&D capabilities [6][7] - TCL's manufacturing base in Mexico, the MOKA factory, has expanded its annual production capacity from 500,000-700,000 units to approximately 3 million units [7] - The MASA factory in Mexico has resumed operations, focusing on producing large-screen televisions for the North American market, with 30%-40% of its capacity serving the local market [7][8] Group 4: New Trade Ecosystem - The global manufacturing system is characterized by interdependence among industries and economies, which is being reshaped by recent trade environment changes [8][9] - Chinese companies, including TCL, play a crucial role in the development of industrial clusters in Mexico and Vietnam, driven by tariff considerations and geopolitical factors [9][10] Group 5: Competitive Landscape and Opportunities - Chinese enterprises are increasingly competing with multinational companies in global markets, with significant opportunities for growth outside of domestic markets [9][10] - The necessity for Chinese companies to engage in international competition is highlighted as a pathway to overcoming domestic market challenges and achieving global leadership [10][11]

久候的语音助手 Siri 重磅更新将至，若竞争对手资金告急，手握重金的苹果有望伺机出击。 人工智能席卷整个科技行业之际，苹果始终未像同行那般大举押注该技术。华尔街、行业评论人士及媒 体纷纷批评苹果在人工智能军备竞赛中步履蹒跚、缺乏紧迫感，本报也曾对此作出相关报道。 但我想提出另一种可能：2026 年，苹果选择暂避锋芒的决策或将得到印证。 核心要点 ✅ 2026 年市场变局，或将印证苹果审慎布局 AI 的策略是正确的。 ✅ Siri 语音助手的成功升级，有望扭转外界对苹果 AI 掉队的印象。✅ 若人工智能初创企业估值暴 跌，苹果可动用 1300 亿美元现金抄底入局。 当前，市场对人工智能赛道的质疑情绪已开始升温。尽管 OpenAI、元宇宙平台公司（Meta）等企业豪 掷数千亿美元扩建数据中心，但外界愈发怀疑，人工智能业务是否值得如此规模的投入。 本文是本报《2026 年行业预测》系列的首篇报道。所有预测均基于理性分析、深度往期调研，并结合 适度合理推测，为读者预判来年行业动向。 反观苹果，始终严控相关支出，未开展任何轰动业界的人工智能收购或投资动作。其核心业务 iPhone 依旧稳健 —— 即便产品未搭载重大人 ...

2025年，"国补"政策首次扩围至消费电子行业，个人购买手机、平板、智能手表手环等可享受国家补 贴，2026年"国补"政策在消费电子领域将再扩容，智能眼镜首次纳入。 12月30日，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。 设备更新方面，总体延续2025年支持范围，在民生领域增加老旧小区加装电梯、养老机构设备更新，在 安全领域增加消防救援、检验检测设备更新，在消费基础设施领域增加商业综合体、购物中心、百货 店、大型超市等线下消费商业设施的设备更新。 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。 下一步，国家发展改革委将会同各有关部门，充分发挥"两新"部际联席会议制度作用，强化统筹推进和 跟踪调度，组织地方合理把握工作节奏，均衡有序使用补贴资金，全链条强化资金监管，平稳有序实施 消费品以旧换新政策，持续释放"两新"政策效能。 具体来看，其中提到，个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器等 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][9]. Core Insights - The electronic upstream price increase trend is spreading, with a focus on storage, Foundry, PCB, and LCD sectors. The demand for AI is driving price increases across various categories, with significant supply shortages in storage and high-end PCB supply chains. The report anticipates a mild recovery in industry profitability as price increases are passed on to end consumers [1]. - The NAND Flash spot market remains strong, with prices increasing by 7% this week due to tight supply conditions. Global cloud infrastructure spending is projected to reach $102.6 billion in 2025, reflecting a 25% year-on-year growth, benefiting domestic storage companies [2]. - SMIC has raised prices for certain capacities by approximately 10%, particularly in the 8-inch BCD process platform, indicating a positive cycle for analog chips and foundry enterprises [3]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.88%, while the electronic sector increased by 4.96%, with other electronics up by 7.46% and optical electronics up by 0.86% [10]. Key Companies and Recommendations - Recommended companies include: - SMIC, Aojie Technology, Demingli, Jiangbolong, Lante Optics, Shengyi Technology, Lens Technology, and others, focusing on self-controllable (foundry + equipment) and overseas computing + storage chains [1]. - The report highlights the growth opportunities in the storage industry chain, particularly for companies like Jiangbolong, Demingli, and others [2]. Price Trends and Predictions - The report notes that the price of copper and glass fabric is expected to continue rising, impacting PCB manufacturers' cost structures [4]. - The report suggests that the domestic logic and storage wafer factories will proceed with expansion as domestic lithography machines continue to advance [4]. Investment Portfolio - The report lists a focus on key sectors such as consumer electronics, semiconductors, and equipment/materials, with specific companies highlighted for investment [8].

Investment Rating - The industry rating is "Positive" (maintained) [3] Core Insights - The semiconductor industry is experiencing structural prosperity, with strong demand for mature processes and specialty technologies. Domestic wafer manufacturing leaders, represented by SMIC, are operating at full capacity and have implemented price increases, indicating robust performance in a tight supply-demand environment [3][34] - The demand for AI computing continues to drive upgrades in high-end storage, with HBM prices rising and major players competing for next-generation technologies, highlighting a high prosperity trend in advanced storage and packaging testing [4][36] - The overall focus should be on domestic wafer manufacturing leaders and their upstream and downstream supply chains, as well as the AI-driven high-end hardware industry chain, which are currently key areas of interest [4][36] Industry Data Tracking Semiconductor Industry - In October 2025, global semiconductor sales reached $72.7 billion, a year-on-year increase of 27.2%, while China's semiconductor sales were $19.5 billion, up 18.5% year-on-year, indicating sustained strong demand in the semiconductor sector [24][29] - The domestic semiconductor equipment demand remains strong as the push for domestic substitution continues [24] Storage Chip Industry - Recent trends show a strong upward movement in DRAM prices, reflecting robust demand for high-performance memory from AI servers and next-generation PCs. NAND Flash prices are stable, with a gradual increase, while the overall storage chip industry is entering a new prosperity cycle [29][33] Consumer Electronics - The smartphone market is increasingly reliant on technological innovation and stimulus policies, with a significant increase in smartphone shipments in October 2025, driven by promotional events and new product launches [18][19]

时间来到年末，跨年夜马上就要来了。 今天，小米创办人，董事长兼CEO雷军发文表示，"好久没有和大家聊聊了，12月31日晚8点，我将做一场跨年直播。" 同时，最令人关注的还是雷军表示： 前几天我在网上看过一个拆SU7视频，很多人建议拆拆YU7。这次直播，我请工程师现场拆车，一边拆车一边聊，我们一起来场硬核跨年！ 除了汽车相关，小米后续的新品情况也备受关注。 近日，小米发布了全新的17 Ultra手机。随着新机的到来也有消息显示，小米 17 Ultra 国际版将在明年发布。 除此之外，在小米17 Ultra发布之前就有消息提到过小米会带来小米17 Ultra 徕卡版。 与此同时也有爆料显示，小米 17 Ultra 可能会在海外市场推出一款"徕卡 Leitzphone"限定版。具体的产品命名有可能是"Xiaomi 17 Ultra Leica Edition"或"Xiaomi 17 Ultra Leica Leitzphone Edition"。 另外，博主@数码闲聊站 的一份爆料中提到，"母系小迭代旗舰新机测试中，主打6.8-6.9极窄四等边大直屏，骁龙8E5平台，有潜望镜，暂定 H1~" 其中没有详细的产品系列 ...

Core Insights - Huawei's MateTV series has established itself in the high-end television market, ranking among the top three, showcasing strong market competitiveness [1][3] - The success of MateTV is attributed to its alignment with consumer upgrade trends, leveraging flagship smartphone technology to enhance performance and user experience [3][4] Market Position - Huawei's MateTV has captured a significant share in the high-end market, particularly in the growing segment of large-screen televisions (85 inches and above), creating barriers in high-value niches [3][4] - The brand's strategy of applying smartphone capabilities to television has disrupted traditional industry dynamics and shifted the focus from hardware to user experience [4][13] Product Recognition - The MateTV series has received multiple industry awards, including the "Annual Smart Product" from PConline and "Best Recommended Product" from First Home Appliances Network, reflecting its strong product capabilities [4] - Recognition from professional media underscores MateTV's excellence in performance, interaction, picture quality, and sound quality, affirming its position at the industry forefront [4] Technological Advancements - MateTV features flagship smartphone-level chips that ensure smooth playback of 4K content and seamless multitasking, addressing traditional television issues like lag and delay [6][10] - The integration of the Huawei Lingxi ecosystem enhances user interaction, making the experience intuitive and accessible, akin to smartphone usage [10][11] User Experience and Feedback - Analysts note that the popularity of MateTV signifies a shift in the television industry from hardware competition to experience competition, expanding its application scenarios [13] - Positive user feedback on social media highlights the convenience and effectiveness of the MateTV features, reinforcing its innovative value and market appeal [13]