每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 （记者 王晓波） 每经AI快讯，中科创达1月6日晚间发布公告称，截至2025年12月31日，公司通过回购专用证券账户以 集中竞价交易方式累计回购公司股份数量为68.76万股，占公司总股本的0.15%，最高成交价为69.94元/ 股，最低成交价为48.65元/股，已使用资金总额为3630.93万元。 ...

Core Viewpoint - The company Baifengyun-W (06608) has launched a significant AI strategy, introducing "Silicon-based Employees" and an Agent ecosystem, marking a paradigm shift in AI from a tool to a productivity driver [1] Group 1: Company Developments - Baifengyun-W's stock rose nearly 6% at the close, with a current price of HKD 12.55 and a trading volume of HKD 45.48 million [1] - The company held the Silicon-based Productivity Conference on December 18, where it unveiled its enterprise-level AI Agent strategy [1] - The introduction of the Results as a Service (RaaS) business model and the launch of the Results Cloud platform signify a new commercial form of AI application [1] Group 2: Industry Implications - Haitong International views the launch of the AI employee system as a major strategic milestone for the industry [1] - The transition from selling model services to renting AI employees could lead to a disruptive change in the B2B AI and software industry [1] - If the AI employees can effectively address B2B client pain points and achieve large-scale commercial use, the company's business structure is expected to undergo significant changes, expanding beyond the financial sector to empower various industries [1]

Core Viewpoint - The company Baifeng Cloud-W (06608) has launched a significant AI strategy, introducing "Silicon-based Employees" and a results-as-a-service (RaaS) business model, which could transform its business structure and expand its market reach beyond the financial sector [1][1][1] Group 1 - Baifeng Cloud-W's stock rose nearly 6% to HKD 12.55, with a trading volume of HKD 45.49 million [1][1] - The company held a Silicon-based Productivity Conference on December 18, where it unveiled its enterprise-level AI Agent strategy [1][1] - The launch of the Results Cloud platform and a product system for enterprise-level Agents aims to shift AI from a "tool" to a "productivity" paradigm [1][1] Group 2 - Haitong International views the introduction of the AI employee system as a major strategic move for the company [1][1] - The transition from selling model services to renting AI employees could lead to a disruptive change in the B2B AI and software industry [1][1] - If the AI employees can effectively address B2B client pain points, the company's business structure will undergo significant changes, enabling it to empower various industries beyond finance [1][1]

Group 1 - The financial technology sector experienced a significant rally, with the China Software Service Index rising by 2.42% and individual stocks like Tonghuashun and Wealth Trend increasing by 9.60% and 9.53% respectively [1] - The People's Bank of China announced that starting January 1, 2026, digital yuan wallet balances will earn interest, making China the first economy to offer interest on central bank digital currency [1] - The National Bureau of Statistics released a draft opinion aimed at enhancing data circulation service capabilities by the end of 2029, which is expected to stimulate the data factor market and improve data utilization across society [1] Group 2 - The domestic information technology innovation (信创) industry is rapidly developing under dual policy and market drivers, with a strategic layout covering key sectors such as government, finance, energy, and transportation [2] - The market for information security is projected to grow at a compound annual growth rate of 35%, potentially reaching 16.6 billion yuan by 2027, with initial applications in boundary security, endpoint security, and cloud security [2] - As of December 31, 2025, the top ten weighted stocks in the China Software Service Index include Keda Xunfei, Kingsoft Office, and Tonghuashun, collectively accounting for 60.89% of the index [2]

衍生品研究 供需失衡下，预期转债市场将维持高位 推荐指数成分调整套利策略及深度挖掘个券 2026 年 1 月 6 日 衍生品研究/专题报告 中证转债指数 投资要点： 转债市场整体高位震荡 2025 年 8 月中旬以来，转债市场市价中位数在 129-135 元区间震荡。考 虑到公募转债绝大多数强赎条款为 130%，同时公告暂不强赎的个券数量仅 占 10-15%，我们认为 130 左右已是转债市场市价中位数可触及的上限。 Q325，投资转债的主要机构资金——一级债基、二级债基和转债主题基 金多数对转债进行了减仓。同时，9 月中旬以来，转债 ETF AUM 缓慢降低。 资料来源：常闻 相关报告 我们认为转债市场目前整体估值偏高，操作难度越来越大。市场整体换手率 10-12 月降至 9%左右，较 8 月末的 15%显著降低，也验证聪明钱或在流出。 大类资产配置方兴未艾，冉冉升起新兴 展望 2026 年转债市场 市场-REITs 专题报告 2025.9.16 积极寻找结构性机会系列-人形机器人 产业链相关转债梳理 2025.6.4 2025 年末，存续个券已不足 380 只，较 2024 年峰值减少近 170 只。若 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext ETF Tianhong (159977), which saw a turnover of 5.03% and a transaction volume of 441 million yuan, with the ChiNext Index (399006) rising by 2.85% [1] - The constituent stocks of the ChiNext ETF, such as Lepu Medical (300003) and BlueFocus Communication Group (300058), experienced significant gains, with increases of 19.99% and 19.97% respectively [1] - The ChiNext ETF Tianhong (159977) received substantial capital inflow, with a net subscription of nearly 50 million shares throughout the day [1] Group 2 - Over the past two weeks, the ChiNext ETF Tianhong (159977) has seen a growth in scale of 339 million yuan and an increase of 58 million shares [2] - In the last five days, the ChiNext ETF Tianhong (159977) has experienced continuous net inflows totaling 270 million yuan [2] - The fund has a low management fee rate of 0.15% and a custody fee rate of 0.05%, making it one of the lowest in the market for index funds [2] Group 3 - Recent stock buybacks by major companies like CATL and Kweichow Moutai reflect confidence in their development, with CATL repurchasing approximately 15.99 million shares for about 4.39 billion yuan [2] - Kweichow Moutai announced a buyback of 87,059 shares for a total of 120 million yuan, indicating a strategic move to enhance shareholder value [3] - Institutional views suggest that the current market risk appetite remains high, providing room for high-growth technology themes to continue rising [3] Group 4 - The report mentions various related products, including the Sci-Tech Innovation Board ETF Tianhong and the A500 ETF Tianhong, which cater to different investment strategies [4]

（原标题：Wind：2025年港股股权融资市场融资总额达6122亿港元 增长比率达250.91%） 智通财经APP获悉，1月6日，Wind发布2025年度港股承销排行榜。二级市场流动性的深度修复与风险偏好的显著回升，为一级股权融资市场提供 了理想的"发行窗口"，港股股权融资呈现出爆发式增长态势。据统计，2025年全年，港股股权融资市场融资总额达6,122亿港元，较去年同期1,745 亿港元明显翻倍，增长比率达250.91%，实现了规模上的跃迁。这一激增得益于大型中概股回归及特专科技企业(18C)的常态化发行，不仅重塑了 香港作为全球新股募资中心的地位，更在南下资金定价权提升的背景下，完成了从"估值洼地"向"资产定价枢纽"的核心转型。 2025年，港股二级市场的强劲复苏为一级股权融资提供了绝佳的"发射窗口"，恒生综合指数全年上涨30.98%。值得关注的是，市场风格呈现出明 显的"双轮驱动"特征：一方面，恒生金融类指数以39.26%的涨幅跨越式领跑，反映出宏观流动性改善下权重板块的压舱石作用；另一方面，恒生 科技指数与可持续发展企业指数分别上涨23.45%与31.36%，显示出资本对新质生产力与ESG长线价值的高 ...

*风险提示：股市有风险，入市需谨慎 据证券时报报道，三星电子正在加速扩大Gemini AI的覆盖范围。三星电子联席CEO、移动业务负责人 卢泰文表示，公司计划今年实现搭载谷歌Gemini AI功能的移动设备数量翻倍，以在日益激烈的全球AI 竞赛中占据优势。三星此前已在约4亿台智能手机和平板等移动设备上部署了Gemini相关AI功能，目标 是在2026年将这一规模提升至8亿台。 谷歌去年11月发布Gemini 3，该版本在多项主流AI性能指标上领先同行。谷歌在2025年对其Android16 系统进行了"以Gemini为中心"的架构重构，为包括三星等OEM厂商在内的安卓设备大规模部署AI能力 提供基础支撑。三星作为全球主流安卓设备制造商之一，其大规模部署可以充分利用谷歌 Gemini3.0/Nano等模型对多模态内容的支持和端侧AI能力。三星加速与谷歌的Gemini生态集成，有望推 动AI手机、可穿戴等智能硬件端的"百亿级"市场用户渗透，加速AI助理与多模态智能体验的普及。 公司方面，据证券时报表示， 万兴科技：海外市场突出，视频、图片、音频等AIGC产品与谷歌Gemini生态产品接轨，受益Gemini生 态扩 ...

金山办公1月5日大宗交易平台出现一笔成交，成交量1.00万股，成交金额327.00万元，大宗交易成交价 为327.00元。该笔交易的买方营业部为中信证券股份有限公司上海分公司，卖方营业部为中信证券华南 股份有限公司佛山分公司。 两融数据显示，该股最新融资余额为29.28亿元，近5日减少6147.08万元，降幅为2.06%。（数据宝） 1月5日金山办公大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 1.00 | 327.00 | 327.00 | 0.00 | 中信证券股份有限公 | 中信证券华南股份有限 | | | | | | 司上海分公司 | 公司佛山分公司 | （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为5238.58万元。 证券时报·数据宝统计显示，金山办公今日收盘价为327.00元，上涨6.49%，日换手率为2.26%，成交额 为33.63亿元，全天主 ...

Core Insights - The article highlights the ongoing growth and strategic evolution of Chinese enterprises in the Middle East, transitioning from initial market entry to deeper local integration and sustainable operations [1][2][3]. Group 1: Market Trends and Developments - Chinese companies are increasingly focusing on the Middle East, with nearly 90% of surveyed firms planning to enter or deepen their presence in the region, and 44% having detailed business plans, a 7% increase from 2022 [1]. - The profitability of Chinese enterprises in the Middle East has improved, with 40% reporting profits, up 9% from 2022, while the proportion of loss-making companies has decreased to 15% [1]. - The revenue from Middle Eastern operations for over 30% of companies now accounts for more than 20% of their total income, an increase of 8% from 2022 [1]. Group 2: Strategic Shifts in Operations - Chinese firms are moving from a focus on product exports to establishing regional headquarters, supply chain capabilities, and localized operational systems, indicating a shift towards platform-based and ecosystem-oriented business models [2][9]. - The competitive landscape in the Middle East is evolving, with a focus on long-term local integration rather than merely selling products [2][3]. Group 3: Investment and Economic Diversification - The GCC countries are forming an interconnected hub network, allowing Chinese companies to leverage the strengths of different nations for a complementary business approach [10][11]. - Countries like Bahrain and Oman are actively seeking Chinese investments, with Bahrain positioning itself as a strategic hub due to its geographical advantages [11][13]. Group 4: Capital Market Adjustments - Middle Eastern capital is shifting from aggressive expansion to more cautious, focused investments, particularly in high-potential sectors like entertainment and green energy, while scaling back on longer-term, high-cost projects [21][25]. - The Saudi stock market has faced challenges, with IPO financing dropping over one-third in 2025, marking the lowest level since 2020 [21][25]. Group 5: Consumer Behavior and Market Opportunities - The rise of a new middle class in the Middle East is driving changes in consumer preferences, with a focus on experience, quality, and local products [37][39]. - The demand for local brands is increasing, with 20% of consumers willing to pay the same or higher prices for domestic products compared to international brands [45][46]. Group 6: Tourism and Cultural Shifts - The Middle East is leveraging tourism as a key pillar for economic diversification, with Saudi Arabia and the UAE implementing significant initiatives to attract international visitors [50][52]. - The region is witnessing a cultural shift, with Saudi Arabia relaxing traditional restrictions to enhance its appeal as a tourist destination [52][53].