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国家航天局发布的天问二号探测器传回的圆形太阳翼展开的图片。国家航天局供图 技术人员正在对一台搭载 DeepSeek 大模型技术的智能巡检机器人进行巡检数据校核。宋卫星摄（人民视 觉） 位于安徽合肥市的紧凑型聚变能实验装置（ BEST ）项目建设基地。赵 明摄（人民视觉） 燕山大学脑机接口及智能康复团队成员与河北秦皇岛市第一医院神经内科医护工作者正在进行脑控机械 手系统调试。曹建雄摄（人民视觉） 2025 全球工业互联网大会上的人形机器人。新华社记者 潘昱龙摄 岁末回望，星河璀璨。2025年，中国科技以"极限"为尺，丈量认知疆域。 我们不仅是凝视星空的梦想家，更是重构物质、对话幽灵粒子、破译生命密码的创造者。这一年， 中国智慧以一系列原创性、颠覆性的重大突破，在宇宙、物质、生命与信息的秩序中，刻下了鲜明的中 国印记。不仅为中国高质量发展注入澎湃动能，也为全人类的文明进步贡献不可磨灭的东方力量。 星辰大海，逐梦前行。 ——编者 回望2025年，"人造太阳"的束流瞬间点亮，承载起人类探索"终极能源"的梦想；光电融合通信芯片 问世，为6G奠定了硬件基础；航天员安全往返天地间、国家太空实验室运行良好，飞天逐梦步履不 停 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.2星。 大中小盘股都上涨。 小盘股上涨更多一些。 价值风格略微上涨，成长风格上涨多一些。 港股也整体上涨。港股科技等指数上涨略多。 螺丝钉也汇总了港股指数的估值，供参考，见文章下方图片。 1. 做投资，有的投资者是交易的视角，有的投资者是生意的视角。 交易的视角，会习惯短期买卖。 希望捕捉到每一个较短时间里的价格波动。 或者看到短期涨跌就患得患失。 也有的投资者是亏钱的时候比较安心，看到自己赚钱了，就担心受怕，总想着赶紧卖出去。 但市场短期涨跌很难预测，除了极少数的交易员，大多数人很难依靠短线交易获得稳定收益。 从做生意的视角，看待指数基金投资，会更容易。 2. 巴菲特的老师，格雷厄姆，有关于价值投资的几条基础原则。 其中之一，就是买股票就是买公司。 其实指数基金投资也是如此。 指数基金持有用规则选出来的一篮子股票。 买指数基金，就是买了一篮子公司。 这几年红利指数，盈利平均年化提升约6%上下。 假设估值不变的情况下，这个迷你公司，主要的收益就两块： • 分红（取决于买入时的股息率） 我们假设在10倍市盈率，买了一个红利指数基金，1 ...

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Core Insights - U.S. stocks experienced a decline, with the Dow Jones index dropping over 500 points on Friday [1] - Legence Corp reported mixed third-quarter results in its first earnings report since going public, leading to a significant increase in its share price [1] Company Performance - Legence Corp posted revenue of $708.01 million, representing a 26.2% year-over-year increase and surpassing analyst expectations of $639.78 million [2] - The company's gross margin decreased to 20.9% from 21.1% a year earlier, while earnings fell short of forecasts, with an EPS loss of 2 cents compared to consensus estimates of a profit of 6 cents [2] - Following the earnings report, Legence shares surged by 10.7% to $36.89 [2] Other Notable Stock Movements - Cidara Therapeutics Inc shares rose 105.6% to $217.87 after Merck agreed to acquire the company for $221.50 per share in a $9.2 billion cash deal [4] - Invivyd Inc gained 26.5% to $2.24 after reporting better-than-expected quarterly financial results [4] - Scholar Rock Holding Corp surged 22.8% to $36.91 following a $200 million equity offering [4] - Avadel Pharmaceuticals PLC increased by 20.1% to $23.12 after receiving an unsolicited proposal from Lundbeck [4] - Ondas Holdings Inc rose 13% to $7.42 after reporting better-than-expected third-quarter results and raising its FY25 sales guidance [4] - Omeros Corp gained 11.9% to $7.03 following a narrower-than-expected quarterly loss [4] - Figure Technology Solutions Inc shares jumped 10.6% to $38.26 after positive quarterly results [4] - Beyond Meat Inc shares increased by 9.2% to $1.10 after announcing the determination of the conversion rate for its convertible notes due 2030 [4] - RLX Technology Inc shares rose 8.8% to $2.54 following third-quarter results [4] - PomDoctor Ltd gained 7.7% to $3.86 [4] - Cytek Biosciences Inc shares increased by 7.2% to $4.90 [4]

Core Viewpoint - The China Overseas Chinese Business Investment (Hainan) Conference highlights the growing interest of overseas Chinese entrepreneurs in Hainan's free trade port, emphasizing the opportunities for investment and development as the region approaches a critical phase of operation [1][2]. Group 1: Conference Overview - The conference attracted over 800 overseas Chinese entrepreneurs from more than 100 countries and regions, focusing on cooperation and development in Hainan [1]. - The theme "Gathering Overseas Chinese to Share New Opportunities" reflects the intent to leverage the strengths of overseas Chinese businesses in the development of Hainan's free trade port [1][2]. Group 2: Historical Context and Economic Impact - Hainan has a rich history of overseas Chinese investment, with notable contributions from figures like Qu Mu Yi and Hu Zi Chun, leading to the establishment of various industries [3]. - Prominent overseas Chinese enterprises, such as Charoen Pokphand Group and Yihai Kerry, are actively involved in Hainan's financial, tourism, and high-tech sectors, showcasing the significant role of overseas Chinese in the region's economic development [3][4]. Group 3: Investment Opportunities - The conference resulted in 38 signed projects with a total investment of 36.231 billion yuan, covering sectors like modern agriculture, low-carbon energy, biotechnology, and tourism [5]. - The projects reflect a commitment to both traditional industries and emerging sectors, indicating a clear path for future investment in Hainan [5]. Group 4: Strategic Collaborations - Strategic partnerships were formed, such as the collaboration between Fuhua International Group and Hainan Agricultural Reclamation Group to develop a tropical rainforest wildlife park, enhancing Hainan's tourism appeal [6]. - The introduction of projects like "Sanya Xinhua Hong Kong City" aims to integrate modern services and cultural elements, contributing to Hainan's status as an international tourism consumption center [6]. Group 5: Global Connectivity and Innovation - Overseas Chinese entrepreneurs serve as a bridge between China and the global market, facilitating investment and understanding of Hainan's opportunities [7]. - Their extensive networks in capital, technology, and talent are crucial for attracting international resources to Hainan, fostering an innovative ecosystem [7]. Group 6: Future Prospects - Hainan's unique geographical position and policy advantages position it as a key node in the global free trade network, with significant growth potential [8]. - Recent statistics indicate a robust growth trajectory for foreign investment in Hainan, with average annual increases of 14.6% in actual foreign investment and 97% in overseas direct investment over the past five years [8]. Group 7: Conclusion - The ongoing development of Hainan as a free trade port presents a compelling investment landscape for overseas Chinese entrepreneurs, promising mutual benefits and shared growth [9].

Core Viewpoint - Shanghai government has released significant measures to accelerate the innovation of frontier technologies and the cultivation of future industries, focusing on areas such as brain-machine interfaces, embodied intelligence, and quantum technology [1][3]. Group 1: Policy Measures - The measures aim to develop and strengthen fields like cell and gene therapy, brain-machine interfaces, and biological manufacturing, with a focus on reducing costs and improving accessibility [3][4]. - Emphasis is placed on cultivating fourth-generation semiconductors, silicon-based optoelectronics, sixth-generation mobile communications, and brain-like intelligence, supporting product design optimization and market value verification [3][4]. - The government plans to accelerate the layout of quantum technology, controllable nuclear fusion, and regenerative medicine, focusing on tackling technical challenges and validating the feasibility of technology solutions [3][4]. Group 2: Support for Enterprises - The measures support technology enterprises that lead future industry ecosystems, providing targeted support for those with significant innovation investments and industry influence [5]. - A gradient cultivation system for innovative enterprises will be established, supporting small and medium-sized technology enterprises and high-growth technology companies [5]. - Financial support will be provided for enterprises that increase R&D investment and expand production scale, with one-time rewards of up to 50 million yuan for qualifying companies [5]. Group 3: Financial and Resource Support - The government will enhance multi-level financial support, leveraging fiscal funds to create a diverse investment system involving government, enterprises, and financial institutions [6]. - Future industry funds will play a guiding role, adopting a model of "direct investment + sub-fund investment" to foster an investment incubation ecosystem [6]. - Policies will be implemented to support the application of innovative products in various fields, with financial backing of up to 30% of contract amounts, capped at 20 million yuan for qualifying innovations [6].

Core Insights - Jiangsu Province's New Quality Productivity Promotion Center released the evaluation results for potential unicorn and gazelle companies for 2025, highlighting the significant presence of companies in the Wujiang Development Zone [1][6] Group 1: Unicorn Companies - A total of 15 companies from Wujiang Development Zone were identified as potential unicorns, with notable names including Suzhou Langxin Intelligent Technology Co., Ltd. and Suzhou Kerun New Materials Co., Ltd. [2][3] - The unicorn companies are characterized by breakthrough technologies that drive exponential growth, creating significant competitive barriers and market influence [5] Group 2: Gazelle Companies - Wujiang District has 30 companies listed as gazelle companies, with 12 from the Wujiang Development Zone, representing 40% of the total [6] - Gazelle companies are noted for their high growth potential, proprietary technology, and market foresight, serving as micro-carriers of new quality productivity [5] Group 3: Economic Impact - The cumulative number of unicorn (including those in cultivation) and city-level gazelle companies in the Wujiang Development Zone has reached 27 and 115 respectively, providing strong technological support for regional new economic development and the construction of a technology innovation center [6] - The development zone has been optimizing institutional supply and enterprise service systems to attract financial resources towards high-quality technology companies, effectively accelerating their growth [6] Group 4: Future Plans - Wujiang Development Zone plans to enhance its innovation ecosystem, focus on key core technology breakthroughs, increase the recruitment of high-level talent, and improve the technology finance service chain to promote high-quality, leapfrog development of more technology-based companies [7]

Core Viewpoint - The Federal Reserve has officially announced a 25 basis point interest rate cut, signaling the potential for one to two more cuts within the year, marking the beginning of a new easing cycle amidst a complex economic backdrop [1][4]. Group 1: Market Reactions and Expectations - The 25 basis point cut aligns with market expectations, avoiding excessive panic that could arise from a more aggressive cut [4]. - The probability of another rate cut in October has surged to 97.4%, indicating a clear trend towards monetary easing [4]. Group 2: Economic Context and Challenges - The current economic environment is characterized by high volatility and uncertainty, with the U.S. facing significant pressures from high interest rates [6][7]. - The U.S. banking sector is under strain due to rising interest expenses, which threaten financial stability [7]. - Economic growth is being hampered as borrowing becomes more difficult for businesses and consumer spending contracts, evidenced by low job growth and rising unemployment claims [7]. - The U.S. national debt has surpassed $37 trillion, with annual interest payments exceeding $1.2 trillion, raising concerns about long-term sustainability [7]. Group 3: Global Implications and Opportunities - The Fed's actions are expected to influence global capital flows, with potential benefits for emerging markets like China as capital returns [6][9]. - The easing of monetary policy may lead to improved employment conditions and reduced mortgage burdens in China, as the People's Bank of China is likely to follow suit with rate cuts [9]. - Historical data suggests that A-shares have a high probability of rising following Fed rate cuts, indicating potential investment opportunities in the Chinese market [9][10]. Group 4: Strategic Considerations for Investors - The current economic situation presents a chance for China to implement more aggressive monetary policies without fearing capital outflows [10]. - Future market movements may be influenced by sector-specific dynamics, with technology, new consumption, and green economy sectors likely to benefit first, while traditional overcapacity industries may face challenges [10][11].

Core Achievements in China's Technology Sector - Over the past five years, China's technology sector has achieved historic accomplishments and undergone significant transformations, marking the "14th Five-Year Plan" as a milestone period [1][2]. Innovation Capability Enhancement - The restructuring of the technology management system has been realized, with the establishment of the Central Science and Technology Committee, enhancing collaboration between central and local governments [2]. - National R&D investment is projected to exceed 3.6 trillion yuan in 2024, a 48% increase from 2020, with R&D intensity reaching 2.68%, surpassing the EU average [2]. - The total number of R&D personnel in China ranks first globally, and funding for basic research has increased by over 70% since 2020, reaching 249.7 billion yuan [2]. - China has maintained its position as the world leader in high-level international journal publications and international patent applications for five consecutive years [2]. - The innovation capabilities of enterprises have significantly improved, with over 77% of R&D investment coming from businesses, and 524 companies from mainland China entering the global top 2000 industrial R&D spenders [2]. Technology Transfer and Industrial Integration - The level of technology transfer has reached new heights, with national technology contract transaction volume projected to reach 6.8 trillion yuan in 2024, maintaining double-digit growth [4]. - Major technological achievements include the operationalization of the "Tiangong" space station and China leading in the production and sales of new energy vehicles [4]. - The scale of high-tech industries has expanded, with the added value of high-tech manufacturing industries increasing by 42% since the end of the "13th Five-Year Plan" [4]. Benefits to Society - Technological innovations have significantly improved the quality of life, supporting agricultural independence and advancements in health care, with the number of domestically produced innovative drugs increasing 2.8 times compared to the "13th Five-Year Plan" period [6]. - Environmental improvements have been noted, with PM2.5 concentrations in the Beijing-Tianjin-Hebei region decreasing by 18% during the "14th Five-Year Plan" [6]. Future Directions - The next five years are deemed critical for achieving the goal of becoming a technology powerhouse, with a focus on enhancing innovation capabilities and addressing complex international challenges [7].