（原标题：全球首个16岁社交平台禁令年底上线，陪伴型AI也被监管盯上） 21世纪经济报道记者 王俊 实习记者 蔡欣佁 过去两周，包括欧盟、美国、澳大利亚在内的多个国家，把青少年使用社群平台与陪伴型 AI 的风险推上政策与舆论焦点，围绕年龄门槛、成瘾 性设计与心理健康展开新一轮攻势。 先把目光聚焦在欧盟。此前，《数字服务法》（DSA）已将保护未成年人确立为核心政策目标之一。11月26日，欧洲议会议员高票通过了一份不 具法律约束力的报告，呼吁将"使用社交媒体、视频分享平台和陪伴型AI产品"的最低年龄统一设定为16岁，13至16岁的青少年则可以在父母同意 的情况下使用。 这项决议的牵头人、丹麦议员克里斯蒂尔·沙尔德莫斯（Christel Schaldemose）在报告中指出，97%的年轻人每天都会使用网络，其中，每四名未 成年人中就有一人表现出类似成瘾的使用模式。沙尔德莫斯呼吁，禁止平台对未成年人使用基于互动的推荐系统，并默认关闭其他具有成瘾风险 的功能，包括无限滚动、自动播放、下拉刷新、奖励循环以及有害的游戏化机制。 澳洲则已经走到执法前线。11月21日，澳大利亚互联网监管机构表示，将把亚马逊旗下直播服务平台Tw ...

食品饮料ETF (产品代码: 515170) ★ 跟踪：中证细分食品饮料产业主题指数 (原标题：智元机器人入股具身智能企业智身科技) 企查查APP显示，近日，智身科技（北京）有限公司发生工商变更，新增智元机器人关联公司智元创新（上海）科技股份有限公司为股东，同时 注册资本增至2149.86万元。企查查信息显示，该公司成立于2023年，法定代表人为黄坤，经营范围包含：智能机器人的研发；人工智能基础软件 开发；人工智能应用软件开发；人工智能公共数据平台等。公开信息显示，智身科技是一家专注于具身智能领域的科技公司。 相关ETF 估值分位: 53.76% 近五日涨跌: -1.37% 市盈率: 20.73倍 资金流向: 最新份额为109.0亿份,减 少了300.0万份,净申 赎-171.9万元。 估值分位:21.21% 游戏ETF (产品代码：159869) ★ 跟踪：中证动漫游戏指数 近五日涨跌:4.31% 市盈率： 36.47倍 资金流向: 最新份额为77.6亿份,减少 了5200.0万份,净申 吱-7478.9万元。 科创50ETF (产品代码: 588000) ★ 跟踪：上证科创板50成份指数 近五日涨跌: - ...

Core Insights - The global technology sector is at an unprecedented critical point, with generative AI (AIGC) sweeping across various industries, and advancements in large model capabilities leading to autonomous decision-making and action [1] - The "2025 Guangdong-Hong Kong-Macao Greater Bay Area New Economic Development Forum" will be held on December 5 in Guangzhou, focusing on sustainable industrial paths in the AI era [1] AI Development Trends - AI remains the focal point in technology, showcasing three significant trends: continuous improvement in model capabilities, deeper industry applications, and accelerated ecosystem construction [2] - AI infrastructure is rapidly solidifying, with breakthroughs in parameters, multi-modal understanding, and reasoning efficiency, driven by leading tech giants [2] - AI has moved beyond the laboratory into critical sectors like healthcare, finance, manufacturing, and energy, becoming a key variable in industry transformation [2] Industry Challenges - The transition from "demonstrable feasibility" to "commercial viability" presents complexities, with high expectations coexisting with phase-specific challenges [2] - The forum will address how AI can create value in real-world scenarios and explore the commercial pathways for its application [2] Globalization of Chinese Technology - Chinese companies are entering a new phase of globalization, shifting from a cost-based "selling products" model to a technology, brand, and localized operation-focused "deep outbound" strategy [4] - The global market landscape has become more complex due to geopolitical factors, evolving international trade rules, and rising local competition, necessitating enhanced global operational capabilities [4] Future Directions - The forum will feature discussions on how Chinese enterprises can transition from "going out" to "integrating in" global markets, emphasizing the importance of establishing a strong local presence [4][5] - The event aims to foster a vision for the future, focusing on building agile response capabilities, intelligent systems, and deeper localization strategies for Chinese companies [5] - A report on "2025 Annual 21st Century High-Quality Development Research Cases (Technology)" will be released, highlighting successful applications that drive significant business growth and sustainable development [5]

Core Insights - The current stability mechanism of China's capital market has shifted from "crisis response" to "proactive governance," significantly enhancing the market's inherent stability [1] - The 2026 economic outlook is framed around the theme of "ReNew," highlighting the coexistence of global "new patterns and cycles" with domestic "new blueprints and new productive forces" [1][2] Group 1: Economic Challenges and Trends - The economic landscape is characterized by three layers of challenges: long-term "3D challenges" (aging population, debt crisis, de-globalization), mid-term "spiral downward" mechanisms, and recent "three inflection points" (U.S. political shift, China's economic transformation, global technological leap) [2] - Global economic growth is expected to continue a slight decline, but the growth gap between developed economies and emerging markets is predicted to narrow [2] - By 2026, Asia's economic scale is projected to surpass that of North America and Europe for the first time, indicating a profound shift in the global economic landscape [2] Group 2: Investment Opportunities and Strategies - China must seize opportunities presented by "creative destruction," with the government playing dual roles as "investor" and "insurer" to stimulate innovation and buffer transformation shocks [3] - The future of China's economy is summarized by "three news" (new blueprint, new starting point, new productive forces) and "three rebalances" (external vs. internal demand, supply vs. demand, nominal vs. real variables) [3] - The capital market is undergoing a paradigm shift from "cyclical fluctuations" to "structural changes," necessitating a comprehensive update of traditional analytical frameworks [4] Group 3: Asset Pricing and Market Dynamics - The traditional correlation between asset prices and economic fundamentals is being restructured, with economic drivers shifting from traditional inputs to innovation-driven growth [4] - The capital market in 2026 is expected to exhibit "economic rebalancing and moderate re-inflation," with fiscal policy maintaining necessary spending intensity and monetary policy remaining prudent [4] - Investors are advised to focus on the changes in "three prices": RMB exchange rate, Sino-U.S. interest rate differentials, and stock-bond relative prices, as these will influence asset performance [4] Group 4: Sector-Specific Insights - In the AI sector, a shift from "model-driven" to "application-driven" development is anticipated, with 2026 being a critical year for AI applications [5] - The communication industry is expected to upgrade due to AI computing power demands, with significant growth in AI capital expenditures by cloud vendors [5] - The pharmaceutical sector is undergoing a "hard technology" transformation, with a focus on innovative drug companies and medical device firms that possess genuine innovation capabilities [6] - The consumer market is evolving into a "dual-driven" new pattern, with continuous innovation in technology consumption and emerging new consumption scenarios [6]

Core Insights - The article highlights the significant financing achievements of the past two Cultural Investment Conferences, totaling 9.5 billion yuan, with a notable example being the 50 million yuan funding for the film "Lion Boy" [1] - The third Cultural Investment Conference is taking place in Guangzhou, aiming to connect promising projects with investors, showcasing a high efficiency in securing funding [1] Group 1: Conference Structure and Innovations - The conference adopts a new "1+8+N" structure and "3+365" model, featuring one main conference, eight specialized roadshows, and various supporting activities throughout the year [1] - The event spans three days but aims to assist industry professionals in securing funding year-round [1] Group 2: Emerging Trends and Projects - This year's conference showcases new sectors such as embodied intelligent robots, AI in film, micro-short dramas, and the "grain economy," reflecting current market trends [1] - Out of 298 registered projects, 60 were selected for presentations, indicating a competitive selection process [1] Group 3: Investment Landscape - Over 80 investment institutions, including top firms like Sequoia China and Hillhouse Capital, are participating in the conference, highlighting the interest from major players in the cultural sector [1] - Guangdong province has maintained the highest cultural and related industry value added for 22 consecutive years, with over 10,000 regulated enterprises, representing one-seventh of the national total [1] Group 4: Policy Support and Market Potential - More than 85% of trendy toy products are manufactured in Dongguan, showcasing the region's manufacturing strength [2] - In May, Guangdong introduced 87 cultural industry support policies to encourage development in six key areas, enhancing the Bay Area's role as a cultural resource hub [2]

金融街证券认为，游戏行业当前具备明确投资主线，政策、盈利与估值形成三重支撑。国内监管政策利 好宽松，叠加文化出海定位；三季度业绩远超市场预期，有效验证游戏行业盈利能力；当前多数头部游 戏公司估值仍普遍处于15~20倍区间。中长期看，AI催化下中腰部游戏公司在产品玩法、题材上持续创 新，有望带动估值修复与业绩增长的双重红利，游戏凭借悦己经济的娱乐属性，高景气度有望延续。 游戏板块具备AI、内容、商业化模式变革多点催化，游戏ETF跟踪中证动漫游戏指数，反映动漫游戏产 业A股上市公司股票的整体表现，关注游戏ETF布局机会。 11月27日，游戏板块早盘拉升后略显震荡，游戏ETF现涨近1%，持仓股巨人网络、恺英网络、游族网 络、国脉文化、完美世界、冰川网络等涨幅居前，富春股份、名臣健康、博瑞传播、迅游科技等跌幅居 前。截至11月25日，游戏ETF产品规模达110.58亿元，助力投资者一键布局A股游戏龙头。 中国音数协游戏工委与伽马数据11月25日共同发布了《2025年10月中国游戏产业月度报告》。2025年10 月，中国国内游戏市场收入为313.59亿元，环比增长5.66%，同比增长7.83%。 ...

Market Overview - The A-share market showed mixed results, with the Shanghai Composite Index closing at 3864.18 points, down 0.15%, while the Shenzhen Component Index rose 1.02% to 12907.83 points. The ChiNext Index increased by 2.14% to 3044.69 points, and the North Star 50 Index fell by 0.42% [1] Capital Flow - The main capital in the A-share market experienced a net outflow of 110.12 billion yuan, with an opening net outflow of 71.22 billion yuan and a closing net outflow of 15.41 billion yuan [2] - The CSI 300 index saw a net inflow of 52.26 billion yuan, while the ChiNext and Sci-Tech Innovation Board experienced net outflows of 56.38 billion yuan and 8.47 billion yuan, respectively [3] Sector Performance - Among the primary sectors, the electronics industry led with a net inflow of 100.87 billion yuan, with four sectors overall experiencing capital inflows [4] Stock Highlights - The stock New Yisheng had the highest net inflow of 16.46 billion yuan. Institutional investors showed interest in multiple stocks, with some like Changguang Huaxin seeing net purchases, while others like Aerospace Development faced net selling [5]

Group 1 - The A-share market showed mixed performance on November 26, with major indices fluctuating, while sectors like pharmaceuticals and semiconductors saw gains, whereas shipbuilding and aerospace sectors faced declines [1] - The net outflow of main funds in the Shanghai and Shenzhen markets reached 11.01 billion yuan, with 15 sectors experiencing net inflows, particularly automotive, textile and apparel, and comprehensive industries, each exceeding 300 million yuan [1] - The basic chemical industry led the net outflow with 1.13 billion yuan, followed by social services, real estate, and non-bank financial sectors, each exceeding 600 million yuan [1] Group 2 - Five stocks recorded net inflows exceeding 1 billion yuan, with a total of 63 stocks seeing net inflows above 100 million yuan [2] - The CPO concept stocks continued to strengthen, with New Yisheng and Zhongji Xuchuang attracting net inflows of 1.646 billion yuan and 1.306 billion yuan, respectively [3] - Yangguang Power saw a net inflow of 1.243 billion yuan, while Inspur Information reported a net inflow of 1.128 billion yuan, with the company announcing a share buyback of 2.25 billion yuan [4] Group 3 - At the market close, the main funds experienced a net outflow of 1.541 billion yuan, with retail and food and beverage sectors leading in net inflows [5] - Three stocks, including Yaowang Technology and Dongxin Co., saw net inflows exceeding 100 million yuan at the close, with Dongxin Co. hitting the daily limit [6]

11月25日，以光模块为代表的科技成长板块集体大涨，部分5G、游戏主题ETF涨超4%，多只通信、人工智能主题ETF涨超3%，超千只ETF收涨。 在近期A股宽幅震荡行情下，沪深300、中证500等宽基ETF成为资金的"避风港"。11月24日，跟踪沪深300的ETF净流入超53亿元，跟踪上证50、中证 A500、中证500等宽基指数的ETF均净流入超10亿元。 11月24日至11月25日，华夏基金、易方达基金、广发基金、华泰柏瑞基金、南方基金、鹏华基金、国联安基金上报首批科创创业机器人ETF，招商基金上 报首只科创创业半导体ETF。 11月25日，光模块、光通信等人工智能板块大幅领涨，中际旭创、新易盛分别上涨5%、4%；游戏、有色金属等板块也有亮眼表现，巨人网络涨停，世纪 华通涨超7%；创业板指、科创创业50等核心指数涨幅都在1.5%以上。 5GETF（159994）以及多只游戏主题ETF今日涨超4%，另有多只通信、动漫游戏、人工智能等主题ETF涨超3%。整体来看，超千只ETF收涨。 广发基金基金经理吕鑫认为，海外算力依旧是当前高确定性的方向。随着12月美联储降息概率提升，流动性压力大幅缓解，海外算力链在前期跌幅 ...

11月24日至11月25日，华夏基金、易方达基金、广发基金、华泰柏瑞基金、南方基金、鹏华基金、国联 安基金上报首批科创创业机器人ETF，招商基金上报首只科创创业半导体ETF。 人工智能板块领涨 11月25日，光模块、光通信等人工智能板块大幅领涨，中际旭创、新易盛分别上涨5%、4%；游戏、有 色金属等板块也有亮眼表现，巨人网络涨停，世纪华通涨超7%；创业板指、科创创业50等核心指数涨 幅都在1.5%以上。 11月25日，以光模块为代表的科技成长板块集体大涨，部分5G、游戏主题ETF涨超4%，多只通信、人 工智能主题ETF涨超3%，超千只ETF收涨。 在近期A股宽幅震荡行情下，沪深300、中证500等宽基ETF成为资金的"避风港"。11月24日，跟踪沪深 300的ETF净流入超53亿元，跟踪上证50、中证A500、中证500等宽基指数的ETF均净流入超10亿元。 5GETF（159994）以及多只游戏主题ETF今日涨超4%，另有多只通信、动漫游戏、人工智能等主题ETF 涨超3%。整体来看，超千只ETF收涨。 广发基金基金经理吕鑫认为，海外算力依旧是当前高确定性的方向。随着12月美联储降息概率提升，流 动性压力大幅 ...