近期，知名经济学家洪灝在与瑞士宝盛的本年度收官对话中，展望了2026年的美股、A股市场，并重点剖析了AI、大宗商品及人民币等核心议题。 投资作业本课代表整理了要点如下: 1、现在说（美国AI）泡沫要破，可能还为时过早。但必须承认估值已经很贵了。那么历史上达到如此估值的高度次数屈指可数。 以及一般来说，这个估值水平， 美股未来7到10年的平均回报率往往只有个位数。 2、 从下半年开始，我们就建议客户把美股获利的部分转向非美市场。主要原因是 美股相对于其他市场的表现已经达到历史高位，再期待它持续跑赢，可 能不太现实。 3、我 相信如果投AI的话，我们会继续投现在已经崭露头角的公司，以及一些大型的从以前的科技、互联网公司转型成AI公司的领头羊。 以下是投资作业本课代表（微信ID：touzizuoyeben）整理的精华内容，分享给大家： 2026年只要经济不太差，A股值得期待 主持人：年初至今，上证和沪深300指数以及港股恒生指数涨了很多，在全球市场算是领先的。不过从十月开始，股指上升势头有所减弱，板块之间开始 轮动，比如科技类的成长股承压明显，反而价值股和周期股更受资金青睐。 4、如果AI故事继续，经济周期位置不变 ...

17日，美联储理事沃勒在CNBC上表示，鉴于就业市场趋于疲软，美联储仍有降息空间，可以采取"稳步、逐步"的方式将政策利率降至中性水平。 他强调， 基于当前的经济前景，"没有必要急于降息"，美联储可以采取适度步伐，无需采取激烈的行动。 沃勒指出，目前的利率水平比中性利率高出50到100个基点。关于通胀前景，他认为通胀已得到控制且不会重新加速上升，预计未来几个月将继续回落。同 时，他提到就业市场虽然表现出"非常疲软"且增长接近于零，但并未出现"断崖式下滑"。 沃勒指出，美联储此前的降息举措已经对就业市场产生了一定的帮助。就业市场发出的信号表明美联储应继续降息。展望未来，他希望2026年的经济形势会更 好，从而进一步提振就业市场。至于人工智能对就业的长远影响，他表示目前尚不清楚。 通胀预期回落且可控 在物价稳定性方面，沃勒展现出较强的信心。他断言通胀不会重新加速上升，并认为通胀已得到控制，美联储将继续保持这种控制力。尽管目前的通胀率仍高 于目标水平，但他预计在未来几个月内数据会进一步回落。 关键在于通胀预期的稳定性。沃勒强调，通胀预期保持稳定，这为政策调整提供了基础。他明确表示，仅凭通胀预期趋缓这一因素，就足以支持 ...

Core Viewpoint - Alibaba is strategically positioning itself in the AI landscape by integrating its services through the Qianwen app, which connects various local life services and enhances user experience by utilizing real-time data from Gaode Map [1][2][3][4]. Group 1: Integration of Services - The Qianwen app is becoming a comprehensive entry point for Alibaba's ecosystem, effectively linking its various local life services such as Taobao, Fliggy, and Ele.me [2][3]. - Qianwen's integration with Gaode Map allows it to provide real-time recommendations and planning for restaurants, travel, and more, thus enhancing user engagement [1][3][9]. - This integration addresses the previous challenge of directing traffic to Alibaba's local services, which were previously disjointed [3][16]. Group 2: AI and Real-World Application - The incorporation of Gaode Map into Qianwen signifies a shift from theoretical AI capabilities to practical applications that solve real-world problems [4][8][25]. - Qianwen's ability to process spatial data and provide actionable insights marks a significant advancement in AI's role in everyday life, moving beyond mere information output to actionable solutions [4][13][25]. - The app's features, such as visual understanding and weather-based recommendations, demonstrate its advanced capabilities in handling complex real-world scenarios [12][13]. Group 3: Competitive Advantage - Alibaba's unique position combines top-tier AI model capabilities with a robust offline service fulfillment system, creating a competitive moat that is difficult for rivals to replicate [21][23]. - Unlike competitors like OpenAI and Google, which lack comprehensive service fulfillment networks, Alibaba leverages its extensive ecosystem to provide seamless user experiences [21][22][23]. - The integration of Qianwen and Gaode Map is a strategic move that enhances Alibaba's ability to capture user intent and streamline service delivery, positioning it favorably in the AI-driven market [18][25][26].

Core Viewpoint - The AI landscape in China by 2025 has shifted from a focus on model parameters to a comprehensive competition involving capital efficiency, infrastructure, and traffic entry points, with major players like Alibaba, ByteDance, and Tencent adopting distinct strategies [1]. Tencent's AI Strategy - Tencent's AI strategy has evolved through three phases: a cautious "judgment period" before 2023, a "decisive investment" phase in 2024, and an "active offensive" phase entering 2025, characterized by organizational restructuring and talent acquisition [6][7]. - The company has established new departments for AI infrastructure and data, indicating a commitment to enhancing its AI research and development capabilities [4]. Product Development and Innovation - Tencent launched its mixed reality model, WorldPlay 1.5, which allows users to create and explore personalized 3D virtual worlds, marking a significant advancement in interactive AI applications [5]. - The mixed model has undergone over 30 iterations in the past year, maintaining a leading position in global rankings for text-to-image and 3D generation models [7]. Integration of AI into Ecosystem - Tencent's approach combines self-developed models with external open-source models, allowing for a flexible and efficient AI deployment strategy across its ecosystem [8]. - The company has integrated AI capabilities into over 900 internal applications, significantly enhancing efficiency in core business areas like advertising and gaming [9]. Competitive Advantage - Tencent's unique ecosystem, which includes extensive user data from social and service platforms, creates a closed-loop system that optimizes model performance and enhances user experience [11]. - The company aims to leverage its AI capabilities to create a seamless integration of AI into everyday user interactions, making AI functionalities almost invisible to users [13]. Future Outlook - Tencent is positioning itself to compete in the AI era by focusing on both B2C and B2B applications, with plans to develop intelligent agents that can operate within its existing ecosystem [16][17]. - The introduction of the AI Development Platform (ADP) aims to lower the barriers for enterprises to adopt AI, facilitating a broader application of AI technologies across various industries [18].

Core Viewpoint - The article discusses the remarkable debut of Muxi Technology on the stock market, highlighting its stock price surge and the implications for the domestic GPU industry, particularly in the context of AI and computing power demand. Group 1: Stock Market Performance - On its first trading day, Muxi Technology's stock price soared over 700%, reaching a peak of 895 yuan, resulting in a single contract profit of nearly 400,000 yuan, setting a new record for new stocks under the comprehensive registration system [1] - By the end of trading, Muxi Technology closed at 829.9 yuan, up 693%, with a turnover rate of 84.72% and a total market value of 332 billion yuan, approaching the market value of the recently listed Moer Technology [2] Group 2: Market Valuation and Industry Context - The high valuation of Muxi Technology, despite not yet being profitable and its core products still in the early stages of scaling, raises questions about how the capital market perceives the value of domestic GPU companies [4] - The demand for computing power has been growing steadily over the past two years, with significant investments from government and enterprise sectors in AI training, inference, and intelligent computing centers [5] Group 3: Company Background and Leadership - Muxi Technology was founded in September 2020 in Shanghai, focusing on high-performance general-purpose GPU chips and solutions, primarily targeting AI training and inference, data centers, and high-performance computing [8] - The founding team consists of three senior scientists with extensive backgrounds at AMD, which may influence the company's focus on engineering implementation and commercialization efficiency [9][10] Group 4: Product Development and Revenue Growth - Muxi Technology has disclosed scalable revenue, with significant growth from 426,000 yuan in 2022 to 530.2 million yuan in 2023, and projected revenues of 743 million yuan in 2024 and 1.236 billion yuan in the first three quarters of 2025 [24] - The company has completed multiple generations of GPU tape-out and mass production, with the C500 series already generating revenue in AI training and inference applications [23] Group 5: Competitive Landscape and Future Outlook - Muxi Technology aims to achieve breakeven by 2026, earlier than Moer Technology's projected breakeven in 2027, indicating a potentially faster path to profitability [27] - The article emphasizes that while both Muxi and Moer have received high initial valuations, the true measure of success will depend on who can establish a sustainable business model for domestic GPUs in the next 2-3 years [30][31]

Core Viewpoint - Apple plans to launch at least seven new iPhone models by the fall of 2027, marking a significant expansion in its smartphone lineup, including its first foldable iPhone expected in fall 2026 [1][3]. Product Expansion Strategy - The foldable iPhone, codenamed V68, will feature a 7.7-inch inner display and a 5.3-inch outer display, aiming to be the first truly crease-free foldable smartphone [3][4]. - The iPhone 20, set to celebrate the 20th anniversary of the iPhone, will feature a full-screen design with no bezels, expected to launch in fall 2027 [1][13]. - Apple is also introducing the iPhone 17e, a budget model, in spring 2026, which will support wireless charging and feature the latest self-developed modem [8][9]. Technological Innovations - The iPhone 18 Pro series will incorporate under-display Face ID technology, eliminating the black oval area on the screen [6][10]. - The foldable iPhone will utilize advanced materials and a complex hinge design to achieve a high-quality display with minimal defects [3][4]. - New camera features will include a mechanical aperture for better light control, enhancing low-light photography capabilities [7]. Manufacturing and Production Plans - Apple plans to shift some production to India, starting with the iPhone 18, which will be produced in Bangalore before moving to China [11][12]. - The second-generation iPhone Air has been delayed to spring 2027 due to poor sales of the first generation, prompting a redesign to enhance its appeal [14]. Broader Product Development - Apple is developing a range of new products, including the next-generation AirTag, Apple Studio Display, and various MacBook models, with some expected to launch in early 2026 [16][17].

以下文章来源于Auto有范儿 ，作者柴旭晨 就在准入车型公布的同一天，华为车BU发文称极狐阿尔法S采用的是乾坤智驾ADS系统，搭载了 包含三颗激光雷达在内的34颗高性能传感器。这意味着，在华为的托举下，北汽成功入围L3智驾 赛道。 随后，小鹏、理想也先后官宣获得L3级道路测试牌照，后续分别在广州、北京两个城市开展常态 化L3级道路测试；华为的鸿蒙智行以及比亚迪则已联合深圳相关部门开启L3级有条件自动驾驶内 测。小鹏、极氪等品牌也宣布，其市售车型已经为L3级自动驾驶做好了硬件预埋。 显然，车企们已经在高阶智驾的赛道上摩拳擦掌。然而，透过宣发的喧嚣，我们看到的并非技术的 瞬间爆发，而是一场更为谨慎、克制且漫长的马拉松起跑。 根据此次工信部的发文，深蓝SL03和极狐阿尔法S这两款车型将分别在北京和重庆的路段开展L3 测试工作，且有一定的限制。 其中，深蓝SL03的准入场景目前仅限指定路段的交通拥堵环境下高速公路和城市快速路单车道 内，极狐阿尔法S的准入场景目前限定在指定的高速公路和城市快速路单车道内。测试路段主要围 绕机场快速、城市快速等相对封闭且没有行人混杂的路段展开。 Auto有范儿 . 讲述独特的汽车故事。 ...

Core Viewpoint - The article discusses the evolution of health management through AI, highlighting the launch of Ant Group's upgraded AI health application "Ant Aifu," which transforms from a health tool into a proactive health companion that understands and engages with users [2][3]. Group 1: AI Health Application Development - Ant Group's AI health application has been upgraded and renamed from AQ to "Ant Aifu," marking a significant shift in its product logic to become a more interactive and caring health assistant [2][3]. - The new app quickly rose to the top of the Apple App Store, reaching the second position in the free download chart, indicating strong market demand [2]. - The upgrade reflects a broader trend in China where AI technology is being integrated into practical health scenarios, showcasing a path of "application innovation" [2][3]. Group 2: Features and User Experience - The "Health Companion" feature of Ant Aifu aims to bridge the gap in long-term rehabilitation and prevention, addressing the challenges users face in managing their health [4]. - Users can set specific health goals, such as "30-day weight loss" or "chronic disease management," with the app providing tailored reminders and suggestions based on their health data [9]. - The app facilitates continuous, two-way interaction, making it easier for users to monitor their health progress remotely [10]. Group 3: AI's Role in Health Management - Ant Aifu introduces an "AI Clinic" feature that simulates a doctor's inquiry process, helping users articulate their symptoms and connect with real doctors for professional diagnoses [11]. - The app enhances its multi-modal capabilities, allowing users to analyze complex medical reports and medication packaging through photos [12]. - This approach lowers the interaction barrier, making it particularly user-friendly for older adults [13]. Group 4: Market Context and Competitive Landscape - The demand for health management solutions in China is immense, driven by a large population and a comprehensive digital infrastructure that supports AI applications [15][24]. - The healthcare sector is highly specialized, requiring AI solutions to be accurate and reliable, which presents a significant entry barrier for competitors [16]. - Ant Group has established a vast service network, having served over 800 million users and connected with more than 5,000 hospitals and 300,000 real doctors, enhancing the app's credibility and reach [18]. Group 5: AI's Impact on Healthcare Accessibility - Ant Aifu's model allows for the distribution of medical expertise beyond geographical limitations, reaching a broader audience, especially in lower-tier cities where 55% of users come from [20]. - The app has achieved over 15 million monthly active users, indicating a strong demand for accessible health services [26]. - The article emphasizes that AI can democratize healthcare, allowing a single expert's knowledge to benefit many, contrasting with traditional healthcare delivery models [30][31].

12月16日，在美国总统特朗普第二任期即将满一周年之际，一向以低调著称的"白宫大管家"、幕僚长苏西·怀尔斯（Susie Wiles）向《名利场》杂志（Vanity Fair）投下了一枚震撼弹。 在与杂志作家克里斯·惠普尔（Chris Whipple）进行的11次"毫无保留"的深度访谈中，怀尔斯不仅证实了白宫内部的混乱与分裂，更对总统及其核心圈子给出了 堪称"炸裂"的辛辣评价。 采访中，怀尔斯将不饮酒的特朗普形容为具有"酒鬼的性格"，称美国副总统万斯是"一个十年的阴谋论者"，并直指科技亿万富翁埃隆·马斯克是"一个公开的氯胺 酮（ketamine）使用者"和"古怪的家伙"。 而这不仅是一次采访，更像是一场政治飓风的登陆。怀尔斯不仅承认了特朗普政府的"清算"行为，还揭示其政府内部在重大经济政策上的严重分歧，尤其是在 曾引发市场动荡的关税问题上存在"巨大分歧"。 怀尔斯将自己的角色定位为特朗普议程的"促进者"而非约束者，即使在某些她个人并不同意的决策上，最终也会选择"上船"，因为"如果出现平局，他（特朗 普）赢"。 "我是应对这种'大人物性格'的专家，"怀尔斯直言不讳地说道，"高功能酗酒者，或者说一般的酗酒者，当他们 ...

Core Viewpoint - The article discusses how the automotive industry, particularly the collaboration between SAIC Motor and Huawei, is poised to disrupt the market with the launch of the new brand "Shangjie" and its first model, the Shangjie H5, which has achieved significant early success in a challenging environment [2][4][10]. Group 1: Market Context and Competitive Landscape - In a competitive environment where new technologies are quickly replicated, some companies manage to enter the market effectively, exemplified by Pinduoduo in e-commerce [2]. - The automotive industry is currently dominated by the themes of new energy and new forces, with SAIC Motor preparing to make a significant impact through its partnership with Huawei [2][4]. Group 2: Product Launch and Initial Success - The Shangjie H5 has achieved a remarkable delivery volume of 20,000 units, making it the fastest new brand to surpass 10,000 units after its launch [2][4]. - The success of the Shangjie H5 is notable given the declining demand in the fourth quarter and the overall reduction in industry expectations [4][7]. Group 3: Strategic Collaboration and Resource Utilization - The partnership between SAIC and Huawei is crucial for the success of the Shangjie brand, leveraging Huawei's technology and SAIC's manufacturing capabilities [10][28]. - SAIC has invested nearly 30 billion yuan to upgrade its manufacturing facilities to ensure quality and efficiency in production [12][35]. Group 4: Consumer Insights and Market Demand - The Shangjie H5 has demonstrated a strong market response, particularly in the 150,000 to 200,000 yuan price range, challenging previous assumptions about consumer price sensitivity [11][12]. - The vehicle addresses consumer demands for safety and advanced technology, indicating a shift in market expectations [12][11]. Group 5: Future Product Development and Market Strategy - The next model from Shangjie is expected to be a high-end coupe, targeting the younger consumer demographic and aiming to redefine the market for sporty vehicles [19][21]. - The strategic focus on aesthetics and performance is intended to position Shangjie as a strong competitor in the high-end segment, potentially rivaling established European brands [21][24].