编者按 当 丙午马年 的晨光跃上天际，一条条归乡路便成了血脉中最温热的脉搏。 本文为《2026·真实中国人的真实年》系列第一篇。 格隆 一年将尽夜，万里未归人。人生本逆旅，你我皆行人。踉踉跄跄也好，灰头土脸也罢，格隆祝所有依旧在人生旅途上疲惫跋涉的朋友，都能有空暂时歇 息。"民亦劳止，汔可小康"，人间有味是清欢，亲人相伴，过个好年。 过去一年，没有谁是容易的。这不是你的错，是时代的错。我们恰好遇上了一个贫瘠且逼仄的时代。但，March or die！面对时代的风沙，除了用尽全身力气 在生活的狭窄罅隙里生根，我们并没有太多其他的选择。所以，请务必谢谢你自己。谢谢你哪怕遍体鳞伤，也从未停下步履，谢谢你哪怕带笑带泪，也从未放 弃！构成生活真正底色的，从不是伟人的惊天动地，而是蝼蚁一样咬牙坚持的你自己。 陌生人，新的一年，格隆不会违心祝你万事吉祥。但格隆会祝福你，愿你粗糙的碗里，有热气腾腾的家常；愿你瘦削的肩头，有能温你片刻的暖阳；愿你疲惫 的眼底，有永不被磨灭的光亮！愿这个世界，始终有一个人值得你去爱，愿人世间，始终有一盏灯为你而留！ 这个时代配不上我们绝大多数人，但，未来的日子，格隆还是请你，以血裹泪，被甲饮马， ...

作者 | 贝隆行业研究 数据支持 | 勾股 大数 据（www.gogudata.com） 2026 年春节，成为中国 AI 产业从技术实验室走向全民生活的关键分水岭。 阿里、 腾讯、 字节跳动 等科技大厂纷纷祭出红包补贴、 应用推出、 功能上新等招式，在 AI 赛 道展开百花齐放的春节争夺战。而阿里与字节跳动凭借差异化的战略布局、现象级的应用表现和亮 眼的运营数据，在这场竞争中突围而出，站上中国科技春晚的塔尖 。 除夕 当天 下午 ， 阿里巴巴开源全新一代大模型千问 Qwen3.5-Plus ，性能媲美 Gemini 3 Pro ，登顶全球最强开源模型。 初一 凌晨 ， 千问 APP 发布的数据显示，春节活动期间，全国超过 1.3 亿人第一次体验 AI 购 物，说了 50 亿次 " 千问帮我 " ，千问一跃成为国民级 AI 助手。 图片 来源 ： 公开 资料 阿里 AI 由此在这个春节完成双线爆发：模型全球开源最强， APP 在应用战场狂飙前进。 春节 AI 大战百舸争流 01 当 AI 技术从实验室走向大众生活， 2026 年春节成为各大科技企业争夺用户心智的主战场。 腾讯元宝推出 10 亿元现金红包活动， ...

Core Viewpoint - The article reflects on the annual migration of people returning home for the Chinese New Year, emphasizing the emotional significance of these journeys and the ordinary yet profound experiences associated with them [1]. Group 1: Journey Home - The journey back home is filled with a sense of ritual, where the author purchases traditional gifts, highlighting the importance of carrying physical items as a symbol of returning home [3]. - The high-speed rail system has evolved significantly, becoming more intelligent and user-friendly, with advancements such as facial recognition and iris scanning for boarding [7]. - The scenery during the train journey transforms from urban landscapes to rural settings, symbolizing both geographical and psychological transitions [7][10]. Group 2: Homecoming Experience - Upon arrival, the cold air serves as a reminder of the winter season, contrasting with the warmth of the author's previous location, and evokes a sense of nostalgia [12]. - The bustling atmosphere at the train station remains unchanged, filled with familiar sights and sounds that represent the essence of the hometown [12][14]. - The author describes the comforting experience of returning home, where the aroma of home-cooked meals creates a sense of belonging and warmth [16]. Group 3: Culinary Traditions - The local food culture is highlighted, with traditional dishes such as mixed rice noodles and meat pie soup being central to the homecoming experience, reinforcing a connection to the region [20][22]. - The vibrant local market scene showcases the community's dedication to traditional practices, despite the rise of modern supermarkets and e-commerce [23][25]. - The preparation of festive meals symbolizes the importance of family and cultural heritage during the New Year celebrations [41]. Group 4: Reflection and Connection - The author reflects on the changes in the hometown, noting the modernization and development while still cherishing the traditional aspects that define it [30][32]. - The emotional connection to the hometown is emphasized, portraying it as a source of strength and identity, contrasting with the fast-paced life in larger cities [36][38]. - The article concludes with a sense of gratitude for the simple yet profound experiences of returning home, underscoring the significance of family and tradition [43][46].

Core Viewpoint - The article reflects on the emotional struggles of individuals deciding whether to return home during the holiday season, highlighting the deep connections to their hometowns and the complexities involved in the decision-making process [4][10]. Group 1: Decision to Return - The rising costs of travel, with flight prices increasing from hundreds to over two thousand, and the scarcity of high-speed train tickets create hesitation among travelers [5][6]. - Many individuals express their shared struggles in comments, revealing feelings of obligation and nostalgia tied to family and home [8][9]. - Ultimately, the emotional pull of home outweighs the logistical challenges, leading to the decision to return [9]. Group 2: Experience During Travel - The familiarity of regional dialects and shared experiences among fellow travelers creates a sense of camaraderie [12][14]. - Traditional foods, such as local specialties, evoke strong feelings of belonging and signify a return to one's roots [15][24]. Group 3: Changes and Traditions - The article discusses the persistent cultural practices in hometowns, such as the numerous social gatherings and the increasing financial expectations associated with them [27][30]. - The cost of social obligations has significantly increased, with contributions rising from 10-20 to at least 100-200, reflecting changing societal norms [30][33]. - The dynamics of local markets have shifted, with fewer people attending traditional gatherings, indicating a transformation in community interactions [43][45]. Group 4: Conclusion on Hometown Significance - The narrative emphasizes that despite imperfections and challenges, the hometown remains a vital part of one's identity and emotional landscape [50][51]. - The longing for home persists, suggesting that as long as individuals hold their hometown in their hearts, they have not completely lost their connection to it [52][53].

车窗外，江南的田野在冬日里显得格外肃穆，几缕炊烟从远处村庄升起，恍惚间仿佛能闻到炊烟中特有的 柴火味。 故乡，那是一座在现代化浪潮中努力保持自己节奏的城市，也是一块刻满历史印记的土地。 01 归途：火之祭 一年一度的"迁徙"，只因心向一处。 每年的这个时候，十几亿人，往同一个方向走。 过去几年，我们透过各位笔下的文字，看到了归途的思绪、重逢的悲欢、故里的新颜…… 这些看似再平凡不过的日常，因为被写下来，所以有了重量。 格隆汇《归乡记》系列，今年还在。 不为别的，只是觉得：普通人的归乡与奔赴，值得被认真记录。 这是开篇，《 衡阳，那一抹永不褪色的火 》。 编者按 回雁峰下，湘江之水静静地流淌，而我已踏上那条熟悉的归乡路。 春寒料峭的二月清晨，一辆高铁呼啸着穿过晨雾，向着那片熟悉又陌生的土地驶去。我拉下窗边的遮光 板，玻璃上映出一张中年男人略显疲惫的脸——离开这座叫衡阳的城市已是第十五个年头。 大迁徙中的身影藏着中国人独特的文化密码。如今高铁也已成为这场迁徙中最显著的标志。 车厢里挤满了提着大包小包的人们，他们操着天南地北的口音，脸上写满了一年的疲惫与回家的期盼。 我旁边坐着一位在广东打工的衡阳老乡，他告诉我，过 ...

Core Insights - The article discusses the significant influx of retail investors into the ETF market, highlighting a surge in trading activity and investment volume [2] Group 1: Retail Investor Activity - Retail investors have dramatically increased their participation in the ETF market, leading to record trading volumes [2] - The article notes that this trend is characterized by a shift in market dynamics, with retail investors now playing a more influential role compared to institutional investors [2] Group 2: Market Trends - There has been a notable increase in the number of ETFs available, providing more options for investors [2] - The article emphasizes the growing popularity of thematic ETFs, which cater to specific investment themes and trends [2] Group 3: Investment Strategies - Retail investors are increasingly adopting strategies that were traditionally used by institutional investors, such as momentum trading and sector rotation [2] - The article suggests that this shift may lead to increased volatility in the market as retail investors react to market trends [2]

Core Viewpoint - The article discusses the current state of the Hong Kong stock market, particularly focusing on Tencent, highlighting its valuation and potential investment opportunities amidst recent market fluctuations [7][9][10]. Group 1: Market Performance and Valuation - The Hong Kong stock market has seen a significant decline, with Tencent's stock dropping 23% from its peak in October 2025, resulting in a market value loss of 1.43 trillion HKD [7]. - Despite the recent downturn, Tencent's valuation appears reasonable, with a forward PE of approximately 15-16 times for 2026, and a core business PE of around 13 times, aligning with an expected EPS growth of 12%-15% [9][10]. - Tencent's stock buyback program, averaging several hundred million HKD daily, and a stable dividend yield of 4-5% provide additional support for its valuation [10]. Group 2: Investment Sentiment and Future Outlook - The article suggests that foreign investors are beginning to view Hong Kong tech stocks, including Tencent, as undervalued compared to their U.S. counterparts, creating a potential "rebalancing" opportunity [11][12]. - The strengthening of the RMB may further accelerate this rebalancing trend, with domestic capital flowing into Tencent and similar companies [12]. - The article emphasizes that while Tencent is perceived as a "public utility" tech stock, its role in the AI growth sector remains significant, although its investment in AI is currently more conservative compared to other tech giants [14]. Group 3: AI Market Dynamics - By 2026, the global AI industry is expected to shift from a focus on "computing power arms race" to "application commercialization," with Microsoft’s Copilot as a key reference point [16][17]. - In contrast to the U.S., China's AI application sector is experiencing a breakthrough in penetration rates, with active users reaching 320 million, a 78% year-on-year increase [21]. - The article notes that the current valuation of A-shares does not fully account for the commercial value brought by AI, indicating a potential for significant upward adjustment once the market recognizes this [23][25]. Group 4: Risks and Market Behavior - The article warns of potential volatility in the market due to aggressive capital spending by major AI cloud computing firms, which could lead to profit and cash flow concerns [27][30]. - The market is transitioning from a "broad rally" to a "survival of the fittest" mentality, where companies must demonstrate substantial earnings growth to maintain their valuations [33]. - The article concludes that investors should focus on fundamental and valuation factors to avoid being caught in market fluctuations, emphasizing the importance of ensuring that created value translates into tangible returns [39][40].

Core Viewpoint - The article discusses the rising demand for gas turbines driven by the explosion of AI computing power, highlighting a significant shift in the energy supply landscape and the emergence of a golden development period for the gas turbine industry [4][16]. Group 1: Industry Demand and Supply Dynamics - AI data centers' power consumption has surged from 50MW to as high as 1GW, creating a substantial electricity supply gap that gas turbines are well-positioned to fill [4][7]. - The demand for electricity from AI data centers is expected to grow exponentially, with projections indicating that by 2030, AI data centers will account for 16% of total U.S. electricity consumption, necessitating an additional 104-130GW of power generation capacity [7]. - The global gas turbine market is characterized by an oligopolistic structure, with three major players—Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova—holding a combined market share of 76.3% [8]. Group 2: Market Trends and Order Backlogs - Current global gas turbine orders are backlogged until 2028-2030, with delivery cycles ranging from 3 to 5 years, indicating strong demand and supply constraints [9]. - Major companies like GEV and Siemens Energy have reported significant increases in new gas turbine orders, with GEV's orders up 46% and Siemens Energy's gas service orders increasing by 42% year-over-year [12]. Group 3: Supply Chain and Technological Barriers - The gas turbine supply chain is complex, with critical components like high-temperature blades facing production bottlenecks due to long expansion cycles and cautious capital expenditure from leading manufacturers [12][13]. - The article emphasizes the importance of technological barriers in the gas turbine industry, which create high entry barriers for smaller firms and allow leading companies to maintain profitability amid rising demand [13]. Group 4: Investment Opportunities and Strategic Focus - Future investment strategies should focus on three main themes: overseas demand transmission, technological barriers, and domestic substitution, with an emphasis on identifying core companies that can leverage these trends [14][15]. - Key areas for investment include leading companies with integrated capabilities, core component suppliers, and domestic pioneers in gas turbine technology, particularly in heavy-duty turbines and supporting materials [15]. Conclusion - The surge in AI computing demand is reshaping the global energy supply landscape, with gas turbines emerging as the optimal short-term power solution, leading to a period of simultaneous volume and price increases in the industry [16].

Group 1 - The core viewpoint of the article highlights the competitive landscape in the food industry, particularly focusing on the IPO of a competitor to Haitian Flavor Industry, which is based in Meishan, Sichuan, and supplies products to the company known for its duck neck snacks [1] Group 2 - The article discusses the implications of the new competitor entering the market, which may affect the market share and pricing strategies of existing players like Haitian Flavor Industry and its supplier, Awei Food [1]

Core Viewpoint - The article discusses the evolution of ETFs and introduces a new trading logic on Wall Street, emphasizing the strategy of selling first and addressing concerns later [2] Group 1: ETF Evolution - ETFs have transformed from simple investment vehicles to complex financial instruments that can be used for various strategies [2] - The growth of ETFs has been significant, with assets under management reaching trillions of dollars, indicating their increasing popularity among investors [2] Group 2: New Trading Logic - The new trading logic suggests that traders are prioritizing immediate sales over long-term considerations, reflecting a shift in market behavior [2] - This approach may lead to increased volatility in the market as traders react quickly to market changes without thorough analysis [2]