Core Insights - The article emphasizes the importance of practical learning experiences in cutting-edge technology sectors, highlighting the value of direct engagement with leading companies and experts in the field [12][24][46]. Schedule Overview - The schedule for 2025 includes visits to major technology companies such as Huawei, BYD, Tencent, and others, focusing on sectors like artificial intelligence, new energy, and biotechnology [23][24][61]. - Specific events are planned, including closed-door investment research meetings and thematic explorations of emerging industries [8][9][10]. Learning Experience - Participants will engage in deep explorations of technology companies, gaining insights into the full chain of technology development from laboratory to industrialization [12][24]. - The program aims to provide practical empowerment through discussions on frontier technology trends, emerging industry ecosystems, and innovative business strategies [12][24]. Participant Feedback - Feedback from participants indicates that the program significantly enhances their understanding of macroeconomic trends and investment opportunities, fostering a community of like-minded entrepreneurs and investors [46][47][48]. - Participants express appreciation for the opportunity to learn from industry leaders and to engage in meaningful discussions that elevate their strategic thinking [46][47][48].

文 任泽平团队 3 ） 影响： 消息公布后， 市场短期走出典型的鹰派预期。 美债收益率飙升、美元上涨、美股下跌、黄金下跌。 沃什秉持的"降息+缩表"政策组合，其缩 表的紧缩预期和降息的宽松预期将博弈 ，为资产价格波动埋下不确定。 4 ） 短期来看， 大概率在未来一年内支持降息1-3 次，作为对特朗普迫切降息需求的回应。中长期来看，取决于缩表的紧缩与降息的宽松孰强孰弱，以及 落地效果。未来是降息的影响更大，还是缩表的影响更大？ 5 ）"缩表 + 降息" 罕见政策组合落地仍面临 四大挑战：一是 缩表与降息效果可能相互抵消；二是缩表对经济和通胀的直接影响可能有限；三是 美联储持 续缩表意味着需要寻找美债新买家， 万亿美债谁来接盘？四是如果控制不好， 有可能引发流动性危机。 6）未来还面临特朗普与美联储的新博弈， 特朗普迫切希望降息，降低居民贷款利率以赢得中期选举，降低国债利率以减轻财政支出压力，并提出将国防 预算从1万亿美元提升至1.5万亿美元，这需要财政赤字货币化才能实现 。这跟这些年盛行的现代货币理论一脉相承。 近年特朗普对美联储的干预明显增强，市场担心美联储的独立性 ，更担心2020年特朗普在第一个任期的无上 ...

Core Viewpoint - The article emphasizes the importance of advanced technology companies in redefining modern life and driving economic growth, particularly in the fields of AI, robotics, and smart home ecosystems [8][14]. Company Summaries 1. Chasing Technology - Founded in 2017, Chasing Technology focuses on high-speed digital motors, intelligent algorithms, and motion control technology, positioning itself as a global high-end tech brand. The company has applied for over 8,000 patents and received more than 3,000 authorized patents by December 2025. Its product matrix spans cleaning, personal care, and kitchen appliances, establishing it as a leader in the smart cleaning sector [4][19]. 2. Magic Atom - Established in 2024, Magic Atom is one of the few companies in China with full-stack self-research capabilities for humanoid robots, boasting a hardware self-research rate exceeding 90%. The company focuses on commercializing its technology through the "Thousand Scenes Co-Creation Plan," which tests robots in real-world scenarios to ensure they are useful and user-friendly [5][20]. 3. Monkey Robotics - Founded in 2015, Monkey Robotics is a core supplier of components in the smart manufacturing sector. The company specializes in machine vision, direct-drive motors, and industrial robots, leveraging its technical expertise to expand into embodied intelligence. It offers a one-stop ODM service for embodied intelligence and aims to build an ecosystem that integrates core components, complete machines, and scenario-based testing [7][21]. Industry Insights 1. AI and Robotics Trends - The article highlights the shift of AI from virtual to physical reality, unlocking trillion-dollar market opportunities. The focus is on service robots and the integration of AI-driven models that enable a closed loop of perception, decision-making, and execution across various sectors [9][18]. 2. Investment Logic - The investment logic in the robotics industry is centered around identifying key players with "positioning advantages" and understanding the technological breakthroughs and supply chain maturity of essential components like reducers, motors, and dexterous hands [18]. 3. Future Opportunities - The exploration of smart technology's role in industrial upgrades is crucial, with a focus on the latest developments in AI and robotics, aiming to cultivate new productive forces and paths for technological self-innovation [18].

追更生态 全场景高端智能生态,重新定义现代生活 以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 企业简介 追觅科技成立于2017年,是以高速数字马 达、智能算法、运动控制技术为核心的全球高端 科技品牌。其始终坚信"核心技术是一切的根本", 重视技术研发与创新。截至2025年12月,全球累 计申请专利超8000件,累计获得授权专利超 3000件。追觅科技旗下产品覆盖清洁、个护、厨 电等多元场景的高端智能产品矩阵，已成为智能 清洁领域的全球领导品牌。 魔法原子 聚焦机器人全栈自研,推动具身智能落地 魔法原子成立于2024年,是国内少数具备通 破桂 世 世 J7\///000 ヘエツイロリアム リアベリア ■ リア 超90%。不同于实验室构想,它坚持以商业化落 地为导向,发起"千景共创计划",在工厂、商业等 真实场景中锤炼机器人,解决"有用、好用、有人 用"的问题，加速技术转化为新质生产力。 灵猴机器人 视觉感知和运动控制技术,叩开自主创新大门 灵猴机器人成立于2015年,是智能制造领域 的核心零部件供应商。其自主研发机器视觉、直 驱电机、工业机器人等核心产 ...

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

Group 1 - The core viewpoint of the article is that China's real estate industry is transitioning from a phase of large-scale development to a focus on existing housing, driven by demographic changes and urbanization trends [2][4][7] - The main trends in the post-real estate era include the end of the large-scale development era, population concentration in urban agglomerations, and the construction of a new real estate model [2][4][7] - The housing market will be supported by improvement demand, urban renewal, and affordable housing needs, emphasizing quality over quantity [2][4][7] Group 2 - The first trend indicates the end of the large-scale development era, with the main home-buying demographic (ages 20-50) reaching a population peak, and urbanization rate at 67% [7][9][11] - The second trend highlights the migration of population towards urban agglomerations, with a significant outflow from lower-tier cities, leading to a "Pareto principle" effect [14][15][18] - The third trend focuses on constructing a new real estate model that includes quality housing, affordable housing, long-term rental housing, and reforms in the pre-sale system [20][21][23] Group 3 - The fourth trend emphasizes that the future housing market will be primarily supported by improvement demand, urban renewal, and affordable housing needs [25][26] - The fifth trend indicates that urban renewal will enter a new phase of vigorous implementation, addressing issues related to aging housing stock [28][29][30] - The sixth trend points to increasing price differentiation, with first-tier and strong second-tier cities expected to stabilize in the next 2-3 years, while many third and fourth-tier cities may experience prolonged price declines [32][33][34] Group 4 - The seventh trend suggests that real estate companies will shift from a "high debt, high leverage, high turnover" model to a focus on quality and sustainable development [38][39][40] - The eighth trend indicates a "control quantity and improve quality" strategy for land supply, with a focus on high-quality land and prime locations [45][46][48] - The ninth trend discusses the transformation of land finance, with first and second-tier cities adapting while others may exit this model entirely [52][53][54] Group 5 - The tenth trend anticipates the gradual lifting of purchase restrictions in first-tier cities, returning to a market-oriented approach [57][58][59]

前沿科技企业实战研学 读万卷书行万里路 企业简介 追更生态 以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 全场景高端智能生态,重新定义现代生活 追觅科技成立于2017年,是以高速数字马 达、智能算法、运动控制技术为核心的全球高端 科技品牌。其始终坚信"核心技术是一切的根本", 重视技术研发与创新。截至2025年12月,全球累 计申请专利超8000件,累计获得授权专利超 3000件。追觅科技旗下产品覆盖清洁、个护、厨 电等多元场景的高端智能产品矩阵，已成为智能 清洁领域的全球领导品牌。 魔法原子 聚焦机器人全栈自研,推动具身智能落地 魔法原子成立于2024年,是国内少数具备通 破桂 世 世 J7\///000 ヘエツイロリアム リアベリア ■ リア 超90%。不同于实验室构想,它坚持以商业化落 地为导向,发起"千景共创计划",在工厂、商业等 真实场景中锤炼机器人,解决"有用、好用、有人 用"的问题，加速技术转化为新质生产力。 灵猴机器人 视觉感知和运动控制技术,叩开自主创新大门 灵猴机器人成立于2015年,是智能制造领域 的核心零部件供应商。其自主研发机器视觉、直 驱电机、工业机器人等核心产 ...

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 e(7-12月日程安排)e 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—202 ...

文：泽平宏观团队 摘要 2024年9月下旬以来，力度空前的宏观放松政策和AI科技浪潮点燃了A股"信心牛"行情。牛市有 何规律？本轮牛市后续怎么走？ 我们复盘A股三次大牛市，1999-2001年的519行情、2005-2007年的周期牛、2014-2015年的改革 牛和水牛，探寻牛市规律，为本轮行情演绎提供镜鉴。 1、1999-2001年的519行情 ： 始于经济低迷时的政策刺激，终于盈利无法消化估值泡沫。 2、2005-2007年的周期牛：基本面驱动的牛市，始于股权分置改革，受益于经济繁荣和流动性过 剩，持续时间长，涨幅大。 当时经济高速增长，但股权分置问题、国有股减持等影响信心，A股经历三年下跌。2005年股权 分置改革解开桎梏，开启大牛市。 上半场为估值修复驱动，国防军工、有色金属和非银金融领涨，随后进入2个月震荡期。下半场 为业绩驱动，随着上市公司业绩全面提升，迎来15个月的爆发期，与经济增长密切相关的周期和资源 类行业获得4-5倍涨幅。 但2008年国际金融危机冲击、经济增速放缓、政策紧缩、市场估值高企和解禁压力等多重因素共 同作用导致牛市结束。上证综指从2005年6月的998点开始，一路上涨至200 ...

Core Viewpoint - The article emphasizes the importance of advanced technology companies in redefining modern life and driving economic growth, particularly through AI and robotics innovations [8][14]. Company Summaries Chasing Technology - Founded in 2017, Chasing Technology focuses on high-speed digital motors, intelligent algorithms, and motion control technology, positioning itself as a global high-end technology brand. The company has applied for over 8,000 patents and received more than 3,000 authorized patents by December 2025. Its product matrix spans cleaning, personal care, and kitchen appliances, establishing it as a leader in the smart cleaning sector [4][19]. Magic Atom - Established in 2024, Magic Atom is one of the few companies in China with full-stack self-research capabilities for humanoid robots, boasting a hardware self-research rate exceeding 90%. The company emphasizes commercialization and has initiated the "Thousand Scenes Co-Creation Plan" to refine robots in real-world settings, addressing practical usability and accelerating technology transformation into new productive forces [5][20]. Monkey Robotics - Founded in 2015, Monkey Robotics is a core component supplier in the smart manufacturing sector, specializing in machine vision, direct-drive motors, and industrial robots. The company is expanding into embodied intelligence and offers a one-stop ODM service for intelligent systems. It plans to invest further in building an ecosystem that integrates core components, complete machine ODM, and scenario-based testing [7][21]. Industry Insights AI and Robotics Trends - The article highlights the shift of AI from virtual to physical realities, unlocking trillion-dollar market opportunities. The focus is on service robots achieving a closed loop of perception, decision-making, and execution across various sectors, including households and commercial spaces [9][18]. Investment Logic - The discussion includes identifying key investment targets with "positioning advantages" in the robotics industry, analyzing technological breakthroughs in critical components like reducers, motors, and dexterous hands, and assessing supply chain maturity [18].