【导读】 Meta收购中国出海的AI初创公司Manus 中国基金报记者 泰勒 大家好，马上就要元旦假期了，今天泰勒已经提前返乡，来回顾一下今天市场发生的大事吧。 中国人又创造了一个AI神话 12月30日，市场最"炸裂"的消息，就是来自中国的 AI初创公司Manus，被Meta给收购了！ 据悉，Meta已同意收购AI初创公司Manus，为其围绕巨额AI投入打造商业化版图再添一款颇受欢迎的人工 智能 智能体（AI agent）。 知情人士称，这笔交易对Manus的估值超过20亿美元。知情人士表示，交易大约在10天内谈妥。 Meta在声明中表示，计划继续运营并对外销售Manus服务，同时也会将其整合进自家产品。Manus背后有腾讯控股、真格基金和 HSG等中国知名机构支持。Manus在今年初走红，时间点距离DeepSeek的发布不久。 Meta首席执行官马克·扎克伯格已将AI列为公司头号优先事项，并投入数十亿美元用于招募研究人员、建设数据中心、开发新模型。 Manus今年早些时候通过向企业提供订阅制AI智能体服务，其年化收入（按当前增速推算）达到1.25亿美元，这可能让Meta在AI投 入上更快看到一些直接回报。 ...

Core Insights - The year 2025 is marked by significant technological advancements, particularly in artificial intelligence and commercial space, reshaping economic and social development [2] - The technological wave is driving structural changes in capital markets, with emerging trends providing key investment directions [2] Group 1: Annual Technology Buzzwords - Each buzzword corresponds to a rising industry chain, reflecting market trends [4] Group 2: AI Agents - The strategic open-sourcing by models like DeepSeek has lowered barriers for AI development, leading to a surge in innovation and a shift in market expectations for Chinese tech [6] Group 3: Supernodes - Supernode architecture integrates hundreds of chips into efficient computing units, providing a differentiated development path in global computing power competition [8] Group 4: PCB Industry - The high-end PCB industry is evolving towards higher layers, density, and reliability, becoming a cornerstone for electronic information innovation [10] Group 5: AI Computing Power - AI computing power is now a strategic digital foundation in international tech competition, with China's "East Data West Computing" strategy accelerating [12] Group 6: Co-Packaged Optics (CPO) - CPO technology addresses challenges in data center expansion, becoming crucial for enhancing computing efficiency and reshaping value distribution in the optical communication industry [14] Group 7: Digital Economy - The digital economy in China is transitioning to a strategic phase, with AI and data driving efficiency and value creation across various sectors [16] Group 8: Controlled Nuclear Fusion - Significant breakthroughs in controlled nuclear fusion are anticipated, with China making strides in this area, attracting capital market attention [18] Group 9: Commercial Space - China's commercial space sector is entering a phase of rapid development, with a focus on satellite internet and a burgeoning trillion-dollar space economy [20] Group 10: Humanoid Robots - The humanoid robot industry is reaching a critical point of mass production, with significant events indicating a shift towards large-scale applications [22] Group 11: Quantum Computing - Quantum computing is accelerating from research to engineering exploration, with major economies prioritizing it in their tech strategies [24] Group 12: 2026 Outlook - The technological wave is expected to continue, with a focus on AI integration, independent innovation, and future industries [26] - Investment opportunities are anticipated in areas such as AI applications, commercial space, and defense industries [28][30]

Core Viewpoint - The A-share market has experienced a cyclical rise, with certain sectors and styles remaining undervalued, making Chinese assets attractive for global allocation in 2026. Key investment opportunities are identified in four main areas: globally competitive manufacturing leaders, industries with improving supply-demand dynamics, sectors with low valuations and potential for significant fundamental changes, and industries with high long-term returns but mismatched valuations [2][5][6]. Group 1: Market Overview - The A-share market is currently active in terms of trading volume and turnover, but there is a notable differentiation among stocks, with some being overvalued while others remain undervalued, particularly in real estate and domestic demand sectors [4]. - The current market environment suggests a focus on safety margins and certainty in investments, avoiding blind speculation on volatility [4]. Group 2: Global Economic Context - The U.S. economy is not performing as well as perceived, with potential fiscal and monetary stimulus expected ahead of the mid-term elections, which may lead to a new economic cycle [4]. - Domestic policies in China may adapt based on international conditions, with interest rate cuts potentially signaling fiscal expansion [4]. Group 3: Investment Opportunities - The first investment opportunity focuses on manufacturing leaders with global competitiveness, including sectors like power equipment, batteries, electric vehicles, home appliances, chemicals, and machinery [7]. - The second opportunity targets industry leaders in sectors where supply-demand dynamics are expected to improve, such as real estate, aquaculture, chemicals, and light industry [8]. - The third opportunity involves sectors with low valuations and potential for significant changes, similar to past trends in coal, steel, and non-ferrous metals [8]. - The fourth opportunity highlights industries with high long-term returns and significant valuation mismatches, such as airport and airline services, insurance, and non-brewery food sectors [8]. Group 4: Risk Considerations - Potential risks include inflation persistence, undervaluation of the RMB, and the impact of AI on labor and competitive dynamics [9].

Core Viewpoint - The article emphasizes the importance of continuous evolution and innovation in the quantitative investment sector to maintain a competitive edge, highlighting the commitment of the company to long-term value creation through technology and rigorous risk management [2][21]. Group 1: Company Overview - Founded in September 2020, the company quickly achieved significant growth, surpassing 10 billion in assets under management by the end of the same year [4]. - The founder, Deng Jian, is a pioneer in applying artificial intelligence to quantitative strategy development, with a strong academic background and extensive industry experience [4][5]. Group 2: Investment Philosophy - The company adheres to a philosophy of "technology empowerment and steady value growth," focusing on leveraging cutting-edge technology to push the boundaries of quantitative investment [2][21]. - A commitment to long-termism is central to the company's strategy, aiming to create stable, compounding returns for investors [4][24]. Group 3: Research and Development - The company has established a unique research and development system that allows for efficient strategy development and rapid iteration, integrating AI applications into traditional investment processes [8][12]. - The research team consists of highly qualified professionals, with over 80% holding PhDs, ensuring a diverse and robust foundation for strategy development [9]. Group 4: Risk Management - A comprehensive risk control system has been implemented, which includes self-developed risk models and real-time monitoring to identify and mitigate unique market risks [16]. - The company emphasizes compliance and risk management as fundamental principles, aiming to protect investor interests even in volatile market conditions [16][24]. Group 5: Product Strategy - The company has developed a "full-spectrum" product line that caters to various investor risk-return preferences, including conservative, moderate, and aggressive strategies [17][18]. - The focus on low-volatility, high-return strategies distinguishes the company from competitors, particularly in the context of traditional index-enhanced strategies that may struggle during market downturns [18][19]. Group 6: Future Outlook - The company anticipates that the quantitative investment industry will increasingly rely on advanced technology infrastructure and the integration of diverse data sources to enhance investment decision-making [22][23]. - The commitment to building a resilient organization with high-density talent is seen as crucial for future competitiveness in the industry [23][24].

Core Viewpoint - The second-hand market prices for Labubu blind boxes under Pop Mart have significantly dropped, leading to widespread discussion and concern about the brand's future and pricing strategy [2][11]. Price Decline - The price of the Labubu Sit Sit Party vinyl plush series, originally priced at 594 yuan, peaked at over 1400 yuan in July but has now fallen to around 630 yuan [3]. - The minimum transaction price for a single blind box, originally 99 yuan, has decreased to 60 yuan, falling below the original price [3]. - The hidden variant "Ben Wo" from the Front High Energy series, once valued at 46,000 yuan, has plummeted to approximately 480 yuan, a drop of over 98% [6]. Market Dynamics - The number of Labubu listings on platforms like Xianyu has increased, but transaction prices have decreased. The average transaction price on Xianyu has dropped to 83.5 yuan since June [6]. - 68% of users on these platforms expect further price declines [6]. - Older Labubu products are being sold at significant discounts, with some priced as low as 29 yuan [8]. Inventory and Financial Impact - Some resellers have reported losses exceeding 100,000 yuan in a single day, with some holding over 1 million yuan in unsold inventory [9]. - The company's stock price has fallen over 40%, reflecting investor concerns about the brand's pricing strategy and market position [10]. Production and Future Outlook - Labubu achieved over 100 million units sold in 2023, becoming Pop Mart's fastest-growing IP. However, the monthly production capacity has increased from 10 million to 50 million units, which is believed to be a key factor in the price collapse [11]. - Analysts from Morgan Stanley suggest that Pop Mart is transitioning from explosive growth to sustainable growth, with revenue growth for Labubu expected to slow significantly by 2026 [14].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down 0.1% at 3961.21 points, while the Shenzhen Component Index rose 0.23% and the ChiNext Index fell 0.06% [2] - The trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day [3] Film Industry - The 2025 New Year box office has reached 5.245 billion yuan, marking the second time in Chinese film history that the New Year box office has surpassed 5 billion yuan, achieving the highest level in nearly eight years [8] - The film sector saw significant stock price increases, with companies like Baida Qiancheng hitting the daily limit with a 20% increase, and Jin Yi Film also reaching the limit [8] Robotics Sector - The humanoid robot sector continued its upward trend, with companies like Wuzhou Xinchun achieving consecutive gains and setting historical highs, while Tianqi Co., Hongying Intelligent, and others also saw significant increases [11] - The establishment of a standardization committee for humanoid robots and embodied intelligence is expected to enhance the industry's development [13] Semiconductor Industry - The semiconductor sector experienced a rise, with stocks like Zhuosheng Micro and Dongxin Co. seeing increases of over 10% and 6% respectively [15] - A significant acquisition by SMIC was announced, involving the purchase of 49% equity in a subsidiary for 40.6 billion yuan, which will result in SMIC holding 100% of the subsidiary [16] Aerospace Sector - The commercial aerospace sector was active, with stocks like China Satellite and China Satcom reaching new highs, and Lei Ke Defense hitting the daily limit [19] - New regulations aimed at facilitating financing for commercial rocket companies were introduced, which could boost the industry's growth [23]

Core Viewpoint - The core message of the article emphasizes Huawei's strategic focus on quality to achieve success in the upcoming year, 2026, as articulated by Meng Wanzhou in her New Year address [2][10]. Group 1: Review of 2025 Achievements - Huawei assisted operators in building 5G-A networks, providing high-speed connectivity to 60 million users [11]. - The HarmonyOS ecosystem has accelerated from "usable" to "well-used," with over 36 million devices running HarmonyOS 5.0 and above [11]. - The QianKun Intelligent Driving system has equipped over 1.4 million passenger vehicles, achieving nearly 7 billion kilometers of assisted driving mileage [11]. - Huawei explored AI applications in various industries, including medical pathology, steel furnace temperature prediction, and oil and gas exploration, creating new industry value [11]. Group 2: Outlook for 2026 - Huawei aims to seize long-term strategic opportunities and focus on vertical industry operations, the Kunpeng and Ascend ecosystems, and the "Water Strategy" [12]. - The company plans to enhance its open-source Kunpeng and Ascend ecosystems, enabling partners to develop products that meet diverse industry needs, with over 6,800 partners and 3.8 million developers in the Kunpeng ecosystem [12]. - The "Water Strategy" will stimulate pipeline flow, integrating AI into communication networks to transition from connectivity to "smart connectivity" [13]. - Huawei will prioritize consumer experience in the Harmony ecosystem, enhancing AI experiences for end-users [13]. Group 3: Strategic Focus and Future Directions - Huawei will focus on winning the value battlefield and strengthening organizational capabilities, with AI technology accelerating integration with industry knowledge for systemic value reconstruction [16]. - The company aims to reconstruct AI data centers to maximize output efficiency [14]. - Huawei will implement liquid-cooled ultra-fast charging networks to ensure high-quality charging experiences wherever needed [15].

Group 1 - In 2025, nine major central banks, including the Federal Reserve and the European Central Bank, opted for interest rate cuts, while the Bank of Japan raised rates twice [3] - The Federal Reserve maintained a loose monetary policy in 2025, implementing three rate cuts of 25 basis points each in September, October, and December, and announced the end of its balance sheet reduction plan [3] - The A-share market saw significant growth, with the Shanghai Composite Index rising 18.62%, the Shenzhen Component Index increasing by 30.66%, and the ChiNext Index surging by 50.99% from January 1 to December 26, 2025 [7] Group 2 - The return of Trump to the presidency on January 20, 2025, initiated a "reciprocal tariff" policy that disrupted global trade and financial markets, leading to inflationary pressures in multiple countries [10] - The influx of southbound capital into the Hong Kong stock market reached a record high, with a net inflow of 1.4 trillion HKD, marking a more than 70% increase from 2024 [12] - Nvidia became the world's first company to surpass a market capitalization of 5 trillion USD, with its stock price increasing over 40% in 2025 [14] Group 3 - The A-share market broke the 4000-point mark for the first time in ten years on October 29, 2025, marking a significant recovery since the 2015 market adjustment [16] - Warren Buffett announced his retirement as CEO of Berkshire Hathaway, marking the end of an era in the investment world, while also accelerating his philanthropic efforts [18] - The Hong Kong IPO market showed strong recovery, with total financing reaching 274.6 billion HKD (approximately 35.2 billion USD) by December 19, 2025, making it the largest globally [20] Group 4 - The US stock market reached historical highs, with the Philadelphia Semiconductor Index rising nearly 45% and the major tech stocks index increasing by about 22% in 2025 [23] - The commodity market experienced a "super bull market," with gold prices rising sharply, surpassing 4500 USD per ounce by December 23, 2025, and silver futures also reaching historical highs [26]

【导读】汇丰晋信基金总经理李选进：坚守长期主义，让投资更简单 中国基金报记者 曹雯璟 "让投资更简单"——汇丰晋信基金总经理李选进指着公司成立时的牌匾说。回顾二十年发展 历程，他感慨万千。 "公司创立时，就确立了'让投资更简单'的初心。"李选进介绍道，这一理念背后，承载着公司 对提升投资者体验的追求。要实现这一目标，仅凭短期业绩远远不够，必须着眼于投资者的 长期需求，并致力于构建一套持久、可持续的投资体系。 照片拍摄：曹雯璟 二十年的公司发展，让李选进愈发笃信"长期坚持"才是正途。行业浪潮翻涌不息，有时为了 坚守理念，必须有所取舍，有所为、有所不为。对于汇丰晋信基金来说，"坚持"不仅是一句 口号，而是深深融入公司产品体系、投研方法与投资者服务之中的具体实践。 作为行业发展的亲历者，李选进也分享了他对公募基金行业未来发展的思考。他认为， 资产 管理行业必须清楚认识到，这是场比耐力的"马拉松"。无论是投资还是服务，都应该看得更 长远。基金从业者必须明确自身的价值所在——为投资者创造价值，为他们实现人生目标提 供财富管理"解决方案"。 守正不移廿载路 正是这份"坚持"，使得汇丰晋信基金在公募基金行业竞争日趋激烈的当 ...

Market Overview - The three major US stock indices closed lower, with the Dow Jones down 0.51% at 48,461.93 points, the S&P 500 down 0.35% at 6,905.74 points, and the Nasdaq down 0.50% at 23,474.35 points [4][6][8] - Major technology stocks mostly declined, with the US Technology Seven Index down 0.6%. Only Apple saw a slight increase of 0.13%, while Tesla dropped 3.27% and Nvidia fell 1.21% [11][12] - Chinese concept stocks also experienced a downturn, with the Nasdaq Golden Dragon China Index down 0.67% and the Wind Chinese Technology Leaders Index down 1.43%. Xiaomi Group fell 3.78%, Alibaba dropped 2.47%, and Tencent Holdings decreased by 1.45% [14][15] Gold and Precious Metals - International precious metal futures saw significant declines, with COMEX gold futures down 4.45% to $4,350.2 per ounce and COMEX silver futures down 7.2% to $71.64 per ounce [18][21] - The drop in gold prices was attributed to the CME raising margin requirements for gold and silver futures, triggering profit-taking among bulls, alongside thin holiday liquidity amplifying price volatility [21] Corporate Actions - SoftBank Group announced a $4 billion acquisition of DigitalBridge, aimed at enhancing its AI data center capabilities. The acquisition price of $16 per share represents a 15% premium over DigitalBridge's closing price on December 26 [23][27] - DigitalBridge's stock opened significantly higher following the announcement, reaching a peak increase of 10.06% during the trading day [27] - The transaction is expected to be completed in the second half of the following year, aligning with the growing demand for AI infrastructure globally [33][34]