【导读】景林、星石、重阳等知名私募展望2026年市场投资机会 中国基金报记者 孙越 景林资产总经理高云程致信投资者，总结去年投资的同时对2026年进行了展望。高云程认 为，AI对各行各业的渗透和改造才刚刚开始，2026年很可能是AI Agent真正普及的元年。 星石投资认为，2026年泛科技产业需求将保持旺盛，但传统行业价格趋势也有望迎来改善。 重阳投资对A股市场依然持积极态度，但提出投资者需要降低收益预期，在策略上立足于保住 2025年牛市的胜利果实，再寻找进一步扩大收益的机会。 景林资产高云程： 没有AI船票的企业，是要被边缘化的 "我们清晰地看到AI对各行各业的渗透和改造才刚刚开始。未来的巨头现在可能还是刚起步的 AI原生公司。"景林资产管理合伙人、基金经理高云程说。 他认为，2025年AI行业兴起始于DeepSeek的横空出世，让世界认识到中国在生成式人工智 能的竞争浪潮中是有竞争力和性价比优势的。除DeepSeek外，Qwen在开源模型中的全球采 用度也证明了即使在缺乏最先进GPU的条件下，国产模型依然可以利用现有可用资源让领先 者焦虑，也让全球有美国以外的选择。 高云程也指出，在AI突进式发展的同 ...

Group 1 - The core point of the article is that Huali Co., Ltd. has terminated its acquisition of 51% of Zhongke Huilian due to a lack of consensus on key terms among the parties involved [2][4][6] - The acquisition was intended to be conducted through cash payment and was not classified as a related party transaction or a major asset restructuring [6] - Huali Co., Ltd. has been actively promoting due diligence work since the initiation of the transaction but ultimately received a letter from the shareholders of Zhongke Huilian expressing the intention to terminate the acquisition [6] Group 2 - Zhongke Huilian is recognized as a national-level specialized and innovative "little giant" enterprise, providing intelligent interaction and decision-making software products and solutions [8] - The company has successfully implemented applications in various fields, including smart governance, finance, enterprise, healthcare, and education, and has developed a large model generation algorithm for government applications [8] - Huali Co., Ltd. aims to enhance its digital transformation and business scale through this acquisition, which would contribute to new profit growth points and improve its profitability and risk resistance [8][9] Group 3 - With the termination of the acquisition, Huali Co., Ltd.'s digital transformation strategy is now stalled [9] - The company plans to continue pursuing its strategic goals through internal development and diversified investment and acquisition methods to promote long-term healthy growth [9] - As of December 29, Huali Co., Ltd.'s stock price reached 16.59 yuan per share, with a total market value of 4.5 billion yuan [10]

Core Viewpoint - The stock of Shenjian Co., a commercial aerospace concept stock, has experienced significant price volatility, leading to a warning about potential rapid declines in the future due to high speculation risks [2]. Group 1: Company Overview - Shenjian Co. has two main business segments: chemical new materials and high-end equipment manufacturing, focusing on the research, production, and sales of polyester resin products and high-end equipment manufacturing systems [5]. - The company has an annual production capacity of 220,000 tons for various polyester resins, offering over 100 products across indoor, outdoor, and PU polyester series [5]. Group 2: Financial Performance - As of the third quarter of 2025, Shenjian Co. reported total revenue of CNY 183,380.36 million, with aerospace business revenue at CNY 13,918.39 million, accounting for 7.59% of total revenue [2]. - The revenue from the commercial aerospace application sector is CNY 371.24 million, representing only 0.20% of the total operating revenue [2]. Group 3: Market Activity - Shenjian Co.'s stock has shown significant trading activity, with a recent closing price of CNY 13.17 and a peak of CNY 14.49, reflecting a market capitalization of CNY 137.80 billion [6]. - The stock has a high price-to-earnings ratio, with a dynamic P/E ratio of 340.88 and a trailing P/E ratio of 396.39, indicating high market expectations [6].

Investment Keywords for 2025 - The article highlights key investment themes for 2025, including AI-driven financial management, proactive retirement planning, and a focus on new consumer trends [2][3] - It emphasizes the importance of understanding market dynamics and adapting investment strategies accordingly [2] AI-Driven Financial Management - AI is deeply integrated into investment processes, providing market analysis, fund diagnostics, and automated reminders for investment decisions, making investing more efficient and informed [5] Proactive Retirement Planning - Young individuals are increasingly taking charge of their retirement planning by utilizing tools like target-date funds (FOF) and commercial pension insurance to build long-term asset portfolios [7] New Consumer Trends - Investment in consumer sectors is shifting towards "emotional value" and "quality-price ratio," focusing on domestic tech products, gold jewelry, and local brands, reflecting changing consumer values in the capital market [9] Investment Philosophy Shift - There is a consensus among conservative investors to prioritize capital preservation while accepting reasonable volatility for returns, leading to increased popularity of "fixed income+" and short- to medium-term bond funds [11] Market Dynamics - The Shanghai Composite Index is expected to surpass 4000 points, symbolizing market confidence and indicating a new equilibrium in A-shares [14] - The 2025 market is characterized by structural and gradual growth, with quality stocks in technology sectors experiencing independent bull markets, shifting investment logic towards deep value exploration [16] Sector Focus - Hard tech sectors, such as AI commercialization and semiconductor independence, are becoming hotspots for investment, with related thematic ETFs and actively managed equity funds showing strong performance [18] - Under global monetary easing and risk-averse sentiment, gold assets are gaining traction, with gold ETFs rapidly growing in scale, becoming an important asset allocation choice beyond stocks and bonds [20]

Group 1 - The core point of the article is the expulsion of Xu Hai, the former Party Secretary and President of the Yunnan Branch of the Industrial and Commercial Bank of China (ICBC), from the Party due to serious violations of discipline and law [2][5]. - Xu Hai was found to have lost his ideals and beliefs, resisted organizational review, and engaged in superstitious activities [3]. - He ignored the central eight regulations, accepted invitations that could affect the impartial execution of his duties, and misused public funds for personal benefits [4]. Group 2 - Xu Hai concealed personal matters and used his position to benefit others in personnel recruitment and job adjustments [4]. - He accepted gifts and money that could influence his official duties, illegally owned shares in unlisted companies, and misappropriated unit property [4]. - The investigation revealed that Xu Hai intervened in major business activities and used his influence to illegally gain substantial financial benefits [4]. Group 3 - The decision to expel Xu Hai from the Party was made based on the Chinese Communist Party's disciplinary regulations and relevant laws [5]. - His case has been transferred to the judicial authorities for prosecution, along with the confiscation of his illegal gains [5]. - This incident is part of a broader trend, as multiple officials from ICBC have faced disciplinary actions this year [6].

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index also saw slight decreases of 0.30% and 0.26% respectively [2] - Among the major stocks, Sands China Limited dropped by 4.46% to HKD 19.91 per share, JD Health fell by 3.42% to HKD 56.50 per share, and CK Hutchison Holdings decreased by 3.35% to HKD 53.45 per share, leading the blue-chip declines [3] - BYD Company Limited and Geely Automobile Holdings Limited saw increases of 3.74% and 3.43% respectively, indicating some positive movement in the automotive sector [3] Group 2 - Asia Pacific Satellite saw a significant increase of nearly 12% in trading, driven by the announcement of new listing standards for commercial rocket companies by the Shanghai Stock Exchange [7][8] - The new guidelines specify that successful payload launches will be a core requirement for commercial rocket companies seeking to list on the Sci-Tech Innovation Board, providing clarity for several companies aiming for public offerings [10] - Analysts from Guotai Junan and Zhongyin Securities noted that the new listing standards could accelerate capital operations in the commercial space sector, transitioning the industry from a phase of policy expectations to one of institutional realization [11] Group 3 - Gold stocks experienced a widespread decline due to a drop in gold prices, with companies like WanGuo Gold Group and Zijin Mining falling by 6.59% and 5.86% respectively [12][13] - The domestic gold price on the Shanghai Futures Exchange closed at CNY 1,007.18 per gram, down by 0.91%, reflecting a broader trend of decreasing gold prices [13] Group 4 - UBS Wealth Management's report suggests that the upward trend in the Chinese market is expected to continue through 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [15][16] - Despite ongoing geopolitical risks and potential market volatility, the report indicates that there remains upward potential for the Chinese stock market as domestic investors enter the market and global capital reallocates [16]

【导读】一汽拟入股获零跑汽车5%股份，朱江明称实控人团队仍有控制权 中国基金报记者 邱德坤 "一汽入股零跑汽车"的传言，迎来靴子落地。 12月29日，零跑汽车发布公告称，公司拟向一汽股权投资（天津）有限公司（以下简称一汽股权）发行7483.22万股内资股。交易完成 后，一汽股权将获得公司5%的股份。 零跑汽车是首家获得汽车央企战略投资的造车新势力。一汽股权是中国一汽的全资子公司，而中国一汽是国内三大央企汽车集团之一。 12月29日，零跑汽车创始人、董事长兼CEO朱江明及相关高管接受中国基金报等媒体采访称，公司实控人团队仍拥有零跑汽车的控制权， 并且要成为一家世界级的智能电动车企。 来源：零跑汽车 朱江明强调实控人团队仍有控制权 公告显示，12月28日，零跑汽车与一汽股权签署投资协议。协议显示，一汽股权以人民币50.03元/股（相当于港元55.29元/股）的价格， 认购零跑汽车7483.22万股内资股。 交易完成后，一汽股权获得零跑汽车5%的股份，成为零跑汽车的重要股东之一。 "要保证实控人的控制权，这是不会改变的。"朱江明在12月29日接受采访时表示，借助中国一汽这样的股东加入，以及在战略和产品层面 的合作， ...

来源：央视新闻客户端 三是加大保障和改善民生力度，助力加快建设健康中国，降低人造血管、部分传染病的 诊断试剂盒等医疗产品的进口关税。 此外，为增强国内大循环内生动力，根据国内产业发展和供需情况变化，在我国加入世 界贸易组织承诺范围内，取消微型电机、印花机、硫酸等商品的进口暂定税率，恢复实 施最惠国税率。 为服务科技发展和技术进步，支持循环经济和林下经济发展，2026年增列智能仿生机器人、生 物航空煤油、林下山参等本国子目。调整后，税则税目总数为8972个。 为持续深化经贸合作，促进区域融合发展，2026年根据我与34个贸易伙伴签署的24项自由贸易 协定和优惠贸易安排，继续对原产于上述贸易伙伴的部分进口货物实施协定税率。 为促进与最不发达国家的经贸合作，帮助最不发达国家发展，2026年继续给予43个与我建交的 最不发达国家100%税目产品零关税待遇；根据亚太贸易协定以及我与有关东盟成员国政府间换 文协议，继续对原产于孟加拉国、老挝、柬埔寨、缅甸的部分进口货物实施特惠税率。 les & FR 点击下载中国基金报客户端 国务院关税税则委员会：明年起对部分商品进口关税税率和税目进行调整 国务院关税税则委员会发布《20 ...

Core Viewpoint - The precious metals market experienced significant volatility, with silver prices dropping sharply, while the A-share market saw a pullback despite a strong start, resulting in the Shanghai Composite Index achieving a nine-day winning streak [2][12]. Group 1: Silver Market Dynamics - On December 29, silver futures on the Shanghai Futures Exchange fell over 2% at the close, with a high-to-low drop exceeding 12% [4][6]. - Spot silver prices briefly fell below $75 per ounce, with a decline of over 3% reported [7]. - Analysts attribute the drop in silver prices to profit-taking and progress in peace negotiations between Trump and Zelensky regarding the Russia-Ukraine conflict, which has temporarily pressured gold and silver [8]. Group 2: Silver and Gold Performance - Year-to-date, silver has surged by 181%, outperforming gold, driven by factors such as being recognized as a critical mineral by the U.S., tight supply, low inventories, and increased industrial and investment demand [8]. - Gold has also seen a significant increase of 72% this year, with multiple historical highs reached, influenced by expectations of further U.S. interest rate cuts, geopolitical tensions, strong central bank demand, and rising ETF holdings [8]. - Analysts suggest that if the next Federal Reserve chair adopts a dovish policy, gold could potentially reach $5,000 per ounce by next year, while silver may aim for $100 per ounce by 2026 if interest rates drop and industrial demand remains strong [8]. Group 3: A-share Market Overview - On December 29, the Shanghai Composite Index closed slightly higher, achieving a nine-day winning streak with a gain of 0.04%, while the Shenzhen Component and ChiNext Index fell by 0.49% and 0.66%, respectively [12]. - A total of 1,995 stocks rose, with 87 hitting the daily limit, while 3,332 stocks declined [13]. Group 4: Sector Performance - The commercial aerospace sector continued to show strength, with stocks like China Satellite and Shenjian Co. hitting the daily limit [15]. - Robotics sector stocks remained active, with companies such as Awei New Materials and Buke Co. reaching their daily limit and achieving new highs [16]. - The carbon fiber sector also saw gains, with stocks like Heshun Technology and Jilin Chemical Fiber hitting the daily limit [18]. - Digital currency concept stocks surged, with Yuyin Co. and Cuiwei Co. reaching their daily limit following the announcement of a new digital RMB management framework by the People's Bank of China [20].

Group 1 - The core viewpoint of the article emphasizes that the recent military exercises conducted by the Chinese People's Liberation Army (PLA) near Taiwan are a necessary action to safeguard national sovereignty and territorial integrity in response to Taiwan independence forces and U.S. arms sales to Taiwan [2] - The spokesperson, Lin Jian, criticizes the Democratic Progressive Party (DPP) for its persistent stance on Taiwan independence and its reliance on the U.S., labeling Taiwan as a "powder keg" and "ammunition depot," which reveals the DPP's role as a "peace destroyer" and "troublemaker" [2] - Lin Jian asserts that Taiwan issues are central to China's core interests, and any provocative actions regarding Taiwan will be met with a resolute response from China, emphasizing the unwavering commitment to national sovereignty and security [2]