证券时报记者 许盈 2025年收官在即，券商金股也在一波三折的年度长阳行情中脱颖而出。 数据显示，截至12月29日，今年有10家券商的金股组合取得了超过50%的亮眼收益。提早在低位挖掘相关个股并 持续向市场推荐，是不少券商斩获超额战绩的秘诀。比如，某券商自低位起连续4个月推荐新易盛，完整地吃到了 该股超4倍的涨幅。 值得一提的是，腾讯控股以每月获7家左右券商推荐的超高人气，荣登年度最热门金股。 10家券商金股收益率超50% 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规则：将券商 推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以67.47%、67%的 收益率分列第二、三名；东兴证券、华鑫证券、招商证券的金股组合也都取得了超过60%的收益率。此外，光大 证券、东莞证券、国泰海通、长城证券的金股组合，收益率均在50%以上。 近几年，经过加码发展，券商金股已成为多家券商研究所一项成熟的金牌业务——以每月一期（通常为10只股 票），展示券商最为看好的标的。作为券商月度策略 ...

Core Viewpoint - The emergence of AI Agent smartphones is expected to revolutionize the mobile industry by 2026, driven by advancements in AI technology and collaborations between smartphone manufacturers and AI model developers [2][3]. Group 1: Industry Trends - The AI Agent smartphone is seen as a ticket to a new era in mobile technology, especially as traditional smartphone sales stagnate [3]. - Major companies like ByteDance are reportedly collaborating with leading hardware manufacturers such as Vivo and Lenovo to develop AI smartphones [3]. - The "Big Model Six Little Tigers," including Zhiyu, are accelerating the development of AI Agent smartphones, with Zhiyu announcing the open-sourcing of its AutoGLM model, which can autonomously operate smartphones [3][4]. Group 2: Development Paths - The industry is divided into two distinct paths: the "radical faction," represented by Doubao AI smartphones, which integrates high-level permissions to access system functions, and the "conservative faction," represented by companies like Huawei, which uses API interfaces for cross-application collaboration [4][5]. - Companies like ZTE are more willing to explore aggressive strategies due to their lower market share, while larger firms face significant compliance costs with any system-level changes [5]. Group 3: Challenges and Concerns - The development of AI Agent smartphones raises concerns about user privacy and security, as the technology requires extensive permissions that could be exploited by malicious software [6][7]. - Major applications, including WeChat and banking apps, have begun to block access to Doubao AI smartphones due to security concerns, highlighting the tension between innovation and risk management [6][7]. - The industry faces three major hurdles before AI Agent smartphones can achieve mass production: compliance with regulations, cost management, and demonstrating clear value to consumers [9][10].

Group 1 - The article discusses the impact of the Trump administration's restrictions on Huawei and ZTE, indicating that these measures were just the beginning of a broader strategy against Chinese technology firms [1] - The author, Otaviano Canuto, has extensive experience in international finance and economics, having held significant positions at institutions like the World Bank and the International Monetary Fund [1] Group 2 - No relevant content available for this section [2][3]

随着AI大模型快速发展，从基础设施到上层应用的演进正成为新一轮科技竞争的关键。 一种行业观点认为，基座大模型的数量未来将持续收敛至个位数左右，但围绕千行百业将衍生出诸多更 为丰富的垂域模型与应用，那也将是本轮AI浪潮真正引发技术变革的关键所在。 其中，物理AI成为一种重要关注窗口，正加速推进具身智能、自动驾驶等领域演进，有望深刻改变未 来社会的运行方式。但技术路线仍存分歧，法律、合规与伦理等软性基础尚在夯实。而进入"Agent元 年"，让AI技术真正触及实体经济的"深水区"，仍有挑战需要克服。 中兴通讯首席发展官崔丽接受21世纪经济报道记者专访时，深入分析了物理AI的技术路线走向。据她 观察，一些具体行业已经在真正借力AI，率先完成价值闭环。 物理AI之辩 2025年初，Sora的横空出世因其高度还原物理世界的视频生成能力，引发关于"世界模型"的广泛讨论， 也让物理AI的两条核心路线——世界模型与 VLA（视觉语言模型）的竞争浮出水面。 崔丽对记者分析道，Sora等模型的爆发，标志着AI正从单纯的"预测者"向"模拟者"进化，是从"数据驱 动"到"模型仿真驱动"到"物理对齐"到"通用模拟"的范式转移，也是AI落 ...

21世纪经济报道记者骆轶琪 深圳报道 2025年开年，DeepSeek的横冲出世，成为改变全球大模型竞争态势的关键一环。 崔丽指出，除了Meta，作为曾引领文生图领域的开源先驱，Stability AI在2025年面临过严重的现金流断 裂与债务危机，最终不得不进行重组并引入外部资本控制。 由此，当前全球大模型局势也出现变化。 崔丽对21世纪经济报道记者分析道，当前正从早期"开源构建生态、闭源变现商业"的简单二元论，逐步 形成"三极鼎立"局面。 曾经凭借Llama系列模型被称为全球"开源先锋"的Meta正逐渐转向闭源，但越来越多国产大模型正充分 拥抱开源生态。此前"开源做生态，闭源做商业"的行业逻辑似乎正在发生变化。 与此同时，全球AI产业链巨头对算力基础设施的狂热扩产和彼此互相投资，引起资本市场对"AI泡沫"的 担忧。 AI大模型产业正走向何方？中兴通讯首席发展官崔丽接受21世纪经济报道记者专访时指出，当前大模 型竞争逐步形成"三极鼎立"的局面，"新的现实是，开源正在毁灭卖模型的商业模式，逼迫闭源走向更 深的服务整合，也就是集成和分发。" 她同时指出，AI的下一个战场不在于谁的模型在各种榜单排名第一，而在于" ...

Core Viewpoint - ZTE Corporation aims to exceed 100 million units in annual shipments of home terminals by 2025, maintaining the number one global market share for five consecutive years [1] Group 1 - ZTE's target for home terminal shipments is set at over 100 million units annually by 2025 [1] - The company has achieved the number one global market share in the home terminal sector for five consecutive years [1]

中兴通讯：2025年家庭终端年发货量再超1亿台，全球市场份额连续5年第一。 ...

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) [1] Group 1: IPO Details - The IPO will run from December 30 to January 5, with shares priced at HKD 144.6 each [1] - The company plans to issue a total of 25.43 million H-shares, with 10% allocated for public sale in Hong Kong and 90% for international investors [1] - A cornerstone investment team of 18 top investors is expected to subscribe for HKD 1.583 billion worth of shares [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software before shifting to general GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: Financial Performance - Revenue for 2022, 2023, and projected for 2024 is expected to be RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are projected to increase, with figures of RMB -553.62 million, RMB -817.42 million, and RMB -892.43 million for the same years [4] - The company reported a gross margin of 59.4% in 2022, which is expected to decline to 50.1% in 2024 [4] Group 4: Market Position and Strategy - The company aims to use the funds raised from the IPO to focus on R&D, product solutions, and sales and marketing efforts [5] - In the smart computing chip market, the top two players, NVIDIA and Huawei HiSilicon, hold a combined market share of 94.4% as of 2024, indicating a highly concentrated market [5] - The GPGPU market shows a similar competitive landscape, with the top two players holding 98.0% of the market share [5]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is launching an IPO to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) upon listing on the Hong Kong Stock Exchange [1] Group 1: IPO Details - The IPO will issue 25.43 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The company has secured a cornerstone investment team of 18 top investors, including ZTE Corporation (Hong Kong) and UBS AM Singapore, committing to purchase shares worth HKD 1.583 billion [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software, later shifting to general-purpose GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: R&D and Financial Performance - As of June 30, 2025, the R&D team will exceed 480 members, with over one-third having more than 10 years of experience in chip design and general-purpose GPU software development [2] - Revenue for 2022, 2023, and 2024 is projected at RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are expected to increase due to rising R&D, administrative, and sales expenses [4][5] Group 4: Market Position and Competition - The company has launched two product lines: "TianGai" for training and "ZhiKai" optimized for AI inference, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024 [3] - In the AI chip market, the top two players (NVIDIA and Huawei HiSilicon) hold a combined market share of 94.4%, indicating a highly concentrated competitive landscape [5]

Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]