" 甲方造云，带给云大厂的是机会还是威胁？ " 作者丨赵之齐 编辑丨胡敏 2025年 12 月 12-13 日， 由 GAIR 研究院与雷峰网联合主办的「 第八届 GAIR 全球人工智能与机器人 大会 」 ，将在深圳南山·博林天瑞喜来登酒店举办。点击文末"阅读原文"，即可报名参会。 今年大会，将开设三个主题论坛，聚焦大模型、算力变革、世界模型等多个议题，描绘 AI 最前沿的探索 群像，折射学界与产业界共建的智能未来。 欧洲科学院院士、IEEE Fellow 刘向阳也将莅临 12 月 13 日 《AI 算力新十年》论坛，分享对算力底座的趋势洞察与发展预判。 在此之前，我们与他进行了一场深度对话，欢迎大家来现场聆听他更多的分享。 2021 年 12 月 28 日，佛山的冬日薄雾裹着美的总部。寒风乍起，楼内会客厅里却暖意恰好，在这里， 刘向阳用了整整一小时，向董事长方洪波阐述了自己的宏伟蓝图： 要做制造业里的云计算。 他把全球云计算的技术路径与市场情况进行了透彻分析，随即，便被任命为美的软件工程院首任院长。 入职第一天，方洪波在自己的办公室接见他，笑着握住他的手： "刘教授，你做云计算的想法，非常令人兴奋。" 方洪 ...

Group 1 - *ST Lifan's stock faced a one-word limit drop upon resuming trading, closing at 2.69 yuan per share, nearing historical lows, with over 1.45 million sell orders on the limit down board [1][3] - The company was found to have inflated revenues by 638 million yuan and costs by 628 million yuan from 2021 to 2023 through various deceptive practices, leading to a proposed fine of 10 million yuan and market bans for key individuals [3] - Due to serious violations, the Shenzhen Stock Exchange initiated delisting procedures for *ST Lifan, changing its stock name to "*ST Lifan" from "ST Lifan" [3] Group 2 - December is viewed as a critical month for positioning in the upcoming market trends, with several brokerages optimistic about the potential for a cross-year rally [4] - Analysts from various firms suggest that the current market phase is a healthy adjustment within a bull market, with expectations for a supportive liquidity environment as year-end approaches [5] - A total of 197 stocks have been identified as potential "gold stocks" for December, with 41 stocks making the list multiple times, predominantly in the electronics, food and beverage, and power equipment sectors [6][7] Group 3 - Among the top-performing stocks, Zhongji Xuchuang has been highlighted for its significant profit growth, achieving a net profit of 7.132 billion yuan in the first three quarters, a 90.05% increase year-on-year [6] - Midea Group also performed well, reporting a net profit of 37.9 billion yuan for the same period, reflecting a 19.51% year-on-year growth [6] - The average increase for the identified "gold stocks" this year is 67.12%, significantly outperforming the Shanghai Composite Index [9]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with a current premium of approximately 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) being above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group [2] - The phenomenon of H-share price premiums is linked to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity [2][3] - Newly listed companies in the H-share market tend to have lower trading volumes, which can lead to inflated prices due to concentrated holdings by large institutions [2][3] Group 2: Investor Preferences - Foreign investors show a preference for industry leaders that have established market positions and stable financials, often leading to higher valuations in the H-share market [4][5] - Companies with strong brand recognition and stable profitability are more likely to attract foreign investment, as these factors align with the long-term investment strategies of international investors [4][5] - The preference for H-shares over A-shares is also influenced by the perceived growth potential and governance standards of the companies involved [4][5] Group 3: Specific Company Examples - CATL's H-shares were observed to have a premium of over 30% shortly after listing, which has since narrowed to approximately 13% as liquidity increased [2] - Other examples of companies with close pricing between H-shares and A-shares include BYD and China Merchants Bank, reflecting positive market sentiment regarding their growth prospects and governance [5]

Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

Core Viewpoint - The news highlights the recent developments regarding *ST立方, including its stock performance, regulatory actions, and the overall market sentiment towards potential investment opportunities in December. Group 1: *ST立方 Developments - On December 2, *ST立方 resumed trading with a one-word drop limit, closing at 2.69 yuan per share, nearing historical lows [2][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), revealing that from 2021 to 2023, it inflated revenue by 638 million yuan and costs by 628 million yuan through various deceptive practices [3] - The CSRC plans to impose a fine of 10 million yuan on *ST立方 and a total of 30 million yuan on 10 responsible individuals, with three key individuals facing a 10-year market ban [3] Group 2: Market Outlook and Investment Opportunities - December is viewed as a critical month for positioning in the year-end market, with several brokerages expressing optimism about potential gains [4][5] - Shenwan Hongyuan Securities suggests that the current phase is a transitional period in a "two-stage bull market," with expectations for policy support to boost economic growth in 2026 [4] - Dongwu Securities anticipates that the end-of-year macro liquidity will remain favorable, creating a conducive environment for capital inflow into the market [5] Group 3: Monthly Gold Stocks - A total of 197 stocks have been included in the December gold stock list, with 41 stocks appearing more than twice, primarily in the electronics, food and beverage, and power equipment sectors [6][7] - Zhongji Xuchuang leads with 8 appearances, reporting a net profit of 7.132 billion yuan for the first three quarters, a 90.05% increase year-on-year [6] - Midea Group follows with 6 appearances, achieving a net profit of 37.9 billion yuan, a 19.51% increase year-on-year [6] Group 4: Performance of Gold Stocks - The average increase of the 41 monthly gold stocks is 67.12% year-to-date, significantly outperforming the Shanghai Composite Index [9] - Among these stocks, 23 have a rolling P/E ratio below 30, with five stocks, including Jiangsu Bank and China Life, having a P/E ratio below 10 [9] - Notably, Ningde Times has seen the highest net buy of 4.037 billion yuan since November, supported by its leading position in the global electric vehicle and energy storage markets [10]

Core Insights - The main focus of the article is on the significant inflow of capital into specific stocks as of December 2, with notable amounts recorded for various companies [1] Group 1: Capital Inflows - The top stock receiving capital inflow is Industrial Fulian, with an inflow of 844 million yuan [1] - Luxshare Precision follows with an inflow of 619 million yuan [1] - Pingtan Development and Shenghong Technology also show strong inflows of 546 million yuan and 544 million yuan respectively [1] Group 2: Other Notable Stocks - Other companies with significant capital inflows include: - Tianfu Communication with 358 million yuan [1] - BYD with 319 million yuan [1] - Aerospace Power with 297 million yuan [1] - Additional companies in the top inflow list include: - GoerTek with 287 million yuan [1] - Rongji Software with 276 million yuan [1] - Aerospace Development with 228 million yuan [1]

Core Viewpoint - The Hong Kong home appliance sector is experiencing a general increase, with key players like TCL Electronics, Hisense Home Appliances, Midea Group, Haier Smart Home, and JS Global Life showing notable gains, driven by positive market outlooks for 2026 [1][2] Group 1: Market Performance - TCL Electronics rose by 2.76% to HKD 10.430 [2] - Hisense Home Appliances increased by 2.64% to HKD 26.460 [2] - Midea Group saw a rise of 1.91% to HKD 90.700, reaching a new high [1][2] - Haier Smart Home grew by 1.80% to HKD 27.180 [2] - JS Global Life climbed by 1.05% to HKD 1.920 [2] Group 2: Industry Outlook - Huachuang Securities' report indicates that the home appliance sector possesses both value and growth attributes for 2026 [1] - Value attributes include a decrease in fund holdings in home appliances by 2025, leading to a valuation decline, with leading companies showing strong dividend intentions and high dividend yields [1] - Growth attributes highlight that while domestic sales may face short-term impacts from subsidy reductions, overseas sales remain robust, and companies are diversifying their business models to support growth [1] Group 3: Recommendations - In the white goods segment, leading companies are expanding into emerging markets, which is expected to create new growth opportunities, with Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances recommended [1] - In the kitchen appliances segment, top companies have strong cash flow and high dividend attributes, with potential for overseas market expansion, recommending Boss Electric and Vatti Corporation [1]

Group 1 - The core viewpoint of the news is that the home appliance sector in Hong Kong is experiencing a general increase, with key companies showing significant gains, indicating a positive outlook for the industry [1] - TCL Electronics and Hisense Home Appliances both rose nearly 3%, while Midea Group reached a new high with a 2% increase, and Haier Smart Home increased by 1.8% [2] - Huachuang Securities' research report suggests that the home appliance sector possesses both value and growth attributes, with a projected decline in fund holdings in the sector by 2025, leading to a drop in valuations [1] Group 2 - The report highlights that leading companies in the white goods segment are actively exploring emerging markets, which is expected to open new growth avenues, while also maintaining high dividend yields and low valuations [1] - Recommended companies in the white goods sector include Midea Group, Haier Smart Home, Gree Electric Appliances, and Hisense Home Appliances [1] - In the kitchen appliance segment, top companies are noted for their strong cash flow and high dividend attributes, with future expansion into overseas markets presenting additional growth opportunities, recommending Boss Electric and Vatti Corporation [1]

Core Viewpoint - The brokerage firms have recommended over 160 "golden stocks" for December, with a focus on companies like Zhongji Xuchuang, Midea Group, and Giant Network, indicating a positive outlook for the market despite recent fluctuations [1][2]. Group 1: Stock Recommendations - Zhongji Xuchuang is the most favored stock, included in the "golden stock" lists of seven brokerages, driven by increasing demand for AI computing and improved management practices [2]. - Midea Group has received recommendations from five brokerages, making it the second most popular stock [2]. - Other notable stocks include Giant Network, Hengli Hydraulic, and Haiguang Information, each recommended by three brokerages [2]. Group 2: Industry Distribution - The electronics sector leads with 21 recommended stocks, followed by the power equipment sector with 17 stocks, and both the automotive and pharmaceutical sectors with 11 stocks each [3]. Group 3: November Performance - In November, only 87 out of 267 recommended stocks achieved positive returns, with a notable performance from Shanghai Port, which saw a gain of over 60% [4]. - The overall performance of the brokerage "golden stock" index was weak, with only four stocks achieving positive returns [4]. Group 4: Market Outlook - Analysts are optimistic about a market breakout in December, supported by potential positive economic policy signals and increased investment from insurance funds [5][6]. - Key investment themes include "anti-involution," overseas expansion, high dividends, and technology innovation, with specific focus on resource sectors and consumer services [6].

Group 1 - The capital market is at a critical juncture as it transitions from 2025's performance to the opening of 2026, with 24 brokerages recommending a total of 159 "golden stocks" for December [1] - Zhongji Xuchuang leads the recommendations with 7 brokerages endorsing it, followed by Midea Group with 5 brokerages, and other notable mentions include Muyuan Foods and Anjii Foods, each recommended by 4 brokerages [2] - Analysts are generally optimistic about the A-share market in December, predicting a "volatile upward" trend and the potential for a "cross-year market" [2] Group 2 - December is expected to see improvements in fundamental expectations, macro liquidity, and policy catalysts, potentially leading to an early start of the spring market [3] - Four main investment themes have been identified: "anti-involution," "going abroad," high dividends and stable cash flow, and technology innovation and domestic demand recovery [3] - The semiconductor industry is anticipated to benefit from a cyclical recovery, while service consumption is expected to emerge as a new growth point [3] Group 3 - In November, 267 golden stocks were recommended by brokerages, with 87 stocks experiencing price increases, and 4 stocks seeing gains over 30% [4] - Shanghai Port Bay, recommended by Huatai Securities, led with a 60.15% increase, followed by Bluefocus and Yaxiang Integration with gains of 45.99% and 43.57%, respectively [4] - However, the correlation between brokerage recommendations and actual stock performance is not always consistent, as seen with Top Group and Zhongji Xuchuang, which had mixed results despite multiple endorsements [4] Group 4 - The "Guolian Minsheng Golden Stock Index" topped the monthly performance with a 4.59% increase in November, followed closely by the "Huatai Securities Golden Stock Index" at 4.51% [5] - Overall, several golden stock indices have shown strong performance, with some indices exceeding a 60% increase over the first 11 months of the year [6]