文/泽平宏观团队 现在社会上对房地产的看法分歧很大，有人说2026年买房就是高位站岗，还有人说三四线房子白送都不要，但北上广深可以闭眼买。 究竟买哪里的房子最保值？哪些城市的房价会再创新高？ 网上的很多看法，情绪大于逻辑，似是而非，缺少专业的分析。 这些年，出版了三本专著，研究了全球几十个国家的房地产百年历史，总结出了房价保值增值的核心秘密。 这说明什么？后房地产时代，不是所有房子都能保值，能穿越周期的硬通货只是少数。 有人会问："深圳为什么能排第一？成都、杭州为什么能进前五？"别急，每个保值率高的城市，都有自己的"核心优势"，咱们一个个拆解。 先看深圳，深圳房地产保值率为什么能拿第一？核心优势是"创新红利+年轻人口流入"，深圳是粤港澳大湾区的龙头，是全国创新最活跃的城市，诞生了 像华为、腾讯、比亚迪、大疆这样的世界级高科技企业，贡献了万亿级的产值，提供了百万级的高薪就业岗位。而且，深圳人口质量在全国首屈一指，在 泽平宏观和智联招聘联合发布的《中国城市95后人才吸引力排名》中，深圳连续两年位居全国榜首，深圳14-35岁青年人口超800万，占全市人口46%，年 轻、高学历、高收入的人口结构，带来了源源不断的购房 ...

Core Insights - The first national rural subsidy event in 2026 was launched in Jinan, aimed at stimulating rural consumption through direct subsidies and immersive offline experiences [1] - The event featured over 100 products from more than 30 mainstream brands, including Haier, Midea, and Huawei, focusing on home appliances and 3C digital products [1][3] - The initiative is part of JD's long-term strategy to enhance rural market engagement, with a planned investment of nearly 30 billion yuan in rural areas by 2025 [5] Group 1 - The event attracted significant consumer participation, with many villagers actively engaging in product consultations and experiences [3] - JD's offline stores in Jiyang also participated, offering additional promotions such as a rebate of 200 yuan for every 3000 yuan spent, with some products available at 50% off [3] - The selection of products tailored to rural needs, such as energy-efficient air conditioners and integrated washing machines, aligns with national green consumption goals and villagers' quality of life aspirations [5] Group 2 - JD provides comprehensive services including delivery, installation, and recycling of old appliances, addressing common concerns of rural consumers [5] - The establishment of a permanent "JD National Subsidy Exchange Station" in Jiyang aims to sustain the momentum of rural offline consumption [5] - The successful execution of the "National Subsidy Down to the Countryside" event is expected to enhance the intrinsic motivation for rural consumption and promote market growth [8]

Core Insights - The development of data center infrastructure is driven by the rapid growth of data centers, influenced by national policies promoting intelligent computing centers and AI industry upgrades, as well as the increasing demand for digital transformation across various sectors [1][4] - The market size of China's data center is projected to grow from 87.8 billion yuan in 2019 to 318.2 billion yuan by 2025, while the data center infrastructure market is expected to increase from 16.19 billion yuan to 46.12 billion yuan during the same period [1][4] Group 1: Industry Definition and Structure - Data center infrastructure refers to facilities that provide operational support for electronic information equipment within data centers, including cooling, power distribution, cabinets, wiring, and monitoring systems [2] - The main cooling methods for data center infrastructure are air cooling and liquid cooling, with liquid cooling being a newer technology developed to meet the increasing heat dissipation demands of data centers [2][3] Group 2: Market Growth and Trends - The market for data center infrastructure is expected to grow from 16.19 billion yuan in 2019 to approximately 35.6 billion yuan in 2024, and reach about 46.12 billion yuan by 2025 [4] - The energy consumption of cooling systems is the highest among all data center infrastructure modules, making the improvement of cooling technology a key focus for future development [4] Group 3: Policy Environment - The industry benefits from strong national policy support aimed at promoting green and high-quality development of new infrastructure, including data centers and 5G technology, as part of China's carbon peak and carbon neutrality goals [5] Group 4: Competitive Landscape - The data center infrastructure industry is characterized by intense competition, particularly in air cooling technology, while liquid cooling technology is more capital and research-intensive, with key players including Huawei, Alibaba, Lenovo, Inspur, and Dell China [6] - Shuguang Data Innovation Technology Co., Ltd. specializes in high-efficiency cooling technologies for data centers, focusing on immersion phase change liquid cooling and modular data center products [6][7] Group 5: Future Development Trends - The future of data center infrastructure is expected to focus on prefabrication, intelligence, and low carbon emissions, driven by the rapid growth of new data centers and the need for improved performance metrics such as lower PUE and higher power density [6][10]

Group 1 - Musk reportedly used a "triangular merger" structure for SpaceX's acquisition of xAI, which avoids repaying billions in debt and provides tax benefits to shareholders while keeping xAI as a wholly-owned subsidiary [2][3] - Apple is strategically scaling back its virtual health coach project "Mulberry," with plans to integrate some features into existing health applications [3] - Xiaomi has adjusted its sales structure by eliminating dedicated sales positions for the high-end electric vehicle model SU7 Ultra, allowing all sales staff to sell the model to optimize service experience [3] Group 2 - Kuaishou accepted a penalty for failing to manage content effectively, leading to the presence of inappropriate material on its platform, and has committed to rectifying the issues [3] - xAI co-founder Igor Babuschkin purchased a luxury apartment in London for £57 million, marking one of the most expensive residential transactions in the UK in over a year [6] - Amazon CEO Andy Jassy announced plans for over 20 satellite launches in 2026 and the initiation of commercial operations for its satellite internet service [7] Group 3 - Intel and AMD have informed Chinese customers about CPU supply shortages, with delivery times potentially extending up to six months, leading to price increases of over 10% for Intel's server products [9] - PallasAI announced a multi-million RMB financing round to enhance technology and industry solutions [10] - Longfly Advanced completed over 1 billion RMB in A+ round financing, focusing on the silicon carbide power semiconductor industry [10]

Core Insights - The "High-tech π Cube OPC Community" is launched to support "super individuals" in entrepreneurship, focusing on AI and digital cultural creation [3][4] - The community offers various support measures, including one year of free incubation and financial assistance, with subsidies up to 1 million yuan [3][6] - The initiative aims to create a vibrant ecosystem for individual entrepreneurs, integrating resources and providing essential services [8][9] Support Measures - One year of free incubation and additional years of accelerated support, including free business registration assistance and legal services [3][6] - Financial backing through a 1.5 billion yuan industry fund and specialized loan products to address financing challenges [7] - Access to various subsidies for entrepreneurship, rent, research and development, housing, and exhibitions, with a maximum subsidy of 1 million yuan [6][7] Community Features - The community spans nearly 10,000 square meters, featuring open silent workstations, shared meeting rooms, and a roadshow hall [4][5] - It specifically targets small teams of 1-10 people, particularly focusing on solo entrepreneurs [5] - The community emphasizes AI tools and digital cultural industries, fostering a collaborative environment for innovation [5][6] Ecosystem Development - The community is designed to connect entrepreneurs with essential resources, including partnerships with companies like Huawei for discounted computing power [8] - An AI evaluation center is established to provide authoritative certifications and facilitate rapid scene verification [8] - The community aims to support over 1,000 users within three years, with a target of 100 new companies by 2026 [9]

直奔主题， 买哪里的房子最保值？ 究竟买哪里的房子最保值？哪些城市的房价会再创新高？ 网上的很多看法，情绪大于逻辑，似是而非，缺少专业的分析。 这些年，出版了三本专著《房地产周期》《全球房地产》《房地产大趋势》，研究了全球几十个国 家的房地产百年历史， 总结出了房价保值增值的核心秘密。 首先，什么是保值？ 我们不能像网上的有些言论凭感觉，咱们要靠科学，为此我搜集了大量官方 统计数据，进行"保值率"测算，也就是用最新的二手房均价，与 2017 年以来该城市的二手房价峰值， 进行相比计算。 文 泽平宏观团队 现在社会上对房地产的看法分歧很大，有人说 2026 年买房就是高位站岗，还有人说三四线房子白 送都不要，但北上广深可以闭眼买。 做起来很复杂，花了三个多月时间，咱们直接看结论。 我们发现，全国 36 个重点城市，过去十年 深圳的房地产保值率排第一，上海、成都位列前三，北京、杭州也冲进前五，他们的保值率都超过 80% 。反观有些三四线城市，比如鹤岗、廊坊，保值率早就跌破 60% ，当年买的房子现在打半价都很 难出手。 这说明什么？后房地产时代，不是所有房子都能保值，能穿越周期的硬通货只是少数。 有人会问： " ...

Core Viewpoint - The article emphasizes the importance of practical learning experiences in cutting-edge technology and investment opportunities, highlighting a series of planned visits to leading companies and institutions in the tech sector from 2023 to 2026 [12][24]. Schedule Overview - The schedule includes visits to major tech companies and universities such as Tesla, Google, and Stanford University, with specific dates and locations outlined for each event [7][9][10]. - Notable events include closed-door investment research meetings focusing on AI and emerging technologies, scheduled in various cities including Suzhou, Hong Kong, and Shenzhen [8][9]. 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]. - The program aims to provide direct dialogues with founders and executives, offering insights into strategic decisions and industry disruption logic [12]. Focus Areas - The curriculum will focus on three main dimensions: cutting-edge technology trends, emerging industry ecosystems, and exploration of business strategies [12]. - The initiative aims to help entrepreneurs capture investment opportunities, drive practical innovation, and connect with high-value resources [12]. Past and Future Activities - Previous activities included visits to companies like Huawei, ByteDance, and NIO, with plans to explore additional leading firms in AI, new energy, and biotechnology in the coming years [23][24]. - The program is designed to evolve continuously, adapting to the latest trends and insights in the technology sector [24].

Group 1 - The core viewpoint of the article highlights the diverse and high-quality consumption trends during the Spring Festival in Beijing, driven by various sectors including digital appliances, jewelry, and high-end retail [2][3][10] - Financial institutions are playing a crucial role in boosting consumption by offering various incentives such as discounts, digital currency red envelopes, and interest rate reductions, which are integrated into holiday shopping scenarios [2][11][12] - Young consumers are significantly contributing to the festive spending, with individuals like a 95-year-old spending over 20,000 yuan on gifts and personal items, reflecting a cultural emphasis on new clothing for the New Year [3][8] Group 2 - The promotion of digital products is enhanced by government policies encouraging trade-in programs, leading to substantial discounts from major brands like Huawei, which offers up to 1,500 yuan in subsidies [6][10] - The jewelry and trendy toy markets are thriving, with stores like Chow Tai Fook and Pop Mart attracting customers with special New Year-themed products and interactive activities [8][10] - High-end retail and nighttime consumption are also on the rise, with luxury chocolate brands and beauty products seeing increased demand, indicating a shift towards quality consumption during the holiday [8][10] Group 3 - Multiple government departments are collaborating to enhance financial support for consumer spending, introducing measures to stimulate consumption across various sectors [10][11] - Banks like China Construction Bank are launching promotional activities that include cash discounts, consumption vouchers, and interest rate benefits to encourage spending during the Spring Festival [11][12] - Innovative financial products are being developed to better meet consumer needs, with services embedded in shopping experiences to facilitate easier access to credit and financing [10][12]

Core Insights - The latest Hurun China 500 list reveals the rankings of 500 non-state-owned enterprises in China, with a notable increase in the entry threshold to 34 billion RMB, a rise of nearly 30% compared to the previous year [1] - The list features 95 new entrants primarily from sectors such as consumer electronics, AI computing power, and new energy, while 99 companies dropped off the list, indicating a trend of fluctuation among companies [1] Group 1: Company Performance - Tencent's value reached 5.3 trillion RMB, marking a 50% increase, driven by strong performances in gaming, advertising, and fintech [2][3] - The "Shenzhen Four Sisters"—Huawei, BYD, Tencent, and China Ping An—are all in the top 10, with values of 850 billion RMB, 872 billion RMB, and 1.05 trillion RMB respectively, reflecting the resilience of Shenzhen's economy [3] - DJI, headquartered in Shenzhen, saw its value double due to its strong position in the consumer drone market and growth in overseas markets [5] Group 2: Industry Trends - The real estate sector saw a decline, with the number of listed companies dropping from 19 to 12 [1] - The Yangtze River Delta region has 161 companies in the Hurun China 500, accounting for 32% of the total, while the Guangdong-Hong Kong-Macau Greater Bay Area has 108 companies, representing 22% [4] - The report highlights that sectors such as AI computing, consumer electronics, innovative pharmaceuticals, and entertainment are key drivers of high-quality development in China's private economy [5]

Core Viewpoint - The Ministry of Industry and Information Technology has announced the 404th batch of new vehicles, highlighting the launch of the Hongmeng Zhixing Aito M6, a mid-size SUV targeting the youth market, expected to be priced between 250,000 to 300,000 yuan and set to launch in spring 2026 [1] Group 1: Product Details - The Aito M6 features dimensions of 4960×1985×1736mm and a wheelbase of 2950mm, providing a spacious experience [1] - The design adopts a new youthful and sporty language, distinguishing it from family models [1] - The vehicle will offer both range-extended and pure electric versions, with the pure electric version equipped with a 100 kWh Huawei Whale battery, achieving a CLTC range of 750 km and capable of charging 80% in 15 minutes [1] Group 2: Performance and Technology - The range-extended version boasts a total range of 1400 km with a low fuel consumption of 4.2L/100km when the battery is depleted [1] - All models will be equipped with advanced technology, including a top-mounted 192-line laser radar and rear high-precision solid-state laser radar [1] - The Aito M6 will feature Huawei's Qian Kun Intelligent Driving ADS 4.0, supporting advanced driving scenarios such as no-map city navigation and cross-layer valet parking, along with the Harmony Cabin 5.0 to meet the needs of Generation Z [1]