AI正将一门依赖试错的实验科学，转变为一门可预测、可编程的数据科学。 作者 | 申思琦 编辑 | 硬 AI "未来，所有的生物学都将以'计算机模拟'（in silico）为起点，并以'计算机模拟'为很大程度的终点。"（Almost everything will largely start in silico, largely end in silico） 当英伟达（NVIDIA）创始人兼CEO黄仁勋在J.P. Morgan医疗健康大会和GTC大会的聚光灯下反复提及这一论断时，生物学正在从一门依赖试错的实验科学，转变 为一门可预测、可编程的数据科学。 而英矽智能（Insilico），正是这个被黄仁勋多次 点名 的"第一性原理"践行者。 2025年12月30日，英矽智能（3696.HK）在香港联合交易所主板正式挂牌， 开盘价报35港元，较发行价升45%，市值达到195亿港元 。 | 10 901 日 周 月 8 年 1分 5分 15分 30分 60分 8 80期 10图 | 角 九期 酮自选 ▼ 0007200 | | 英矽智能-B 03696 | | 60 95 | 35.000 9567 | 38.347 ...

Group 1 - The index experienced a change of 0.4% with a rolling price-to-earnings ratio of 57.5 times, reflecting a valuation increase of 95.0% since its inception in 201 [3] - The index saw a decline of 0.4% today, with a rolling price-to-earnings ratio of 32.8 times, indicating a valuation increase of 48.8% since its inception in 201 [4]

Market Overview - On December 29, A-shares showed mixed performance with the Shanghai Composite Index slightly rising, marking a nine-day winning streak, while total market turnover reached 2.16 trillion yuan [1] - The sectors that performed well included carbon fiber, brain-computer interfaces, diversified finance, commercial aerospace, humanoid robots, and photovoltaic equipment, while the pharmaceutical commerce, energy metals, batteries, food and beverage, and chemical sectors saw declines [1] Index Performance - The CSI 300 Index decreased by 0.4% with a rolling P/E ratio of 14.1 times [3] - The CSI A500 Index fell by 0.5% with a rolling P/E ratio of 17.0 times [3] - The ChiNext Index dropped by 0.7%, while the STAR Market 50 Index saw a slight increase of 0.04% [1] Hong Kong Market - In the Hong Kong market, the securities and technology sectors opened high but closed lower, with the innovative drug sector weakening [1] - The Hang Seng China Enterprises Index declined by 0.3% with a rolling P/E ratio of 10.4 times [7]

Core Viewpoint - The A-shares market is experiencing a downward trend, with the CSI A500 index down by 0.5%, and both the CSI A100 and A50 indices down by 0.7%. However, the A500 ETF from E Fund has seen significant inflows, indicating investor confidence and a potential for recovery in the market [1]. Group 1: Market Performance - The CSI A500 index decreased by 0.5%, while the CSI A100 and A50 indices both fell by 0.7% [1]. - The A500 ETF from E Fund recorded a net inflow of over 7.5 billion yuan last week, bringing its total size to 34.6 billion yuan, a historical high [1]. - The annualized tracking error of the A500 ETF is only 0.34%, with an excess return of 2.87% relative to the index, ranking first among similar products with over 10 billion yuan in size [1]. Group 2: Economic Outlook - According to Everbright Securities, internal policies remain proactive while external risks are gradually easing [1]. - The Federal Reserve is still in a rate-cutting cycle, which may lead to continued marginal improvement in overseas liquidity [1]. - The fundamentals of the A-share market are on an improving trend, with a low probability of continued decline, especially with the accelerated development of the AI industry, which is expected to enhance profitability in the TMT sector [1]. Group 3: Market Signals - Current valuation percentiles of the A-share market are relatively high, but the turnover rate is at a historical average level [1]. - The proportion of stocks reaching new highs in the A-share market is at a relatively low historical level [1].

Group 1 - The A-share market showed steady growth last week, with multiple FOF products achieving weekly performance exceeding 3%, indicating a return to high-win-rate investment scenarios [1] - The major indices reported gains, with the Shanghai Composite Index closing at 3963.68 points, up 1.88%, and the Shenzhen Component Index closing at 13603.89 points, up 3.53% [1] - The top-performing FOF was E Fund Advantage Return A, which achieved a weekly performance of 4.26%, supported by strong performances from its underlying funds [1] Group 2 - The Guotai Industry Rotation A fund also reported a 4.20% return, with significant contributions from its holdings in various new energy vehicle battery ETFs [2] - The FOF market has seen a peak in issuance this year, with 87 new FOFs established and a total issuance of 838.28 billion units, marking the second-highest peak since the first FOF issuance in 2017 [7] - The total number of FOFs reached 549, with a total scale of 2377.63 billion yuan, surpassing the previous peak in February 2022 [7] Group 3 - The performance of well-performing FOFs is closely related to recent hot sectors, with a notable focus on commercial aerospace, which is expected to transition from technology validation to market expansion [5] - The solar energy industry is experiencing a trend of price increases along the supply chain, with upstream supply-demand dynamics improving, particularly in lithium battery materials [6] - The strategy of FOF products has evolved, shifting from a mixed approach to a more focused selection of high-quality funds, with a significant increase in bond-focused FOFs that cater to risk-averse investors [8]

Core Insights - The CSI A500 Index has recently become a major attraction for investors, with a total net inflow of 96.065 billion yuan into 40 ETFs tracking the index since December 1 [1] Group 1: ETF Inflows - The inflow of funds into A500 ETFs has shown a concentrated trend among the top products, with the top six A500 ETFs accounting for nearly all net inflows since December [1] - The specific net inflow amounts for the top A500 ETFs since December are as follows: Southern A500 ETF (24.825 billion yuan), Huatai-PB A500 ETF (21.061 billion yuan), Fund A500 ETF (18.196 billion yuan), CSI A500 ETF (15.594 billion yuan), E-Fund A500 ETF (10.679 billion yuan), and Leading A500 ETF (6.875 billion yuan), totaling over 97.2 billion yuan [1] Group 2: ETF Sizes - As of December 26, the latest sizes of the top A500 ETFs are: Huatai-PB A500 ETF (48.556 billion yuan), Southern A500 ETF (47.324 billion yuan), Fund A500 ETF (39.785 billion yuan), CSI A500 ETF (38.293 billion yuan), E-Fund A500 ETF (34.657 billion yuan), and Leading A500 ETF (20.869 billion yuan) [1]

Core Viewpoint - The commercial aerospace sector is experiencing a growth phase, supported by new policies and increased investment interest, particularly in satellite-related companies [1] Group 1: Market Performance - As of 1:56 PM on December 29, the China Securities Satellite Industry Index rose by 2.3%, with notable stock performances including Haige Communication hitting the daily limit, Aerospace HuanYu increasing by over 18%, and China Satellite rising by over 8% [1] - The satellite ETF managed by E Fund (563530) saw a net inflow of over 100 million yuan last week, indicating strong investor interest in the sector [1] Group 2: Policy Developments - The Shanghai Stock Exchange recently issued guidelines aimed at encouraging commercial rocket companies to innovate in key technologies, enhancing the inclusivity and adaptability of the regulatory framework [1] - The new policies are expected to facilitate the growth of the commercial aerospace industry by optimizing industry access, strengthening project approvals, and promoting shared infrastructure development [1] Group 3: Industry Outlook - Huatai Securities believes that the commercial aerospace industry is transitioning from a nurturing phase to a growth phase, with future policies likely to direct resources towards core technological breakthroughs and high-value segments [1] - The China Securities Satellite Industry Index includes 50 listed companies across satellite manufacturing, launching, and application sectors, reflecting a comprehensive coverage of the industry and aligning with long-term development trends [1]

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日早盘，大盘震荡走强，人形机器人板块下探蓄力后加速反弹。截至10:18，国证机器人产业指 数上涨0.8%，成分股中，昊志机电涨超7%，步科股份、绿的谐波、兆威机电涨超3%，相关ETF中，机 器人ETF易方达（159530）盘中净申购超1亿份，该产品上周连续5日获资金布局，合计近8亿元。 消息面上，2026北京亦庄人形机器人半程马拉松将于明年4月19日鸣枪开跑，赛事将为机器人配备 智能计时设备，实时统计成绩排名。此外，赛事将在鼓励参赛机器人更自主、更长续航、更拟人、更强 适应力这四大方向进行引导，促进人形机器人技术突破与产品提升。 机构分析认为，人形机器人产业正从概念验证迈向商业落地，标志性事件频发，量产临界点加速逼 近；资本引擎启动，公司治理规范化，为大规模融资和量产铺平道路；量产目标明确，头部企业竞相设 定清晰时间表 ...

Group 1 - The index focuses on the smart electric vehicle sector, which is expected to become a representative direction for embodied intelligence, covering various industry chain links such as power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [2] Group 2 - The consumption electronics ETF, managed by E Fund, tracks the CSI Consumption Electronics Theme Index, which focuses on AI hardware as a major category of smart terminal products, including companies involved in component production and complete machine brand design and manufacturing [4] - As of the midday close, the CSI Consumption Electronics Theme Index increased by 1.4% [4]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.3%, aiming for a nine-day winning streak, and the total market turnover exceeding 1.4 trillion yuan in half a day [1] - Active sectors included chemical fibers, PEEK materials, servers, and CPO, while lithium battery electrolytes, batteries, and dairy sectors experienced adjustments [1] - The ChiNext Index decreased by 0.3%, while the STAR Market 50 Index increased by 0.9%, and the Hang Seng China Enterprises Index rose by 0.8% [1] Group 2 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in equipment, communication, and electronics, accounting for nearly 60% [3] - The STAR Market 50 ETF tracks the STAR Market 50 Index, composed of 50 stocks with high market capitalization and liquidity, featuring a significant focus on technology leaders, with semiconductors making up over 65% and combined with medical devices and software development, accounting for nearly 80% [3] Group 3 - The Hang Seng China Enterprises Index serves as a broad-based index for the Hong Kong market, reflecting the performance of major Chinese enterprises listed in Hong Kong [3]