权益守成待机，债券缘何下跌？ 2025 2025年年1212月月11日日-2025 -2025年年1212月月55日日 基金投顾观点 本周A股市场略有回升，债市走弱，黄金高位震荡，美股小幅上涨。具体来看，市场有以下几个重要方面： 本周A股市场略有回升，但沪深两市日均成交金额延续回落，上证指数仍未修复11月21日的跳空 缺口，A股市场处于10月高点与11月低点间进行震荡整理。申万一级行业上，有色金属、通信、 国防军工行业涨幅居前，传媒、房地产、美容护理跌幅居前。本周国证价值上涨1.19%，国证成 长上涨1.62%，成长风格占优。恒生指数上涨0.87%，万得全A上涨0.72%，港股表现略强于A 股。 债市方面，本周适逢月初资金面整体均衡偏松，债市下跌为主，利率债表现弱于信用债，超长 债大幅走弱，国债期货同步走弱，预计纯债基金收负。基本面上，从目前披露的经济数据来 看，基本面修复动能仍然偏弱。资金面上，本周适逢月初，资金面整体均衡偏松。情绪面上， 市场对于十五五规划及财政发力有一定预期，进而延伸到对于长债供给的担忧，叠加公募新规 仍尚未定论，市场情绪较为脆弱。 商品方面，COMEX黄金本周高位震荡，外盘和沪金呈现" ...

来源：浙商证券 配置方面，基于"冗余时刻区间震荡，设定目标守株待兔"的判断：择时方面，建议持仓等待，切勿追涨 杀跌、垫高自身成本，同时根据不同宽基指数的"左脚"分类设定目标（例如上证指数9 月4 日低点或前 期跳空缺口，恒生科技指数近期低点或年线），伺机出击、分批介入。行业配置和个股方面，建议关注 明显滞涨且份额扩张的券商板块，短期可以关注走势顺畅且历史上在12 月胜率较高的家电，留意医 药、消费、AI 应用板块中相对低位的标的，同时关注年线上方的低位滞涨个股。 风险提示 国内经济修复不及预期；全球地缘政治存在不确定性。 责任编辑：郭栩彤 来源：浙商证券 本周市场继续反弹，但双向波动有所增大。展望后市，考虑到今年三季度市场涨幅较大、强势标的多数 还在冲高回落后的修复过程中，加之近期未出现引领大盘上涨的宏大叙事和领涨行业，因此我们预计后 市大概率维持区间震荡格局。配置方面，基于"冗余时刻区间震荡，设定目标守株待兔"的判断：择时方 面，建议持仓等待，切勿追涨杀跌、垫高自身成本，同时根据不同宽基指数的"左脚"分类设定目标（例 如上证指数9 月4 日低点或前期跳空缺口，恒生科技指数近期低点或年线），伺机出击、分批介入 ...

Core Viewpoint - The article discusses the recent surge in the U.S. stock market related to robotics, driven by potential government policies aimed at enhancing the robotics industry as a national strategic priority, comparable to chips and AI [2][4][5]. Group 1: Government Initiatives - The U.S. government is considering an executive order on robotics technology and is forming a robotics task force within the Department of Transportation [2][10]. - The Biden administration's focus on robotics is part of a broader strategy to reshape AI and manufacturing for enhanced international competitiveness [7][8]. - The "Genesis Mission" initiated by President Trump aims to mobilize 40,000 scientists to create an AI platform focusing on advanced manufacturing and other critical sectors [8][9]. Group 2: Economic and Competitive Context - The U.S. is experiencing a "re-industrialization" anxiety due to the offshoring of manufacturing and vulnerabilities exposed during the pandemic [11]. - Robotics is seen as a solution to restore competitiveness in manufacturing by reducing labor costs and enhancing production efficiency [11][13]. - The U.S. is lagging in robot deployment compared to countries like China and South Korea, which raises concerns about maintaining its technological edge [11][13]. Group 3: Labor Market Implications - The article highlights a paradox where while robotics could alleviate labor shortages in certain sectors, it may also lead to job losses in traditional roles [14][17]. - There is a significant debate on whether the push for automation will contradict the promise of revitalizing manufacturing jobs [18]. - The need for retraining displaced workers to transition into tech roles is emphasized, but the U.S. lacks successful precedents for such initiatives [18][25]. Group 4: National Security and Defense - The strategic push for robotics is also driven by national security concerns, as autonomous systems are becoming essential in modern warfare [19][20]. - Ensuring domestic production capabilities for critical military supplies relies heavily on advanced robotics technology [20][21]. Group 5: Challenges and Future Outlook - Despite the potential benefits, the U.S. faces systemic issues such as a declining STEM workforce and reliance on imported components for robotics [23][24]. - The article warns that while robotics can create wealth, ensuring equitable distribution of that wealth remains a significant challenge [25][26]. - The future of the U.S. robotics strategy is uncertain, with the need for coherent policies and long-term planning to address fundamental economic and social issues [26][28].

Core Viewpoint - Yunyi Electric (300304) has been focusing on the automotive intelligent core electronic products sector for many years, showcasing strong technical strength and design development capabilities [1] Group 1: Company Development - The company leverages the technical similarities in structural design and manufacturing processes between automotive and robotics to extend its product applications into the robotics field [1] - Yunyi Electric is currently in the development stage of robotic joint module controllers [1]

Domestic News - China has released an international standard for a universal simulation model for renewable energy generation, which will support the safe integration of large-scale renewable energy into the grid [7] - Hubei's 14th Five-Year Plan emphasizes the development of event economy, exhibition economy, and performing arts economy to enhance consumption and economic growth [8] - Zhiji Auto has introduced a year-end purchase tax subsidy plan, offering up to 15,000 yuan for customers who complete orders by December 31, 2025 [9] - Dongfeng Fengxing has launched a year-end purchase incentive policy with a maximum vehicle replacement subsidy of 35,000 yuan [10] - Changan Automobile plans to introduce its Avita and Nevo brands in the European market within the next two years [11] - BYD aims to expand its dealer network in South Africa to 60-70 by the end of 2026 [12] - Li Auto has achieved the milestone of 20,000 supercharging piles in 2 years and 8 months, becoming the leading company in supercharging infrastructure in China [13] - Hello's first L4 autonomous driving model is expected to go into mass production in June 2026 [14] Foreign News - Former President Trump announced a reduction in fuel economy standards for vehicles produced in the U.S., with the new standard set at approximately 34.5 miles per gallon by 2031, down from 50.4 miles per gallon [16] - The UK energy regulator has allocated £28 billion for upgrading the energy network, with £17.8 billion for gas network maintenance and £10.3 billion for strengthening the transmission network [17] - Volkswagen Group plans to transform its Dresden factory into an AI and chip technology center after ceasing vehicle production [18] - Stellantis CEO announced a strategic shift towards hybrid vehicles as a core focus in the U.S. market, moving away from the previous emphasis on fully electric vehicles [19] Commercial Vehicles - Iveco's off-road vehicle, the Eurocargo, has been awarded "Off-Road Vehicle of the Year" at the 2026 China Commercial Vehicle Annual Model event [20] - The first locally manufactured Scania Super trucks have officially rolled off the production line in Jiangsu, marking a significant milestone for Scania in the Chinese market [21] - All models of the Maxus commercial vehicles have received a five-star safety rating from Euro NCAP, establishing a new safety benchmark in the global commercial vehicle sector [22] - Guangzhou has launched the second batch of fuel cell vehicle demonstration operation subsidies for 2025, with subsidies up to 100,000 yuan for heavy hydrogen fuel cell vehicles [23]

美国已经有一些接近无人化运行的工厂。以特斯拉(TSLA.US)在内华达州的工厂为例，其运营90%是自 主进行的，但规模上无法与中国的一些工厂相提并论。这使得美国在该领域难以竞争，也是美国制造业 一段时间以来持续衰退的原因之一。 如果没有机器人和自动化，就无法解决美国制造业停滞的问题。像半导体这样的先进制造业需要精细和 精准，协助专业人士需要极高的灵活性，而过去的许多机器人缺乏这些能力。长远来看，美国政府是否 有能力解决这个问题尚不清楚。即使本届政府努力成功，也需要连续几届政府都专注于同一目标，才能 真正实现切实的改变。 近日有消息称，特朗普政府在推动美国人工智能创新后，正将注意力转向机器人技术领域。根据接近特 朗普政府的消息人士称，美国商务部长卢特尼克近期频繁会见机器人行业的首席执行官，并全力推动该 行业发展。消息还称，特朗普政府正考虑在明年发布一项关于机器人领域的行政命令，美国交通部也计 划在年底前成立机器人专项工作组。 在特朗普政府计划加速推进机器人行业发展之际，被认为将成为潜在政策受益者的机器人技术开发商 Richtech Robotics(RR.US)股价飙升。数据显示，Richtech Roboti ...

Core Viewpoint - The Trump administration is shifting its policy focus towards the robotics sector, aiming to accelerate the development of robotics technology and advanced manufacturing alongside artificial intelligence (AI) initiatives [1][2]. Policy Signals - U.S. Secretary of Commerce Howard Lutnick has been actively meeting with CEOs in the robotics industry to discuss incentives such as tax reductions, regulatory simplifications, and increased federal funding [2]. - The government is considering an executive order on robotics that may set national goals for technology research, deployment, and ethical standards, similar to the "Genesis Plan" for AI [2]. - The U.S. Department of Transportation is reportedly preparing to establish a robotics working group, with plans expected to be announced by the end of the year [2]. Competitive Urgency - The robotics sector is becoming a critical battleground in the competition between the U.S. and China, with the Trump administration's industrial policy reflecting this urgency [3]. - As of 2023, China has an industrial robot stock of 1.8 million units, four times that of the U.S., highlighting the need for significant investment in the U.S. robotics sector to catch up [3]. - Global investment in robotics is projected to reach $23 billion by 2025, doubling from the previous year, with Goldman Sachs predicting the humanoid robot market could exceed $38 billion by 2035 [3]. Industry Advocacy and National Strategy - The robotics industry is actively pushing for government involvement in policy-making, emphasizing that advancements in AI should include plans for the robotics sector [4]. - Companies are calling for tax incentives and federal funding to integrate advanced automation technologies and strengthen supply chains [4]. - There is a consensus that advanced robotics technology is crucial for U.S. manufacturing, technological development, national security, and public safety [4]. Employment and Automation Paradox - A core issue remains how to align the development of the robotics industry with the goal of revitalizing U.S. manufacturing, as increased automation may lead to job losses [5]. - Some industry leaders argue that robotics can enhance worker productivity and create more job opportunities, suggesting a collaborative future between humans and machines [5]. Concerns Over Basic Research - Despite the government's focus on industrial applications, there are warnings about cuts to funding for basic research, which could undermine the foundation of innovation in robotics and AI [6]. - The American Computer Society highlights that federal funding has historically been crucial for breakthroughs in technology, and a lack of support for foundational research could hinder the U.S.'s leadership in these fields [6].

机器之心报道 机器之心编辑部 一年一度的英伟达奖学金出炉了。 二十五年来，英伟达研究生奖学金计划（NVIDIA Graduate Fellowship Program）一直为研究生提供与英伟达技术相关的杰出工作支持。 今天，该计划宣布了 2026 年度的 10 位博士生获奖者，他们每人将获得最高 6 万美元的资助，以支持他们在涵盖计算创新所有领域的各项研究。 他们的研究工作聚焦于加速计算的前沿领域，包括了自主系统、计算机体系结构、计算机图形学、深度学习、编程系统、机器人技术和安全。 本年度的 10 位获奖者中有 8 位华人 。去年有 7 位华人博士生 入选，包括了上交、中科大、浙大校友。 接下来，我们一起了解下本年度获奖者的信息。 Jiageng Mao 南加州大学，获奖理由：利用来自互联网规模数据的各种先验知识解决复杂的物理人工智能问题，从而为现实世界中的具身智能体实现稳健、可推广的智能。 资料显示，Jiageng Mao 是南加州大学博士生，研究方向是物理人工智能，目标是通过开发机器人、计算机视觉和自然语言处理等领域的算法，将人工智能应用于 现实世界。据了解，他对直观物理学、大型视觉 - 语言（- 动作） ...

来源：市场资讯 国家知识产权局信息显示，深圳市优必行科技有限公司、深圳市优必选科技股份有限公司取得一项名 为"接口装置、机器人、充电桩及充电系统"的专利，授权公告号CN116169739B，申请日期为2022年12 月。 天眼查资料显示，深圳市优必行科技有限公司，成立于2021年，位于深圳市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本5000万人民币。通过天眼查大数据分析，深圳市优必行科技有限 公司专利信息114条，此外企业还拥有行政许可3个。 深圳市优必选科技股份有限公司，成立于2012年，位于深圳市，是一家以从事专业技术服务业为主的企 业。企业注册资本47193.3373万人民币。通过天眼查大数据分析，深圳市优必选科技股份有限公司共对 外投资了94家企业，参与招投标项目372次，财产线索方面有商标信息347条，专利信息3572条，此外企 业还拥有行政许可45个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

近日，政治新闻网站Politico的一份报道显示，特朗普政府在推动美国人工智能创新后，正将注意力转 向机器人技术领域。 该报道援引接近政府的消息人士称，美国商务部长霍华德・勒特尼克已多次与机器人行业领袖会面，特 朗普政府正"全力投入"推动美国机器人技术的发展。 （右为霍华德・勒特尼克） 美国商务部发言人表示："我们致力于机器人技术和先进制造，因为它们是将关键生产带回美国的核 心。" 视频中，这台机器人灵活地扭动身体，随着音乐节奏翩翩起舞，动作流畅自然。 本文系观察者网独家稿件，未经授权，不得转载。 目前，美国的机器人技术发展显著落后于全球其他国家，尤其是中国。 国际机器人联合会2024年9月发布的报告显示，中国工厂已部署近200万台工业机器人，而美国的这一指 标数量仅为中国的四分之一。 2025年11月中旬，标准机器人公司（Standard Bots）首席执行官埃文・比尔德在国会联合经济委员会作 证时表示，美国亟需一项国家机器人战略，以全面改善本国机器人技术与制造业发展现状。 据悉，特斯拉CEO埃隆·马斯克在近期的股东会上，将"擎天柱"描述为一台"印钞机"。他还表示，机器 人将让全球经济增长10倍甚至100倍 ...