根据工业和信息化部制造业数字化转型综合信息服务平台数据显示，截至2025年12月，重点行业数字化 转型已形成梯队分化格局，其中，汽车、船舶和电子信息制造业开展数字化改造的企业比例最高，分别 达94.4%、94.2%和93.9%。电子信息制造业和装备制造业总体处于第一梯队，消费品、原材料行业则位 于第二梯队。 报告显示，近年来，我国推动制造业数字化转型的政策体系不断健全、应用程度持续深化、供给水平明 显提升、基础保障不断夯实。在政策层面，2024年5月国务院常务会议审议通过了《制造业数字化转型 行动方案》，同年底工信部等三部门印发《制造业企业数字化转型实施指南》，针对不同规模企业提出 差异化转型策略。按照上述行动方案的目标，到2027年，工业大省大市和重点园区规上工业企业将实现 数字化改造全覆盖，到2030年力争规上工业企业基本完成一轮数字化改造。 中国信通院信息化与工业化融合研究所工程师焦贝贝说，在全球科技革命和产业变革加速演进、产业格 局深度调整背景下，制造业数字化转型是提升效率、增强韧性和实现绿色低碳发展的关键引擎。 报告指出，我国制造业数字化转型经历了筑基补短和试点攻关阶段，正迈入规模化普及的"深水区" ...

开年以来，香港IPO市场表现持续活跃，目前有超过400家公司正在冲刺上市。其中，根据第18A、18C 及8A章递交申请的创新企业逾50家，涵盖癌症治疗、智能机器人及自动化物流等前沿突破性赛道。延 续去年的强劲势头，摩根大通预测2026年将成为亚太区股权资本市场的"纪录之年"，香港已成为名副其 实的"亚洲的全球融资中心"。 百惠金控认为，这一乐观预测基于坚实的数据支撑。香港交易量实现倍数级增长，主要得益于大型企业 对港股估值体系的信心回归，以及"互联互通"机制下南向资金的持续流入，为市场提供了充足的流动性 支持。 图片来源： "Mega deals, IPOs to fuel a record 2026 for Asia Pacific equity capital markets" 百惠金控表示，2025年的亮眼成绩单为2026年奠定了坚实基础。随着区内各主要交易所的流动性显著改 善，叠加"互联互通"机制的持续优化，香港有望在亚太区这波"纪录之年"的浪潮中，凭借其独特的国际 金融中心地位，成为连接全球资本与优质资产的关键枢纽。 百惠金控，旗下的百惠证券(中央编号: BPQ161)获香港证监会发牌进行第一类及第 ...

特朗普的愿望终于要实现了。自从特朗普当选总统以来，他对中国的关注就没有停过。第一次竞选成功后，他访问了中国，受到了热烈的招待，然而回国 后，情况却发生了戏剧性的转变。特朗普对中国发起了关税战，这也让他与中国的联系变得越来越复杂，之后也没有再有理由访问中国。 **一、美方最终宣布** 但即便如此，特朗普在第二次上台后多次提出要访华，却又时常加征关税，关税政策逐步升级，几乎达到了无法再加的程度。直到最终他的政策面临失败， 特朗普才似乎意识到一些现实。无论美国与中国的关系紧张还是缓和，特朗普都未曾停止过访华的念头。那么，特朗普究竟何时能如愿访问中国呢？ 最近，美国方面终于给出了明确答案：特朗普将在特定日期访问中国，行程将持续三天。自特朗普宣布正式访华日期之前，中美两国的关系已大幅改善。双 方经过多轮关税谈判，美国对华出口的芯片已经有了显著提升，涵盖了人工智能等高端技术领域。这一时期，欧洲各国领导人接连访问中国，且每个国家都 带来了庞大的商务代表团，取得了丰硕成果。比如，曾与中国关系极为紧张的加拿大，在更换总理后态度发生了极大的转变，随之而来的是总理访华，收获 了不少成果。英国也不例外，虽然过去曾是美国的跟班，此次访 ...

AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认真阅读《基金合同》《招募说明书》等基金法律文件，全面认识本基金的 风险收益特征和产品特性，并根据自身的投资目的、投资期限、投资经验、资产状况等判断基金是否和 投资人的风险承受能力相适应，理性判断市场，谨慎做出投资决策。本材料中相关信息来源于基金管理 人认为可靠的公开资料，相关观点、评估和预测仅反映当前的判断，后续可能有所变 ...

Core Insights - Keep has achieved its first annual profit in ten years, with an adjusted net profit of approximately 25 million RMB for the year ending December 31, 2025, marking a significant turnaround in its operational fundamentals [1] - The company has narrowed its owner’s attributable loss by approximately 87% compared to the previous year, indicating substantial improvements in profitability and operational efficiency [1] Group 1: Financial Performance - In the first half of 2025, Keep reported revenue of 822 million RMB and an adjusted net profit of 10.35 million RMB, with a gross margin increase from 46.0% to 52.2% year-on-year [2] - The full-year profit forecast confirms the sustainability of this improvement trend, driven by a precise "supply-side reform" that optimizes the business mix and enhances resource allocation efficiency [2] Group 2: Strategic Focus - Keep has shifted its focus to high-margin core sectors, specifically sports equipment and apparel, resulting in a healthier business structure despite a contraction in total revenue [2] - The company has transitioned from a "scale-first" to a "quality-first" strategy, enhancing brand value and user engagement by targeting specific demographics such as runners and yoga practitioners [2] Group 3: AI Integration - AI has become a fundamental driver of growth for Keep, evolving from a conceptual tool to a productive force embedded in the service chain of sports health [3] - The company has developed a comprehensive service capability through its proprietary model Kinetic.ai, which includes smart solution generation, real-time training guidance, and dietary assessments [3][4] - AI has enabled Keep to replace high-cost human services, optimizing marginal costs and contributing to the increase in gross margin from 46.0% to 52.2% [3] Group 4: Business Model Transformation - The introduction of AI coaching addresses key user pain points, facilitating a shift from a "content buyout" model to a "subscription service" model, thus transforming Keep's revenue structure [4] - This strategic transition opens new valuation spaces by evolving from a traditional "content + hardware" model to a "content payment + hardware sales + intelligent services" model [4] Group 5: Market Positioning - Keep is redefining its strategic positioning as a "smart health solution provider," supported by a three-layer business logic that enhances user engagement and retention [6] - The company has built a robust data barrier over the past decade, which, combined with AI capabilities, positions it favorably in the competitive landscape of the sports health sector [6][7] - With over 500 million people in China regularly participating in sports, Keep is well-positioned to capitalize on this growing market demand for health solutions [7] Group 6: Future Outlook - The first annual profit in 2025 is seen as a starting point for Keep's deeper engagement in AI, with the potential for significant growth in the sports health sector [8] - The company aims to transform its AI capabilities into a nationwide health service platform, driving continuous technological iterations and enhancing profitability [8]

(本文来自第一财经) 据浙江发布，2月26日上午，浙江省政府新闻办举行新闻发布会，介绍浙江省2026年"8+4"经济政策体系 有关情况。其中包括，大力支持科技创新。用好共建长三角国际科创中心重大机遇，争取更多国家战略 任务、科创平台、科技项目落地浙江，深入实施"人工智能+"行动，继续支持概念验证中心、中试平 台、制造业创新中心等建设。同时，强化科技金融支持，力争科技贷款余额超4.2万亿元，扩大省级创 投类基金群规模，用好浙江社保科创基金，引导更多资本做"时间的朋友"，敢于投早、投小、投硬科 技，让创新的种子不缺"活水"，让更多"会创造的人"在浙江脱颖而出。 ...

电网ETF、电网设备ETF广发、电网设备ETF上涨超3%，电网设备ETF年内涨超30%，电网ETF、电网 设备ETF广发年内涨幅近30%。 | 代码 | 名称 | 涨跌幅。 | 年初至今 跟踪指数名称 | | --- | --- | --- | --- | | 561380 | 电网ETF | 3.18% | 29.79% 恒生A股电网设备 | | 159320 | 电网设备ETF广发 | 3.17% | 29.61% 恒生A股电网设备 | | 159507 | 通信ETF广发 | 3.05% | 10.23% 国证通信 | | 515050 | 通信ETF华夏 | 3.04% | 8.74% 5G通信 | | 159326 | 电网设备ETF | 3.02% | 33.60% 电网设备主题厂 | 消息面上：高盛最新报告上调2030年全球数据中心用电需求增幅，从175%上调到220%，AI投资增量正 从算力外溢至电力供应链，引发基础设施"可靠性超级周期"。 美国政府将于3月4日召集微软、Anthropic、亚马逊、Meta、谷歌等科技企业参会，签署一份关于"高耗 能数据中心电力成本承担"的承诺。特朗普已要求大 ...

年初至今，日经225指数已经累计上涨13%以上。而在过去12个月内，日经225指数已经累计上涨超过53%。 2月26日，本周四，日本日经225指数盘中创下历史新高，史上首次突破59000点大关。 这主要是由于市场对日本央行进一步加息的预期降温所致。与此同时，在全球AI龙头英伟达今晨发布强劲财报后，日本本土科技股也迎来上 涨，为日经指数提供了助力。 浅田统一郎和佐藤绫野在货币政策上处于鸽派，基本上都支持降低利率、让日元贬值以及采取更多经济刺激措施以促进经济增长的主张。 日本政府于2月25日向日本议会运营委员会理事会提交了对于这二人的人事方案。这二人的拟任命方案进一步强化了人们对于日本货币和财政 政策将更加宽松的预期。这种预期推动了日本股市上涨。 华侨银行的分析师在报告中写道： "倾向鸽派的日本央行候选人再次引发了人们对于央行可能推迟政策正常化的猜测，这将导致日元贬值并使日本国债收益率曲线变陡。" 目前，日本首相高市早苗已承诺将采取一系列措施来促进经济增长，包括增加财政支出和对消费者的税收减免。但她的政策可能会使她与日本 央行产生分歧，因为过去两年日本央行的政策倾向更为鹰派。 日本央行鸽派任命减轻市场担忧 周四早 ...

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 2月26日，CPO光模块再现亮眼表现，光模块龙头天孚通信早盘股价暴涨9%，市值首超2900亿元再 创历史新高。双线布局"算力+AI应用"的热门高"光"ETF品种——创业板人工智能ETF华宝（159363）盘 中冲高涨逾1.6%，冲击前期高点。行情回升之际，资金已连续4日净买入创业板人工智能ETF华宝 （159363）合计超5.3亿元。 创业板人工智能ETF华宝（159363）基金经理曹旭辰表示，当前光模块属于"明确的产业趋势"，在 流动性宽松环境下，其业绩和估值通道向上，容易出现估值溢价，且溢价可能持续扩大。作为当前市 场"重仓方向"之一，光模块具有产业趋势引领地位和短期（2-3月）配套催化，预期将继续保持领跑。 强预期、强现实、低估值，在市场震荡期，以光模块为代表的创业板人工智能或将走强。 当AI发展正从算力建设转向应 ...

Core Insights - The report by Citrini Research outlines a hypothetical scenario of an economic crisis driven by rapid advancements in artificial intelligence (AI) by June 2028, termed the "Global Intelligence Crisis" [3][4] - It emphasizes the "AI Efficiency Paradox," where AI's success leads to economic instability, including widespread white-collar unemployment and the erosion of middle-class income structures [4][10] - The concept of "Ghost GDP" is introduced, indicating that while corporate profits may rise due to AI efficiencies, the purchasing power of displaced workers declines, leading to a slowdown in money circulation and consumer spending [4][11] - The report predicts the collapse of traditional business models reliant on human labor and consumer behavior, particularly in sectors like SaaS, intermediary platforms, and private credit [4][12] Economic Impact - By February 2026, the unemployment rate is projected to reach 10.2%, with the S&P 500 index down 38% from its peak in October 2026, indicating a significant economic downturn [10] - The report notes that while corporate profits have surged due to AI, real wages for white-collar workers have stagnated, leading to a disconnect between productivity gains and consumer spending [11][12] - The economic model is described as a negative feedback loop, where increased AI adoption leads to more layoffs, further reducing consumer spending and prompting companies to invest more in AI [11][36] Industry Disruption - The report highlights that AI's capabilities are rapidly advancing, allowing companies to replace human labor with AI tools, which in turn disrupts traditional business models and revenue streams [12][17] - The software industry is particularly vulnerable, with many companies facing valuation declines and potential defaults due to the inability to sustain previous revenue growth assumptions [45][46] - The emergence of AI-driven consumer agents is changing the dynamics of various industries, including real estate and food delivery, by eliminating traditional intermediaries and reducing costs [20][25] Financial Sector Risks - The private credit market has seen significant growth, but the assumptions underpinning many leveraged buyouts are now being challenged due to AI's impact on revenue stability [45][46] - The report warns of a potential crisis in the mortgage market, as high-quality borrowers may face income instability due to white-collar job losses, raising questions about the reliability of mortgage underwriting assumptions [55][54] - The interconnectedness of financial institutions and the reliance on consumer spending from high-income earners make the economy particularly susceptible to shocks from AI-induced unemployment [43][44]