"全球和中国经济已步入存量时代，而AI技术革命正以前所未有的速度演进。"嘉御资本创始合伙人卫哲 在2025年12月5日的投资人年会上向500余位与会者描绘了新周期的图景。 在私募股权市场资金紧张的背景下，这份包含高度市场化引导基金、上市公司产业资本和领先人民币母 基金的投资人名单，为这家已成立14年的投资机构注入了超过40亿元人民币的新活力。 募资冰河期中的暖流 2025年的私募股权募资市场，水面下的暗流比表面上更为复杂。一方面，社会LP的"消失"已成为行业 普遍困境；另一方面，一批民营企业却在悄然高频出手。数据显示，仅2025年6月单月，浙江省上市公 司作为LP的出资规模就已突破10亿元，位居全国首位。 在这种看似矛盾的市场环境中，嘉御资本成功募集超过40亿元人民币的资金显得尤为珍贵。 与许多投资机构严重依赖单一资金来源不同，嘉御资本的募资结构呈现出多元化和市场化的特点。参与 基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司 产业资本和市场领先的人民币母基金，以及多位基金老投资人的持续支持。 这种"市场化引导基金+产业资本+人民币母基金"的组合，在当前募资环境下显示 ...

Group 1 - The core viewpoint is that Hong Kong's technology sector is becoming a key entry point for global investors to allocate Chinese technology assets, with significant mid-to-long term investment value and strategic importance reflected in three dimensions [1] Group 2 - There is an increasing demand from global investors to diversify their technology exposure, as the global portfolio is highly concentrated in large-cap US technology stocks. Allocating to Chinese technology via Hong Kong can introduce differentiated growth cycles and reduce the risks associated with a single market [1] - Hong Kong offers a clearer regulatory framework and higher execution certainty, providing a more sustainable allocation path for overseas investors. Continuous inflow of southbound capital has significantly enhanced market depth and pricing efficiency, leading to a more stable valuation system [1] Group 3 - The "return of Chinese concept stocks + IPO increment" is resonating, leading to a rapid expansion of the technology stock pool in Hong Kong. Currently, there are about 180 Chinese concept stocks in the US, with over 40 in technology and internet sectors, and there is a sufficient reserve for their return [1] - The Hong Kong Stock Exchange's "Tech Company Special Line," set to launch in May 2025, will improve listing efficiency, with the IPO amount in the first half of 2025 expected to be the highest globally, accounting for one-fourth of global financing [1] Group 4 - Hong Kong's technology sector is considered a global value champion, with a significant margin of safety in valuations. The current TTM price-to-earnings ratio for Hong Kong technology is approximately 20-25 times, which is much lower than A-shares at 50-70 times and US stocks at 35-45 times [2] - With the approaching decline in interest rates and the technological revolution led by AI, Hong Kong's technology sector is expected to regain market attention and attract more capital inflow [2]

每经AI快讯，12月15日，鹏鼎控股(002938.SZ)公告称，公司2026年拟向泰国园区投资合计42.97亿元人 民币用于建设泰国园区生产厂房及周边配套设施，并同步投资建设包括高阶HDI（含SLP）、HLC等产 品产能，为快速成长的AI应用市场提供涵盖服务器、AI端侧产品、低轨卫星等多领域的全方位PCB解决 方案。面对AI技术革命对PCB行业带来的巨大市场前景，公司本次投资建设泰国生产园区，有利于进一 步扩充公司AI产品线的产能布局，进一步提升公司在AI算力领域的技术实力和量产能力,有助于进一步 扩大公司经营规模，推动各产品线的技术和产品升级，提升公司经营效益。 ...

Core Viewpoint - Gold is experiencing a historic surge in 2025, with prices surpassing $4,300 per ounce, reflecting a significant shift in global capital's perception of monetary credit systems [1][2]. Group 1: Historical Context and Value of Gold - Throughout history, gold has maintained its status as a symbol of "constant value," contrasting with fiat currencies that rely on credit [1]. - The transition from the gold standard to a credit-based monetary system has not diminished gold's role as a "confidence anchor" over the past fifty years [2]. - Gold's price has risen from $35 per ounce in 1971 to current highs, demonstrating its stability during various economic crises [2]. Group 2: Changes in Gold Pricing Logic - Traditional gold pricing is influenced by its monetary, financial, and commodity attributes, which have shifted in importance over time [3]. - The classic pricing model has been disrupted since 2022, with gold's monetary attributes becoming the primary driver of its price, despite high real interest rates [4]. Group 3: Central Bank Behavior and Global Trends - Central banks are diversifying their foreign exchange reserves, with gold purchases exceeding 1,000 tons annually from 2022 to 2024, indicating a shift towards gold as a hedge against uncertainty [5]. - Emerging market central banks, including China's, have been particularly active in increasing gold reserves, reflecting a growing trend of using gold as a sovereign credit hedge [6]. Group 4: Geopolitical Factors and Demand for Gold - The complex global geopolitical landscape has heightened the demand for gold as a long-term safe-haven asset, reinforcing its role as a value consensus across cultures [6]. - Historical parallels suggest that current economic conditions, including excessive credit currency issuance and high fiscal deficits, align with previous gold bull markets [6]. Group 5: Market Dynamics and Future Outlook - The current gold price increase is part of a "consensus reinforcement positive cycle," driven by expectations of adjustments in the global monetary system [7]. - Historical data indicates that gold bull markets typically last around 32 months with an average increase of 172%, suggesting potential for further price appreciation [8]. Group 6: Investment Strategies and Recommendations - Investors are advised to view gold as a stabilizing asset in their portfolios rather than a speculative tool, with a recommended allocation of 5% to 10% of household assets [11][12]. - Gold ETFs, such as Huaxia (518850), offer a low-cost entry point for investors, with a management fee of only 0.2% [12]. - For those seeking higher risk and potential returns, gold equity ETFs provide exposure to the gold mining sector, which may benefit from rising gold prices [13].

Core Viewpoint - Gold is experiencing a historic surge in 2025, with prices surpassing $4,300 per ounce, reflecting a significant shift in global capital's perception of monetary credit systems [1][2]. Group 1: Historical Context and Value of Gold - Throughout history, gold has remained a symbol of "constant value," contrasting with fiat currencies that rely on credit guarantees [1]. - The transition from the gold standard to a pure fiat currency system in 1971 marked a shift in gold's role to a "confidence anchor" [2]. - Gold's price has risen from $35 per ounce in 1971 to around $4,200 per ounce, demonstrating its stability during various economic crises [2]. Group 2: Pricing Logic and Market Dynamics - Gold pricing is traditionally influenced by its monetary, financial, and commodity attributes, which vary in importance over time [3]. - The classic negative correlation between gold prices and real interest rates has been disrupted since 2022, with gold's monetary attributes taking precedence [4]. - Central banks are increasingly purchasing gold as a hedge against currency credit risks, with global purchases expected to exceed 1,000 tons annually from 2022 to 2024 [5]. Group 3: Current Market Trends and Future Outlook - The current gold price increase is part of a "consensus reinforcement positive cycle," driven by expectations of global monetary system adjustments [6]. - Historical data indicates that gold bull markets last an average of 32 months with a 172% price increase; the current market has already lasted 36 months with an 88% increase [7]. - Short-term support for gold prices is linked to potential shifts in U.S. monetary policy, particularly interest rate decisions [7]. Group 4: Investment Strategies and Tools - Investors are advised to allocate 5% to 10% of their assets to gold to enhance portfolio resilience against market volatility [10]. - Gold ETFs, such as Huaxia Gold ETF (518850), offer a low-cost entry point for investors, with a management fee of only 0.2% [11]. - For those seeking higher risk and potential returns, gold equity ETFs (159562) provide exposure to the gold mining sector, benefiting from both gold price increases and resource valuation [11]. Group 5: Conclusion and Long-term Perspective - Gold's enduring value as a "hard currency" is reinforced by ongoing global monetary diversification and geopolitical uncertainties [12]. - The ultimate goal of investing in gold is to maintain a stable asset base amid market fluctuations, emphasizing the importance of rational allocation and long-term holding [13].

嘉御资本也在大会上宣布完成多支新基金的募集设立，总规模超过40亿元人民币。 全球和中国经济已步入存量时代，而AI技术革命正以前所未有的速度演进。面临新周期的诸多挑战与 机遇，嘉御资本会有怎样的思考和判断。嘉御资本创始合伙人、董事长卫哲在大会现场带来"拐点初 现，把握新机"的主题分享，以及AI基础建设进入丰收季，具身智能大幕开启，出海品牌和服务正当其 时等多个主题分享，为与会嘉宾展示了嘉御资本对新周期的深入思考和应对策略。 未来，嘉御资本将继续秉持"以终为始"的理念，通过多元化的基金矩阵进行多领域的前瞻性布局，期待 继续与各位投资人、企业家及合作伙伴携手，于确定的拐点处，凝聚共识，重仓未来，共同开启价值成 长的新篇章。 同时，嘉御资本也在大会上宣布完成多支新基金的募集设立，总规模超过40亿元人民币。参与基金的主 要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司产业资本 和市场领先的人民币母基金，以及多位基金老投资人的持续支持。 一财资讯 据悉，本次新募集的基金矩阵，全面覆盖了嘉御资本前瞻布局的领域，包括AI基础建设、新消费产 业、跨境电商品牌出海、生命科技等多个核心赛道，旨在系 ...

热门ETF方面，国内首只科技龙头先锋——科技ETF（515000）场内价格上涨1.39%，成交额超6000万 元，资金近五日加仓超1亿元。 | | | 分野 多日 1分 5分 15分 30分 * | 515000[科技ETF] 10:54 价 0.948 通讯 0.013(1.39%) 婚纱 0.942 成效量 0 IOPV | | P9 盘前盘同 盛加 九转 面试 工具 W (J) > | | | | 0 94.8 +0.013 +1.39% | | | 科技ETF (1) 515000 | | 37 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | Dolly. | | | | | | | | | | | | | | | | | | 5SE CNY 10:54:31 左翼中 | | | | | 第87章子 | | 0.945 | | | | | | | 1.0896 | 净值走势 | | 份金种证科技发展ITP | 今年 | 44.65% ...

Group 1 - The Chinese semiconductor industry is at a historical intersection driven by "domestic substitution" and the "AI technology revolution" [3][6] - The upcoming IC China 2025 event will focus on strengthening technological innovation and ensuring the stability of the industrial supply chain [4] - The semiconductor sector has shown strong performance in the A-share market, with a cumulative increase of 40.63% in the semiconductor index year-to-date [5][6] Group 2 - A total of 29 semiconductor stocks are predicted to have a net profit growth rate exceeding 20% in 2026 and 2027, according to institutional forecasts [7] - Among the stocks with significant growth potential, Haiguang Information has the highest number of institutional ratings, with 31 reports highlighting its advancements in AI computing [7][8] - The stock with the highest upside potential is Yongxi Electronics, with a projected increase of 61.5% compared to institutional target prices [8]

在投资的世界里，没有哪场对决比"黄金"与"科技股"的较量更引人入胜、更深刻地反映着时代的脉搏。这并非一场简单的资产价格竞争，而是一场关于价值 本质、时间取向和人类文明底层驱动力的哲学辩论。 投资科技股，是投资于"可能性"，是对人类智慧和进步的一种押注。它的逻辑是丰裕性逻辑——通过技术迭代，以更低的成本提供更强的性能，甚至创造全 新的需求。 简言之，黄金是"存在即价值"，科技股是"创造即价值"。 第二层：历史轨迹的交叉与背离——避险与风险的周期共舞 回顾2000年以来的历史，两者并非永远对立，而是在不同的经济周期中交替领跑，上演着一场精彩的"二人转"。 第一层：价值根基的截然相反——静态信任 vs. 动态创造 对决的根源，在于两者价值根基的截然不同。 黄金的价值是内向的、静态的，基于信任与共识。它的光芒，源于其物理特性：稀缺、稳定、永不腐蚀。千百年来，人类共同赋予它"终极价值储藏"的地 位。 它的价值不依赖于任何人的承诺或任何组织的运营，它就在那里。持有黄金，本质上是持有对整个人类文明信用体系的"保险"。当政府失信、货币超发、战 火纷飞时，黄金的價值便熠熠生辉。它的逻辑是稀缺性逻辑——总量有限，越挖越少。 科技 ...

Core Insights - The third Pujiang Biomedicine Source Innovation Conference was successfully held in Shanghai, focusing on cutting-edge technological innovation in China's pharmaceutical industry and global cooperation [1][2] - The conference emphasized the importance of source innovation and collaboration in accelerating the development of the biopharmaceutical sector, with a call for building an open and cooperative innovation ecosystem [1][3] Group 1: Industry Trends - China's innovative drug industry is transitioning from "catching up" to "keeping pace" and even "leading" in the global market, with a significant increase in the proportion of globally launched new drugs [2] - The development of innovative drugs in China has shown strong momentum, particularly in areas like antibody-drug conjugates (ADCs) and bispecific antibodies, with active overseas licensing transactions [2] Group 2: Strategic Directions - The need for a dual-integration development path was highlighted, focusing on establishing a multi-tiered payment system centered around commercial insurance and enhancing the pricing mechanism for innovative drugs [2] - Chinese pharmaceutical companies are encouraged to build independent global commercialization systems and actively seize international market opportunities, moving beyond mere licensing transactions [3] Group 3: Technological Integration - The integration of AI technology is seen as crucial for enhancing innovation capabilities, with a call for the industry to embrace the AI revolution and create a collaborative AI innovation ecosystem [3] - Companies like Fosun Pharma are actively pursuing innovation, internationalization, and AI integration, aiming to contribute to Shanghai's development as a world-class biopharmaceutical hub [3]