深圳商报·读创客户端记者 陈燕青 薛婷阳 "算力已成为未来国家之间竞争的关键变量。"深圳云豹智能创始人兼首席执行官萧启阳博士近日在接受 深圳商报·读创客户端专访时如是说。 日前，云豹智能自主研发的DPU芯片凭借卓越性能，正式入选在中国国家博物馆举办的"中国制造'十四 五'成就展"，成为我国算力基础设施领域的重要代表之一。 "中国制造成就展很隆重，很荣幸云豹能代表深圳参加成就展，也很荣幸云豹的产品和技术受到了国家 部委的高度肯定，这对我们也是一种鞭策。云豹的产品和技术在DPU行业一直处于国内最前沿，同时也 在快速迭代，不久将会有新的产品面世，"12月29日，萧启阳在中国制造"十四五"成就展开幕现场连线 记者时表示，"作为中国先进制造的代表，云豹将继续深耕半导体领域，为中国的算力产业贡献自己的 力量，相信中国的高端制造业未来会越来越强大。" 云豹智能创始人兼CEO萧启阳 从硅谷到深圳的创业之路 云豹智能创始人、CEO萧启阳，出生于中国香港，早期便到美国求学，在24岁时拿到了美国斯坦福大学 电子工程博士学位。毕业后，他先在加州大学尔湾分校任教、后在麻省理工学院任endowed chair副教 授，早期研究AI神经网 ...

Group 1 - The core issue involves Huabao Fund being sued by Chen Long for "labor dispute," with the case accepted by the Shanghai Pudong New District People's Court, scheduled for a hearing on January 19, 2026 [1] - Chen Long joined Huabao Fund in September 2018 as a senior analyst and managed products starting from September 2, 2021, with a total tenure of 3 years and 62 days [1] - During Chen Long's management, the net value of two funds he managed decreased significantly, with a drop of 54.8% for Huabao Green Theme Mixed Fund and 46.75% for Huabao Competitive Advantage Mixed Fund [1] Group 2 - Chen Long resigned from the Huabao Green Theme Mixed Fund on April 9, 2024, and from the Huabao Competitive Advantage Mixed Fund on November 2, 2024, citing "business adjustment" as the reason for his departure [1] - In the last six months of his management, the A share of the Huabao Competitive Advantage Mixed Fund increased by nearly 18%, outperforming the benchmark by approximately 11 percentage points [1] - After Chen Long's departure, the semiconductor and domestic substitution sectors experienced a significant rebound, with the new manager, Shi Jian, achieving a return of 80.18% over 2 years and 98 days for the A share of the Huabao Competitive Advantage Mixed Fund [1]

Core Viewpoint - Roman Holdings (605289) is expanding its business into computing power services through its subsidiary, Wutong High-tech, which has secured significant contracts in this sector [1][2]. Group 1: Contract and Business Development - Wutong High-tech signed a contract worth approximately 156 million yuan for computing power services with Tianjin Maoyuan Equipment Leasing Co., Ltd. and China Merchants Intelligent Supply Chain Service Co., Ltd. [1] - Earlier, Wutong High-tech secured contracts totaling about 448 million yuan for the sale and service of computing equipment [2]. - The company focuses on providing domestic computing power solutions by integrating domestic GPU chips and related equipment through self-developed networking technology [2]. Group 2: Strategic Acquisition and Financial Performance - Roman Holdings plans to acquire a 39.23% stake in Wutong High-tech for a maximum price of 200 million yuan, along with a profit guarantee agreement for 400 million yuan from 2025 to 2027 [2]. - In the first three quarters of the year, Roman Holdings reported total revenue of 732 million yuan, a year-on-year increase of 63.1%, and a net profit attributable to shareholders of 21.09 million yuan, up 33.55% [2]. - The company aims to optimize resource integration, enhance its business scope, and improve profitability and competitiveness through this acquisition [2]. Group 3: Business Focus Areas - The company is focusing on three core business segments: urban lighting, smart energy, and digital entertainment [2]. - In the smart energy segment, the company is concentrating on building an industrial and commercial energy storage ecosystem in collaboration with CATL (300750) [3]. - In the digital entertainment segment, the subsidiary Shanghai Holovitz Digital Technology Co., Ltd. has obtained exclusive rights for the immersive night tour project "Harry Potter: Forbidden Forest Experience," set to launch in the second half of 2025 in Shenzhen [3].

2025年上证指数走势图 "今年账户浮盈超30%，终于把前两年的亏损都赚回来了。"12月29日，看着上证指数冲上3965.28点，武汉股民老周对着电脑屏幕上的交割单长舒一口气。 他判断，上证指数距高点还有一定距离，准备持股过元旦。 回顾今年的A股行情，这位有着31年炒股经验的老股民感慨："从去年8月，上证指数最低探至2689点，市场一路阴跌，再到924政策救市后成交量激增， 今年，AI、算力、半导体等科技概念板块轮动频繁，指数在10月盘中首次站上4000点，达到近十年峰值，一年多的行情就像坐过山车，既考验心态更考 验认知。" 今年，上证指数从低点3040点最高涨至盘中4034点，大事件轮番登场：1月DeepSeek横空出世、4月关税风暴、5月央行等三部门推出降准降息等金融"组合 拳"、7月9日上证指数突破3500点。这一年，A股在政策变化、技术革命与宏观转向的多重风暴中剧烈颠簸，结构性牛市特征明显。 "这轮行情最明显的变化是，散户不能再盲目跟风了。"老周坦言，下半年，不少纯概念炒作的股票开始分化，他坚守的有业绩支撑的科技股抗跌性明显更 强。 天风研究策略首席分析师、政策研究院负责人吴开达表示，根据经济复苏与市 ...

Group 1: Market Overview - The A-share market showed a strong upward trend last week, with major indices generally rising. The market style continued to favor resource products and technology growth, while consumer sectors experienced a pullback [1] - In terms of industry performance, sectors such as non-ferrous metals (precious metals + industrial resources), military industry (commercial aerospace), and power equipment (data center power) led the gains, while consumer, banking, and coal sectors turned downward [1] Group 2: Macroeconomic Analysis - The national fiscal work conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending and ensuring necessary expenditure. Key tasks include boosting domestic demand, increasing investment in new productive forces, and promoting employment and income growth [2] - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1%. The manufacturing sector's profit totaled 50,317.9 billion yuan, growing by 5.0%. Notable growth was seen in the computer, communication, and other electronic equipment manufacturing sectors, while the oil and gas extraction sector saw a decline of 13.6% [2] Group 3: International Economic Context - In the U.S., third-quarter economic data exceeded expectations, leading to a cooling of interest rate cut expectations. The GDP growth rate for Q3 was 4.3%, surpassing the expected 3.3% and the previous 3.8%. The resilience of the U.S. economy is attributed to strong personal consumption, increased public spending, and improved export contributions [3] - Structural weaknesses in the labor market and the upcoming Federal Reserve leadership change may influence future interest rate decisions [3] Group 4: Investment Strategy - The market is expected to take a significant step forward as the year ends, supported by factors such as a systemic decline in risk-free interest rates and an anticipated surge in asset management demand [4] - Capital market reforms are enhancing the investability of Chinese assets and improving market resilience to risks, suggesting a potential shift from a volatile market to a more stable one [4] Group 5: Investment Directions - The focus is on technology, financial services, and consumer sectors. Specific areas of interest include technology growth driven by advancements in AI and computing infrastructure, as well as financial sectors like brokerage and insurance benefiting from capital market reforms [5] - The domestic policy to expand internal demand is expected to strengthen, making it a key theme alongside technology. Emerging consumption trends and events like sports and winter tourism are highlighted as potential investment opportunities [5]

Core Insights - The article emphasizes that rather than questioning whether AI is a bubble, it is more pertinent to ask what smart money is doing, highlighting significant investments by major companies like Google, Microsoft, and Amazon in AI [5][15][24] - The demand for computing power in AI is currently immense and unmet, suggesting that if companies like OpenAI and Anthropic doubled their reasoning power, their revenues could also double within a month [5][41] Group 1: AI Investment Landscape - Major tech companies are significantly increasing their capital expenditures in AI, with each round of investment surpassing the previous one [15][16] - The AI market is highly concentrated, with approximately 35 to 36 companies contributing to 99% of the revenue, indicating that it is still in a nascent stage [17][19] - Nvidia is expected to reach a market valuation of $10 trillion within five years, reflecting the industry's growth potential [8] Group 2: Nvidia and Groq Acquisition - Nvidia's acquisition of AI chip startup Groq for approximately $20 billion is seen as a strategic move to enhance its AI capabilities and integrate Groq's low-latency processors into its AI infrastructure [8][9] - Groq's unique selling proposition lies in its LPU chips designed specifically for AI reasoning, which operate independently of the CUDA ecosystem [9][86] - The acquisition is viewed as one of Nvidia's largest transactions, aimed at consolidating its position in the competitive AI landscape [9] Group 3: Chip Development Challenges - The article discusses the misconception that manufacturing chips is the most challenging aspect, asserting that software and keeping pace with industry evolution are more difficult [6][50][51] - Many companies struggle to successfully develop their own AI chips, as evidenced by the challenges faced by Google and others in the chip development space [34][36] Group 4: Economic Implications of AI - The article posits that the most valuable asset in the economy is labor, and enhanced computing power and AI can inject additional "labor" into the economic system [7] - Companies are advised to maintain high brand trust levels, as trust has a compounding effect on profitability [7] Group 5: Speed and Efficiency in AI - Speed is highlighted as a critical factor in user engagement and brand loyalty, with faster responses leading to stronger emotional connections with brands [49][46] - The article argues that the perception of acceptable delays in AI responses is fundamentally flawed, as speed significantly impacts user experience [49][42] Group 6: Future of AI and Chip Integration - The future of AI will likely see companies like OpenAI and Anthropic developing their own chips to maintain competitive advantages [52][50] - The article suggests that the integration of chips into AI systems will become increasingly important for maintaining market leadership [33][25] Group 7: Energy and Infrastructure for AI - The demand for energy to support the growing need for computing power in AI is immense, with renewable energy sources being a viable solution [119][120] - The article discusses the potential for countries like Norway to provide substantial energy resources for AI infrastructure, emphasizing the need for strategic partnerships [126][138]

随着2025年接近尾声，AI科技行业正迎来前所未有的发展机遇。针对2026年的AI行业发展与投资机 会，国联民生证券研究所副总经理兼海外研究首席分析师孔蓉接受证券时报专访，深入分析了未来一年 的科技趋势及投资焦点。 孔蓉认为，AI并非如过去互联网般的"信息连接工具"，而是一场深刻的"生产力革命"。进入2026年，AI 将告别单纯的泡沫质疑，通过模型能力的渐进式提升与多模态技术的成熟，在广告、硬件、自动驾驶及 科学研究等严肃场景中实现规模化落地。 从工具到生产力提升的转变 针对市场普遍关注未来"AI是否还有超预期表现"的疑问，孔蓉指出，2026年模型的演进逻辑更像"小朋 友长大"的过程，模型能力的提升是连续且扎实的。 孔蓉指出，AI的核心不再是单纯的信息连接工具，而是作为生产力提升的关键工具，推动各行各业实 现更高效的生产。尽管近年来AI领域频繁出现泡沫的担忧，但2025年的AI技术应用开始逐步落地，特 别是在代码生成和多模态能力提升方面，展现出强大的潜力。这种变化标志着AI产业正在向更加务 实、渐进的方向发展。 "2026年AI行业将继续围绕模型能力的提升展开。未来的AI不仅能生成更加真实、连贯的内容，还将展 ...

随着2025年接近尾声，AI科技行业正迎来前所未有的发展机遇。针对2026年的AI行业发展与投资机 会，国联民生（601456）证券研究所副总经理兼海外研究首席分析师孔蓉接受证券时报专访，深入分析 了未来一年的科技趋势及投资焦点。 广告行业方面，孔蓉认为，随着多模态生成能力的提升，AI将在广告创意、素材生成、算法效率提升 等方面带来革命性变化，这将推动电商领域的业绩增长。 自动驾驶行业的成熟速度将在2026年加速。12月中旬，我国首批L3级自动驾驶车型产品获得准入许 可，这被视为我国L3级自动驾驶从测试阶段迈入商业化应用的关键一步。孔蓉特别提到，特斯拉已在 德州进行无人驾驶实验，并取得了显著进展。国内企业如华为和小鹏汽车也在快速推进智能驾驶技术， 预计2026年自动驾驶技术将迎来新的突破，市场需求将逐渐显现。 孔蓉认为，AI并非如过去互联网般的"信息连接工具"，而是一场深刻的"生产力革命"。进入2026年，AI 将告别单纯的泡沫质疑，通过模型能力的渐进式提升与多模态技术的成熟，在广告、硬件、自动驾驶及 科学研究等严肃场景中实现规模化落地。 从工具到生产力提升的转变 针对市场普遍关注未来"AI是否还有超预期表现 ...

Core Viewpoint - The China Securities Dividend ETF (515080) has become a stable investment choice for many investors over its six years since listing, demonstrating strong performance and consistent dividend distribution [1][2]. Performance Overview - Since its inception, the China Securities Dividend ETF has outperformed its benchmark index, achieving a cumulative excess return of 69.83% as of Q3 2025 [2][3]. - The ETF has consistently outperformed its benchmark for five consecutive years since 2020, with annual returns as follows: 21.81% in 2020, 22.56% in 2021, -0.37% in 2022, 5.21% in 2023, and 17.63% in 2024 [3][19]. Dividend Distribution - The ETF has completed its fourth dividend distribution for the year in December 2025, with a distribution ratio of 1.26%, amounting to 0.2 yuan per ten shares [4]. - Since its listing, the ETF has distributed dividends 15 times, totaling 3.65 yuan per ten shares [4][5]. Growth in Scale and Investor Base - The scale of the China Securities Dividend ETF has increased from 340 million yuan at listing to 8.527 billion yuan, representing a 24-fold growth [7]. - The number of accounts holding the ETF has risen from 3,932 to 64,987, making it the leading ETF in its category [7]. Index Evolution - The underlying index of the ETF has undergone significant changes, with no overlap in the top ten constituent stocks compared to six years ago, indicating the index's adaptability and vitality [10][11]. Dividend Yield Comparison - The dividend yield of the China Securities Dividend Index has widened significantly compared to the 10-year government bond yield since 2019, with the current dividend yield at 5.12% versus 1.84% for government bonds [13]. Future Outlook - Analysts expect that the low interest rate environment will continue, making dividend assets attractive for long-term investors seeking stable cash flows [17]. - The market is anticipated to experience a "slow bull" trend in 2026, with dividend stocks expected to perform better than in 2025 due to their stable cash flow characteristics [17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In 2026, the price of electrolytic copper may show an inverted "V" trend throughout the year. It may fluctuate strongly in the first half of the year, challenging new highs, and weakly in the second half. The volatility of copper prices is expected to converge to a limited extent, and call options remain highly suitable. The main influencing factors include the Fed's monetary policy, Sino - US relations, changes in copper concentrate TC, and energy storage demand [4]. 3. Summary by Directory 3.1 2025 Copper Market Review - In 2025, copper prices showed a generally strong and fluctuating trend. By December 10, the Shanghai copper main - continuous contract had risen by nearly 25% during the year. The copper futures market went through four stages: in the first stage (January - March), the first wave of price increase was driven by the tightening supply of copper concentrate and the market's expectation of rising US inflation. In the second stage (April - mid - September), after hitting bottom, the price rebounded and then consolidated for a long time, affected by trade wars, Fed rate - cut expectations, and other factors. In the third stage (late September - mid - November), the second wave of price increase occurred due to the supply shortage of copper concentrate and positive market news. In the fourth stage (mid - November - present), the price repeatedly broke through historical highs, driven by market concerns about the Fed's future policies [7]. 3.2 Macroeconomic Environment Outlook 3.2.1 Fed Policy May Remain Loose - In 2025, the Fed's policy experienced multiple adjustments, including rate cuts and the end of the balance - sheet reduction plan. Looking ahead, according to the dot - plot after the December meeting, there is still one rate cut expected in 2026 and 2027. The market is concerned about whether the Fed will continue to expand its balance sheet and the independence of the Fed after Powell's term ends [11][12]. 3.2.2 Sino - US Game Will Continue - In 2025, Sino - US tariff disputes went through several rounds of escalation and mitigation. The US used tariff hikes as a bargaining chip. In the future, Sino - US tariff disputes are expected to continue, and the US may focus on issues such as fentanyl and rare - earth exports [13][15]. 3.3 Demand Side: Emerging Demands Show Obvious Increases and May Explode in 2026 3.3.1 Traditional Industries Have Limited Growth - **Real Estate Remains in a Downturn**: In 2025, despite a series of policies, real - estate investment, new construction, and completion data continued to decline. In 2026, although the government will continue to promote real - estate stability policies, the real - estate market is expected to continue to drag down copper demand in the short term [16][19]. - **White Goods Production and Sales First Strong Then Weak**: In 2025, with the support of the "trade - in" policy, white - goods production and sales were strong in the first half of the year but weakened later. In 2026, with the possible continuation of the policy and the replacement cycle, the year - on - year growth rate of production and sales of three major white goods is expected to be higher than in 2025. However, the year - on - year growth rate of exports of white goods has declined overall compared to last year, and its contribution to copper demand growth has weakened [23][24]. 3.3.2 Emerging Demands Will Gradually Become the Main Force of Copper Demand - **AI and Computing Power May Boost Future Power Grid Demand**: In 2025, power and grid infrastructure investment showed a trend of first increasing and then decreasing. In the future, AI and computing - power industries will become important demand drivers for power and grid infrastructure [29]. - **New - energy Vehicles Provide Stable Increases Despite Slower Growth**: In 2025, new - energy vehicle production and sales maintained a relatively high year - on - year growth rate, providing stable copper demand. In 2026, although the subsidy for new - energy vehicle purchase tax will be halved, the year - on - year growth rate of production and sales is still expected to remain at a relatively high level [32][34]. - **Photovoltaic Installation in China Has Stable Increases and Exports Are Impressive**: In 2025, due to policy changes, there was a "rush - to - install" phenomenon in the first five months, and the year - on - year growth rate of cumulative new installations and cumulative installations showed an inverted "V" trend. In 2026, the year - on - year growth rate of photovoltaic installation may be lower than in 2025 but will still be high. Photovoltaic cell exports are expected to maintain a high growth rate [35][37]. - **Energy Storage Demand May Explode**: In 2025, the new energy - storage installation volume in China is expected to increase by 24% year - on - year. In 2026, it is expected to reach 230GWh, with a year - on - year growth rate close to 70%. Globally, the new energy - storage installation volume in 2026 is expected to reach 480GWh, with a year - on - year growth rate of 60%, providing significant copper demand growth [44][47]. 3.4 Supply Side: Mine - end Shortage Persists, and Smelter Production Cuts May Expand 3.4.1 Frequent Overseas Mine Incidents Lead to Continuous Decline in Copper Concentrate TC - In 2025, overseas copper mines experienced many incidents, causing copper concentrate TC to decline continuously. CSPT called on domestic smelters to jointly cut production in the fourth quarter. In 2026, the global copper concentrate increment is expected to be 45 - 56 tons, mainly concentrated in the second half of the year. The shortage of copper concentrate will persist in the first half of 2026, and TC may remain at a very low level [49][62]. 3.4.2 Copper Mine Shortage Has Limited Impact on the Smelting End - In 2025, although copper concentrate was in short supply, the global and Chinese electrolytic copper production basically maintained the highest level in the same period of the past five years. In 2026, the shortage of copper concentrate may be difficult to ease in the first half of the year, and the domestic smelting industry may have a larger - scale joint production cut than in Q4 2025 [63]. 3.4.3 The Siphon Effect of US Copper Continues, and Spot Supplies of Shanghai and London Copper Are Tight - In 2025, due to factors such as tariffs, COMEX copper was at a significant premium, leading to a change in the global copper trade pattern. Copper flowed into the US, causing the inventory of COMEX copper to rise continuously, while the inventory of Shanghai and London copper decreased, resulting in a long - term tight spot supply and high prices [68][70]. 3.4.4 High Copper Prices Pressure Downstream Demand, and Social Inventory Remains at a High Level - In 2025, electrolytic copper social inventory increased to a high level in September, but it had little pressure on copper prices, which were mainly driven by macro factors and low copper concentrate TC [77]. 3.5 Future Outlook and Supply - Demand Balance Sheet 3.5.1 Global Copper Concentrate Supply - Demand Balance Remains Tight - In 2025, the global copper concentrate supply - demand balance was expected to be - 35 tons. In 2026, it is expected to be - 40 tons, with the supply gap widening compared to 2025. The shortage will persist in Q1 2026 and gradually ease in the later quarters [79][80]. 3.5.2 Electrolytic Copper Supply - Demand Balance - **Global**: In 2025, the global electrolytic copper supply - demand balance was in a tight state at - 5 tons. In 2026, it is expected to be - 21 tons, with the gap widening. - **China**: In 2025, the supply - demand balance of Chinese electrolytic copper was - 20.04 tons, with the gap nearly doubling compared to 2024. In 2026, it may decline slightly to - 30 tons, with the gap widening slightly compared to 2025 [81][83].