21世纪经济报道记者 章驰 实习生 邓凯 家长们注意了！你有没有听过孩子平时念"TungTungTungSahur""Brrbrrpatapim"这样的神秘暗号？ 他们不是在玩新游戏，而是着迷了被AI魔改的"外国山海经"。这些角色全是给AI输入关键词后，几十秒 就能生成的"怪胎"，甚至还有大逃杀打斗场景、软色情元素。 看看带着"AI山海经"标签的短视频的播放量，大象长着仙人掌身躯还脚踩拖鞋，青蛙的身体是轮胎，还 有香蕉上顶个猩猩脑袋、鱼身子配猫咪头的混搭形象……内容竟如此离谱。 其实，针对AI魔改内容乱象，监管早已出手。2025年国家网信办就开展过"清朗 整治AI技术滥用"专项 行动。近期国家广电总局也启动专项治理，重点清理篡改经典、危害未成年人的AI魔改内容。 但治理不能只靠监管单打独斗，平台得把好审核关，别让算法成了不良内容的助推器。AI技术是创作 工具，不能成为毒害孩子的武器。 这类视频靠夸张、猎奇的画面刺激孩子大脑，披着卡通动画的外衣，让孩子们无比上瘾。孩子们课文背 不下来，却能把怪兽们的名字倒背如流，甚至攀比谁能记住更多怪异形象，并且模仿怪兽乱叫。还有家 长晒出孩子手写的角色名单，纸上抄满了拗口的外 ...

AI技术飞速迭代、行业边界持续被打破，"怎样培养孩子的未来竞争力"已成为千万父母的核心焦虑。当大多数孩子还在刷题、记笔记、赶作业的循环中疲惫 前行时，马斯克却能以"门外汉"身份，在短短几个月内攻克航天、能源、人工智能等六大复杂产业。这种"物种级差距"并非源于155的高智商，而是底层 的"脑能结构闭环"——这一结论，与脑能深度教育科技在家庭教育领域的长期研究数据高度吻合。 一、教育核心痛点：多数孩子深陷"非卓越型"脑能结构 很多父母始终困惑：孩子拖拉磨蹭、注意力不集中、遇难题就暴躁、成绩忽高忽低，究竟是哪里出了问题？答案并非努力不够，而是孩子的脑能结构长期停 留在"发展型"或"重构型"，从未真正进入"卓越型脑能"状态。 卓越型脑能六大循环链条 NeuroPro的脑能三型结构模型早已揭示，这种差距的本质的是大脑能力链条是否完整运转。普通孩子的脑能链路常出现"卡壳"：自主启动难、推进易受阻、 注意力不持久、情绪易夺权、学完不会用，换个情境就归零。这些问题的根源，正是脑能思维链的断裂，与智商毫无关联。 二、科学拆解：卓越型脑能结构的核心是"六链闭环" 卓越型脑能结构不等于"聪明"，而是六条关键链路的完整闭环运行——这 ...

Group 1 - The article emphasizes three main investment themes: 1) Economic growth in AI technology, with a focus on domestic opportunities in computing power, optical modules, and cloud computing infrastructure, as well as applications in robotics, consumer electronics, intelligent driving, and software [1] - 2) External demand opportunities, particularly in sectors like home appliances, engineering machinery, commercial buses, power grid equipment, and non-ferrous metals, which are expected to benefit from overseas expansion [1] - 3) Cyclical reversal, suggesting attention to sectors like chemicals, aquaculture, and new energy that are nearing improvement points in supply and demand or receiving policy support [1] Group 2 - The trend of share buybacks and increases in holdings by listed companies is expected to continue until 2026, with companies like Dongcheng Pharmaceutical and Century Huatong announcing buyback plans, reinforcing confidence in company valuations [3] - The domestic tourism market is projected to perform well in 2026, with a significant increase in travel during the New Year holiday, indicating a positive outlook for the tourism sector [3] Group 3 - Copper prices are experiencing the largest annual increase since 2009, with a 44% rise this year, driven by expectations of supply shortages due to increased demand for electrification [5] - The strong performance of copper is expected to continue into 2026, supported by macroeconomic conditions and supply-demand dynamics [5] Group 4 - The A-share market is showing a strong upward trend, attracting external capital, with expectations of a structural market rally supported by policy and industry trends [11] - The focus is on technology leaders with performance delivery capabilities and cyclical sectors benefiting from price recovery expectations [11]

走进新奥集团展厅，一个外形灵动、应答自如的小机器人——恩牛智伴，正微笑着为参观者讲解新奥的 产业生态布局。当有人问及"恩牛网如何支撑产业智能运营"时，它不仅能精准复述核心数据，还能结合 集团产业案例展开分析;当小朋友好奇地询问"你都懂些什么?"，它立刻用俏皮的语气回应并分享能源小 知识。这个能聊、懂行又亲切的数字人，正是世优科技与新奥集团深度合作的结晶，也标志着传统品牌 IP正式迈入"智能互动时代"。 IP"进化"，迎接AI时代新机遇 新奥集团创业32周年之际，推出了产业智能生态运营核心平台——恩牛网，恩牛智伴作为平台专属IP， 承载着传递品牌理念、链接用户的重要使命。世优科技以"技术赋能产业IP"为核心目标，从形象、交 互、知识三个维度完成升级改造，让恩牛智伴实现质的飞跃： 知识储备方面，技术团队将新奥32年发展历程、恩牛网运营逻辑、产业智能生态成果等核心信息，构建 成专属知识库并接入AI大模型，确保讲解内容的准确性与专业性，交互正确率高达98%。 在形象重构上，保留恩牛智伴科技感基因的同时，通过精细化建模优化面部微表情与肢体动作，使其讲 解时的手势、眼神更贴合人类交流习惯，提升视觉亲和力。 在交互层面，新 ...

脑机接口产业专题解读 20260109 摘要 医保政策支持脑机接口应用，非侵入式治疗定价约 980 元，侵入式植入 /取出费用数千元，推动医院增加相关设备投入，并要求人员培训及资质 考取，促进新技术临床应用。 脑机接口系统与医院 HIS 系统融合深度影响改造需求，深度融合需扩容 数据中心和物联网平台，通常采用中间件或前置机方案标准化数据，降 低核心系统升级影响。 医院采购脑机接口设备主要考虑预算和成本效益，专项收费条码的出现 使得医院可以通过预算报告合理填补项目退费，从而避免成本倒挂，并 满足科室学科建设的需求，预计未来 3-5 年采购量将显著增长。 AI 技术在脑机接口数据处理层面取得进展，通过 AI 降噪算法提高信号质 量，模式识别有望挖掘神经退行性疾病相关生物标志物，为大健康领域 提供早期预警工具。 侵入式脑机接口主要解决听力、疼痛等问题，单价几万元，推广较快； 非侵入式主要用于康复，市场接受度取决于疗效是否优于传统方法。 2026 年医院设备采购资本开支总体呈下降趋势，但 AI 辅助诊疗系统投 入增加带来小幅度增长，基础设施投入通常一次性，后续追加投入较少。 Q&A 目前脑机接口在医疗领域的落地进展如 ...

Summary of Conference Call on Power Equipment Industry Industry Overview - The power equipment industry is experiencing significant changes, particularly in high-voltage equipment demand domestically and supply shortages overseas. Domestic demand for high-voltage switches is high, while high-voltage transformer supply is sufficient. Conversely, overseas markets face a shortage of high-voltage transformers, with lower demand for high-voltage switches compared to domestic needs [1][3]. Key Insights and Arguments - **Market Demand and Supply Dynamics**: - Post-2022, global high-voltage power equipment supply decreased by approximately 15% due to the pandemic. However, in 2023, the acceleration of new energy construction has led to a surge in demand for supporting booster substations, which is 4-5 times that of traditional power stations. Overall demand is expected to grow by 20%-30% due to grid upgrade investment plans [1][10]. - Data centers are significantly increasing the demand for power equipment, requiring substations rated between 200-500 kV, with faster delivery times. A single GW data center typically requires 8-10 transformers, with North America's 40 GW installation capacity corresponding to 30%-40% of traditional demand [1][11]. - **Revenue Projections**: - By 2025, total revenue in the power equipment sector is projected to reach 2 trillion RMB, encompassing domestic grid markets, non-grid systems, and overseas markets. The investment in the transmission and transformation segment is expected to be 160 billion RMB, with 90 billion RMB allocated for equipment [1][12]. - **Investment Framework**: - The core investment framework for the power equipment sector includes six business categories: intelligence, high-voltage equipment, medium-voltage equipment, meters, materials, and low-voltage electrical appliances. Each category plays a distinct role within the power system [2]. Company-Specific Insights - **Siyuan Electric**: - Siyuan Electric is entering the high-voltage switch supplier system for 750 kV and above and is actively expanding its overseas market for high-voltage transformers. The company is expected to see significant growth in North American orders, projected to exceed 1.5 billion RMB by 2026 [3][19]. - The company aims to increase market share through enhanced switch offerings domestically and by capitalizing on the high demand for high-voltage transformers overseas [7][8]. Competitive Landscape - **Mid to Low-End Products**: - The market for mid to low-end products, such as distribution equipment and meters, is characterized by low barriers to entry and intense competition. However, in specialized scenarios like data centers and rail transit, mid-range components can achieve gross margins exceeding 35% due to higher safety and reliability requirements [5]. - **Solid-State Transformers**: - Solid-state transformers are emerging as a significant trend, offering advantages such as space-saving, reduced copper and energy consumption. They are seen as the ultimate solution for data centers due to their modular design and rapid load adjustment capabilities [20]. Risks and Challenges - **Market Risks**: - The solid-state transformer sector faces risks including challenges in overseas certification for domestic manufacturers, the need for technological breakthroughs due to the small capacity of current solid-state devices, and intense competition leading to price pressures [22]. Conclusion - The power equipment industry is poised for growth driven by new energy demands and technological advancements. Companies like Siyuan Electric are well-positioned to capitalize on these trends, particularly in high-voltage equipment and solid-state transformer markets. However, investors should remain cautious of the competitive landscape and potential risks associated with emerging technologies.

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - The 2026 fiscal policy is set to be positive, with a focus on infrastructure investment and the construction industry expected to see marginal improvements driven by policy and fundamental enhancements [3][9][10] - The demand for cleanroom construction is anticipated to continue growing, benefiting companies like Yaxiang Integration and Shenghui Integration due to the rising prosperity in the semiconductor and cloud service sectors [3][10][11] - The Xinjiang region is expected to maintain rapid investment growth due to ongoing major strategic projects, with companies such as Sanwei Chemical and Donghua Technology being highlighted for their potential [9][11] Summary by Sections Industry Dynamics - The 2026 fiscal policy is positively oriented, with a focus on high-quality implementation of the "14th Five-Year" railway development plan and the construction of key regional railway networks [15] - The construction industry is projected to see stable growth in fixed asset investment, exceeding 3.6 trillion yuan in 2025, indicating a high investment scale [15] Market Performance - The construction industry rose by 5.72%, outperforming the HS300 index, with several sub-sectors showing significant gains, including other professional engineering (14.44%) and steel structure (12.51%) [17][19] - The industry’s price-to-earnings (P/E) ratio is currently at 13.14, with a price-to-book (P/B) ratio of 0.87, indicating a relatively low valuation compared to other sectors [22] Key Companies to Watch - Low-valuation infrastructure state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction are recommended for investment due to their improving operational metrics and dividend potential [9][11] - Companies in the cleanroom engineering sector, including Yaxiang Integration and Shenghui Integration, are expected to benefit from increased demand driven by advancements in AI and semiconductor industries [10][11] - In the Xinjiang region, companies like Xinjiang Communications Construction and Donghua Technology are positioned to benefit from significant infrastructure investments and coal chemical projects [11]

Core Viewpoint - The global consumer electronics industry is at a crossroads in 2026, driven by technological innovation, consumer upgrades, and cultural influences, with Chinese companies leading this transformation [2][3]. Group 1: Industry Transformation - AI technology is transitioning from conceptual to practical applications, with Chinese enterprises, particularly Changhong, showcasing their capabilities at CES 2026 [3][5]. - The CES 2026 event highlighted the shift in global AI competition from mere model parameters to the ability to implement AI in real-world scenarios, with Chinese companies establishing differentiated competitive barriers through comprehensive AI strategies [6][8]. Group 2: Product Innovation - Changhong's AI-enabled products, such as the AI television and AI air conditioner, demonstrate advanced capabilities like deep learning and personalized user interaction, enhancing the overall user experience [8][16]. - The introduction of the AI Air Manager 360° air conditioner marks a significant advancement in indoor climate management, focusing on air quality and energy efficiency, achieving up to 42% energy savings [16]. Group 3: Cultural Integration - Changhong's approach of integrating technology with cultural elements aims to redefine consumer electronics' value, moving beyond mere functionality to enhance emotional and experiential aspects of user interaction [12][18]. - The company's innovative products, such as the panda-themed AI appliances, reflect a blend of technology and cultural identity, appealing to a global audience [8][11]. Group 4: Global Market Strategy - Changhong has established a comprehensive system for global operations, including R&D, product development, and localized market strategies, resulting in steady revenue growth in overseas markets [9][11]. - The company's sponsorship of international sports events aims to enhance brand visibility and market expansion, further solidifying its global presence [11][12]. Group 5: Future Outlook - The ongoing trend of AI integration and cultural empowerment positions Chinese companies as rule-makers and trendsetters in the global consumer electronics industry, emphasizing user-centered innovation [18][19]. - The upcoming international exhibitions are expected to further amplify the influence of Chinese enterprises in defining the future of consumer electronics, promoting a cycle of "China-defined, globally shared" innovations [18].

| 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 欧美 | 道琼斯工业平均 | 49504.07 | 237.96 | 0.48% | | | 纳斯达克 | 23671.35 | 191.33 | 0.81% | | | 标普500 | 6966.28 | 44.82 | 0.65% | | | 欧洲斯托克50 | 5997.47 | 93.15 | 1.58% | | | 英国宫时100 | 10124.6 | 79.91 | 0.80% | | | 法国CAC40 | 8362.09 7 | 118.63 | 1.44% | | | gelonghul.com 德国DAX | 25261.64 | www.gogudata.com 134.18 | 0.53% | | | 俄罗斯RTS 上证指数 | 1097.31 4120.43 | 2.51 37.45 | 0.23% 0.92% | | | 深证成指 创业板指 | 14120.15 3327.81 | 160.67 25.5 | 1.15% 0.77% | | | 恒生指数 | ...

私募开年迎"爆款" 近日，记者从业内人士处获悉，复胜资产在某私人银行渠道的新发规模单日便达到10亿元，投资者"抢 号"的速度也较快。 据公开资料，复胜资产成立于2015年，管理规模超过100亿元。其董事长陆航在接受记者采访时表示， 今年资本市场的机会很大。具体来看，一方面经济逐渐企稳，很多边际改善的迹象正鼓舞着投资者的信 心，企业盈利也逐步显现改善趋势；另一方面，国内科技创新成果持续显现，AI技术对于传统行业的 重塑也屡见不鲜，接下来公司将聚焦新消费（AI+以及新型消费品）、有色金属以及部分传统中游行业 （如化工等）的机会，沿着"时代增量"和"供需错配"两个逻辑出发，寻找优质资产。 | 基金管理人全称(中文) | 上海复胜资产管理合伙企业(有限合伙) | | --- | --- | | 基金管理人全称(英文) | Shanghai Fusheng Assets Management Co. | | 登记编号 | P1030979 | | 组织机构代码 | 91310118MA1JL2AF2K | | 登记时间 | 2016-02-04 | | 成立时间 | 2015-12-02 | | 注册地址 | 上海市青 ...