第一篇为伯恩斯坦（Bernstein）发布的研报《亚洲半导体与全球存储器：2026 年仍将是 AI 的天下》。 报告指出，当前已具备充分的可见性，2026 年人工智能加速器（XPU）的需求将呈现爆发式增长，诸 多关键供应链环节（如晶圆级系统集成技术 CoWoS、存储器、逻辑晶圆等）均面临供应紧张的挑战， 难以匹配市场需求。 另一篇则是摩根士丹利（大摩）发布的存储芯片专题研报《2026 年 —— 从优秀到卓越》。大摩在报告 中强调："我们仍处于 AI 发展的起点，而非终点。" 大摩认为，市场通常会提前 6-9 个月反映预期，而新一年度的市场主线仍将围绕 AI 展开。尽管 AI 领域 近期成果显著，但 ChatGPT 诞生至今仅三年时间，具备 1GW 算力规模的运营数据中心尚未落地；行业 专家指出，预训练模型的发展 "尚无可见天花板"，而随着技术的广泛普及，推理端的应用需求正趋向 无限。 目前，我们对 AI 的发展方向已有更清晰的认知，但对于如何匹配海量存储器的供应需求，仍存在诸多 不确定性。从模型向系统架构演进的过程中，AI 模型可通过提升算力规模与优化运行效率实现巨大的 性能提升空间。但对于存储器行业而言，制 ...

Group 1 - The core theme of the discussion is about how to navigate the world 1000 days from now, emphasizing the importance of practical actions today to shape the future [11][14][17] - The concept of "purple-collar" workers is introduced, referring to those who understand business logic and can leverage AI tools to solve complex problems, with an estimated 31 million such positions expected in China by 2035 [22][24] - The essence of AI is described as uplifting rather than replacing human workers, enabling individuals to focus on tasks that require emotional intelligence, creativity, and complex communication [20][21] Group 2 - Education in the AI era should focus on helping children escape uniformity, encouraging them to engage with diverse experiences and develop unique skills that AI cannot replicate [24][25] - The future of work will prioritize problem-solving abilities over traditional qualifications, with a shift towards valuing skills and outcomes rather than degrees [35][37] - A three-tier model for interacting with AI is proposed: walking alongside AI, sitting beneath it, and running above it, highlighting the importance of collaboration with AI to enhance productivity [28][30] Group 3 - The discussion emphasizes that the true value of the upcoming 1000 days lies in personal growth and actionable steps taken today, rather than merely predicting the future [19][35][37] - The potential for AI to create unprecedented new demands and expand human civilization is highlighted, suggesting that those who optimize workflows with AI will gain new skills essential for the future [29][32] - The importance of starting small and integrating AI tools into daily work practices is encouraged, fostering a habit of collaboration with technology [33][37]

一张AI画卷徐徐展开 1分钟游遍贵州 从贵阳甲秀楼的灯火阑珊 到遵义会议会址的红色记忆； 从安顺黄果树的雷霆万钧 到毕节百里杜鹃绚烂绽放； 从铜仁梵净山的金顶刺破苍穹 到六盘水北盘江大桥上的猎猎山风； 从兴义万峰林的诗画山川 到荔波小七孔的碧水如翡翠； 当然，还有西江千户苗寨的万家灯火…… *视频由AI辅助创作 我们穿越贵州的壮丽山河与多彩人文 评论区告诉我们 2025 已经悄然过去 2026 贵州大好河山画卷已展开 你计划去哪？ 记者：吴 雷 一审：洪英杰 二审：李柏杉 三审：罗 阳 ...

【文/观察者网 齐倩】 新年伊始，美国失业率居高不下，消费者信心指数已接近历史低点。 但当地时间1月1日，美国沃尔纳财富管理公司创始人丽贝卡·沃尔纳接受福克斯新闻节目采访时仍掩耳盗铃，宣称2026年"将是积极的一年"。她还提 前甩锅，称"只要中国不捣乱，美国就过得好"。 采访中，沃尔纳首先附和美国总统特朗普的预测：2026年美国经济将非常乐观。 "是的，我认为这会是积极的一年，"她说，"我们确实有很多基本面支持这一年的积极发展，但我们仍面临很多全球宏观经济问题和挑战"。 谈及此处时，沃尔纳和主持人为自己的乐观经济预测"打补丁"，提前甩锅给中国。 随后，沃尔纳"自己打自己的脸"，列举了美国经济的"麻烦领域"：失业率和高通胀率。 她坦言，相较于通货膨胀，劳动力市场更是主要问题所在。她希望未来美国政府和美联储继续关注就业，采取措施刺激就业增长。她同时提到，一 些科技公司通过采用人工智能（AI）工具提升了生产率，并将此视作提高成本效益的优点，这给2026年就业率提出挑战。 丽贝卡·沃尔纳（右）接受采访福克斯新闻节目视频截图 沃尔纳声称，对美国来说，2026年能否顺利度过，要看中国是否"制造干扰"。 据半岛电视台报道， ...

Core Viewpoint - The Salvadoran government plans to advance a national development strategy centered on Bitcoin and artificial intelligence (AI) by 2026, building on the 2021 Bitcoin Law [1] Group 1: Bitcoin Strategy - El Salvador continues to increase its Bitcoin holdings daily, with a total of 7,517 BTC valued at approximately $660 million as of early 2026 [1] - The country revised the Bitcoin Law at the end of 2025, removing the mandatory acceptance of Bitcoin by the private sector, transitioning it to a voluntary use while still being supported as legal tender by the state [1] Group 2: Financial Support - El Salvador has reached an agreement with the IMF to secure $1.4 billion in financing support [1]

近期，多家公募机构发布了2026年投资策略展望。多位业内人士表示，2026年的市场值得乐观期待，上 涨动力或将从单一的估值驱动逐渐转向"盈利+估值"双重驱动，上市公司的整体业绩有望进一步改善， 结构性亮点大概率增多，有利于提高市场风险偏好。在众多板块中，科技成为公募机构普遍看好的主线 之一。 整体投资环境具备较强支撑性 展望2026年，财通基金副总经理、权益投资总监、基金经理金梓才表示，A股市场有望步入整体环境更 优、结构性特征深化的发展阶段，核心驱动力源于全球流动性环境的进一步改善，以及以AI为代表的 产业趋势进入加速兑现期，整体投资环境具备较强支撑性。 宏观层面，金梓才认为，全球与国内流动性环境预计同步向好，为市场奠定坚实基础。外部来看，美联 储2026年降息节奏或加快，A股面临的外部约束大幅减弱，海外资金环境更趋友好；内部而言，国内货 币政策将持续为经济高质量发展与产业升级提供支持，维持流动性合理充裕。内外部流动性的协同改 善，将有效提升市场风险偏好，为估值修复创造有利条件。 华宝基金认为，在"反内卷"政策进一步深化与落地的节奏下，供给层面的边际变化有望带动PPI进一步 上行，具体幅度取决于"反内卷"和 ...

Core Viewpoint - The A-share market is expected to continue its bullish trend into 2026, with a projected index increase of 10%, driven by a shift from valuation recovery to profit growth [1][4]. Market Outlook - A-shares, Hong Kong stocks, and U.S. stocks are anticipated to maintain their bullish momentum, supported by global liquidity easing, economic recovery, rapid development of the AI industry, and rising resource prices [2]. - The current bull market is characterized by a policy shift, improved liquidity, and various factors including technological breakthroughs and changes in U.S.-China relations [2]. - Analysts predict that the A-share market will see a profit growth of 8% in 2026, following a 6% increase in 2025, aided by macro policies and a shift of household savings into the stock market [3]. Investment Strategies - The market is expected to transition into a "prosperity verification period" in 2026, where the core driver will be fundamental improvements rather than valuation increases [5]. - Key investment areas include technology and resource sectors, with a focus on AI applications, new energy, and industries benefiting from the "anti-involution" policies [6][7]. - Goldman Sachs suggests focusing on four main areas: AI and technology, leading Chinese companies expanding overseas, new consumption sectors, and industries benefiting from supportive policies [6]. Market Dynamics - The market structure is expected to become less extreme compared to 2025, with a broader distribution of economic prosperity across consumption, cyclical, and manufacturing sectors [7]. - The transition from a valuation-driven market to a profit-driven market is anticipated, with a potential for a "bull market 2.0" phase in the latter half of 2026 [4].

Core Insights - The article discusses South Korea's export trends for 2025, projecting an annual export value of $709.7 billion, a 3.8% increase from the previous year [1] - The semiconductor sector is identified as the primary driver of this growth, with semiconductor exports expected to reach $1734.4 billion, marking a 22.2% increase from $1419 billion in 2024 [1] - The share of semiconductors in total exports is projected to rise to 24.4% in 2025, up from 20.8% in 2024, indicating a significant recovery from a low of 15.6% in 2023 [1] Export Performance - The total import value for 2025 is estimated at $631.7 billion, resulting in a trade surplus of $780 billion [1] - Exports to Taiwan are expected to surge from $202 billion in 2023 to $472 billion in 2025, driven by the demand for high bandwidth memory (HBM) semiconductors [1] - Exports to the United States and China have decreased, with U.S. exports falling by 3.8% to $1229 billion and exports to China decreasing by 1.7% to $1308 billion [1][2] Regional Trends - Exports to the ASEAN countries reached $1225 billion, showing a growth of 7.4%, making it the second-largest export destination after the U.S. [2] - The European Union (EU) saw exports of $701 billion, reflecting a 3% increase, while exports to Central Asia grew by 18.6% to $137 billion [2] - Exports to India reached a record high of $192 billion, indicating strong growth in that region [2]

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Growth and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a comprehensive development trend, with various product lines such as fixed income+, QDII, FOF, and public REITs flourishing [3]. Group 2: Regulatory Clarity and Implementation - The "Action Plan for Promoting High-Quality Development of Public Funds" serves as a guiding document for industry reforms, with key policies being gradually implemented, including floating fee rate funds and standardized sales behavior [4][5]. - Some new regulatory clauses remain ambiguous and require further clarification from regulatory authorities to ensure smooth implementation [5]. Group 3: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to resource wastage and a lack of differentiation in product offerings [6][7]. Group 4: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies focusing on short-term scale growth at the expense of long-term performance [8][9]. - A shift towards mechanisms that align the interests of fund companies with those of investors is necessary for sustainable growth and high-quality development in the industry [9]. Group 5: Differentiated Development for Small and Medium Fund Companies - Small and medium-sized public funds face significant challenges in a competitive landscape, necessitating a focus on niche markets and customized products to overcome inherent disadvantages [10][11]. - Successful differentiation requires concentrated resource investment in specific areas, but this approach carries high risks due to market volatility [11]. Group 6: Trends Shaping the Future of the Industry - The public fund industry is expected to transition from a "scale-oriented" approach to one that prioritizes "quality" and "investor satisfaction" by 2026 [14]. - A new wave of industry consolidation is anticipated, with some companies leveraging mergers and acquisitions to enhance their market position [15][16]. - The rise of tool-based investment products and AI-driven decision-making is set to redefine the investment landscape, enhancing efficiency and precision in fund management [17][19]. - The sales approach in the fund industry is shifting towards a "buy-side service" model, emphasizing long-term client relationships and value creation over mere scale [21][22].

电脑屏幕上，光标随着眼球的移动而闪烁，字母一个个跳出来。蔡磊专注地凝视着屏幕，用眼控仪"写"下给病友的新年公开信。 这是2025年的最后一个夜晚，蔡磊依然坐在电脑前工作。护工小心地为他调整好坐姿，扶正他时常无力垂下的头部。他的面部肌肉已严重萎缩，发出的音 节再也无人能听懂，于是他不再开口，仅依靠眼控仪与外界交流。 6年前，蔡磊被确诊为渐冻症。疾病从四肢逐渐侵蚀到颈部、头部，导致他失去语言能力，吞咽也变得困难。经历短暂的迷茫后，他选择了一条最难走的 路——攻克渐冻症。 面对这个200年来人类都未能取得重大突破的罕见疾病，蔡磊从未放弃。根据他的新年公开信，在2025年，他的团队与全球60多个顶尖科研团队深入交 流，与50多家生物科技公司以及十余家医院深度合作，推动了近百个渐冻症科研合作项目，联动了多家创新药企与顶尖医疗机构，助力15个药物管线及治 疗技术实现了临床转化突破。 如今，他相信，或许攻克渐冻症的那一天，就在不远的将来。 2025年12月31日晚，北京，蔡磊在使用眼控仪完成工作。 2026年1月1日早晨，北京，蔡磊感受新年的阳光。 身体被困住，但工作从未停止 2025年12月31日晚，北京，久坐后，工作人 ...