走在马来西亚槟城，可以看到整片两三层楼高的骑楼沿街铺展，罗马柱和铺设的地砖精致而典雅，这与 广州骑楼"避雨遮阳"的实用设计一脉相承。沿街而行，南海会馆、番禺会馆和五福书院等充满岭南特色 的建筑映入眼帘，岭南传统文化在南洋延续。 在深厚的历史渊源下，多年来，槟城与广东在经贸、文化交往等多领域始终保持着紧密的联系，而近年 来双方的投资合作更呈现双向奔赴的态势。比如，2025年10月，广东和槟城共8个单位在投资推介会上 签署了多项备忘录与合作协议，进一步促进两地在商贸与投资领域的交流与合作关系。 近日，马来西亚槟城州首席部长曹观友在接受21世纪经济报道记者专访时表示，槟城与广东的产业有非 常明显的互补性，广东创新能力强，在芯片设计、工业互联网、人工智能、新能源、生物医药及数字经 济等领域发展迅速，而槟城在半导体封测、工业自动化、精密工程、医疗器械制造和高端电子制造方面 积累深厚，"这种'设计强+制造强'的组合，为双方共同推动跨区域产业链布局提供强劲动力。" 近年来，马来西亚槟城也成了中企"出海"热潮的目的地。2025年10月底，中国企业联特科技（301205） 二期工厂在槟城开幕，成为中企扎根当地的典型案例。"从2 ...

市委常委、市委秘书长、市政府党组成员戴惠明出席会议并为首批获证人才代表颁发《昆明市制造业企 业自主认定高层次人才证书》。 首批认定的185名昆明市制造业企业自主认定高层次人才覆盖智能制造、绿色化工、新能源、生物医药 等多个关键领域。高层次人才可享受"春城惠才卡"B类卡待遇，在子女入学、医疗保障、住房支持、交 通出行、政务服务等12个方面享受便利化服务。下一步，昆明将建立常态化服务机制，推动政策"直 通、直达、直享"。 本报讯 记者杜仲莹报道 2025年12月31日，2025年昆明市制造业企业自主认定高层次人才证书颁发仪式 举行。 ...

Core Insights - The 2026 "Bet on China" top ten core assets have been announced by Gelonghui, a well-known independent research institution in China, based on votes from millions of members across over 70 countries [1][3] - The selection process involved over half a month of voting, resulting in hundreds of thousands of valid votes, emphasizing the collective wisdom of global investors [3] Selection Criteria - The selected listed companies must meet four key principles, reflecting the uncertainties in the Chinese investment market for 2025, including fluctuating recovery expectations, real estate stability concerns, and the ambiguity in investment directions related to AI and new energy [2] Performance Metrics - Since the end of 2018, the "Bet on China" top ten core assets index has achieved a cumulative increase of 318.67%, significantly outperforming the CSI 300 index (+56.2%), Hang Seng index (-0.82%), and S&P 500 index (+175.3%) [3] - In 2025, the equal-weighted return of the top ten core assets reached 35.1%, again surpassing the CSI 300 index (+17.7%), Hang Seng index (+27.8%), and S&P 500 index (+17.3%) [3] Core Assets Overview 1. **Zhongji Xuchuang (300308)**: Expected to benefit from the acceleration of AI computing infrastructure in China, with a projected demand for optical modules reaching 18 billion yuan, and a 50% annual growth in domestic demand for 800G optical modules [5] 2. **Tencent Holdings (00700.HK)**: With a massive user base, Tencent is expected to see its advertising revenue exceed 40 billion yuan in 2026, driven by its social media platforms and AI efficiency improvements [6][7] 3. **Alibaba (09988.HK)**: Anticipated to achieve 170 billion yuan in revenue from cloud services, with a growth rate of 34%, while also focusing on domestic consumption upgrades [7][8] 4. **Gold ETF (518880)**: Positioned as a key hedging tool for domestic investors, with a forecasted gold price potentially reaching 5,000 USD per ounce, supported by liquidity and geopolitical factors [8] 5. **Luoyang Molybdenum (603993/03993.HK)**: Expected to produce 660,000 tons of copper and 120,000 tons of cobalt in 2026, benefiting from the growth of the domestic electric vehicle market [9] 6. **Ping An Insurance (601318/02318.HK)**: Projected to see a 20%-25% increase in market value, benefiting from the domestic interest rate cycle and a focus on quality equity assets [10] 7. **Dongfang Caifu (300059)**: Anticipated to see a 22%-28% growth in market value, driven by increased capital market activity and AI-driven wealth management services [11] 8. **Wanhua Chemical (600309)**: Expected to achieve a net profit of 15.5-16.2 billion yuan in 2026, supported by domestic demand for MDI and new materials [12] 9. **WuXi AppTec (02268.HK)**: Positioned as a leader in the ADC field, with over 60% of its pipeline serving domestic clients, reflecting the growth of China's biopharmaceutical industry [13] 10. **Trip.com Group (09961.HK)**: Projected to see a revenue growth of over 25%, benefiting from the recovery of domestic travel and tourism [14] Conclusion - The ten core assets are aligned with China's key sectors such as AI computing, new energy, consumption, finance, and biomedicine, reflecting the country's new productive forces and upgrading of livelihoods [14]

西方电力捉襟见肘 现在人工智能发展得飞快，可这也带来大麻烦，尤其是电力供应跟不上。英伟达的黄仁勋今年在乔罗根 的节目里直言，AI扩展太猛，电力成了新瓶颈。要是不解决，芯片再厉害也白搭。他还预测，AI计算 需求2025年已经暴涨，以前以为芯片是核心，现在电力更关键。 要知道，英伟达自家处理器集群到2027年一年可能吃掉150到200吉瓦电，这相当于一个国家全年用电 量。黄仁勋还警告，美国数据中心建得慢，电力容量不够，可能让中国在AI赛道上超车。他甚至说， 未来科技公司得自己搞小型核反应堆来发电，不然AI就卡壳了。这话不是随便说说，英伟达员工邮件 里也提了整合低延迟处理器，但电力问题始终绕不开。 发展中国家更惨，像乍得、马拉维，农村地区电力覆盖率低，基础设施跟不上。 中国电网游刃有余 中国这边，电力供应倒是不慌，底气来自于多年积累的基础设施和新能源布局。早些年，我们也尝过缺 电的苦，90年代广东工厂开三停四，拉闸限电是家常便饭。但从2000年启动西电东送工程开始，情况就 变了。这项目把西部能源富集区电力输到东部需求大户，通过特高压技术实现高效传输。特高压就是电 压超高的传输方式，交流1000千伏，直流±800千伏 ...

天眼查显示，近日，佳木斯龙源绿储新能源有限公司成立，法定代表人为赵文学，注册资本10000万人 民币，由北京绿微新能源发展有限公司全资持股。 序号股东名称持股比例1北京绿微新能源发展有限公司100% 企业名称佳木斯龙源绿储新能源有限公司法定代表人赵文学注册资本10000万人民币国标行业电力、热 力、燃气及水生产和供应业>电力、热力生产和供应业>电力生产地址黑龙江省佳木斯市郊区红旗街道 办新府社区新府苑二期32号楼101室商服企业类型有限责任公司（非自然人投资或控股的法人独资）营 业期限2025-12-31至无固定期限登记机关佳木斯市郊区市场监督管理局 来源：市场资讯 经营范围含新兴能源技术研发；新能源原动设备销售；配电开关控制设备销售；试验机销售；太阳能热 利用产品销售；新材料技术研发；金属制品研发；电力电子元器件销售；合成材料销售；能量回收系统 研发；电池销售；蓄电池租赁；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；集 成电路设计；互联网安全服务；机械电气设备销售；智能输配电及控制设备销售；合同能源管理；节能 管理服务；在线能源计量技术研发；在线能源监测技术研发；软件开发；软件销售；信息系统 ...

Core Insights - The article presents the "Top 10 Core Assets for 2026" as voted by millions of members from over 70 countries, highlighting the collective wisdom of global investors in navigating market uncertainties [2][5]. Summary by Categories Core Assets - The selected core assets include: - **Zhongji Xuchuang (中际旭创)**: Market cap of 6,778 million RMB, focusing on AI and advanced manufacturing [3] - **Tencent (腾讯)**: Market cap of 49,160 million RMB, centered on AI applications [3] - **Alibaba (阿里巴巴)**: Market cap of 24,500 million RMB, involved in AI and cloud computing [3] - **Gold ETF (黄金ETF)**: Market cap of 1 million RMB, categorized under precious metals [3] - **Luoyang Molybdenum (洛阳钼业)**: Market cap of 4,279 million RMB, with no specific industry listed [3] - **China Ping An (中国平安)**: Market cap of 12,400 million RMB, in the financial sector [3] - **Dongfang Caifu (东方财富)**: Market cap of 3,663 million RMB, with no specific industry listed [3] - **Wanhua Chemical (万华化学)**: Market cap of 2,400 million RMB, in the chemical industry [3] - **WuXi AppTec (药明合联)**: Market cap of 1,515 million RMB, in the pharmaceutical sector [3] - **Trip.com Group (携程集团)**: Market cap of 3,250 million RMB, in consumer discretionary [3] Market Context - The investment landscape in China for 2025 is characterized by uncertainties, including fluctuating recovery expectations, geopolitical tensions, and evolving trends in real estate and AI [4]. - The article emphasizes the importance of collective intelligence in investment decisions, asserting that the aggregated insights from millions can effectively guide investors through market complexities [5][7]. Performance Metrics - From 2019 to 2025, the "Top 10 Core Assets Index" achieved a cumulative growth of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) [11]. - In 2025, the equal-weighted return of the top assets reached 35.1%, again surpassing the performance of major indices [11]. Selection Criteria - The selected companies must meet four key principles: 1. Represent Chinese enterprises with a domestic market focus 2. Align with future economic directions and create long-term value 3. Possess competitive advantages or potential in emerging sectors 4. Have a projected market cap growth of 20% or more in 2026 [10] Individual Company Insights - **Zhongji Xuchuang**: Expected to benefit from a surge in AI-related demand, with a projected market cap growth of 25%-30% [12]. - **Tencent**: Anticipated to see a 25%-30% increase in adjusted net profit, driven by its strong domestic user base and advertising revenue [13]. - **Alibaba**: Forecasted to achieve a 25%-28% stock price increase, supported by its dual focus on AI and consumer markets [14]. - **Gold ETF**: Positioned as a key hedging tool, with a projected 28%-32% growth in fund inflows [15]. - **Luoyang Molybdenum**: Expected to maintain its leading position in the battery materials sector, with a projected net profit of 320-350 million RMB [16]. - **China Ping An**: Anticipated to grow its market cap by 20%-25%, benefiting from the domestic financial market's recovery [17]. - **Dongfang Caifu**: Projected to see a 22%-28% increase in market cap, driven by the growth in wealth management services [18]. - **Wanhua Chemical**: Expected to achieve a net profit of 155-162 million RMB, supported by domestic demand [19]. - **WuXi AppTec**: Positioned as a leader in the ADC field, with significant growth driven by domestic innovation [20]. - **Trip.com Group**: Forecasted to grow revenue by over 25%, capitalizing on the recovery of domestic travel [21]. Conclusion - The selected core assets reflect a strategic alignment with China's economic growth and key sectors, including AI, renewable energy, finance, and healthcare, emphasizing their potential for long-term value creation [22].

景津装备 20251230 摘要 景津装备作为固液分离设备龙头，市场份额持续提升，产品广泛应用于 环保、矿物加工、新能源等行业，具备较强的定价能力，毛利率维持在 30%左右。 受益于锂电行业资本开支回升，下游需求复苏预期明确，预计 2026 年 锂电产业链盈利将显著修复，为景津装备带来新的增长动力。 公司董事会完成换届选举并对高管人员进行调整，进一步完善公司治理 架构，强化经营能力，提升整体管理水平和运营效率。 尽管 2024 年业绩受宏观经济和新能源需求下降影响承压，但公司长期 竞争力稳固，对下游客户付款条件要求严格，现金流状况良好，支撑长 期高分红政策。 公司积极拓展海外市场，在设备成套化、耗材市场开发及出海等方面均 有布局，各项业务有望支撑公司体量翻倍，并对标海外企业保持稳定经 营能力。 压滤机行业需求在 2023-2025 年有所收窄，但预计 2026 年随着新能 源市场恢复，新增投资空间及耗材需求有望回升至 40 亿元以上，与锂 电池产能增加相匹配。 公司专注于单一品类压滤机，凭借低制造成本和规模优势，在非欧美市 场具有较强竞争力，未来需提升全生命周期保养维修服务能力，海外市 场潜力巨大。 Q&A ...

2026 年度投资策略会（资产配置专场）20251230 摘要 2025 年中国经济前三季度增长 5.2%，为全年 5%的目标奠定基础。预 计 2026 年财政政策前置，基建和制造业投资有望回稳，出口形势保持 乐观，服务业零售增速或达 6%。 预计 2026 年基建投资增速回升至 5%以上，制造业投资在技术和价格 因素推动下止跌回稳至 5%左右。房地产投资降幅预计收窄，但库存压 力仍存，去库存政策或加码。 2025 年出口强劲，预计 2026 年新兴市场工业化和贸易摩擦缓和将支 撑出口，增速约为 5%。工业增加值预计增长 5.5%，整体经济政策基调 积极，扩大内需。 预计 2026 年财政政策前置，新增专项债规模或增至 4.6 万亿元，广义 赤字率约为 9.5%。货币政策将保持流动性稳定，可能降准 50 个基点， 降息空间 10-20 个基点。 预计 2026 年 CPI 中枢水平在 0.5%以上，PPI 逐步回升至-0.5%左右。 综合来看，预计 2026 年通胀率将回到 0%左右，GDP 增速为 5%。 Q&A 2026 年中国宏观经济的政策基调和主要方向是什么？ 2026 年的政策基调将继续强调逆周期调 ...

Core Insights - The Chinese passenger car market is experiencing unprecedented vitality and resilience due to various transformative forces, with a focus on the industry's ability to identify and solve problems [1][2]. Group 1: New Energy Vehicle Market - The penetration rate of new energy vehicles (NEVs) in China reached 53.6% in the first 11 months of 2025, indicating a shift from policy-driven to market-driven growth [4]. - The number of new car models launched in 2025 exceeded 200, showcasing the industry's strength and providing diverse options for consumers [5]. - Major NEV manufacturers have established comprehensive product platforms, enabling rapid iteration and performance enhancement across various models [6]. Group 2: Technological Advancements - Significant advancements in foundational technologies, such as intelligent chassis systems, are enhancing the overall level of the NEV industry [7]. - The performance of pure electric vehicles has improved, with extended driving ranges and enhanced safety features, addressing consumer concerns [8]. - Range-extended vehicles have also seen performance improvements, with some models achieving over 1000 kilometers of range [9]. Group 3: Autonomous Driving and AI Integration - The first batch of Level 3 conditional autonomous driving vehicle licenses was issued, marking a new phase in the commercialization of autonomous driving in China [10]. - AI technology is being integrated into smart cockpit systems, enhancing user interaction and experience [11]. - The automotive industry is witnessing a shift towards cognitive intelligence, allowing vehicles to understand and respond to complex commands [23]. Group 4: Domestic Brand Performance - Domestic brands captured a market share of 69.6% in the first 11 months of 2025, reflecting their growing competitiveness [13]. - High-end NEV sales have been dominated by domestic brands, indicating their increasing strength in the premium segment [14]. - Domestic brands are expanding internationally, with significant export growth and market penetration in Europe and Southeast Asia [15]. Group 5: Brand Image and Communication - Automotive leaders are increasingly engaging with consumers through relatable narratives, moving away from traditional high-end marketing [39]. - The industry is addressing issues of "involution" and promoting high-quality development to avoid harmful price competition [40][41]. - Companies are adopting transparent communication strategies to build trust and address safety concerns following incidents involving autonomous driving technologies [44][46].

2025年收官之际，券商对A股市场进行深度复盘与前瞻，认为2026年A股将延续"低斜率慢牛"格局，在 政策托底与经济内生复苏共振下，市场有望向上突破。其中，科技成长（AI+、先进制造）、"反内 卷"及供需改善、人民币升值受益链等方向将成为核心投资主线。 政策与流动性驱动结构性行情 2025年12月10日至11日，中央经济工作会议关于2026年经济工作强调，着力稳就业、稳企业、稳市场、 稳预期，推动经济实现质的有效提升和量的合理增长，实现"十五五"良好开局。 华龙证券研究所策略分析师朱金金认为，中美经贸关系总体稳定，但仍存在潜在不确定性。一方面，已 达成的部分共识设定了时效，后续需开展进一步磋商。另一方面，2026年为美国中期选举年，是影响中 美关系节奏的重要变量。"十五五"规划建议为未来五年的产业发展描绘了清晰的航向，核心是构建以科 技创新为引领、以先进制造业为骨干的现代化产业体系。机遇蕴藏在产业结构的升级浪潮中、新质生产 力的培育领域，以及全国统一大市场建设和高水平对外开放所带来的广阔空间里。 科技与先进制造有望获政策支持 投资策略上，朱金金建议关注， "十五五"规划建议提到的经济社会发展目标前两项为"高质 ...