李恒春/文 来源：@证券市场周刊微博 读书介绍： 耐心是数字经济时代成长投资的必备品质，数字经济的产业变革需要时间，优质企业的价值释放也需要时间，那 些急于求成、追求短期收益的投资者，很难在成长投资中获得成功。 优质企业的成长需要时间，不可能一蹴而就。谷歌TPU的研发历经十年才实现突破，"易中天"组合的股价翻倍也 用了两年时间，美光的股价三倍上涨更是建立在多年的技术积累和产能布局之上。 亚当·西塞尔在《价值投资3.0：数字经济时代如何寻找百倍成长股》（以下简称《价值投资3.0》）中反复强调， 数字经济时代的成长投资，更需要坚守长期主义——"数字经济的产业变革需要时间，优质成长股的价值释放也需 要时间，短期的市场波动无法改变企业的长期成长趋势，反而会为长期投资者提供买入机会。" 2025年中美科技股的走势充满了波动与分化，谷歌、英伟达、美光以及A股"易中天"（新易盛、中际旭创、天孚 通信）组合的股价并非一路上涨，而是在市场的质疑与恐慌中不断前行。能够在这场波动中持续获利的投资者， 往往具备坚定的长期主义信念，能够穿越短期市场波动，坚守优质企业，这与西塞尔倡导的长期投资理念高度契 合。 拒绝短期噪音 坚守核心逻辑 ...

Core Insights - McKinsey's report identifies 18 industry sectors likely to reshape the global business landscape, predicting revenues of $29 trillion to $48 trillion by 2040, contributing 18-34% to global GDP growth [2] E-commerce - By 2040, e-commerce's share of global retail revenue is expected to rise to 27%-38% from approximately 20% currently [3] - Growth drivers include market expansion in developing countries and new product categories in developed nations, such as healthcare and emotionally valuable products [4] - Significant investments are anticipated in customer acquisition and last-mile delivery across e-commerce platforms [5] Electric Vehicles - Electric vehicles (EVs) are projected to exceed 50% of global passenger car sales by 2040 [6] - Breakthroughs in battery technology and smart algorithms will significantly influence this sector, prompting increased R&D investments from both EV manufacturers and traditional automakers [7] Cloud Services - The demand for higher storage and computing capabilities is driven by a more interconnected world and the need for AI products requiring substantial computing power [9] - The cloud services industry experienced a 17% compound annual growth rate (CAGR) from 2005 to 2020, with similar growth expected in the coming decades [10] Semiconductors - The semiconductor industry is essential for the digital world, with demand from computing, data storage, automotive, communication, and industrial electronics driving growth [11] - A sustained CAGR of 6%-8% is forecasted for the semiconductor sector over the next decade [11] AI Software Services - The rapid development of AI has led to its classification as a distinct sector, with increasing usage of AI assistants [12] - Companies in the AI space are engaged in a competitive race to develop advanced foundational models and applications [13] Digital Advertising - Digital advertising, through search, social media, and media services, is expanding in value as internet usage among the middle class increases [14] - Continuous algorithm improvements enhance platforms' abilities to target customers and track advertising costs, although competition for user attention necessitates higher investments in engaging content [15] Streaming Video - Increased investments in customer acquisition and content production are pushing streaming platforms to seek new revenue models [17] - Developing countries are expected to contribute to growth in subscription and advertising revenues, with projections indicating over 1 billion households subscribing to long-form video services by 2040 [18] Shared Autonomous Vehicles - The advent of autonomous driving technology may reduce the necessity for personal vehicle ownership [19] - By 2040, shared autonomous vehicles could account for 25%-51% of shared mobility revenue [20] Space Economy - The world is on the brink of entering a space economy era, with advancements in reusable rocket technology changing the aerospace industry [21][22] Cybersecurity - Cybercrime caused approximately $950 billion in direct economic losses in 2020, with indirect losses potentially reaching $4-6 trillion [24] - Increasing awareness of cybersecurity has led companies to enhance their investments in this area [25] Batteries - Significant advancements in battery technology have tripled energy density over the past few decades [26] - The global energy transition is driving demand for batteries, particularly in electric vehicles, energy storage, and consumer electronics, with EVs expected to represent over 80% of the battery market by 2040 [28] Video Games - By 2030, an estimated 40% of the global population may become video game players [30] - New gaming models, such as mobile and cloud gaming, are accelerating market growth, with free-to-play games generating substantial revenue [32] Robotics - The integration of AI with robotics is creating significant expectations for humanoid robots as potential "ultimate intelligent agents" [33] Industrial and Consumer Biotechnology - Breakthroughs in gene editing and other technologies are accelerating the application of biotechnology in agriculture, alternative proteins, consumer products, and bio-materials [37] Modular Construction - Modular construction methods, which involve prefabricating building components, can significantly enhance construction efficiency [38] Nuclear Fission Power - The development of safer, smaller modular reactors presents opportunities for supplementing renewable energy sources [39] Air Traffic - Electric vertical takeoff and landing vehicles and delivery drones are expected to drive significant technological changes in air traffic [41]

Core Perspective - The article discusses the challenges faced by traditional political economy theories in the digital age, emphasizing the need for a new theoretical framework called "Triple-Five Dimensional" to analyze the contradictions of digital capital and its implications for governance in China [1][8]. Group 1: Theoretical Foundations - Capital is defined as a dynamic social relationship rather than a mere object, with its essence captured in three characteristics: relational nature, movement quality, and the essence of interests [2]. - In the digital age, the nature of capital has shifted from physical assets to data, algorithms, and computing power, leading to new control relationships between platforms, algorithms, and users [2]. - The acceleration of capital movement, facilitated by technologies like blockchain and AI, has compressed the time and space of capital circulation, resulting in risks such as the over-expansion of the virtual economy [2]. Group 2: Essence of Interests - The ultimate goal of capital movement is to achieve value growth, with the formula for surplus value evolving to include data as a key factor, highlighting the growing importance of data in the distribution of interests [3]. - The monopolistic position of platform capital leads to significant imbalances in interest distribution, exacerbating social inequality [3]. Group 3: Analytical Dimensions - The article introduces a five-dimensional model to analyze interests in the digital age, focusing on subjectivity, objectivity, process, temporality, and spatiality [4]. - The subjectivity dimension reflects the conflict between users' digital identities and their biological selves, while objectivity expands to include new asset forms like data and NFTs [4]. - The process of interest realization has transformed from linear to automated and programmable distributions, influenced by blockchain technology [4]. Group 4: Integration Framework - The "Triple-Five Dimensional" framework is an organic system that illustrates the dialectical interconstruction of relationships, movements, and interests in the digital economy [5][6]. - The monopolistic production relationships of digital platforms dictate the acceleration of capital movement and the skewed distribution of benefits towards capital [5]. - The pursuit of maximizing data value drives platforms to reinforce data monopolies and optimize algorithm efficiency [6]. Group 5: Value of the Framework - The framework reveals inherent contradictions in the digital economy, such as the coexistence of technological empowerment and labor alienation, and the tension between efficiency and fairness [7]. - It provides a comprehensive analytical tool for evaluating governance practices, particularly in the context of China's governance model, which seeks to balance efficiency, fairness, innovation, and security [7]. - Ultimately, the framework aims to establish a model for orderly capital expansion that prioritizes social equity, ecological sustainability, and data security, contributing to a new path towards digital civilization [7].

Core Viewpoint - The A-share market has shown a strong upward trend since the beginning of 2026, driven by multiple factors including the technology cycle, policy benefits, economic recovery, and the return of overseas capital [1][3][4]. Group 1: Market Performance - As of January 12, 2026, the Shanghai Composite Index has achieved a "seventeen consecutive days" rise, with significant increases in trading volume and active capital inflow [1][3]. - The performance of various sectors shows that cyclical stocks, technology stocks, and military industry stocks have led the gains, while financial and consumer stocks have underperformed [1][3]. Group 2: Driving Factors - The dual momentum from technology and cyclical sectors has significantly enhanced risk appetite among investors, with the digital economy, particularly AI and semiconductors, leading the charge [3][4]. - The release of concentrated economic policies since the beginning of 2026, including a 625 billion yuan special bond for consumer upgrades, has contributed to the market's positive outlook [4][5]. - Economic recovery is gaining momentum, with manufacturing and non-manufacturing PMIs returning above the growth line, indicating a shift towards quality and efficiency in corporate operations [5][6]. Group 3: Capital Flows - The appreciation of the RMB against the USD has attracted overseas capital back to China, as global investors seek stable assets amid geopolitical uncertainties [6][7]. - Data indicates an increase in holdings of Chinese assets by global and Asian funds compared to the end of 2024, supported by targeted policies and growth in AI-related profits [7]. Group 4: Futures Market Dynamics - The narrowing of the basis in stock index futures indicates strong bullish sentiment among investors, with significant shifts in the annualized basis rates for various contracts [8][9]. - Recent fluctuations in futures contracts suggest a potential adjustment phase, with the cost of rolling over contracts decreasing, reflecting a more favorable position for investors [10][11]. Group 5: Future Outlook - The market is transitioning from valuation-driven growth to profit-driven performance, with individual stock performance increasingly tied to fundamental improvements and rising economic conditions [11][12]. - The A-share market is expected to continue its upward trajectory, supported by ongoing policy effects, enhanced economic recovery, and the sustained influx of overseas capital [12].

Core Viewpoint - The article discusses the newly released "Work Method" which systematically regulates the layout and investment direction of government investment funds for the first time at the national level, aiming to guide the development of trillion-level government investment funds in China [1][7]. Group 1: Policy Measures - The "Work Method" proposes 14 policy measures focusing on three aspects: where to invest, how to invest, and who manages the funds [2][3]. - It emphasizes optimizing fund allocation to support major strategies, key areas, and weak links in resource allocation, promoting deep integration of technological and industrial innovation, and nurturing emerging pillar industries [2]. Group 2: Investment Guidance - Funds must align with national major plans and encourage industries listed in the national industrial directory, avoiding investments in restricted, eliminated, or prohibited sectors [3]. - Provincial development and reform departments are tasked with creating local priority investment lists to optimize fund allocation and direction [3]. Group 3: Evaluation Indicators - The "Management Method" establishes three primary and thirteen secondary indicators for evaluating fund performance, with a focus on policy compliance (60% weight), optimization of productivity layout (30% weight), and policy execution capability (10% weight) [4][6]. - The evaluation will consider whether fund investments support the development of new productive forces, including emerging and future industries such as AI, quantum information, and advanced manufacturing [4][5]. Group 4: Regional Strategy Alignment - The evaluation also assesses the alignment of fund investments with national regional strategies, including support for various regional development initiatives like the Western Development and Northeast Revitalization [6]. - Funds that meet these regional strategy requirements will receive higher evaluation scores [6]. Group 5: Differentiated Development - The National Development and Reform Commission highlights the need for differentiated development of government investment funds, addressing issues like mismatched local resources and homogeneous investment directions [7][8]. - National funds are to focus on supporting the construction of a modern industrial system and overcoming key technological challenges, while local funds should align with local industry foundations and development realities [8].

《报告》认为，扩大数字消费将成为提振内需的重要抓手，数据要素的市场化配置改革将向纵深推进， 数字关键核心技术将实现更多突破式创新，"人工智能+"将全面助力企业提质增效，平台经济将阔步迈 向规范健康持续发展。构筑自主可控、弹性韧性的新一代网络与安全屏障是数字经济行稳致远的根本保 障，深化适应数字经济特征和发展规律的体制机制改革是破除发展障碍、激发创新活力的关键举措。要 积极拓展和深化"数字丝绸之路""丝路电商"的国际合作，加快数字平台"走出去"步伐，提升我国数字经 济国际竞争力。(经济日报记者沈慧) 近日，中央财经大学与社会科学文献出版社联合发布了《互联网与数字经济蓝皮书：中国互联网与数字 经济发展报告(2025)》。报告显示，2024年，中国数字经济规模平稳快速增长，数据要素市场制度日益 完善，数字技术创新应用持续涌现，数字经济核心产业茁壮成长，实数深度融合全面提速。 数字经济是以数据要素为关键要素，以数字平台及其生态为主要载体，通过数字化和智能化实现高效连 接，在物理世界和数字空间都可以创造价值的一种新的经济形态。《报告》指出，数字经济发展已经进 入数字技术和数据要素双轮驱动的新阶段，数据作为新型生产要素快 ...

Group 1 - The core viewpoint of the news is the introduction of new regulations by the National Development and Reform Commission, in collaboration with other ministries, to guide the planning and investment direction of government investment funds, marking a systematic approach to fund layout and investment direction at the national level [1][2][12] - The "Work Method" defines government investment funds and emphasizes their role in guiding investments towards major strategies and key areas where the market cannot fully play its role [2][12] - The "Management Method" establishes a detailed evaluation system with 13 indicators to assess the investment direction and performance of government investment funds, focusing on policy compliance and optimization of productivity layout [8][10] Group 2 - The "Work Method" includes provisions to prevent homogenization of competition and the crowding out of social capital, aiming for a high-quality development pattern of government investment funds that is appropriately scaled, reasonably laid out, and scientifically managed [3][5] - Specific prohibited investment behaviors for government investment funds are outlined, including increasing local government hidden debt and engaging in speculative trading [6][10] - The evaluation system emphasizes support for emerging industries and future industries, including areas like quantum information, generative artificial intelligence, and new energy, while also promoting the transformation of traditional industries [9][10] Group 3 - The government investment funds are encouraged to collaborate with local funds, leveraging local resources to form a financial synergy in key areas of frontier technology and supply chains [5][12] - The evaluation criteria include a focus on early-stage investments and long-term investment periods, with a preference for projects that have a high proportion of social capital contributions [10][12] - The introduction of the "negative behavior list" for investment directions aims to ensure that funds do not engage in undesirable practices, with a scoring system that influences management fees and profit distribution based on performance [10][11]

来源：新浪证券-红岸工作室 1月13日，英方软件跌5.63%，成交额5.32亿元，换手率20.26%，总市值44.91亿元。 异动分析 华为欧拉+数据要素+数据安全+数字经济+华为鲲鹏 1、2024年11月14日互动易：公司一体机支持华为欧拉操作系统，公司已加入openEuler社区，未来公司 将持续积极参与国产生态建设，与合作伙伴共同推动国产软件产业的创新与自主可控。 2、根据公司网站：英方软件是一家专注于数据复制的基础软件企业，致力于动态文件字节级复制、数 据库语义级复制、卷层块级复制及其他信息化技术的研发与推广。基于三大核心技术，公司自主研发出 近30款标准化产品，构建了"容灾、备份、大数据、云灾备"四大产品线，应用于容灾、备份、数据安 全、混合云灾备、数据库同步、数据迁移等经典应用场景，同时也推广到了智能灾备管理、数据副本管 理、数据流管理、大数据收集与分发、数据跟随、数据脱敏等更多应用领域，能够帮助各类用户打破数 据孤岛，实现数据互联互通，为数字经济的发展保驾护航。作为第三方数据服务商，英方软件凭借在数 据要素产业方面取得的显著成就，获上海数据交易所颁发的"数据交付服务商"证书。 3、公司软件产品通 ...

Core Viewpoint - Malaysia is advancing its digital economy and bridging domestic digital development gaps by deepening cooperation with China in the fields of digital economy and artificial intelligence (AI) [1] Group 1: Digital Economy Development - Access to technology is crucial for inclusivity and economic governance in modern society [1] - Malaysia faces challenges in uneven distribution of digital technology, with remote areas lacking high-speed internet and SMEs lagging in cloud computing, AI, and data analytics [1] - By collaborating with China, Malaysia is transitioning from being a "user" of technology to a "co-developer" [1] Group 2: Bilateral Cooperation - The year 2025 is a significant milestone for digital cooperation between Malaysia and China [1] - In April of the previous year, both countries signed cooperation documents in digital economy and AI, focusing on policy coordination, regulatory alignment, industrial digital transformation, and talent development [1] - China has become an important partner for Malaysia in infrastructure investment and AI collaboration, strengthening the foundation for Malaysia's digital economy development [1]

Group 1 - The core viewpoint of the article is that cyber fraud has become one of the most disruptive forces in the digital economy, necessitating coordinated international responses to cybersecurity challenges [1] Group 2 - The World Economic Forum's report titled "Global Cybersecurity Outlook 2026" highlights the evolution of cyber fraud and its impact on the global economy [1] - Cybersecurity is identified as a cross-border issue that requires collaboration among nations [1]