风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 我们虽然聚焦港股科技股，但是先说说港股整体，港股很有意思，它是离岸市场，因此既受在港上市中 国企业基本面的影响，也受海外流动性的影响。 我们先分析海外流动性对港股的潜在影响，目前美联储今年已降息两次，市场普遍认为12月份降息概率 较大，但也存在对"鹰派降息"的担忧。所谓"鹰派降息"，就是降得不情不愿，降个息顺便还威胁一下 你，大致就是这种情况。不过我们认为，即便今年12月份是鹰派降息，明年美联储仍大概率有2-3次降 息。因此，从海外流动性对港股的影响来看，这一因素应属利好。 近期港股表现不佳，主要还是受海外流动性影响，美国政府停摆持续时间之长，是以往从未有过的，这 直接导致市场流动性紧张。为什么？因为美国政府一直在发债，发债筹集的资金不断沉淀在账上，而此 前美国政府未能正常运作期间，这些资金花不出去，变相造成了市场资金紧张。因此，近期港股表现不 尽理想，与 ...

面对这样一个放量突破的格局，明天我们该如何操作？ 帮主我给大家几点策略参考： 第一，珍视趋势，将"成交量"作为核心观察指标。明天市场的首要任务，是巩固今天的成果。重点观察 成交额能否稳定在2万亿级别，甚至温和放大。如果能，那么这波春季行情的基础就更为扎实；如果快 速缩量，则可能重回震荡。因此，量能是决定我们仓位进攻性的首要风向标。 朋友们，我是帮主郑重。收盘了，不知道大家今天心情如何？我猜，如果手里握着科技股的朋友，感觉 应该不错。今天市场最大的看点，不是一个指数涨了多少，而是沉寂了半个多月的成交量，终于回来 了！两市成交额一口气冲上了2.05万亿元，这是时隔16个交易日后的首次突破，增量资金进场的脚步 声，这次听得是真真切切。 为什么说这个量能如此关键？它就像一场比赛里的发令枪。前期市场一直缺量，好比运动员都在起跑线 前蹲着，光摆姿势不发力。今天这超过3000亿的放量，就是那一声枪响。它表明，上周末那些鼓励"耐 心资本"入市、给券商"松绑"的政策暖风，开始实实在在地转化为一些机构的行动了。有真金白银进场 托底，市场的情绪和稳定性就会上一个台阶。 那么，钱流向了哪里？市场的选择极度分明，可以说是一场 "新与旧 ...

专题：极客公园创新大会2026 「年轻人，不要怕，没什么可怕的。」 整理｜连冉 编辑｜靖宇 来源｜极客公园 2025 年年底，罗永浩又来到了极客公园的舞台。 罗永浩在极客公园 IF 2026 的舞台上十分坦诚。面对极客公园创始人&总裁张鹏，罗永浩说在新项目「罗永浩的十字路口」找到了新的自洽：克制自己的 天分。 罗永浩发现做播客的核心不是「我要做什么」，而是「我不要做什么」——不再追求口舌上的压制，而是把舞台留给那些中国最了不起的精英。 虽然坚持不接受花钱上播客，但他却用这种方式，完成了另一种维度的「一网打尽」。 面对这群「连怕的意识都没有」的年轻创业者，罗永浩的心情复杂，「既为他们高兴，又为自己生气」。 高兴的是今天所有的门对年轻人都是开着的，他们很早就接触到了最好的东西；生气的是自己年轻时候物质和文化没那么充裕。但令他欣慰的是，锤子科 技虽然失败了，但它留下的「遗产」依然滋养着新一代的产品经理——这或许是他被迫「德高望重」的原因。 但他显然并没打算就此交班。「主要是靠事业不成功」，这句自嘲背后是他依然旺盛的斗志。 面对比工业革命还宏大的 AI 浪潮，他直言，「这轮要是做不出来，就没借口了」。未来十年，手机依 ...

Group 1 - The core idea of the article revolves around Luo Yonghao's reflections on his journey in the tech industry, his new podcast venture, and his views on the younger generation of entrepreneurs [2][3][4] - Luo emphasizes the importance of not just pursuing success but also understanding what to avoid in his new podcast project, "Luo Yonghao's Crossroads" [5][6] - He expresses a mix of pride and frustration regarding the current generation of young entrepreneurs, noting that they have access to resources and opportunities that were not available in his youth [3][4][44][45] Group 2 - The podcast has achieved significant viewership, with episodes averaging around 10 million views, indicating a successful engagement strategy [13][12] - Luo insists that the podcast does not accept paid appearances, maintaining a principle of integrity and quality in content creation [16][18][19] - The selection criteria for podcast guests focus on elite individuals across various industries, aiming to provide in-depth discussions that are not limited by traditional media constraints [19][22] Group 3 - Luo discusses the operational workflow of the podcast, which includes a thorough research process and a flexible interview style that allows for organic conversation [24][25] - He highlights the importance of balancing preparation with spontaneity during interviews, ensuring that the content remains engaging and informative [27][30] - The podcast aims to bridge the gap between technical topics and general audiences, making complex subjects accessible to a wider demographic [40][41] Group 4 - Luo reflects on the evolution of the tech landscape, particularly in Shenzhen, where young entrepreneurs are innovating in hardware and software integration [52][54] - He notes that the current generation of entrepreneurs is more adept and has a better starting point than previous generations, which can lead to significant advancements in various fields [44][46] - The upcoming "Crossroads Annual Technology Innovation Sharing Conference" aims to showcase innovative products from both established and emerging companies, emphasizing the importance of innovation in the tech industry [52][72]

Group 1 - The global semiconductor market is projected to reach $208 billion by Q3 2025, marking the first time it surpasses the $200 billion threshold, with a quarter-on-quarter growth of 15.8%, the highest quarterly growth rate since 2009 [1] - The demand for computing power driven by the AI wave is significantly increasing the value in segments such as servers, AI chips, optical chips, storage, and PCBs; advanced packaging technologies like CoWoS and HBM are becoming increasingly important due to the AI trend [1] - The storage sector is experiencing a price recovery after hitting a bottom, and the packaging and testing segment is gradually recovering, expected to benefit from the advanced packaging demand driven by AI chips [1] Group 2 - In the consumer electronics sector, 3D printing is accelerating penetration in applications like foldable device hinges and smartphone frames, combined with the potential of edge-side AI hardware innovations such as AI glasses and headphones, driving the industry into a new phase [1] - The domestic production of semiconductor equipment is continuously advancing, with "advanced process expansion" expected to become a key focus for self-sufficiency over the next three years [1] - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), which focuses on the upstream materials and equipment sectors of the semiconductor industry, reflecting the overall performance of core foundational segments [1]

2025 年年底，罗永浩又来到了极客公园的舞台。 罗永浩在极客公园 IF 2026 的舞台上十分坦诚。面对极客公园创始人&总裁张鹏，罗永浩说在新项目「罗永浩的十字路口」找到了新的自洽：克 制自己的天分。 罗永浩发现做播客的核心不是「我要做什么」，而是「我不要做什么」——不再追求口舌上的压制，而是把舞台留给那些中国最了不起的精英。 虽然坚持不接受花钱上播客，但他却用这种方式，完成了另一种维度的「一网打尽」。 面对这群「连怕的意识都没有」的年轻创业者，罗永浩的心情复杂，「既为他们高兴，又为自己生气」。 高兴的是今天所有的门对年轻人都是开着的，他们很早就接触到了最好的东西；生气的是自己年轻时候物质和文化没那么充裕。但令他欣慰的 是，锤子科技虽然失败了，但它留下的「遗产」依然滋养着新一代的产品经理——这或许是他被迫「德高望重」的原因。 但他显然并没打算就此交班。「主要是靠事业不成功」，这句自嘲背后是他依然旺盛的斗志。 面对比工业革命还宏大的 AI 浪潮，他直言，「这轮要是做不出来，就没借口了」。未来十年，手机依然不会被取代，而罗永浩也依然没准备退 场。 罗永浩说自己还能「再折腾十几年」，因为他想象中的那一天，那个技术 ...

记者丨覃毅 编辑丨鄢子为 深圳装备大佬高云峰，再度叩响港交所大门。 12月上旬，他实控的大族数控，提交新招股书，并委任中金公司为独家保荐人。 这家印制电路板（PCB）装备巨头，南下募资，用于研发攻坚、产能提升和补充资金。 "生产目前比较紧凑。"大族数控方面告诉《21CBR》记者，当前高端PCB制造设备紧缺。 这是高云峰向港交所发起的第二波冲击。 数控业务是大族激光子公司，高氏将其分拆，一步步扩大规模，当前市值在440亿元左右，超过母公司。 高云峰主要任大族激光董事长，负责接待要员、出席行业活动、为产品站台等事宜。作为大族系实控人，最新胡润百富榜估计，其身家达135亿元。 | No. 504 | ¥ 135 亿 | ~ 72 | Hall 高云峰 | 大族激光 行业: 激光设备 | | --- | --- | --- | --- | --- | | 排名 | 财富 | 排名变化 | 个人信息 先生 68 | 企业信息 | 经穿透，高本人持有大族数控约21.7%股权，未直接任职，日常经营交由职业经理人负责，哪怕新春贺辞这类工作，也由部下出面处理。 5月30日，大族数控正式启动H股上市进程，提交申请材料，首次冲击未 ...

Group 1 - The core idea of the article revolves around the evolution of 罗永浩's career and his insights on the current generation of young entrepreneurs, emphasizing the importance of innovation and the changing landscape of technology [2][3][4] - 罗永浩 expresses a sense of both pride and frustration regarding the younger generation, acknowledging their access to better resources compared to his own upbringing [45][46][48] - The podcast "罗永浩的十字路口" serves as a platform for 罗永浩 to share his experiences and insights while also providing a space for elite individuals from various fields to share their stories [18][21][22] Group 2 - The podcast's success is attributed to its unique approach of combining video and audio formats, which aligns with the commuting habits of the Chinese audience [10][11][12] - 罗永浩 emphasizes the importance of selecting guests based on their excellence in their respective fields, aiming to capture the insights of top talents in China [18][19] - The podcast has achieved significant viewership, with episodes averaging around 10 million views, indicating a strong market demand for quality content [11][12] Group 3 - 罗永浩 highlights the necessity of innovation in the tech industry, particularly in hardware, and expresses admiration for the young entrepreneurs in Shenzhen who are pushing boundaries [53][54][56] - The upcoming "十字路口年度科技创新分享大会" aims to showcase innovative products from various teams, reinforcing the commitment to support and promote new ideas [53][72] - The conversation reflects a broader trend in the tech industry where young entrepreneurs are increasingly recognized for their contributions and potential [70][71]

Core Insights - The technology sector has shown localized activity, with the CSI Cloud Computing and Big Data Theme Index rising by 0.4%, the CSI Chip Industry Index increasing by 1.2%, and the CSI Semiconductor Materials and Equipment Theme Index up by 2.8% [1][3]. Index Performance - The CSI Cloud Computing and Big Data Theme Index has a rolling price-to-sales ratio of 4.7 times and is at the 97.6th percentile in valuation [3]. - The CSI Chip Industry Index has a price-to-book ratio of 6.9 times, with a valuation percentile of 61.6% [3]. - The CSI Semiconductor Materials and Equipment Theme Index has a price-to-book ratio of 6.3 times [3]. ETF Tracking - There are currently five ETFs tracking the CSI Cloud Computing and Big Data Theme Index, six ETFs for the CSI Chip Industry Index, and five ETFs for the CSI Semiconductor Materials and Equipment Theme Index [5]. - The ETFs have varying fee structures, with low-fee products having a management fee of 0.15% per year and a custody fee of 0.05% per year [5]. Recent Trends - Over the past month, the CSI Cloud Computing and Big Data Theme Index has decreased by 3.2%, while the CSI Chip Industry Index has fallen by 5.7%, and the CSI Semiconductor Materials and Equipment Theme Index has decreased by 2.4% [7]. - Year-to-date, the CSI Cloud Computing and Big Data Theme Index has increased by 44.9%, the CSI Chip Industry Index by 38.5%, and the CSI Semiconductor Materials and Equipment Theme Index by 44.8% [7]. Future Outlook - Analysts suggest that the demand for advanced production lines in the semiconductor sector will continue to grow, driven by the AI wave and domestic production needs, presenting opportunities for domestic semiconductor equipment companies [1].

《商业模式，到底藏着什么魔法？》 ——从平台崛起到 AI 浪潮，为什么有些人靠"结构设计"就能从容赚钱？ 这也是为什么中国在 2025 年依然能不断冒出新玩家： 所有炫目的理论，本质都在回答三件事： 顺序不能反。想清前两条，第三条会像溪水一样自然往下走。 为什么顶级模式一定要"造增量"？ 真正厉害的商业模式，不是从别人碗里抢饭，而是让桌上的饭变多。就像榨油工艺升级，100 斤花生能从 25 斤榨到 40 斤。多出的 15 斤怎么用？ 这就是商业世界的黄金法则："总价值创造" = 全局性增量。不用抢，大家都赢。 超大规模市场带来超多场景，只要创造价值增量，就能跑出新模式、新企业、新奇迹。 你有没有想过：为什么滴滴没车、Airbnb 没房、淘宝没货，却都成了巨头？ 这到底是魔法，还是某种被忽视的力量？答案只有一个——商业模式。 它不是赚钱技巧，而是让价值在不同参与者之间顺畅流动的"结构智慧"。 商业模式的底层逻辑 分 5 斤给消费者（价值感马上拉满）； 分 5 斤给伙伴（一起做大市场）； 自己留 5 斤（利润成倍增长）。 想判断一个商业模式是否靠谱，只需问这两句："我为谁创造了什么价值？""凭什么非我不可？" 答 ...