关于这个问题，雷峰网找到了一家正在以 Agent OS 切入AI 硬件赛道的明星公司光帆科技创始人董红 光。 从手机到AI硬件的跨越中，董红光第一次发现，自己熟悉的规则全都要推倒重来。 " 硬件终归是苦生意，但好在AI时代的技术路线确定了。 " 作者丨 齐铖湧 编辑丨 代聪飞 今天，Meta 数十亿美元收购 Manus的消息，鼓舞了无数国内AI创业者。这家来自中国的 Agent 创业公 司，不到一年时间，将ARR 做到 1 亿美元并被 Meta 收购，不仅让大众看到了 Agent 的潜力之大，也引 起了一个探讨， Agent 和 AI 硬件该如何共存？ 雷峰网：发布会结束后，收到的反馈如何？ 董红光： 整体还是不错的，大家的普遍反馈是产品有意思、逻辑通顺，对我们展示的那些场景，比如AI耳 机帮你超市比价、订机票、提醒日程，也感兴趣。 作为小米第89号员工、MIUI诞生的亲历者，董红光在过去14年里深度参与了移动互联网交互规则的构 建。但在AI时代来临之际，当面对"什么才是AI硬件最合适的载体"这一问题时，他却给出了截然相反的答 案："首先排除手机。" 2025年12月底，他站在台上，这次他的身份，是一家估值超 ...

Group 1 - The index focuses on smart electric vehicles, which are expected to become a representative direction for embodied intelligence, covering various segments of the industry chain including power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [2] Group 2 - The index tracks AI hardware, which is currently a major category of smart terminal products, consisting of stocks from companies involved in component production, complete machine brand design, and production related to consumer electronics [4] Group 3 - The IoT ETF tracks the China Securities IoT Theme Index, indicating a focus on the Internet of Things sector [6]

转自：智通财经 【年终盘点|一图看懂2025年A股热炒题材】智通财经12月29日电，2025年A股行情迎来年终"收官"，在 4月上旬经历快速向下"挖坑"行情后，市场迎来一波长达半年多的单边震荡向上主升行情，沪指于10月 28日一度站上4000点整数关。除去国内外AI大模型百花齐放引爆AI硬件再度掀起热潮，到年末商业航 天概念横空出世迎来井喷行情外，从有色到锂电产业链掀起的大宗商品涨价热潮，2025年A股市场的题 材炒作呈现出"政策驱动+事件催化+产业落地"三重逻辑交织、轮动加速、主线清晰但持续性缩短的特 点。全年炒作节奏快、热点密集，且高度集中于"新质生产力"相关方向，成为今年A股题材轮动的主基 调。在此，让大家重温下2025年全年我们所经历的A股市场的各种热炒新题材。 ...

Group 1 - The index focuses on the smart electric vehicle sector, which is expected to become a representative direction for embodied intelligence, covering various industry chain links such as power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [2] Group 2 - The consumption electronics ETF, managed by E Fund, tracks the CSI Consumption Electronics Theme Index, which focuses on AI hardware as a major category of smart terminal products, including companies involved in component production and complete machine brand design and manufacturing [4] - As of the midday close, the CSI Consumption Electronics Theme Index increased by 1.4% [4]

Core Viewpoint - The strong inflow of incremental funds has driven the recent market rally, contributing to the Shanghai Composite Index achieving eight consecutive days of gains, and there is a recommendation to actively position for the upcoming spring market rally, focusing on both technology and cyclical sectors [1][2]. Group 1: Market Performance - As of December 26, 2025, the Shanghai Composite Index has achieved eight consecutive days of gains, marking the third occurrence since the "9.24" market rally in 2024 [2]. - The market has shown signs of recovery from previous adjustments, with three major factors influencing the market's positive outlook diminishing [2]. Group 2: Fund Inflows - December saw an unusual net inflow into broad-based ETFs, with a total net inflow of 110.6 billion yuan, primarily driven by the A500 ETF, which accounted for 101.9 billion yuan, or 92.2% of the total [3]. - The net inflow into the A500 ETF is likely to be new capital rather than a reallocation from other ETFs, indicating a strong demand for this specific fund [3]. Group 3: Investment Opportunities - The current macroeconomic environment, characterized by PPI recovery and anti-involution policies, alongside a weak dollar and increased demand for AI hardware, presents investment opportunities in various sectors, including chemicals, new energy materials, and electronic communication products [4]. - The investment strategy should focus on technology and PPI, with attention to new marginal changes, such as the strengthening of domestic demand policies and the potential for growth in commercial aerospace and satellite industries [5]. Group 4: Sector Allocation - Recommended sector allocations include technology sectors such as military, media (gaming), AI applications, and core AI hardware, as well as PPI beneficiaries like photovoltaic, chemicals, steel, and power [5]. - Long-term holdings should consider gold and optimized high-dividend stocks as part of the investment strategy [5].

Group 1: Market Performance - The robotics sector led the market this week, with the National Robotics Industry Index rising by 5.8%, the CSI Consumer Electronics Theme Index increasing by 5.5%, the CSI Intelligent Electric Vehicle Index up by 4.4%, and the CSI Internet of Things Theme Index climbing by 4.2% [1] - The robotics ETF managed by E Fund (159530) attracted approximately 500 million yuan in net subscriptions over the first four trading days of the week, with an additional nearly 200 million yuan on the last day [1] Group 2: Company Developments - UBTECH recently announced a deal to acquire 43% of the shares of listed company Fenglong Co. through a combination of "agreement transfer + tender offer" [1] - Fenglong Co. possesses precision manufacturing capabilities, a mature supply chain system, and a broad customer base, focusing on the research and manufacturing of engines, hydraulic control systems, and automotive components [1] - Analysts suggest that UBTECH's acquisition of a component manufacturer may further solidify the manufacturing foundation for the commercialization of domestic humanoid robots, indicating a critical transition from technology validation to commercial implementation [1] Group 3: Industry Insights - The humanoid robot segment is highlighted as having a high content ratio, accounting for nearly 80% of the robotics industry [3] - The CSI Intelligent Electric Vehicle Index is expected to represent a significant direction for embodied intelligence, covering various aspects of the industry chain, including power systems, perception systems, decision-making systems, execution systems, communication systems, and vehicle production [4] - The CSI Consumer Electronics Theme Index focuses on AI hardware, which is currently a major category of smart terminal products, involving companies engaged in component production and complete machine design and manufacturing [5] - The CSI Internet of Things Theme Index emphasizes the IoT as a crucial foundation for achieving connectivity among smart terminals, comprising stocks from companies involved in information collection, transmission, and IoT applications [6]

今天，A股三大指数集体小幅上扬。截至收盘，上证指数上涨0.47%，深证成指、创业板指数分别上涨0.33%、0.30%。沪深两市成交额达到19245 亿元，较昨日放量443亿元。 整个市场有3773只个股上涨，1473只个股下跌，个股涨跌幅的中位数为上涨0.54%。 大盘方面，没有太多要说的，达哥在最近两三天的文章中都阐述过，即观察上证指数反弹至9-10月上升趋势线附近时的情况。 今天，上证指数日K线七连涨，年内仅次于4月8日-17日的八连涨，未来两天，该纪录会被打破吗？值得观察。 资金层面，有不少积极因素出现。 其次是大资金持续流入股市。据Wind数据，主要宽基指数整体资金申赎净流入统计显示，最近一个月中证A500净流入872亿元。 因此，资金层面对市场有一定的托底作用。 首先是人民币持续升值。今天离岸人民币兑美元盘中破"7"，截至16：00，最高至6.996。 人民币升值，利好哪些板块呢？达哥认为，大致有几类。 一是外资扫货、外资偏好及外资配置类，包括金融、食品饮料、医药生物、家电、科技成长等； 二是进口依赖型行业，包括造纸、有色金属（矿）、石油炼化、基础化工等； 三是减轻债务压力类，包括航空运输等； 四是 ...

" 智元机器人公司的华为味，又浓了一些。 " 作者丨 胡敏 编辑丨 包永刚 今年年中，雷峰网曾独家报道过陈林接棒张修征，担任华为云中国区总裁，此后不久，张修征从华为离 职。 张修征是华为云发展过程中的关键人物之一。2020年，华为云在内部升至核心战略位置，张修征从中国区 电信系统部调任华为云，担任中国计算业务总裁。2022年，华为云进入规模攻坚期，他调任华为云中国区 总裁，全面负责业务在中国市场的落地。 雷峰网独家消息，近期，前华为云中国区总裁张修征已入职智元机器人，担任销售总负责人。 // 近期热门文章 独家丨瓴羊团队年底将搬回阿里云谷，有何深意？ 云大厂半年复盘：GPU业绩暴增、国内云攻守各异、外资云持续调整 云厂情报大览：双十一，阿里云AI 算力销售激励加码；京东云今年猛招上百人销售；腾讯云年底又要豪气送车？ 至于张修征为何没有继续干云，而是选择投入具身智能赛道，其实并不令人意外。近年来，看好具身智能 与AI硬件前景的云大厂高管并不在少数，许多人已相继投身这一领域。智元机器人作为2023年受关注的创 业公司，曾因推出人形机器人"远征A1"与模型"WorkGPT"引发行业讨论。张修征的华为背景与to B经 ...

近日，中金公司首席港股与海外策略分析师刘刚表示，投资者在2026年的投资行为应转向"均衡配置"， 拥抱AI硬件等成长方向，保留高股息资产对冲。他认为，港股市场流动性受海内外双重影响，2026年 南向资金或出现分化。他建议个人投资者均衡配置，灵活调整比例，关注港股高股息、AI及强周期板 块。（每经） ...

Core Viewpoint - DingTalk is breaking the curse that internet companies cannot do hardware well, marking a significant shift in the AI hardware landscape [3][7][28] Group 1: AI Hardware Industry Trends - The AI hardware sector has seen a surge in investment and innovation, with over 114 financing events and a total investment exceeding 14.5 billion yuan in the first half of 2025 [2] - Major companies like Alibaba, ByteDance, and Meituan have launched their own hardware products, indicating a competitive landscape in China's AI hardware industry [2][3] - The trend of FOMO (Fear of Missing Out) is influencing investments, with many startups securing funding without proven products [2] Group 2: DingTalk's Product Launch and Strategy - DingTalk held its second product launch in six months, introducing Agent OS and the AI hardware DingTalk Real, establishing a complete AI system architecture [3][5] - The DingTalk A1 has quickly gained popularity, becoming a top-selling product in its category, showcasing the potential for large-scale application [8][10] - The product's design choices, such as using a universal type-C charging port, reflect a balance between user habits and product functionality [10] Group 3: Market Positioning and Competition - DingTalk A1 is positioned not just as a standalone recording device but as a vital component of DingTalk's broader AI ecosystem, serving as a data collection tool [16][27] - The competitive landscape is intense, with existing players like Plaud and iFlytek already established in the market, necessitating DingTalk to clearly define its unique value proposition [8][9][16] - The product's initial reception included criticism, but rapid iterations and user feedback have led to significant improvements and a turnaround in public perception [12][13] Group 4: Future Vision and Ecosystem Development - DingTalk aims to create a seamless interaction between users and AI agents, with the physical button on the A1 serving as a strategic entry point for AI functionalities [20][23] - The integration of AI into business workflows is expected to transform how companies utilize data, turning it into actionable insights and enhancing productivity [17][25] - The vision for DingTalk includes building a robust ecosystem where hardware, data, and AI agents work together, potentially reshaping the future of office collaboration [26][27]