来源：凯恩斯 2026年注定是不平凡的一年，不仅是十五五规划的第一年，而且是众多行业的元年。A股股民其实是最 喜欢炒概念的市场之一。有一些概念2025年作为概念已经炒的很热，比如液冷，比如商业航天，比如可 控核聚变，当然，有很多一些行业还没有产品落地，但不影响概念的炒作" 1，自动驾驶元年；2，液冷元年；3，国产HBM元年；4，端侧AI元年； 5，固态电池元年；6，AI应用元年；7，量子计算元年；8，存算一体芯片商用元年；9，类脑计算元 年；10，低空经济元年；11，商业航天元年；12，人型机器人元年；13，硅光元年；14，可控核聚变元 年。 2026年会如何？根据目前机构的宏观和行业研究报告，我总结了一下2026年大概率发生的事件和十大预 测。 一，2026年美联储降息2次以上。 从11月美国的经济数据来看，基本呈现低通胀（2.6%）高增长 （4.3%）态势，考虑到新任美联储主席上任，即使从预防和储备货币政策工具的角度，美联储上半年 也会继续降息，并且大概率上半年就会降息2次，每次25个基点。下半年则要看经济数据，有不确定 性，可能只降息1次。 二，人民币升值到6.5。 美联储降息导致美元走弱，全球金资本关 ...

岁末年初，手握重金的千亿级私募正谋定后动。 近日，记者独家采访获悉，景林资产发布了管理合伙人、CEO高云程《2025年终给投资者的一封信》， 系统阐述了其对市场后续走势的判断以及对AI方向的布局。 高云程认为，在AI、新能源、智能驾驶、人型机器人等新经济发展的前沿领域，中国和美国都在积极 投资，相关公司在浪潮中快速成长。景林资产高度关注并积极持有产业浪潮下，估值在历史合理区间 内，生意模式具备定价权，竞争格局处于有利地位，管理层也足够清醒理性的优秀企业。 "中美股市各有星辰" 在即将收官的2025年，中国资产和美股资产均有所演绎，展望2026年，高云程认为大概率仍是如此。 高云程表示，2025年DeepSeek的横空出世，让世界认识到中国在生成式人工智能的竞争浪潮中是有竞 争力和性价比优势的。与此同时，千问在开源模型中的全球采用度也证明了国产模型可以利用现有可用 资源让领先者焦虑，也让全球参与者有更多的选择。 他分析称，中国新兴产业发展的背后是几代工程师人才的迭代，充分诠释了从先进制造业学习者到复杂 的全球产业链分工者，再到部分产业中研发和制造上的超越者的积极变化。 高云程认为，如今中国不可能再是规则的接受方 ...

美股频道更多独家策划、专家专栏，免费查阅>> 特斯拉(TSLA.US)美股盘前涨1.5%报488.3美元。消息上，基于Robotaxi与人型机器人计划的估值提升， 德意志银行予特斯拉"买入"评级，目标价上调30美元至500美元，但部分被对核心汽车业务的交付量下 调所抵消。另外，科技媒体Notebook Check发布博文，分享了一张在美国得克萨斯州奥斯汀市中心抓拍 的路测图，展示了正在测试的特斯拉无方向盘、无踏板的自动驾驶出租车 Cybercab。 责任编辑：山上 ...

特斯拉(TSLA.US)美股盘前涨1.5%报488.3美元。消息上，基于Robotaxi与人型机器人计划的估值提升， 德意志银行予特斯拉"买入"评级，目标价上调30美元至500美元，但部分被对核心汽车业务的交付量下 调所抵消。另外，科技媒体Notebook Check发布博文，分享了一张在美国得克萨斯州奥斯汀市中心抓拍 的路测图，展示了正在测试的特斯拉无方向盘、无踏板的自动驾驶出租车 Cybercab。 | TSLA 特斯拉 | | | | --- | --- | --- | | 481 200 J -2.170 -0.45% | | 收盘价 12/19 16:00 美东 | | 488.250 + 7.050 +1.47% | | 盘前价 12/22 04:11 美东 | | 三月四号 8 日 9 時 1 | | ● 快捷交易 | | 最高价 490.490 | 开盘价 488.120 | 成交量 1.03亿 | | 最低价 474.720 | 昨收价 483.370 | 成交额 497.54亿 | | 平均价 481.619 | | 市盈率TTM 331.86 总市值 1.6万亿 …) | | 振 幅 3 ...

基于Robotaxi与人型机器人计划的估值提升，德意志银行将特斯拉买入评级目标价上调30美元至500美 元，但部分被对核心汽车业务的交付量下调所抵消。 即使短期交付量与毛利面临压力，但分析师认为无人驾驶出租车Robotaxi的发展仍是特斯拉估值的重要 支撑。马斯克先前曾表示，计划在旧金山湾区部署约1000辆无人驾驶出租车，在奥斯汀部署超过500 辆，但德意志银行的追踪数据显示，这些目标短期内不太可能实现。不过，特斯拉最近在奥斯汀取消安 全驾驶员以进行内部验证测试，Yu认为这显示更广泛的推行可能即将到来。 格隆汇12月22日｜德意志银行分析师Edison Yu预计，特斯拉2025年第四季交付量约为40.5万辆，同比下 降14%，环比下降19%，低于市场共识及该行先前预测。Yu预计，交付量不足主要集中在特斯拉的核心 西方市场，其中欧洲与北美的交付量预计分别下降34%和33%；中国市场交付量将下降约10%。 ...

格隆汇12月12日丨宜安科技(300328.SZ)在互动平台表示，目前公司已和相关产链客户合作开发、生产 人型机器人关节电机外壳等零部件产品。敬请投资者注意投资风险，审慎投资。公司第一款镁骨内固定 螺钉的补正材料已按要求完成了内容的整理与完善，还有部分问题点正在与评审老师进行沟通，待所有 问题点明确并解决后，公司将立即启动补正材料的正式提交程序，待取得产品注册证后，才可上市销 售。 ...

Core Viewpoint - Robotech (300757.SZ) is a global leader in high-precision intelligent manufacturing equipment and systems, crucial for enhancing computing power and enabling sustainable AI development [1] Group 1: Company Overview - The company provides automation equipment and one-stop solutions for smart factories, which are essential for manufacturing optical interconnects, optical sensors, optical computing products, and photovoltaic cells [1] - The company aims to consolidate its existing core competitive advantages and market position while further deepening its business system through intelligent manufacturing systems [1] Group 2: Strategic Initiatives - Robotech is implementing a "dual-drive" strategy to deepen its layout in clean energy and the semiconductor sector, seizing industry development opportunities [1] - The company focuses on technological innovation and business expansion to provide high-quality, high-end supporting equipment for national pillar industries and strategic emerging industries [1] Group 3: Product Focus - Currently, the company does not have relevant equipment suitable for humanoid robots [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The Q3 performance met expectations, with stable profitability in the structural components business. For the first three quarters of 2025, the company reported revenue of 10.603 billion yuan, a year-on-year increase of 23%, and a net profit attributable to shareholders of 1.185 billion yuan, up 17% year-on-year. The net profit margin was 11.1% [6] - The structural components business is expected to see a peak in shipments in Q4, driven by strong demand in the power and energy storage sectors. The company has updated its projects in the U.S. and Thailand, with the latter expected to have an annual output value of 480 million yuan upon reaching full capacity [6] - The company is focusing on lightweight products for humanoid robots, with ongoing development of new products to enhance its product matrix [6] - The profit forecast for 2025-2027 has been slightly adjusted downwards due to increased R&D expenses, with expected net profits of 1.722 billion yuan, 2.157 billion yuan, and 2.602 billion yuan respectively [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 14.734 billion yuan, with a year-on-year growth rate of 22.5%. The net profit attributable to shareholders is expected to be 1.722 billion yuan, reflecting a growth rate of 17.0% [5] - The earnings per share for 2025 is estimated at 6.29 yuan, with a projected PE ratio of 28 [5] - The gross profit margin for 2025 is expected to be 23.5%, with a return on equity (ROE) of 13.4% [5]

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of October 15, 2025, highlighting the top and bottom performers in the market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Penghua Hong Kong and Shanghai Emerging Growth Mixed A: Net value increased from 1.7121 to 1.8298, a growth of 6.3% [2]. 2. Penghua Hong Kong and Shanghai Emerging Growth Mixed C: Net value increased from 1.2561 to 1.3424, a growth of 6.9% [2]. 3. China Europe Manufacturing Upgrade Mixed Initiation C: Net value increased from 0.9904 to 1.0468, a growth of 5.9% [2]. 4. China Europe Manufacturing Upgrade Mixed Initiation A: Net value increased from 0.9911 to 1.0475, a growth of 5.5% [2]. 5. Nanhua Fengchun Mixed A: Net value increased from 1.7244 to 1.8223, a growth of 5.7% [2]. 6. Nanhua Fengchun Mixed C: Net value increased from 1.6386 to 1.7316, a growth of 5.7% [2]. 7. China Ocean Charm Yangtze River Delta Mixed: Net value increased from 3.3480 to 3.5290, a growth of 5.4% [2]. 8. Furong Fuxin Mixed A: Net value increased from 2.2843 to 2.4066, a growth of 5.3% [2]. 9. Furong Fuxin Mixed C: Net value increased from 2.2451 to 2.3653, a growth of 5.4% [2]. 10. Shanzheng Asset Management Reform Selected Mixed: Net value increased from 1.2579 to 1.3248, a growth of 5.3% [2]. - The bottom 10 funds with the lowest net value growth include: 1. Jinxin Industry Preferred Mixed C: Net value decreased from 2.6604 to 2.5938, a decline of 2.5% [4]. 2. Jinxin Industry Preferred Mixed A: Net value decreased from 2.6350 to 2.5691, a decline of 2.5% [4]. 3. Jinxin Stable Strategy Mixed C: Net value decreased from 2.1823 to 2.1279, a decline of 2.5% [4]. 4. Jinxin Stable Strategy Mixed A: Net value decreased from 2.1917 to 2.1371, a decline of 2.5% [4]. 5. Jinxin Selected Growth Mixed C: Net value decreased from 1.5697 to 1.5353, a decline of 2.2% [4]. 6. Jinxin Selected Growth Mixed A: Net value decreased from 1.5896 to 1.5548, a decline of 2.2% [4]. 7. Huian Runyang Three-Year Holding Mixed C: Net value decreased from 1.2179 to 1.1967, a decline of 1.8% [4]. 8. Huian Runyang Three-Year Holding Mixed A: Net value decreased from 1.2353 to 1.2138, a decline of 1.7% [4]. 9. Huian Yuyang Three-Year Holding Mixed: Net value decreased from 1.7569 to 1.7279, a decline of 1.7% [4]. 10. Huian Hongyang Three-Year Holding Mixed: Net value decreased from 1.4563 to 1.4324, a decline of 1.6% [4]. Market Trends - The Shanghai Composite Index opened high but closed lower, with a trading volume of 2.09 trillion, showing a market breadth of 4,333 gainers to 950 losers [6]. - Leading sectors included engineering machinery, communication equipment, and daily chemical products, each with gains exceeding 3% [6]. - Concepts such as immunotherapy and PEEK materials also saw gains over 3% [6]. - The worst-performing sectors were telecommunications and oil [6].

Core Insights - The article provides a ranking of open-end funds based on their net asset value growth as of October 13, 2025, highlighting the top and bottom performers in the market [2][4][7]. Fund Performance Summary - The top 10 funds by net value growth include: 1. New沃中债0-3年政策性金融债指数C with a net value of 1.1510, up from 0.9576, showing a growth of 0.19 [2] 2. 中航混改精选C with a net value of 0.9290, up from 0.8608, showing a growth of 0.06 [2] 3. 中航混改精选A with a net value of 0.9511, up from 0.8813, showing a growth of 0.06 [2] 4. 前海开源沪港深核心资源混合A with a net value of 5.3980, up from 5.0340, showing a growth of 0.36 [2] 5. 前海开源沪港深核心资源混合C with a net value of 5.3440, up from 4.9840, showing a growth of 0.36 [2] 6. 汇安润阳三年持有期混合A with a net value of 1.2987, up from 1.2122, showing a growth of 0.08 [2] 7. 汇安润阳三年特有期混合C with a net value of 1.2804, up from 1.1952, showing a growth of 0.08 [2] 8. 汇安泓阳三年持有期混合 with a net value of 1.5301, up from 1.4320, showing a growth of 0.09 [2] 9. 汇安行业龙头混合A with a net value of 2.6972, up from 2.5268, showing a growth of 0.17 [2] 10. 汇安行业龙头混合C with a net value of 2.6861, up from 2.5165, showing a growth of 0.16 [2] - The bottom 10 funds by net value growth include: 1. 同泰竞争优势混合C [4] 2. 同泰竞争优势混合A [4] 3. 中航趋势领航混合发起C [4] 4. 中航趋势领航混合发起A [4] 5. 长城新兴产业混合C [4] 6. 长城新兴产业混合A [4] 7. 英大灵活配置B [4] 8. 中欧制造升级混合发起C [4] 9. 英大灵活配置A [4] 10. 中欧制造升级混合发起A [4] Market Analysis - The Shanghai Composite Index opened significantly lower but experienced a slight recovery, closing with a trading volume of 2.37 trillion, with a stock performance ratio of 1684 gainers to 3634 losers [7]. - Leading sectors included mineral products and non-ferrous metals, both showing gains exceeding 3%, while the automotive and component sectors faced declines over 2% [7]. - The fund 中航混改精选C demonstrated rapid net value growth, indicating a shift in investment strategy towards resource sectors, particularly rare earth magnets, as opposed to its previous focus on real estate [8].