深圳商报·读创客户端记者 詹钰叶 平安基金基金经理莫艽 如何在板块轮动的喧嚣市场中寻找机会？投资者又要如何守住本质与初心？平安基金新生代基金经理莫 艽在接受专访时，分享了他如何穿透市场"噪音"，坚守核心投资框架的思考。 公开资料显示，莫艽是清华大学机械工程本硕出身，拥有7年证券从业经验、近2年投资管理经验。这位 新生代基金经理的代表作是平安安享灵活配置混合基金：银河证券数据显示，该基金2024年的回报为 21.18%，业绩排名前5%（18/425），同期沪深300的涨幅为14.5%、偏股混合基金指数涨幅为3.5%；在 2025年价值风格产品逆风期里，该基金仍保持了24.57%的正收益。回撤方面，平安安享灵活配置混合 2024年、2025年最大回撤分别为15.8%、12.8%。 以DCF为"道"，深度研究等四大方法为"器"，更多采用终局思维 "于我个人而言，人生的第一阶段目标，是在未来十年，能够取得年化复合15%的收益率（非承诺业 绩），成为市场上第一梯队的基金经理。"莫艽解释称，将15%作为目标，是因为长期来看，全市场能 做到十年年化15%以上的基金经理凤毛麟角。 他认为科技革命触手可及，人工智能AI、自动驾 ...

截至东京股市收盘，日经指数上涨2.2%，至58，583.12点，创历史新高。 东证指数上涨0.7%，至3843.16点。 日本股市日经指数再创新高，此前有消息称高市早苗政府提名两位再通胀主义者进入日本央行政策委员 会。此外，由于人工智能AI担忧缓解，科技股反弹也提振了市场情绪。 然而，由于市场对近期加息的预期下降，银行股限制了东证指数的整体涨幅。 日本股市日经指数再创新高，此前有消息称高市早苗政府提名两位再通胀主义者进入日本央行政策委员 会。此外，由于人工智能AI担忧缓解，科技股反弹也提振了市场情绪。 然而，由于市场对近期加息的预期下降，银行股限制了东证指数的整体涨幅。 截至东京股市收盘，日经指数上涨2.2%，至58，583.12点，创历史新高。 东证指数上涨0.7%，至3843.16点。 该指数的1662支成分股中，917支上涨，686支下跌，59支持平。 责任编辑：李肇孚 该指数的1662支成分股中，917支上涨，686支下跌，59支持平。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 责任编辑：李肇孚 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司有没有人工智能AI相关产品？ 云意电气（300304.SZ）2月11日在投资者互动平台表示，公司目前业务暂不涉及上述产品。 （文章来源：每日经济新闻） ...

Summary of Conference Call Notes Company/Industry Involved - Focus on the Chinese economy, particularly fiscal and real estate policies, and their implications for various sectors including telecommunications, gaming, internet, and finance [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] Core Points and Arguments 1. **Contradictory Market Expectations**: There are conflicting expectations regarding China's fiscal and real estate policies, with concerns about potential tax increases versus hopes for significant real estate policy interventions [2][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 2. **Fiscal Policy Outlook**: The fiscal policy for the year is expected to be moderate, with no significant tax increases anticipated for private enterprises, particularly in the gaming and internet sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 3. **Economic Growth and Deflation**: The current economic environment is characterized by weak domestic demand and deflationary pressures, which complicate fiscal policy decisions [5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 4. **Infrastructure Investment**: There is an expectation for increased infrastructure investment in the first half of the year, but overall fiscal stimulus may remain limited unless economic conditions worsen [5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 5. **Real Estate Policy**: Any potential real estate policy changes are likely to be marginal rather than aggressive, focusing on specific cities rather than broad measures [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 6. **Global Economic Influences**: The recent appointment of Kevin Warsh to the Federal Reserve is expected to influence U.S. monetary policy, which may have implications for global liquidity and investment strategies [10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 7. **AI's Impact on Employment**: The rise of AI is anticipated to disrupt employment patterns, with varying effects across different sectors in the U.S. and China [11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 8. **Japan's Political Landscape**: The recent election results in Japan are expected to lead to more stable fiscal policies and increased government spending, particularly in defense and strategic industries [14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] Other Important but Possibly Overlooked Content 1. **Market Sentiment**: Investor sentiment is currently cautious, reflecting concerns over fiscal tightening and potential tax increases, which could negatively impact private sector confidence [4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 2. **Long-term Investment Trends**: There is a growing trend of global investment funds reallocating towards Chinese assets, indicating a potential long-term positive outlook despite short-term volatility [17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40] 3. **Sector-Specific Adjustments**: Specific sectors such as telecommunications and renewable energy are experiencing tax adjustments that may not reflect broader fiscal policy trends [36][37][38][39][40]

Group 1 - The recent layoffs at Amazon China resulted in 16,000 people losing their jobs, impacting 16,000 families and creating a significant crisis [2] - Despite the economic downturn, consumer behavior shows resilience, with luxury goods still being purchased and shopping malls remaining busy [2][3] - The economic environment is perceived as challenging, with a historical reference to the 70s and 80s indicating a relative decline in economic conditions [5][6] Group 2 - The tightening economy has led to reduced consumer spending, with individuals becoming more cautious about their expenditures [7][9] - There is a perception that opportunities for ordinary people to achieve wealth have diminished, with barriers to entry in various sectors becoming more pronounced [10][11] - The narrative suggests that those who have benefited from economic trends may find their fortunes fleeting as market conditions change [11][12] Group 3 - The article emphasizes the importance of personal initiative and resilience in the face of economic challenges, suggesting that opportunities can still be found [13][14] - It highlights the contrast between individuals who take proactive steps to improve their skills and those who remain stagnant and complain about their circumstances [19][20] - The "bamboo principle" is introduced, illustrating that foundational work may not yield immediate results but can lead to significant growth over time [22][24][29]

国家税务总局最新发布的税收数据显示，2025年，我国消费市场呈现多方面新亮点：家电、手机、新能 源汽车等消费需求有力释放，消费新模式新场景不断创新融合，银发群体展现较大消费潜力，境外游客 入境消费迸发活力。 具体来看，2025年，家电消费呈增长态势，冰箱等日用家电零售业、燃气灶等厨具卫具零售业、手机等 通信设备零售业销售收入同比分别增长17.4%、12.9%和18.6%；同时，新能源乘用车销量、销售收入同 比分别增长24.3%和21.1%，新能源汽车消费热度持续上升。 文旅融合点燃消费新活力。2025年，文艺创作与表演销售收入同比增长17.3%，沉浸式、场景式业态创 新推动文旅消费提质升级，旅行社及相关服务、名胜风景区、休闲观光活动销售收入同比分别增长 11.2%、26.1%和14.6%。2025年，体育会展服务、体育咨询服务销售收入同比分别增长12.2%、27.8%， 赛事经济打破传统消费时空边界，成为提振消费的新引擎。 "一老一小"的消费潜力也在持续释放。2025年，老年人养护、社会看护与帮助、疗养院服务消费同比分 别增长24.9%、23.1%和15.4%。随着社会协同推进托育服务体系建设，托儿所服务销售 ...

Group 1 - The core viewpoint of the article highlights the diverse growth in China's consumer market in 2025, driven by various sectors such as home appliances, mobile phones, and new energy vehicles, alongside the emergence of new consumption models and the significant potential of the elderly demographic and inbound tourism [1][3] Group 2 - In 2025, retail sales of daily household appliances like refrigerators, kitchenware, and communication devices are projected to increase by 17.4%, 12.9%, and 18.6% year-on-year, respectively [1] - Sales of new energy passenger vehicles are expected to rise by 24.3% in volume and 21.1% in revenue, indicating a sustained interest in this sector [1] - The integration of cultural and tourism sectors is expected to enhance consumer engagement, with sales in artistic performances growing by 17.3%, and travel-related services seeing increases of 11.2% for travel agencies and 26.1% for scenic spots [1] Group 3 - The consumption potential of the elderly and children continues to grow, with spending on elderly care services increasing by 24.9%, social care by 23.1%, and nursing home services by 15.4% [2] - The construction of a childcare service system is also contributing to growth, with nursery services seeing a 5.4% increase in sales [2] - The integration of technologies like AI and VR into daily life is enhancing consumer satisfaction, with internet life service platforms and food delivery services growing by 9.4% and 13.3%, respectively [2] Group 4 - The inbound tourism shopping experience is being optimized through measures such as lowering the threshold for tax refunds and increasing the cash refund limit, leading to a 305% increase in the number of foreign travelers claiming tax refunds and a 95.9% increase in sales of tax-refunded goods [2] - The overall performance of the consumer market in 2025 reflects the effectiveness of targeted consumption stimulus policies, which have successfully activated diverse consumer demands and promoted a shift towards higher quality and diversified consumption [3]

Group 1: Consumer Market Trends - In 2025, China's consumer market is expected to show new highlights, with strong demand in home appliances, mobile phones, and new energy vehicles [1] - Retail sales for daily home appliances, such as refrigerators, are projected to grow by 17.4%, while sales for kitchen appliances and communication devices are expected to increase by 12.9% and 18.6% respectively [1] - The sales volume and revenue of new energy passenger vehicles are forecasted to rise by 24.3% and 21.1% respectively [1] Group 2: Cultural and Tourism Consumption - The integration of culture and tourism is expected to ignite new consumption vitality, with sales revenue from cultural performances projected to grow by 17.3% [1] - Revenue from travel agencies and related services, scenic spots, and leisure activities is expected to increase by 11.2%, 26.1%, and 14.6% respectively [1] Group 3: Digital and Health Consumption - Digital empowerment is driving new consumption, with internet life service platforms and food delivery sales expected to grow by 9.4% and 13.3% respectively [2] - The digital cultural service sector is projected to see a sales revenue increase of 16.6% [2] - The sports and health industry is experiencing strong demand, with revenue from sports consulting services expected to grow by 27.8% [2] Group 4: Elderly Consumer Demand - The increasing population of the elderly is driving demand for elderly care services, with revenue from elderly care and social assistance expected to grow by 24.9% and 23.1% respectively [2] - Revenue from nursery services is projected to increase by 5.4% [2] Group 5: Inbound Tourism and Shopping - Measures to optimize the shopping experience for inbound tourists have led to a 305% increase in the number of foreign travelers processing tax refunds [3] - Sales of tax refund goods are expected to grow by 95.9%, with the total tax refund amount increasing by 95.8% [3]

国家税务总局利用税收大数据对消费情况进行跟踪分析显示，2025年我国消费市场呈现多方面新亮点， 家电、手机、新能源汽车等消费需求有力释放，消费新模式新场景不断创新融合，银发群体展现较大消 费潜力，境外游客入境消费迸发活力。 2025年，家电消费呈增长态势，冰箱等日用家电零售业、燃气灶等厨具卫具零售业、手机等通信 设备零售业销售收入同比分别增长17.4%、12.9%和18.6%。 新能源汽车消费热度持续上升，机动车销售统一发票数据显示，2025年，新能源乘用车销量、销 售收入同比分别增长24.3%和21.1%。 发票数据显示， 文旅融合点燃消费新活力。2025年，文艺创作与表演销售收入同比增长17.3%，沉浸式、场景式业态创 新推动文旅消费提质升级，旅行社及相关服务、名胜风景区、休闲观光活动销售收入同比分别增长 11.2%、26.1%和14.6%。 数字赋能驱动新型消费蓬勃发展。人工智能AI、虚拟技术VR等技术融入居民生活，群众的多元化消费 需求得到更好满足。2025年，互联网生活服务平台、餐饮配送销售收入同比分别增长9.4%和13.3%，云 上买菜、点餐等多种生活服务业蓬勃发展，即时消费加速扩张。同时，以游戏 ...

标普500指数周三收盘下跌0.7%，所有板块均走低。尽管如此，标普500指数仍连续第三年录得年度涨 幅。纳斯达克100指数下跌0.8%，美股科技七巨头指数下跌0.7%。标普500指数在2025年全年上涨16%， 此前两个年度的涨幅均超过20%。美股在4月一度大幅回落，当时美国总统唐纳德·特朗普推出的关税政 策严厉程度超出市场预期。2025年最后几个交易日交投清淡且波动有限，未能出现市场期待的"圣诞老 人行情"。周三成交量较20日均值低约45%。 责任编辑：王永生 特斯拉周三收跌1%，回吐早前涨幅，此前知名投资者Michael Burry否认自己在做空特斯拉股票。特斯 拉股价全年上涨11.36%。英伟达股价收盘下跌0.6%，有报道称英伟达与台积电接洽，希望其能帮助提 高H200人工智能AI芯片的产量；英伟达全年上涨38.88%。 标普500指数周三收盘下跌0.7%，所有板块均走低。尽管如此，标普500指数仍连续第三年录得年度涨 幅。纳斯达克100指数下跌0.8%，美股科技七巨头指数下跌0.7%。标普500指数在2025年全年上涨16%， 此前两个年度的涨幅均超过20%。美股在4月一度大幅回落，当时美国总统唐纳德 ...