（来源：淘金ETF） 2026年美股牛市确定性再升级！ 21位全球顶级市场预测者达成罕见共识，零一人看空2026年美股走势，平均预测标普500指数将再涨9%，向着近二十年最长连涨纪录全速冲刺。 更硬核的支撑在于，美国本土已逾200年未受战火波及，稳定的社会环境成为经济持续向好的压舱石，市场普遍预判未来20年这一安全格局仍将延续，为 资本狂欢筑牢最坚实的根基。这场始于2022年的上涨浪潮，正以政策、资本、技术三重共振的姿态，迎来最具想象力的扩张周期。而跨境ETF作为便捷高 效的全球化投资渠道，正以低门槛、广覆盖、高灵活的优势，成为普通投资者共享这场时代红利的最优路径。选对赛道不如借对东风，抓准趋势更要选对 渠道，在资产全球化配置的必然趋势下，纳指ETF与道琼斯ETF这类境外ETF，正打破地域壁垒，让普通人轻松触达全球顶级优质资产。 纳指ETF是科技革命的乘风之舟，更是境外投资渠道中捕捉成长红利的核心选择。AI浪潮已成为美国经济增长的核心引擎，2025年AI相关资本开支对美国 实际GDP增速的拉动达0.9个百分点，贡献率高达42%，而这一热度在2026年仍将延续。从英伟达的算力霸权到微软的AI生态，从ChatGP ...

抓住窗口期。 报道/投资界PEdaily 一年一度创投圈盛会如约而至。2 0 2 5年1 2月2 - 5日，由清科控股（0 1 9 4 5 .HK）、投资 界主办，汇通金控、南山战新投联合主办的第二十五届中国股权投资年度大会在深圳举 行 。 本 届 大 会 集 结 逾 千 位 顶 尖 投 资 人 、 领 军 企 业 家 ， 打 造 兼 具 深 度 洞 察 与 互 动 活 力 的"创·投嘉年华"，致力成为观察中国科技创新的窗口。 本场影响力对话 《医疗投资的潜心与耐心》 ，由北京泰康投资CEO 黄升轩 主持。对 话嘉宾为： 元生创投创始合伙人 陈杰 道彤投资创始管理合伙人 孙琦 德福资本合伙人 易琳 济峰资本创始管理合伙人 余征坤 倚锋资本CEO 朱湃 以下为对话实录， 经投资界（ID: p e d a i l y 2 0 1 2）编辑： 黄升轩： 感谢清科的邀请，在座都是老朋友。今年以来，医疗赛道明显回暖，同时也 呈现出诸多新变化。先请各位做一个简单的自我介绍。 陈杰： 我来自元生创投，很高兴今天和在座的各位老朋友深入交流。 孙琦： 道彤投资在医疗器械领域投资多一些，这两年加大了对生物制造领域的布局。 易琳： ...

Core Insights - The article emphasizes the importance of choosing the right stock trading software, as even a millisecond delay in market data can lead to significantly different investment outcomes [1][16] - The Chinese securities app market has over 166 million monthly active users, indicating that one in every six internet users in China utilizes stock trading software [17] Market Landscape: Three Dominant Players and Diverse Options - The stock trading software market has formed a stable "three-legged" structure, with the top three apps being Sina Finance APP, Tonghuashun, and Dongfang Caifu [2][18] - Tonghuashun leads in user activity with 35.02 million monthly active users, while Dongfang Caifu has 17.21 million, and Sina Finance APP ranks first in comprehensive scoring with a score of 9.56 [19] Software Comparison: Comprehensive Evaluation Across Five Dimensions - A thorough evaluation of mainstream stock trading software was conducted based on five core dimensions: data coverage, information quality, intelligent tools, trading experience, and community ecosystem [3][20] Detailed Rankings and Scores - The rankings and scores for the top stock trading software are as follows: - 1. Sina Finance APP: 9.56 - 2. Tonghuashun: 9.16 - 3. Dongfang Caifu: 9.16 - 4. Xueqiu: 8.66 - 5. Dazhihui: 8.36 - 6. Zhangle Wealth: 8.50 - 7. Tongdaxin: 8.30 - 8. Futu NiuNiu: 8.54 - 9. Tencent Self-Selected Stock: 8.32 - 10. Niuguwang: 8.02 [4][21][22] Key Features of Leading Software - **Sina Finance APP**: Notable for its global coverage and AI integration, with a data refresh speed of 0.03 seconds and exclusive access to Nasdaq Level-2 data [6][25] - **Tonghuashun**: Known for its trading efficiency and intelligent tools, supporting lightning-fast transactions within three seconds for over 90% of brokers [8][27] - **Dongfang Caifu**: Aims to create a comprehensive wealth management ecosystem, with a community platform that sees over one million daily posts [9][29] Unique Features of Other Software - **Xueqiu**: Functions like an investment community platform, offering a simulated trading feature for practice [11][31] - **Dazhihui**: Excels in high-frequency trading with a millisecond response time and advanced historical data visualization [11][32] - **Futu NiuNiu**: Focuses on Hong Kong and US markets, providing free Level-2 data for US stocks and supporting after-hours trading [11][32] Matching Needs: Selecting the Right Software - Investors should choose trading software based on their specific needs: - For cross-market investors, Sina Finance APP is recommended for its extensive market coverage and AI alert system [12][33] - Short-term traders may prefer Tonghuashun for its institutional-level backtesting environment [12][33] - Beginners can consider Tencent Self-Selected Stock for its user-friendly interface and integration with WeChat [12][33] Conclusion - When selecting stock trading software, investors should consider global market coverage capabilities, with Sina Finance APP being able to monitor major global indices in real-time [15][34]

Group 1 - The core viewpoint of the article indicates that the A-share market is showing signs of stabilization and potential upward movement after a period of adjustment, influenced by both internal and external factors [3][4] - The overseas market is experiencing similar trends, with the U.S. stock market recovering from previous adjustments due to the resolution of government shutdown concerns and renewed interest in interest rate cuts [3][4] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over overseas equity strategies and low-volatility strategies, indicating a preference for more flexible investment approaches in the current market environment [4] - The A-share market is expected to maintain an upward trend in the medium to long term, despite short-term resistance, as the market shows signs of stabilization after adjustments [4][5] Group 3 - The performance of various fund strategies shows that the low-volatility fund strategy achieved a return of 1.585% this week, while the stock enhancement strategy returned 2.072%, indicating varying levels of performance among different strategies [5][8] - The overseas equity allocation fund strategy recorded a return of 3.244%, reflecting a positive outlook for U.S. equities driven by technological advancements and economic stability [6][8] Group 4 - The low-volatility fund strategy has demonstrated strong stability and lower volatility compared to the benchmark, effectively reducing portfolio fluctuations while maintaining decent returns [9][20] - The stock enhancement fund strategy aims to identify funds with strong alpha generation capabilities, which may perform better as market conditions improve [11][21] Group 5 - The cash-enhancing fund strategy has consistently outperformed its benchmark, providing a reliable option for cash management with accumulated excess returns since its inception [13][22] - The overseas equity allocation fund strategy has accumulated significant excess returns, benefiting from the global technology sector's growth and the easing of short-term risks [15][24]

Core Insights - Luckin Coffee's remarkable recovery is highlighted, with Q3 2025 total net revenue reaching 15.29 billion RMB, a significant year-on-year increase of 50.2%, and a net profit of 1.28 billion RMB, marking a milestone for the company [2][3] - The investment story behind Luckin Coffee involves key players like Dazhong Capital and IDG Capital, showcasing a successful collaboration to revive the company during its crisis [2][4] Investment Strategy - IDG Capital's entry into Luckin Coffee was well-timed, as they recognized the company's sales growth despite the fraud scandal, indicating a long-term belief in the coffee market's potential [4][5] - The investment approach of IDG Capital has been characterized by a focus on stable, long-term opportunities rather than chasing trends, allowing them to identify undervalued projects [9][10] Historical Context - IDG Capital has a long history of consumer investment, dating back to 2011, when they invested in Moncler during a global economic downturn, demonstrating their confidence in luxury brands [6][8] - The firm has also supported various successful brands, including Heytea and Three Squirrels, while maintaining a cautious investment strategy during market fluctuations [8][9] Globalization Focus - IDG Capital has established a clear globalization strategy, investing in companies that are inherently global rather than merely local brands seeking to expand [10][11] - The success of Chinese brands in international markets is reshaping perceptions of "Made in China," moving away from negative stereotypes towards recognition of quality and innovation [12][13]

Group 1 - The current high valuation of the US stock market is supported by strong earnings growth, expectations of interest rate cuts, and clear industry trends, indicating that there is still potential for upward movement [2][5][7] - Major tech companies such as Apple, Microsoft, Google, Amazon, and Facebook have reported earnings that exceeded market expectations, suggesting robust growth despite high valuations [5][6] - The Federal Reserve is in a rate-cutting cycle, which contributes to ample liquidity in the market, with a 70% probability of further rate cuts anticipated by December [5][6] Group 2 - Global investment in technology is essential due to the significant globalization characteristics in technology development, allowing investors to leverage regional advantages and diversify risks [4][6] - Different regions have unique strengths in various sectors, such as photolithography and advanced processes, which highlights the importance of global supply chain dynamics [6] - The technology assets in the US, Hong Kong, and A-shares each have distinct advantages, with US tech being high in valuation and growth, A-shares benefiting from domestic substitution, and Hong Kong offering more cost-effective valuations [6][7]

Core Viewpoints - The market has shown signs of recovery from previous disturbances, with the Shanghai Composite Index rising above 3950 points, driven by increased confidence in industries and technology following the 20th Central Committee's Fourth Plenary Session [3] - The A-share market is expected to maintain an upward trend despite short-term resistance, with limited pullback space, suggesting a strategy of gradually accumulating positions [4][5] - The overseas market has seen reduced sensitivity to risks, with a positive outlook for U.S. stocks driven by strong technology trends and AI capital expenditures [5] Quantitative Strategy Allocation Views - The preferred strategy ranking is: Stock-based enhancement strategy > Overseas equity strategy > Evergreen low-volatility strategy [4] - The stock-based enhancement strategy has shown better performance compared to the evergreen low-volatility strategy, which serves as a foundational allocation to optimize portfolio volatility [4][5] Fund Strategy Performance - The Evergreen low-volatility fund strategy recorded a weekly return of 2.256%, while the stock-based enhancement strategy achieved 2.441% [9] - The cash-enhanced fund strategy yielded 0.026%, outperforming the benchmark [6] - The overseas equity allocation fund strategy recorded a return of 0.929%, indicating a strong long-term outlook for U.S. stocks amid technological advancements [6][9] Fund Composition Insights - The Evergreen low-volatility fund has maintained low volatility and drawdown characteristics, providing stable returns even during market fluctuations [10] - The stock-based enhancement fund strategy aims to identify funds with strong alpha generation capabilities, showing potential for better performance in improved market conditions [11] - The cash-enhanced fund strategy has consistently outperformed benchmarks, providing effective cash management solutions [13] - The overseas equity allocation fund has accumulated significant excess returns, benefiting from global technology trends and the Fed's monetary policy [16] Fund Construction Philosophy - The company employs quantitative methods to create a fund selection pool that meets diverse investor needs in varying market conditions [18] - The Evergreen low-volatility fund aims to provide stable returns in high-risk environments, appealing to conservative investors [20] - The stock-based enhancement fund focuses on identifying funds with strong stock-picking abilities to deliver excess returns [21] - The cash-enhanced fund strategy emphasizes selecting high-yield funds while minimizing volatility [22] - The overseas equity allocation fund strategy utilizes momentum and reversal factors to select high-performing international indices for investment [23]

Core Insights - The company aims to provide innovative, secure, and transparent cryptocurrency investment opportunities while integrating cross-border e-commerce and fintech to ensure stable returns for its members [1] Group 1: Global Market Expansion - One of the core strategies of the company is global market expansion, focusing on Asia, Europe, and the Americas to create a safe and efficient investment platform for global investors [2] - The company plans to strengthen cooperation and development across major markets to become a leader in the cryptocurrency and cross-border e-commerce sectors [2] Group 2: Innovative Business Model - The company combines cross-border e-commerce with cryptocurrency investment to create a diversified investment platform [2] - The e-commerce platform leverages global supply chain advantages to provide members with high-quality products at low costs, while cryptocurrency investment projects offer stable high-return opportunities [2] Group 3: Member Incentives - The company views each member as a partner and provides education and team reward mechanisms to help members achieve wealth growth [3] - A community reward system incentivizes members to invite new users, fostering team growth and collective benefits [3] Group 4: Security and Compliance - The company prioritizes security and compliance, adhering to global laws and regulations to ensure all transactions are legal and compliant [3] - Industry-leading technology is employed to safeguard user data and funds, ensuring transparent, stable, and sustainable operations [3] Group 5: Future Outlook - In the next three years, the company plans to continue expanding globally and deepen the integration of cryptocurrency and cross-border e-commerce [4] - The goal is to dominate the Chinese market by 2028 and become the largest institution in the global private placement market for cryptocurrencies [4]

Group 1 - The A-share market is increasingly attracting global capital due to China's economic transformation and industrial upgrading, with the RQFII mechanism providing a convenient channel for foreign investors to access Chinese assets [1] - As of the end of August, Dachen International Asset Management's China Flexible Allocation Fund has become the largest "pure A-share fund" in Hong Kong, with a scale of approximately 61.29 billion HKD (about 56.14 billion RMB) [1] - Dachen International's China Flexible Allocation Fund, established on March 3, 2014, is a strategic product aimed at attracting foreign investment through its strong investment capabilities in Chinese assets [1] Group 2 - Dachen International, founded in 2009, has achieved significant recognition in the Hong Kong capital market, focusing on absolute returns and active management, with multiple awards from reputable institutions since 2016 [2] - The company has accumulated 24 offshore Chinese fund awards over nine years and 12 overseas Golden Bull awards since 2018, reflecting its strong performance and industry recognition [2] Group 3 - Dachen International has been actively developing cross-border and global investment businesses, enhancing cooperation with overseas asset management institutions to facilitate foreign investment in Chinese assets [3] - The recent strategic cooperation agreement with Temasek's Fortis Fund Management marks a new phase in their partnership, aiming to provide richer and higher-quality cross-border investment products [3] - The company aims to offer diversified, global investment services from Hong Kong, attracting long-term foreign capital to invest in Chinese assets [3]

Core Insights - The company has officially launched its U.S. stock trading business in collaboration with key American partners, marking a significant milestone in its transition from the Asian market to the international financial hub [1][2] - The new business provides investors with direct access to major U.S. markets such as NASDAQ and NYSE, enhancing transparency and execution efficiency [2][5] Market Expansion - The U.S. stock market access allows users to manage a diversified portfolio across Hong Kong, A-shares, and U.S. stocks on a unified platform, improving global asset management for professional investors and providing equal market access for retail investors [5] - The initial focus of the U.S. business will be on high liquidity assets, including leading companies in core industries and globally recognized tech firms, with plans to expand into a wider range of asset classes [2][5] Strategic Partnerships - Collaborating with U.S. partners signifies the company's trading services have crossed regional boundaries, establishing a long-term international connection that offers sustainable market opportunities for global users [2][6] - The launch of the U.S. business is a key step in the company's globalization strategy, emphasizing transparency, robust technology, and compliance [2][6] Future Outlook - The company plans to deepen international cooperation and accelerate its expansion into European and emerging markets, with a focus on key markets like the London Stock Exchange and ongoing localization efforts in Southeast Asia [5][6] - The long-term vision is to create a cross-market investment ecosystem that is replicable and stable, aiming to build trust and growth opportunities for investors in different regions [5][6]