热点聚焦 22.09万亿，私募规模狂创新高！ 重阳投资：本轮行情的韧性可能会超出大家的预期 12月25日，重阳投资2026年策略报告显示，在全球经济结构重塑与科技革命加速的背景下，中国正步入以创新驱动和产业 升级为核心的新周期。与此同时，今年股市的增量资金源于低利率环境下居民和金融机构资产的再配置，因此，本轮行情 的韧性可能会超出大家的预期。提到AI，重阳投资报告中指出，拉长时间看，目前仍处于AI产业发展的早期，无论是多模 态大模型的应用爆发，还是人形机器人的落地普及，都需要远超当前规模的算力投入。但AI的"星辰大海"如何夯实经济可 行性的微观基础，弥合潜在需求和有效需求之间的鸿沟，可能是2026年产业发展无法回避的问题。 展望2026 洪灏：美股、A股、AI与人民币何去何从？ 据中国证券投资基金业协会最新数据显示，截至2025年11月末，存续私募基金管理人19314家，管理基金数量138055只，管 理基金规模22.09万亿元，再创历史新高。其中，存续私募证券投资基金80242只，存续规模7.04万亿元；存续私募股权投资 基金29971只，存续规模11.18万亿元；存续创业投资基金27064只，存续规模3. ...

重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 在全球新兴产业发展与能源转型浪潮下，电力，这一曾经容易被忽视的隐形基础设施，正日益成为影响 各国产业竞争力的显性变量。 从美国旧金山近期的大规模停电，到德国等传统工业国、越南等新兴经济体频发的缺电事件，全球范围 内的用电挑战已对工业生产构成冲击。 当世界多地频频为"电"所困时，中国却成功实现了"电力自由"，这将给中国企业带来怎样的竞争优势？ "电力自由"带来的成本红利 2019年以来， 全球平均电价持续上行且波动加剧，表明电力市场开始进入到不稳定的时代 。究其原 因，一方面在于电源侧投资不足，比如对天然气、石油等单一电源过度依赖，导致能源价格波动带动电 价上涨；另一方面也与电网设施长期老化、调节能力下降有关。 来源：万得、华泰研究、淡水泉投资，截至2025年6月。 从能源优势到产品走向世界的竞争力 在全球能源成本高企与供应稳定性不足的背景下， 稳定、低成本的电力供应已成为高耗能、重资产工 业品维持全球竞争优势的重要因素 。这类工业品多属于流程型工业，需 24 小时连 ...

综合整治"内巷式"竞争 规范地方政府和企业行为 OK 海日報 ECONOMIC DAILY 2025年 中国经济热词 智能 今年是中国式现代化进程中具有重要意义的一年，我国经济运行总体平稳、稳中有进，新质生产力稳步发展，改革开放迈出新步伐，重点领域风险化解取 得积极进展，民生保障更加有力，社会大局保持稳定。回眸2025年，一起来盘点中国经济热词↓ 继"互联网+"之后,我国对数字经济进行又 一次战略部署。今年8月，国务院印发《关于 深入实施"人工智能+"行动的意见》，以六 大行动八大支撑赋能新质生产力发展, 为人工 智能发展按下"加速键" 人工智能领域 要占领先机、赢得优势 促进民营经济健康发展、 高质量发展 0 14 濟 取 2025年 中国经济热词 IF 2 5 IFF 上開封天 66 0.99 深日報 CONOMIC DAILY 2025年 中国经济热词 . "印尼 66 今年以来，"国补"资金按计划陆续下达、 个人消费贷款迎来财政贴息 …… 一系列真金 白银的政策加力提振消费，让消费者得到更 多实惠、市场获得更强动能 惠民生、促消费、增后劲 OF 海 海 取 2025年 0 中国经济热词 s经济促进法 ...

Group 1 - The core viewpoint of the article emphasizes that "electricity freedom" is a significant competitive advantage for China, ensuring stable and high-quality electricity supply which supports economic and industrial development [1][4][6] - China's electricity load has reached historical highs, with electricity consumption exceeding one trillion kilowatt-hours in July and August, marking a global first [1] - The stability of China's electricity supply has been crucial for maintaining the operational needs of a vast industrial system and a population of over 1.4 billion [1][3] Group 2 - "Electricity freedom" signifies stable supply, which is essential for industrial transformation and upgrading, particularly in high-tech sectors like semiconductors that require consistent power [3][4] - The World Bank highlights the importance of upgrading electricity infrastructure for transitioning to high-value-added manufacturing [3] - Continuous improvements in electricity infrastructure and smart grid technology are necessary to enhance reliability and responsiveness of the power system [3][4] Group 3 - "Electricity freedom" also represents green supply, with renewable energy generation surpassing thermal power, thus reducing production costs and carbon emissions while enhancing competitiveness [4][6] - The increasing demand for green electricity necessitates the expansion of renewable energy capacity and improvements in its stability [4] - Low-cost electricity supply is critical for manufacturing, particularly for energy-intensive industries, and China's average electricity prices remain competitive globally [4][6] Group 4 - The manufacturing sector must adapt to the characteristics of renewable energy, with large electricity consumers upgrading systems for flexible production based on electricity price changes [6] - Historical energy revolutions have redefined national competitiveness, and "electricity freedom" is emerging as a new focal point in this context [6] - China's advancements in stable supply, green transition, and cost control reflect innovations in energy technology and infrastructure, contributing to sustainable economic development [6]

Core Insights - The article emphasizes that "electricity freedom" is becoming a competitive advantage for China in the global market, particularly in ensuring stable and high-quality electricity supply for economic development [1][4] - China's electricity consumption has reached unprecedented levels, with over 1 trillion kilowatt-hours in July and August, showcasing the country's robust power supply system [1] - The stability of China's electricity supply is crucial for the transformation and upgrading of industries, especially in high-tech sectors like semiconductors [1][2] Group 1: Stability of Electricity Supply - "Electricity freedom" signifies stable supply, which is essential for industrial transformation and upgrading [1][2] - The stability of the electricity system supports the needs of over 1.4 billion people and a vast industrial framework, ensuring uninterrupted power for manufacturing [1][4] - Upgrading electricity infrastructure is vital for transitioning to high-value-added manufacturing, with a focus on enhancing grid reliability and flexibility [2] Group 2: Green Energy Supply - "Electricity freedom" also represents a shift towards green energy, with renewable energy generation surpassing thermal power for the first time [2] - The increasing application of green electricity in manufacturing helps reduce production costs and carbon emissions, promoting a greener industrial development [2] - There is a need to enhance the stability of renewable energy sources and encourage distributed renewable energy facilities to minimize transmission losses [2] Group 3: Cost-Effective Electricity Supply - Low-cost electricity is crucial for manufacturing, directly impacting overall production costs and competitiveness [3] - China's average electricity prices remain low due to diverse energy sources and economies of scale, enhancing international competitiveness for manufacturers [3] - The establishment of a unified national electricity market will further optimize resource allocation and improve service efficiency for the manufacturing sector [3] Group 4: Historical Context and Future Implications - Historical energy revolutions have redefined national competitiveness, and "electricity freedom" is emerging as a new focal point in this context [4] - China's advancements in stable supply, green transition, and cost control reflect innovations in energy technology and infrastructure, contributing to sustainable economic development [4]

国家能源局近日发布了一个具有历史意义的数字：10226亿千瓦时。这个数字，是中国7月份的全社会用 电量，相当于东盟国家一年的用电总和。这是我国月度全社会用电量规模首次突破万亿千瓦时大关。 事实上，电力不仅关乎生产的连续性，更直接影响着经济的成本。从西部的风光大基地，到沿海的核电 集群，再到深入全国的特高压输电网络，一个庞大、高效、多元的能源体系，构成了电价稳定的"压舱 石"。一个稳定且相对低廉的电价体系，能够有效降低实体经济，特别是制造业的运行成本。这种成本 优势的影响是深远的。它能让高耗能产业，如有色金属、化工、建材等，在全球竞争中保持了成本优 势，稳固了产业链中上游的地位。 更重要的是，它惠及了千千万万的中小企业。对于这些利润空间本就有限的企业而言，稳定的能源成本 是其生存和发展的生命线。当海外竞争对手还在为飙升的电费头疼时，中国企业却能将节省下来的成本 投入到研发升级中，这种系统性的成本优势，如同一股"引力波"，持续吸引着全球资本和高端制造业向 中国集聚。 充沛的电力是数字经济和未来产业的"点火器"。以人工智能为例，大模型的训练和推理需要消耗惊人的 算力，而算力的背后就是巨大的电力消耗。一个超大型智算中 ...