炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：有鹏自远方来TALKSHOW 来源：有鹏自远方来TALKSHOW 【 鹏说：以史为鉴】主要讲了当前时代与70-80年代冷战时期在战略金属价格波动上具有高度相似性， 都源于地缘政治紧张与科技进步双重属性影响，但价格异常波动的核心驱动因素是战争预期和国家战略 储备需求，而非产业需求增长，历史表明冷战结束后即便产业需求旺盛价格仍会回落。 1． 当前时代与 70-80年代冷战后期高度相似，均处于生产力进步与地缘政治紧张并存的阶段，具备战略和工业双重属 性的金属价格可能异常波动 2． 历史表明这类金属价格剧烈波动的核心驱动是地缘政治冲突和战略储备 需求，而非新兴产业需求，误判主因可能导致重大投资失误 3． 冷战时期美苏通过战略储备、贸易禁运 和代理人战争直接影响金属供需，当前中美竞争模式存在类似冷战特征，需关注政策干预对市场的影响 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：何俊熹 【 鹏说：以史为鉴】 ...

提振内需和聚焦科技将成为中国经济主基调 文｜刘陈杰 2026年经济增长目标将为5.0%左右。从需求侧分析，按照目前阶段经济增长与新增就业之间的关系 （随着服务业占比的提升，单位GDP容纳就业人数逐步上升），经济增长1个百分点对应新增就业约为 200万人。2026年中国新增就业将在1000万人以上，对应的经济增长目标定在5%左右能保障就业压力处 于合理范围。从供给侧来看，从2026年到2035年，无论情景如何，潜在增速整体呈下降趋势，这是人口 老龄化、资本边际递减等结构性约束影响的必然趋势。但是，按照我们考虑人工智能（AI）发展情景 的模型结果，在不同AI渗透率假设下（10%、15%、20%），经济增长率均显著高于基准情景 （Base）。到2035年，基准情景下的潜在增速降至约4.2%，而AI渗透率达到20%的情景下可维持潜在增 速在5.8%左右，显示AI普及能够有效托底经济。AI能有效延缓潜在经济增速下滑，但有两个前提：一 是存在"阈值效应"——在模型设定中，当AI资本存量占GDP比重超过2%，对全要素生产率（TFP）的边 际拉动会从0.1个百分点跃升至0.4个-0.5个百分点。"十五五"是实现2035年"人 ...

2025年很不平凡。这一年，我们一起见证一个个历史瞬间，一起奋力拼搏顶压前行。一份份付出汇聚伟 力，一串串脚步奋勇向前，一束束光芒熠熠生辉。 漫画/李嘉 爱国之光，无比耀眼。 9月3日，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在天安门广场隆重举行。阅兵仪式 上，当年轻士兵组成的方阵经过时，抗战老兵颤巍起身庄严敬礼；80面抗战英模部队荣誉旗帜组成战旗 方队，承载着历史荣光浩荡前行；新一代武器装备集中亮相，钢铁洪流传递中国力量……那一刻，过去 与未来交织，历史与现实交响。 转自：北京日报客户端 岁序更替，华章日新。我们即将告别2025年，迎来崭新的2026年。 2025年给我们留下了怎样的记忆？年度字词、流行语中可见一斑：九三阅兵、韧、人形机器人、育儿补 贴……一个个词句，勾勒出这一年鲜活的社会图景。 盛大阅兵式，每一步都踏出了中国人的自信和底气，成为中华民族阔步迈向伟大复兴的生动注脚。多少 人为阅兵仪式所震撼，眼里满是自豪的光芒。 对抗战历史的铭记、对抗战老兵的崇敬、对人民子弟兵的热爱，汇聚成一束束爱国之光，照见历史，也 照亮我们继续前行的道路。 二 英雄之光，无比闪亮。 一 今年7月底，北京再遭 ...

Core Insights - The 27th China International High-Tech Achievements Fair (High-Tech Fair) is being held in Shenzhen from November 14 to 16, showcasing over 5,000 technology companies from more than 100 countries and regions, with an exhibition area of 400,000 square meters [1][9] - The event features a wide range of innovative technologies, including drones, humanoid robots, non-invasive brain-machine interface devices, and AI voice companions, highlighting significant advancements in smart equipment and health technology [1][5][9] Group 1: Smart Equipment - The "Dawn" drone, which has been used in emergency rescue operations, is capable of providing stable lighting in disaster areas and can operate continuously for an entire night, covering an area equivalent to two to three football fields [3] - The eVTOL (electric Vertical Take-Off and Landing) aircraft has received the first domestic flight permit and aims to offer low-cost sightseeing services in cities like Luoyang, Chengdu, Wuhan, and Shenzhen, allowing tourists to experience aerial views for a minimal fee [3] - A robotic hand capable of mimicking intricate human hand movements has been showcased, emphasizing its potential to replace human labor in manufacturing processes, thereby reducing wear and tear on human hands [5] Group 2: Health Technology - A brain health device, designed to enhance cognitive efficiency, utilizes non-invasive brain-machine interface technology to stimulate brain cells, targeting individuals with memory issues or attention deficits [7] - An innovative smart ring, claimed to be the world's first device for detecting sleep apnea, boasts a monitoring accuracy of 90.7% for sleep-related health metrics [9] - An AI companion robot, designed to interact with users based on their emotional states, has gained popularity, particularly among children, showcasing the integration of AI in personal well-being [9]

Group 1 - The total value of technology contracts from Beijing to Tianjin and Hebei has reached 230.87 billion, nearly double that of the previous five-year period [2] - The three regions have collaboratively developed six key industrial chains, including new energy vehicles and robotics, enhancing industrial synergy [2] - The integration of innovation and industrial chains is deepening, creating robust industrial collaboration [2] Group 2 - The automatic tofu bottle-filling robot developed by Tangshan Siwei Intelligent Technology Co., Ltd. can fill 4,800 pieces of tofu in one hour, equivalent to the work of two skilled workers [3] - The robot is designed to handle the unique bottle shape and ensure the tofu's integrity during the filling process, addressing long-standing production challenges faced by traditional food companies [3][4] - The first prototype of the tofu filling robot has passed inspection and has received multiple patents, showcasing its potential for broader application in the condiment industry [4] Group 3 - Beijing Rimate Medical Technology Co., Ltd. has successfully developed high-performance turbine fans for home ventilators, breaking international technology monopolies and filling domestic gaps [5] - The company has sold over 3 million home ventilators, demonstrating significant market penetration and technological advancement [5] - A joint project on non-invasive respiratory systems has been awarded a first-class science and technology progress award by Tianjin Science and Technology Bureau [5] Group 4 - The collaboration between Hebei and Beijing has led to the establishment of three research bases for quinoa seed breeding, significantly improving crop yields and resilience [6] - The new quinoa variety "Bali 2" has shown a yield increase of 30% compared to traditional varieties, reflecting successful agricultural innovation [6][7] - The direct supply chain from production in Hebei to markets in Beijing has been established, enhancing the economic viability of quinoa farming [7] Group 5 - The "14th Five-Year Plan" has seen significant achievements in the coordinated development of the Beijing-Tianjin-Hebei region, with major infrastructure improvements and industrial collaborations [8] - The region's highway network has expanded to over 11,000 kilometers, significantly enhancing connectivity [8] - The Xiong'an New Area has attracted over 1 trillion in investments, with an annual growth rate of 19.8%, indicating rapid urban development [9]

Group 1 - The recent trade tensions between China and the U.S. have escalated, with China implementing export controls on key materials and the U.S. proposing a 100% additional tariff on Chinese goods [1] - The market's reaction to the new tariffs is expected to be less severe compared to previous trade disputes, as investors have adjusted their expectations based on past experiences [2][3] - The potential for a meeting between the leaders of China and the U.S. during the APEC summit may reduce the likelihood of the additional tariffs being enacted [2] Group 2 - The current market valuation has increased significantly since April, with the CSI 300 index rising from 11.66 times earnings to 14.23 times, indicating a higher sensitivity to market disruptions [3] - Despite the potential short-term impacts of the tariffs, the underlying themes driving the market, such as technological advancement and capital market stability, remain intact [3] - The recent tariff developments may create opportunities for sector rotation, with high-dividend stocks becoming more attractive in a volatile market [4]

Core Points - The transition from paper tickets to electronic invoices officially began on October 1, marking the end of an era for physical train tickets in China [1] - The shift to digital ticketing is seen as a significant advancement in technology, making travel more convenient for the public [2] Group 1: Historical Significance - Paper train tickets have served as important mementos, capturing personal memories and historical moments in the development of China's railway system [1][5] - Collectors and railway workers reflect on the emotional connections and historical significance of paper tickets, which document family journeys and milestones in railway history [5][8] Group 2: Personal Stories - Individuals share personal anecdotes about their experiences with train travel and the sentimental value of their ticket collections, highlighting the cultural impact of railways on their lives [7][11] - The stories illustrate how train tickets have been part of family traditions and personal growth, symbolizing broader themes of national development and modernization [7][9][11] Group 3: Future Outlook - The move to electronic tickets is viewed as a necessary step in the digital age, with expectations that future generations will view these paper tickets as historical artifacts [8][11] - The railway industry is poised for continued growth and modernization, with a focus on technological advancements that enhance passenger experience [2][11]

Group 1 - The article discusses the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It highlights the significance of USD bond funds as a crucial component of investment diversification [2] - A free course is offered to provide systematic knowledge on investing in USD bond funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article explains why the long-term profitability of listed companies tends to increase, attributing this to two main factors [5] - The first factor is inflation, where companies can raise prices of their goods and services to counteract inflation, leading to overall revenue and profit growth [6] - The second factor is the improvement in production efficiency, driven by technological advancements and urbanization, which enhances overall societal efficiency and productivity [7][8]

Core Viewpoint - The rare earth permanent magnet materials industry has a broad development prospect, primarily benefiting from the global green economy transition and technological advancements driving demand growth [1] Industry Summary - The demand for rare earth permanent magnet materials is expected to continue expanding due to the rapid development of sectors such as electric vehicles, wind power generation, and robotics [1] - The consumer electronics industry's technological iterations provide a stable incremental space for rare earth permanent magnet devices, especially in high-end smart devices [1] Company Summary - The company's growth drivers include: - Increasing R&D investment to promote technological innovation and product upgrades to meet customer needs [1] - Deepening cooperation with existing customers while exploring new customer groups [1] - Actively expanding into emerging markets, particularly in the fields of electric vehicles, robotics, and low-altitude economy [1] - Optimizing production processes to enhance capacity utilization and product quality, further consolidating the company's competitive advantage and increasing market share [1]

Group 1: Customer Relationships and Market Risks - The company has established long-term stable relationships with internationally renowned consumer electronics brands, with a high concentration of sales revenue from the top five customers [2][3] - The risk of dependency on a single customer exists, especially if market competition intensifies or if major clients fail to meet consumer demands [2] Group 2: Industry Growth Prospects - The rare earth permanent magnet materials industry has significant growth potential, driven by the global green economy transition and technological advancements [3] - Key growth drivers include increased demand from sectors like electric vehicles, wind power, and robotics, as well as ongoing technological iterations in the consumer electronics industry [3] Group 3: Financial Performance and Profitability - The company's overall gross margin for the first half of 2025 is 25.47%, an increase of 1.15% compared to the same period last year [3][4] - The gross margin for the main business improved from 26.61% in the first half of 2024 to 28.46% in the first half of 2025, a year-on-year increase of 1.85 percentage points [3] Group 4: Operational Strategies - The company plans to enhance the proportion of high-value-added products and improve product competitiveness through technological upgrades and process improvements [4] - Continuous automation and intelligent upgrades in production are aimed at increasing efficiency and reducing costs, thereby supporting stable gross margins [4] Group 5: Workforce Composition - As of the end of 2024, the company has a total of 2,909 employees, including 271 R&D personnel and 2,390 production staff [4]