1 国泰海通 国泰海通2026春季策略会 科技产业链投资方法 = 我 ~ 四 高 ~ 友 3月25日 深圳市福田区香港 四六四日 会议亮点 从移动互联网到AI,从智能手机到人形机器人和智能驾驶和新消费等 科创领域日新月异。我们复盘历史上牛股辈出的科创业的行情轨迹, 总结当时涨幅最好的代表性龙头公司的商业模式特质和业绩估值规 律,归纳出历史上科创产业链中涨幅最大的卓越龙头的本质选股方 法论,映射当下科创选股和展望未来。 议程安排 ● 16:10-16:50 寻找科技产业链中高价值/高通胀/高壁垒 环节的高弹性引领者 韩其成-国泰海通证券建筑工程研究首席分析师 ● 13:30-14:10 美妆龙头如何炼成的,以珀莱雅为例 国泰海通证券研究所副所长、消费研究组长、 食品饮料研究&美妆研究首席分析师 | 14:10-14:50 595-04-229 ● 15:30-16:10 电子半导体:如何把握趋势性高成长股票 舒 迪-国泰海通证券电子研究首席分析师 ● 16:50-17:30 计算机:寻找最锋利的矛 杨 林-国泰海通证券计算机研究首席分析师 *参会请联系您的国泰海通对口销售报名 研究运营组制作 Al的新周期里的卓 ...

2020-2025年全国移动互联网接入流量统计图 数据来源：国家统计局 相关报告：智研咨询发布的《2026-2032年中国互联网行业市场竞争态势及投资机会分析报告》 2025年1-12月，全国移动互联网接入流量累计值为3957.96亿GB，累计增长17.3%；2025年12月，全国 移动互联网接入流量当期值为370.82亿GB，同比增长19.9%，环比增长4.5%。 近一年全国移动互联网接入流量当期值及同比增长统计图 数据来源：国家统计局 ...

目前，具身智能赛道有多火？对此，宇树科技创始人、CEO 王兴兴表示："目前机器人产业 或具身智能产业，背后最大的驱动因素或不确定因素，基本都是由AI主导，但增长曲线可能越 来越陡峭。如果未来几年，有真正大规模应用的具身智能AI模型和机器人技术突破， 那时候 热度可能会比现在至少高100倍，甚至1000倍。而这个热度，我觉得会远超移动互联网。 所 以，我觉得当下阶段绝对不是最热，目前可能还是处于爬坡或爬坡阶段的平台期。" 来源：央视财经 屏幕下方点个赞， 天天抓牛股！ 责编：叶舒筠 校对： 冉燕青 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 存储芯片，逆市大涨！ 丨 深圳出手！不得违规开展黄金预定价交易！ 丨 美股、黄金、白银，集 体大跌！ 丨 15年以来之最，DRAM供应短缺！美存储概念股大爆发！ 丨 A股重磅！2家公司宣布， ...

本文字数：339，阅读时长大约1分钟 据央视财经，目前，具身智能赛道有多火？对此，宇树科技创始人、CEO 王兴兴表示："目前机器人 产业或具身智能产业，背后最大的驱动因素或不确定因素，基本都是由AI主导，但增长曲线可能越 来越陡峭。如果未来几年，有真正大规模应用的具身智能AI模型和机器人技术突破，那时候热度可 能会比现在至少高100倍，甚至1000倍。而这个热度，我觉得会远超移动互联网。所以，我觉得当下 阶段绝对不是最热，目前可能还是处于爬坡或爬坡阶段的平台期。" 微信编辑 | 夏木 2026.02. 13 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 比尔·盖茨再次访华，直面"爱泼斯坦争议" ...

Core Viewpoint - The article highlights the journey and philosophy of Chen Xiangdong, the founder and CEO of Gaotu Education, emphasizing his belief in the transformative power of education and the importance of human involvement in the learning process, especially in the age of AI [4][31]. Group 1: Personal Background and Career Journey - Chen Xiangdong's early life was shaped by his father's desire for him to pursue education, leading him to become a teacher at the age of 17, which he now views as a valuable experience [6][11]. - He founded Gaotu (formerly known as "Who Can Learn") after recognizing the potential of mobile internet in education, successfully listing the company on the US stock market with only A-round financing [3][18]. - The company has faced challenges, particularly during the 2021 education sector turmoil, which Chen views as a new entrepreneurial phase focused on AI education and skills training [4][55]. Group 2: Views on Education and AI - Chen asserts that while AI can replace teaching, it cannot replace the nurturing aspect of education, emphasizing the need for human guidance in the learning process [31][37]. - He believes that the integration of AI in education will not lead to the disappearance of universities but will necessitate significant changes to enhance the quality of education [31][32]. - Chen argues that every era presents opportunities for individuals from all backgrounds, and success is determined by the willingness to learn continuously [34][62]. Group 3: Company Philosophy and Future Outlook - Gaotu is positioned as a comprehensive education provider, covering various areas such as youth development, high school planning, and online-offline integration, with a focus on long-term growth rather than immediate profits [55][56]. - Chen expresses confidence that Gaotu will achieve profitability by 2026, attributing this optimism to the company's innovative approaches and strategic investments made in recent years [57][58]. - The company aims to maintain a focus on core values of sincerity, altruism, and beauty, which Chen believes are essential for building a successful organization [51][54].

Core Viewpoint - The stock market operates on a narrative framework akin to a pyramid scheme, where belief and follower growth drive stock prices, with value investing also relying on narrative structures [1] Group 1: Market Dynamics - The current bull market's main narrative theme is AI, following previous themes like new energy, mobile internet, and real estate [1] - Growth sectors such as consumption, healthcare, cyclical materials, and chemicals are driven by the overarching economic cycle, which is a recurring feature in bull markets [1] - Stocks that have significantly appreciated in value often do so because they align with the prevailing narrative of the times, rather than just technical indicators [1] Group 2: Investment Strategy - A successful long-term investment strategy should anchor on the main narrative while also capturing peripheral growth sectors and identifying leading stocks within those sectors [1] - The construction of a "monster stock" system should focus on momentum, with the underlying narrative being the primary source of that momentum [1] Group 3: Market Behavior - Stocks on key narratives may not show immediate price movements as they await favorable conditions, indicating a connection to the larger AI narrative [2] - The market exhibits cyclical behavior where seemingly unrelated sectors can be interconnected through the main narrative, suggesting potential future breakthroughs for stocks in consolidation phases [2] Group 4: Systematic Thinking - Focus should be on structural analysis rather than isolated events, emphasizing the importance of understanding broader market trends [4] - Investment strategies should rely on feedback loops and closed systems rather than single-point efforts [4] - The system should be replicable, continuously leveraging marginal and leverage effects [4]

格隆汇2月10日丨博睿数据(688229.SH)在互动平台表示，公司将持续加强技术研发与市场开拓，持续提 升公司的市场竞争力，公司自成立以来始终坚持自主创新，紧跟移动互联网、云计算、大数据、人工智 能等行业前沿技术的发展变革，持续不断的推陈出新。公司目前未涉及PCM相关的业务。 ...

这波行情的终止源于"救万民于癫狂之间"的良好愿望，也没啥好说的，其实两边都要反思，做股民（也包括民间大佬）的多想想以 后别发癫发狂了，当官的多想想怎么让制度更加公平合理点，别把精力总放在刹车和油门上。 平均股价指数的动量状态是正常的，说明市场本身内生的力量还在，但也到了第四峰，后峰再要超越恐怕也比较难了。 我又要拿出200日均线回归论，上次打脸了，这次继续，我觉得这次回归的可能更大了。其实回归200日均线也不是多大的事，点位肯定还是高于9.24第一 波爆发的高点，属于合理的回测确认。时间大约在3/4月份，与去年触及200日均线的时间类似，然后才发放年度红利。 月线收敛结构已经突破，当下如果回撤确认突破有效性，也合情合理： 从纯技术的角度看，此处回撤或者横盘也还算合理，如果以后想要有大行情，早调整早了。 救护队痕迹比较重的几个指数，都出现日线级别的动量顶背离，无论这是故意为之，还是自然形成，都必须重视。故意为之是态度，自然形成是合力。 本轮牛市的核心驱动力是AI，其它都是插曲，如果AI行情结束，则整体牛市必定结束，AI是唯一能贯穿始终的主题、主线，这和上一轮牛市的新能源是 一样的，和上上一轮的移动互联网也一样， ...

Core Insights - The article discusses the significant growth and transformation of the mobile internet landscape driven by AI technology and the integration of online and offline services, emphasizing the importance of scenario-based industry restructuring [3] Group 1: User Engagement and Growth Metrics - By December 2025, the total number of monthly active users (MAU) across the internet is projected to reach 1.276 billion, with an average monthly usage time of 186.2 hours, reflecting an 8.4% year-on-year increase [4][11] - The AIGC app sector saw a net increase of over 200 million monthly active users, with a year-on-year growth rate of 150.4%, indicating strong demand for AI-driven applications [4][14] - AI application plugins also demonstrated robust growth, achieving a monthly active user count of 696 million, up 37.8% year-on-year [4][14] Group 2: Ecosystem and Service Expansion - The small program ecosystem is thriving, with life services becoming a core area for platforms like WeChat, Alipay, and Baidu, where the top 100 small programs account for 35%, 50%, and 29% of their respective industries [4][17] - By December 2025, the number of life service small programs on WeChat with over 10 million monthly active users reached 68, a significant increase from the previous year [4][24] - The integration of short dramas and content updates has led to rapid innovation in content platforms, with notable user engagement in platforms like Red Fruit Free Short Drama and Hippo Theater [5][28] Group 3: Hardware and Content Ecosystem - Smart TVs have emerged as a central hub for scenario-based traffic, with active device numbers reaching 289 million, showcasing the growing importance of hardware in the digital ecosystem [6][21] - The top OTT applications for smart TVs include Galaxy Qiyi and CIBN Cool Cat Movies, with active device counts of 128.4 million and 126.1 million, respectively [70] Group 4: Industry-Specific Developments - The mobile video industry is experiencing a surge in short dramas, with platforms like Red Fruit Free Short Drama and Hippo Theater achieving 275 million and 47.2 million monthly active users, respectively [28][30] - In the mobile banking sector, new internet banks are leveraging WeChat small programs as their primary platform, while traditional banks are gradually increasing their investment in small programs [34][36] - The tourism service industry is witnessing a rise in traffic, with platforms like Tongcheng Travel achieving over 240 million in traffic through WeChat small programs [40] Group 5: Brand and Market Dynamics - The restaurant sector is expanding its reach, with over 40 brands achieving monthly active user counts exceeding 1 million, driven by innovative marketing strategies [55] - Domestic sports brands are effectively utilizing small programs to enhance user engagement, with notable growth in user numbers for brands like Xtep and Li Ning [61]

Core Viewpoint - The article discusses the emergence of a new generation of venture capitalists (VCs) born in the 2000s, highlighting their unique characteristics, challenges, and the evolving landscape of the investment industry, particularly in the context of AI and technology [4][5][19]. Group 1: Characteristics of the New Generation of VCs - The number of active 00s VCs in leading firms is limited, estimated to be around 15-20 individuals, who are well-connected and share similar backgrounds, including prestigious educational qualifications and high work intensity [5][6]. - This generation exhibits a stronger sense of self-awareness and is less focused on traditional success metrics like wealth accumulation, instead prioritizing personal growth and meaningful contributions [5][6]. - Many 00s VCs have diverse internship experiences across various sectors, allowing them to explore different career paths before settling into venture capital [10][11]. Group 2: Career Path and Choices - The article emphasizes that VC is often seen as a final career stop for seasoned professionals rather than an ideal starting point for fresh graduates, as it requires significant experience and insight into entrepreneurship and industry nuances [7][8]. - Young VCs are increasingly seeking roles that offer growth opportunities and meaningful contributions rather than just financial rewards, leading some to leave traditional firms for entrepreneurial ventures [14][15]. - The current VC landscape is characterized by a narrowing of upward mobility, with younger investors often relegated to support roles rather than decision-making positions, which can lead to frustration [15][16]. Group 3: Investment Philosophy and Approach - The new generation of VCs is more willing to take risks in their investment decisions, particularly in sectors like AI, which they believe will reshape traditional business models [23][24]. - There is a growing recognition among young investors that success in venture capital is not solely about identifying promising projects but also about understanding the people behind those projects [18][19]. - The article notes a shift in focus from emulating established industry leaders to developing personal investment philosophies based on real-world experiences and insights gained from peers [20][21]. Group 4: Industry Challenges and Future Outlook - The venture capital industry is maturing, leading to increased competition and a more challenging environment for new entrants, as opportunities for advancement become limited [25][26]. - Despite the challenges, there is optimism about the potential for recovery and growth in the VC market, particularly as the industry begins to rebound from recent downturns [22][25]. - The article concludes that the evolving landscape requires young VCs to be adaptable and to cultivate a robust personal judgment system to navigate the complexities of the investment world [24][25].