中经记者 郭婧婷 北京报道 在全球经济格局深刻变革的背景下，2026年正被视为全球资本进行战略性再配置的关键一年。近期，包 括中金公司、霸菱资产、摩根士丹利、渣打银行在内的多家中外金融机构密集发声，共同指向一个趋 势：随着全球资金寻找新的"安全高地"，中国资产凭借"估值优势+增长动能"的双重吸引力，已成为国 际投资者不可或缺的配置选项。 多家机构预测，2026年将是"中国资产重估"的延续之年，A股市场与人民币资产有望迎来国内外增量资 金的持续流入。 前海开源基金首席经济学家杨德龙认为，中国核心资产在全球配置中具备较高价值，外资提升对中国资 产的配置比例，既是战略判断，也是现实需求。在此轮慢牛长牛背景下，更多境内外资金有望稳步流入 中国优质资产，推动市场行情持续走强，进一步巩固本轮长期向好格局。 霸菱宏观经济策略师李伟博向《中国经营报》记者分析指出，中国资产吸引力的深层原因在于产业层面 的系统性突破。今年年初DeepSeek的推出，在一定程度上让全球投资者意识到AI赛道中一个不容忽视 的"成本"因素。自2020年以来，直到DeepSeek出现之前，以美国为主导的机构大多依托资金规模优势进 行投资与布局，这种模式 ...

证券日报网讯瑞德智能11月26日在互动平台回答投资者提问时表示，公司尚未在算力算法领域形成具体 的产品布局、订单落地或相关投资参股安排。算力与算法作为数字经济的重要基础设施，正逐步成为推 动产业升级的关键力量。公司始终保持对前沿技术的开放态度，并结合主营业务发展需要，持续评估相 关技术的适配性与协同价值。未来，若公司在算力算法领域有实质性进展，将严格按照信息披露要求， 第一时间向投资者公告。 （文章来源：证券日报） ...

Group 1 - The A-share market has recently experienced fluctuations after breaking through the 4000-point mark, with differing opinions on whether this is the end or the beginning of a new market trend. The current market valuation and leverage are lower compared to previous peaks, indicating no severe bubble formation [1] - The technology sector has shown outstanding performance this year, with adjustments reflecting profit-taking rather than a trend reversal. The recent pullback in the U.S. "Tech Seven" has also impacted the A-share technology sector [1] - Different sectors have been labeled in the market, with technology stocks referred to as "small rising stocks" and traditional sectors like liquor and traditional Chinese medicine termed "old rising stocks," which have underperformed [2] Group 2 - The 14th Five-Year Plan emphasizes technological innovation as a key policy direction, with significant investment expected in areas like AI, semiconductors, and low-altitude economy, indicating a long-term beneficial trend for these sectors [3] - The current technology stock rally is driven by the fourth technological revolution, particularly the large-scale application of artificial intelligence, which has global implications [3] - Concerns have been raised about potential risks in AI technology stocks, drawing parallels to the 2001 dot-com bubble, as some investors have begun to reduce their positions in U.S. stocks [4] Group 3 - The U.S. technology stock market has been a significant driver of the long-term bull market, with leading tech companies starting to realize earnings, suggesting a more solid growth outlook compared to the 2001 bubble [5] - A potential market rotation is anticipated, with traditional sectors possibly experiencing a resurgence, although their growth may not match that of technology stocks [6] - The current bull market in A-shares and Hong Kong stocks is expected to continue, driven by a shift of household savings into the capital market, with over 25 million new stock accounts opened this year [5][6] Group 4 - Global capital allocation to the Chinese stock market remains low, indicating significant room for growth, especially as trade negotiations between China and the U.S. have yielded positive results [7] - Despite typical year-end market quietness, structural opportunities are expected to arise due to potential policy benefits and industry trends, suggesting that the current market phase is a consolidation rather than an end to the bull market [7]

Market Overview - The recent breakthrough of the A-share market above 4000 points is a significant milestone, marking the third time in history this level has been reached, although the actual stay was brief, lasting only about 57 minutes before a pullback occurred [1] - This pullback reflects increased divergence between bulls and bears near key levels, which is considered a normal adjustment, and the market is expected to continue its upward trend after this adjustment [1] Investment Strategy - Investors who have accumulated significant gains may consider reducing their positions to mitigate short-term volatility and lower holding costs, with plans to re-enter after the adjustment [2] - The current market is characterized by a "Technology+" trend, particularly in sectors supported by the "14th Five-Year Plan," which emphasizes technology innovation and emerging industries [2] Sector Performance - Technology stocks, particularly small-cap stocks, have performed well this year, while traditional consumer stocks have shown weaker performance due to declining third-quarter earnings [2] - Emerging sectors such as photovoltaics and energy storage are experiencing strong performance driven by policies aimed at capacity reduction and anti-involution [2] Future Outlook - The fourth industrial revolution is expected to significantly alter work and lifestyle, with technology leaders poised for dual growth in orders and performance, offering substantial returns for investors [4] - The AI infrastructure is still in its early stages, with significant capital expected to flow into this area, indicating strong profit growth potential for industry participants [4] Technological Advancements - The demand for high-performance GPU computing power is surging, as evidenced by Nvidia's market capitalization surpassing $3 trillion, marking it as the first company to reach this milestone [3] - Companies in the A-share market related to computing power, algorithms, and AI infrastructure are expected to benefit from this trend, maintaining upward momentum despite recent adjustments [3] Energy Sector Insights - The competition in the future is anticipated to revolve around "computing power and electricity," with China's significant advantages in the energy sector, including nuclear, hydro, thermal, and renewable energy sources [4] - Recent breakthroughs in thorium molten salt technology and the upcoming Yajiang hydropower project, expected to generate power equivalent to three Three Gorges dams, will greatly enhance electricity supply and create new development opportunities in related fields [4]

Group 1 - The importance of quarterly reports is generally lower compared to annual and semi-annual reports, but the analysis of the third-quarter reports reveals many positive signals that could drive the stock market [1] - Technology stocks have shown significant performance this year, with some companies experiencing profit increases of over 300%, alleviating concerns about high static price-to-earnings ratios [1][2] - The performance of companies in the upstream raw materials sector, such as metals and coal, has also improved, indicating a potential recovery in the overall economic landscape [2] Group 2 - High-end manufacturing companies have demonstrated strong performance, reflecting the resilience of the Chinese economy and providing guidance for long-term investment [3] - Despite overall economic stabilization, some sectors, particularly consumer and real estate, continue to face challenges, highlighting the uneven recovery and the need for caution regarding underperforming companies [3] - The third-quarter reports signal a positive outlook for the A-share market, emphasizing that company performance will ultimately determine market trajectory [3]

Market Overview - In September, the Shanghai Composite Index closed at 3882 points, marking a five-month consecutive rise and reaching a new high in 10 years [1] - Despite the upward trend, the market showed signs of fatigue with short real bodies and long lower shadows in candlestick patterns, indicating insufficient upward momentum [1] - The index faced significant adjustments, dropping below 3750 points at times, with two instances of weekly-level corrections [1] Sector Performance - The financial sector, particularly bank stocks, experienced a decline, with an average weighted drop of over 6% in September, continuing a three-month downward trend [2] - Although the number of bank stocks is limited, their large market capitalization significantly impacts the index [2] - Emerging industries, represented by concepts like computing power algorithms, maintained strength despite facing some adjustment pressure, especially towards the end of September [2] Investor Sentiment - Many investors are optimistic about the market, anticipating a potential breakthrough of 4000 points in October, with the index at 3897 points on October 10 [3] - The market's structural characteristics are notable, with growth-oriented technology stocks being active while traditional value stocks, like banks, show signs of weakness [3] - The banking sector faces challenges due to stagnant or declining profits and pressure from bad debts related to real estate [3] Future Outlook - A recovery in bank stocks in October is expected, but the intensity of this recovery should not be overly optimistic [4] - The push towards 4000 points is likely to rely on the performance of technology stocks, with a probable consolidation phase after surpassing 3900 points [4] - Selecting the right individual stocks remains crucial for investors, especially in the context of the strong performance of technology stocks in the current market [4]

Market Overview - A-shares experienced a fourth consecutive week of gains, but volatility has significantly increased, leading to a "dizzying" market environment [2] - The ChiNext Index showed strong performance, maintaining its gains from the previous week with longer bullish candlestick bodies [4] Index Performance - The weekly performance of major indices indicates a market preference for technology attributes, large capacity, and large market capitalization [6] - Weekly and year-to-date performance of key indices: - ChiNext Index: +7.74% (YTD: +34.95%) - Sci-Tech 50: +7.49% (YTD: +35.63%) - Shenzhen Component Index: +4.36% (YTD: +21.91%) - CSI 500: +3.24% (YTD: +23.02%) - Shanghai Composite Index: +0.84% (YTD: +15.10%) [7] Leading Stocks - Notable technology stocks such as Cambricon, Xinyisheng, and SMIC have dominated the trading volume, primarily showing gains [8] - Top 20 stocks by trading volume included: - North Rare Earth: 118.44792 billion, +18.48% - Cambricon: 118.16744 billion, +20.05% - Xinyisheng: 99.48931 billion, +30.09% [9] Market Dynamics - Three stocks with trading volumes exceeding 100 billion were North Rare Earth, Dongfang Wealth, and Cambricon, indicating the presence of rare earth and financial technology sectors alongside tech stocks [10] - Recent announcements of risk warnings and trading suspensions from several tech companies have raised concerns about the overheated "tech bull" sentiment [10][12] Sector Adjustments - Adjustments were noted in the domestic computing sector, with some smaller-cap stocks in the AI computing space experiencing declines [12] - A shift in investment focus towards a few mainboard-listed tech stocks, such as Industrial Fulian, was observed as some high-profile tech stocks showed signs of retreat [12] Future Outlook - Analysts suggest that while the core high-position stocks remain intact, the increasing number of declining stocks may negatively impact short-term sentiment and risk appetite [12] - The lithium battery and rare earth sectors are expected to maintain upward momentum in the coming week [13] Broader Market Trends - Looking ahead to September, the market may experience weaker fundamental influences, with liquidity-driven trading expected to continue [14] - Analysts propose a rotation strategy focusing on hardware to application transitions and sectors related to economic cycles, such as food and beverage, building materials, and chemicals [14][15] Upcoming Events - Significant events to watch include the commemoration of the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and World Anti-Fascist War [18] - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" starting September 1, 2025, is also noteworthy [19] - Multiple smartphone brands, including Huawei and Samsung, are set to launch new products next week [20]

Core Insights - The 2025 Global Industrial Internet Conference will be held from September 5 to 8 in Shenyang, focusing on the theme "Digital Initiation of New Chapters in Intelligent Manufacturing" with "Artificial Intelligence+" as the core topic [1] Group 1: Conference Overview - The conference will feature a variety of activities including an opening ceremony, innovation development exchange activities, parallel events, and three core forums, along with multiple supporting activities aimed at fostering global collaboration in industrial internet development [1][2] - The event aims to create a high-end international communication platform to attract global industry elites to discuss development and solve major issues in industrial internet [1][2] Group 2: Highlights and Participation - The conference will present five major highlights, focusing on cutting-edge technologies such as "Artificial Intelligence," "Large Models," "Embodied Intelligence," and "Computational Algorithms" [2] - A strong lineup of participants will include 10 academicians, 60 experts, and representatives from leading enterprises and industry associations from both domestic and international backgrounds [2] - The event will feature international elements with representatives from countries like the USA, Brazil, Greece, South Korea, and Cambodia, emphasizing a global cooperation perspective [2] Group 3: Parallel Activities and Forums - The 2025 Industrial Internet Innovation Development Conference will take place on September 6, where the "Industrial Internet Innovation Development Report (2025)" will be released, along with the signing of several cooperation projects [2][3] - Two core forums will be hosted by the China Industrial Economic Federation during the conference, focusing on the paths and experiences of industrial digitalization and green development, as well as sharing cases of digital transformation [3] - The conference has been successfully held for six consecutive years since 2019, establishing itself as a significant platform for showcasing achievements and trends in the industrial internet sector [3]

Core Insights - The 2025 Global Industrial Internet Conference will be held from September 5 to 8 in Shenyang, focusing on the integration of artificial intelligence and industrial internet [1][2] - The conference aims to create a high-end international communication platform to attract global industry elites for collaborative development and consensus building [1][2] Event Structure - The conference will feature one opening ceremony, one innovation achievement exchange activity, one parallel activity, three core forums, and multiple supporting activities including specialized exchanges, competitions, and international communication events [1] - The three core forums will include the "Third China Industrial High-Quality Development Forum," "Global Industrial Internet Integration Development Exchange Conference," and a digital transformation matchmaking event focused on smart supply chains [1] Highlights of the Conference - The agenda will focus on cutting-edge topics related to "AI + Industry," including themes like "artificial intelligence," "large models," "embodied intelligence," and "computational algorithms" [2] - A strong lineup of participants will include 10 academicians, 60 experts, and representatives from industry associations [2] - The conference will feature international elements with over 80 government leaders, experts, and business representatives from countries such as the USA, Brazil, Greece, South Korea, and Cambodia [2] - Innovative event formats will provide a diverse and immersive experience, integrating exhibitions, conferences, competitions, and visits [2] Industry Impact - Since 2019, the Global Industrial Internet Conference has been successfully held for six consecutive years, becoming a globally influential event in the industrial internet sector [2] - In 2024, the core industry value added of China's industrial internet is projected to reach 1.53 trillion yuan, a 10.0% increase from 2023, contributing nearly 3.50 trillion yuan to economic growth [2]