本文作者为创金合信基金首席经济学家魏凤春 新年伊始，万象更新。年前的首席视点指出年后的首席视点将会侧重术与器。也就是说，元旦新年之 后，我们将会从过去一个半月的"坐而论道"转向"起而行之"。其中隐含的意思是，再继续等待就有些靡 费时日了。通过之前的首席视点，我们对2026年资产配置的框架、逻辑和标的进行了详尽的分析，但这 只解决了趋势和结构的问题，择时的问题仍然需要相机而动。不仅如此，所有的策略都是预测，都需要 根据市场的变化进行完善和调整。这就意味着即使是坚定的价值投资者也需要考虑市场的波动，不仅如 此，在资产管理进入工业化与智能化时代，投资者的需求已经从单一资产加杠杆、一味追求收益，向多 元资产体系下的风险与收益平衡转变了。我们的首席视点认为短期重于长期，实际上是将趋势、结构与 节奏融合的判断逻辑。 一年之计在于春，历史的走势表明年初的投资布局对于全年来讲具有明显的指向作用。比如2025年第一 期首席视点我们认为需要"走出蘅皋"，指出配置思维要从低风险资产舒适区转向拥抱产业变革机遇。但 这并不是完全对应的，2020年以来，年初资产走势对全年配置具有中等强度的正相关指向，但需结合黑 天鹅、政策转向、流动性反 ...

Core Insights - The 25th China Private Equity Annual Conference will be held in Shenzhen from December 2-5, 2025, organized by Qingke Holdings and Investment界 [2] - The event features various forums and summits, including the Investment Trend Forum, AI Summit, and Innovation Drug and Life Science Summit, aimed at enhancing the investment ecosystem [2][10] Agenda Highlights - The Investment Trend Forum will include a 90-minute dialogue focusing on future challenges and opportunities, alongside the release of the "2025 China Private Equity Development Report" [4][6] - Keynote speeches will be delivered by prominent figures such as Ni Zhengdong, founder of Qingke Group, and Jin Haitao, chairman of Qianhai Ark Asset Management [6][7] - Roundtable discussions will cover topics like cyclical strategies, international perspectives, and exit strategies, featuring industry leaders from various investment firms [8][10] AI Summit Focus - The AI Summit will address breakthroughs in the industry, exploring the integration of AI with hard technology and investment logic behind technological advancements [10][12] - Discussions will include the opportunities presented by embodied intelligence and AI applications in real-world scenarios [10][12] Innovation Drug and Life Science Summit - The summit will focus on key advancements in biotechnology, including AI in drug development, cell and gene therapy, and innovations in medical devices [20][21] - Notable speakers include He Fuchu, an academician from the Chinese Academy of Sciences, discussing international scientific initiatives [20][21] Networking Opportunities - The event will feature diverse networking activities, allowing participants to engage with industry leaders and explore innovative technologies [22][24] - Over 20 cutting-edge technology companies will showcase their products, enhancing interaction between investors and startups [24][25]

2025年1 2月2-5日 ，由清科控股（01945.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 将在 深圳 举行。 作为 "创·投嘉年华" ，大会不但设置了 创投趋势论坛、AI峰会、创新药与生命科技峰会、创投Talk 等丰富环 节，更有 N+花样玩法 打造深入创投生态的 超级链接 ，快来一起玩转 清科·南山创投周 。 A G E N D A 丰富议程设置·锁定超强阵容 【最终安排以现场为准】 12月3日， 创投趋势论坛 设置 90分钟超长影响力对话 ，以 "分组对抗" 的形式， 聊深聊透 关于未来的不同解 题。发布 《2025中国股权投资发展报告》 ，一览行业风云。有"灵魂拷问"，也有周期博弈，有国际视角，也有 赛道得失，更有退出、早期投资等热议话题。大咖云集，干货满满，不容错过 ▼ 09:05-09:15 领导致辞 09:15-09:35 主血盲叙辞区《2025中国股权投资友展报告》发布 致辞嘉宾:倪正东 清科集团创始人、董事长;清科控股董事长兼CEO 09:35-09:50 仪式切节 09:50-10:10 壬题演讲 演讲嘉宾: 靳海涛 前海方舟资产管理有限公司 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The U.S. "Genesis Mission" aims to establish a national-level technology initiative comparable to the "Manhattan Project," focusing on integrating scientific datasets, supercomputing resources, and AI models to enhance the U.S.'s global technology leadership [12][14] - The initiative emphasizes the application of AI in scientific discovery as a national security priority, indicating a shift from commercial AI applications to a more integrated national research approach [13][14] - The plan outlines six priority sectors: advanced manufacturing, biotechnology, critical materials, nuclear energy, quantum information science, and semiconductors, which will guide federal budget allocations and industrial policies [14][15] Summary by Sections Event Overview - The Genesis Mission was officially launched on November 24, 2025, by President Trump, with the goal of accelerating scientific breakthroughs in critical fields [12] - The initiative is led by the Department of Energy and aims to create a unified "American Science and Security Platform" [12][14] Strategic Shift - The focus has shifted from regulation to national research empowerment, establishing "AI for Science" as a strategic priority [13] - The government intends to leverage national resources to overcome scientific bottlenecks in key areas [13] Infrastructure Development - The plan includes building a national-level hardware and software infrastructure that integrates supercomputers, cloud-based AI environments, and extensive federal scientific data [14] - This infrastructure aims to create significant barriers to entry for competitors, positioning entities with high-quality data and computing capabilities at the core of future technology ecosystems [14] Priority Sectors - The six identified priority sectors are expected to drive demand for upstream computing infrastructure and benefit industry leaders that can integrate AI into their R&D processes [14][15] - Specific sectors include semiconductors, biotechnology, and clean technology, which are poised for growth due to the initiative [14] Public-Private Partnerships - The initiative emphasizes collaboration with private sector companies and universities, allowing technology firms to participate in national projects [15] - Clear execution milestones have been set, including resource audits and initial platform capabilities, which are expected to accelerate technology transfer from research to application [15]

最终安排以现场为准 2025年1 2月2-5日 ，由清科控股（01945.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 将在 深圳 隆重举行。 12月3日下午，特别举办AI峰会，直击产业前沿！ { 峰会议程有哪些不一样 「AGENDA」 } ▼ 直击 前沿产业突破点 ，"AI峰会"将从 底层"算力革命" 延伸至 应用层"产业赋能" ，聚焦 具身智能突破路径 与 AI落地物理世界的实践 ，深入剖析 "AI+硬科技"融合机遇 ，拆解技术突破背后的投资逻辑。 AGENDA 峰会议程 13:30-13:45 主题演讲 演讲嘉宾:贾佳亚 思谋科技SmartMore 创始人、董事长 13:45-14:25 圆桌派:创新与边界:AI落地物理世界 对话主持:陈 昱 云启资本 合伙人 对话嘉宾:王 潜 自变量机器人 创始人&CEO 周 光 元戎启行 CEO 14:25-15:05 圆桌派:具身智能与AI硬件的中国机遇 对话主持:李 丰 峰瑞资本 创始合伙人 对话嘉宾:刘 韬 Speediance速境 创始人兼首席执行官 张 巍 逐际动力 创始人 15:05-15:20 主题演讲:量子计算 ...

Core Viewpoint - The announcement of the successful filing for overseas IPOs by Chinese autonomous driving companies, Pony.ai and WeRide, marks a significant step in their expansion into the Hong Kong market, indicating a shift in the Robotaxi industry from testing to operational profitability [2][8]. Group 1: Company Developments - Pony.ai plans to issue up to 102,146,500 ordinary shares for its listing on the Hong Kong Stock Exchange, while WeRide intends to issue up to 102,428,200 shares [2]. - Both companies have received the necessary approval from the China Securities Regulatory Commission (CSRC) and must report their listing status within 15 working days after completing their overseas issuance [2]. - The approval is valid for 12 months, requiring companies to update their filing materials if they do not complete the listing within this timeframe [2]. Group 2: Industry Trends - The Robotaxi sector is transitioning from a focus on technical validation to operational profitability, with the core question shifting from "Can it run?" to "Can it make money?" [8]. - Major players in the industry are rapidly expanding their fleet sizes and operational areas to achieve economies of scale, which is essential for approaching profitability [10]. - Companies like Baidu's Apollo Go have expanded their services to multiple cities and are forming strategic partnerships to accelerate growth [10][12]. Group 3: Market Environment - Supportive policies from various cities in China are facilitating the scaling of autonomous driving operations, with new local standards and operational licenses being issued [15][18]. - The Hong Kong Stock Exchange has made it easier for technology companies, particularly in the AI and autonomous driving sectors, to list by relaxing requirements for unprofitable companies and emphasizing technological innovation [18][20]. - The global competition in the Robotaxi market is intensifying, with players in both China and the U.S. racing to enhance their operational capabilities [20].