Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - Recent developments in the AI sector include the successful listing of Wallen Technology on the Hong Kong Stock Exchange and Baidu's Kunlun Chip planning a spin-off listing. DeepSeek has proposed a new mHC architecture that reduces the energy and computational requirements for training advanced AI, potentially accelerating the industrialization of AI [2][4] - The report highlights the upcoming IPOs of AI companies Zhiyu and MiniMax on January 8 and 9, respectively, and notes the partnership of Doubao with the Spring Festival Gala as a significant event [2][10] - The report identifies several promising investment opportunities within the AI sector, including high-quality IP benefiting from AI technology advancements, internet giants with advantages in traffic, models, and data, and vertical sectors like advertising, e-commerce, and education that have successfully replicated overseas business models in China [2][10] Summary by Sections Recent Events - Wallen Technology has successfully listed on the Hong Kong Stock Exchange, filling an important gap in the computing power sector. The company has developed a full chain of capabilities from high-end AI chips to computing clusters, with its self-developed "Biren" GPGPU architecture and related hardware products. The stock surged by 75.82% on its first day, indicating a new phase for the domestic computing power industry [10] - Baidu's Kunlun Chip is set to enhance its valuation transparency and attract investors focused on hard technology by planning a spin-off listing. The Kunlun Chip P800 cluster, capable of supporting multiple large models, marks a significant milestone in domestic computing power [10] - DeepSeek's new mHC architecture addresses issues in the existing Hyper-Connections structure, showing a mere 6.7% increase in training time while achieving significant performance improvements, thus lowering the costs associated with AI model training [10] Investment Opportunities - The report emphasizes the accelerated marginal growth in AI, with a focus on investment opportunities in the AI sector. It highlights the potential of high-quality IP benefiting from AI advancements, internet giants with data advantages, and vertical sectors that can replicate successful overseas business models [2][10]

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 下注未来 - 科技行业 1 月投资主线及金股推荐 20260104 摘要 Q&A 2026 年东山精密在云端 PCB 和光模块业务方面的预期如何? 东山精密在 2026年的云端 PCB 和光模块业务预期非常乐观。首先,东山精密通 过收购索尔思,在 400G、800G 和 1.6T 光模块领域取得了显著进展。具体来说, 东山精密预计 2026年光模块总销量将达 930万只,包括 400G(300万只)、 ● 800G(600 万只)和 1.6T(30万只),总收入有望达到200 亿元人民币, 利润约 60亿元人民币。主要客户包括微软、Meta、XAI 等,并积极拓展 NVidia 和 Google 等潜在客户。 东山精密计划投入约 70 亿元进行 PCB 业务扩张,主要投资于珠海和泰国, . 预计 2027年 PCB 业务将迎来爆发期,Mutek 部门有望实现 20 亿至 30 亿 美元的收入规模。云端 PCB 和光模块是主要增长点,传统业务利润贡献相 对有限。 · 金测科技被推荐为金股,尽管其半导体收入和订单略低于飞测科技,但认 为其市值存在补涨空间, ...

朋友们，我是帮主郑重。又到了一年之初，我照例坐在办公室里，泡上一杯茶，复盘过去，眺望未来。 今天，我想和大家唠的，不是已经发生的历史，而是几家权威机构对2026年做出的、那些或激进、或审 慎的十大预测。这些预测就像一张张拼图，描绘出未来一年我们可能面临的复杂图景：AI究竟是会泡 沫破灭，还是开启工业革命？美股是续创新高，还是盛极而衰？黄金能冲到多高？量子计算会不会一夜 之间让比特币归零？ 别急，咱们一块儿，像解谜一样，把这些碎片拼起来看看。 首先，最牵动神经的，莫过于对 "AI泡沫" 的预测。一边是知名经济学家夏尔马警告，更高的利率可能 刺破由AI资本支出驱动的泡沫；另一边，是谷歌大脑联合创始人吴恩达宣告，AI投资已经贡献了美国 GDP增长的全部，拉开了"新工业时代"的序幕。帮主看来，这恰恰揭示了AI产业化的真实阶段：一边是 部分领域确实存在过热和估值泡沫，另一边是AI技术正在大规模、真实地转化为生产力、就业和销售 额。 2026年，市场的考验将从"故事"转向"业绩"，谁能兑现商业承诺，谁就会脱颖而出。OpenAI、 SpaceX等潜在的超级IPO，将是检验市场信仰和承接能力的试金石。 其次，关于 "美联储迷 ...

转债周策略 20260104 如何跟踪转债相对股票的性价比 glmszqdatemark 如何跟踪转债相对股票的性价比 （1）转换价值大于等于 130 元的股性转债，涨跌仍相对正股存在一定的"钝化"， 但和正股涨跌的相关性明显高于转换价值更低的转债。 通过计算日频的跟涨比数据和跟跌比数据，可以统计得到月频的平均跟涨比数据 和跟跌比数据，月频的涨跌比数据。从月度转债跟涨比和跟跌比来看，我们可得 到以下分析结论： 风险提示：转债估值压缩风险，个股业绩波动风险。 2026 年 01 月 04 日 [Table_Author] | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | | 研究助理 | 黄涵静 | | 执业证书： S0590125110075 | | | 邮箱： | huanghanjing@glms.com.cn | 相关研究 本公司具备证券投资咨询 ...

上述研报还指出，对于AI相关性较低的公司，业绩能见度和估值性价比将是股价的核心影响因素。业 绩角度，竞争格局及宏观敏感度为核心影响要素。一是竞争格局相对稳定的垂类龙头有望保持业绩韧 性。二是以供给创新驱动的情绪消费有望保持高景气。此外，随着2025年4季度起各大即时零售平台开 始注重优化效率，2026年行业竞争强度如若边际趋缓，核心玩家则存股价反转机遇。 编辑：林郑宏 转自：新华财经 新华财经上海12月31日电 中信证券研报分析认为，2025年互联网板块在外部扰动反复的环境下走出震 荡上行行情，上行动量主要为AI驱动的价值重估及流动性改善。展望2026年，预计中概互联网板块的 投资机遇将围绕AI产业化进程、业绩能见度和估值性价比两大主线展开：一是AI产业化加速兑现，模 型迭代、应用渗透以及业绩兑现将成为互联网板块AI叙事下的重要催化；二是综合考虑业绩能见度及 估值性价比。此外，建议关注外卖与即使零售竞争格局边际变化带来的潜在机遇。 ...

2026年1月6日至9日，全球科技界的"开年盛典" CES（国际消费类电子产品展览会）将在美国拉斯维加 斯再度上演。CES在2025年汇聚了4500余家全球展商、14万名专业观众和6500家国际媒体参与，展现出 前所未有的行业关注度与全球热度，2026年来自全球的创新企业更将共同见证一个全新时代的到来—— AI技术融合及产业化元年。 已经确认参与今年 CES主舞台，并进行主题演讲的四家不同产业领域科技巨头已经官宣：西门子、 AMD、联想、卡特彼勒，这也在预示着一个趋势——2026CES，已经不仅是硬件新品发布的秀场，更 是AI驱动下软硬件融合、产业重构的战略高地。 毫无疑问，在AI驱动下终端智能全面爆发，据QYResearch调研团队最新报告"中国AI智能终端市场报告 2024-2030"显示，预计2030年中国AI智能终端市场规模将达到208.6亿美元。2026年，AI硬件、智能终 端、机器人、自动驾驶、XR设备等也将继续成为CES舞台的绝对主角，宣告"智能终端"进入"AI原 生"新纪元。 与此同时，CES也正在进化为覆盖"核心芯片-智能硬件-场景应用"的全产业链协同创新枢纽。这一转变 的核心驱动力，在于A ...

Core Insights - The article emphasizes that AI is projected to create a total value of $22.3 trillion globally by 2030, accounting for 3.7% of global GDP, with its true value being released gradually over time [1] - 360 Group has established the "AllinAgent" strategy to focus on developing "intelligent agents" that integrate deeply into specific business processes to address industry pain points [1] - The recent release of the "Top 10 AI Advanced Productivity" cases serves as a validation of this strategy, showcasing practical applications across ten key industries with measurable effectiveness [1] Group 1: AI Value Creation - The cases presented by 360 demonstrate a clear path to value creation through quantifiable and verifiable commercial benefits [3] - Enhancements in operational efficiency and cost optimization are highlighted, with examples such as a hydropower company reducing operational costs by 30% and increasing automation processing capabilities to 90% [3] - In the high-end manufacturing sector, Shanghai Electric improved knowledge retrieval efficiency by 90% and achieved an 80% efficiency increase in critical scenarios [3] Group 2: Security and Risk Management - The article discusses the importance of security and risk management in high-value industries, with 360's collaboration with Dongwu Securities improving incident response efficiency by 90% [4] - In the education sector, 360's intelligent agents helped a university isolate ransomware attacks within three minutes and reduced operational consultation requests by 70% [4] - The implementation of 360's intelligent agents in Shenzhen's government services significantly reduced ineffective alerts by over 90% [4] Group 3: Business Process Innovation - The article highlights the role of AI in reshaping business processes and innovating service models, leading to enhanced customer experiences and new growth opportunities [5] - Examples include a policy matching service in Ningbo that reduced application processing time from three days to 30 minutes [5] - The collaboration between Guizhou Mobile and 360 explored systematic upgrades in telecommunications through integrated intelligent agents [5] Group 4: Differentiation and Competitive Advantage - 360's success is attributed to its deep understanding of industry complexities and the development of differentiated capabilities [6] - The company emphasizes "scene cultivation" to build a competitive edge, addressing specific industry needs rather than applying generic AI solutions [7] - The "multi-agent swarm" system allows for collaborative efforts across various AI capabilities to tackle complex operational challenges [7] Group 5: Trust and Security Foundation - The article notes that 360's inherent "security gene" is crucial for gaining trust in critical sectors such as finance and energy [8] - The integration of over 20 years of cybersecurity expertise into intelligent agents provides a reliable foundation for operational security [8] Group 6: Market Position and Value Reassessment - The ten cases across core economic sectors not only showcase 360's achievements in AI industrialization but also redefine its market position as an "AI + security" enabler with clear growth paths [9] - The focus on practical solutions to improve efficiency, risk management, and service upgrades leads to tangible commercial returns, marking a significant transition from a technology concept to verified business effectiveness [9]

Core Insights - The article discusses the integration of AI technology into industrial production lines, emphasizing the need for quantifiable and verifiable productivity improvements [2] - 360 has released a list of "Top 10 AI Advanced Productivity Cases," showcasing successful applications across various sectors including education, transportation, finance, energy, and government [2] Group 1: AI in Security and Infrastructure - In the security sector, the introduction of 360's AI agents has transformed operations from "passive response" to "proactive defense," significantly improving response times and operational efficiency [5] - The Chongqing University case demonstrated a 90% accuracy rate in threat assessment and a 70% reduction in operational consultation volume after implementing 360's security solutions [5] - The Shenzhen municipal government's platform improved operational efficiency and reduced management costs, providing a replicable model for digital government initiatives [5] Group 2: AI in Finance and Operations - Dongwu Securities reported a 90% increase in security response efficiency and a 40% reduction in operational time after adopting 360's centralized operation center [6] - The integration of a unified data platform for Chongqing Rail Transit led to enhanced data utilization and operational control, supporting critical business upgrades [6] - Shanghai Electric's collaboration with 360 resulted in a 90% increase in employee search efficiency and an 80% improvement in high-value business scenarios [6] Group 3: AI in Healthcare and Digital Transformation - Huifeng Technology faced challenges in digital transformation due to high costs and talent shortages, which were addressed through a collaborative AI model with 360 [7] - Guizhou Mobile and 360 developed a comprehensive digital transformation framework, enhancing operational capabilities and security measures [7] Group 4: AI in Government Services - Daqing Huashu utilized 360's AI capabilities to streamline public data governance, achieving over 95% accuracy in policy matching and reducing application times to 30 minutes [8] - The implementation of AI in Ningbo Beilun District improved policy matching efficiency, significantly lowering operational costs for enterprises [8] - The article emphasizes that the future of AI integration lies in "human-machine collaboration" rather than replacement, highlighting the strategic value of AI in driving innovation and education [8] Group 5: Strategic Vision and Future Directions - 360's "All-In Agent" strategy aims to enhance the practical application of AI technology, focusing on flexible, scenario-based solutions and an open empowerment ecosystem [8] - The company emphasizes the importance of deep industry insights and understanding for successful technology implementation, aiming to contribute to the high-quality development of China's digital economy [8]

IDC预计，到2030年，AI将在全球创造22.3万亿美元的总价值，这将占到全球GDP的3.7%。但其价值的真正释放将是渐进的，这是一场长坡厚雪的产业演 进。 面对这一趋势，作为国内较早布局人工智能、且兼具深厚安全基因的科技企业，360集团于2025年明确"All in Agent"战略——聚焦打造能深度融入特定业 务流程、切实解决产业痛点的"智能体"。基于此，360构建起L1—L4多智能体蜂群体系，打通AI应用全链路，让技术真正扎根产业腹地。 近期发布的"AI先进生产力TOP10"案例，正是这一战略落地的集中检验。这些覆盖十大关键行业的实践，以一系列可验证的效能数据，为AI如何赋能产业 价值提供了实效样本。 360AI产业化十大案例 图片来源：360集团 账本清晰：可量化成效，凸显商业价值 在人工智能投入回报备受关注的当下，360发布的案例从三个维度清晰展示了价值创造路径，其核心在于，将技术效用转化为可量化、可验证的商业价 值。 第一，运营效率的提升与成本优化，构成企业最直接的商业账本。在能源、制造、交通等实体运营领域，智能化直接作用于效率与成本。例如，澜沧江一 大型流域发电企业联合360集团部署智慧运营平 ...

2025 年 12 月，中央经济工作会议即将启幕。这场由中共中央、国务院联合主导的顶层经济盛会，历来被视作解读中国经济走向的 "核心密码"。 当关键时间节点、重大政策信号与核心发展任务形成三重交汇，这场会议的分量愈发凸显。 当前，中国经济正处于新旧动能转换的深水区，传统增长引擎增速放缓，新兴产业尚在蓄力爬坡，叠加全球地缘政治动荡、外需市场收缩等外部挑战，经济 下行压力持续显现。 从普通人的消费决策到企业的投资布局，从房贷利率的波动到就业市场的冷暖，亿万民众的切身利益都在期待这场会议给出清晰指引。 赤字率调整、房地产纾困、新兴产业扶持 —— 三大核心议题背后，没有人是旁观者。 内需市场复苏乏力，上半年居民消费价格指数（CPI）出现 0.1% 的负增长，工业品出厂价格指数（PPI）更是连续 33 个月处于下行通道，反映出实体经济 需求不足的困境。外需层面，对美出口连续十个月同比萎缩 17%，全球贸易保护主义抬头给出口导向型产业带来持续冲击。 AI、数字经济、绿色能源等新兴领域虽展现出强劲发展势头，但在核心技术突破、产业链完善、市场规模拓展等方面仍有短板，尚未能完全承接传统产业 的增长动能。 这种经济 "换挡" 过 ...