A股开年表现强劲，市场情绪回暖，资金面与政策面共振。 1月9日，上证指数涨逾0.6%，突破4100点，刷新2015年7月底以来最高点位。 消息面上，国家统计局指出，2025年12月份，扩内需促消费政策措施继续显效，叠加元旦临近，居民消费需求增加，CPI环比上涨0.2%，同比上涨0.8%， 扣除食品和能源价格的核心CPI同比上涨1.2%。受国际大宗商品价格传导拉动以及国内重点行业产能治理相关政策持续显效等因素影响，PPI环比上涨 0.2%，同比下降1.9%。 展望2026年，高盛、瑞银等多家海外机构看好人民币资产。 高盛近日报告表示，海外"长钱"正在积极布局中国资产，对中国股市的配置兴趣显著升温。行业配置向科技、生物技术等领域倾斜。高盛、瑞银、摩根大 通等多家机构预测2026年中国资产在盈利增长、创新加速及估值吸引力下具备持续反弹基础。高盛预测，2026年全球股票的平均价格涨幅约为13%，若将 股息计算在内，则涨幅将接近15%，主要由企业盈利驱动而非估值扩张。 瑞银证券的报告指出，2026年初，A股市场已形成新一轮上行趋势。全球科技股的普遍升势加上新年度投资周期的重新布局，为A股市场注入动力。瑞银 证券建议投资 ...

华泰证券研报称，CES 2026将于2026年1月6-9日在美国拉斯维加斯举行。我们认为，本届展会的核心主 题或将从传统消费电子展示，转向以AI为中心的系统级技术变革。尽管2025年市场呈现"云端热、端侧 温"的特征，但我们预计本届CES将成为AI应用落地的关键观察窗口，重点覆盖端侧AI、工业AI、 Physical AI与汽车智能化等方向。科技行业投资主线正从算力基础设施走向从仿真、训练到现实世界部 署的完整技术闭环，Physical AI或将成为串联各板块的核心叙事。 ...

12月30日，华为轮值董事长孟晚舟发表2026年新年致辞。她表示，面向未来，智能化变革浪潮奔涌，这 是华为面临的长期战略机遇。华为深入行业，在医疗病理、炼钢炉温预测、油气勘探等领域探索AI应 用落地。强化行业垂直作战，发挥"大杂烩"优势，深耕行业，使能千行百业智能化转型，也将是华为 2026年的主战场之一。 新年致辞全文如下： 追风赶月莫停留，平芜尽处是春山 ——轮值董事长孟晚舟 2026年新年致辞 时光的潮水正漫过2025的岸线，回望这一年的忙碌与奔赴，那些深浅不一的足迹，正是我们奋力向前的 最好见证： 在撒哈拉沙漠南缘，网优工程师穿梭在44℃高温、红土飞扬的街头，厘清网络症结； 在大西洋的七级风浪中，光网专家克服严重晕船，和客户一起定位故障、恢复通信； 在海拔4300米的雪域高原，服务团队缺氧不缺精神，冒着零下15℃的严寒调试光储系统，把绿色电源送 入千家万户； 在凌晨4:30的客户机房，抓住业务流量最小的间隙，研发团队奋战30天的技术方案紧急切换上线； 鸿蒙生态工程师与伙伴一起披星戴月，从第一单外卖、第一条笔记、第一次出行开始，持续提升用户体 验； 手语工程师克服专业术语挑战，解决听障用户的售后难题，为 ...

辞旧迎新之际，华为2026年新年致辞新鲜出炉！ 12月30日上午，华为发布2026年新年致辞。华为副董事长、轮值董事长、CFO孟晚舟在新年致辞中表示，新的一年，华为将战略聚焦，决胜价值战场，以 质取胜，做强组织能力。她还表示，面向未来，智能化变革浪潮奔涌，这是我们面临的长期战略机遇。从战略方向到战场胜利的这条道路，遍布暗礁与险 阻，但我们别无选择，唯有迎难而上。 华为副董事长、轮值董事长、CFO孟晚舟 以下为新年致辞全文：追风赶月莫停留，平芜尽处是春山 ——轮值董事长孟晚舟2026年新年致辞 时光的潮水正漫过2025的岸线，回望这一年的忙碌与奔赴，那些深浅不一的足迹，正是我们奋力向前的最好见证： 在撒哈拉沙漠南缘，网优工程师穿梭在44℃高温、红土飞扬的街头，厘清网络症结； 在大西洋的七级风浪中，光网专家克服严重晕船，和客户一起定位故障、恢复通信； 在海拔4300米的雪域高原，服务团队缺氧不缺精神，冒着零下15℃的严寒调试光储系统，把绿色电源送入千家万户； 在凌晨4:30的客户机房，抓住业务流量最小的间隙，研发团队奋战30天的技术方案紧急切换上线； 鸿蒙生态工程师与伙伴一起披星戴月，从第一单外卖、第一条笔记、第 ...

Core Viewpoint - The article discusses the ongoing trends in various technology sectors, particularly focusing on the AI industry, commercial aerospace, autonomous driving, nuclear fusion, and quantum technology, emphasizing the long-term potential despite short-term market fluctuations [5][6][10][13][16]. Group 1: Commercial Aerospace - The Chinese government has prioritized commercial aerospace in its strategic goals, establishing a dedicated department and action plans, indicating strong policy support [8]. - The demand for low-orbit satellite resources is urgent, with plans for thousands of satellites, and recent technological advancements in reusable rockets are expected to significantly reduce launch costs [8][20]. - Key players in the commercial aerospace sector include China Satellite, which leads in satellite manufacturing, and various companies involved in rocket manufacturing and satellite components [20][22]. Group 2: Autonomous Driving - The autonomous driving sector is entering a critical commercialization phase, supported by government policies and technological advancements, with a projected market size of 2.7 trillion by 2030 for Robotaxi services [10]. - The recent approval of L3 autonomous vehicle models marks a significant step towards commercial deployment [10]. Group 3: Nuclear Fusion - Nuclear fusion is recognized as a future clean energy source, but it remains in the experimental stage, with significant breakthroughs needed before commercialization [11][12]. - Current investments are focused on technological milestones, making it a long-term investment opportunity [12]. Group 4: Artificial Intelligence - The AI sector is transitioning from speculative investments to practical applications, with a focus on real-world implementations that enhance efficiency and reduce costs [13]. - The emphasis is on AI applications across various industries, including manufacturing and healthcare, rather than on speculative infrastructure investments [13]. Group 5: Robotics - The development of embodied intelligence and humanoid robots is a key focus area, with increasing demand in manufacturing due to labor shortages and rising costs [14]. - Companies like Tesla are advancing humanoid robot production, while domestic firms are achieving significant progress in core components [14]. Group 6: Semiconductor Industry - The semiconductor sector is a priority for domestic self-sufficiency, with a focus on overcoming key technological challenges [15]. - Domestic wafer manufacturers are expanding production, and there is a growing demand for domestic semiconductor components [15]. Group 7: Quantum Technology - Quantum communication is positioned as a strategic priority for national security, with ongoing efforts in standardization and pilot projects in financial and governmental applications [16]. - Companies in the quantum sector are beginning to secure significant contracts, indicating a move towards commercialization [16][24]. Group 8: Market Trends and Investment Strategy - The article suggests that commercial aerospace is currently the most promising sector for investment, driven by policy, demand, and technological advancements [26]. - It also highlights the importance of focusing on sectors with clear policy support and performance validation, such as AI applications and robotics, while recognizing the long-term potential of quantum technology and semiconductor advancements [26].

Core Viewpoint - In the context of ongoing adjustments in the Hong Kong stock market, Yidu Tech (02158) has demonstrated its intrinsic value and management confidence through a series of solid buyback operations and significantly improved interim performance [1] Buyback Operations - On December 9, Yidu Tech announced a buyback of 345,000 shares at a price of HKD 5.15 per share, amounting to approximately HKD 1.78 million [1] - The company has implemented buybacks for five consecutive trading days, totaling around 1.42 million shares and exceeding HKD 7.3 million in total buyback amount [1] Financial Performance - For the interim results of the fiscal year 2026, Yidu Tech reported total revenue of RMB 358 million, representing a year-on-year growth of 8.7% [1] - The adjusted EBITDA for existing business reached approximately RMB 54 million, doubling compared to the same period last year, with the company nearing breakeven on the accounting level, achieving this milestone about a year ahead of management's original expectations [1] Market and Industry Trends - According to Guosen Securities, the short-term adjustment in the Hong Kong stock market provides space for recovery in 2026 [1] - The US dollar index is expected to weaken in early 2026, benefiting the valuation recovery of emerging markets [1] - The AI sector remains a key focus for 2026, driven by the need for accelerated domestic hardware production and the anticipation of more AI applications [1] AI Medical Sector - Yidu Tech operates in the AI medical sector, which is one of the most barrier-protected and demand-driven core scenarios in the "AI empowering various industries" trend [1] - The company's medical large model technology has entered a new phase of "multiple blooming and large-scale landing," evidenced by three dimensions: 1. Deep application in well-known hospitals, with the AI middle platform implemented in over 30 top-tier hospitals, achieving nearly 1,000 high-frequency calls per day in a single hospital [1] 2. Significant improvement in the accuracy of the TNM staging assessment intelligent agent for key specialties [1] 3. Integration of expert wisdom through the digital twin of doctors, allowing broader service of clinical experience to patients [1]

Core Viewpoint - The market is entering a window period of upward resonance in policy, liquidity, and fundamentals as December approaches, with previous adjustments effectively releasing some valuation and sentiment risks [1][3]. Group 1: Market Outlook - The upcoming Political Bureau meeting and Central Economic Work Conference will be crucial in setting the macroeconomic tone for the next year [1][3]. - The external environment is expected to remain relatively stable, and the A-share market has seen risk release after adjustments, indicating a potential for stabilization and rebound [1][3]. Group 2: Investment Focus for 2026 - Key investment directions include new narratives in AI, particularly the practical application of AI, sectors benefiting from the U.S. entering a rate-cutting cycle, resource stocks amid a new round of U.S. dollar easing, and dividend stocks favored by domestic incremental capital [1][3]. - There is also a focus on cyclical sectors that may bottom out due to sustained domestic demand [1][3].

| 月份:2025-10 | | 加权胜率:37.09% | | | | | | 加权超额收益:-2.77% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股票代码 | 股票名称 | 股票评级 买入时间 | | 统计截至日 | 持有天数 | 区间超额 | 评价权重 | 调整后贡献 | | 688195.SH | 腾景科技 | 3 | 2025-10-09 2025-10-14 | | 4 | -12.36% | 7.95% | -0.98% | | 20 THE FULL STORE CONSULERS. | -------- | | 19.12/81/905 INR.D DENAS I DOMESTICS INSULESSO | | | Di The States a | EXPERIENTIS SEC | 12 12-52-5.959 | | 股票代码 | 股票名称 | 股票评级 买入时间 | | 统计截至日 | 持有天数 | 区间超额 | 评价权重 | 调整后贡献 | | 688195.SH | 腾景科技 | 3 | 2025-0 ...

Core Insights - The focus of the AI industry is shifting from technological breakthroughs to practical applications, driven by increasing policy support and market demand [1][5][6] - The release of the recent government policy is expected to accelerate the commercialization of AI technologies and products, marking a transition in capital markets from speculative investments to tangible applications [1][6][9] Industry Development - 2023 is seen as a pivotal year for AI application deployment, with McKinsey predicting that by 2025, inference will account for over 80% of AI computing power consumption, while training will drop below 20% [2] - The AI industry is transitioning from general application layouts to deep exploration of specific scenarios, with leading companies like Lenovo making significant advancements in various sectors such as healthcare [10][16] Market Trends - The demand for AI applications is evolving, with a shift from cloud and platform investments to AI-native solutions that deliver measurable business outcomes [12] - The market for AI technology applications in China is projected to reach approximately 580 billion yuan by 2025, with a compound annual growth rate of over 25% [5] Company Innovations - Lenovo has upgraded its AI capabilities significantly, launching the Tianxi personal super intelligent agent and enhancing its functionalities to better meet user needs [3][13] - The company is adopting a "service-first" model for GPU services, which is expected to reduce deployment costs by 20-30% over three years while improving AI workload performance by up to 30% [15] Investment Opportunities - The recent policy changes are expected to create a favorable environment for companies focusing on AI application scenarios, potentially leading to improved profitability and increased capital interest [6][9] - Companies that align their strategies with the newly defined application scenarios in the policy are likely to attract more investment and achieve higher valuations [9][16]

Group 1 - OpenAI launched the AI browser ChatGPT Atlas, marking a significant shift in how AI can reshape internet access, currently available for macOS users [1] - ChatGPT Atlas integrates a "tool + AI" paradigm, enhancing the browser's functionality to serve as an intelligent task terminal, capable of complex operations like booking flights and purchasing groceries [1] - The Chinese government emphasizes the importance of technology in the "14th Five-Year Plan," focusing on key areas such as integrated circuits, quantum technology, and other future industries to drive economic growth [2] Group 2 - Several U.S. quantum computing companies are negotiating with the U.S. Department of Commerce to secure federal funding in exchange for equity, indicating increased government intervention in key economic sectors [3] - Companies like IonQ, Rigetti Computing, and D-Wave Quantum are among those discussing potential government investment, with each company expected to receive at least $10 million [3] - The U.S. Department of Commerce's funding application process may include various terms beyond equity, such as warrants, intellectual property licenses, and revenue-sharing agreements [3]