受 全球金融环境宽松、美元走软以及主要央行采取更宽松政策立场 推动。全球债务持续高增长引发关注。 2025年全球经济发展呈现出 鲜明的"分化与韧性并存"特征，主要国家和地区在面对地缘政治冲 突、债务高企、AI技术革命等多重挑战时，展现出不同的发展策略 与主旋律。 在此背景下，2026年全球经济将面临更加复杂的债务扩 张 挑 战 ， 各 国 将 采 取 差 异 化 应 对 策 略 ， 这 不 仅 会 影 响 全 球 经 济 格 局，也将重塑各国的政策选择与发展路径。 为此《清华金融评论》 编辑部特地展开征稿活动 。 《清华金融评论》 2026 年第2 期专题 债务水平的剧烈波动也会引发金融市场的动荡。投资者对债务可持续性的担忧，会转化为抛售行为，然而收益率上升也意 味着融资成本的增加，最后形成一个"担忧→抛售→收益率上升→债务恶化→更担忧"的恶性循环，这极可能成为引爆金融 危机的导火索。全球债务链条中，新兴市场无疑是最脆弱的一环。 为此，《清华金融评论》编辑部特地展开征稿活动，就 全球债务持续高增长 展开征稿。 探讨当债务膨胀速度系统性快于 经济产出时，各国如何在稳增长、防风险与保民生之间寻求再平衡，并分析高利 ...

2026.01.08 本文字数：1151，阅读时长大约2分钟 作者 |第一财经 金叶子 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 天数智芯战略与公共关系部副总裁余雪松告诉第一财经，目前AI技术革命催生算力需求爆发式增长， 为天数智芯带来广阔发展空间。作为国内首家开展通用 GPU 自主研发的企业，公司已完成从核心技术 攻关到商业化落地的全链路贯通。 目前上海已建成全产业链齐头并进、相互支撑的集成电路产业 ...

Core Viewpoint - The article highlights the rapid growth and success of Shanghai's AI chip industry, particularly with the recent IPO of TianShu ZhiXin, marking a significant milestone for the local semiconductor sector and showcasing the emergence of several key players in the GPU market [3][5]. Group 1: Industry Growth and Performance - Shanghai's integrated circuit industry achieved a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%. The total industry scale is expected to exceed 460 billion yuan for the entire year, marking a 24% increase [3]. - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of the national talent and nearly 50% of the industry's innovation resources [3][7]. - The integrated circuit sector is recognized as one of Shanghai's three key industries, with a complete industrial chain and a focus on innovation and talent development [7][8]. Group 2: Key Players and Innovations - TianShu ZhiXin is noted as the first domestic company to independently develop general-purpose GPUs, completing the entire process from core technology development to commercialization [3][4]. - The article mentions the "Four Little Dragons" of Shanghai's GPU sector: BiRan Technology, MuXi Co., TianShu ZhiXin, and SuiYuan Technology, all of which have made significant strides in the capital market [3][5]. - The city has established a comprehensive integrated circuit industry chain, including design, manufacturing, packaging, and testing, with 35 companies listed on the Science and Technology Innovation Board, leading the nation [7].

继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 天数智芯战略与公共关系部副总裁余雪松告诉第一财经，目前AI技术革命催生算力需求爆发式增长， 为天数智芯带来广阔发展空间。作为国内首家开展通用 GPU 自主研发的企业，公司已完成从核心技术 攻关到商业化落地的全链路贯通。 从产业链来看，集成电路除了制造环节，还包括设计、装备、材料、封测等产业链配套企业。上海将集 成电路作为重点发展的三大先导产业之一持续支持，已初 ...

专题：2026新年致辞 企业家展望2026新趋势 专题：2026新年致辞 企业家展望2026新趋势 新浪科技讯 1月1日上午消息，昨日，得到App创始人罗振宇开启跨年演讲，这已经是他第十一次进行跨 年演讲。一开场，罗振宇自曝目前的体重是155斤，十年来瘦了100斤。 31日下午，罗振宇在社交平台分享了自己减重的过程，视频显示，2015年时，他的体重是258斤，2020 年体重为237斤，2023年体重为192斤，2025年体重为158斤。 新浪科技讯 1月1日上午消息，昨日，得到App创始人罗振宇开启跨年演讲，这已经是他第十一次进行跨 年演讲。一开场，罗振宇自曝目前的体重是155斤，十年来瘦了100斤。 31日下午，罗振宇在社交平台分享了自己减重的过程，视频显示，2015年时，他的体重是258斤，2020 年体重为237斤，2023年体重为192斤，2025年体重为158斤。 跨年演讲上，他谈到，"过去的技术革命，都有可见的社会景观。有了蒸汽机，工厂的烟囱拔地而起； 有了内燃机，汽车越来越多，顺着高速公路向四周蔓延；有了计算机，大量白领聚集在了写字楼里，每 个人桌上都有了一台电脑。但是，这一轮AI技术革命不是 ...

Core Viewpoint - Miao Exhibition, a leading player in the exhibition service industry in China, is facing declining revenues and profits despite holding over 40% market share in overseas exhibitions. The company is preparing for an IPO in Hong Kong while its financial performance has been negatively impacted by industry conditions [1][12]. Financial Performance - Miao Exhibition's revenues from 2022 to the first half of 2025 are as follows: 348 million RMB, 835 million RMB, 751 million RMB, and 240 million RMB, indicating a downward trend [1][3]. - Net profits for the same period are 52 million RMB, 188 million RMB, 156 million RMB, and 14 million RMB, with a significant drop in net profit margin from 22.51% in 2023 to 5.83% in 2025 [1][11]. - The company had cash and cash equivalents of 514 million RMB as of June 2025 [1]. Business Segments - Miao Exhibition operates primarily in two segments: exhibition hosting services and exhibition agency services. The hosting services account for the majority of revenue but have seen a decline, with revenue shares dropping to 89.4% in 2025 [2][4]. - The exhibition hosting services include comprehensive processes from preparation to post-event services, with a focus on independent exhibitions. The company hosted 21, 26, 21, and 9 exhibitions from 2022 to the first half of 2025 [4][10]. - The exhibition agency services have shown growth, with revenue contribution increasing to 9.5% in 2025, primarily from exhibitions in the UAE and Saudi Arabia [2][4]. Market Position - Miao Exhibition holds a dominant position in the overseas exhibition market, with a market share of 45.4% in terms of the number of exhibitions and 28.2% in terms of exhibition area [1][10]. - The company has a stable customer base, with approximately 6,000 to 9,000 clients over the years, although the number of clients dropped to 3,000 in the first half of 2025 [10]. Industry Outlook - The global exhibition market is expected to see double-digit growth from 2022 to 2024, with China being a key player, accounting for 28.3% of the total exhibition numbers by 2024 [7][10]. - The overseas exhibition market is experiencing strong growth, particularly in specialized exhibitions, but is expected to slow down after 2024 due to high base effects [10]. Technological Investment - Miao Exhibition is investing in AI and digital transformation to enhance its service offerings and competitive edge, with R&D expenditure rising to 4% in the first half of the year [5][6]. - The company has registered multiple patents and software copyrights, with its core product, AI Hui Exhibition, aimed at improving interactions between exhibitors and attendees [6].

Group 1 - The rapid evolution of artificial intelligence (AI) is transforming various industries, leading to changes in production efficiency, industry forms, and organizational models [2] - AI's impact on research is summarized by two keywords: "the future is here" and "embrace change," indicating that AI will replace much of the traditional labor of researchers [2] - In the financial sector, AI is reshaping services, risk control, operations, and ecosystems, moving from standardized services to personalized experiences [2] Group 2 - The investment methodology in the consumer sector is being re-evaluated under the AI wave, leading to the emergence of "super consumers" and "super entrepreneurs" [3] - AI technology is expected to drive a significant shift in consumer behavior, giving consumers more power and pushing product design to align with user needs [3] - The AI technology revolution is characterized by value, bubbles, and cycles, with 2025 being a pivotal year for AI industry value realization [3] Group 3 - The development of AI is supported by foundational hard technology, with domestic companies focusing on semiconductors and precision optics to build a self-controlled industrial ecosystem [4] - The demand for AI hardware is driving growth in the semiconductor industry, with companies like 茂莱光学 seeing over 50% of their business linked to this sector [4] - The complexity of optical technology in lithography machines requires long-term collaboration and investment, indicating a sustained development opportunity [4] Group 4 - The true barrier in AI development lies in the software ecosystem, with Chinese companies encouraged to pursue "compatible autonomy and open innovation" to create comprehensive solutions [5] - The AI narrative is far from over, with investment opportunities emerging in computing power, applications, and traditional industry transformations [6] - The A-share market is expected to experience a stable upward trend, with investment opportunities shifting towards mid-cap blue-chip stocks in sectors like cyclical consumption and biomedicine [6] Group 5 - Consumer demands will continue to evolve with AI technology, leading to new companies emerging in various niches, similar to 泡泡玛特 [7] - The investment strategy for 2026 should focus on "seeking progress while maintaining stability," with technology assets aimed at growth and financial assets for stability [7] - Long-term competitive companies still hold investment value, despite the changing landscape driven by AI [7]

钛媒体2025T-EDGE年度大会暨AI全球对话正式开启，从12月15日至21日，将开启为期连续7天的直播 周，持续输出前沿洞见。 作为全球最具影响力的科技商业创新IP，钛媒体在一周内邀请国内外顶尖创新与商业领袖齐聚一堂， 「赵何娟Talk」2025年终特辑将以最强阵容亮相，继对话"AI教父"辛顿后，将陆续对话"AI教母"李飞 飞、世界著名历史学家亚当·图兹、"数字经济之父"唐·塔斯考特、硅谷抗衰传奇布莱恩·约翰逊及医学奇 迹创造者卡尔·赛格、AI科学家&企业家张宏江、硅谷AI投资人王维嘉、AI能源企业家张雷以及AI创业 者王晓刚，形成一次跨越北美、欧洲与亚洲，跨越人工智能、能源、历史、生命科学、投资与哲学的年 度超级对话。 在"AI时代消费品牌的机遇与挑战"的对话中，天图投资创始合伙人冯卫东与钛媒体消研所主理人李云瑶 对2025年消费市场的风向变幻，进行了深入的探讨。 在冯卫东看来，如今的市场处于"消费小冰河期"时代，这是经济结构性变化带来的结果，因此消费也正 在发生一些新变化：消费者不再愿为噱头试错，性价比/质价比消费是当下毫无疑问的趋势，小确幸消 费和自我完善类消费也将成为市场的主流趋势。 例如餐饮行业 ...

港股通医疗ETF（520510）今日早盘涨超2%，在全市场ETF中涨幅靠前，该ETF跟踪港股通医疗主题指 数，覆盖阿里健康、京东健康、平安好医生等AI诊疗标的，持仓CXO权重超30%，AI医疗权重超20%， 创新药权重近50%，有望受益于反内卷、创新药出海及AI技术革命。 数据显示，蚂蚁阿福55%的用户来自三线及以下城市，反映健康管理市场的供需缺口。三四线城市、县 城和乡镇优质医疗资源稀缺，而蚂蚁阿福恰好填补了这个缺口。 据易观分析数据，中国AI精准医疗市场规模从2024年的351亿人民币预计增长到2028年的760亿人民 币，行业的规模增长预期验证了AI健康类应用软件的发展前景。 蚂蚁集团旗下AI健康应用"蚂蚁阿福"于12月15号发布后下载量猛增，于16日当天冲上苹果应用榜总榜第 3位，并在12月17日延续强劲趋势。"蚂蚁阿福"App月活用户规模已超1500万，每天回答用户500多万个 健康提问。 ...

"全球和中国经济已步入存量时代，而AI技术革命正以前所未有的速度演进。"嘉御资本创始合伙人卫哲 在2025年12月5日的投资人年会上向500余位与会者描绘了新周期的图景。 在私募股权市场资金紧张的背景下，这份包含高度市场化引导基金、上市公司产业资本和领先人民币母 基金的投资人名单，为这家已成立14年的投资机构注入了超过40亿元人民币的新活力。 募资冰河期中的暖流 2025年的私募股权募资市场，水面下的暗流比表面上更为复杂。一方面，社会LP的"消失"已成为行业 普遍困境；另一方面，一批民营企业却在悄然高频出手。数据显示，仅2025年6月单月，浙江省上市公 司作为LP的出资规模就已突破10亿元，位居全国首位。 在这种看似矛盾的市场环境中，嘉御资本成功募集超过40亿元人民币的资金显得尤为珍贵。 与许多投资机构严重依赖单一资金来源不同，嘉御资本的募资结构呈现出多元化和市场化的特点。参与 基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司 产业资本和市场领先的人民币母基金，以及多位基金老投资人的持续支持。 这种"市场化引导基金+产业资本+人民币母基金"的组合，在当前募资环境下显示 ...