专题：2026中国首席经济学家论坛年会 2026年中国首席经济学家论坛年会于1月10-11日在上海举行，主题为"棋至中局：承前启后 建设强国"。 中国首席经济学家论坛理事刘煜辉出席并演讲。 专题：2026中国首席经济学家论坛年会 2026年中国首席经济学家论坛年会于1月10-11日在上海举行，主题为"棋至中局：承前启后 建设强国"。 中国首席经济学家论坛理事刘煜辉出席并演讲。 谁完成这一轮科创AI产业革命最终使命？刘煜辉表示，现在看来美国人完不成，美国经济结构使其越 来越成为纯粹技术蓝图输出者，像马斯克、黄仁勋能描绘宏大技术蓝图，但落地能力和完备产业生态无 能为力。使命重任落在东方大国身上。 他指出，AI下半场要在后端建立强大完备产业生态，让前端砸入巨额资本循环成闭环，这就是AI端 侧。端侧过程只有中国人能完成，大模型对应映射中国超级工程优化能力，全世界AI产业应用开发层 面生态基座模型普遍用中国的；硬件外设对应映射中国制造业实力，中国人擅长造物美价廉的东西， AI手机、眼镜、各种智能穿戴、无人机、电动车包括未来机器人都是端侧、外设。中国把开源大模型 基座生态装入各式各样物美价廉硬件，卖到全世界，钱回到中国。 ...

证券代码：301608 证券简称：博实结 编号：2026-001 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 ☑ 现场参观 □业绩说明会 □路演活动 ☑ 其他：腾讯会议 参与单位名称 2026 年 1 月 8 日（线下调研） 国联基金 2026 年 1 月 9 日（线上调研） 华夏基金 时间 2026 年 1 月 8 日- 2026 年 1 月 9 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书 向碧琼女士 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高 新技术企业、专精特新"小巨人"企业，以通信、定位、AI等技 术应用为核心，基于自研无线通信模组，为物联网众多应用场景 提供智能终端产品及配套解决方案。 公司始终秉承"智慧赋能万物，共创美好未来"的使命，坚 持"成就客户、创新驱动、博大务实、品质至上"的经营理念， 依托"通信+定位+AI"底层核心技术与"模组+平台+终端"业务 模式，深耕车联网，广泛布局物联网，致力于成为全球的物联网 智能化应用解决方案专家。 2024 年度， ...

二、提问与交流（同类问题已作汇总整理，近期已回复问 题不再重复） 1、公司产品线较为分散，公司的产品策略是什么？ 公司致力于"满足客户需求，解决行业痛点"，以"万物互 联"为核心产品策略，帮助客户落地针对物联网多场景需求的应 用产品。公司智能睡眠终端、智能车载终端、智慧出行组件、智 能支付硬件等产品是基于"通信+定位"的底层核心技术在具体 物联网场景下的应用，在技术上具有一定的相通之处。 证券代码：301608 证券简称：博实结 深圳市博实结科技股份有限公司 投资者关系活动记录表 编号：2025-041 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 ☑ 路演活动 □其他： 参与单位名称 2025 年 12 月 24 日 招商基金 兴业证券 2025 年 12 月 25 日 东北证券策略会 时间 2025 年 12 月 24 日- 2025 年 12 月 25 日 地点 惠州市、深圳市 上市公司接待人 员姓名 董事长、总经理 周小强先生 副总经理、董事会秘书 向碧琼女士 董事、财务总监 雷金华先生 证券事务代表 王占超先生 投资者关系活动 主要内容介绍 ...

格隆汇12月24日丨华勤技术(603296.SH)在互动平台表示，1）华勤技术始终高度重视研发能力建设与技 术创新，在研发端保持持续而稳健的投入，2025年前三季度研发费用合计46.20亿元，同比增长23.7%， 预计全年研发投入超过60亿人民币。2）目前公司研发技术人员将近2万名，研发投入方向主要是围绕 3+N+3的产品布局以及满足业务增长的需要；同时，公司也会投入一些前瞻性的研发预研，如Xlab在声 学、光学、热学、射频等领域的研究；针对新技术和新产品方向如AI端侧、超节点、汽车电子等方向 都持续增加研发资源；机器人也是公司一个明确的投入方向，公司会继续保持稳健的投入；3）研发是 公司的核心竞争力，公司将持续加大研发投入，夯实技术护城河，实现可持续高质量发展。 ...

格隆汇12月24日丨华勤技术(603296.SH)在互动平台表示，1）华勤技术始终高度重视研发能力建设与技 术创新，在研发端保持持续而稳健的投入，2025年前三季度研发费用合计46.20亿元，同比增长23.7%， 预计全年研发投入超过60亿人民币。2）目前公司研发技术人员将近2万名，研发投入方向主要是围绕 3+N+3的产品布局以及满足业务增长的需要；同时，公司也会投入一些前瞻性的研发预研，如Xlab在声 学、光学、热学、射频等领域的研究；针对新技术和新产品方向如AI端侧、超节点、汽车电子等方向 都持续增加研发资源；机器人也是公司一个明确的投入方向，公司会继续保持稳健的投入；3）研发是 公司的核心竞争力，公司将持续加大研发投入，夯实技术护城河，实现可持续高质量发展。 ...

Macro Strategy - The report highlights that export control measures on key metals have become a crucial advantage for China in the context of major power competition, particularly against the US and EU [8][9] - China's leading position in key metals is attributed to its resource advantages and a complete industrial system, which is difficult for developed economies to replicate in the short term [8] Fixed Income - The bond market is expected to face challenges in 2026, with less likelihood of a one-sided decline in interest rates as seen from 2022 to 2024, suggesting a need for a more flexible trading strategy [10] - The report notes that the 10-year government bond yield increased slightly to 1.8425% during the week, reflecting market reactions to policy announcements [10] Industry Analysis Minshi Group (敏实集团) - Minshi Group is a leading global supplier of automotive exterior and structural parts, benefiting from the acceleration of electric vehicle adoption in Europe, particularly in the battery box business [22][24] - The company is expanding into humanoid robotics and liquid cooling for servers, which are expected to open new growth opportunities [22][24] - Profit forecasts for Minshi Group indicate net profits of 2.753 billion, 3.257 billion, and 3.878 billion yuan for 2025-2027, with corresponding EPS of 2.34, 2.76, and 3.29 yuan, and P/E ratios of 11.91, 10.07, and 8.46 respectively [22] Zhongwei Company (中微公司) - Zhongwei Company plans to acquire Hangzhou Zhonggui to enhance its capabilities in CMP equipment, which is crucial for semiconductor manufacturing [7] - The acquisition aims to strengthen Zhongwei's competitiveness in complete process solutions, complementing its existing dry process equipment [7] - Profit forecasts for Zhongwei Company remain at 2.44 billion, 3.41 billion, and 4.46 billion yuan for 2025-2027, with dynamic P/E ratios of 70, 50, and 38 respectively [7]

[Table_Tag] [Table_Summary] 观点 ◼ 泛 AI 分支低位方向：AI 医疗、端侧、智能驾驶、具身智能 ➢ AI 医疗 AI 大模型在病理检测、制药等医药领域具备深度应用潜力。AI+病理检测 有助于提升诊疗效率、减少漏诊误诊，核心痛点在于医疗高质量数据集的 建立与数据壁垒的打通。11 月国家卫健委发布《关于促进和规范"人工智 能+医疗卫生"应用发展的实施意见》，提出到 2027 年建立一批行业高质 量数据集和可信数据空间，形成一批优秀的专病专科垂直大模型和应用， 加强 AI 模型在智能诊疗、智能康复、传染病监测等领域的应用。近期阿里 系医疗模型蚂蚁阿福冲上 IOS 应用商店排行前三，体现出 C 端对于借助专 业模型实现"普惠医疗"与即时健康服务的核心诉求，后续医疗大模型端 伴随数据集深化与应用模式创新有望出现更多爆款。此外，AI 模型在制药 领域的渗透有望显著降低药物发现的成本与时间周期，加速靶点开发与验 证过程，同时通过模拟临床试验降低失败风险，亦是 AI 医疗中长期重要 产业趋势。 ➢ AI 端侧 证券研究报告·策略报告·策略周评 策略周评 20251221 商业航天与核聚变之后， ...

Group 1 - The article highlights a positive outlook on the robotaxi sector, indicating that it has started to perform well, although the A-share market has not yet reflected this trend [1] - It mentions that the unit economics for robotaxi have turned positive, meaning that individual units are no longer operating at a loss [2] - The article references an upcoming event by ByteDance on December 18, which will showcase several AI-related products, including AI smartphones, AI glasses, and AI ear devices [2] Group 2 - Tesla's stock performance is discussed, with a current price of $489.88 and a market capitalization of $1,629.3 billion, alongside a price-to-earnings ratio of 321 [2] - The article provides technical indicators for Tesla's stock, including MACD and TRIX values, suggesting a detailed analysis of its trading performance [3]

Group 1 - The core viewpoint of the article highlights that Lens Technology is making comprehensive layouts in the AI cloud computing and AI edge computing sectors [1] - In the AI computing aspect, the company plans to acquire 100% equity of PMG to quickly obtain mature technology and customer certifications for specific server cabinet businesses, as well as advanced liquid cooling system integration capabilities [1] - In the AI edge computing aspect, the company has established vertical integration capabilities from components to assembly in areas such as smart glasses and embodied intelligence, collaborating deeply with major domestic and international clients [1] Group 2 - The company's consumer electronics main business is expected to benefit from the ramp-up of folding models from major clients and upgrades in appearance structural components [1] - The automotive glass business is progressing smoothly and is expected to bring significant business increments to the company [1] - The current market valuation corresponds to P/E ratios of 34, 24, and 19 times, with an initial coverage rating of "Buy" [1]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - Overseas, the Fed's guidance on 2026 interest - rate cut expectations affects tech - stock valuations. Compared with the potential tightening of the ECB and BOJ, the Fed remains dovish, pressuring the US dollar. The Trump administration's 2025 "US National Security Strategy" may lead to a power vacuum in some regions, causing countries to increase defense spending and reshaping the geopolitical landscape. The report continues to be bullish on gold and US Treasuries [1][39] - Domestically, the equity market is oscillating, and risk appetite is generally low at the end of the year. The market has difficulty forming a consensus. Convertible bonds, with an additional option value, present a configuration window at the end of the year and beginning of the next year in sectors with large expectation gaps [1][40] - The top ten high - rated, medium - low - priced convertible bonds with the greatest potential for par premium rate repair next week are Hope Convertible Bond, Liqun Convertible Bond, Eagle 19 Convertible Bond, etc. [1][41] Group 3: Summary by Directory 1. Weekly Market Review 1.1 Equity Market Overall Rise - From December 8 to 12, 2025, the equity market generally rose. The average daily trading volume of the two markets increased from about 8105.49 billion yuan to 24948.34 billion yuan, a week - on - week increase of 48.12% [6][10] - The Shanghai Composite Index fell 0.34% to 3889.35 points, the Shenzhen Component Index rose 0.84% to 13258.33 points, the ChiNext Index rose 2.74% to 3194.36 points, and the CSI 300 fell 0.08% to 4580.95 points [6] - Among the 31 Shenwan primary industries, 8 industries closed up, with 3 industries rising more than 2%. Communication, national defense and military industry, electronics, machinery equipment, and power equipment led the gains, while coal, petroleum and petrochemicals, steel, textile and apparel, and basic chemicals led the losses [14] 1.2 Convertible Bond Market Overall Rise - From December 8 to 12, 2025, the CSI Convertible Bond Index rose 0.20%. Among the 29 Shenwan primary industries, 11 industries closed up, with 4 industries rising more than 2%. National defense and military industry, building materials, electronics, communication, and automobile led the gains, while coal, basic chemicals, social services, commercial and retail trade, and non - ferrous metals led the losses [16] - The average daily trading volume of the convertible bond market was 606.37 billion yuan, a significant increase of 68.36 billion yuan, a 12.71% week - on - week change. The top ten convertible bonds in terms of trading volume were Zai 22 Convertible Bond, Furong Convertible Bond, etc. [16] - Approximately 35.77% of individual convertible bonds rose, about 16.88% rose in the 0 - 1% range, and 14.61% rose more than 2% [16] - The overall market conversion premium rate rose, with an average daily conversion premium rate of 42.34%, a 1.49 - percentage - point increase from the previous week. Different price and parity intervals showed different trends [22] 1.3 Stock - Bond Market Sentiment Comparison - The trading sentiment of the convertible bond market was better this week. The weighted average and median of convertible bond price changes were positive and negative respectively, while those of the underlying stocks were both negative. The trading volume of both the underlying stocks and convertible bonds increased significantly, with the underlying stocks having a larger increase and a higher quantile level [36] - On different trading days, the trading sentiment of the stock and convertible bond markets alternated. For example, on December 8, the trading sentiment of the stock market was better, while on December 9, the trading sentiment of the convertible bond market was better [37] 2. Future Outlook and Investment Strategy - Overseas, continue to be bullish on gold and US Treasuries due to the Fed's stance and the US national security strategy [1][39] - Domestically, for convertible bonds, there are configuration opportunities at the end of the year and beginning of the next year in three sectors: AI edge - side, especially consumer electronics; upstream targets such as chip manufacturing and key substrates; and power transmission and distribution equipment [1][40]