昨日市场震荡拉升，三大指数均涨超1%，创业板指探底回升，此前一度跌超1%。沪深两市成交额3.6万 亿，连续第2个交易日突破3万亿，较上一个交易日放量4787亿，刷新此前在2024年10月8日创下的成交 额历史纪录。盘面上，市场热点轮番活跃，全市场超4100只个股上涨，其中201只个股涨停。截至收 盘，沪指涨1.09%，深成指涨1.75%，创业板指涨1.82%。 开源证券：AI泡沫仍尚早 但累计涨幅可能需要消化 在今日券商晨会上，开源证券认为，AI泡沫仍尚早，但累计涨幅可能需要消化；中信证券认为，看好 铝板块盈利估值齐升行情；东吴证券认为，市场对美联储降息预期推迟，港股反弹更要看分子端。 泡沫的呈现往往取决于"容器大小"，有一个很有意思的比喻是"往杯子里倒酒"与"往杠里倒酒"泡沫的情 况是不一样的，在中美流动性宽松+A股估值牛市+政策大力支持发展科技(产业高景气)的基础上(往缸里 到酒)，认为言AI泡沫仍尚早，只是仓位和累计涨幅的压力随时可能需要一定的消化。强者恒强的核心 因素仍在于ΔG，如果ΔG开始出现明显的疲软则可能处于平顶消化估值+成长回归价值的过程。当前并 未见到ΔG的显著拐点，那么AI硬件在现阶段更有 ...

证券研究报告 2026年01月12日 信用重启与双峰共振 ——2026年海外年度策略 赵阳(证券分析师) S0350525100003 zhaoy05@ghzq.com.cn 袁野(证券分析师) S0350525030001 yuany03@ghzq.com.cn 核心提要 本篇报告解决了以下核心问题：1、解析信贷重启如何与资本开支双峰共振，驱动实物定价修复；2、厘清美日中三极信贷在物理 交付中的分工与非对称博弈；3、确立信用分层下的资产配置建议。 三、资产配置：信用分层下的"效率验证" 回归基本面Alpha，筛选具备"物理刚性"与现金流韧性的标的： 2026年是2024年以来全球货币脉冲转化效率的效果验证年。我 们需要理清"信用"与"物理交付"之间的逻辑层级：信用重启 →融资成本下降→资本开支落地→物理交付/利润确认。 风险提示：历史数据仅供参考；样本代表性不足的风险；数据处理统计方法可能存在误差；基于主观认知划分产生的偏差；国内 国际市场不可简单对比；金融市场的系统性风险。 请务必阅读报告附注中的风险提示和免责声明 2 一、核心逻辑：从流动性驱动转向"实物验证" 2026年是全球货币脉冲向实物产出转化的关 ...

宏观视角看 AI 硬件产业链景气 20260107 摘要 AI 投资驱动算力基础设施，通信、电子、电力板块表现出超额收益。 2025 年中国电子品和非电子产品出口分化，AI 硬件海外营收增速显著 超过制造业平均水平，外需提供关键支撑。 2025 年中国 AI 硬件产业链各细分赛道表现分化，光模块涨幅领先，被 动元器件表现较弱。除被动元器件外，其他 AI 硬件板块涨幅接近或超过 50%，显著优于市场平均水平。 2024 年中国在全球 AI 硬件贸易链中占据优势，CPU、GPU 和光模块等 领域份额居全球首位。光模块、PCB 和电源等领域出口占比超 30%，但 在高端 GPU 和 AI 服务器整机方面竞争力较弱。 2025 年前 10 个月中国 AI 硬件出口总增速约为 18%，高于整体出口增 速 5%。AI 硬件在中国出口中占比超 10%，拉动效果明显。光模块全年 保持 30%以上增速，存储芯片下半年增速提升，装载 CPU 的主板增速 有所回落。 中国 AI 硬件供应链呈现近岸化与友岸化特征，中国香港与东盟是核心枢 纽，对欧美日韩直接出口占比低，以中间品形式流转，增强产业韧性， 但需关注次级关税制裁风险。 Q& ...

3、无人物流 | 中国物流与采购联合会7日发布2025年12月份中国物流业景气指数。从全年数据来看，四个季度景气指数均值稳定回升，12月景气指数为2025 年最高，实体经济物流业务需求持续活跃。2025年12月份中国物流业景气指数为52.4%，环比上升1.5个百分点，主要指标中，业务总量指数、设备利用率指 数、新订单指数、资金周转率指数、从业人员指数处在扩张区间且环比保持回升。 明日主题前瞻 1、半导体 | 商务部公告，决定自2026年1月7日起对原产于日本的进口二氯二氢硅（DCS）进行反倾销立案调查。本次调查确定的倾销调查期为2024年7月1 日至2025年6月30日，产业损害调查期为2022年1月1日至2025年6月30日。被调查产品名称：二氯二氢硅，又称二氯硅烷、二氯甲硅烷等。主要用途：二氯二 氢硅主要用于芯片制造过程中的薄膜沉积（如外延膜、碳化硅膜、氮化硅膜、氧化硅膜和多晶硅膜等），用于生产逻辑芯片、存储芯片、模拟芯片和其他类 芯片，也可用于合成硅基系列前驱体和聚硅氮烷等。 点评：分析认为，日本信越、大阳日酸等企业长期主导高端电子级DCS市场。目前中国高端电子级DCS国产化率仅约15%-20%，严重依 ...

-投资动态- AI硬件公司Looki获超2000万美元融资 近日，AI硬件公司Looki宣布完成超2000万美元A轮融资。本轮融资由蚂蚁集团领投，美团龙珠、华登、中关村资本跟投，老股东BAI资本连续两轮超额追 投，阿尔法公社、同歌创投持续加码。本轮募集资金将用于技术研发升级、供应链整合及下一代交互硬件探索。 Looki成立于2024年5月，由卡内基梅隆大学校友联合创办，CEO孙洋曾任美团智能硬件负责人，CTO刘博聪为美团自动驾驶算法前负责人。团队核心成员 来自Google、亚马逊、高通等企业，具备算法、硬件、产品的全链条能力。（品牌方舟） 小编评： 当下AI硬件赛道竞争激烈，此次融资既凸现了多模态AI硬件的赛道价值，也为Looki的升级注入了更多新动能。 近日，深蓝汽车宣布完成高达61.22亿元人民币的C轮融资，投资方包括招商银行、渝富控股、长安汽车、招银金融等多家重磅机构。 深蓝汽车是长安汽车旗下的新能源汽车品牌，聚焦纯电、增程与氢能技术路线，深蓝汽车全球累计交付突破70万辆，成为央企新能源销量冠军，全球已布 局近100个国家和地区。（品牌方舟） 小编评： 近日，消费级AR品牌雷鸟创新（RayNeo）宣布完 ...

Group 1 - Samsung plans to deploy Google's Gemini AI on 800 million mobile devices by 2026, up from approximately 400 million devices last year [1] - Bilibili has launched its first AI-themed creation competition with a total prize pool exceeding 3 million yuan, featuring two categories: "Open Track" and "Three-Body Adaptation Track" [1] Group 2 - Kandi Technologies and Zhejiang University have established a joint research center focused on intelligent robotics, targeting the North American market for smart security inspection needs [2] Group 3 - Leading AI companies are intensifying efforts to challenge Google's dominance in the browser market, with OpenAI and Perplexity launching their own web browsers and Microsoft integrating AI tools into its Edge browser [3] - ZhiYuan Robotics has partnered with MiniMax to enhance voice interaction experiences for its robots, utilizing custom AI technology for personalized voice synthesis [3] Group 4 - Jindi Co. has signed a strategic cooperation framework agreement with Bosch Lai New Materials Technology to integrate their technological advantages in hydrogen energy components and electrode manufacturing [4] Group 5 - Bosch has secured a high-end cockpit project order from a global luxury brand, with expected sales in China nearing 10 billion yuan, set to begin production in 2027 [5] Group 6 - Dongfang Zirconium has announced a 300 million yuan investment to establish a production line for 10,000 tons of high-purity composite zirconia for new energy batteries [6][7] - Fulin Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [8] Group 7 - Hawaiian Airlines has announced a $600 million investment plan over the next five years for airport facility upgrades and cabin renovations for its Airbus A330 fleet [9] - AI hardware company Looki has completed over $20 million in Series A financing, with plans to enhance talent development and product research [9] Group 8 - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, developed in collaboration with Longqi Technology [10] Group 9 - Hainan has successfully exported fresh coconuts to Belarus, marking a significant step in agricultural trade with Belt and Road countries [11] Group 10 - Sichuan Province is accelerating the construction of large and super-large data centers as part of its digital economy innovation development plan [12]

Core Viewpoint - The article discusses the evolving landscape of AI hardware and embodied intelligence, highlighting the rapid commercialization and investment trends in these sectors, while also addressing the challenges and competitive dynamics faced by startups and established players in the market [4][6][30]. AI Hardware Industry - The concept of "AI hardware" has rapidly converged to include consumer electronics products that leverage model inference capabilities, such as AI glasses and AI toys, moving away from more speculative product ideas [4][5]. - The domestic AI hardware industry benefits from a mature supply chain, allowing entrepreneurs to effectively "recreate" consumer electronics, which has led to a unified approach among industry players [5][6]. - Despite the enthusiasm in the capital market for AI hardware, there is a notable absence of standout products that can validate the industry's direction [6][10]. - The AI glasses segment has seen significant growth, with shipments increasing from 1.3 million units in 2024 to 2.9 million units in 2025, reflecting over 120% year-on-year growth [16][17]. Embodied Intelligence Sector - The embodied intelligence sector has experienced a surge in valuations, with many companies reaching valuations in the tens to hundreds of billions, driven by a robust domestic supply chain and strong market demand [8][24]. - However, there is a disconnect between the high valuations and actual order disclosures, with many companies opting not to reveal specific order quantities or amounts [25]. - The primary application of humanoid robots has been in research settings rather than commercial production, which raises concerns about the sustainability of this business model [26][27]. - The emergence of robot rental services is a notable trend, with the market expected to grow from 1 billion to 10 billion in the coming year, indicating a shift in how humanoid robots are utilized [27]. AI Chip Industry - The domestic AI chip industry is experiencing a significant breakthrough, with the penetration rate of domestic chips rising from 8% to 23% in the past year, driven by government policies and the establishment of over 250 intelligent computing centers [32][33]. - Despite the growth, there are concerns about the global shift away from GPU-centric architectures towards more efficient alternatives like TPU and reconfigurable architectures, which may challenge the current dominance of domestic AI chips [34][36]. - The year 2026 is anticipated to be a pivotal moment for the domestic AI chip industry, as companies will need to compete on energy efficiency and performance against international brands [37].

目前，xTool研发人员占公司员工比例约为56%。作为新一代AI硬件，xTool的技术优势在于精密光 学、智能CNC控制与AI算法的深度融合，构建出高度适配的技术平台，加速产品品类创新。xTool的技 术护城河源于软硬件深度集成与AI智能体验。xTool坚持自主研发，通过统一的xTool Studio平台连接所 有设备，实现卓越易用性，成为用户体验的核心优势。xTool智能体验的核心是AImake—AI驱动连接创 意和智能制造的引擎。AImake能记忆每位用户的材料、风格和设备型号等偏好，并持续从使用数据中 学习优化性能。随着时间推移，它将不断进化为更个性化、更强大的AI制造助手，提升效率与用户满 意度。 资料显示，xTool此前获得了多家顶级机构的投资：2025年完成约2亿美元pre-IPO（D轮），由腾讯 领投，Granite Asia（纪源资本）、源一资本、高成资本、凯辉基金、嘉御资本共同参与；公司早期亦 获得红杉资本、深创投与中金甲子等机构投资。 近日，xTool正式向港交所提交上市申请，拟主板挂牌上市，由摩根士丹利和华泰证券担任联席保 荐人。本次IPO募资将主要用于深化研发投入、继续提升品牌影响力， ...

Group 1: AI Hardware and Applications - CES has become a major showcase for cutting-edge AI hardware, with a focus on consumer-grade AI expected to accelerate by 2026, featuring AI-enabled robots and wearable devices [2] - Companies like Zhaowei and Megmeet are showcasing advanced AI products at CES, including a new dexterous hand with 20 degrees of freedom and high-performance AI modules for robotics [2] - The AI medical sector is entering a critical commercialization phase, supported by new policies from Beijing aimed at fostering innovation and product evaluation in AI healthcare [7][8] Group 2: Low-altitude Economy - The low-altitude economy is at a pivotal growth stage, with approximately 30 provinces incorporating it into their 14th Five-Year Plans, indicating strong governmental support [3] - Major eVTOL manufacturers are seeing orders materialize, and the industry is expected to grow significantly over the next 3-5 years as regulatory frameworks and infrastructure improve [3][4] Group 3: Autonomous Driving - Significant advancements in autonomous driving have been reported, with China officially entering the mass production phase for L3 vehicles, marking a regulatory breakthrough [6] - Companies like Haon Automotive are actively involved in the development of intelligent driving systems, collaborating with leading domestic automakers [6] Group 4: AI Model Development - The AI application landscape is shifting towards performance realization and edge computing, with notable advancements in multimodal models like Google's Gemini-3-pro and domestic models like Doubao [9] - The investment logic in the AI industry is transitioning from a focus on computational power to application value, highlighting the importance of software and high-growth edge hardware companies [9]

2026年港股和A股的布局策略怎么走？摩根大通，作为全球顶尖的投行，刚刚发布了最新的中国资产展望报告，发出了挺明确的信号：经济增长可能会慢一 些，但风险还是在可控范围内。沪深300指数将迎来第四波反弹潮，还有四个具有巨大潜力的主题值得重点留意。今天就带大家详细解析这份重量级的研 报，确保大家能理解明年的投资机遇在哪里！ 摩根大通判断，2026年中国经济将呈现"增长放缓但下行风险可控"的态势。这个"可控"并非空口白话，核心支撑来自三个关键维度： 政策支持的力度一直在加码，从之前稳定经济和股市的一连串措施来看，政策手段储备挺有底气，给市场搭了道稳妥的防护网。 新兴的生产力投入带来了明显推动，比如高端制造业和科技创新这些行业不断加码，正逐渐塑造出新的经济增长点。 这种反内卷的趋势下，出现了反弹式的增长，行业间的竞争格局也在重新调整，未来或许能挖掘出新的盈利空间。 经济基本面已有触底反弹的趋势，而摩根大通的中国宏观景气度指标（QMI）也成为一个关键的参考依据。这个指标被认为是"海外角度观察中国市场的晴 雨表"，涵盖了港股、中概股以及A股的核心企业。从数据上看，蓝色的QMI指数和黑色的MSCI中国指数的涨跌变化非常一致 ...