艾米不是个案——从俄罗斯姑娘在义乌"24小时胆囊手术"，到美国游客在北京靠AI助手搞定皮炎诊疗， 中国医疗健康服务的高效和普惠，受到越来越多的关注和认可。 在海外博主纷纷分享"来中国看病"经历的同时，一个新趋势也浮出水面：进入2026年，"AI+健康"已悄 然成为全球科技圈的第一个风口，而走在这场风潮前头的，正是来自中国的公司。 另一边，继本土AI健康助手蚂蚁阿福月活超过3000万后，海外巨头OpenAI、Anthropic开始重金押注AI 健康，推出新产品、收购新公司。 这些动向并非偶然，它们共同指向一个清晰的信号：健康，正成为AI技术规模化落地的关键领域。在 当今全球AI应用抢滩中，中国医疗健康产业厚积薄发的普惠优势，正借由AI的加持，清晰地呈现在世 界面前。 01、从"到中国看病"，到"AI陪诊" 西方医疗体系之下，是日益严峻的效率焦虑。对于非急症患者来说，做一个胃镜可能要等数月，换一个 关节可能要等一年。这对患者而言，是一场耗尽耐心的等待。 这也是外国博主在体验了中国医疗体系后所惊叹的对比：高效、可及与普惠。在过去一段时间，很多外 国朋友来中国就医的过程中，中国的"健康AI"也让他们大开眼界。 202 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and positioned to capitalize on the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which provides a strong financial foundation [8] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity compared to its peers in the energy and utility sectors [10] Market Trends - The article discusses the broader trends of AI, energy, tariffs, and onshoring, suggesting that this company is well-positioned to benefit from these interconnected developments [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the long-term growth potential of investments in AI [12] Future Outlook - The company is linked to the future of clean and reliable power through its nuclear energy assets, aligning with the U.S. energy strategy [7][14] - The potential for significant returns is emphasized, with projections of over 100% return within 12 to 24 months for investors who act quickly [15][19]

哪怕是目前没有找到商业化路径，而且会带来算力成本，中国科技公司仍在争夺AI对话App这个入口 文｜《财经》研究员 吴俊宇 编辑 | 谢丽容 AI对话App正在成为科技公司竞相争夺的关键阵地。包括字节跳动、阿里、腾讯、蚂蚁集团都在投入资 源做大自己的产品。 1月15日，阿里旗下的千问App宣布打通淘宝、支付宝、淘宝闪购、飞猪、高德等阿里生态业务，可实 现点外卖、购物、订机票等功能。 阿里千问C端事业群总裁吴嘉在千问产品发布会上演示了如何使用千问App语音下单购买奶茶——千问 App迅速调用淘宝闪购下单并完成AI支付。随后，骑手就将奶茶送达现场。 截至2026年1月，千问C端（含千问App和网页等渠道，且去重之后）月活跃用户超过1亿。目前，千问 的月活跃用户规模仅次于豆包、DeepSeek。市场调研机构QuestMobile截至2025年9月数据显示，国内AI 对话产品的月活跃用户规模分别是：豆包1.72亿、DeepSeek 1.44亿、元宝0.33亿。 《财经》了解到，随着各家产品2025年四季度密集迭代，上述格局仍在快速变化。2025年12月，字节跳 动旗下的豆包App日活跃用户超过1亿。截至2026年1月， ...

【导读】淡水泉创始人赵军：流动性是最具确定性的利好因素，拥挤或高度共识就是风险 日前，淡水泉创始人、首席投资官赵军在一次访谈中指出，流动性是2026年股票市场最具确定性的利好 因素，国内资金配置意愿提升、外资态度升温叠加人民币升值对此形成支撑。 机会方面，他将聚焦关注度低、尚未被市场充分认知、存在"预期差"的资产，看好在全球科技创新浪潮 下AI产业链的相关机会，并挖掘具有确定性能力的新消费企业。 赵军强调，拥挤或高度共识是风险，对此要保持高度警觉。不过，波动背后也蕴含着潜在再平衡的机 会。 流动性是最具确定性的利好因素 2025年的A股和港股行情，很大程度上来自估值修复，也包括部分行业景气度的回升。展望2026年，赵 军认为市场可能呈现以下特征： 第一，投资者对中国资产的情绪普遍升温。2025年行情让股票市场对宏观经济与中美关系等地缘冲突脱 敏，这是全球资本市场演绎的新共识。第二，随着风险偏好抬升，围绕"中国资产"的新叙事正在形成， 市场开始期待"慢牛"，或者说更可持续的行情，今年开局的市场表现是这种情绪的反映。第三，今年的 市场逻辑可能从估值修复转向更关注盈利驱动，这意味着需要更细致地甄别不同行业的发展情况 ...

Economic Growth and Investment - Tibet's economic growth rate reached 7.2% year-on-year in the first half of 2025, ranking first in the country, continuing a trend since 2023 [2] - Fixed asset investment in Tibet grew by 24.8% year-on-year in the first half of 2025, 19.6% in 2024, and 35.1% in 2023, indicating strong investment-driven growth [2] Infrastructure Development - Major infrastructure projects such as the Sichuan-Tibet Railway, Yarlung Tsangpo River downstream hydropower project, and New Tibet Railway have drawn significant attention to Tibet [2] - These projects are expected to create nearly one million jobs, significantly increasing local income and stimulating various sectors [8] Economic Structure - Tibet exhibits a "non-typical dual economic structure," where traditional industries coexist with modern industries built through external aid, leading to a weak connection between agriculture and industrial development [3][4] - The industrial sector in Tibet has historically been underdeveloped, with industrial added value lower than that of the construction sector, indicating a reliance on construction for economic growth [6][7] Strategic Importance - Tibet's strategic position has gained importance as China shifts focus to developing the Chengdu-Chongqing economic circle, making Tibet a key area for national development [2][8] - The region's potential for clean energy, particularly hydropower, positions it as a crucial player in China's future energy landscape, with a significant portion of its hydropower resources yet to be developed [11][12] Future Prospects - The "East Data West Computing" strategy emphasizes the need for large-scale data centers in western regions, with Tibet being central to providing clean and stable electricity for digital economy support [12] - The development of hydropower resources in Tibet could transform it into a regional energy hub, reducing dependence on traditional energy sources and enhancing its geopolitical significance [17]

2026年新年伊始，淡水泉投资创始人、CIO赵军与淡水泉(香港)总裁、首席经济学家陶冬博士展开对话，系 统阐述了对2026年中国资本市场的展望与投资策略。 赵军认为，流动性仍然是2026年股市"最有确定性的友好因素"，但是市场逻辑将从估值修复转向盈利驱动，捕 捉未被充分认知的"预期差"将是全年最核心的机会。在AI市场上，中国在AI应用上还是刚刚开始，今年阻力更 小、更可能形成共识的方向，应该从总量投资逻辑转向结构逻辑，也就是寻找供给最紧张、约束最明显，而市 场认知尚不充分的环节。 此外，创新药行业在2026年依然能够展现出比较好的机会，因为中国在这个领域的强劲竞争优势，背后是中国 的人才红利，以及在新药研发及临床上的巨大效率。而后周期投资以及新消费赛道上，都要充分挖掘市场的结 构性机会。 全年最核心的机会在"预期差" 展望2026年，赵军认为，市场可能呈现以下特征：第一，投资者对中国资产的情绪普遍升温，特别是在2025年 行情让股票市场对宏观经济与中美关系等地缘冲突脱敏的情况下，这是全球资本市场演绎的新共识。第二，随 着风险偏好逐步抬升，一种围绕"中国资产"的新叙事正在形成。第三，今年的市场逻辑可能从估值修复 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid capacity and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9] Market Trends - The article discusses the broader trends of AI, energy, tariffs, and onshoring, indicating that this company is strategically aligned with these developments [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the potential for growth in AI investments [12] Future Outlook - The company is positioned at the heart of America's next-generation power strategy, particularly in nuclear energy, which is seen as a clean and reliable power source for the future [7][14] - The potential for significant returns is emphasized, with projections suggesting a possible 100% return within 12 to 24 months for investors who act quickly [15][19]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7] Investment Opportunity - Wall Street is investing heavily in AI, with hundreds of billions directed towards developing smarter technologies, but there is a looming question regarding the energy supply needed to sustain this growth [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI data centers, making it a potentially lucrative investment [3][8] Energy Infrastructure - The company owns significant nuclear energy infrastructure, which is crucial for America's future power strategy, and is capable of executing large-scale engineering projects across various energy sectors [7] - It plays a vital role in U.S. liquefied natural gas (LNG) exportation, which is expected to grow under the current administration's energy policies [7] Financial Position - The company is noted for being debt-free and having a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9] Market Perception - The company is described as being off-the-radar and undervalued, attracting attention from hedge fund managers who are beginning to recognize its potential [9][10] - It is trading at less than 7 times earnings, which is considered exceptionally low for a business involved in both AI and energy sectors [10] Future Outlook - The ongoing AI revolution is expected to disrupt traditional industries, and companies that adapt to this change are likely to thrive [11][12] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, reinforcing the argument for investing in AI-related opportunities [12][13]

Group 1 - Global capital markets are experiencing significant movements as international capital shows optimism towards China's economic development, with foreign institutions releasing positive annual outlook reports [1][3] - Goldman Sachs predicts China's real GDP growth will reach 4.8% in 2026, surpassing the market consensus of 4.5% [1] - HSBC emphasizes that boosting domestic demand will be a policy focus, with ongoing structural reforms and further opening up of the economy [1] Group 2 - Foreign investment in Chinese assets is increasing, with multiple U.S.-listed Chinese stock ETFs seeing substantial net inflows at the beginning of the year [2] - Morgan Stanley highlights China's innovation capabilities in AI, innovative pharmaceuticals, and smart driving technologies as key investment areas [3] - The World Bank, IMF, and ADB have raised their economic growth forecasts for China in 2025, reflecting a consensus on the positive long-term outlook for the Chinese economy [3][4] Group 3 - The attractiveness of the Chinese market to international capital is driven by its stability, policy continuity, and the positive trajectory of economic development [4] - The influx of foreign capital into China is expected to continue as favorable policies are released, particularly with the implementation of the 14th Five-Year Plan [4]

Core Insights - Retail investors have shown significant interest in five stocks this week, driven by hype around AI and corporate news, including Nebius Group NV, IREN Ltd., D-Wave Quantum Inc., Microsoft Corp., and Oklo Inc. [1] Nebius Group NV (NBIS) - Nebius Group is experiencing bullish momentum due to its plans for early adoption of Nvidia's Vera Rubin platform, with Morgan Stanley initiating coverage and projecting a potential upside of 23.55% [5] - The stock has a 52-week range of $18.31 to $141.10, currently trading around $103 to $105, with a yearly increase of 176.36% and 94.87% over the last six months [6] IREN Ltd. (IREN) - IREN has gained analyst enthusiasm, particularly after a significant Microsoft contract, leading H.C. Wainwright to upgrade the stock to Buy with a price target of $80 [6] - Bernstein has reiterated IREN as a top AI pick for 2026, reflecting optimism in AI demand following CES [6] D-Wave Quantum Inc. (QBTS) - D-Wave Quantum has made a key technical breakthrough in scalable on-chip cryogenic control of qubits, enhancing its roadmap towards error-corrected systems [11] - The stock has a 52-week range of $5.12 to $76.87, trading around $51 to $53, with a yearly return of 353.19% and 199.77% over the last six months [11] Microsoft Corp. (MSFT) - Microsoft is facing a near-term decline amid news of an emergency auction for power contracts, but sentiment remains positive with predictions of reclaiming a $4 trillion valuation [15] - The stock has a 52-week range of $344.79 to $555.45, currently trading around $456 to $458, with a yearly increase of 7.56% but a decline of 9.68% over the last six months [16] Oklo Inc. (OKLO) - Oklo is advancing a nuclear power campus project in partnership with Meta Platforms, with pre-construction expected to start in 2026 and first power by 2030 [16] - The stock has a 52-week range of $4.45 to $46.75, trading around $28 to $30, with a yearly increase of 394.32% and 69.84% over the last six months [12]