▲ 戳蓝 色字关注我们！ "人生如旷野，而非轨道。每个人都有自己的时区，不必追赶他人的脚步。"——木心 你怎么看"98年的 姚顺雨 担任腾讯首席AI科学家"这件事。 但促使我做这篇文章的原因，是我一个朋友给我发的一张聊天记录截图。截图里是一位家长看到姚顺雨的新闻后，给孩子发的一长段微信。那段 话我看了真的挺有感触的。 这位家长说："儿子，你好好看看这文章，妈妈看完一晚没睡。这个姚顺雨也是同一年的吧？人家在腾讯做首席科学家，带几千人开发AI，你在 干 嘛 ？ 你 要 是 有 姚 顺 雨 一 半 的 科 研 功 力 ， 妈 妈 这 辈 子 是 不 是 都 做 梦 笑 醒 ？ 你 现 在 这 年 纪 正 是 定 胜 负 的 时 候 ， 你 不 努 力 ， 到 时 候 连 去 Jane Street、Two Sigma或者Anthropic这些顶级公司的门都敲不开……" 看到这段话，我突然意识到， 95后离开校园以后，依然逃不掉父母的"鸡娃焦虑"？只不过以前比的是中考、高考，现在比的是职级、薪资、 title。 所以今天我不想聊腾讯的AI战略布局，也不想分析姚顺雨的简历有多牛——清华姚班、普林斯顿博士、OpenAI核 ...

今日周五（12月26日）亚盘时段，黄金期货目前交投于1023附近，截至发稿，黄金期货暂1016.58元/ 克，涨幅0.78%，最高触及1023.96元/克，最低下探1007.00元/克。目前来看，黄金期货短线偏向看涨走 势。 打开APP，查看更多高清行情>> 【要闻速递】 受全球高端存储芯片持续短缺影响，微软、谷歌、Meta等科技巨头陷入严峻供应链危机。为争夺HBM 和LPDDR芯片，多家企业采购高管常驻韩国，与三星、SK海力士密集谈判。 谈判屡现激烈冲突：微软高管因供应条件未达标当场离席；谷歌以"缺乏远见"解雇未及时签长期协议的 采购负责人。目前韩企HBM产能已满载，巨头被迫接受"空白支票"式采购——无条件接受任何价格与 数量的供货方案。 短缺已波及消费电子领域，苹果为保障LPDDR5X芯片供应，被迫支付230%溢价。随着部分长期协议明 年到期，行业预计将迎新一轮涨价潮。 为应对危机，谷歌、Meta等紧急扩编亚洲采购团队，增设存储器全球采购经理等职。分析指出，此次 短缺暴露AI爆发式增长与芯片产能周期的结构性矛盾，韩国芯片商议价权显著提升，正深刻重塑全球 科技供应链权力格局。 【最新黄金期货行情解析】 当前 ...

Group 1 - The core viewpoint of the article emphasizes Shanghai's commitment to strengthening its open-source ecosystem through a comprehensive implementation plan, aiming to establish itself as a leading innovation hub by 2028 [2][3]. - The implementation plan outlines 12 specific measures across five key areas, including foundational capabilities, project cultivation, talent aggregation, cultural promotion, and governance collaboration [3][4]. Group 2 - By 2027, the plan aims to establish a robust open-source system with a complete technical support framework, a well-rounded service system, and a thriving open-source industry, targeting the creation of 1-2 internationally influential open-source communities and the incubation of over 200 quality open-source projects [4]. - The plan includes initiatives to build an international open-source community focused on artificial intelligence, enhancing resources such as pre-trained models and development tools, and supporting the establishment of overseas platforms [4][5]. Group 3 - The measures also focus on constructing an open-source ecosystem service circle, targeting key areas like general artificial intelligence and high-end software, and supporting the development of specialized service platforms for open-source projects [5]. - The plan emphasizes breakthroughs in open-source toolchains, particularly in artificial intelligence compilers and software optimization tools, while promoting the development of compatible interfaces based on domestic chips and models [5]. Group 4 - Concurrently, the government released measures to support the G60 Science and Technology Innovation Corridor, aiming to elevate it to a world-class level and enhance its role as a highland for industrial innovation [7]. - The measures propose financial support for key projects in the new generation of electronic information and aerospace industries, with funding up to 15% of total investment, capped at 50 million yuan for specific initiatives [8][9].

Market Strategy - The Shanghai Composite Index has experienced a seven-day consecutive rise, indicating a shift towards a market structure that favors mid-cap blue-chip stocks while maintaining a cautious approach to overall index performance [2][7] - The report suggests focusing on mid-cap blue-chip characteristics in investment strategies, particularly in sectors like advanced manufacturing, non-bank finance, technology, and cyclical industries, which are expected to attract incremental capital [7] Industry Strategy - The coal industry is highlighted, with coking coal prices expected to rebound due to seasonal inventory replenishment by downstream steel and coking plants, which is anticipated to support prices in the short term [4][7] - The report emphasizes the importance of monitoring the coking coal sector for investment opportunities, particularly as downstream purchasing behavior shifts from a wait-and-see approach to active procurement [7] Thematic Strategy - The humanoid robot sector is projected to see significant advancements in motion control technology in 2025, with mass production expected to accelerate in 2026 [5][7] - The report notes that companies with strong manufacturing and management capabilities in the components sector are likely to benefit from the rapid evolution of humanoid robots [7]

Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, emphasizing counter-cyclical and cross-cyclical adjustments to support stable economic growth and reasonable price recovery [2] - The PBOC aims to maintain ample liquidity and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [2] - The focus may shift towards improving the transmission mechanism of interest rates to reduce idle capital in the financial system [2][3] U.S.-China Trade Relations - The U.S. government announced it will not impose additional tariffs on Chinese chips for at least 18 months, with a planned tariff increase set for June 2027 [4] - This decision is seen as a temporary measure to avoid escalating trade tensions, especially as the U.S. seeks to attract global chip production back to its shores [5] Foreign Investment - The new "Encouraged Foreign Investment Industries Directory" will take effect on February 1, 2026, with a total of 1,679 entries, an increase of 205 from the previous version [6] - The directory emphasizes advanced manufacturing and modern service industries, particularly in central and western regions of China [6][7] Currency Exchange Rates - The offshore RMB has risen above the 7 mark against the USD for the first time since October, with a year-to-date appreciation of 4.6% [8] - The recent strengthening of the RMB is attributed to a weakening dollar and expectations of continued interest rate cuts by the Federal Reserve [8][9] Real Estate Policy - Beijing has relaxed housing purchase restrictions for non-local families, reducing the required social security or tax payment period for purchasing homes [10] - The policy aims to stimulate housing demand, particularly for families with multiple children, and aligns with the current market conditions [11] Chip Industry Developments - NVIDIA has reached a non-exclusive licensing agreement with Groq, acquiring its chip technology while allowing Groq to operate independently [12] - This move is seen as a strategy to enhance NVIDIA's AI chip capabilities without triggering antitrust concerns [12][13] Fund Manager Changes - A record 453 fund managers have left their positions this year, indicating significant changes within the industry amid regulatory reforms [14] - The reforms are aimed at linking fund performance to manager compensation, promoting a more competitive environment [15]

□王翱 四川日报全媒体记者 肖莹佩 一天赚20亿元，这么牛，是谁呢？成都交子金控集团下属成都交子中小企业发展基金。 咋赚的呢？近日，沐曦股份登陆科创板，首日股价暴涨693%。凭借此前投中沐曦股份，这只基金 相当于一天挣了20个"小目标"。 不仅如此，在"国产GPU第一股"海光信息、创造"科创板最快过会纪录"的摩尔线程背后，都有成 都政府投资基金的身影，真的是"赢麻了"！ 政府投资基金啥来头？简单来说，就是政府掏出真金白银，专注"投小、投早、投长期、投硬科 技"，扶持科技企业成长。 这非常重要。试想，你创办了一家科技企业，技术实力很强，信心满满。但研发仪器、实验室， 甚至房租水电气，样样都是钱。还没盈利就要解决开 销问题，怎么办？ 贷款融资？很难！一来，拿不出实物抵押；二来，公司没有好看的营收数据，甚至账面上可能还 是亏损状态。现实很残酷，但这就是初创期科技企业的普遍痛点：没有资金，每一秒都是寒冬。 也就是说，成都政府投资基金瞄准的，是要大力发展的重点产业，尤其是潜力赛道的"新物种"， 比如商业航天、低空经济、量子科技等。 政府投资入局扶持产业发展，全国有不少成功案例。 最常提起的是合肥。2020年，合肥豪掷7 ...

其次从产业格局进行分析：自2022年10月7日起，美国商务部工业与安全局通过一系列"先进计算与半导体制造"出口管制规则，将英伟达面向中国的高端 GPU基本纳入许可管理范围。英伟达对华高端 GPU 出口管制，本质上压缩了中国在先进算力领域的外部供给弹性，也客观上为国产GPU创业提供了前所 未有的市场窗口。算力资源从"效率工具"转变为"安全资源"，使得国产替代不再只是商业选择，而是国家层面的必要选项。 再次从主要国产GPU公司发展路径及财务表现视角，关键变量至少包括： 2025年12月5日，国产GPU企业摩尔线程登陆上交所科创板，开盘上涨468.78%，市值一度突破 3,000 亿元。值得注意的是，摩尔线程2025 年前三季度营 业收入约8亿元，仍处于亏损状态。在传统盈利和现金流估值框架之外，该市值水平反映了市场对其长期成长空间与战略价值的更高预期。若将其置于"发 展与安全并重"的新政策框架下，上述现象并非孤例，而是一种安全定价与产业战略溢价叠加效果的映射。 二、性价比是市场定价逻辑的支点： 首先梳理宏观背景，2025年10月，新华社受权全文播发《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，《建议 ...

Group 1 - The European Union (EU) has initiated investigations and imposed tariffs on Chinese electric vehicles, citing excessive subsidies and low-price dumping that harm local industries, with tariffs reaching up to 35% [2] - Major Chinese automotive companies like BYD and SAIC have seen a significant decline in exports to Europe due to these tariffs [2] - The EU's actions have disrupted supply chains, particularly affecting German companies that rely on Chinese components, despite some member states like France and Italy pushing for these tariffs [2][6] Group 2 - China has retaliated by investigating EU agricultural products, specifically targeting dairy products from France, the Netherlands, and Italy, with preliminary duties ranging from 21.9% to 42.7% [2][4] - The tariffs on EU dairy products are expected to result in significant losses for French and Dutch exporters, with annual exports to China valued in the hundreds of millions of euros [4][11] - The Netherlands faces additional complications due to the semiconductor company Nexperia, which has been restricted by the Dutch government, leading to supply shortages for Chinese and international automotive companies [4][9] Group 3 - The EU is struggling to present a unified front in response to China's actions, with member states having differing priorities and interests, particularly in the agricultural sector [6][8] - France is particularly affected by the tariffs on dairy products, prompting calls for a coordinated response among EU member states, but achieving consensus has proven difficult [8][11] - The ongoing trade disputes are causing economic strain on both sides, with the EU's agricultural exports declining and Chinese consumers increasingly turning to domestic products [11]

2025年，A股在政策、估值、盈利、资金四重支撑下走出了牛市行情。2026年作为"十五五"规划开局之 年，经济转型深化与政策发力预期叠加，但A股市场细分赛道的分化却愈发明显，在这样的背景下， 2026年的投资机会如何？驱动2026年行情的核心变量是什么？哪些领域可能成为市场资金新的"共识"？ 对于这些问题，私募大佬们又有着怎样独到的判断？近日，《每日经济新闻》记者(以下简称NBD)就带 着这些问题，专访了上海保银私募基金管理有限公司总经理及基金经理李墨(以下简称保银基金李墨)。 首先，2025年为市场确立了坚实的"政策底"与"资金底"。政策上，从2024年9月首提"适度宽松"到2025 年12月会议的再次定调，表明宽松已不再是权宜之计，而是构建长效机制的宏观基准，这为长期风险偏 好提供了"定海神针"。资金上，数据已验证了信心的实质性回归："长钱"考核机制优化下，险资全年预 计贡献超4000亿元增量；北上资金三季度持仓市值创下2.59万亿元新高；叠加全年日均成交额重回1.1万 亿元上方，市场的承接力与定价效率已显著跃升。 然而，行情的持续性面临"结构性分化"的挑战。虽然以硬科技为代表的新质生产力板块在三季度率先 ...

Core Insights - Groq, an AI inference chip startup founded in 2016, has entered a non-exclusive licensing agreement with Nvidia, where Nvidia pays approximately $20 billion for Groq's core AI inference technology and related assets [2][5] - Groq's technology is seen as a significant competitor to Nvidia's GPUs, particularly in the AI inference market, where Groq claims its chips can achieve up to 10 times the inference speed compared to Nvidia's offerings [1][5] - The transaction reflects a growing trend among tech giants to utilize "quasi-acquisitions" to acquire technology and talent while avoiding full ownership and regulatory scrutiny [4][5] Company Overview - Groq was founded by Jonathan Ross, a key member of Google's TPU project, to address inefficiencies in traditional computing architectures for modern AI tasks [1] - The company has recently partnered with major firms like Meta and IBM to enhance its AI inference capabilities [3] Financial Aspects - The $20 billion deal significantly exceeds Groq's previous valuation of $6.9 billion, indicating a strong market interest in its technology [7][8] - Groq's recent revenue forecast was lowered by approximately 75%, highlighting challenges in scaling its operations and the competitive landscape [7] Strategic Implications - Nvidia aims to integrate Groq's low-latency processors into its AI factory architecture to enhance its platform capabilities for AI inference and real-time workloads [3][5] - The acquisition strategy allows Nvidia to strengthen its position in the AI inference market while maintaining Groq's operational independence, which could lead to faster commercialization of Groq's technology [8]