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]

Group 1 - Haidian District has been officially designated as a "Green Water and Green Mountain is Gold and Silver Mountain" practice innovation base by the Ministry of Ecology and Environment, becoming the first area in Beijing's central urban area to receive both national-level titles of "Ecological Civilization Construction Demonstration Zone" and "Two Mountains" practice innovation base [1] - The district is recognized for its complete ecological system of "mountains, waters, forests, fields, lakes, and grass," and is focused on integrating natural elements with urban development, aiming to accelerate the development of new productive forces and build a world-leading technology park [3] - The transformation of the old industrial base in the Xisanqi Innovation Development Zone has led to the relocation of over 10 "high-energy-consuming" enterprises, freeing up 56 hectares of land for the construction of a 265,000 square meter ecological park, which supports the development of the world's first AI innovation street [3] Group 2 - In 2024, the total number of tourists in Haidian District reached 91.438 million, representing a year-on-year growth of 17.3%, with tourism revenue increasing by 17.8%, leading the city of Beijing [5] - The "Ten Cross Green Chain" formed by the Qinghe Riverside Green Corridor and the Beijing-Zhangjiakou Railway Heritage Park has activated regional innovation resources and driven economic development and industrial upgrades in the surrounding areas [7] - The "Yudao Yuanshang" agricultural and cultural tourism brand has helped rural areas generate over 6.6 million yuan in income from 2023 to 2024, with the yield of Jingxi rice smart farms increasing by over 35% [9] Group 3 - The Daoxiang Lake Reclaimed Water Plant has innovatively transformed from an "environmental nuisance facility" to an "ecological check-in site," creating a new model of "water-saving pollution control—resource recycling—ecological integration—value spillover" [11] - The region has successfully accelerated the conversion of ecological value into economic and social value, demonstrating the innovative practice of the "Two Mountains" concept in Haidian District, with the total economic output exceeding 10 trillion yuan for three consecutive years [13]

记者丨 吴佳楠 编辑丨孙超逸 仅成立7年，头顶"全球Scaler行业第二、ASICScaler行业第一"的光环，深圳曦华科技股份有 限公司（简称"曦华科技"）日前递交招股书，准备在港交所上市。在近期向港交所递交上市招 股书，开启IPO冲刺。 根据曦华科技的招股书，2022年至2025年前9个月，公司不到四年时间亏损4.26亿元，前五大 客户贡献超8成收入。 一边是承载着端侧AI带来的产业想象空间，另一边是全球龙头叙事下难掩的利润疲软，曦华科 技站在叩响港股IPO大门面前，又该如何闯关？ 据公开资料，曦华科技成立于2018年8月，是国家级重点"小巨人"企业，主要提供智能显示芯 片、智能感控芯片及解决方案，已应用于智能汽车、手机、可穿戴设备和机器人等市场。 清华高考状元创出端侧A I芯片龙头 2018年，陈曦担任和聚百川管理合伙人，同年8月创办了曦华科技。陈曦还是德载厚资本的创 始合伙人之一，该机构专注于汽车产业投资的私募基金，投资的知名项目包括瑞浦兰钧、蜂巢 能源、特来电、基本半导体、T3出行等。 夫妻持股超6 5%，历经9轮融资 据弗若斯特沙利文报告，曦华科技研发了全球首款ASIC架构的AIScaler，掌握 ...

记者丨彭新 编辑丨张伟贤 当地时间12月24日，AI芯片初创公司Groq宣布已与英伟达就其推理技术达成非独家许可协 议。根据协议条款，Groq创始人Jonathan Ross、总裁Sunny Madra及其他核心团队成员将加 入英伟达，共同推进授权技术的升级与规模化应用。 Groq将继续作为独立公司运营，Simon Edwards将接任首席执行官职务。Groq云服务也将保 持正常运行，不受此次合作影响。 不过，此前有报道称，英伟达已收购Groq，完成其规模最大的一笔收购。Groq投资方之一 Disruptive的CEO Alex Davis透露， 英伟达已同意以200亿美元（约合1402亿元人民币）现金 收购Groq资产。 对此，英伟达向21世纪经济报道记者回应称， "我们并未收购 Groq。我们只是获得了Groq知 识产权的非独家授权，并从Groq团队中聘请了工程人才加入我们。我们将共同致力于提供世 界领先的加速计算技术。" 记者获得的一封英伟达CEO黄仁勋在发给员工的电子邮件中显示同样的说法。不过，双方未 披露该交易的财务条款。 英伟达"收编"潜在竞争者 （GroqChip芯片，图片来源：Groq） 在成 ...

Group 1 - The core point of the article is that Unisoc (002049.SZ) is establishing a new subsidiary, Unisoc Tongxin Technology, to enhance its competitiveness in the automotive domain control chip market and optimize its capital structure [1][2] - Unisoc Tongxin Technology will have a registered capital of RMB 300 million, with Unisoc contributing RMB 153 million, representing a 51% stake [1] - The investment partners include Beijing Zhicheng Gaoyuan Electronic Technology Co., Ltd. and several other entities, with varying ownership percentages [1] Group 2 - The operational purpose of Unisoc Tongxin Technology is to engage in the research, production, and sales of automotive domain control chips [2] - Following the completion of the transaction, Unisoc Tongxin Technology will be included in Unisoc's consolidated financial statements [2] - Unisoc Tongxin Technology plans to acquire an assessed asset group related to automotive domain control chip business from Unisoc for RMB 193 million, reflecting an impressive assessed appreciation rate of 3,723.15% [2]