责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在前沿对话环节，腾讯集团副总裁韩开创表示，大模型正从技术工具演变为金融 的"核心生产力引擎"，驱动服务从"人找服务"走向"服务懂人"，并深刻重塑投研、风控与产品形态。金 融机构实现这一变革的关键，在于构建"通用"与"垂类"能力的深度协同：以通用模型为"通才"处理意图 与规划，而将机构独有的业务逻辑与数据注入垂类"专家"，从而避免"千模一面"，构建难以复制的差异 化优势。善用AI的机构，将定义未来金融。 责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在前沿对话环节，腾讯集团副总裁韩开创表示，大模型正从技术工具演变为金融 的"核心生产力引擎"，驱动服务从"人找服务"走向"服务懂人"，并深刻重塑投研、风控与产品形态。金 融机构实现这一变革的关键，在于构建"通用"与"垂类"能力的深度协同：以通用模型为"通才" ...

12月29日，以"AI 共生·智启未来:人工智能赋能产业新生态"为主题的《中国互联网企业综合实力指数(2025)》发布 会在北京召开。会上，备受业界瞩目的"2025年中国互联网综合实力前百家企业"榜单正式发布。白山云凭借在边 缘云和边缘智算领域的持续探索、领先的技术创新、稳健的业务增长以及积极的企业社会责任担当，再度获评中 国互联网百强企业。 自2013年以来，中国互联网协会已连续13年开展中国互联网企业综合实力指数研究工作。通过构建涵盖企业规 模、盈利水平、创新能力、成长性、风险防控能力及社会责任等维度的科学评估模型，全面考量企业综合竞争 力，是业内公认最具公正性和权威性的互联网企业评价标杆之一。 此次与榜单同时发布的《中国互联网企业综合实力指数（2025）》研究报告特别指出，总体来看，2025年中国互 联网综合实力企业呈现出财务风险防控能力稳健、业务多元地理聚集显著、社会责任履行意识加强、国际竞争能 力加快培育、市值估值规模大幅增长等显著特征。 多次入选中国互联网百强企业，是白山云在激烈的市场竞争中，坚持长期主义、深耕核心赛道所交出的一份扎实 成绩单。作为国内领先的独立边缘云服务提供商，白山云打造了网络、 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights that AI applications are expected to enter a new phase of intensive catalysis, with both industrial logic and catalysts presenting opportunities. Long-term prospects for domestic large models catching up with overseas counterparts and further application deployment are positive. The report recommends leading internet companies like Alibaba and Tencent, as well as niche application leaders such as Kuaishou and Meitu [7][10]. Summary by Sections Domestic AI Dynamics Tracking - The report tracks domestic AI large model product data, indicating that the web traffic for major AI models remains stable, with some fluctuations. For instance, Kimi had 7.99 million visits, down 7.83% week-on-week, while DeepSeek led with 66.33 million visits, down 5.06% [21][23]. - The report also notes that the average daily visit duration for Kimi is around 8 minutes, while other models like DeepSeek and Tongyi Qianwen are around 5 minutes [13]. Key Company Events - The report mentions that GLM-4.7 has topped the Artificial Analysis global open-source ranking, achieving a score of 68 in the Artificial Analysis Intelligence Index, making it the top model in both open-source and domestic categories [39][40]. Overseas AI Dynamics Tracking - In the overseas market, ChatGPT continues to lead in web traffic, while Claude's traffic has seen a decline. The report emphasizes the competitive landscape of AI models globally [41].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing growth in domestic AI chip demand, with Kunlun Core initiating its Hong Kong IPO process, indicating a strong market potential for domestic AI solutions [5][15] - The upcoming listings of major AI model companies, such as MiniMax, are expected to attract significant investment interest, with MiniMax's projected fundraising between 3.83 to 4.19 billion HKD [21][24] - The report emphasizes the accelerating commercialization of Robotaxi services in China, driven by technological advancements, cost reductions, and supportive policies [7][42] Summary by Sections Internet - Kunlun Core has started its Hong Kong listing process, indicating a sustained growth in domestic computing power demand. The report recommends stocks such as Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings identified as a beneficiary [5][14][67] - The Hang Seng Internet Technology Index rose by 4.3% during the week of December 29, 2025, to January 2, 2026, outperforming other indices [14][16] AI - Major AI model stocks, including MiniMax, are set to list soon, with MiniMax's share price range between 151-165 HKD and an expected market capitalization of 46.12 to 50.40 billion HKD. The company has shown significant revenue growth, achieving 53.44 million USD in revenue for the first three quarters of 2025, a 175% year-on-year increase [21][24][24] - MiniMax's diverse revenue model includes subscription services, virtual goods, and online marketing services, indicating a robust business strategy [30][24] Smart Driving - The report notes that the L3 level of autonomous driving in China has received trial approval, marking a significant step towards commercialization. The Robotaxi market is expected to grow rapidly due to technological maturity and policy support [7][42][44] - Various business models for Robotaxi are emerging, including partnerships between manufacturers, autonomous driving companies, and ride-hailing services, which are expected to accelerate commercialization [44][49] Weekly Data Update - The Hang Seng Index increased by 2.01% during the week, with significant gains in the media, automotive, and technology sectors [53][59]

南向资金2025年成交净买入超1.4万亿港元，创历史新高。 从成交净买入金额来看，8股获南向资金净买入超百亿港元，主要为科技龙头股。阿里巴巴-W净买入金额显著领先，为1778.69亿港元，美团-W、建设银 行、小米集团-W净买入金额分别为732.99亿港元、328.8亿港元、225.2亿港元。 阿里巴巴-W在2025年累计上涨78.6%，创上市以来最高年度涨幅，公司美股亦上涨76.21%。从业绩上来看，公司2025年第三季度财报显示，收入为人民币 2477.95亿元，同比增长5%。若不考虑高鑫零售和银泰的已处置业务的收入，同口径收入同比增长将为15%。公司表示，旺盛的AI需求推动云智能集团收 入进一步加速，季度收入同比增长34%，其中AI相关产品收入连续第九个季度实现三位数增长。 据证券时报·数据宝统计，2025年南向资金全年成交净买入达到14048.44亿港元，创历史新高，较2024年增长73.89%。自沪深港通开通以来，南向资金累 计净流入超5.1万亿港元。 值得注意的是，南向资金规模加速扩张，市场话语权持续上升。截至12月末，南向资金持股市值达到61408.83亿港元，占港股总市值比例超过12%。 按月 ...

Core Insights - The annual technology innovation sharing conference "Luo Yonghao's Crossroads" returned after seven years, showcasing various products and innovations from ByteDance and other companies [1][2] - Despite high expectations, the event faced multiple errors, including a delayed start and technical issues, leading to audience disappointment [1][2] Product Highlights - **DJI NEO2 Drone**: A user-friendly drone designed for easy operation, featuring gesture control and safety measures to protect users [6] - **Hypershell Exoskeleton**: A lightweight exoskeleton that assists users in climbing and carrying heavy objects, suitable for various extreme environments [8] - **TuoZhu 3D Printer**: Aimed at making 3D printing accessible to the general public, it offers a community for sharing designs and resources [9] - **LiberNovo Ergonomic Chair**: An advanced ergonomic chair that automatically adjusts to the user's posture, enhancing comfort [12] - **LICURV Dishwasher**: A compact dishwasher that cleans dishes in five seconds without detergent, utilizing innovative technology for effective cleaning [15] - **Antigravity Drone**: A panoramic drone that simplifies aerial photography, allowing users to control it intuitively [17] - **New Beanbag AI**: An AI application that enhances communication and translation capabilities, demonstrating quick response times [19] - **Qie Ting AI Reading App**: An application that provides audio summaries of books, highlighting key points and allowing for voice cloning [22] - **LAVA Studio**: An AI music workstation that enables users to create diverse musical sounds with a single instrument [25] Audience Engagement - The event saw significant interest, with tickets selling out quickly and a peak online viewership of around 5 million [1] - Despite the initial excitement, audience reactions were mixed, with many expressing dissatisfaction over the event's execution [5][6]

Group 1 - Baidu's stock price surged by 15.03% to $150.3, marking a three-year high, following the announcement of the spin-off of its AI chip business, Kunlun Chip, for a Hong Kong listing [1] - Analysts have redefined Baidu from a "search company" to a "full-stack AI enterprise," highlighting its extensive AI layout that includes chips, frameworks, large models, and applications [1] - The surge in Baidu's stock is part of a broader trend of global tech stocks rallying at the start of 2026, indicating a re-evaluation of Chinese tech values [1] Group 2 - On the same day as Baidu's stock surge, the U.S. stock market showed a mixed performance, with the Nasdaq index slightly down by 0.03%, while the semiconductor and commercial aerospace sectors experienced significant gains [3][4] - The semiconductor sector saw companies like Micron Technology and ASML rise by 10.74% and 8.78%, respectively, indicating a shift of capital from traditional tech stocks to hard tech sectors [3][4] - European markets also performed well, with indices like Germany's DAX and France's CAC rising by 0.20% and 0.56%, respectively, suggesting a rotation of global capital from the U.S. to non-U.S. markets [3][4] Group 3 - Baidu's AI chip, Kunlun, has replaced 90% of NVIDIA GPUs in training its Wenxin large model and secured nearly $1.5 billion in orders from China Mobile, leading to a valuation increase from 13 billion to 21 billion [11] - Baidu's AI business has shown significant growth, with new AI business revenue accounting for 37% of total revenue in the first three quarters of 2025, and daily calls for the Wenxin model exceeding 1 billion [11] - The company's autonomous driving platform has achieved profitability in 20 cities, further solidifying its position as more than just an advertising company [11]

Core Viewpoint - The article argues that "secure keyboards" used in mobile banking apps do not effectively protect user accounts and may actually encourage less secure password practices [1][8][14]. Group 1: History and Evolution of Secure Keyboards - The concept of secure keyboards originated from the need to bypass hardware keyloggers in public computers, leading to the development of software-based on-screen keyboards [4][6]. - In 1997, China Merchants Bank launched its online banking service, highlighting the early adoption of internet banking despite low personal computer penetration at the time [2][6]. Group 2: Current Implementation and Standards - Current mobile banking apps in China utilize a "secure keyboard" that replaces standard keyboards with a custom input method, as outlined in various industry standards [6][7]. - The standards JR/T 0068-2020 and JR/T 0092-2019 recommend measures like custom keyboards and character encryption to protect sensitive information [6][7]. Group 3: Limitations and Risks of Secure Keyboards - The article points out that secure keyboards may inadvertently promote the use of simpler, less secure passwords due to user convenience and familiarity [12][14]. - Many secure keyboard implementations restrict the use of password managers, which can lead to users resorting to easier-to-remember passwords, thus reducing overall security [14][18]. Group 4: Broader Implications for Security Practices - The discussion emphasizes that convenience often trumps security in user behavior, leading to the adoption of less secure practices despite the presence of security measures [15][20]. - The article suggests that effective security strategies must balance user experience with robust security protocols, as overly complex systems may lead to user frustration and non-compliance [20][19].

市场回顾 上周A股主要指数均上涨，量能小幅提升。 A股主要指数周涨跌幅（%） 资料来源：wind；统计区间：2025/12/22-2025/12/26 申万一级行业周涨跌幅（%） 资料来源：wind；统计区间：2025/12/22-2025/12/26 宏观数据分析 2025年12月24日，央行召开四季度货币政策委员会例会，形势判断上，"供强需弱"依旧，将为经济稳中 向好创造适宜环境，和前几次会议一致。货币方面，"适度宽松"前提不变下央行重提"优化供给，做优 增量、盘活存量"，提法整体较保守，对代表新质生产力的科技企业融资继续给予支持。政策实施方 面，央行强调相机抉择，表明短期货币政策趋于平稳，更多配合财政等在必要时进行发力。并未提到降 准降息等具体措施。后续，货币政策大概率会沿用今年导向，社融总量继续增长但信贷端压力短期应该 难缓解央行货币政策目标。 央行货币政策目标 中期看，科技成长仍是优势方向。当前经济基本面和科技叙事层面并未发生根本性变化，美国也仍在降 息周期中，科技板块中长期逻辑依旧，依然是优先增配方向。而在高切低的另一端，多数红利避险板块 和顺周期板块均有基本面层面的问题或缺乏长期叙事，行情进一步 ...

【大河财立方消息】1月2日，美股涨跌不一。截至收盘，道指涨319.10点，涨幅0.66%，报48382.39点；纳指跌6.36点，跌幅0.03%，报23235.63点；标普 500指数涨12.97点，涨幅0.19%，报6858.47点，打破了过去三年标普500指数在新年首个交易日均以下跌收盘的惯例。 | 17 | ■美股 | | Q | | --- | --- | --- | --- | | A股 灌服 | 美股 台股 | 日股 | 全球 三 | | 已为您生成今日市场智评 | | | 查看 | | 财经日历 | | 海外机构持仓 | Hot | | 美股指数 La | | | | | 道琼斯 | 纳斯达克 | 标普500 | | | 48382.39 | 23235.63 | 6858.47 | | | +319.10 +0.66% | -6.36 -0.03% | +12.97 +0.19% | | | 中国金龙 | 纳指100期货 | 标普500期货 | | | 7859.65 | 25394.50 | 6900.50 | | | +329.91 +4.38% | -62.25 -0.24% | +8. ...