回顾1月12日的市场，资金对人工智能板块的追捧达到了一个阶段性高潮。不仅涨幅惊人的ETF数量众 多，部分品种上的资金进出强度也令人瞩目。例如，有创业板软件ETF单日换手率超过330%，另有同 类产品换手率也高达172%，反映出短线资金极高的参与热情和激烈的博弈。据了解，这种高换手现象 通常意味着市场对该板块的看法存在较大分歧，既有强烈的买入意愿，也有大量的获利了结盘。 | 序号 | 14.25 | 名称 | 涨跌幅 ▼ | 换手串 | 6日涨跌幅 | | --- | --- | --- | --- | --- | --- | | 1 | 588420 | 科创创业人工智能ETF摩 | 18,69% | 13.08% | 21,58% | | 2 | 159243 | 创业板人工智能ETF招商 | 13.19% | 50.07% | 16.05% | | 3 | 159107 | 创业板软件ETF富国 | 12.71% | 171.76% | 23,06% | | 4 | 159256 | 创业板软件ETF华夏 | 11.29% | 331.57% | 22.24% | | 5 | 159382 | 创业板人工 ...

来源：市场资讯 （来源：FOF老码头） 回顾这一年，全球资本市场并非在一条叙事路径上展开，而是在剧烈的叙事切换中寻找平衡。从年初 对"特朗普经济学"的盲目押注，到年终对AI资本回报率的质疑；从美元信用的动摇，到黄金与白银史诗 级行情的爆发。市场在这一年里，深刻地体验了从"美国例外论"的幻灭到"资产再平衡"的颠簸过程。 第三季度：非理性繁荣与双轨制经济 第三季度市场动荡展示了全球经济与市场的不确定性，从AI信仰的狂热到降息的预期落地，从股市的 投机热潮到黄金的避险需求，市场呈现出多重背离的态势。一些投资者在宽松政策和技术繁荣的支持 下，疯狂追逐科技股，而黄金和债市则成为了"聪明资金"的避风港。随着美联储降息的实施和AI产业链 的持续扩张，市场或将迎来新一轮的调整和再平衡，未来的市场将充满更多不确定性和波动性。 7月：脱敏与亢奋 市场进入了一个非理性的"亢奋期"。尽管非农数据表现强劲，削弱了市场对美联储降息的紧迫预期，但 股市依旧在AI龙头公司的引领下，强势反弹。投资者对关税风险的敏感性减弱，尤其是在特朗普与欧 盟、日本达成贸易协议后，市场投机情绪升温。即使在全球贸易环境尚存不确定性，许多投资者依然处 于高度乐观 ...

过去一年，人工智能基础设施一直是美股的稳健投资标的，标普500指数中许多2025年表现最佳的股票 都属于这一类别。但随着一些原本被视为赢家的股票开始下跌，这一领域的波动性也随之增加。 上周，英伟达(NVDA.US)首席执行官黄仁勋表示，新一代AI芯片Rubin的机架可以单纯液冷散热，无需 依赖冷水机组(water chiller)。包括特灵科技(Trane)和江森自控(Johnson Controls)在内的冷却技术公司股 价暴跌，这两家公司都被认为是Meta Platforms(META.US)、微软(GOOGL.US)、亚马逊(AMZN.US)和 Alphabet(GOOGL.US)预计在未来12个月内投入约4750亿美元资本支出的受益者。 Hirtle Callaghan首席投资官Brad Conger表示："我们的投资策略通常是持有那些在人工智能领域增长潜 力不大，但能够参与其中的公司。它们会从中受益，但这并非它们唯一的优势。"该公司持有 Vistra(VST.US)、Constellation Energy(CEG.US)、Amphenol(APH.US)和Eaton(ETN.US)的股份。 人工智 ...

Core Viewpoint - The recent comments by Wang Xiaochuan, CEO of Baichuan Intelligence, highlight the mismatch between the market valuation and commercialization capabilities of AI companies like Zhipu and MiniMax, despite their technological advancements in the AI sector [1] Group 1: AI Industry Developments - The AI healthcare sector is experiencing significant advancements, with major players entering the market, indicating a competitive landscape that is intensifying globally [1] - Baichuan Intelligence has launched a new open-source medical language model, Baichuan-M3, which has shown superior questioning capabilities compared to average human doctors in evaluations [2] Group 2: Challenges and Opportunities in Healthcare - The healthcare system faces challenges such as a shortage of quality doctors, inequality in doctor-patient relationships, and underdeveloped grassroots medical services [3] - AI's role is seen as not just replacing doctors but empowering patients by providing them with information and decision-making support, thereby enhancing medical efficiency [3] Group 3: Company Strategy and Future Outlook - Baichuan Intelligence is focusing on pediatric and oncology applications, collaborating with major hospitals to validate its products in real-world scenarios [3] - The company plans to release two consumer-oriented medical products in the first half of the year, initially free to build trust and reputation before introducing paid features [3] - Baichuan Intelligence aims for an IPO around 2027 and currently has approximately 3 billion in funding available [4]

证券日报网讯 1月13日，美腾科技在互动平台回答投资者提问时表示，基于大量工业现场案例与项目积 累，公司于2024年率先推出"知煤大师"行业大模型的产品，结合数字孪生与知识图谱技术，打造真正懂 煤炭的AI系统。"知煤大师"支持语音、文字、图像多模态交互，覆盖2万+专业文档、1万+知识图谱实 体，精准解答选煤难题；结合数字孪生系统、选煤行业知识图谱，实现生产异常在线诊断与调度优化。 2025年，公司推出"智慧指挥中心"产品，实现多端协同全场景打通，实现选煤生产全过程智能管控，构 建覆盖决策层、调度层、执行层的全链条协同体系，让数据驱动的智能化管理贯穿生产全流程。具体硬 件配置及芯片供应链信息涉及商业机密，不便披露，敬请谅解。 （编辑 丛可心） ...

Core Viewpoint - The article emphasizes the proactive measures taken by various Chinese government departments to ensure stable economic growth in 2026, marking the beginning of the "14th Five-Year Plan" period. Key policies focus on stabilizing growth, expanding domestic demand, supporting technological innovation, and maintaining stability in the real estate and stock markets [1][3]. Group 1: Economic Policy Measures - The National Development and Reform Commission (NDRC) and other ministries are implementing policies to strengthen economic monitoring, improve policy tools, and manage expectations to ensure a smooth start to 2026 [3]. - The fiscal policy for 2026 will be more proactive, with an expanded fiscal spending plan and optimized government bond tools to enhance financial efficiency [3]. - The People's Bank of China (PBOC) will continue a moderately loose monetary policy, focusing on high-quality economic development and reasonable price recovery, while maintaining liquidity and promoting balanced credit growth [3][4]. Group 2: GDP and Fiscal Projections - The GDP growth target for 2026 is expected to remain around 5%, with a fiscal deficit rate holding steady at 4% and an increase in special bonds to 4.8 trillion yuan [4]. - The broad deficit scale is projected to rise from 11.86 trillion yuan in 2025 to approximately 12.45 trillion yuan in 2026, with a corresponding increase in the broad deficit rate from 8.4% to 8.5% [4]. Group 3: Consumer and Investment Stimulus - The NDRC emphasizes the need for practical measures to boost consumption, including optimizing the trade-in policy for consumer goods and enhancing service consumption [7]. - Investment strategies will focus on stabilizing and increasing effective investment, particularly in new infrastructure and technology sectors, with significant government funding allocated for major projects [8][9]. Group 4: Emerging Industries Development - The Ministry of Industry and Information Technology aims to enhance technological innovation capabilities and support the growth of emerging industries such as integrated circuits, new materials, and biomedicine [11][12]. - The establishment of the National Venture Capital Guiding Fund, with an initial investment of 100 billion yuan, aims to attract further investment in key technology sectors [12]. Group 5: Real Estate and Stock Market Stability - The housing and urban-rural development meeting outlines strategies to stabilize the real estate market through targeted policies, including optimizing housing purchase restrictions and supporting demand for housing [15]. - The PBOC is focused on mitigating financial risks in key areas and has established mechanisms to provide liquidity support to non-bank institutions, enhancing market stability [16][17].

Core Viewpoint - The article discusses the recent developments in the AI healthcare sector, highlighting the competitive landscape and the potential of AI technologies to enhance medical decision-making and patient care [3][4]. Group 1: AI Healthcare Developments - Wang Xiaochuan, CEO of Baichuan Intelligent, emphasizes that AI healthcare is at a tipping point, with major players entering the market, including OpenAI and Anthropic [4]. - Baichuan has launched a new open-source medical language model, Baichuan-M3, which has shown superior questioning capabilities compared to average human doctors in evaluations [5]. - The company is focusing on pediatric and oncology applications, collaborating with major hospitals to validate real-world scenarios [6]. Group 2: AI's Role in Medical Decision-Making - Wang highlights the pain points in the medical system, such as the shortage of quality doctors and inequalities in patient care, suggesting that AI's role extends beyond replacing doctors to empowering patients in decision-making [6]. - AI can provide comprehensive information and risk assessments, allowing patients to make informed choices about their treatment options, akin to a jury in a legal system [6]. Group 3: Future Outlook - The AI healthcare sector is seen as a significant paradigm in the competition among large models, with Baichuan aiming for an IPO around 2027 and currently holding nearly 3 billion in funds [7].

江苏提出到2030年形成超万亿元人工智能产业规模 中新社南京1月13日电 (记者 朱晓颖)江苏省人民政府13日在南京举行新闻发布会，就近期印发的《江苏 省"人工智能+"行动方案》(简称行动方案)进行解读。行动方案提出，到2030年，江苏人工智能产业规 模超万亿元人民币；到2035年，建成中国领先的"人工智能＋"创新策源地、产业新高地和融合应用先导 区，全面步入智能经济和智能社会发展新阶段。 江苏省发展和改革委员会副主任蔡剑峰介绍，在全面落实中国国家文件确定的6个重点领域行动基础 上，行动方案增加了"人工智能+"新兴产业重点领域，以抢占人形机器人、低空经济、智能驾驶、生物 医药、新能源等战略性新兴产业和未来产业新赛道；强调突出构建智能原生、开放协同的"人工智能 +"生态体系。 在江苏，"人工智能+"正赋能千行百业。江苏首个人工智能生态街区——中国(南京)软件谷的"AI·镜界— 南京人工智能生态街区"已吸引华为、中兴等381家AI生态企业，建成华为人工智能产业创新中心等17个 公共赋能和要素支撑平台。2025年11月，"AI时空·南京人工智能国际社区"在南京河西中央科创区揭 牌，"一核三片区"的"一核"已集聚阿里 ...

Market Analysis - On January 13, the three major indices collectively adjusted, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2%. The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day. Over 3,700 stocks in the market declined, with the Shanghai Composite Index down 0.64%, the Shenzhen Component Index down 1.37%, and the ChiNext Index down 1.96% [1]. AI and Healthcare Developments - OpenAI launched ChatGPT Health on January 7, achieving a 92% disease diagnosis accuracy rate across over 5,000 disease features, marking a significant shift of generative AI from a general assistant to a specialized healthcare partner [10]. - ChatGPT Health utilizes the GPT-5.2 model, featuring capabilities such as symptom-disease mapping, multi-modal data analysis, and risk stratification algorithms to enhance diagnostic accuracy and efficiency [13][14]. - On January 11, Elon Musk's X platform called for users to upload medical images to train the Grok AI model, which aims to provide preliminary diagnoses and claims to outperform doctors in certain cases [15][16]. - Anthropic introduced Claude for Healthcare on January 11, which has already been adopted by 22,000 clinical personnel at Banner Health, indicating a significant step towards the integration of generative AI in healthcare [18]. Pharmaceutical Industry Collaboration - NVIDIA and Eli Lilly announced a partnership on January 12 to invest $1 billion over five years in a joint research lab in the San Francisco Bay Area, aimed at accelerating AI applications in the pharmaceutical industry [20][22]. - This collaboration seeks to integrate NVIDIA's AI computing capabilities with Eli Lilly's biomedical data to transform drug development processes and address long-standing industry challenges [22]. Company Spotlight: Pruis - Pruis, a clinical trial site management organization (SMO) established in 2009, focuses on ensuring efficient trial operations and data quality standards. It recently passed the national algorithm filing for its "Rui Star Clinical Trial Text Generation Algorithm" [23][24]. - The algorithm enhances information processing efficiency and accuracy by 90%, addressing industry pain points in clinical research [25][26]. Macro Trends in Energy and Data Centers - The surge in electricity consumption by data centers has led to increased electricity costs for residents in certain areas of the U.S. Major tech companies are securing nuclear power agreements to support their AI computing clusters [28]. - Macro trends indicate a dual drive for the North American market, focusing on aging grid updates and the infrastructure needs of AI data centers, which is expected to boost demand for transformers [28][29]. Company Profile: Hongyuan Co. - Hongyuan Co. specializes in the research, production, and sales of electromagnetic wires, primarily used in high-voltage transformers and other large power transmission equipment. The company has established itself as a leading manufacturer in this sector [33]. - Hongyuan's products are exported to various countries, including Turkey, North America, and Egypt, with a focus on meeting the needs of major transformer manufacturers [33].

他表示，虽然设备端AI在短期内预计难以推动硬件出货量增长，但这项合作可缓解苹果短期内来自各 方的压力。不过，AI成为硬件、操作系统与用户体验核心是迟早的事，因此苹果在长期仍需面对提升 其对AI核心技术掌控能力的挑战。 郭明錤称，特斯拉的全自动驾驶系统(FSD)就是AI成为设备与用户体验核心的一个好例子。如果特斯拉 的FSD算法来自其他厂商，那么特斯拉的竞争优势和市盈率估值肯定会比现在低。 最后，郭明錤透露，苹果自研的AI服务器芯片预计在2026年下半年量产，自有数据中心预计在2027年 开始建设并运营，这可能意味着苹果对设备端AI的需求预计将从2027年开始出现较为显著的增长。(作 者/箫雨) 苹果与谷歌达成AI合作 凤凰网科技讯 北京时间1月13日，苹果和谷歌周一联合宣布，双方已达成多年协议，苹果将使用谷歌 Gemini驱动其下一代基础模型。对此，天风国际证券知名苹果分析师郭明錤表示，苹果选择谷歌是迫于 短期挑战和压力。 郭明錤在X上发帖称，苹果发展自研AI面临两个短期挑战，这迫使苹果与谷歌合作。首先，苹果今年在 WWDC上的AI展示不允许再失败；第二，随着云端AI的发展，用户对AI服务的质量标准不断提高， ...