据韩国《韩民族日报》2日报道，随着中国在人工智能、机器人等尖端产业领域持续领跑，韩国企业界 内部正逐渐形成"向中国学习"的风潮。在制定未来产业战略时，系统性了解中国技术发展现状已成为韩 国企业难以回避的现实课题。据韩国经济界消息，韩国贸易协会去年12月中旬组织十余家会员企业高 管，前往上海、杭州等地开展为期四天三夜的产业考察，重点了解人工智能、人形机器人等领域的研发 进展与产业生态。 【环球时报驻韩国特约记者 黎枳银】韩国总统李在明于1月4日起对中国进行国事访问，连日来韩国各 界对中韩关系在经贸与新兴产业领域强化合作的期待持续升温。从企业界组团访华考察到资本市场相关 板块逆势上涨，学界、产业界与资本市场纷纷释放积极信号。李在明5日在钓鱼台国宾馆出席中国—韩 国商务论坛时表示，当前两国处在携手开辟合作新航道的关键阶段，有必要以人工智能等未来核心技术 为抓手，推动制造业、服务业等领域合作向更深层次延展。 为配合此次访华，大韩商工会议所牵头组建了涵盖约200家企业的经济代表团随行。这是自2019年12月 以来韩国再度组织大规模对华经贸代表团，具有重要标志性意义。韩媒称，代表团将密集参与中韩商务 论坛、推动多项合作谅 ...

Core Insights - Ningbo has steadily increased its GDP since joining the "trillion yuan club" in 2018, achieving a GDP of 1.35 trillion yuan in the first three quarters of 2025, with a year-on-year growth of 5.0% [2] - The city is recognized as a cradle for national manufacturing champions, boasting 119 national-level manufacturing champions, maintaining the top position in China for eight consecutive years [2][4] - Ningbo's economy is characterized by a diverse structure, with significant advancements in emerging sectors such as artificial intelligence, robotics, and high-tech services, which saw investment growth rates of 9.3%, 41.2%, and 56.7% respectively [2][3] Economic Structure and Innovation - Ningbo is a vital economic center in the Yangtze River Delta, with a robust manufacturing, foreign trade, and logistics industry [3] - The city has implemented an innovation-driven development strategy, with 90% of R&D activities and over 80% of invention patents originating from enterprises [3] - High-tech enterprises in Ningbo have reached a total of 8,855, with an average annual growth rate exceeding 30% over the past three years [3] Manufacturing and Global Presence - Ningbo's manufacturing sector is recognized globally, with significant contributions from companies like Sunny Optical Technology, which supplies one in three Android smartphones with optical lenses [4] - The city has seen a rise in the number of enterprises capable of producing humanoid robots, increasing from 3 to 8 since 2025, supported by a growing supply chain [6] - The global market share of Ningbo's manufacturing products continues to expand, with companies like Longyan Technology leading in the optical film market with a 55% share [5] Financial Support and Innovation Ecosystem - Ningbo's financial sector has shown robust growth, with a financial industry value added of 1,224.3 billion yuan in the first three quarters of 2025, marking a 13.8% increase [13] - The city has established a multi-layered risk mitigation system to support small and micro enterprises, facilitating access to financing [14] - Financial tools such as specialized loans and transformation insurance are being utilized to support the transition of manufacturing and emerging industries [13][14] Policy and Strategic Development - Ningbo has introduced various policies to enhance its innovation ecosystem, including the establishment of national-level innovation platforms and support for high-tech enterprises [8][10] - The city aims to build 10 national-level innovation platforms and over 1,000 provincial-level R&D institutions by 2030 [8] - Collaborative efforts between government and enterprises are emphasized to foster innovation and address industry challenges [10] Market Expansion and Trade - Ningbo has accelerated its international trade efforts, with over 300 companies participating in exhibitions abroad, achieving an intended transaction amount exceeding 5 billion USD [11] - The city has seen a 7% increase in imports and exports to Central and Eastern European countries, with specific companies reporting significant growth in this market [12] - Cross-border e-commerce has also flourished, with Ningbo's special area for cross-border e-commerce exports reaching 47.99 billion yuan, a 16.9% increase year-on-year [12] Conclusion - Ningbo is positioned as a "Champion City" with a strong manufacturing base and a commitment to innovation, aiming to transform into a "New Quality City" through strategic initiatives and financial empowerment [24]

朋友们，我是帮主郑重。最近的市场，有没有一种感觉：指数晃晃悠悠，但一些板块却暗流涌动，机会 就像地里的春笋，这儿冒一个，那儿冒一个。这种时候，最适合的，就是咱们中长线投资者拿手的中线 波段持股策略——不追求一夜暴富，而是在产业的确定趋势里，跟着波浪起伏，稳稳地做T，增厚收 益。 说到中线看好的方向，核心还是科技成长。这艘大船上有几个重要的船舱：AI设备、光通信、半导 体，这是数字世界的底座；人形机器人、电力设备，这是智能物理世界的抓手；还有稀土永磁和商业航 天，这是高端制造和未来资源的延伸。它们共同构成了未来几年产业升级的主脉络。 半导体同样值得这个策略。百度芯片分拆、壁仞上市大涨，背后是国产AI芯片放量的前奏；字节巨资 采购华为芯片，更是给出了清晰的需求信号。假期海外半导体的大涨，也会传递情绪。产业链上的国产 半导体材料与设备，机会非常明确。 此外，别忘了处于牛市周期中的有色金属。板块会轮动，而其中兼具战略属性与新能源需求的稀土板 块，是中线潜力很大的品种，同样适合在调整中寻找加仓做T的机会。 当前的总体策略，我的建议是：中线底仓保持在50%-60%，这让你始终在场内，不会完全错过行情。 然后用一部分灵活资 ...

马斯克的 Neuralink 计划 2026 年量产脑机接口，同步推出全自动化手术方案 —— 电极丝可直接穿过硬脑膜无需切除，规避传统侵入式设备的创伤问题， 兼顾效率与成本控制。 OpenAI CEO Altman 的 Merge Labs 拆分独立，专攻超声波脑机接口，与马斯克形成对垒，印证技术商业化潜力； 国内格式塔也布局该路线，2026 年脑机 接口将迈入商业化，场景拓展至 AI、机器人领域。 Neuralink 的量产 + 自动化手术，加上 Merge 的超声波脑机布局，有两层意义： 1、脑机接口要从 "医疗试验工具" 变成能普及的产品 —— 相当于从实验室原型机，进到能批量卖的阶段； 2、等技术更成熟，Neuralink 的脑机接口就能和特斯拉 Optimus 人形机器人联动，为后续协同应用打基础。 01 什么是脑机接口 脑机接口（BCI）是大脑与外部设备的直连通信系统，无需手、嘴等常规通路即可互换信息，分三个模块： "脑" 是思维信号的产生源，"机" 是接收信号 执行动作的设备（如电脑、假肢），"接口" 是核心翻译器，负责读写脑信号与转换设备指令，实现想法与设备动作的对应。 脑机接口的关键在 "接 ...

Group 1 - The 2026 Capital Market Investment Conference held by Guangdong Bozhong focused on macroeconomic trends and industry upgrades, providing insights for investors on investment strategies for 2026 [1] - Liu Tao from Guangdong Bozhong emphasized the importance of analyzing the relationship between capital flow and fundamentals, noting that A-share valuations still have room for improvement and that emerging industries like technology are becoming focal points [3] - Hu Lili highlighted that central state-owned enterprises (SOEs) will be a key market theme in 2026, supported by the "14th Five-Year Plan" and state-owned enterprise reforms, with a market value exceeding 400 trillion yuan, offering low valuations and high dividend advantages [3] Group 2 - Liu Bing focused on the humanoid robot sector within AI, stating it has significant potential for growth in 2026 due to domestic technological breakthroughs and government support for industry development [3] - Sun Wensheng discussed the panel industry entering a profit release phase, with improved supply-demand dynamics and strong cash flow from leading companies, predicting significant profit and cash flow releases in 2026 [4] - A roundtable forum discussed opportunities in AI, with experts suggesting that AI's future is promising due to policy and capital support, and recommended focusing on domestic computing power and related applications [5]

"2025年的遗憾和不足有很多。对科技行业，特别是算力等硬件板块的错失是不可回避的问题，这也是 2025年整体组合收益率不理想的最主要原因。"近日，以逆向投资闻名的仁桥资产掌门人夏俊杰做出了 2025年年终总结，这也道出了不少投资者的心声。 岁末年初之际，各大公私募机构纷纷展开复盘，回首2025年的得失，展望2026年，对新一年的布局主线 作出预判。在机构投资者看来，2026年的市场值得乐观期待，A股公司业绩有望再上新台阶，但估值提 升速度趋缓，波动可能加剧，对宽基指数涨幅的期待或更加理性。科技仍然是主线，资源品、顺周期领 域均有投资机会，冷门低估值品种也值得"寻宝"。除此之外，2026年的投资关键词还需要加上"灵活"一 词，以应对种种不确定事件。 ● 本报记者张舒琳万宇 上涨驱动因素生变 2026年伊始，突发地缘事件惊动全球资本市场，为投资者带来了新年第一场"大考"，也搅乱了机构投资 者的新年布局构思。 "开盘时一定要保持冷静。突发事件后的第一个交易日，往往非常考验人性。"一家成立超过十年的知名 私募机构创始人告诫自己。他预计，受地缘事件影响，2026年首个交易日会出现较大的波动，石油等资 源品价格走高，黄 ...

"2025年的遗憾和不足有很多。对科技行业，特别是算力等硬件板块的错失是不可回避的问题，这也是 2025年整体组合收益率不理想的最主要原因。"近日，以逆向投资闻名的仁桥资产掌门人夏俊杰做出了 2025年年终总结，这也道出了不少投资者的心声。 岁末年初之际，各大公私募机构纷纷展开复盘，回首2025年的得失，展望2026年，对新一年的布局主线 作出预判。在机构投资者看来，2026年的市场值得乐观期待，A股公司业绩有望再上新台阶，但估值提 升速度趋缓，波动可能加剧，对宽基指数涨幅的期待或更加理性。科技仍然是主线，资源品、顺周期领 域均有投资机会，冷门低估值品种也值得"寻宝"。除此之外，2026年的投资关键词还需要加上"灵活"一 词，以应对种种不确定事件。 ● 本报记者 张舒琳 万宇 上涨驱动因素生变 对于市场结构，金梓才认为，2026年A股市场或呈现显著的"龙头集中"与"基本面驱动"的结构性特征， 具体体现为三方面：一是行情高度结构化，能够持续获得市场青睐的公司，将高度集中在少数具备真 实、持续业绩兑现能力的科技成长龙头上；二是龙头壁垒深厚且增长持续性强，部分龙头作为全球AI 产业核心供应链关键环节，凭借技术壁垒与 ...

Group 1 - The North Exchange 50 Index decreased by 1.55% this week, with an average daily trading volume of 19.4 billion, reflecting a 2.8% decrease compared to the previous week [6][11][16] - The new stock, Hengdongguang, listed this week, with a first-day increase of 878.16% and a turnover rate of 53.79% [11][30] - The theme investment remains active, particularly in sectors such as humanoid robots, AI, commercial aerospace, and nuclear fusion, with notable performances from Tianming Technology (+65.8%) and Lifan Holdings (+29.9%) [11][12][13] Group 2 - A total of 40 companies were accepted for public offering this week, with several expected to achieve over 200 million yuan in net profit for 2024 [12][13] - The report highlights the potential for high-quality expansion in the North Exchange in 2026, with attention on companies like Jieli Technology and Xianlin Sanwei [12][13] - The report emphasizes the importance of timing in theme investments, particularly in the context of the upcoming "14th Five-Year Plan" and the spring market [13][14] Group 3 - The report indicates a shift in market style from small-cap stocks to growth sectors, with a focus on technology and cyclical industries for the first half of 2026 [13][14] - The North Exchange's PE (TTM) average is 82.98 times, with a median of 39.74 times, indicating a valuation landscape that investors should consider [4][24][26] - The report notes that the financing balance for margin trading on the North Exchange is 7.985 billion yuan, reflecting ongoing investor engagement [6][30] Group 4 - The new third board saw 8 new listings and 3 delistings this week, with a total of 5960 companies listed [47][49] - The report mentions that the new third board completed financing of 769 million yuan this week, indicating active capital movement [47][52] - The report provides insights into the fundraising plans of various companies, highlighting significant amounts raised in the medical and mechanical sectors [52][53]

Group 1 - The A-share market has shown a strong recovery trend since mid-December, with the Shanghai Composite Index recording 11 consecutive gains before the New Year, indicating a certain trend of recovery [1][5][28] - The "spring market rush" suggests that the starting point of the market has been advanced to November or December of the previous year, driven by optimistic policy expectations and clear economic trends [1][36][51] - The market is currently experiencing a structural rally, with significant participation from institutional and leveraged funds, and the inflow of incremental capital is evident [1][11][40] Group 2 - Historical analysis shows that since 2011, there have been 9 instances of spring market rallies starting in Q1, with 4 instances starting early in November or December, primarily driven by policy expectations and liquidity easing [2][29][42] - The core sectors benefiting from the current spring market include technology growth, with a notable absence of financial sector leadership, which has historically been significant in previous rallies [3][30][53] - The market structure is expected to evolve with a focus on technology growth, particularly in AI and semiconductor sectors, while resource price increases and external demand may also play important roles [4][24][51] Group 3 - The current market sentiment remains strong, with trading volumes stabilizing above 2 trillion yuan in recent days, reflecting a preference for high-elasticity stocks [10][34][40] - The upcoming Central Economic Work Conference is anticipated to provide clear policy guidance, which is crucial for sustaining the current market momentum [7][36][45] - The market is likely to continue a slow bull trend, with potential adjustments depending on the inflow of incremental funds, suggesting a need for attention to low-position themes and sectors [3][30][51]

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, highlighting strong growth potential in semiconductor equipment and humanoid robots [1][20]. Core Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and domestic equipment localization, with new order growth potentially exceeding 30% and reaching over 50% [2][18]. - The humanoid robot industry is approaching mass production, with key events such as the release of Tesla's V3 robot expected to catalyze order growth and market expansion [3][32]. - The engineering machinery sector is anticipated to experience a seasonal surge in Q1, driven by policy support and increased project initiation, with a projected annual growth rate of over 30% for excavators [3][33]. - The demand for optical modules is expected to rise due to increased shipments of AI servers, necessitating automation in production processes [4][35]. - The gas turbine market is poised for growth as AI data centers expand, with domestic manufacturers likely to benefit from increased demand for reliable power solutions [8][31]. Summary by Sections Semiconductor Equipment - Longxin's IPO plans indicate a total investment of 34.5 billion yuan, primarily for technology upgrades in memory chip production, signaling a robust growth trajectory for the sector [2]. - The domestic semiconductor equipment market is projected to reach 495 billion yuan in 2024, with a localization rate expected to rise to 22% by 2025 [18][19]. Humanoid Robots - The humanoid robot industry is set for significant changes with the upcoming release of Tesla's V3 robot, which is expected to drive orders and market standardization [3][32]. - Key companies to watch include Hengli Hydraulic and Top Group, which are positioned to benefit from the anticipated growth in this sector [3]. Engineering Machinery - The engineering machinery sector is entering a recovery phase, with Q1 typically seeing increased activity due to favorable weather and policy support [3][33]. - Major players such as Sany Heavy Industry and XCMG are expected to lead this recovery, with projected sales growth driven by domestic and international demand [33]. Optical Modules - The demand for optical modules is expected to increase significantly due to the rising shipments of AI servers, with automation becoming essential in production processes [4][35]. - Companies like Robotech and Aotewi are highlighted as key players in this space [4]. Gas Turbines - The expansion of AI data centers is driving demand for gas turbines, with domestic manufacturers like Jereh and Yingliu expected to capture significant market share [8][31]. - The gas turbine market is characterized by a shift towards domestic production, with companies forming partnerships with international leaders to enhance capabilities [8].