专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 经历了过去半年市场的上涨，去年年底时段A股在3900点附近高位震荡，出现了明显的主题轮动和阶段 性畏高情绪，尽管股市短期滞涨，但来自国内外的不确定性因素自去年四季度以来都有所下降，我们认 为A股市场在2026年或依然大有可为。 放眼历史和全球股市，目前A股的估值尚处在历史中枢下方，国际比较下A股的"估值洼地"优势较为突 出。虽然2025年A股表现较好，但整体上看股市走得非常理性，更多体现了对过去几年过度悲观预期的 修复，这种修复只在局部景气上行的成长和周期行业当中，而非全部行业，因此我们不认为股市目前存 在系统性高估风险。 随着后续我们看到更多行业基本面见底，或有更多行业和个股出现估值修复，因此，站在2026年初的时 点，我们倾向认为A股市场的慢牛或还处在上半场。在地产逐步出清的大背景下，A股将是未来居民最 重要的可配置资产，在这个过程中我们会逐步见证股市波动率下降（吸引更多老百姓长期配置）和宏观 基本面见底（推动A股的戴维斯双击逐步兑现）。不仅仅是实际GDP，名义GDP以及上市公司利润增速 在2026年都大概率会经历前低后高的过程，这也意味 ...

Core Viewpoint - A class action lawsuit has been filed against Fermi Inc. for allegedly making materially false and misleading statements regarding its business operations and prospects during its IPO and subsequent trading period [1][6]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the Southern District of New York, under the case name Lupia v. Fermi, Inc., and is on behalf of individuals and entities that purchased Fermi's common stock during the IPO and the class period from October 1, 2025, to December 11, 2025 [1]. - The lawsuit claims violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [1]. Group 2: IPO and Stock Performance - Fermi conducted its IPO on October 1, 2025, selling 37,375,000 shares at a price of $21.00 per share [3]. - Following the announcement of a significant tenant's termination of a $150 million funding agreement, Fermi's stock price dropped by $5.16, or 33.8%, closing at $10.09 on December 12, 2025 [4]. - By the time the lawsuit commenced, Fermi's stock had fallen to as low as $8.59 per share, representing a 59% decline from the IPO price [5]. Group 3: Allegations Against Defendants - The complaint alleges that Fermi's Registration Statement and statements made during the class period contained materially false and misleading information, including an overstatement of tenant demand for the Project Matador campus and reliance on a single tenant's funding commitment [6]. - It is claimed that the defendants failed to disclose the significant risk of the tenant terminating its funding commitment, which misled investors regarding the company's business and operational prospects [6].

记者丨易妍君 编辑丨张星 2026年，A股旗开得胜，三大股指在首个交易日（即1月5日）悉数上涨。 这一天，上证指数重返4000点之上，日线更是迎来罕见的12连阳，为"春季躁动"预期下的A股市场再添"一把火"。 市场热点轮番活跃，脑机接口、保险、存储器等题材相对强势；CRO、模拟芯片、基因检测、虚拟人等概念也有不错的表现。 展望后市，前海开源基金首席经济学家、基金经理杨德龙判断，2026年科技牛行情有望延续。 多因素助推A股"开门红" 1月5日，A股市场高开高走，喜迎2026年"开门红"。 截至当日收盘，上证指数涨1.38%，报4023.42点；深证成指涨2.24%，报13828.63点；创业板指的涨幅接近2.9%，报3294.55点。科 创50指数则大涨4.41%，北证50指数上涨1.8%。 当天，全部A股成交额达2.57万亿元，较前一个交易日增加了5000多亿元。全市场近4200只个股上涨。 在业内人士看来，A股"开门红"得益于多重积极因素的共振。 "节后市场情绪在假期港股走强的带动下显著回暖； 资金层面，市场对年内保险资金等长期增量资金入市抱有期待，同时全球流动 性宽松预期也提振了风险偏好；更深层次的驱动 ...

Group 1 - The geopolitical tensions have intensified due to the large-scale military action by the US against Venezuela, leading to increased demand for safe-haven assets like gold and reinforcing the bullish trend in precious metals [1] - In the base metals sector, the beginning of the year saw strikes among copper mine workers, exacerbating existing supply issues; there are also concerns about potential production cuts in electrolytic aluminum, which has led to a price increase [1] - Indonesian nickel miners have proposed reducing nickel ore quotas, and Vale's Indonesian operations have paused mining due to delays in production plans, supporting a rebound in nickel prices [1] Group 2 - The A-share market is expected to trend towards a more balanced style by 2026, driven by the ongoing capacity reduction and the macroeconomic environment [2] - Three main investment themes are suggested: 1) Growth in AI technology and related sectors, with a focus on domestic applications; 2) Opportunities in overseas markets, particularly in home appliances, engineering machinery, and non-ferrous metals; 3) Cyclical recovery in industries like chemicals and renewable energy [2] - The real estate sector and broader consumer market may still be in a left-side position, with macroeconomic changes and policy reforms expected to balance the "temperature difference" between new and old economies [2] Group 3 - The report highlights "space photovoltaics" as a key investment theme for the future, emphasizing its unique and urgent investment logic [3] - Photovoltaics are identified as the only viable and reliable power solution for long-term operation of spacecraft, with no alternative technology available [3] - The urgency is driven by the International Telecommunication Union's rules on near-Earth orbit and spectrum resources, which make the speed of satellite deployment critical for national space strategy and commercial advantage [3]

Summary of NVIDIA Conference Call Company Overview - **Company**: NVIDIA (NasdaqGS: NVDA) - **Event**: 2026 Conference at CES - **Date**: January 05, 2026 Key Industry Insights - **Platform Shifts**: The computing industry is experiencing two simultaneous platform shifts: the transition to AI and the development of applications built on AI [2][3] - **Investment Trends**: Approximately $10 trillion of computing from the last decade is being modernized, with hundreds of billions in venture capital funding directed towards AI advancements [3][4] - **AI Evolution**: The introduction of large language models and agentic systems has transformed AI capabilities, allowing for real-time reasoning and decision-making [5][6][16] Core Technological Developments - **Agentic Systems**: These systems can reason, plan, and simulate outcomes, significantly enhancing problem-solving capabilities in various domains [6][7] - **Open Models**: The rise of open-source AI models has democratized access to AI technology, leading to rapid innovation and widespread adoption across industries [8][12] - **Physical AI**: Advances in physical AI are enabling machines to understand and interact with the physical world, which is crucial for applications in robotics and autonomous vehicles [25][26] Product Innovations - **AlphaMyo**: NVIDIA's new autonomous vehicle AI, capable of reasoning and decision-making based on real-time data, is set to revolutionize self-driving technology [33][34] - **Cosmos**: A foundation model for physical AI that integrates various data types to enhance AI's understanding of the physical world [31][32] - **Vera Rubin Supercomputer**: A new AI supercomputer designed to meet the increasing computational demands of AI, featuring advanced architecture and high-speed data processing capabilities [55][56] Strategic Partnerships - **Collaboration with Siemens**: NVIDIA is integrating its technologies into Siemens' platforms to enhance industrial automation and simulation capabilities [49][50] - **Enterprise Integration**: Partnerships with companies like Palantir, ServiceNow, and Snowflake are transforming enterprise AI applications, moving towards more intuitive user interfaces [24][25] Market Outlook - **Autonomous Vehicles**: The transition to autonomous vehicles is anticipated to accelerate, with a significant percentage of cars expected to be autonomous within the next decade [42][43] - **AI in Industries**: The integration of AI into various sectors, including manufacturing and design, is expected to drive a new industrial revolution [50][51] Additional Insights - **Investment in R&D**: A significant portion of R&D budgets is shifting towards AI, indicating a long-term commitment to AI development across industries [3][4] - **Customization of AI**: Companies can now customize AI models to fit specific needs, enhancing their operational efficiency and effectiveness [19][20] This summary encapsulates the key points discussed during the NVIDIA conference, highlighting the company's strategic direction, technological advancements, and market implications.

Group 1: Fox and Flutter's FanDuel - Fox has the option to acquire an 18.6% stake in Flutter's FanDuel, which holds over 30% market share in U.S. sports betting [2][3] - The option originated from Fox's 2019 investment in The Stars Group, which was later folded into FanDuel after Flutter's acquisition [3] - CEO Lachlan Murdoch confirmed Fox's intention to exercise the option, with a potential FanDuel valuation around $35 billion [4] Group 2: Market Reactions and Other News - Analysts view the FanDuel option as a hidden asset value for Fox, with varying opinions on the timing for exercising the option [5] - LifeMD and GoodRx stocks rose after adding Novo Nordisk's Wegovy weight-loss pill to their offerings, priced at $149 per month [5] - Samsung and SK hynix are expected to raise server memory prices by up to 70% in Q1 due to increased AI demand [6]

Amazon’s AI-powered overhaul of its digital assistant, now known as Alexa+, is coming to the web. On Monday, at the start of the Consumer Electronics Show in Las Vegas, the company announced the official launch of a new website, Alexa.com, which is now rolling out to all Alexa+ Early Access customers. The site will allow customers to use Alexa+ online, much as you can do today with other AI chatbots such as ChatGPT or Google’s Gemini.While Alexa-powered devices, including Amazon’s own Echo smart speakers an ...

格隆汇1月5日丨泛亚环保(00556.HK)公告，内容有关公司与成都清数形成战略合作。成都清数是一家于 中国成立的公司，为专注大数据与智能计算领域研究及应用的高新技术企业，为AI公司提供更快速度 及高效性能的支持； 董事会欣然宣布，于2026年1月5日，泛之成(为公司一间全资附属公司)与成都清数订立了AI资产采购协 议，内容有关(其中包括)AI资产采购(若干硬件及软件，包括图形处理器(GPU)伺服器、高效储存伺服 器、大容量储存伺服器、网络交换器、Gigabit乙太网路交换器、防火墙及模组)，代价为人民币3055万 元(相当于约3360万港元)。 ...

Core Viewpoint - The consensus among public funds is that the A-share market in 2026 will transition from "valuation-driven" to "profit-driven," with expectations of a "slow bull" or "oscillating upward" market characterized by gradual improvement in corporate earnings [2][3][4]. Market Outlook - Public funds are generally optimistic about the A-share market in 2026, predicting a shift in market drivers from "valuation repair" in 2025 to "profit-driven" growth, leading to a potential upward trend [1][2]. - The market is expected to experience a gradual upward movement, with corporate earnings recovery being a key factor for stable growth [2][3]. Sector Focus - The technology sector is identified as the core investment theme, with a shift in focus from generalized computing infrastructure to specific applications and cutting-edge technologies [4][5]. - AI is highlighted as a critical mid-level variable influencing market resilience, with expectations for significant returns from AI applications [5][6]. Balanced Investment Strategy - There is a growing emphasis on a balanced investment strategy, moving from a growth-dominant approach in 2025 to a more equitable distribution between growth and value stocks in 2026 [7][8]. - The resource and dividend asset sectors are gaining attention, driven by expectations of a global manufacturing recovery and domestic policy improvements [8]. Consumer Sector Insights - The consumer sector, previously underperforming, is now viewed positively, with expectations for recovery in consumption growth as supportive policies are implemented [8].

Core Insights - The report highlights a strong start for the Hong Kong stock market in 2026, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% on the first trading day, driven by positive market sentiment and broad sector gains [2][3] - The semiconductor sector is noted as a key driver in the US market, with significant gains in companies like Nvidia and Micron Technology, while software stocks showed weakness [4] - The report discusses the geopolitical impact of US military actions in Venezuela, suggesting potential long-term implications for oil prices and market stability [5] Company Overview - The specific company under review, 精锋医疗 (Jingfeng Medical), was established in 2017 and specializes in surgical robots, being the first in China and the second globally to receive regulatory approval for multiple types of surgical robots [7] - Financial projections indicate revenues of 48.04 million yuan in 2023, 160 million yuan in 2024, and 150 million yuan in the first half of 2025, with net losses projected at 210 million yuan, 220 million yuan, and 89.09 million yuan respectively [7] Industry Status and Outlook - The surgical robot market in China is projected to grow from 2.71 billion yuan in 2019 to 7.18 billion yuan by 2024, reflecting a compound annual growth rate of 21.5%, with expectations to reach 102.02 billion yuan by 2033 [8] Advantages and Opportunities - The company holds a unique position as the first in China and second globally to gain approval for various types of surgical robots, which enhances its competitive edge [9] - The product portfolio is comprehensive, allowing for strong synergies and collaboration within the company [9] - The company has robust research and development capabilities and has attracted significant cornerstone investors, indicating strong industry recognition and support [9] Fundraising and Use of Proceeds - The IPO is set to raise funds with approximately 42% allocated for the research and development of core products, 20% for commercialization, and 10% for capacity expansion, among other uses [13] Investment Recommendation - The report suggests that the company, with its leading position and strong investor backing, has a projected market capitalization of approximately 16.8 billion HKD at the IPO price, with a price-to-sales ratio of about 50 times, comparable to its peers [14]