Group 1: Global Market Performance - The global capital markets showed resilience in 2025, with many stock markets continuing the upward trend from 2024, despite a significant adjustment in April due to Trump's tariff policies [1][6] - The MSCI global index achieved a two-digit increase of approximately 20% in 2025, marking the third consecutive year of growth exceeding 15%, largely driven by the ongoing AI revolution [1][6] - The A-share and Hong Kong markets performed well, with the Shanghai Composite Index rising nearly 20% and the ChiNext Index soaring by 50%, indicating a strong tech bull market [1][6] Group 2: Asia-Pacific Market Dynamics - The MSCI Asia-Pacific index surged by about 28% in 2025, marking the first time since 2020 that Asian markets outperformed major US and European indices in a single year [2][7] - Japan's Nikkei 225 index broke the 50,000-point barrier with a 30% annual increase, demonstrating strong performance despite the Bank of Japan's interest rate hikes [2][7] - The Asia-Pacific region holds 75% of global semiconductor manufacturing capacity and is expected to maintain its leading position in the next five years due to cost advantages and a complete industrial chain [2][7] Group 3: Future Market Outlook - The logic supporting global stock market growth remains unchanged, with expectations of at least two more rate cuts by the Federal Reserve in 2026, potentially boosting market liquidity [8] - A potential shift in leadership at the Federal Reserve could lead to more aggressive rate cuts, further supporting global stock markets [8] - A-shares and Hong Kong stocks are projected to rise by 10% to 20% in 2026, driven by policy support, foreign capital inflows, and a shift of household savings into capital markets [9][10] Group 4: Sector Performance and Investment Opportunities - The market structure in 2025 was characterized by a "barbell" approach, with low-valuation, high-dividend bank stocks rising significantly alongside strong performance in technology growth stocks [4][10] - The technology sector, particularly in humanoid robots, semiconductor chips, advanced algorithms, and solid-state batteries, is expected to continue its upward trajectory in 2026 [4][10] - As market funds increase and household savings shift towards capital markets, A-shares are likely to transition from a structural bull market to a comprehensive bull market, presenting more investment opportunities [10]

Core Insights - The article discusses the importance of future industries as a core competitive arena for countries to seize technological leadership and cultivate new growth drivers, as outlined in China's 15th Five-Year Plan [10][11][12]. Group 1: Global Competition in Future Industries - Future industries such as quantum technology, bio-manufacturing, and brain-computer interfaces are seen as key areas for countries to gain competitive advantages and enhance national strength [10][11]. - The global R&D expenditure as a percentage of GDP has increased significantly from 2013 to 2022, indicating strong resilience in technology investment despite economic downturns [10]. Group 2: China's Progress in Future Industries - China is transitioning from technology catch-up to proactive layout in future industries, with strengths in quantum communication, 6G, brain-computer interfaces, hydrogen energy, and nuclear fusion [13][14]. - By 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with R&D intensity reaching 2.69%, surpassing the EU average [14]. Group 3: Funding Support for Future Industries - Future industries require substantial investment and long-term capital support, necessitating a multi-faceted funding structure that includes government, state-owned, and social capital [20][21]. - The establishment of a future industry fund in Shanghai, with a total scale of approximately 15 billion yuan, aims to support the growth of future industries through a structured investment approach [21]. Group 4: Application Scenario Innovation - Application scenarios are crucial for connecting technology with market needs, serving as testing grounds for new technologies and driving industrialization [24][25]. - The Ministry of Industry and Information Technology emphasizes the need for scenario-driven innovation to accelerate the commercialization of future industries [24].

Core Viewpoint - The article emphasizes a positive outlook on the automotive industry, highlighting the transformative era characterized by "independent rise, order reshaping, and embodied intelligence" [6]. Group 1: Industry Transformation - The automotive industry is entering a golden decade, with significant changes driven by high-end products from independent brands, reshaping the global automotive value chain [6]. - The penetration of intelligent driving is accelerating due to iterative model algorithms and optimized computing costs [6]. - The emergence of humanoid robots is creating new commercial value in manufacturing and home service scenarios [6]. Group 2: Research and Recognition - The company has received multiple accolades for its research in the automotive sector, including rankings in various prestigious awards such as the Securities Times and Wind [6]. - The focus on forward-looking research has expanded to include areas like humanoid robots, overseas components, and intelligent driving [6]. Group 3: Commitment to Growth - The company aims to be a long-term partner with the capital market and the automotive industry, emphasizing collaboration and mutual growth [6]. - The team expresses gratitude for the support received and invites like-minded individuals from the capital market to join in seizing investment opportunities arising from industry changes [8].

更多访谈点击查看《基金佳问》专栏 【编者按】2025年，A股市场迎来里程碑式发展：总市值站上100万亿元的高峰，上证指数涨破4000点创下近十年新高。站在"十五五"规划的开局之年， 2026年A股市场又将如何演绎？哪些行业将孕育新的投资机遇？ 搜狐财经《基金佳问》栏目特别推出"基遇2026"专题系列报道，复盘A股市场细分领域年内行情，展望及预测2026年各热门赛道的投资机遇，把握后市资产 配置的主逻辑，寻找具有投资潜力的基金产品。 出品｜搜狐财经 作者｜汪梦婷 12月31日，在岁末展望之际，博时基金权益投资四部投资副总监、基金经理肖瑞瑾做客搜狐财经直播间，回顾了过去一年A股的结构性行情，并对2026年的 市场走势、风格切换以及备受关注的AI产业投资脉络进行了深度解析。 肖瑞瑾：关键的变量取决于国内外两个因素。国外需要关注美联储的降息周期。目前市场普遍预期明年还有两次降息。如果美联储本轮降息周期结束，可能 意味着货币宽松周期暂时告一段落，这可能导致全球资金配置和市场份额出现一定变化。国内则关键在于房地产数据何时能够企稳甚至回升，以及国内宏观 经济能否在年内触底回升。如果宏观经济触底回升的预期增强，从利率端看，长 ...

Group 1 - The A-share market concluded 2025 with a significant rise, with the Shanghai Composite Index closing at 3968.84 points, marking an annual increase of 18.41% and a historic breakthrough of the 4000-point barrier on October 28, achieving the highest closing in nearly 18 years [1] - The market experienced a remarkable surge, with the total market capitalization reaching 109 trillion yuan, an increase of nearly 23 trillion yuan, and a trading volume exceeding 400 trillion yuan, averaging 1.61 trillion yuan daily, indicating unprecedented market enthusiasm [1] Group 2 - Despite the overall bullish trend, there was extreme structural differentiation within the market, with over 4000 stocks rising, including significant gains from companies like Aowei New Materials (up 1821%) and Tianpu Co. (up 1662%), while 314 stocks fell over 20%, leading to some investors missing out on gains [3] - The rapid rotation of market hotspots, such as lithium hexafluorophosphate and solid-state batteries, lasted only 1-3 months, making it challenging for investors to capitalize on the technology and high-end manufacturing sectors, even in a bull market [3] - The average price-to-earnings ratio in the commercial aerospace sector reached 67 times, with some concept stocks lacking orders and performance, relying solely on speculative trading, raising concerns about the sustainability of the bull market [3]

每经记者｜吴永久 每经编辑｜闫峰峰 2025年的A股于今日收官，上证指数年涨幅达18.41%，AI硬件、有色金属、商业航天、人形机器人等多个板块表现靓丽。展望2026年，多数机构认为，国 内外增量资金入市、企业盈利修复、政策端加码等多重因素有望支撑A股表现，2026年A股迈向"慢牛"。 在每日经济新闻App举办的掘金大赛中，第80期比赛于今日结束，多位选手表现出色。其中冠军收益率58.39%，亚军收益率54.94%，季军收益率 54.50%。本期比赛共908名选手取得正收益，他们都将获得现金奖励。 从12月的月度积分王来看，第一名选手积分达12分，他在12月的收益率超过80%。第二名选手积分达10分，第三名选手积分达9分。根据比赛规则，当月 度总积分相同时，以当月最后一期比赛的收益率进行排名，前100名选手都将获得现金奖励。 | 排名 | 昵称 | 积分▼ | 趋势 | 功能 | | --- | --- | --- | --- | --- | | 1 | 终极- 一战 | 12 | | 看持仓 | | 2 | 郭浩南 | 10 | | 看持仓 | | 3 | 康师傅方 ... | 9 | | 看持仓 | | ...

Group 1: Economic Development and Market Trends - In 2023, China's economy is characterized by a dual approach of external openness and internal potential tapping, contributing to a robust economic foundation [2][9] - The A-share market's total market value has surpassed 100 trillion yuan, while Hong Kong's IPOs have achieved the "global first" position [9] - The implementation of new policies, such as the "National Nine Articles," aims to enhance the quality of listed companies and shareholder returns [9] Group 2: Technological Advancements - Significant advancements in hard technology have been noted, with AI applications like DeepSeek empowering various industries [1][10] - The emergence of humanoid robots and the domestic GPU leader, Moore Threads, signifies a shift towards technological self-reliance and confidence [1][10] Group 3: Investment Confidence and Market Dynamics - There is a resurgence of investor confidence in the capital market, with a notable increase in long-term investments as the market prepares for a potential bull run [11] - Structural reforms in the capital market are releasing internal vitality and fostering a more inclusive environment for innovation [11] Group 4: Social and Economic Policies - Policies aimed at enhancing domestic demand are being implemented, including urban and rural income increase plans and the promotion of high-quality goods and services [3][10] - The focus on AI and technology is also seen as a means to enhance personal growth and development, emphasizing the importance of investing in human capital [3][10] Group 5: Global Economic Contributions - During the "14th Five-Year Plan" period, China is expected to contribute approximately 30% to global growth, despite representing about 17% of the world's economy [4][11] - The upcoming APEC summit in Shenzhen is anticipated to showcase China's innovative solutions for shared prosperity [4][11]

Market Overview - On the last trading day of 2025, A-shares experienced fluctuations with the three major indices declining slightly, while individual stocks showed active performance [1] - The Shanghai Composite Index fell by 0.07%, the Shenzhen Component Index decreased by 0.67%, and the ChiNext Index dropped by 1.1% [1] Key Stock Performances - Major players in the non-ferrous metals sector, Zijin Mining and Luoyang Molybdenum, both reached historical highs [1] - Nengdongguang surged by 919.31%, with intraday gains exceeding 1000% [1] - Leading humanoid robot stock, Sanhua Intelligent Control, rose by 3.75%, also hitting a historical high [1] - Hefei Urban Construction, a stock related to Changxin Technology, hit the daily limit [2] Changxin Technology IPO - Changxin Technology has submitted an IPO application to the Sci-Tech Innovation Board, aiming to raise 29.5 billion yuan for various technology upgrade projects, with a total investment of 34.5 billion yuan [2] - Following this news, stocks related to Changxin Technology, such as Hefei Urban Construction and Shifeng Cement, saw significant price increases [2] Storage Chip Market Dynamics - Recent months have seen reports of rising prices in the storage chip market, with DRAM and NAND Flash prices increasing by over 300% since September [4] - TrendForce's report indicates that DDR4, DDR5, and module prices continue to rise, driven by inventory releases from traders for year-end accounting [4] - Demand for high-bandwidth memory (HBM) and large-capacity storage is increasing, while supply constraints are pushing the market into a price upcycle [5] AI Application Sector - The AI application sector saw a broad increase, with significant gains in AI-related stocks such as AI corpus, Zhiyu AI, and Sora concepts [6] - Major catalysts for the rise in AI applications include Meta's acquisition of Manus and the Hong Kong IPO of Beijing Zhiyu Huazhang Technology [8] - Tencent's release of an open-source translation model supporting 33 languages has also contributed to the sector's strength [8] Future Outlook - The global AI model iteration is accelerating, with expectations for continued high growth in AI model usage and computational demand through 2026 [9] - Investment opportunities are suggested in AI computing power, domestic AI hardware, and AI applications, particularly as potential breakout applications emerge [9]

国信证券近日发布机械设备行业制造成长周报：2025年12月26日，工业和信息化部人形机器人与具身智 能标准化技术委员会成立，将主要承担人形机器人与具身智能基础共性、关键技术、部组件、整机与系 统、应用、安全等领域行业标准制修订工作。 以下为研究报告摘要： 核心观点 重点事件点评&重点关注：人形机器人、AI基建 事件1-工信部人形机器人与具身智能标准化技术委员会成立：2025年12月26日，工业和信息化部人形机 器人与具身智能标准化技术委员会成立，将主要承担人形机器人与具身智能基础共性、关键技术、部组 件、整机与系统、应用、安全等领域行业标准制修订工作。 政府新闻：新兴产业-12月26日，工信部：打造集成电路、新型显示、新材料、航空航天、低空经济等 新兴支柱产业。人形机器人-12月26日，工信部人形机器人与具身智能标准化技术委员会成立。 公司动态：人形机器人-12月23日，宁波东力（002164）携手尼得科传动技术，共筑全球精密传动新生 态；12月24日，震裕科技（300953）：子公司拟分别投资10亿元建设人形机器人精密模组及零部件产业 化项目和具身人形机器人驱动总成核心部件等项目；12月24日，宁波华翔（0 ...

Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,965.12, unchanged, while the Shenzhen Component Index rose by 0.49% to 13,604.07 [2] Industry Commentary - The solar power sector saw a significant increase in new installations, with a month-on-month growth of 75% in November, totaling 22.02 GW of new capacity [5][8] - The coal import data indicates a continued upward trend in import prices, with November's average price reaching $73 per ton, despite a year-on-year decrease in import volume [11][13] Company Insights - The report highlights the company "Hengdong Light" as a national-level "specialized and innovative" small giant in the optical communication field, focusing on passive optical devices [15][17] - Hengdong Light's revenue is projected to grow rapidly from 475 million yuan in 2022 to 1.315 billion yuan in 2024, with net profit expected to increase significantly during the same period [17][18] Investment Recommendations - The report suggests focusing on companies in the photovoltaic sector, including Aiko Solar and Longi Green Energy, as well as those involved in energy storage and market-oriented electricity [12] - The investment outlook for Hengdong Light is positive due to its competitive advantages and strong growth potential in the optical communication market [17][18]