智通财经APP获悉，贝莱德基本面股票团队国际首席投资官Helen Jewell表示，随着人工智能(AI)的强大叙事持续 推高科技巨头的估值，对于希望在2026年平稳布局的股票投资者而言，将投资视野拓展至AI热潮之外，或许会是 一项明智的新年投资规划——而机遇或许就潜藏在显而易见之处。 当前，美国股市估值已显偏高，标普500指数的席勒市盈率突破40倍，与上世纪90年代互联网泡沫时期的水平已 十分接近。 与此同时，市场集中度也达到了惊人水平。高盛的分析数据显示，美国市值最高的五家科技巨头——英伟达 (NVDA.US)、苹果(AAPL.US)、谷歌(GOOGL.US)、微软(MSFT.US)和亚马逊(AMZN.US)的总市值已超过欧洲斯 托克50指数，同时也超越了英国、印度、日本和加拿大四国股市的市值总和。 在此背景下，市场对今年由AI驱动的这轮上涨行情的质疑声开始浮现，芝加哥期权交易所波动率指数(VIX)在过 去几个月内也出现了大幅飙升。 走出美国市场 从地域来看，2025年全球股市的主角并非美国。以本币计价的年内回报率为统计口径，截至12月初，这个全球最 大的股票市场在各国股市排名中已跌至第20位，而韩国与西班 ...

山高新能源(01250)发布公告，于2025年12月22日，武乡北清智慧能源(为本公司的间接非全资附属公 司，作为发包人)与中铁十七局第二工程(作为承包人)订立EPC合同。根据EPC合同，武乡北清智慧能源 同意委聘承包人就项目(位于山西省长治市武乡县的100兆瓦光伏发电项目)提供EPC服务，合同总价为人 民币4.055亿元(含税)(可在国家税务政策更改时调整)。 本集团始终积极且深度地融入国家战略规划布局以及山东高速（600350）集团所构建的多元发展生态体 系。本集团持续看好中国经济向好发展，积极融入清洁能源领域的新发展格局，并积极推进中国政府根 据2030年实现二氧化碳排放峰值、2060年实现碳中和的"十四五"规划大力支持的此领域项目。通过在全 国各地不断拓展清洁能源市场，本项目的投资、建设与运营将进一步提升本集团于山西省市场的战略布 局、业务领域及足迹。此举不仅有助于本集团实现新能源领域多元化业务组合的持续发展，亦将于未来 拓宽本集团的收益基础，强化本集团的长期竞争力并提升盈利能力。 ...

Core Argument - The article argues that the notion of "winning" against China is misguided, as China has proven to be a formidable competitor with significant advantages in various sectors, particularly in technology and manufacturing [1][4][6]. Group 1: China's Economic Strengths - China has demonstrated resilience against U.S. pressures, showcasing its ability to maintain and expand its competitive advantages in key industries such as electric vehicles, clean energy, and robotics [6][12]. - The trade dispute highlighted China's control over the rare earth mineral supply chain, which is critical for numerous U.S. industries, including electric vehicles and consumer electronics [9][11]. - China's solar power capacity is double that of the combined capacity of the U.S. and Europe, and it produces 70% of the world's electric vehicles [12][13]. Group 2: Technological Advancements - China is leading in quantum communication and making rapid advancements in quantum computing and sensing, while also surpassing other countries in AI-related patents [13]. - The ability of China to scale technology quickly and apply it across various economic sectors is a significant advantage, particularly in electric vehicles and renewable energy [13][14]. - Chinese companies like DJI dominate the commercial drone market, holding a 70% share, while the U.S. lags in military drone technology [12][14]. Group 3: Military Developments - Although the U.S. maintains the strongest military force, China is rapidly catching up, having produced more vessels in the past year than the U.S. has since World War II [14]. - China's nuclear arsenal has doubled since 2020, and it has enhanced its submarine capabilities, indicating a significant military buildup [14]. Group 4: Changing Perceptions in the U.S. - There is a noticeable shift in American perceptions of China, with fewer people viewing it as an enemy compared to previous years, possibly influenced by cultural exchanges and the relative stability of China compared to U.S. political turmoil [14].

2024年，全球能源领域只有两种声音：一个来自华盛顿的争吵声，另一个则是来自中国的工厂机器声。美国刚刚签署了绿色封锁的协议，却发现自家的太阳 能板几乎都是Made in China。当白宫还在策划如何通过石油限制他国时，北京早已将能源变成了自己制造业的一部分。石油需要去沙漠里开采，还得派航母 守卫；而电能，中国则直接在工厂里生产。这场全球能源博弈，底牌早已不在美国手中。 在西方的传统观念中，能源就是深埋在中东地下的石油和俄罗斯的天然气。但在中国的工厂中，能源的定义已发生了变化——它成了一种可以在生产线上批 量制造的工业产品。这一变化，意味着从自然资源到人力劳动的转换。以前依赖自然资源，如今依赖技术和制造。到2024年，全球60%的风力发电机、80% 的太阳能组件、70%的储能电池都由中国生产。这意味着，只要中国的工厂在运行，能源就源源不断地供应。过去十年间，中国将光伏组件的价格降到了原 来的20%。这不仅仅是降价，更是打破了西方对能源价格的控制，几乎摧毁了西方的能源通胀体系。 中国的光伏产品，单瓦成本从4元降至0.8元以下。美国推出《通胀削减法案》，不仅大力补贴，还利用301条款加征关税。然而，中国的光伏出口 ...

近年来，中国新型工业化扎实推进，一系列新产业、新模式、新动能不断涌现，取得了历史性成 就。"中国制造业正在加快数字化、绿色化、智能化赋能，实现高质量发展。中国已建成全球技术领 先、规模最大的信息通信网络，并以此为基础，将人工智能、工业互联网、大数据等新一代信息技术深 度融入制造业的研发、生产、管理和服务全流程，在培育发展新质生产力的同时，也为传统产业注入新 活力。"邹刺勇表示，中国将绿色低碳理念融入产业升级的各个阶段，推广绿色科技创新和解决方 案。"通过数字赋能与绿色转型的双轮驱动，中国走出一条符合本国国情的新型工业化道路。"邹刺勇 说。 促进成员国工业包容和可持续发展是工发组织的重要目标。中国是工发组织的重要成员国，长期以来， 中国与工发组织保持密切合作。"中国的实践经验和技术优势与工发组织的使命和平台作用形成协同效 应，增强了合作的国际影响力，不断惠及更多发展中国家。"邹刺勇表示，双方合作基础扎实、领域广 泛。"展望未来，工发组织期待与中国进一步聚焦绿色转型、工业低碳发展、数字经济、智能制造等重 点领域，深化南南合作和三方合作，助力全球南方国家共享发展机遇，为促进全球工业可持续发展作出 更大贡献。" 《 ...

每经AI快讯，九丰能源（SH 605090，收盘价：37.98元）12月19日晚间发布公告称，公司第三届第十七 次董事会会议于2025年12月19日以通讯表决方式召开。会议审议了《关于2026年度日常关联交易额度预 计的议案》等文件。 2024年1至12月份，九丰能源的营业收入构成为：清洁能源占比89.16%，能源服务占比9.77%，特种气 体占比1.07%，其他业务占比0.01%。 截至发稿，九丰能源市值为264亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 贾运可） ...

Core Viewpoint - International silver prices have reached new historical highs this year, driven by various factors, with prices surpassing $66 per ounce on the 17th of the month [1]. Group 1: Price Movement - As of the close on the 17th, the most actively traded March silver futures on the New York Mercantile Exchange were priced at $66.901 per ounce, marking a 5.65% increase from the previous trading day and setting a new record [3]. - Since late August, silver prices have surged rapidly, with a cumulative increase of 126% this year, significantly outperforming gold, which has risen approximately 60% [3]. Group 2: Supply and Demand Dynamics - Silver possesses dual characteristics as both a financial asset and an industrial input for clean energy technologies, such as photovoltaic cells [5]. - The recent surge in silver prices is attributed to an imbalance in supply and demand, continuous interest rate cuts by the Federal Reserve, and a significant influx of global capital [5]. Group 3: Industrial Demand - According to a recent report from the Silver Institute, industrial demand for silver has increased by approximately 18% over the past four years, driven by investments in electric vehicles and AI data centers, with industrial applications accounting for about 50% of total silver demand [7]. - The global silver mine production is expected to be around 813 million ounces this year, slightly lower than the production in 2021 [7]. Group 4: Market Trends and Warnings - There has been a substantial influx of assets into exchange-traded products backed by silver, further reinforcing the upward trend in silver prices [7]. - Several analysis firms have issued warnings about the potential for price fluctuations and corrections despite the evident upward momentum in silver prices [7].

Core Viewpoint - The article argues that China is not "in trouble" as some in the U.S. claim, and the U.S. should abandon the notion of "defeating China" [1] Group 1: Economic and Trade Relations - The article highlights the U.S.'s initial confidence in defeating China in trade, which has been proven to be misplaced as China has demonstrated its strength in this area [1] - Despite the GDP gap, China leads significantly in critical future-oriented sectors such as rare earth production, solar capacity, electric vehicles, and industrial robotics [2] - A recent report from the U.S.-China Economic and Security Review Commission states that China is at the forefront of quantum communication and making rapid advancements in quantum computing and sensing [2] Group 2: Technological Advancements - China is making significant strides in chip technology, with reports indicating efforts to master lithography technology [2] - The article emphasizes China's advancements in electric vehicles, clean energy, and robotics, which are crucial for future competitiveness [2] Group 3: Military Capabilities - While the U.S. maintains the strongest military globally, China is rapidly catching up, particularly in naval capabilities with its latest aircraft carriers [3] - The article acknowledges China's economic and demographic challenges but notes that the government's "14th Five-Year Plan" is addressing these issues [3] Group 4: Soft Power and Perception - China's soft power is gaining traction in the U.S., as evidenced by the popularity of platforms like TikTok and the positive experiences of American tourists in China [3] - The article suggests that Americans are beginning to reassess China's global standing, indicating a shift in perception [3] - The article has sparked positive reactions among American netizens, advocating for more cooperation with China, while also drawing attention from Japanese netizens who criticize their own right-wing views [3]

Core Viewpoint - Yantai is leading in clean energy development in Shandong Province, with significant achievements in offshore wind power and a comprehensive strategy that integrates technology, industry, and green development [1][2]. Group 1: Clean Energy Achievements - Yantai has the highest installed capacity of clean energy in Shandong, with offshore wind power capacity reaching 2.21 million kilowatts and generating over 16.4 billion kilowatt-hours [1][2]. - The city has achieved several milestones, including being the first in Shandong to generate offshore wind power and nuclear power, and developing the largest salt-alkali flat photovoltaic project in the country [3][8]. Group 2: Strategic Development - Yantai's clean energy success is attributed to its strategic planning, which includes the establishment of key offshore wind power zones and a focus on integrating various energy sources [2][4]. - The city is developing a complete industrial chain that encompasses research, manufacturing, transportation, installation, and operation, which solidifies its leading position in the clean energy sector [4][5]. Group 3: Infrastructure and Grid Development - Yantai is transforming from a peripheral area of the Shandong power grid to a major green energy hub, with over 19 million kilowatts of clean energy capacity [6][7]. - The city is upgrading its power grid infrastructure to support the efficient transmission of green energy, including the construction of a 1000 kV high-voltage transmission project [6][7]. Group 4: Policy Support and Future Goals - The provincial government has introduced policies to support Yantai's development as a green, low-carbon city, aiming for a significant increase in clean energy capacity by 2027 [8][9]. - Yantai plans to expand its clean energy applications and develop zero-carbon industrial parks and green ports, with a target of reaching around 20 million kilowatts of clean energy capacity by 2027 [9].

Core Insights - Investment is one of the "three driving forces" for economic growth, crucial for expanding domestic demand and supporting long-term stability and welfare [1] - The Central Economic Work Conference emphasized the need to "stop the decline and stabilize investment," reflecting a deep understanding of the current economic situation and a commitment to growth and transformation [1] Investment Trends - Since 2025, there has been increasing downward pressure on investment, with fixed asset investment growth declining by 2.6% year-on-year from January to November [1] - Traditional engines like real estate and infrastructure are weakening, while investments in high-tech sectors such as clean energy and aerospace are rapidly increasing, indicating a positive shift in investment structure [1] Strategic Focus Areas - Investment should be directed towards key areas such as national security, industrial chain resilience, technological innovation, urban renewal, infrastructure, and energy [2] - Projects like the Shanghai-Chongqing Railway exemplify how infrastructure can enhance regional economic coordination and improve public convenience, yielding significant indirect investment returns [2] Investment Sources - Government investment plays a crucial role as a "navigator," guiding resources to public sectors and key areas where the market cannot effectively allocate resources [3] - Private investment, which accounts for over half of total fixed asset investment, is essential for maintaining investment growth resilience [3] Enhancing Private Investment - To activate private investment, practical measures are needed to expand market access, eliminate policy barriers, and strengthen rights protection [4] - The long-term positive economic fundamentals, potential for industrial upgrades, regional coordination, green transformation opportunities, and demand for public welfare collectively form a substantial potential pool for investment growth [4]