据悉，万兴科技近年来在AI技术研发、产品应用落地、产业生态合作、AI人才布局等层面持续投入， 系统性构建AI驱动的数字创意软件生态。 近日，深圳市人工智能产业协会发布"中国人工智能百强榜"。AIGC软件A股上市公司万兴科技凭借在 AI数字创意软件领域的持续创新与实践上榜前50。此次一同上榜的还有字节跳动、华为、阿里、腾讯 等。 产品应用落地层面，万兴科技覆盖视频创意、文档创意、绘图创意等业务领域；在产业生态合作层面， 万兴科技已与微软、华为、英伟达、谷歌等企业深化合作，共建前沿AI应用生态，旗下多款海外产品 已集成谷歌新一代图像生成与编辑模型Nano Banana Pro、新一代AI视频生成模型Veo 3.1，以及OpenAI 新一代视频生成模型Sora 2等模型能力。 公开信息显示，万兴科技业务覆盖全球200多个国家和地区，累计活跃用户突破20亿，已打造万兴喵 影、万兴脑图（原亿图脑图MindMaster）、万兴图示（原亿图图示）、Wondershare SelfyzAI等明星产 品，被视为"中国版Adobe"。 其中，在AI技术研发层面，2025年6月，万兴科技推出万兴天幕音视频多媒体大模型2.0。相比1 ...

Group 1 - The report indicates that the A-share market is expected to maintain a stable and positive trend, with structural differentiation observed in industry performance, particularly favoring growth and cyclical sectors [4][22][24] - Growth and cyclical sectors showed better performance last week, with average returns of 0.37% and 0.19% respectively, while other styles like consumption and stability experienced declines [5][13] - The report highlights that the 2025 foreign trade achieved rapid growth, with total imports and exports reaching 45.47 trillion yuan, an increase of 3.8%, and exports growing by 6.1% [18] Group 2 - The macro liquidity outlook remains positive, with financial totals growing rapidly and a continued implementation of moderately loose monetary policy expected in 2026 [19][21] - The report emphasizes the importance of structural adjustments in monetary policy, including a 0.25 percentage point reduction in various structural monetary policy tool rates to enhance credit support for key sectors [21] - The report identifies key investment themes, including technology and advanced manufacturing, domestic demand expansion, and opportunities arising from supply-demand changes, with specific sectors like electronics, automotive, and medical devices highlighted for potential investment [24]

Core Viewpoint - The release of Claude Code has reignited concerns about the disruption of the software industry by AI, leading to the worst annual start for U.S. software stocks in years, with a 15% decline in a basket of SaaS stocks tracked by Morgan Stanley since the beginning of the year [1][4]. Group 1: Market Performance - Software stocks have experienced a significant downturn, with a 15% drop since the start of the year, following an 11% decline in 2025, marking the worst opening performance since 2022 [1]. - Current valuations for software stocks are at a record low, trading at 18 times expected earnings for the next 12 months, significantly below the average of over 55 times in the past decade [1]. Group 2: Impact of AI Developments - The panic in the market was triggered by Anthropic's release of "Claude Cowork," which showcased capabilities that alarmed investors about the future of software companies [5][6]. - Users reported completing complex projects in a week that would typically take a year, highlighting the disruptive potential of AI tools [2]. Group 3: Analyst Perspectives - Many buy-side institutions believe there is currently "no reason to hold" software stocks due to the uncertainty brought by AI, with no catalysts for valuation recovery in the short term [4][6]. - Analysts note that existing software companies have not demonstrated significant appeal in their AI products, with Salesforce and Adobe showing limited revenue impact from their AI initiatives [8]. Group 4: Comparative Sector Performance - The earnings growth forecast for software and services companies in the S&P 500 is expected to slow from approximately 19% in 2025 to 14% in 2026, contrasting with the semiconductor sector, which is projected to see profit growth of nearly 45% in 2025 and accelerate to 59% in 2026 [8][9]. - Major tech companies like Microsoft, Amazon, Alphabet, and Meta Platforms are expected to invest heavily in AI infrastructure, providing clearer visibility for revenue growth compared to software firms [8]. Group 5: Valuation Discrepancies - Despite low valuations, there is a divide in market sentiment regarding the future of software stocks, with some analysts optimistic about a rebound by 2026 due to stable customer spending and attractive valuations [10][11]. - Concerns remain about how software companies will compete against AI agents capable of completing tasks rapidly, complicating the assessment of appropriate valuation multiples [11].

水皮杂谈 一家之言 兼听则明 偏听则暗 各取所需 盘面消息 个股表现方面，上涨个股达 3454 家，下跌个股仅 1693 家，市场成交量约 2.7 万亿元。尽 管主力资金仍净流出 424 亿元，但个股表现可圈可点， 今天 个股涨幅中位数达到 0.84% ，这意味着多数股票尤其是中小盘股表现 "可圈可点" ，多数投资者 今天 应有 收获 。 今天 压制指数的核心仍是权重指标股，因宽基 ETF 的主要成分股以大盘蓝筹为主，尤其是沪 深 300ETF ，其成分股中蓝筹股占比更高。 事实上，金融股 今天 依旧扮演了压制指数的角色，银行、保险、证券板块盘中均对指数形成 拖累。相比之下， 今天 涨幅居前的板块包括贵金属、电网设备，以及 "卷土重来" 的商业航 天板块。 值得一提的是，周末多项消息指向题材股与概念股的过度炒作已引发监管关注，商业航天板块 更是被媒体点名。但身处其中的主力资金却反其道而行之，午后发力拉升推动板块强劲反弹， 使其跻身涨幅榜前列，当日资金净流入 22 亿元。 不过这一资金规模与该板块此前火爆时相比，仍有明显差距，仅能看出主力资金在板块内的短 期运作。 今天 调整幅度较大的板块集中在通讯设备、互联网 ...

人工智能的健康发展离不开高素质人才的支撑，多位委员强调了人工智能教育的重要性。德州市政协委 员、德州财富软件科技有限公司总经理高健带来《关于加快德州人工智能教育研学基地建设的建议》。 他在接受采访时表示，建议将人工智能研学基地建设，纳入德州市教育发展规划和城市总体建设规划， 整合教育资源，强化课程建设，注重科旅产教研学赛相互融合。通过打造一个"集研学、培训、竞赛、 体验科普"于一体的德州市人工智能教育研学培训基地，能够为德州高质量发展积蓄源源不断的创新动 能。 当前，人工智能正以前所未有的速度重塑各行业格局。委员们紧扣时代脉搏，从不同领域以及不同角 度，围绕人工智能各抒己见、积极建言，既立足当下实际需求，又着眼长远发展目标，助力德州经济社 会高质量发展、开启智慧德州新篇章。 委员们也将目光放到人工智能与传统产业的深度融合上。比如，德州市政协委员、山东天歌农牧发展有 限公司董事长王振武带来《关于加快推进人工智能在畜牧业中的应用，助力现代农业高质量发展的建 议》。 王振武指出，畜牧业是农业的重要组成部分，关系到国家粮食安全、农民增收和乡村振兴。随着人工智 能技术的迅猛发展，其在图像识别、大数据分析、智能决策、自动 ...

他们认为与其纠结于技术上的精确定义，不如从 功能性 角度来看：AGI 就是 AI " 解决问题 "（figure things out）的能力。 这包含三个核心要素： 当下最关键的一个趋势就是：长视野代理（Long-horizon agents）。其核心特征有两点，一个是 从"说话 者"转变为"行动者" ，2023-2024 年的 AI 主要是对话式的，而 2026-2027 年的 AI 将成为能像同事一样执 行任务的"行动者"。 另一个就是 指数级进步 ：根据追踪的数据显示，AI 完成长任务的能力约每 7 个月翻一番。 预计到 2028 年，AI 代理将能可靠地完成专家一整天的工作量。 因此对于行业来说，用户的角色将从独立贡献者（IC）转变为 管理代理团队 的管理者，这会带来大量的 新机会 ，各行各业都将出现专业的 AI 代理。 而最近 Doug O'Laughlin 写的软件 2.0 的死亡这篇文章《The Death of Software 2.0》让我觉得非常有意 思，其核心观点是： 由于 AI（尤其是像 Claude Code 这样的代理）的兴起，传统软件的形态和价值将发 生根本性变革。 Sequo ...

A股三大指数走势分化，上证指数盘中上涨0.11%，电力设备、公用事业、汽车等板块涨幅靠前，综 合、计算机跌幅居前。AI应用再度调整，创业板软件ETF华夏（159256）盘中下跌超1.3%，成交额突破 6000万元。持仓股中朗新科技大涨超7%，易华录、汉得信息、航天智装、润和软件等上涨明显。由于 近期AI应用端热潮，创业板软件ETF华夏基金规模快速提升，在数据可比范围内，创业板软件ETF华夏 （159256）近6个月基金份额增长率超800%，属全市场软件赛道第一。 消息方面，1月15日，台积电召开2025Q4交流会，对2026年的资本开支指引为520-560亿美元（2025年 409亿，显著上修至多36.9%），其中先进封装、测试及掩膜版制造等的投入比例占10-20%。在2024Q4 的法说会，台积电首次将"先进封装、测试及掩膜版制造等"对应资本开支上修至10-20%，此前曾维持 在约10%。 在AI产业链中，软件行业主要处于中游技术层和下游应用层，扮演着核心技术支撑和应用落地的关键 角色。具体来看，软件行业在中游技术层主要提供AI框架、开发平台和算法模型，这些技术是AI应用 开发的基础。在下游应用层，软件行业 ...

投资者对人工智能（AI）前景的热情预计今年将继续推动大型科技股的上涨，但与此同时，华尔街也 预计美股牛市今年将"多点开花"。 过去两周，工业、材料、能源和必需消费品板块的表现均优于大盘，这些板块的涨幅均达到5.5%或更 多。即使是小盘股罗素2000指数自年初以来也上涨了8%，超过了同期上涨超过1%的标准普尔500指 数。 奥本海默首席投资策略师John Stoltzfus在接受采访时说道："这是一个不断扩大的牛市。" 据悉，Stoltzfus今年对标普500指数给出的目标价为8100点，这意味着该指数将较当前水平上涨大约 17%，是华尔街最乐观的预测。而其他大多数分析师则预计该基准指数将实现两位数百分比的增长，目 标价为7500点或7600点。 巴克莱银行美国股票策略主管Venu Krishna表示："在我们等待事态发展的同时，我认为科技，尤其是大 型科技公司和人工智能，是这个市场的核心。我们坚信，即使人工智能受到的审查力度明显加大，它今 年仍将保持强劲势头。" 这场考验将在于，面临人工智能颠覆的软件股能否站稳脚跟。自年初以来，微软、Salesforce 和 ServiceNow等公司的股价均有所下跌，投资者 ...

Monetary Policy - The People's Bank of China has decided to lower the re-lending and re-discount rates by 0.25 percentage points, effective from January 19, 2026. The new rates for agricultural and small business re-lending will be 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms respectively, while the re-discount rate will be 1.5% and the mortgage supplementary loan rate will be 1.75% [2] Trade Relations - Several EU countries are considering imposing tariffs on goods worth €93 billion imported from the US as a countermeasure against tariffs imposed by the US on eight European countries. If no agreement is reached, retaliatory tariffs will automatically take effect from February 6 [3] AI Industry - Elon Musk predicts that China will dominate AI computing power due to its significant electricity supply advantages, potentially tripling its power generation compared to the US by 2026, which will support high-energy data centers [4][5] - OpenAI plans to test targeted advertising within the ChatGPT application to diversify revenue streams ahead of a potential IPO, targeting free users and a new low-cost subscription model [5] - Anthropic is seeking to raise $25 billion or more, with Sequoia Capital participating in the funding round, aiming for a valuation of $350 billion [7] Automotive Industry - Bosch, the world's largest automotive supplier, is facing significant financial pressure, projecting a profit margin below 2% for 2025, primarily due to restructuring costs of €3.1 billion [19] - Porsche's global sales are expected to decline by 10% in 2025, with a notable 26% drop in the Chinese market, reflecting a nearly 60% decrease from its peak in 2021 [20]

Market Overview - The Hong Kong stock market experienced fluctuations last week, rebounding significantly in the first half due to expectations around AI applications, easing overseas monetary policy, and short covering, but cooling down in the latter half, showing relative resilience [1] - Key factors driving the market rebound in Q1 remain unchanged, including overall loose financial conditions, foreign capital and southbound capital returning, upward revisions in profit expectations, and the attractiveness of Hong Kong stocks compared to A-shares [1] - The market sentiment has improved, with fear indicators moving out of panic zones and a notable decline in short positions, indicating a potential right-side harvesting period for the market [1] Earnings and Revenue Forecasts - Non-financial earnings and revenue forecasts have been revised upwards, with the most significant increases seen in the metals and electric new energy sectors [2] - Over the past four weeks, the consensus forecast for non-financial earnings has been revised up by 0.2%, while revenue forecasts have been slightly adjusted down by 0.1% [2] - The sectors with the largest upward revisions in earnings forecasts include metals (5.5%), electric new energy (2.8%), and light industry (2.1%) [2] Capital Flow and Liquidity - There has been a significant inflow of foreign capital, with net inflows into Hong Kong stocks reaching $2.82 billion, compared to $1.54 billion the previous week [3] - Active foreign capital has turned into net inflows, with the largest weekly net inflow since September 2024, while passive foreign capital inflows have also increased [3] - Southbound capital inflows have slowed, with approximately HKD 10.05 billion net inflow last week, primarily into media, computing, and retail sectors [3] Market Sentiment - The sentiment index for Hong Kong stocks has improved, reaching a reading of 33.7, indicating a recovery from panic levels [3] - Historical data suggests that entering the "panic zone" has led to a 100% success rate for Hong Kong stocks over the following month since the end of 2023 [3] - The current market environment is seen as a favorable time for positioning, with reduced short selling pressure and a shift towards a right-side harvesting phase [3] Investment Recommendations - Short-term focus should be on sectors related to the AI chain (semiconductors, software) and innovative pharmaceuticals, with a gradual accumulation strategy for high-quality new consumer stocks [4] - Mid-term recommendations include overweighting upstream sectors in the power chain (electric equipment and metals like copper and aluminum), insurance, and local real estate in Hong Kong [4] - Upcoming economic indicators to watch include GDP, industrial output, and retail sales figures [4]