1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Continue to be bullish on equity assets in 2026, maintaining a "slow bull" pattern. However, the narrative of liquidity will weaken marginally, and the expectation of economic rebound remains weak, so the increase in 2026 may be smaller than that in 2025 [3][8] - Structurally, it is more optimistic about the opportunities in technology growth stocks and the profit repair direction of enterprises in the "anti-involution" line. It is more bullish on IM. If incremental policies for real estate and consumption are implemented, low-valued sectors have the dual opportunities of profit and valuation repair, and IF can be allocated [5] 3. Summary According to Relevant Catalogs External Environment - **Sino-US Relations**: Before the US mid-term elections in 2026, Sino-US frictions will continue, but they are more of a means of game, and the probability of a significant increase in tariffs is small. Sino-US relations will be in a period of phased relaxation. Pay attention to the possible visit of Trump to China in April 2026, which may cause significant market fluctuations [5][16] - **US Interest Rate Policy**: The recent rise in the US unemployment rate to 4.6% and the decline in core CPI to 2.6% in November provide a basis for interest rate cuts. It is expected that there will be 2 - 3 interest rate cuts in 2026, with a space of 50 - 75BP [18] - **Global Capital Flow**: With the continuation of the global interest rate cut process, overseas funds' allocation demand is expected to further spill over to emerging markets. Chinese equity assets are cost-effective, and overseas funds are expected to contribute more marginal increments to the domestic market. However, Japan's interest rate hike to 0.75% may disrupt global capital spillover and weaken the capital spillover effect [23] Domestic Judgment - **Policy Orientation**: Fiscal policy remains positive, and monetary policy is moderately loose. The support at the macro level has not increased. The real estate market is in the deep - water area of stability, and policies to expand consumption are expected. The main lines of new quality productivity and anti - involution remain unchanged. Capital market policies aim to enhance internal market stability, with strict supervision as the norm [28][31] - **Economic Situation**: GDP growth rate will remain relatively stable at around 4.9% in 2026. Economic stability depends on the central government's borrowing. Manufacturing investment and infrastructure construction investment are expected to pick up in 2026, while the real estate market is still in a downturn. Domestic consumption improvement has fallen short of expectations, and exports may still drive GDP growth next year [34][35][38] - **Market Liquidity**: The A - share market will maintain sufficient liquidity in 2026. Incremental funds come from retail investors' new accounts, margin trading funds, index ETFs, dividend reinvestment, foreign capital, and long - term funds (insurance funds). However, attention should be paid to the impact of shareholder reductions and net outflows of southbound funds, as well as the IPO progress [52] Structural Judgment - **Industry Growth**: The economic growth engine is shifting, and structural opportunities still exist in 2026. Traditional industries such as real estate, construction, coal, and food and beverage are still under pressure of negative growth, while industries representing cutting - edge technologies such as computer, electronics, and power equipment maintain growth. Non - ferrous metals also benefit from technologies such as AI [62] - **Growth vs. Value Stocks**: The strength of domestic growth stocks and value stocks is highly correlated with the yield of the 10 - year US Treasury bond. It is expected that the US will cut interest rates 2 - 3 times in 2026, and the yield of the US Treasury bond has room to decline further, so growth stocks are expected to remain strong [70] - **Index Allocation**: From an absolute valuation perspective, the valuations of the Shanghai Stock Exchange 50 and CSI 300 are both below 15 times, with allocation value. If incremental policies for real estate and consumption are implemented, low - valued sectors have the dual opportunities of profit and valuation repair, and IF can be allocated. The absolute valuations of the CSI 500, CSI 1000, ChiNext, and STAR 50 have increased significantly, pending verification of profit fundamentals. Among the four major index futures, the CSI 1000 has the highest annualized basis rate, which can provide a safety cushion, and can be allocated when its annualized basis rate is higher than 15% [71][75]

Core Insights - Luo Yonghao returned to the tech conference stage after seven years, hosting the "Luo Yonghao's Crossroads 2025 Annual Technology Innovation Sharing Conference" in Shanghai, which attracted significant attention due to his previous reputation in the tech industry [1][4]. Event Details - The conference was held on December 30, starting nearly 50 minutes late and concluding close to midnight [2][5]. - Approximately 4,000 attendees were present, with ticket prices ranging from 300 to 1,000 yuan, selling out within two hours [5]. Financial Aspects - Luo announced that all ticket revenue, totaling 1.67 million yuan, would be refunded and donated to charity, emphasizing a focus on fan engagement [5]. - Over 90% of Luo's income in recent years has been allocated to debt repayment, with only a small portion going to family [10]. Product Launches - The conference featured various tech products, including innovations from established companies and startups, resembling a "shopping event" rather than a traditional product launch [6]. - Luo's team introduced an AI-driven product called "Qie Ting," designed for enhanced audiobook experiences, alongside other tech innovations [8]. Company Background - Luo's previous ventures included the failed smartphone business and subsequent activities in live streaming and podcasting, leading to his current focus on technology and AI [4][9]. - The newly established Beijing Xihongxian Technology Co., Ltd. is dedicated to smart hardware and AI technology, with several patents in AR and smart hardware [8].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 3965.12 points, down 0.16 points, marking a 10-day winning streak [1] - The Shenzhen Component Index rose by 0.49% to 13604.07 points, while the ChiNext Index increased by 0.63% to 3242.9 points [1] - The trading volume in both markets exceeded 2 trillion yuan for the third consecutive day, with an increase of 3.8 billion yuan compared to the previous trading day [1] - Over 3400 stocks in the market experienced declines [1] Humanoid Robot Sector - The humanoid robot concept saw significant gains, with Wanxiang Qianchao (000559) hitting the daily limit within a minute and Sanhua Intelligent Control (002050) also reaching the limit with a transaction volume exceeding 14.1 billion yuan [2] - Recent positive developments in the humanoid robot field include the opening of a flagship store by Yushu Technology in Beijing on December 31 and advancements by Harbin Institute of Technology in humanoid robot components and systems [2] - Lingxin Qiaoshou launched the world's first "PEEK cycloidal reducer," enhancing the capabilities of humanoid robots [2] - The upcoming CES in Las Vegas will showcase AI smart glasses, humanoid robots, and wearable devices, further boosting interest in the sector [2] AI Sector - The AI concept stocks collectively strengthened, with Kute Intelligent (300840) hitting a 20% limit and several other stocks rising over 10% [4] - Meta's announcement of acquiring AI startup Manus has generated significant attention, indicating a strategic move to enhance its product ecosystem with advanced AI capabilities [4][5] - The AI large model companies are progressing towards IPOs, with expectations for a strong market in 2026, particularly in consumer-facing applications [5] Automotive Parts Sector - The automotive parts sector experienced a strong rebound, with multiple stocks hitting the daily limit, including Shanzi Gaoke (000981) and Wanxiang Qianchao [6][7] - The sector's growth is driven by the approval of L3-level autonomous driving models, AI-driven liquid cooling, and increased penetration of new energy vehicles [7] - Analysts suggest that the automotive parts sector's focus on "intelligent + global" strategies presents significant investment value [7]

文 | 钱钱 编辑 | 阿景 年底，白银现货价格突然飙到75美元一盎司，一年涨了一倍半，比黄金70%的涨幅狠多了，直接成了全 球资产里最靓的仔。 以前白银总跟着黄金后面当"小跟班"，今年突然逆袭，这事儿背后肯定不简单。 科技行业"抢银大战"，光伏、AI、新能源车的刚需有多狠？ 你知道光伏板上那层导电银浆多重要吗？没它发电效率直接掉一半。 今年全球光伏新增装机干到655GW，相当于多了200个三峡电站的装机量。 每建1GW光伏电站，就得用掉8到10吨白银，全年光光伏就吃掉1.2亿盎司白银，占了工业总需求的 55%。 有人说用铜浆替代行不行？至少未来5到10年没戏，银浆的导电性能暂时没对手。 光伏这边还在猛吃白银，另一边AI服务器也来凑热闹了。 普通服务器用银量本来就不低，AI服务器直接翻了3倍。 全球AI服务器需求跟坐了火箭似的，带得白银消费涨了30%。 全球矿产银产量才8.13亿盎司，比2020年的峰值还降了12%。 更麻烦的是，70%的白银都是铜、金矿的"副产品"，矿企根本不会专门为了白银扩产。 特别是GPU和高速连接器，简直是"吃银大户"。 算力中心越建越多，白银在精密电子元件里的戏份，早就从手机电脑扩展 ...

Core Viewpoint - The article discusses the promising sectors in the technology industry for the upcoming year, highlighting the performance of various segments in 2023 and projecting growth opportunities for 2024 [1]. Group 1: Domestic Substitution Chain - The domestic substitution chain, particularly related to the Ascend industry chain, is expected to perform well next year, with companies experiencing significant stock price increases due to recent news [4]. - Confidence in the 950 series and other domestic AI chips like HWJ, Kunlunxin, and PPU is noted, with expectations for increased market share as domestic wafer production capacity and yield improve [4]. Group 2: Autonomous Driving - The autonomous driving sector is divided into Robotaxi and Robovan, with significant growth anticipated in both areas [5][6]. - Recent policy changes encouraging Level 3 autonomous driving indicate a supportive regulatory environment, which could lead to reduced costs and improved profitability for companies in this space [6][7]. Group 3: Aerospace - The aerospace sector is gaining attention, with government policies favoring its development. The success of rocket recovery technology could lead to numerous opportunities in satellite applications [8]. Group 4: Memory - The memory sector has seen a significant market rally, with expectations for the upcoming IPO of CX, which is projected to reach a trillion-dollar market value [9]. - The current market dynamics differ from previous years, with major manufacturers likely to maintain production levels to capitalize on profitability rather than rapidly expanding capacity [9]. Group 5: Liquid Cooling - The liquid cooling market is expected to grow 5-10 times next year, driven by increasing demand from chip manufacturers facing thermal management challenges [10][11]. - Innovations in liquid cooling technologies, such as multi-channel covers and immersion cooling, are being explored to enhance performance [11]. Group 6: AI Power - The AI power sector remains a focus, particularly in the context of stable and continuous power supply, which is more readily available in domestic markets compared to North America [12]. - Opportunities in AI power are identified in areas such as gas turbines and energy-efficient solutions for data centers, with a notable increase in interest in off-grid power technologies [12].

Group 1 - Meta Platforms Inc has acquired Manus, a Singapore-based AI company, for approximately $2 billion to enhance its AI business innovation [1] - The acquisition allows Meta to leverage Manus's capabilities in executing tasks such as coding, market research, and data analysis [1] Group 2 - Meta's stock (NASDAQ:META) increased by 1.9% to $671.05, marking a third consecutive gain and a 13.7% year-to-date increase [2] - The stock has faced resistance at $675, which aligns with the post-earnings close following a 10.3% decline on October 31 [2] - Options trading indicates a call-skewed sentiment, with a put/call volume ratio of 2.10, ranking higher than 88% of annual readings [2] Group 3 - The current premium for options is considered affordable, with a Schaeffer's Volatility Index (SVI) of 23% in the 1st percentile of its annual range, suggesting low volatility expectations [3] - Historically, Meta's stock has outperformed volatility expectations, as indicated by a Schaeffer's Volatility Scorecard (SVS) of 85 out of 100 [3]

格隆汇12月30日｜Meta(META.US)涨1.4%，报668.02美元。消息面上，Meta以数十亿美元收购中国开发 AI应用Manus的公司蝴蝶效应。这是Meta成立以来第三大收购，花费仅次于WhatsApp和Scale AI。在 Meta收购前，Manus正以20亿美元估值进行新一轮融资。收购完成后，蝴蝶效应公司将保持独立运作， 创始人肖弘出任Meta副总裁。(格隆汇) ...

极目新闻记者 郭迩 12月30日晚，罗永浩2025年度科技创新分享大会在上海举行。根据预告，大会将于19点进行，不过，罗 永浩本人并未准时现身，而是迟到了50分钟后才出现在讲台。此前的发布会，罗永浩也曾多次迟到。有 网友调侃道："重新定义了19点。" 还未走上讲台的罗永浩在幕后表示："发生了一些事情，向大家道歉。后续会发文解释一下，希望大家 理解。" 记者注意到，截至30日晚7点50分，罗永浩本人账号的直播间在抖音平台已有超50万人观看，微博平台 突破200万人观看。 长文当中提到，该科技发布会大概在两周后放票，欢迎大家买票来现场观看（按"科技春晚"的优良传 统，门票收入会全部用于公益）。此外，罗永浩还对科技分享大会的内容、产品合作、开发布会的原因 等问题做出解答。 罗永浩称："我们的公司和我的家都搬到上海了，所以在上海开很自然，我们当年也在上海开过手机发 布会，我喜欢这里的场馆，商业上谈起来比较容易。另外，我也很喜欢我们公司所在的徐汇区西岸这边 的科技创业氛围，上海大部分的Al公司都在这里。明年如果有其他城市愿意提供更好的综合支持，要我 们去开，我们也不排除到其他城市开明年的创新分享大会，反正以后每年会至少 ...

Market Overview - The S&P 500 has shown a strong performance, up over 17% on a price basis in 2025, although it is currently flat compared to levels from two months ago [1] - The market is characterized by a rotation rather than a sell-off, with a focus on cyclical real economy stocks [2] Investment Sentiment - The market's resilience in the face of AI skepticism is viewed positively, indicating a healthy market environment [2] - There is a notable lack of volatility, which could pose risks to market sentiment in the first quarter [4] Sector Performance - There is a potential revival for lagging categories such as quality and value stocks, alongside the continued leadership of AI-related stocks [5] - Recent weeks have seen a rebound in discretionary spending, suggesting a more favorable consumer outlook than previously anticipated [6] Global Market Dynamics - The market's strength is not limited to the US, with positive performance observed in Japan, Europe, and emerging markets [6] - Global participation in the market is considered under-discussed, yet it plays a significant role in the overall market dynamics [3] Interest Rates and Economic Outlook - Interest rates are expected to remain sticky above 4%, which necessitates a focus on quality investments, especially in value sectors [8] - Concerns regarding fiscal issues and inflation pressures are influencing the long end of the yield curve, with expectations that the 10-year yield may approach 5% in 2026 [10][11]

一是寒武纪和贵州茅台谁能成为A股2025年的"股王"；二是最近个股行情活跃，三只人气股（平潭发展、海南发展、航天发展）谁能成为"跨年龙"？；三 是2025年沪指年K线能不能站上4000点？在A股历史上，仅有2007年沪指收盘站上4000点。 截至今天上午收盘，上证指数下跌0.1%，深证成指上涨0.23%，创业板指下跌0.06%。 市场三大猜想 今天上午，市场围绕上述三个问题继续演绎，答案初露端倪。 寒武纪和贵州茅台，谁是A股2025年的"股王"？ 今年8月底，寒武纪股价首次超越贵州茅台，成为A股的新"股王"。之后，寒武纪和贵州茅台关于A股"股王"的争夺陷入拉锯战。最近几个交易日，寒武纪 连续上涨，股价与贵州茅台的差距不断缩小。今天上午，寒武纪上涨2.83%，最新收盘价为1396.99元，再度超越贵州茅台。 平潭发展、海南发展、航天发展，谁能成为"跨年龙"？ 最近，主题行情活跃，大牛股涌现。其中，有三只个股市场关注度较高，被网友认为是"跨年龙"的竞争者。他们是：平潭发展、海南发展、航天发展。今 天上午，海南发展跌超6%，平潭发展涨超1%，航天发展涨超6%。12月以来至今，这三只个股分别涨超64%、53%、144 ...