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 ...

（原标题：002969，连续10个涨停！Meta宣布重大收购，AI智能体爆发，高增长潜力股出炉） AI 智能体产业迎来新节点。 嘉美包装连续10个涨停板 今日（12月30日）早盘，A股大盘指数窄幅震荡，短剧游戏、云游戏、数字货币、液冷服务器、智谱AI 等题材走强。海南自贸、BC电池、次新股、HJT电池、水产品等题材跌幅靠前。 嘉美包装(002969)早盘再次涨停，盘中涨停板封单超过80万手。该股自12月17日以来连续录得10个涨停 板，最新股价创近5年新高，A股市值达到110亿元以上。公司近期股价持续大涨，与一则股权转让公告 密切相关。 12月16日晚间，嘉美包装发布公告，嘉美包装的控股股东"中包香港"、股东富新投资和中凯投资与苏州 逐越鸿智科技发展合伙企业（有限合伙）（简称"逐越鸿智"）签署股份转让协议。如果交易全部达成， 逐越鸿智将以约22.82亿元持有嘉美包装54.9%股权，成为嘉美包装新的控股股东，嘉美包装的实控人将 变更为俞浩。 12月28日，公司发布股价异常波动公告称，公司基本面未发生重大变化，但近期公司股票价格严重脱离 公司基本面情况，投资者参与交易可能面临较大风险，如未来公司股票价格进一步异常 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 还剩两天，2025年A股就要收官，一段时间以来，市场关心的几大猜想即将迎来答案。 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 ...

Core Insights - Meta Platforms has acquired Manus, a Singapore-based developer of general-purpose AI agents, to enhance its investments in artificial intelligence [1][3] - Manus launched its first general AI agent earlier this year, achieving an annualized average revenue of over $100 million within eight months of launch, with a revenue run rate exceeding $125 million [2] - The acquisition aims to accelerate AI innovation for businesses and integrate advanced automation into Meta's consumer and enterprise products, including the Meta AI assistant [3] Company Operations - Manus will continue to operate its subscription service without disruption following the acquisition, although further terms of the deal were not disclosed [4] - The company was initially a product of the Chinese start-up Butterfly Effect, later becoming a separate entity and gaining recognition for its chatbot's performance compared to OpenAI's DeepResearch [4] Funding and Expansion - Manus raised $75 million in a Series B funding round led by U.S. venture firm Benchmark in April, with backing from Tencent and HongShan Capital Group [5] - The start-up laid off most of its staff in Beijing in July and relocated its headquarters to Singapore in June as part of its global expansion strategy [5] Strategic Partnerships - Manus announced a strategic partnership with Alibaba's Qwen AI team in March, indicating its existing connections with Chinese tech companies [6]

12月30日早盘，创业板人工智能开盘冲高，AI应用概念股涨幅居前，汉得信息、蓝色光标领涨超5%，易点天下、昆仑万维、芒果超媒等多股涨超2%。热门 ETF方面，同类流动性最佳的创业板人工智能ETF（159363）场内上扬逾1%冲击前高， 把握以光模块为核心的算力方向以及AI应用机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场外联接（A类023407、C类023408），标的 指数重点布局光模块龙头"易中天"，光模块含量最新超56%。从赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。 （截至2025.11.30） 同类对比看，截至12月29日，创业板人工智能ETF华宝（159363）最新规模超38亿元，近1个月日均成交额超6亿元，在跟踪创业板人工智能指数的7只ETF 中排行第一！ 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日期为2024.7.11。创业板人工智能指数2020-2024年年度 涨跌幅分别为：20.1%、17 ...

本报记者 昌校宇 中欧基金权益专户投委会主席、基金经理王培预计，2026年或迎来估值演绎的下半场，企业盈利有望成 为股价的核心驱动因素。王培分析称："当前市场正处于基本面拐点，上市公司营收端的修复动能持续 增强，叠加PPI（工业生产者出厂价格指数）回正预期增强，企业在2026年实现盈利增长值得期待。" 方正富邦基金首席投资官汤戈认为，2026年A股上市公司盈利增速和ROE（净资产收益率）水平有望继 续修复，业绩的增长将消化部分估值压力，使市场上涨的基础更为扎实。 科技投资成共识 科技仍然是各家公募机构关注度最高的投资主线，特别是在"AI投资逻辑将从基础设施建设向实际应用 场景深度扩散"上形成了共识。 近日，国泰基金、中欧基金、长城基金、方正富邦基金等公募机构相继召开2026年度投资策略会，分析 市场走势。 尽管各家公募机构视角各异、表述不同，却也存在共识：2026年A股市场有望从估值修复主导，逐步转 向盈利与估值双重驱动的新阶段；科技仍是贯穿中长期的核心主线，同时消费复苏、企业"出海"等多条 脉络也将交织出丰富的结构性机遇，共同描绘出一幅积极向好的投资图景。 业绩有望增长 回顾2025年，估值扩张是A股市场上 ...

MBS - 11 12 - 4 许巳阳 11 6 10 STREET 11 . 1998 - 1998 2 (=) BLACK 张晟刚 Alliner 姜云飞 郭晨凯 制图 开栏语 展望2026年，如何以专业视角穿透市场迷雾，把握投资机遇？ 即日起，本报推出《机构前瞻 洞见新机》栏目，汇聚头部买方机构投研力量，聚焦大类资产配置核心 命题，拆解宏观政策脉络、研判市场波动趋势、挖掘细分赛道机遇，为投资者提供前瞻性的配置参考。 ◎记者 马嘉悦 岁末是布局来年的好时机。经过今年的亮眼表现，权益资产和黄金资产将如何演绎？影响市场的关键因 素有哪些？接下来又有哪些投资机会值得把握？无风险收益率下行的背景下，债券投资又往何处去？上 海证券报记者邀请了三位百亿级私募人士——久期投资董事长兼投资总监姜云飞、银叶投资首席投资官 许巳阳和利位投资总经理张晟刚，对上述议题展开探讨。 权益资产仍是组合"必选项" 上海证券报：2025年，股票市场持续演绎结构性行情。展望2026年，资本市场有哪些积极因素？能否延 续结构性行情？ 姜云飞：2026年，A股和港股市场大概率仍将演绎亮眼的结构性行情。具体来看，尽管2025年股票市场 的估值得到 ...

Core Viewpoint - Tesla is a highly polarizing stock, influenced by CEO Elon Musk's behavior and political involvement, leading to a divided perception among investors [1][2]. Group 1: Market Position - Tesla has dropped to the third-largest electric vehicle (EV) maker globally, overtaken by two Chinese competitors [5]. - Currently, only 40% of U.S. EV sales are attributed to Tesla, a significant decline from its near-monopoly status during the early pandemic [5]. Group 2: Growth Potential - The bull case for Tesla's growth hinges on its autonomous driving, robotics, and AI divisions, which are expected to outpace the core EV business [6]. - CEO Elon Musk's new $1 trillion pay package is linked to achieving aggressive growth targets in these key segments, suggesting a shift in market perception towards Tesla as a tech/AI company rather than just an automobile manufacturer [7]. - The potential for vertical integration with AI offerings and increased deliveries in key markets like China could drive Tesla's growth in the coming years [8]. Group 3: Future Business Prospects - If the Optimus project becomes a significant business, it could represent 80% of Tesla's current sales, indicating substantial future growth potential [9]. - Investor confidence in Musk's ability to realize his vision will be crucial, as past market reactions have penalized those who doubted his ideas [9].

Core Insights - Many business leaders aim to leverage AI agents for "business upgrades," but AI agents require a deep re-engineering of human-machine collaboration rather than being a plug-and-play solution [2] - The deployment of AI agents without precise scenario positioning, data accumulation, and feedback mechanisms can lead to process bottlenecks instead of unlocking technological value [2] - Achieving "AI-native" operations involves comprehensive optimization from task breakdown to role division and decision-making processes [2] AI Implementation in Companies - AI has been utilized in gaming by companies like NetEase to enhance player engagement through intelligent NPCs that provide emotional feedback, improving player retention [3] - JD.com has focused on using AI to significantly enhance decision-making efficiency in consumer behavior simulations, aiming for personalized product service value [4] - The concept of AI agents is evolving, with expectations for them to possess self-reflection and self-evolution capabilities, allowing them to learn from past tasks [5] Organizational Changes Due to AI - The emergence of AI agents may lead to a transformation in organizational structures, potentially surpassing traditional human-centric models [7] - AI can reduce the complexity of product development by allowing fewer people to manage tasks that previously required larger teams, thus increasing efficiency [9] - The role of human experts may shift towards defining problems and connecting with value systems rather than merely executing tasks [10] AI Applications and Benefits - Companies are creating digital twins of star employees to handle routine inquiries, allowing them to focus on creative work, which can lead to a 70% reduction in basic question handling [18] - AI systems can enhance decision-making for both executives and frontline employees, democratizing access to data and insights [19] - AI can streamline internal processes by generating objective reports and managing promotional activities, although it may lead to a dependency on AI for critical thinking [20] Differences in AI Adoption Between China and the US - The willingness to pay for AI tools is significantly higher in North America compared to China, where users often expect free services [25] - Labor cost differences also influence AI adoption, with higher costs in the US making AI a more attractive alternative to human labor [25] - China's manufacturing sector presents substantial potential for AI integration, but cost sensitivity may limit the adoption of expensive AI systems [25] Market Dynamics and Opportunities - The current AI industry may exhibit bubbles, which can attract talent and capital, ultimately leading to genuine innovations [26] - Startups have opportunities during bubble periods, but they must maintain a competitive edge to survive [26] - The transition to AI may not favor traditional barriers to entry, as companies must adapt quickly to technological changes to remain competitive [26]

Core Viewpoint - The US stock market is expected to rally in 2026 for a fourth consecutive year, marking the longest winning streak in nearly two decades [1] Group 1: Market Sentiment - There is a strong consensus among sell-side strategists that the S&P 500 Index will gain an average of 9% next year, with no predictions of a decline from the 21 analysts surveyed [3] - Veteran market strategist Ed Yardeni predicts the S&P 500 will finish next year at 7,700, reflecting an 11% increase from the current close, although he expresses concern over the lack of dissenting opinions [4] Group 2: Market Volatility and Economic Factors - The market experienced significant volatility in 2025, with early selloffs due to potential challenges from DeepSeek and Trump's trade policies, leading to a nearly 20% decline in the S&P 500 from mid-February to early April [5] - Despite these challenges, the S&P 500 rebounded quickly, showcasing one of the fastest recoveries since the 1950s, as strategists adjusted their forecasts upward [5] Group 3: Economic Resilience and AI Investment - The economy has shown surprising resilience post-pandemic, even amidst Trump's tariffs aimed at globalization, with substantial investments in AI driving growth [6] - The five major tech companies have contributed nearly half of the S&P 500's gains this year, fueled by investments in data-center construction and advanced computer chips [6] Group 4: Uncertainty in Market Predictions - The last five years have been marked by significant uncertainty, leading to reactive investor behavior and frequent changes in consensus opinions [7] - Michael Kantrowitz, chief investment strategist at Piper Sandler & Co., has ceased publishing year-end S&P 500 targets due to the unpredictable nature of the market [7]