来源：股市你金哥 4、国产GPU企业摩尔线程在科创板上市，首日涨幅惊人，极大地激发了市场对AI算力、半导体等科技板块的热情。同时，上海卫星互联网产业生态大会的 举行，以及特斯拉人形机器人取得新进展等消息，共同推动了商业航天、人形机器人等前沿科技主题的活跃，市场形成了"多点开花"的局面。 5、部分外资机构如摩根士丹利集体唱多中国资产，并上调了部分核心公司的目标价，这对提振市场情绪起到了积极作用。 6、可控核聚变板块表现强势，据Ignition Research预计，到2050年可控核聚变行业将成为一个至少1万亿美元的市场，对应超导磁体空间超千亿美元。 二、我对后市的观点： 一、这周A股复盘： 这周A股的表现，有惊无险，周五的表现很是惊艳！我认为有以下几点： 1、"央妈"在12月5日开展了大规模逆回购操作，向市场注入短期流动性，规模创近期新高。这一操作稳定了市场对年末资金面的预期，被市场解读为明确的 宽松信号。 2、金管局发布新规，下调了保险公司投资A股部分资产的风险因子。这一政策调整直接降低了险资的资本占用，引更多中长期资金入市，对保险板块自身 及整体蓝筹股都构成利好。 3、根据市场信息，美联储在12月降息25 ...

每经记者｜吴永久 每经编辑｜闫峰峰 周五，A股放量反弹，券商和保险板块表现出色。周末，A股迎来两个利好：第一，保险公司多项业务风险因子下调；第二，证监会主席吴清表示，加快 打造一流投资银行和投资机构。 在每日经济新闻App举办的掘金大赛中，第79期比赛于周一开赛，多位选手跑步入场，取得不错的收益。对于年底的行情，参赛高手怎么看呢？今日他们 做了一些分享。 大赛为模拟炒股，模拟资金50万元。掘金大赛第79期比赛的报名时间为11月29日到12月12日，比赛时间为12月1日到12月12日。每期比赛结束，正收益就 获现金奖励！报名就拿福利！冲刺月度积分王大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 目前，大盘震荡盘整，为便于参赛选手提高交易胜率，只要成功报名掘金大赛，就能获得每日经济新闻App私人订制的"火线快评"6个交易日的免费阅读 权限。此外，每 ...

Core Insights - The article highlights the recent launch of multiple humanoid robots in China, emphasizing the potential investment opportunities in companies like KAITEC and DINGZHI Technology within the industry chain [1][5][6] Company Developments - KAITEC (920978.BJ) has completed the development of samples for six-dimensional force sensors and electronic mechanical brake (EMB) force sensors [1][6] - DINGZHI Technology (920593.BJ) focuses on core products in the humanoid robot sector, including hollow cup motors, transmission components, linear motion modules, frameless torque motors, and rotating joint modules [1][6] - SANXIE Electric (920100.BJ) has achieved mass production of products in the collaborative robot field, with samples currently being sent to customers [1][6] Industry Performance - The North Exchange's information technology sector saw an average increase of 0.10% this week, while other sectors like high-end equipment and consumer services experienced declines [1][6] - The average price-to-earnings (P/E) ratio for high-end equipment dropped to 35.2X, while the information technology sector's P/E ratio rose to 65.8X [1][6] Market Trends - In the technology new industry, 72 out of 154 companies saw stock price increases, with an overall median price change of -0.12% [2][7] - The median TTM P/E ratio for the electronic industry increased to 47.6X, while the median for the intelligent manufacturing sector decreased to 40.5X [2][7]

12月6日，由中国证券报主办的2025科创投资大会在安徽合肥举行。当天下午，多位企业家结合自身发展经历，围绕产业链提升、创新融合等进行观点分 享。 2025科创投资大会现场 产业链协同发展 产业的发展离不开上下游的协同发力。在产业链中找准自身位置，并在实现自身发展的同时促进行业共进是产业良性发展的关键。 中科星图总裁邵宗有分享了合肥空天信息产业发展的脉络。他介绍，合肥通过设立产业专班、从无到有地"建链"，吸引了上下游企业聚集；进而通过培育 龙头企业、强化关键环节实现"强链"；更难得的是，依托卫星应用优势，向下延伸至低空经济领域，成功"延链"。"中科星图正是通过将旗下业务板块嵌 入地方产业规划，实现了与区域发展的同频共振。" 华尔泰董事长吴炜认为，延链补链必须以真实市场供需为基础，避免投资过热导致的产能利用率低下。"产业链的健康发展，需要超越简单的环节拼凑， 走向以市场为导向、以协同为纽带、以韧性为目标的高级形态。" 作为配套企业，面对下游客户，科拜尔主张通过价值共享、联合创新与利益分享，建立长期稳定的战略协作关系，替代短期的价格内卷。"在技术与人才 瓶颈上，我们深化与高校的合作，通过共建实验室、设立定向培养课 ...

Group 1 - Doubao mobile assistant faces login restrictions from Alibaba apps, including Taobao and Xianyu, due to security measures [3][4] - Doubao assistant claims it does not bypass authentication for sensitive operations and plans to adjust AI capabilities in certain scenarios [4][5] - The initial release of Doubao mobile assistant sold out quickly, with second-hand prices significantly higher than the official price, indicating strong market interest [5] Group 2 - The T800 humanoid robot from Zhongqing Robotics gained attention after a video showed it kicking the CEO, highlighting the robot's capabilities [6][9] - T800 is priced starting at 180,000 yuan and features advanced joint modules and sensory technology for various tasks [9] Group 3 - Jiuyue Automotive is undergoing bankruptcy restructuring, with plans to introduce new investors while Baidu seeks to exit its investment [10][11] - The restructuring faces challenges due to significant debt, estimated at 7 billion yuan, with major stakeholders like Geely and Baidu involved [11] Group 4 - Apple CEO Tim Cook reportedly experiences hand tremors, raising concerns among employees amid significant executive turnover at the company [12][13] Group 5 - New Oriental employee expresses dissatisfaction with the company's overtime culture, leading to internal repercussions [14][15] - The employee's complaints highlight issues with work-life balance and management practices within the company [14][15] Group 6 - Canon's Zhongshan factory announced generous severance packages for laid-off employees, with compensation reaching up to 400,000 yuan [16] - The factory's closure is part of a broader trend of production capacity shifting to Southeast Asia [16] Group 7 - A controversy arose when the chairman of Aibisen rejected the position due to dissatisfaction with a salary of 4.35 million yuan, which was later attributed to a clerical error [17] Group 8 - Meta's CEO Mark Zuckerberg plans to shift focus away from the metaverse, with the division having incurred losses exceeding 70 billion dollars [18][19] Group 9 - Microsoft denies reports of lowering AI sales targets, clarifying the distinction between growth goals and sales quotas [20][21] Group 10 - Nvidia launched the Alpamayo-R1 model, aimed at advancing autonomous driving technology through a new visual language model [28][29] Group 11 - Li Auto introduced its first AI smart glasses, Livis, with a starting price of 1,699 yuan after subsidies, aiming to integrate AI capabilities into daily life [30][31] Group 12 - MiHoYo's co-founder launched an AI chat model, AnuNeko, which aims to create interactive NPCs for gaming, reflecting a unique approach to AI integration in games [33][34] Group 13 - SenseTime released the NEO architecture for multimodal models, marking a significant advancement in AI capabilities [35]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is transitioning from automotive manufacturing to AI technology, with significant growth expected in revenue and profit margins by 2026 [1][8] - The company plans to launch seven new models in 2026, focusing on both pure electric and extended-range vehicles, while expanding its global presence [8][41] - The Robotaxi segment is anticipated to reshape the Chinese transportation market, with commercial operations expected to accelerate in 2026 [8][50] Summary by Sections C-end Smart Vehicles - The company aims to build a "mass production capability" for multiple successful vehicle models, leveraging a platform-based technology approach [14][15] - The introduction of the X9 EREV model highlights the company's focus on long-range capabilities and efficient energy consumption [23][30] - The company has achieved significant growth in monthly deliveries, indicating a successful product strategy [20][41] B-end Robotaxi - The company is positioned to benefit from favorable policies and technological advancements in the Robotaxi market, with expectations for commercial operations to begin in 2026 [50] - The Robotaxi project is expected to leverage the company's AI capabilities and innovative business models to capture market share [8][50] Collaboration with Volkswagen - The partnership with Volkswagen has evolved from joint vehicle development to deeper collaboration on electronic architecture and AI technology [8][24] - The collaboration is expected to enhance the company's market position as a provider of intelligent technology solutions [8][24] Robotics and Flying Cars - The company is advancing its robotics initiatives, with plans for commercial applications of its IRON robot in various service scenarios by 2026 [8][24] - The flying car project is nearing production, with successful test flights and significant pre-orders indicating strong market interest [8][24]

9月9日， 老牌人形机器人公司[乐聚机器人]完成股改，于10月31日进行辅导备案登记， 正式开启IPO进程； | | | —— 正文： [银河通用]完成股改，准备IPO？ 12月6日（最新资讯），估值超100亿、国内头部人形机器人公司[银河通用]已于11月28日完成股改，由" 有限责任公司(外商投资、非独资) "变为" 股份有限公司(外商投 资、未上市) "， 名称由【 北京银河通用机器人有限公司 】更名为【 北京银河通用机器人股份有限公司 】。 | 2025-11-28 | 提示 | 企业类型变更 | 变更前：有限责任公司(外商投资、非独资) 变更后：股份有限公司(外商投资、未上市) | · 收藏 | | --- | --- | --- | --- | --- | | 2025-11-28 | 提示 | 企业名称变更 | 变更前：北京银河通用机器人有限公司 | - 收藏 | | | | | 变更后：北京银河通用机器人股份有限公司 | | 从产品、技术到商业化进展，[银河通用]处在在国内人形机器人头部；有关[银河通用]详细解读，查看往期文章： 融资超24亿元，"北大"系人形机器人创企估值超百 亿！ 伴随[银河 ...

景顺方面认为，各国央行政策分化令美元走弱。美元走软叠加全球增长改善、新兴市场通胀压力减轻， 有望利好明年新兴市场资产表现。此外，美联储2026年预期降息也将为新兴市场央行创造进一步降息的 空间，从而刺激内需，提振股市。 在赵耀庭看来，在今年早些时候，已经出现了新兴市场表现超越发达市场的情况，但后面很快又被逆 转。这主要是因为美国的AI叙事特别火爆。此外，在"对等关税"后推出的关税措施也造成了趋势的逆 转。 赵耀庭看好中国股票。"中国及其他亚洲市场在2025年已展现强劲表现，多项资产类别有望在2026年延 续这一势头。在政策支持利好、基本面持续改善的背景下，亚洲市场为投资者提供了具吸引力的多元化 配置和再平衡部署的投资机会。"赵耀庭说。 中经记者 谭志娟 北京报道 赵耀庭还指出，在2025年的大部分时间里，我们都持续看好中国股市。而且中国股市在过去18个月里大 幅上涨。明年，可能不会出现这么大幅度的上升，但是外国投资者对中国股市的兴趣依然非常浓厚。所 以外国投资者对中国股票的需求和兴趣都在上升。 "预计2026年美联储还会降息三次，再加上今年12月的降息，四次共计降息100个基点。"12月4日，景顺 亚太区全球 ...

华安证券近日发布电力设备行业周报：本周硅片、电池片、组件价格小幅下跌。海外市场需求延续强 劲，对电池片价格形成一定支撑，上游价格走势小幅震荡。海外订单与政策环境仍是支撑产业链的主要 动力，短期价格有望维持坚挺。 以下为研究报告摘要： 主要观点： 光伏：产业链价格维稳，国内招投标有序推进 本周硅片、电池片、组件价格小幅下跌。海外市场需求延续强劲，对电池片价格形成一定支撑，上游价 格走势小幅震荡。海外订单与政策环境仍是支撑产业链的主要动力，短期价格有望维持坚挺。 风电：国内招投标高景气延续 明阳智能中标华电集团700MW风光制氢项目。金风科技、远景能源、中车株洲中标国家电投1084MW 海上风电机组采购。国内海陆风电项目招投标有序推进，行业景气度逐步显现。 储能：发改委新规明确储能盈利模式，中国储能出海订单持续突破 优必选中标1.43亿元项目且年内Walker系列订单达13亿元。具身智能行业准入退出机制将建立。艾克斯 智节举办发布会并推出人形机器人关节模组产品。当下时间点重点推荐T链新技术和新订单标的和国内 本体代工潜力大的标的。 风险提示 新能源汽车发展不及预期；相关技术出现颠覆性突破；产品价格下降超出预期；产 ...

Core Insights - The article discusses the recent developments in the field of embodied intelligence, particularly focusing on the establishment of Hangzhou Zhijian Power Technology Co., Ltd. by former executives from Li Auto, which has attracted significant investment from top venture capital firms [2][4]. Financing and Investment - Hangzhou Zhijian Power has completed two rounds of financing, with a total amount of approximately $50 million, involving investors such as Sequoia Capital and BlueRun Ventures [2][6]. - The company was founded in July 2025 and has quickly gained attention from major investment firms, indicating a strong interest in the embodied intelligence sector [4][6]. Company Background and Team - The founding team includes Wang Kai, former CTO of Li Auto, and Jia Peng, former head of intelligent driving technology at Li Auto, both of whom have extensive experience in the automotive and technology sectors [8][4]. - The company is currently in the process of building its team and has posted job openings related to deep reinforcement learning algorithms, motion control algorithms, and embedded hardware [5][6]. Industry Trends - The article highlights a trend where many professionals from the autonomous driving sector are transitioning to the embodied intelligence field, leading to a surge in startup activity and investment [6][10]. - There are currently 15 well-known automotive companies entering the humanoid robot sector, with 11 based in China, indicating a competitive landscape [6][10]. Product Development - Xiaopeng Motors has launched the new generation IRON robot, which is described as the most humanoid robot to date, showcasing advanced features such as a Turing AI chip and solid-state batteries [7][10]. - The article suggests that the overlap between autonomous driving and humanoid robot technology could lead to significant advancements, although commercial viability remains a challenge [10][11].