方伟：医药板块或迎温和补涨重点关注CRO与器械领域 基金经理方伟对2026年医药板块的整体表现持偏乐观态度，认为板块有望迎来温和补涨行情。即将发布 的2025年年报和2026年一季报，将成为验证行业复苏节奏的重要窗口，后续或结合财报数据重新评估行 业发展节奏，而从当前来看，仍需持续紧密跟踪基本面的边际变化。 方伟表示，今年创新药板块内部的核心研究逻辑未发生明显改变，依旧围绕出海交易（BD）、重磅品 种关键数据披露以及国内未满足临床需求的靶点挖掘阿尔法收益。在创新药产业链中，方伟关注医药研 发外包（CRO）方向，尤其是以国内业务为主的药物研发外包企业，认为可考虑左侧布局覆盖全临床 试验环节的CRO上市公司，这类标的当前绝对估值或低于长期合理估值水平。同时，A股医药设备和器 械板块因具备较强的科技属性，研发费用率与创新药企业相近，或契合今年市场对科技主线的配置偏 好，也成为其重点关注的核心方向之一。 对于医疗器械赛道中的细分领域，方伟认为，脑机接口领域发展前景值得期待，未来潜在应用场景较为 丰富。待市场情绪逐步平复后，脑机接口领域或有望进入阿尔法选股阶段，成为机构更易参与的窗口 期。 金烨：周期板块表现分化优质化 ...

【导读】拾贝投资投委会主席胡建平：努力在确定的市场中把握节奏，将优势转化为胜势 中国基金报记者任子青 1月21日，拾贝投资举办投资者交流会，拾贝投资投委会主席胡建平以"努力把确定的趋势转化成收 益"为题，回顾2025年的投资得失并展望未来市场机会。 胡建平认为，全球的经济格局正在或者已经发生深刻的变化，但市场定价尚不充分。物价端，PPI、CPI 均存向好趋势，统一大市场建设助力产业提质增效。出海是兼具时代机遇与历史使命的长期投资主线， 医药行业的成长才刚起步，AI领域仍是今年最大的机会所在。 在后续的投资中将始终坚守价值投资的核心逻辑，同时积极拥抱AI技术，努力在确定的市场中把握节 奏，把优势转化成胜势。 全球经济格局已发生深刻变化 市场并未充分反应 过去一年，拾贝投资在全球视野的构建上有所进步，在多空维度的布局上积极探索实践，在周期视角的 研判上不断深耕打磨，同时始终坚守价值投资的核心逻辑。在此基础上，将进一步融入AI工具与技 术，以智能化能力赋能投资决策，让专业判断与科技力量深度结合，AI可以改变投研覆盖的宽度、速 度和深度，进而改变投资的胜率和赔率分布，最后改变投资的模式。 胡建平表示，全球的经济格局正 ...

登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -8% -1% 6% 13% 20% 27% 34% 40% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,122.58 | 0.14 | | 深证成指 | | 14,327.05 | 0.50 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,723.71 | 0.01 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,622.87 | -0.16 | | 中证 | 500 | 8,387.59 | 0.57 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0 ...

Market Overview - The A-share market saw all three major indices close higher, with the Shanghai Composite Index up 0.14%, the Shenzhen Component Index up 0.50%, and the ChiNext Index up 1.01% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 27,166 billion yuan, an increase of 926 billion yuan compared to the previous day [1] - Over 3,500 individual stocks rose, with a median increase of 0.63% [1] Market Sentiment and Trends - The market remains in a controlled rhythm and emotional state, with mysterious funds becoming active in ETFs during significant index increases [2][3] - The purpose of controlling rhythm and sentiment is to prevent excessive speculation in certain sectors, allowing the market to develop steadily [3] - Some local governments are actively promoting capital and asset securitization, which is essential for a stable capital market [3] Sector Performance - The commercial aerospace sector experienced a widespread rebound, with leading stocks showing significant recovery [4] - AI application stocks that had seen declines recently also rebounded, indicating a potential recovery in this sector [5] - Some stocks that had been on consecutive trading halts began to recover, suggesting a thawing of previously low speculative sentiment [6][7] Monetary Policy and Market Confidence - The central bank announced a 9,000 billion yuan MLF operation scheduled for January 23, with a net injection of 7,000 billion yuan for the month [8] - The central bank's governor reiterated the importance of monetary policy tools, which may help stabilize market confidence [8] AI and Robotics Sector Insights - The AI hardware sector saw a rebound, with significant gains in second-tier stocks [8] - Morgan Stanley analysts have doubled their forecast for humanoid robot sales in China for 2026, indicating growing optimism in this segment [11] Commercial Aerospace Developments - SpaceX plans to launch a second-generation "Starlink" satellite communication system by 2027 and is actively pursuing an IPO [12] - The commercial aerospace sector is experiencing a rotation of funds, with various core sectors like non-ferrous metals, storage, and semiconductor showing strength [12] Investment Strategy - It is suggested to focus on mainstream sectors with smaller recent gains for potential low-entry opportunities, particularly in the AI industry chain and humanoid robotics [13]

As AI and semiconductors become national priorities, markets are already positioning for how China's 15th Five-Year Plan will reshape its industrial landscapeImage Credit: Bamboo WorksNot every industry filled prioritized for development in China ultimately survives tensions between policy support and commercial reality. Some sectors gradually lose momentum due to weakening demand, rising costs, or flawed business models, eventually fading from both policy narratives and capital allocation priorities.With s ...

近日，AI陪伴公司自然选择（Nature Select）宣布完成新一轮融资，金额超3000万美元。本轮融资由阿 里巴巴、蚂蚁集团、启明创投、五源资本、创世伙伴创投、云时资本等机构联合投资。 自然选择成立于2024年2月，创始人张筱帆是AI陪伴赛道的连续创业者，其同时也是男性向游戏《奇点时 代》研发商幻境游戏的CEO。 目前，自然选择最重要的产品，是一款女性向在研项目《EVE》。根据官方介绍，这是「全球首款3D AI 智能陪伴应用」，他们想要在游戏中实现的一种长期且深度的情感连接虚拟关系，类似于电影《Her》中 所描绘的体验。 END 如果内容对您有所启发，欢迎在评论区留言 请 点赞 、 转发 、 小心心 ，将公众号设置为 星标 点赞 收藏 分享 在2024年，自然选择团队就提出了128个动态记忆槽位的长时记忆方案，到2025年又给记忆系统加入了 多维graphRAG。Tristan表示"记忆系统的本质是推荐系统"，而他们在按照搜推的方式做记忆。 文章来源：猎云网 商务合作 商务活动｜宣传推广｜转载开白等 联系电话｜18355423366 自然选择通过设置名为"情感交互设计师"的职位来提高AI的情商。他们还在今 ...

Core Insights - The article highlights the rapid growth and investment potential of KuaLing AI, a video generation model under Kuaishou, which has seen significant user and revenue increases in recent months [4][11][12]. User Growth and Revenue - KuaLing AI's monthly active users (MAU) surpassed 12 million in January 2023, with a projected revenue of $140 million for 2025, significantly exceeding Kuaishou's initial target of $60 million [5][11]. - The app's paid user base grew by 350% month-over-month as of January 20, 2026, with a single-month revenue exceeding $20 million in December 2025 [11][12]. - Daily revenue in January 2026 is approximately 30% higher than the previous month [11]. Product Features and Market Position - The introduction of new features, particularly the Motion Control function, has driven user engagement and viral content creation, such as the "pet dancing" AI videos [8][10]. - KuaLing targets both professional creators and B2B clients, with nearly 70% of its revenue coming from paid subscriptions by professional users [10][12]. - The app has achieved top rankings in the iOS graphics and design category across nearly 40 countries, including Brazil and Russia [10]. Industry Outlook - KuaLing AI is positioned as a key player in the video model industry, with expectations of reaching a critical point for scalable content generation soon [11][15]. - Analysts from international investment banks have noted that the current market pricing does not fully reflect KuaLing AI's growth potential, suggesting it is undervalued [12].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Industry Overview - Wall Street is investing hundreds of billions into AI technologies, but there is a critical question regarding the energy supply needed to sustain this growth [2] - AI technologies, particularly large language models, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The demand for electricity is expected to rise significantly, leading to strained power grids and increasing electricity prices [2] Company Insights - A specific company is highlighted as a key player in the energy infrastructure sector, poised to benefit from the increasing energy demands of AI [3][6] - This company owns critical nuclear energy infrastructure assets and is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors [7] - The company is positioned to profit from the surge in U.S. LNG exports, especially under the current administration's energy policies [7] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, which is nearly one-third of its market capitalization [8] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities [9] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar compared to other AI and energy stocks [10][11] - The company is trading at less than 7 times earnings, indicating a potentially high upside for investors [10] Future Outlook - The convergence of AI, energy infrastructure, and onshoring trends presents a unique investment opportunity, with the potential for significant returns in the coming years [14][15]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7] Investment Opportunity - Wall Street is investing heavily in AI, with hundreds of billions directed towards developing smarter technologies, but there is a looming question regarding the energy supply needed to sustain this growth [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI data centers, making it a potentially lucrative investment [3][8] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and poised to capitalize on the onshoring trend due to tariffs [5][6] - It possesses significant nuclear energy infrastructure, enabling it to play a crucial role in the U.S. energy strategy and LNG exportation [7][8] Financial Health - The company is noted for being debt-free and having a substantial cash reserve, which is approximately one-third of its market capitalization, providing it with a strong financial position [8][10] - It is trading at a low valuation of less than 7 times earnings, making it an attractive option for investors seeking undervalued stocks in the AI and energy sectors [10][11] Market Trends - The article discusses the broader trends of AI disruption across industries, emphasizing the importance of investing in companies that are adapting to these changes [11][12] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in this field [12][13] Future Outlook - The potential for significant returns is highlighted, with projections suggesting a possible 100% return within 12 to 24 months for investors who act now [15][19] - The company is positioned to benefit from the convergence of AI, energy infrastructure, and tariff-driven onshoring, making it a unique investment opportunity [14][19]

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal! AI is eating the world—and the machines behind it are ravenous. Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink. Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and b ...