朋友们，我是帮主郑重！站在2025年的尾巴上往2026年看，是不是觉得市场热点轮动快得让人眼花缭 乱，手里的钱不知道往哪儿投才稳妥？别急，作为跑了20年财经线、只做中长线的老炮，见惯了风口起 起落落，今天就掏心窝子跟大家唠唠——迷雾之中，主线其实早就藏不住了！刚刚结束的中央经济工作 会议，还有国内外顶尖机构的2026展望，都齐刷刷指向了这几个方向，这可不是短炒的概念，而是决定 未来五到十年国运和财富的超级赛道。 第二个风口，是"新能源与电力体系"的全面升级。这可不是以前单纯的光伏风电了，现在AI数据中心 爆发式增长，全球都可能面临"电力短缺"，这既可能推高能源价格，也让整个电力系统必须变得更强 大、更智能。从储能（现在政策允许储能当独立主体参与电力交易，赚钱效应越来越明显）到特高压电 网，再到支撑清洁能源的铜、稀土等有色金属，供需缺口摆在那儿，长期逻辑特别硬。 首先，以"AI+"和"高端制造"为长期核心仓，这是新质生产力的脊梁，波动中要敢于坚守；其次，关 注"再通胀"背景下的周期机遇，全球电力紧张可能给能源、有色金属带来阶段性双击；最后，在喧嚣中 保持冷静，2026年市场会更看重实打实的盈利，不是飘在空中的故 ...

今年全球最大的一笔"股票发行"，并没有发生在纽约证交所，也不在纳斯达克的大屏幕上。而是一场仅 对不到50位"被点名"的投资者开放的私募交易。 OpenAI今年完成了一轮高达400亿美元的私募融资，规模不仅碾压今年所有IPO，甚至比历史上最大IPO 还要高出100多亿美元。但这场资本盛宴，与绝大多数美国散户毫无关系——参与者包括软银、黑石、 Coatue，以及OpenAI CEO Sam Altman本人。 "最快增长"发生在IPO前，私募交易热催生巨无霸私企 过去，上市曾是科技公司发展的重要分水岭。企业通过IPO募集资金、扩大规模，而公众投资者则得以 在早期分享成长红利。但这一模式正在发生根本性变化。 一个被反复提及、却仍被低估的事实是：美国上市公司数量，已经较1990年代末的高点腰斩。在互联网 泡沫顶峰时期，美国资本市场上曾有超过8000家上市公司；而如今，这一数字只有当年的一半左右。 与此同时，企业上市的时间被一再推迟。数据显示，2000年企业IPO的中位"年龄"只有6年，而现在已 拉长到14年。 换句话说，当一家企业终于走向公开市场时，它往往已经完成了最陡峭的一段增长曲线。 等普通投资者终于能在二级市场 ...

| 销门则 | | | --- | --- | | | K | | 时间 | 事项 | | 周一 12/15 | 国家统计局发布11月国民经济运行数据 | | | 国家统计局公布70城住宅销售价格月度报告 | | | 央行开展6000亿元买断式逆回购操作,期限为6个 | | | 深证成指、创业板指、深证100、创业板50等 | | | 深市指数定期调整正式实施 | | | 北证指数样本股定期调整生效 | | | 2025中国汽车软件大会(上海, 12/15-12/16) | | | 世界旅游经济论坛2025年峰会(哈尔滨, 12/15-12/ | | | 【新股申购】 健信超导 | | 周二 12/16 | 美国11月失业率、11月季调后非农就业人口 | | | 恒生港股通软件及半导体指数更名，剔除中芯国际、华虹半 | | | 2025两岸企业家峰会年会 (南京, 12/16-12/17) | | | 【新股申购】江天科技 | | | 海南自贸港正式启动全岛封关运作 美国11月CPI | | --- | --- | | | 欧洲央行、英国央行公布利率决议 | | 周四 12/18 | 火山引擎FORCE原动力 ...

Key Points - The Chinese government aims to achieve "no out-of-pocket" expenses for childbirth within the policy framework by 2026, adapting to population development strategies and enhancing maternity insurance [1] - China's film box office is projected to exceed 50 billion yuan by 2025, with domestic films accounting for 81.90% of the total box office revenue [1] - The Ministry of Finance emphasizes the need to utilize various government bond funds effectively, issue ultra-long special bonds, and support "two new" initiatives to boost economic growth and consumer spending [2] - A new national standard for data security in electronic product information clearance will be implemented starting January 1, 2027, aimed at preventing data leakage in the second-hand electronics market [3]

马斯克有望成为全球首位"万亿美元富豪"。(01:18) 本周，马斯克与科技媒体人在社交媒体的互动中透露出，旗下的太空探索技术平台SpaceX可能很快会 上市。彭博社本周报道称，SpaceX正在寻求在明年的中后期上市，目标估值约为1.5万亿美元，这一估 值规模也将媲美沙特阿美在2019年创下的约1.7万亿美元纪录。根据彭博财富指数，马斯克持有SpaceX 大约42%的股权。这意味着，马斯克有望成为全球首位"万亿美元富豪"。 本周，马斯克与科技媒体人在社交媒体的互动中透露出，旗下的太空探索技术平台SpaceX可能很快会 上市。彭博社本周报道称，SpaceX正在寻求在明年的中后期上市，目 ...

Core Viewpoint - SpaceX is set to become the highest-valued private company globally with an internal stock valuation of approximately $800 billion, surpassing OpenAI's $500 billion valuation record. The company is preparing for an IPO as early as 2026 to fund its ambitious projects, including the Starship rocket and lunar base [1][4]. Group 1: Valuation and IPO Plans - SpaceX's internal stock transaction values the company at around $800 billion, which is expected to exceed a potential IPO valuation of $1.5 trillion [1][3]. - If successful, SpaceX's IPO could raise over $30 billion, making it the largest IPO in history, surpassing Saudi Aramco's $29 billion record [1][4]. - The CFO indicated that the internal share price rose from $212 to $421, reflecting a nearly 100% increase in valuation since July [4]. Group 2: Revenue Projections - SpaceX is projected to generate approximately $15 billion in revenue by 2025, with estimates for 2026 ranging between $22 billion and $24 billion [6]. - The anticipated $1.5 trillion valuation at IPO would imply a revenue multiple of 100 times the expected sales in 2025 [7]. Group 3: Market Reactions and Strategic Implications - The IPO speculation has led to discussions about the potential consolidation of Musk's technology ventures under a single entity, possibly creating a larger "Tesla Group" [8]. - Analysts suggest that if Tesla does not invest in SpaceX, it would be surprising, given the synergies in AI and autonomous vehicle development [9]. - Concerns have been raised regarding Musk's ability to focus on multiple high-stakes projects, which may lead to dissatisfaction among Tesla shareholders [10][11].

证券日报网讯12月12日晚间，航天动力（600343）发布公告称，公司股票于2025年12月10日、11日、12 日连续三个交易日内收盘价格涨幅偏离值累计达到20%，属于《上海证券交易所交易规则》规定的股票 交易异常波动情形。经公司自查，并书面询证控股股东及向实际控制人核实，截至目前，不存在对公司 应披露而未披露的重大信息。 ...

证券日报网讯12月12日，睿创微纳在互动平台回答投资者提问时表示，公司目前在星上载荷和地面终端 均有所布局，也将积极开拓更多的应用领域，争取乘着商业航天的东风持续成长。 ...

Core Viewpoint - SpaceX is not merely a space transportation company but is engaged in a significant "physics arbitrage" that could redefine global financial systems and create a new economic entity in space [8][9][32]. Group 1: SpaceX's Business Model - SpaceX's valuation of $1.5 trillion cannot be justified by its role as a delivery service; instead, it represents ownership of a "private highway toll" for global financial transactions [8][14]. - The Starlink service, with 8.5 million broadband users, is just the tip of the iceberg, as its true value lies in monopolizing speed through laser inter-satellite links, which operate at the speed of light in a vacuum [11][12]. - The financial implications of this speed advantage in high-frequency trading (HFT) could translate to billions in risk-free profits annually [13]. Group 2: Space-Based Computing and Legal Implications - SpaceX is pioneering "orbital edge computing," which circumvents the physical limitations of terrestrial data centers, such as cooling and energy constraints [18]. - By placing AI training servers and sensitive databases in orbit, SpaceX operates in a legal vacuum, free from the jurisdiction of any single nation [20][21]. - This strategy positions SpaceX as a "data offshore paradise," allowing it to operate without the regulatory constraints faced by traditional companies [21][22]. Group 3: Market Dominance and Future Outlook - SpaceX controls 65% of active satellites, effectively monopolizing the market and limiting competition through "orbital land-grabbing" [23][24]. - The potential IPO in 2026 is seen as a pivotal moment for understanding the new economic landscape, as SpaceX's value creation through data extraction parallels the historical wealth generated from oil [33]. - The company is not just focused on Mars colonization but is fundamentally reshaping the operational framework of Earth through its space-based infrastructure [33].

Core Viewpoint - The article discusses the emerging competition in the space of AI data centers, driven by tech billionaires like Elon Musk and Jeff Bezos, who are exploring the potential of deploying AI computing capabilities in orbit to address the growing energy consumption challenges on Earth [4][6]. Group 1: Industry Trends - The trend of moving data centers to space aims to overcome physical limitations on Earth, particularly the significant power requirements for AI model training and inference [6]. - Supporters envision a future where satellites equipped with AI chips operate in orbit, powered by abundant solar energy, and transmit processed data back to Earth [6]. - The potential for space-based data centers is highlighted by the fact that satellites can harness solar energy at a rate 30% stronger and up to six times more total energy than on Earth, while also benefiting from near-zero temperatures for cooling [7]. Group 2: Key Players - Elon Musk's SpaceX plans to utilize upgraded Starlink satellites for AI computing, potentially valuing the company at $800 billion [4]. - Jeff Bezos's Blue Origin is also developing technology for orbital AI data centers, with significant progress on the New Glenn rocket project [8]. - Other tech leaders, including OpenAI's Sam Altman and Google's executives, are exploring opportunities in this space, with Google planning to deploy test satellites carrying AI chips by early 2027 [9][10]. Group 3: Challenges and Considerations - Despite the promising outlook, there are significant engineering challenges and cost-effectiveness questions regarding the deployment of data centers in space [5][11]. - Technical hurdles include temperature management, radiation protection, and the transmission of large data volumes back to Earth without delays [11]. - The skepticism surrounding the feasibility of space-based data centers is rooted in concerns about whether they can compete with terrestrial facilities, especially as ground-based power limitations are alleviated [12].