Group 1: Chinese Assets Performance - On the first trading day of 2026, Chinese assets saw a significant rise, with the Hang Seng Index increasing by 2.76% and the Hang Seng Tech Index soaring by 4.00% [1] - The Nasdaq Golden Dragon Index also performed well, rising by 4.38%, driven by major tech companies like Baidu, Alibaba, and Bilibili [1] - The surge was primarily fueled by developments in AI and chips, including Baidu's announcement of spinning off its AI chip company Kunlun for a Hong Kong listing, igniting market enthusiasm for domestic AI computing power [1] Group 2: Global Market Dynamics - In contrast to the Asian markets, the US and European markets exhibited mixed performance, with US chip stocks led by Nvidia and AMD showing strength, while Tesla's decline due to lower delivery volumes negatively impacted overall market sentiment [3] - Micron Technology's stock surged by 10.51%, reaching a historical high, indicating strong demand for semiconductors driven by AI [3] - European markets reached historical highs, with the FTSE 100 index surpassing 10,000 points and the Stoxx Europe 600 index rising by 0.7%, particularly boosted by automotive and tech stocks [3] Group 3: Electric Vehicle Market Shift - BYD achieved a significant milestone in 2025, with pure electric vehicle sales reaching 2.26 million units, a year-on-year increase of nearly 28%, surpassing Tesla to become the global leader in electric vehicle sales [5] - Tesla's global delivery volume in 2025 was 1.636 million units, reflecting a year-on-year decline of approximately 8.6%, marking the second consecutive year of sales decline [5] - This shift highlights the changing competitive landscape in the global electric vehicle market, with Chinese brands leveraging scale and cost advantages [5] Group 4: Consumer Price Trends - A pilot program for prize invoices was launched by the Ministry of Finance, the Ministry of Commerce, and the State Taxation Administration, aimed at encouraging consumers to request invoices and injecting vitality into the consumption market [7] - However, there are warnings of a potential price increase for essential goods starting January 2026, driven by factors such as decreased winter vegetable production, rising grain prices due to international supply fluctuations, and increased costs for daily necessities and pharmaceuticals [8] Group 5: Investment Themes - The market performance at the start of 2026 outlines two main investment themes: hard technology and policy-driven consumption [9] - Hard technology sectors, including AI computing, commercial aerospace, and humanoid robotics, are expected to benefit from global technological competition and domestic policy support [9] - Policy dividend areas such as power grid construction, new energy, and high-end manufacturing are also gaining attention due to strong industrial demand and financial investments [9]

2026年首日美股延续板块轮动，投资者加速撤离科技股转投防御板块。特斯拉连跌七日创纪录，AI板块估值泡沫引发持续担忧。分析师警告：在AI盈利 模式明朗前，市场或陷入横盘僵局，科技股的狂欢或已到拐点。 科技巨头在周五交易中表现分化。 亚马逊和Meta股价回落，特斯拉股价下跌2.6%，因公布了又一年的交付量下滑数据。特斯拉股价已连续第七个交易日下跌，创下纪录，这是该股一年 多以来最长的连续下跌。 芯片制造商英伟达和美光科技股价上涨，数据存储公司Western Digital和SanDisk股价也有所上升，成为科技板块的少数亮点。 贵金属市场本周经历剧烈波动。白银价格周五上涨0.6%，黄金则在本周累计下跌4.9%，创下2021年以来最大单周跌幅。 AI热潮面临考验 在股市连续三年强劲上涨后，人工智能能否推动主要指数在2026年再创佳绩成为投资者的核心关切。2025年最后几周，对AI的担忧情绪在华尔街蔓 延，批评者指出科技股估值过高，并对行业主要参与者之间某些交易的循环性表示担忧。 科技股延续疲态 2026年首个交易日，美股延续了2025年末的市场轮动趋势，投资者继续从去年领涨的科技股转向能源、公用事业等防御性板块， ...

| | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | 2024年 | | 2025年 | | | | | 估收入 | - - - - 估收入 | | | 佔收入 | | 估收入 | | | | 金額 | 百分比 | 金額 百分比 | | 金额 百分比 | 金額 百分比 | | 金额 合额 百分比 | | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | (未經審計) | | | | | | 86,679 | 100.0 | 150,112 100.0 | 244.071 | 100.0 | 193.648 | 100.0 240.447 | | 100.0 | | 售成本 | (55,763) | (64.3) | (117,851) (78.5) | (174,750) | (71.6) | (132,834) | (68.6) (18 ...

| | | | 截至12月31日止年度 | | | 截至9月30日止九個月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | | 佔收入 | 估收入 | | 估收入 | 佔收入 | | | 佔收入 | | | 金額 | 自分比 金额 百分比 | | 金額 白分比 | | 会额 百分比 | | 金额 百分比 | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | (未經審計) | | | | | 收入 | 86.679 | 100.0 150.112 | 100.0 | 244.071 | 100.0 | 193.648 | 100.0 | 240.447 | 100.0 | | 销售成本 | (55,763) | (64.3) (117.851) | | (78.5) (174,750) | (71.6) | (132,834) | | (68.6) (187 ...

日前，深圳曦华科技股份有限公司（简称"曦华科技"）向港交所递交上市申请材料，农银国际为其独家 保荐人。 上市申请材料显示，曦华科技是一家端侧AI芯片与解决方案提供商。公司产品已获多家主流汽车OEM 及全球知名消费电子品牌采用。从业绩来看，2022年、2023年、2024年及2025年前9个月，公司净亏损 分别为1.29亿元、1.53亿元、0.81亿元、0.63亿元。 业绩亏损 上市申请材料显示，曦华科技成立于2018年，公司已量产的芯片产品组合可以满足客户在消费电子、汽 车行业及具身智能等领域的不同需求。 图片来源：公司上市申请材料 曦华科技表示，公司短期内可能继续产生净亏损，这是由于公司在快速增长的端侧AI芯片及解决方案 市场中处于拓展业务及营运的阶段，并持续投资进行研发。短期内可能无法实现或于其后维持盈利。曦 华科技认为，公司未来的收入增长将取决于开发新技术、提升客户体验、制定有效的商业化策略、有效 及成功地竞争以及开发新产品的能力。 曦华科技称，公司一直并预期继续于研发方面大举投资。2022年、2023年、2024年及2025年前9个月， 公司的研发开支分别为1.14亿元、1.25亿元、0.87亿元及0 ...

Group 1 - The U.S. has successfully conducted military actions against Venezuela, capturing President Maduro and his wife, which has drawn strong condemnation from China and the UN Secretary-General [3][12][16] - The domestic tourism market in China has seen a significant increase during the New Year's holiday, with ticket bookings for scenic spots rising over four times year-on-year, and the post-00s generation making up the largest travel demographic at 39% [3][5][6] Group 2 - Silver prices have reached historical highs, with some hedge fund managers acknowledging that current valuations are over 30% higher than reasonable estimates, yet they remain reluctant to exit the market [4] - The A-share market is expected to continue its bull run in 2026, with a focus on fundamental improvements and potential structural risks in the technology sector [7] - The quantum computing industry is projected to grow significantly, with the global market expected to rise from approximately $5 billion in 2024 to around $800 billion by 2035 [9] Group 3 - Xiaomi's CEO revealed plans for the company to deliver over 410,000 vehicles in 2025, with a target of 550,000 in 2026, while addressing concerns about the materials used in their vehicles [10] - BMW China has adjusted the prices of 31 models, with reductions of up to 30.1 million yuan, indicating a strategic response to consumer expectations rather than a price war [11]

在国内企业的努力下，激光雷达的成本已快速下降，日前就有人士说国内的激光雷达已进一步降价到 1000元以下了，比之前的200美元又低了一截，然而他们没说的是这已是落后于时代的产品，所以激光 雷达企业才会大举降价！ 就如芯片一样，每过一两年芯片就会升级技术，由此原有的芯片价格自然大降，这是因为芯片成本的快 速下降，还有芯片制造工艺成本的快速下降，这都推动了芯片价格的快速下跌。 以国产手机广泛采用的高通芯片为例，新一代的骁龙8芯片上市，上一代的骁龙8芯片价格就会大幅下 跌，上一代的骁龙8芯片甚至很快就会被用到低于2000元以下的手机中，而新一代的骁龙8芯片售价可是 达到1400元。 还有摄像头技术也在升级，据说美国车企利用更先进的摄像头和算法，视觉识别可以分辨400米远的距 离，这样的距离比520线的激光雷达还要远，再失去看得更远的优势，激光雷达在对比视觉识别技术方 面又失去了一大优势，留给激光雷达的机会越来越少。 据传沃尔沃已舍弃了激光雷达，这是又一家外资车企选择舍弃激光雷达，这直接导致一家外资激光雷达 企业的倒闭，这让国内的激光雷达企业有兔死狐悲的感受，而特斯拉的马斯克可是高兴了，看看还是低 成本的视觉识别技术 ...

2025年11月，美国硅谷一场芯片行业峰会上，英特尔、高通、ASML这些欧美芯片巨头的高管，当着全 球媒体的面集体"哀嚎"，还联合抛出一份所谓的"产业预警声明"。 这话听着唬人，其实扒开一层皮全是猫腻。 声明里的话透着股绝望感，核心就一句：中国芯片企业要是继续降价倾销，全球半导体产业体系会彻底 崩溃，上千家企业倒闭，数百万工人失业。 咱们不用懂复杂的芯片技术，就顺着这几个关键点捋，就能看清谁在装可怜，谁在真刀真枪抢市场。 是急了不是怕了 要搞清楚这背后的门道，咱们得先弄明白一个关键问题：欧美巨头这波"发难"，真的是为了全球产业 吗？ 答案其实很直白：根本不是为了什么全球产业，而是他们自己实在扛不住了。 从2024年中国芯片企业启动调价开始，欧美那些做成熟制程芯片的企业就迎来了"寒冬"。 有数据显示，这一年多里，他们的营收直接暴跌了35%，更惨的是部分企业的利润直接腰斩，到手的钱 少了一半还多。 中国有硬实力 看到这儿可能有人要问了：中国芯片企业为啥敢这么大幅度降价？做生意不都是为了赚钱吗？难道真的 不担心亏本？ 其实敢这么干，背后全是硬实力撑着，核心就一点：咱们的产业链越来越成熟，成本控制做到了极致， 降价之 ...

Economic Outlook - China's economy is expected to reach 140 trillion yuan this year, marking a significant increase in economic, technological, and national defense strength [1] - The country is experiencing a rise in people's sense of gain, happiness, and security, contributing to a positive economic outlook [1] Automotive and Technology Industry - The introduction of the first L3-level autonomous driving special license plates in Beijing and Chongqing signifies China's leadership in the electric vehicle sector and its rapid advancement towards smart technology [3] - The integration of various advanced technologies, including AI models and robotics, is injecting vitality into multiple industries, showcasing the deep fusion of technology and industry [3] Cultural and Tourism Sector - The cultural and tourism market is thriving, with increased attendance at cultural venues and events, reflecting a growing demand for cultural experiences and boosting consumer confidence [4] - The popularity of traditional culture and its representation in modern media is enhancing cultural self-confidence and contributing to domestic consumption [4] Social Policies and Consumer Support - New social policies, including free preschool education and the addition of 114 new drugs to medical insurance with an average price reduction of over 60%, are aimed at improving people's livelihoods [5] - The government is focusing on supporting the consumption of smart products and facilitating upgrades in various sectors, which aligns with the trend of high-end, intelligent, and green consumption [5]

全国首单 "具身智能数据集"在江苏省数据交易所上架并完成交易；法国对马斯克旗下聊天机器人涉嫌生成色情内容启动调查。 ①全国首单 "具身智能数据集"在江苏省数据交易所上架并完成交易； ②成本提升80% A20芯片或成苹果最贵芯片； 法国对马斯克旗下聊天机器人 涉嫌生成色情内容启动调查 tta 一来源:一财快讯 ③法国对马斯克旗下聊天机器人涉嫌生成色情内容启动调查。 ...