专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 上周A股市场呈现先抑后扬的震荡修复格局，指数表现分化，结构上"沪强深弱"。在"扩大内需"政策预 期及高股息避险属性驱动下，消费、非银金融成为领涨主线，而此前活跃的AI应用、AI硬件有所回 调。周内A股交投活跃度有所下降，日均成交额降至1.76万亿元。市场风格方面，消费行业领涨而科技 板块有所回调，整体表现为：消费>金融>周期>成长。 金鹰基金表示，在国内年末资金调仓与政策催化背景下，资金在市场调整期向防御性与政策支持方向迁 移。数据方面，11月消费受高基数和政策透支影响明显放缓，固定资产投资延续负增长，房地产市场持 续低迷，外需则是少数亮点。但往明年年初看，货币发力和财政前置有望带动国内经济环比改善，两会 窗口亦会明确"十五五"规划重点工程项目和远期经济动能抓手。 本资料所引用的观点、分析及预测仅为个人观点，是其在目前特定市场情况下并基于一定的假设条件下 的分析和判断，并不意味着适合今后所有的市场状况，相关指数、行业等的过往表现不代表未来表现， 也不代表本公司旗下基金的业绩表现，不构成对阅读者的投资建议。基金过往业 ...

智通财经APP获悉，国泰海通证券发布研究报告称，上周热点主题日均成交额平均6.75亿元，日均换手 率3.07%，整体均显著回落。内需消费与科技主题呈轮动特征，乳业/零售/食品加工/航空等内需主题大 涨，有色金属部分品种获得资金净流入，商业航天主题波动加大，算力/光通信/覆铜板等AI相关主题转 跌，海南板块有所走弱。近期美联储降息、日本央行加息等外部扰动因素逐步落地，市场风险偏好有望 企稳回升。国内扩大内需政策预期持续强化，内需成为接力科技主题轮动的重要方向。跨年行情资金从 再平衡转向再配置，看好AI应用/商业航天/海南自贸/内需消费。 主题四：内需消费。中央提出深入实施提振消费专项行动，制定实施城乡居民增收计划。新需求引领新 供给，新供给创造新需求，我国体育赛事/冰雪旅游/演出文旅等新消费场景不断兴起。"苏超"溢出效应 显著，已带动江苏全域多场景消费超380亿元;辽宁省委提出办好"东北超"，努力打造具有全国影响力的 足球赛事品牌;2024-2025冰雪季，我国冰雪运动消费规模超1875亿元，同比增长25%。推荐：1、新场景 新需求涌现的赛事经济/冰雪旅游;2、受益促消费举措加码的旅游/免税/酒店;3、游戏/潮 ...

Group 1 - The core viewpoint is that a classic "cross-year-spring" market trend is brewing, with significant signals indicating its commencement [3] - Factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation accordingly, focusing on industries that may benefit from this trend [1] - The market is expected to see a structural shift with a focus on cyclical sectors, particularly industrial metals, non-bank financials, and sectors related to domestic consumption [3][4] Group 2 - The investment strategy should consider three key clues: dividend value, layout of prosperous industries, and thematic hotspots [4] - The anticipated spring market in 2026 is expected to be driven by a combination of fundamental cyclical improvements and new technological trends [2] - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. monetary policy and investor sentiment [4][6] Group 3 - The focus on AI and advanced manufacturing is expected to dominate the market, with a potential shift towards value and cyclical styles in the first half of 2026 [2] - The market is likely to experience a "value on stage, growth in action" dynamic, particularly as the Lunar New Year approaches [9] - There is a notable expectation for structural opportunities in sectors like AI, new energy, and controlled nuclear fusion, which are aligned with the "14th Five-Year Plan" [6][10]

Core Insights - The recent surge in the Nasdaq index, which rose over 300 points, signals a recovery in the technology sector, particularly in AI-related stocks, driven by Oracle's acquisition of TikTok's U.S. operations [1][3] Group 1: Market Reaction - Oracle's stock increased nearly 7%, reversing previous declines caused by financing issues in data center projects [3] - The $100 billion deal with TikTok has addressed market concerns regarding high AI capital expenditures by demonstrating viable application scenarios [3] - News about potential easing of chip export restrictions from Nvidia has alleviated fears regarding technology sanctions, contributing to a positive market sentiment [3] Group 2: Implications for A-Share Investors - The rebound in U.S. tech stocks may provide a stabilizing external environment for the A-share technology growth sector [4] - Improved risk appetite for global tech stocks is expected to enhance pricing confidence among A-share investors in sectors like computing power, semiconductors, and application software [4] - A focus on domestic technology sectors with strong policy support and independent industrial logic, such as domestic substitution and AI applications, is recommended [4] Group 3: Strategic Recommendations - Investors are advised to optimize their technology holdings by leveraging the external sentiment recovery while focusing on domestic industrial logic [5] - For existing technology positions, it is suggested to reassess holdings and prioritize companies with real orders and high technical barriers [5] - New investors should monitor U.S. market trends as emotional indicators but base decisions on the fundamentals of domestic companies, paying attention to upcoming policy signals and industry leaders' performance [5]

来源：科技日报 国投集团雅砻江流域水电开发有限公司董事长、党委书记孙文良表示，项目充分依托两河口及周边丰富 的清洁能源，形成"水风光氢储+算力"多能互补、高效利用的稳定供能体系，可满足算力中心全年100% 可靠供电需求，真正实现"零碳算力"供给。 12月19日，依托两河口超级水库电站打造的"绿电+算力"融合项目"两河口算电融合示范项目"在四川省 甘孜州投运，这是国家首个水风光一体化基地——雅砻江流域水风光一体化基地首个算电融合项目，也 是全国首个高海拔岩洞式算力舱智算中心。 ◎ 科技日报记者 刘侠 受访者供图 该项目总投资约3.5亿元，部署2000张国产算力芯片，包括6个算力舱，提供峰值算力约600PFLOPS（每 秒浮点运算60亿亿次）。项目选址在两河口水电站施工隧洞内，隧洞设计年限为50年，抗震设防烈度达 8度。 ...

Core Insights - China has made significant advancements in the clean energy sector, showcasing its capabilities through multiple groundbreaking projects in recent weeks Group 1: Offshore Wind Power - The world's farthest offshore wind power project, the 800 MW Three Gorges Jiangsu Dafeng project, has achieved full capacity grid connection, marking a major milestone in China's offshore wind energy development [1][3] - This project, located 85.5 kilometers offshore, is expected to generate an annual power output of over 28 billion kWh, sufficient to meet the electricity needs of 1.4 million households, while saving approximately 860,000 tons of standard coal and reducing CO2 emissions by about 2.37 million tons [5][3] Group 2: Green Hydrogen and Methanol - The world's largest integrated green hydrogen and methanol project, "Qing Hydrogen No. 1," has commenced operations in Jilin, filling domestic technological gaps and supporting large-scale hydrogen production [5][7] - This project can produce 45,000 tons of green hydrogen and 200,000 tons of green ammonia and methanol annually, saving around 600,000 tons of standard coal and reducing carbon emissions by 1.4 million tons per year [7] - China's first large-scale biomass methanol project has also been launched, capable of producing 50,000 tons of green methanol annually, significantly lowering lifecycle carbon emissions by over 85% compared to traditional fossil fuels [8] Group 3: High-Voltage Transmission and Hydropower - The first ultra-high voltage project entering the Tibetan Plateau, the ±800 kV Jinshang to Hubei DC transmission project, has been completed, with a total investment of 33.4 billion yuan and a transmission distance of nearly 1,900 kilometers [9][10] - This project will deliver nearly 40 billion kWh of clean electricity annually to Central China, replacing approximately 12 million tons of standard coal and reducing CO2 emissions by about 30 million tons [11] - Sichuan province has achieved a record-breaking hydropower installed capacity of over 100 million kW, becoming the first province in China to reach this milestone, with the new facility expected to reduce CO2 emissions by 1.3 million tons annually [12][14] Group 4: Innovative Computing and Energy Integration - The first high-altitude rock cavern computing center in China has been launched in Sichuan, integrating clean energy with advanced computing capabilities [15] - This project features six computing cabins equipped with 2,000 domestic computing chips, capable of performing 60 quintillion floating-point operations per second, supporting the rapid development of the digital economy in Sichuan [15]

当前，我国发展环境面临深刻复杂变化，战略机遇和风险挑战并存。面对不确定难预料因素增多，集中 精力办好自己的事，提高自身实力和发展质量，就是最大的确定性。这是我们党成功驾驭中国经济发展 大局的重要经验，也是确保"十五五"开好局、起好步的关键所在。 凝聚共识：坚定不移把自己的事情办好 "十四五"收官之际，我国航空制造领域传来好消息： 首台1230吨蒙皮拉伸机通过验收，以0.1毫米级的成型精度，攻克了关键制造装备的"卡脖子"难题，提 升了国产大飞机产业链的韧性与竞争力。 ◎新华社北京12月19日电 日前召开的中央经济工作会议上，习近平总书记以"五个必须"概括做好新形势下经济工作新的认识和体 会，明确指出"必须以苦练内功来应对外部挑战"，强调面对国际风云变幻和各种风险挑战，要保持战略 定力，坚定不移把自己的事情办好。 面对复杂的外部环境和激烈的大国博弈，航空制造业不断攻坚克难，研发、试验、交付、做深做细产业 链，提质升级的每一步，正是中国经济以练内功增定力、强实力的生动写照。 行进在风高浪急的复杂环境中，锚定方向、稳扎稳打，是抵御干扰、把握主动的关键。回望很不平凡的 2025年，中国经济顶压前行、向新向优发展，"必须 ...

Core Viewpoint - The first high-altitude rock-cave computing power cabin intelligent computing center in China has been put into operation in Ganzi Prefecture, Sichuan, utilizing the geological stability of a hydropower station to enhance disaster resilience [1] Group 1: Project Details - The project is located within the tunnel of the Two Rivers Hydropower Station, designed for a lifespan of 50 years [1] - The seismic fortification intensity of the project is rated at 8 degrees, ensuring robust protection against natural disasters [1] - The project shares high-level security configurations with the hydropower station, meeting strict data security requirements for the computing power cabin [1]

Group 1 - The company Kehua Data (002335.SZ) announced a collaboration with Muxi Co., launching a high-density liquid cooling computing POD [2][4] - The partnership has already resulted in specific projects in intelligent computing scenarios, focusing on supernodes as a core technology [2][4] - This initiative aims to provide stable, efficient, and flexible real-time support for high-performance computing demands [2][4]

作为AI产学研投界的标杆盛会，GAIR自2016年创办以来，始终坚守"传承+创新"内核，始终致力于连接 技术前沿与产业实践。 13日「AI 算力新十年」专场的"如何从'算力基建'到'价值闭环'？"圆桌对话中，数位业内资深专家展开精 彩对谈与深度探讨，抛出诸多极具启发性的观点： " 实现商业闭环，提供「方便、易用、便宜」的算力是关键。 " 作者丨刘伊伦 编辑丨包永刚 2025年12月12-13日，第八届GAIR全球人工智能与机器人大会在深圳·博林天瑞喜来登酒店正式启幕。 参与本次圆桌论坛的嘉宾包括： 李东东（主持人）：三丰投资创始合伙人 师天麾：清程极智联合创始人、产品副总裁 三位深耕行业的资深实践者，共同开启这场关于算力基建价值重构与未来趋势的深度对话。他们中，有人 立足资本视角洞察产业脉搏，有人扎根技术前线打磨产品落地，有人坐镇企业中枢统筹算力资源，不同维 度的经验碰撞，为算力行业的破局之路提供全新思考。 而这些观点，恰恰聚焦于算力基建狂飙突进背后的关键拷问：价值闭环该如何构建？被寄予厚望的推理需 求，究竟何时能迎来全面爆发，成为破解算力闲置的核心引擎？展望未来，算力产业还有哪些值得"押 注"的核心方向？作 ...