来源：六里投资报 岁末年初，诸多投资机构纷纷发布最2026策略报告，老牌私募宽远资产也于近日公开发布了《致投资者 书》，复盘了其2025年的投资，并介绍了2026年投资策略和预计的市场机会。 投资报资料显示，宽远资产于2014年成立，已有长达11年多的连续业绩，多次获得过金牛、金阳光等奖 项； 其长期收益相对市场主流指数保持领先，只是近一年业绩不如那些重仓AI科技的来得亮眼。 公司创始人、核心投资人为徐京德，兴业证券自营出身。 熟悉投资圈的人可能清楚，兴业自营产出了多位高水平的投资大咖，如宁泉资产的杨东，大朴资产的颜 克益等； 徐京德同样如此，且继承了兴业自营系低调稳健的风格，其投资水准在业内素有口碑。 300，红色为产品净值。 2025年，上证指数涨幅18.4%，沪深300涨幅17.7%，深圳成指涨幅29.9%，恒生指数涨幅27.8%。 从行业涨幅来看，有色金属94.7%、通信84.7%、电子47.9%、电力设备41.8%、机械设备41.7%。 虽然分红率略有下降，但银行的存款利率下降更快，即使考虑风险折价，依旧对无风险利率具有明显优 势。 同时，在全球范围来看，我国股市PE、PB还是低于主要发达国家水平， ...

此外，据智通财经报道，工信部等八部门印发《"人工智能+制造"专项行动实施意见》，重点布局国产 AI产业链的科创人工智能ETF华宝（589520）、与国产算力相关的大数据ETF华宝（516700）以及信创 ETF基金（562030）场内纷纷涨超1%。 | 序号 代码 | | 类型 名称 | 现价 | 涨跌幅 ▼ | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 159231 | 主 通用航空ETF华宝 | 0.726 c | 4.46% | 1997.19万 | | 2 | 512810 | 主 军工ETF华宝 | 0.870 c | 4.19% | 8830.05万 | | 3 | 159707 | 行 地产ETF | 0.635 c | 1.76% | 4479.66万 | | 4 | 516700 | 主 大数据ETF华宝 | 1.045 c | 1.46% | 646.58万 | | ટ | 562030 | 主 信创ETF基金 | 0.557 c | 1.46% | 466.85万 | | 6 | 589520 | 主 科创人工智能ETF华宝 | ...

Investment Rating - The report provides a "Buy" rating for multiple companies within the internet and AI sectors, indicating a positive outlook for their future performance [15]. Core Insights - The internet industry is experiencing significant advancements, particularly in AI applications, with companies like Alibaba's Gaode and Tencent leading the charge in integrating AI into their services [5][7]. - The AI model industry is transitioning from a focus on technology exploration to commercial value realization, as evidenced by the upcoming IPOs of companies like Zhipu and MiniMax [12][13]. Summary by Relevant Sections Alibaba - Alibaba's Gaode has launched a world model initiative, leveraging extensive positioning data and innovative architecture to transition from a navigation app to a physical world engine [5][6]. Tencent - Tencent has initiated an AI mini-program growth plan, providing resources and support to developers, aiming to enhance the AI application ecosystem within its platforms [7]. ByteDance - ByteDance's Volcano Engine has become the exclusive AI cloud partner for the 2026 CCTV Spring Festival Gala, showcasing its capabilities and solidifying its position in the AI cloud market [8]. Kuaishou - Kuaishou's AI product, Keling, has seen a significant increase in revenue, particularly in overseas markets, driven by innovative features and effective marketing strategies [10][11]. AI Model Industry - The AI model sector is witnessing a competitive landscape with Zhipu and MiniMax preparing for IPOs, marking a shift towards monetization and capital market engagement [12][13]. Company Valuations - The report includes detailed valuations and target prices for various companies, with many receiving a "Buy" rating based on their projected earnings and market potential [15].

来源：央视财经 7日，美股谷歌母公司字母表股价上涨超2.4%，市值增至3.89万亿美元。当天苹果公司股价收跌0.77%， 市值为3.85万亿美元。这是自2019年以来字母表公司的市值首次超越苹果公司。字母表也成为排在英伟 达之后，美国市值第二大的公司。有分析称，字母表市值反超苹果，核心驱动力来自人工智能。目前， 全球科技行业市值前三甲已形成英伟达、字母表、苹果的新格局。市场分析认为，字母表凭借AI技术 突破与业务协同效应，有望持续缩小与英伟达的差距，而苹果若想重夺优势，需在AI落地与产品创新 上拿出更有效的举措。 ...

Group 1 - The Ministry of Commerce has introduced a new policy allowing enterprises in comprehensive bonded zones to conduct bonded maintenance of self-produced exported electromechanical products without being restricted by the existing product directory [2][3] - The fourth batch of the bonded maintenance product directory includes 179 new items such as communication base stations and automotive power batteries, bringing the total to 276 items eligible for bonded maintenance [2] - The Ministry of Commerce plans to promote the healthy development of bonded maintenance by expanding the product directory and replicating successful models in other regions [3] Group 2 - The recent visit of South Korean President Lee Jae-myung to China resulted in significant economic cooperation agreements, including the establishment of a dialogue mechanism and deepening industrial park cooperation [4] - China remains South Korea's largest trading partner, with bilateral trade reaching $298.9 billion from January to November 2025, and South Korea being China's second-largest trading partner [4] - The Ministry of Commerce aims to enhance economic cooperation with South Korea by aligning development plans and supporting mutual investments [4] Group 3 - The Ministry of Commerce has expressed strong opposition to U.S. actions against Venezuela, emphasizing that China will continue to deepen economic relations with Venezuela regardless of political changes [6][7] - China's approach to Latin America is based on equality and mutual benefit, focusing on economic complementarity and cooperative development [6] Group 4 - The Ministry of Commerce is reviewing Meta's $2 billion acquisition of the AI platform Manus to ensure compliance with technology export controls [7] - Companies engaging in foreign investment and technology exports must adhere to Chinese laws and regulations, and the Ministry will assess the consistency of the acquisition with relevant legal frameworks [7]

Macro Strategy - The Chinese economy is expected to slow down, with GDP growth forecasted to decrease from 5% in 2025 to 4.8% in 2026, reflecting a decline in economic activity and consumer confidence [7][10] - Inflation is showing slight improvement, with CPI growth rising from 0.2% in October to 0.7% in November, while PPI decline is narrowing [8] - The real estate market is experiencing a slowdown, with new and second-hand home sales dropping significantly, indicating ongoing challenges in the sector [9][12] Internet Sector - The year 2026 is seen as crucial for capturing user attention in the AI era, with companies that have stable cash flows and strong operational capabilities expected to have higher long-term investment value [1] - Recommended stocks include Tencent, Alibaba, and Kuaishou, which are positioned to benefit from AI-driven growth and foreign capital inflows [1][6] Software and IT Services - The competition in the large model industry is anticipated to intensify, with a focus on AI application monetization expected to grow [1] - Companies like Kingdee are recommended for their potential to achieve incremental monetization through AI [1][6] Semiconductor Industry - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, driven by AI-related sectors [1] - Recommended stocks include Zhongji Xuchuang and Shengyi Technology, which are expected to benefit from structural growth in the semiconductor industry [1][6] Technology Sector - The technology industry is expected to see a divergence in end-user demand and accelerated AI innovation, with a focus on AI computing infrastructure and end-side AI products [1] - Companies like Luxshare Precision and BYD Electronics are highlighted for their potential in this sector [1][6] Consumer Sector - The consumer market is expected to face challenges, with a shift towards essential and low-cost products as consumer sentiment weakens [2] - Recommended stocks include Nongfu Spring and Luckin Coffee, which are positioned to benefit from market trends [2][6] Automotive Industry - The automotive market is projected to see a 2.9% increase in wholesale volume, with new energy vehicle sales expected to grow by 18.5% to 18.5 million units in 2026 [2] - Recommended stocks include Geely and Zhengli New Energy, which are expected to perform well amid market changes [2][6] Pharmaceutical Industry - The pharmaceutical sector is undergoing a valuation correction, presenting new investment opportunities, particularly in innovative drugs [2] - Companies with strong overseas expansion potential are highlighted for their competitive advantages [2][6] Capital Goods - The demand for mining machinery is expected to rise due to increasing global metal prices, with leading Chinese engineering companies focusing on growth in emerging markets [2] - Recommended stocks include Sany Heavy Industry and Zoomlion, which are well-positioned for growth in this sector [2][6] Insurance Sector - The insurance industry is expected to benefit from a recovery in valuations and strong growth in life insurance sales, particularly in dividend insurance [3] - Recommended stocks include China Ping An and China Life, which are expected to perform well due to their strong fundamentals [3][6] Real Estate and Property Management - The real estate sector is anticipated to see a recovery in sales due to recent policy relaxations, with a projected decline in sales expected to be less severe than in previous years [4] - Recommended stocks include China Resources Land and Beike, which are expected to benefit from market improvements [4][6]

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 少数派投资 上证指数的历史高点是2007年10月16日的6124.04点，至今已经过去了十八年了。股民基民一边看着美 国近20年的大牛市，一边对大A股的长牛翘首以盼，一等就是十八年。当年勇敢入市的年轻人，现在已 经两鬓斑白。如今中国股市集齐了五张王牌，有望推动本轮牛市创出历史新高。 一、利率降低 —— 凸显股票市场价值 中国十年期国债收益率1.9%，对比沪深300指数平均分红收益率2.5%，已经超过了长期国债收益。而上 市公司净利润中平均只有35%拿出来分红，利润的大头还留存在公司。对比一下银行理财年化收益 1.5%，一年期存款利率0.95%。股票变得很有吸引力。 对比一下美国市场，标普500指数的市盈率是25倍，分红收益率1.2%，美国十年期国债收益率4.14%。 美国当前是高利率，利率比中国高一倍多，分红收益率比中国低50%，市盈率还比中国高70%。中国股 票比美国股票更有性价比。 二、资金溢出 —— 大量资金缺少投向 过去二十年吸纳投资资金最多的是楼市。随着楼价见顶回落，楼市已经失去了吸纳投资资金的能力。相 对应的房地产信托，也没有了。 ...

Group 1 - The importance of data compliance in Hong Kong IPO projects has become increasingly prominent, necessitating companies to focus on and proactively address these issues [2][3][6] - The new regulations for overseas listings, effective from March 31, 2023, have tightened the scrutiny of data compliance, making it a critical factor for companies seeking to list in Hong Kong [3][4] - Data compliance is now a key area of focus for regulatory bodies, with three main aspects: legality, reasonableness, and risk, which must be addressed in listing documents and inquiries [5][6] Group 2 - Ignoring data compliance can lead to significant risks for companies planning to go public, including substantial inquiries from regulatory bodies during the listing process [6][7] - Regulatory inquiries are becoming more frequent and detailed, with specific questions regarding data protection systems, data sources, and cross-border data transmission compliance [8] - Unexpected regulatory enforcement events can adversely affect the listing process, with examples including violations related to personal information collection and data security incidents [9][10] Group 3 - Companies must prioritize data compliance work well before submitting listing materials, establishing a robust internal compliance system and ongoing management mechanisms [11][12] - A comprehensive compliance strategy should be developed early in the IPO preparation phase, focusing on risk screening and aligning with both domestic and Hong Kong regulatory requirements [12][13] - Maintaining thorough internal and external compliance documentation is essential for responding to regulatory inquiries effectively [13] Group 4 - Companies should view data compliance as a core component of governance and risk management rather than a mere checklist item before listing [14] - Continuous monitoring of evolving compliance regulations and timely adjustments to compliance strategies are crucial for balancing business development and data security [14]

港股通(深)活跃成交股 智通财经APP获悉，1月8日港股市场，北水成交净卖出49.01亿港元，其中港股通(沪)成交净卖出39.68亿港元，港股通(深) 成交净卖出9.33亿港元。 北水净买入最多的个股是小米集团-W(01810)、腾讯(00700)、中芯国际(00981)。北水净卖出最多的个股是盈富基金 (02800)、恒生中国企业(02828)、南方恒生科技(03033)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 30.16亿 | 27.05亿 | 57.22亿 +3.11 乙 | | 盘冒基金 HK 02800 | 1.16亿 | 47.48亿 | 48.64亿 -46.31 Z | | 中芯国际 | 18.46 乙 | 15.06亿 | 33.52亿 | | HK 00981 | | | +3.40亿 | | 小米集团-W | 14.87 亿 | 9.10亿 | 23.97 亿 | | HK 01810 | | | +5.78 Z | | 腾讯控股 HK 00700 | ...

智通财经APP讯，腾讯控股(00700)发布公告，于2026年1月8日斥资6.36亿港元回购103.4万股。 ...