Core Viewpoint - The dialogue emphasizes a pragmatic and optimistic investment approach, focusing on identifying and leveraging "expectation gaps" in low-attention assets as key investment opportunities for 2026 [4][6]. Group 1: Market Outlook for 2026 - Investor sentiment towards Chinese assets is warming, with expectations for a "slow bull" market emerging as macroeconomic and geopolitical concerns become less pressing [5][9]. - The market logic is shifting from valuation recovery to profit-driven growth, necessitating a more nuanced understanding of industry and company performance [5][9]. - Liquidity is expected to be a significant supportive factor for the stock market, with both institutional and individual investors showing increased willingness to allocate funds to equities [13][14]. Group 2: Investment Opportunities - The focus for the next 6-12 months is on identifying "expectation gaps" in various sectors, particularly in low-attention assets that have not been fully recognized by the market [6][16]. - Key areas of interest include AI applications, innovative pharmaceuticals, and new consumer trends, with a particular emphasis on structural opportunities that arise from supply-demand constraints [7][22]. - The commodity bull market narrative is being driven by AI and material demand, with potential investment opportunities in mining and exploration sectors expected to yield significant returns [25]. Group 3: Consumer Trends - The concept of "new consumption" is evolving, with structural changes in consumer demographics and preferences creating new investment opportunities [27][28]. - The "people, place, and goods" framework is used to analyze consumption opportunities, highlighting the importance of understanding consumer behavior and market connections [28][29]. - Sustainable growth in consumer sectors is anticipated, particularly in areas that cater to younger and older demographics, as well as products that enhance personal satisfaction [30][31]. Group 4: Risk Management and Investment Strategy - The importance of recognizing crowded trades and consensus risks is emphasized, as these can lead to market volatility when expectations shift [32]. - Developing investment contingency plans and maintaining a proactive approach to market changes are crucial for navigating uncertainties [33]. - The company advocates for a team-based investment approach, leveraging diverse expertise to adapt to complex market scenarios [37].

By Jeanny Yu, Bloomberg Markets Live strategist and reporterNearly a year after DeepSeek’s AI breakthrough rattled global markets, China is entering 2026 with a fresh wave of technological advances that are powering a stock rally, even as its economy remains fragile.Thanks to fresh progress in sectors from commercial rockets to robotics and flying cars, Chinese tech shares have begun the new year with a bang. An onshore Nasdaq-like tech gauge has shot up almost 13% so far this month, while a measure of Hong ...

Core Insights - The 2025 Hurun China AI Companies Top 50 list highlights the growth and valuation of AI-focused companies in China, with a significant increase in the number of AI chip companies due to tightening U.S. export controls on high-end AI chips [1][2] Company Rankings - Cambricon leads the list with a valuation of 630 billion RMB, marking a 165% increase from the previous year [1][2] - Moore Threads ranks second with a valuation of 310 billion RMB, achieving a 182% year-on-year revenue growth [3] - Muxi ranks third with a valuation of 250 billion RMB, recognized as one of the first high-end GPU companies to achieve full domestic production [3] - iFlytek, a leader in intelligent voice technology, ranks fourth with a valuation of 130 billion RMB [4] - Horizon Robotics ranks fifth with a valuation of 120 billion RMB, focusing on automotive AI chips [4] Market Trends - The list shows a total of 21 non-listed companies, with the entry threshold raised to 9.5 billion RMB, an increase of 3.5 billion RMB from last year [1] - The average valuation of listed companies is 54 billion RMB, which is 2.4 times higher than the previous year [1] - The number of AI chip companies on the list has increased to 14, up from 5 last year, indicating a shift towards domestic AI chip production [1] Geographic Distribution - Beijing leads with 19 companies on the list, followed by Shanghai with 14, and Shenzhen with 6, indicating a concentration of AI talent and resources in first-tier cities [1] Sector Breakdown - The majority of companies on the list are focused on AI chip hardware, with 14 companies in this category, reflecting the growing importance of AI infrastructure [5] - Other sectors include data analysis and decision-making with 11 companies, and content generation with 8 companies [5]

Core Viewpoint - The company anticipates five major investment opportunities for 2026 while warning of three significant risks [1][2]. Investment Opportunities - **Systematic Revaluation of Low-Valuation Stocks**: The company believes that low-valuation stocks are due for a systematic revaluation, as the risk-free interest rate in China has declined rapidly over the past three years, yet valuations have not adjusted accordingly. With a significant amount of household deposits maturing in 2026, some funds are expected to flow into low-valuation sectors, similar to the valuation recovery seen in the South Korean stock market [2]. - **AI Sector Transition**: The company predicts that the AI sector will shift from a focus on computing power to applications and edge computing. It plans to invest in long-term opportunities such as autonomous driving and AI healthcare, while also exploring new terminal devices like smart glasses [2][3]. - **Stabilization of Consumer Spending**: Following a decline in household wealth due to the real estate downturn in 2025, the company expects consumer wealth to stabilize in 2026, supported by growth in deposits and other assets. Early signs of recovery are already visible in high-end consumption and luxury goods [2]. - **Selective Opportunities in "Anti-Competition" Trends**: The company suggests focusing on industries with simple competitive landscapes and fewer players, as opposed to sectors like photovoltaics and certain chemical sub-industries, which may experience delayed effects from anti-competition measures [3]. - **Local Market Development for Export Companies**: Companies that focus on local market service and job creation will likely see sustainable growth. Southeast Asia is highlighted as a key area due to its large population and cost advantages [3]. Risks - **Reversal of AI Trends**: The company identifies the potential reversal of trends in the AI industry as a significant risk for 2026. If application development does not progress, the investment logic in computing power may collapse, leading to volatility in global tech stocks [3]. - **Valuation Reversion in Small and Micro-Cap Stocks**: There is a risk of valuation reversion in small and micro-cap stocks, which currently have a transaction share far exceeding international norms. This could lead to concentrated releases of valuation pressure in the future [3]. - **Exchange Rate Fluctuation Risks**: The company warns of potential increased volatility in global currency exchange rates in 2026, which could erode returns from overseas investments due to currency losses [3].

Core Viewpoint - Chinese tech shares are experiencing significant growth driven by advancements in various sectors, including AI, robotics, and flying cars, with notable performance in January 2026 [1][18]. Group 1: Market Performance - An onshore Nasdaq-like tech gauge has increased by almost 13% this month, while Hong Kong-listed Chinese tech firms have risen nearly 6%, both outperforming the Nasdaq 100 [1][18]. - The combined market value of 33 Chinese AI stocks tracked by Jefferies Financial Group has expanded by approximately $732 billion over the past year, with China's AI market capitalization representing only 6.5% of the US's [9][18]. Group 2: Technological Advancements - Enthusiasm for homegrown technologies has been the primary driver of China's equities bull run since April, despite challenges in the housing market and weak consumption [2][18]. - The rollout of a new AI model by DeepSeek and the unveiling of a five-year economic blueprint focusing on technological self-reliance are expected to further support market momentum [2][15][18]. - Chinese firms are accelerating efforts to develop AI models following DeepSeek's success, with generative AI adoption surging among major internet companies like Alibaba and Tencent [5][6][18]. Group 3: Investment Sentiment - Investors are optimistic about the technology sector's prospects due to China's low-cost base and strong state support, with expectations that the release of DeepSeek's R2 model could disrupt the sector again [14][18]. - Recent listing debuts of Chinese AI-related companies have shown significant gains, encouraging more firms to enter public markets [10][18]. - Analysts predict that the next major breakthrough in AI will occur at the application layer, with China well-positioned to lead this evolution due to its diverse user cases [11][18]. Group 4: Valuation Concerns - The rapid rally in tech stocks has raised concerns about stretched valuations, with some companies trading at high multiples, such as Cambricon Technologies at about 120 times forward earnings [13][18]. - Beijing's decision to tighten margin financing indicates growing unease with speculative excess in the technology sector [13][18].

Core Insights - The overall trend among high-performing funds is to maintain high positions while adjusting their holdings towards sectors like AI-related industries, innovative pharmaceuticals, and robotics [1][2] Fund Performance and Adjustments - Several high-performing funds have significantly increased their scale due to inflows and rising net values, with notable examples including Huafu New Energy Fund, which grew from 1.513 billion to 4.162 billion yuan by the end of 2025 [2] - The Rongtong Industry Trend Selected Stock Fund had an equity investment ratio of 93.09% by the end of 2025, achieving over 100% returns [2] - The top ten holdings of the Rongtong fund included new entries such as Yuanjie Technology and Zijin Mining by the end of 2025 [2] Investment Focus Areas - Funds are focusing on five core investment directions: AI infrastructure, AI applications, intelligent robotics and driving, domestic AI supply chains, and edge AI [3] - The Jin Xin Transformation Innovation Growth Fund is concentrating on military and aerospace sectors, as well as chips, with a positive outlook on the military sector driven by satellite communication and gas turbines [3] AI Sector Insights - The AI sector remains a focal point, with managers indicating a shift towards AI energy and supply chain security, recognizing energy as a potential bottleneck for AI expansion [4] - The demand for internet AI applications is surging, leading to increased capital expenditures from internet companies and a rapid rollout of self-developed ASIC chips [4] Cautionary Perspectives - Some fund managers express caution regarding the AI sector, noting that after significant price increases, valuations are no longer low, and some stocks reflect overly optimistic growth expectations [5] - High valuations imply stricter performance requirements, making the sector more susceptible to market sentiment and macroeconomic changes, which could increase volatility [6]

行业走势图 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-01-17 2025-02-17 2025-03-17 2025-04-17 2025-05-17 2025-06-17 2025-07-17 2025-08-17 2025-09-17 2025-10-17 2025-11-17 2025-12-17 恒生指数 数据来源：聚源 2026 年 01 月 18 日 相关研究报告 投资评级：看好（维持） 《从 Gemini 到千问，看好大模型支付 闭环下的商业价值提升—港股行业点 评报告》-2026.1.15 《英伟达开源 Alpamayo，禾赛加入"朋 友圈"—行业周报》-2026.1.11 《昆仑芯启动港股 IPO，关注 MiniMax 多模态机会—行业周报》-2026.1.4 | ——行业周报 | | --- | | 初敏（分析师） | 杨哲（分析师） | 荀月（分析师） | | --- | --- | --- | | chumin@kysec.cn | zhangke1@kysec.cn | yangzhe@kysec.cn | | 证书编号：S0790522 ...

Report Industry Investment Rating - The report does not explicitly mention the industry investment rating [1][2][3] Core Viewpoints of the Report - The spring rally in the A-share market at the beginning of the year was driven by the fear of missing out, but after the regulatory adjustment of the minimum margin ratio for margin trading, the market shifted from a rapid rise to a slow bull market. The two - margin funds did not leave but switched from high - leverage to low - leverage sectors. The left - hand force of the spring rally came from institutional investors, while foreign capital and margin trading formed the right - hand acceleration, with foreign capital participating more actively [2][15] - The AI industry chain is the main direction where funds form a consensus. The logic of "storage driving computing power, and computing power leading to applications" is expected to be a popular investment direction. Insurance in the financial sector can contribute absolute returns, and industries such as chemicals, home appliances, and panels can be considered for portfolio investment [3][28][29] Summary According to the Directory Market Review: From High - Speed Growth to Active Cooling - At the beginning of the year, the A - share market experienced a spring rally. From the beginning of the year to January 13, the Sci - tech Innovation 50 index rose 9.33%, and sectors such as media, computer, and national defense and military industry led the gains. The proportion of margin trading turnover in the total turnover reached 11.5%, approaching the upper limit of the historical average plus twice the standard deviation [8] - On January 14, the regulatory authorities announced an increase in the margin ratio from 80% to 100%, which was a measure to cool down the over - heated market sentiment. After the adjustment, there was a "hot - cold switch" in the broad - based index and industry structure. In the broad - based index, leveraged funds shifted from small - cap to large - cap stocks. In the industry structure, funds shifted from high - volatility themes to undervalued blue - chips [11][12][13] Slow Bull Trend Established, Leverage Cooling, but Bullish Sentiment Remains - Margin trading accelerated the spring rally but was not the dominant force. The spring rally was mainly driven by domestic institutional investors, with foreign capital and margin trading accelerating on the right - hand side, and foreign capital's participation was more significant. Comparing the trading volume ratios of 9 trading days before and after New Year's Day, the trading volume ratio of north - bound funds increased from 10.2% to 11.6%, while that of margin trading only increased from 11.0% to 11.4% [15] - While broad - based ETFs experienced large - scale outflows, theme - based ETFs continued to see inflows. For example, from January 14 to 16, the average daily net outflow of the CSI 300 ETF reached 14.71 billion yuan, while sectors such as non - ferrous metals, consumption, securities, and medical devices saw capital inflows [19][20] Tightening Micro - environment Accelerates Stock Game, with Both Offensive and Defensive Strategies - The marginal tightening of the micro - liquidity environment led to a stock game and structural optimization. The AI industry chain remained the main line, and some funds flowed back to sectors such as home appliances and chemicals with high safety margins [25] - The capital flow in the AI industry showed a "spiral relay" pattern, starting from storage chips and commercial aerospace, moving to AI applications, and then flowing back to storage and spreading to embodied intelligent robots. The semiconductor and media ETFs remained at the forefront, indicating strong market recognition of the AI industry chain [26] Index Uptrend Slows, Strong Focus on the AI Industry Chain - The AI industry chain's "storage - computing power - application" logic is expected to be a popular investment direction. The performance of US stocks provides a strong reference, and the continuous strength of overseas technology giants has raised the valuation ceiling for A - share counterparts [28] - Insurance in the financial sector can contribute absolute returns. It benefits from the bull market and the rise of the technology sector in terms of asset - side profitability and has defensive properties when offensive sectors adjust [28] - For portfolio investment, technology sectors can provide high returns and elasticity, while sectors such as chemicals, home appliances, and panels with improving fundamentals and healthy chip structures can be used as stable investment options [29]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and positioned to capitalize on the onshoring trend driven by tariffs [5][6] Financial Position - The company is noted for being debt-free and holding a significant cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9] Market Trends - The article discusses the broader trends of AI, energy, tariffs, and onshoring, emphasizing the interconnectedness of these sectors and the company's strategic positioning within them [6][14] - The influx of talent into the AI sector is mentioned, indicating a continuous stream of innovation and advancements that will drive future growth [12] 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 quickly [15][19] - The company is characterized as undervalued, trading at less than seven times earnings, which presents a compelling investment opportunity in the context of the AI and energy sectors [10][11]

Core Insights - Wispr Flow is a leading voice input product that has gained significant traction through transparent sharing of growth metrics by its founder Tanay Kothari [2] - The company has achieved over 500 million views on TikTok and Instagram in just three months, leveraging influencer and UGC content marketing [3] User Growth and Engagement - The user growth has been remarkable, with several months in the past year showing over 50% month-over-month growth [5] - The paid conversion rate stands at approximately 20%, which is significantly higher than most tool-based products [5] - Active users engage in hundreds of voice inputs daily, with efficiency reported to be 3-4 times that of keyboard input [5] Creator Recruitment Strategy - Wispr Flow emphasizes recruiting brand ambassadors who genuinely love the product rather than traditional UGC creators [9][10] - The company has implemented a rigorous "nurturing" process for new creators to avoid algorithmic limitations before they post any content related to Wispr Flow [7] Creator Quality and Management - Quality is prioritized over quantity, with one top-tier UGC creator capable of outperforming 100 mediocre ones [14] - A 30-day trial period is established for each creator to identify those who are truly exceptional [15] - The company has developed a judgment system based on "taste" to evaluate potential creators, focusing on their initial video quality [19] Creator Development and Community - Creators are categorized into two types: executors who replicate successful scripts and strategists who innovate and test new concepts [26][31] - Building a community around creators is essential, transforming the relationship from a transactional one to a partnership [28] Performance Metrics - Wispr Flow has achieved over 500 million views and has a team of 80 creators, with a cost per thousand impressions (CPM) of $0.74 [32]