据"晚点LatePost"报道， 收购金额达到数十亿美元。收购完成后，Manus的创始人肖弘将出 任Meta的副总裁一职 。 Manus母公司蝴蝶效应2022年成立于中国，后迁至新加坡。 该公司团队核心人物包括肖弘、季逸超和张涛三位。肖弘毕业于华中科技大学，先后做过微 伴助手和壹伴，2022年时曾创立北京蝴蝶效应科技有限公司，推出AI浏览器插件Monica。季 逸超毕业于北京信息科技大学，2012年曾创立Peak Labs，推出Rasgueado输入法，获红杉资 本和真格基金投资。张涛曾任神策数据副总裁、字节跳动国际化负责人等。 记者丨陈归辞 编辑丨卜羽勤 脸书母公司Meta即将收购中国AI应用创业公司Manus。 该公司在2025年3月推出号称"全球首款通用智能体产品"的Manus，在当时"一炮走红"。4月下 旬旋即传出Manus母公司蝴蝶效应获硅谷知名风投Benchmark领投，融资7500万美元（约合 5.5亿元人民币）的消息，投后估值近5亿美元。5月13日，Manus正式开放注册。6月，Manus 公司总部从中国搬至新加坡。 Manus官网于12月17日称，Manus在发布八个月后，年度经常性收入(A ...

公开资料显示，日前美图公司入选香港交易所科技100指数，被美国银行、瑞银等投资机构给予"买 入"评级。2025年上半年，美图实现总收入18亿元，同比增长12.3%；经调整后归属于母公司权益持有 人净利润4.67亿元，同比增长71.3%。 机构人士分析称，2025年，美图公司以自主创新为核心驱动，聚焦人工智能等关键核心领域持续攻坚。 该公司作为港股上市公司中稀缺的AI应用标的，在垂直领域的场景化落地能力叠加当前港股科技板块 估值低位、AI商业化主线驱动的行业红利，未来股价有望打开更大上涨空间。 本报讯 （记者袁传玺）当前，AI产业正处于技术突破与商业化落地的双重拐点，AI产业链从算力基础 设施到核心技术迎来发展机遇，为市场提供了布局窗口。同时，AI应用在垂直领域率先形成规模化落 地，港股AI领域代表美图公司旗下AI产品落地电商设计、口播视频等多个细分场景，推动付费渗透率 持续提升，带动业绩增长。 在12月26日举办的"2025证券市场年会"上，美图公司获评2025年度最具投资价值上市公司。该奖项评选 呼应国家政策、倡导"耐心资本"、聚焦投资价值挖掘，参评企业范围覆盖A股、港股、美股公司。 ...

大盘走出8连阳，周五放量收阳十字星，盘中出现跳水，收盘3963.68点，成交21601亿，外资继续休息。板块上海南自贸区，小金属等表现较强，次新， 消费电子，能源系列等表现较差。个股跌多涨少。 | स्टेसि | 开始时间 | 结束时间 | 天数 | 春季躁动收益率 全年收益率 | | 日均涨幅 | 期间指数走势 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2010 | 2010/2/8 | 2010/4/14 | 42 | 9.78% | - 6 8 | 0.23% | | | 2011 | 2011/1/25 | 2011/4/18 | રૂડે | 14.32% | -22.42% | 0.27% | | | 2012 | 2012/1/6 | 2012/3/2 | 36 | 15.20% | 4.68% | 0.42% | | | 2013 | 2012/12/4 | 2013/2/8 | 46 | 25.20% | 5.44% | 0.55R | | | 2014 | 2014/1/14 | 2014/2/19 | 22 | 9.60 ...

Group 1 - The report indicates that the market is likely entering a "spring rally" phase, with the overall market represented by the Wind All A Index breaking through moving averages and expected to reach new highs. This is supported by increased trading volume despite the suspension of northbound capital transactions [4][7][13] - The technology growth sector is identified as a long-term market focus, with a K-shaped economic recovery in China favoring technology growth performance. Opportunities are anticipated in previously lagging areas such as AI applications and humanoid robots [4][7][12] - The report highlights the ongoing expansion in the non-ferrous metals market, with prices for gold, silver, and copper reaching historical highs. This is attributed to a combination of factors including a loosening of dollar liquidity and supply-demand tightness [12][13] Group 2 - The report suggests that the domestic commercial aerospace industry is expected to develop rapidly, supported by new regulations that favor commercial rocket enterprises and the anticipated growth of the market, which is projected to exceed 2.5 trillion yuan [11][12] - The report emphasizes the importance of monitoring the non-ferrous metals sector for investment opportunities, particularly in strategic minor metals and industrial metals, as the market is currently in an expansion phase [12][13] - The report notes that monetary policy remains moderately accommodative, which supports a slow bull market in A-shares, with expectations of continued liquidity support for technology growth sectors [8][9]

Market Review - The Shanghai Composite Index recorded a seven-day winning streak, indicating improved visibility for the year-end market, with a rebalancing of capital allocation [1] - The non-ferrous metals sector continues to show strong performance, driven by the "commercial aerospace" concept, while power equipment stocks are boosted by rising lithium battery material prices [1] - Domestic CSP manufacturers are increasing capital expenditure plans, with reports indicating a leading internet company plans to raise its AI capital expenditure from 150 billion yuan in 2025 to nearly 160 billion yuan in 2026, focusing on AI infrastructure and semiconductor chip procurement [1] - The demand for liquid cooling solutions is rising due to significant power consumption increases from NV chips, providing opportunities for domestic manufacturers amid rapid technological iterations [1] - A lithium battery materials company has announced a price adjustment for lithium carbonate, driven by supply contraction pushing prices back to reasonable levels [1] Overseas Macro - U.S. GDP for Q3 2025 grew at an annualized rate of 4.3%, exceeding market expectations, primarily driven by private consumption and investments in AI-related equipment [2] - Traditional sectors like construction and real estate continue to show weak investment, leading to increased economic internal differentiation [2] - The recent GDP data has somewhat suppressed expectations for interest rate cuts, suggesting the Federal Reserve may maintain current rates in the short term, with potential delays in future rate cuts [2] - Gold prices have surpassed previous highs, supported by the Fed's recent rate cuts and ongoing fiscal deficits, which have raised concerns about debt risks and the independence of the Fed [2] Commodity Market - The recent escalation of U.S. sanctions on Venezuelan oil exports and ongoing geopolitical tensions have increased demand for safe-haven assets like gold [3] - Silver has seen significant price increases due to both its financial and industrial demand, with growth in sectors such as photovoltaics and electric vehicles tightening supply [3] Market Outlook - The year-end market phase is supported by policy backing and industrial catalysts, with expectations for increased fiscal measures during the 2026 Two Sessions [4] - The end of the year is a period when long-term funds, such as insurance capital, tend to increase allocations, potentially bringing new capital into the market [4] - Growth and cyclical sectors are expected to be key areas of focus, with themes likely to exhibit elasticity during this period [4] Investment Directions - Focus on large technology growth sectors and resource/manufacturing sectors benefiting from cyclical reversals and global economic recovery [4] - Specific areas of interest include AI applications, robotics, energy storage, and innovative pharmaceuticals, as well as resources and manufacturing sectors like non-ferrous metals and engineering machinery [4]

风险提示：投研观点不代表公司立场，不构成投资建议，不代表基金实际持仓或未来投向保证。观 点具有时效性。 (责任编辑：康博) 另外，创新药企业通过BD和上市获得现金流后会继续加大研发投入，而部分化工、建材等行业则 受益于"反内卷"政策且行业自身投资高峰已过，即将进入提高稼动率的回血阶段。"没有永远景气的行 业，也没有永远低迷的行业，人多的地方鱼少，人弃我取，这也符合我们一以贯之的'万物皆周期，投 资成长时'的投资理念。"乔培涛称。 与此同时，乔培涛还表示，要重点挖掘AI应用侧的投资机会，储备足够的算力和算法能力后，应 用也该到了要爆发的阶段。另外，继续看好中国企业出海的机会，出海是未来十年的大方向，走出去才 能从"红海"走向"蓝海"。 2026年即将到来，如何前瞻布局明年行情？12月26日，方正富邦基金2026年投资策略会在北京举 行，本次策略会以"变局创新"为主题，多位投资大咖及嘉宾发表主旨演讲，共同探讨"十五五"开局之年 的投资机遇和挑战。 会上，方正富邦权益研究部行政负责人乔培涛回顾了2025年的股票市场，A股市场呈现典型的结构 性行情，新技术行业尤其是和AI相关的板块高歌猛进，而与传统经济相关的行业则普 ...

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - Minimax operates across multiple fields with various AI applications generating revenue, including AI social (Talkie/Xingye), multimodal platforms (Hailuo AI), voice platforms (Audio), and Agent (Minimax), supported by an API open platform for full-modal model usage [2]. - The company has developed a comprehensive AI model company with applications achieving over 200 million users, with significant user engagement and monetization strategies across its products [4][5]. Summary by Sections AI Social Product: Talkie/Xingye - Talkie/Xingye allows users to chat with AI characters, generating revenue through online marketing services, subscription services, and in-app purchases. The marketing service charges third-party advertising platforms based on performance, while subscription and in-app purchases provide users with interactive value-added services [3]. Video Generation Platform: Hailuo AI - Hailuo AI offers video and image generation features accessible via web and app, utilizing a tiered subscription model ranging from $9.99 to $199.99 per month, with options for direct purchase of recharge credits. It has rapidly grown since its launch in Q3 2024, achieving a monthly active user (MAU) count of 5.648 million within a year [3][4]. Agent Application: MiniMax - MiniMax operates as a ChatBot model available on web and app platforms, designed to handle various long and short-term tasks. It employs a tiered monthly subscription model, charging between $19 and $69 per month, or selling credits directly. The average spending of paid users reached $73 in the first three quarters of 2025 [4][5]. Audio Generation: MiniMax Voice - MiniMax Voice provides voice and music generation capabilities, utilizing a credit consumption strategy with a charge of $50 per million credits, alongside monthly subscription plans ranging from $5 to $99. The MAU for MiniMax Voice stands at 494,000, establishing a differentiated advantage in professional scenarios like audiobooks and podcast production [5]. Open Platform - The open platform offers scalable and customizable AI services, including voice, video, music, and image generation, with revenue based on usage. It has served over 100 countries and regions, with the number of paying clients increasing from approximately 400 in 2024 to about 2,500 in the first three quarters of 2025 [4][5].

红星新闻网（记者 李婉清）12月23日报道 为加速数字经济与实体经济深度融合，打通技术供给与消费需求的精准衔接通道，12月23日，成都市商务局联合 市经信局新经济委举办科技赋能消费新场景供需对接会。市发改委、市科技局等市级部门相关负责人，四川天府新区、成都高新区等区（市）县商务主管部 门相关负责人，商务商贸园区代表，消费场景运营商，智能制造、AI应用、电商平台等领域企业代表，以及相关行业协会负责人齐聚一堂，共商消费场景 创新发展路径，助力成都加快国际消费中心城市建设。 此次对接会以"搭建平台、整合资源、推动落地"为核心，设置政策解读、需求发布、供给展示、基金推介、互动洽谈等环节，精准匹配供需两端需求，为参 会各方搭建起高效沟通的桥梁。 政策解读环节，市商务局相关负责人详细解读成都消费场景升级配套政策，涵盖新业态新模式新场景试点城市和国际化消费环境建设城市配套政策，以及省 级"蜀里安逸"消费新场景培育及相关奖补政策。清晰的政策解读让参会企业精准把握政策导向，不少企业代表表示，政策红利的释放为企业参与场景建设提 供了明确指引，也增强了大家扎根成都、布局消费新场景的信心。 交流发言环节，现场互动氛围热烈。场景需求方 ...

12月22日，AI硬件设备方向再度爆发，中际旭创、新易盛、天孚通信、工业富联、胜宏科技等AI硬件 巨头当日大涨，新易盛股价创下历史新高；相比之下，港股AI应用巨头阿里巴巴、腾讯控股等当日股 价表现平淡。 不过东吴证券、华夏基金等机构看好AI应用端的左侧布局机会。AI产业正从硬件驱动转向应用驱动， 参考移动互联网发展历程，港股在应用生态和商业化落地方面具备独特优势。随着大模型成本下降及爆 款应用出现，港股互联网龙头有望成为核心受益方。 本轮行情主线——AI产业链呈现明显的内部分化特征：市场资金明显偏向于确定性更高的硬件侧，即 算力设备（光通信CPO、PCB），相关标的交投活跃且涨幅巨大。相比之下，港股市场中偏重软件应用 的互联网巨头表现则相对滞后。 中金公司观点认为：当前硬件侧在算力基建、国产化替代等领域，有更明确且持续的政策支持与业绩可 见性，而应用端的商业模式和盈利路径尚不清晰，因此资金短期更青睐硬件。 市场也提供了相关指数布局工具：如主要聚焦阿里、腾讯等AI软件应用龙头的恒生互联网ETF （513330.SH），以及覆盖更广泛"科技"龙头的恒生科技指数ETF（513180.SH）、港股通科技ETF基金 （ ...

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 ...