高盛交易部门将2026年美股投资聚焦于AI应用的深化阶段，从基础设施投资转向实际生产力提升。这 一转变反映出市场在经历三年AI狂热后，开始更加审慎地评估哪些公司能够真正将技术转化为盈利能 力。 据高盛衍生品策略师Brian Garrett总结的三大主题交易策略包括：做多采用AI提升生产率的公司、做空 面向低收入群体的可选消费品公司，以及做多优质AI股票同时做空脆弱AI股票的配对交易。 高盛交易团队表示，尽管2025年GDP增长强劲，但劳动力市场表现疲弱，尤其是夏季月份出现负就业增 长，失业率从6月的4.1%升至11月的4.6%。K型经济特征持续显著，低收入群体继续承受高物价压力， 而高收入群体资产财富大幅增长。 高盛推荐的低收入消费者非必需品公司指数在2025年表现落后于标普500和标普493指数。该行预计这一 主题将在2026年延续，因为低收入消费者在负担能力危机中继续挣扎。 分析指出，这些策略旨在捕捉美国经济"K型复苏"和AI应用分化的市场机遇，也反映了AI技术从投资 阶段向应用阶段的转变，以及市场对AI相关投资日益严格的筛选标准。 高盛首席市场策略师Tony Pasquariello在年度首份报告中指出 ...

Core Insights - The report indicates that in 2024, Beijing's strategic emerging industries, including integrated circuits, new generation information technology, intelligent/high-end manufacturing, digital economy, new energy, and intelligent connected vehicles, will continue to lead in salary levels [1][2] - The survey data for the report is based on 2024 salary sampling from Beijing enterprises, covering 1.57 million individual positions and 289,000 recent college graduates, with a consistent increase in sample size over the past seven years [1] Salary Trends - The salary levels across various industries in Beijing are showing differentiated growth, with stable increases in the transportation/logistics and catering/accommodation sectors [1] - Key districts such as Haidian, Chaoyang, and the Economic and Technological Development Zone maintain a leading advantage in salary growth, ranking in the top three [1] Focus on Emerging Occupations - The report emphasizes the importance of monitoring salary levels for new occupational groups, particularly in digital and green professions, and provides salary data for recent college graduates to assist in job selection and talent cultivation [2] - It also highlights the salary conditions of workers in new business formats reliant on internet platforms and skilled talent, enhancing the salary database for key sectors [2] Public Service Enhancement - As part of improving public services, the Beijing Human Resources and Social Security Department has introduced a "Mapping Table" that aligns job classifications with market job titles, aimed at optimizing public salary data access and usage [2]

Group 1 - The core viewpoint of the article highlights the differentiated growth of salary levels across various industries in Beijing for 2024, with strategic emerging industries leading the way [1] - The report indicates that salaries in strategic emerging industries such as integrated circuits, new generation information technology, intelligent/high-end manufacturing, digital economy, new energy, and intelligent connected vehicles are continuously rising [1] - In the service industries like transportation/logistics and catering/accommodation, salary levels are showing stable growth [1] Group 2 - The report provides specific median annual salaries for various roles in emerging industries: AI engineering technicians at 312,684 yuan, big data engineering technicians at 316,388 yuan, automotive application engineering technicians at 296,955 yuan, and AI trainers at 181,023 yuan [1]