Core Viewpoint - Morgan Stanley's 2026 outlook for China's economy and stock market indicates a significant shift in global investors' perception, moving from a market lacking clear growth potential to one rich in growth opportunities, particularly in sectors like AI, new consumption, automation, and biotechnology [1][2]. Group 1: Foreign Investment Trends - Foreign investment sentiment towards the Chinese market is improving, with expectations for continued inflows in 2026 following a substantial valuation recovery in 2025 [2]. - The MSCI China Index has shown significant valuation recovery, marking a milestone for A-shares and Hong Kong stocks, leading to a renewed interest from global investors [2]. - Passive funds have seen a notable increase in inflows, while active funds remain cautious, with less than 5% of their global investment capacity allocated to Chinese stocks [3]. Group 2: Positive Economic Changes - Three positive changes in the Chinese economy have emerged since the "9·24" policy shift: 1. Enhanced policy responsiveness, with a focus on development and flexible adjustments [4]. 2. Resilience and innovation among Chinese enterprises, showcasing advancements in AI, smart vehicles, and biopharmaceuticals [4]. 3. A shift in global investor focus from dollar assets to diversified allocations, with a growing interest in China's tech innovations [4]. Group 3: Policy and Infrastructure Investment - The 2026 fiscal policy is expected to prioritize infrastructure investments in new areas such as underground pipeline renovations and green transition projects, driven by carbon reduction goals [5]. - Increased support for consumption through measures like birth subsidies and social security enhancements reflects a flexible and rich policy toolbox [5]. Group 4: Market Dynamics and Investment Strategy - The market's driving logic is set to change in 2026, with a completed valuation recovery and a stable, reasonable valuation level that can attract new capital [7]. - The anticipated easing of global liquidity, including three expected interest rate cuts by the Federal Reserve in the first half of 2026, will support stock assets [7]. - Investment strategies should focus on high-growth sectors aligned with China's long-term development, such as high-end manufacturing, AI, and biotechnology, while also including quality dividend-paying sectors like insurance [7].

彭刚表示，清华大学始终坚持以服务国家战略为导向，在"十五五"规划谋篇布局的关键时期，深化校企 合作、开展有组织的科研攻关，是突破电池领域关键核心技术、服务国家高水平科技自立自强的重要途 径。希望联合研究中心能够面向国家能源安全与绿色转型的重大战略需求，充分融合清华大学在前沿基 础研究方面的优势与赛力斯在产业实践中的丰富经验，力争在下一代电池技术体系中实现系统性突破， 为我国新能源汽车产业高质量发展与现代化产业体系构建贡献清华力量。 张兴海表示，联合研究中心的揭牌标志着双方合作进入了深度融合、协同创新的新阶段，承载着双方共 同的期待和对产业未来的深刻思考。希望联合研究中心能够建设成为电池及安全技术的"攻坚高地"、创 新成果的"转化枢纽"以及高端人才的"培育基地"，为新能源汽车产业发展和动力电池技术的持续进步提 供坚实支撑。 欧阳明高介绍了中心成立的战略考量与发展路径。他指出，历经十余年跨越式发展，中国新能源汽车产 业正从市场驱动迈向技术驱动的全新阶段。在此关键时期，中心成立的使命正是为了回归技术本源，破 解行业"内卷"困局，通过为下一代电池树立新标杆来确立持久优势。中心将依托清华大学在电池安全与 人工智能领域的 ...

三星集团还将扩大对地方城市的投资，以促进区域均衡发展。三星SDS将在全罗南道建设大规模人工智 能数据中心；三星电子考虑在光州市建立近期收购的德国暖通空调公司Fl？kt Group的韩国境内生产 线；三星SDI计划在蔚山市投建下一代电池生产基地；三星显示正在忠清南道的牙山园区建设8.6代 OLED生产线，预计该工厂将于2026年中期起投入量产。 当前，全球人工智能芯片的市场需求正快速上升，三星集团趁势加大了对该领域的投资力度，同时通过 建设人工智能数据中心响应政府在人工智能基础设施上的国家级战略。通过加强在韩国本土的研发、制 造和基础设施投资，三星集团期待增强自身在芯片、下一代电池、人工智能等关键技术上的自主能力。 韩国三星集团称未来5年将在本土科学研究与试验发展等领域投资450万亿韩元（约合2.2万亿人民 币），对大型半导体生产基地三星电子平泽园区进行扩建，还将在全罗南道新建人工智能数据中心，助 力区域均衡发展。 三星电子16日对外宣布，公司近期召开临时经营委员会会议，敲定启动平泽园区第二区第五生产线（第 五工厂）骨架施工。预计第五工厂将于2028年投入运营，以满足全球人工智能基建投资激增所引发的中 长期存储 ...

Core Viewpoint - Samsung Electronics has decided to initiate the construction of the fifth production line at the Pyeongtaek plant to meet the increasing long-term demand for storage chips driven by the surge in global AI infrastructure investment [1] Group 1: Investment and Expansion Plans - The fifth factory is expected to be operational by 2028 [1] - Samsung Group plans to increase investments in local cities to promote regional balanced development [1] - Samsung SDS aims to establish a large-scale AI data center in South Jeolla Province, targeting to secure 15,000 GPUs by 2028 [1] Group 2: Production and Manufacturing Developments - Samsung Electronics is considering establishing a domestic production line for the recently acquired German HVAC company Fläkt Group in Gwangju [1] - Samsung SDI is contemplating building a next-generation battery production base in Ulsan [1] - Samsung Display is constructing an 8.6-generation OLED production line in the Asan plant in South Chungcheong Province, with mass production expected to start in mid-next year [1]

Group 1 - The company, Xingyun Co., announced on September 10 that it is collaborating with Yiwei Lithium Energy to focus on the research and application of next-generation batteries [2] - The partnership aims to leverage the strengths of both companies in battery development [2] - Investors are encouraged to pay attention to future disclosures regarding the research outcomes and progress from both parties [2]

与完全替代化石燃料不同，谢钦主张将传统能源与替代能源相结合——这种方案应优先考虑技术成熟 度、能量密度和国家利益。氢能、太空太阳能和下一代电池未来或许能做出贡献，但目前放弃已被验证 的能源来源是"一种危险的幻想"。 他特别警告称，人工智能和数据中心——其中一些的用电量相当于10万户家庭——将大幅推高全球能源 消耗。如果缺乏高密度、可靠的能源供应，数字化进程本身可能陷入停滞。因此，在谢钦看来，核能正 在迎来复兴。随着铀价在近年翻了三倍，以及中国和印度加速扩大其核电规模，世界再次转向核裂变。 他提醒听众，俄罗斯是唯一一个拥有完整核能循环的国家，并正在积极向全球出口其技术——包括先进 的快中子反应堆。 谢钦严厉批评了"净零排放"议程，称其为一种能源倒退。他引用诺贝尔奖得主彼得·卡皮察(Pyotr Kapitsa)的话指出，历史上的每一次能源转型，都朝着单位能量密度更高的方向发展。按照这一标准， 太阳能和风能——分别为每平方米6.6瓦和1.8瓦——不仅效率远低于天然气、石油和核能，而且在结构 上无法支撑现代经济体的大规模运行。"净零排放，"他指出，"抹去了几个世纪以来的进步，这是一种 倒退。"他补充道，可再生能源的整 ...