其中最重要的展会，莫过于每年年初的国际消费电子展(CES)。这个全球最重要的消费电子展会已经有近60年历史，从1978年开始固定每年年初 在拉斯维加斯举办。过去几十年间，这里见证了全球科技行业一波又一波的潮流更替与新王交替。 从2012年开始，我几乎每年都会来到拉斯维加斯。过去十多年的拉斯维加斯之行，提供了足够多的观察样本——科技趋势的迭代、产业格局的变 化、中国企业的崛起，都在这个每年一度的展会上留下清晰的印记。 十五年技术潮流更替 回顾2010年代初，CES的主题相当明确：PC产业试图通过超极本(Ultrabook)概念延续生命力，而移动互联网的兴起让智能手机成为焦点。英特 尔、三星、LG、索尼占据着最重要的C位。 此后的演变基本遵循着技术成熟度曲线。2013-2016年迎来了消费级无人机热潮，大疆将易飞、带摄像头的四旋翼无人机推向大众市场，航拍和 娱乐应用迅速流行，但监管限制、隐私担忧和安全问题很快导致预期回落，进入泡沫破裂期（许多初创公司倒闭，市场趋于理性）。 2014-2018年是智能家居和语音助手热潮，亚马逊和谷歌带动将AI语音交互推向消费市场。VR/AR在2016年前后达到预期峰值，HTC索尼微 ...

美国有句老话，"发生在拉斯维加斯的事情，就让它留在拉斯维加斯吧。"人们不远万里来到这个沙漠城 市，就是为了抛开烦恼吃喝玩乐，花天酒地醉生梦死，玩上两把试试运气，美食美酒看秀购物。 但赌城的另一面，是全球最重要的会展圣地。这里每年都会举办超过2.2万场商业活动，单是拉斯维加 斯会展中心（LVCC）就要举办50-80场大型会议。这些会展每年吸引超过600万人来到赌城，贡献全年 七分之一的访客，带来超过100亿美元的营收。 其中最重要的展会，莫过于每年年初的国际消费电子展（CES）。这个全球最重要的消费电子展会已经 有近60年历史，从1978年开始固定每年年初在拉斯维加斯举办。过去几十年间，这里见证了全球科技行 业一波又一波的潮流更替与新王交替。 从2012年开始，我几乎每年都会来到拉斯维加斯。过去十多年的拉斯维加斯之行，提供了足够多的观察 样本——科技趋势的迭代、产业格局的变化、中国企业的崛起，都在这个每年一度的展会上留下清晰的 印记。 十五年技术潮流更替 回顾2010年代初，CES的主题相当明确：PC产业试图通过超极本（Ultrabook）概念延续生命力，而移 动互联网的兴起让智能手机成为焦点。英特尔、三星、L ...

| 研究报告 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 宏观金融日报 | 宏观战略部 | 2026 | 年 | 1 | 月 | 6 | 日 | | | | | | | | | | 宏观金融日报 | | | | | | | | | | | | | | | | | 撰写人： | 张 | 晨 | 陈 | 畅 | 刘晓艺 | 车美超 | 审核人： | 寇宁 | 从业号： | F0284349 | F3019342 | F3012593 | F0284346 | 从业号： | F0262038 | | 交询号： | Z0010567 | Z0013351 | Z0012930 | Z0011885 | 交询号： | Z0002132 | | | | | | | | | | 一德期货交易咨询业务资格：证监许可【2012】 38 号 当日要闻： 2.特朗普政府将与油企会面，讨论提升委内瑞拉石油产量据一位熟 ...

Core Insights - The forum discussed investment opportunities in AI and robotics, emphasizing the importance of real-world applications and market demand in these sectors [1][3][5]. Group 1: Investment Opportunities - Key areas of focus include AI applications in autonomous driving, AI integration with biomedicine, and productivity-enhancing robots [3][5]. - The investment community anticipates significant advancements in AI software applications and hardware integration by 2026, particularly in the context of China's manufacturing advantages [6][12]. - The emergence of humanoid robots and space computing is highlighted as a promising investment direction, with expectations for substantial growth in these sectors [4][11]. Group 2: Market Trends and Valuation - The discussion noted that secondary market trends often lag behind primary market dynamics, suggesting that current high valuations in the AI and robotics sectors may not reflect underlying fundamentals [10][19]. - The panelists emphasized the need for companies to demonstrate real market demand and solve industry pain points to justify their valuations, especially in a potentially bubble-like environment [15][17]. - The importance of investing in companies with strong customer bases and technological differentiation was underscored as a strategy to mitigate risks associated with high valuations [16][18]. Group 3: Future Projections - The consensus is that 2026 will be a pivotal year for AI and robotics, with a wide array of entrepreneurial and investment opportunities expected to emerge [8][23]. - The potential for breakthroughs in China's semiconductor industry is seen as a critical investment opportunity, with expectations for significant advancements in chip technology [14][22]. - The panelists believe that the next decade will witness a shift towards greater global competitiveness for Chinese technology, creating numerous investment prospects [23].

专题：中国财富管理50人论坛2025年会 12月27日金融一线消息，中国财富管理50人论坛2025年会在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。中国工程院院士、中国人工智能学会副理事长何友发表演讲，从发展历程、理论前 沿、技术应用、产业格局四个维度，全面解读人工智能领域的最新动态与未来趋势 何友指出，1956年美国达特茅斯会议被公认为人工智能的起源。此后六十余年间，人工智能历经两次寒 冬、两次复苏与三次浪潮，逐步实现跨越式发展。第三次人工智能浪潮的核心驱动力是深度学习的提 出。在应用落地方面，人形机器人与四足机器人成为技术突破的重要载体，2025年被称为人形机器 人"量产元年"。 何友阐述了人工智能领域的核心理论进展，其中预训练大模型的发展最为引人瞩目。当前大模型正 从"演示品"向"基础引擎"演进，能力衡量标准涵盖多模态处理、复杂推理、工具调用等多个维度，但仍 需解决偏见、幻觉及数据质量等问题。 何友指出，1956年美国达特茅斯会议被公认为人工智能的起源。此后六十余年间，人工智能历经两次寒 冬、两次复苏与三次浪潮，逐步实现跨越式发展。第三次人工智能浪潮的核心驱动力是深度学习的提 出。在应用落 ...

Economic Growth and Development Goals - Dongguan's economy aims for an average annual growth rate of around 5% during the 14th Five-Year Plan, targeting a GDP exceeding 1.7 trillion yuan by 2030 [1][2] - The city has achieved significant milestones, including crossing the 1 trillion yuan GDP threshold in key districts and having all 28 towns ranked among the top 300 in the country [1] Strategic Development Initiatives - The city has proposed the "Smart Creation of Quality Products and Beautiful Livable City" strategy to drive high-quality economic and social development over the next five years [2][3] - This strategy focuses on innovation and product upgrades to enhance industrial transformation and attract talent [2][3] Artificial Intelligence and Technological Advancements - Dongguan is positioned as an ideal city for the application of artificial intelligence, with a robust manufacturing base and numerous high-tech enterprises [3][4] - The government plans to implement the "Artificial Intelligence+" initiative, aiming to leverage AI for high-quality manufacturing development, with a target to exceed 300 billion yuan in related industries by 2025 [3][4] Integration into Domestic Market - Dongguan's enterprises have shown resilience in foreign trade, with import and export totals expected to reach historical highs by 2025 [5][6] - The city aims to strengthen its integration into the domestic market, leveraging its established supply chain advantages to enhance internal demand [6][7] Population and Talent Development - The city has seen a 25% increase in registered population over the past five years, with a significant rise in the number of young and middle-income individuals [7] - This demographic shift presents opportunities for new product and service demands, aligning with the city's strategic goals for innovation and market expansion [7]

该行认为零部件重点关注出海/智驾/转型等具备边际变化的赛道，关注三条主线：1、传统零部件方 面，优选细分产业链出海龙头。内需增速放缓&年降压力下汽零企业国内盈利能力承压，关税反复后国 内企业海外本地化产能建设提速也具备更强出海韧性。2、重点关注核心新兴产业趋势与转型零部件： 智能化/智能驾驶方面，关注L3快速渗透与L4商业化拐点迎来交汇。2026年建议关注具备边际变化的三 个市场：【20万元以下车型】/【运营】/【机器人延展应用】，国内伴随L3政策落地，叠加以欧洲为代 表的海外智驾渗透预期提速，智驾各环节均有望迎来结构行情。新兴产业零部件方面，关注AI算力与 机器人多增长延展曲线。转型零部件优选兼具AIDC+机器人概念的容量标的，出海对冲内需年降， AIDC贡献利润，机器人支撑估值，持续兑现的业绩是上述概念的落地载体。 方正证券发布研报称，2026年，在汽车行业补贴进一步退坡的整体环境下，该行认为汽车板块依然具备 结构性投资机遇：传统整车与零部件出海依然有望成为支撑销量和业绩的重要利润抓手，同时该行重点 看好新兴科技板块包括自动驾驶、AI算力、机器人带来的第二/第三成长曲线。 方正证券主要观点如下： 乘用车 ...

以华为、百度、阿里、腾讯、深度求索等为代表的科技企业，已在大模型、自动驾驶、工业视觉、智能 终端等领域形成技术积累。更重要的是，它们贴近市场需求，能迅速将技术转化为产品和服务。这些企 业在AI方面的产品都不是实验室里的"纸上谈兵"，而是真实创造经济价值的创新实践。 新一轮重点产业链高质量发展行动，应以"链主"企业为核心，构建"大中小企业融通创新"的生态。政府 应通过财税激励、首台套采购、数据开放等方式，支持龙头企业牵头组建创新联合体，带动上下游专精 特新"小巨人"企业共同攻关。同时，完善知识产权保护制度，特别是针对AI生成内容、算法模型等新兴 客体的确权与维权机制，让企业敢于投入、乐于创新。 周城雄(中国科学院科技战略咨询研究院研究员、数智创新与治理研究中心副主任) 近日召开的中央经济工作会议将"坚持创新驱动，加紧培育壮大新动能"列为2026年经济工作的重点任 务，并明确提出"实施新一轮重点产业链高质量发展行动""深化拓展'人工智能+'，完善人工智能治 理"。这是国家对人工智能作为新质生产力关键引擎地位的再次确认。 在当前全球科技竞争日趋激烈、产业链加速重构的背景下，"人工智能+"已不再仅仅是技术层面的突 破 ...

今日，智驾概念股早盘走高，截至发稿， 涨超9%， 涨超8%， 涨超3%， 涨超2%。 东方证券认为，在法规政策支持、市场需求提升的驱动下，预计2026年L3级自动驾驶产业化进展有望持续加速，相关智驾硬件及软件供应商有望受益。长 城证券表示，海内外龙头厂商持续在智驾方面取得突破行业进入高速发展期。伴随高阶智驾逐步下探至10-20万车型，智驾平权亦将逐步实现，该行持续看 好智能驾驶产业链投资机会。 编辑/KOKO | 序號 | 代碼 | 名稱 | 最新價 | 漲跌幅 ◆ | | 成交額 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 02026 | 小馬智行-W | 125.900 | +9.29% | ഥ | 2373.74萬 | | | 2 | 01057 | 浙江世寶 | 5.510 | +8.25% | | 1.24億 | | | 3 | 06088 | FIT HON TENG | 5.670 | +5.00% | | 4587.54萬 | ' | | ব | 00020 | 商湯-W | 1.970 | +4.79% | | 2. ...

Core Viewpoint - The article emphasizes the importance of establishing a robust standard system in the Guangdong-Hong Kong-Macao Greater Bay Area to support high-quality development and enhance global competitiveness through regional collaboration and international standardization efforts [1][4]. Group 1: Standard System Development - The Greater Bay Area has jointly announced 262 "Bay Area Standards" covering 36 fields, including transportation, water conservancy, traditional Chinese medicine, green ecology, and elderly care, creating a positive ecosystem driven by government guidance, market leadership, and collaboration among the three regions [1]. - A focus on emerging industries and future sectors is essential to build a forward-looking standard system that guides industrial upgrades and provides regulatory support, particularly in artificial intelligence and digital economy sectors [2][3]. Group 2: Internationalization and Regional Collaboration - The article discusses the need for a dual empowerment mechanism of "standard internationalization + regional collaboration" to enhance global rule-making power, advocating for the integration of Bay Area standards with international standards [4][5]. - Strengthening regional collaboration and establishing a multi-level international cooperation network is crucial, including standard mutual recognition mechanisms with countries along the Belt and Road Initiative [5]. Group 3: Implementation and Governance - A "technology empowerment + governance innovation" framework is proposed to ensure effective implementation of standards, utilizing advanced technologies like big data and artificial intelligence for real-time monitoring and evaluation [6][7]. - The establishment of incentive mechanisms for enterprises adopting Bay Area standards is recommended, including tax benefits and funding support, to encourage compliance and participation in standard formulation [7].