现在，中美之间的问题已经不再是简单的加关税、制裁某些公司那么直接，而是进入了更为复杂和深层 次的对账阶段。这不仅仅是金融或贸易层面的账目，而是一场涉及战略意图、综合国力和全球动员能力 的历史级博弈。美国已经意识到，如果不尽快锁定中国，2026年以后可能就没有机会再进行这种对抗 了。这并不是危言耸听，而是美国自己设定的时间表。 到了2025年12月，中美的大账终于开始结算，三个看似毫不相关的事件将这场对账推向了高潮。首先， 12月4日，白宫发布了国家安全战略文件，明确将中国视为头号系统性竞争者，并为未来几年美国的外 交、经济、军事战略定下了方向：围绕限制中国展开。这份长达57页的文件没有废话，直接点出了美国 未来所有战略资源的配置将围绕如何遏制中国展开。第二，12月17日，特朗普发表了一个奇怪的年终演 讲，原本大家以为他会发表激烈的言辞，但结果他只是匆匆带过，讲话的内容没有任何实质性突破。熟 悉他的人都能看出来，这场演讲明显让人感觉他有些神志不清，重复着我们离胜利很近，但眼神中却透 露出我快撑不住了的无奈。 我们可以深入剖析一下美国接下来将如何出招，同时看看他们是如何计算的，或者他们的算盘是否能成 功。12月， ...

责任编辑：张俊 SF065 责任编辑：张俊 SF065 由英伟达（NVDA）芯片驱动、现代汽车（KRX：005380）作为控股股东支持的波士顿动力Atlas机器 人展示了自主完成工厂任务的能力，人形机器人推进步伐正在加快。 由英伟达（NVDA）芯片驱动、现代汽车（KRX：005380）作为控股股东支持的波士顿动力Atlas机器 人展示了自主完成工厂任务的能力，人形机器人推进步伐正在加快。 ...

12月28日，香港科技大学地缘经济研究所所长金刻羽在《财经》年会2026：预测与战略·年度对话2025全球财富管理论坛上说，当前地缘与经济已深度融 合，成为影响企业战略的核心因素，但全球化并未因大国竞争和保护主义而消失，而是在经历重构。 金刻羽认为，如今想封锁技术、封锁知识已不可能。"19世纪时高科技可以锁在一台机器里防止窃取，有人想偷，得把整个设备运走再从英国逃到美国，现 在这已经行不通。技术无法被封锁。"金刻羽说。 金刻羽1982年出生于北京，虽然是80后，但金刻羽的经济学知识非常深厚，她不仅是哈佛大学经济学博士，同时还是亚投行行长金立群的女儿，早在14岁金 刻羽就赴美读高中，毕业后曾就职世界银行、国际货币基金组织等机构，同时还精通多国语言，是名副其实的才女。 在全球化重构的今天，金刻羽的认识也愈发深刻，即西方想通过封锁技术和知识来限制他国发展，已经不可能。 金刻羽说，全球化正在经历重构，如今想封锁技术、封锁知识已不可能。 而历史经验也表明，技术封锁往往适得其反，反而会加速技术的多极化扩散。早在上世纪50年代，美国就曾发起麦卡锡运动，对当时的科学家进行迫害，钱 学森等华裔科学家就被迫回国，反而意外推动了我 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive intelligence industry [5][6]. Core Insights - The automotive intelligence sector is witnessing significant advancements, particularly in L3 autonomous driving technology, with multiple companies receiving regulatory approvals for their products [15][19]. - The penetration rates for advanced driver-assistance systems (ADAS) and various sensor technologies are on the rise, indicating a growing market for intelligent vehicles [3][2]. - Key companies in the sector, such as Xpeng Motors, Horizon Robotics, and WeRide, are highlighted for their potential growth and investment opportunities [5][3]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has approved two L3 autonomous driving vehicle models, marking a significant step towards commercialization [15]. - Xpeng Motors has obtained a road testing license for L3 autonomous driving in Guangzhou, while BYD has completed extensive road validation for L3 technology [18][17]. - WeRide's Robotaxi service has expanded to over 10 cities globally, showcasing the commercial viability of autonomous driving technology [20]. High-Frequency Core Data Updates - By October 2025, the penetration rate of 800 million pixel cameras in passenger vehicles is expected to reach 49.7%, a year-on-year increase of 31% [2]. - The market share of lidar technology in passenger vehicles is projected to rise to 14.3%, with significant contributions from companies like Huawei and Hesai Technology [2]. - The penetration rate of L2 and above intelligent driving functions in passenger vehicles has increased to 33%, reflecting a 19% year-on-year growth [3]. Investment Recommendations - Recommended companies for investment include Xpeng Motors, Leap Motor, and Geely for complete vehicles, while WeRide and Horizon Robotics are suggested for L4 technology [3]. - For components, companies like SUTENG and Hesai Technology are recommended for data acquisition, while Horizon Robotics and Black Sesame Intelligence are highlighted for data processing [3].

Core Insights - The article summarizes key developments in China and the world in 2025, focusing on economic policies, market trends, and significant events that shaped various industries. Group 1: Economic Policies and Reforms - The main theme of 2025's economic work is the comprehensive rectification of "involution" in competition, with government reports emphasizing the need to regulate low-price competition and improve product quality [4] - The year marks the conclusion of the deepening reform of state-owned enterprises, with significant progress in strategic restructuring and improved governance [6] - The implementation of the "Private Economy Promotion Law" aims to create a fair business environment and protect the rights of private enterprises [7] Group 2: Debt Management and Fiscal Policies - A plan to replace 10 trillion yuan of hidden local government debt over five years was launched, with nearly 6 trillion yuan replaced by the end of 2025, significantly reducing debt risks [8] - The issuance of ultra-long special government bonds reached 1.3 trillion yuan, supporting major projects and expanding policies to boost consumption [9] Group 3: Consumer and Market Trends - A special action plan to boost consumption was introduced, focusing on increasing residents' income and improving consumer confidence [10] - The A-share market saw the Shanghai Composite Index reach 4,000 points for the first time in ten years, with total trading volume exceeding 400 trillion yuan [13] Group 4: Industry Developments - The gold market experienced a historic surge, with prices rising from $2,625 to a peak of $4,550 per ounce, driven by macroeconomic factors and central bank purchases [14] - The introduction of the "Science and Technology Innovation Growth Layer" on the STAR Market accelerated the IPO process for unprofitable companies, marking a significant shift in capital market dynamics [19] Group 5: Corporate Events and Challenges - The external delivery market saw increased competition with new entrants like JD and Taobao, reshaping the landscape and enhancing consumer choices [22] - The controversy surrounding Wahaha highlighted family disputes and governance issues within the company, affecting its market position [23] - The restaurant industry faced challenges as the crisis at Xibei over pre-made dishes prompted a reevaluation of consumer trust and operational practices [29]

公众号记得加星标⭐️，第一时间看推送不会错过。 尽管如此，长期投资者仍然心存疑虑。知名科技投资者詹姆斯·安德森今年早些时候告诉《卫报》， OpenAI 的交易"比以往任何时候都更令人担忧"。他补充道："我不得不说，'供应商融资'这个词对我这个 年纪的人来说并不怎么好听。虽然它和许多电信供应商在 1999 年至 2000 年的做法不太一样，但两者之间 确实存在一些相似之处。从这个角度来看，这让我感到不太舒服。" 支撑人工智能生态系统的投入规模极其庞大。仅 OpenAI 一家就已在计算能力方面投入了约 1.4 万亿美 元，其中大部分都建立在英伟达的基础设施之上。OpenAI 认为，英伟达和 AMD 之间的投资合作旨在协 调各方利益并加速部署，而非造成依赖。CoreWeave 的首席执行官 Michael Intrator 将这种架构描述为 对"供需剧烈变化"的务实应对。 除了这些安排之外，英伟达还部署了特殊目的实体（SPV）来构建投资——其中包括与埃隆·马斯克的 xAI 相关的 20 亿美元基金，该基金的收益专门用于购买芯片。 该机制被拿来与安然公司进行比较，安然公司在2001年倒闭前曾利用特殊目的实体来掩盖债务 ...

马斯克此前曾公开表示，计划打造全球规模最大的AI训练超算中心。他在今年早些时候的推文中透 露，"Colossus 2"最终将配备55万颗英伟达(NVDA.US)芯片，相关硬件采购成本将高达数百亿美元。 为支撑这一雄心勃勃的项目，xAI在2025年持续加码融资力度。据报道，该公司于今年年初启动新一轮 融资谈判，拟通过债权加股权的组合方式募资200亿美元，所筹资金将部分用于为"Colossus 2"采购英伟 达处理器。 截至目前，xAI方面尚未就相关报道予以置评。 智通财经APP获悉，埃隆·马斯克旗下的人工智能(AI)公司xAI正计划扩展其位于美国田纳西州孟菲斯的 大型数据中心集群。这位亿万富翁于周二在X平台发帖称，公司已在该区域购入第三栋楼宇，此举将使 其AI算力规模提升至接近2吉瓦。 目前，xAI已在孟菲斯建成一座名为"Colossus"的超算数据中心，另一座同系列的"Colossus 2"数据中心 也在附近加紧建设。据相关媒体周二早些时候援引产权记录及项目知情人士报道，马斯克此次购入的新 楼宇坐落于密西西比州南黑文市，毗邻"Colossus 2"设施。 "xAI已拿下第三栋楼宇，命名为MACROHARDRR ...

Investment Rating - The report maintains a "Weaker than the market" rating for the U.S. stock market, particularly focusing on the semiconductor sector [4]. Core Insights - The semiconductor sector has shown a strong upward trend in both fundamentals and stock prices, contributing significantly to the market's recovery [1]. - The S&P 500 index increased by 1.4%, with the semiconductor products and equipment sector rising by 4.0%, indicating robust performance compared to other sectors [1]. - There has been a notable inflow of funds into the semiconductor sector, with an estimated net inflow of $24.3 billion, highlighting investor confidence [2]. Summary by Sections 2.1 Investment Returns - The semiconductor products and equipment sector reported a weighted average price return of 4.0% this week, with a 56.2% return year-to-date [14]. 2.2 Fund Flows - The semiconductor sector experienced a net inflow of $2.433 billion this week, reflecting strong investor interest and confidence in the sector's growth potential [16]. 2.3 Earnings Forecast - The earnings per share (EPS) forecast for the semiconductor products and equipment sector was adjusted upward by 0.6% this week, indicating positive expectations for future performance [17]. 2.4 Valuation Levels - The report does not provide specific valuation levels for the semiconductor sector, but the overall positive trends in investment returns and earnings forecasts suggest a favorable outlook for valuations [19].

日本商业杂志Diamond报道，鸿海在向日本政府寻求补贴，以便在其子公司夏普位于三重县龟山市的工 厂生产人工智能服务器。报道周五援引鸿海向日本经济产业省提交的材料报道，鸿海已向该部门提出计 划，以确保获得英伟达芯片，用于在日本国内生产AI服务器。 责任编辑：王永生 责任编辑：王永生 日本商业杂志Diamond报道，鸿海在向日本政府寻求补贴，以便在其子公司夏普位于三重县龟山市的工 厂生产人工智能服务器。报道周五援引鸿海向日本经济产业省提交的材料报道，鸿海已向该部门提出计 划，以确保获得英伟达芯片，用于在日本国内生产AI服务器。 ...

| 6、高盛认为中国 AI 模型与美国顶尖模型的差距已缩窄至 3-6 个月。此外研报认为 | | --- | | 字节跳动豆包手机助手等 AI 助手的推出，可能预示着移动应用流量格局的根本性 | | 改变。预计中国头部云服务商 2026 年资本开支将进一步攀升至 5000 亿元。 | | 7、字节跳动初步计划的 2026 年资本支出达 1600 亿元人民币，较今年的 1500 亿元 | | 有所增长。投资重点将集中在 AI 基础设施建设上，其中约一半资金将用于采购先 | | 进芯片以开发 AI 模型和应用。 | | 8、国际半导体产业协会（SEMI）日前发布报告显示，2025 年全球原始设备制造商 | | （OEM）的半导体制造设备总销售额预计达 1330 亿美元，同比增长 13.7%，创历史 | | 新高。预计 2026 年和 2027 年分别达到 1450 亿美元和 1560 亿美元。 | | 9、全国机器人租赁生态峰会暨"擎天租"平台发布会在上海举行。会上，智元机 | | 器人发布机器人租赁平台"擎天租"，标志着具身智能行业将向生态化、服务化的 | | 租赁模式深度演进。 | | 10、GGII（高工产 ...