以下文章来源于日经中文网 ，作者日经中文网 日经中文网 . 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 将在美国开幕的全球最大规模的科技展会"CES"将率先呈现2026年的科技趋势。对于科技行业，备受关注的是如何把生成式AI实际应用到终端和社会中。有望在 2026年问世的是面向"后智能手机"时代的新终端…… 来源｜ 日经中文网（ID：rijingzhongwenwang） 封面来源 ｜ 视觉中国 OpenAI提出"后智能手机"产品 有望在2026年问世的是面向"后智能手机"时代的新终端。美国OpenAI预告称，将在2026年内发布"AI终端"。估计将是一种没有显示屏、仅通过语音来操 作的小型终端。 自2007年美国苹果推出"iPhone"以来，已经过去约20年，智能手机已深度融入人们的生活。但设计iPhone的著名设计师乔尼·艾夫（Jony Ive）对由此催生 出智能手机依赖问题感到懊悔，并正在协助OpenAI开发新终端。 美国Meta正在开发搭载AI的眼镜型终端。其构想是用户可透过透明镜片观看现实世界，同时显示数字画面。2025年12月，M ...

1月8日，汉王科技盘中上涨2.04%，截至11:04，报22.49元/股，成交8244.00万元，换手率1.78%，总市 值54.98亿元。 资金流向方面，主力资金净流入482.09万元，特大单买入278.54万元，占比3.38%，卖出684.68万元，占 比8.31%；大单买入2049.45万元，占比24.86%，卖出1161.21万元，占比14.09%。 责任编辑：小浪快报 资料显示，汉王科技股份有限公司位于北京市海淀区东北旺西路8号5号楼三层，成立日期1998年9月11 日，上市日期2010年3月3日，公司主营业务涉及从事以模式识别为核心的智能交互领域相关的软硬件产 品生产、行业应用、技术授权及平台服务。主营业务收入构成为：笔智能交互58.89%，AI终端 28.70%，多模态大数据业务10.89%，其他(补充)1.35%，其他0.18%。 汉王科技所属申万行业为：计算机-软件开发-垂直应用软件。所属概念板块包括：AI语料库、数字经 济、AIAgent（智能体）、基因测序、AI多模态等。 截至9月30日，汉王科技股东户数6.01万，较上期增加7.17%；人均流通股3452股，较上期减少6.69%。 20 ...

自2007年美国苹果推出"iPhone"以来，已经过去约20年，智能手机已深度融入人们的生活。但设计 iPhone的著名设计师乔尼·艾夫（Jony Ive）对由此催生出智能手机依赖问题感到懊悔，并正在协助 OpenAI开发新终端。 Meta的新产品在右侧镜片部分搭载了透视型（See-Through）显示屏 将在美国开幕的全球最大规模的科技展会"CES"将率先呈现2026年的科技趋势。对于科技行业，备受关 注的是如何把生成式AI实际应用到终端和社会中。有望在2026年问世的是面向"后智能手机"时代的新终 端…… 在2026年的科技行业，备受关注的是如何把生成式AI（人工智能）实际应用到终端和社会中。美国时 间1月6日，全球最大规模的科技展会"CES"将在美国拉斯维加斯开幕。这一展会将率先呈现2026年的科 技趋势。对于生成式AI的开发，也存在对过度投资的担忧，2026年将是检验价值创造成果而不是单纯 炒作话题的一年。 （1）OpenAI提出"后智能手机"产品 有望在2026年问世的是面向"后智能手机"时代的新终端。美国OpenAI预告称，将在2026年内发布"AI终 端"。估计将是一种没有显示屏、仅通过语音来操 ...

Core Viewpoint - The semiconductor industry is expected to experience significant growth in 2026, driven by three key trends: storage, AI, and domestic production. A global supply-demand gap in storage is anticipated to persist, while AI-related capital expenditures and innovations in domestic chip design are set to rise sharply [4][5]. Group 1: Storage - The storage market saw a dramatic price increase in 2025, with major players forecasting that shortages will continue into 2026. Micron's Chief Business Officer highlighted a significant gap between supply and demand [6]. - TrendForce predicts that capital expenditures in the storage sector will rise, with DRAM spending increasing from $53.7 billion to $61.3 billion (14% YoY) and NAND spending from $21.1 billion to $22.2 billion (5% YoY) [6]. - Major PC manufacturers like Lenovo, HP, and Dell are planning to raise prices and adjust product specifications in response to rising storage costs, with Lenovo already notifying customers of upcoming price hikes [7]. Group 2: AI - The AI sector continues to thrive, with global cloud service providers expected to increase capital expenditures by 40% to $600 billion in 2026, driven by demand for AI applications [9]. - The shift from training to inference in AI models is anticipated to boost the demand for ASIC chips, with projections of over 800,000 units shipped in 2026 [9]. - Companies like Chipone have reported a significant increase in new orders, indicating strong demand for customized chip solutions [9]. Group 3: Domestic Production - The domestic semiconductor design sector is experiencing rapid growth, with the number of companies increasing from 1,380 in 2017 to 3,901 in 2025, and sales revenue growing at a compound annual growth rate (CAGR) of 19% [12]. - The utilization rates of domestic foundries like SMIC and Hua Hong Semiconductor have rebounded, benefiting from the rise of local chip design firms and a trend towards localized manufacturing [12]. - In the foundry segment, advanced logic production is expected to double, with significant expansions planned by companies like SMIC and Huahong [15].

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]

Summary of Key Points Core Viewpoint - Hanwang Technology's stock performance and financial metrics indicate a mixed outlook, with a slight increase in stock price but a decline in net profit year-over-year, suggesting potential challenges ahead for the company. Group 1: Stock Performance - On December 19, Hanwang Technology's stock rose by 0.77%, with a trading volume of 72.52 million yuan [1] - The financing data shows a net financing outflow of 1.88 million yuan on the same day, with a total financing balance of 247 million yuan, representing 4.85% of the circulating market value [1] - The financing balance is above the 60th percentile of the past year, indicating a relatively high level of financing activity [1] Group 2: Shareholder and Financial Metrics - As of September 30, the number of shareholders increased to 60,100, a rise of 7.17% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 6.69% to 3,452 shares [2] - For the period from January to September 2025, Hanwang Technology reported revenue of 1.26 billion yuan, a year-on-year increase of 9.85%, while the net profit attributable to shareholders was a loss of 91.18 million yuan, a decline of 21.55% year-on-year [2] Group 3: Institutional Holdings - As of September 30, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 14.04 million shares, a decrease of 7.72 million shares from the previous period [2] - The Dachen CSI 360 Internet + Index A (002236) has exited the list of the top ten circulating shareholders [2]

Group 1 - The first Artificial Intelligence Innovation Conference (HAIC2025) was held in Kunshan, Jiangsu, gathering over 2,500 representatives from various industries, experts, and leaders to showcase China's AI computing open architecture and ecological prosperity [1] - AI has transitioned from an auxiliary tool to a core production factor, with significant advancements in scientific models and embodied intelligence, leading to unprecedented demands for computing power [2][3] - Challenges such as insufficient high-end computing supply, poor hardware-software compatibility, inconsistent technical standards, and high application costs are significant barriers for small and medium enterprises [2][3] Group 2 - The conference emphasized the need for an open, efficient, secure, and stable intelligent computing infrastructure, advocating for a collaborative and win-win industrial pattern [2][3] - Notable innovations presented included the scaleX supercluster, designed for trillion-parameter models, which consists of 16 scaleX640 supernodes interconnected by a high-speed network, marking a key breakthrough in building world-class large-scale intelligent computing infrastructure [5] - Strategic collaborations were established among companies like SenseTime, Inspur, and others to optimize AI computing hardware and software systems, focusing on innovations in world models and embodied intelligence applications [5]

Core Viewpoint - The global capital markets are expected to experience a fluctuating and divergent trend in 2025, while the A-share market is anticipated to rise due to steady domestic economic recovery and targeted industrial policies [1] Macro Economic Outlook - The Chief Investment Officer of Dongwu Futures, Wu Zhaoyin, expressed a clear optimistic outlook for the A-share market, stating that the core support factors for long-term upward movement remain unchanged, including policy support, stable funding, and valuation [1] - Continued policy support aimed at stabilizing growth and deepening capital market reforms is expected to provide a solid foundation for market operations [1] - The domestic low-interest-rate environment is likely to remain stable, further boosting the valuation levels of risk assets like stocks [1] - A-shares are currently undervalued compared to major global markets, with lower overall price-to-earnings and price-to-book ratios, indicating significant valuation attractiveness [1] Industry Opportunities - The core topic of the strategy meeting was the exploration of opportunities in various industries, with artificial intelligence (AI) being highlighted as a key driver of global economic development [2] - Economist Ma Guangyuan emphasized the need for market participants to adopt a "super Moore's Law" mindset, recognizing that while the implementation cycle of disruptive technologies may be longer than expected, their impact will be profound once they reach an explosive growth phase [2] - The Chief Researcher at Huizheng Finance, Gu Chenhao, predicted that 2026 will be a value realization period for AI applications and terminal fields, with significant capital investment leading to a positive feedback loop between hardware development and software application demand [2][3] Specific Industry Insights - Gu Chenhao anticipates that funding will focus on the AI terminal sector in 2026, with robotics expected to reach a critical commercialization milestone [3] - The storage industry was also a hot topic, with Chief Strategist Yang Shoujun noting that it is entering a rapid development phase characterized by three major trends: a shift to long-duration storage, intelligent management enabled by AI, and improved market mechanisms supported by ongoing policy incentives [3] Investment Strategies - The roundtable discussions highlighted long-term industrial layouts and short-term market operations, identifying investment lines concentrated in quantum technology, nuclear fusion, biomanufacturing, semiconductor domestic substitution, and commercial aerospace [4] - For the upcoming spring market, participants advised aligning investments with policy directions and fundamental performance, focusing on sectors like embodied intelligence, semiconductors, storage, and lithium batteries that demonstrate performance realization capabilities [4] - Investors were encouraged to avoid short-term trading strategies and instead adopt a dynamic position management approach, maintaining long-term holdings to capture the benefits of industrial growth [4]

Group 1 - The core economic growth target for Dongguan during the "15th Five-Year Plan" is to maintain an average annual growth rate of around 5%, aiming for a GDP exceeding 1.7 trillion yuan by 2030, with per capita GDP surpassing the threshold of moderately developed countries [1][2] - Dongguan's economic growth has slowed after years of rapid expansion, necessitating higher demands for economic structure and quality improvements [1][2] - The city aims to leverage technology and innovation as key drivers for new productive forces, focusing on AI and technology-driven industries to support economic advancement [2][3] Group 2 - Dongguan recognizes existing challenges in its economic development, including low overall quality, reliance on a single pillar industry, and a small scale of emerging strategic industries [2][3] - To address these shortcomings, Dongguan plans to enhance the integration of technological and industrial innovation, aiming for R&D investment to reach 4.1% of GDP and service industry value added to account for 50% of GDP by 2030 [3] - The city will focus on building a robust AI ecosystem, enhancing capabilities in AI hardware and software, and establishing a national AI application pilot base [5][4] Group 3 - Dongguan's foreign trade has shown resilience, with total import and export volume expected to reach a historical high by 2025, despite a challenging international environment [5] - The city plans to expand its overseas warehouse layout and establish more overseas exhibition centers to enhance trade quality and efficiency [5][6] - Dongguan aims to tap into the domestic market, leveraging its advantages as a key city in the Greater Bay Area to boost internal circulation and expand growth opportunities [6][7]

Core Insights - Shandong Province's AI core industry revenue is expected to exceed 120 billion yuan by 2025, accounting for approximately 10% of the national total, with a full-stack AI industry chain being developed [1] - The acceleration of AI applications in China is noted, with a focus on the commercialization and scaling of AI products [2] Group 1: Industry Development - Shandong has implemented the "Shandong Province Artificial Intelligence Industry High-Quality Development Action Plan" and has been recognized as a key province for AI innovation by the Ministry of Industry and Information Technology [1] - The AI sector is anticipated to drive growth in various industries, presenting new investment opportunities [1] Group 2: Investment Recommendations - Companies should focus on leading enterprises in AI terminals, AI agents, and potential killer AI applications as the industry accelerates [2] - Attention should be given to the application demands and innovative products in key sectors such as industry, agriculture, education, and new consumption [2] - The demand for computing power on the edge and inference side is expected to rise, emphasizing the need for infrastructure development in AI computing capabilities [2] - There is an urgent need to optimize the AI governance system, highlighting companies involved in safety methods and governance [2]