华泰证券2026年春季行情分析：政策、流动性与基本面三重共振，结构性机会凸显 核心逻辑：三重驱动支撑春季行情 政策端：作为"十五五"规划开局之年，政策预期升温。中央经济工作会议强调"内需主导+创新驱动"，财政政策积极（如设备更新补贴、消费税减 免），货币政策宽松（降准降息空间仍存）。中美关系阶段性缓和（如芯片出口限制放松）为市场提供稳定外部环境。 流动性：内外资共振。国内险资、理财资金"开门红"效应显著，中长期资金（如险资权益配置比例提升至16%）与公募基金净流入；海外美联储降息 周期延续，人民币升值吸引外资回流，北向资金四季度已现净流入。 基本面：制造业PMI重返扩张区间（12月站上枯荣线），PPI同比降幅收窄，企业盈利修复预期强化。科技板块（AI算力、半导体）受益于全球资本开 支周期上行，周期品（有色金属、化工）受益于供需格局优化与价格弹性。 结论：春季行情仍有空间，需以基本面预判为核心 行业配置建议：均衡配置成长与周期，聚焦三大主线 科技成长主线 硬件端：AI算力（光模块、服务器）、半导体设备（国产替代加速）。 软件端：AI应用（AIGC、智能驾驶）、创新药（AI+医药研发）。 风险提示：规避无业绩支撑 ...

品牌联盟网讯 12月29日，以"谁为中国赢得尊敬"为主题的2025（第二十届）中国品牌人物年会在深圳 盛大开幕，年会由品牌联盟、华夏文化促进会主办，深圳市企业联合会、深圳工业总会、学习型中国论 坛、全球博研同学会及LOOKWE|全球外交官中国文化之夜联合主办。 专题：2025第二十届中国品牌人物年会 年会开幕式上，世界数字科学院国际首席人工智能官、广东省人工智能产业协会创始会长、2023中国十 大品牌女性、马拉松爱好者杜兰发表题为《AI思维与长期主义：在指数级变革时代深耕价值》的主旨 演讲。演讲全文如下： 大家好！ 作为一名AI科技工作者，近一两年我感受最深且最真实的，就是"AI一天，人间一年"。我背后的这张 图，为大家罗列了AI领域的大事件。 自ChatGPT掀起第四次人工智能浪潮以来，我们见证了认知智能方向的重大突破，看到了初步的智慧涌 现，也感受到了通用人工智能即将点燃的星星之火。起初，我们嘲笑ChatGPT刚推出时一本正经地胡说 八道，可它很快就进化了。后续的O1、O3展现出理工科博士的水平，再到千呼万唤始出来的ChatGPT 5，已能够为梅奥诊所进行健康医疗判断。 其中，今年春节期间，中国的Deep ...

Market Overview - The market opened high but closed lower, with all three major indices declining: Shanghai Composite Index down 0.26%, Shenzhen Component Index down 0.18%, and ChiNext Index down 0.2% [3] - The total trading volume in the Shanghai and Shenzhen markets reached 3.03 trillion yuan, with over 2900 stocks declining [4] Sector Performance Semiconductor Sector - The semiconductor industry chain showed strong performance, with Longji Technology hitting the daily limit and reaching a five-year high, while Bawei Storage and Jiangbolong both achieved historical highs [4][13] - Notable stocks included Ningbo Silicon Electronics and Tianyue Advanced, both hitting the daily limit with a 20% increase, and Bawei Storage rising 17% to a historical high [14] - The semiconductor sector is experiencing a "super bull market," with expectations of a 40% to 50% increase in the memory market by Q1 2026 [21] AI Application Sector - The AI application sector faced significant declines, with many stocks hitting the daily limit, including Yanshan Technology and Xinhua Net [5][6] - Companies like BlueFocus and Kunlun Wanwei saw declines exceeding 10% [7] Electric Power Equipment Sector - The electric power equipment sector experienced a strong rally, particularly in grid equipment, with stocks like Bofei Electric and Hancable hitting the daily limit [22] - The State Grid announced a fixed asset investment of 4 trillion yuan for the "14th Five-Year Plan," a 40% increase from the previous plan, focusing on technological innovation and new power system construction [25][26] - Goldman Sachs predicts that AI-driven global digital infrastructure and energy system investments could reach $5 trillion over the next decade, with grid equipment being a direct beneficiary [26]

Core Insights - Bilibili (B站) is focusing on enhancing its advertising capabilities and user engagement, with a significant increase in user activity and content creation expected by 2025 [3][5][15]. User Engagement and Demographics - By 2025, the average daily usage time of Bilibili users is projected to reach 112 minutes, an increase of 6 minutes year-on-year, indicating a strong engagement level [3]. - The number of content creators (UP主) with over 100,000 followers has grown by over 20% year-on-year, reflecting a vibrant creator ecosystem [3]. - The average age of Bilibili users is 26, with new users averaging 23 years old, suggesting a demographic shift towards a more financially independent audience [4]. Advertising Revenue and Growth - Over 2.2 billion users engaged with consumer-related content on Bilibili last year, contributing to a sustained growth in advertising revenue, which has exceeded 20% for eleven consecutive quarters [5]. - The average income of UP主 has increased by 22% year-on-year, indicating a healthy monetization environment for content creators [5][9]. AI Integration in Advertising - Bilibili has introduced "哔哩必达," a one-stop AI marketing data strategy center aimed at enhancing advertising efficiency through automated targeting and optimization [8]. - The penetration of automated advertising has surpassed 65%, reducing manual operations by 85% and increasing ad performance by 90% [9]. - AI is also being utilized to assist in creative processes, with AIGC (AI-Generated Content) improving engagement metrics, such as a 15% increase in click-through rates for titles [10]. Marketing Strategies and Tools - Bilibili is shifting towards a more closed-loop advertising model, allowing transactions to occur within the platform, which is expected to enhance conversion rates and efficiency [14]. - The platform plans to open more search traffic to advertisers, enabling them to have greater control over their advertising strategies [11]. - Bilibili is exploring new advertising formats on its playback pages, which are considered high-quality user engagement areas [11][13]. Content Ecosystem and Future Plans - Bilibili is committed to maintaining its focus on mid-to-long-form video content, which is seen as essential for building brand trust and consumer engagement [16]. - The platform is set to produce a variety of content, including 40 domestic productions and multiple podcast programs, to enrich its content ecosystem and attract advertisers [17].

Core Insights - The internet industry is at the beginning of a structural transformation driven by AI, which will redefine interaction forms, business models, and value assessment systems by 2026 [1] - AI Agents and AIGC (AI-generated content) will collaborate to reshape the underlying logic of industries, marking a shift from traditional app-based user engagement to intent-driven interactions [2][5] Group 1: AI Agents and User Interaction - AI Agents will fundamentally change the flow distribution model, moving from traditional app matrices focused on user time consumption to efficient understanding and execution of user intent [2] - The transition from graphical user interfaces (GUI) to intent user interfaces (IUI) signifies a new era of human-computer interaction [2] - In 2025, 81.5% of newly launched AI applications will integrate as plugins within existing ecosystems, indicating a shift from plugin-based AI to system-level AI [2] Group 2: Competitive Landscape - Major tech companies are competing for the AI Agent entry point, which is expected to become an operating system-level traffic hub [4] - Google and OpenAI are enhancing their platforms to seamlessly integrate third-party services, while Alibaba, ByteDance, and Tencent are developing their own AI agents to connect various ecosystems [4][5] - The competition is fundamentally about migrating from attention economy to efficiency economy, where the most successful companies will be those that create indispensable entry points [5] Group 3: AIGC and Content Supply - AIGC is expected to lead to an explosion in content supply, lowering the production threshold for various content types to near-zero marginal costs [6] - The abundance of content will result in a devaluation of mediocre content, while high-quality, emotionally resonant, and culturally unique content will become more valuable [6] - Content consumption will evolve from passive viewing to active engagement, with new forms of interactive content emerging to fill the time saved by AI Agents [6] Group 4: Industry Impacts - In the gaming sector, AI is transitioning from a supportive tool to a core engine driving gameplay innovation, significantly enhancing asset generation efficiency [8] - The domestic gaming market is projected to reach a record revenue of 350.79 billion yuan in 2025, setting the stage for a significant year in 2026 [9] - In the film industry, competition among AI video models is intensifying, with companies focusing on industrialization and controllability to reshape the production chain [11] Group 5: Advertising and Efficiency - The transformation in the internet industry necessitates a closed-loop business model, with advertisers increasingly focusing on return on investment (ROI) [12] - Programmatic advertising platforms that leverage AI for precise matching and real-time optimization are outperforming the market [12] - Companies like AppLovin are experiencing significant revenue growth, indicating a shift in advertising from an art to a data-driven science [12] Group 6: Investment Opportunities - Investment opportunities are polarizing, with one side focusing on "entry builders" that can integrate large ecosystems and understand user intent, such as Alibaba, Tencent, and ByteDance [13] - The other side includes "supply cores" that possess scarce content and emotional connection capabilities, highlighting the value of top IPs and trusted brands [13] - Specific companies to watch include Giant Network, Century Huatong, and Kyeong Network in gaming, as well as Light Media and Huace Film in the film sector [13]

继2026年1月9日上证指数站上4100点之后，1月12日，A股继续放量上攻。 当天，上证指数收涨1.09%，报4165.29点，刷新十年来高点；深证成指收涨1.75%，报14366.91点，创 业板指收涨1.82%，报3388.34点。全部A股成交额达到3.64万亿元，连续两个交易日突破3万亿元。 行业板块分化依旧突出。1月12日，AI应用、商业航天概念爆发：Kimi指数大涨12.25%，小红书平台、 卫星互联网、智能体、中文语料库、AIGC指数纷纷涨超9%，领涨Wind热门概念指数；Wind核聚变指 数在午后走强，全天上涨了近5%。相比之下，锂电负极、央企煤炭指数跌超1%，保险指数下跌了 0.8%，表现较弱。 AI应用、商业航天强势上涨 2026年开年，A股市场热闹非凡，热门板块快速轮动。 1月12日，AI应用方向全线爆发，商业航天概念再度活跃，带领A股主要股指继续攀升。 其中，在AI应用方向，数字营销板块的表现尤其突出：引力传媒走出6天5板，易点天下、值得买、蓝 色光标等个股20cm涨停。AI编程概念同步拉升，众诚科技连续2日30cm涨停。 值得一提的是，AI应用方向主要受益于海内外加速推进AI产业落地 ...

Group 1 - The AIGC Developer Conference is set to take place next week, with institutions predicting that China's AI market will grow to 993 billion yuan by 2030, and a company has formed strategic partnerships with Minimax and others [1] - China has seen an increase of 200,000 satellite applications, and SpaceX is deploying an additional 7,500 Starlink satellites, indicating a new phase of rapid development in the commercial space sector. A company has successfully developed and launched dozens of commercial satellites, with its aerospace components and satellite application products covering space, ground, application, and terminal segments [1] - A company holds a 1.0469% equity stake in Blue Arrow Aerospace [1]

Core Insights - The 2026 talent market in mainland China is characterized by a blend of "new" and "stable," with simultaneous challenges of "employment difficulty" and "recruitment difficulty" driven by factors such as industrial upgrades, human resource distribution, and demographic changes [8][9][19] - The demand for "immediate-use" and "composite" talents is urgent, particularly in fields like AI, 5G, and industrial internet, which are driving the development of Industry 5.0 [9][10] - The employment model is shifting towards a hybrid approach of "fixed employment + flexible supplementation," focusing on core functions for long-term positions while adapting to short-term needs [21] Job Demand and Employment Models - Companies are adopting a cautious and steady recruitment strategy, focusing on emerging sectors and revenue-driven areas [9][10] - The competition for high-level technical talents in advanced manufacturing, AIGC, and carbon neutrality is intense, while the demand for sales roles remains strong [9][10] - The hybrid employment model has become a strategic standard, balancing "strategic certainty" with "environmental uncertainty" [21] Salary Trends - Overall salary growth is moderate, with traditional manufacturing sectors seeing increases of 1%-2%, while healthcare and AI sectors may exceed 10% for core positions [2][24] - The expectation for year-end bonuses has shifted towards differentiated incentives, with flexible working hours and paid learning leave becoming more attractive [26][30] - The salary increase expectations are becoming more rational, with 59% of respondents targeting a 5%-15% increase when changing jobs [30][32] Talent Mobility - The talent market is entering a "low-initiative, high-observation" phase, with 43% of respondents willing to change jobs only for better opportunities [10][33] - Job stability and attractive compensation remain core demands, with non-monetary benefits gaining importance [10][30] - The confidence to switch jobs varies significantly across different sectors, with sales and IT roles showing higher confidence due to their demand and skill applicability [33] AI Impact and Skills Adaptation - AI is deeply restructuring the workplace, leading to challenges in skill adaptation, with 55% of workers feeling that AI training does not match job requirements [12][36] - Companies need to enhance AI applications and build flexible talent systems through partnerships with educational institutions and robust training frameworks [12][13][38] Strategic Recommendations - Companies should strengthen AI applications and provide timely training to enhance employee skills and maintain competitiveness [12][13] - Building organizational resilience and talent flexibility is crucial, with a focus on long-term strategic investments in talent development [13][14] - Establishing a new collaborative system that integrates human resources, AI, and robotics is essential for fostering trust and engagement in the workplace [15][19]

Investment Rating - The report assigns an investment rating of "Buy" for the AI industry, indicating strong growth potential and favorable market conditions [3]. Core Insights - The AI sector is projected to experience significant growth, with an expected increase in market size from $283 billion to $1 trillion by 2028, reflecting a compound annual growth rate (CAGR) of approximately 28% [3][4]. - The report highlights the transformative impact of AI technologies across various industries, including healthcare, finance, and manufacturing, emphasizing their role in enhancing efficiency and driving innovation [3][7]. - Key drivers of growth include advancements in machine learning, natural language processing, and automation technologies, which are expected to create new business opportunities and improve operational efficiencies [3][6]. Summary by Sections Market Overview - The AI market is currently valued at $283 billion, with projections indicating a potential growth to $1 trillion by 2028, representing a CAGR of 28% [3][4]. - The report notes that the adoption of AI technologies is accelerating across multiple sectors, driven by the need for digital transformation and improved decision-making capabilities [3][7]. Growth Drivers - Major growth drivers identified include advancements in machine learning, natural language processing, and automation technologies, which are expected to enhance productivity and create new revenue streams [3][6]. - The increasing demand for AI solutions in sectors such as healthcare, finance, and manufacturing is highlighted as a key factor contributing to market expansion [3][7]. Competitive Landscape - The report outlines a competitive landscape characterized by rapid innovation and the emergence of new players, alongside established tech giants [3][4]. - Companies that effectively leverage AI technologies to enhance their product offerings and operational efficiencies are expected to gain a competitive edge in the market [3][6].

Group 1 - The core viewpoint of the report is that the investment system in the media and internet sector will shift towards high-quality assets in both the traffic distribution and content supply ends due to the uncertainties and opportunities brought by AI [1] - The emergence of AI Agents is expected to redefine the flow distribution logic, transitioning from a "time consumption" model to an "efficiency-first" model, where companies with operating system bases or super Agent platforms will gain new distribution rights and bargaining power [3] - The content supply side will experience a significant increase in production capacity due to AIGC technology, leading to a revaluation of scarce data and IP, while the value of mediocre content will decline [4] Group 2 - The AI era is marked by a shift from traditional app-based interactions to intention-based interactions, with AI Agents becoming the new super entry points for traffic distribution [2] - The gaming industry is expected to evolve with AI becoming a core engine rather than just an auxiliary tool, enhancing user experience and interaction [5][6] - The film and television sector is anticipated to see a differentiated box office performance, with potential catalysts including blockbuster films, AI video model releases, and favorable policies [7] Group 3 - In the advertising and marketing sector, programmatic advertising companies are expected to see growth as advertisers focus more on ROI conversion effects, with programmatic platforms outpacing overall market growth [8]