证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 05 日 [Table_Title] 资产配置日报：股牛再出发 [Table_Title2] [Table_Summary] 1 月 5日，股市迎来新一年的首个交易日，债市则迎来交易力量的回归。开门行情之下，股债两市的喜悲却不 相通，股市强势开局，上证指数单日上涨 1.38%，新年伊始重返 4000 点之上；债市则经历大幅调整，各期限收益 率几乎全面上行。 权益市场放量上涨。万得全 A上涨 1.99%，全天成交额 2.57 万亿元，较上一交易日（12 月 31 日）放量 5015 亿元。港股方面，恒生指数上涨 0.03%，恒生科技上涨 0.09%。南向资金净流入 187.23 亿港元，其中快手 和小米集团分别净流入 15.56 亿港元和 10.19 亿港元，而腾讯控股、中国移动分别净流出 9.19 亿港元和 4.06 亿港 元。 指数突破前高，关注市场 FOMO（害怕踏空）情绪。万得全 A 强势突破 10-11 月高点，意味着前高附近的兑 现筹码基本出尽，做多资金掌握定价权，行情有望走出 10 月以来的震荡区间，形成上涨趋势。往后看 ...

Group 1 - The core point of the news is that Japan has raised its benchmark interest rate from 0.5% to 0.75%, marking the highest level in 30 years, which aligns with market expectations [1] - The Bank of Japan's stance is neutral to hawkish, indicating that despite the rate hike, the actual interest rate remains very low, and the monetary environment is still accommodative, suggesting further rate increases in the future as prices improve [1][6] - Japan has entered a long-term gradual tightening process, but paradoxically, the yen depreciated against the dollar after the rate decision, falling below 156 [3][5] Group 2 - The market had anticipated the rate hike, with a 94% probability noted days prior, leading to the conclusion that the yen's current price is not low, and the market continues to be bearish on the yen [5] - Japan's November CPI was reported at 2.9%, while the nominal interest rate is only 0.75%, resulting in a real interest rate of -2.15%, indicating a deep negative zone [5][6] - The Bank of Japan's statement about maintaining low real interest rates suggests that liquidity will not tighten significantly due to a single rate hike, keeping the monetary environment loose [6] Group 3 - The Japanese government's stimulus plan of 21 trillion yen, with 18.3 trillion yen already approved, is primarily funded through new debt issuance, which increases the interest cost and could harm the credit of Japanese bonds and the yen [6] - The yield on 10-year Japanese government bonds has surpassed 2%, reaching the highest level since 2006, indicating a potential rise in bond yields as the tightening process continues [6][8] - To achieve a neutral interest rate of at least 2.5%, Japan may need to raise rates seven more times, which could take over three and a half years if done biannually, potentially leading to further increases in bond yields [8]

RT Neuralink (@neuralink)Jake could only type with one finger after ALS took away most of his arm and hand mobility.With Neuralink, he’s exploring how to type by imagining moving all ten of his fingers again. ...

RT Andrea Stroppa 🐺 Claudius Nero's Legion 🐺 (@andst7)In questo preciso momento: Starlink sta coprendo aree colpite da disastri naturali supportando i soccorsi. Neuralink sta aiutando oltre 10 persone affette da gravi problemi neurologici (superate solo negli Stati Uniti 10 mila richieste per averlo). La guida autonoma di Tesla sta consentendo a persone narcolettiche e con vista parziale di muoversi in modo autonomo. Deve essere proprio uno stronzo questo Elon Musk! ...

No living person is having a bigger positive impact on humanity’s future.Full stop.Legacy media is dying because of idiotic headlines like “Elon Musk Is Rewriting History – Grok Said He’s Better Than Jesus.”It’s pure clickbait built on a 24-hour-old jailbreak glitch that was already fixed.Elon called it “insanely dumb,” xAI apologized and patched it instantly.Done.Grok gets meaningfully better every single day — faster than any other major model.Meanwhile, Elon is currently delivering:30× cheaper space acce ...

RT Alex Conley (@Bcidesign)I used the Neuralink to write code for an Arduino to allow me to control an RC airplane with a quad stick. The possibilities are truly endless. Thank you Elon and the entire team at Neuralink. I am honored to be part of such a great program. @neuralink https://t.co/VLnNi7n6Ex ...

Core Insights - The discussion with Elon Musk highlighted four key areas: DOGE, Optimus, Starlink, and direct smartphone connectivity [1] - Musk provided timelines for the delivery of Full Self-Driving (FSD) by the end of the year, mass production of humanoid robots by the end of 2025, and completion of a $17 billion spectrum acquisition for Starlink [3][11][30] Group 1: AI Infrastructure Development - Musk is not promoting standalone products but is advancing three technological lines simultaneously: AI5 chip, FSD V14, and Optimus V3 [6] - The integration of these technologies is aimed at building a comprehensive AI infrastructure, with each layer accelerating integration from chips to algorithms to networks [4][5] - The AI5 chip is designed to be cost-effective, energy-efficient, and fast, with a performance improvement of 40 times over its predecessor [8][9] Group 2: Product Timelines and Ambitions - FSD V14 is set to be operational by the end of the year, marking a shift from demonstration to large-scale deployment as a core system for Robotaxi [11][12] - Musk envisions Optimus as a revolutionary product, with significant challenges in supply chain and mechanical design that need to be addressed for practical applications [13][14] - The combination of Grok, Optimus, FSD, and Starlink is not coincidental but part of a unified strategy to create a complete AI ecosystem [15][16] Group 3: Grok and Neuralink Integration - Grok is positioned as a central system that integrates with physical systems and real-world operations, moving beyond traditional chatbots [18][25] - Neuralink is being developed to interface directly with the brain, allowing for immediate control of devices without the need for verbal commands [22][24] - The goal is to create an AI that can understand and execute tasks based on direct brain signals, enhancing efficiency [25] Group 4: Starlink's Role in AI Connectivity - Starlink aims to provide a direct communication link for AI devices, eliminating reliance on traditional mobile networks [30][31] - The $17 billion investment in new frequency bands is intended to enable direct satellite-to-phone communication, enhancing global connectivity for AI applications [30][31] - With Starlink, AI tools can be deployed in remote locations, addressing the challenges of slow uploads and high latency [34][35] Group 5: Systemic Integration and Future Outlook - Musk emphasizes that the integration of these technologies is not merely about product development but about creating a cohesive system that operates seamlessly [39][43] - The urgency of deploying AI and robotics to address societal challenges is underscored, with a focus on immediate applications rather than distant future possibilities [44] - The interconnected nature of Grok, Optimus, FSD, and Starlink represents a strategic move towards establishing a unique technological ecosystem that is difficult to replicate [46]

“If we are symbiotic with AI essentially a merger of human and machine intelligence we may be able to address the relevance question. Like riding a bicycle or driving a car, you become superhuman in capability, but that doesn’t make running irrelevant. People still run and race. The best solution I see is interwoven human and machine intelligence, with something like Neuralink to augment our minds and help us become one with AI.” ...

LIVE NOW -- Inside Cathie Wood’s Trillion Dollar Bets: AI, Elon Musk, Robotaxies, Brain Implants, & Crypto@CathieDWood of @ARKInvest is placing some of the boldest bets in investing history, spanning AI, robotaxis, brain chips, crypto, and even space.In this episode of Bankless, the ARK Invest CEO joins Chief Futurist @wintonARK to break down her five highest-conviction technologies - opportunities she believes could unlock over $20 trillion in enterprise value.You’ll hear why Elon Musk’s empire is at the c ...

I think what happened um and this could be considered a conspiracy theory but you know uh with Trump and Musk so close at one point uh and with China uh President Trump's primary focal point when it came to trade negotiations at the end of the day um you know Tesla's plants uh plant in Shanghai became a leverage point so I think they've separated naturally now I think I think it went a little overboard in terms of the drama. Uh and I think the same is true today. Uh I I do think uh that Elon Musk is getting ...