证券代码：601166 证券简称：兴业银行 公告编号：临2026-007 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 2025年半年度A股权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 每股分配比例 A股每股现金红利人民币0.565元（含税） 本次利润分配方案经公司2026年1月20日的2026年第一次临时股东会审议通过。 2.分派对象 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体A股股东。 3.分配方案 本次利润分配以方案实施前的公司总股本21,162,855,995股为基数，每股派发现金红利0.565元（含 税），共计派发现金红利11,957,013,637.18元。 二、分配方案 1.发放年度：2025年半年度 恒生银行有限公司所持股份现金红利由本公司自行发放。 三、相关日期 ■ 四、分配实施办法 1.实施办法 除本公司自行发放对象外，其他A股股东的现金红利委托中国结 ...

证券代码：600219 证券简称：南山铝业 公告编号：2026-010 山东南山铝业股份有限公司董事会 2026年2月2日 山东南山铝业股份有限公司关于控股子公司南山铝业国际控股有限公司完成根据一般性授权配售股份的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 山东南山铝业股份有限公司（以下简称"公司"）于2026年1月22日发布了《山东南山铝业股份有限公司 关于控股子公司南山铝业国际控股有限公司根据一般性授权配售股份的公告》（公告编号：2026-008， 以下简称"配售公告"），内容有关公司控股子公司南山铝业国际控股有限公司（以下简称"南山铝业国 际"）与南山铝业全资子公司Nanshan Aluminium Investment Holding Limited、2名配售代理签订配售协议 及根据配售协议进行港股配售（以下简称"本次配售"）。 公司获悉，本次配售已于2026年1月30日完成，南山铝业国际按64.50港元/股的配售价格向不少于6名的 承配人通过"先旧后新"方式配售合计31,000,000股，配售所得款项 ...

北京时间1月29日凌晨，美联储最新公布的联邦公开市场委员会（FOMC）货币政策会议纪要显示，美 联储决定将联邦基金利率目标区间继续维持在3.5%至3.75%。展望后市，机构认为，2026年美联储仍有 较大概率进行降息。从资产配置角度来看，美元将持续承压，全球资本或将加速流向非美市场。与此同 时，黄金、大宗商品及亚太权益资产被普遍看好，而部分非美货币也成为机构关注重点。 "尽管过去13个月金价涨幅超过90%，我们认为黄金仍具吸引力。实际收益率下行和宏观不确定性将继 续支撑黄金需求。对于偏好黄金的投资者，在多元化投资组合中配置个位数比例的黄金是合理选 择。"瑞银财富管理称。 在2026年1月联邦公开市场委员会（FOMC）会议上，美联储决定将政策利率区间维持在3.5%至3.75%， 符合市场预期。这是自2025年下半年连续3次降息后，美联储首次暂停宽松步伐。 （文章来源：上海证券报） 摩根资产管理表示，市场预期美联储年内至少有一次降息，预计到今年底，美国的经济增长率和通胀率 可能降至2%以下，从而为2027年进一步实施宽松政策创造机会。 在宏利基金看来，2026年或将是全球宏观财政货币共振宽松的年份。后续，随着美联 ...

Core Insights - The investment philosophy emphasizes understanding major trends and leveraging historical insights to identify investment opportunities [1][4] - A shift in investment strategy occurred in 2023, moving from a long-term buy-and-hold approach to a more flexible trading strategy that includes low-position entry, timely profit-taking, and sector rotation [2][3] Investment Strategy - The first phase of the investment career (2017-2022) focused on long-term value investing, with some stocks held for over a year, but faced challenges in timing profit-taking [2] - The second phase introduced a "low-position layout + trend-based profit-taking + high-low switching" strategy, allowing for dynamic adjustments based on market conditions [2][3] - The approach includes diversifying investments across low-correlated sectors to mitigate risks and adhering to strict profit-taking disciplines [5][7] Sector Focus - The chemical sector is highlighted as a key area for investment, with expectations of a "profit + valuation double boost" trend from 2022 to 2025, driven by supply-side adjustments and stable demand growth [6] - Specific segments within the chemical industry, such as spandex and organic silicon, are noted for their potential due to improving supply dynamics and strong pricing power among leading companies [6] Research Methodology - The research approach includes attending industry conferences and engaging in one-on-one dialogues with companies to gain comprehensive insights into the entire supply chain [1][4] - The ability to identify investment opportunities is enhanced by recognizing market discrepancies and leveraging historical patterns [4] Performance and Goals - The investment products have shown strong performance over the past three years, reflecting the effectiveness of the new trading strategy [3] - The goal is to maintain a balanced approach between sharp performance and low volatility, avoiding the pitfalls of being a single-sector focused fund manager [7]

Core Viewpoint - The essence of investment lies in clarifying the source of profits and focusing on sustainable value creation, which is crucial for navigating market cycles and achieving long-term returns [1][2]. Investment Strategy - Investment should be based on a clear understanding of profit sources, whether from market fluctuations, industry beta, or individual stock alpha [2]. - A value-driven investment framework is emphasized, focusing on assessing asset values and constructing safety margins at reasonable prices [2]. - Identifying high-growth industries through systematic cross-industry comparisons is essential for uncovering investment opportunities [2][3]. Market Trends - The current market sentiment is optimistic, with limited downside risks and a notable trend of capital inflow into various sectors [4]. - The stock market is viewed as a voting machine in the short term but as a weighing machine in the long term, highlighting the importance of clear upward industry trends and performance realization [4]. Focus Areas - Key investment opportunities include AI and its derivatives, solid-state batteries, robotics, and innovative pharmaceuticals [5]. - The AI sector is expected to be a core area of focus for 2026, with significant potential for growth [4][5]. - The robotics industry is currently in the early investment stage, with attention on the mass production capabilities of T-chain robots [5]. - The innovative pharmaceuticals sector is anticipated to benefit from supportive policies, with potential for significant market growth and profitability [5].

Core Insights - The FOF (Fund of Funds) market is experiencing significant growth due to a combination of low interest rates and market volatility, leading to increased demand for diversified investment strategies [2][3] - Yang Zhe, a prominent FOF fund manager, emphasizes the importance of multi-asset strategies in achieving stable returns and risk mitigation [3][4] Group 1: Market Trends - The FOF market has seen a rise in "small blockbuster" funds, with total scale reaching new highs, driven by both demand and supply factors [2] - Low interest rates are pushing investors to seek diversified income sources, as traditional low-risk assets yield diminishing returns [2] - The proportion of QDII funds, alternative investment funds, and REITs in FOF portfolios has been increasing, with QDII and alternative funds accounting for 4.4% and 3.9% of allocations respectively as of Q3 2025 [2] Group 2: Performance Metrics - Yang Zhe's managed fund, Guangfa Anteng Stable Six-Month Holding (FOF), has maintained a maximum drawdown of no more than 1.5% since its inception in May 2023, achieving annual returns of 4.24% and 3.18% for 2024 and 2025 respectively [1] - The Guangfa Anyu Stable One-Year Holding (FOF) has delivered a cumulative return of 13% since its launch in March 2022, with a maximum drawdown of 4.53%, outperforming the bond-mixed fund index [3] Group 3: Investment Strategy - The core of multi-asset strategies lies in combining assets with different risk-return profiles to achieve effective hedging and manage volatility [4] - The asset allocation team at Guangfa Fund is structured into research groups based on asset categories, ensuring comprehensive qualitative and quantitative analysis [5] - The upcoming Guangfa Yuefeng Multi-Dimensional Stable Three-Month Holding (FOF) aims to provide a diversified investment approach, including domestic equities, overseas markets, and commodities [5] Group 4: Market Outlook - Current valuations in the A-share and Hong Kong markets are considered attractive compared to historical highs in the US and other developed markets [7] - The A-share market has seen significant valuation recovery, supported by improving PMI data and potential corporate earnings growth [7] - The outlook for 2026 favors large-cap growth styles, particularly in technology and healthcare sectors, driven by innovation and demand in AI and semiconductor markets [7]

据统计，今年以来，多只个股获得南向资金大举加仓。以小米集团为例，截至1月29日，南向资金持有 小米集团48.92亿股，较去年末提升5.76%。此外，均胜电子、赛力斯、碧桂园、海天味业、三花智控等 个股均获得南向资金大手笔加仓。 摩根中国世纪灵活配置混合基金经理赵隆隆在基金四季报中表示，经历2025年的价值重估，港股科技核 心资产估值已有所修复。不过，从全球视角综合考量基本面、估值、流动性及风险收益偏好等因素来 看，港股当前依然具备较高的配置性价比。 展望2026年，国海富兰克林基金对上证报记者表示，基于宏观政策、盈利修复及流动性改善等多重利 好，其对港股市场持谨慎乐观态度。从企业盈利角度来看，随着利好政策的持续发酵，2026年企业盈利 有望实现进一步回升。具备核心竞争力的领军企业，尤其是科技细分领域、生物医药、新消费、互联网 及中高端自动化机械行业的领军企业将展现出显著的业绩弹性。 在国海富兰克林基金看来，相较于美股、日股等市场，港股估值仍处于显著洼地，存在巨大的修复潜 力。中国不仅拥有全球第二大的GDP规模，更在AI、制造、潮玩IP等领域涌现出一批具备全球竞争力的 企业。从中长期来看，这些优质资产的投资价值 ...

Group 1 - The core viewpoint of the articles highlights the significant surge in gold and silver prices since the beginning of 2026, driven by strong profit-making effects attracting substantial capital inflow into gold-related ETFs [1] - As of January 29, 2026, the domestic market saw a net inflow of 5.104 billion yuan into gold-related ETFs, with the total scale reaching 353.993 billion yuan [1] - Major gold ETFs in the domestic market have seen substantial growth, with Huashan Gold ETF at 135.475 billion yuan, Bosera Gold ETF at 57.656 billion yuan, E Fund Gold ETF at 50.473 billion yuan, and Guotai Gold ETF at 45.141 billion yuan [1] Group 2 - The historical context of gold prices shows significant volatility, with past peaks and declines, indicating that the current high prices may be subject to substantial corrections [2] - The article emphasizes that the current market is characterized by strong speculative sentiment, and a shift in influencing factors could lead to a sharp price decline [2] - It is noted that true investment success comes from understanding and adhering to fundamental principles rather than blindly following market trends [2]

私募开年密集调研 机构2026年进攻方向，或可从其1月调研路径窥得端倪。据私募排排网统计，1月有近660家私募参与A 股调研活动，合计调研频次超1700次。分行业来看，计算机、机械设备、医药生物和电子等板块备受关 注。在一些业内人士看来，尽管2025年科技板块整体涨幅显著，但从产业趋势和企业盈利情况来看，现 在远未行至"泡沫阶段"，尤其是半导体和AI应用值得重点挖掘。 私募排排网最新统计数据显示，2026年1月共有659家私募参与A股公司调研活动，覆盖了28个申万一级 行业中的332只标的，合计调研频次达1719次。 1月16日，丹羿投资创始人朱亮则调研了通富微电。据公开资料，通富微电是集成电路封装测试服务提 供商，开源证券研究报告分析称，算力产业已开启"军备竞赛"，国产算力跨越式发展的背景下，本土AI 算力芯片蓬勃发展，相关产业链迎来发展窗口，通富微电有望深度受益。 AI基建与应用受关注 私募机构认为，在AI产业高速发展的过程中，机会将持续涌现，科技仍将是2026年不可忽视的投资主 线之一。 畅力资产董事长宝晓辉分析称，作为AI产业的基建，半导体设备领域值得关注。具体来看，当前AI行 业的发展逻辑已发生转变 ...

2026年，银行经营工作怎么干？在低利率环境下，银行业如何稳增长、防风险、促转型，成为新一年经 营管理工作的核心命题。 近期，国有大行、股份行以及多家头部城商行、农商行相继召开2026年经营管理工作会议，聚焦服务实 体经济、优化业务结构、强化风险防控和推进数智化转型等重点任务，对全年经营工作"划重点"。 国有大行稳中求进服务实体是首位 从国有大行的2026年经营管理工作会议部署看，"稳中求进"仍是主基调，服务国家战略和实体经济被普 遍置于首要位置。 一方面，国有大行普遍将加大对重大战略、重点领域和薄弱环节的金融支持，围绕科技创新、普惠金融 等方向持续发力，做好金融稳定的"压舱石"。相关表述中，"专注主责主业""加大重点领域融资供给"为 高频词。 工商银行表示：突出主责主业，投资于物和投资于人紧密结合，加大贷款投放、债券投资力度，做深做 精"五篇大文章"，全力服务"四稳"；加力支持扩大内需、科技创新、中小微企业等重点领域，以及"十 五五"重大工程、重大项目；靠前服务"两重一薄"，积极惠民生促消费，助力服务业扩能提质。 农业银行2026年将加大重点领域融资供给。坚持投资于物与投资于人紧密结合，持续加大"两重""两 ...