刘诗梦 从火爆蛇年春晚的机器人扭秧歌节目到宇树科技的机器人格斗赛，再到近日特斯拉人形机器人在柏林市 集上售卖爆米花，从试验场到应用场，人形机器人的发展是人类科技史上一次对自身形态与能力的深度 仿生与超越，已突破了"表演"的定义，走向了人类的实际生活。 本报专栏文章仅代表作者个人观点，特此说明。 （文章来源：证券时报） 目前，人形机器人不仅能完成工厂装配、仓库搬运、家庭清洁等不同的任务，还能在服务、陪伴、教育 中与人类进行交互，并建立信任与情感连接。例如星动纪元的人形机器人已实现在物流分拣场景中的协 同工作，能够满足多种复杂场景的需求。 虽然人形机器人产业爆发出巨大的市场潜力，但整体仍处于"小规模单点试验"和商业化早期阶段，距离 达到理想状态还有很长一段时间。其一，脱离人类辅助仍旧是一个核心难题。从技术层面看，大多数人 形机器人还得依赖人类进行远程辅助才能完成任务，多模态感知技术还不成熟，其泛化能力等方面未达 理想预期。其二，获得高质量数据比较困难。高质量数据是人形机器人精确实现场景运用中非常重要的 一点，其大模型需要大量的高质量数据进行训练，从而完成一系列复杂工作。其三，硬件与物理方面的 限制。人形机器人的运 ...

蒋光祥 可见，巴菲特的退休冲击远超商业范畴。"股神"隐退后，"奥马哈先知"的理性能否永存，是一个值得我 们深思的话题。因为先知闪耀60年的同时，我们见过太多看不上其20%左右长期年化收益率的A股"大 神"，甚至可以预见将来也会有很多对"价值投资"嗤之以鼻的声音。好在历史会证明一切，更会无情戳 穿某些"二把刀"行为范式的装神弄鬼。投资从来不靠脸皮厚度取胜，对自己在A股的投资还没玩明白， 就以各种开课、收徒的方式开割的"宵小"之辈，中小投资者需擦亮眼睛。 格雷格·阿贝尔接替巴菲特，实际上是巴菲特社会影响力的代际迁移。真正的考验不在明天，而在未来 五年甚至更久。当市场再次陷入狂热或恐慌、当股东高呼"做点什么"时，格雷格·阿贝尔能否信守那句 最朴素的信条——"别人贪婪我恐惧，别人恐惧我贪婪"？如果能，不仅巴菲特心安，投资者也会觉 得"英雄"还在。 本报专栏文章仅代表作者个人观点，特此说明。 （文章来源：证券时报） 2025年的最后一天，沃伦·巴菲特正式卸任伯克希尔·哈撒韦公司首席执行官一职，这位95岁的投资大师 用60年时间创造了61000倍的投资回报神话，其价值投资理念深刻重塑了全球资本市场的认知范式。其 卸任标志 ...

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。 根据公司初步统计，2025年，乌东德水库来水总量约1051.35亿立方米，较上年同期偏枯6.44%；三峡水库来水总 量约3962.68亿立方米，较上年同期偏丰5.93%。 2025年，公司境内所属六座梯级电站总发电量约3071.94亿千瓦时，较上年同期增长3.82%。其中，第四季度公司 境内所属六座梯级电站总发电量约720.68亿千瓦时，较上年同期增长19.93%。各电站发电量具体如下： 董事会 2026年1月5日 注：原始数据为小数点后四位，本表格按照惯例保留两位，为了保持原始数据精度，求和值未做调整。 特此公告。 中国长江电力股份有限公司 ...

Core Insights - The A-share market has seen a resurgence of "10-bagger" stocks, defined as those with over 10 times annual growth, with two such stocks emerging in 2025, namely Upstream New Materials and Tianpu Co., which achieved annual growth rates of 1820.29% and 1645.35% respectively [1][2] Group 1: Characteristics of 10-Bagger Stocks - 10-bagger stocks typically exhibit three main catalysts: new stock attributes, high-quality company fundamentals, and external market catalysts [3][4] - New stock attributes are a significant feature, as seen with stocks like Zhongwen Online and Wantai Biological Pharmacy, which had substantial price increases shortly after their IPOs [3] - High-quality fundamentals include strong performance metrics and technological advantages, which support stock price increases [3] Group 2: Characteristics of 5-Bagger Stocks - From 2015 to 2025, 56 stocks achieved over 5 times annual growth, primarily concentrated in the TMT sector, with notable performance in electronics and basic chemicals [6][8] - 5-bagger stocks generally have lower price points compared to the overall A-share market, with an average closing price of 15.12 yuan per share in 2025, compared to nearly 20 yuan for all A-shares [7] - These stocks also demonstrate strong profitability and growth metrics, with many achieving compound annual growth rates in net profit exceeding 10% over three years [7] Group 3: Potential Future Stocks - A selection of 15 potential "dark horse" stocks for 2026 has been identified, focusing on TMT and basic chemical sectors, with low closing prices and favorable market conditions [9] - Among these, several stocks, including Yungli Co. and Hailun Zhe, have closing prices below 10 yuan and are expected to maintain strong operational performance [10] - The stocks also show high trading activity, with some exceeding a daily turnover rate of 5%, indicating strong investor interest [10]

单位:% 73.18 62.94 59.27 55.60 47.50 次日胜率 20日胜率 120日胜率 5日胜率 60日胜率 部分顶级游资净买入胜率一览 ■ 次日胜率(%) ■ 120日胜率(%) 70.00 炒股养家 华鑫证券上海红宝石路证券营业部 30.00 56.86 陈小群 中国银河证券大连黄河路证券营业部 31.37 52.46 方新侠 中信证券西安朱雀大街证券营业部 44.26 52.20 作手新一 国泰海通证券南京太平南路证券营业部 43.96 50.99 张建平 国泰海通证券上海长宁区江苏路证券营业部 41.38 47.01 赵强 中国银河证券绍兴证券营业部 39.55 注:以上均为游资常用席位 2025年A股各主要指数普遍上扬，结构性行情贯穿全年，市场交投持续升温。数据显示，A股市场2025年总成交额 首次突破400万亿元。 市场活跃背景下，个股交易动能强劲，龙虎榜2025年总成交额跃升至5.56万亿元，刷新2015年高点，同比增幅逾 七成，创下历史新高。这一迅猛增长不仅映射出市场热度攀升，更揭示A股交易生态正经历深层重塑，四大趋势 日益显现，尤以陆股通成交额迈入万亿元时代，中小券商强势崛 ...

Group 1 - Multiple regions in China, including Shanghai, Fujian, and Yunnan, have initiated significant projects for 2026, aiming to "expand domestic demand" and "seize the beginning of the year" through project construction [1] - On January 5, Shandong Province issued the first batch of 2026 local government special bonds, indicating an earlier start to the issuance of new local government bonds compared to last year [2] - The National Development and Reform Commission has approved a batch of major infrastructure projects with a total investment exceeding 400 billion yuan to accelerate project construction [1][2] Group 2 - Infrastructure investment is expected to be the primary driver of economic growth in 2026, with increased investment in infrastructure seen as a powerful policy tool to address insufficient effective demand [2] - As of January 5, 27 provinces and cities have announced plans to issue local government bonds in the first quarter, with a proposed issuance scale exceeding 2 trillion yuan, including over 670 billion yuan in new special bonds [2] - The estimated scale of new special bonds for this year is projected to be between 4.5 trillion yuan and 5 trillion yuan, with potential optimization in their use to support major projects and local debt [2] Group 3 - The Ministry of Finance has not arranged for the issuance of ultra-long special government bonds in the first quarter of 2026, but the National Development and Reform Commission has issued a list of "two heavy" construction projects and a central budget investment plan totaling approximately 295 billion yuan [3] - More proactive fiscal policies are expected to accelerate infrastructure investment, with an estimated growth rate of around 5% for the year, supported by measures such as optimizing "two heavy" construction and issuing special bonds [3]

Core Insights - The year 2025 marked a significant increase in mergers and acquisitions (M&A) activity among companies listed on the Beijing Stock Exchange (BSE), driven by policy incentives and industry demand [1][4] - The trend of M&A is expected to continue into 2026, with larger and higher-quality transactions anticipated as companies improve their operational standards [1][4] Group 1: M&A Activity Overview - In 2025, notable large-scale restructuring and precise acquisitions were observed, creating a balanced landscape of "large and small" M&A activities [2] - Five New Tunnel Equipment's acquisition of Xinzhong Technology and Wuxin Heavy Industry for 2.649 billion yuan was approved by the CSRC, aiming to enhance business synergy and enter new markets [2] - Crystal Technology's acquisition of Peak Electronics for 1 yuan, along with assuming 41.87 million yuan in debt, is expected to strengthen its market position [2] - Aweit's acquisitions of German companies Keuerleber GmbH and ALVASAN GmbH aim to expand its global footprint and enhance customer loyalty [2] Group 2: Strategic Focus of M&A - The M&A activities are centered around two main themes: "strengthening and supplementing the supply chain" and "laying out new productive forces" [4] - Companies are focusing on vertical expansion, business upgrades, and market expansion, with examples including Donghe New Materials and Iron Technology enhancing supply chain integration [4] - The core logic of M&A for BSE companies revolves around strengthening their main business through strategic alliances [5] Group 3: Policy Support and Market Outlook - The increase in M&A activity is supported by favorable policies, including the introduction of the "M&A Six Guidelines" and a streamlined review process for small-scale transactions [6][7] - The BSE aims to become a preferred platform for M&A among small and medium enterprises, enhancing its market influence [6] - Industry experts express cautious optimism for 2026, predicting sustained M&A activity but emphasizing the need for high-quality projects and sufficient quality targets to maintain momentum [7]

Core Viewpoint - The company, Xusheng Group, has received a significant order from a North American electric vehicle manufacturer, marking a deepening of their long-term partnership and expected to generate approximately 7.8 billion yuan over an 8-year project lifecycle, with production set to begin by the end of 2026 [1] Group 1: Business Developments - Xusheng Group has been selected to supply key components such as powertrains, body parts, subframes, and battery boxes for the North American client [1] - The production for the new project will take place at Xusheng Group's facilities in China and Mexico, reinforcing its competitive edge and market share in the lightweight solutions sector [1] - The company has established a strong position in the Tesla supply chain, becoming one of its core suppliers [1] Group 2: Global Expansion - The Mexican production base is set to commence operations in June 2025, covering the entire production chain from raw material procurement to finished product manufacturing, thus achieving localized supply for lightweight products [2] - The Thai production base is expected to break ground in July 2025 and begin operations in the second half of 2026, focusing on serving the Southeast Asian electric vehicle and high-end manufacturing industries [2] Group 3: Business Diversification - Xusheng Group is actively expanding its business into emerging sectors such as energy storage and robotics, leveraging its advantages in the electric vehicle industry [2] - In the energy storage sector, the company has developed core components like battery enclosures and heat dissipation modules, achieving approximately 300 million yuan in revenue in the first half of 2025, reflecting explosive growth year-on-year [2] - In the robotics field, Xusheng Group is focusing on key components such as joint housings and torso structures, establishing deep collaborations with leading robotics companies and securing multiple project orders [2]

Core Viewpoint - Multiple listed companies are forecasting significant profit increases for 2025, particularly in the PCB and new energy sectors, with some companies expecting net profits to double year-on-year [1][2]. Group 1: Company Performance Forecasts - DingTai High-Tech expects a net profit of 410 million to 460 million yuan for 2025, representing a year-on-year growth of 80.72% to 102.76%, driven by increased demand in the high-end PCB market [1]. - China National Materials Technology anticipates a net profit of 1.55 billion to 1.95 billion yuan for 2025, with a year-on-year increase of 73.79% to 118.64%, largely due to optimized product structure and rising prices of fiberglass products [1]. - Whirlpool forecasts a net profit of approximately 505 million yuan for 2025, reflecting a growth of around 150% due to increased orders and revenue [2]. - Huayou Cobalt expects a net profit of 5.85 billion to 6.45 billion yuan for 2025, with a year-on-year growth of 40.80% to 55.24%, benefiting from integrated industrial advantages and rising prices of cobalt and lithium carbonate [2]. - Ugreen Technology projects a net profit of 653 million to 733 million yuan for 2025, indicating a growth of 41.26% to 58.56% compared to the previous year [3]. - Dalian Heavy Industry anticipates revenues exceeding 15.5 billion yuan for 2025, with a net profit of 557 million to 617 million yuan, reflecting a year-on-year increase of 11.97% to 23.92% [3]. - Yinglian Co. expects to achieve a net profit of 32 million to 42 million yuan for 2025, recovering from a loss of 39.67 million yuan in the previous year [3]. Group 2: Asset Impairment and Financial Adjustments - China National Materials Technology has made an asset impairment provision of 247 million yuan for 2025, which will reduce its net profit by approximately 142 million yuan, representing nearly 16% of the audited net profit for 2024 [2].

受益于新能源汽车及储能市场需求增长，磷酸铁锂电池凭借其高安全性已成为绝对装机主流。而伴随着 下游对产品性能要求的提升，以高压实密度磷酸铁锂为代表的高端产品成为"香饽饽"，市场需求旺盛。 江西升华在高压实密度磷酸铁锂产品领域市场份额领先，目前拥有该产品产能30万吨，已深度绑定宁德 时代等头部电池厂商，2025年以来收获大单不断。 1月5日晚间，富临精工（300432）发布公告称，子公司江西升华新材料有限公司(以下简称"江西升华") 拟在内蒙古鄂尔多斯市伊金霍洛旗蒙苏经济开发区投建年产50万吨高端储能用磷酸铁锂项目，预计总投 资额60亿元。 按照计划，前述项目分两期建设，两期同步实施，每期规划产能均为25万吨新型磷酸铁锂，建设周期预 计为12个月。 为保障年产50万吨高端储能用磷酸铁锂项目核心配套原料供应，江西升华拟在内蒙古鄂尔多斯市乌审旗 新建"年产40万吨新型磷酸铁锂前驱体草酸项目"及"年产60万吨新型磷酸铁锂前驱体草酸亚铁项目"，投 资额分别为12亿元、15亿元，建设周期分别为24个月、14个月。其中，"年产40万吨新型磷酸铁锂前驱 体草酸项目"由江西升华与内蒙古卓正煤化工有限公司按照40%、60%股权比例 ...