Group 1 - The core viewpoint of the articles highlights a shift among prominent fund managers towards a more balanced investment strategy, moving away from high-heat stocks and focusing on both narrative and performance support in their portfolios [1][2][3] - Fund managers are increasingly prioritizing individual stock performance certainty, with a notable emphasis on traditional industries that can yield substantial profits, such as automotive parts companies [2] - There is a consensus among fund managers regarding the long-term value of technology sectors, particularly in AI, humanoid robots, and smart driving, which are seen as core growth areas for the coming years [3][4] Group 2 - Yan Siqian from Penghua Fund emphasizes the importance of performance certainty in stock selection, focusing on traditional businesses that can contribute significant profits, such as automotive parts companies benefiting from the humanoid robot industry [2] - Qu Shaojie from Great Wall Fund is shifting focus towards globally competitive tech leaders and is avoiding the highly competitive vehicle manufacturing segment, instead targeting upstream investment opportunities in automotive electronics and semiconductors [3] - Wei Chun from Qianhai Kaiyuan Fund is concentrating on niche opportunities within AI infrastructure, particularly in optical communication and liquid cooling, which are expected to see significant growth and profitability in the near future [5]

Core Viewpoint - Tianfu Communication (300394) expects a significant increase in net profit for the fiscal year 2025, driven by the growth in the artificial intelligence sector and global data center construction, despite facing some financial challenges due to foreign exchange losses [2][3]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of between 1.881 billion and 2.150 billion yuan for 2025, representing a year-on-year growth of 40.00% to 60.00% [2]. - The expected net profit after deducting non-recurring items is projected to be between 1.829 billion and 2.108 billion yuan, indicating a growth of 39.19% to 60.40% compared to the previous year [2]. - For the first three quarters of 2025, the company reported a net profit of 1.465 billion yuan, a year-on-year increase of 50.07%, with the third quarter alone showing a net profit of 566 million yuan, up 75.68% year-on-year [2]. Group 2: Market and Product Development - Tianfu Communication has established mass production capabilities for 800G and 1.6T high-speed optical engines and aims to leverage its technological advantages to expand its customer base and seize market growth opportunities [3]. - The company is actively addressing production bottlenecks for certain materials and is working closely with suppliers to enhance delivery and meet customer demands [3]. - The 1.6T optical engine products are being delivered normally, and the company plans to continue investing in R&D to optimize product performance and control costs [3]. Group 3: Production Capacity Expansion - The company's production base in Thailand is being developed in two phases, with the first phase expected to be operational by mid-2024 and the second phase set to commence in 2025, aiming for increased capacity by 2026 [3]. - In addition to the Thailand base, the company is also expanding its production capacity at its facility in Jiangxi Gao'an, maintaining a flexible capacity strategy that adjusts resource allocation based on customer demand [3].

摩尔线程称，得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步 扩大，市场关注度与认可度持续提升，推动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然 保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计未弥补亏损。 资料显示，摩尔线程成立于2020年6月，以全功能GPU为核心，致力于向全球提供加速计算的基础设施 和一站式解决方案,为各行各业的数智化转型提供强大的AI计算支持，2025年12月5日公司以88天创科创 板IPO最快过会纪录，吸引了广泛关注。2025年前三季度，摩尔线程实现营收7.846亿元，同比大幅增长 182%，净亏损7.235亿元。 摩尔线程上市以来备受市场关注。根据此前招股资料，摩尔线程已成功推出四代GPU架构，并形成了覆 盖AI智算、高性能计算、图形渲染、计算虚拟化、智能媒体和面向个人娱乐与生产力工具等应用领域 的多元计算加速产品矩阵，产品线涵盖政务与企业级智能计算、数据中心及消费级终端市场，能够满足 政府、企业和个人消费者等在不同市场中的差异化需求。 1月21日晚间，摩尔线程（688795）发布2025年度业绩预告，经财务部门初步测算，预计公司 ...

Core Viewpoint - Demingli (001309) expects significant growth in its 2025 financial performance, with projected net profit increasing by 85.42% to 128.21% year-on-year, driven by advancements in storage solutions and AI demand [2] Financial Performance - The company forecasts a net profit of 650 million to 800 million yuan for 2025, and revenue between 10.3 billion to 11.3 billion yuan, representing a year-on-year increase of 115.82% to 136.77% [2] - For Q4 2025, revenue is expected to be between 3.641 billion to 4.641 billion yuan, with a year-on-year growth of 209.72% to 294.79% and a quarter-on-quarter growth of 42.78% to 81.99% [2] - The projected net profit for Q4 2025 is estimated at 677 million to 827 million yuan, reflecting a staggering year-on-year increase of 1051.59% to 1262.41% and a quarter-on-quarter increase of 645.11% to 810.18% [2] Business Strategy and Growth Drivers - The company attributes its growth to a focus on enhancing full-chain storage solutions, accelerating high-end manufacturing capabilities, and achieving breakthroughs in customer expansion and product delivery [2] - Increased demand for AI is driving a recovery in the storage industry, leading to a significant rise in product sales gross margins and overall operational performance [2] Research and Development - Demingli has increased its R&D investment, with R&D expenses projected at approximately 290 million yuan for 2025, up from 203 million yuan in the previous year [2][3] Market Trends - The company anticipates non-recurring gains for 2025 to be around 20 million yuan, down from 47.86 million yuan the previous year [3] - The storage product price increase is a current market trend, with expectations that long-term demand for storage products will continue to grow due to technological innovation [3] - The company notes that short-term price fluctuations will stabilize over time and will not fundamentally impact long-term demand in the consumer electronics and storage sectors [3] Industry Outlook - AI-driven demand for data storage is expected to continue influencing storage prices, with major cloud service providers placing large orders, leading to supply constraints in non-server markets [4] - The CFM flash memory market is projected to maintain an upward trend into Q1 2026, with price increases for various storage products, including Mobile eMMC/UFS and PC DDR5/LPDDR5X [4] - The company plans to closely monitor industry price trends and adjust its business strategies accordingly [4]

1月21日晚间，腾景科技(688195)公告称，公司收到某客户C子公司的采购订单，总金额为1280万美元 (约为8915万元人民币)，产品为二维准直器阵列。 腾景科技同时提醒，本次订单交易双方均具备良好履约能力，但订单最终执行情况仍可能受外部宏观环 境变化、国家产业政策调整、客户需求变动及其他不可预见或不可抗力因素影响。此外，订单履行过程 中不排除会存在核心生产物料供应紧张，进而导致产品交付进度不及预期的风险，公司将通过提前锁定 核心物料供应、拓展多元化供应商渠道、优化生产排程等举措积极应对，尽力降低相关风险影响。 公司是专业从事各类精密光学元组件、光纤器件研发、生产和销售的高新技术企业，产品主要应用于光 通信、光纤激光等领域，其他应用领域涵盖量子信息科研、生物医疗、消费类光学等。公司突破并掌握 积累了多项核心技术，涵盖了光电子元器件制造的主要环节，形成了从光学元件到光纤器件的垂直整合 能力和紧密联系的技术体系，运用核心技术生产的主要产品技术指标均达到行业先进水平，能够为光学 光电子各领域客户提供各类精密光学元组件与光纤器件的解决方案。 1月12日，腾景科技发布投资者关系活动记录表，接待了博时基金、兴业证券、 ...

韩建河山（603616）1月21日晚间公告，公司宣布停牌筹划重大资产重组，收购股转系统挂牌企业辽宁 兴福新材料股份有限公司(下称"兴福新材")。 公告显示，韩建河山正在筹划以发行股份及支付现金的方式收购兴福新材52.51%股权，实现对标的公 司的控制及合并报表，同时募集配套资金。本次交易不构成关联交易，构成重大资产重组。 资料显示，兴福新材2024年挂牌新三板创新层，从事新一代特种工程塑料聚醚醚酮(PEEK)中间体系列 产品、农药及医药中间体系列产品及PEEK纯化业务。截至2025年6月底，兴福新材资产总额约8.3亿 元，资产负债率约39%；受益于销量提升，2025年上半年，该公司实现营业收入2.47亿元，归母净利润 2077.66万元，同比增长近三倍。 目前韩建河山主营产品为预应力钢筒混凝土管材(PCCP管)、钢筋混凝土管材(RCP管)、混凝土外加剂、 环保工程与环保设备安装，实际控制人为北京市房山区韩村河镇韩村河村经济合作社。2025年前三季度 公司营业收入同比增长，归母净利润976万元，同比扭亏。 1月20日，韩建河山涨停，当天上榜营业部席位全天成交约9000.33万元，占当日总成交金额比例约四 成；1 ...

（原标题：田朴珺被曝"直播带货翻车"，最新回应） 近日，在多个互联网平台出现田朴珺带货等信息。对此，田朴珺团队工作人员回应称，网上出现的田朴 珺"直播带货""带货翻车"等，都是假新闻。对方表示田朴珺从来没有直播带货。 1月21日，田朴珺团队工作人员对此回应称，网上出现的田朴珺"直播带货""带货翻车"等，都是假新 闻。田朴珺从来没有直播带货，也没有在自己的社交账号挂小黄车商品售卖，田朴珺本人甚至都不做直 播。有部分互联网博主出镜说田朴珺带货翻车，这些都是虚假的信息。 天眼查显示，田朴珺名下曾关联9家公司，目前仅5家公司存续，包括深圳市圣朴骏辉健康管理有限公 司、北京承礼文化传媒有限公司等；3家已经注销，还有1家为迁出状态。 综合自：红星新闻、天眼查 责编：李丹 校对：盘达 据红星新闻，有网友发文称，"田朴珺在昨晚直播售卖980一瓶的面霜，直播广告语说是逆龄黑科技，结 果网友扒出代工厂报价单，同款膏体出厂价12元。""她还在那讲价值不能只看成本，粉丝直接炸锅！今 早该商品全体下架，平台关闭评论，视频停更，一句话也没解释！" 还有部分网友发文，"田朴珺昨晚直播卖松露酱，更离谱的是网友扒出这酱没中文标签也没入境检疫证 ...

摩尔线程发布上市后首份业绩预告。 摩尔线程（688795）1月21日晚间发布2025年业绩预告，经财务部门初步测算，公司预计2025年实现营业收入14.5亿元到15.2亿元， 与上年同期（法定披露数据，下同）相比，收入增长幅度为230.70%到246.67%。 公司2025年归属于母公司所有者的净利润预计将出现亏损，归属于母公司所有者的净利润预计亏损9.5亿元到10.6亿元，与上年同期 相比，亏损收窄幅度为34.50%到41.30%。 得益于人工智能产业蓬勃发展及市场对高性能GPU的强劲需求，公司产品竞争优势进一步扩大，市场关注度与认可度持续提升，推 动收入与毛利增长，整体亏损幅度同比收窄。同时，公司依然保持高研发投入，目前仍处于持续研发投入期，尚未盈利且存在累计 未弥补亏损。 摩尔线程于2025年12月5日登陆科创板。当天，摩尔线程开盘大涨468.78%，上市首日股价即突破600元/股，收盘大涨425.46%。上 市第二日股价微跌，接下来几个交易日股价大幅攀升，到上市第五日股价最高报941.08元/股，随后股价震荡回落，截至2026年1月 21日收盘，摩尔线程最新股价报627.3元/股，总市值接近3000亿 ...

| 国投白银LOF(161226.SZ) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 闭市 01-21 15:00:00 | | | | | | | | 3.920 | | 昨收 | 3.590 | 流通盘 | | 34.18亿 | | +0.330 +9.19% | | 开盘 | 3.590 | 流通值 | | 134亿 | | 最高 | 3.940 | 成交量 | 8.4亿 | 换手率 | | 24.46% | | 最低 | 3.490 | 成交额 | 31.74亿 | 均价 | | 3.796 | | IOPV | 0.0000 | 溢折率 | 0.00% | 贴水率 | | 50.22% | | 净值走势 国投瑞银白银期货A(161226.OF) 2.6095 +3.88% | | | | | | | | 分时 | モ日 | EK | 周K | 目Ｋ | 日关 | | | 青加 3.940 | | | | 均价:3.796 | 盘口 | 成交 | | | | | | $25 | | 3.9247.00万 | | | | | | ...

韩建河山（603616）1月21日晚间公告，公司正在筹划以发行股份及支付现金的方式收购辽宁兴福新材 料股份有限公司（简称 "标的公司"）52.51%股权，实现对标的公司的控制及合并报表，同时募集配套 资金。 根据《上市公司重大资产重组管理办法》和《上海证券交易所股票上市规则》等相关法规，本次交易不 构成关联交易，构成重大资产重组，但不构成重组上市。 明起停牌。 根据公告，1月20日，公司与本次交易的主要交易对方陈旭辉、高巷涵、郭振伟以及营口福兴同创企业 管理中心（有限合伙）签署了《购买资产意向协议》。本次交易的具体交易方式、交易方案、发股价 格、交易作价等安排由交易各方后续协商确定。 因本次交易尚处于筹划阶段，有关事项存在不确定性，为了维护投资者利益，避免造成股价异常波动， 根据上海证券交易所相关规定，经公司申请，公司A股股票（证券简称：韩建河山，证券代码： 603616.SH）自2026年1月22日（星期四）开市起开始停牌，预计停牌时间不超过9个交易日。 停牌期间，公司将根据事项进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待上述 事项确定后，公司将及时发布相关公告并申请公司股票复牌。敬请广大 ...