Group 1 - The core viewpoint of the article highlights a significant internal shift in the ETF market, with funds moving away from broad-based ETFs to narrower, high-volatility products [1][2][5] - Year-to-date, over 200 billion yuan has been withdrawn from broad-based ETFs, with 14 ETFs experiencing a net outflow exceeding 30 billion yuan, all of which are broad-based ETFs [2][4] - The largest stock ETF in China has seen its scale drop from 400 billion yuan to 300 billion yuan, while the second-largest has decreased from 300 billion yuan to 200 billion yuan [2] Group 2 - In contrast, narrow-based ETFs, cross-border ETFs, and commodity ETFs have attracted significant inflows, with cross-border ETFs growing by 746.32 billion yuan, surpassing the 1 trillion yuan mark for the first time [4][6] - The South China Nonferrous ETF has become the only product to receive over 10 billion yuan in net inflows this year, driven by rising base metal prices [6][8] - The active trading environment in the A-share market and the structural differentiation in performance have led to increased demand for high-elasticity assets, further supporting the inflow into narrow-based ETFs [7][9] Group 3 - Fund companies focusing on narrow-based ETFs are experiencing significant growth, with companies like GF Fund and Yongying Fund expanding their ETF scales rapidly [7][8] - The current market dynamics suggest that narrow-based ETFs are becoming a key driver of growth in the ETF sector, especially for smaller fund companies looking to compete against larger institutions [9][10] - There is a concern that narrow-based ETFs may be used as speculative tools rather than for long-term asset allocation, which could lead to increased trading costs and volatility for investors [10]

（原标题：十大券商策略：回归业绩！主题轮动加快 聚焦这些板块） 中信证券：告别喧嚣，回归业绩 融资保证金的调整并不影响市场震荡上行的大方向，但会影响结构。主题板块博弈加剧，纯靠叙事和资金接力驱动的单边趋势行情结束。步入年 报预告期，业绩线索的权重重新开始上升。ETF的巨额赎回属于逆周期调节的一部分，也给配置型资金提供了从容"上车"的窗口。配置上，好的 组合应该是体验好、阻力小且抗焦虑的，这是围绕"资源+传统制造定价权重估"为基础（化工、有色、电力设备和新能源）构建组合的优势。在此 基础上，可逢低增配非银（证券、保险），同时通过部分服务消费品种（如免税、航空等）或高景气品种（半导体设备等）增强收益。 国泰海通：主题轮动加快，聚焦国产半导体与电力 上周证监会提出严肃查处过度炒作乃至操纵市场等违法违规行为，坚决防止市场大起大落。近期涨幅较大且引发投资者热议的商业航天/GEO等主 题炒作回归理性。国内千问/豆包等模型产品迭代加速拉动国产算力需求，台积电资本开支指引超预期，国家电网加码"十五五"投资等成为新催 化，交易监管有助于引导市场行稳致远，主题轮动节奏加快，看好具备强需求支撑且产业催化密集的低位科技方向，如国产算 ...

系列动作背后是国家层面的清晰导向——2026年是"数据要素价值释放年"。受访专家预计，气象、统计 分析等公共数据产品凭借合规性优势将加速成熟；金融、医疗行业的数据产品供给也将在市场驱动下快 速成形，共同开启数据要素赋能实体经济的新篇章。 人民财讯1月19日电，新年伊始，数据要素市场呈现出"政策制度完善"与"地方实践落地"并举的特点。 据证券时报记者不完全统计，今年以来已有多份聚焦数据要素价值挖掘的政策文件密集出台，地方层面 也同步推进实践探索，如山西印发推进数字经济全面发展实施方案，全国首单"具身智能数据集"在江苏 完成交易。 ...

Core Insights - The power crisis triggered by the surge in AI computing power is creating new opportunities for public funds to explore Chinese power equipment assets overseas [1] - Public funds are intensively reallocating their portfolios, prioritizing the power equipment sector as a key investment area [2] Group 1: Investment Trends - Major public funds such as Ping An Fund, Debon Fund, and others are increasing their positions in smart distribution and gas turbine sectors, with companies like Yingliu Co., Jereh, and Dongfang Electric becoming core holdings [2] - New ETFs focused on power equipment and energy infrastructure are being launched by institutions like Invesco Great Wall and Huabao Fund, indicating a strong interest in this sector [2] Group 2: Supply and Demand Dynamics - The ongoing power gap in North America has led fund managers to recognize the critical role of traditional power sources, with Morgan Stanley raising the projected power shortfall for U.S. data centers from 44 GW to 47 GW [3] - The International Energy Agency warns that global data center power demand will exceed 900 TWh by 2030, with NVIDIA's GPU clusters alone consuming 150-200 GW of power [3] Group 3: Market Performance - The power equipment sector saw an overall increase of over 40% in 2025, with specific segments like smart distribution and gas turbine components rising over 60% [5] - Companies like Siyuan Electric have seen their stock prices soar, with a cumulative increase of 14 times since 2020, benefiting from the upgrade of power grids and overseas demand [4] Group 4: Strategic Insights - The consensus that "AI's end is electricity" is driving public funds to focus on power equipment, as the demand for stable power sources in data centers is increasing [6] - Fund managers emphasize the importance of energy as a hard asset in the context of the AI revolution, highlighting the need for rapid upgrades in power infrastructure to meet growing energy demands [6][7]

证券时报记者 裴利瑞 （原标题：西部利得基金董伟炜： 保持理性、不亢奋、不恐慌 情绪稳定是A股盈利的重要来源） 董伟炜的基金经理生涯刚刚迈过十年关口，从牛市之巅的初试锋芒，到熊市深渊的深刻反思，再到震荡市中的稳步前行，市场的磨砺让他认识 到，投资不仅是追求收益的锐度，更是控制回撤的艺术，而"固收+"是实现进攻与防守平衡的重要工具。近期，在接受证券时报记者采访时，董伟 炜回顾了自己如何构建起一套以客户体验为核心的"第一性原理"投资法，力求在不确定的市场中，为投资者寻找一份相对确定的持有体验。 从经验判断到体系制胜 "完整经历牛市、熊市、震荡市的全面考验，是基金经理成长的关键条件。"西部利得基金混合资产部总经理、基金经理董伟炜在采访中表示。 董伟炜的基金经理生涯始于2015年5月，彼时牛市正酣，他管理的产品在一个月内净值飙升30%，但紧随其后的市场巨震又让产品净值近乎腰 斩，"过山车"般的经历成为他投资生涯的第一堂风险教育课。 在随后的2016年至2017年，董伟炜处于投资的探索期，凭借对基本面的敏锐嗅觉，他聚焦家电、供给侧改革等领域，虽取得了不错的相对排名， 但他坦言，"当时更多是依靠经验判断，尚未形成系统性的 ...

在经历数年调整后，2025年的权益市场虽不乏亮点，但投资者"获得感"仍不明显，市场表现与真实感受 之间为何依然存在错位？ （原标题：泉果基金刚登峰—— A股港股仍处宝贵布局时期 投资主战场聚焦三大领域） 证券时报记者 王小芊 科技、新能源与周期 近日，泉果基金董事总经理、研究部总经理刚登峰接受证券时报记者采访时表示，这种错位更多源于市 场所处阶段的特殊性。"尽管仍需要时间积蓄共识，但长期来看，现在的A股、港股，都是一个非常好 的投资时期。"他认为，无论从经济基本面还是资本市场结构来看，过去几年压制权益市场的核心因 素，正在逐步进入调整的中后段。 经济修复叠加制度变化 权益基础正在夯实 刚登峰对当前市场的乐观，首先来自对经济层面的系统观察。在他看来，市场过去几年最为担忧的几个 核心变量，已经走过了最剧烈的阶段。 首先是房地产。自2021年以来，房地产行业经历了时间与幅度都相对充分的调整，对居民财富效应和消 费倾向的拖累，正在逐步减弱。 其次是外贸结构的变化。近几年中国对单一市场的依赖程度明显下降，出口结构趋于多元化，高附加值 产品占比持续提升，电动载人汽车、锂电池和太阳能电池三类产品"新三样"等领域的拓展，使整 ...

容百科技披露超千亿大单后，交易所连夜下发问询函。要求容百科技补充披露协议中关于每年产能的具体约定，结合公司拟建和在建产能、协议 期内产能收购计划、资金储备和战略规划等明确说明公司是否具备相应履约能力；自查相关协议周期长达6年、原材料价格波动风险、具体采购需 求不确定性、产能储备的不可预期性等对公司披露内容准确性的影响，全面提示各项风险因素对公司协议履行、收入转化和未来持续经营能力的 影响。 1月14日，容百科技发布公告称，公司与宁德时代签署《磷酸铁锂正极材料采购合作协议》，自2026年第一季度开始至2031年，预计将向宁德时代 供应国内区域磷酸铁锂正极材料305万吨，总销售金额超1200亿元，预计将对公司未来经营业绩产生积极且重要的影响。 这份超千亿大单，是磷酸铁锂行业迄今为止金额最大的合约，引起市场广泛关注。 （原标题：证监会对容百科技重大合同公告 涉嫌误导性陈述立案调查） 为保证信息披露的公平性，经公司向上海证券交易所申请，容百科技于2026年1月14日停牌一天。不过，1月15日，容百科技并未如期披露回复 函。1月16日，又再度延期披露回复函。 证券时报记者 程丹 李小平 值得注意的是，容百科技在1月16 ...

Core Viewpoint - Beijing ChuanYueZhe Manned Space Technology Co., Ltd. (referred to as "ChuanYueZhe") successfully completed the comprehensive verification test of the landing buffer system for its self-developed manned spacecraft, ChuanYueZhe No. 1 (CYZ1), marking a significant milestone in China's commercial space sector [1][5] Group 1: Test Results and Innovations - The test simulated the real landing conditions of the spacecraft, with the approximately 5-ton test capsule dropped from over 3 meters, entering free fall to mimic the descent speed after parachute deployment [4] - The landing buffer system effectively controlled the impact overload to within 5g, exceeding expectations and demonstrating a significant reduction in maximum instantaneous overload compared to traditional manned spacecraft landing systems [4][5] - The "Cloud Sensing Landing" system proposed by ChuanYueZhe proved to be highly feasible and reliable, as confirmed by post-test inspections showing stable buffer processes and intact capsule structure [5] Group 2: Company Overview and Future Plans - ChuanYueZhe, established on January 11, 2023, is the first domestic commercial manned space company integrating reusable spacecraft development and space tourism operations, and the only private enterprise approved for a national-level commercial manned space project [6][7] - The company aims to develop the ChuanYueZhe No. 1 (CYZ1) suborbital manned spacecraft within 3-4 years, followed by the ChuanYueZhe No. 2 (CYZ2) for near-Earth orbit within 6-10 years, and the ChuanYueZhe No. 3 (CYZ3) for deep space exploration within 12-15 years [7] - The CYZ1 spacecraft boasts a 99% reusability rate, can carry up to 7 passengers, weighs less than 8 tons, and offers a flight experience lasting 20-30 minutes [7]

受优必选拟入主的消息催化，锋龙股份股价暴涨超200%，实现13连板。该公司停牌核查完成，股票将于明天复牌。 | 分时 多日 日 周 月 李 :▼ AI交易策略 F9 前复权 超级叠加 画线 工具 Q ② > | 锋龙股份 | | 002931 | | --- | --- | --- | --- | | 002931.SZ[锋龙股份] 2026/01/16 收61.79 幅 0.00%(0.00) 开 61.79 高 61.79 低 61.79 均 61.79 ma | | | 0.00(USD | | MA5 60.67 ↑ MA10 51.62 ↑ MA20 37.34 ↑ MA60 24.84 ↑ MA120 20.47 ↑ MA250 18.39 V n' | 0.00 | | (0.00) 0.00% | | | SZSE CNY 08:27:48 | | 10 + | | 61.79 | 委比 | 0.00% 委差 | 0 | | | 卖五 | | | | | 卖四 | | | | | 英三 | | | | 52.0 | 卖二 | | | | | 卖一 | | | | 43.0 | | | | | ...

证券时报·e公司记者获悉，华图山鼎(300492)于近日在上海举办了"AI转型升级发布会"，系统展示了公司在人工智能领域的战略布局、阶段性成果与未来愿 景。 近年来，华图山鼎通过"工具化筑基、产品化革新、多元化破局"三大路径层层推进，构建起了完整的AI转型升级体系。公司拟通过此次发布会解析：教育企 业在AI原生时代的护城河。 华图山鼎实际控制人易定宏对记者表示："AI推动教育行业的变革已不是选答题，而是必答题。华图线下高质量基地交付筑牢根基，也正在用AI重新定义教 育的边界。" 他强调："华图的AI部门是唯一一个预算不设置上限的部门，公司的AI从来不是试水，而是不留后路的all in。我们决心在投入上保持行业领先。AI为公司带 来的变革也将远超所有人的想象。" （华图山鼎实际控制人，华图教育创始人、总裁易定宏） 用AI重构教育的生产关系 按照华图山鼎的计划，公司将依托此前发布的 "三位一体（产品、数据与机制）"AI战略，在未来两年内落地覆盖教学、教研、运营等环节的150个AI场景。 火山引擎在线教育行业解决方案负责人刘亚文认为，成功的AI教育产品必须直击刚需痛点、手握优质算法、严控成本；算法的竞争力源于高质量 ...