A股业绩预告加速披露。数据显示，截至1月27日17时，A股共有1201家上市公司对外披露2025年全年业 绩预告，其中475家预喜，107家公司预计2025年全年归属于上市公司股东的净利润同比翻倍。从行业角 度看，有色金属、汽车与零配件、化工、半导体等行业相关上市公司业绩回暖较为明显，行业龙头公司 表现较为优异。 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 ● 本报记者 董添 107家净利润翻倍 业绩预告发布后，不少上市公司获机构密集调研。从机构调研的内容看，机构普遍对上市公司新增及在 手订单量情况、新产线的建设进度、所在行业出现的积极变化较为关注。 对于二氧化碳聚醚项目一期的建设进度，长华化学（301518）在1月26日晚间披露的投资者关系活动记 录表中表示，项目目前处于工程建设尾期，正在为申请试生产、消防验收等做好各项准备工作，预计今 年一季度试生产，具体时间以相关审批手续的办结时间而定。公司全资子公司长华化学科技（连云港） 有限公司的二氧化碳聚醚项目总体规划是年产106万吨分期建设。公司计划 ...

Core Viewpoint - The article highlights the advancements and strategic direction of Xin'ao Group in the field of hydrogen-boron fusion research, emphasizing its unique approach and commitment to commercializing fusion energy by 2035 [1][2]. Group 1: Research and Development - Xin'ao Group's hydrogen-boron fusion research is centered around the "Xuanlong-50U" spherical device, which utilizes AI algorithms for real-time plasma control and monitoring [1]. - The company has made significant progress since 2017, focusing on the hydrogen-boron route, which is considered to have higher commercial potential despite its technical challenges [2][3]. - The "Xuanlong-50U" device has undergone upgrades, achieving a record of 1 million amperes of hydrogen-boron plasma discharge in April 2025, marking a significant milestone in the research [5]. Group 2: Strategic Choices - Xin'ao Group's choice of hydrogen-boron fusion is driven by the need to address future energy demands, emphasizing clean, stable, and flexible energy solutions [2]. - The company aims to avoid the "bottleneck" of fuel supply issues by selecting a fusion route that is environmentally friendly and has abundant raw materials [3]. - The magnetic confinement spherical ring device is specifically designed to maximize the potential of hydrogen-boron fusion while minimizing space and cost barriers for commercialization [3]. Group 3: Collaborative Efforts and AI Integration - Xin'ao Group has established a collaborative network involving 75 top institutions across 11 countries to enhance its research capabilities [6]. - The company has initiated an AI-driven approach to improve plasma control and fault monitoring, significantly increasing experimental efficiency [6]. - The integration of AI in fusion research is expected to support the future energy demands of AI technologies, creating a positive feedback loop in technological development [6]. Group 4: Future Goals - Xin'ao Group is pursuing a three-step strategy of "experiment - ignition - power generation" to advance the commercialization of hydrogen-boron fusion [7]. - The company aims to achieve hydrogen-boron fusion reactions by 2026 and commercial power generation by 2030, with a goal of entering the demonstration phase by 2035 [7].

● 本报记者彭扬 1月27日，中国人民银行发布的2025年四季度金融机构贷款投向统计报告显示，2025年四季度末，获得 贷款支持的科技型中小企业27.5万家，获贷率为50.2%，比上年末高2个百分点。 企事业单位贷款增速回升。2025年四季度末，本外币企事业单位贷款余额186.21万亿元，同比增长 8.9%，增速比上季度末高0.7个百分点，全年增加15.24万亿元。 普惠小微贷款增长较快。2025年四季度末，人民币普惠小微贷款余额36.57万亿元，同比增长11.1%，增 速比各项贷款高4.7个百分点，全年增加3.63万亿元。 贷款支持科创企业力度较大。本外币科技型中小企业贷款余额3.63万亿元，同比增长19.8%，增速比各 项贷款高13.6个百分点。 2025年四季度末，获得贷款支持的高新技术企业26.54万家，获贷率为57.3%，比上年末高0.4个百分 点。本外币高新技术企业贷款余额18.61万亿元，同比增长7.5%，增速比各项贷款高1.3个百分点。 报告称，2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷 款增加16.27万亿元。 ...

第三方机构最新数据显示，国内私募CTA策略在2025年交出了亮眼的成绩单。根据私募排排网监测， 2025年度有业绩记录的1305只CTA策略产品平均收益率为17.09%，其中85.06%的产品实现正收益，两 项数据较2024年的12.31%、78.71%，均有显著提升。得益于市场的结构性趋势性行情及宏观高波动环 境，CTA策略在2025年迎来了业绩与关注度的双重提升。业内人士表示，部分品种价格已处于历史高 位，商品作为资产配置"稳定器"的价值，在复杂宏观背景下愈发凸显。另外，随着行业的持续进化与分 化，更系统的专业能力成为长期致胜关键。 ● 本报记者王辉 趋势与波动成就业绩"大年" 2025年，商品市场为CTA策略运作提供了丰厚的土壤。全年来看，以黄金、白银、铜为代表的贵金属及 有色金属板块走出了波澜壮阔的趋势性行情，成为推动CTA策略整体收益率上行的核心引擎，也显著提 升了该策略在投资端的吸引力。 拓展能力边界应对非线性挑战 业绩的背后，是CTA策略为适应日益复杂的市场环境所进行的持续迭代与进化。2025年的市场不仅给予 了机会，也对CTA策略的实盘运作带来了严峻挑战。业内人士称，这主要集中在"反内卷"政策 ...

Group 1 - The core viewpoint of the news is that by 2025, China's strategic emerging industries will experience significant growth, with a focus on the integration of technological innovation and industrial development, leading to a robust performance in high-tech sectors [1][2] - In 2025, sales revenue in China's high-tech industries is projected to grow by 13.9% year-on-year, with high-tech manufacturing and high-tech services increasing by 10.1% and 16.6% respectively [1] - Key sectors such as lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals are expected to see remarkable sales growth, with increases of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] Group 2 - The sales revenue of China's scientific and technological service industry is anticipated to rise by 20.4% year-on-year in 2025, indicating a stronger application of technological achievements [1] - The sales revenue of knowledge-intensive industries, particularly those focused on intellectual property, is expected to grow by 10.7% year-on-year, reflecting an increase in the conversion of scientific achievements [1] - The total transaction amount of technology contracts nationwide is projected to increase by 19.1% year-on-year in 2025, showcasing the active aggregation of innovative elements [1] Group 3 - The digital economy's core industries are expected to see a sales revenue increase of 9.4% year-on-year in 2025, with related digital product manufacturing and digital technology application industries growing by 9.4% and 13.8% respectively [2] - The amount spent by enterprises on digital technology is projected to grow by 9.6% year-on-year, with manufacturing sector spending increasing by 10.4%, indicating a significant upgrade in industrial digitalization [2] - Traditional industries are accelerating their transformation, with notable increases in the procurement of automation equipment in sectors like petrochemicals, steelmaking, and ironmaking, with growth rates of 17.3%, 11.7%, and 12.7% respectively [2] Group 4 - The tax data reflects a strong performance in high-tech industries and improved efficiency in the conversion of scientific achievements, indicating solid progress in China's technological self-reliance and the cultivation of new productive forces [2] - Under precise policy support, the accelerated aggregation of innovative elements is driving the upgrade of industrial structures towards higher-end development, providing strong and sustainable internal momentum for high-quality growth [2]

从中国人寿寿险公司的另一则公告来看，该公司拟出资40亿元，参与设立"汇智长三角(上海)私募基金 合伙企业(有限合伙)"，合伙企业全体合伙人认缴出资总额50.515亿元。合伙企业将以人工智能引导科技 创新、产业升级为主线，与上海市和浦东新区市区两级开展合作，以参股型私募股权投资方式，重点投 向人工智能技术和相关应用，以及生物医药等科技创新产业（300832）。 ● 本报记者吴杨 近日，中国人寿（601628）寿险公司发布公告称，计划出资近125亿元参与两项投资计划，分别投向养 老产业与长三角地区科创产业。这一举措并非个例，其背后折射出险资加速布局股权投资、向多元化配 置转型的趋势。在利率下行与会计准则切换的背景下，多家头部险企持续发挥长期资本优势，将资金投 向养老、科创等作为未来增长动力所在的新兴产业，展现出行业主动寻求收益与风险平衡的清晰配置逻 辑与共同趋势。 双线落子 中国人寿寿险公司的两笔投资，一笔直指养老产业，另一笔瞄准长三角地区科创产业，它们规模巨大， 而且在战略方向上具有鲜明的时代特征。 根据公告，中国人寿寿险公司拟出资约84.92亿元，与关联方共同设立"北京国寿养老产业股权投资基金 二期(有限合伙 ...

● 本报记者葛瑶 国际资本对中国市场的关注度显著回升。去年境外投资者对中国市场的低配幅度从约2.5%收窄至约 1.3%，减少了约1.2个百分点的低配。瑞银全球金融市场交易部主管贺立言(Neil Hosie)日前在接受中国 证券报记者专访时表示："如果外资进一步降低低配幅度，将意味着可观的潜在资金流入。" 贺立言表示，外资情绪正从此前的观望态度转向"谨慎乐观"。在他看来，中国市场估值优势凸显、企业 治理持续改善、科技创新动能不断增强，叠加全球投资者分散化配置需求上升，配置型资金的入场窗口 有望逐渐打开。瑞银预计中国股市2026年全年涨幅约18%，盈利增速约10%，机器人、人工智能、新能 源汽车、生物科技等科技创新赛道最受关注。 外资谨慎乐观 "谨慎但乐观"，贺立言用这一表述来概括当前外资的情绪基调。他观察到，与一年前同期相比，境外投 资者的心态已发生明显转变。"今年投资者正在做大量工作来深入了解中国公司，这和去年年初相比已 经有了很大不同。"他认为，这一变化在一定程度上受2025年A股市场表现带动：上证指数全年涨幅达 18.41%，沪深300指数涨幅超17%，强劲的市场表现开始吸引全球投资者关注。 交易型资金活 ...

● 本报记者 郑萃颖 谈及创业初心，江必旺坦言："创业之初，中国在纳米技术领域的论文数量已占世界三分之一，但纳米 微球的产业化尚属空白。生物制药用微球长期被GE医疗掌控，手机电脑用微球被日本两家公司垄断， 正是这样的局面，让我决心创业。"他以"微球世界"作为微信昵称，并将推动纳米微球产业化作为其创 业方向。 纳米微球应用广泛，在生物制药领域，色谱填料是生产下游纯化环节重要耗材。根据纳微科技2021年的 招股说明书，当时国内色谱填料市场进口产品占比超过90%，国产材料存在巨大市场空间。江必旺认 为，要在纳米微球赛道立足，企业必须走出一条原始创新之路。 但纳米微球的制备并不容易，这项技术可以视作"微观世界的精密制造"，企业在推动从实验室到产业化 的跨越中，面临着高风险。江必旺谈到，创业初期，团队用两年时间完成实验室技术突破，让大家以为 产业化指日可待，但后续组建十几人团队，投入几千万资金攻坚五年后，却发现原有技术路线无法走 通。"很多人劝我放弃，毕竟投了这么多钱和时间，但我不甘心。"江必旺带领团队从头再来，又花五年 时间重构技术体系，期间顶住资金、技术、市场的多重压力，最终实现从底层技术到产业化的全面突 破。 江 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a robust recovery in 2026, with a significant increase in both supply and demand, driven by enthusiasm from leading A-share companies to list in Hong Kong, including trends like spin-off listings and H-share returning to A-share markets [1][2]. Group 1: IPO Market Trends - As of January 27, 2026, 12 companies have listed on the Hong Kong Stock Exchange, with over 300 companies having submitted listing applications, marking a substantial increase compared to previous years [1]. - The number of active IPO applications from A-share companies has increased nearly fourfold in 2025 compared to 2024, with over 110 applicants from the A-share market [1][2]. - The quality and scale of A-share companies applying for Hong Kong listings have improved, with most companies having a market capitalization exceeding 10 billion yuan, such as 汇川技术 (over 200 billion yuan) and 德赛西威 (approximately 77 billion yuan) [2]. Group 2: Industry Distribution - The companies planning to list are primarily leaders in niche sectors, focusing on strategic emerging industries such as new energy, biomedicine, and advanced manufacturing [2]. - Notable companies in the new energy sector include 汇川技术, 正泰电器, and 鹏辉能源, while the biomedicine sector features leaders like 信立泰, 海特生物, and 仙乐健康 [2]. Group 3: Market Dynamics - The trend of spin-off listings has gained momentum, with over 10 A-share companies' subsidiaries listing in Hong Kong since 2025, and this trend is accelerating in 2026 [3]. - A dual listing trend is emerging, with several Hong Kong-listed companies initiating "return to A-share" plans, exploring new paths for "A+H" listings [4]. - The Hong Kong Stock Exchange has expanded its recognition of overseas exchanges, now including 20 foreign exchanges from 18 countries, enhancing the market's diversity [4]. Group 4: Market Outlook - UBS forecasts that the IPO financing scale in Hong Kong could exceed 300 billion HKD in 2026, with the number of new listings expected to reach between 150 and 200 [2]. - The Hong Kong IPO market is entering a positive cycle of supply and demand, with expectations for further growth in both the number and scale of IPOs in 2026 [4].

Core Viewpoint - The A-share market is witnessing a significant increase in performance forecasts, with 1,201 listed companies disclosing their 2025 annual performance predictions, indicating a positive trend in various industries, particularly in non-ferrous metals, automotive, chemicals, and semiconductors [1][2]. Group 1: Performance Forecasts - A total of 1,201 listed companies have disclosed their performance forecasts, with 475 companies expecting positive results, and 107 companies anticipating a doubling of net profit for 2025 [1][2]. - Among the companies that have released forecasts, 371 expect a net profit of over 100 million yuan, 84 expect over 1 billion yuan, and 22 expect over 3 billion yuan [1]. - The companies with the highest expected net profits include Zijin Mining, Luoyang Molybdenum, WuXi AppTec, Luxshare Precision, Muyuan Foods, and Baofeng Energy [1]. Group 2: Net Profit Growth - Excluding companies that are turning losses into profits, 476 companies expect a minimum net profit growth of over 10%, with 107 expecting over 100%, and 25 expecting over 300% [2]. - Among the top ten companies by net profit, only one is expected to see a decline, while the others are projected to experience varying degrees of growth [2]. Group 3: Industry Trends - The performance recovery is particularly notable in the non-ferrous metals, automotive, chemicals, and semiconductor sectors, with leading companies in these industries showing strong results [1][2]. - Companies like Changhua Chemical are nearing the completion of their carbon dioxide polyether project, with expectations for trial production in the first quarter of the year, which is part of a larger plan to produce 1.06 million tons annually [3]. - Chu Tian Technology has reported that while competition remains fierce, it is gradually easing, with market concentration increasing and international market expansion becoming a new growth point [4]. Group 4: Institutional Research - Following the performance forecasts, many companies have attracted intensive institutional research, focusing on new and existing order volumes, new production line progress, and positive industry changes [1][2]. - Emerging industries such as semiconductors and energy storage are also receiving significant attention from institutional investors, with companies like Hemai Co. reporting rapid growth in their energy storage systems business [4].