AlphaGo到AlphaZero的演进揭示了：AI可以通过自我训练实现能力跨越。这一认知直接推动了"AI+量 化"的兴起。 2026年1月23日，"2025/2026中国量化投资跨年峰会"在上海举办。 平方和投资创始合伙人、总经理吕杰勇进行了主题为"AI赋能：从AlphaGo、ChatGPT到量化投资"的演 讲，深度剖析了AI与量化投资的十年演进与未来图景。 吕杰勇认为，2016年，谷歌AlphaGo横空出世，随后AlphaGo Zero通过自我对弈训练成为顶尖棋手，这 一系列事件给量化投资行业带来了认知冲击，让更多人开始尝试将AI应用到量化投资领域。 此后，OpenAI的ChatGPT问世重塑了人机交互范式，推动量化行业实现进一步发展。但AI+量化的实践 仍面临诸多挑战，离不开人类的经验与专业调参支撑。在吕杰勇看来，人机协同或将成为更优的资源配 置模式。 机器学习开启AI+量化的序章 吕杰勇表示，AlphaGo对围棋领域的颠覆性突破，本质是为机器学习赋能复杂决策提供了标杆范式，而 这一范式与量化投资"数据驱动决策"的核心逻辑同频，顺势开启了AI+量化的序章。 回顾AI发展史时，吕杰勇提到，人工智能的发展并 ...

Core Insights - The pet insurance market is experiencing rapid sales growth, driven by promotional offers and consumer interest, but there is a divide in market sentiment regarding the value and claims process of these insurance products [1] Group 1: Product Features - The "upgraded" pet insurance promoted in the live stream covers cats and dogs aged 60 days to 10 years, with monthly premiums of 34.75 yuan for cats and 38.25 yuan for dogs, and an annual cumulative coverage limit of 20,000 yuan [2] - The insurance offers a single claim limit of 1,200 yuan for outpatient services and 2,000 yuan for surgeries, with a potential increase in the claims ratio to 80% in the following year if no claims are made [2] - Ant Financial's pet insurance has multiple tiers to accommodate different budgets, with the basic plan starting at 22.42 yuan per month and the premium plan reaching 74.5 yuan per month [2] - A "30-day free trial" is available, consisting of a short-term insurance policy and a one-year commercial medical insurance policy, with automatic premium deductions after the trial period [2] Group 2: Consumer Sentiment - Consumer feedback on pet insurance is polarized, with some users reporting positive experiences, such as receiving compensation for significant veterinary expenses after using the free trial [3] - However, there are numerous complaints regarding claims, with over 600 complaints reported on third-party platforms, primarily concerning claim denials and lower-than-expected payouts [3] - Specific issues include claims being rejected despite the policyholder believing they met the conditions and discrepancies between the actual treatment costs and the compensation received [3] Group 3: Industry Response - Some insurance companies, like ZhongAn Online, are aggressively expanding in the pet insurance market, reporting a 129.5% year-on-year increase in total premiums for 2024 and serving over 6 million pet owners [3] - The demographic of policyholders is predominantly under 40 years old, and the service network includes over 20,000 offline pet hospitals nationwide [3] - Conversely, some insurers are adopting a cautious approach due to the low market share of pet insurance within the broader property and casualty insurance sector and the high-risk nature of the business [4] - Challenges include the lack of transparency in the pet medical industry and inconsistent pricing standards, which complicate risk management for insurers [4]

Core Viewpoint - The article discusses the impending maturity of over 50 trillion yuan in residential medium to long-term deposits by 2026, prompting investors to seek stable returns beyond traditional bank deposits [1] Group 1: Investment Products - Low-volatility public funds are expected to attract funds moving away from deposits [2] - Recommended products include: - Money market funds and short-term bond funds, which offer good liquidity and expected returns higher than current savings rates [3] - "Fixed income +" funds, which include secondary bond funds and mixed bond funds, aiming for excess returns by participating in equities or convertible bonds [3] - Low-volatility multi-asset products, such as low-volatility target risk funds in public fund of funds (FOF), which seek absolute returns and align with conservative investors' goals [3] Group 2: Performance Benchmarks - The performance benchmark for funds is a weighted calculation of multiple assets and indices, providing a clear measure for fund managers to outperform the market [4] - In contrast, bank wealth management benchmarks are typically a single value or range, indicating expected returns without guaranteeing outcomes [4] Group 3: Fund Types and Recommendations - "Fixed income +" is seen as an upgraded version of wealth management, with 70%-90% of assets in fixed income and 10%-30% in equities or alternative assets for enhanced returns [5] - FOFs are funds that invest in a basket of other funds, providing risk diversification and suitable for investors seeking a one-stop management solution [5] - For conservative investors, low-volatility FOFs are recommended, with a focus on stable returns and manageable volatility [6] Group 4: Expected Returns - In 2025, average returns for "fixed income +" funds are projected to be 5.6% for secondary bond funds and 6.5% for mixed bond funds, with manageable drawdowns [7] - Convertible bond funds are expected to perform well, with a projected increase of 21% in the Wind convertible bond fund index [7] Group 5: Market Behavior and Investment Strategy - Limited purchases of certain "fixed income +" and FOF products indicate high demand but do not guarantee future performance; investors should align choices with their risk tolerance [8] - New investors are advised to use spare funds, set stop-loss limits, and avoid blindly following popular investment trends, emphasizing a contrarian investment approach [9]

Core Viewpoint - The company, Muxi Co., Ltd., anticipates significant revenue growth for 2025, driven by strong customer recognition and ongoing procurement of its products and services, despite expecting a net loss for the year [2][3]. Group 1: Financial Performance - Muxi Co., Ltd. projects a revenue of 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year increase of 115.32% to 128.78% [2] - The company expects a net loss attributable to shareholders of 650 million to 798 million yuan for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [2] - The reduction in share-based payment expenses compared to the previous year positively impacts the company's profits, contributing to a decrease in loss margins [2] Group 2: Strategic Development - Muxi Co., Ltd. adheres to its "1+6+X" development strategy, focusing on market expansion and enhancing its position in the high-performance GPU industry [2] - The company aims to integrate artificial intelligence technology with various industries, leveraging superior product performance and a comprehensive software ecosystem [2] - Muxi Co., Ltd. has launched the new Xisuo X series GPU brand and product line, optimized for scientific intelligence scenarios, enhancing its competitive advantage in multiple computing scenarios [3] Group 3: Market Position - As of January 27, Muxi Co., Ltd.'s stock price was 572.18 yuan per share, with a total market capitalization of 228.9 billion yuan [4]

Group 1 - Huashan Fund announced the suspension of large subscriptions and large regular investment business for the Oil Fund LOF starting January 28, 2026, to ensure stable fund operations and protect the interests of fund holders [1][3] - The cumulative subscription and regular investment limit for each fund account has been reduced from 100 RMB to 10 RMB [1][3] - The decision is based on the fund contract and relevant regulations outlined in the prospectus [3] Group 2 - The Oil Fund LOF has experienced a significant increase in trading price premiums in the secondary market, with the premium rate rising from 8.29% to 18.88% between January 26 and January 27 [4][5] - Other funds, such as the Southern Oil LOF, have also seen premium rates around 10%, prompting their management to issue risk alerts to investors [5] - The recent surge in commodity prices, including precious metals, is attributed to macroeconomic recovery expectations and various industry factors, although there are concerns about potential short-term adjustments due to rapid price increases [5]

Group 1 - The core point of the news is the shift in FOF holdings, with the Hai Fu Tong Zhong Zheng Short-term Bond ETF becoming the most held fund by FOFs in Q4 2025, replacing the Hua An Gold ETF [1][2] - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short-term Bond ETF was held by 119 FOFs, with a total market value of 5.98 billion [2] - Several bond ETFs, including Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-Medium to High Grade Corporate Bond Spread Factor ETF, were among the top holdings by FOFs [2] Group 2 - In Q4 2025, FOFs increased their holdings in resource-related funds, particularly in gold and cyclical themes, with notable performance from the CITIC Securities Rui Xuan 6-Month Holding Mixed Fund [3] - The CITIC Securities Rui Xuan 6-Month Holding Mixed Fund achieved a return of 6.41% in Q4 2025, leading the FOF market [3] - The South China Zhong Zheng Shen Wan Nonferrous Metal ETF became the largest holding for a specific FOF by the end of Q4 2025, indicating a strong interest in nonferrous metals [3] Group 3 - The outlook for the second half of 2026 suggests a potential strengthening of value and blue-chip stocks, with a focus on resource upstream varieties [4] - Fund managers are optimistic about the stock market, expecting a shift from valuation expansion to profit expansion, with strategies including profit-taking and rebalancing [4] - There is a focus on sectors with high certainty, such as cyclical industries and the tourism sector, which are expected to rebound after recent declines [4]

Core Viewpoint - The company, Muxi Co., Ltd., anticipates significant revenue growth for 2025, driven by strong customer recognition and ongoing procurement of its products and services, despite expecting a net loss for the year [1][2]. Group 1: Financial Performance - Muxi Co., Ltd. projects a revenue of 1.6 billion to 1.7 billion yuan for 2025, representing a year-on-year increase of 115.32% to 128.78% [1] - The company expects a net loss attributable to shareholders of 650 million to 798 million yuan for 2025, which is a reduction in losses by 43.36% to 53.86% compared to the previous year [1] - The reduction in share-based payment expenses compared to the previous year positively impacts the company's profits, contributing to a decrease in loss margins [1] Group 2: Strategic Development - Muxi Co., Ltd. adheres to a "1+6+X" development strategy, focusing on market expansion and enhancing its market position in the high-performance GPU industry [1] - The company aims to integrate artificial intelligence technology with various industries, leveraging superior product performance and a comprehensive software ecosystem [1][2] - The launch of the new Xisuo X series GPU brand and product line is aimed at optimizing scientific intelligence scenarios, enhancing computational capabilities in cutting-edge research fields [2] Group 3: Product Offerings - Muxi Co., Ltd. has developed a competitive GPU product system covering general computing, AI inference training, and other scenarios, supported by its R&D capabilities and technological barriers [2] - The company has previously introduced the Xisi N series for inference scenarios, the Xiyun C series for training scenarios, and the Xicai G series for graphic rendering, achieving full coverage in four major computational power tracks with the introduction of the Xisuo X series [2] Group 4: Market Position - As of January 27, the stock price of Muxi Co., Ltd. was 572.18 yuan per share, with a total market capitalization of 228.9 billion yuan [3]

编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第十四篇。 白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券 （000686）自1988年于吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振 兴新篇的土地紧密相连。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的本土智慧与全国性视 野相融合，在服务国家战略与区域发展的宏大叙事中，锚定"特色化、精品化"之路，固本开新，向 着"一流现代金融服务商"的愿景全速迈进。 东北证券党委书记安桂武日前在接受中国证券报记者专访时表示，党的二十届 ...

Core Viewpoint - Huatu Shanding (300492) expects a significant increase in net profit for 2025, projecting a range of CNY 280 million to CNY 420 million, representing a year-on-year growth of 428.38% to 692.57% [4] - The company anticipates a non-net profit of CNY 258 million to CNY 387 million, indicating a year-on-year growth of 955.37% to 1483.06% [4] Financial Metrics - As of January 27, the company's price-to-earnings ratio (TTM) is approximately 40.24 to 60.35 times, with a price-to-book ratio (LF) of about 56.55 times and a price-to-sales ratio (TTM) of around 5.34 times [4] - Historical price-to-earnings ratio trends show significant fluctuations over recent years, with the company’s TTM P/E ratio reflecting its growth trajectory [5][6] Business Performance - The company's substantial growth is attributed to the strong market demand in the examination training sector, alongside strategic regional operational reforms [13] - Huatu Shanding has optimized its product offerings by focusing on a single major product, "Kaobian Zhitongche," which targets long-term exam preparation students, enhancing user experience and operational efficiency [13] - The company has increased its application of advanced technologies, leading to improvements in recruitment quality control, intelligent scheduling, and teaching research, which have collectively boosted profitability while reducing delivery costs [13]

Core Viewpoint - The company Guifaxiang (002820) is expected to report a net loss of 23 million to 26 million yuan for the year 2025, a significant decline from a profit of 27.073 million yuan in the previous year [4] Financial Performance - The forecasted net profit for 2025 is a loss of 23 million to 26 million yuan, while the non-recurring net profit is expected to be a loss of 24 million to 27 million yuan, compared to a profit of 2.44191 million yuan in the previous year [4] - The basic earnings per share are projected to be between -0.12 yuan and -0.13 yuan [4] - The latest closing price indicates a price-to-book ratio (LF) of approximately 2.77 times and a price-to-sales ratio (TTM) of about 5.25 times [4] Revenue and Cost Analysis - The company's revenue is expected to decline due to insufficient consumer demand and purchasing power, along with intensified industry competition [12] - Direct and distribution channel revenues are decreasing, while e-commerce channel revenue is growing but not enough to offset the decline in traditional channels [12] - Increased fixed manufacturing costs due to lower sales volume and production, leading to higher unit costs and a decrease in the proportion of gift category sales [12] - Rising operational service fees and promotional expenses in the e-commerce channel, along with significant increases in depreciation, information system service fees, and advertising costs [12] - Decreased investment income and interest revenue due to reduced investment in financial products and lower bank deposit rates [12]