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]

中证智能财讯电投产融（000958）1月27日晚间披露2025年度业绩预告，预计2025年归母净利润30亿元至35亿元，上年同期盈利33.16亿元；扣非净利润预计 7亿元至7.7亿元；基本每股收益0.23元/股-0.27元/股。以1月27日收盘价计算，电投产融目前市盈率（TTM）约为33.06倍-38.57倍，市净率（LF）约1.93倍， 市销率（TTM）约26.08倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 公司 -○- 行业均值 近年来市盈率变化情况（倍） (倍) 270 60 50 30 20 30x86 21x63 15814 12022 o 2020-12-37 1 2021-12-37 1 2022-12-37 2021-06-30 2022-06-30 3-06-30 4-06-31 +-12-37 203 ○- 行业均值 公司 - 100 ହି ୨୦ 80 70 60 50 40 30 302 8-1 20 20x2 10 10826 6.81 0 2027-12-37 | 2020-12-37 1 2022-12-37 1 2027-06-30 1 202-06- ...

锚定"全球一流现代化创新城区" 南山区区长李小宁作政府工作报告时表示，南山经济体量相比"十三五"期末的6527亿元，5年跨上4个千 亿级台阶，年均增长率5.8%以上。 1月27日，深圳市南山区八届人大六次会议开幕。据会议透露，2025年该地区生产总值突破1万亿元，地 均GDP达54亿元/平方公里，人均GDP超54万元，南山区成为我国首个GDP过万亿元的地市辖区。 战略新兴产业和 未来产业占比近六成 据悉，目前，南山区战略性新兴产业和未来产业占比近60%，人工智能规模以上企业超1300家，低空经 济落地全国首个省级低空领域制造业创新中心，新材料企业超百家。 资本市场上，南山上市公司阵营群星璀璨，该区目前共有218家上市公司，上市公司密度位居全国第 一。 在南山科技园，这里集聚了腾讯、大疆等大型科技企业总部，拥有6家软件百强企业、7家互联网百强企 业。数据显示，2025年南山区软件和互联网产业营收超9000亿元，持续巩固产业集聚发展优势。 在机器人等前沿产业赛道，南山区也一马当先。地处阳台山南部余脉和塘朗山之间的南山谷地，是知名 的"机器人谷"。这里诞生了被称为"人形机器人第一股"的优必选、"协作机器人第一股"的 ...

Group 1 - The market showed a rebound on January 27, with all three major indices turning positive, driven by the semiconductor industry chain, leading to a rise in semiconductor-related ETFs, with many increasing by over 3% [1][4] - The top ten ETFs by net inflow on January 26 included three gold-related ETFs, which collectively attracted nearly 3.5 billion yuan [3][8] - The semiconductor-related ETFs dominated the market, with nine out of the top ten ETFs by growth being semiconductor-related, supported by rising expectations for memory chip price increases and ongoing demand for AI computing power [4][5] Group 2 - The total trading volume of ETFs reached 538.918 billion yuan on January 27, with ten ETFs exceeding 10 billion yuan in trading volume, although there was a decrease in trading volume compared to the previous day [6][7] - The gold-related ETFs continued to attract significant capital, with three gold ETFs among the top ten by net inflow, indicating strong investor interest in this sector [8][10] - The market is expected to shift towards emphasizing industry trends and profit certainty, with a focus on sectors like semiconductor storage, overseas computing power chains, and innovative pharmaceuticals, as earnings reports begin to be released [11]

Core Viewpoint - The article discusses the impending maturity of over 50 trillion yuan in long-term deposits by 2026, prompting investors to seek alternatives for stable returns beyond traditional bank deposits [1] Group 1: Investment Alternatives - Low-volatility public funds are expected to attract funds moving away from deposits [2] - Options include money market funds and short-term bond funds, which offer better liquidity and expected returns than current savings accounts [3] - "Fixed income +" funds, which include secondary bond funds and mixed bond funds, aim 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), are suitable for conservative investors seeking stable returns [3] Group 2: Performance Benchmarks - Fund performance benchmarks are multi-asset, weighted calculations, while bank wealth management benchmarks are typically a fixed value or range [4] - The fund benchmark serves to clarify risk-return sources and helps investors understand strategy logic, while also providing clear investment boundaries for fund managers [4] Group 3: Fund Types and Investor Profiles - "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 [5] - FOFs are designed to reduce risk through diversification by investing in a basket of funds, suitable for investors seeking a one-stop management solution [5] - Conservative investors are recommended to start with low-volatility FOFs and gradually increase equity exposure based on risk tolerance [6] Group 4: Expected Returns - In 2025, secondary bond funds in the "fixed income +" category are projected to yield an average return of 5.6% with a maximum drawdown of 1.6% [7] - Mixed bond funds are expected to have an average return of 6.5% with a maximum drawdown of 2.3% [7] - Convertible bond funds are anticipated to perform well, with a projected index increase of 21% in 2025 [7] Group 5: Market Dynamics - The occurrence of purchase limits on some "fixed income +" and FOF products indicates high demand but does not guarantee future performance [8] - Investors are advised to align their choices with their risk tolerance rather than following market trends blindly [8] Group 6: Advice for New Investors - New investors should only use idle funds for investment, set stop-loss limits, and avoid blindly following popular investment strategies [9] - Emphasizing a contrarian investment approach, investors are encouraged to buy during market panic and remain calm during optimistic market conditions [9]