1月22日，深圳市地方金融管理局就《深圳市关于保险业助力科技创新和产业发展的行动方案（2026- 2028年）》公开征求意见。 《行动方案》明确，从科技、产业、行业自身分别设定量化目标任务。一是科技保险保费收入年均增速 超10%，每年为科技企业提供风险保障超5万亿元。二是低空经济、人工智能等新兴产业保险服务实现 突破，量化目标设定为每年推出不少于30款保险创新产品。三是全市保险法人总资产规模超11万亿元， 深圳地区三年保费收入超7000亿元。 在加强人工智能风险保障方面，明确鼓励保险机构加快设立人工智能保险创新中心，聚焦人工智能全产 业链风险，开发覆盖"基础层—技术层—应用层"的全链条保险产品。鼓励保险机构为人工智能企业定制 覆盖算力建设、网络安全、数据安全等风险的综合保险方案，强化风险保障。 为支持企业"走出去"，《行动方案》提出，推动跨境电商企业使用"跨境电商保"等贸易避险工具，符合 条件的，按照相关政策予以资助。鼓励符合条件的中资财险公司优化境外布局，为企业走出去提供企财 险、工程险、境外劳务险、雇主责任险等保险产品。 聚焦人工智能、低空经济等重点领域 《行动方案》围绕"险资入深"、科技创新、"20+8 ...

Market Overview - The A-share market showed a rebound with all three major indices rising, with the Shanghai Composite Index up by 0.14%, the Shenzhen Component Index up by 0.5%, and the ChiNext Index up by 1.01% [1] Commercial Aerospace Sector - The commercial aerospace sector experienced a surge, with multiple stocks hitting the daily limit, including Jili Rigging (002342) achieving a "two consecutive limit up" and Shunhao Co. (002565) and Zhongchao Holdings (002471) also reaching the limit [2] Controlled Nuclear Fusion Sector - The controlled nuclear fusion sector saw a strong afternoon performance, with Zhejiang Fu Holdings (002266) hitting the daily limit and other stocks like Xue Ren Group (002639) and Western Materials (002149) also reaching the limit [6] - Zhejiang Fu Holdings announced a significant milestone in its future energy strategy by signing a cooperation agreement for the joint development of ultra-high heat load components for the China Fusion Engineering Test Reactor (CFEDR) [9] - The capital expenditure in the controlled nuclear fusion industry is entering an upward cycle, with expectations of increased domestic and international capital spending, potentially leading to a peak in project tenders over the next 3-5 years, with an estimated investment of 146.5 billion yuan in major domestic fusion projects [9] Robotics and PCB Sectors - The robotics concept stocks strengthened, with Fulei New Materials (605488) and Yichang Technology (002420) hitting the daily limit [4] - The PCB sector also saw rapid gains, with stocks like Pengding Holdings (002938) reaching the daily limit [4] Insurance, Semiconductor, and Pharmaceutical Sectors - The insurance, semiconductor, and pharmaceutical sectors experienced the largest declines in the market [4] Popular Stocks - Guosheng Technology (603778) opened its limit down and later surged to hit the limit up, achieving a trading volume exceeding 2.4 billion yuan after five consecutive days of limit down [4] Computing Power Leasing Sector - The computing power leasing concept stocks rose, with Qingyun Technology hitting the daily limit [10] Heterogeneous Computing - The Ministry of Industry and Information Technology emphasized the importance of technological innovation and the acceleration of breakthroughs in key technologies such as training chips and heterogeneous computing [12] - Heterogeneous computing is identified as a foundational technology for the "East Data West Computing" project, enhancing overall computing efficiency and energy efficiency through specialized hardware [13] - The demand for artificial intelligence data centers (AIDC) and computing power procurement is expected to increase, leading to a recovery period in the internet data center (IDC) industry by 2026 [13]

Core Insights - The latest holdings of Central Huijin have been revealed following the disclosure of the 2025 Q4 reports of leading broad-based ETFs, with significant positions in the Huatai-PB CSI 300 ETF [1][3] Holdings Summary - As of the end of 2025, Central Huijin Asset Management Co., Ltd. held 378.58 billion shares, while Central Huijin Investment Co., Ltd. held 356.55 billion shares of the Huatai-PB CSI 300 ETF [1][4] - The shareholding proportions for Central Huijin Asset Management and Central Huijin Investment are 40.26% and 37.91%, respectively [4] Comparison with Previous Period - Compared to the 2025 mid-year report, the holdings of Central Huijin in the Huatai-PB CSI 300 ETF remained unchanged in the second half of 2025 [5] - The total number of shares held by Central Huijin in various broad-based ETFs, including E Fund CSI 300 ETF and Huaxia CSI 300 ETF, also remained stable [5] Market Trends - Recent data indicates a significant net outflow from broad-based ETFs, with over 220 billion yuan exiting the CSI 300 theme ETFs from January 12 to January 21, 2025 [5] - Other ETFs, including the CSI 1000 theme ETFs and the STAR 50 theme ETFs, also experienced substantial net outflows during the same period [5] Current ETF Holdings - As of January 21, 2025, the number of shares for major ETFs such as Huatai-PB CSI 300 ETF and Huaxia CSI 300 ETF has decreased compared to the holdings reported by Central Huijin at the end of 2025 [6][7] - The current shares for Huatai-PB CSI 300 ETF stand at 719.78 billion, down from Central Huijin's reported 735.13 billion shares at the end of 2025 [7]

记者从中国科学院金属研究所获悉，近日，该研究所李昺研究员团队与合作者在制冷技术领域取得新突破——首次发现"溶 解压卡效应"，有望为高耗能数据中心等算力基础设施提供低碳、高效的新型冷却解决方案。该研究成果1月22日在国际学 术期刊《自然》发表。 该成果为下一代数据中心冷却技术提供了原创性方法，有望推动算力基础设施低碳运行。 来源：央视新闻客户端 （文章来源：中国证券报） △压力调控溶解热实现高效绿色制冷 基于"溶解压卡效应"，团队设计出一套四步循环系统：加压升温→向环境散热→卸压降温→输送冷量，单次循环可实现每 克溶液吸收67焦耳热量，理论效率高达77%，展现出优异的工程应用潜力。 算力作为数字经济时代的关键基础设施，其高速发展背后是日益增长的能源消耗与散热需求。数据中心的冷却系统能耗占 数据中心总用电的近40%，传统压缩机制冷方案不仅能耗大、排放高，且在应对高功率散热需求时面临换热效率瓶颈。研 究团队在实验中发现，硫氰酸铵（NHSCN）溶液在压力变化下可以表现出惊人的热效应：加压时盐析出并放热，卸压后盐 迅速溶解并强力吸热，室温下溶液温度可在20秒内骤降近30℃，在高温环境下降温幅度更大，远超已知固态相变材料 ...

据介绍，国家发展改革委在前期扎实开展设备更新项目谋划储备的基础上，抓紧组织项目申报，严格做 好审核把关，加快推动设备更新政策落地见效。下一步将会同各有关方面，持续做好统筹协调和跟踪调 度，加强设备更新项目和资金全链条管理，扎实推进项目建设，加快提升资金使用效率，进一步发 挥"两新"政策效能。 在消费品以旧换新方面，此前国家发展改革委会同财政部，已向地方提前下达2026年第一批625亿元超 长期特别国债支持消费品以旧换新资金计划。 国家发展改革委1月22日消息，近日，2026年第一批936亿元超长期特别国债支持设备更新资金已经下 达，支持工业、能源电力、教育、医疗、粮油加工、海关查验、住宅老旧电梯、节能降碳环保、回收循 环利用等领域约4500个项目，带动总投资超过4600亿元；同时，采取直接向地方下达资金的方式，继续 支持老旧营运货车报废更新、新能源城市公交车更新、老旧农机报废更新。 前期，国家发展改革委牵头印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》， 2026年的"两新"政策进一步优化了制度设计和实施方式。 设备更新方面，在总体延续今年支持范围的基础上，主要增加了三个方面的更新补贴，民 ...

Core Viewpoint - The report highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors such as pharmaceuticals, consumption, technology, AI, and agriculture. Group 1: Zhang Kun's Strategy - Zhang Kun has adjusted the structure of investments in the pharmaceutical, consumer, and technology sectors while maintaining a stable overall position in the E Fund Blue Chip Select Fund [2] - The top ten holdings include Tencent Holdings, Kweichow Moutai, Wuliangye, Alibaba-W, Shanxi Fenjiu, Luzhou Laojiao, Yum China, CNOOC, JD Health, and Focus Media, with no changes from Q3 2025 [2] - Zhang Kun expresses confidence in the improvement of living standards and social security in China over the next decade, which will narrow the gap with developed countries [2] - The AI wave is seen as a significant driver for innovation, with strong domestic demand enhancing the ability to attract global resources and talent [2][3] Group 2: Chen Hao's Focus - Chen Hao has heavily invested in AI-related sectors, as well as increasing allocations in power equipment, new energy, non-bank financials, and chemicals, yielding notable returns [4] - The top ten holdings include Dongshan Precision, Zhongji Xuchuang, Mingyang Smart Energy, Xinyi Technology, Juhua Co., Century Huatong, Xinwangda, Huazhu High-tech, Kairun Co., and Meinian Health [4] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, with a focus on structural opportunities and the implementation of AI applications [4][5] Group 3: Xiao Nan's Adjustments - Xiao Nan has reduced allocations in high-end and sub-high-end liquor while increasing investments in the agriculture sector [6][7] - The top ten holdings in the consumer sector include Kweichow Moutai, Midea Group, Shanxi Fenjiu, Fuyao Glass, Sailun Tire, Great Wall Motors, Dongpeng Beverage, Luzhou Laojiao, Gujing Gongjiu, and Wuliangye, with no changes from Q3 2025 [7] - Xiao Nan believes that if inflation rises as expected, the likelihood of cost-push inflation will be greater than demand-pull inflation, influencing future investment strategies [7]

Group 1 - The core viewpoint of the news is that E Fund's Blue Chip Select Fund, managed by Zhang Kun, has maintained a stable stock position while adjusting its sector allocations in pharmaceuticals, consumer goods, and technology as of Q4 2025 [1] - The top ten holdings of the fund as of the end of Q4 2025 include Tencent Holdings, Kweichow Moutai, Wuliangye, Alibaba-W, Shanxi Fenjiu, Luzhou Laojiao, Yum China, CNOOC, JD Health, and Focus Media, showing no changes from Q3 2025 [1] - Zhang Kun expresses confidence that both the actual living standards and social security levels in China will significantly improve over the next decade, narrowing the gap with developed countries [1] Group 2 - The current AI wave highlights the importance of a strong domestic demand market in promoting technological innovation, as it attracts global resources, talent, and capital [2] - Subscription revenues, such as the approximately $200 annual fee for C-end users of leading AI models like GPT and Gemini, are crucial for companies' financing and ongoing investment confidence amid debates about an "AI bubble" [2] - A domestic company with leading foundational model capabilities could benefit from a stronger consumer environment, enhancing subscription income and model investment interactions, which may help it catch up with global leaders [2]

Core Insights - The core theme of the news is the significant advancements and expected growth in China's artificial intelligence (AI) industry by 2025, with a focus on human-shaped robots and smart manufacturing [1][2][5]. Industry Overview - By 2025, the number of AI companies in China is projected to exceed 6,000, with the core industry scale expected to surpass 1.2 trillion yuan [2]. - The AI computing power in China has reached 1,590 EFLOPS, placing it among the top globally [2]. - The market for smart glasses has seen shipments of over 1.78 million units, with nearly 80% being AI-enabled [2]. Technological Development - The Ministry of Industry and Information Technology (MIIT) plans to enhance AI technology through breakthroughs in training chips and heterogeneous computing power [1][3]. - The government has initiated a national AI industry investment fund with a scale of 60 billion yuan, focusing on supporting the human-shaped robot sector [1][6]. Application in Manufacturing - AI has penetrated over 70% of business scenarios in leading factories, with more than 6,000 vertical models developed [4]. - The implementation of AI in manufacturing has led to significant improvements, such as a 99.98% accuracy rate in quality inspections and a 275% increase in per capita production efficiency [2]. Human-Shaped Robots - The human-shaped robot sector is expected to see over 140 companies and more than 330 products by 2025, marking a pivotal year for mass production [5][6]. - The MIIT aims to drive innovation and safety in human-shaped robots, enhancing technology and establishing a comprehensive standardization system [6].

Core Viewpoint - The company emphasizes its commitment to supporting national strategies and enhancing its service capabilities to align with the development of new productive forces in the financial sector [1][2]. Group 1: Strategic Initiatives - The company has led several industry-first initiatives, including the first technology innovation green corporate bond in Tianjin and the first nationwide science and technology convertible bond [1][4]. - The company aims to transform from a traditional intermediary to a value co-creator, focusing on optimizing its business structure and financial product offerings to support the development of new productive forces [2][3]. Group 2: Financial Services and Product Offerings - The company is enhancing its comprehensive service capabilities by developing a multi-product and multi-market financing toolbox, including equity, debt, and asset securitization [3][4]. - In 2025, the company achieved significant milestones, including underwriting 97 technology innovation corporate bonds and asset-backed securities (ABS) totaling 243 billion, and 27 green corporate bonds and ABS amounting to 106 billion [4]. Group 3: Wealth Management and Investor Services - The company is focusing on transforming its traditional brokerage business into a modern wealth management service centered on customer needs, enhancing the client experience through a digitalized operating system [5][6]. - A three-dimensional inclusive finance system has been established, encompassing product offerings, services, and investor education to lower barriers to wealth management services [7]. Group 4: Future Development and Strategic Goals - The company plans to strengthen its role as a financial intermediary to optimize economic structures and enhance value creation through direct financing tools [8][9]. - Risk management is identified as a core operational aspect, with a commitment to building a proactive risk control ecosystem to foster business innovation while managing potential risks [10].

Core Viewpoint - The company aims to transition from a leading domestic enterprise to a globally influential player in the automation equipment sector, focusing on becoming a foundational supplier for global intelligent equipment during the "14th Five-Year Plan" period [1]. Group 1: Strategic Focus on Automation Equipment - The company, established in 2010, specializes in the research, production, and sales of factory automation components, providing a one-stop supply for these parts [2]. - It categorizes components into three types: core brand components (FX), standard components (FA), and non-standard structural parts (FB), employing different strategies for each to meet diverse customer needs [2]. - The company has developed a comprehensive product system covering 199 major categories, 4,573 subcategories, and 258 stock-keeping units (SKUs) of factory automation components by June 2025 [3]. Group 2: Embracing Digital Transformation - The company is actively exploring AI technology applications in the intelligent equipment sector, significantly improving efficiency and accuracy in quoting processes [4]. - It has established flexible production line planning based on manufacturing processes, enhancing production capacity and automated processing capabilities for individual parts [5]. - The company aims to become a supplier of robot components, continuously expanding its market presence in line with new industry scenarios [5]. Group 3: Global Expansion Strategy - The company views overseas market development as a crucial part of its overall strategy, planning to enhance its global presence and service capabilities [7]. - It has been expanding its overseas operations for the past two to three years, achieving positive progress and aiming to further increase its global market influence [7]. - The company is committed to becoming a trusted infrastructure supplier for global intelligent equipment as Chinese manufacturing accelerates its international outreach [7].