当地时间周四（1月22日），美股三大股指全线收涨。随着美国总统特朗普在格陵兰岛问题上立场急转 弯，取消对欧关税威胁，市场担忧情绪显著缓解，美股主要股指连续第二日收高。 市场分析认为，格陵兰岛危机的化解扭转了此前的抛售趋势。在此轮反弹中，金融、能源等对宏观情绪 敏感的传统价值板块涨幅显著，尽管协议的具体细节仍有待公布。 美股大型科技股集体上涨，美国科技七巨头指数上涨1.47%。个股方面，Meta涨超5%，特斯拉涨逾 4%，微软、亚马逊涨逾1%，英伟达涨0.77%，谷歌-C涨0.75%，苹果涨0.28%。 大宗商品方面，国际金价银价同创历史新高。美国纽约商品交易所2月黄金期货价格突破每盎司4900美 元，3月白银期货价格突破每盎司96美元，均创历史新高。 消息面上，特斯拉CEO马斯克周四在达沃斯世界经济论坛上表示，将会有"数十亿"个人形机器人出现， 机器人的产量将满足人类的所有需求。特斯拉将在2026年年底或2027年向公众出售人形机器人 Optimus。另外，马斯克旗下的SpaceX正加速推进IPO计划，已敲定美国银行 、摩根大通、高盛与摩根 士丹利等四家华尔街大型投行，担任潜在上市案的主要承销商。 美股三大股 ...

Company News - Zhiyuan Innovation expects a net profit of 1.61 billion yuan for 2025, representing a year-on-year increase of approximately 46%. The demand is significantly boosted by the acceleration of AI computing power construction, benefiting products in PC, server, and automotive electronics sectors. The storage industry cycle is steadily improving, leading to an increase in both price and volume of products [4][6] - Fangzheng Technology anticipates a net profit of 430 million to 510 million yuan for 2025, reflecting a year-on-year growth of 67.06% to 98.14% [4] - Qiangyi Co. expects a net profit of 368 million to 399 million yuan for 2025, marking a growth of 57.87% to 71.17% compared to the previous year [5] - Yingfang Micro expects a net loss of 69 million to 97 million yuan for 2025, compared to a loss of 61.97 million yuan in the previous year [6] - *ST Biology announced the termination of a major asset restructuring plan and expects a net profit of 28.5 million to 32.5 million yuan for 2025, recovering from a loss of 19.84 million yuan in the previous year. The company has expanded its business through acquisitions and is focusing on sales of related products [6] - Zhiyuan Innovation plans to raise 500 million yuan for a "DRAM chip R&D and industrialization project," with funds allocated to its subsidiaries for project implementation [7] - Chongda Technology announced an investment of 1 billion yuan for an IC packaging project, aiming to enhance its capacity and competitiveness in the semiconductor packaging industry [7] - Dongpeng Beverage plans to invest 1.1 billion yuan in a new production base in Chengdu, establishing a wholly-owned subsidiary for project execution [8] - Hualing Steel's subsidiary plans to invest 450 million yuan in a coking plant renovation project to improve production capacity and meet environmental standards [8] Industry Insights - The commercial aerospace industry is entering a golden era driven by both demand and supply. Focus areas include satellite launches and manufacturing, with private rocket companies rapidly developing and the industry transitioning from national to commercial aerospace [9] - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and terminal new energy materials. The cost competitiveness of thermal phosphoric acid is increasing, which may further boost demand for thermal process phosphoric acid and yellow phosphorus [9]

Core Insights - The automotive industry is facing significant cost pressures due to a shortage of memory chips and rising prices of raw materials, which are impacting supply chain dynamics and competition rules [1][2][3] Group 1: Cost Pressures - The shortage of memory chips has escalated into a systemic issue affecting the entire automotive supply chain, with prices for automotive-grade DDR4 and DDR5 memory increasing by over 150% and 300% respectively since the second half of 2025 [2] - Global storage prices are expected to rise by an additional 40% to 50% in the first quarter of 2026, with a supply gap for general DRAM projected to remain between 15% and 20% [2] - The automotive sector is at a disadvantage in the competition for memory resources, as leading manufacturers prioritize supply to AI and cloud computing sectors, which offer higher profit margins [3] Group 2: Raw Material Price Increases - Prices for essential metals like copper and silver, which are critical for automotive electrical systems and batteries, have also seen significant increases since the second half of 2025 [3] - The competition for these raw materials between the automotive and AI industries has intensified, although current price increases have not yet fully reached end consumer prices [3] Group 3: Supply Chain Strategies - Automotive companies are implementing various strategies to mitigate cost pressures, including technological innovations and supply chain partnerships [5] - Companies like CATL are leveraging scale and technology to manage battery costs, while others are optimizing memory usage through software upgrades [5] - Long-term supply agreements and price locking strategies are being adopted by companies like Changan and Leap Motor to counteract rising costs of critical components [6] Group 4: Industry Dynamics and Competition - The memory crisis is leading to a differentiation in the automotive industry, with larger companies better able to absorb costs compared to smaller firms [7] - The ability to manage supply chains effectively is becoming a critical factor for competitiveness, with larger firms benefiting from established supply chain systems [7] - The crisis may result in a slowdown in the adoption of advanced driving technologies as companies may cut back on non-core storage configurations [7] Group 5: Future Outlook - The automotive industry is encouraged to shift from reactive measures to building autonomous systems, including securing long-term supply agreements and accelerating the validation of domestic storage chips [8] - The ongoing price increases and the transition to electric and intelligent vehicles are expected to concentrate resources among companies with core capabilities, leading to a shift in competition from hardware to integrated software and hardware solutions [8]

1月22日晚，上交所网站显示，上海燧原科技股份有限公司（简称"燧原科技"）科创板IPO申请获受理。 截至上市申请材料签署日，这家国产AI芯片独角兽企业最近一轮融资估值近200亿元。腾讯与其高度绑 定——不仅是其第一大股东，也是第一大客户。 公司IPO拟募集资金60亿元，将用于第五代和第六代AI芯片系列产品的研发及产业化项目，以及先进人 工智能软硬件协同创新项目。 成立近八年迭代四代架构 上市申请材料显示，燧原科技创立于2018年3月。成立近8年来，公司自研迭代了四代架构5款云端AI芯 片，构建了AI芯片、AI加速卡及模组、智算系统及集群和AI计算及编程软件平台的完整产品体系，目前 已成为我国云端AI芯片领军企业之一，形成了芯片及硬件、软件及编程平台和算力集群方案三大类，全 方位、立体化的核心技术体系。公司多代产品已在互联网AI场景中大规模商用。 截至2025年9月末，燧原科技已获得境内发明专利262项，已承担10余项国家及地方科技攻关项目，参与 了41项AI芯片与智算系统的国家及行业标准制定。 上市申请材料显示，燧原科技2024年AI加速卡及模组销售量达3.88万张，在中国AI加速卡市场的占有率 约为1.4% ...

Group 1 - The total scale of public funds reached 37.26 trillion yuan by the end of Q4 2025, with a quarter-on-quarter increase of over 1.3 trillion yuan [2] - The largest growth came from money market funds, which increased by 571.93 billion yuan, followed by bond funds with an increase of 446.94 billion yuan, and stock funds with an increase of 155.08 billion yuan [2] - The top two fund companies by total management scale are E Fund and Huaxia Fund, each managing over 2 trillion yuan, while eight other companies manage over 1 trillion yuan [2] Group 2 - The largest increase in non-money management scale was seen in Guotai Fund, which grew by 62 billion yuan, followed by Invesco Great Wall Fund with a growth of 53.12 billion yuan [3] - Several large fund companies experienced significant growth, with notable products contributing over 20 billion yuan in scale increase, such as the Huaxia CSI 500 ETF and the Invesco Great Wall Jing Sheng Dual Income Bond [3] - Mid-sized fund companies showed considerable changes, with several becoming "dark horses" in Q4 2025, such as Changcheng Fund and Dongcai Fund, which saw increases of over 20 billion yuan [4] Group 3 - Smaller fund companies like Shanzheng Asset Management and Huayin Fund also reported substantial growth in non-money management scale in Q4 2025 [4] - The rebranding of Beixin Ruifeng Fund to Huayin Fund led to a rapid increase in scale, reaching 26.75 billion yuan with a growth of 6.1 billion yuan [4] - Notable products from smaller firms, such as the Debon Xin Xing Value Fund, contributed significantly to their growth [4]

1月22日，公募基金2025年四季报披露完毕。公募基金最新前十大重仓股出炉，分别是中际旭创（300308）、新易盛（300502）、宁德时代（300750）、腾 讯控股、紫金矿业（601899）、阿里巴巴-W、寒武纪、立讯精密（002475）、贵州茅台（600519）、东山精密（002384）。与2025年三季度末相比，寒武 纪、东山精密新进公募基金前十大重仓股，工业富联（601138）、中芯国际退出前十大重仓股。 中际旭创成为公募基金2025年四季度增持市值最多股票，增持市值为226.02亿元。此外，中际旭创已经连续三个季度位列公募基金增持市值最多的股票。除 科技股外，有色、化工、电气设备板块个股也得到了基金经理的大手笔增持。 中际旭创登顶 根据天相投顾提供的数据，2025年四季度末，中际旭创取代宁德时代成为公募基金第一大重仓股，公募基金持有市值达784.21亿元。 除了AI板块，有色、化工、电气设备等板块也在2025年四季度得到了基金经理们的大手笔增持，一些有色、化工板块的股票在2025年四季度取得了不错的 涨幅，比如云铝股份、天华新能在2025年四季度股价的涨幅分别超过60%、110%。 权益资产吸引力 ...

Core Viewpoint - The recent surge in gold prices, surpassing 1500 yuan per gram, has led to a shift in consumer preferences towards smaller, micro-weight gold products, particularly as the Chinese New Year approaches [1][6]. Group 1: Sales Trends - Micro-weight gold products, such as mobile phone charms and bag pendants, have become bestsellers, with prices ranging from 118 yuan for a 0.01-gram charm to under 400 yuan for a 0.1-gram bag pendant [2][4]. - The demand for larger gold items has decreased, with many consumers opting for product exchanges rather than direct purchases due to high prices [9]. Group 2: Market Dynamics - As of January 22, 2023, the price of 24K gold was reported at 1498 yuan per gram, with gold bars priced at 1313 yuan per gram, reflecting a 40 yuan increase from the previous day [8]. - The overall gold consumption in China has declined, with a reported 7.95% decrease in gold consumption and a significant 32.50% drop in gold jewelry consumption in the first three quarters of 2025 [9]. Group 3: Future Outlook - High demand for gold bars and coins has been noted, with a 24.55% increase in consumption for these categories, indicating a shift in consumer behavior amidst rising gold prices [9]. - Goldman Sachs has raised its gold price forecast for December 2026 from 4900 to 5400 USD per ounce, reflecting a bullish outlook on gold prices driven by market conditions [10].

Group 1: Market Performance - The A-share general aviation sector strengthened again on January 22, with multiple aviation-themed ETFs rising nearly 4%, while military and satellite-related ETFs also saw gains of over 3% [1][3] - Conversely, previously hot sectors such as semiconductor equipment, power grid, and gold stocks collectively cooled down, with several semiconductor equipment-themed ETFs dropping over 2% [1][5] Group 2: ETF Fund Flows - On January 21, stock-type ETFs experienced a record net outflow exceeding 100 billion yuan in a single day, marking a historical high [1][9] - Major broad-based ETFs, including those tracking the CSI 300, CSI 1000, and SSE 50 indices, were the primary contributors to this net outflow, with the CSI 1000 ETFs alone seeing a collective outflow of over 28.5 billion yuan [9][10] Group 3: ETF Trading Activity - As of January 22, the Huatai-PineBridge CSI 300 ETF recorded over 20 billion yuan in trading volume for two consecutive trading days, while the E Fund CSI 300 ETF achieved a trading volume of over 16 billion yuan, setting a new single-day historical high since its listing [7][8] - The trading volume for the CSI 1000 ETF significantly decreased, dropping by over 11 billion yuan compared to the previous day [7] Group 4: Central Huijin Holdings - As of January 21, the latest share quantities of several broad-based products, including Huatai-PineBridge CSI 300 ETF and E Fund CSI 300 ETF, have fallen below the holdings reported by Central Huijin for the end of 2025 [2][12]

2026年伊始，全球低碳治理格局迎来标志性节点。欧盟碳边境调节机制（CBAM）正式全面实施，海南 自贸港同步启动全岛封关运作。国内外绿色规则的双向演进，正深刻重塑产业竞争格局与资本流动方 向。与此同时，中国ESG投资生态走向成熟，如何从被动筛选走向主动进行价值发现与创造，成为市场 参与各方共同关注的议题。 中国证券报记者日前专访了中国银河证券国际ESG中心主任、首席ESG分析师马宗明，围绕CBAM落地 影响、自贸港机遇、ESG尽责管理中的痛点以及新规则下的投资策略等热点，进行了深入解读。 规则演进加速产业与估值重构 欧盟CBAM的落地，被视为影响全球贸易流动的"绿色阀门"。马宗明认为，该机制覆盖了水泥、钢铁、 铝等六大行业，对这些行业的"走出去"中国企业而言，短期内增加了合规成本与负担。尽管允许用本国 已缴纳的碳价进行抵扣，但中欧碳价存在显著差距，将对企业构成实质性成本压力。更重要的是， CBAM规则倒逼出口企业建立自身碳核算体系，并加速供应链的绿色重构。 此外，在马宗明看来，近期市场上出现的"ESG增强型指数"等工具，标志着国内ESG投资正从被动的风 险规避转向主动的价值影响。"这向企业发出了明确信号：良好 ...

Core Viewpoint - Beiqi Blue Valley is expected to narrow its net loss in 2025, projecting a loss of 4.35 billion to 4.65 billion yuan, despite having reported losses for five consecutive years [2] Group 1: Financial Performance - The company anticipates a significant increase in sales, reaching 209,600 units in 2025, representing a year-on-year growth of 84.06% [2] - In the first three quarters of 2025, Beiqi Blue Valley's R&D expenses amounted to 1.573 billion yuan, up 43.26% from 1.098 billion yuan in the same period last year, while sales expenses rose to 1.552 billion yuan, a 22.11% increase from 1.271 billion yuan [4] - As of September 30, 2025, the total assets of Beiqi Blue Valley were 33.844 billion yuan, a decrease of 18.29% from the end of the previous year, and the equity attributable to shareholders was 2.087 billion yuan, down 62.13% [5] Group 2: Product Development and Market Strategy - Beiqi Blue Valley is in a strategic investment phase, with new product launches expected to enhance sales and improve profitability [2][3] - The company plans to launch multiple new models in the second half of 2025, including the Extreme Fox T1 and the Xiangjie S9T, which are anticipated to drive sales growth [3] - The Xiangjie brand achieved a record monthly sales of over 10,000 units in December, becoming the sales champion in the luxury new energy vehicle segment priced above 300,000 yuan [3] Group 3: Funding and Future Outlook - Beiqi Blue Valley continues to receive financial support from its controlling shareholder, Beiqi Group, which plans to invest 100 billion yuan in the development of its autonomous passenger vehicle business by 2030, focusing on new energy and intelligent technology [6] - The company has received approval for a private placement to raise up to 6 billion yuan, with 5 billion yuan allocated for new energy vehicle development and 1 billion yuan for AI and intelligent driving systems [6] - The fundraising is expected to improve the company's financial condition and enhance its profitability and competitive strength, reducing the risk of delisting [6]