Group 1 - The core viewpoint of the article highlights significant portfolio adjustments by well-known fund managers in anticipation of growth in sectors like AI, non-ferrous metals, and lithium battery materials for 2026 [1][4] - Fund manager Fu Pengbo indicates that high-growth sectors such as AI and non-ferrous metals will see substantial growth, while manager Li Xiaoxing emphasizes that AI remains the main theme of global technological innovation [1][7] - Manager Yang Jinjing advocates for avoiding currently popular but overvalued sectors, focusing instead on blue-chip stocks that are expected to show long-term performance turning points [1][5] Group 2 - In the fourth quarter of 2025, the top ten holdings of the Ruiyuan Growth Value Fund managed by Fu Pengbo and Zhu Lin saw minor changes, with Maiwei Co. replacing China Mobile, and significant adjustments in holdings of companies like Tencent and Alibaba [2] - The Silver华心怡 Fund, managed by Li Xiaoxing and Zhang Ping, underwent substantial adjustments, with new entries including Tencent, Alibaba, and Meituan, while exiting positions in China Mobile and HSBC [2] - The Yongying Ruixin Fund, managed by Gao Nan, also made notable adjustments, adding companies like WISCO and Haier, while reducing positions in companies like Zhongji Xuchuang [3] Group 3 - Fu Pengbo and Zhu Lin plan to reduce investments in companies with weak fundamentals and increase holdings in data center-related companies based on industry trends and individual stock research [2][4] - Gao Nan focuses on company growth potential and performance realization, aiming for a diversified portfolio while capturing growth opportunities [4] - Yang Jinjing emphasizes a contrarian investment approach, seeking undervalued stocks and avoiding following irrational market trends [4][5] Group 4 - Li Xiaoxing believes that the domestic equity market presents more opportunities than risks, with AI continuing to drive technological innovation and domestic internet giants expected to maintain stable growth [7][8] - The domestic consumption sector, which underperformed in 2025, is viewed as having high potential, with many quality consumer stocks offering attractive dividend yields [8] - Long-term prospects for the domestic innovative pharmaceutical sector are positive, with a focus on companies with data catalysts and explosive performance potential [8]

近年来，科技细分赛道的极致行情让公募行业重拾赛道战法，一些公募机构针对热点行业布局了不 少"工具基"。与此同时，"大V"实盘带货、加仓榜等各类擦边营销方式，又进一步提升了"工具基"的热 度。 当聚焦细分景气赛道、辨识度极高的产品，遇到互联网平台的巨大流量效应，投资者炒作的情绪一触即 燃，短期追涨杀跌的行为更甚。这一销售生态直接影响到持有人的利益，并触及到公募行业的信任基础 底座。 主动基金"工具化" 近年来，科技成长行情的强劲势头，不仅带火了相关板块的ETF指数投资，还让"主动基金工具化"成为 了新的潮流。 部分管理人通过新发产品或者改造老产品的方式，对科技成长板块具有锐度的热门细分赛道进行全面系 统化布局。一方面，对于尚未有相关指数产品的新兴产业，这些工具化的主动权益基金成为了专注投资 该细分赛道的工具代表；另一方面，即便布局的赛道已有相关的指数产品，这些产品也可以充分发挥主 动权益基金集中持仓的优势，提供超越指数的弹性表现，以代替相关赛道指数产品。 经过一番改造之后，"工具基"强势崛起，并对AI算力、CPO、AI应用、AI电力、机器人、创新药、固态 电池等多个热门赛道实现了"火力覆盖"。 实际上，这样的打 ...

Core Viewpoint - The article discusses the emergence of new high-interest lending models in the context of tightening regulations on loans with annualized interest rates above 24%, highlighting the challenges in identifying true borrowing costs and the rise of complaint-driven intermediaries [1][6]. Group 1: High-Interest Lending Models - New lending products such as "monthly financing guarantees" and "installment malls" have emerged, featuring short borrowing cycles and high fees, targeting individuals with poor credit histories and urgent funding needs [1][3]. - A specific case illustrates a borrower taking a loan of 6,000 yuan with a total repayment amount of 8,318.7 yuan, resulting in an annualized interest rate of 464% [2]. - The "monthly financing guarantee" products typically have short terms of around 30 days and involve small loan amounts, often between 3,000 to 10,000 yuan, with additional high fees that inflate the effective interest rates [3][4]. Group 2: Regulatory Environment - Regulatory measures have intensified, with the China Internet Finance Association conducting inspections on mobile financial apps, leading to corrective actions by several institutions [6][7]. - The People's Bank of China has introduced a classification rating system for non-bank payment institutions, which will impact their operations and regulatory scrutiny based on compliance with lending regulations [7]. - The regulatory focus is shifting towards the entire supply chain of online lending platforms, with recent actions targeting payment institutions that facilitate high-interest loans [6][7]. Group 3: Industry Challenges - The high-interest lending industry operates through a complex and organized structure designed to evade regulatory scrutiny, complicating the tracking and accountability of transactions [4]. - The rise of intermediaries offering to assist borrowers in recovering high fees and interest reflects the growing consumer dissatisfaction and the challenges in navigating the lending landscape [5]. - Payment institutions face difficulties in monitoring the true costs of funds due to the layered nature of partnerships and the obscured characteristics of high-interest products [7].

Core Viewpoint - The Ministry of Finance has announced an optimization of the personal consumption loan interest subsidy policy, which includes expanding the scope of eligible loans and extending the policy period until the end of 2026, allowing each borrower to receive a maximum subsidy of 3,000 yuan [1][2]. Group 1: Policy Changes - The subsidy policy now includes credit card installment payments and removes previous restrictions on certain consumption areas, allowing all types of consumption loans to qualify for subsidies [1][2]. - The maximum subsidy limit of 500 yuan per single transaction and the previous cap of 1,000 yuan for loans under 50,000 yuan have been eliminated, enabling borrowers to receive a total of 3,000 yuan in subsidies annually [2]. Group 2: Implementation and Participation - Major banks such as Agricultural Bank of China, Bank of China, and others have already begun implementing the new subsidy measures, with over 500 financial institutions now eligible to process these loans [1][2]. - The policy aims to enhance accessibility for consumers in urban and rural areas by including city commercial banks, rural commercial banks, foreign banks, and consumer finance companies [2]. Group 3: Credit Card Installment Subsidy - The credit card installment subsidy policy will be effective throughout 2026, and customers can apply for retroactive subsidies for installments made between January 1, 2026, and the policy announcement date [3][4]. - Banks require customers to sign a supplementary agreement to benefit from the subsidy on credit card installments, ensuring compliance with the policy [3][4]. Group 4: Consumer Protection and Compliance - Banks emphasize that no fees will be charged for processing personal consumption loans and credit card installment subsidies, and they will not engage third-party intermediaries [5][6]. - Strict measures are in place to prevent fraudulent activities related to loan applications, and any violations will be recorded in the borrower's credit history [5][6].

● 本报记者 武卫红 打造两大新增长曲线 当前，全球科技革命加速演化，人工智能成为重塑产业格局的关键力量。杰创智能专注于人工智能产品 的研发与制造，构建了覆盖AI基础设施与"AI+"行业应用的全栈技术体系，持续推进"AI+云计 算"和"AI+安全"两大高增长业务。 孙超表示，近年来，公司坚定推进"AI+"转型升级，在技术研发和产品落地方面取得了突破性进展。 在"AI+云计算"业务方面，杰创智能持续投入云计算产品和智能算力硬件产品的研发，大力拓展智算云 服务与算力集群建设，扩大智算云业务规模，深化与互联网生态伙伴的合作。2025年，"AI+云计算"业 务完成"0到1"的孵化验证阶段，进入"1到10"的拓展阶段，公司创新推出AI大模型一体机、桌面云、智 算平台等系列产品，带动相关业务收入快速增长。 在"AI+安全"业务方面，公司创新推出一系列产品，相关业务收入实现爆发式增长。记者在现场看到， 依托自研导航技术、智能识别技术与电磁网捕技术，AI巡防网捕机器狗能够智能识别异常目标，并精 准进行网捕，为商圈、活动现场、园区等场景安全需求提供高效保障。未来公司将探索更多应用场景， 实现在更多行业和领域的应用。 深化"AI ...

● 本报记者 武卫红 近年来，怡合达持续深耕自动化设备赛道，推动公司从"国内头部"企业向"全球有影响力企业"的战略目 标迈进。日前，怡合达董事长金立国在接受中国证券报记者专访时表示，"十五五"期间，公司将进一步 深化全球战略布局，致力于成为全球智能装备企业的基础设施供应商。 战略聚焦自动化设备长尾化需求 "数智化是公司业务运行的底座，更是未来持续稳健发展的核心和关键。"金立国说，未来的工厂将高度 数字化、智能化，公司将紧紧围绕这一发展方向，提供基础性的零部件支撑，成为全球智能装备企业基 础设施供应商。 2025年8月，怡合达首次实施半年度分红，显示出公司良好的现金流状况和对股东回报的重视。面对资 本市场的期待，怡合达形成了独特的"以扎实业绩为基础、以透明沟通为桥梁、以持续分红为承诺"的市 值管理理念。"自2021年上市以来，公司每年现金分红比例都超过30%。"金立国表示，公司将做好自己 擅长的事情，持续进行现金分红，用实际业绩回报投资者。 此外,怡合达通过多种渠道加强与投资者的互动交流，让市场充分理解其业务模式、发展战略和未来前 景。"公司强化与投资者和资本市场的互动沟通，保证信息的质量和透明度，让市场理解怡 ...

日前，鹿山新材正式发布离电型温压双模态电子皮肤，引发业内广泛关注。鹿山新材董事长汪加胜在接 受中国证券报记者采访时表示，"十五五"时期公司将聚焦柔性显示、电子皮肤与固态电池三大高成长性 赛道，致力于成为人形机器人及智能终端产业关键材料与解决方案的核心供应商。 ● 本报记者 武卫红 正式发布离电型电子皮肤 1月15日，鹿山新材在广州举行主题为"触见未来，智感新生"的电子皮肤发布会，发布新一代离电型双 模态电子皮肤，机器人产业链上下游企业代表、科研机构学者等各界人士参会，共同探讨具身智能触觉 技术创新与发展前景。 据介绍，鹿山新材最新发布的电子皮肤采用"压力-温度"双模态集成传感技术，能同时捕捉压力与温度 的变化，提供更丰富的环境信息。相比传统的电容式和压阻式传感器，离电型电子皮肤具备高灵敏度和 高信噪比优势，对指尖轻触、脉搏跳动等微小力十分敏感，且能够保持信号清晰稳定。 打造新增长曲线 鹿山新材成立于1998年，是一家专注于绿色环保高性能功能高分子材料研发、生产和销售的高新技术企 业，产品广泛应用于新能源（太阳能电池、锂电池、氢能源电池等）、光学显示、复合建材、能源管 道、高阻隔包装等领域。 "十四五"时期是鹿 ...

Group 1 - The A-share market is experiencing a structural rally with over 3,000 stocks rising and more than 80 stocks hitting the daily limit up, particularly in sectors like GPU, advanced packaging, gold, and semiconductors [1][2] - As of January 21, 587 listed companies have disclosed their 2025 earnings forecasts, with over 50% showing positive profit growth expectations, leading to significant stock price increases for companies like Jinhaitong and Baiwei Storage [1][2] - Analysts suggest that as earnings forecasts are released, market focus on fundamentals is increasing, with recommendations to invest in cyclical and technology sectors [1][3] Group 2 - The performance of large-cap stocks is mixed, with the Shanghai 50 Index down 0.11% while the CSI 300 Index is up 0.09%, indicating stronger performance in small-cap stocks [2] - Notable stocks that have surged following their earnings forecasts include Baiwei Storage and Tongfu Microelectronics, with increases of 65.83% and 48.83% respectively since January [2] - The correlation between stock prices and earnings forecasts has increased significantly in January, with sectors like electronics, new energy, chemicals, and pharmaceuticals showing strong earnings [3][4] Group 3 - Analysts recommend focusing on large-cap growth stocks and suggest sector allocations based on the spring market and earnings previews, particularly in power equipment, machinery, non-bank financials, electronics, and basic chemicals [4]

Core Viewpoint - Ping An Securities is committed to serving national strategies and supporting the development of new productive forces, emphasizing the importance of financial services in the current era [1][2]. Group 1: Service to National Strategy - Ping An Securities has led several industry "firsts," including the first technology innovation green corporate bond in Tianjin and the first science and technology convertible bond in the country, showcasing its role in supporting national strategies [1]. - The company aims to enhance its comprehensive service capabilities to align with the development of new productive forces, translating policy requirements into effective support for the real economy [1][2]. Group 2: Financial Product Optimization - Ping An Securities is transitioning from a traditional intermediary to a value co-creator, focusing on optimizing its business structure and financial product offerings to better serve the needs of new productive forces [2]. - The company has established a management framework to implement the "Five Major Financial Articles," integrating key areas such as technology finance and green finance into its operational strategy [2][3]. Group 3: Business Strategies and Innovations - In equity business, Ping An Securities employs a strategy of "one deepening, two breakthroughs," focusing on expanding partnerships through private equity channels and seeking breakthroughs in strategic emerging industries [3]. - The company has introduced innovative financing tools such as technology innovation bonds and carbon reduction-linked bonds, facilitating the conversion of technological achievements into capital [3][4]. Group 4: Wealth Management and Investor Services - Ping An Securities is enhancing its wealth management services by transitioning from traditional brokerage to a client-centered modern wealth management approach, focusing on customer experience and personalized asset allocation [5][6]. - The company has developed a three-dimensional inclusive financial system that includes product offerings, services, and investor education, aiming to lower barriers to wealth management services [6]. Group 5: Future Development and Strategic Goals - Ping An Securities plans to strengthen its core competitiveness by enhancing its professional service capabilities and transitioning to a comprehensive financial solution provider [7][8]. - The company is committed to risk management as a core operational aspect, aiming to create a new risk control ecosystem that balances risk prevention with business innovation [7].

Core Viewpoint - The rapid development of the commercial aerospace industry is driving the growth of space photovoltaic technology, which is expected to become a new growth area in the photovoltaic industry due to its unique advantages in energy generation efficiency in space [1][6]. Group 1: Space Photovoltaic Technology - Space photovoltaic technology utilizes satellites to collect solar energy in space and convert it into electricity, achieving 2-3 times the efficiency compared to ground-based systems due to continuous sunlight in geostationary orbit [2][3]. - The solar irradiance in space is approximately 1367 W/m², which is over 30% higher than the ground standard of 1000 W/m², significantly enhancing photovoltaic cell efficiency [2]. Group 2: Market Demand and Growth Drivers - The demand for space photovoltaic technology is driven by the increasing number of satellites launched in the commercial aerospace era, with individual satellite constellations planning thousands of satellites, leading to a substantial increase in demand for photovoltaic cells [3]. - The complexity and power requirements of future communication satellites will further increase the demand for space photovoltaic power supply, as these satellites will have more advanced functionalities [3]. Group 3: Current Industry Status - The space photovoltaic industry in China is currently in its introduction phase, with technology solutions not yet standardized and the core barriers mainly at the channel level [4]. - The extreme conditions of space require photovoltaic materials to meet higher performance standards, leading to a differentiation among companies in the photovoltaic supply chain [4]. Group 4: Investment Opportunities - The rapid growth of satellite numbers and the demand for in-orbit data and space-based computing capabilities highlight investment opportunities in the space photovoltaic sector, particularly in P-type ultra-thin HJT and perovskite photovoltaic products [5][6]. - Companies that can effectively integrate new technologies with application scenarios, as well as those leading in layered equipment and key material supply, are expected to benefit significantly from the growth of the space photovoltaic market [5].