Core Insights - The rehabilitation industry is viewed as a "golden track" with significant growth potential, driven by brain-computer interface (BCI) technology, which is expected to reshape the industry landscape [1][4]. Group 1: Technological Innovation - The company focuses on three cutting-edge areas: brain-computer interfaces, rehabilitation robots, and AI medical technology, with BCI technology accelerating commercialization [1][2]. - A comprehensive product matrix for rehabilitation robots has been established, with plans to obtain medical device registration for 5-6 products by 2026, including various types of therapeutic robots [1][2]. - The company has initiated a dedicated research platform to enhance compatibility between rehabilitation equipment and BCI algorithms, emphasizing the importance of technical collaboration [2]. Group 2: Research and Development Investment - The company plans to maintain R&D investment at over 20% of revenue for the next 3-5 years, with more than 30% allocated to frontier technology research [3]. - In the first three quarters of 2025, R&D investment reached approximately 49.09 million yuan, a year-on-year increase of 27.67%, accounting for 27.58% of quarterly revenue [3]. Group 3: Market Expansion and Strategy - The company has established partnerships with over 600 leading hospitals in China to create centers for BCI rehabilitation treatment and clinical research, enhancing its market penetration [3]. - A dual strategy of deepening relationships with medical institutions while expanding into outpatient markets is being employed, targeting private hospitals, elderly care facilities, and specialized sectors [3][4]. Group 4: International Market Development - The international business of rehabilitation equipment is experiencing rapid growth, with plans to double sales in 2024 compared to 2023 and aim for over 30% of revenue from international markets by 2030 [4]. - The company is working on compliance certifications such as EU CE and US FDA to facilitate international market entry and is exploring partnerships for overseas expansion [4]. Group 5: Ecosystem Development - The company is focused on building a comprehensive rehabilitation ecosystem, leveraging BCI technology as a core driver for industry transformation [4][5]. - There is a shift towards lightweight, portable, and home-based rehabilitation devices, with a vision to integrate rehabilitation equipment into everyday household items [5]. - The company plans to enhance its supply chain for core components and aims to execute 3-5 mergers and acquisitions between 2026 and 2030 to consolidate industry resources [5].

● 本报记者 宋维东 东北制药相关负责人日前在接受中国证券报记者采访时表示，当前正处在医药行业深度调整与转型的关 键时期，企业的每一步发展都至关重要。公司将认真总结发展经验，保持良好发展势头，以创新研发积 蓄未来势能，以卓越品质夯实市场根基，以人才战略激活内生动力，以多元布局拓宽成长边界，扎实推 动企业转型升级。 以研发助推战略转型 东北制药是我国重要的药品生产与出口基地之一，业务主要覆盖化学制药、医药商业、医药工程、生物 医药等板块。近年来，公司聚焦创新驱动与主业深耕，在研发突破与主业提质方面取得重要成果，构建 起了"研发创新破局、主业盈利稳盘、资产运营增效"的协同发展格局。 "研发创新是企业可持续发展的核心引擎。公司近年来持续加大研发投入，积极推动创新成果从实验室 加速走向临床。"东北制药上述负责人说。 2025年，东北制药控股子公司鼎成肽源自主研发的DCTY0801注射液获国家药品监督管理局批准，可开 展针对特定类型高级别脑胶质瘤的临床试验。这标志着东北制药在肿瘤治疗这一创新药研发关键赛道取 得了实质性突破，在丰富公司产品管线的同时，也为相关疾病领域治疗带来了新希望。 DCTY0801注射液是鼎成肽源管 ...

● 本报记者 马爽 近期，国际黄金市场热度持续攀升，价格一路高歌猛进，并迭创历史新高。Wind数据显示，截至北京 时间1月20日17时15分，伦敦现货黄金一举冲破4700美元/盎司整数关口，最高触及4731.54美元/盎司； 纽约商品交易所（COMEX）黄金期货同步走强，峰值达4738.0美元/盎司，两大核心品种2026年以来累 计涨幅分别达9.38%、9.31%。对于金价强势表现的原因及后续走势，多位业内分析师给出了各自观 点。 正信期货首席宏观分析师蒲祖林表示，短期来看，金价在委内瑞拉事件冲击下斩获丰厚避险溢价，尽管 冲突持续时间较短，却已预示2026年全球地缘局势不确定性将显著上升，这一宏观趋势势必对风险资产 价格走势形成剧烈扰动。预计在伊朗问题及格陵兰岛相关争端尘埃落定前，黄金市场将持续获得充足避 险溢价支撑，价格呈现易涨难跌格局，甚至存在加速上行的可能。但需警惕的是，当前金价已明显高 估，依据现有分析框架及估值模型测算，其涨幅已透支未来近十年的增长空间；即便对标1980年金价脱 离估值锚的极端情形，国际金价短期上涨高点或触及5200美元/盎司，中长期则需重点防范避险溢价褪 去后的估值回归风险。 广发 ...

Group 1 - The A-share market has seen structural investment opportunities emerge since 2026, particularly in sectors like brain-computer interfaces, commercial aerospace, and embodied intelligence [1][2] - Companies such as Xiangyu Medical and Haitan Ruisheng have become popular among institutional investors, with Xiangyu Medical receiving 208 institutional visits, the highest in its category [1][2] - Haitan Ruisheng is optimistic about the embodied intelligence data sector and has formed a dedicated team to develop related business, collaborating with various robotics manufacturers and tech giants [3] Group 2 - The commercial aerospace sector is also attracting attention, with Chaojie Co. receiving nearly 130 institutional visits in a short period, focusing on its rocket structural components and production capacity [3] - The overall situation shows that 373 listed companies have received institutional research since the beginning of 2026, with electronics and machinery equipment industries being the most popular [4] - Despite recent market adjustments, industry analysts believe that policy support and technological breakthroughs will continue to drive growth in sectors like brain-computer interfaces and commercial aerospace [4][5]

Core Insights - The commercial aerospace sector is experiencing a capital frenzy, with the Wind Commercial Aerospace Theme Index rising nearly 60% in two months, leading to accelerated financing and IPO processes in the primary market [1][2] - Despite the enthusiasm, rational signals are emerging, as several mergers and acquisitions in the sector have failed, and two launch failures occurred in one day, highlighting the challenges of technological breakthroughs and engineering validation [1][4] Market Trends - The commercial aerospace concept stocks are expected to see a surge from late 2025 to early 2026, with the Wind Commercial Aerospace Theme Index showing a significant increase of nearly 60% from November 21, 2025, to January 20, 2026 [2] - Companies like Weina Starry Sky completed 1.56 billion yuan in equity financing in 2025, with plans to use the funds for R&D and capacity expansion [2] - The IPO process for commercial aerospace companies is accelerating, with notable applications such as Blue Arrow Aerospace seeking to raise 7.5 billion yuan [2] Financial Performance - Blue Arrow Aerospace reported revenues of 780,000 yuan, 3.95 million yuan, and 4.28 million yuan for 2022, 2023, and 2024, respectively, with net losses of 800 million yuan, 1.188 billion yuan, and 876 million yuan [3] - In the first half of 2025, the company's revenue increased to 36.43 million yuan, but it still recorded a net loss of 597 million yuan, accumulating over 2.8 billion yuan in net losses over three and a half years [3] Industry Challenges - Recent failures in launch attempts, including the Long March 3B rocket and the private company Star River's launch, underscore the high-risk nature of aerospace ventures and the challenges of frequent commercial launches [4] - The submission of over 200,000 satellite orbit frequency applications to the International Telecommunication Union (ITU) was clarified as a routine operation, emphasizing the need for rational market expectations regarding satellite deployment [4] Future Outlook - The commercial aerospace industry is expected to reach a critical development phase, with 2026 predicted to be a year of significant technological breakthroughs, particularly in reusable heavy-lift launch vehicles [5][6] - The industry is anticipated to follow a "first infrastructure, then application" approach, aiming to build integrated space information infrastructure and advance applications in space computing and storage [6] - The chairman of China Aerospace Science and Technology Corporation emphasized the need to seize opportunities in the space economy era and promote high-quality development in commercial aerospace [6]

"2025年，我持有的投资产品收益平平。2026年，我打算认真配置'固收+'理财产品。"一位广东投资者 在社交平台上的感慨道出不少人的理财心声。 在存款利率持续下行、传统固收产品收益率承压的背景下，以固收类资产为底仓，辅以权益投资等策略 增厚收益的"固收+"理财产品，正迅速成为投资者资产配置中的重要选项。 "固收+"产品受青睐 近日，多家理财公司密集推介相关产品，主打"稳健之上加点惊喜"。农银理财1月20日发布"固收+"精选 理财产品推荐，以一款固收增强系列产品为例，其以精选固收类资产打底，20%以内权益仓位提高业绩 弹性，近三个月来年化收益率5.24%。此外，工银理财、交银理财等也加大了对"固收+"产品的宣传力 度。 "如果客户风险承受能力较强，愿意追求高收益，我们会重点推荐'固收+'产品。这类产品风险等级多在 R3级（中等风险），预期收益率4%-5%。虽然底仓以债券为主，但因含有权益类资产，净值波动会比 纯固收产品明显。"一位国有大行客户经理说。 某国有大行理财公司人士透露："从2025年下半年起，我们便将'固收+'作为重点发力方向。"市场数据 也印证了这一趋势。华源证券报告显示，截至2025年三季度末， ...

1月20日，国际金价在避险需求推动下再度刷新历史新高，伦敦金现货价格、COMEX黄金期货价格双 双突破4700美元/盎司。2026年以来，国际贵金属市场延续强势格局，铜价亦在高位运行。 随着全球宏观不确定性加剧，贵金属及基本金属的市场走势备受关注。瑞银贵金属策略师Joni Teves日 前在接受中国证券报记者专访时表示，多元化配置需求是本轮金价上行的核心驱动力，机构投资者、零 售投资者及各国央行均在增持黄金以应对宏观不确定性。她预计金价上半年仍有上攻动能，若市场对美 联储独立性的担忧持续升温，金价在上半年有望冲击5000美元/盎司关口。白银则受益于金价上涨的带 动及自身供需缺口收窄，今年或挑战100美元/盎司。铜市场在能源转型需求拉动下，供需格局趋紧，价 格中枢有望抬升。 ● 本报记者 葛瑶 金价后市仍有上涨空间 在下行风险方面，Teves提示需关注三点：一是若美国公布一系列强劲经济数据，可能对金价形成阶段 性压力；二是若政治不确定性出现缓和迹象，可能触发获利了结；三是农历新年后实物需求进入传统淡 季，任何负面的宏观因素都可能导致金价出现较深回调。但她同时表示，金价下方存在支撑：各国央行 预计将继续逢低买入， ...

■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 华泰证券党委书记王会清： 打造兼具本土优势和全球影响力的一流投资银行 钟山风雨，秦淮河畔。自江苏本土起步，从一家根植于此的地方券商，到跻身行业头部的综合金融集 团，华泰证券以"技术先锋"之姿屡开行业先河——首推远程交易终端、引领网上交易风潮、率先布局移 动互联网理财终端……在每一次市场变革中破局而立。其发展脉络，既是一部以创新为舟、以风控为桨 的奋进史，亦是中国证券业从初萌到茁壮的时代缩影。 而今，作为总资产逾万亿元、客户资产规模超五万亿元的行业头部机构，华泰证券既肩负着金融强国的 时代使命，也怀揣金融报国的赤子之心，在科技赋能与国际化战略驱动下，坚定锚定建设一流投资银行 的宏伟目标，矢志为中国式现代化注入澎湃金融动能。 潮平岸阔，正当扬帆破浪之时。华泰证券党委书记王会清日前在接受中国证券报记者专访时表示，党的 二十届四中全会擘画了"十五五"时期加快建设金融强国的宏伟蓝图，全会审议通过的"十五五"规划建议 提出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"，标志着资本市场将 在培育新质生产力、服务实体经济中发挥更为关键的枢纽功 ...

● 本报记者 马爽 随着2024年"9·24"重磅金融政策的出台激活市场活力，A股、港股迎来增量资金注入，居民资产配置需 求加速释放，证券行业站在了财富管理与资产管理协同发展的关键节点。 华安证券副总裁、华安资管董事长唐泳日前在接受中国证券报记者专访时表示，面对市场机遇与行业挑 战，华安证券将以财富管理、资管业务协同为核心，通过破解传统业务困局、科技赋能买方投顾转型、 多维布局业务增长路径，响应居民资产配置重构需求，为资本市场高质量发展注入持久动力。 行情有长期政策支撑 多业务发展迎机遇 2024年"9·24"重磅金融政策出台后，A股、港股市场迎来显著提振，增量资金持续流入，居民储蓄搬家 趋势逐步显现。从行情支撑因素来看，唐泳表示："'9·24'政策为股市注入强心剂，'十五五'规划建议将 科技创新与新质生产力置于核心位置，为资本市场提供了长期政策保障，有效稳固了市场热度与投资者 信心。" 谈及本轮市场行情的持续性及储蓄搬家情况时，唐泳表示，我国股市具备坚实的政策支撑基础，但市场 运行并非线性推进，全球外部环境变化、国内经济复苏节奏等因素仍可能引发短期波动，行情持续性面 临多重考验。此外，储蓄搬家方面则呈现出长 ...

Core Insights - The high-interest deposits are set to mature starting from October 2025, with a significant amount of funds, estimated to be in the tens of trillions, facing a critical decision point in 2026 [1][2] - The current downward trend in deposit rates has led to a shift in investment strategies among different risk-averse customer segments, with over half expected to reinvest in deposits while others may explore wealth management products and capital markets [1][2] Group 1: Market Dynamics - The concentration of high-interest deposit maturities is expected to peak in the first quarter of 2026, aligning with traditional banking practices for attracting new business [1] - The estimated scale of maturing high-interest deposits this year is projected to reach tens of trillions, indicating a substantial liquidity event in the market [2] Group 2: Customer Behavior - There is a notable divergence in product selection among customer groups based on their risk tolerance, with 50%-60% of maturing deposits likely to be reinvested in deposit products [2][3] - Customers prioritizing safety over yield are likely to convert maturing fixed deposits into demand deposits before potentially reinvesting in fixed deposits again [2] Group 3: Industry Response - Banks are undergoing a systemic transformation in response to the pressures of deposit outflows, focusing on product innovation and marketing strategies to retain customers [3][4] - The shift in assessment metrics from solely deposit volume to a broader asset management perspective encourages banks to prioritize comprehensive customer asset management [4] - Financial institutions are developing deposit-replacement products that offer better returns than traditional deposits, catering to clients willing to accept slight fluctuations in net value [4]