● 本报记者何昱璞 随着国家电网公司"十五五"期间4万亿元投资蓝图的发布，一条条跨越千里的电力"主动脉"进入密集建 设期。日前，新疆维吾尔自治区发展改革委发布公告，公开征集民营企业参与疆电(南疆)送电川渝特高 压直流工程投资。业内人士表示，这一举措也标志着我国特高压建设正积极探索更加多元化的投融资模 式，为行业发展注入新的动力，相关产业链上市公司有望受益。 政策持续支持 在国家能源战略的明确指引下，特高压建设已进入系统化、规模化推进的新阶段。 2025年以来，国家发改委、国家能源局等多部门出台系列配套政策，在项目审批、用地、环评等关键环 节为特高压工程开辟"绿色通道"。目前，大同—怀来—天津南、蒙西—京津冀等特高压工程已进入施工 高峰；浙江特高压交流环网、攀西特高压交流等工程前期工作加快推进，预计将于2026年上半年集中开 工建设。 国家电网数据显示，截至2025年底，我国已累计建成特高压工程42项，华东、华北、华中、西南地区特 高压交流骨干网架已基本形成，能源资源配置能力与系统韧性显著增强。业内人士分析称，随着大型风 光基地陆续投产，配套外送通道的建设需求将持续释放，未来三年特高压项目将迎来核准与开工的高峰 ...

聚焦科技投资 中国证券报：可以分享一下你的从业经历吗？有没有印象特别深的阶段？ 蔡荣成：我2015年毕业就来到了易方达基金，算下来工作10年多了。大的市场行情周期我大概经历了三 轮，印象最深刻的是几次外界扰动带来的市场波动，这对所有科技领域的投资者都是一场考验。你必须 不断问自己，内心最相信的是什么？相不相信企业的价值？相不相信国内科技行业和高端制造业有足够 强的全球竞争壁垒和能力？每次面临大幅波动的时候，这些问题都会反复叩击内心。 中国证券报：你所管理的产品主要聚焦科技行业投资，在过往几次外界扰动因素引发市场波动的阶段， 科技股的股价波动是不是特别大？ 蔡荣成：波动确实挺大的。一方面，很多科技企业属于外向型出口行业，对外敞口高，外界扰动因素直 接影响业绩预期；另一方面，我们的科技产业正处在全球竞争力提升的关键期，在全球视野下和国际巨 头同台竞技，这个过程本身就充满不确定性，大的市场波动难以避免。 □本报记者张韵 "面对这场快速发展的科技浪潮，我是既兴奋又恐惧。"易方达基金的基金经理蔡荣成在接受中国证券报 记者专访时表示，近年来，人工智能(AI)科技浪潮来势汹汹，越来越多的人才和资本加速涌入，它很可 能将是一 ...

Core Insights - A total of 123 companies listed on the Beijing Stock Exchange have disclosed their 2025 annual performance forecasts, showing significant performance differentiation, with 40 companies expecting positive results [1] - Among the positive performers, 24 companies anticipate profit growth, 13 companies expect to turn losses into profits, and 3 companies foresee slight increases, driven by technological innovation, market expansion, and operational optimization [1] Group 1: Companies with Expected Profit Growth - Twelve companies, including Hongyu Packaging, Huiwei Intelligent, and Haineng Technology, are projected to have a net profit growth exceeding 100% in 2025, benefiting from enhanced core competitiveness and industry development dividends [2] - Hongyu Packaging expects a net profit of 17 million to 22 million, representing a year-on-year increase of 357.91% to 492.59%, attributed to optimized customer and product structure, cost reduction, and improved operational efficiency [2] - Haineng Technology anticipates a net profit of 41 million to 44 million, with a growth of 213.65% to 236.61%, driven by demand recovery in the industry and continuous investment in high-end product development [2] Group 2: Companies Turning Losses into Profits - Thirteen companies, including Lierda, Chunguang Intelligent, and Zhongcheng Technology, have successfully turned losses into profits through targeted operational strategies [3] - Lierda expects a net profit of 35 million to 50 million, recovering from a loss of 109 million the previous year, with growth driven by R&D investment in IoT solutions and improved cash flow management [3] - Qidi Dairy is projected to achieve a net profit of 41 million to 53 million, recovering from a loss of 769,510 the previous year, aided by the successful implementation of fundraising projects [4] Group 3: Companies Facing Performance Pressure - Some companies are experiencing performance pressure due to external factors like industry cycle adjustments and raw material price fluctuations, as well as internal factors such as increased R&D investment and business structure adjustments [6] - Weibo Hydraulic and Kerun Intelligent are facing performance declines due to rising raw material prices, with plans to expand sales markets and enhance internal management [6] - Companies like Nacronor and Beiyikang are also under pressure, with strategies focused on cost reduction, market expansion, and product commercialization to improve profitability [6][7]

北交所介绍，1月23日，浩坤昇发相关账户在104秒内通过连续买入将股价拉涨6.42%，买入成交占比达 67.9%，随后又在129秒内通过连续买入拉涨2.45%，相关账户买入成交占比达87.95%。拉抬动作完成 后，浩坤昇发随即启动反向卖出操作。 此类行为通过人为制造交易活跃假象，误导其他投资者，破坏了市场定价机制。北交所指出，上述行为 违反了"单个证券账户，或两个以上固定的或涉嫌关联的证券账户，大笔申报、连续申报、密集申报或 申报价格明显偏离该证券行情揭示的最近成交价"的规定，因此对浩坤昇发名下相关证券账户采取限制 证券账户交易的自律监管措施，并记入证券期货市场诚信档案。限制证券账户交易期为三个月，自2026 年1月26日至2026年4月25日。 ● 本报记者杨洁 日前，北交所公布最新一周交易监管动态，继续强化市场监管，对21起证券异常交易行为采取自律监管 措施。 持续打击证券异常交易行为 北交所公布最新一周交易监管动态显示，2月2日至2月6日，北交所继续将退市风险警示股票"*ST云 创"列为重点监控股票；对21起证券异常交易行为采取自律监管措施，其中对"*ST云创"的异常交易行为 采取暂停证券账户交易、出具 ...

□本报记者王宇露 在流动性变局中把握节奏 谈及对今年市场的整体看法，吴昊展现出了对宏观变量的敏锐。他认为，在经济增长动能转换的大背景 下，科技成长风格会占优，AI应用、算力等方向仍有演绎空间，但关键在于年中前后的拐点。 "若海外主要央行采取先降息后缩表的策略，全球流动性可能回流美债等美元资产，届时依靠估值扩张 的科技成长股可能承压。"他表示。 当科技节奏以月甚至周为单位发生剧烈变化，投资的坐标系该如何锚定？在算力竞赛的轰鸣渐次转向应 用落地之际，方正富邦科技创新混合的基金经理吴昊，正将他罗盘的中心，对准一个庞大的生态——阿 里链。 近日，吴昊在接受中国证券报记者采访时表示，2026年上半年科技成长风格大概率占优，AI应用将是 其中最具确定性的方向之一，2026年或成为AI应用的爆发元年。他将以"主动+量化"融合的模式，把握 产业链变迁脉络，系统捕捉投资机遇。 看好AI应用 2026开年以来，市场热点层出不穷，从AI应用、商业航天、太空光伏等科技成长方向，到黄金、白银 等贵金属，投资者的目光不知该聚焦何处。在吴昊看来，最具确定性的方向之一就是AI应用。 "产业链的景气度传导逻辑非常清晰。从基础设施到云服务，再到 ...

□本报记者 张韵 "面对这场快速发展的科技浪潮，我是既兴奋又恐惧。"易方达基金的基金经理蔡荣成在接受中国证券报 记者专访时表示，近年来，人工智能（AI）科技浪潮来势汹汹，越来越多的人才和资本加速涌入，它 很可能将是一个持续数十年的产业周期，这无疑是令人兴奋的事。 他说，作为基金经理，是否具备足够的能力迎接这场科技革命，为投资者创造更好的回报，这也"让人 有些战战兢兢"。蔡荣成表示，将以更加勤勉的姿态，紧跟科技产业最新变化，并在产业热潮中坚守高 赔率为基石的组合管理，保持投资理性，力争实现收益与波动的平衡。 聚焦科技投资 中国证券报：可以分享一下你的从业经历吗？有没有印象特别深的阶段？ 蔡荣成：我2015年毕业就来到了易方达基金，算下来工作10年多了。大的市场行情周期我大概经历了三 轮，印象最深刻的是几次外界扰动带来的市场波动，这对所有科技领域的投资者都是一场考验。你必须 不断问自己，内心最相信的是什么？相不相信企业的价值？相不相信国内科技行业和高端制造业有足够 强的全球竞争壁垒和能力？每次面临大幅波动的时候，这些问题都会反复叩击内心。 中国证券报：你所管理的产品主要聚焦科技行业投资，在过往几次外界扰动因素引发 ...

Core Insights - The integration of AI in public fund institutions is transforming research and investment processes, enhancing efficiency and decision-making capabilities [1][2][4] - The shift from individual expertise to systematic, platform-based intelligence is a key trend in the fund industry, aiming to improve compliance, risk management, and investor satisfaction [1][3] Group 1: AI-Driven Research and Investment - Tianhong Fund has developed the Hongsi model and Tianhong FinAgent, enabling rapid financial analysis and structured attribution frameworks, significantly reducing the time required for data analysis [2] - The FinAgent bridges the gap between research insights and sales, allowing sales personnel to quickly access and summarize fund managers' viewpoints, enhancing client interactions [2] - Penghua Fund's dynamic thinking chain model aims to create a unified knowledge hub, facilitating quick access to comprehensive company and industry information [3] Group 2: Risk Management Enhancements - The introduction of AI in risk management has drastically reduced the time for risk calculations from minutes to seconds, improving transaction efficiency [5][6] - Huatai Fund's "Zhihui Investment Risk Management Platform" emphasizes transparency in risk results, allowing for better verification and understanding of risk assessments [5] - The platform's automated features enable real-time risk inspections, replacing manual processes and enhancing overall risk management capabilities [6] Group 3: Pension Fund Management Innovations - ICBC Credit Suisse Fund has established an AI-based intelligent pension investment management platform, supporting over 400 pension portfolios and managing assets exceeding 1 trillion yuan [7][8] - The platform integrates various technologies to provide comprehensive support for investment decision-making, compliance monitoring, and operational efficiency [7] - The system has led to significant cost savings and increased management efficiency, with a reported 30% growth in pension portfolio scale over three years [7]

Group 1 - The consumer and photovoltaic sectors saw significant gains, with several related ETFs rising over 3% last week, while gold and artificial intelligence sectors experienced declines, with some ETFs dropping over 9% [1][2] - A-shares market showed active trading in broad-based products, with ETFs tracking the CSI 500 index exceeding a total trading volume of 250 billion yuan, and those tracking the Sci-Tech 50 index surpassing 30 billion yuan [1][2] - The market outlook for February suggests a continuation of the upward trend, driven by concentrated earnings forecasts and the recovery of leading companies' performance, benefiting core assets [1][4] Group 2 - The Hong Kong consumer sector performed strongly, with ETFs such as the Hang Seng Consumer ETF leading the gains, while the photovoltaic sector also showed positive performance [1] - The gold sector underperformed, with commodity gold ETFs declining over 5%, and gold stock ETFs experiencing even greater declines, with some dropping over 13% [2] - The technology sector attracted significant capital inflow, with the Hang Seng Technology ETFs seeing substantial net inflows, particularly the Huatai-PineBridge Hang Seng Technology ETF, which had a net inflow of over 3.8 billion yuan last week [2] Group 3 - The satellite communication sector also experienced notable capital inflow, with the Yongying National Commercial Satellite Communication Industry ETF seeing a net inflow of over 1.8 billion yuan [3] - Several ETFs, including the Huazhong Gold ETF and the Southern CSI Nonferrous Metals ETF, reported net inflows exceeding 10 billion yuan this year [3] - Investment firms are focusing on five key areas for the Chinese equity market by 2026: technology, manufacturing, renewable energy, healthcare, and emerging experiential consumption [3] Group 4 - The market is expected to stabilize in February, with a shift in focus from January's credit and liquidity performance to macro and industry clues [4] - The "14th Five-Year Plan" is anticipated to provide a clearer framework for high-quality development and new growth drivers, stabilizing market perceptions of future growth [4] - Core assets are recommended for continued attention, as their valuations are at historical median levels, with stable profit expectations and increasing foreign capital inflow [4]

Core Insights - The article discusses the rapid rise of AI applications, particularly highlighting the success of the OpenClaw AI agent and its implications for the future of AI technology and investment opportunities in 2026 [1][2]. AI and Embodied Intelligence - AI is viewed as a key market trend, with expectations for breakthroughs in multi-modal AI and biomedical fields over the next 2-3 years [1][2]. - OpenClaw, an open-source AI agent, has gained significant traction, indicating a shift towards practical AI applications that can perform tasks on behalf of users [2]. - Investment interest is focused on the emergence of super platforms and applications, with predictions of a surge in user engagement and revenue for AI-native applications by 2026 [2][3]. Hardware and Robotics - The AI application market is transitioning from infrastructure investment to commercial value realization, with a focus on cash flow-generating applications [3]. - There is potential for explosive growth in hardware, particularly in smart devices like smartphones and smart homes, driven by AI integration [3]. - The field of embodied intelligence, particularly humanoid robots, is expected to advance significantly, with predictions of breakthroughs in model efficiency and operational capabilities in real-world environments by 2026 [4][5]. Commercial Space Industry - The commercial space sector is identified as a significant growth area, with expectations for major developments, including the potential IPO of SpaceX, which could establish a new commercial model for the industry [5][6]. - The Chinese commercial space sector is anticipated to achieve milestones in rocket recovery and satellite internet, marking a critical point for rapid development [5][6]. Future Industry Breakthroughs - Emerging technologies such as quantum computing, biomanufacturing, and brain-computer interfaces are expected to see significant advancements by 2026, contributing to new economic growth points [7][8]. - The article highlights the potential for Chinese pharmaceutical companies to achieve significant milestones in drug development and clinical applications, particularly in AI-driven drug discovery and brain-computer interface technologies [8][9].

戴军，2011年6月加入大成基金，曾担任研究部研究员、行业研究主管、基金经理助理、研究部副总 监，现任研究部总监、基金经理。其管理的大成优选混合（LOF）获第22届基金业金牛奖"五年期开放 式混合型持续优胜金牛基金"奖项。 在公募行业，历经多轮牛熊洗礼后，长期业绩依然亮眼的基金经理并不多见。大成基金研究部总监戴军 就是其中之一。十余年淬炼，不断破局生长，如今的他逐渐成为深谙均衡投资之道、坚守高盈利概率的 老将。 "中庸不是平庸，而是可持续。"近日，戴军在接受中国证券报记者专访时表示，于他而言，均衡投资是 一种主动选择，在各类风格策略中寻求有原则的灵活，并以此应对市场风云变幻。在投资上，他倾向于 扎根深度研究提升选股盈利概率，用组合管理抵御市场波动，在聚焦消费、医药、制造业赛道的同时， 持续拓展能力圈边界。 选择均衡 锚定正收益 戴军的基金经理之路，起步时并不平坦。2015年5月21日，戴军正式管理基金产品。起初，A股市场延 续一路上行态势，但几周后就出现大幅调整。 "我当时在笔记本上写了A、B两个计划，A计划是应对市场继续上涨，而B计划应对下跌，结果B计划还 没写完，就开始跌了。"回忆起那段经历，戴军依然历历 ...