2025年，人形机器人领域两场最受关注的赛事分别是北京亦庄人形机器人马拉松和世界人形机器人运动 会。赛事在助力优秀企业的品牌曝光、行业交流、企业竞技等方面获得成效。 2月9日，在首届全球人形机器人自由格斗联赛(简称"URKL")发布会上，深圳众擎机器人科技股份有限 公司创始人兼CEO赵同阳宣布，URKL联赛最终冠军团队将获得价值1000万元的纯金腰带，希望借助赛 事推动更多技术从实验室走向实战场景。 据悉，URKL是一场专注人形机器人领域的商业化自由格斗赛事，由众擎机器人发起、举办，深圳拳明 星机器人科技有限公司协办。 众擎机器人联合创始人姚淇元表示，赛事以格斗竞技为核心场景，让全球技术团队围绕相关人形机器人 展开创新研发，在对抗中完成技术验证，在实战中发掘优质人才，推动技术交流与跨界融合，加速行业 技术标准的完善与落地。 以赛促研 "科技+体育"的创新融合成为产业升级的新风口。 行业量产与商业化探索 业内人士认为，人形机器人产业在2025年迎来量产元年，2026年，行业企业将进一步推进人形机器人量 产以及商业化场景的探索。 据特斯拉官方微博近日消息，第三代特斯拉Optimus人形机器人即将亮相。特斯拉曾宣布 ...

今年1月，国务院出台《固体废物综合治理行动计划》，提出到2030年重点领域固体废物专项整治取得 明显成效。国盛证券研报认为，固体废物治理要求按照减量化、资源化、无害化原则，构建覆盖源头减 量、过程管控、末端利用和无害化管理的综合治理体系，对固废处理等领域产生直接利好。 Wind数据显示，A股已有74家节能环保类上市公司披露2025年业绩预告。其中，45家公司净利润预计实 现同比增长（含18家预计减亏公司）。在绿色转型背景下，围绕能源管理、低碳园区服务的节能环保类 公司迎来发展机遇，部分资源再生公司通过市场拓展与技术创新实现业绩预增，一些公司通过提升运营 效率、优化管理实现降本增效。 把握绿色转型机遇 申菱环境预计2025年实现净利润2.05亿元—2.46亿元，较上年增长77.39%—122.87%。业绩增长的主要 原因是，数据中心建设持续加快，为公司数据服务业务带来较快增长；随着国家"碳中和"战略持续推 进，包括光伏发电、风力发电、抽水蓄能、新型储能、锂电池制造、充电桩等新能源相关产业将长期保 持快速发展，公司聚焦行业应用和高效节能，加强重点工业领域相关产品开发和业务拓展。 资源再生业务迎利好 在节能环保类上 ...

Core Viewpoint - Luxury brands are facing unprecedented transformation challenges, including intensified price competition, pressure for electrification, and a restructured joint venture model. Jaguar Land Rover (JLR) has proposed its own strategies to navigate these challenges and maintain brand value while exploring sustainable development paths [1]. Group 1: Market Positioning and Strategy - JLR is focusing on the high-end market amidst a homogenized price competition in the luxury car sector, aiming to leverage its clear brand positioning and product advantages for steady growth [2]. - JLR has maintained a leading position in the domestic luxury SUV market priced above 700,000 yuan, with the Range Rover brand achieving a market share of 38% in the luxury SUV segment priced above 1.5 million yuan, marking three consecutive years as the sales champion [2]. - The company has established a comprehensive local presence in China over 16 years, contributing approximately 22% to the UK's total exports to China, highlighting the critical role of the Chinese market in its global strategy [2]. Group 2: Brand Value and Customer Experience - JLR is committed to enhancing its core brand value by focusing on high-end product quality and avoiding low-end price competition, which has led to its recognition as the champion among luxury brands in six key areas of J.D. Power's 2025 research [3]. - The company emphasizes the importance of long-term value and resilience in uncertain environments, as articulated by its executives [4]. Group 3: Local Innovation and Collaboration - JLR is deepening its commitment to the Chinese market with a strategy of "more China in China," which includes high-level interactions to reinforce its dedication to local growth [4]. - The collaboration with its joint venture partner, Chery Automobile, is progressing with the development of the "Freelander" model, set to launch in 2026 to meet the diverse high-end demands of the Chinese new energy market [4]. Group 4: Technological Advancement through Motorsport - JLR leverages its motorsport heritage to build a technological moat, with participation in events like the Dakar Rally and Formula E driving technical advancements and product upgrades [6][7]. - The Dakar Rally serves as a rigorous testing ground for vehicle durability and performance, while the Formula E involvement reflects JLR's long-term commitment to electric vehicle technology development [7]. - The success of the Jaguar TCS team in Formula E, including record-breaking achievements, underscores the brand's competitive edge in electric vehicle technology [7]. Group 5: Future Outlook - JLR's development path in 2025 serves as a valuable reference for other joint venture luxury brands, emphasizing resilience, value preservation, and deep market integration [8]. - The company aims to continue its local innovation and strategic clarity to drive long-term value in the evolving landscape of luxury automotive brands [8].

Group 1 - The core concept of "Spring Festival Red Packet Market" refers to the seasonal effect where market sentiment improves, capital becomes active, and indices strengthen around the Spring Festival [2][4] - Historical data shows that the Shanghai Composite Index has a 70% probability of rising in the five trading days before the Spring Festival, indicating a tendency for "red packets" to be issued during this period [6][7] - The performance of the market varies each year, with different patterns observed, such as continuous rises or rebounds after a dip, highlighting the unpredictability of the market [5][9] Group 2 - The post-Spring Festival market also shows a 70% probability of rising, with longer holding periods potentially leading to greater returns, as evidenced by a 7.10% increase in the ten days following the festival in 2019 [7][8] - Market preferences shift before and after the Spring Festival, with large-cap blue chips favored before the festival and small-cap growth stocks becoming more active afterward [8] - There are instances where the market does not perform well before the festival, as seen in 2018, 2020, and 2022, emphasizing that historical trends should be used as references rather than guarantees of future performance [9]

什么是"春节红包行情" ? 所谓"春节红包行情"，通常指 春节前后市场情绪回暖、资金 活跃、指数走强的一段季节效 应。为啥这时候容易发红包? 因为大家要过年了, 心情好? 不只是心情! 岁末年初往往是 政策窗口期+业绩真空期+资金 宽松期, 三重因素叠加, 市场 容易"躁动"起来~ STEEN: 1 a COL = 3 PIFI = 近10年上证指数春节前后涨幅表现 | 春节前 | 春节后 | 春节后 | 年份 | 5个交易日 | 5个交易日 | 10个交易日 | | --- | --- | --- | --- | --- | --- | --- | | 2025年 | 0.19% | 2.08% | 2.27% | | | | | 2024年 | 3.43% | 4.85% | 5.62% | | | | | 2023年 | -0.13% | 2.18% | -0.04% | | | | | 2022年 | -4.57% | 3.02% | 3.85% | | | | | 2021年 | 3.92% | -2.14% | -2.49% | | | | | 2020年 | -3.17% | -2.00% | ...

今天，A股三大指数集体大涨。截至上午收盘，上证指数上涨1.17%，深证成指上涨2.07%，创业板指上涨3.11%。全市场超4400只个股上涨，半日成交额 超1.5万亿元。 海外股市大涨，带动市场情绪。当地时间2月6日（上周五），美股三大股指集体收涨，道指涨2.47%，首次突破5万点整数关口；中概股普涨，纳斯达克 中国金龙指数大涨3.71%。今天上午，日经225指数、韩国KOSPI指数均大涨，日经225指数再创历史新高。 今日上午，A股两大板块爆发。光伏概念十余只成分股涨停，协鑫集成实现"4连板"，报5.04元/股，截至中午收盘，涨停板上有超197万手封单。 协鑫集成2月5日晚公告称，公司2月4日、2月5日连续两个交易日内日收盘价格涨幅偏离值累计达到20%，属于股票交易异常波动情形。目前，"太空光 伏"尚处技术探索阶段，其技术路径、产业模式及商业化前景均存在不确定性。截至目前，公司暂未获得"太空光伏"领域的相关订单。该领域未对公司经 营业绩产生实质影响，未来是否能够带来业务机会亦存在不确定性。 算力硬件概念集体走强，CPO概念龙头股中际旭创、新易盛、天孚通信集体大涨，半日成交额均破百亿元，位居A股前三。天孚通信 ...

明冠新材主营太阳能电池封装胶膜及背板。 产能调整后，公司在宜春的首期项目计划建设年产3.5亿平方米的新型电池封装用特种功能膜，总投资 2.9亿元，该项目已启动建设，将利用现有基础设施以节约投资、缩短周期。另外，公司拟计划第二期 建设年产1.5亿平方米的新型电池封装用特种功能膜项目，第二期项目将在首期项目建成投产后，根据 市场需求情况择机尽快启动建设。上述调整已获得相关客户认可。 公司表示，终止肥东项目是审慎决策，不会对现有业务及经营发展造成重大影响，且有助于提升资金使 用效率。 2月8日晚间公告，公司董事会审议通过议案，决定终止投资建设原计划总投资50亿元的肥东县太阳能背 板及功能性膜生产基地项目。项目终止主要因光伏行业产能过剩、价格竞争加剧，经与肥东县政府友好 协商达成一致。同时，公司计划将等量产能调整至江西宜春经济技术开发区实施。 该项目于2023年签约，计划分两期建设。截至目前，项目第一期厂房等基础设施已基本完工，但尚未安 装设备，公司已累计投入约163.41万元。根据行业变化，公司判断全球背板市场占比预计将持续萎缩， 继续推进原项目将推高运营成本。 ...

"公募基金高质量发展之路"系列报道 国内量化基金的崛起，常被市场标签化为"微盘行情"的幸运儿。然而，深入研究国金量化多因子基金背 后的故事便会发现，这份持续五年的优胜业绩，远非单一风格红利所能概括。作为这只金牛基金的掌舵 人，国金基金量化投资中心总经理姚加红对此有着深刻的感触。 这份优秀的答卷，是团队前瞻布局人工智能、默默深耕技术的"慢功夫"结晶；是面对行业范式迁移 与"规模魔咒"时，保持战略定力、构建多元产品矩阵的理性回应；更是量化投资方法论在助力市场稳 定、改善持有人体验、赋能行业高质量发展进程中，一次扎实深入的实践。 国金量化多因子荣获第22届基金业金牛奖"五年期开放式股票型持续优胜金牛基金"，见证了一个团队凭 借远见与技术，在时代浪潮中踏出坚实足迹；也预示着当基金行业迈向高质量发展时，那些坚持理性、 专注创新、敬畏风险的量化力量，必将为行业发展注入持久动能。 姚加红，国金基金总经理助理兼量化投资中心总经理。11年投资管理经验。现任国金量化多策略、国金 量化多因子、国金中证A500指数增强、国金智远量化选股混合的基金经理。其管理的国金量化多因子 获第22届基金业金牛奖"五年期开放式股票型持续优胜金牛基金 ...

Core Insights - A total of 123 companies listed on the Beijing Stock Exchange have disclosed their performance forecasts for 2025, showing significant performance differentiation among them [1] - Overall, 40 companies are expected to report positive performance, with 24 anticipating growth, 13 turning losses into profits, and 3 expecting slight increases [1] - Companies demonstrating strong resilience in development are leveraging technological innovation, market expansion, and operational optimization [1] Group 1: Companies with Significant Profit Growth - Twelve companies, including Hongyu Packaging, Huiwei Intelligent, and Haineng Technology, are expected to see their net profit growth exceed 100% in 2025, driven by enhanced core competitiveness and industry development benefits [2] - Hongyu Packaging anticipates 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 structures and improved operational efficiency [2] - Haineng Technology expects a net profit of 41 million to 44 million, with a growth of 213.65% to 236.61%, benefiting from industry demand recovery and continuous investment in high-end product development [2] Group 2: Companies Turning Losses into Profits - Thirteen companies have successfully turned losses into profits, including Lierda, Chunguang Intelligent, and Zhongcheng Technology, through targeted operational strategies [4] - Lierda forecasts a net profit of 35 million to 50 million, recovering from a loss of 109 million the previous year, driven by R&D investments and improved cash flow management [4] - Shibibai is expected to achieve a net profit of 50 million to 60 million, recovering from a loss of 367,500, benefiting from growing market demand and operational efficiency improvements [4] Group 3: Companies Facing Performance Pressure - Some companies are experiencing performance pressure due to external factors like raw material price fluctuations and internal factors such as increased R&D investments [6] - Weibo Hydraulic and Kerun Intelligent are facing performance declines due to rising raw material costs, with plans to enhance market expansion and internal management [7] - Companies like Naconor and Beiyikang are adjusting their strategies to address challenges related to industry cycles and sales model changes, focusing on cost reduction and new product commercialization [7]

"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。 蔡荣成，曾任易方达基金管理有限公司基金经理助理、研究部总经理助理、行业研究员。2019年4月起开始担任基金经理，现任 易方达科技创新混合、易方达新兴成长灵活配置、易方达科技先锋混合等多只产品的基金经理。 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 ...