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 ...

Core Viewpoint - The transformation of brokerage asset management collective products into public funds is nearing completion, with significant collaboration between Dongzheng Ronghui Asset Management and Dongcai Fund to launch two key bond products [1][2]. Group 1: Transformation Process - The two bond products, Dongzheng Ronghui Xinxing 30-Day Rolling Short-Duration Bond and Dongzheng Ronghui Xiyue 90-Day Rolling Short-Duration Bond, have been successfully transitioned to Dongcai Fund, maintaining the original fund managers to ensure continuity in investment management [2][3]. - The total scale of the two products is expected to exceed 9 billion yuan by the end of Q3 2025 [2]. Group 2: Investment Management Style - The investment management style of the two bond products remains focused on achieving a stable holding experience, while also emphasizing the value of liability stability derived from different rolling holding periods [3]. - The transition to public funds allows for a more refined investment approach, including the incorporation of treasury futures to hedge against net value fluctuations during market adjustments [3][4]. Group 3: Market Outlook - The domestic bond market is expected to stabilize and improve in 2026, with current interest rates returning to a reasonable range, aligning with economic growth and monetary supply levels [4]. - The investment sentiment in the bond market is anticipated to be significantly better than in 2025, with expectations of slight downward adjustments in interest rates [4][5]. Group 4: Investment Strategies - The company plans to leverage phase-based arbitrage trading to enhance returns for pure bond portfolios, particularly focusing on long-end varieties while applying leverage strategies on the short-end based on liquidity conditions [5]. - The Dongcai Xinxing 30-Day Rolling Short-Duration Bond will utilize coupon strategies, yield curve strategies, and capital arbitrage strategies to increase returns [5].

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。 这使得吴昊将研究火力集中在"阿里链"上。他定义的"阿里链"，并非传统供应链，而是一个以阿里全栈 AI能力为内核，涵盖算力底座、模型平台与垂直场景应用的完整生态。"我们看好的是链主重估+生态 共振的逻辑。"他解释说，"链主"即阿里巴巴自身，其云与AI业务的价值正被市场用SOTP（分部估值 法）重估；而"链属"则是围绕其生态的合作伙伴，它们将在AI应用爆发中率先受益。 "产业链的景气度传导逻辑非常清晰。从 ...

Group 1 - The recent promotion by Qianwen App allowing users to purchase milk tea for 0.01 yuan signifies a pivotal moment for AI applications in China, moving from simple chat functions to actionable tasks [1] - OpenClaw, an open-source AI agent, has gained rapid popularity among developers, indicating a shift in AI applications towards more practical uses [2] - Investment analysts are optimistic about AI as a key market trend, with expectations for significant technological breakthroughs in AI multimodal applications and biomedical fields over the next few years [2][3] Group 2 - The emergence of "AI-native super applications" like LiblibAI is anticipated to create benchmark cases of user growth and revenue by 2026 [3] - The AI application market is transitioning from infrastructure investment to commercial value realization, with a focus on cash-generating applications in the downstream sector [3] - Hardware innovations in smartphones, cars, and smart home devices are expected to drive sustainable industry trends, with companies like Apple leading the charge [3] Group 3 - The field of embodied intelligence, particularly humanoid robots, is gaining attention, with expectations for significant advancements in 2026 [4] - Major robotics companies are collaborating with the 2026 CCTV Spring Festival Gala, showcasing the potential for humanoid robots to perform real-world tasks [4] - Breakthroughs in action models for humanoid robots are predicted to enhance their operational capabilities in unstructured environments [5] Group 4 - The commercial space sector is identified as a significant growth area, with expectations for a pivotal moment in 2026 when SpaceX is projected to go public [6] - Chinese commercial space companies are likely to successfully implement rocket recovery operations, marking a significant milestone for the industry [6] - The low Earth orbit satellite internet sector is entering a phase of industrial explosion, with a ten-year growth cycle anticipated [6][7] Group 5 - The rocket segment is under scrutiny due to its potential to address capacity bottlenecks and high costs, with a focus on companies that can successfully reduce costs [7] - The satellite operations market is viewed as a scarce resource, with significant potential for growth in traditional high-end markets and emerging low-altitude economies [7] - The concept of space computing, utilizing AI data centers in space, is being explored as a revolutionary approach to energy and computational efficiency [7] Group 6 - The 14th Five-Year Plan emphasizes the importance of quantum technology, biomanufacturing, hydrogen energy, and other advanced fields as new economic growth points [9] - Key technological breakthroughs in areas like quantum computing and brain-machine interfaces are expected to occur by 2026, significantly impacting market confidence [9][10] - The Chinese pharmaceutical industry is poised for a breakthrough in global drug development, with several companies expected to achieve significant clinical trial results in 2026 [10] Group 7 - AI-driven drug development is anticipated to reach a validation point in 2026, showcasing the potential of AI in creating tangible medical solutions [10] - The brain-machine interface sector is expected to achieve clinical breakthroughs, particularly in flexible electrodes and signal processing chips [10] - Investment strategies are shifting towards companies that can effectively translate technological innovations into commercial success, moving away from resource accumulation [11]

同源康医药是一家专注于肿瘤创新药物研发的生物医药公司。由吴豫生于2017年11月发起创办，其现任 公司董事长、总裁，拥有超20年医药行业从业经验，曾任职于美国跨国药企先灵葆雅新药研发中心，具 备深厚的新药研发与项目管理能力。公司于2024年8月登陆港交所，开启研发与商业化协同发展新阶 段，始终致力于通过自主研发与全球合作，为患者提供突破性治疗方案。目前已有多个创新项目处于临 床或临床前开发阶段，形成了丰富的产品管线布局。 同源康医药近日迎来发展里程碑。公司宣布，其自主研发的针对非小细胞肺癌（NSCLC）脑转移的甲 磺酸艾多替尼片（TY-9591）新药上市申请（NDA）已获得国家药监局药审中心受理。 该药作为首个针对肺癌脑转移的新一代EGFR-TKI抑制剂，凭借差异化优势备受市场关注。公司管线布 局及差异化价值传递，也成为投资者聚焦的核心。 截至2月6日收盘，同源康医药股价为12.9港元/股，市值为49亿港元。 纳入优先审评阶段 产品上市进程提速 据介绍，甲磺酸艾多替尼片是已上市同类药物奥希替尼的氘代产品，通过技术改良，可减少药物有毒代 谢物AZ5104的产生，这一技术优化使得甲磺酸艾多替尼片能够以160mg的 ...