● 本报记者李嫒嫒 按照计划，"春运"首日首列出京高铁G6701次列车于2月2日清晨5点34分，从北京西站开往邯郸东站。 为期40天的2026年春运正式启动，这是拥有9天"超长"春节假期的春运，返乡探亲与旅游出行需求旺 盛。 中国证券报记者实地调研获悉，为应对春运超大客流，北京南站等做了全方位的服务升级，一场围绕各 大交通枢纽的春运出行保障体系正高效运转。 多举措保障快速通行 2月1日，记者走进北京南站二层候车厅，随处可见马年春节贴画等元素，营造出浓浓的节日氛围，穿着 蓝色工作服的志愿者也多了起来。"春运期间预计每天安排40-50名志愿者，分散在车站各个区域，保障 旅客出行服务。"北京南站客运车间党总支书记赵珊珊对中国证券报记者表示。 中国证券报记者采访获悉，春运期间，北京南站预计发送旅客570万人次，日均发送14.25万人次，同比 增长1.34%。 "今年铁路春运旅客出行意愿强烈，探亲流、学生流、务工流、旅游流交织叠加。"赵珊珊表示，北京南 站动态分析客流需求，精准匹配运能运力，实施"一日一图"，日均开行旅客列车266.5对，客流高峰时 期通过增开临客列车、开行重联列车等方式增加运力。 为保障旅客平安出行， ...

Core Viewpoint - The recent surge in LOF (Listed Open-Ended Fund) arbitrage has captured market attention, driven by high premium levels and social media influence, reflecting new investor mindsets and logic in the current market environment [1][2][5] Group 1: Market Dynamics - On January 29, 16 LOF products experienced a rare collective price surge, indicating a significant shift in investor interest towards LOFs [2] - The premium rates for many LOFs have remained high, with 8 products exceeding a 10% premium as of January 30, driven by strong performance in resource-related LOFs due to rising commodity prices [3][6] - The popularity of LOF arbitrage has led to numerous restrictions, including purchase limits and suspensions, particularly for products like Guotou Silver LOF and Southern Oil LOF, which have seen drastic measures to control inflow [4][8] Group 2: Social Media Influence - Social media platforms have become a breeding ground for LOF arbitrage discussions, with influencers sharing tutorials and personal success stories, significantly amplifying interest in these investment strategies [2][7] - The KOL (Key Opinion Leader) effect has played a crucial role in promoting LOF arbitrage, with many financial influencers leveraging their follower base to advocate for specific LOF products, often emphasizing low-risk, high-reward narratives [7][12] Group 3: Investor Behavior - Many investors participating in LOF arbitrage are relatively inexperienced, often following trends without a deep understanding of the underlying mechanics, which raises concerns about the sustainability of this investment strategy [9][12] - The current investor sentiment reflects a shift towards seeking "small but certain" gains rather than high-risk, high-reward opportunities, with many participants content with modest profits [11][12] - The liquidity issues associated with LOFs, combined with the recent surge in interest, have created a volatile environment where small trading volumes can lead to significant price fluctuations, posing risks for uninformed investors [9][11]

● 本报记者 张鹏飞 冬日的威海文登，寒意渐浓，但天润工业（002283）"黑灯工厂"生产车间内却一派火热景象：智能化生 产线高速运转，机械臂精准完成曲轴加工的关键工序，检测合格的产品正有序装车，即将发往国内外知 名主机厂。当前，北美数据中心自备电源需求的爆发式增长，正为大型发动机发电机组产业链注入强劲 动能。作为深耕发动机核心部件领域七十余年的龙头企业，天润工业凭借在曲轴、连杆等产品上的深厚 技术积淀与充足产能储备，精准卡位这一高景气赛道。 天润工业总裁徐承飞日前在接受中国证券报记者专访时表示，公司以发动机配套业务为重要增长抓手， 通过传统主业升级与新兴赛道拓展的双轮驱动战略，持续强化全球竞争力，努力将公司打造成为全球技 术领先、受人尊敬、可持续发展的智能化汽车零部件产业集团。 发电机组赛道迎黄金期 当前，AI算力高耗能与北美电网基础设施老旧的双重矛盾，催生了自备电源市场的刚性需求，大型发 动机发电机组作为数据中心核心备用电源，正迎来量价齐升的黄金周期。 徐承飞指出，xAI、OpenAI等科技大厂为保障算力稳定输出，纷纷加码自备电厂建设，直接带动大型发 动机发电机组需求爆发式增长。开源证券研报显示，全球数据 ...

Core Viewpoint - Tianrun Industrial is positioned to capitalize on the booming demand for large engine generator sets driven by the explosive growth of self-supplied power sources in North America, leveraging its extensive experience and technological expertise in core engine components [1][2]. Group 1: Market Dynamics - The self-supplied power market is experiencing rigid demand due to the dual challenges of high energy consumption from AI computing and aging North American power grid infrastructure, leading to a golden period for large engine generator sets [2]. - The global data center generator set market is projected to double from $6 billion in 2023 to $12 billion by 2030, indicating a sustained increase in industry prosperity [2]. - Major foreign brands like Cummins and Caterpillar have order backlogs extending to 2028, creating significant opportunities for domestic manufacturers to fill the supply chain gaps [2]. Group 2: Production Capacity and Technological Advancements - Tianrun Industrial has established five large crankshaft production lines, with two additional top-tier lines under construction, expected to be operational by the end of the year, achieving an annual production capacity of 30,000 large crankshafts [3]. - The company is investing nearly 300 million yuan to introduce advanced forging equipment, including the world's largest 1250KJ impact hammer production line, set to be completed by 2026 [3][4]. - The new production line for impact hammers will achieve precision control within 0.005 mm, matching international standards for high-power diesel generator sets [4]. Group 3: Global Expansion and Client Relationships - Tianrun Industrial's global client base, built over decades, includes partnerships with leading manufacturers such as Weichai, Yuchai, Caterpillar, and Cummins, providing a solid foundation for entering the generator set supply chain [5]. - The establishment of a factory in Thailand allows the company to mitigate geopolitical risks and trade barriers while serving high-demand regions like Southeast Asia, North America, and Africa [6]. - The company aims to increase its overseas revenue share from 20% to 30% by 2027, with engine and generator set businesses driving this growth [6]. Group 4: Strategic Business Development - The company is focusing on upgrading its traditional business while simultaneously expanding into emerging sectors such as electric commercial vehicles, air suspension, electric drive axles, and aluminum lightweighting [8]. - The electric steering system, developed in partnership with a South Korean firm, is expected to enter the domestic market and achieve significant growth by 2026 [8]. - The air suspension business is projected to tap into a potential market space of 30 billion to 40 billion yuan as new emission standards are implemented [9]. Group 5: Future Outlook - The aluminum lightweighting business is set to enhance the company's product offerings, with plans to acquire a 100% stake in a company specializing in aluminum die-casting, expanding its customer base across the automotive industry [10]. - Tianrun Industrial is committed to maintaining a market-oriented approach and enhancing its core competitiveness through continuous investment in both traditional and emerging business sectors [10].

□本报记者 王雪青 2026年1月4日，中欧瑞博公众号更新了新一年的策略展望——这是吴伟志亲笔写下的第140篇"伟志思 考"。 从2014年到2026年，12年来，他几乎从不停笔：最早写"投资像种庄稼""别拔苗助长"，后来用"春夏秋 冬"标注市场的季节更替，再用"树粮菜"拆解不同投资风格的收益与代价。他把一位基金经理最难被量 化的资产——思想——沉淀成一套可追溯、可复盘、可传承的方法论；也把一家机构的成长轨迹，写成 一份长期的运行日志。 成立于2007年的中欧瑞博，是中国最早的阳光私募之一。以宏观投研立身、主动管理起家的这家百亿级 私募，多年来在深耕行业基本面、强化微观深度研究的同时，也在量化领域持续耕耘。2026年伊始，公 司再次升级战略，对标桥水，提出打造"全天候"中国解法的新目标。 近日，吴伟志接受中国证券报记者采访时表示，中欧瑞博将以宏观研判为方向盘，以深度产业研究为引 擎，以量化模型为骨架，在主动洞察与纪律执行之间形成闭环，构建一套更系统、更可复制、在极端行 情下也能守住原则的系统化投资体系。 宏观研判：抓住每一轮重大投资机会 长期以来，桥水被视为全球宏观对冲领域的标杆，其特色是用周期框架理解世界， ...

Core Viewpoint - The introduction of a new "online registration + notarized lottery" model for distributing dining consumption vouchers in Beijing's Economic and Technological Development Zone marks a significant innovation in the approach to consumer incentives, aiming to enhance fairness and transparency in the distribution process [1][2]. Group 1: New Consumption Voucher Models - The new lottery-based model for consumption vouchers is designed to be more equitable compared to traditional "first-come, first-served" methods, allowing for a broader distribution of benefits [2]. - The registration for the dining consumption vouchers in Beijing runs from February 1 to February 4, with the lottery results announced on February 6, and the vouchers usable from February 7 to 13 [2]. - Similar initiatives are being adopted in other regions, such as Hunan, which has launched a consumption voucher program with a total value exceeding 20 million yuan, utilizing a similar lottery system [3]. Group 2: Innovative Consumer Engagement Strategies - The "ticket root linkage" strategy allows consumers to transform event tickets into multiple benefits, enhancing the consumer experience and increasing engagement [4]. - In Shanghai, the lantern festival ticket provides access to various benefits, including parking and shopping discounts, showcasing the effectiveness of integrating ticketing with promotional offers [4]. - Other regions, like Henan, are implementing localized ticket root policies to encourage tourism and consumer spending, demonstrating the adaptability of these strategies to different markets [4][5]. Group 3: National and Local Consumption Initiatives - The nationwide consumption voucher initiative aims to stimulate the economy during the Spring Festival, with over 360 million yuan allocated for various consumer subsidies and activities [6]. - Local governments are actively launching their consumption voucher programs, with significant amounts allocated for various sectors, including retail and tourism, to boost local economies [7]. - The innovative approaches to consumption vouchers are expected to meet diverse consumer needs and drive economic activity, contributing to a positive start for the overall consumption market in the new year [7].

Core Insights - The AI application sector is beginning to show performance as the domestic AI computing infrastructure is becoming more established, shifting focus towards downstream applications and terminals, with blockbuster AI products on the horizon [1][2] Group 1: Market Trends - There is a noticeable shift in AI investment from upstream computing power to downstream applications, following historical patterns of technology waves [2] - The development of AI glasses is expected to follow a trajectory similar to TWS (True Wireless Stereo) earphones, with rapid penetration expected in the coming years [2] - Major global companies like Apple, Meta, OpenAI, and ByteDance are anticipated to release new products between 2026 and 2027, which may act as catalysts for the market [2] Group 2: Investment Strategy - The investment team at Xibu Lide Fund focuses on identifying core companies within the AI industry chain that have competitive advantages, strong governance, and favorable odds [3] - The team has established a dedicated AI task force to systematically track key variables such as policies, product launches, technological breakthroughs, and supply-demand dynamics to capture rapid growth opportunities [3] - A comprehensive risk control mechanism is in place to dynamically monitor stock purchase logic, risk-reward ratios, and macroeconomic assessments to minimize portfolio drawdown risks while pursuing excess returns [3] Group 3: Fund Launch - The Xibu Lide Innovation-Driven Mixed Fund, managed by Wu Haijian, is set to launch from February 2 to February 6, focusing on the high-growth potential of the AI application sector [4] - The fund aims to capitalize on the acceleration phase of AI terminal products, seeking to uncover investment opportunities arising from non-linear changes in the industry [4]

Group 1 - The market experienced fluctuations last week, with the China Securities Xinhua National Brand Engineering Index rising by 0.10% to 2029.77 points, while the Shanghai Composite Index fell by 0.44% and the Shenzhen Component Index dropped by 1.62% [1][2] - Key stocks such as Lanke Technology, Zhongji Xuchuang, and Luzhou Laojiao showed strong performance, with Lanke Technology leading with a 13.64% increase [2] - Since the beginning of 2026, Lanke Technology has surged by 54.37%, followed by Zhaoyi Innovation at 46.97%, indicating significant growth among certain stocks [2] Group 2 - Market performance was heavily influenced by investor sentiment, with significant volatility across different styles and sectors, particularly in defensive financial sectors [3] - The recent market fluctuations are attributed to the excessive gains in certain sectors, while fundamental and liquidity factors remain stable [3] - Looking ahead, the A-share market is expected to present mid-term investment opportunities, driven by trends in household savings and performance realization across multiple industries [3] Group 3 - Precious metals and resource sectors, which had previously seen significant gains, experienced a pullback, leading to a shift in funds towards more certain areas [4] - The logic behind the non-ferrous metals industry remains unchanged, with constrained supply and increasing demand from emerging sectors like new energy and AI expected to support price increases [4] - The Federal Reserve's monetary policy is anticipated to favor economic stimulation over inflation suppression, benefiting large commodities priced in dollars [4]

腾讯此次活动有很强的推广普及AI应用的目的，用户每天登录元宝App可领取现金红包，还可通过完成 AI对话等任务解锁抽奖机会，并有几率抽中限量100张的价值1万元现金小马卡。1月26日，腾讯董事会 主席兼首席执行官马化腾在内部员工大会上表示，希望此举能够重现11年前的微信红包时刻。 百度也很快加入红包大战，抛出5亿元红包福利，并将红包玩法与旗下AI产品文心助手深度绑定。百度 表示活动从1月26日持续至3月12日，用户可通过体验近200款AI特效的"奇幻人生"剧情领红包，四轮集 卡活动中，前1000名集齐"马上发财"等稀有卡者可获万元大奖。 阿里巴巴和字节跳动选择了其他营销玩法。比如阿里巴巴旗下千问App拿下B站跨年晚会独家冠名权， 将AIGC的创作能力植入了当天晚会多个互动环节。字节跳动旗下火山引擎，则成为2026年央视春晚独 家AI云合作伙伴。 距离2026年春节假期还有两周左右，科技大厂之间已经"硝烟"渐起。2月1日，腾讯旗下元宝App春节10 亿元红包活动开启。截至记者发稿时，在苹果商店免费App排行榜上，元宝已超过字节跳动旗下豆包升 至第一名。 如果说往年的红包大战是"撒钱换流量"的营销游戏，那么202 ...

Group 1 - The A-share market experienced high volatility from January 26 to January 30, with gold and oil-related ETFs showing significant gains, exceeding 7% [1][2] - A total of 541 ETFs achieved positive returns during the same period, with over 35% of the ETFs in the A-share market reporting positive performance [2] - The Brazilian ETF (159100) led the market with a weekly increase of 22.5%, while several other ETFs, including those tracking the semiconductor sector, also saw gains exceeding 10% [2][3] Group 2 - Overall, the ETF market faced a net outflow of approximately 2984.22 billion yuan during the week, indicating a general trend of capital withdrawal [4] - Gold and non-ferrous metal ETFs emerged as the main beneficiaries of capital inflow, with the gold ETF (518880) attracting the highest net inflow of 8.503 billion yuan [4] - The ETFs tracking the CSI 300 and other major indices saw significant trading volumes, with the CSI 300 ETF surpassing 3000 billion yuan in weekly trading volume [4][5] Group 3 - The broad-based ETFs continued to experience substantial net outflows, particularly the CSI 300 ETFs, which saw net outflows exceeding 700 billion yuan for some funds [5] - The market sentiment is cautious, with analysts suggesting a need to balance aggressive and defensive investment strategies, focusing on high-growth sectors while also considering undervalued dividend assets [6][7] - The geopolitical landscape is influencing investment strategies, particularly in rare metals, which are gaining importance for national strategic security amid rising regional conflicts [7]