Core Viewpoint - The recent surge in LOF (Listed Open-Ended Fund) arbitrage has captured the attention of investors, driven by high premium levels and social media influence, reflecting a shift in investor sentiment and logic in the current market environment [1][2][3] LOF Arbitrage Heat - LOF has become a focal point in the market, with 16 LOF products experiencing a collective price surge on January 29, indicating a significant interest from investors [1] - The premium levels of LOF products 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 [2][3] Social Media Influence - Financial influencers have created detailed "how-to" guides for LOF arbitrage, leading to increased engagement and participation from novice investors [2] - The rapid dissemination of information through social media platforms has amplified the interest in LOF arbitrage, with many investors sharing their experiences and profits [4][5] Market Dynamics - The rise in LOF arbitrage is attributed to multiple factors, including the strong performance of specific LOFs like Guotou Silver LOF, which saw a premium rate exceeding 60% due to market conditions [4][5] - The restriction on new subscriptions for popular LOFs has led to increased demand in the secondary market, further driving up prices and premiums [3][5] Investor Behavior - Many investors participating in LOF arbitrage are motivated by the desire for small, manageable profits rather than high-risk, high-reward strategies, reflecting a shift in investment psychology [6][7] - The phenomenon of "herd behavior" is prevalent, with many investors making decisions based on social media recommendations rather than thorough product understanding, which could lead to market bubbles [8] Industry Implications - The current LOF arbitrage trend highlights the need for improved liquidity in LOF products, as many have not been prioritized by fund companies in recent years [7] - The evolving investor mindset and the impact of social media on investment decisions suggest a growing demand for stable investment options, necessitating industry adaptation [8]

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] - Historical tech innovation cycles indicate that core companies often achieve a "Davis Double" in performance and valuation, highlighting the importance of identifying key players in the AI application field [1][2] Industry Trends - There is a noticeable shift in AI investment from upstream computing power to downstream applications, following a historical pattern of moving from infrastructure to popular applications and thriving ecosystems [1][2] - The development of AI glasses is expected to follow a trajectory similar to TWS (True Wireless Stereo) earphones, with rapid penetration anticipated in the coming years as major companies like Apple, Meta, OpenAI, and ByteDance prepare to launch new products between 2026 and 2027 [2] Investment Strategy - The company focuses on identifying core positions within the AI industry chain, targeting companies with favorable competitive dynamics, governance, and industry positioning, which are likely to bind with leading clients and occupy critical roles [3] - A dedicated AI investment team has been established to systematically track key variables such as policies, product launches, technological breakthroughs, and supply-demand dynamics to capture non-linear growth opportunities in the AI sector [3] Fund Launch - The West China Gain Innovation-Driven Mixed Fund, managed by Wu Haijian, is set to launch from February 2 to February 6, focusing on high-growth potential in the AI terminal sector, aiming to capitalize on the acceleration phase of AI products [4]

上周市场震荡，中证新华社民族品牌工程指数逆市上涨0.10%，报2029.77点。澜起科技、中际旭创、泸 州老窖等成分股上周表现强势；2026开年以来，澜起科技、兆易创新、长电科技等成分股涨幅居前。 展望后市，机构认为，市场波动主因可能是近期部分板块涨幅过大导致调整，基本面和流动性因素暂时 未出现大的变化，从中期的角度来看，股市中仍有较多结构性机会值得挖掘，需注重业绩弹性带来的投 资机会。 多只成分股表现强势 上周市场震荡，上证指数下跌0.44%，深证成指下跌1.62%，创业板指下跌0.09%，沪深300指数上涨 0.08%，品牌工程指数上涨0.10%，报2029.77点。 上周品牌工程指数多只成分股表现强势。具体来说，澜起科技上涨13.64%，排在涨幅榜首位；中际旭 创上涨10.94%，居次席；泸州老窖上涨9.10%；兆易创新、欧派家居涨逾5%；贵州茅台、泰格医药、新 希望涨逾4%；山西汾酒、华谊集团、老板电器涨逾3%；五粮液、科大讯飞、美的集团涨逾1%。 2026开年以来，澜起科技上涨54.37%，排在涨幅榜首位；兆易创新上涨46.97%，紧随其后；长电科 技、华谊集团涨逾30%；中微公司、安集科技、华润微 ...

□本报记者 郝健 在前一交易日创下历史新高后，1月30日黄金价格上演大反转，创下近40年来最大单日跌幅。金价的剧 烈波动不仅搅动了投资者情绪，引发多空博弈，后市走向也成为市场关注的焦点。 投资者心态分化 作为普通投资者参与黄金投资的重要工具，各类黄金主题ETF在此次巨震中首当其冲。1月30日，商品 型黄金ETF普遍大幅下跌，平均跌幅超过7%。波动更为剧烈的是黄金股ETF，全市场6只黄金股ETF当 日跌停，包括博时、华夏、国泰等基金公司旗下的相关产品。 值得关注的是，在暴跌发生前，资金仍在大量涌入相关ETF，显示出市场的乐观情绪。例如，华夏中证 沪深港黄金产业股票ETF在1月28日和29日两天，净流入额合计超过24亿元。 1月30日，现货、期货黄金价格大幅回调。就在前一交易日，现货、期货黄金双双站上5500美元/盎司。 金价的快速回落令投资者心态分化。早期持有仓位的投资者相对淡定。徐先生在金价上涨初期入场，他 表示："前一天还在犹豫要不要卖出，现在反而不用纠结了。"由于早期浮盈尚未完全回吐，他并不急于 操作。 未追高的投资者则感到庆幸。王女士坦言："看到别人赚钱容易冲动，但人很难赚到认知以外的钱。幸 好没有跟风 ...

● 本报记者 张鹏飞 冬日的威海文登，寒意渐浓，但天润工业"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。 "新建对击锤生产线实现了4米以下曲轴一次成型，加工精度误差控制在0.005毫米以内，技术水平比肩 国际巨头德国阿尔芬，完全匹配高功率柴油发电机组对核心部件的精密性要求。"徐承飞告诉记者。与 此同时，公司在天然气发动机核心部件领域的突破形成协同效应，相关产品涵盖道路、非道路及大机全 场景，将于今年6月量产，9月正式供货国际国内头部企业。据悉，该业务打破海外企业在燃气系统领域 的垄断，其核心难点在于控制系统与硬件的匹配调试及稳定性把控，公司通过组建海外归国专业团队攻 克相关技术，2026年将实现业务突破，未来几年将迎来几何级增长。这一技术将填补国内技术空白，又 可适配燃气发电机组场景，进一 ...

● 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 Insights - The company, Taihu Xue, emphasizes its commitment to the silk industry, focusing on cultural heritage, technological innovation, and channel development to transform into a new national brand [1][2][3] Cultural Foundation - Taihu Xue is rooted in the ancient silk culture of Zhenze, aiming to revitalize traditional silk through modern design and storytelling [1] - The brand's strategy includes creative transformation of intangible cultural heritage into consumer experiences, ensuring that silk remains relevant in contemporary society [1][2] Technological Innovation - The company has accumulated nearly 100 patents, addressing industry challenges such as efficiency and standardization, and enhancing product features like antibacterial and anti-mite properties [3][4] - The establishment of a "smart factory" aims to improve production automation by 80% and achieve a 99.5% quality rate in key processes, supporting the brand's global expansion [3][4] Channel Development - Taihu Xue focuses on direct consumer engagement and omnichannel strategies, with significant growth in online sales, particularly through live commerce platforms [5][6] - The company is expanding its physical presence with "super experience stores" that allow customers to engage with the product directly, enhancing brand connection [5][6] Global Expansion - The brand is pursuing internationalization by promoting Chinese cultural aesthetics through its overseas brand "THXSILK," achieving a 25.20% increase in cross-border e-commerce sales [6] - Taihu Xue is committed to community development by establishing standardized sericulture bases and enhancing local farmers' income through a collaborative model [6] Future Outlook - The company plans to leverage its position as the "first silk stock of new national goods" to attract talent and expand partnerships, focusing on digital manufacturing and global branding [6] - The strategic vision includes a focus on product fashionization, channel omnichannelization, and operational digitization over the next 3-5 years [6]

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。 四大巨头的打法虽各有侧重，但战略目标高度一致——借助覆盖全年龄、全场景的关键时间节点，推动 AI技术从抽象概念下沉为大众触手可及的日常应用。有分析师表示，2026年春节红包大战的特别之处 在于，AI首次从幕后走向台前，成为驱动用户参与的核心引擎。 争夺下一代超级入口 从支付平台到短视频平台，过去十年，几乎每一轮互联网流量重构，都会伴随春节红包大战。只不过这 一轮红包大战，不是一次简单的短期拉新，在移动互联网流量见顶的当下，科技大厂希望借助AI找到 新的流量入口，开辟新的增长曲线。 如果说往年的红包大战是"撒钱换流量"的营销游戏，那么2026年春节的这场红包大战，已然演变为一场 以AI为核心引擎、争夺下一代流量超级入口的战略卡位战。腾讯、百度、阿里巴巴、字节跳动四大科 技巨头携亿元级资源入局，推动AI迈入生态比拼全新阶段。 ● 本报记者 杨洁 红包大战吸睛 1月25日，腾讯率先打响第一枪，官宣旗下元宝Ap ...

华电光大选择适用《北京证券交易所股票上市规则》第2.1.3条第一项之上市标准："预计市值不低于2亿 元，最近两年净利润均不低于1500万元且加权平均净资产收益率平均不低于8%，或者最近一年净利润 不低于2500万元且加权平均净资产收益率不低于8%"。 据悉，华电光大本次拟向不特定合格投资者公开发行股票数量不超过2800万股（未考虑超额配售选择权 的情况下）；不超过3220万股（全额行使本次股票发行的超额配售选择权的情况下）。其拟于北交所上 市，保荐机构为开源证券。本次冲击上市，华电光大拟募集资金约2.6亿元，拟投资于年产量5000立方 米CO氧化催化剂生产装备建设项目、年产10000立方米CO及脱硝板式催化剂装置技改项目、烟气治理 设备及新型催化材料研发项目、补充流动资金。 公开资料显示，华电光大是一家致力于新型催化材料研发与产业化的高新技术企业，主营业务为脱除氮 氧化物（NOx）、一氧化碳（CO）和挥发性有机化合物（VOCs）等大气污染物的新型催化材料的研 发、设计、生产和销售，废旧催化剂回收和再生及相关服务。报告期内公司主营产品为SCR脱硝催化 剂、CO氧化催化剂以及相关服务，主要应用于火电、钢铁、生物质 ...

近日，北交所发布修订后的《北京证券交易所上市公司可持续发展报告编制指南》。修订后的《指南》 进一步明确了相关议题的风险与机遇、核算方法及披露内容，有助于上市公司提升ESG报告的编制能力 和报告质量。 持续完善可持续发展生态 业内人士认为，可持续发展报告的披露，可以给投资者带来新的视角，用以分析公司的增长质量和长期 发展动力；同时，也可以提升上市公司的规范运作水平，促进上市公司可持续、健康发展，进一步保护 投资者利益。2024年4月，《北京证券交易所上市公司持续监管指引第11号——可持续发展报告（试 行）》正式发布，自2024年5月1日起实施。 据初步统计，北交所上市公司披露ESG报告和可持续发展报告的数量和质量逐年提升。2022年度，北交 所上市公司均按照规则要求在年报中披露社会责任履行情况，四成公司披露了污染防治、资源节约和环 境保护相关信息。2023年度，海能技术、纬达光电等14家公司披露了ESG报告。2024年度，贝特瑞、太 湖雪等17家公司披露了ESG报告。2025年下半年以来，则成电子、长虹能源、同享科技、万源通等公司 还宣布设立董事会ESG委员会并公布相关工作细则，可持续发展理念进一步深入人心。 ...