在利率下行与权益回暖的推动下，国内"固收+"投资近年迎来蓬勃发展。兴证全球基金"固收+"团队以产 品定位、大类资产配置、自下而上选品、风险管理四大维度为主要抓手，深化"固收+"投资核心竞争 力。 日前，兴证全球基金固定收益部副总监、基金经理刘琦在接受中国证券报记者采访时表示，"固收+"管 理本质上就是要理解客户到底需要什么，发挥自身的竞争力，建立客户黏性。团队希望做好精细化管 理，形成模块化、体系化优势，力争为投资者提供可持续的差异化收益以及安心的投资体验。 打造安心的持有体验 利率持续下行以及权益市场回暖的市场环境下，股债搭配的"固收+"组合成为近年来稳健资金的重点配 置方向。 如何打理好"固收+"组合，给投资者提供安心的持有体验，刘琦希望能把它做成一门"好生意"："好生意 的本质就是了解客户需要什么、如何打造自身的竞争优势和产品矩阵以及如何提高客户体验、建立客户 黏性，这其实和'固收+'的管理思路是一致的。" 尽管目前市场上"固收+"竞争激烈，但刘琦和团队坚持从产品定位、大类资产配置、自下而上选品、风 险管理四大维度入手，扎实修炼内功，打造丰富的"固收+"产品矩阵，力争为投资者提供可持续的差异 化收益。 ...

Core Viewpoint - The global storage market is expected to enter a price increase phase starting from Q3 2025, driven by structural supply-demand imbalances due to the AI wave, with significant price hikes projected for NAND flash and DRAM products [1][2]. Group 1: Price Increase Drivers - The primary driver of the price increase is a structural supply-demand imbalance caused by AI, leading to a surge in memory demand for AI servers, which is 8-10 times that of regular servers, thereby squeezing supply for consumer products [1]. - Major manufacturers like Samsung and SK Hynix are shifting over 80% of their advanced production capacity to high-margin HBM, resulting in a reduction of mature capacity [1]. - TrendForce predicts that by 2025, the average inventory cycle for the DRAM industry will drop to 10 weeks, with original factory inventory at a critically low level of 2-4 weeks [1]. Group 2: Duration of Price Trends - The storage industry is anticipated to experience a "super cycle" lasting 2-3 years, as capacity release lags behind demand growth [2]. - TrendForce forecasts that in Q1 2026, contract prices for general DRAM will increase by 55%-60%, while NAND flash products will see a rise of 33%-38% [2]. - Citigroup expects average selling prices for DRAM and flash products to rise by 88% and 74%, respectively, surpassing previous estimates [2]. Group 3: Impact on Downstream Industries - The consumer electronics, automotive electronics, and cloud computing sectors will be significantly affected by the storage price increases [3]. - In consumer electronics, the proportion of storage costs in the BOM is expected to rise from 20% to over 30%, leading to price increases for laptops by 500-1500 yuan [3]. - The automotive sector anticipates a 50% price increase for automotive-grade DDR4, with companies like Xiaomi and NIO highlighting the substantial cost pressures from rising memory prices [3]. Group 4: Opportunities for Domestic Storage Companies - Domestic storage companies such as Changxin Technology and Yangtze Memory are expected to benefit from the market space left by overseas manufacturers focusing on high-end products [5]. - Companies involved in equipment and materials are also likely to gain from the expansion needs of storage manufacturers, with firms like Baiwei Storage and Demingli projecting significant performance improvements in 2025 [5]. Group 5: Recommendations for Consumers and Investors - For consumers with rigid demand, early purchases are advised to avoid further cost increases, while non-essential purchases can be delayed [6]. - Investors should focus on core segments of the storage industry chain, including upstream equipment materials and midstream IDM manufacturers, considering the technological strength and capacity release pace of companies [6].

Company News - Geely Automobile reported total sales of 270,167 vehicles in January, representing a year-on-year growth of approximately 1% [3] - BYD's sales of new energy vehicles reached 210,051 units in January, with passenger car sales at 205,518 units [4] - Xpeng Motors delivered 20,011 new vehicles in January [5] - GAC Group produced 110,795 vehicles in January, a year-on-year decrease of 4.77%, while sales increased by 18.47% to 116,622 vehicles [6] - Seres achieved sales of 45,900 vehicles in January, marking a year-on-year increase of 104.85%, with new energy vehicle sales up 140.33% to 43,000 units [7] - NIO delivered 27,182 new vehicles in January, reflecting a year-on-year growth of 96.1% [8] - AITO delivered 40,016 new vehicles in January, a year-on-year increase of 83% [9] - Lantu delivered 10,515 vehicles in January, up 31% year-on-year [10] - Li Auto delivered 27,668 new vehicles in January [11] - Leap Motor delivered 32,059 vehicles in January, representing a year-on-year growth of 27% [12] - Hongmeng Zhixing delivered a total of 57,915 vehicles in January, with a year-on-year increase of 65.6% [13] - Xiaomi Auto delivered over 39,000 vehicles in January [14] Stock and Financial Updates - Jiamei Packaging announced that its stock price increased by 408.11% from December 17, 2025, to January 23, 2026, which diverged from the company's fundamentals. The company expects a net profit of 85.44 million to 104.42 million yuan for 2025, a decline of 53.38% to 43.02% year-on-year. The stock will resume trading on February 2 [14] - Fenglong Co. completed its stock trading suspension review and will resume trading on February 2 [14] - Aoshikang plans to issue convertible bonds to raise up to 1 billion yuan for a high-end printed circuit board project, which aims to enhance product competitiveness and meet growing market demand [14] - China Mobile, China Unicom, and China Telecom announced that the VAT rate for certain telecommunications services will increase from 6% to 9% starting January 1, 2026, which will impact their revenue and profits [15] - Jerry Holdings signed a gas turbine generator sales contract worth 182 million USD (approximately 1.26 billion yuan) with a U.S. client, marking the fourth such contract since November 2025 [15] - Yanzhou Coal Mining announced the public transfer of 100% equity in Inner Mongolia Xintai Coal Co., with a starting price of 670 million yuan, which may significantly impact the company's net profit for 2026 [15]

Group 1 - The global storage market is expected to experience a price increase starting from Q3 2025, driven by the AI wave and industry restructuring, with NAND flash prices projected to rise by 33%-38% and general DRAM prices by 55%-60% by Q1 2026 [1][3] - The core driver of this price increase is a structural supply-demand imbalance caused by AI, with AI servers requiring 8-10 times more memory than regular servers, leading to a squeeze on consumer-grade product supply [2] - The storage industry is anticipated to enter a "super cycle" lasting 2-3 years, as capacity release lags behind demand growth, with Citigroup predicting average price increases of 88% for DRAM and 74% for flash products by 2026 [3] Group 2 - The consumer electronics, automotive electronics, and cloud computing industries will be significantly impacted by the storage price increases, with storage costs in consumer electronics expected to rise from 20% to over 30% of BOM costs [4] - Major PC manufacturers like Lenovo, HP, and Dell are expected to raise laptop prices by 500-1500 yuan due to increased memory costs, while automotive companies face significant cost pressures from rising memory prices [4] - Domestic storage companies such as Changxin Technology and Yangtze Memory are likely to benefit from increased market opportunities as overseas manufacturers shift capacity towards high-end products [6] Group 3 - Consumers are advised to purchase storage products early if they have urgent needs to avoid further cost increases, while investors should focus on key segments of the storage industry chain, including upstream equipment and materials, as well as IDM manufacturers [7]

Core Insights - The company emphasizes the integration of cultural heritage and modern design to revitalize traditional silk products, aiming to create a unique brand identity that resonates with contemporary consumers [1][3] - The brand's strategy focuses on leveraging intellectual property (IP) to expand its market reach, particularly through collaborations with high-profile cultural events like the Spring Festival Gala [2][3] - The company is committed to technological innovation, addressing industry challenges such as low efficiency and quality standardization through a robust patent system and smart manufacturing [4][5] Cultural Foundation - The company highlights its deep-rooted connection to silk production, with a focus on storytelling and craftsmanship to engage consumers [1][3] - The transformation of traditional silk techniques into modern consumer experiences is a key aspect of the brand's strategy, aiming to make silk products accessible and desirable [1][2] Technological Innovation - The company has accumulated nearly 100 patents, creating an innovation loop that enhances production efficiency and product quality [4] - The introduction of AI technology is seen as essential for improving design and marketing processes, allowing for more efficient operations and better customer targeting [5] Market Strategy - The company aims to connect directly with consumers through a multi-channel approach, emphasizing the importance of both online and offline experiences [6][7] - Significant growth in online sales has been noted, particularly through live-streaming platforms, with a reported revenue increase of 117.23% in the first three quarters of 2025 [6][7] Global Expansion - The brand is actively pursuing international markets, positioning itself as a representative of Chinese culture and aesthetics through its overseas brand "THXSILK" [7][8] - Cross-border e-commerce sales have seen a year-on-year growth of 25.20%, indicating a successful strategy in reaching global consumers [7] Community Engagement - The company is dedicated to supporting local farmers and enhancing the silk production ecosystem, contributing to the local economy and community development [8] - The establishment of standardized silkworm breeding bases aims to improve the quality and efficiency of silk production, benefiting local farmers [8] Future Outlook - The company plans to continue its growth trajectory by focusing on digital transformation and global branding, with a clear strategy for the next 3-5 years [8]

Core Viewpoint - The recent surge in LOF (Listed Open-Ended Fund) products has attracted significant attention from investors, with 16 LOFs experiencing a rare collective price surge, leading to a heightened interest in arbitrage opportunities [1][2]. Group 1: LOF Market Dynamics - The LOF arbitrage trend was ignited by the popularity of the Guotou Silver LOF, which saw its price soar due to its unique focus on silver futures, resulting in a premium rate exceeding 60% [2]. - Following the suspension of subscriptions for Guotou Silver LOF, oil-related LOFs gained traction, with several experiencing price increases and premium rates surpassing 20% due to rising international oil prices [2]. Group 2: Investor Behavior and Sentiment - Many investors, like Xiao Lin, have been drawn to arbitrage strategies through social media platforms, reporting significant short-term gains, which reflects a broader trend of retail investors seeking quick profits [3]. - The excitement around LOF arbitrage has led to a proliferation of "how-to" guides and live demonstrations by financial influencers, further fueling the interest in these investment strategies [2]. Group 3: Risks and Challenges - LOF arbitrage is not without its risks; the time lag in transactions (T+2 for LOFs and T+3 for cross-border products) can lead to potential losses if market conditions change rapidly during the waiting period [4]. - Liquidity risks are significant, as some LOF products have low trading volumes, which can result in sudden price drops and difficulties in selling during market downturns [4]. - There is a concern that some LOFs are experiencing price premiums without solid underlying asset support, leading to potential losses for investors who chase high premiums without due diligence [4]. - The influence of social media on investment decisions has created a "herd effect," where investors may follow trends without fully understanding the associated risks, increasing the likelihood of poor investment outcomes [4].

● 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].