Core Viewpoint - Dongfang Caifu (300059.SZ) has been selected as one of the "Top Ten Core Assets" in the "Betting on China" list for 2026, representing the financial industry in a global perspective [2] Summary by Sections Selection Reasons and Analysis Logic - The "14th Five-Year Plan" for a strong financial nation is being implemented, leading to a significant shift in resident deposits and a "healthy bull market" in A-shares, with an expected average daily trading volume of 1.5 trillion yuan in 2025 [3] - The brokerage industry is experiencing a mismatch between high profit growth and stock price stagnation, indicating that the sector has defensive and offensive characteristics in the anticipated "slow bull" market of 2026 [3] Business Performance - In the first half of 2025, Dongfang Caifu's securities service revenue reached 5.279 billion yuan, accounting for 76.99% of total revenue, a year-on-year increase of 54.24% [5] - The company’s net profit for the first three quarters of 2025 was 9.097 billion yuan, nearing the total for the entire year of 2024, showcasing its position as the only internet brokerage leader in A-shares [6] Industry Opportunities - The brokerage industry is expected to benefit from three major opportunities in 2026: a bull market driving brokerage business, continuous expansion of wealth management, and the integration of financial technology [11][14] - The average daily trading volume in A-shares is projected to exceed 2 trillion yuan in 2026, with Dongfang Caifu's market share in stock funds reaching 4.25% [11] Competitive Advantages - Dongfang Caifu has established a unique competitive edge through a combination of traffic, licenses, and technology, creating a moat that is difficult for competitors to replicate [15][16] - The company has a significant user base with over 50 million daily active users, and its customer acquisition cost is only 150 yuan, which is one-fourth of traditional brokerages [17][18] Financial and Valuation Insights - For the first three quarters of 2025, the company reported revenues of 11.589 billion yuan and a net profit of 9.097 billion yuan, with growth rates significantly surpassing traditional brokerages [29] - The dynamic PE ratio for the third quarter of 2025 was 28.81 times, indicating a valuation that is lower than traditional brokerages while maintaining a higher growth rate [31] Business Breakdown - The revenue from securities business is expected to be the main growth driver, with projected commission income exceeding 8 billion yuan in 2026 [23] - The fund distribution business, known for its high profit margins, is anticipated to generate 2 billion yuan in revenue in 2026, benefiting from the increasing popularity of equity funds [24] - AI and data services, although currently a smaller revenue contributor, are expected to see significant growth as technology becomes more integrated into financial services [25]

时代浪潮奔涌，国运与产业共振催生核心资产价值。当全球供应链重构遇上新能源产业革命， 掌握核心资源、具备全球竞争力的龙头企业，早已成为格隆汇"下注中国"的关键标的。 洛阳钼业（603993.SH、3993.HK）这家从中国栾川走出的矿企，如今已成长为全球领先的 铜钴生产商，2025年股价暴涨超200%，市值突破4000亿元，正以"资源+贸易+新增长极"三 驾马车，书写中国矿业的全球化传奇。 | | 菅收（亿元） | 문다 | | --- | --- | --- | | 矿产贸易 | 888.9 | 61.1% | | | 386.2 | 26.5% | | 1 | 61.8 | 4.3% | | RE | 46.6 | 3.2% | | 磷肥 | 30.7 | 2.1% | | 三年 | 24.8 | www.gogudata.con1.7% | | F | 15.9 | 1.1% | 01 为什么是洛阳钼业？硬核逻辑梳理 洛阳钼业能从众多企业中脱颖而出，核心在于踩准了中国新能源转型的风口，更手握"需求绑 定+资源布局+业绩确定性"三大王牌。 1.铜钴高景气周期持续加码 它的核心优势，是深度绑定国内新能源产业链 ...

越是变化剧烈，越需要站在高处看清脉络。越是噪音密集，越要接近源头。 浪潮已至，新程将启。 站在时代的十字路口，我们感受到的，早已不只是日历翻页，更是一场正在发生的深层变革。 2026，并非一个被讨论的未来，它已是正在展开的现实。科技跃迁、全球格局重组、资本逻辑重写，多 股力量正在同一时间叠加。 问题不在于"会不会发生"，而在于——你是否已经站在信息出现的地方。 历史从不提前公告。我们正在跨过的，不只是一个年份，更是一条认知分界线。 旧框架正在失效，新线索正在形成。有人已经看见轮廓，有人仍停留在旧地图里。 全球流动性结构正在变化，AI技术进入加速演进区间，资本、科技、生产力之间的联动，比以往任何时 候都更紧密。 变化正在发生。而真正稀缺的，从来不是结论，而是第一时间的判断素材与底层逻辑。 线上直播，名额有限。 正因如此，2026年1月8日，格隆汇携手广发基金、汇添富基金、易方达基金，集结当下极具实战深度与 研究密度的专业力量，共同呈现——《2026潮起新程·开门红联名策略会》。 这不止于一次简单的观点分享，而是一场从全球宏观视角出发，直抵科技、资金与资产配置底层逻辑的 深度线上私享会。 金融学博士、著名经济学家 ...

格隆汇新股 机器人产业链冲出一家IPO，为小米、华为供货，来自深圳宝安 原创 阅读全文 ...

Core Viewpoint - The essence of the AI computing power explosion is a dual revolution of "computation + transmission," with optical modules evolving from auxiliary components to core infrastructure in AI computing power [2] Group 1: Company Growth and Financial Performance - From 2021 to 2024, the company achieved remarkable growth, with revenue soaring from 7.7 billion to 23.9 billion, representing a compound annual growth rate (CAGR) of 40%. Net profit increased from 900 million to 5.3 billion, with a CAGR of 55% [2] - The gross margin improved from 25.6% to 37.8%, demonstrating the company's ability to capitalize on each iteration of the computing power era [2] Group 2: Market Dynamics and Demand - AI computing power demand is experiencing exponential growth, driving the rapid iteration of optical module rates from 400G to 800G/1.6T, with industry concentration continuing to favor leading players [9] - Goldman Sachs predicts that the global high-speed optical module market will see a CAGR exceeding 60% from 2025 to 2027, with the market size expected to surpass 100 billion by 2027 [9] - The shift in the global AI server market from GPU dominance to a multi-chip architecture, including ASICs, is a core driver of this demand, as ASICs require significantly more optical modules than traditional GPUs [9] Group 3: Competitive Advantages - The company's industry dominance is attributed to a combination of demand explosion, technological barriers, and product iteration, aligning with the trends of diversified AI chips and global cloud service providers' capacity expansion [8] - The company has established a dual moat of technology and production capacity, with a market share exceeding 40% in the domestic 800G/1.6T product segment [12][14] Group 4: Product Development and Client Relationships - The 800G optical module is expected to remain the company's revenue cornerstone, with a projected 104% year-on-year growth in 2026, driven by large-scale deployments from global cloud service providers and AI server manufacturers [17] - The 1.6T optical module is anticipated to enter a peak production phase in 2026, with domestic orders expected to grow by 120% year-on-year, further solidifying the company's leading position in high-speed optical modules [18] Group 5: Financial Outlook and Valuation - The company's financial performance exemplifies high growth and profitability, with a projected revenue of 38 billion in 2025 and 70 billion in 2026, representing year-on-year growth rates of 50% and 120%, respectively [27] - The company is expected to achieve a revenue of 100 billion and a net profit of 27 billion by 2027, maintaining high growth rates of 40% and 35% [27]

Core Viewpoint - The article discusses the trend of major A-share companies planning to list in Hong Kong, predicting that Hong Kong will become the global leader in fundraising by 2025, while also noting that some Hong Kong companies are considering returning to A-share listings [1] Group 1 - Major A-share companies are preparing to list in Hong Kong, indicating a shift in fundraising strategies [1] - By 2025, Hong Kong is expected to lead the world in fundraising activities, highlighting its growing importance in the global financial market [1] - Some companies currently listed in Hong Kong are contemplating a return to A-share markets, reflecting a dynamic shift in market preferences [1]

ETF进化论 万众瞩目！第七届"金格奖·基金英豪榜"重磅发布 原创 阅读全文 ...

Core Insights - The article presents the "Top 10 Core Assets for 2026" as voted by millions of members from over 70 countries, highlighting the collective wisdom of global investors in navigating market uncertainties [2][5]. Summary by Categories Core Assets - The selected core assets include: - **Zhongji Xuchuang (中际旭创)**: Market cap of 6,778 million RMB, focusing on AI and advanced manufacturing [3] - **Tencent (腾讯)**: Market cap of 49,160 million RMB, centered on AI applications [3] - **Alibaba (阿里巴巴)**: Market cap of 24,500 million RMB, involved in AI and cloud computing [3] - **Gold ETF (黄金ETF)**: Market cap of 1 million RMB, categorized under precious metals [3] - **Luoyang Molybdenum (洛阳钼业)**: Market cap of 4,279 million RMB, with no specific industry listed [3] - **China Ping An (中国平安)**: Market cap of 12,400 million RMB, in the financial sector [3] - **Dongfang Caifu (东方财富)**: Market cap of 3,663 million RMB, with no specific industry listed [3] - **Wanhua Chemical (万华化学)**: Market cap of 2,400 million RMB, in the chemical industry [3] - **WuXi AppTec (药明合联)**: Market cap of 1,515 million RMB, in the pharmaceutical sector [3] - **Trip.com Group (携程集团)**: Market cap of 3,250 million RMB, in consumer discretionary [3] Market Context - The investment landscape in China for 2025 is characterized by uncertainties, including fluctuating recovery expectations, geopolitical tensions, and evolving trends in real estate and AI [4]. - The article emphasizes the importance of collective intelligence in investment decisions, asserting that the aggregated insights from millions can effectively guide investors through market complexities [5][7]. Performance Metrics - From 2019 to 2025, the "Top 10 Core Assets Index" achieved a cumulative growth of 318.67%, significantly outperforming the CSI 300 Index (+56.2%) and the Hang Seng Index (-0.82%) [11]. - In 2025, the equal-weighted return of the top assets reached 35.1%, again surpassing the performance of major indices [11]. Selection Criteria - The selected companies must meet four key principles: 1. Represent Chinese enterprises with a domestic market focus 2. Align with future economic directions and create long-term value 3. Possess competitive advantages or potential in emerging sectors 4. Have a projected market cap growth of 20% or more in 2026 [10] Individual Company Insights - **Zhongji Xuchuang**: Expected to benefit from a surge in AI-related demand, with a projected market cap growth of 25%-30% [12]. - **Tencent**: Anticipated to see a 25%-30% increase in adjusted net profit, driven by its strong domestic user base and advertising revenue [13]. - **Alibaba**: Forecasted to achieve a 25%-28% stock price increase, supported by its dual focus on AI and consumer markets [14]. - **Gold ETF**: Positioned as a key hedging tool, with a projected 28%-32% growth in fund inflows [15]. - **Luoyang Molybdenum**: Expected to maintain its leading position in the battery materials sector, with a projected net profit of 320-350 million RMB [16]. - **China Ping An**: Anticipated to grow its market cap by 20%-25%, benefiting from the domestic financial market's recovery [17]. - **Dongfang Caifu**: Projected to see a 22%-28% increase in market cap, driven by the growth in wealth management services [18]. - **Wanhua Chemical**: Expected to achieve a net profit of 155-162 million RMB, supported by domestic demand [19]. - **WuXi AppTec**: Positioned as a leader in the ADC field, with significant growth driven by domestic innovation [20]. - **Trip.com Group**: Forecasted to grow revenue by over 25%, capitalizing on the recovery of domestic travel [21]. Conclusion - The selected core assets reflect a strategic alignment with China's economic growth and key sectors, including AI, renewable energy, finance, and healthcare, emphasizing their potential for long-term value creation [22].

Core Insights - The article reveals the "Top Ten Core ETFs" for 2026, selected through extensive voting by millions of members of the platform, highlighting the growing interest in ETFs as investment vehicles [3][5][11] - The performance of the previous year's core ETFs showed a return of 27.86%, outperforming the CSI 300 index by 10.20%, indicating strong investor confidence in these selected funds [9] Summary by Sections Introduction of Top Ten Core ETFs - The list includes ETFs such as the ChiNext 50 ETF, Hang Seng Technology ETF, and others, with total assets ranging from 21.55 billion to 396.09 billion yuan [3] - The ETFs are designed to remain unchanged throughout the year, allowing for a consistent evaluation of their performance [3] Rationale for Launching Core ETF Combinations - The article references Warren Buffett's advocacy for index funds, emphasizing the advantages of ETFs, including high transparency, low costs, and flexibility in trading [4] - ETFs are positioned as a long-term investment solution, appealing to both novice and experienced investors [4] Market Context and Trends - The year 2025 marked a significant transformation in China's capital markets, with A-shares breaking through the 4000-point barrier and total market capitalization exceeding 100 trillion yuan [7] - The article notes a global shift in monetary order, with increasing gold purchases by central banks and a trend towards de-dollarization [7][8] Growth of ETFs - The rapid growth of the ETF market is highlighted, with total assets surpassing 6 trillion yuan, indicating a fundamental change in investment strategies and financial ecosystems [8] - The article suggests that 2025 is just the beginning of a new era for Chinese assets, with a growing consensus on long-term investments [8] Conclusion and Future Outlook - The performance of the 2026 core ETFs will be closely monitored, with expectations for continued strong performance in the evolving market landscape [13]

ETF进化论 2025年最牛基金榜单来了！ 原创 阅读全文 ...