作 者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 近一段时间，航空机场板块热度再次提升。 早在 2025 年的 10 月，《 国庆价格暴涨！行情启动？ 》，航空板块行情已然启动。 同花顺数据显示，国庆之后，航空运输板块近三个月已然整体上涨超 20% 。而近一年内，板块整体涨幅已经接近 40% 。 近日，伴随着政策接连出台，消费板块热度提升，航空相关板块又站在了市场风口之上。 而这次，航空板块，或许已经站在了起飞的前夜。 01 这次航空板块的行情，仍旧和政策上的积极情绪密不可分。 近日，消费领域政策利好齐发，而在此前落幕的 2026 年全国民航工作会议上，提出最重要的一条就是， 深入整治 " 内卷式 " 竞争，持续提升航班运行品质，不断提升旅客出行体验 。 民航局的 2026 年重点任务清单还首次将"反内卷"细化为四项举措—— 航线测算全成本并建立 "成本红线"；建立"运价监测预警联动机制"；将恶性低价竞争纳入重大失信行为；协调 OTA 平台，禁止发布低于政府指导价的机票产品。 可以说是从航司到 OTA 平台到行业整体的全方位，整治了此前困扰行业已久的"内卷式"低价战。 在这一政 ...

格隆汇新股 河北石家庄乳制品公司冲击IPO，年入近200亿！三鹿、蒙牛曾入股 原创 阅读全文 ...

ETF进化论 186.68%！业绩爆表！聚焦芯片产业最锋利的"矛" 原创 阅读全文 ...

Core Viewpoint - Intel, once a dominant player in the CPU market, faced significant challenges leading to a $2.92 billion loss in Q2 2025, but is poised for a turnaround due to strategic investments and internal reforms [5][10][12]. Group 1: Current Challenges - Intel reported a net loss of $2.92 billion in Q2 2025, with a gross margin dropping below 30%, indicating severe distress in its core business [5]. - AMD's EPYC series has captured over 40% market share, leading to a 15% year-over-year decline in Intel's Xeon orders due to its lag in 10nm technology [5][6]. - The company's foundry business has been unprofitable, with a market share of less than 3% and quarterly losses exceeding $1 billion [5][6]. Group 2: Strategic Turnaround - In August 2025, the U.S. government invested $8.9 billion for a 9.9% stake in Intel, becoming its largest shareholder, signaling a commitment to U.S. chip independence [9]. - Nvidia invested $5 billion in Intel, agreeing to collaborate on developing integrated GPU and CPU solutions, marking a significant shift in the competitive landscape [9]. - Intel's cash reserves increased to $30.9 billion following these investments, providing a financial cushion for future operations [9]. Group 3: Internal Reforms - CEO Pat Gelsinger initiated a major restructuring, laying off 35,000 employees to reduce annual operating costs by $23.3 billion, reallocating funds towards advanced process technology and AI development [10][11]. - The company reintroduced a "20% free time" policy for engineers to foster innovation, leading to significant improvements in process technology yields [10]. - Intel is shifting towards a more open business model, securing orders from Apple for low-end M-series chips and exploring further collaborations [11]. Group 4: Market Dynamics and Future Outlook - In 2026, Intel faces a "happy trouble" with a chip shortage driven by unexpected demand for server CPUs, leading to increased analyst ratings [12]. - However, there are concerns about supply chain mismatches and price increases driven by OEMs rather than Intel's pricing strategy [12][14]. - The sustainability of the current demand surge is questioned, as rising storage prices may lead to a market correction [14]. Group 5: Broader Implications - Intel's recovery is seen as a case study in aligning corporate strategy with national interests and industry trends, emphasizing the importance of internal transformation [16]. - The company's future performance will be closely watched, particularly regarding the mass production of its 18A process technology and ongoing competition with AMD [16][17].

Core Viewpoint - The article discusses the resurgence of the commercial aerospace sector in China, highlighting significant developments and investment opportunities driven by government policies and technological advancements [12][42]. Group 1: Market Dynamics - The recent rebound in the A-share market reflects a broader recovery in the technology sector, particularly in the commercial aerospace segment, with over 20 stocks hitting the daily limit up [3][14]. - The Aerospace ETF (159227) has shown a remarkable performance, increasing by 53.64% since its launch in May last year, and has been included in the top ten core ETFs for global investment in China by 2026 [4][14]. Group 2: Industry Developments - Five key commercial aerospace companies, including Xinghe Power and Blue Arrow Aerospace, are progressing towards IPOs, aiming to raise funds for ambitious projects [9][11]. - China's commercial aerospace industry is projected to reach a scale of 2.5 to 2.8 trillion yuan by 2025, with an annual growth rate exceeding 20% and over 600 companies expected to operate in this sector [13][22]. Group 3: Technological Advancements - Significant advancements in technology are being made, such as the construction of the first offshore liquid rocket launch and recovery platform in Yantai, and successful tests of manned spacecraft landing systems [13][21]. - The development of reusable rocket technology is identified as a critical factor for reducing launch costs and enhancing capacity, with expectations for multiple successful test flights in 2026 [43][44]. Group 4: Investment Opportunities - The commercial aerospace sector is viewed as a major investment opportunity, with the potential for substantial returns as the industry matures and expands [36][42]. - The Aerospace ETF (159227) is highlighted as a strategic investment tool, focusing on high-purity military applications and leading commercial aerospace content, with a market size of 2.975 billion yuan and an average daily trading volume of 843 million yuan [41][39].

Core Viewpoint - The rare metal tungsten, referred to as the "industrial tooth," is expected to be the standout performer in the non-ferrous metals market in 2025, with prices skyrocketing from 200,000 yuan/ton at the beginning of the year to 600,000 yuan/ton by year-end, marking a staggering 300% increase and setting a historical high [4]. Supply and Demand Dynamics - The surge in tungsten prices is driven by a combination of rigid supply constraints and structural demand explosions, with APT (the core product of tungsten smelting) social inventory dropping from a normal level of 600 tons to below 200 tons, and hard alloy companies having only 12 days of raw material inventory, significantly below the 30-day safety line [7][11]. - The supply side is constrained by three main factors: policy control, resource depletion, and the difficulty of increasing overseas production. The annual mining quota for tungsten in China was set at 56,800 tons for 2025, an 8.3% decrease from the previous year, limiting production even as prices rise [10][11]. Demand Explosion - Demand for tungsten has fundamentally shifted, with the share from new energy and high-end manufacturing rising from 15% in 2024 to 30% in 2025, moving away from traditional steel industry reliance [13]. - The photovoltaic industry is a major growth driver, with tungsten wire replacing carbon steel wire in silicon wafer cutting due to its superior strength and wear resistance. The demand from the new energy vehicle sector is also rapidly increasing, with each vehicle requiring 2-8 kg of tungsten [15]. Profit Distribution in the Industry - The profit from rising tungsten prices is unevenly distributed across the industry, favoring upstream resource companies. For instance, a 10,000 yuan/ton increase in tungsten prices can boost net profits significantly for companies like Xiamen Tungsten and Zhongtung High-tech [17]. - Midstream smelting companies face challenges due to rising raw material costs and tight supply, with some small firms experiencing profit margins dropping below 10% [18]. Future Outlook - The consensus for the tungsten industry in 2026 and beyond is that the supply-demand gap will remain unbridgeable, with prices expected to stay high for the next 3-5 years. The global primary tungsten supply growth rate is projected to be only 2-3% annually from 2026 to 2030, significantly lower than demand growth [20][21]. - Analysts predict that the price of black tungsten concentrate will fluctuate between 460,000 and 520,000 yuan/ton in 2026, with potential to exceed 500,000 yuan/ton if China tightens exports further [21]. Investment Opportunities - Investment opportunities in the tungsten industry should focus on three key areas: upstream resource leaders like Xiamen Tungsten and Zhangyuan Tungsten, high-end manufacturing leaders like Zhongtung High-tech, and niche players in high-value segments such as tungsten-based new materials and military-grade tungsten alloys [22][23].

Core Viewpoint - The international gold market has experienced an unexpected strong rally since the beginning of 2026, with gold prices reaching historical highs due to various stimulating factors, including geopolitical tensions and monetary policy shifts [2][6]. Group 1: Gold Price Movements - International gold prices surged from $4,340 per ounce at the beginning of January to a peak of $4,891.1 per ounce by January 21, marking a cumulative increase of 12.7% in less than 20 days [2]. - Domestic gold futures also saw significant gains, with the main contract price rising by 4.61% to surpass 1,100 yuan per gram [3]. Group 2: Stock Market Reactions - Gold stocks experienced a surge, with over ten gold-related stocks hitting the daily limit up, including Zhaojin Mining and Chifeng Jilong Gold Mining [4]. - The gold ETF (159562) rose by 5.73% on the day, accumulating a 25.82% increase over the first 13 trading days of the year, reaching a new historical net value high [4]. Group 3: Geopolitical Factors - The recent escalation of geopolitical conflicts has driven significant inflows into gold as a safe-haven asset, with the U.S. imposing tariffs on several countries, further straining transatlantic trade relations [7][8]. - Denmark's decision to sell approximately $1 billion in U.S. Treasury bonds amid the Greenland dispute marked a significant move, reflecting growing concerns over U.S. debt and geopolitical tensions [9]. Group 4: Central Bank Actions - Global central banks have been on a gold-buying spree, with net purchases reaching 1,136 tons in 2024, the second-highest on record, and major buyers including China, Poland, and Turkey [11]. - China's central bank has increased its gold reserves significantly, with a total of 2,306.32 tons by the end of 2025, marking a historical high in the proportion of gold in its foreign exchange reserves [11]. Group 5: Market Sentiment and Predictions - Analysts have raised their gold price targets, with Goldman Sachs predicting a price of $4,900 per ounce by the end of 2026, driven by central bank purchases and anticipated interest rate cuts [21]. - Other institutions, such as UBS and Citigroup, have set even higher targets, with Citigroup suggesting a potential short-term price of $5,000 per ounce [21][22]. Group 6: Investment Trends - The demand for gold bars and coins increased by 18% in 2025, reaching 1,250 tons, with significant contributions from China [16]. - The global gold ETF market saw a record net inflow of $89 billion in 2025, with total holdings reaching 4,025 tons, marking a historical peak [16]. Group 7: Strategic Value of Gold - The strategic value of gold is being redefined, transitioning from an optional asset to a necessary component in high-uncertainty markets, as recognized by various market participants [22]. - The gold ETF (159562) has become a popular investment tool, with significant inflows and a focus on gold mining companies, reflecting the growing interest in gold as a strategic asset [23].

格隆汇新股 国家电网的供应商冲击IPO，左手能源右手机器人！来自上海 原创 阅读全文 ...

ETF进化论 史诗级崩盘！巨佬放话：清仓美债！ 原创 阅读全文 ...

Core Viewpoint - China Ping An has been recognized as a core asset in the "Betting on China" list for 2026, reflecting its comprehensive strength and industry leadership [2] - The year 2025 marked a strong recovery in stock prices and market confidence for China Ping An, with A-shares increasing by 37% and H-shares by over 50% [2] - The market's positive outlook is attributed to the reassessment of the long-term value of its unique "comprehensive finance + healthcare and elderly care" ecosystem [2][3] Financial Performance - In the first three quarters of 2025, China Ping An achieved a year-on-year net profit growth of 11.5%, with a significant quarterly increase of 45.4% [3] - The new business value in life and health insurance grew robustly by 46.2% [3] - The revenue structure for H1 2025 shows life and health insurance contributing 45.8%, property insurance 34.5%, banking 13.9%, and other asset management 5.3% [6] Market Position and Trends - China Ping An's market position is strengthened by its ability to adapt to structural changes in wealth allocation and the aging population, becoming a core platform for family needs [10] - The shift in asset allocation from single appreciation to comprehensive planning for "protection, retirement, health, and inheritance" is a significant trend [10] - The insurance products that provide stable long-term returns are increasingly attractive as the real estate market evolves [10] Healthcare and Elderly Care Ecosystem - The demand for integrated healthcare and elderly care services is rising due to accelerated aging and increased health awareness [12] - The healthcare ecosystem is expected to grow significantly, with the comprehensive health service market projected to reach 11.8 trillion yuan by 2029, growing at a CAGR of 7.7% [12] - The healthcare ecosystem contributes nearly 70% to the new business value of life insurance, indicating a shift from merely selling insurance contracts to providing comprehensive solutions [23] Technological Empowerment - Technology plays a crucial role in enhancing the efficiency of the financial and healthcare ecosystems, with a focus on AI capabilities [25] - The "super AI portal" has significantly improved operational efficiency, handling over 12.92 billion service interactions in the first three quarters of 2025 [26] - The integration of AI has led to a 23% improvement in policy renewal efficiency and a reduction of 91.5 billion yuan in claims through fraud prevention [26] Valuation and Market Recognition - The valuation of China Ping An is being driven by a dual engine: short-term financial recovery and long-term structural revaluation [28] - The company is recognized for its high dividend yield, with expected yields of 4.0% for A-shares and 4.5% for H-shares in 2025 [30] - Major institutions have raised their target prices for China Ping An, reflecting a shift in market perception towards its unique ecosystem model [32][33] Future Outlook - 2026 is anticipated to be a pivotal year for value re-evaluation, with multiple catalysts expected to drive performance and valuation recovery [37] - The company is well-positioned to benefit from structural adjustments in financial demand and aligns with national policies addressing health and aging [37]