2 月 25 日，公司披露 2025 年业绩快报，2025 年实现营收 73.0 亿元，同比+5.8%；实现归母净利润 6.6 亿元，同比+14.9%；其中， Q4 实现营收 21.1 亿元，同比持平；实现归母净利润 1.7 亿元，同 比+2%，业绩基本符合预期。 数据中心业务增长显著，新能源及其他业务板块保持稳健增长。 面对全球新能源行业及 AI 人工智能蓬勃发展的趋势，在算力需求 持续高增长驱动下，公司紧抓市场机遇，全力拓展在 AIDC 领域的 业务布局，2025 年公司在 AIDC 及 IDC 等数据中心领域销售收入同 比大幅增长，已从单一变压器供应商向提供油变、开关柜及电源模 块的全套电力解决方案商转型，数据中心业务有望进一步打开成 长空间。此外公司新能源及其他业务板块亦保持稳健增长。2026 年 1 月 27 日，公司发布元神 ONE 系列 SST，产品效率高达 98%以上， 典型容量达 2.4MW，占地面积相比传统方案节约 60%以上，未来有 望突破北美客户。 聚焦主业、深入推进数字化转型，全面优化运营效率与管理质量。 2025 年公司持续聚焦主营业务，坚持稳健经营，精准把握市场机 遇，优化资源配 ...

基本内容 Citrini Research 所写的 2028 年 AI 末日预言是场完美的头脑风暴，但现实经济是个超级混沌系统。历史反复证明， 当逻辑推导出的远景过于极端时，预言者往往低估了人类看似低效、实则极具韧性的自适应能力。 2026 年是理解 AI 如何影响宏观经济的关键年份，在"向前看"过程中，需要在逻辑底层上嵌套更多主观判断，这也 是"2028 年 AI 废土世界文学"如此有吸引力的重要原因——够果敢，但有些"非黑即白"。 敬请参阅最后一页特别声明 1 扫码获取更多服务 宏观经济点评 Citrini Research 所写的 2028 年 AI 末日预言是场完美的头脑风暴，但现实经济是个超级混沌系统。历史反复证明， 当逻辑推导出的远景过于极端时，预言者往往低估了人类看似低效、实则极具韧性的自适应能力。 然而，我们惊讶于这个"半开放"思想实验所引发出的悲观情绪正广泛蔓延。本篇报告主要结合以上提到的四位社会 学家的"历史展望"，站在广义的社会科学的角度，来重新思考 2028 年 AI 末日预言。 诚然，我们或许正在经历 21 世纪的"卢德谬误（Luddite Fallacy）时刻"，但至少站在这些巨人 ...

生产：高炉开工率逆势走高 敬请参阅最后一页特别声明 1 (1) 电厂日耗假期回落。2 月 24 日，6 大发电集团的平均日耗为 58.4 万吨，较 2 月 17 日的 58.8 万吨下降 0.7%。2 月 13 日，南方八省电厂日耗为 240.1 万吨，较 2 月 9 日的 181.7 万吨下降 22.9%。 (2) 高炉开工率逆势走高。2 月 13 日，全国高炉开工率 80.2%，较 2 月 6 日上升 0.6 个百分点；产能利用率 86.4%， 较 2 月 6 日上升 0.7 个百分点。 (3) 轮胎开工率假期降至去年同期低位。2 月 19 日，汽车全钢胎（用于卡车）开工率 14.2%，较 2 月 12 日下降 28.2 个百分点；汽车半钢胎（用于轿车）开工率 14.2%，较 2 月 12 日下降 45.2 个百分点。 (4) 江浙地区织机开工率季节性回落。2 月 12 日，江浙地区涤纶长丝开工率 77.1%，较 2 月 5 日下降 4.4 个百分点； 2 月 12 日，下游织机开工率 11.8%，较 2 月 5 日下降 10.7 个百分点。 需求：30 城新房销量环比改善趋势渐弱 (1) 春节期间 30 ...

面对全球新能源行业及 AI 人工智能蓬勃发展的趋势，在算力需求 持续高增长驱动下，公司紧抓市场机遇，全力拓展在 AIDC 领域的 业务布局，2025 年公司在 AIDC 及 IDC 等数据中心领域销售收入同 比大幅增长，已从单一变压器供应商向提供油变、开关柜及电源模 块的全套电力解决方案商转型，数据中心业务有望进一步打开成 长空间。此外公司新能源及其他业务板块亦保持稳健增长。2026 年 1 月 27 日，公司发布元神 ONE 系列 SST，产品效率高达 98%以上， 典型容量达 2.4MW，占地面积相比传统方案节约 60%以上，未来有 望突破北美客户。 聚焦主业、深入推进数字化转型，全面优化运营效率与管理质量。 2025 年公司持续聚焦主营业务，坚持稳健经营，精准把握市场机 遇，优化资源配置，积极拓展数据中心、新能源等领域电力系统系 列产品的研发、生产与销售工作。另外面对国际贸易环境的变化与 挑战，公司通过积极与客户协商沟通、加速海外产能布局等多项举 措，以应对外部复杂多变的环境带来的不利影响，推动营业收入实 现同比+5.8%。在内部管理方面，公司深入推进数字化转型，全面 优化运营效率与管理质量，通过精细化 ...

节前科创债供给缩量。本周（2026.2.9-2026.2.13，下同）科创债新增供给达 292.8 亿元，因假期因素主动减量，规 模较前一周明显收缩。发行结构以银行间 1 年内品种为主，亦有宁德时代等优质龙头 5 年期品种发行。新债认购方面， 科创债品种较普通信用债认购相对清淡，市场优先抢配高等级短久期品种，ETF 成分券标的更受机构青睐。 存量科创债评级呈现高度集中特征，AA+及以上隐含评级债券数量占比为 73.7%，AA 级中等资质个券占比也达到 22.1%， 反映部分中小科创主体融资需求；行业分布则以传统行业为主导，建筑装饰、公用事业、综合行业债券数量占比 38.8%， 纺织服饰、通信、非银金融行业较该行业全部信用债估值存在 16bp 以上的超额利差。 科创债品种内部比价方面，最新一周科创债指数成分券与非成分券的利差走阔至 27.1bp，银行间品种与成分券利差读 数也走阔至 8.5bp。拆分到 1-3 年，银行间品种与指数成分券存在近 20bp 的压缩空间。总的来看，节后科创债市场短 期将延续震荡格局，短久期高等级及 ETF 成分券表现占优，投资策略上可聚焦 1-3 年期 AAA 品种，较强的流动性便于 ...

Investment Rating - The report indicates a strong investment outlook for the consumer-grade 3D printing industry, with a projected CAGR of 28.6% from 2020 to 2024, reaching a market size of $4.1 billion by 2024 [1]. Core Insights - The integration of AI into consumer-grade 3D printing is seen as a key driver for market expansion, bridging the gap between virtual design and physical manufacturing [1][13]. - The industry is expected to experience a significant acceleration in growth, akin to the smartphone evolution, particularly with the introduction of products like the拓竹 X1, which has set new standards for performance and affordability [2][23]. - The report emphasizes the importance of creating an ecosystem around 3D printing, where hardware, software, and community engagement work together to enhance user experience and drive adoption [5][34]. Summary by Sections 1. Industry Overview - Consumer-grade 3D printing is becoming a crucial infrastructure for creative monetization, with a focus on ease of use, low cost, and high personalization [1][13]. - The market is currently led by the device segment, which accounts for 51% of the total market, followed by consumables at 24% [13]. 2. Device Segment - The report predicts that the industry will enter a second acceleration phase by 2026, driven by advancements in multi-color printing technologies and improved user experience [2][29]. - Key challenges include adapting industrial-grade products for consumer use, with a focus on brands that possess strong technical capabilities and ecosystem-building abilities [2][5]. 3. Consumables Segment - The demand for consumables is expected to grow significantly as the device segment accelerates, with PLA remaining the dominant material due to its ease of use and environmental properties [3][21]. - The report highlights the importance of companies that can innovate in material modification technologies to enhance product performance and user experience [3][22]. 4. Technological Advancements - The report outlines that technological breakthroughs are essential for transitioning from industrial to consumer-grade applications, with AI modeling and smart slicing software significantly improving user experience [5][40]. - The competitive landscape is shifting from hardware specifications to ecosystem experiences, with a focus on creating a seamless user journey from purchase to long-term engagement [34][35]. 5. Market Dynamics - The report notes that the consumer-grade 3D printing market is poised for a golden development period, driven by significant capital inflows and a shift in consumer behavior towards personalized products [39]. - The industry is expected to replicate the growth trajectory of household appliances, with a potential shift from niche markets to mainstream adoption [29][30].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In January 2026, the social financing increased slightly year-on-year, mainly supported by the earlier issuance and higher net financing scale of government bonds compared to the same period in 2025. The credit performance was in line with market expectations, with a year-on-year decrease in January for the first time since 2018. Both corporate and household medium - and long - term loans were weak, relying mainly on short - term loans. It is expected that this month's social financing will have little impact on the bond market, and it is recommended to continuously track high - frequency credit indicators [1][5][30] Summary by Related Content Social Financing Situation - In January 2026, the new social financing was 7.22 trillion yuan, a year - on - year increase of 1654 billion yuan, reaching a record high for the same period. Direct financing supported the social financing, with a year - on - year increase of 3228 billion yuan to 1.51 trillion yuan. On the contrary, on - balance - sheet financing dragged down the social financing, with a year - on - year decrease of 2334 billion yuan to 4.95 trillion yuan, while off - balance - sheet financing increased slightly year - on - year [1][7] - Among direct financing, government bonds had a net financing scale of 1.18 trillion yuan in January 2026, a year - on - year increase of 2831 billion yuan, reaching a record high for the same period. Corporate bonds increased by 579 billion yuan year - on - year to 5033 billion yuan, the second - highest since 2020 [12] RMB Credit Situation - In January 2026, RMB credit decreased by 4200 billion yuan year - on - year to 4.71 trillion yuan, the first year - on - year decrease in the "good start" month since 2018. The corporate sector decreased by 3300 billion yuan year - on - year, while the household sector increased slightly by 127 billion yuan year - on - year [2][16] - In the corporate sector, only short - term corporate loans increased by 3100 billion yuan year - on - year to 2.05 trillion yuan, reaching a record high for the same period. Medium - and long - term corporate loans decreased by 2800 billion yuan year - on - year to 3.18 trillion yuan, with the growth rate dropping by 0.5 percentage points to 7.58%. Bill financing decreased by 3690 billion yuan year - on - year to - 8739 billion yuan, and the growth rate of bill financing balance dropped to 9.17% [2][19] Money Supply and Deposit Situation - Due to the late Spring Festival in 2026 (falling in February), the cash - withdrawal demand of residents and enterprises in January was low, resulting in limited growth of M0 and a significant drop in the M0 growth rate to 2.7% [3][24] - In January 2026, the growth rates of M1 and M2 rebounded, rising from 3.8% and 8.5% in December 2025 to 4.9% and 9% respectively. The maturity of a large amount of time deposits and the increase in corporate foreign exchange settlement surplus may have contributed to the rebound of M1 and M2 [4][24] - In January 2026, corporate deposit increments were significantly higher than the same period in previous years, while household deposit increments were lower. Fiscal deposit increments were also higher than the same period in previous years, possibly due to the higher net financing scale of government bonds. Non - bank deposit increments were high because the stock market was still rising, attracting funds into the market [5][26]

核心观点：春节文旅量稳价升，看好高端消费回暖 我们认为，2026 年消费最确定的增量来自服务，而文旅是服务消费中最具弹性的赛道，因此选择开设"数说文旅消费" 专题，重点跟踪文旅消费数据。 总览：2026 年春节消费延续元旦复苏趋势，量增平稳、价格改善亮眼。商务大数据显示假期前四天全国重点零售及餐 饮企业日均销售额同比+8.6%，显著高于 2025 年国庆中秋 2.7%及春节 5.4%增速。 出行：春节长假期驱动长途出行旺盛，长辈"反向过节"趋势明显，客流量增长亮眼。根据交通部数据，2026 年 2 月 16 日-2 月 21 日日均全社会跨区域人员流动 2.99 亿人次，同比 2025 年同期+11.05%，累计跨区域人员流动达 17.93 亿人次，同比+11.13%，长途出行市场维持高景气。分具体出行方式看，春节前六日铁路/公路/水路/民航累计分别较 2025 年同期+ 16.37%/+10.90%/+31.05%/+9.45%。 旅游：春节客流充裕，多景区供给侧优化，营收增长亮眼。张家界黄龙洞将非遗年俗与溶洞景观深度融合，三峡游轮 将传统年俗与三峡风光交融，打造沉浸式体验；黄山旅游借力有奖发票活动，将外部 ...

- OpenClaw is composed of multiple Workspaces that form an event-driven execution network[2] - Each Workspace contains core files such as Soul, Memory, Tool, Identity, Heartbeat, and Bootstrap[14][18] - Skills are modular capability modules that can be reused and standardized[29] - Cron Job provides periodic scheduling capabilities for continuous operation and automatic production[30] - The system operates in a closed loop of "capability matching—execution—precipitation—optimization"[35] - Claude Code command-line tools can assist in configuring, maintaining, and understanding OpenClaw[3][40] - Skills can be installed from open-source communities like Clawhub, generated through natural language dialogue, or created using command-line tools[44][47][48] - OpenClaw can automate daily A-share announcement processing, including announcement fetching, classification, key information extraction, and structured output[5][55] - The iterative research framework Skill helps in continuously updating the research framework by recording problems, locating root causes, making small changes, and verifying in the next cycle[56][58] - The individual stock research assistant Skill integrates multi-source data into a comprehensive analysis chain, enhancing evidence completeness through multi-round supplementation and gap repair mechanisms[59][62] - The automated research report reproduction Skill converts a research report into a repeatable, auditable backtesting process, producing standardized reports and deviation analysis[66][70][72]

摘要 过去一周，国内主要市场指数上涨，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为-0.06%、0.39%、1.9% 和 1.91%。 微盘股指标监控：轮动策略方面，由于微盘股对茅指数的相对净值为 2.41，仍高于其 243 日均线（1.91）；但万得微 盘股 20 日收盘价斜率为正，而茅指数斜率收负。量价轮动子策略部分仓位切换回微盘股指数；而从 M1 高点轮动的角 度来看，1 月份 M1 指标的 6 个月移动平均值已经下行，M1 轮动子策略中期配置从微盘股切换至茅指数。所以综合两 个子策略来看目前轮动策略处于均衡配置。而从中期微盘股择时角度来看，目前风控信号还没触发。对于持有微盘板 块投资者建议做好风险控制，以及密切跟踪相对净值、动量及中期风险指标的动态。 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险。 敬请参阅最后一页特别声明 1 i 过去两周，国内方面，春节期间 AI 技术迎来了国民级的应用展示，多款国产人形机器人及大模型（如参与视觉定制 的 Seedance 2.0）在春晚舞台实现了深度的场景级互动。这进一步验证了国内 AI 技术 ...