我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2025年2月6日 ● 国内金融市场 ● 宏观消息汇总 1。外交部再次回应美对华加征关税:贸易战、关税战没有赢家, 施压威胁对中国行不通 2. 国家广电总局:网络视听平台不得上线传播未标注许可证或 备案号的微短剧,也不得为其引流、推送 3。国家发展改革委：积极推动发展冰雪经济纳入"十五五"相关 规划 二、行业最新动态 1 人形机器人迎"0到1"突破,市场复合增速有望超50%,相关个 股:汇川技术(300124)、拓普集团(601689)等 2. 多家企业公布量产时间表, 固态电池产业化提速, 相关个股: 欣旺达(300207)、当升科技(300073)等 。免责声明:本报告信息均来源于公开资枓,我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考,并不 构成对所述证券买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的任何直接或间接损失厥不负责。 三、上市公司聚焦 1。石基信息(002153)：全资子公司石基新加坡与与瑰丽酒店集团 签订选择SEP等为集团标准的重大合同 2. 比亚迪(002594)：1月新能源汽车销量30.0 ...

Core Insights - The report highlights the resilience of the domestic financial market amidst macroeconomic changes, with a focus on government initiatives to stabilize growth and support for quality tech companies [4][6]. Domestic Financial Market - The State Council's Tariff Commission announced an increase in tariffs on certain imports from the United States starting February 10, 2025 [4]. - The Chairman of the China Securities Regulatory Commission emphasized support for high-quality, unprofitable tech companies to go public while cracking down on financial fraud and market manipulation [4]. Industry Updates - The 2025 Spring Festival box office reached a new high, benefiting companies like Light Media and Wanda Film [5]. - DeepSeek and other large models gained significant traction, with global app downloads ranking first, impacting companies such as Zhejiang Dongfang and Huajin Capital [5]. - COMEX gold prices hit a historical high of $2872 per ounce, positively affecting companies like Zijin Mining and Shanjin International [5]. Company Focus - Shuangjie Electric won a bid for a 366 million yuan project with the Southern Power Grid, which includes various electrical infrastructure components [6]. - Kuaichuan Tong is collaborating with Xiaohongshu to enhance brand visibility for its self-owned brand ZAFUL [6]. - Hunan Silver is projected to achieve a net profit of 130 million to 190 million yuan, with earnings per share estimated between 0.048 yuan and 0.070 yuan [6]. - Andisoo expects a net profit of 1.204 billion yuan in 2024, a 2208% increase, driven by a 24% growth in methionine sales and a rebound in vitamin prices [6]. Market Review and Outlook - The market experienced fluctuations with the Shanghai Composite Index closing at 3250 points, while the ChiNext Index fell by 2.73% [7]. - Key sectors showing gains included banking, home furnishings, and energy, while sectors like communication equipment and semiconductors faced declines [7]. - The report suggests that the current market environment presents more opportunities than risks, with recommendations for investors to consider broad-based indices like the CSI A500 ETF and the CSI 300 ETF [8].

Domestic Financial Market - The State Council encourages banks to enhance financial support for cultural enterprises, supporting eligible cultural companies in going public and refinancing [4] - The Ministry of Finance reports that the national general public budget revenue for 2024 is projected to be 21.97 trillion yuan, a 1.3% increase from the previous year, while securities transaction stamp duty revenue is expected to be 127.6 billion yuan, a 29.1% decrease [4] Industry Dynamics - Gold prices continue to reach historical highs, highlighting the safe-haven value of gold, with related stocks including Zijin Mining (601899) and Chifeng Jilong Gold Mining (600988) [5] - The performance of listed securities firms is strong, with leading companies expected to exceed earnings forecasts for 2024, including Citic Securities (600030) and China Galaxy Securities (601881) [5] - The digitalization of education is receiving policy support, with related listed companies actively positioning themselves, including Zhonggong Education (002607) and iFLYTEK (002230) [5] Company Focus - Fuxiang Pharmaceutical (300497) has received expert approval for its Self-GRAS scientific evaluation of its protein product according to FDA GRAS standards [6] - Huakong Saige (000068) plans to acquire a 40% stake in Shanxi Jiantou Cloud Data Technology Co., Ltd. from Shanxi Jiantou for 21.68 million yuan [6] - Tongfu Microelectronics (002156) expects net profit attributable to shareholders to be between 620 million yuan and 750 million yuan, representing a year-on-year increase of 265.91% to 342.64% [6] - Compass (300803) anticipates a net profit of 104 million yuan for 2024, a 43.5% year-on-year increase, and plans to convert 4.5 shares for every 10 shares held to all shareholders from capital reserves [6] Market Review and Outlook - On January 24, the Shanghai and Shenzhen markets opened slightly lower but began to rise, with the Shanghai Composite Index closing at 3252 points, up 0.70%, and the ChiNext Index rising 1.36% to 2121 points [7] - The market saw a total trading volume of 1.22 trillion yuan, a decrease of 133.3 billion yuan from the previous trading day, with sectors like TMT, general machinery, steel, and communication equipment performing well, particularly in AI applications and robotics [7] - Historical data shows that the probability of the index rising on the first trading day after the Spring Festival exceeds 60%, with a generally optimistic outlook for the market due to improving macroeconomic data and corporate earnings expectations [8] - It is recommended to maintain a firm hold on ETF positions and continue focusing on undervalued dividend stocks, cyclical resources, and AI application sectors [8]

Macro Economic Summary - The Ministry of Industry and Information Technology (MIIT) will initiate a new round of key industry growth stabilization work, focusing on large-scale equipment updates and the replacement of consumer goods [6] - MIIT plans to pilot the deployment of 10G optical networks by 2025 and will promote the construction of computing power centers [6] - MIIT will develop guidelines to promote battery swapping models and study the group management of vehicle manufacturers [6] Industry Dynamics - Tesla will add UWB support for Android phones, which is expected to accelerate the UWB application ecosystem, benefiting related stocks such as Haoyun Technology and Chenyiyi Intelligent [8] - The pilot deployment of 10G optical networks this year is expected to benefit optical networks and equipment, with related stocks including Tengjing Technology and Guangxun Technology [8] - Policies to promote high-quality development in the digital industry are expected to be expedited, with related stocks including Inspur Information and Softcom Power [8] Company Focus - Tianyuan Co., Ltd. plans to invest 450 million yuan in a project to produce 600,000 tons of sulfuric acid annually [10] - Zhongfu Circuit is benefiting from the booming electric vehicle industry, with rapid growth in its three-electric business [10] - Arrow Home will continue to optimize products, accelerate new product launches, upgrade stores, and enhance promotional policies in 2025, focusing on the consumer goods replacement policy [10] Market Review and Outlook - On January 22, the total trading volume of the two markets was 1,135.9 billion yuan, with 1,002 stocks rising and 4,028 stocks falling [11] - The three major indices opened slightly lower and fluctuated downwards, with a small negative closing [11] - Market activity remains subdued ahead of the Spring Festival, with a focus on stock or reduced volume strategies [12]

Group 1: Macro Economic Updates - The National Artificial Intelligence Industry Investment Fund has been established with a capital of 60.06 billion, focusing on private equity investment, investment management, and asset management activities [5] - The first domestically produced large drone, Hongyan (HY100), weighing 5.25 tons and capable of carrying 1.9 tons, has successfully achieved mass production in Xinjiang, with three units delivered to customers [5] Group 2: Industry Dynamics - The blood dialysis industry is experiencing favorable policies, attracting attention to the supply chain, with related stocks including Shanhaishan (688410) and Sanxin Medical (300453) [7] - The establishment of a public data resource pricing mechanism is expected to accelerate industry development, with related stocks including Yihualu (300212) and Yunsai Zhili (600602) [7] - The National Medical Security Administration has released a Class B drug list, impacting stocks such as WuXi AppTec (603259) and Rongchang Bio (688331) [7] Group 3: Company Focus - Shenglong Co., Ltd. (603178) has signed a product development agreement with Fuyao Glass, becoming the exclusive supplier for its axle drive motor assembly and controller [9] - Shenzhen Airport (000089) has entered into a strategic cooperation agreement with Zhongji Saiyu Certification Inspection and Shenzhen Low-altitude Industry Development Service [9] - Jinpu Landscaping (301098) has signed a contract worth approximately 413 million for the general contracting of infrastructure projects in the historical cultural town of Xian'an [9] Group 4: Market Review and Outlook - On January 21, the total trading volume in the two markets reached 1.2052 trillion, with 1,898 stocks rising and 3,084 stocks falling, an increase of 22.3 billion compared to the previous day [11] - The three major indices opened slightly higher but experienced a downward trend, with small-cap stocks underperforming compared to large-cap stocks [11] - Market hotspots included humanoid robots, semiconductors, and gaming sectors, while solar energy and oil and gas sectors saw declines [11] - The market is expected to maintain a stock-based trading environment due to limited liquidity before the holiday, with a strong resistance level near the 20-day moving average for the Shanghai Composite Index [12]

Group 1: Macro and Industry Updates - The Chinese government has issued a notice regarding the promotion of vehicle trade-in programs for 2025, indicating a focus on the automotive industry [5] - The education sector is receiving significant support through the issuance of the National Education Strong Country Construction Plan, with related stocks such as ChuanZhi Education and XueDa Education highlighted [6] - The price of lithium carbonate continues to rise due to pre-holiday inventory buildup, benefiting companies like Tianqi Lithium and Ganfeng Lithium [6] Group 2: Company Focus - TingTong Co., Ltd. plans to acquire 100% equity of Tongheng Commercial through public bidding, with a base price of 311 million yuan [8] - JinChengxin intends to invest 751 million USD in the development of the Lonshi copper mine in the Democratic Republic of the Congo [8] - Wanfu Biology has received FDA 510(k) approval for its new COVID-19 and influenza test kits, indicating a significant milestone for its U.S. subsidiary [8] Group 3: Market Review and Outlook - On January 20, the total trading volume in the two markets reached 1,182.9 billion yuan, with 3,514 stocks rising and 1,436 falling, showing an increase of 47.4 billion yuan from the previous day [10] - The three major indices closed in the green, with small-cap stocks showing strong performance while large-cap stocks lagged, indicating a potential for market rotation [10][11] - Key market sectors such as high-speed copper cables, data centers, and batteries saw significant gains, while sectors like artificial intelligence and chips experienced net outflows [10][11]

Core Insights - The report highlights the ongoing developments in the semiconductor and AI infrastructure sectors, indicating potential investment opportunities in related companies [5][7][10]. Industry Latest Developments - The Ministry of Commerce has initiated an investigation into the impact of low-priced mature process chips imported from the U.S. on the domestic market [5]. - Nvidia is set to host a "Quantum Day" event, which is expected to accelerate advancements in quantum computing, with related stocks such as GuoDun Quantum and Keda Guochuang being highlighted [7]. - The construction of computing power infrastructure is receiving significant support, with institutions optimistic about the upgrade opportunities brought by AI, focusing on companies like Nanling Technology and Yunsai Zhili [7]. - The refrigerant market continues to perform strongly, supported by policies encouraging the replacement of old products, with companies like Juhua and Sanmei being noted [7]. Company Focus - Aikedi plans to issue shares and pay cash to acquire 71% of Zhuoerbo, while also raising funds from no more than 35 specific investors [9]. - Xiamen Xiangyu's controlling shareholder is set to acquire the company's debt claims against Jiangsu Delong Nickel Industry for a price of 8.974 billion [9]. - Yuma Technology has signed a project cooperation agreement with Wuhan Zhongke Advanced Materials Technology to establish a joint laboratory for high-durability self-cleaning polymer film materials [9]. - Deepin Technology intends to repurchase shares worth 100 to 200 million, aimed at implementing employee stock ownership plans or equity incentive plans, with a repurchase price not exceeding 80 yuan per share [9]. Market Review and Outlook - On January 17, the total trading volume in the two markets was 1.1355 trillion, with 2,565 stocks rising and 2,328 falling, indicating a slight contraction in trading volume compared to the previous day [11]. - The three major indices opened slightly lower but experienced a rebound, closing with small gains, suggesting a narrow range of fluctuations in the short term [11]. - Semiconductor, PCB, and component-related concepts saw significant gains, while sectors like retail and autonomous driving experienced net outflows [11]. - The report suggests that if trading volume remains around 1.1 trillion, the market may continue to experience narrow fluctuations, but an increase to approximately 1.5 trillion could lead to a sustained rebound [11].

Group 1: Macro Insights - The State Council has introduced new regulations prohibiting investment banks from charging incremental fees based on IPO issuance scale, effective from February 15 [4] - The Ministry of Commerce and other departments have issued detailed implementation plans for new subsidies for mobile phones, tablets, and smart wearables, starting from January 20 [4] - A notice has been released regarding the promotion of the 2025 home appliance recycling program [4] Group 2: Industry Trends - The PCB industry is entering an era of intelligence, experiencing sustained strong growth momentum, with related stocks including Fangzheng Technology and Hudian Co [5] - OpenAI is advancing into the virtual assistant sector, accelerating the commercialization of AI agents, with related stocks including Kute Intelligent and Tuolisi [5] - Apple is expected to equip new models with VC thermal plates, which may drive a surge in demand for thermal materials, with related stocks including O-film and Zhongying Technology [5] Group 3: Company Focus - Keda Xunfei has established an information technology company in Sichuan, focusing on the development of intelligent robots [10] - Hengmingda is projected to achieve a profit of 400 million to 500 million yuan in 2024, representing a year-on-year increase of 42.15% to 77.69% [10] - Shunluo Electronics is expected to benefit significantly as the penetration rate of AI smartphones increases, being a key component supplier [10] - Lili Diamond has officially completed the construction and production of a high-power semiconductor heat sink diamond functional materials project after over a year of preparation [10] Group 4: Market Review and Outlook - On January 16, the market experienced a slight increase, with the Shanghai Composite Index rising by 0.28%, the Shenzhen Component Index by 0.41%, and the ChiNext Index by 0.66%, with over 3,300 stocks rising [8] - The overall market showed strong buying support, indicating a potential high-level consolidation phase, while consumer-related stocks performed well due to recent policy stimuli [8][9] - Technology stocks faced adjustments, with significant declines in key players like Cambrian, while the CPO sector surged following news of new product launches [8][9]

Macro Summary - The People's Bank of China reported that the total social financing scale for 2024 was 32.26 trillion yuan, a decrease of 3.32 trillion yuan compared to the previous year [4] - The central bank will implement a moderately loose monetary policy and enhance the convenience of capital market support tools [4] - The China Securities Regulatory Commission emphasized five key tasks for 2025, focusing on stabilizing and consolidating the market's recovery [4] Industry Dynamics - The State Council has introduced measures to promote cultural and tourism consumption, enhancing financial support and expanding effective investment in the sector. Related stocks include Qujiang Culture and Tourism (600706) and Xiangyuan Culture and Tourism (600576) [6] - The government encourages the development of low-altitude flight tourism products, creating new consumption scenarios in the low-altitude economy. Related stocks include CITIC Offshore Helicopter (000099) and Xiyu Tourism (300859) [6] - Huawei held a live broadcast to announce the top ten trends in data center energy for 2025, highlighting that collaborative computing and electricity will become a new model for data center construction. Related stocks include Shenling Environment (301018) and McGimmet (002851) [6] Company Focus - ShenSi Electronics (300479) focuses on artificial intelligence applications in smart cities, smart energy, and low-altitude economy [8] - Tom Cat (300459) has officially launched its AI voice emotional companion robot product [8] - Shenyu Co., Ltd. (300473) produces fine and ultra-fine coaxial cables used in drones for antenna and image transmission [8] - Huayang Lianzhong (603825) has reached cooperation intentions with multiple industry clients for its Qingbao Engine robot [8] Market Review and Outlook - On January 14, the market experienced a significant rebound, with the Shanghai Composite Index rising by 2.54%, reclaiming the 3200-point mark, and the Shenzhen Component Index increasing by 3.77%. The ChiNext Index rose by 4.71% [10] - Over 5300 stocks in the market rose, with less than 40 declining, indicating a strong recovery in market sentiment [10] - The robot concept stocks led the gains, with over 30 stocks hitting the daily limit. The humanoid robot market is characterized by high demand and low supply, suggesting potential for future growth [10] - The Xiaohongshu concept has gained traction, boosting AI applications and e-commerce sectors, while financial technology and computing power sectors were also active [10] - Overall, the recent market surge may signal a stabilization, but continued monitoring of trading volume is essential to confirm the trend [11]

Macro Economic Overview - The overall operation of the Chinese economy is stable and progressing, with GDP expected to exceed 130 trillion yuan, and major economic and social development goals for the year are on track to be completed [4] - The National Development and Reform Commission and other departments have issued opinions to promote the high-quality development of the data labeling industry [4] - In 2024, China's total import and export value of goods is projected to reach 43.85 trillion yuan, marking a historical high with growth in total foreign trade, both in volume and quality [4] Industry Dynamics - Four departments are focusing on key technology breakthroughs in the data labeling field, including cross-domain semantic alignment and 4D labeling, with related stocks such as Huibo Yuntong (301316) and Baoshui Technology (600794) [6] - The first 4D model for robots has been unveiled, highlighting machine vision as a foundational application technology for artificial intelligence, with related stocks including Hongsoft Technology (688088) and Yongxin Optical (603297) [6] - The MEMS inertial sensor technology has high barriers to entry, with rapid growth in humanoid robots and smart automotive markets, related stocks include Xindong Link (688582) and Hanwei Technology (300007) [6] Company Focus - Junsheng Electronics (600699) will provide regional controllers for over one million vehicles for a well-known domestic new energy brand, with rapid mass production expected by 2025 [8] - Crystal Optoelectronics (002273) is involved in the AR glasses market, focusing on display systems and sensor components for environmental information collection [8] - Delong Technology (300473) has completed the installation and debugging of its solid-state battery pilot line and has produced its first solid-state battery sample [8] - Shuanghuan Transmission (002472) has established long-term strategic partnerships with several well-known robotics manufacturers through its subsidiary [8] Market Review and Outlook - On January 13, the three major indices opened lower, with the Shanghai Composite Index down 0.24%, while the Shenzhen Component Index remained unchanged, and the ChiNext Index rose 0.36%. Overall, more than 3,000 stocks rose in the market [10] - The total trading volume in the two markets was 966.4 billion yuan, marking the first time since September 25 of the previous year that the trading volume fell below one trillion yuan [10] - Market sentiment is mixed, with some high-performing stocks experiencing declines while others show strong performance, indicating a complex market environment [10] - The overall trading volume dropping below one trillion yuan reflects cautious investor sentiment, but expectations for a spring market rally remain due to potential policy catalysts and liquidity improvements [11]