Core Insights - Jefferies indicates that Chinese cloud service providers, AI software companies, and data center operators are undervalued compared to their U.S. counterparts [1] - Alibaba's Qianwen has surpassed 100 million monthly active users within two months of launch, showing rapid growth among students and white-collar workers [1] - The cloud computing ETF Huatai-PineBridge (159273) has seen most of its weighted stocks perform positively, with notable gains from Runze Technology (over 7%), Hengsheng Electronics (over 5%), and Alibaba-W (over 3%) [1] Company News - Alibaba's Qianwen is set to release a significant product iteration this Thursday [1] - Alibaba-W stock has increased by 3.94%, with a market capitalization of 315.11 billion [2] Market Trends - The AI computing sector is experiencing strong performance, with the cloud computing ETF Huatai-PineBridge (159273) rising over 2% and achieving a record high trading price [3] - Jefferies notes that Chinese AI stocks have room for further growth due to increased capital expenditure, improved AI model performance, and favorable policy signals [3] - The AI industry in China is still less mature in monetization compared to the U.S., leading to greater potential for valuation re-rating [3] Industry Analysis - The AI industry is transitioning from a "computing power race" to a focus on "application landing," indicating a maturation of business models [5] - The IDC market is undergoing a supply-demand shift driven by improved chip supply and surging demand for domestic AI applications [7] - The communication industry is experiencing a rotation towards IDC and computing power infrastructure, with expectations of order recovery and performance realization as capital expenditures from major firms become clearer [8]

| 专用设备 | 2.26 | 13.42亿元 | 中国一重 | | --- | --- | --- | --- | | 电子元件 | 2.41 | 12.65亿元 | 沪电股份 | | 电池 | 2.46 | 12.59亿元 | 先导智能 | | 汽车零部件 | 1.37 | 9.31亿元 | 山子高科 | 据交易所数据显示，截至1月14日午间收盘，大盘主力资金净流入191.82亿元。主力资金流入前十大板块分别为：互联网服务（72.73亿元）、 软件开发 （68.36亿元）、 证券（26.16亿元）、 光学光电子（17.47亿元）、 光伏设备（14.58亿元）、计算机设备（13.79亿元）、 专用设备（13.42亿元）、电子元 件（12.65亿元）、电池（12.59亿元）、 汽车零部件（9.31亿元）。 *数据仅供参考，不构成投资建议 | | 板块名称 涨跌幅(%) 板块资金流向 | | 净流入最大 | | --- | --- | --- | --- | | 互联网服务 | 6.44 | 72.73亿元 | 东方财富 | | 软件开发 | 6.21 | 68.36亿元 | 恒生电子 | | 证券 | 2.0 ...

连板股方面，友邦吊顶10天8板，*ST亚太8连板，国晟科技8天5板，江顺科技7天5板，中国一重6天5 板，直真科技5连板，ST柯利达6天4板，利欧股份、美年健康等4连板，金隅集团、新华网等3连板，新 泉股份4天2板，烽火通信、用友网络等3天2板，外服控股、国际医学等2连板，华林证券、兆驰股份等 涨停。 1月14日午间，A股半日下来共有110只涨停股、7只跌停股。金融科技概念活跃，通达海3连板，恒生电 子、拉卡拉等涨停；AI语料概念走强，人民网3连板，中国科传3天2板，新华传媒涨停。 *ST奥维连续4日跌停，*ST正平连续3日跌停，*ST岩石、*ST万方等连续2日跌停，亿晶光电、华夏幸 福跌停。 ...

今日（1.14），A股软件持续火热，软件50ETF（159590）暴涨超5%，资金快速涌入，两日大举揽金超2.7亿元！ 注：成分股数据仅做展示，不作为个股推介。 近期AI产业热度持续攀升，从资本、应用到技术层面均迎来关键进展：1月8日至9日，智谱与MiniMax两家头部通用大模型企业先后登陆港交所，上市 后表现强劲，印证了资本市场对AI赛道的高度认可；与此同时，火山引擎官宣成为2026年总台春晚独家AI云合作伙伴，字节跳动旗下智能助手豆包也将 同步推出多元互动玩法，标志着大厂AI产品从技术探索阶段迈入国民级场景落地的新阶段；此外，DeepSeek计划于2月中旬推出最新旗舰模型V4，据内 部测试显示，其在代码生成领域的表现已超越Anthropic Claude、OpenAI GPT等主流模型，将进一步推动全球AI技术的迭代升级。 在产业层面，人工智能的应用正加快从概念走向实践。首先，AI for Science 正被广泛视为继实验、理论、计算和数据驱动之后的第五种科研范式；其 次，GEO（生成式引擎优化）兴起，强调在大模型输出中优先引用高质量内容；此外，AI与医疗健康的融合持续深化——近期，OpenAI 推出健 ...

金融科技ETF华夏紧密跟踪中证金融科技主题指数，截至2025年12月31日，中证金融科技主题指数(930986)前十大权重股分别为东方财富、同花顺、指南 针、恒生电子、润和软件、东华软件、新大陆、广电运通、银之杰、四方精创，前十大权重股合计占比51.09%。（以上所列股票仅为指数成份股，无特定 推荐之意） 1月14日，三大指数集体走强，AI应用概念再度走强，截至 10:05，金融科技ETF华夏(516100)上涨5.19%，其持仓股成分股拉卡拉20CM涨停，星环科技上涨 11.30%，新致软件上涨10.83%，税友股份、同花顺等个股跟涨，证券ETF华夏（515010）涨1.19%。 截至1月13日，金融科技ETF华夏近1年净值上涨46.05%，从收益能力看，截至2026年1月13日，金融科技ETF华夏自成立以来，最高单月回报为55.18%，最 长连涨月数为4个月，最长连涨涨幅为47.15%，上涨月份平均收益率为9.96%，年盈利百分比为75.00%。 长城证券分析指出，市场量能持续放大站上3 万亿，两融规模创新高，我们看好券商、金融IT 板块开年布局机会，短期看业绩预告和政策端有望带来催化。 | 股票代码 | ...

Core Insights - The 2025 KPMG China FinTech Dual 50 Report marks the 10th anniversary of the selection, showcasing the industry's development during the critical period of the "14th Five-Year Plan" [1] - FinTech is transitioning from "digitalization" to "intelligentization," becoming a vital engine for serving the real economy, with "pragmatism" and "deepening" as the main themes of industry development [1][2] - The report highlights a significant concentration of companies in major urban areas, with Beijing, Shanghai, and Shenzhen leading the first tier, and the Yangtze River Delta, Guangdong-Hong Kong-Macau, and Beijing-Tianjin-Hebei regions accounting for 88% of the total [1][2] Company Composition - 90% of the listed companies have been established for over five years, while the proportion of companies founded within the last three years has increased to 6%, indicating a collaborative development between established and emerging players [1] - Over 80% of the listed companies have more than 40% of their workforce in technology roles, emphasizing the importance of core technical talent as a support for industry innovation [1][2] Technology Application - Artificial intelligence continues to lead, with 92% of the listed companies utilizing technological elements, collaborating deeply with big data and blockchain technologies, and penetrating core scenarios such as investment research and risk control [2] - The application of large models and intelligent agents is moving beyond conceptual phases, with a "collaborative model" reducing costs and improving response times, while multi-agent collaboration significantly enhances the accuracy of complex task handling [2] Industry Trends - FinTech services are penetrating the entire lifecycle of technology companies, utilizing intelligent credit assessments to meet diverse financing needs at different stages [2] - The industry is entering a 2.0 era of going global, forming a "dual market" model that promotes inclusive financial services in emerging markets while building competitive advantages through technology exports in mature markets [2] Capital Market Insights - 63% of the listed companies have IPO plans, with Hong Kong and domestic markets being the primary destinations for listings, and some companies adopting multi-location listing strategies [2] - As technological innovation deepens and regulatory frameworks improve, FinTech is expected to continue advancing in core technological breakthroughs, application scenario expansions, and enhancements in self-controllable capabilities, injecting lasting momentum into high-quality industry development [2]

期货日报网讯(记者谭亚敏)2025年，中国期货市场迎来里程碑式突破——资金总量与客户权益相继突破 2万亿元大关，创出历史新高。市场规模的持续扩大、品种体系的不断完善，对期货公司核心系统的性 能、稳定性和业务承载能力提出了更高要求。 业界普遍认为，将自主创新改造与应用系统升级换代同步推进，既是响应政策要求，更是期货公司保障 金融安全、提升服务效能、应对未来竞争的必然选择。在此背景下，规划并构建一套高效、智能、安全 且具有前瞻性的新一代核心系统，已成为期货行业发展的当务之急。 随着信息技术自主创新的深入推进，行业正加速构建自主可控的新一代技术底座。同时，传统核心系统 在面对复杂市场环境、日益增长的交易规模时，逐渐显现出功能局限、性能瓶颈以及数据整合不足等问 题，难以支撑日益增长的交易并发量和多元化业务场景。 近日，恒生电子（600570）助力多家金融机构的核心系统实现信创升级。这标志着恒生新一代核心系统 在期货行业已具备成熟、稳定、高性能的国产化落地能力，推动行业信创建设从外围应用迈向核心系统 规模化迈进，为行业探索出一条"自主可控"与"业务发展"并重的转型路径。 ...

Group 1 - The core point of the news is that Hengsheng Electronics experienced a stock price increase of 5.02%, reaching 32.83 CNY per share, with a trading volume of 1.324 billion CNY and a turnover rate of 2.17%, resulting in a total market capitalization of 62.184 billion CNY [1] - Hengsheng Electronics, established on December 13, 2000, and listed on December 16, 2003, is located in Hangzhou, Zhejiang Province, and primarily develops application software for industries such as securities, banking, and funds [1] - The company's revenue composition is predominantly from software, accounting for 99.45%, with rental income from properties at 0.49% and other income at 0.06% [1] Group 2 - From the perspective of major holdings, one fund under Rongtong has a significant position in Hengsheng Electronics, specifically the Rongtong Zhongzheng Cloud Computing and Big Data Theme Index (LOF) A (161628), which reduced its holdings by 954,400 shares to 1.4768 million shares, representing 2.96% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 8.46%, ranking 916 out of 5579 in its category, and a one-year return of 73.94%, ranking 378 out of 4202 [2] - The fund manager, He Tianxiang, has a tenure of 11 years and 83 days, with the fund's total asset size at 8.328 billion CNY, achieving a best return of 155.06% and a worst return of -80.34% during his tenure [3]

Group 1 - The Shenzhen Component Index rose by 0.55%, while the ChiNext Index fell by 0.12%. The CSI Software Services Index increased by 5.65% [1] - Notable individual stock performances included Shenxinfu rising over 7%, with Kingsoft Office, iFlytek, and others increasing by over 6% [1] - The Software ETF (159852) gained 5.39%, with a trading volume of 799 million yuan and a turnover rate of 11.18%. The fund has seen a 42.70% increase over the past six months and a 59.80% increase over the past year [1] Group 2 - The demand for the Qianwen App's learning capabilities surged over 100% week-on-week, with a 300% increase in the need for past exam papers within five days [1] - On January 12, Weimeng Group launched the Weimeng Star Initiation GEO solution, utilizing self-developed generative engine optimization technology to enhance brand exposure and performance in the AI search era [1] - The Software ETF tracks the CSI Software Services Index, with the top ten weighted stocks including iFlytek, Kingsoft Office, and others, accounting for over 48.00% of the total weight [1][2]

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [23] Core Insights - The CES 2026 event highlighted the continuous enhancement of global AI computing power platforms, with significant advancements from major chip manufacturers like NVIDIA and AMD [3][5] - NVIDIA's Rubin platform has achieved full-scale production, while AMD introduced its Helios platform, showcasing the ongoing improvements in AI computing infrastructure that are expected to drive the global AI industry forward [6][19] - The report emphasizes the synergy between the enhancement of AI computing infrastructure and the iterative upgrades of global large models, which will foster sustained growth in the AI sector [3][19] Summary by Sections Industry News and Commentary - CES 2026 concluded on January 9, 2026, showcasing advancements in AI computing chips from companies like NVIDIA and AMD [3][6] - NVIDIA's Rubin platform is designed for building advanced AI supercomputers and is now in full production, with products expected to be available in the second half of 2026 [7] - AMD's Helios platform aims to provide significant computational power for large parameter model training, enhancing bandwidth and energy efficiency [8] Weekly Market Review - The computer industry index rose by 8.49% this week, outperforming the CSI 300 index by 5.70 percentage points [12] - As of the last trading day, the overall P/E ratio for the computer industry was 58.8 times, with 325 out of 359 A-share component stocks experiencing price increases [16] Investment Recommendations - The report suggests a strong focus on AI-related investment opportunities, particularly in AI computing and algorithms [19] - Recommended stocks in AI computing include Haiguang Information, Longxin Zhongke, and Inspur Information, while strong recommendations in AI algorithms include Hengsheng Electronics and Zhongke Chuangda [19]