智通财经APP获悉，财通证券发布研报称，在当前外贸原油运输行业高景气背景下，油运公司迎来一轮 业绩释放机遇。且中期来看，伴随上游扩产&地缘事件&制裁收紧利好供需，运价中枢有望保持上涨， 从而给予油运企业更大的业绩弹性空间。建议关注：招商轮船(601872.SH)、中远海能(01138)。 财通证券主要观点如下： 事件 新协议下印度停止俄油进口，或将加速提振合规油运需求 2026年1月印度自俄罗斯原油海运进口量为370万吨，约合日均90万桶，占比2025年全球日均原油海运量 约2.3%。后续伴随政策落地，印度将停止购买俄油，国内需求转向合规原油，有望进一步支撑合规市 场运价。此外印度潜在的美洲原油进口需求，将一定程度抵消委内瑞拉军事行动后，石油转向近距离出 口美国所引发的运距缩减影响。 风险提示：原油需求大幅下降，OPEC+增产不及预期或转向减产，制裁落地不及预期，战争风险等。 自美国对印加征惩罚性关税，印度已逐步减少俄油海运进口 2025年8月6日，美国总统特朗普签署行政令，以印度"通过直接或间接方式进口俄罗斯石油"为由，对印 度输美产品征收额外的25%关税。此后印度开始寻求俄油替代，据彭博数据，印度自俄罗斯 ...

Group 1 - The company Xiasha Precision (001306.SZ) forecasts a net loss attributable to shareholders for the year 2025 between 12 million to 18 million RMB, with a net loss excluding non-recurring gains and losses expected to be between 15 million to 21 million RMB [1] - The company's net profits for the years 2022 to 2024 were reported as 87.96 million RMB, 71.74 million RMB, and 62.08 million RMB respectively [1] - Xiasha Precision plans to raise up to 800 million RMB through a private placement of A-shares, with the net proceeds intended for various projects including the industrialization of core components for intelligent transmission systems and debt repayment [1] Group 2 - The total amount raised from the initial public offering (IPO) was 831.27 million RMB, with a net amount of 749.96 million RMB after deducting issuance costs, which was 43,500 RMB less than originally planned [2] - The IPO proceeds are allocated for projects including the annual production of 300,000 sets of electric vehicle drive reduction mechanisms and the technical transformation of 400,000 sets of electric vehicle integrated transmission systems [2] - The total issuance costs for the IPO amounted to 81.31 million RMB, with underwriting and sponsorship fees accounting for 53.88 million RMB [2]

2月3日，财通证券跌0.11%，截至发稿，报8.88元/股，成交5.84亿元，换手率1.42%，总市值412.37亿 元。财通证券股价已经连续3天下跌，区间累计跌幅6.13%。 资料显示，财通证券股份有限公司位于浙江省杭州市西湖区天目山路198号财通双冠大厦西楼，成立日 期2003年6月11日，上市日期2017年10月24日，公司主营业务涉及财富管理业务、投资银行业务、证券 资产管理业务、证券投资业务、证券信用业务、期货业务、境外证券业务、基金业务、私募股权投资基 金业务、另类投资业务。主营业务收入构成为：财富管理业务34.68%，资产管理业务22.63%，总部后 台及其他15.38%，证券信用业务10.48%，证券自营业务8.16%，投资银行业务7.17%，境外证券业务 1.49%。 从财通证券十大流通股东角度 国泰中证全指证券公司ETF（512880）基金经理为艾小军。 截至发稿，艾小军累计任职时间12年25天，现任基金资产总规模1885.01亿元，任职期间最佳基金回报 348.34%， 任职期间最差基金回报-46.54%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点 ...

从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓科森科技。财通资管先进制造混合发起式A（021985）四季 度持有股数607.6万股，占基金净值比例为4%，位居第九大重仓股。根据测算，今日浮盈赚取约662.28 万元。 2月3日，科森科技涨5.2%，截至发稿，报22.04元/股，成交5.18亿元，换手率4.41%，总市值122.30亿 元。 资料显示，昆山科森科技股份有限公司位于江苏省昆山开发区新星南路155号，成立日期2010年12月1 日，上市日期2017年2月9日，公司主营业务涉及精密压铸、锻压、冲压、CNC、激光切割、激光焊 接、MIM、精密注塑等制造工艺、技术为基础,以精密模具设计、生产为支撑,为苹果、亚马逊、谷歌、 美敦力等国际、国内知名客户提供消费电子、医疗器械、汽车(含新能源汽车)、液晶面板、电子烟等终 端产品所需精密金属、塑胶结构件产品的研发、制造以及部分工艺服务。主营业务收入构成为：消费电 子产品结构件76.75%，新能源-储能业务10.58%，医疗手术器械结构件8.10%，其他精密金属结构件 3.33%，其他(补充)1.23%。 财通资管先进制造混合发起式A（021985）成 ...

Group 1 - The core viewpoint of the report indicates that the domestic model iteration is accelerating, leading to a significant increase in inference-side demand, which will benefit the domestic computing power industry chain [1] - Major domestic models are entering a dense release period, with significant models such as DeepSeek's open-source OCR2, Kimi's K2.5, Alibaba's Qwen3-MaxThinking, and Baidu's Wenxin 5.0 being launched [1] - ByteDance plans to introduce three new AI models in February, including Doubao 2.0, Seedream 5.0, and SeedDance 2.0, while Alibaba is also set to release its next-generation flagship AI model Qwen 3.5 during the Spring Festival [1] Group 2 - Domestic cloud vendors are maintaining high levels of capital expenditure, with ByteDance planning a capital expenditure of 160 billion yuan for 2026, up from approximately 150 billion yuan in 2025 [2] - Alibaba announced a three-year plan for AI infrastructure construction with a budget of 380 billion yuan during the 2025 Cloud Habitat Conference, indicating sustained investment in cloud computing [2] Group 3 - The rapid iteration of domestic models is expected to capture user AI interaction entry points, leading to a corresponding increase in inference-side computing power demand [3] - 2026 is projected to be a pivotal year for the deployment of domestic supernodes, with numerous domestic manufacturers releasing next-generation supernode solutions, including Huawei's Atlas 950/960 and others [3] - The industry is poised for a significant growth phase as both supply and demand sides are actively engaged in the market [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 财通证券发布研报称，化学原料药PPI长期承压，行业经历低谷。随着上游成本上涨、政策驱动出清， 以及GLP-1口服小分子、小核酸等新药产业化趋势成熟，头部原料药企业凭借卡位MNC供应链的核心优 势，有望从周期股转向创新产业链，开启第二增长曲线。 财通证券主要观点如下： 化学原料药PPI指数长期承压 过去几年，原料药行业经历了艰难时期。各类产品价格下跌，其中沙坦类、肝素类、动保类等价格已跌 至历史低位，部分龙头企业甚至处于亏损阶段。同时，集采对化药制剂的降价效应逐渐传递到上游原 料，而致原料药利润率不断下降。化学原料药PPI指数长期承压。 原料药企业有望开启第二增长曲线 投资建议：关注头部中间体、原料药及CDMO企业，建议关注诚达药业、联化科技、药明康德、凯莱 英、九州药业、奥锐特、天宇药业、康龙化成、博腾股份等。 风险提示：商业化不及预期的风险；贸易摩擦的风险；产能提升不及预期的风险。 原材料价格及汇率上涨，反内卷政策有望驱动原料药行业加速出清，同时，新兴产业趋势走向成熟，原 料药企业有望开启第二增长曲线。由于石油化工相关上游原料价格有上 ...

Core Viewpoint - The precious metals market continues to decline, with silver dropping 7% and gold falling 4.7%, breaching the $4500 mark, indicating a significant market correction driven by profit-taking and forced liquidation of leveraged positions [1][4]. Group 1: Market Dynamics - The recent drop in precious metals is attributed to multiple factors, including policy expectations, trading congestion, and exchange interventions [5]. - The nomination of Kevin Warsh as the new Federal Reserve Chairman has heightened hawkish expectations, leading to a stronger dollar and tighter liquidity, which negatively impacts precious metals [5][10]. - Exchanges like CME and SHFE have raised margin requirements, contributing to the market's downward pressure [5][7]. Group 2: Speculative Positioning - Prior to the crash, silver was one of the most crowded long positions globally, with extreme speculative positioning indicated by a 14-day RSI for gold exceeding 90, marking a historic high [7]. - The volatility index for silver reached 111, the highest on record, suggesting a precarious market environment where any reversal in sentiment could lead to severe deleveraging [7][10]. Group 3: Macro Influences - Concerns over profitability in AI tech stocks, such as those reported by Microsoft and Tesla, have led to a risk-off sentiment in the U.S. stock market, prompting some investors to liquidate precious metals to maintain liquidity [10]. Group 4: Future Outlook - Despite the short-term turmoil, institutions believe the long-term bullish logic for precious metals remains intact, supported by ongoing demand from central banks and concerns over U.S. debt sustainability [11][13]. - The market is expected to experience a period of wide fluctuations, with cautious buying sentiment prevailing in the near term [13][14]. Group 5: Investment Timing - Investors are advised to be patient and wait for volatility to decrease before entering the market, with specific indicators such as implied volatility dropping below 20% being suggested as potential entry points [16]. - Historical data indicates that gold typically sees an average pullback of about 8% over approximately 18 days after reaching a peak, providing a reference for potential timing [16]. - There is a warning regarding the risk of price discrepancies between spot and futures markets, particularly for silver, which may still have room for further declines [16].

Group 1: Core Insights - The capital expenditure and capacity reduction in the edible mushroom industry are gradually being realized, leading to reduced supply pressure and potential price stabilization for edible mushrooms [1] - Leading companies in the industry have significant advantages in scale, breeding technology, and management, which are expected to improve profitability [1] - The artificial cultivation of Cordyceps sinensis is entering a rapid development phase due to increasing health awareness and advancements in cultivation technology, with companies that have forward-looking capacity and technological layouts likely to show greater growth potential [1] Group 2: Cordyceps Sinensis Market - The natural scarcity of Cordyceps sinensis is increasing, with ongoing advancements in large-scale artificial cultivation [2] - The demand for Cordyceps sinensis is rising due to its various health benefits, with applications expanding in pharmaceuticals, health products, and cosmetics [2] - The supply of wild Cordyceps sinensis is declining, and the continuous advancement of artificial cultivation is improving the industry chain [2] Group 3: Edible Mushroom Industry - The edible mushroom industry is experiencing continuous growth, with a projected CAGR of 6.0% for the national edible mushroom output value from 2019 to 2024 [3] - The market for enoki mushrooms is stabilizing at the bottom price level, with leading companies reducing capacity to alleviate market supply pressure [3] - The profitability of button mushrooms remains stable, with a daily industrial output of 867 tons in 2023, supported by high market share among leading companies [3] - The price of king oyster mushrooms is also stabilizing, with demand supported by household consumption and high-end dining, while leading companies are reducing capital expenditure [3]

财通证券认为，批价方面，原箱普飞已由月初1500元/瓶左右上涨至1700元/瓶以上。主要原因在于：1) 飞天价格下探叠加节前需求集中释放，合力催化动销激增；2)公司削减非标配额，供给端结构调整聚焦 飞天；3)i茅台常态化投放飞天，对个人消费者购买意愿有刺激作用。核心因素在于，白酒旺季需求仍 有刚性，个人消费者所代表的真实开瓶动销逐步成为消费主力。看好本轮春节旺季白酒需求修复。 白酒板块持仓已至冰点，资金面存在做多基础 4Q2025白酒板块的公募基金持仓比例已降至5.1%，是2Q2017以来的历史低点；同时4Q2025主动基金持 仓比例更是仅2.9%。同时，近期各类宽基指数ETF资金净流出或导致白酒板块超跌，并非是基本面和预 期的有效定价。当前白酒板块在资金层面筹码结构进一步调整优化，具备做多的弹性基础。 业绩调整已进入深水区，有望逐步企稳 财通证券（601108）发布研报称，根据今日酒价，近期飞天茅台批价快速上涨至1700元以上。对于本轮 节前白酒需求，市场普遍预期较低，而近期茅台动销与批价均有超预期表现，渠道反馈临近1月末经销 商飞天出货量激增，部分已出现断货和库存见底情况。业绩端看，当前酒企普遍谨慎经营， ...

Core Viewpoint - MRDIMM is a new memory module architecture designed for high-performance computing and data-intensive applications, achieving a data transfer rate of 8800 MT/s, which is nearly a 40% increase in peak bandwidth compared to standard DDR5 RDIMM [1][2] Group 1: MRDIMM Technology Overview - MRDIMM is suitable for high-performance computing and artificial intelligence applications, addressing the bandwidth decline per core due to the increasing number of processor cores [2] - The first generation of MRDIMM supports a data transfer rate of 8800 MT/s, with the third generation expected to reach 14000 MT/s [2] - The architecture of MRDIMM includes 1 MRCD (Memory Register Clock Driver) and 10 MDB (Memory Data Buffer) chips, indicating significant growth potential in the market [3] Group 2: Market Demand Projections - By 2030, the demand for MRCD and MDB is projected to increase significantly, with estimates under pessimistic, neutral, and optimistic scenarios suggesting demand for MRCD could reach 274 million, 456 million, and 593 million units respectively, while MDB demand could reach 2.736 billion, 4.560 billion, and 5.928 billion units [4] - The penetration rates for MRDIMM are estimated to be 30%, 50%, and 65% under pessimistic, neutral, and optimistic scenarios respectively [4] Group 3: Industry Implications - The adoption of MRDIMM technology is expected to drive demand for MRCD and MDB chips, particularly as it becomes compatible with Intel's sixth-generation CPUs [1][3] - Key companies in the market include 澜起科技 (Lanke Technology) and 聚辰股份 (Juchen Technology), which are involved in the production of MRCD/MDB chips and DDR5 memory modules respectively [1]