香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通（601211）(02611)466.8万 股，每股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿股，最新持股 比例为6.87%。 ...

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The short - term safe - haven situation has changed with the decline of trade - war safe - haven demand and the rise of geopolitical risks. The weakening US employment and moderate inflation still support the expectation of interest rate cuts. [1] - The geopolitical risks have increased due to Trump's statement on the Greenland issue and the strong responses from European countries. [1] - In terms of the monetary attribute, the US December CPI increase met expectations, but household food and rent expenditures rose. The US December employment growth almost stagnated, and the unemployment rate decline alleviated concerns about the deterioration of the labor market. The market expects the Fed not to cut interest rates in January 2026 with a probability of around 95%, and the next possible rate cut may be in June. [1] - Regarding the commodity attribute, the Polish central bank plans to buy up to 150 tons of gold. Silver is supported by tight supply. Platinum has strong demand expectations for platinum - based catalysts in the hydrogen energy industry. Palladium has short - term demand resilience but faces long - term structural pressure in the fuel - vehicle market. [1] - It is expected that precious metals will show short - term volatile strength, medium - term high - level volatility, and long - term step - up trends. [1] Summary by Related Catalogs Gold - Strategy: Conservative investors should wait and see, while aggressive investors can buy on dips. Good position management and strict stop - loss and take - profit are recommended. [2] - Price: Comex gold active contract closed at $4769.10 per ounce, up 3.65% from the previous day and 3.80% from the previous week. London gold was at $4747.80 per ounce, up 1.73% from the previous day and 2.70% from the previous week. [2] - Position and Inventory: Comex gold position was 527,455 hands, up 9.46% from the previous week. LBMA gold inventory was 8598 tons, unchanged from the previous week. [2] Silver - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [4] - Price: Comex silver active contract closed at $89.95 per ounce, up 5.63% from the previous week. London silver was at $93.01 per ounce, up 2.43% from the previous day and 10.63% from the previous week. [4] - Position and Inventory: Comex silver position was 151,513 hands, down 1.13% from the previous week. The total visible inventory was 42,214 tons, down 0.90% from the previous week. [4] Platinum - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [6] - Price: NYMEX platinum active contract closed at $2272.90 per ounce, down 2.03% from the previous day but up 17.68% from the previous week. The platinum main contract on the GQEX closed at 686.95 yuan per gram, up 4.46% from the previous day and 26.60% from the previous week. [7] - Position and Inventory: NYMEX platinum active contract position was 18,095 hands, down 32.56% from the previous day and 21.89% from the previous week. NYMEX platinum total inventory was 21 tons, up 4.80% from the previous week. [7] Palladium - Strategy: Conservative investors should wait and see, while aggressive investors can buy low and sell high. Good position management and strict stop - loss and take - profit are recommended. [10] - Price: NYMEX palladium active contract closed at $1821.00 per ounce, down 7.28% from the previous day but up 5.57% from the previous week. The palladium main contract on the GQEX closed at 529.05 yuan per gram, down 8.54% from the previous day but up 11.01% from the previous week. [10] - Position and Inventory: NYMEX palladium active contract position was 21,860 hands, up 0.86% from the previous day and 2.30% from the previous week. NYMEX palladium total inventory was 6 tons, up 3.49% from the previous week. [10] Key Fundamental Data of Precious Metals - Fed Indicators: The upper limit of the federal funds target rate is 3.75%, down 0.25% from the previous value. The Fed's total assets are $6632.72 billion, up 0.00% from the previous value. [11] - US Economic Indicators: GDP annualized year - on - year growth rate is 2.30%, up 0.30% from the previous value; annualized quarter - on - quarter growth rate is 4.30%, up 0.50% from the previous value. [11] - Geopolitical and Market Indicators: The geopolitical risk index is 295.76, up 62.59% from the previous day and 86.38% from the previous week. The VIX index is 20.09, up 6.63% from the previous day and 25.72% from the previous week. [13]

智通财经APP获悉，香港联交所最新资料显示，1月15日，易方达基金管理有限公司减持国泰海通 (02611)466.8万股，每股作价17.2641港元，总金额约为8058.88万港元。减持后最新持股数目约为2.41亿 股，最新持股比例为6.87%。 ...

Core Viewpoint - The company is focusing on the development of diamond micro-drill projects primarily for PCB and semiconductor applications, with significant advancements in the semiconductor sector but uncertainty in the PCB sector's revenue potential [1][3][4]. Group 1: Diamond Micro-Drill Project Development - The future direction of the diamond micro-drill project includes high-hardness brittle material processing for PCB and semiconductor applications, with the semiconductor sector showing industry-leading advantages and increasing revenue [1][3]. - The PCB processing area is a key focus for future development, currently in the R&D validation stage, and has not yet generated revenue, leading to significant uncertainty regarding its future contribution to performance [1][3][4]. - Internal validation for PCB processing indicates the potential to achieve over 8000 holes processed using a specific configuration, but further challenges in process matching, cost control, and scalability remain [4]. Group 2: Diamond Functional Materials - The company is exploring diamond functional materials as a second growth curve, with ongoing research in sound, light, electricity, and heat applications, although current revenue from these products is minimal [2][6]. - The company has established several R&D platforms for CVD diamond preparation and application, positioning itself as one of the few companies capable of mastering the CVD diamond growth technology [6][7]. Group 3: Employee Incentive Plan - The company has introduced an employee incentive plan involving 1.5 million restricted stock units and stock appreciation rights, aimed at motivating R&D, production, and sales personnel [2][7]. - The incentive plan includes quantitative assessments at both company and business unit levels, focusing on new products such as diamond micro-drills and aerospace processing tools [7].

Core Viewpoint - The report from Guotai Junan indicates that the wealth effect from medium to long-term capital entering the market will continue to drive retail funds into the market, leading to a gradual release of brokerage performance, with a positive outlook on the brokerage sector driven by both capital inflow and performance improvement [1] Group 1: Brokerage Sector Performance - The brokerage sector is expected to benefit from the resonance of capital inflow and performance elasticity, with a focus on high-quality leading firms and wealth management-oriented companies [1] - The report forecasts a significant improvement in the performance of listed brokerages, with a projected year-on-year increase of 46.4% in net profit attributable to shareholders [1] - It is estimated that the adjusted operating revenue of 42 listed brokerages will increase by 34.1% year-on-year to 565.7 billion yuan, with net profit expected to reach 216.4 billion yuan [1] Group 2: Business Revenue Contributions - Active trading is driving high growth in market turnover and margin financing balance, which supports the growth of retail business and self-operated business [2] - For 2025, brokerage and credit businesses are expected to contribute 50.4% to revenue growth, while investment business is projected to contribute 45.5% [2] - Daily average stock trading volume is expected to reach 20.576 trillion yuan, a 70% year-on-year increase, with daily average margin financing balance expected to reach 20.793 trillion yuan, a 33% year-on-year increase [2] Group 3: Business Segment Forecasts - Brokerage business net income and interest net income are expected to grow by 49% and 57% year-on-year, respectively [2] - Self-operated business income is anticipated to grow due to the recovery in equity markets and stable bond markets [2] - Investment banking revenue is projected to increase by 12% year-on-year, supported by a marginal recovery in equity financing [2] - Asset management business scale is expected to see a slight year-on-year increase, leading to a 4% growth in asset management revenue [2]

Group 1 - The core viewpoint of the report is that the wealth effect from medium to long-term capital entering the market will continue to drive retail funds into the market, leading to improved performance in the brokerage sector, supported by both allocation power and performance improvement [1] - The report recommends increasing holdings in quality leading brokerages that benefit from incremental capital entering the market, specifically mentioning Huatai Securities (601688.SH) and China International Capital Corporation (03908) [1] - The expected significant improvement in the performance of listed brokerages includes a year-on-year increase of 46.4% in net profit attributable to shareholders, with projected adjusted operating revenue rising by 34.1% to 565.7 billion yuan by 2025 [1] Group 2 - Active trading has driven a high increase in market transaction volume and margin financing balance, which supports the growth of retail business and self-operated business, contributing to the overall performance growth of brokerages [2] - For 2025, the brokerage and credit business is expected to contribute 50.4% to revenue growth, while investment business is projected to contribute 45.5% [2] - In retail business, the average daily trading volume of stock funds is expected to reach 20,576 billion yuan, a year-on-year increase of 70%, and the average daily margin financing balance is projected to reach 20,793 trillion yuan, a year-on-year increase of 33% [2]

Core Viewpoint - The AI glasses industry is expected to enter a rapid growth phase, driven by technological breakthroughs and new product launches, benefiting companies within the supply chain [1][2]. Group 1: Industry Overview - The AI glasses supply chain is larger and more complex than traditional eyewear, incorporating various electronic components and a wider range of participating manufacturers [2]. - Key players in the AI glasses market include smartphone manufacturers, internet companies, XR firms, traditional eyewear brands, and 3C companies, with XR startups collaborating with traditional eyewear manufacturers [2]. Group 2: Sales Growth - Domestic AI glasses sales are projected to reach 210,000 units by Q3 2025, reflecting a quarter-on-quarter growth of approximately 200%, primarily driven by brands like Xiaomi and Ray-Ban Meta [3]. - Notable product launches include Xiaomi AI glasses, which are expected to surpass total sales of 300,000 units by the end of 2025, and Alibaba's Quark AI glasses, which have seen strong pre-sale demand [3]. - Ray-Ban Meta's global sales are anticipated to reach 1.12 million units by Q3 2025, with a quarter-on-quarter growth of nearly 50% [3].

Group 1 - The core viewpoint is that the AI glasses industry is entering a rapid growth phase, driven by technological breakthroughs and new product launches, leading to an upturn in the industry cycle for related companies [1][4] - The supply chain for AI glasses is more extensive than traditional eyewear, involving a larger number of participants, including hardware suppliers (chips, sensors, audio, Bluetooth), software providers, and ODM/OEM manufacturers [3] - XR startups typically collaborate with traditional eyewear manufacturers, with wearable device-related companies making up 45% of the entrants in the AI glasses market [3] Group 2 - The launch of Ray-Ban Meta smart glasses marks a new product cycle, featuring improved audio and video quality, and integration with Meta's social platforms [2] - Domestic AI glasses sales are rapidly increasing, with a reported 210,000 units sold in Q3 2025, a 200% quarter-on-quarter growth, driven by brands like Xiaomi and Ray-Ban Meta [4] - Xiaomi's AI glasses are projected to sell over 300,000 units by the end of 2025, while Alibaba's Quark AI glasses have seen strong pre-sale demand, with initial batches selling out quickly [4]

Group 1 - The core viewpoint is that U.S. furniture retailers are actively restocking, while wholesalers are entering a passive destocking cycle by September 2025. If the U.S. continues to lower interest rates, the real estate sector, which is highly correlated with interest rates, is expected to recover, leading to improved retail sales year-on-year and an increase in furniture import amounts, which will boost midstream manufacturing orders [1][3]. Group 2 - Retailers are in a destocking cycle from April 2025 to July 2025, with sales growth outpacing inventory growth. By August-September 2025, inventory growth is expected to exceed sales growth, indicating a shift to an active restocking cycle [1]. - Wholesalers are in a restocking cycle from October 2024 to August 2025, with inventory growth surpassing revenue growth. By September 2025, revenue growth is projected to exceed inventory growth, marking a transition to a passive destocking cycle [1]. Group 3 - The inventory-to-sales ratio for furniture brands is at historically low levels, aligning with the trend of retailers reducing inventory since May 2023. Meanwhile, the inventory levels of furniture and building material channel merchants are generally higher than those of brand merchants, consistent with wholesalers restocking more than they are destocking since September 2024 [2]. - Home Depot's inventory-to-sales ratio has returned to historical normal levels, with further restocking intentions being constrained by demand. In Q3 2025, inventory growth is expected to exceed revenue, indicating a restocking cycle [2]. Group 4 - The improvement in home demand is anticipated to be driven by the real estate sector, with retailers accelerating sales and initiating restocking. If interest rates continue to decline, the real estate market is likely to recover, leading to improved year-on-year retail sales and an increase in furniture imports, which will positively impact midstream manufacturing orders [3].

中国经济网北京1月21日讯 深圳证券交易所上市审核委员会2026年第3次审议会议于昨日召开，审 议结果显示，无锡理奇智能装备股份有限公司（简称"理奇智能"）首发符合发行条件、上市条件和信息 披露要求。这是2026年过会的第9家企业（其中，上交所和深交所一共过会5家，北交所过会4家）。 理奇智能的保荐机构为国泰海通证券股份有限公司，保荐代表人为方亮、严智杰。这是国泰海通今 年保荐成功的第1单IPO项目。 2.请发行人代表结合前五大主要客户变动、境外销售占比变化、境外经营风险，说明核心技术及先 进性与主要大客户需求及变化的匹配性、技术路线及市场空间、客户验收情况及收入确认、2024年研发 人员离职的原因及影响，并分析对未来经营业绩持续性、稳定性的影响及应对措施。请保荐人代表发表 明确意见。 需进一步落实事项： 无。 2026年上交所深交所IPO过会企业一览： | 序号 | 公司名称 | 上会日期 | 保荐机构 | | --- | --- | --- | --- | | 1 | 杭州高特电子设备股份有限公司 | 2026/1/13 | 中信证券 | | 2 | 苏州联讯仪器股份有限公司 | 2026/1/14 | ...