数据显示，国泰海通资管旗下1只基金重仓高德红外。国泰海通中证500指数增强A（014155）三季度增 持87.28万股，持有股数328.29万股，占基金净值比例为1.14%，位居第二大重仓股。根据测算，今日浮 盈赚取约269.2万元。 1月12日，高德红外涨5.05%，截至发稿，报17.05元/股，成交25.08亿元，换手率4.42%，总市值728.16 亿元。 资料显示，武汉高德红外股份有限公司位于湖北省武汉市东湖开发区黄龙山南路6号，成立日期2004年7 月13日，上市日期2010年7月16日，公司主营业务涉及红外热成像技术为核心的综合光电系统及完整武 器系统的研制与生产。主营业务收入构成为：红外综合光电及完整装备系统96.47%，传统弹药及信息 化弹药2.95%，房屋出租0.27%，其他0.25%，技术服务0.06%。 从基金十大重仓股角度 邓雅琨累计任职时间1年242天，现任基金资产总规模36.77亿元，任职期间最佳基金回报57.11%， 任职 期间最差基金回报3.64%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理 ...

Group 1 - The core viewpoint is that the consumption industry is expected to show a moderate recovery in 2026, driven by service consumption and resilient essential consumption, with a focus on CPI-driven recovery opportunities [1][2] - In 2025, the consumption industry demonstrated characteristics of stabilization, structural optimization, and confidence restoration, supported by a 5.4% year-on-year growth in service consumption from January to November [2][3] - The shift in China's economic growth drivers from "goods consumption" to "service consumption" is anticipated, with recovery elasticity ranking as "service industry > mass goods > high-end consumption" [3] Group 2 - New consumption opportunities are emerging due to supply-side challenges like brand aging and product homogeneity, alongside demand-side changes such as generational shifts and the rise of Generation Z as a key consumer group [4] - The supply side is focusing on innovation through product rejuvenation and leveraging new channels for enhanced efficiency, while the demand side is driven by the unique consumption values of Generation Z, who are willing to pay for diverse and niche products [4]

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 在全球可持续发展浪潮席卷而来的当下，ESG（环境、社会、公司治理）已成为衡量企业高质量发展的核心标尺，更是连接企业价值与社会价值的关键纽 带。随着国内 ESG 生态体系的加速完善，政策监管持续收紧、资本市场对 ESG 表现的关注度不断飙升，企业的可持续发展能力愈发成为其核心竞争力的 重要组成部分。 在此行业背景下，新浪财经重磅发布"2025中国企业ESG百强"榜单。该榜单依托新浪财经专业的ESG评级体系，以5000余家A股上市公司及在港上市内地 企业为评价对象，创新性搭建 18套行业ESG评价模型，纳入150余项 ESG 指标，通过量化模型综合演算，对企业ESG表现进行全面、客观的综合评价，最 终筛选出中国 ESG 实践的标杆企业。榜单不仅为行业树立了发展典范，更为投资者提供了极具参考价值的决策依据。 国泰海通在环境、社会、公司治理领域开展了大量工作，积累了丰富的创新实践与扎实的落地成果。凭借在ESG各领域的卓越表现，国泰海通成功入选本 次 ...

Core Insights - The CES 2023 highlighted the trend of embodied intelligence scaling, showcasing the strength of Chinese companies in this domain [1] - The focus is shifting from "digital intelligence" to "embodied intelligence," emphasizing AI's practical applications in hardware [2] - Chinese enterprises are becoming significant players in the tech ecosystem, demonstrating robust capabilities through structural upgrades [3] Industry Trends - The theme of CES 2023 was "AI Inside Every Hardware," indicating a shift towards physical AI and the commercialization of AI technologies [2] - Major semiconductor companies like NVIDIA, AMD, and Intel are releasing new products, focusing on edge AI and large-scale AI infrastructure [2] - The competition is evolving from mere computational power to the successful implementation of AI in real-world applications [2] Chinese Companies' Performance - Over 4,100 exhibitors participated in CES, with 1,141 from China, showcasing the growing influence of Chinese tech firms [3] - Leading companies such as Lenovo, TCL, and Ninebot are transitioning from technology users to co-creators of ecosystem rules [3] - In the humanoid robot sector, Chinese exhibitors accounted for over 55%, with companies focusing on core component development and commercialization [3] Hardware Development and Supply Chain - The path for embodied intelligence hardware is becoming clearer, with key supply chain segments poised to benefit [4] - The market is closely monitoring the production progress and cost control of humanoid robots like Tesla's Optimus [4] - Companies with core component technology advantages and involvement in leading customer product development will be the first to reap the benefits of industry trends [4]

Core Insights - The Chinese commercial aerospace sector is transitioning from engineering breakthroughs to large-scale industrial implementation, driven by reusable rockets and satellite constellation networks [1][2] - The government has increasingly recognized commercial aerospace as a key future industry, with policies supporting its development over the past five years [1] - The industry is moving from "policy incentives" to a phase of "institutional support," with local governments providing subsidies and infrastructure to accelerate growth [1] Group 1: Policy and Strategic Importance - Commercial aerospace has been elevated from a marginal exploration to a national strategic priority, with clear policy frameworks emerging [1] - The inclusion of "satellite internet" in new infrastructure initiatives has led to significant government support, culminating in the 2025 government report explicitly designating it as a key future industry [1] - A comprehensive institutional supply chain is being established at the national level, covering regulatory access, quality systems, and financing support [1] Group 2: Technological Advancements - The cost structure and frequency limitations of commercial aerospace are being reshaped by technological innovations [2] - Private company Blue Arrow Aerospace has successfully completed China's first 10-kilometer VTVL test flight, validating several core technologies [2] - State-owned enterprises are set to unveil a fully reusable heavy rocket plan at the 2024 Zhuhai Airshow, with a target for its first flight by 2030 [2] Group 3: Industry Development and Ecosystem - The commercial aerospace industry in China has developed a complete chain encompassing upstream manufacturing, midstream launching, and downstream applications [2] - The operational capacity of state-owned launch platforms is being enhanced, with the Wenchang commercial launch site now in operation [2] - Private enterprises are rapidly emerging in various segments such as rockets, satellites, and remote sensing terminals, leading to increased synergy and a more closed-loop ecosystem [2]

2026 年 01 月 11 日 《公募费率改革收官, 非银板块向上突破 动能充盈——非银金融行业周报 (2025/12/29-2025/12/31)》 2026/01/05 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 -- 2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 万宏源研究微信服务 续看好全年非银板块价值重 非银金融行业周报（2026/1/5-2026/1/9） 本期投资提示: 时代人行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 苏研究招 0 券商：本周申万券商 II 指数收跌 1.90%，跑输沪深 300 指数 0.89pc ...

1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - The spot prices of mainstream delivery products remained stable this week, and the fundamentals changed little. The futures market continued to fluctuate at a low level, and the positive spread month - to - month difference weakened further [4][20]. 3. Summary by Directory 3.1 Supply - As of January 3, there was 1 ship departing from New Zealand in January, all going to the Chinese mainland, with an expected arrival of about 1080000 cubic meters in January and 0 in February [5][8]. 3.2 Demand and Inventory - As of the week of January 9, the average daily shipment of Lanshan Port was 20300 cubic meters (a week - on - week decrease of 1400 cubic meters), and that of Taicang Port was 13800 cubic meters (a week - on - week increase of 400 cubic meters). In terms of port inventory, Lanshan Port had about 1242000 cubic meters (a week - on - week decrease of 29000 cubic meters), Taicang Port had about 307000 cubic meters (a week - on - week decrease of 36500 cubic meters), Xinminzhou had about 122200 cubic meters (a week - on - week increase of 5200 cubic meters), and Jiangdu Port had about 78100 cubic meters (a week - on - week decrease of 32900 cubic meters). The total inventory of the four major ports was 1749300 cubic meters, a decrease of 93200 cubic meters from the previous week [6][14]. 3.3 Market Trend - As of January 9, the closing price of the main contract LG2603 was 774.5 yuan per cubic meter, a 0.1% increase from last week. The futures market continued to fluctuate at a low level this week. The positive spread month - to - month difference weakened further. The 03 - 05 month - to - month difference was - 12.5 yuan per cubic meter, the 03 - 07 month - to - month difference was - 23.5 yuan per cubic meter, and the 05 - 07 month - to - month difference was - 11 yuan per cubic meter [20]. 3.4 Other - As of the week of January 10, the Baltic Dry Index (BDI) was 1718.00 points, a decrease of 164 points (- 8.71%) from last week. Its related sub - index, the Handysize Shipping Index BHSI, was 613 points, a decrease of 10.51% from last week. The Shanghai Export Container Freight Index (SCFI) was 1647.39 points, a decrease of 0.5% from last week. In terms of exchange rates, the US dollar index rebounded slightly after the New Year's Day. The US dollar to RMB exchange rate was 6.985, a week - on - week decrease of 0.27%, and the US dollar to New Zealand dollar exchange rate increased by 0.1% to 1.738 [57].

Core Viewpoint - The report from Guotai Junan indicates that the U.S. job market continues to experience low hiring and low layoffs as of December, with the unemployment rate unexpectedly dropping to 4.4%, interrupting its upward trend [1] Group 1: Employment Market Analysis - The unemployment rate has decreased to 4.4%, which was unexpected and breaks the trend of rising unemployment [1] - New job additions are showing a slowing trend, suggesting potential downward revisions in future annual data [1] Group 2: Federal Reserve Outlook - The Federal Reserve has already implemented three interest rate cuts, and with the unemployment rate not increasing further, there is still time and space for the Fed to consider pausing rate cuts in January [1]

Group 1 - The unemployment rate in the U.S. unexpectedly dropped to 4.4% in December, interrupting the previous upward trend, while the November rate was revised down to 4.5% [2] - The U6 unemployment rate also showed a significant decline, indicating reduced pressure on marginally employed groups [2] - Average weekly working hours decreased but remained stable, and average hourly wage growth showed signs of recovery, with initial jobless claims remaining stable since December [2] Group 2 - Despite the temporary alleviation of concerns regarding the worsening employment situation, new job creation remains weak, with only 50,000 non-farm jobs added in December, below the market expectation of 65,000 [2] - The total non-farm employment for October and November was revised down by 76,000, indicating a slowdown in job growth [2] - Job creation in the goods-producing sector is weak, while the service sector's job growth is concentrated in education, healthcare, and leisure/hospitality [2] Group 3 - The Federal Reserve has room to pause interest rate cuts in January, as the unemployment rate has not risen further and many employment indicators suggest low risk of a rapid employment decline [3] - Following the release of non-farm data, the market's expectation for a rate cut in January is only 5% [3] - The market anticipates two rate cuts in 2026, but the timing has been pushed back to June and September [3]

Core Insights - The U.S. job market maintained low hiring and low layoffs in December, with the unemployment rate unexpectedly dropping to 4.4%, ending a continuous upward trend [1] - Despite the drop in unemployment, job additions are slowing down, and future annual revisions may lead to further downward adjustments [1] - The Federal Reserve may have room to pause interest rate cuts, as the unemployment rate did not rise further and multiple indicators suggest a low risk of job market slowdown [1] - Following the release of non-farm payroll data, the market anticipates only a 5% probability of a rate cut in January [1] - The market still expects two rate cuts in 2026, with the timing pushed to June and September [1] - Key events to watch for rising rate cut expectations include the appointment and statements of the new Federal Reserve Chair [1]