（记者 曾健辉） 每经AI快讯，天禄科技发布公告称，2026年1月28日，天禄科技接受兴业证券等投资者调研，公司投资 者关系总监李艳茹女士参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

（记者 王瀚黎） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，沪电股份发布公告称，2026年1月28日10:40-11:40，沪电股份接受兴业证券调研，公司李 明贵、钱元君参与接待，并回答了投资者提出的问题。 ...

Group 1 - The core viewpoint of the report is that the U.S. labor market has transitioned from a post-pandemic state of supply-demand imbalance to a more balanced state, with current employment performance showing signs of weakness [1][15][18] - The unemployment rate increased from 4.1% in mid-2025 to 4.4% by the end of 2025, primarily due to an increase in labor supply rather than layoffs [1][18] - Labor force participation rates have rebounded, particularly among youth and immigrants, but the sustainability of this influx is questionable [1][22][27] Group 2 - On the supply side, the increase in unemployment is attributed to a rise in labor supply, with the labor force participation rate stabilizing in the first half of 2025 and then increasing in the second half [18][22] - The demand side faces cooling pressures, with companies absorbing tariff costs and compressing labor costs, leading to a preference for lower-paid workers and increased part-time positions [2][43] - Government funding constraints are limiting personnel expansion, and job mobility among job seekers has decreased, indicating a decline in confidence [2][43][44] Group 3 - The report suggests that if employment continues to weaken and inflation remains manageable, the Federal Reserve may increase the weight of employment risk in its monetary policy decisions, potentially reopening avenues for easing [2][43] - The current market anticipates that the Federal Reserve will implement less than two rate cuts in 2026 [2][43][31] - The labor market's response to economic conditions is critical, with the potential for a loosening of monetary policy if employment data shows further deterioration [2][43][31]

从资金流向上来看，当日证券板块主力资金净流出23.91亿元，游资资金净流入9.79亿元，散户资金净流 入14.12亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601696 | 中银证券 | 13.76 | -2.96% | 74.82万 | 10.28亿 | | 601377 | 兴业证券 | 6.93 | -2.26% | 155.38万 | 10.86亿 | | 601108 | 财通证券 | 9.26 | -2.11% | 122.41万 | 11.35 Z | | 600864 | 哈投股份 | 6.56 | -1.80% | 37.05万 | 2.43亿 | | 601688 | 华泰证券 | 22.84 | -1.76% | 86.61万 | 19.92 乙 | | 300059 | 东方财富 | 22.90 | -1.76% | 316.48万 | 72.62亿 | | 000686 | 东北让券 | 9.09 | -1.62% | 50.1 ...

Group 1 - The core viewpoint is that the rapid development of AI technology is driving IDC to accelerate its transition to AIDC, with expected capacity reaching 20GW by 2025 and 61GW by 2028, indicating rapid industry growth [1] - The demand for circuit breakers is increasing alongside the rapid development of AIDC, with solid-state circuit breakers expected to become essential under the 800V architecture, allowing domestic companies to gradually achieve localization and increase market share [1] - Circuit breakers are defined as switching devices that can connect, carry, and interrupt current under normal and abnormal conditions, categorized into high-voltage and low-voltage types, with high-voltage devices being those rated above 3kV [1] Group 2 - The circuit breaker market is anticipated to expand significantly due to the ongoing global digital transformation and the growing demand for data center construction, with enhanced technical requirements for circuit breakers as 10kV direct current systems transition to 750V [2] - Solid-state circuit breakers (SSCB) are based on power semiconductor devices and include various control switch components, enabling rapid current interruption [2] Group 3 - Solid-state circuit breakers are expected to become a necessity for the 800VDC architecture due to their ability to address issues such as large voltage fluctuations and slow protection times of traditional mechanical breakers, with a market potential of approximately 10 billion yuan by 2027 [3]

智通财经APP获悉，兴业证券发布研报称，2026年预计是电解铝产能增长的最后一年，计划新增产能近 60万吨。2023-2025年全球电解铝平均需求增量约180万吨/年，2年CAGR增速为2.5%。预计2026E增量 150-200万吨，同比增速2.0-2.7%，需求侧有结构增量。中国电解铝企业具备全球竞争力、正将行业红利 转化为股东回报。看好铝价中枢抬升，铝价每上涨10%，将带来约30%的EPS增厚，质量与周期共振， 看好电解铝板块价值重估。 中国低廉的电价和稳定的电力供应在全球具有竞争力，盈利丰厚。同时，中国电解铝企业早已陆续加码 一体化产业链布局，解决铝土矿资源限制堵点，上游资源自给率稳步提升，一体化龙头业绩稳定性更 强。 公司派息意愿高，股东回报持续改善，红利属性凸显。电解铝公司几乎没有大的新增投资，行业普遍进 入到资本开支中枢下移、压降负债，自由现金流持续改善的阶段，股东回报有持续改善的潜力。 (三)投资观点：质量与周期共振 中国电解铝企业具备全球竞争力、正将行业红利转化为股东回报。看好铝价中枢抬升，铝价每上涨 10%，将带来约30%的EPS增厚，质量与周期共振，看好电解铝板块价值重估。推荐公司中国宏 ...

◆◆ 工作机会画像 ◆◆ 兴业证券成立于1991年，并于2010年在主板上市。经济与金融研究院是兴业证券总部一级部门，2024/2025年均位列新财富最佳研究团 队第3名。 计算机研究团队自2015年以来，连续11年上榜新财富最佳分析师，2024/2025年均为第2名。首席从业15年、司龄11年，组内氛围融 洽，团结奋进。 工作日常主要包括撰写证券研究报告、客户路演、产业及上市公司调研、线上线下会议组织等，以创佣和创誉为核心业务导向，考核机 制清晰透明。 ◆◆ 我们期待的你 ◆◆ 1、社会招聘 1）研究生及以上学历，拥有ICT知识储备、1年以上工作经验； 工作地在北京、上海、深圳均可。 ◆◆ 应聘渠道 ◆◆ 有意者请发简历到邮箱jiangjialin@xyzq.com.cn。可附上相关证明材料，并以"姓名-当前工作单位-工作时间-第一本科毕业院校"为标 题，您提交的任何信息我们均会严格对外保密。 你还在等什么？ 2）具有为理想而拼搏的精神，以及善于分享的性格特质。 2、应届生招聘 1）攻读硕士及以上学位的应届生； 2）每周能保证3天以上实习时间，表现优异有留用机会。 ...

Market Overview - On January 26, the securities sector rose by 0.65% compared to the previous trading day, with Caitong Securities leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Caitong Securities (601108) closed at 9.46, up 4.30% with a trading volume of 2.1761 million shares and a transaction value of 2.076 billion [1] - Industrial Securities (601377) closed at 7.09, up 3.20% with a trading volume of 3.2601 million shares and a transaction value of 2.320 billion [1] - Huatai Securities (601688) closed at 23.25, up 2.24% with a trading volume of 1.5504 million shares [1] - Other notable performers include Huawan Securities (600909) up 2.18%, and China CITIC Securities (600030) up 1.08% [1] Fund Flow Analysis - The securities sector saw a net inflow of 4.104 billion from institutional investors, while retail investors experienced a net outflow of 2.881 billion [2][3] - Major stocks like CITIC Securities (600030) had a net inflow of 875 million from institutional investors, while retail investors had a net outflow of 1.599 million [3] - Industrial Securities (601377) also saw significant institutional inflows of 428 million, with retail outflows of 3.11 million [3] Summary of Trading Data - The trading data indicates a mixed performance among securities stocks, with some experiencing gains while others faced declines [2] - The overall market sentiment appears cautious, reflected in the net outflows from retail investors [2][3]

Core Viewpoint - Runyang Technology (300920.SZ) announced a share reduction plan involving its director and specific shareholders, indicating potential liquidity needs and changes in shareholder structure [1][2]. Group 1: Share Reduction Plan - Director Tong Xiaoling plans to reduce her holdings by up to 800,000 shares, representing 0.8000% of the total share capital [1]. - Specific shareholder Mingmao Investment intends to reduce its holdings by up to 239,770 shares, accounting for 0.23977% of the total share capital [1]. - The reduction period is set from February 24, 2026, to May 23, 2026, excluding any periods where reductions are legally prohibited [1]. Group 2: Financial Implications - Based on the closing price of 43.67 yuan on January 23, 2023, Tong Xiaoling's cash-out amount is approximately 34.936 million yuan, while Mingmao Investment's cash-out is about 10.4708 million yuan [2]. - Mingmao Investment is associated with the company's controlling shareholders, Zhang Pao and Yang Qingfeng, indicating a close relationship among the key stakeholders [2]. Group 3: Company Background - Runyang Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 25, 2020, with an initial issuance of 25 million shares, representing 25.00% of the post-issue total share capital [2]. - The total amount raised from the initial public offering was 673.25 million yuan, with a net amount of 612.02 million yuan allocated for various projects, including production capacity expansion and R&D [3].

Market Overview - The A-share market opened higher but experienced fluctuations, with the Shanghai Composite Index closing at 4141.01 points, a slight increase of 0.12% [1] - The Shenzhen Component Index fell by 0.74%, and the ChiNext Index dropped by 0.86% [1] Individual Stock Performance - A total of 3756 stocks declined, while 1606 stocks rose, with 50 stocks hitting the daily limit up [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.24 trillion yuan, an increase of 347.8 billion yuan compared to the previous trading day [2] Sector Performance Precious Metals - The precious metals sector saw significant gains, with stocks such as Hunan Gold (002155) hitting the daily limit up, and others like Jin Hui Shares (603132) and Zhao Jin Gold (000506) also achieving 10% limit up [3][5] - The price of spot gold surpassed $5000 per ounce for the first time, increasing by over 1%, while spot silver rose by over 5% [5] Oil and Gas - The oil and gas sector experienced a rally, with major companies like China Petroleum and China Oil & Gas seeing increases of over 4% [6] - International oil prices surged, with WTI and ICE crude oil both rising by over 3% due to escalating geopolitical tensions [6] Financial Sector - The financial sector showed upward movement, with securities stocks rising, and insurance and banking stocks also performing well [8] - Notable gains were seen in stocks like Caitong Securities (601108) and Xingye Securities, both increasing by over 4% [9] Alcoholic Beverages - The liquor sector faced a downturn, with a decline of over 1%, particularly affected by a significant drop in Yanghe Shares (002304), which fell by over 8% [13] - Yanghe Shares projected a net profit decline of 62.18% to 68.30% for the fiscal year 2025, indicating potential financial distress [14]