（文章来源：新华财经） 新华财经北京2月9日电据"中金点睛"，中金公司最新研报指出，大宗商品是全球资金多元化的受益资 产，当前能源、化工等多品种的估值与成本或已在偏底部区间，尽管短期波动加大，但由AI算力扩张 与能源转型驱动的刚性需求，以及部分品种的结构性供需缺口并未发生实质性变化，大宗商品的结构行 情可能尚未结束。中金策略大类资产团队认为凯文·沃什上任后的决策可能受到多重制约，短期内大幅 缩表的概率不高，美联储未必如市场担忧那样彻底转鹰。综上所述，随着短期情绪释放与交易拥挤度明 显下降，相关资源股行情并未结束，历经短期调整后中期有望重拾升势。 ...

Group 1 - The China Securities Regulatory Commission issued a notice regarding the overseas listing of Anhui Chip Quik Microelectronics Equipment Co., Ltd., allowing the company to issue up to 26,735,650 shares for listing on the Hong Kong Stock Exchange [1][5] - Chip Quik Microelectronics, listed on the A-share market since April 1, 2021, submitted its prospectus to the Hong Kong Stock Exchange on August 31, 2025, with China International Capital Corporation as the sole sponsor [1][5] - Established in 2015, Chip Quik Microelectronics is a global leader in the direct imaging lithography industry, providing core equipment for advanced information technology in the AI era, focusing on high-precision micro-nano lithography technology [1][5] Group 2 - According to Zhaoshang Consulting, Chip Quik Microelectronics is the largest supplier of PCB direct imaging equipment globally, with a market share of 15.0% as of 2024 [2][9] - As of June 30, 2025, Chip Quik Microelectronics is the only company globally that covers PCB, IC substrates, advanced packaging, and mask applications, and is one of only two domestic companies with products covering advanced packaging applications [2][9] - The company has the highest number of global advanced packaging customers as of June 30, 2025 [2][9]

格隆汇2月9日｜中金研报称，大宗商品是全球资金多元化的受益资产，当前能源、化工等多品种的估值 与成本或已在偏底部区间，尽管短期波动加大，但由AI算力扩张与能源转型驱动的刚性需求，以及部 分品种的结构性供需缺口并未发生实质性变化，我们认为大宗商品的结构行情可能尚未结束。中金策略 大类资产团队认为凯文·沃什上任后的决策可能受到多重制约，短期内大幅缩表的概率不高，美联储未 必如市场担忧那样彻底转鹰。综上所述，我们认为随着短期情绪释放与交易拥挤度明显下降，相关资源 股行情并未结束，历经短期调整后中期有望重拾升势。 ...

（文章来源：第一财经） 中金公司研报表示，大宗商品是全球资金多元化的受益资产，当前能源、化工等多品种的估值与成本或 已在偏底部区间，尽管短期波动加大，但由AI算力扩张与能源转型驱动的刚性需求，以及部分品种的 结构性供需缺口并未发生实质性变化，大宗商品的结构行情可能尚未结束。中金策略大类资产团队认为 凯文·沃什上任后的决策可能受到多重制约，短期内大幅缩表的概率不高，美联储未必如市场担忧那样 彻底转鹰。综上所述，随着短期情绪释放与交易拥挤度明显下降，相关资源股行情并未结束，历经短期 调整后中期有望重拾升势。 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Hefei Chip Qu Microelectronics Equipment Co., Ltd., allowing the company to issue up to 26,735,650 overseas listed ordinary shares on the Hong Kong Stock Exchange [3][4]. Company Overview - Hefei Chip Qu Microelectronics Equipment Co., Ltd. was established in 2015 and is a global leader in the direct imaging lithography industry, providing core equipment for the advanced information technology industry in the AI era [4]. - The company specializes in high-precision micro-nano lithography technology and aims to manufacture, sell, and maintain direct imaging and direct write lithography equipment for global customers [4]. Market Position - As of 2024, Chip Qu Micro is the largest supplier of PCB direct imaging equipment globally, holding a market share of 15.0% [6]. - By June 30, 2025, the company is the only one globally with business coverage in PCB, IC substrates, advanced packaging, and mask applications, and is one of only two domestic companies with products covering advanced packaging applications [6]. - The company also has the highest number of global advanced packaging customers as of June 30, 2025 [6].

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and a comprehensive coverage of more than 1,800 stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Focus and Updates - Daily updates on research focus and timely selection of articles are provided through the "CICC Morning Report" [4]. - Senior analysts are available for live interpretations of market hotspots, enhancing the accessibility of expert insights [4]. Group 3: Data and Frameworks - The platform features over 160 industry research frameworks and more than 40 premium databases, facilitating comprehensive industry analysis [10]. - An AI search function is integrated into the platform, allowing users to filter key points and engage in intelligent Q&A [10].

Strategy - The price of gold exceeding $5,500 per ounce marks a significant milestone, indicating that the total value of existing gold is now comparable to the total amount of U.S. Treasury bonds, a first since the 1980s, suggesting potential shifts in the global financial system established post-Bretton Woods [3] - The A-share market has shown strong performance, driven by positive feedback from stock market performance and capital inflows, with sectors like non-ferrous metals, oil and petrochemicals, AI applications, and commercial aerospace being particularly active [4][5] - The current market environment supports a slow bull market, with growth style stocks favored, while low-position rebound opportunities are emerging [5] Macroeconomy - The nomination of Kevin Warsh as the next Federal Reserve Chairman has raised concerns about potential tightening of monetary policy, but the current liquidity dynamics and fiscal trends suggest that the expansion of the Fed's balance sheet is unlikely to change significantly [5] - The increasing U.S. fiscal financing needs and the stability of the financial system are heavily reliant on the Fed's provision of ample liquidity, especially with midterm elections approaching [5] Industry - The commercial aerospace sector is experiencing rapid growth, with space photovoltaics emerging as a key area for power system upgrades, driven by the deployment of low Earth orbit constellations and advancements in satellite technology [9]

2026年首月，A股市场完成9家公司首发上市，合计募集资金90.53亿元。从发行结构看，北交所成为当月IPO主阵地，5家企业登陆该板块，占比超五成；募 资端呈现"头部集中、袖珍分散"特征，4个项目募资超10亿元，均由头部券商承揽，而北交所5家企业募资均未过10亿元。券商阵营中，头部效应持续放大， 中金公司以2家保荐项目、44.74亿元募资额领跑市场，行业前三券商募资总额占比超八成。市场层面，IPO发行进入"新常态化"，在审企业达319家，北交所 占比超六成，战略性新兴产业成为申报主力。面对市场中各类信息与走势波动，我始终以量化大数据为核心线索，观察资金行为的真实轨迹。 | | | | 1月券商保存情况一览 | | | | --- | --- | --- | --- | --- | --- | | 본을 | 机构简称 | 募集资金(亿元) | 承销家数(家) | 承销及保荐费用(亿元) 承销及保存费用(亿元 | | | | 中金公司 | 44.74 | 2 | 1.22 | 1.22 | | 2 | 中信证券 | 15.61 | 1 | 1.17 | 1.17 | | 3 | 甲万宏源承销保存 | 12.38 ...

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Core Viewpoint - The establishment of a joint venture, Jinteng Technology, between the company and Tencent Digital marks a pioneering move in the Chinese securities industry, enhancing the company's capabilities in digital operations and technology innovation [1] Group 1: Joint Venture and Collaboration - In June 2020, the company formed a joint venture with Tencent Digital to create Jinteng Technology, which is a specialized information technology subsidiary [1] - Jinteng Technology integrates the company's financial industry expertise with Tencent's user ecosystem and technological capabilities [1] Group 2: Technological Advancements - The joint venture aims to introduce leading digital concepts, technologies, and high-end technical talent to improve user experience and digital operations [1] - Jinteng Technology primarily provides wealth management and retail brokerage technology platform construction and digital operation support services for the company and its subsidiaries [1] Group 3: Industry Impact - The venture actively explores the provision of intelligent solutions and digital tools to the industry, contributing to the development of an efficient and inclusive financial service system [1]