证券之星消息，2月25日江苏国企改革板块较上一交易日上涨0.46%，威孚高科领涨。当日上证指数报 收于4147.23，上涨0.72%。深证成指报收于14475.86，上涨1.29%。江苏国企改革板块个股涨跌见下 表： 从资金流向上来看，当日江苏国企改革板块主力资金净流出9.77亿元，游资资金净流入1.33亿元，散户 资金净流入8.43亿元。江苏国企改革板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Market Overview - On February 13, the Jiangsu state-owned enterprise reform sector fell by 1.12% compared to the previous trading day, with Jiang Tian Chemical leading the decline [1] - The Shanghai Composite Index closed at 4082.07, down 1.26%, while the Shenzhen Component Index closed at 14100.19, down 1.28% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Shifujian Shen (300528) with a closing price of 24.59, up 3.80% on a trading volume of 530,200 shares and a transaction value of 1.297 billion [1] - Jinling Hotel (601007) closed at 8.27, up 2.48% with a trading volume of 133,600 shares and a transaction value of 110 million [1] - Major decliners included: - Jiang Tian Chemical (300927) which closed at 31.82, down 6.30% with a trading volume of 135,300 shares and a transaction value of 436 million [2] - Xugong Machinery (000425) closed at 11.79, down 3.12% with a trading volume of 836,400 shares and a transaction value of 991 million [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 420 million from main funds, while retail funds saw a net inflow of 130 million [2] - The following stocks had significant capital flows: - Taiji Industry (600667) had a net inflow of 16.97 million from main funds, while retail funds saw a net outflow of 81.12 million [3] - Jinling Hotel (601007) had a net inflow of 11.40 million from main funds, but a net outflow of 13.69 million from retail funds [3]

Market Overview - The Jiangsu state-owned enterprise reform sector experienced a decline of 0.69% compared to the previous trading day, with Xingfu Blue Ocean leading the drop [1] - The Shanghai Composite Index closed at 4134.02, up 0.05%, while the Shenzhen Component Index closed at 14283.0, up 0.86% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - *ST Jinling (300091): Closed at 3.10, up 11.11% with a trading volume of 611,800 shares and a turnover of 193 million yuan [1] - Huami Environmental (600475): Closed at 20.82, up 2.71% with a trading volume of 143,700 shares and a turnover of 299 million yuan [1] - Taiji Industry (600667): Closed at 9.67, up 2.44% with a trading volume of 1,258,500 shares and a turnover of 1.208 billion yuan [1] Capital Flow - The Jiangsu state-owned enterprise reform sector saw a net outflow of 416 million yuan from institutional investors, while retail investors experienced a net inflow of 289 million yuan [2] - The capital flow for specific stocks showed: - Taiji Industry (600667): Net inflow from institutional investors was 10.8 million yuan, while retail investors had a net outflow of 108 million yuan [3] - Dagang Co. (002077): Net inflow from institutional investors was 30.26 million yuan, with retail investors experiencing a net outflow of 28.06 million yuan [3]

编辑：幸骊莎 新华财经南京1月28日电（记者常竣、斐朱程、李亭）人工智能如何在制造业深度融合应用？记者在江 苏无锡探访无锡威孚高科技集团股份有限公司、江苏省具身智能机器人工业数据采集与实训中心看到， 企业正积极在生产制造的各个环节融入人工智能相关技术，积极运用大语言模型技术提升工作效率。在 具身智能机器人的浪潮下，针对性的工业数据采集与实训变得越来越重要。具身智能机器人进厂打工的 未来正在靠近。（参与调研：谷青竹、欧阳迪娜、赵畅） ...

Investment Rating - The industry investment rating is "Overweight" indicating an expectation for the industry to outperform the overall market [7]. Core Insights - The commercial vehicle industry is experiencing a robust recovery driven by domestic demand policies and a significant increase in heavy truck sales, with wholesale sales expected to exceed 1.144 million units in 2025, representing a year-on-year growth of approximately 27% [3]. - The penetration rate of new energy heavy trucks has reached a historical high, with sales in 2025 reaching 231,100 units, a year-on-year increase of 182% [4]. - The heavy truck export market is thriving, with exports reaching approximately 330,000 units in 2025, marking a record high and indicating a shift towards direct investment and localized operations in overseas markets [4]. Summary by Sections Market Performance - In 2025, the domestic heavy truck wholesale sales reached 819,000 units, showing a year-on-year growth of 34.4% [3]. - The "old-for-new" subsidy program has expanded to include vehicles meeting National IV standards and below, boosting domestic demand [3]. Segment Analysis - The new energy heavy truck segment has seen explosive growth, with a monthly penetration rate exceeding 38% in December 2025 [4]. - Natural gas heavy trucks have also shown steady demand, with a significant recovery in the second half of 2025, achieving a year-on-year growth of 138% in October [4]. Company Performance - China National Heavy Duty Truck Group maintained its position as the industry leader with annual sales of 305,000 units, a year-on-year increase of approximately 26.7% [5]. - Foton Motor achieved a remarkable year-on-year growth of 102.7%, with annual sales reaching 142,000 units, marking a doubling in sales [5]. Investment Opportunities - The report highlights several companies as beneficiaries of the industry's recovery, including China National Heavy Duty Truck A+H, Weichai Power, Foton Motor, and others [6].

Core Viewpoint - North American data centers are accelerating the adoption of self-supply power models to address challenges posed by aging power grids and high energy consumption from AI computing, with diesel generators becoming a critical backup power source [1] Group 1: Data Center Power Supply Trends - Data centers in North America are transitioning to self-supply power models, with diesel generators as essential backup power configurations due to the aging and fragmented U.S. power grid [1] - Major companies like xAI, OpenAI, and Meta have implemented self-supply power solutions to ensure stable operation of their computing clusters [1] Group 2: Demand for Diesel Generators - The construction of data centers is in a high-growth cycle, with significant capital expenditures from domestic and international internet companies driving demand for diesel generators [2] - Google has raised its total capital expenditure for 2025 Q3 to $91-93 billion, while Microsoft plans to double its global data center scale within two years, indicating robust demand for backup power solutions [2] - The global market for data center generators is projected to grow from $6 billion in 2023 to $12 billion by 2030, highlighting the increasing need for diesel generators [2] Group 3: Supply and Pricing Dynamics - Foreign orders for diesel generators are experiencing long-term saturation, leading to a continuous increase in prices due to a tight supply-demand balance [3] - Major foreign brands like Cummins and Caterpillar dominate the large diesel engine market, with some orders having delivery cycles of 12-18 months, contributing to supply constraints [3] - Domestic manufacturers are seizing the opportunity for domestic substitution but face capacity limitations, resulting in ongoing demand for high-power diesel generators [3] Group 4: Cost Pressures and Inflation Transmission - The costs of key components for large diesel engines, such as high-pressure fuel injection and electronic control systems, are rising, primarily driven by foreign suppliers [4] - The scarcity of supply allows manufacturers with core component production capacity to exert pricing power, leading to inflation being transmitted downstream, resulting in a new round of price increases for large diesel engines used in data centers [4] Investment Recommendations - Beneficiaries of this trend include companies such as Weichai Power, Weichai Heavy Machinery, Zhongyuan Inner配, Tianrun Industrial, Changyuan Donggu, and Weifu High-Tech [4]

Group 1 - The core viewpoint of the report indicates that the fund, AI Fund China Europe Dividend Select Mixed Initiation A, has shown a profit of 1.5113 million yuan in Q4 2025, with a weighted average profit per fund share of 0.032 yuan. The fund's net value growth rate for the reporting period was 2.8%, and the fund size reached 61.4973 million yuan by the end of Q4 [3][15] - The fund is categorized as a mixed equity fund, with a unit net value of 1.29 yuan as of January 22. The fund managers are Liu Yong and Zhang Xue Ming [3] - The fund management expresses optimism about the future of dividend investment in China, suggesting there is still room for further development and deeper exploration. They plan to enhance research in this area and refine existing dividend strategies [3] Group 2 - As of January 22, the fund's three-month cumulative net value growth rate is 4.09%, ranking 514 out of 689 comparable funds. The six-month growth rate is 6.58%, ranking 603 out of 689, and the one-year growth rate is 18.55%, ranking 581 out of 673 [3] - The fund's Sharpe ratio since inception is 1.3735, indicating a favorable risk-adjusted return [8] - The maximum drawdown since inception is 6.78%, occurring in Q2 2025, which is the highest quarterly drawdown recorded [11] Group 3 - The average stock position since inception is 86.6%, compared to the peer average of 84.04%. The fund reached its highest stock position of 92.16% at the end of Q3 2025 and its lowest of 67.43% at the end of Q3 2024 [14] - As of the end of Q4 2025, the fund's top ten holdings include Guangzhou Development, Nanjing High-Tech, Weifu High-Tech, Huadian International, Ordos, Nanjing Steel, Wuxi Bank, Shandong Publishing, Guiyang Bank, and Zhongchuang Zhiling [18]

Group 1 - On January 22, Wufeng High-Tech conducted a block trade of 286,100 shares, with a total transaction value of 6.174 million yuan, accounting for 1.64% of the total trading volume for the day [1][2] - The transaction price was 21.58 yuan, which remained stable compared to the market closing price of 21.58 yuan [1][2] - The buyer of the shares was an institutional investor, while the seller was CITIC Securities Co., Ltd., Shanghai Branch [2]

Core Viewpoint - The company has established a "Market Value Management System" to enhance its market value management capabilities and improve shareholder returns [2] Group 1 - The company responded to investor inquiries on its interactive platform [2] - The implementation of the new system aims to strengthen the company's investment value [2] - The initiative is part of a broader strategy to enhance shareholder returns [2]

Core Viewpoint - The company, Weifu High Technology (000581), emphasizes its commitment to research and development (R&D), maintaining an R&D investment ratio of over 6% of its revenue for the past two years, focusing on strategic and market-driven areas such as energy conservation, smart electric, green hydrogen, and industrial technology [1] Group 1 - The company is recognized as a national high-tech enterprise [1] - R&D investments are aligned with strategic direction and market demand [1] - The company aims to enhance its core competitive advantages through continuous technological innovation and product development [1]