Market Overview - The Shanghai Composite Index fell by 0.31% on January 14, with 17 out of the industries under Shenwan rising, led by the computer and comprehensive sectors, which increased by 3.42% and 2.90% respectively [1] - The banking and real estate sectors experienced the largest declines, with decreases of 1.88% and 1.18% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 71.378 billion yuan across the two markets, with only three industries seeing net inflows: computer (8.873 billion yuan), communication (2.824 billion yuan), and comprehensive (6.928 million yuan) [1] - The power equipment industry had the largest net outflow, totaling 14.433 billion yuan, followed by the electronics industry with a net outflow of 9.708 billion yuan [1] Computer Industry Performance - The computer industry rose by 3.42% with a net inflow of 8.873 billion yuan, comprising 336 stocks, of which 291 rose and 44 fell [2] - Notably, 18 stocks hit the daily limit up, while 21 stocks experienced net outflows exceeding 100 million yuan [2] Top Gainers in Computer Industry - The top stocks by net inflow included Huasheng Tiancheng (1.688 billion yuan), Yanshan Technology (982 million yuan), and Hengsheng Electronics (934 million yuan) [2] - Other notable gainers included Tuoer Si (15.22%), Tianyuan Dike (18.61%), and Donghua Software (7.08%) [2] Top Losers in Computer Industry - The stocks with the largest net outflows included Deepin Technology (-3.3902 billion yuan), Zhina Zhen (-2.8347 billion yuan), and Desai Xiwai (-2.5360 billion yuan) [3] - Other significant outflows were seen in Wansheng Technology, Aerospace Information, and Sichuang Medical [3]

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days in 2026 [1] Group 1: Stock Performance - The stock price fluctuation is classified as abnormal due to the significant increase in closing prices [1] - The company confirmed that there were no major undisclosed information or changes in the operating environment during the fluctuation period [1] Group 2: Financial Performance - The company has not yet released its 2025 financial report, and its brain-machine interface related business has not generated any revenue [1] - The uncertainty regarding the company's performance is highlighted, prompting a cautionary note for investors [1] Group 3: Investor Advisory - The company warns that the stock price may experience significant short-term increases or decreases [1] - Investors are advised to be aware of the risks associated with the current stock price volatility [1]

Core Viewpoint - The company, Rock Mountain Technology (002195.SZ), has announced that its brain-computer interface and brain-like intelligence business is still in the early stages of commercialization and has not yet generated revenue [1] Group 1 - The company's specific products have not yet begun sales [1] - There is uncertainty regarding future operating performance [1] - Investors are advised to be cautious about trading risks in the secondary market [1]

Group 1 - The stock of Yanshan Technology reached its daily limit, with a turnover rate of 34.47% and a transaction amount of 25.019 billion yuan, showing a fluctuation of 11.97% [2] - Institutional investors net sold 223 million yuan, while the Shenzhen Stock Connect recorded a net sell of 274 million yuan, and the total net sell from brokerage seats was 130 million yuan [2] - The stock was listed on the daily limit list due to a deviation in daily price increase of 9.35%, with the top five trading departments collectively transacting 4.637 billion yuan, resulting in a net sell of 627 million yuan [2] Group 2 - The latest margin trading data shows that the stock's margin balance is 2.628 billion yuan, with a financing balance of 2.584 billion yuan and a securities lending balance of 43.697 million yuan [3] - Over the past five days, the financing balance increased by 673 million yuan, representing a growth of 35.20%, while the securities lending balance rose by 28.346 million yuan, with an increase of 184.66% [3] - The stock has appeared on the daily limit list nine times in the past six months, with an average price increase of 1.96% the next day and an average increase of 10.89% over the following five days [2]

证券代码：002195 证券简称：岩山科技 公告编号：2026-004 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、股票交易异常波动的情况介绍 上海岩山科技股份有限公司（以下简称"公司"或"本公司"）股票（证券 简称：岩山科技，证券代码：002195）于 2026 年 1 月 12 日、1 月 13 日、1 月 14 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《深圳证券 交易所交易规则》的有关规定，属于股票交易异常波动情况。 二、说明关注、核实情况 针对公司股票交易异常波动，公司董事会对公司、控股股东及实际控制人就 相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 上海岩山科技股份有限公司 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司已披露的经营情况及内外部经营环境未发生或预计将要发生重大变 化； 4、公司脑机接口及类脑智能业务的商业化仍处于起步阶段，尚未产生收入， 截至目前具体产品尚未开始销售，未来经营业绩 ...

Core Insights - The IT services sector experienced a significant increase of 4.69% on January 14, with Meideng Technology leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] IT Services Sector Performance - Meideng Technology (code: 920227) saw a closing price of 115.76, with a remarkable increase of 29.99% and a trading volume of 57,500 shares, amounting to a transaction value of 627 million [1] - Hongjing Technology (code: 301396) closed at 87.06, up 20.00%, with a trading volume of 316,800 shares and a transaction value of 2.594 billion [1] - Guangyun Technology (code: 688365) also increased by 20.00%, closing at 34.20, with a trading volume of 276,700 shares and a transaction value of 918 million [1] - Other notable performers included Zhongke Xingtou (code: 688568) with a 13.92% increase, closing at 95.98, and LianDi Information (code: 920790) with a 13.48% increase, closing at 45.12 [1] Capital Flow Analysis - The IT services sector saw a net inflow of 4.413 billion in main funds, while retail funds experienced a net outflow of 588 million [2][3] - Major stocks like Huasheng Tiancai (code: 600410) had a net outflow of 888 million from retail investors, indicating a shift in investor sentiment [3] - The overall capital flow indicates a strong interest from institutional investors, contrasting with the outflows from retail investors [2][3]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | | | | 2026-01-14 | 002195 | 岩山科技 | 10.80 | 140.00 | 1,512. | 浙商证券股份有限 | | | | | | | 公司上海浦东新区 | 公司上海浦东杨高 | | | | | | | 川沙路证券营业部 | 南路证券营业部 | 1月14日，岩山科技大宗交易成交140万股，成交额1512万元，占当日总成交额的0.06%，成交价10.8元，较市场收盘价13.19 元折价18.12%。 ...

Group 1 - The core viewpoint is that traditional manufacturing companies in China are the ones realizing performance amidst the global tech market surge, with the future bull market in China relying on physical assets and manufacturing capacity value [1] - Recommended investment sectors include upstream resources (copper, aluminum, lithium, oil, coal) benefiting from potential increases in physical asset consumption and midstream industries like basic chemicals and steel as PPI rebounds [1] - Domestic sectors such as food and beverage, aviation, and apparel are expected to benefit from price stabilization and recovery in domestic demand [1] Group 2 - The introduction of commercial real estate REITs is expected to accelerate market expansion, with 12 consumer REITs currently listed, benefiting from ample inventory and simplified regulations [3] - AI PCB copper powder materials are entering a prosperous cycle, with the copper powder industry expected to see rapid profit growth due to increased usage in PCB production [3] - The copper powder's processing fee is projected to significantly increase, as its usage in PCB production is expected to rise from 15% to over 27% by 2029 [3] Group 3 - Insurance capital has shown a strong interest in equity stakes, with 39 instances of shareholding this year, primarily favoring high-dividend stocks in banking, infrastructure, and logistics [5] - The liquid cooling market for data centers is projected to reach $21.8 billion by 2027, driven by increased efficiency and lower power usage effectiveness (PUE) [5] - Domestic manufacturers are expected to benefit from the rising demand for liquid cooling solutions in AI servers, with a focus on those capable of mass production of core components [5] Group 4 - The Shanghai Composite Index is experiencing a primary upward trend, with financial stocks driving market gains and trading volumes exceeding 3 trillion yuan [11] - Various style indices have adjusted, with cyclical and growth sectors experiencing notable corrections due to recent rapid increases and external market influences [11] - The growth sector is seeing a reduction in momentum for further adjustments, with a focus on sectors benefiting from domestic demand policies such as machinery, home appliances, and consumer electronics [11]

格隆汇1月14日丨岩山科技(002195.SZ)在投资者互动平台表示，公司全资子公司岩思类脑自主研发的脑 电大模型尚未应用在商业航天领域。 ...

格隆汇1月14日丨岩山科技(002195.SZ)在投资者互动平台表示，公司未与强脑科技展开合作。 ...