2026.01. 29 本文字数：1325，阅读时长大约2分钟 作者 | 一财 阿驴 11:28 沪深两市成交额突破2万亿，较上一日此时放量近1000亿。 10:53 银行板块短线拉升，青岛银行涨停，齐鲁银行、渝农商行、成都银行、江阴银行、苏州银行跟 涨。 10:41 沪深两市成交额突破1.5万亿，较上一日此时放量近1000亿。 10:34 光伏设备板块震荡走高，钧达股份涨停，连城数控涨超10%，TCL中环、捷佳伟创、双良节 能、晶盛机电、高测股份跟涨。消息面上，工信部指出，推动光伏行业回归良性竞争、理性发展的轨 道。 10:22 有色金属持续跳水回吐盘初涨幅，新金路此前跌停，中钨高新、厦门钨业跌超8%，锡业股 份、湖南白银、兴业银锡纷纷跳水。 10:13 AI应用端持续走高，光云科技、因赛集团、人民网、引力传媒等多股涨停，流金科技、卓易信 息、天龙集团、蓝色光标、易点天下均涨超10%。 11:31 A股午盘丨创业板指冲高回落微跌 截至午盘，沪指跌0.1%，深成指涨0.01%，创业板指跌0.05%。科创综指跌0.91%，科创50指数跌 超1%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 ...

Group 1 - A-shares saw 49 stocks hitting the daily limit up and 14 stocks hitting the daily limit down during the first half of the trading day on January 29 [1] - The precious metals sector was active, with silver-related stocks achieving an 8-day consecutive limit up, and Western Gold reaching 4 limit ups in 7 days [1] - The short drama concept gained strength, with Tian Di Online achieving 5 limit ups in 9 days, and Hengdian Film and Television, Guangdong Media also hitting the limit up [1] Group 2 - Among the consecutive limit up stocks, China Gold achieved 5 consecutive limit ups, Zhejiang Wenhu Interconnection reached 4 limit ups in 8 days, and Jinchen Co. had 3 limit ups in 5 days [1] - Several stocks faced consecutive limit downs, including *ST Aowei with 15 consecutive limit downs, *ST Wanfang with 13 consecutive limit downs, and *ST Yanshi with 4 consecutive limit downs [1] - Other stocks like *ST Dongjing and ST Yingfeitop experienced 3 consecutive limit downs, while *ST Sailong and others faced 2 consecutive limit downs [1]

Core Viewpoint - The A-share market is experiencing a "resource bull + technology stock" trend, with significant gains in various sectors, particularly in technology and non-ferrous metals [1][7]. Group 1: Market Trends - In January, the non-ferrous metals index surged nearly 31%, while sectors like oil and petrochemicals, media, basic chemicals, electronics, and building materials saw increases of over 10% [1][7]. - The market is expected to maintain its focus on technology and non-ferrous sectors in February, with a continued "slow bull" trend supported by proactive fiscal and monetary policies for 2026 [1][7]. Group 2: Company Performance - A total of 31 technology stocks are identified with significant profit growth, meeting criteria such as having ratings from three or more institutions and projected profit increases exceeding 50% for 2025 [8]. - Zhenlei Technology is projected to achieve a net profit of 123 million to 145 million yuan for 2025, representing a year-on-year increase of 529.64% to 642.26% due to rising demand in the special integrated circuit industry [2][8]. - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan for 2025, reflecting a growth of 424.29% to 529.15% driven by increased orders from leading domestic battery companies [2][8]. Group 3: Institutional Attention - Stocks such as Tonghuashun, Keda Xunfei, and Lanke Technology have received ratings from over 20 institutions, indicating strong institutional interest [9]. - The average stock price increase among the listed companies is approximately 24%, significantly outperforming the broader market, with Jin Hai Tong leading with a rise of over 110% [3][9].

Group 1 - The core viewpoint of the news highlights the significant growth in AI computing power and applications, leading to a bullish market trend, particularly in cloud computing ETFs and key stocks like iFlytek [1][3] - iFlytek announced an expected net profit of 785 million to 950 million yuan for 2025, representing a year-on-year growth of 40% to 70%, driven by the accelerated deployment of AI applications [3] - The fourth quarter net profit for iFlytek is projected to reach 852 million to 1.017 billion yuan, indicating a staggering quarter-on-quarter increase of 394% to 490% [3] Group 2 - Meta's recent earnings report also exceeded market expectations, with significant revenue growth and a capital expenditure forecast of up to 135 billion yuan for 2026, nearly double that of the previous year [3] - The computing power industry is experiencing inflation from 2025 to early 2026, affecting storage, CPUs, and other semiconductor chips, driven by increased demand for AI training [3] - Alibaba is preparing to advance the independent listing of its AI chip subsidiary, Tianshu, which is expected to boost the development of domestic computing power chips [4] Group 3 - The open-source AI assistant Clawdbot has gained market attention, transforming personal AI assistants into proactive digital partners, indicating a shift in value from models to application frameworks [5] - The cloud computing ETF tracks a comprehensive index covering leading software developers and electronic component companies, providing a one-stop solution for the AI computing era [5]

Group 1 - The AI software sector experienced a strong rally, with the leading ETF (159899) rising by 3.74% as of 10:49 AM on January 29 [1] - Major stocks in the sector showed impressive performance, with iFlytek hitting the daily limit up at 10.00%, Kingsoft Office increasing by 4.27%, and other component stocks also generally rising [2] - The catalyst for this rally was the announcement of iFlytek's 2025 earnings forecast, projecting a net profit of 785 million to 950 million yuan, representing a significant year-on-year growth of 40% to 70% [2] Group 2 - The growth of iFlytek is driven by the successful commercialization of large models, with project bids amounting to 2.316 billion yuan, surpassing the total of the second to fifth ranked companies [2] - The trend towards large-scale commercialization of AI applications is becoming clear, supported by national initiatives and the establishment of key industry smart agents as a priority [3] - The software sector's strong fundamentals are reinforced by continuous technological breakthroughs and rapid user adoption, exemplified by the monthly active users of the Qianwen APP exceeding 100 million [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the software service index, with notable increases in stock prices of key companies like iFlytek, which is expected to see significant profit growth in 2025 [1][2] - iFlytek forecasts a net profit of 785 million to 950 million yuan for 2025, representing a year-on-year growth of 40% to 70%, with a non-net profit of 245 million to 301 million yuan, indicating a growth of 30% to 60% [1] - The company has consistently invested in AI research and development, with planned expenditures increasing from 2.416 billion yuan in 2020 to 4.580 billion yuan in 2024, maintaining a high R&D intensity with over 20% growth expected in 2025 [1] Group 2 - iFlytek has established a comprehensive commercialization system for AI applications, including AI industry applications, AI open platforms, and AI consumer products, with expected breakthroughs in 2025 [2] - According to CITIC Securities, 2026 is projected to be a pivotal year for AI, transitioning from "computing power construction" to "software volume release," benefiting software leaders with core algorithm capabilities and industry data [2] - The top ten weighted stocks in the CSI Software Service Index, including iFlytek, account for 60.89% of the index, indicating a concentrated investment opportunity in the software sector [2]

消息面上，亚马逊云科技（AWS）近日上调其EC2机器学习容量块价格约15%。此外，Google Cloud 官方邮件通知，将从今年5月起，对数据传输价格进行 调整，其中北美地区翻倍。 业内人士指出，AWS和谷歌打响云涨价第一枪，国产云厂商有望跟进。云涨价的背后逻辑在于近期由于CPU及存储涨价，以及Agent的复杂任务执行带来算 力需求的激增。 华鑫证券指出，数据中心是AI的核心基础设施。海内外算力市场高景气度推动IDC行业稳步增长。招商证券指出，需求侧方面，算力驱动数据中心建设热 潮，带动产业链公司订单显著增长。北美、中国为核心增量区域，海外龙头仍有大量待建项目，国内受算力卡进口受限影响暂缓后，有望迎来需求反弹。 数据显示，截至2025年底，大数据ETF华宝（516700）标的指数中，算力概念权重占比达40.91%，AI应用概念权重占比达37.43%。 今日（1月29日）重点布局算力、AI应用领域的大数据ETF华宝（516700）涨势如虹，场内价格盘中大涨超3%，现涨2.91%。成份股方面，科大讯飞涨停， 易点天下涨超11%，天下秀、托尔思涨逾7%，用友网络、鼎捷数智、税友股份等个股大幅跟涨。 【数据安全为王 ...

消息面上，开源项目Clawdbot在硅谷爆火，7x24的Agent重塑AI体验，可在Mac mini上运行，兼具本地AI智能体和聊天网关双重身 份，通过WhatsApp、iMessage等随时对话。Clawdbot解决了大模型记忆力痛点，能记住两周前的对话，还会主动推送邮件、日程提 醒，并可直接操控电脑执行任务。 业绩方面，1月28日晚间，软件ETF汇添富（159590）标的指数第一大重仓股——科大讯飞发布业绩预告，公司预计2025年净利润为 7.85亿元至9.5亿元，同比增长40%至70%；扣非后净利润为2.45亿元至3.01亿元，同比增长30%至60%。除盈利水平提升外，科大讯 飞多项核心财务指标表现亮眼：2025年公司营收、毛利保持正向增长，销售回款及经营性净现金流均创历史新高，其中销售回款总 额超270亿元，同比增长超40亿元；经营性净现金流超30亿元。对于业绩增长原因，科大讯飞表示主要得益于公司基于自主可控平台 持续夯实行业地位，人工智能应用规模化落地成效日益显现。 软件ETF汇添富（159590）标的指数权重股多数飘红：科大讯飞涨停，三六零、用友网络涨超5%，金山办公涨超4%，深信服涨超 3%，恒 ...

Summary of Iflytek (002230.SZ) Conference Call Company Overview - **Company**: Iflytek (002230.SZ) - **Market Cap**: Rmb132.506 billion (US$19.053 billion) [2] Financial Guidance - **FY25 Net Profit Guidance**: Expected to grow 40-70% YoY to Rmb785-950 million, with the mid-point being 12%/3% below CitiE/BBGe estimates [1][4] - **Recurring Net Profit**: Projected to grow 30-60% YoY to Rmb245-301 million [1] - **4Q25 Net Profit**: Expected to be Rmb934 million at mid-point, reflecting a 442% QoQ increase and a 3% YoY increase, but 10%/3% below CitiE/BBGe estimates [1] - **Sales Performance**: Sales exceeded Rmb27 billion, up Rmb4 billion YoY, surpassing CitiE's Rmb26.8 billion estimate and aligning with BBGe's Rmb27.5 billion [1] - **Net Operating Cash Flow**: Exceeded Rmb3 billion in 2025 [1] Research and Development - **R&D Investment**: Increased by over 20% last year [1] - **AI Projects**: Iflytek ranked first in both the number and value of large-scale model-related AI projects, with a total tender awarded amount of Rmb2.316 billion [1] Upcoming Reporting - **FY25 Results Announcement**: Scheduled for April 21, after market close [1] - **Key Focus Areas**: 1. 2026 outlook 2. AI-related revenue 3. R&D investment pace 4. Opportunities in ToC edge devices [1] Valuation - **Target Price**: Rmb58.00 based on a rolled-over NTM (4Q25-3Q26) Sum-of-the-Parts (SoTP) valuation of 5.7x NTM P/S for To-C and innovative business segments, and 10x NTM P/E for legacy To-B/To-G business [5] Risks - **Downside Risks**: 1. Increased tensions between China and the US affecting technology access 2. Intense competition in AI impacting pricing 3. Poor open platform monetization 4. Rising operating costs eroding profitability [6] - **Upside Risks**: 1. Eased tensions between China and the US 2. Reduced competition in AI 3. Better-than-expected open platform monetization 4. Lower operating costs boosting profitability [6] Market Expectations - **Expected Share Price Return**: 1.2% [2] - **Expected Dividend Yield**: 0.3% [2] - **Expected Total Return**: 1.5% [2] This summary encapsulates the key points from the Iflytek conference call, highlighting financial guidance, R&D efforts, valuation, risks, and market expectations.

Group 1 - The Robot ETF (562500) experienced a significant rebound after a brief dip, with a 2.30% fluctuation within 15 minutes, reaching a daily high of 1.11% and closing at 1.095 yuan, up 0.922% from the opening price [1] - Among the 66 constituent stocks tracked by the ETF, 12 stocks showed an increase, with iFlytek rising over 8%, while Weichuang Electric, Jingpin Special Equipment, and Jiangsu Beiren saw declines exceeding 5% [1] - The trading volume for the Robot ETF (562500) reached 4.52 billion yuan, with a turnover rate of 1.77%, indicating a high level of trading activity [1] Group 2 - Guojin Securities highlighted that 2026 is a critical milestone for humanoid robots, with Tesla expected to release its first mass-produced product in Q1 2026 and commence large-scale production in August [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments including humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robot industry chain [2] - Following the adjustment of constituent stocks, the humanoid robot content in the index tracked by the Robot ETF (562500) has increased to nearly 70%, successfully removing underperforming stocks and incorporating quality ones [2]