1月27日，A股三大指数集体上涨。截至收盘，沪指涨0.18%报4139.9点，深成指涨0.09%报14329.91点，创业板指涨0.71%报 3342.6点。从板块行情上来看，今日表现较好的是存储芯片、汽车芯片和F5G概念，而猪肉概念、幽门螺杆菌概念和有机硅 等板块下跌。 | 基金经理 | 万家事利信号。 | 基金代码 016421 | 公告日期 2026/1/27 | 变动日期 2026/1/26 | 任职状态 高职 | 变动原因说明 结束代理 | | --- | --- | --- | --- | --- | --- | --- | | | 万家患利债券C | 016422 | 2026/1/27 | 2026/1/26 | 离题 | 结束代理 | | | 万家安弘纯债一年定期开放债券A | 004681 | 2026/1/27 | 2026/1/26 | 离影 | 结束假理 | | | 万家安弘纯债一年定期开放债券C | 004682 | 2026/1/27 | 2026/1/26 | 高脂 | 结束代理 | | 支弹凯 | 万家安弘纯债一年定期开放债券D | 023274 | 2026/1/27 | ...

国元证券研报指出，海康威视2025年营业总收入基本持平，归母净利润增长逐季加速。其中，创新业务 和国际主业保持增长，国内主业有所下滑。继续坚定研发投入，推进大模型应用落地，智能工厂获得认 可；智能感知+AI前景广阔，相关产品逐步进入成长期。公司面向全球用户提供以视频为核心的智能物 联网解决方案和大数据服务，在技术、产品与解决方案等方面拥有全面优势，未来持续的成长空间较为 广阔。考虑到行业的成长空间和公司业务的持续成长性，维持"买入"评级。 ...

智能感知+AI 前景广阔，相关产品逐步进入成长期公司持续专注智能物联主航道，智能感知+AI 的应用 前景广阔。2025 年，公司在城市治理、工业与能源等行业的AI 应用上有持续推进，海康机器人、海康 汽车电子、海康微影、海康睿影等均实现了较快增长。在AI 技术相关产品的S 曲线上，不同产品处于 不同的位置，预计2026 年以后将有越来越多的产品从S 曲线的导入期进入到成长期。 点评： 2025 年营业总收入基本持平，归母净利润增长逐季加速经过公司初步核算，2025 年公司实现营业总收 入925.18 亿元，同比增长0.02%，其中，创新业务和国际主业保持增长，国内主业有所下滑；实现归属 于上市公司股东的净利润141.88 亿元，同比增长18.46%，费用基本同比持平，利润增长主要来自毛利 率提升，汇兑收益（欧元升值）和信用减值损失冲回为正面因素，所得税率小幅上扬为不利因素。公司 过去四个季度归母净利润的同比增速分别为6.41%、14.94%、20.31%、25.83%，呈现逐季度加速的态 势。经营活动现金流远好于净利润，净利润增速快于收入增速，应收账款与票据总额逐季度下降。固定 资产建设的高峰期已过，资本开支 ...

从个股来看，120股主力资金净流入均超1亿元，其中23股净流入金额均超3亿元。 6个行业获主力资金净流入。 据证券时报·数据宝统计，今日（1月26日）沪深两市主力资金净流出757.1亿元，其中创业板净流出 281.49亿元，沪深300成份股净流出95.23亿元。 行业板块方面，申万一级10个行业上涨，有色金属行业涨幅居首，达4.57%；石油石化、煤炭行业涨幅 居前，分别涨3.18%、2.07%；农林牧渔、非银金融、银行和通信等行业均小幅上涨。21个下跌行业 中，国防军工行业跌4.47%，居首；汽车、社会服务、电子、房地产和计算机行业跌幅居前，均超2%。 从资金流向来看，申万一级行业中，6个行业主力资金净流入。医药生物行业主力资金净流入金额居 首，为32.9亿元；通信行业主力资金净流入达25.19亿元，非银金融和银行行业主力资金净流入均超14亿 元；综合和美容护理行业主力资金净流入分别为4661.01万元、1873.98万元。 25个主力资金净流出的行业中，电子、电力设备和国防军工行业主力资金净流出均超110亿元，机械设 备、汽车、计算机和传媒行业主力资金净流出均超40亿元。 2股获主力资金大幅抢筹 4股尾盘净 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Insights - Hikvision's total revenue for 2025 is projected to be CNY 925.18 billion, showing a slight year-on-year growth of 0.02%. The net profit attributable to shareholders is expected to reach CNY 141.88 billion, reflecting an 18.46% increase year-on-year. The profit growth is primarily driven by improved gross margins, foreign exchange gains, and the reversal of credit impairment losses [1][4]. - The company is focusing on high-quality development and innovation, with significant investments in R&D and the application of large models across various sectors. This strategy has led to rapid growth in innovative business revenue, which is becoming a key growth engine for the company [2][3]. - The outlook for AI applications in smart sensing is promising, with various products expected to transition from the introduction phase to the growth phase post-2026 [3]. Financial Projections - Revenue forecasts for 2025-2027 are adjusted to CNY 925.18 billion, CNY 990.15 billion, and CNY 1,054.98 billion, respectively. Net profit forecasts are adjusted to CNY 141.88 billion, CNY 152.01 billion, and CNY 160.92 billion, with corresponding EPS of CNY 1.55, CNY 1.66, and CNY 1.76 per share [4][8]. - The projected P/E ratios for the same period are 20.64, 19.26, and 18.20, indicating a favorable valuation trend [4][8].

证券之星消息，1月26日计算机设备板块较上一交易日下跌1.97%，浩瀚深度领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。计算机设备板块个股涨跌见下表： 从资金流向上来看，当日计算机设备板块主力资金净流出28.73亿元，游资资金净流入13.23亿元，散户资 金净流入15.5亿元。计算机设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000977 浪潮信息 | | 3.22 Z | 6.73% | -1.30 Z | -2.71% | -1.92 Z | -4.02% | | 002415 海康威视 | | 2.69 Z | 8.56% | -5474.03万 | -1.74% | -2.14 Z | -6.81% | | 300249 | 依米康 | 4815.95万 | 10.96% | 1608.34万 | 3.66% | -6 ...

| | 震裕科技 | 1月20日 | 10 | | --- | --- | --- | --- | | 重阳 | 三七互娱 | 1月22日 | 111 | | | 海康威视 | 1月20日 | d1 | | | 精测电子 | 1月21日 | 27 | | | 非曙賞科 | 1月20日 | 21 | | | 震裕科技 | 1月20日 | 10 | | | 海安集团 | 1月22日 | 30 | | | 苏大维格 | 1月20日 | 16 | | | 佳驰科技 | 1月20日 | 16 | | 星石投资 | 胜科纳米 | 1月20日 | 16 | | | 中建环能 | 1月22日 | 6 | | | 银河磁体 | 1月23日 | 3 | | --- | --- | --- | --- | | | 中光防雷 | 1月23日 | 3 | | 拾贝投资 | 大金重工 | 1月22日 | 209 | | | 三七互娱 | 1月22日 | 111 | | | 润丰股份 | 1月20日 | 97 | | | 海安集团 | 1月22日 | 30 | | | 麦澜德 | 1月22日 | 25 | | | 世紀非運 | 1月19日 ...

Investment Rating - The report indicates a positive investment outlook for the industry, highlighting a "golden window period" for the short drama sector, with expectations for significant growth in the coming years [2][11]. Core Insights - The short drama industry has reached a scale of nearly 1 trillion yuan, surpassing both the film and long video sectors, with a projected compound annual growth rate (CAGR) of over 50% from 2023 to 2026 [11]. - The market for animated dramas is expected to exceed 22 billion yuan by 2026, contributing 50% of the incremental growth in the short drama industry [11]. - ByteDance is positioned as the absolute leader in the animated drama sector, leveraging its "traffic + IP + AI" integrated strategy to dominate the market [2][17]. - The application of AI technology is transforming the production paradigm of animated dramas, reducing production cycles from over 50 days to under 30 days and significantly lowering costs [3][21]. Summary by Sections Section 1: The Golden Window for Short Dramas - The short drama market has surpassed 1 trillion yuan, with user engagement increasing, and the average daily viewing time expected to exceed 100 minutes by 2025 [11]. - The market has entered a phase of rapid growth and commercialization, with significant increases in both supply and demand for animated dramas [11][12]. Section 2: AI Reshaping Production Paradigms - AI technologies are enabling a shift from manual production to industrialized generation, with production costs dropping to the thousand-yuan level [3][21]. - The integration of AI in production processes is expected to streamline workflows, reducing the number of steps from 11 to 5 and cutting costs by 60% [3][24]. Section 3: Trends in AI Applications - The report anticipates a significant uptick in AI applications by 2026, driven by the need for software to leverage substantial computational investments [4][31]. - Companies are increasingly integrating AI into their business models, with some reporting that AI-related revenues account for over 10% of total income [4][31]. Section 4: Related Investment Targets - Key investment targets include companies such as DeCai Co., Zhaochi Co., and Wanxing Technology, among others, which are positioned to benefit from the growth in the animated drama and AI sectors [5][40].

Core Viewpoint - The article discusses the current state and trends in the computer industry, highlighting the allocation of public funds and the performance of key stocks within the sector. Group 1: Industry Allocation and Performance - The relative allocation of public funds in the computer industry shows a significant interest in top stocks, with the most held stocks being Kingsoft Office, Hikvision, and Inspur Information [6][9]. - The top twenty stocks by fund holdings include notable companies such as Kingsoft Office, Keda Xunfei, and Deepin Technology, indicating a concentrated investment strategy among funds [6][9]. - The market value held by funds in these top stocks reflects a strong confidence in their performance, with Kingsoft Office leading with a market value of 184 billion [9]. Group 2: Fund Holdings and Changes - The article lists the top twenty stocks with the highest fund holdings, emphasizing the dominance of companies like Keda Xunfei and Kingsoft Office in terms of both number of funds and market value [9][10]. - The stocks with the highest increase in fund holdings include Keda Xunfei and Zhongke Xingtai, suggesting a growing interest and potential bullish sentiment towards these companies [8][10]. - The analysis of fund holdings indicates a strategic shift towards companies that are perceived to have strong growth potential in the computer sector [6][8].

Market Trends - AI hardware penetration is increasing, leading to a rise in the semiconductor industry, with PCB and memory prices continuing to rise[4] - Lithium carbonate prices have surged by 12.7% due to supply constraints and improving downstream demand[6] - The pork price has improved by 2.4% month-on-month, supported by consumption policies and seasonal demand[5] Consumer Insights - In the real estate sector, the transaction area of commercial housing in 30 major cities has decreased by 30.5% year-on-year, with first-tier cities down by 35.4%[5] - Retail sales of passenger cars have dropped significantly, with a 32% year-on-year decline in daily sales, particularly in the new energy vehicle segment, which saw a 38% drop[5] Industry Developments - The domestic company Tiangong International is focusing on powder metallurgy technology for nuclear fusion materials, with a target of 25% revenue growth over the next three years[8] - The cement production in Uganda has increased from 370,000 tons in 2000 to 5.1 million tons in 2023, driven by rapid urbanization and economic growth[12] Company Performance - Hikvision's net profit for 2025 is projected to be 141.88 billion yuan, reflecting an 18.46% year-on-year increase, driven by high-quality growth strategies[40] - Netflix's revenue for FY26 is expected to reach $511 billion, with a net profit of $135 billion, indicating a 22.5% year-on-year growth[48]