| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000415 | 渤海相赁 | 4.61 | 4.54% | 108.06万 | | 4.90亿 | | 600053 | 九鼎投资 | 25.80 | 4.24% | 26.83万 | | 6.79亿 | | 000563 | 陕国投A | 3.63 | 2.54% | 89.55万 | | 3.22亿 | | 000567 | 海德股份 | 5.92 | 2.07% | 17.04万 | | 9989.56万 | | 600643 | 爱建集团 | 4.87 | 1.88% | 15.25万 | | 7342.37万 | | 600390 | 于矿 各本 | 5.78 | 1.40% | 45.18万 | | 2.58亿 | | 600816 | 建元信托 | 2.87 | 1.06% | 43.20万 | | 1.23亿 | | 600517 | 国网英大 | 6.89 | 1.03% | 41.03万 | | 2.81亿 | ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600599 | *ST能猫 | 7.33 | -3.30% | 4.95万 | 3652.04万 | | 603093 | 南华期货 | 18.30 | -0.11% | 4.21万 | 7701.78万 | | 600927 | 永安期货 | 15.37 | 0.07% | 6.83万 | 1.05亿 | | 600830 | 電調視頻 | 9.70 | 0.41% | 6.07万 | 5880.01万 | | 600901 | 江苏金租 | 6.20 | 0.49% | 34.77万 | 2.15 乙 | | 000617 | 中油资本 | 8.89 | 0.79% | 52.24万 | 4.62亿 | | 000567 | 海德股份 | 5.80 | 0.87% | 11.39万 | 6591.04万 | | 002961 | 瑞达期货 | 24.08 | 1.05% | 6.98万 | 1.68亿 | | 000958 | 电投产融 | ...

2月2日，拉卡拉跌0.34%，成交额10.43亿元。两融数据显示，当日拉卡拉获融资买入额8381.02万元， 融资偿还1.11亿元，融资净买入-2706.38万元。截至2月2日，拉卡拉融资融券余额合计13.50亿元。 融资方面，拉卡拉当日融资买入8381.02万元。当前融资余额13.48亿元，占流通市值的6.62%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，拉卡拉2月2日融券偿还1.51万股，融券卖出1.12万股，按当日收盘价计算，卖出金额29.36万 元；融券余量8.80万股，融券余额230.65万元，低于近一年20%分位水平，处于低位。 资料显示，拉卡拉支付股份有限公司位于北京市海淀区北清路中关村壹号D1座6层606,香港铜锣湾勿地 臣街1号时代广场2座31楼，成立日期2005年1月6日，上市日期2019年4月25日，公司主营业务涉及为实 体小微企业提供收单服务和为个人用户提供个人支付服务,此外拉卡拉还以积累的丰富第三方支付运营 经验,向客户提供第三方支付增值服务。主营业务收入构成为：支付业务100.00%。 机构持仓方面，截止2025年9月30日，拉卡拉十大流通股东中，华宝中证金融科技 ...

证券之星消息，1月30日多元金融板块较上一交易日下跌1.85%，拉卡拉领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。多元金融板块个股涨跌见下表： 从资金流向上来看，当日多元金融板块主力资金净流出7.45亿元，游资资金净流入2.43亿元，散户资金净 流入5.02亿元。多元金融板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6650009 | *ST能猫 | 7.58 | 4.99% | 5.43万 | 1 | 4073.47万 | | 600830 | 香溢融通 | 69.6 | 1.79% | 9.32万 | | 8977.48万 | | 002316 | 亚联友展 | 5.30 | 1.15% | 15.86万 | | 8349.04万 | | 600901 | 江苏金租 | 6.37 | 0.47% | P 29.52万 | | 1.87亿 | | 600053 | 九鼎投资 | 22.29 ...

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

从资金流向上来看，当日多元金融板块主力资金净流出5.36亿元，游资资金净流入1.54亿元，散户资金净 流入3.82亿元。多元金融板块个股资金流向见下表： 证券之星消息，1月26日多元金融板块较上一交易日下跌0.43%，拉卡拉领跌。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%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 000987 | 越秀资本 | 11.69 | 5.03% | | 310.01万 | 36.55亿 | | 002647 | *ST仁东 | 9.92 | 4.97% | | 23.16万 | 2.27亿 | | 603093 | 南华期货 | 19.24 | 3.27% | | - 18.23万 | 3.47亿 | | 000415 | 渤海相賃 | 4.55 | 1.11% | | 141.81万 | 6.41亿 | | 600927 | 永安期货 | 16.72 | 0. ...

证券代码：300773 证券简称：拉卡拉 公告编号：2026-003 拉卡拉支付股份有限公司 一、使用闲置自有资金进行委托理财的基本情况 1、投资目的 为提高公司资金使用效率，在不影响公司正常经营情况下，合理利用部分闲置 自有资金进行委托理财，增加资金收益，为公司及股东获取更多的投资回报。 2、投资的资金额度和来源 公司使用不超过人民币10亿元（含）的闲置自有资金进行委托理财，投资期限 内任一时点用于委托理财的交易金额（含前述投资的收益进行再投资的相关金额） 不超过上述投资额度。资金来源合法合规， 不涉及募集资金或银行信贷资金。 3、投资品种 关于使用闲置自有资金进行委托理财的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 拉卡拉支付股份有限公司（以下简称"公司"）于2026年1月26日召开的第四 届董事会第十三次会议审议通过了《关于使用闲置自有资金进行委托理财的议案》， 董事会同意公司使用闲置的自有资金不超过人民币10亿元（含）进行委托理财，期 限内任一时点的交易金额（含前述投资收益进行再投资的相关金额）不超过上述投 资额度，使用期限为自公司董事会审议 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300773 证券简称：拉卡拉 公告编号：2026-002 拉卡拉支付股份有限公司 第四届董事会第十三次会议决议公告 与会董事认真审议并通过了如下议案，并决议如下： 1、第四届董事会第十三次会议决议。 一、董事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）于 2026 年 1 月 23 日以邮件 方式发出第四届董事会第十三次会议通知，经全体董事确认，一致同意 2026 年 1 月 26 日公司以通讯方式召开会议。会议由董事长孙陶然先生主持。会议应出 席的董事 8 人，实际出席会议的董事 8 人。会议的召集和召开程序符合《中华人 民共和国公司法》和《拉卡拉支付股份有限公司章程》等的规定。 二、董事会会议审议情况 根据公司资金情况及使用计划，在不影响正常生产经营活动、保证资金流动 性和安全性的前提下，为合理利用部分闲置的自有资金，提高资金的使用效率， 提升资金收益水平，为公司及股东获取更多的投资回报，董事会同意公司使用闲 置的自有资金不超过人民币 10 亿元（含）进行委托理财，期限内任一时点的交 ...

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].