Core Insights - The ETF market has recently experienced record outflows, with broad-based ETFs seeing over 200 billion yuan in outflows in a single week, while sector and thematic ETFs in technology and cyclical sectors continue to attract inflows [1] Group 1: Market Trends - The outflow of funds from broad-based ETFs indicates a significant market adjustment, which may help temper market sentiment and promote rationality in capital market operations [1] - Small-cap stocks have been less impacted by the outflows, while sectors such as banking, food and beverage, coal, and non-bank financials have faced greater challenges [1] Group 2: Investment Recommendations - The current investment strategy suggests focusing on broad-based products like the ChiNext 50, ChiNext Index, Double Innovation 50, and CSI 1000 ETFs, as well as thematic products in new energy, non-ferrous metals, agriculture, pharmaceuticals, and medical devices [1]

Core Viewpoint - The AI application sector has emerged as a primary investment theme for 2026, with a year-to-date increase of 19%, leading the A-share market [1] Group 1: AI Application Trends - The acceleration of AI applications is expected to continue, driven by multiple catalysts [1] - The CES 2026 event has provided significant insights into the future directions of AI application deployment [1] Group 2: Hardware and Software Developments - On the hardware side, AI is gradually penetrating daily life, with diverse hardware entry forms including automobiles, robots, smart glasses, smart homes, and wearable devices [1] - Software advancements, particularly in model inference capabilities, are facilitating the rapid deployment of enterprise-level Agentic AI [1] - Next-generation hardware platforms, such as Rubin, are significantly reducing token and inference costs, which is likely to further accelerate application deployment [1] Group 3: Market Position and Growth Potential - China possesses advantages in the pace of application deployment and user scale, indicating substantial growth potential for AI applications [1]

Group 1: Core Insights - The development of computing power is expected to have high certainty by 2026, with continuous upgrades in supernode technology and sustained high capital expenditure (Capex) from major cloud service providers (CSPs), indicating investment opportunities in computing chips and system-level manufacturers [1][2] - The AI application sector is reaching a turning point, with significant improvements in model capabilities and new opportunities for overseas expansion, leading to accelerated order and revenue growth for AI application companies [1][3] Group 2: Computing Power Trends - The transition to supernode technology is enhancing cluster performance, with leading overseas server companies validating excess market share and profits through supernode system capabilities [2] - Domestic computing power is rapidly improving its competitiveness, supporting local models, and shifting competition from single-card performance to system-level capabilities by 2026 [2] Group 3: AI Applications - Next-generation large models (e.g., Gemini 3.0/GPT-5) are expected to benefit complex reasoning and multimodal scenarios, facilitating the large-scale implementation of AI [3] - The domestic AI application landscape is evolving, with independent model providers emerging due to strong R&D capabilities, and applications are expanding beyond traditional areas like chatbots and customer service to include multimodal and embodied intelligence scenarios [3] Group 4: Domestic Demand Support - Continuous policy support for technology in sectors like satellites, healthcare, and consumption is anticipated to strengthen in 2026, driving demand for satellite technology and medical AI [4] - Structural recovery in domestic demand is expected to be a key focus for the computing sector in 2026, with policies promoting consumption and regulating fiscal systems [4]

Core Insights - The ETF market has recently experienced record outflows, with broad-based ETFs seeing over 200 billion yuan in outflows in a single week, while sector and thematic ETFs in technology and cyclical sectors continue to attract inflows [1] Group 1: Market Trends - The outflow of funds from broad-based ETFs indicates a significant market adjustment, which may help temper market sentiment and promote rationality in capital markets [1] - Small-cap stocks have been less impacted by the outflows, while sectors such as banking, food and beverage, coal, and non-bank financials have faced greater challenges [1] Group 2: Investment Recommendations - The report suggests focusing on broad-based products like the ChiNext 50, ChiNext Index, Double Innovation 50, and CSI 1000 ETFs, as well as thematic products in new energy, non-ferrous metals, agriculture, pharmaceuticals, and medical devices [1]

Group 1 - The core viewpoint of the article is that the AI application sector has become a primary focus for 2026, with a year-to-date increase of 19%, leading the A-share market [1] - The ongoing catalysts for AI applications are expected to continue, with a trend of accelerated implementation [1] - The CES 2026 event held at the beginning of the year provided a significant window for observing the future direction of AI application deployment [1] Group 2 - On the hardware side, AI is gradually penetrating daily life, with diverse hardware entry forms including automobiles, robots, glasses, smart home devices, and wearables like smart glasses, rings, headphones, and smart toys [1] - On the software side, upgrades in model inference capabilities are facilitating the accelerated deployment of enterprise-level Agentic AI [1] - Next-generation hardware platforms, such as Rubin, are significantly reducing token and inference costs, which is expected to further accelerate application deployment [1] Group 3 - Overall, China possesses advantages in the pace of application deployment and user scale, indicating that there is still considerable growth potential for AI applications [1]

格隆汇1月20日丨根据联交所最新权益披露资料显示，2026年1月16日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.0296港元增 持1279.2万股，涉资约3875.5万港元。 增持后，中信证券资产管理有限公司最新持股数目为2,237,113,000股，持股比例由19.92%上升至20.04%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | (請參閱上述*註 | | | | | | | | | 份自分比 | | A BREASE OF CONSULTION OF CONSULTION OF CONSULTION OF COLLECTION OF COLLECTION OF COLLECTION OF COLLECTION O CS20260116E00601 | 中信证券资产管理有限公司 | 1101(L) | 12,792,000( ...

不过，由于采用长期股权投资权益法核算，这部分收益大多仍停留在账面上。通过此次减持，越秀资本 终于可以将纸面上的"富贵"落袋为安。 事实上，越秀资本近年来极为重视投资收益。2025年以来，该公司相继增持北京控股H股、新天绿色能 源H股，并向这两家公司派驻董事，因而也将采用权益法核算相应的投资收益。 由于北京控股及新天绿色能源的市净率较低，越秀资本财务部门预计，根据投资成本与可辨认净资产公 允价值的差额，可分别确认一次性收益约20.22亿元和2.98亿元。 依靠中信证券实现业绩"翻身"的越秀资本，正选择将收益"落袋为安"。 1月16日晚，越秀资本发布公告称，拟通过二级市场减持不超过中信证券总股本1.00%的股份，授权期 限至2026年12月31日。按当前股价计算，这部分股权市值约为41.36亿元。 越秀资本在中信证券上的投资获益显著。数据显示，2020年至2025年上半年，中信证券带来的投资收益 分别为7.47亿元、16.07亿元、16.39亿元、16.31亿元、18.54亿元、11.56亿元，合计约为86.34亿元。 在会计处理上，越秀资本将中信证券作为长期股权投资并按权益法核算，其投资收益对应中信证券净利 润 ...

香港联交所最新资料显示，1月16日，中信证券资产管理有限公司增持中广核电力(01816)1279.2万股， 每股作价3.0296港元，总金额约为3875.46万港元。增持后最新持股数目约为22.37亿股，最新持股比例 为20.04%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月16日，中信证券资产管理有限公司增持中广核电力 (01816)1279.2万股，每股作价3.0296港元，总金额约为3875.46万港元。增持后最新持股数目约为22.37 亿股，最新持股比例为20.04%。 ...

Core Insights - The strategic importance of global rare earth resources continues to rise, marking the entry of the rare earth industry into a new era of high-quality development [1] Supply Side - Supply constraints are expected to strengthen due to quota regulations and control policies, leading to a rigid supply logic [1] Demand Side - Emerging sectors such as electric vehicles, humanoid robots, and the low-altitude economy are anticipated to become core drivers of long-term high-speed growth in demand [1] Future Outlook - It is projected that starting from 2026, the global supply-demand gap for rare earths may continue to widen, with prices expected to remain stable or increase [1] - The profitability of the industry chain is likely to continue improving, reinforcing the strategic allocation value of the rare earth industry chain [1]