Market Overview - The Shanghai Composite Index rose by 0.27%, while the Shenzhen Component Index increased by 0.09%. However, the ChiNext Index fell by 0.57% after opening high and dropping over 1% during the day [1] - Over 3,600 stocks in the market experienced declines [2] Sector Performance - Resource stocks led the market, with significant gains in precious metals, oil and gas, and electrolytic aluminum sectors. Notable performances included China Gold with four consecutive trading days of gains, Hunan Gold with three consecutive gains, and China Aluminum hitting a 16-year high [2] - The dyeing and finishing chemicals sector saw collective gains, with Zhejiang Longsheng, Runtou Co., and Yabong Co. reaching their daily price limits [3] - The storage chip sector was active, with Zhongwei Semiconductor and Qipai Technology both hitting their daily price limits [4] - Conversely, the pharmaceutical and medical sectors faced significant declines, with Baipusais and Bibete dropping over 10%, and Heng Rui Pharmaceutical experiencing 11 consecutive days of decline [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 704 billion yuan compared to the previous trading day [6] Individual Stock Highlights - Zijin Mining had a trading volume exceeding 27.2 billion yuan, while Zhongji Xuchuang reached over 20.8 billion yuan in trading volume [7] - Notable individual stock performances included: - Zijin Mining: +4.16%, latest price 42.30 yuan, trading volume 27.285 billion yuan [8] - Zhongji Xuchuang: +2.01%, latest price 628.00 yuan, trading volume 20.819 billion yuan [8] - BlueFocus: -8.29%, latest price 20.36 yuan, trading volume 18.446 billion yuan [8] - Ningde Times: +0.17%, latest price 339.99 yuan, trading volume 15.638 billion yuan [8] - Sunshine Power: -3.34%, latest price 152.90 yuan, trading volume 14.757 billion yuan [8]

Core Insights - The AI industry is entering a period of comprehensive explosion driven by both computing power and application development [1][2] Group 1: Computing Power - According to Cignal AI, the revenue of the optical module market is expected to exceed $18 billion by 2025, driven by the construction of data centers and transmission networks fueled by AI [2][14] - The demand for AI computing power is anticipated to continuously drive the performance of optical modules [2][14] Group 2: AI Applications - Alibaba's flagship reasoning model Qwen3-Max-Thinking was officially launched on January 26, 2026, and its comprehensive performance is comparable to GPT-5.2 and Gemini3Pro, making it one of the closest domestic models to international top levels [2][14] - The trend of accelerating AI application deployment is expected to continue [2][14] Group 3: Investment Performance - The ChiNext AI Index has significantly outperformed its peers, with a cumulative increase of 322.31% since the beginning of 2023, compared to other AI indices which saw increases of 258.76%, 133.08%, 124.73%, and 121.87% [4][19][20] - The ChiNext AI Index's performance is indicative of strong market interest and investment in AI-related sectors [4][19] Group 4: Index Composition - The ChiNext AI Index allocates approximately 60% of its portfolio to computing power (including optical modules and IDC data centers) and 40% to AI applications, emphasizing both core computing power and significant AI application representation [8][19] - The index focuses on the upstream segment of the AI industry chain, particularly in advantageous areas such as CPO optical modules and IDC data centers, with over 44% allocation to CPO optical modules [8]

Core Viewpoint - The stock market experienced fluctuations with the Shanghai Composite Index and Shenzhen Component Index rising initially but then retreating, while the ChiNext Index opened high but fell, indicating mixed investor sentiment in the market [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [1] - Over 3,600 stocks in the market declined, reflecting a broad sell-off [1] Sector Performance - Resource stocks led the market, with significant gains in precious metals, oil and gas, and electrolytic aluminum sectors. Notable performances included: - China Gold achieving four consecutive trading limit increases - Hunan Gold with three consecutive trading limit increases - China Aluminum hitting a 16-year high with a trading limit increase [1] - The disperse dye concept stocks collectively surged, with Zhejiang Longsheng, Runtou Shares, and Yabang Shares all hitting trading limits [1] - The storage chip concept also showed strong activity, with Zhongwei Semiconductor and Qipai Technology both reaching trading limits [1] Declining Sectors - The pharmaceutical and medical sectors faced significant declines, with notable drops including: - Baipusais and Bibete falling over 10% - Heng Rui Medicine experiencing 11 consecutive days of decline [1] - The photovoltaic sector also saw substantial losses, contributing to the overall market downturn [1] Index Closing - At the close, the Shanghai Composite Index rose by 0.27%, the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.57% [1]

Group 1 - The core viewpoint emphasizes that computing power remains the most important theme for the year, with AI-driven applications penetrating the edge [1] - "Hard technology" is performing prominently under the influence of AI, with sectors such as domestic computing power, AI-PCB, AIDC supporting facilities, and AI edge SoC design/testing expected to show rapid growth in 2024 and maintain high growth in Q1-Q3 of 2025 [1] - The demand for AI is driving technological upgrades in optical modules and expanding market size, with the development of AI data centers accelerating the advancement and application of high-speed optical modules, making the upgrade from 800G to 1.6T a mainstream trend [1] Group 2 - The demand for liquid cooling solutions is rapidly increasing due to the continuous rise in power density, while the surge in data volume driven by AI is also boosting the demand for data centers [1] - The valuation system of the technology industry is expected to be restructured under the context of major power competition, with the valuation center of the technology sector, represented by the electronics industry, likely to rise further [1] Group 3 - The ChiNext AI ETF Guotai (159388) tracks the ChiNext AI Index (970070), which has a daily price fluctuation limit of 20% [2] - This index selects listed companies in the ChiNext market whose main business involves the AI field, reflecting the overall performance of AI-related listed company securities [2] - The index focuses on the development trends of the AI industry, covering subfields such as machine learning, smart hardware, and data processing, characterized by high growth and innovation [2]

2026广东省两会系列学习笔记之二 特约评论员熊夏柠 1月26日，广东省十四届人大五次会议开幕。2025年，广东全省上下深入落实省委"1310"具体部署，有 效应对各种冲击挑战，坚定不移挑好大梁、全面推进强省建设，粤港澳大湾区建设走深走实，经济发展 向新向优，改革开放活力动力持续释放，城乡区域发展平衡性稳步提高，民生保障有温度有力度，法治 广东平安广东建设扎实有效，风清气正的政治生态持续巩固。 三年来，广东实施"百县千镇万村高质量发展工程"，着力破解区域发展不平衡问题。据悉，全省57个县 （市）生产总值近3年年均增速快于全省，并历史性实现县域人口"整体净流入"，城乡居民收入比显著 缩小。这场以县镇村为单位的深刻蝶变，让发展成果惠及更广大区域和人群。 在"百千万工程"不断推进的过程中，人才返乡创业持续不断发挥了积极的作用，青年人才返乡创业就业 为县域和乡村带去了活力、技术、商业模式和致富思路。 广东正深入实施"百千万工程"，提出要发展壮大县域经济，推动城乡区域协调发展。应该不断为青年人 返乡创业就业创造更便利、更支持的条件和相关政策配套，鼓励他们将自己的新思路和活力带去县域和 乡村，助力"百千万工程"不断推进， ...

三年来，广东实施"百县千镇万村高质量发展工程"，着力破解区域发展不平衡问题。据悉，全省57个县 (市)生产总值近3年年均增速快于全省，并历史性实现县域人口"整体净流入"，城乡居民收入比显著缩 小。这场以县镇村为单位的深刻蝶变，让发展成果惠及更广大区域和人群。 在"百千万工程"不断推进的过程中，人才返乡创业持续不断发挥了积极的作用，青年人才返乡创业就业 为县域和乡村带去了活力、技术、商业模式和致富思路。 据南方日报报道，中山大学博士李禄建入职茂名石化博士后科研工作站后，带领团队历时七年深耕超高 黏度指数合成润滑油基础油(mPAO)技术，攻克催化剂研发等核心难题，其团队研发的产品，用专业实 力为传统石化绿色转型提供了优质范本。另外，国家农业科创中心粤西研究院院长凌小梅辞去广州某世 界500强企业业务主管职务，回到信宜投身"百千万工程"，毅然回乡当起"新农人"，以农业创新平台为 支点，构建"数字赋能+技术支撑+品牌打造+联农带农"全链条发展模式。80后返乡创业青年黄翔深耕乌 榄产业15年，以信宜新宝镇特色资源为根基，牵头成立合作社，推动500余亩山地实现标准化种植，建 成全国首个乌榄特色产业园，年产值破千万元。 青 ...

截至午间收盘，沪指涨0.49%，报4160.01点，深成指涨0.09%，报14342.74点，创业板指跌0.37%，报3330.39点，科创50指数跌0.73%，报1544.62 点。沪深两市合计成交额19126.49亿元，全市场超3300只个股下跌。 责任编辑：栎树 资源股集体爆发，贵金属、油气方向领涨，中国黄金4连板，湖南黄金3连板，四川黄金10天6板，招金黄金8天5板，中国海油涨超7%续创历史新 高，石化油服、准油股份涨停。 分散染料概念集体走高，浙江龙盛、闰土股份、亚邦股份涨停。存储芯片概念表现活跃，普冉股份涨超15%续创历史新高，气派科技20CM涨停。 下跌方面，病毒防治概念集体下挫，之江生物跌超9%。 光伏股集体下跌，东方日升跌超7%，福斯特、钧达股份跌超5%，协鑫集成、天合光能、德业股份、亿晶光电、阳光电源跌超4%。 国内商品期货多数上涨，集运欧线涨超5%，沪铝、沥青、铝合金涨超4%，氧化铝涨超3%，沪金涨近3%，沪银、原油、燃料油、沪锌、沪锡涨超 2%，纯苯、尿素、甲醇、豆油涨超1%。跌幅方面，碳酸锂跌超2%，不锈钢、沪镍、多晶硅跌超1%。 股票频道更多独家策划、专家专栏，免费查阅>> ...

Group 1 - The core point of the news is the significant price increases in semiconductor chips and storage components, indicating a shift in the supply-demand dynamics within the industry, with companies like Samsung Electronics and domestic firms announcing substantial price hikes [1][2] - The DeepSeek team released a new paper and open-sourced the DeepSeek-OCR 2 model, which enhances AI's ability to dynamically rearrange image components based on their meanings, aligning more closely with human visual processing [1] - The first AI-focused ETF, Yongying (159141), has seen a 1.29% increase, with key component stocks like Youke and Beijing Junzheng experiencing notable gains, reflecting investor confidence in the AI sector [1][2] Group 2 - Global AI computing power and storage are experiencing high demand, leading to widespread shortages and price increases across various electronic components, indicating a structural inflation trend in the industry [2] - AI is identified as the primary driver of growth in the cloud computing sector, with major cloud providers increasing capital expenditures to enhance high-performance infrastructure and AI development tools [2] - The Yongying AI ETF, established on December 3, 2025, focuses on core AI industry chain stocks, with over 68% of its allocation in AI chips, optical modules, and cloud computing [2]

"2025年前三季度，智能眼镜市场出货量超过178万副，其中近八成是AI眼镜。"日前，工信部对外公布 的这组数据，无疑是"提振"了国内AI眼镜产业。如果按照规模来看，百万自然不是一个很大的量级，但 对比2024年20万左右的出货量，六倍的增长还是很可观的。 不仅如此，在2026年一开年，AI眼镜再一次刷屏，成为CES 2026上体验出圈的AI物种。资本层面，也 是好消息不断，包括雷鸟创新、影目科技以及XREAL等均有新的融资进账。随着字节、华为在今年也 都要下场，AI眼镜也将加速走进大众视野。刚刚上市的龙旗科技认为，智能眼镜板块预计将延续强劲 增长，2024年至2029年的复合年增长率达45.4%。微光科技副总裁、软工首席谢鑫更是直言，"今年市 场可能会达到千万级的销量。" 不过，仍需要指出的一点是，基于当前的硬件限制和软件生态的匮乏，AI眼镜远谈不上取代手机，最 终形态也存在争议，甚至长时间佩戴的问题也都没有解决。热潮之下，"百镜大战"会继续上演，不同的 是，今年更多巨头的入局会加速市场泡沫的破裂。而对于创业公司来说，则是一场没有退路的战役。 大厂押注、超10亿资金入账，新的卡位赛打响 当AI大模型在两年多 ...

Core Viewpoint - The new energy concept stocks have declined, with significant drops in companies such as Sungrow Power Supply, Maiwei Co., Tianhua New Energy, and Jiejia Weichuang, all falling over 4% [1]. Group 1: Market Performance - The ChiNext new energy-related ETFs have also seen a decline, with an average drop exceeding 2% [1]. - Specific ETF performance includes: - ETF 富国: Current price 1.026, down 0.028 (-2.66%) [2] - ETF 工银: Current price 0.984, down 0.025 (-2.48%) [2] - ETF 鹏华: Current price 1.600, down 0.042 (-2.56%) [2] - ETF 华夏: Current price 1.523, down 0.038 (-2.43%) [2] - ETF 国泰: Current price 1.685, down 0.041 (-2.38%) [2] Group 2: Market Outlook - Analysts indicate that the market is currently in a critical phase of policy transition. The new energy vehicle market is gradually shifting towards a new stage that relies on product strength and normalized consumption patterns [1]. - Two key areas are highlighted for potential growth: 1. High-end manufacturers with differentiated products are expected to be less affected by changes in subsidy rules and reduced vehicle purchase taxes, benefiting from the high-end market trend and upward price movement of domestic brands [1]. 2. Domestic car companies expanding into overseas markets may achieve performance recovery through high growth and high margins in international sales [1].