Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The demand for AI model training and inference is driving a significant acceleration in the upgrade of switches to higher speeds, with a single AI training cluster often requiring thousands of GPU servers interconnected by multiple 400G ports [3][14] - The Ethernet switch market is experiencing exponential growth, with global sales reaching nearly $14.7 billion in Q3 2025, a year-on-year increase of 35.2%, driven by the need for low-latency, high-bandwidth data transmission in AI applications [14][15] - The report highlights the importance of Ethernet's flexibility and compatibility across various network scenarios, making it the preferred choice for large-scale data centers [15][16] Summary by Sections 1. AI Restructuring Demand, Ethernet Becomes the Main Character - Ethernet switches accounted for 60% of total switch shipments, with data center switches contributing 59.5% of the market share and a year-on-year growth rate of 62% [14] - The report emphasizes that as AI model parameters increase, the need for efficient data transmission in distributed clusters becomes critical for training and inference efficiency [14][15] 2. Market Review: Communication Sector Decline, Satellite Communication Navigation Performs Relatively Well - The communication sector has seen a decline, underperforming compared to the Shanghai Composite Index [17][19] 3. Industry News - Gartner predicts that global AI spending will reach $2.5 trillion by 2026, with a 44% year-on-year growth [26] - The report notes that Chinese AI models have captured a 15% global market share, a significant increase from 1% a year prior [27] 4. Company News - Tianfu Communication forecasts a net profit of 1.88 to 2.15 billion yuan for 2025, representing a year-on-year growth of 40% to 60% [29] - Tengjing Technology has signed a $12.8 million order for customized collimator arrays, supporting AI computing centers and large-scale optical interconnect networks [29] 5. Investment Recommendations: Switches Expected to Undergo Value Reassessment, Continued Optimism for Computing Sector - The report suggests focusing on companies in the switch network sector such as Ruijie Networks and ZTE, as well as in the optical module industry like Zhongji Xuchuang and Tianfu Communication [3][31]

公募基金仓位再均衡，周 期行业配置上行 2025年四季度基金季报 研究团队：邓宇林、包承超、肖遥志 报告日期：2026年1月25日 证券研究报告 * 请务必阅读最后一页免责声明 摘要 ➢ 1、整体上，公募基金仓位下降，集中度稳定： 公募基金整体仓位小幅下降，而重仓股集中度较为稳定，权重股赚钱效应一般。 板块配置上，创业板配置上升，主板配置下降，科创板配置稳定；对港股的配置回落到16%附近。 ➢ 2.分规模看，公募基金规模、份额再度收缩： 整体上，四季度基金管理规模和份额均回落，其中份额收缩幅度达到10%附近。 各规模基金均从必选消费、TMT切换至周期。 ➢ 3.行业层面： TMT整体减配，电子、计算机、传媒三个行业减配比例均超过1%；通信行业的配置仍在提升，但头部标的的持股数量在减持（增 配主要来自行情上行）； 周期行业整体市场快速上行；有色和化工均明显增配，公募基金仓位开始再均衡； 其他行业，非银、机械的配置比例也明显上升。 ➢ 风险提示：全球地缘政治出现重大变化，导致全球市场风险偏好急剧变化。市场流动性超预期变化。历史数据不代表未来。 1 证券研究报告 * 请务必阅读最后一页免责声明 2 证券研究报告 * ...

港股财务数据处理六问及因子复现手册 glmszqdatemark 2026 年 01 月 25 日 [Table_Author] | 分析师 | 叶尔乐 | | --- | --- | | 执业证书： S0590525110059 | | | 邮箱： | yeerle@glms.com.cn | | 研究助理 | 裴钰琪 | | 执业证书： S0590125110081 | | | 邮箱： | peiyuqi@glms.com.cn | 量化专题报告 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 港股与 A 股市场特征存在显著差异，直接影响因子有效性逻辑。本报告聚焦港股 因子投资体系，构建并测试基本面与价量两类核心因子，同时解决财务数据处理 关键问题。港股以机构投资者为主，实行 T+0 交易且无涨跌幅限制，低估值、高 股息标的更受青睐，而 A 股个人投资者占比高，成长股估值弹性更强。报告选取 港股通与全港股（剔除仙股）两个股票池，采用月频调仓、市值行业中性化处理， 回测区间分别为 2014 年 11 月至 2025 年 12 月、2012 年 12 月至 2025 年 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company generates stable cash flow from its flagship product, "Scan All-in-One," which contributes over 70% of its revenue. The revenue from the C-end business is projected to reach 1.075 billion yuan in 2024, with a compound annual growth rate (CAGR) of 27% from 2020 to 2024. The B-end business is also expected to grow steadily, reaching 360 million yuan in 2024, with a CAGR of 24% during the same period [7][27]. - The company is positioned as a leader in the domestic SaaS market and is accelerating its expansion into vertical AI applications, which are anticipated to become a second growth curve characterized by high probability and high returns [7][27]. Summary by Sections 1. Building a Mature C+B Product Matrix with Steady Financial Growth - The company has established a robust product matrix based on its proprietary intelligent text recognition and commercial big data technologies, serving both C-end users and B-end clients [10][12]. - The C-end revenue is primarily driven by the "Scan All-in-One" and "Business Card All-in-One" apps, while the B-end services include intelligent text recognition and commercial big data solutions [10][14]. - The company maintains a high gross margin of around 80% and a net margin of over 20%, with revenue growth outpacing expense growth, leading to sustained profitability since 2020 [18][27]. 2. Vertical AI Expansion: High Probability + High Returns as a Second Growth Curve - The company is developing a vertical AI matrix that includes innovative products across various fields such as AI education, health management, and AI infrastructure [35]. - The AGI technology platform and text intelligence technology platform provide a strong technical foundation for both C-end and B-end products, enhancing product performance and functionality [44]. - AI programming is expected to significantly reduce development costs and improve efficiency, providing a favorable environment for the company's vertical AI development [48]. 3. Profit Forecast and Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 3.19 yuan, 4.48 yuan, and 5.81 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 96, 68, and 53 [7][52]. - The report suggests that the company's C-end product matrix will continue to grow, with revenue growth rates projected at 25%, 28%, and 30% for 2025, 2026, and 2027, respectively [52].

安联锐视（301042.SZ）公司事件点评 发布股权激励，机器人业务有望开启发展新篇章 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 691 | 484 | 654 | 850 | | 增长率（%） | 0.4 | -29.9 | 35.0 | 30.0 | | 归属母公司股东净利润（百万元） | 71 | 37 | 83 | 126 | | 增长率（%） | -22.9 | -47.8 | 121.9 | 52.4 | | 每股收益（元） | 1.02 | 0.53 | 1.18 | 1.81 | | PE | 82 | 157 | 71 | 47 | | PB | 5.7 | 5.8 | 5.6 | 5.3 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 23 日收盘价） 2026 年 01 月 25 日 | 推荐 | 维持评级 | | --- | --- | ...

Netflix 第四季度业绩超出预期，但第一季度指引逊色。公司 2025 年下半年总观看 时长同比增长约 2%，其中原创内容观看时长同比增长 9%；会员留存率处于行业领 先水平，客户满意度创历史新高。广告端方面，公司持续推进自建广告技术能力与自 动化投放体系建设，广告业务规模与变现效率稳步提升，为中长期广告收入增长提供 支撑。 科技行业动态 美股科技行业周报 英特尔验证 AI 时代 CPU 需求，OpenAI 年化营收突破 200 glmszqdatemark 2026 年 01 月 25 日 美股科技公司动态 英特尔 25Q4 业绩整体超预期，AI 相关需求加速，但 26Q1 指引不及预期。Q4 收入 137 亿美元，同比下降 4%超越彭博一致预期（134 亿美元）；Non-GAAP 毛利率 37.9%，高于公司此前指引约 140bps；Non-GAAP 每股收益 0.15 美元，高于公司 此前指引的 0.08 美元，超越彭博一致预期（0.09 美元）。英特尔 CEO 陈立武表示 CPU 在人工智能时代的核心作用日益增强。晶圆代工业务进展积极，正就 14A 技术 与潜在客户接洽，预计客户将在今年下半年就 1 ...

Investment Rating - The report gives a "Buy" rating for 康耐特光学 (2276.HK) with a target price of 61.10 HKD [2][10]. Core Insights - 康耐特光学 is a leading global manufacturer of resin lenses, ranking second in sales volume globally. The company has shown a compound annual growth rate (CAGR) of 15.8% in revenue and 32.7% in net profit from 2018 to 2024, driven by both volume and price increases [7][8]. - The traditional lens market is expected to grow, with a projected CAGR of 5.8% in production and 6.2% in retail sales from 2024 to 2029. The demand for smart glasses is also anticipated to surge, with global shipments expected to reach approximately 61.07 million units by 2029 [7][8]. - The company has a strong competitive edge due to its pricing advantages, access to high-refractive index lens materials, and exceptional customization capabilities. The partnership with 歌尔股份 is expected to enhance its smart glasses business [7][8]. Summary by Sections Company Overview - 康耐特光学 was established in 1996 and has become a leading resin lens manufacturer, covering a full range of products including standardized, functional, and customized lenses. The company has a production capacity of over 7 million SKUs [7][13][16]. Traditional Lens Market - The traditional lens market is driven by health needs and technological advancements, with a significant increase in demand for high-refractive index lenses. The company is well-positioned to benefit from these trends [8][58]. Smart Glasses Market - The smart glasses segment is expected to open new growth opportunities, with 康耐特光学 actively engaging in R&D and partnerships to supply lenses for upcoming smart glasses products [8][9]. Financial Projections - Revenue and net profit forecasts for 2025-2027 are projected at 5.6 billion, 6.9 billion, and 8.4 billion RMB respectively, with corresponding P/E ratios of 47, 38, and 32 [2][10][31].

Investment Rating - The report maintains a "Buy" rating for all key companies listed, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt, among others [2]. Core Insights - The report highlights a significant increase in commodity prices, particularly in precious metals like gold and silver, driven by rising geopolitical tensions and inflation concerns [8][67]. - Industrial metals are expected to see price stability due to improved domestic demand and production adjustments, despite some fluctuations in inventory levels [21][24]. - The energy metals sector, particularly cobalt and nickel, is facing supply constraints, which may lead to price increases in the near future [83]. Industry and Company Performance - The SW Nonferrous Index rose by 6.03% during the week of January 19-23, with precious metals like gold and silver increasing by 8.30% and 14.80%, respectively [8]. - Key companies such as Zijin Mining and Luoyang Molybdenum are projected to have strong earnings growth, with EPS estimates for 2024 at 1.21 and 0.63 yuan, respectively [2]. - The report recommends several companies for investment, including Shengtu Mining, China Nonferrous Mining, and Western Mining, based on their strong market positions and growth potential [8]. Base Metals - Aluminum prices are expected to remain under pressure due to high inventory levels, with LME aluminum prices recorded at $3,174 per ton, reflecting a 1.44% increase [13][24]. - Copper prices are influenced by macroeconomic factors, with current prices at $13,128.5 per ton, showing a 2.50% increase [13][38]. - Zinc prices have shown volatility, with LME zinc prices at $3,246.5 per ton, reflecting a 1.17% increase, driven by supply disruptions [43][44]. Precious Metals - Gold and silver prices have surged due to heightened geopolitical risks, with gold trading at approximately 4,983.10 USD per ounce, an increase of 8.30% [15][67]. - The report emphasizes the long-term bullish outlook for gold prices, supported by central bank purchases and weakening dollar credit [67]. Energy Metals - Cobalt prices are expected to rise due to ongoing supply shortages, with current prices around 432,500 yuan per ton [83]. - Nickel prices are projected to remain high due to production cuts in Indonesia, with current prices at 148,010 yuan per ton [55].

Investment Rating - The report maintains a "Buy" rating for several key companies in the steel industry, including Hualing Steel, Baosteel, Nanjing Steel, and others, indicating a positive outlook for their performance [2][3]. Core Insights - The report highlights a tightening security expectation in the steel industry following a serious safety incident at Baogang Steel, which has led to increased scrutiny and potential impacts on production [9]. - It notes that while steel prices have decreased recently, the overall demand-supply dynamics are showing signs of marginal improvement, with steel mills expected to recover profits in the near term [9]. - The report emphasizes the shift towards high-end product exports, suggesting that leading companies will benefit from a transition from scale expansion to quality and efficiency improvements [9]. Summary by Sections Domestic Steel Market - As of January 23, 2026, steel prices have declined, with rebar priced at 3,260 CNY/ton, down 60 CNY from the previous week [15][16]. - The report indicates an increase in production, with total output for major steel products reaching 8.2 million tons, a slight increase from the previous week [9][12]. International Steel Market - The U.S. steel market shows stable prices, with hot-rolled coil prices at 1,050 USD/ton, unchanged from the previous week [27][29]. - European steel prices have seen slight increases, with hot-rolled prices rising to 745 USD/ton [27][29]. Raw Materials and Shipping Market - Domestic iron ore prices are fluctuating, with local prices for iron concentrate around 750 CNY/ton, while imported iron ore prices are showing a downward trend [31][34]. - The report notes that the shipping market has seen an increase, indicating potential cost pressures for raw material imports [31]. Production and Inventory - The report states that as of January 23, 2026, total steel inventory has increased, with social inventory rising by 21,400 tons to 8.6746 million tons [9][12]. - The production of rebar has increased to 1.9955 million tons, reflecting a recovery in output levels [9][12]. Profitability Analysis - The report provides a profitability outlook, indicating that the average gross margins for rebar and hot-rolled steel have shown fluctuations, with rebar margins decreasing by 8 CNY/ton [9][12]. - It suggests that the profitability of steel mills is expected to improve as demand conditions stabilize [9].

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - Beijing has announced significant measures to promote the development of the commercial aerospace industry from 2026 to 2030, focusing on satellite data resource development and utilization [7] - The measures encourage capable enterprises to engage in mergers and acquisitions within the satellite data industry, aiming to create globally competitive leading companies [7] - The report highlights the importance of strengthening space infrastructure and supports the planning and construction of commercially viable satellite constellations [7] - The first satellite of the space computing constellation, "Chenguang No. 1," is expected to be launched in early 2026, marking a significant step in the establishment of a space data center [7] - The report suggests focusing on key players in the space computing sector, such as Shunhao Co., Ltd., and other members of the Beijing Space Computing Innovation Consortium [7] Summary by Sections - **Policy Measures**: The report outlines Beijing's initiatives to support the commercial aerospace sector, including financial support for qualifying space infrastructure projects and the integration of new technologies like AI and big data [7] - **Technological Advancements**: The report details advancements in core technologies for space computing, including energy supply and heat dissipation solutions, which are crucial for the operation of space data centers [7] - **Investment Opportunities**: The report identifies potential investment opportunities in companies involved in space computing and satellite data services, emphasizing the strategic importance of these sectors in the coming years [7]