周一市场全天冲高回落，创业板指领涨。沪深两市全天成交额 1.18 万 亿，较上个交易日放量 474 亿。 海外市场指数 盘面上，热点快速轮动，个股涨多跌少，全市场超 3600 只个股上涨。 从板块来看，AI 硬件方向集体大涨，铜连接、PCB 等方向领涨，沃尔核 材等涨停。大消费股局部活跃，影视、服装等方向走强，金逸影视等涨 停。锂电池概念股展开反弹，宁德时代涨超 5%。 下跌方面，小红书概念股持续调整，遥望科技跌停。 板块方面，铜缆高速连接、影视、服装、电池等板块涨幅居前，电商、 小红书概念、草甘膦、煤炭等板块跌幅居前。截至收盘，沪指涨 0.08%， 深成指涨 0.94%，创业板指涨 1.81%。 〖资料来源：财联社 1 月 20 日收评〗 敬请参阅正文之后的免责声明 - 1 - 偶倒 0680 2025 年第 13 期，总第 1812 期（电子版） 2025 年 1 月 21 日 星期二 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 节前无大碍 注意避雷 沪深指数 收盘(点) 涨跌幅(%) 上证指数 3244.38 0.08 深证成指 10256.39 0.94 中小 100 6 ...

证券研究报告 公募基金 报告日期：2025 年 01 月 20 日 权益基金业绩整体反弹，债券指数收益回调 ——开放式基金与大类资产跟踪报告 华龙证券研究所 分析师：陈霁 执业证书编号：S0230521030003 邮箱：hlzqcjyt@hlzq.com 踪报告》2025.01.14 入居前 —ETF 周报》2025.01.14 告》2025.01.08 摘要： 请认真阅读文后免责条款 请认真阅读文后免责条款 1 基金研究报告 1 基金市场一周动态 开放式基金（非货币）指数走势 基金市场一周动态：1. 证监会研究部署 2025 年五方面重点工作； 2. 证监会：以深化投融资综合改革为牵引，进一步打通中长期资 金入市卡点堵点；3. 26 只产品纳入，ETF 互联互通又扩容。 相关阅读 《跨境 ETF 高溢价，管理人呼吁理 性投资—开放式基金与大类资产跟 《市场延续震荡，沪深 300 指数净流 大类资产及开放式基金表现：A 股：上周（20250113-20250117， 下同）核心指数整体反弹，中小风格指数相对占优。其中涨幅靠 前的分别是北证 50（9.63%）与中证 2000 指数（5.70%）。核心指 数平 ...

证券研究报告 建筑材料 报告日期：2025 年 01 月 21 日 淡季需求下滑，关注春节后需求改善情况 ——建筑材料行业月报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080002 邮箱：pengq@hlzq.com 《淡季将至需求下行，关注供给侧积极 变 化 — 建 筑 材 料 行 业 11 月 月 报 》 2024.12.20 好—---建筑材料行业 2025 年度投资策 略》2024.12.02 《地产利好政策密集出台，关注政策落 地带来的基本面改善—建筑材料行业周 报》2024.12.02 摘要： 请认真阅读文后免责条款 建材行业：10 月以来地产、基建利好政策频发，有望带动建材需求改 善，行业估值有望修复，维持建材行业"推荐"评级。 分析师：彭棋 水泥行业：2024 年 12 月份，全国水泥平均出货率环比下降约 6 个百分 点，主要是季节性因素影响较大，较上年同期下降约 4 个百分点。分区 域看，北方地区受环保管控和气温下降影响，市场进入淡季，需求快速 下降；南方地区工程项目处于最后赶工阶段，需求环比略有下降。与历 史同期相比，受房地产行业深度调整等宏观经 ...

证券研究报告 钢铁 报告日期：2025 年 01 月 20 日 —钢铁行业周报》2025.01.13 《淡季供需收紧，库存延续去化—钢铁 行业周报》2024.12.10 《供给预期收缩，需求有望企稳—--- 钢铁行业 2025 年度投资策略报告》 2024.12.06 底部渐明，节前钢价震荡反弹 ——钢铁行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 1 月 17 日，五大钢材合计产量 824.06 万吨， 周环比上升 1.93%，同比下降 3.65%;247 家钢铁企业铁水日均产 量 224.48 万吨，周环比上升 0.05%，同比上升 1.16%;247 家钢铁 企业高炉产能利用率 84.28%，周环比上升 0.04 pct，同比上升 1.30 pct;87 家独立电弧炉钢厂产能利用率 44.14%,周环比下降 6.49 pct,同比下降 14.28 pct。五大钢材中线 ...

华龙证券研究所 投资评级：推荐（维持） 最近一年走势 证券研究报告 机械设备 报告日期：2025 年 01 月 20 日 人形机器人催化频出，持续关注产业新进展 ——机械设备行业周报 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《人形机器人量产在即，12 月挖机开工 小时数创新高—机械设备行业周报》 2024.01.13 子设备投资机会—机械设备行业周报》 2024.01.07 行业研究报告 表：重点关注公司盈利预测 | 证券代码 | 证券简称 | 收盘价 | | | EPS（元） | | | | | PE（倍） | | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 元 | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E | 2026E | | | 000425.SZ | 徐工机械 | 7.67 | 0.36 | 0.45 | 0.5 ...

Market Analysis - The Shanghai Composite Index closed at 3168.52 points, down 1.33%, while the Shenzhen Component Index closed at 9795.94 points, down 1.8% [2] - The ChiNext Index fell 1.76%, and the CSI 300 Index dropped 1.25% [2] - Overseas markets also saw declines, with the Dow Jones Industrial Average down 1.63%, the Nasdaq Composite down 1.63%, and the S&P 500 down 1.54% [2] - The Hang Seng Index fell 0.92%, and the Nikkei 225 dropped 1.05% [2] - In the commodity market, NYMEX crude oil rose 2.1%, while COMEX gold and silver saw slight increases of 0.22% and 0.21%, respectively [2] Market Overview - The market experienced a significant downturn last Friday, with all three major indices falling more than 1%, and the Shanghai Composite Index closing below 3200 points [4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.15 trillion yuan, an increase of 36.3 billion yuan from the previous trading day [4] - Over 4800 stocks declined, with more than 100 stocks falling over 9% [4] - The robotics sector showed strength, with stocks like Construction Industry hitting the limit-up, while the semiconductor sector saw a pullback after an initial surge [4] - Consumer stocks adjusted again, with Zhongbai Group hitting the limit-down, and high-position stocks collectively declined [5] Financing Data - As of January 9, the financing balance on the Shanghai Stock Exchange was 934.699 billion yuan, a decrease of 99 million yuan from the previous trading day [8] - The financing balance on the Shenzhen Stock Exchange was 878.278 billion yuan, down 383 million yuan from the previous trading day [8] - The total financing balance of the two markets was 1.812977 trillion yuan, a decrease of 482 million yuan from the previous trading day [8] Investment Advisor Opinion - The market experienced a volatile decline, with early gains in robotics and other hot sectors failing to sustain momentum as the broader market fell in the afternoon [9] - Market sentiment has returned to a low point, and with the index unable to break through after multiple days of stabilization, cautious positioning and controlling仓位 are recommended [9] Concept Highlights - The "AI+Education" competition series and the "AI+Education" competition were officially launched in Shanghai, marking a significant step in the integration of AI and education [10] - The Shanghai Municipal Commission of Economy and Information Technology is promoting the application of AI in education, with 45 educational scenarios selected and 4 model training and scenario practice bases established as the first batch of industry application demonstration bases [10] - The Shanghai government is accelerating the integration of AI and education, focusing on improving educational big model standards, data collection, and high-value application scenarios [10] Key News - The first 4D world model for robotics, EnerVerse, was unveiled by Zhiyuan Robotics, Shanghai Jiao Tong University, and the Shanghai AI Lab, aiming to enhance robot action planning and future space generation capabilities [12] - The machine vision market in China is expected to reach 56.565 billion yuan by 2027, with domestic industrial machine vision companies poised to replace imports and lead in industrial智能化 transformation [12] - Baotou Steel announced a 4.7% increase in the price of rare earth concentrate for Q1 2025, signaling a positive start to the year for the rare earth market [12] Stock Market Highlights - Several stocks hit the limit-up, including Zhengtong Design (IP+AI design), Zhezhong Co (data center power distribution), and Yueda Group (high-end equipment manufacturing) [14] - Robotics-related stocks like Yijiahe and Wuzhou Xinchun also saw significant gains, reflecting the market's focus on robotics and AI [14] - Other notable limit-up stocks included Xizi Clean Energy (energy equipment manufacturing) and Meibang Co (pesticides and small-cap stocks) [14] Upcoming Events - The 2025 Global Computing Conference will kick off in Shenzhen on January 10, focusing on the East-West Computing Power initiative [15] - The 18th Asian Financial Forum will be held in Hong Kong on January 13, highlighting developments in internet finance [15] - The 2025 Boao Global Digital Consumption Conference is scheduled for January 19, with Samsung set to unveil a new AR glasses prototype on January 22 [15]

Market Analysis - The market experienced a day of fluctuating divergence, with mixed performance across the three major indices The Shanghai Composite Index fell by 024%, the Shenzhen Component Index remained flat, and the ChiNext Index rose by 036% [4][5] - The total trading volume in the Shanghai and Shenzhen markets was 9664 billion yuan, a decrease of 1819 billion yuan from the previous trading day, marking the first time since September 25 last year that the trading volume fell below the trillion yuan mark [4] - In terms of sectors, cyclical stocks collectively strengthened, with oil and gas, and non-ferrous metals leading the gains The photolithography machine concept stocks strengthened in the afternoon, while the robot concept stocks showed divergent fluctuations [4] - On the downside, high-position stocks from the previous week continued to decline sharply Sectors such as oil and gas, photolithography machines, non-ferrous metals, and software development led the gains, while home appliances, e-commerce, banking, and power grid equipment sectors led the losses [5] Financing Data - As of January 10, the financing balance on the Shanghai Stock Exchange was 931847 billion yuan, a decrease of 2852 billion yuan from the previous trading day The financing balance on the Shenzhen Stock Exchange was 872353 billion yuan, a decrease of 5925 billion yuan from the previous trading day The combined financing balance of the two markets was 180420 billion yuan, a decrease of 8777 billion yuan from the previous trading day [7] Investment Advisor Perspective - The indices showed divergent fluctuations, with a significant reduction in trading volume in both markets From the perspective of the Shanghai Composite Index's daily line, the index continued to decline, hitting a new low for the current adjustment phase The index is approaching the half-year line and the gap position, indicating potential short-term support and a possible rebound demand Overall, the market hotspots are scattered, and the recent active robot concept has shown divergence, with overall hotspot sustainability being weak Given the obvious signs of high-position stocks correcting, it is advisable to wait for the risk to be released before paying attention to the direction of capital return and repair [8] Concept Hotspots - Huawei's HarmonyOS ecosystem has seen significant growth, with over 20,000 native applications and services listed, more than 72 million developers, and over 1 billion ecosystem devices Huawei aims to reach 100,000 applications as a milestone for ecosystem maturity within the next six months to a year, targeting 100 million native HarmonyOS users [9] - HarmonyOS is a distributed operating system designed for the Internet of Everything, supporting multiple terminal devices such as smartphones, tablets, smart wearables, and smart screens Huawei plans to focus on enriching and maturing native HarmonyOS applications, encouraging enterprise internal office applications to develop HarmonyOS versions, and calling for more consumer acceptance and participation in the ecosystem to drive its rapid development [10] Key News - Elon Musk's Neuralink has made progress in brain-computer interface technology, with the third human subject successfully implanted with a brain chip Neuralink plans to complete about 20 to 30 implants this year The global brain-computer interface market is expected to reach $1089 billion by 2033, with China increasing its focus and policy support for the technology [12] - The UK is exploring the use of nuclear energy for its AI data center construction plan, with the first regions to be located near the UK Atomic Energy Agency in Culham The UK government will establish an energy committee to explore the use of small modular reactors for data center power supply Vantage Data Center plans to invest over £12 billion in data centers across the UK, while Nscale plans to invest $25 billion over the next three years [12] - Overseas tech giants are heavily investing in nuclear energy to address energy supply issues for AI demand Data centers with advanced AI computing chips require significantly more power, with a single rack potentially needing over 100 kW of power Companies like Microsoft, Google, Amazon, and Meta are leading the charge in nuclear energy investments, with China's nuclear power investment expected to increase significantly in 2025 [12] Future Events - The 2025 Boao Global Digital Consumption Conference is scheduled for January 19, focusing on the digital consumption sector [15] - Samsung plans to release a new AR glasses prototype on January 22, impacting the AR glasses sector [15] - China's January PMI will be announced on January 27, providing insights into the macroeconomic landscape [15] - The Federal Reserve will announce its interest rate decision on January 30, affecting interest rates and exchange rates [15]

Investment Rating - The report maintains a "Recommend" rating for the media industry [2] Core Views - The media sector is expected to achieve a bottom reversal in the long term, driven by the deepening application of AI technology and the upgrading of consumer spending levels [40] - The report suggests focusing on three main lines in the media sector: ① valuation recovery and performance recovery in the gaming/film sector, ② high-dividend, low-valuation publishing sector, and ③ companies with AI large models or products [40] Key Highlights by Section Market Performance - The Shenwan Media Index fell by 2.46% from January 6 to January 10, 2025 [15] - Top gainers in the media sector include Tianyu Digital (002354 SZ), Provincial Advertising Group (002400 SZ), and Tangde Film (300426 SZ) [15] - Top decliners include Zitian Technology (300280 SZ), Jinyi Film (002905 SZ), and Shandong Publishing (601019 SH) [15] Industry News - CES 2025, held in Las Vegas from January 7 to 10, attracted over 4,500 companies from more than 160 countries, with 40% of exhibitors coming from outside the US [4][20][21] - The 2024 Guangdong Game Industry Annual Meeting, themed "Towards the New, Infinite Future," highlighted the integration of technology and culture in the gaming industry [23] - Hunan Broadcasting and Television Group signed a strategic cooperation agreement with Zhangjiajie Tourism Group to enhance tourism competitiveness through resource integration and technological empowerment [19] Company Announcements - Kingnet Network (002517 SZ) changed the purpose of its share repurchase plan to cancel shares and reduce registered capital [26] - Tom Cat (300459 SZ) extended its mutual guarantee relationship with Zhejiang Times Jintai Environmental Technology [26] - BlueFocus (300058 SZ) announced plans to provide guarantees for its subsidiaries' advertising business, with a total guarantee amount not exceeding 7.276 billion yuan [29] Weekly Insights - INAIR AI Space Computer, showcased at CES 2025, integrates AR and AI technologies to revolutionize mobile office and entertainment experiences [30][32][35][37] - The INAIR AI Space Computer features a 134-inch virtual screen, AI-driven computing, and innovative input methods, offering a new paradigm for mobile office work [30][32][35][37] Investment Recommendations - The report recommends focusing on gaming/film companies like 37 Interactive Entertainment (002555 SZ), China Film (600977 SH), and Wanda Film (002739 SZ) [40] - High-dividend, low-valuation publishing companies such as Chinese Media (600373 SH) and Phoenix Publishing (601928 SH) are also highlighted [40] - Companies with AI large models or products are identified as key investment opportunities [40]