Core Insights - The report highlights the performance of various active quantitative strategies, indicating that the "Excellent Fund Performance Enhancement Portfolio" achieved an absolute return of 2.41% this week and 7.39% year-to-date, outperforming the mixed equity fund index by 0.89% and 1.01% respectively [1][22][15] - The "Super Expected Selection Portfolio" recorded an absolute return of 3.13% this week and 8.42% year-to-date, with a relative outperformance of 1.61% and 2.04% against the mixed equity fund index [1][32][15] - The "Brokerage Golden Stock Performance Enhancement Portfolio" had an absolute return of 1.40% this week and 6.87% year-to-date, underperforming the mixed equity fund index by 0.12% but outperforming it by 0.49% year-to-date [1][40][15] - The "Growth Steady Portfolio" achieved an absolute return of 2.83% this week and 8.98% year-to-date, with a relative outperformance of 1.31% and 2.60% against the mixed equity fund index [1][48][15] Excellent Fund Performance Enhancement Portfolio - This portfolio aims to benchmark against the median return of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [3][16] - The portfolio has shown a year-to-date ranking in the 35.10 percentile among active equity funds, indicating a strong competitive position [22][18] Super Expected Selection Portfolio - The strategy involves selecting stocks based on exceeding expectations and analyst upgrades, focusing on both fundamental and technical criteria to build a robust portfolio [4][59] - The portfolio has consistently ranked in the 26.74 percentile among active equity funds year-to-date, reflecting its effectiveness in stock selection [32][27] Brokerage Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks identified by brokerage firms, aiming to optimize performance while maintaining alignment with the brokerage stock pool [5][64] - It has achieved a year-to-date ranking in the 40.34 percentile among active equity funds, demonstrating its potential for stable returns [40][35] Growth Steady Portfolio - The strategy employs a two-dimensional evaluation system for growth stocks, prioritizing those closer to their earnings announcement dates to capture potential excess returns [6][69] - The portfolio has achieved a year-to-date ranking in the 23.27 percentile among active equity funds, indicating a solid performance relative to peers [48][46]

证券研究报告 | 2026年01月17日 金融工程日报 A 股高开低走，AI 应用题材全线回落、存储器概念股爆发 核心观点 金融工程日报 市场表现：20260116 规模指数中中证 500 指数表现较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 成长指数表现较好。电子、汽车、 机械、家电、电新行业表现较好，传媒、综合金融、消费者服务、计算机、 石油石化行业表现较差。先进封装、半导体设备、HBM、存储器、磁电存储 等概念表现较好，虚拟人、秘塔 AI 搜索、量子材料、中文语料库、小红书 平台等概念表现较差。 市场情绪：20260116 收盘时有 66 只股票涨停，有 61 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.35%，昨日 跌停股票今日收盘收益为-6.30%。今日封板率 56%，较前日下降 14%，连 板率 12%，较前日下降 3%，连板率创近一个月新低。 市场资金流向：截至 20260115 两融余额为 27188 亿元，其中融资余额 27012 亿元，融券余额 175 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 10.8 ...

证券研究报告 | 2026年01月17日 多因子选股周报 景气类因子表现出色，四大指增组合本周均跑赢基准 核心观点 金融工程周报 国信金工指数增强组合表现跟踪 因子表现监控 以沪深 300 指数为选股空间。最近一周，标准化预期外盈利、单季超预期幅 度、DELTAROE 等因子表现较好，而股息率、一个月反转、一个月换手等 因子表现较差。 以中证 500 指数为选股空间。最近一周，单季营收同比增速、特异度、预期 净利润环比等因子表现较好，而三个月换手、一个月换手、三个月波动等因 子表现较差。 以中证 1000 指数为选股空间。最近一周，非流动性冲击、一个月换手、三 个月换手等因子表现较好，而单季营利同比增速、SPTTM、BP 等因子表现 较差。 以中证 A500 指数为选股空间。最近一周，3 个月盈利上下调、标准化预期 外收入、特异度等因子表现较好，而非流动性冲击、一个月换手、一个月反 转等因子表现较差。 以公募重仓指数为选股空间。最近一周，一年动量、DELTAROA、3 个月盈 利上下调等因子表现较好，而三个月换手、一个月换手、股息率等因子表现 较差。 公募基金指数增强产品表现跟踪 目前，公募基金沪深 300 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6]. Core Views - The National Grid's planned fixed asset investment of 4 trillion yuan during the "14th Five-Year Plan" period represents a 40% increase compared to the previous plan, marking a historical high. This investment will focus on the construction of a new power system, including smart grid and energy storage, which is expected to benefit the company significantly [3][4][9]. - The company is expected to focus on smart grid and new electrochemical energy storage businesses, which are projected to thrive due to the high demand in these sectors. Profit forecasts for the company from 2025 to 2027 are 260 million, 640 million, and 830 million yuan, respectively, indicating a turnaround from losses and growth rates of +149% and +30% year-on-year [3][9]. Summary by Relevant Sections Investment Overview - The National Grid's investment will primarily target the intelligent transformation of distribution networks and the construction of new energy storage and regulation capabilities [3][9]. - The company is well-positioned to benefit from the high growth potential in the smart grid and energy storage sectors, with a focus on these areas since 2023 [3][9]. Financial Forecasts - The company's profit forecasts for 2025, 2026, and 2027 are 260 million, 640 million, and 830 million yuan, respectively, with corresponding price-to-earnings ratios of 52.1, 20.9, and 16.1 times [3][9]. - The company is expected to achieve a turnaround in profitability, with significant year-on-year growth anticipated [3][9].

证券研究报告 | 2026年01月16日 科陆电子（002121.SZ） 国网"十五五"计划投资 4 万亿元，公司智能电网及储能业务有望受益 公司研究·公司快评 电力设备·电网设备 投资评级：优于大市（维持） 证券分析师： 王蔚祺 010-88005313 wangweiqi2@guosen.com.cn 执证编码：S0980520080003 事项： 国家电网宣布"十五五"期间固定资产投资预计达 4 万亿元，较"十四五"增长 40%，创历史新高，重点 投向新型电力系统建设。"十五五"期间，国家电网将初步建成主干电网、配电网和智能微电网协同的新 型电网平台；加快推进城市、农村、边远地区配网建设，探索末端保供型、离网型微电网模式；夯实数智 基础设施，实施"人工智能+"专项行动，强化电网数字赋能。此外，国家电网将提升系统调节能力，优 化抽蓄站点布局，支持新型储能规模化发展，提高新能源运行支撑和并网消纳水平。 国信电新观点：国家电网"十五五"期间 4 万亿投资是我国能源转型和新型电力系统建设的关键举措，重 点投资方向包括配电网智能化改造、新型储能与调节能力建设等。2023 年以来科陆电子聚焦智能电网与新 型电化学储 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry points and the distribution of internet traffic, leading to a revolution in the underlying flow distribution mechanisms [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The trust level of Chinese consumers in AI applications is significantly higher than that of consumers in the US and Europe, reaching 80% [41][42] Summary by Sections AI Reshaping Entry Points - AI is transforming traditional search engines and user interaction methods, moving from keyword matching to natural language queries, which significantly shortens the interaction path [14][39] - The emergence of Generative Engine Optimization (GEO) is changing the flow distribution logic, compressing the value of traditional intermediaries while amplifying the value of high-quality content sources [4][39] Commercial Monetization Acceleration - By 2026, the global GEO market is projected to reach $24 billion, with the domestic market expected to reach 11.1 billion yuan, indicating exponential growth [5][52] - Marketing service providers are evolving from traditional traffic buying models to those that leverage MarTech capabilities, focusing on AI corpus construction and data cleaning [5][54] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, particularly in the video sector where AI tools are enabling full-process production at a fraction of traditional costs [6][70] - The audience for AI-generated short dramas is predominantly male, aged 24-30, indicating a new demographic shift in content consumption [70] Investment Recommendations - The report suggests focusing on commercial pioneers in the GEO space, particularly in marketing services and high-quality content [7][54] - There is also potential for growth in lower-tier content sectors such as film IP, gaming, and publishing [7]

证券研究报告 | 2026年01月16日 **Makel'sid.** **Hil's.Makel's.** **Hil's.Makel's. **Hil's.Makel's. 乘势而起：市场新高趋势追踪：截至 2026 年 1 月 16 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.52%、0.60%、1.23%、0.20%、1.49%、1.77%、 0.81%、1.63%。中信一级行业指数中电子、有色金属、基础化工、机械、 家电行业指数距离 250 日新高较近，食品饮料、银行、农林牧渔、房地 产、医药行业指数距离 250 日新高较远。概念指数中，新能源汽车、矿 山智能、光伏、充电桩、汽车配件精选、半导体、芯片等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 1 月 16 日，共 1204 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是国防军工、有 色金属、石油石化行业。按照板块分 ...

Core Insights - The report indicates a policy easing combined with structural interest rate cuts, predicting a decline in market interest rates in January [4][52][77] Group 1: Overseas Monetary Market Indicators - The expectation for interest rate cuts in overseas markets has weakened, with short-term US Treasury rates rebounding to around 3.7% [6] - The Federal Funds rate and SOFR rates have remained stable since December [6] Group 2: Domestic Monetary Market Indicators - Price indicators show that the interbank and exchange repo rates generally increased in December, with R001, GC001, R007, and GC007 changing by -7BP, 14BP, 7BP, and 14BP respectively [11][19] - Volume indicators reveal that the overnight transaction volume in both interbank and exchange markets increased compared to the previous month, although the proportion slightly declined [34] - The excess reserve ratio is estimated to be 1.6% for December and 1.1% for January [4][42] Group 3: January Funding Outlook - The central bank's supportive stance, combined with the seasonal tendency for liquidity to ease after the year-end, suggests a decline in market interest rates in January [4][52] - The central bank is expected to net withdraw liquidity in January, with a slight decrease in the excess reserve ratio anticipated [72] Group 4: Short-term Bond Yield Changes - In December, the yields on short-term bonds showed mixed trends, with 1-year government bonds and 1-year policy bank bonds changing by -3BP and -2BP respectively [25] - The yield spread between 1-year AAA short-term financing bonds and government bonds slightly widened by 6BP [25] Group 5: Money Market Fund Returns - The 7-day annualized yield for the Yu'ebao fund was 1.02% in December, with the average yield for the top ten money market funds showing a slight increase [28] Group 6: Seasonal Trends in Monetary Indicators - December saw a significant reduction in fiscal deposits, with a decrease of 13,845 billion yuan, while January is expected to see a seasonal increase in fiscal deposits of around 4,000 billion yuan [59] - The M0 increased by 3,892 billion yuan in December, with an expected increase of 7,000 billion yuan in January due to cash demand ahead of the Spring Festival [53]

见微知著：利用创新高个股进行市场监测：截至 2026 年 1 月 16 日，共 1204 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是国防军工、有 色金属、石油石化行业。按照板块分布来看，本周制造、科技板块创新高股 票数量最多；按照指数分布来看，中证 2000、中证 1000、中证 500、沪深 300、创业板指、科创 50 指数中创新高个股数量占指数成份股个数比例分别 为：22.95%、24.10%、31.60%、24.00%、31.00%、26.00%。 平稳创新高股票跟踪：我们根据分析师关注度、股价相对强弱、趋势延续性、 股价路径平稳性、创新高持续性等角度，本周从全市场创新高股票中筛选出 了包含亚翔集成、源杰科技、中际旭创等 50 只平稳创新高的股票。按照板 块来看，创新高股票数量最多的是周期、科技板块，分别有 21、19 只入选。 其中，周期板块中创新高最多的是有色金属行业；科技板块中创新高最多的 是电子行业。 风险提示：市场环境变动风险，模型失效风险，本报告基于历史客观数据统 计，不构成任何投资建议，历史股价表现 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [2] Core Insights - AI is reshaping user entry forms and the distribution of internet traffic, leading to a revolution in the underlying distribution of industry chain value [4] - The transition from "productivity" to "monetization" in AI applications is expected to accelerate, with 2026 being a critical turning point [5] - The rise of Generative Engine Optimization (GEO) signifies a shift from traditional SEO to a model that prioritizes data structure and authority, impacting how content is valued and distributed [4][5] Summary by Sections AI Reshaping Entry Forms - AI is transforming user interaction from keyword-based searches to natural language queries, significantly shortening the information retrieval process [4][14] - The traditional search engine era is ending, giving way to a new era characterized by AI-driven search capabilities [4][14] Commercial Monetization Acceleration - By 2026, the GEO market is projected to reach $24 billion globally, with the domestic market expected to hit 11.1 billion yuan, indicating exponential growth [5][52] - Chinese consumers exhibit a high trust level in AI applications at 80%, compared to 35% in the U.S. and 40% in Europe, particularly in personalized shopping recommendations [5][41][42] Content Industry Upgrade - AI-generated content (AIGC) is not only reducing costs but also creating new supply, with AI-driven video production becoming increasingly viable [6][58] - The emergence of AI anime short dramas is expected to open new market opportunities, particularly among younger male audiences [6][70] Investment Recommendations - The report suggests focusing on the GEO direction, particularly in marketing services and high-quality content, while also considering potential rebounds in content sectors like film and gaming [7][52] - Companies that can optimize AI data and content will likely benefit from the shift towards GEO, with a new emphasis on brand authority and content quality [55][56]