全球科技（计算机） [Table_IndNameRptType] 行业周报 GEO 概念催化 AI 应用，千问 APP 全面接入阿里生态 [Table_IndRank] 行业评级：增持 报告日期： 2026-1-21 [Table_Chart] 行业指数与沪深 300 走势比较 -10% 0% 10% 20% 30% 40% 50% 沪深300 计算机（申万） [分析师： Table_Author] 金荣 执业证书号： S0010521080002 邮箱：jinrong@hazq.com 分析师：来祚豪 执业证书号： S0010524100001 邮箱：laizh@hazq.com 联系人：刘政 执业证书号： S0010125070006 邮箱：liuzheng@hazq.com 相关报告 1.计算机：英伟达 Vera Rubin 平台量 产，驱动AI应用规模化普及。2026- 1-17 2.计算机：商业航天、6G 成产业布 局重点，政策技术驱动 。2025-12- 27 主要观点： ⚫[Table_Summary] T_Summary] 美东时间 1 月 10 日，马斯克在 X 平台发文，表示将在一周内正 ...

四[Ta会ble富_Sto仕ckN（ameRptType] 300852） 公司覆盖 四会富仕：新兴产业多点开花，产能扩张赋能成长 投资评级：买入 | 收盘价（元） | 44.93 | | --- | --- | | 近 12 个月最高/最低（元） | 48.87/21.86 | | 总股本（百万股） | 161 | | 流通股本（百万股） | 155 | | 流通股比例（%） | 96.53 | | 总市值（亿元） | 72 | | 流通市值（亿元） | 70 | 执业证书号：S0010523060001 电话：13560087214 邮箱：chenyaobo@hazq.com 执业证书号：S0010125060002 电话：18843526025 邮箱：yanchunxu@hazq.com 投资建议 主要观点： 首次覆盖 深耕工控/汽车电子赛道，客户资源稳定且优质 报告日期：2026-01-23 四会富仕专注于高品质印制电路板（PCB）的研发、生产与销售，深耕"小 批量、多品种、高可靠、快交期"市场，主要面向工业控制、汽车电子、 通信设备、医疗器械等领域。公司成立于 2009 年，2020 年于创业板上 ...

四[Ta会ble富_Sto仕ckN（ameRptType] 300852） 公司覆盖 执业证书号：S0010523060001 电话：13560087214 邮箱：chenyaobo@hazq.com 投资评级：买入 | 收盘价（元） | 44.93 | | --- | --- | | 近 12 个月最高/最低（元） | 48.87/21.86 | | 总股本（百万股） | 161 | | 流通股本（百万股） | 155 | | 流通股比例（%） | 96.53 | | 总市值（亿元） | 72 | | 流通市值（亿元） | 70 | 执业证书号：S0010125060002 电话：18843526025 邮箱：yanchunxu@hazq.com 四会富仕：新兴产业多点开花，产能扩张赋能成长 风险提示 公司价格与沪深 300 走势比较 分析师：陈耀波 全球 PCB 市场呈现高速增长态势，公司核心下游赛道景气度持续提升。 1）汽车电子：受益于新能源汽车出货量持续提升，以及自动驾驶渗透率 持续提升，汽车电子 PCB 市场规模有望迎来高速增长期。按销售额计， 全球汽车电子 PCB 市场规模从 2020 年的 61 ...

电力设备 行业周报 国内储能装机高增，十五五风电需求支撑明显 行业评级：增持 报告日期： 2026-01-20 行业指数与沪深 300 走势比较 -29% -17% -5% 7% 19% 31% 5/24 8/24 11/24 2/25 电力设备 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱： liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱： zhengyang@hazq.com 相关报告 1.光伏产业链价格下降，特高压建设 进入释放期 2025-04-29 主要观点： 光伏： TCL 中环拟收购一道新能，多晶硅市场企业观望后续供需变 动 光伏：产业链挺价。本周硅料、硅片、电池片、组件价格平稳。银价上升 对电池片价格形成一定支撑，厂商自律行为已有轮廓，后续需重点关注下 游需求转折点。海外订单与政策环境仍是支撑产业链的主要动力，短期价 格有望维持坚挺。 风电：十五五风光年均新增 200GW，海风高景气延续 风电：十五五规 ...

——"学海拾珠"系列之二百六十三 [Table_RptDate] 报告日期：2026-01-21 [Table_Author] 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com [Table_CompanyReport] 相关报告 [Table_StockNameRptType] 金融工程 专题报告 融入趋势跟踪的风险平价策略 5.《重新审视回撤规则：实证反思与框 架重构——"学海拾珠"系列之二百五 十八》 6.《所有日子并不平等：通过加权历史 收益理解动量效应——"学海拾珠"系 列之二百五十七》 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百六十三篇，文献研究发现，采用股 票和债券的传统风险平价策略，在类似 2022 年股债同跌、相关性转正 环境中表现不佳，因此探讨将趋势跟踪策略融入风险平价框架的方法及 其效果。回到国内市场，风险平价策略近年来普及较为广泛，但同时也 需注意其发挥优势的宏观环境，必要时采取其他策略补足短板。 ⚫ 方法论 1.《投 ...

| 近 12 个月最高/最低（港元） | 30.00/8.22 | | --- | --- | | 总股本（百万股） | 2,378 | | 流通股本（百万股） | 2,323 | | 流通股比例（%） | 97.66 | | 总市值（亿港元） | 655 | | 流通市值（亿港元） | 640 | [Table_S古tock茗Na（meRptType] 01364） 港股公司专题 古茗探讨二：如何理解未来阶段的成长空间？ 投资评级： 买入（维持） 报告日期： 2026-01-20 收盘价（港元） 28.38 公司价格与沪深 300 走势比较 ①现有模式的精耕打磨：门店数方面下沉市场加密与全国化扩张并行， 单店运营提效方面扩大触达人群&消费时段、提升消费频次； ②第二曲线：依托供应链复用实现低成本的品类扩张及咖啡培育，多产 品矩阵支撑收入成长； ③远期定位"新鲜便利店"：场景愿景不断拓展，满足多元新鲜需求。 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：韦香怡 执业证书号：S0010525060001 邮箱：weixiangyi@hazq.com 主要观点： 上篇解 ...

行业周报 千问 APP 全面接入阿里生态， Gemini 新增个人智能功能 [Table_IndRank] 行业评级：增持 报告日期： 2026-1-17 [Table_IndNameRptType] 全球科技 执业证书号：S0010525070001 邮箱： zhaoliang@hazq.com 分析师：赵浦轩 执业证书号：S0010525100002 邮箱： zhaopuxuan@hazq.com 相关报告 1.AI 漫剧起势，供需双向推动 2025- 10-28 2.AI 应用新范式：从工具革命到"超 级 OS"的演进与商业化路径 2025-10- 27 主要观点： [Table_Chart] 行业指数与沪深 300 走势比较 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com 分析师：赵亮 [⚫Table_Summary] 本周行情回顾 从指数表现来看，本周(2026-1-12 至 2026-1-16), 上证指数 周涨跌幅为-0.45%, 创业板指周涨跌幅为 1%, 沪深 300 周涨跌幅 为-0.57%, 中证 1000 周 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The commercial aerospace sector is entering a fast track, with a focus on the humanoid robotics industry [1] - The humanoid robotics industry chain is expected to expand, with significant potential for labor replacement, especially in high-risk work environments [12][17] Weekly Market Review - Major A-share indices showed a notable rebound, with weekly changes for the CSI 300, ChiNext 300, Sci-Tech 50, CSI 500, CSI 1000, and the humanoid robotics index being -0.57%, 1.39%, 2.58%, 2.18%, 1.27%, and 1.48% respectively, with the Sci-Tech 50 showing the most significant recovery [2][11] - The humanoid robotics sector has shown an upward trend since the beginning of the year, despite a slight pullback in Q4 2025 due to slower-than-expected expansion of downstream application scenarios [12] Emerging Industry Company Tracking and Industry Events - The establishment of the humanoid robotics and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is a positive development for the humanoid robotics industry chain, with key companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [17] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform, with related companies including Xindong Link, Wanfu Aowei, Wolong Electric Drive, and Zongshen Power [17] - The recent approval of over 200,000 satellite frequency resources by China to the ITU indicates a strategic move towards satellite internet, with the Wireless Innovation Institute expected to play a key role in integrating industry resources [20]

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The chemical industry is experiencing a dual drive of cyclical recovery and growth, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [6] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth engine. From 2019 to 2024, domestic DMC capacity expanded rapidly, leading to temporary oversupply and declining prices. However, by 2025, no new capacity is expected, and demand from emerging sectors like new energy vehicles and photovoltaics is growing, improving the supply-demand balance [6] - The PTA/polyester filament industry is seeing a reduction in capacity expansion, with future growth concentrated among leading companies. Domestic demand continues to grow, and external demand is improving due to easing trade tensions [7] - The refrigerant market is entering a high prosperity cycle, driven by quota policies and stable demand growth from markets like Southeast Asia [8] - Synthetic biology is at a pivotal moment, with low-energy products expected to gain a longer growth window as traditional chemical companies adapt to energy costs and carbon taxes [9] - OLED technology is accelerating its penetration into larger displays, supported by government policies promoting the new display industry [10] - The demand for high-frequency and low-loss resins is increasing due to the rise of AI infrastructure and new applications like low-orbit satellite communication [11] - Electronic chemicals are benefiting from the expansion of wafer production capacity, with increasing demand driven by the growth of the semiconductor industry [12] Summary by Sections Industry Performance - The chemical sector ranked 8th in overall performance for the week of January 12-16, 2026, with a gain of 0.90% [21] - The top-performing sub-sectors included coal chemicals and carbon black, while modified plastics and titanium dioxide saw declines [22] Company Performance - The top three gaining companies for the week were Qicai Chemical (27.94%), Aladdin (20.24%), and Xinjin Road (15.50%) [26] - The top three losing companies were Zaiseng Technology (-26.65%), ST Jiaao (-18.42%), and Pulite (-17.28%) [29] Industry Dynamics - The National Development and Reform Commission is implementing measures to support the circular economy, emphasizing the importance of solid waste management and resource recycling [35]