Core Viewpoint - The AI Fund Southern Reform Opportunity Flexible Allocation Mixed Fund (001181) reported a profit of 9.5837 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0579 yuan. The fund's net value growth rate was 2.65%, and its total size reached 363 million yuan by the end of Q4 2025 [3][15]. Fund Performance - As of January 22, the fund's unit net value was 2.351 yuan. The fund manager, Lu Yushan, oversees six funds, all of which have shown positive returns over the past year. The highest one-year growth rate among these funds was 47.08% for the Southern Junxuan Flexible Allocation Mixed Fund, while the lowest was 36.07% for the Southern Junyu Mixed A Fund [3]. - The fund's one-month, six-month, and one-year growth rates were 15.02%, 30.39%, and 40.95%, respectively, ranking 288/1286, 434/1286, and 498/1286 among comparable funds [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.8252, ranking 255/1275 among comparable funds [9]. - The maximum drawdown over the past three years was 18.69%, with the highest single-quarter drawdown recorded at 16.86% in Q1 2020 [11]. Investment Strategy - The fund's average stock position over the past three years was 78.66%, compared to the industry average of 72.57%. The fund reached a peak stock position of 89.72% at the end of Q1 2023, while the lowest was 41.63% at the end of Q1 2022 [14]. - The fund's top ten holdings as of December 31 included Ningde Times, Jereh Group, Shengyi Technology, Pan-Asia Micro-Transparent, Yara International, XCMG, Luoyang Molybdenum, Jiuli Special Materials, China Glass, and Dongfang Electric Cable [18]. Market Outlook - The fund manager anticipates a stable macroeconomic environment in Q1 2026, with a positive and loose fiscal and monetary policy. The market's risk appetite is expected to remain high, with a potential orderly spring rally. Key focus areas include trends in the AI industry, improvements in supply-demand dynamics in materials and midstream manufacturing, as well as sectors like commercial aerospace, AI applications, AI computing power, and semiconductor equipment [3].

Market Performance - The special steel sector increased by 1.41% on January 23, with Fushun Special Steel leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Fushun Special Steel (code: 666009) closed at 7.04, up 5.71% with a trading volume of 1.3294 million shares and a transaction value of 926 million yuan [1] - Shagang Group (code: 002075) closed at 6.25, up 4.69% with a trading volume of 1.6290 million shares and a transaction value of 1 billion yuan [1] - Other notable performers include: - Shengde Zhengtai (code: 300881) at 41.32, up 3.33% [1] - Taiyuan Iron & Steel (code: 000825) at 5.57, up 2.58% [1] - Xining Special Steel (code: 600117) at 3.05, up 2.35% [1] Capital Flow Analysis - The special steel sector experienced a net outflow of 31.0695 million yuan from institutional investors and 78.62 million yuan from speculative funds, while retail investors saw a net inflow of 110 million yuan [2] - Fushun Special Steel had a net inflow of 20.1508 million yuan from institutional investors, while it faced a net outflow of 39.2418 million yuan from speculative funds [3] - Xining Special Steel had a net inflow of 9.4850 million yuan from institutional investors, but also faced outflows from both speculative and retail investors [3]

"十五五"规划建议明确提出加快建设新型能源体系，建设能源强国，要求坚持风光水核等多能并举，促 进清洁能源高质量发展，规划指引为核能产业的规模化、高质量发展提供了清晰的政策指引。而人工智 能浪潮带来的能源消耗具有全域性特征，不仅局限于数据中心；"AI+"赋能千行百业提速发展将有望进 一步拉动全社会电力需求增长，打开核能产业成长空间。 久立特材是国内工业用不锈钢管材领域的核心供应商，坐拥充沛产能并实现跨领域的广泛业务布局。公 司具备年产20万吨成品管材、1.5万吨管件及2.6万吨合金材料的生产实力，业务覆盖多产业赛道，将深 度分享各行业发展带来的增长红利。 "十五五"时期，各行业高质量发展驱动的电力需求增长具备高度确定性，将能强力拉动清洁能源产业扩 容，为核电赛道注入持久发展动能，以久立特材为代表的具备核心技术与产能优势的产业链标杆企业有 望获得长期坚实的业绩增长支撑。 2025年国务院核准10台新核电机组，带动超2000亿元产业链投资落地；我国已连续七年核准核电项目， 且连续四年年度核准机组超10台，行业成长确定性凸显。海外方面，受数据中心缺电问题掣肘的美国也 正加速核能扩张进程，美国政府提出2050年前核电产 ...

Group 1 - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) was held on January 22, 2026, with 690 participants representing 138,502,155 shares, accounting for 56.32% of the total ESOP shares [2] - The meeting approved the establishment of a management committee for the ESOP to enhance daily management efficiency and protect the rights of shareholders, with 100% approval from the voting shares [4] - The meeting elected three members to the management committee, including the company's chairman and general manager, with 100% approval from the voting shares [5] Group 2 - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, daily management, and representing shareholders' rights, with 100% approval from the voting shares [6] - The authorization is effective from the date of the first meeting until the termination of the ESOP [6] - The meeting's resolutions will be documented for future reference [6]

Group 1 - The first meeting of the 2025 Employee Stock Ownership Plan (ESOP) of Zhejiang Jiuli Special Materials Technology Co., Ltd. was held on January 22, 2026, via telecommunication, with 690 participants representing 138,502,155 shares, accounting for 56.32% of the total ESOP shares [2][3] - Three proposals were presented at the meeting, requiring approval from more than half of the voting shares held by the participants [3] Group 2 - The proposal to establish a management committee for the 2025 ESOP was approved unanimously, with 100% of the voting shares in favor [4][7] - The election of committee members, including Li Zhengzhou, Wang Changcheng, and Zhou Yubin, was also approved unanimously, with their terms aligned with the duration of the ESOP [5][7] - The management committee was authorized to handle various matters related to the ESOP, including convening meetings, managing daily operations, and representing shareholders [6][7]

久立特材公告称，2026年1月22日，公司2025年第一期员工持股计划第一次持有人会议以通讯方式召 开，690人参与表决，代表份额138,502,155份，占总份额56.32%。会议审议通过三项议案，包括设立管 理委员会，选举李郑周、王长城、周宇宾为委员，李郑周任主任；授权管理委员会办理与员工持股计划 相关事宜，授权自会议批准日起至计划终止日有效。 ...

证券代码:002318 证券简称:久立特材 公告编号:2026-001 浙江久立特材科技股份有限公司 2025年第一期员工持股计划第一次持有人会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 浙江久立特材科技股份有限公司（以下简称"公司"）2025 年第一期员工 持股计划（以下简称"本员工持股计划"）第一次持有人会议于 2026 年 1 月 22 日以通讯方式召开、表决，会议由公司董事长李郑周先生召集和主持。本次会议 实际参与表决的持有人 690 人，代表本员工持股计划份额 138,502,155 份，占本 员工持股计划总份额的 56.32%。会议的召集、召开和表决程序符合本员工持股 计划的有关规定。 二、议案审议表决情况 本次持有人会议共有 3 个议案，须由出席持有人会议的持有人所持 1/2 以上 有表决权持股计划份额同意后通过。 （一）审议通过《关于设立 2025 年第一期员工持股计划管理委员会的议案》 为了提高公司 2025 年第一期员工持股计划日常管理的效率，保障持有人的 合法权益，同意本员工持股计划设立管理委员会， ...

Market Overview - The special steel sector experienced a slight increase of 0.01% on January 21, with Xianglou New Materials leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up by 0.08%, while the Shenzhen Component Index closed at 14255.12, up by 0.7% [1] Stock Performance - Xianglou New Materials (301160) closed at 70.15, with a rise of 3.16% and a trading volume of 39,100 shares, amounting to a transaction value of 271 million [1] - Other notable performers included: - Taigang Stainless Steel (000825) at 5.34, up 2.30% with a volume of 1,095,800 shares and a transaction value of 57.5 million [1] - Changbao Co. (002478) at 9.73, up 1.88% with a volume of 466,900 shares and a transaction value of 444 million [1] - Jiao Jin Co. (603995) at 19.32, up 1.15% with a volume of 68,200 shares and a transaction value of 131 million [1] Capital Flow - The special steel sector saw a net outflow of 23.46 million from institutional investors, while retail investors experienced a net outflow of 3.14 million [2] - Conversely, speculative funds recorded a net inflow of 26.60 million [2] Individual Stock Capital Flow - Taigang Stainless Steel (000825) had a net inflow of 58.08 million from institutional investors, but a net outflow of 35.39 million from retail investors [3] - Xianglou New Materials (301160) faced a net outflow of 6.33 million from institutional investors, while retail investors saw a net inflow of 8.84 million [3] - Changbao Co. (002478) had a net outflow of 8.52 million from institutional investors, with a net inflow of 12.83 million from speculative funds [3]

上市公司：中信特钢（000708），河钢股份（000709），中南股份（000717），本钢板材（000761）， 三钢闽光（002110），久立特材（002318），金洲管道（002443），常宝股份（002478），盛德鑫泰 （300881），安阳钢铁（600569），八一钢铁（600581），新钢股份（600782），马钢股份（600808） 相关报告：智研咨询发布的《2026-2032年中国黑色金属矿采选业行业市场全景调查及投资前景预测报 告》 2025年1-11月，黑色金属冶炼和压延加工业企业数（以下数据涉及的企业，均为规模以上工业企业，从 2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万 元）为6325个，和上年同期相比，减少了1个，同比下降0.02%，占工业总企业的比重为1.2%。 2016-2025年1-11月黑色金属冶炼和压延加工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业 ...

先看海外要闻： 美股大跌，道指收跌1.76%、纳指收跌2.39%、标普500收跌2.06%；英伟达收跌4.38%，特斯拉跌4.17%，苹果跌3.46%，亚马逊跌3.40%，Meta跌 2.60%，谷歌A跌2.42%，微软跌1.16%。 马斯克兑现承诺，开源X推荐算法。 大家早上壕！ OpenAI与ServiceNow在商业软件领域达成AI Agent合作协议。 分析师：2030年前 OpenAI广告年收入有望达250亿美元。 报道：三星美国厂3月启动EUV试产，计划下半年量产特斯拉AI芯片。 花旗集团将闪迪目标股价从280美元上调至490美元。 Neuralink首例受试者：脑机接口已能实现OTA升级。 据央视，加拿大百年来首次模拟美国军事入侵；丹麦官员称欧盟已准备好对美国商品加征反制关税。 财政部长贝森特：美国计划对关键矿产设定价格下限和上限。 美国天然气期货日内涨超25%。 COMEX黄金期货涨3.70%，报4765.50美元/盎司，盘中一度刷新历史高位至4771.50美元。 国内重大事件汇总： 1、习近平:努力提高国民经济循环质量和效率，让内需成为经济发展的主动力。（新华社） 到2026年底，台积电WM ...