沪深股通今日合计成交4041.16亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，证券板块主力资金净流入居首。 ETF成交方面，化工ETF（159870）连续两周份额大增，上周份额增长63.155亿份位居首位，近两周份额共计增加89.89亿份。 | | 沖殿運 ( | 1月26日 | ⎞ | | | --- | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | | 成交金额(亿元) | | 1 | 601899 | 紫美矿业 | | 48.57 | | 2 | 601318 | 中国平安 | | 19.81 | | 3 | 688256 | 寒武纪 | | 19.22 | | 4 | 603993 | 洛阳铝业 | | 18.94 | | 5 | 600519 | 贵州茅台 | | 18.20 | | 6 | 688008 | 澜起科技 | | 17.38 | | 7 | 688041 | 海米信息 | | 14.87 | | 8 | 601600 | 中国铝V | | 14.80 | | 9 | 600030 | 中信证券 | | 14. ...

DeepSeek的横空出世，可谓2025年中国科技创新的"开场戏"。近期，国际机构密集发文盘点过去一年全 球科技发展，来自中国的成果格外耀眼。 在基础研究领域，2025年底，国际顶尖学术期刊《科学》公布"2025年度十大科学突破"，中国在可再生 能源领域的突破，以及破解"丹尼索瓦人"长相之谜、发现水稻耐高温"基因开关"等成果纷纷入选。 一年前，恰是这个周一，深度求索（DeepSeek）公司R1大模型以高性能和低训练成本震撼世界，外媒 称之为"DeepSeek时刻"。 过去一年，中国科技创新因何能让世界瞩目？ 这源于实现高水平科技自立自强的决心与努力。在美国先进芯片的封锁禁运下，DeepSeek以算法创新 突破算力限制，华为、阿里巴巴、百度、寒武纪等中国企业则纷纷踏上芯片技术攻关之路。随着 DeepSeek-R1大模型和"昇腾"等国产芯片问世，美国战略界终于意识到，出口管制管不住中国，只会使 中国加速建设一套独立的技术体系。 这倚赖高水平科研人才提供的核心支撑。2025年11月，科睿唯安发布《2025年度全球高被引科学家》榜 单，中国内地共有1406人次入选，占全球总数的19.7%。在AI领域，据全球知名科研技 ...

Core Insights - The 2025 public fund quarterly report indicates a "stronger getting stronger" trend in the active equity fund market, with performance and scale highly correlated to the technology sector and research capabilities [2][10] Group 1: Performance of Active Equity Funds - The median average return for active equity funds in 2025 was 38.30%, with the top ten managers achieving returns as high as 148.78% [2] - Allianz Fund was the only foreign-owned public fund company among the top ten managers, benefiting from deep investments in Chinese tech stocks [2][13] - BlackRock Fund faced challenges in China, with an average return of 27.79% for its ten active equity funds, ranking second to last among foreign-owned public funds [2][3] Group 2: Challenges Faced by BlackRock Fund - BlackRock Fund's core issue is a vague market positioning and lack of a clear "technology growth" brand, leading to underperformance in the 2025 structural bull market [3][7] - The fund's active equity products are seen as "trial" issues, lacking sustained marketing and investor education, resulting in a marginalization of these products [4][9] - Despite having a global research platform, BlackRock's local team has not established an independent active equity research system in China, leading to conservative product strategies [7][8] Group 3: Fund Structure and Holdings - BlackRock's active equity product line includes various fund types, but its active equity products have not seen new issues in 2025, indicating a lack of focus [4][7] - The fund's holdings are primarily concentrated in manufacturing, finance, and consumer sectors, with over 60% of the portfolio in these areas [7] - The flagship product, "BlackRock Advanced Manufacturing One-Year Holding A," led foreign peers with a 63.34% annual return, but other products underperformed [8][14] Group 4: Comparison with Other Foreign Funds - Other foreign public funds in China are transitioning from "trial" to "deep cultivation," showing significant differentiation in product layout, research systems, and performance [10][11] - Allianz Fund stands out with a focused market strategy, achieving a return of 96.01% for its only active equity product since its inception [13][14] - The overall trend indicates that foreign public funds are increasingly focusing on AI, high-end manufacturing, and semiconductor sectors, with a significant portion of their portfolios allocated to these areas [11][15]

截至1月26日收盘，同花顺新质50概念下跌4.24%，位居概念板块跌幅榜前列，板块内，海格通信、凯 众股份、中国卫通等跌停，浩瀚深度、中科星图、北斗星通等跌幅居前，股价上涨的有4只，涨幅居前 的有沃尔核材、天孚通信、中际旭创等，分别上涨6.04%、3.59%、0.82%。 资金面上看，今日同花顺新质50概念板块获主力资金净流出96.93亿元，其中，43股获主力资金净流 出，19股主力资金净流出超亿元，净流出资金居首的是三花智控，今日主力资金净流出15.78亿元，净 流出资金居前的还有通富微电、寒武纪、海格通信等，主力资金分别净流出13.15亿元、12.50亿元、 9.85亿元。今日主力资金净流入居前的概念股有天孚通信、中际旭创、沃尔核材等，主力资金分别净流 入11.05亿元、3.50亿元、3.39亿元。（数据宝） | 688065 | 凯赛生物 | -0.05 | 1.44 | 3540.65 | | --- | --- | --- | --- | --- | | 600050 | 中国联通 | -0.39 | 0.97 | 9279.03 | | 002130 | 沃尔核材 | 6.04 | 15.35 | ...

Group 1 - The core viewpoint is that the demand for AI computing power is continuously rising, leading to a supply-demand imbalance in related hardware [2][3] - In the semiconductor upstream, the demand for AI-related power is driving price increases in mature process foundry services, while packaging factories are also raising prices due to strong AI computing demand and raw material cost pressures [2] - The storage industry is expected to see significant growth, with TrendForce predicting a market value of $551.6 billion by 2026, representing a year-on-year increase of 134% [2] Group 2 - The relaxation of export regulations on Nvidia's H200 chips to China is expected to boost domestic server manufacturing demand [3] - Domestic computing power hardware is making technological breakthroughs, with companies like Cambrian, Haiguang Information, and Moore Threads emerging in the chip sector, and advancements in packaging technology being reported by firms like Changdian Technology [4] - The AI space is anticipated to expand significantly, with innovations in hardware expected to create new investment opportunities in the industry chain [5]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - On January 22, Baidu released its self-developed Wenxin large model 5.0, which has a parameter scale of 2.4 trillion and utilizes a native multimodal unified modeling technology, demonstrating capabilities in understanding and generating across text, images, audio, and video. The model has surpassed international advanced models like Gemini-2.5-Pro and GPT-5-High in over 40 authoritative benchmark evaluations [3][11] - On January 20, Alibaba Cloud launched the AI Data Lake (Lakebase) as part of its PolarDB, which integrates structured, semi-structured, and unstructured data for consistent access and retrieval, enhancing performance for various scenarios [4][12] - The report highlights the deepening of Baidu's ecosystem from chips to cloud, large models, and intelligent applications, catalyzing AI computing power and related applications [4][12] Summary by Sections 1. Computer Industry Insights - Baidu's Wenxin 5.0 model has achieved significant technical breakthroughs, including a large-scale mixture of experts (MoE) structure that enhances inference efficiency while maintaining strong capabilities [11] - The model supports high-quality voice synthesis and real-time interactive digital human technology, showcasing its application potential [11] - The report emphasizes the full-stack self-research technology ecosystem formed by Baidu, covering chips, cloud, models, and applications [11] 2. Market Review - The computer industry index decreased by 0.30%, underperforming the Shanghai Composite Index by 1.14 percentage points but outperforming the ChiNext Index by 0.04 percentage points [14][15] - Year-to-date, the computer industry index has increased by 12.30% [15] 3. Technology Software Industry News - The report discusses the establishment of a high-performance computing platform at Nanjing University of Aeronautics and Astronautics, which aims to support various disciplines and facilitate technology transfer [22] - It also covers the launch of the AS700 manned airship, marking a significant milestone in low-altitude economy development [23] - The report highlights the implementation of policies in Guangdong Province to enhance data supply capabilities in the transportation sector, aiming for high-quality development [28] 4. Company Dynamics - The report includes updates on various companies, such as the stock incentive plans of Zhongke Chuangda and Weihong Co., indicating ongoing corporate governance and employee engagement strategies [31][32]

出品 | 妙投APP 作者 | 董必政 编辑 | 丁萍 头图 | AI制图 2025年，"易中天"（新易盛、中际旭创、天孚通信）不仅是A股AI算力赛道的图腾，更是无数股民口中 津津乐道的"财富密码"。 然而，进入2026年，风向变得有些诡谲。 虽然A股整体氛围依然躁动，但资金对"易中天"的态度却从"狂热"转向了"审视"。 开年以来，仅仅不到一个月，新易盛、中际旭创、天孚通信分别录得了11.11%、6.83%和4.10%的跌 幅。 下跌本身并不可怕，可怕的是背后的逻辑支撑正在瓦解。 近日，天孚通信和剑桥科技相继发布的2025年业绩预告，像两盆冷水，浇在了还沉浸在"算力永不眠"美 梦中的投资者头上。 天孚通信预计2025年归母净利润18.81亿至21.5亿元，同比增长40%-60%。看似不错的增长，但中位数不 仅低于机构一致预期的21.45亿元，更重要的是，其隐含的四季度增速令人不安。 另一家光模块玩家剑桥科技更是不容乐观，预计全年净利2.52亿至2.78亿元，远低于预期的3.02亿元。 早在2025年12月9日，虎嗅妙投就在《"易中天"的"泡沫"炒到2027年》一文中预警：资本市场已经透支 了光模块未来两年的业 ...

消息面上，三星电子将第一季度NAND闪存供应价格上调100%以上，涨幅远超市场预期。这是继 DRAM内存价格上调近70%后，存储市场释放的又一调价信号。 （文章来源：每日经济新闻） 招商证券认为，2026第一季度各品类存储价格环比涨幅超预期，预计2026年全年全球存储供给整体维持 偏紧状态，AI需求增长持续高于产能扩张速度，其他消费类存储和利基型存储受到产能挤压和下游恐 慌备货等因素，价格涨幅也远超常规水平。今年国内存储产业链多环节都将受益于缺货涨价浪潮，核心 建议关注存储原厂、存储模组/芯片公司、存储封测/代工等环节。 1月26日午后，市场延续震荡调整走势，截至14:35，上证科创板芯片设计主题指数下跌1.1%。 上证科创板芯片设计主题指数由科创板内不超过50只业务涉及芯片设计领域的股票组成，指数前五大权 重股为海光信息、澜起科技、寒武纪、芯原股份、东芯股份，数字芯片设计行业合计占比超75%，在AI 驱动的新范式下具备长期成长潜力。 ...

截至2026年1月26日 13:10，中证消费电子主题指数(931494)成分股方面涨跌互现，芯原股份领涨 6.92%，澜起科技上涨3.09%，环旭电子上涨2.75%；蓝思科技领跌。消费电子ETF(561600)最新报价1.28 元。 泡泡玛特PUCKY"电子木鱼"搪胶毛绒挂件盲盒上线即售罄，主打情绪解压功能，被广泛称为"电子木 鱼"，二手平台出现溢价；同期公司完成约3.5亿港元回购，并推进星星人情人节系列销售。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年12月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密、寒武 纪、工业富联、中芯国际、京东方A、兆易创新、澜起科技、东山精密、豪威集团、生益科技，前十大 权重股合计占比54.35%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题E ...

截至2026年1月26日 13:01，中证人工智能主题指数(930713)成分股方面涨跌互现，芯原股份领涨7.45%，光环新网上涨6.71%，润泽科技上涨5.48%；中科星 图领跌。AI人工智能ETF(512930)最新报价2.36元。 消息面上，腾讯旗下AI助手元宝低调开启全新社交AI玩法"元宝派"内测。从目前流出的内测截图来看，用户可以选择创建一个"派"，或者加入一个已有 的"派"。用户可以在派内@元宝 或引用元宝的话，让元宝AI总结派内聊天、创建健身、阅读等兴趣打卡活动，由元宝AI担任"监督员"。不止文字聊天，用 户还可以在派内进行"图片二创"，将一张普通的照片变成有趣的"梗图"或表情包，在共同创作中激发乐趣。据网传截图，元宝派后续公测还将开放上线"一 起看"、"一起听"玩法，该玩法接⼊了腾讯会议的⾳视频底层能⼒，让⽤户可以邀请派内好友同步观看一部电影、一场比赛、听一首歌。 中信证券研报称，预计算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长；AI应用显现结构 性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用 ...