Core Viewpoint - The surge in construction of data centers in the United States has led to an electricity shortage, creating opportunities for companies like Dongfang Electric to expand their gas turbine market share and export capabilities [1] Group 1: Company Performance - Dongfang Electric's stock price increased by 11.39%, reaching HKD 27.96, with a trading volume of HKD 269 million [1] - The company has been collaborating with Mitsubishi Heavy Industries since the early 2000s to enhance its gas turbine manufacturing capabilities [1] Group 2: Industry Trends - As of January 2026, the installed capacity of natural gas power generation in the U.S. under construction is expected to exceed 29 GW, more than doubling within a year [1] - Domestic advancements in gas turbine technology are expected to provide effective support to the U.S. electricity supply chain, particularly as the North American electricity shortage intensifies [1] Group 3: Market Projections - Dongfang Electric's market share in the gas-electric sector is projected to reach 70% by October 2025, with the localization rate increasing from 46.5% at the start of the collaboration to an expected 90% by the end of 2025 [1] - The overseas demand for gas turbines is anticipated to grow due to the supply-demand gap in North America, presenting export opportunities for Chinese manufacturers [1]

商讯杂志 编辑|叶愔 2025年11月25日，信达证券固定收益首席分析师李一爽及其团队成员朱金保、张弛同时从信达证券离 职。随后在12月2日和3日，朱金保和张弛相继加入华福证券。 李一爽是固定收益领域的知名分析师，拥有复旦大学经济学硕士学位和9年宏观债券研究经验。他带领 的团队曾获得2024年12月新浪财经金麒麟分析师菁英分析师第一名。 同日，交通运输行业首席分析师匡培钦离职并加入国海证券。随后在2026年1月5日，其团队成员秦梦鸽 和陈依晗也离开信达证券，并于1月14日加入国海证券，完成了交运团队的整体迁徙。 金融工程团队也出现类似情况。信达证券研究所副所长、金融工程与金融产品研究中心负责人及首席分 析师于明明于2025年12月26日加入东吴证券。 近日，证券从业系统已查询不到周金铭、崔诗笛、孙石、吴彦锦等四名于明明原团队成员的信息，预计 已随于明明共同赴任东吴证券。 市场传闻称，中金公司可能合并包括信达证券在内的两家AMC系券商。2025年2月，财政部将所持中国 信达等资产股权划转至中央汇金，而中金公司大股东同样是中央汇金，这为合并传闻增添了可能性。 而这一传闻引发了在职员工对未来职业发展的担忧。 与此同 ...

Core Insights - The future of optical interconnection is driven by diverse network connection scenarios such as Scale-out, Scale-up, and Scale-across, indicating a high-speed expansion of the overall market space [1] - Various technical solutions have independent market expansion foundations, presenting long-term and sustainable development opportunities [1] - The report suggests focusing on three core lines: large optics, small optics, and new optics, based on market cycles and industry evolution stages [1] Group 1: Demand for Optical Modules - Confidence in future demand for optical modules is increasing, with major cloud service providers (CSPs) like Amazon, Google, Microsoft, and Meta disclosing a combined capital expenditure of $660 billion by 2026, a significant 60% year-on-year increase, primarily directed towards AI computing power [1] - The sustained increase in capital investment by major CSPs in AI-related infrastructure will prioritize network connectivity, crucial for computing clusters [1] - The demand for optical modules will remain strong due to the ongoing release of GPU/TPU/ASIC chips and the rapid iteration of next-generation chips, establishing a solid demand foundation for 2027 [1] Group 2: CPO Industry Progress - Lumentum has announced additional orders worth hundreds of millions of dollars for ultra-high power lasers in the CPO field, with substantial deliveries expected in the second half of 2026 and Scale-up CPO products anticipated by the end of 2027 [2] - NVIDIA has revealed that partners CoreWeave, Lambda, and TACC will deploy IBCPO systems in the first half of 2026, with Ethernet CPO products set to ship in the second half of 2026 [2] - The CPO industry is progressing faster than previously expected, with significant advancements anticipated throughout the year, suggesting a growing market space [2] Group 3: NPO's Unique Advantages - Tencent has released specifications for its NPO technology, which centralizes the optical engine deployment near device chips, enabling single-layer Scale-up networking and supporting DSP-free designs [3] - NPO offers greater flexibility and cost-effectiveness, making it a favored choice among CSP customers and potentially a long-term technical option [3] - The NPO technology can reduce costs and power consumption through high-density interconnections while maintaining higher decoupling in the supply chain, enhancing the growth potential and performance of related industry players [3]

Core Viewpoint - The A-share market is expected to experience a significant upward trend after the Spring Festival, with a 70% probability of rising in the first five trading days post-holiday, and a projected increase of 4.85% in 2024 [1][2]. Market Trends - Historical data shows that the market typically rebounds in the five trading days leading up to the Spring Festival, with a notable upward trend continuing until around T+6 days post-holiday [2]. - The trading volume is characterized by a "decrease before the holiday and an increase after" [1]. Institutional Recommendations - Major brokerage firms recommend "holding stocks over the holiday," anticipating a resurgence in market activity post-Spring Festival [1][3][4]. - Economic and profit expectations are likely to improve during the holiday, with positive consumer data anticipated [5]. Liquidity and Market Sentiment - Liquidity is expected to remain loose during the Spring Festival, with potential for accelerated capital inflow post-holiday [5]. - Market sentiment is projected to be neutral, with limited external risks impacting domestic markets [5]. Sector Focus - Key sectors to watch include technology growth and cyclical industries, which are expected to outperform due to policy support and ongoing industry trends [5][6]. - Specific attention is recommended for AI computing, chemicals, and power equipment sectors [6]. Style Rotation - There is a notable style rotation expected, with large-cap stocks outperforming small-cap stocks before the holiday, while small-cap stocks are anticipated to lead post-holiday [7]. - The market is expected to shift towards a more defensive strategy, gradually moving towards growth sectors [8].

Core Viewpoint - The A-share market is expected to experience a cautious sentiment ahead of the Spring Festival, with the prevailing advice from institutions being to "hold stocks during the holiday" due to historical trends indicating a higher probability of market gains post-holiday [1][3]. Market Trends - Historical data shows that the probability of market gains after the Spring Festival is significantly higher than before, with a 70% chance of an increase in the first five trading days post-holiday, and the expected gain for 2024 is projected at 4.85% [1][2]. - The market typically exhibits a pattern of "reduced volume before the holiday and increased volume afterward" [1]. Institutional Recommendations - Multiple securities firms, including Guangda Securities and Huajin Securities, suggest maintaining stock positions through the holiday, anticipating a rebound in market activity post-festival [3][4]. - Citic Securities indicates that the spring market rally is likely to continue after the holiday, despite recent adjustments, and recommends holding stocks during the holiday [5][6]. Economic and Liquidity Outlook - Economic and profit expectations are anticipated to improve during the Spring Festival, with favorable consumer data expected [4]. - Liquidity is expected to remain loose, with potential increases in net injections by the central bank and a stable level of market funds before the holiday [4]. Sector Performance - Technology growth and certain cyclical sectors are expected to outperform, supported by policy initiatives and ongoing industry trends [5][7]. - There is a potential for a rebound in sectors such as pharmaceuticals, computing, chemicals, and non-bank financials, which have historically low valuation percentiles [5][6]. Market Sentiment and Style Rotation - The market sentiment is expected to stabilize post-adjustment, with a notable rotation in style from large-cap to small-cap stocks after the holiday [6][7]. - The "Spring Festival effect" and increasing event catalysts are likely to create a favorable environment for market recovery [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 1.公告基本信息 ■ 2.日常申购、赎回业务的办理时间 本基金对每份基金份额设置3个月的最短持有期。对于每份基金份额，最短持有期起始日指基金合同生 效日（对认购份额而言）或该基金份额申购申请确认日（对申购份额而言）；最短持有期到期日指该基 金份额最短持有期起始日起3个月后的对应日。如无此对应日期或该对应日为非工作日，则顺延至下一 工作日。在每份基金份额的最短持有期到期日前（不含当日），基金份额持有人不能对该基金份额提出 赎回申请；每份基金份额的最短持有期到期日起（含当日），基金份额持有人可对该基金份额提出赎回 申请。因不可抗力或基金合同约定的其他情形致使基金管理人无法在该基金份额的最短持有期到期日开 放办理该基金份额的赎回业务的，该基金份额的最短持有期到期日顺延至不可抗力或基金合同约定的其 他情形的影响因素消除之日起的下一个工作日。 投资人在开放日办理基金份额的申购和赎回，具体办理时间为上海证券交易所、深圳证券交易所的正常 交易日的交易时间（若本基金参与港股通交易且该日为非港股通交易日或不满足港股通在规定时间内结 算要求，则基金管理人可根据实际情况决定本基金是 ...

范雨露 制图 ◎记者 汪友若 过去一周，A股市场整体呈震荡调整态势，节前资金观望情绪有所升温。本周，A股即将迎来春节假期 前最后一个交易周。每逢春节临近，市场对持股过节还是持币过节的讨论就会升温。 机构策略展望报告显示，此前市场调整的核心原因，是海外AI产业链情绪扰动与主要市场流动性预期 边际变化共同作用，导致了市场风险偏好的阶段性回落，而非基本面发生了根本性走弱。 从历史规律来看，春节假期前A股市场往往因资金观望出现短线调整，而春节假期后随着资金回流，市 场量能通常会迎来显著提升。综合历史经验与当下市场基本面来看，A股具备积极布局的基础，持股过 节的性价比相对较高。 并且春节假期前后A股宽基指数上涨概率均较高。其中，春节假期前一周上证指数上涨概率为81%、涨 幅均值为1.8%，春节假期后一周上证指数上涨概率为76%、涨幅均值为1.3%。因此，国信证券称，当前 持股过节或为上策。1月中旬以来A股横盘震荡，最近一周波动加大，但市场仍处上行趋势中，本轮春 季行情仍有进一步演绎空间。 在华创证券看来，从2025年12月至2026年1月初，商业航天、脑机接口等科技板块、以有色金属为代表 的顺周期板块，以及近期以白酒、 ...

八部门发文，强化虚拟货币监管 日前，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇管理局印发《关于进一步防范和处置虚拟货币等相关风险的通知》，进一步防范和 处置虚拟货币、RWA代币化相关风险，明确虚拟货币相关业务活动属于非法金融活动，严格监管赴境 外开展RWA代币化相关业务活动。 央行连续第15个月增持黄金 国家外汇管理局2月7日发布的数据显示，截至2026年1月末，中国黄金储备为7419万盎司，环比增加4万 盎司，为中国央行连续第15个月增持黄金。 我国成功发射可重复使用试验航天器 下周，A股将迎来春节前的最后一个交易周。业内机构认为，春节前市场或维持区间震荡，建议均衡配 置；春节后市场焦点可能重新转向具备产业催化、业绩确定性的成长板块。 大宗商品市场方面，国际金价继续宽幅震荡。在业内机构看来，尽管调整可能意味着出现布局良机，但 黄金的波动性已显著加大，投资者应将其作为资产配置的一部分，而非单一投机工具。 影响后市投资大事件 兴业证券：持股过节兼具胜率与赔率 近期全球叙事变化对市场情绪冲击最大的时刻或正逐步过去，后续事件催化增多、"春节效应"等因素， ...

Group 1 - The National Data Bureau, Ministry of Industry and Information Technology, Ministry of Public Security, and China Securities Regulatory Commission issued an opinion on February 7 to clarify the functions of data circulation service institutions and enhance the efficiency of data circulation transactions [1] - The opinion encourages public data products and services to be traded through data exchanges, emphasizing the need for better management and optimization of data exchanges while controlling their number [1] - Dongwu Securities predicts that 2026 will be the "Year of Data Factor Value Release," with expectations for improvements in foundational systems regarding data property rights and circulation, leading to further exploration of the value of public and industrial data [1] Group 2 - Zhejiang Data Culture has initiated the Zhejiang Data Business Alliance and is responsible for the secretariat functions of the alliance through its subsidiary, Zhejiang Big Data Exchange Co., Ltd [2] - Guangdian Yuntong holds shares in Guangzhou Data Exchange Co., Ltd and leverages its subsidiary Guangdian Data Investment to promote and replicate digital government construction experiences across regions, empowering digital innovation ecosystems for governments and enterprises [2]

Core Viewpoints - The contradiction between short-term profits and long-term value is intensifying in overseas markets, with a focus on strategic safety and innovation driven by AI [2] - External shocks have limited impact on the fundamentals of the Chinese market, suggesting a continuation of the spring market rally post-Spring Festival [4] - A new upward cycle is anticipated in the A-share market, driven by favorable timing and conditions [5] Group 1: Market Trends and Conditions - Recent adjustments in the A-share market are primarily driven by internal factors, with external disturbances not significantly impacting the fundamentals [4] - The upcoming period is expected to see a strong seasonal effect, particularly around the Spring Festival, with historical data indicating high probabilities of market gains [5] - The market is currently experiencing a "Risk-off" mode, with a shift towards simpler investment themes as the AI industry cycle matures [6] Group 2: Investment Strategies - Recommendations include maintaining a focus on "resources + traditional manufacturing" while increasing allocations to consumer and real estate sectors [3] - Key sectors to watch include AI computing, chemicals, and power equipment, with a focus on high-growth technology and cyclical recovery [4][7] - Emphasis on high-dividend stocks is expected to gain traction as the market transitions from high-volatility trading to more stable, predictable investments [9] Group 3: Sector-Specific Insights - The technology sector, particularly AI hardware and semiconductor industries, is expected to recover following recent adjustments [7][8] - High-quality real estate developers and related industries are recommended for investment, given the anticipated recovery in property sales during the Spring Festival [11] - The focus on cyclical recovery in sectors such as chemicals and construction materials is advised, alongside monitoring for potential rebounds in consumer spending [12]