资料来源：聚源，华源证券研究所，截至2026年01月27日 华源晨会精粹 20260127 金融工程 资金流向混债二级基金，周期和大金融占比提升——主动型公募基金 2025 年四季报分析：2025 年四季度公募基金总规模变动不大，但不同类别的基金 规模发生明显切换：投资者因追求稳健收益，资金从高波动的主动权益基金（较上 季度规模缩减 1823 亿元）和低风险的纯债基金（较上季度规模缩减 868 亿元）流出， 向中低风险的含权债基（较上季度规模增加 2398 亿元）迁移，与此同时，含权债基 的新发热度升高，发行数量创下 2020 年以来单季度新高。主动权益基金：对港股的 配置热情明显下降，显著增配周期板块。行业维度上，电子、通信、电新为重仓前 三，有色金属、基础化工和非银主动加仓最多。股债混合型基金：同样呈现出减仓 港股、加仓创业板的特征，2025 年四季度重仓股中占比最高的三个行业分别为电子、 有色和通信，主动加仓最多的行业为电子、通信和非银。含权债基：是承接资金向 中低风险迁移的重要方向，权益配置上向周期和大金融倾斜，对医药板块的减仓幅 度较大；债券方面，持续降低可转债仓位，转向利率债和信用债。纯债基金：是 ...

（记者 王晓波） 每经AI快讯，璞泰来1月27日晚间发布公告称，公司控股子公司乳源氟树脂所处行业发展迅速，下游市 场客户对其PVDF 产品的需求增量明显，基于标的公司持续向好的发展态势，为进一步提高对其持股比 例，增强公司整体盈利规模与经营管理效率，同时充分肯定标的公司核心管理与技术团队既往的经营贡 献，公司拟以现金方式收购宁波昭如持有的乳源东阳光氟树脂有限公司（简称"乳源氟树脂"）5%股 权，交易对价人民币2.4亿元。本次交易完成后，公司持有乳源氟树脂的股权比例将由55%上升至60%。 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

Core Viewpoint - The strategic partnership between Dongyangguang Pharmaceutical and Jingtai Technology aims to create an industry-leading AI drug development engine, addressing the global R&D efficiency bottleneck in the pharmaceutical industry through a collaborative model of "pipeline co-creation + technology win-win" [1][2] Group 1: Partnership Details - Dongyangguang Pharmaceutical plans to invest several hundred million yuan in the joint venture with Jingtai Technology [1] - The collaboration will focus on the field of autoimmune diseases, combining Dongyangguang's expertise with Jingtai's AI capabilities to accelerate drug discovery and clinical translation [3] - Jingtai Technology will deploy a large-scale robotic experimental workstation cluster at Dongyangguang to establish an AI-driven automated drug development laboratory [2] Group 2: Technological Innovations - The partnership will develop a leading physiologically-based pharmacokinetic (PB-PK) model to optimize R&D decisions and reduce risks, enhancing the success rates of subsequent in vivo and clinical trials [2] - A comprehensive AI drug development engine will be co-built, targeting challenges in drug targets, molecular synthesis, structure-activity relationships, and pharmacokinetics [2][3] - The collaboration aims to create a "bottom-layer operating system" for AI drug development, leveraging Chinese data, algorithms, and manufacturing capabilities to enhance competitiveness in international markets [3] Group 3: Business Model and Ecosystem - The partnership will establish an AI supercomputing platform based on "computing power support + data development + ecological sharing," transforming data assets and AI products into a "Model as a Service" (MaaS) business model [3] - The collaboration is expected to generate a dual-flywheel effect of "new drug pipeline generation" and "monetization of technological foundations," allowing both companies to share in the commercial outcomes [3]

Core Insights - A strategic cooperation agreement has been signed between Jingtai Holdings and Dongyang Sunshine Pharmaceutical Co., Ltd. to establish a joint venture focused on AI-driven drug development [1] Group 1: Partnership Details - The partnership aims to integrate Jingtai's AI and robotics drug development platform with Dongyang Sunshine's extensive experience in multi-target research data, biological insights, and pipeline development [1] - Both companies plan to build an AI and robotics joint laboratory and a non-clinical drug model to address long-standing challenges in drug development [1] Group 2: Investment and Goals - Dongyang Sunshine is expected to invest several hundred million yuan into the partnership [1] - The collaboration aims to create an industry-leading AI drug development engine and achieve technology export, establishing a diversified profit model of "pipeline co-creation + technology win-win" [1]

Core Viewpoint - Dongyangguang Pharmaceutical (600673) has entered a significant strategic partnership with Crystal Technology Holdings, focusing on the integration of AI and robotics in drug development, aiming to enhance R&D capabilities and commercialize new drug pipelines [1] Group 1: Strategic Partnership - Dongyangguang Pharmaceutical and Crystal Technology Holdings signed a strategic cooperation agreement on January 26, marking a major step in embracing the "AI + Robotics" R&D paradigm [1] - The partnership aims to establish a joint venture that leverages Crystal Technology's AI and robotics drug development platform alongside Dongyangguang's extensive experience in multi-target R&D data and pipeline development [1] Group 2: Investment and Goals - Dongyangguang Pharmaceutical is expected to invest several hundred million yuan in this collaboration, with the goal of creating an industry-leading AI drug development engine [1] - The companies aim to build a "pipeline co-creation + technology win-win" multi-dimensional profit model, focusing on comprehensive cooperation in technology and new drug pipeline development [1]

Core Viewpoint - Dongyang Sunshine Pharmaceutical (06887) has signed a significant strategic cooperation agreement with Crystal Technology Holdings, marking a strategic leap towards embracing "AI + Robotics" in drug development [1] Group 1: Strategic Partnership - The collaboration aims to establish a joint venture that integrates Crystal Technology's AI + Robotics drug development platform with Dongyang Sunshine's extensive experience in multi-target research data and pipeline development [1] - The partnership will involve the creation of an AI + Robotics joint laboratory and the development of non-clinical drug models to address long-standing challenges in drug research [1] Group 2: Financial Commitment and Goals - Dongyang Sunshine is expected to invest several hundred million yuan in this collaboration, with the goal of building an industry-leading AI drug development engine and achieving technology export [1] - The companies aim to create a diversified profit model through "pipeline co-creation + technology co-win" [1]

Group 1 - Strategic partnership established between Dongyangguang Pharmaceutical (06887) and Shenzhen Jingtai Technology on January 26, 2026 [1] - Joint venture to create an AI-driven drug research and development platform, focusing on innovative drug development for autoimmune diseases [1] - Development of PB-PK predictive large model and promotion of Dongyangguang's proprietary "HEC-SynAI drug synthesis model" and "HEC-PharmAI formulation model" [1] Group 2 - Innovation in business model through the establishment of an AI supercomputing platform, creating a "Model as a Service" (MaaS) business model [1] - Dongyangguang Pharmaceutical has 150 approved drugs and over 100 drugs in research, including nearly 50 first-class innovative drugs, leading in patent numbers among domestic pharmaceutical companies from 2014 to 2023 [1] - As of the announcement date, a formal agreement has not yet been signed, indicating uncertainty in the partnership [1]

● 本报记者 郑萃颖 "在工业制造领域，有许多产品类型多、单次产量少的生产场景，传统工业控制技术无法适配，急需具 身智能来提供解决方案。"配天机器人首席技术官郭涛日前向中国证券报记者介绍，具身智能的应用有 望进一步提升大量场景的生产效率。 开年以来，各类经营主体主动作为，以资本注入、技术攻关、场景应用多维发力，推动具身智能从技术 概念走向产业实践。一方面，人形机器人赛道热度延续，持续获得资本青睐；另一方面，上市公司持续 发挥产业链引领作用，引入具身智能系统，在装配、转运、检测等环节实现柔性生产，推动传统产业向 高端化、智能化转型。 同时，具身智能企业资本化进程提速。1月，星海图、众擎机器人完成股改。此前，已有宇树科技、乐 聚机器人、云深处完成股改并启动上市计划，魔法原子公开宣布将加速上市进程。此外，玖物智能已于 近日向港交所主板递交上市申请，该公司面向先进制造领域提供智能具身产业机器人解决方案及产品。 安永大中华区上市服务主管合伙人何兆烽表示："面向具身智能产业，一级市场的融资热度预计将在一 定时间内持续，同时投资者也较为关注企业财务健康度、商业化可行性和技术落地能力。" 在产业端，上市公司发挥产业链引领作用 ...

商业航天 VS AI 应用 20260126 摘要 云计算价格因 AI 产业链全线涨价而上涨，亚马逊和阿里云已涨价 10%- 15%，预计其他云厂商将跟进。Token 消耗量激增导致算力需求倍增， 是云计算涨价的主要驱动因素，预示着 AI 算力需求将持续增长。 字节跳动计划在 2026 年增加 KMAX 资本支出至 3,000 亿左右，主要采 购国内芯片，如华为和五 G。东阳光在 ITC 份额上领先，润泽科技、大 为科技等紧随其后，液冷技术公司如英维克等也将受益。 商业航天板块行情启动早于 AI 应用，自去年 11 月中下旬以来平均涨幅 超 100%，部分公司股价翻倍。AI 应用行情自 12 月底启动，平均涨幅 超 30%，但回调幅度较大，目前回调约 40%。 商业航天板块风险已得到一定释放，但 AI 应用赛道仍具潜力。互联网大 厂在 2026 年争夺超级入口，阿里加大投流费用，增长数倍甚至十倍， 以抢占市场份额。 字节跳动预计豆包将在 2026 年春晚亮相，效仿抖音发展路径，通过国 民级应用提升影响力。腾讯通过发放 10 亿现金红包推广元宝应用，抢 占 AI 时代入口。 Q&A 腾讯在 AI 产业方面的最新 ...

(1)成立联合实验室，联合开发创新药物管线 东阳光（600673）药(06887)发布公告，本公司于2026年1月26日与深圳晶泰科技有限公司(深圳晶泰)订 立战略合作协议(战略合作协议)。根据战略合作协议，双方拟成立合资公司，共建AI驱动药物研发平 台，聚焦以下合作： 依托深圳晶泰全球化的商业网络和AI平台产品化经验，推广本集团自主开发的"HEC-SynAI药物合成大 模型"和"HEC-PharmAI制剂大模型"，以及全新一代PB-PK大模型。 (3)创建"模型即服务"(MaaS)的商业模式 双方计划以"算力支撑+数据开发+生态共享"模式共建AI超算平台，向学界与业界开放合作成果，将数 据资产和AI产品转化为"模型即服务"(MaaS)的商业模式。 董事会认为，战略合作协议为订约方提供宝贵机会利用各自的资源及专业知识，为彼此创造互利及协同 效应。因此，董事会认为，签订战略合作协议符合本公司及其股东的整体利益。 双方共建联合实验室，以AI驱动的自动化为目标，依托深圳晶泰自动化实验平台技术和部署经验，实 现"设计—构建—测试—学习"研发闭环，聚焦自身免疫性疾病，共同发现候选药物并由合资公司推进。 (2)大模型联合 ...