2月2日，现货金银集体大跌。截至14:40，现货黄金暴跌10%，现报4404.57美元/盎司；现货白银日内跌 超15%报71.5美元/盎司，较历史高位回落50美元，接近抹去年内涨幅。国内商品期货收盘普跌，沪银、 钯、铂等十几个品种集体跌停。 金银震荡波及亚洲股市，港A股集体大跌。其中A股三大指数均跌超2%，科创50指数大跌3.88%。截至 收盘，上证指数跌2.48%，深证成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上一个 交易日缩量2508亿。 对于贵金属走势，中金公司最新发布的研究报告分析称，金价显然已超越单纯的基本面主导，传统的黄 金测算模型如实际利率已失效。影响更大的地缘与货币体系重构因素，目前没有具体兑现时间，短期留 给市场想象空间。投资者需警惕，黄金急涨急跌由情绪和资金驱动，节奏难以把握。 盘面上，变压器、电网设备、特高压等电力概念集体走强，亿能电力、三变科技、双杰电气等多股涨 停；白酒股走高，金徽酒、皇台酒业等封板；食品、零售等消费股表现活跃，有友食品、新华百货封 板；机器人概念午后逆势走高，模塑科技一度触及涨停；影视股走强，横店影视涨停；光模块概念反复 活跃，通鼎互联、 ...

Group 1 - The core viewpoint of the article indicates that Zhongji United's 2025 performance forecast meets expectations, with an anticipated year-on-year growth of 59%-75% in net profit attributable to shareholders [1] - The company is enhancing its order structure and optimizing customer coverage and product recognition in response to the rapid growth of the wind power industry, leading to a continuous increase in order scale [1] - Internally, the company is strengthening its capabilities through various measures such as optimizing product structure, technical breakthroughs, process improvements, and cost reduction, which further enhances its profitability [1] Group 2 - The company is positioned as a leader in high-altitude safety equipment for wind power operations, benefiting from the high demand in the domestic wind power market and expanding into overseas and multiple sectors, which opens up growth opportunities [1] - The report maintains a "buy" rating for the company, reflecting confidence in its future performance and market position [1]

Core Viewpoint - Zhongji United's 2025 performance forecast aligns with expectations, projecting a year-on-year increase in net profit attributable to shareholders of 59%-75% [1] Group 1: Company Performance - The company is experiencing continuous growth in order scale due to optimized order structure and enhanced customer coverage and product recognition [1] - Internal capability building is strengthened through various measures such as product structure optimization, technical breakthroughs, process improvements, and cost reduction, leading to a decrease in overall comprehensive cost rate and further enhancement of profitability [1] Group 2: Industry Context - The company is positioned as a leader in high-altitude safety equipment for wind power operations, benefiting from the high prosperity of the domestic wind power market and expansion into overseas and multiple sectors, which opens up growth opportunities [1]

截至发稿，陈顾君累计任职时间6年15天，现任基金资产总规模4.57亿元，任职期间最佳基金回报 47.96%， 任职期间最差基金回报-7.57%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，浙商证券资管旗下1只基金重仓完美世界。浙商汇金新兴消费（009527）四季度持有股数 3.26万股，占基金净值比例为2.29%，位居第九大重仓股。根据测算，今日浮亏损失约3.13万元。 浙商汇金新兴消费（009527）成立日期2020年5月29日，最新规模2338.1万。今年以来收益3.12%，同类 排名5847/9000；近一年收益23.03%，同类排名5054/8193；成立以来收益19.07%。 浙商汇金新兴消费（009527）基金经理为陈顾君。 2月2日，完美世界跌5.1%，截至发稿，报17.88元/股，成交7.04亿元，换手率2.09%，总市值346.87亿 元。 资料显示，完美世界股份有限公司位于北京 ...

2025年，我国消费市场向新而行，保持稳健增长。2025年社会消费品零售总额突破50万亿元，同比 增长3.7%，比2024年加快0.2个百分点，规模居全球零售市场前列。2025年服务零售额同比增长5.5%， 快于商品零售额1.7个百分点，体现了较强的活力和潜力。 这些成绩不仅彰显了我国消费市场的强大韧性，也为2026年我国消费市场持续向好奠定了坚实基 础。对于今年的扩内需工作，中央经济工作会议将"坚持内需主导，建设强大国内市场"列为今年经济工 作重点任务首位。商务部等部门发布文件，指导地方相关部门和金融机构加强协同，精准施策，推动惠 民生和促消费紧密结合；多部门明确继续实施消费品以旧换新政策；国家发展改革委宣布，研究制定出 台2026年至2030年扩大内需战略实施方案；有关方面正在研究制定稳岗扩容提质行动和城乡居民增收计 划……近期，一揽子提振和扩大消费的政策陆续发布，为今年扩大内需工作锚定了方向。 提升以旧换新政策效能 2025年12月底，国家发展改革委、财政部联合发布《关于2026年实施大规模设备更新和消费品以旧 换新政策的通知》，对2026年"两新"工作作出系统部署。其中，2026年消费品以旧换新政策重 ...

Core Viewpoint - The asset management industry for securities firms is experiencing significant growth, with a management scale exceeding one trillion yuan by 2025 and an annual growth rate of 17%. However, this growth is accompanied by increasing differentiation among firms, with some achieving rapid growth while others face declines in scale [1][2]. Group 1: Industry Growth and Differentiation - By 2025, the total management scale of securities firm asset management is expected to surpass one trillion yuan, driven by a recovery in the capital market and policies encouraging long-term capital inflow [3]. - Five securities firms have entered the "billion club," with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30% increase year-on-year, followed by Huatai Securities Asset Management at 180.83 billion yuan, up 31% [2]. - Some smaller firms, such as Changjiang Securities and Shandong Securities, have shown remarkable growth rates of 47% and 49%, respectively, while others like Guodu Securities and Zheshang Securities have seen significant declines of 32% and 8% [2]. Group 2: Product Structure and Strategy - Firms are adopting differentiated product strategies based on their strengths, with Dongfanghong focusing on non-monetary market funds, while Huatai Securities emphasizes cash management products, which constitute over 85% of its portfolio [2]. - The industry is witnessing a shift towards a more professional and long-term asset allocation approach, with a focus on enhancing the "investment-research-product-sales-service" closed-loop efficiency [3][4]. Group 3: Future Investment Strategies - For 2026, the industry outlook remains moderately optimistic, driven by factors such as the "deposit migration" effect and a recovering profit cycle [6]. - Specific product strategies include targeting low-volatility short-term bond funds for retail clients and medium-volatility credit bond funds for institutional clients, creating a clear product differentiation [6][7]. - The technology sector, particularly AI, is highlighted as a key growth area, with opportunities arising from increased capital expenditure and domestic production ratios [7].

"1月8日调整新能源出口退税政策出台后，海外客户尤其是中东客户的网络询价减少了许多，他们是价 格敏感型，一听涨价就不买了。"1月29日，一元电气科技有限公司(以下简称一元电气)常驻义乌新能源 市场的销售人员小王(化名)说。 一元电气的主营产品逆变电源(INV)、储能锂电池受到政策影响还不算大。主营光伏组件的苏州乐能光 伏电力股份有限公司(以下简称乐能光伏)销售经理大余(化名)称，如今组件价格涨幅已远远超出税率变 化，背后原因是辅材中的金属价格大涨。 "现在是组件价格跟着金属期货走，上午银价涨了，下午组件就涨价，而且过去客户询价后一周内基本 会下单，现在今天定的价，明天可能就亏了，导致客户观望情绪严重。"大余说。 1月28日起，《每日经济新闻》记者走访了义乌国际商贸城二区东的新能源市场，了解到在出口退税政 策调整叠加银、铜、铝等金属价格大涨的背景下，中小光伏企业陷入报价接单两难困境，这场政策与市 场的双重冲击，正倒逼其重新审视生存策略。 毁约情形愈发严重 小王表示，目前公司没有备货，当前客户下单需等到三、四月份才能完成生产交货，所以公司只涨价 5%~10%，造成的影响是海外客户询价减少了很多。 "目前国内市场供 ...

1、黄金主题基金总规模已近3800亿元。今年以来，国际金价持续走强，黄金主题基金的吸引力不断提升。 Wind数据显示，截至1月28日，53只黄金主题基金总规模已近3800亿元，较去年年底增长近1000亿元，涨幅 达35.7%。其中，排名首位的产品规模已突破1200亿元，成为全市场首只跻身千亿元级的黄金主题基金。同 时，从业绩表现来看，有18只产品年内净值增长超过30%。 2、工信部召开光伏行业座谈会强调"反内卷"，推动行业良性竞争。工信部召开光伏行业企业家座谈会指 出，"反内卷"是当前光伏行业规范治理的主要矛盾，将综合运用产能调控、价格执法、防范垄断风险等市 场化、法治化手段，推动行业回归良性竞争与理性发展轨道。 3、中小银行自营理财面临规模压降或进入彻底清退的倒计时。银行理财市场2025年大幅增逾3.3万亿元之 际，中小银行自营理财面临规模压降或进入彻底清退的倒计时。银行业理财登记托管中心近日披露的数据 显示，去年银行机构自营理财压降逾1万亿元。截至去年末，银行机构理财产品（即自营理财）存续规模为 2.58万亿元，同比下降29.12%，降幅约1.06万亿元。 4、字节跳动与阿里将发布新AI模型，国内AI模型 ...

1、黄金主题基金总规模已近3800亿元。 今年以来，国际金价持续走强，黄金主题基金的吸引力不断提升。Wind数据显 示，截至1月28日，53只黄金主题基金总规模已近3800亿元，较去年年底增长近1000亿元，涨幅达35.7%。其中，排名首 位的产品规模已突破1200亿元，成为全市场首只跻身千亿元级的黄金主题基金。同时，从业绩表现来看，有18只产品年 内净值增长超过30%。 2、工信部召开光伏行业座谈会强调"反内卷"，推动行业良性竞争。 工信部召开光伏行业企业家座谈会指出，"反内卷"是 当前光伏行业规范治理的主要矛盾，将综合运用产能调控、价格执法、防范垄断风险等市场化、法治化手段，推动行业 回归良性竞争与理性发展轨道。 3、中小银行自营理财面临规模压降或进入彻底清退的倒计时。 银行理财市场2025年大幅增逾3.3万亿元之际，中小银行 自营理财面临规模压降或进入彻底清退的倒计时。银行业理财登记托管中心近日披露的数据显示，去年银行机构自营理 财压降逾1万亿元。截至去年末，银行机构理财产品（即自营理财）存续规模为2.58万亿元，同比下降29.12%，降幅约 1.06万亿元。 4、字节跳动与阿里将发布新AI模型，国内A ...

Core Viewpoints - The current bond market is expected to remain volatile, with a possibility of the 10-year government bond yield breaking below 1.80%, but the downward space may be limited without substantial positive factors like reserve requirement ratio cuts or increased trading volume of government bonds [3][11][15] - The equity market maintains an optimistic outlook, with calendar effects likely benefiting small-cap stocks and sustaining strong performance [3][8][15] Bond Market Analysis - The bond market has shown a slight strengthening trend recently, driven by renewed expectations of loose monetary policy, but the performance has been asymmetric, with mid to long-term bonds performing better while ultra-long 20-year and 30-year bond yields have risen [4][12] - A recalibration of perceptions regarding the bond market is necessary, as bonds may now be viewed as weak assets despite some positive catalysts, contrasting with the previous bull market from 2021 to early 2025 [4][12] - The 30-year bond's recognition needs to be reassessed, as its performance has been tied to specific macroeconomic factors, and the current yield spread is at a relatively low level historically [5][13] - The difficulty in capturing market waves has increased, with rapid pricing adjustments occurring within 1-2 trading days, necessitating enhanced trading capabilities [5][12] February Calendar Effects - The bond market in February has historically shown mixed performance, with 4 years of gains and 6 years of losses from 2016 to 2025, influenced by cash demand during the Spring Festival [6][14] - The equity market in February exhibits a style divergence favoring small-cap stocks, driven by a lack of verifiable financial data and a shift in market logic towards future growth narratives [7][14] - The timing of the Spring Festival can significantly impact February's equity market performance, with later festivals correlating with stronger market movements due to the convergence of seasonal and policy factors [7][14]