流动性方面，大湾区ETF盘中换手0.16%，成交14.21万元。拉长时间看，截至1月26日，大湾区ETF近1月日均成交92.05万元。 截至2026年1月23日，大湾区ETF近1年夏普比率为1.76。 回撤方面，截至2026年1月26日，大湾区ETF今年以来最大回撤1.84%，相对基准回撤0.02%。 截至2026年1月26日 15:00，中证粤港澳大湾区发展主题指数(931000)下跌1.22%。成分股方面涨跌互现，明阳智能领涨10.02%，沃尔核材上涨6.04%，越秀资 本上涨5.03%；信维通信领跌10.05%，海格通信下跌10.02%，广东宏大下跌8.37%。大湾区ETF(512970)多空胶着，最新报价1.56元。拉长时间看，截至2026 年1月26日，大湾区ETF本月以来累计上涨1.17%。（以上所列股票仅为指数成份股，无特定推荐之意） | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 601318 | 中国平安 | 0.38% | 8.31% | | 002475 | 立讯精密 | -2.54% | 6.59% | | 002594 | ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-27 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20260126：二手房销售景气度明显回暖 2026 年"经济开门红"的可能性仍在提升 海外周报 20260126：海外宏观与交易复盘：特朗普再度"TACO"，金银 续创新高 核心观点：本周海外市场由特朗普针对格陵兰岛的关税威胁及其后 "TACO"行为、以及日本财政风波所主导，贵金属和大宗商品领涨，全 球股票、债券和美元指数表现不佳，其中美国一度遭遇股债汇三杀，随后 在特朗普"TACO"、以及延续稳健的美国经济数据后回暖。下周关注可 能公布的美联储主席人选，以及美国政府关门风波。我们认为，在中期选 举临近的当下，两党大概率将致力于避免政府停摆，且即使政府停摆，其 影响相较去年 11 月也更小。 金融产品周报 20260125：持续看多，关注周期行业的长期机会 市场行情展望：（2026.1.26-2026.1.30） 观点：持续看多，关注周期行业 的长期机会 1 月整体走势判断：2026 年 1 月，宏观择时模型的月度评 分是 0 分，历史上该分数万得全 A 指数后 ...

多氟多(002407.SZ)公告称，公司预计2025年度归属于上市公司股东的净利润为2.00亿元–2.80亿元，上 年同期亏损3.08亿元。预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及储能市场需求的快速增 长，公司六氟磷酸锂、新能源电池等主要产品销量同比大幅提升，带动毛利实现显著增长。与此同时， 公司坚守契约精神，按约定执行部分长期协议中的低价订单，对本期盈利水平造成一定影响。 扬子晚报网1月27日讯（记者 范晓林）今天是周二，昨天白银有色（601212）5连板，明阳智能 （601615）3连板，瑞华泰20cm 2连板，洲际油气（600759）4天3板。市场全天震荡调整，大小指数分 化明显，深成指、创业板指高开低走，盘中均一度跌超1%。沪深两市成交额3.25万亿，较上一个交易 日放量1630亿。盘面上，市场热点较为杂乱，全市场超3700只个股下跌。板块方面，有色、油气、光 伏、化工板块领涨。近期国际贵金属价格持续高歌猛进，现货黄金和纽约金价格双双突破5100美元/盎 司，现货白银价格逼近110美元/盎司。有色板块延续上周强势，掀起涨停潮，中国黄金（600916）、四 川黄金（001337）、豫光金铅（6 ...

Core Viewpoint - The stock of Mingyang Smart Energy Group Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days on January 23 and January 26, 2026 [2][3]. Group 1: Stock Trading Abnormality - The company's stock price deviation indicates abnormal trading conditions as per the Shanghai Stock Exchange regulations [3]. - The cumulative closing price increase of the stock was over 20% during the specified trading days [2][3]. Group 2: Company Operations and Major Events - The company's production and operational activities are currently normal, with no significant undisclosed information [4]. - The company plans to acquire 100% equity of Dehua Chip Technology Co., Ltd. through a combination of issuing shares and cash payments, and is in the process of raising matching funds from specific investors [5]. - The acquisition and fundraising plan is subject to further approvals and remains uncertain due to ongoing audits and evaluations [5]. Group 3: Financial Metrics - As of January 26, 2026, the company's latest price-to-earnings (P/E) ratio stands at 155.64, significantly higher than the industry average static P/E ratio of 51.26 [2][10].

Core Viewpoint - The A-share space photovoltaic sector continues to experience high enthusiasm, driven by Elon Musk's statements regarding space solar energy and production capacity goals, alongside multiple listed companies disclosing their progress in this area [1] Group 1: Market Dynamics - Musk announced a plan for SpaceX and Tesla to jointly create 200GW of photovoltaic capacity in the U.S. over the next three years, with each company responsible for 100GW, primarily for ground data centers and space AI satellites [1] - The industry faces challenges such as high electricity costs and lengthy commercialization cycles, but the expectation of a trillion-dollar market continues to fuel the sector's growth [1] Group 2: Technological Developments - The space photovoltaic technology route is undergoing rapid iteration and breakthroughs, with competition focusing on cost control and conversion efficiency [2] - Gallium arsenide batteries have dominated the market due to their radiation resistance and stability, but their high costs limit scalability, leading to a focus on silicon and perovskite technologies for cost advantages [2] - Heterojunction (HJT) technology is gaining traction due to its short production process and adaptability to high labor cost scenarios, making it a key direction for overseas capacity expansion [2] Group 3: Company Initiatives - Mingyang Smart Energy announced plans to acquire control of Zhongshan Dehua, which has significant expertise in gallium arsenide space solar cells, marking Mingyang's entry into the space photovoltaic sector [3] - JunDa Co. is initiating a strategic transformation by investing in Shanghai Xingyi Chip Energy, although it is still in the R&D verification stage [3] - Trina Solar has established long-term layouts in crystalline silicon, perovskite tandem cells, and III-V gallium arsenide multi-junction cells, and is collaborating with domestic and international aerospace institutions [3] Group 4: Industry Outlook - The space photovoltaic technology route is expected to evolve in three stages, with gallium arsenide batteries leading high-value aerospace scenarios in the short term, HJT technology penetrating low Earth orbit satellite missions in the next five years, and perovskite tandem cells supporting GW-level space data center deployments in the long term [4] - The Chinese low Earth orbit satellite photovoltaic market is projected to exceed $3 billion by 2030, with global market potential reaching $500 billion to $1 trillion if the 100GW space data center deployment phase is achieved [4] Group 5: Challenges Ahead - The industry is still in its introduction phase, facing multiple challenges for commercialization, including high current space photovoltaic electricity costs of $2-3 per kilowatt-hour, which is significantly higher than ground photovoltaic costs [5][6] - The extreme conditions in space require photovoltaic materials to have high radiation resistance and temperature tolerance, which presents additional challenges for technology maturity and cost stability [6] - The commercial aerospace industry's growth provides ample application scenarios for space photovoltaics, and companies with core technologies and stable supply capabilities are expected to benefit from industry development [6]

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

Core Viewpoint - Mingyang Smart Energy announced that its stock price experienced a cumulative deviation of over 20% in closing prices on January 23 and January 26, 2026, indicating abnormal trading activity [1] Group 1 - The company confirmed that its production and operations are normal as of the date of the announcement [1] - The company conducted a self-examination and communicated with its controlling shareholder and actual controller to verify the absence of undisclosed significant information [1]

Market Overview - The market experienced a correction after a previous surge, with significant divergence in index performance. The Shanghai Composite Index fell by 0.09%, the Shenzhen Component Index decreased by 0.85%, and the ChiNext Index dropped by 0.91% [1][2] - Over 3,700 stocks declined in the market, with a total trading volume of 3.25 trillion yuan, an increase of 163 billion yuan compared to the previous trading day [1][2] Sector Performance - Precious metals saw a significant surge, with spot gold surpassing $5,100 per ounce and New York futures gold exceeding $5,130 per ounce. Silver also continued its upward trend after breaking $100 per ounce last week [2] - Notable stocks in the gold sector included Sichuan Gold, which achieved four consecutive trading limits, and Zijin Mining, which reached a historical high [2] - The oil and gas sector strengthened, with China National Offshore Oil Corporation hitting a historical high [2] - The chemical sector experienced fluctuations, with stocks like Hongbaoli and Chengxing shares reaching trading limits [2] - Conversely, sectors such as commercial aerospace and semiconductor equipment faced significant declines, with several stocks in commercial aerospace hitting the daily limit down [2] Economic Analysis - CITIC Securities indicated that market confidence is gradually recovering, suggesting that sectors at relatively low levels with logical narratives could see recovery. The consumer chain is expected to be a focus leading up to the Two Sessions [5] - The report emphasized a dual focus on "resources + traditional manufacturing pricing power" and recommended increasing allocations in sectors like chemicals, non-ferrous metals, and new energy [5] Futures Market - Domestic futures contracts mostly closed higher, with silver rising nearly 13%, platinum over 9%, and palladium more than 7%. Crude oil and liquefied petroleum gas also saw significant increases [6] - Geopolitical risks have heightened market demand for safe-haven assets, leading to a substantial rise in precious metal prices, particularly silver, which has seen a year-to-date increase of over 40% [6] Upcoming Events - A total of 30 companies will have their restricted shares unlocked this week, with a total market value exceeding 40 billion yuan based on the closing price on January 23 [7] - The Federal Reserve is expected to maintain interest rates during its monetary policy meeting, with a 95% probability of no change [8] - Key earnings reports from major tech companies such as Apple, Microsoft, and Tesla are anticipated, alongside the 19th Asian Financial Forum focusing on high-growth industries [8]

盘后数据显示，1月26日龙虎榜中，共60只个股出现了机构的身影，有29只股票呈现机构净买入，31只 股票呈现机构净卖出。当天机构净买入前三的股票分别是鼎通科技、乾照光电、网宿科技，净买入金额 分别是9.13亿元、4.15亿元、2.18亿元。当天机构净卖出前三的股票分别是铜陵有色、兴业银锡、明阳 智能，净流出金额分别是3.69亿元、2.27亿元、2.11亿元。（第一财经） ...

Market Overview - The Shanghai Composite Index closed at 4132.61 points, down 0.09%, while the Shenzhen Component Index closed at 14316.64 points, down 0.85%. The ChiNext Index fell by 0.91%, and the STAR Market 50 Index decreased by 1.35% [1] Stock Performance - Among the tradable A-shares, 1604 stocks rose, accounting for 29.36%, while 3771 stocks fell. There were 77 stocks that hit the daily limit up, and 42 stocks that hit the daily limit down. Additionally, 53 stocks failed to hit the limit, resulting in an overall limit-up rate of 59.23% [1] - The sectors with the highest number of stocks hitting the limit up included non-ferrous metals, pharmaceuticals, and machinery, with 21, 11, and 9 stocks respectively [1] Specific Stock Highlights - Among the stocks that hit the limit up, 7 were ST stocks, including ST Jinglan and ST Jingji. Baiyin Nonferrous has recorded 5 consecutive limit-up days, the highest among all stocks [2] - In terms of limit-up order amounts, Hunan Gold, Mingyang Smart Energy, and Tianqi Co. had the largest amounts, with 4.443 billion, 871 million, and 732 million respectively. Hunan Gold resumed trading and achieved a limit-up on the news that spot gold prices surpassed $5000 for the first time, reaching a peak of $5111.17 per ounce, an increase of over 2% [2] Market Trends - According to Debon Securities, precious metals and non-ferrous metals are showing strong performance. Specifically, precious metals are leading in international commodities, with silver prices soaring and significant increases in tin, gold, and nickel prices. The domestic market reflects a similar trend with strong performances in precious metals, non-ferrous metals, and energy chemicals, with silver leading the gains [2] Order Strength Analysis - In terms of order strength (the proportion of limit orders to circulating A-shares), Zhongnong United, Hunan Gold, and Tianqi Co. showed significant strength, with ratios of 14.40%, 11.25%, and 7.92% respectively [3]