Group 1 - The A-share technology sector experienced accelerated adjustments, while the low-fee创业板 AI ETF 华夏 (159381) rose against the trend, increasing by 2% as of 10:18 AM, with trading volume quickly surpassing 1 billion yuan [1] - Major companies like Tencent and Baidu announced a total cash red envelope distribution plan of 1.5 billion yuan for the Spring Festival, which has attracted significant attention [1] - The AI application sector has stabilized after a rapid adjustment period, with major cloud vendors increasing capital expenditures for high-performance infrastructure to seize opportunities in AI applications [1] Group 2 - The low-fee创业板 AI ETF 华夏 (159381) is designed to invest in AI hardware computing power and AI software applications, providing high elasticity and representativeness, with a total fee of only 0.20%, the lowest among similar ETFs [2] - The 华夏 cloud computing ETF (516630) tracks a cloud computing index focusing on domestic AI software and hardware computing power, with a combined weight of 83.7% in computer software, cloud services, and computer equipment [2]

消息面上，2026年春节未至，互联网巨头围绕AI赛道的流量入口争夺战已全面打响，腾讯、百度、字 节跳动等头部玩家纷纷砸下重金，以春节红包、春晚合作、特色AI玩法为抓手，借节日流量红利加速C 端AI应用的用户渗透与生态布局，掀起新一轮AI流量入口争夺热潮。 政策利好方面，我国将出台应对人工智能影响促就业文件。从人力资源社会保障部了解到，我国将实施 稳岗扩容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件。强化重点群体就 业支持，印发高校毕业生等青年就业文件，出台统筹城乡就业体系意见，建立常态化防止返贫致贫就业 帮扶机制。 创业板人工智能ETF南方(159382)紧密跟踪创业板人工智能指数，创业板人工智能指数反映创业板人工 智能主题相关上市公司的股价变化情况。指数前十大权重股分别为中际旭创、新易盛、天孚通信、蓝色 光标、协创数据、同花顺、润和软件、北京君正、润泽科技、昆仑万维。 截至2026年1月27日 10:39，创业板人工智能ETF南方(159382)上涨3.01%，盘中换手3.64%，成交8390.82 万元。跟踪指数创业板人工智能指数成分股天孚通信上涨11.25%，协创数据上涨10.46 ...

Market Overview - On January 26, A-shares experienced a mixed adjustment, with the Shanghai Composite Index slightly down by 0.09%, while the Shenzhen Component Index and ChiNext Index fell by 0.85% and 0.91%, respectively. The STAR 50 Index dropped by 1.35%, and only the CSI 300 Index saw a minor increase of 0.1% [1] - The total trading volume in the two markets reached 3.25 trillion yuan, an increase of approximately 163 billion yuan compared to the previous day, with 1,538 stocks rising and 3,547 stocks falling. The net outflow of main funds was 121.6 billion yuan [1] Sector Performance - Precious metals, particularly silver, led the market with an increase of 10.89%, with 8 stocks hitting the daily limit [1] - Aerospace and military electronics sectors, including space station and phased array antenna concepts, saw significant declines [1] Company Highlights - Silver-related companies gained attention due to the recovery of precious metal concepts and the overall activity in the non-ferrous metal sector. Silver's dual industrial and financial attributes align with current market trends, attracting speculative and quantitative funds despite its lower revenue contribution [2] - Zijin Mining's significant investment plan to acquire an African gold mine for 28 billion yuan is a key driver of its popularity, reflecting a forward-looking strategy in resource allocation amid global industrial upgrades [2] - Tongling Nonferrous Metals benefits from tightening supply and demand in the global copper market, with increasing demand from the new energy and high-end manufacturing sectors driving copper prices up. The company has achieved technological breakthroughs in high-end products and is expected to enhance its resource self-sufficiency through its Ecuador Mirador copper mine project [2] - Hunan Silver, a leading player in the domestic silver processing sector, has performed well amid the overall strength of the non-ferrous metal sector, supported by institutional investment and multiple concept attributes [2] Emerging Trends - Zhejiang Wenhu Internet's business layout aligns with market trends, launching the "Pai Zhi" programmatic advertising tool in the AI marketing field and experiencing rapid growth in its digital human business in collaboration with ByteDance [3] - Wangsu Technology benefits from the explosive demand for AI computing power and the rising popularity of the cloud computing sector, with its strategic transition to edge computing nodes receiving unexpected orders [3] - Da'an Gene's focus on the "Nipah virus" testing theme resonates with market trends, leveraging its position as a leader in the molecular diagnostic reagent industry [3] - Leo Group is in a critical business transformation phase, focusing on AI applications and digital marketing, which has attracted market attention [3] Popular Stocks - The top ten popular stocks in A-shares include Silver Nonferrous Metals, Zijin Mining, Tongling Nonferrous Metals, Hunan Silver, Zhejiang Wenhu Internet, Wangsu Technology, Da'an Gene, Leo Group, Aerospace Electronics, and BlueFocus [3]

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 27 日 ：wanghe@stocke.com.cn 市场总览 资金：1 月 26 日全 A 总成交额为 32806 亿元，南下资金净流出 8.26 亿港元。 重要观点 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 年度行业策略报告：2026 年度策略：油轮散货订单接力， 产业共迎盈利释放——20260126 重要点评 浙商早知道 2026 年 01 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 【浙商传媒互联网 冯翠婷】传媒 行业深度：重仓股配置比例下降，前期涨幅高的收益确认，AI 应用标的配置提 升——20260126 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：1 月 26 日上证指数下跌 0.09%，沪深 300 上涨 0.1%，科创 50 下跌 1.35%，中证 1000 下跌 1.24%，创业板 指下跌 0.91%，恒生指数上涨 0.06%。 行业：1 月 26 日表现最好的行业分别是有色金属（+4.57%)、石油石化（+3. ...

Core Viewpoint - Beijing BlueFocus Data Technology Group Co., Ltd. (BlueFocus) is preparing for a dual listing on the A+H stock markets, leveraging its position as a leading cross-border marketing agency for Chinese brands [2][26]. Group 1: Company Overview - BlueFocus was founded in 1996 and became the largest marketing communication group in China after its A-share listing in 2010, currently boasting a market capitalization of over 74.46 billion yuan [5][26]. - The company operates three main business segments: cross-border marketing, domestic integrated marketing, and domestic full-service advertising [5][27]. Group 2: Business Performance - In 2024, BlueFocus's revenue is projected to reach 60.8 billion yuan, with cross-border marketing services contributing 48.33 billion yuan, accounting for 79.5% of total revenue [5][31]. - The company has seen a compound annual growth rate of 28.7% in revenue from 2022 to 2024, with revenue increasing from 36.68 billion yuan in 2022 to 60.8 billion yuan in 2024 [8][31]. Group 3: Profitability Challenges - Despite significant revenue growth, BlueFocus faces a "growth without profit" dilemma, with a projected net loss of 297 million yuan in 2024 and a declining gross margin from 4.7% in 2022 to 2.5% in 2024 [4][31]. - The average annual spending per customer in the cross-border marketing segment has decreased from 472,000 yuan in 2022 to approximately 323,000 yuan in 2025, indicating a trend of increasing customer numbers but declining individual spending [32][36]. Group 4: Strategic Initiatives - BlueFocus is investing in AI transformation, with its proprietary Blue AI engine processing vast amounts of data and generating marketing intelligence, although AI-driven revenue is currently only about 2.5 billion yuan, less than 4% of total revenue [12][37]. - The company aims to enhance its AI capabilities and expand its global business network through the funds raised from the upcoming IPO [37]. Group 5: Historical Context and Leadership - The founder, Zhao Wenquan, has played a pivotal role in the company's evolution from a public relations firm to a comprehensive marketing group, with a history of aggressive acquisitions since 2013 [38][41]. - BlueFocus has accumulated approximately 3 billion yuan in goodwill due to its acquisition strategy, which poses risks if the performance of acquired subsidiaries does not meet expectations [41][43].

Core Viewpoint - The advertising and marketing sector experienced a decline of 0.46% on January 26, with Tianlong Group leading the losses. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1]. Group 1: Stock Performance - Zhejiang Wenhu Internet (600986) saw a significant increase of 10.04%, closing at 13.26 with a trading volume of 4.9269 million shares and a transaction value of 6.367 billion [1]. - Tiandi Online (002995) rose by 9.99%, closing at 25.10 with a trading volume of 380,800 shares and a transaction value of 946 million [1]. - Jiyun Technology (300242) increased by 3.41%, closing at 6.68 with a trading volume of 1.0061 million shares and a transaction value of 657 million [1]. - Tianlong Group (300063) led the declines with a drop of 6.24%, closing at 13.97 with a trading volume of 1.4105 million shares and a transaction value of 1.99 billion [2]. - Xinhua Du (002264) fell by 5.05%, closing at 9.96 with a trading volume of 723,200 shares and a transaction value of 725 million [2]. Group 2: Capital Flow - The advertising and marketing sector experienced a net outflow of 1.757 billion from institutional investors, while retail investors saw a net inflow of 1.505 billion [2]. - Tiandi Online (002995) had a net inflow of 1.64 billion from institutional investors, but a net outflow of 909.77 million from speculative funds [3]. - Fenjun Media (002027) recorded a net inflow of 869.46 million from institutional investors, while speculative funds saw a net outflow of 972.81 million [3].

重仓股配置比例下降 前期涨幅高的收益确认，AI应用标的配置提升 —— 2025Q4传媒持仓分析 行业评级：看好 2026年1月26日 分析师 冯翠婷 电话 fengcuiting@stocke.com.cn 证书编号 S1230525010001 2025Q4传媒行业机构持仓情况总结 证券研究报告 1、传媒行业重仓股配置环比下降，体现为前期涨幅较高的收益确认，AI应用相关标的25Q4增配明显，为26年1月AI应用行情蓄力 2 2025Q4传媒重仓股配置比例为3.87%，环比下降0.79pcts，高于行业标准配置比例的2.24%；剔除腾讯控股后，2025Q4传媒重仓股配置比例为 1.49%，环比下降0.53pcts；2025Q4传媒板块行业配置比例明显下降，主要体现为前期涨幅较高的个股的收益确认，但仍然显著超配，部分AI应用相 关标的如【三七互娱】、 【蓝色光标】、【易点天下】等25Q4增配明显，为26年1月AI应用行情蓄力。 2、传媒行业重仓股配置环比下降，前期涨幅较高的收益确认 传媒行业重仓股规模为1538.73亿元，环比减少345.72亿元，环比下降18.35%。其中前十大重仓股规模合计为1420.55亿 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the aerospace and consumer electronics sectors, reflecting a bearish sentiment among investors. Group 1: Stock Performance and Fund Flow - Aerospace stocks, such as Aerospace Electronics and China Satellite, experienced the largest fund outflows, with -38.16 billion and -25.95 billion respectively, and declines of -9.98% and -10% in their stock prices [1][2] - Other notable stocks with significant outflows include Xinwei Communication (-18.59 billion, -10.05%), Sanhua Intelligent Control (-17.72 billion, -3.89%), and Goldwind Technology (-17.69 billion, -3.99%) [1][2] - The outflow from Longi Green Energy was -15.87 billion with a stock price decrease of -1.34%, indicating a relatively smaller decline compared to others in the same sector [1][2] Group 2: Sector Analysis - The consumer electronics sector saw major outflows, particularly from companies like Xinwei Communication and Lens Technology, with outflows of -18.59 billion and -12.82 billion respectively [1][2] - The wind power equipment sector, represented by Goldwind Technology, also faced significant outflows, reflecting potential challenges in the renewable energy market [1][2] - The communication equipment sector, including companies like Haige Communication and China Satellite, showed substantial fund outflows, indicating investor caution in this area [1][3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月26日，沪深两市成交额合计3.25万亿元，较上一交易日放量约1629.79亿元。其中，沪市成交额1.45 万亿元，深市成交额1.8万亿元。紫金矿业成交额居首，为262.66亿元。其后是航天电子、特变电工、金 风科技、蓝色光标，成交额分别为206.61亿元、174.77亿元、168.8亿元、162.74亿元。 责任编辑：凌辰 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：凌辰 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月26日，沪深两市成交额合计3.25万亿元，较上一交易日放量约1629.79亿元。其中，沪市成交额1.45 万亿元，深市成交额1.8万亿元。紫金矿业成交额居首，为262.66亿元。其后是航天电子、特变电工、金 风科技、蓝色光标，成交额分别为206.61亿元、174.77亿元、168.8亿元、162.74亿元。 新浪声明：此消息系转载自新浪合作媒体，新浪 ...

汇安信泰稳健一年持有期混合A（012479）成立日期2021年11月9日，最新规模2102.95万。今年以来收 益1.09%，同类排名7840/9003；近一年收益2.96%，同类排名7752/8185；成立以来亏损8.17%。 汇安信泰稳健一年持有期混合A（012479）基金经理为张昆。 截至发稿，张昆累计任职时间5年127天，现任基金资产总规模177.92亿元，任职期间最佳基金回报 19.72%， 任职期间最差基金回报-3.7%。 1月26日，蓝色光标跌5.06%，截至发稿，报19.51元/股，成交67.76亿元，换手率9.65%，总市值700.45 亿元。 资料显示，北京蓝色光标数据科技集团股份有限公司位于北京市朝阳区酒仙桥北路9号恒通国际创新园 C9-C,香港铜锣湾希慎道33号利园1期19楼1920室，成立日期2002年11月4日，上市日期2010年2月26日， 公司主营业务涉及整合数字营销、公共关系、广告创意策划及媒体代理、活动管理以及国际传播业务。 主营业务收入构成为：出海广告投放83.45%，全案推广服务11.32%，全案广告代理5.22%。 从基金十大重仓股角度 数据显示，汇安基金旗下1只基金 ...