兴业证券作为公司2022年度向特定对象发行A股股票项目的保荐机构及主承销商，原指定王亚娟女士、 周倩女士为该项目的签字保荐代表人，负责保荐工作及持续督导工作，法定持续督导期至2024年12月31 日。鉴于公司该项目募集资金尚未使用完毕，兴业证券在持续督导期满后继续就公司募集资金存放与使 用情况履行持续督导义务。 现因原保荐代表人王亚娟女士工作变动，不再担任公司的持续督导保荐代表人。为保证公司持续督导工 作的有序进行，兴业证券现指定赖雨宸女士（简历详见附件）接替王亚娟女士，继续履行持续督导义 务。 本次保荐代表人变更后，公司2022年度向特定对象发行A股股票项目的持续督导保荐代表人为周倩女 士、赖雨宸女士。公司及董事会对王亚娟女士在公司2022年度向特定对象发行A股股票项目及持续督导 期间所做的工作表示衷心的感谢！ 证券代码：688778 证券简称：厦钨新能 公告编号：2026-002 厦门厦钨新能源材料股份有限公司关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 厦门厦钨新能源材料股份有限公 ...

Group 1: Market Overview - On January 20, A-shares continued to show high volatility, with traditional sectors like non-ferrous metals, real estate, and banking performing relatively strong, leading to a divergence in major stock indices [2] - The Shanghai Composite Index closed at 4113.65 points, down 0.01%, while the Shenzhen Component Index fell by 0.97% to 14155.63 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 27.778 billion yuan, an increase of approximately 70 billion yuan compared to the previous trading day [2] Group 2: Precious Metals Sector - The Shenwan Non-ferrous Metals Index rose by 0.27% on January 20, with the precious metals sub-index increasing by 3.83% [2] - Individual stocks such as Hunan Silver and Zhaojin Gold hit the daily limit, with Hunan Silver's stock price increasing by nearly 80% year-to-date [2] - Global gold and silver prices have remained high, contributing to the ongoing strength of the precious metals sector, with Shanghai Futures Exchange gold and silver futures rising by 8.05% and 27.86% respectively this year [2] Group 3: Company Performance Forecasts - Chifeng Gold recently disclosed an earnings forecast, expecting a net profit attributable to shareholders of 3 billion to 3.2 billion yuan for 2025, representing a year-on-year growth of 70% to 81% [3] - The company anticipates a main gold production of approximately 14.4 tons in 2025, with the sales price of gold products expected to rise by about 49% year-on-year [3] Group 4: Futures Market Adjustments - On January 20, the Shanghai Futures Exchange announced tighter risk control parameters for multiple futures contracts, including adjustments to margin ratios and price fluctuation limits for gold and silver futures [4] - The fluctuation limit for gold futures contracts was raised to 16%, while the margin ratio for holding positions was adjusted to 17% [4] Group 5: AI Application Sector - The AI application sector showed strong performance on January 20, with significant gains in AI+ marketing, AI+ media, and AI+ technology [5] - Alibaba announced the integration of its Qianwen App with various platforms, enabling a seamless AI shopping experience [5] - Industry reports suggest that the current AI application market has substantial potential for growth, with expectations for continued development from major AI model companies [5] Group 6: Market Sentiment and Future Outlook - According to a report from Industrial Securities, the core logic supporting the spring market remains unchanged, with a focus on liquidity and risk appetite driving market trends [6] - Over 110 companies have forecasted a net profit growth exceeding 50% for 2025, primarily in sectors such as electronics, communication equipment, new energy, and non-ferrous metals [6]

板块布局价值凸显 当前，证券板块估值与基本面呈现背离态势，为开年布局提供了难得的窗口期。 本报记者 周尚伃 上市券商2025年度业绩预告与快报进入密集披露期。截至《证券日报》记者发稿，中信证券、国联民生、西南证券等多家 券商率先亮出年度"成绩单"，总体来看，龙头券商盈利规模再创新高，合并重组标的预计业绩实现爆发式增长，中小券商则展 现出强劲的发展韧性。 不过，当前证券板块估值与基本面呈现背离态势，机构普遍认为业绩高增长确定性叠加政策持续利好，证券板块中长期成 长逻辑清晰，短期资金面波动不改核心投资价值。 业绩底气十足 作为行业标杆，中信证券的业绩表现印证了头部券商的综合竞争力。中信证券业绩快报显示，2025年，公司实现营业收入 748.3亿元，同比增长28.75%；实现归母净利润300.51亿元，同比增长38.46%。公司全业务链协同发力，经纪、投资银行、自营 业务等收入均实现较快增长。同时，公司坚定推进国际化布局，深化跨境服务能力，境外收入亦实现较快增长。 合并重组已成为证券行业业绩增长的重要引擎，国联民生便是典型代表。国联民生业绩预增公告显示，预计2025年实现归 母净利润20.08亿元，同比增长406% ...

Core Viewpoint - The announcement from Xiamen Tungsten New Energy indicates a change in the designated sponsor representative for the ongoing A-share issuance project, ensuring continued oversight of the raised funds [2] Group 1: Company Announcement - Xiamen Tungsten New Energy announced that Industrial Securities is the sponsor and lead underwriter for its 2022 A-share issuance project [2] - The original designated sponsor representatives, Wang Yajuan and Zhou Qian, are responsible for the sponsorship and ongoing supervision until December 31, 2024 [2] - Due to a work change, Wang Yajuan will no longer serve as the ongoing supervising sponsor representative, and Lai Yuchen has been appointed to take over this role [2]

Market Overview - On January 20, both computing power and AI applications experienced significant declines, with the ChiNext AI index dropping sharply and testing the 20-day moving average [1][9] - AI applications led the decline, with notable stocks like Yidian Tianxia hitting a daily limit down, while others like Zhongwen Online, Tuorisi, and Runhe Software fell over 2% [1][9] - In the computing power sector, leading optical module stocks such as Lian Te Technology, Guangku Technology, and Taicheng Light fell over 5%, while Tianfu Communication and Zhongji Xuchuang dropped over 3% [1][9] ETF Performance - The ChiNext AI ETF (159363), which focuses on both computing power and AI applications, saw a decline of 2.61%, marking its fourth consecutive day of losses, with a single-day trading volume exceeding 1.3 billion yuan [1][9] - Over the past 10 days, the ChiNext AI ETF has attracted over 2 billion yuan, leading its category in capital inflow [1][9] Financing and Market Sentiment - A decrease in margin trading is identified as a key reason for the short-term adjustment in the computing power sector, with a net sell of 8.5 billion yuan recorded on January 19 [3][12] - Major stocks like Zhongji Xuchuang and Xinyisheng faced significant repayment pressures, with repayment amounts reaching 2.4 billion yuan and 2.1 billion yuan respectively [3][12] Future Outlook - Despite the recent volatility, the computing power sector, particularly optical modules, is expected to maintain a favorable outlook, with potential for recovery providing investment opportunities [5][11] - The telecommunications sector has seen upward revisions in profit forecasts since November, indicating strong fundamental support [5][11] - The overseas computing power market is projected to enter a new growth phase by 2026, with continued investment in infrastructure and high growth rates anticipated [6][11] - AI applications are expected to remain a primary focus in 2026, with ongoing catalysts for growth and a favorable environment for application deployment in China [6][11] Investment Strategy - The ChiNext AI ETF is positioned to benefit from the commercialization of AI technology, with approximately 60% of its portfolio allocated to computing power and 40% to AI applications [6][13]

Core Viewpoint - As of January 19, the disclosure rate of annual performance forecasts for A-shares is 7.98%, with a peak expected in late January, where the final disclosure rate may reach around 55% [2][5]. Group 1: Performance Forecasts - The performance forecasts indicate that companies with significant net profit growth are primarily in sectors such as computing power, new energy, chemicals, pharmaceuticals, non-ferrous metals, and computers [6][10]. - By January 19, 447 A-share companies have released annual performance forecasts, with 144 companies expecting net profit growth exceeding 50%, mainly in computing power (semiconductors, communication equipment), new energy (batteries, photovoltaics), and chemicals [6][10]. Group 2: Market Reactions - As the performance forecasts enter their peak disclosure period, the correlation between stock prices and performance is expected to increase significantly in the latter half of January, with market sentiment returning to rationality [5]. - The market is likely to undergo a structural adjustment based on fundamentals, with previous hot sectors facing performance validation, while some low-performing but high-quality sectors may attract new capital inflows [5]. Group 3: Industry Insights - The sectors with upward revisions in profit forecasts since November include technology (especially in upstream computing hardware and downstream applications like consumer electronics and software), advanced manufacturing (new energy, military, automotive), and cyclical industries (building materials, non-ferrous metals, coal, steel) [12][13]. - The industries with lower performance growth since the last market rally include AI computing power, new energy, pharmaceuticals, and cyclical sectors like steel and glass fiber [14].

Group 1: Company Overview and AI Medical Layout - Guangzhou Wanfu Biological Technology Co., Ltd. has been investing in AI medical since 2018, aiming to become a leading enterprise in the domestic AI medical field through a "merger + hospital end + consumer end" strategy [2][4] - The company’s investment in Saiweisen Medical Technology led to the first domestic Class III medical device registration for cervical cancer cell digital pathology software in February 2025 [2][3] - Wanfu has developed the "Wanfu Smart Inspection" AI platform for hospitals, which has been implemented in various medical scenarios [3][4] Group 2: Investment and Collaboration - The company collaborates with Saiweisen, Shengqiang, and Yizhun Intelligent to enhance diagnostic capabilities through software and hardware integration [4][5] - The partnership aims to leverage each company's strengths in imaging, pathology, and laboratory testing to capture opportunities in AI applications [4][5] Group 3: Product Development and Market Position - Saiweisen has received the first Class III certification for AI-assisted diagnosis in gynecology, with ongoing clinical trials for non-gynecological applications [5][6] - Shengqiang Technology has developed a comprehensive digital pathology solution, covering approximately 2,000 hospitals domestically and 12 overseas regions [7][8] - Yizhun Intelligent holds 15 Class II and 6 Class III certifications, with a focus on ultrasound AI technology, which is more complex than radiology AI [9][10] Group 4: Market Trends and Future Outlook - The introduction of new policies is expected to significantly increase the volume of digital slices in the pathology market, creating substantial market capacity [8][9] - The AI medical sector is projected to grow rapidly, with a focus on enhancing brand influence and operational efficiency through innovative AI applications [10][11] - The company anticipates a recovery in domestic business in 2026, supported by overseas growth driven by various platforms [12][13]

Group 1 - The company Yingfang Software (688435.SH) has released its performance forecast for the year 2025, expecting a net profit attributable to shareholders of the parent company to be between -15 million and -12 million yuan, indicating a significant reduction in loss compared to the previous year [1] - For the year 2024, Yingfang Software reported an operating revenue of 190 million yuan, a year-on-year decrease of 21.65%, and a net profit attributable to shareholders of -28.585 million yuan, down from 44.4646 million yuan in the previous year [1] - The company also reported a net cash flow from operating activities of -38.1855 million yuan for 2024, compared to 3.2547 million yuan in the previous year [1] Group 2 - Yingfang Software raised a total of 809.8009 million yuan from its initial public offering, with a net amount of 731.6634 million yuan after deducting issuance costs, which was 157.218 million yuan more than originally planned [2] - The funds raised are intended for projects including industry data security, business continuity and big data replication software upgrades, cloud data management solutions, R&D center upgrades, and marketing network upgrades [2] - The total issuance costs for the IPO amounted to 78.1375 million yuan, excluding VAT, with underwriting and sponsorship fees accounting for 53.4774 million yuan [2]

1月19日，融资新规正式实施。 此前的1月14日，沪深北三大交易所同步发布通知，宣布调整融资保证金比例，将投资者融资买入证券时的融资保证金最低比例从80%提高至 100%，相关安排自1月19日起正式施行。 在两融余额创出历史新高、市场交投持续火热的背景下，此次调整融资保证金比例的举措被普遍视为为市场"降温"。 不过，新规实施首日，21世纪经济报道记者从多家券商了解到，目前新规对券商两融业务开展的实际影响有限。 与此同时，市场融资需求旺盛下，部分券商还出现两融额度告急的情况。有中小券商客户经理向记者表示，目前公司可供融出的资金额度还要 靠"抢"。 而从市场影响来看，机构分析认为，融资资金波动带来的结构性变化尤其值得关注。 有分析师指出，此次保证金比例上调更像是对过热主题炒作趋势的定向降温，特别依赖成交、信息传播和资金接力的纯题材板块受影响更大。 融资保证金比例时隔两年重回100% 此次融资保证金比例调整，是自2023年9月下调至80%后，时隔两年首次上调，重回100%的水平。 保证金比例上调后，新增融资交易需缴纳更多的自有资金作为保证金，融资杠杆率从1.25倍回落至1倍。 21世纪经济报道记者从多家券商营业部了 ...

在"存款搬家"的宏观趋势下，保险负债端正经历着显著的资金涌入，长江证券预计，2026年保险资金将为资本市场带来超1.2万亿元的增量资 金。 兴业证券指出，未来成长性红利的α属性将逐步凸显：在"保险新准则"+"公募新规"的新环境下，部分资金除了保证最低收益率外还有跑赢基准 的需求，所以需同时考量红利股用于支撑未来估值的业绩增速。 因此，这些资金对"业绩增长+预期股息回报"的要求，从过去两年的"0+5"（即对业绩成长没有要求，但有最低的股息率要求）转变至如今 的"3+3"，意味着降息环境下资金对红利股的成长性也有所要求（不能大幅跑输成长股），同时也给予成长性红利股一定的风险溢价，对其目 标股息率有所降低。 8.78% 7.16% 28.18% Dil 2 方式 F 300收益 中证红利全收益 红利低波(全) 会收益 数据来源: Wind,截至2026.1.16 中证红利质量全收益指数基日以来表现 589% 489% 389% 289% 189% 89% -11% 2016-05-26 2018-10-23 2021-03-22 2023-08-17 2026-01-16 2013-12-31 中证红利质量全收益 ...