晨会纪要 证券研究报告 2026 年 01 月 09 日 核心结论 分析师 【汽车】奇瑞汽车（09973.HK）首次覆盖报告：五大品牌各有亮点，先发 优势助力出海领先 预计 2025-2027 年公司营业收入分别为 3077 亿元、3570 亿元、3944 亿元， 分别同比增长 14%/16%/10%；归母净利润分别为 181 亿元、214 亿元、248 亿元，同比 28%/18%/16%，当前股价对应 PE 估值为 8.7/7.4/6.4 倍。首次 覆盖，给予"买入"评级。 【计算机】从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 从 Gemini 电视到豆包上车，巨头不断深化 AI 终端布局 【计算机】数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 数字人民币开启 2.0 时代：从 M0 向 M1 升维，生态繁荣可期 【石油石化】石油石化行业点评：石化行业拐点或已出现，26 年长丝供需 格局改善盈利有望增长 1、全球炼化宏观条件逐步改善，石化行业拐点或已出现。2、25 年长丝链 条景气度上行，预计 26 年供需格局将进一步改善。3、反内卷有望带动行业 盈利增长，对应公 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and potential of the AI industry, particularly in the humanoid robot and AI chip markets, driven by domestic manufacturers in China [1][2] Group 2 - As of January 9, 2026, the Zhongzheng AI Theme Index (930713) shows mixed performance among its constituent stocks, with Runze Technology (300442) leading with a 5.35% increase, followed by Guanghuan Xinnet (300383) at 4.48%, and Fudan Microelectronics (688385) at 3.76% [1] - The global humanoid robot shipment reached approximately 13,000 units last year, with Chinese manufacturers contributing the majority, significantly outpacing companies like Tesla and Figure AI [1] - Shanghai Zhiyuan topped the global humanoid robot manufacturers with an estimated shipment of 5,168 units last year, followed by Yushu Technology and UBTECH [1] - The AI chip market in China is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, indicating a substantial increase in demand driven by AI advancements [2] - The Zhongzheng AI Theme Index includes 50 listed companies involved in providing resources, technology, and application support for AI, reflecting the overall performance of AI-related securities [2] - As of December 31, 2025, the top ten weighted stocks in the Zhongzheng AI Theme Index account for 58.08% of the index, with companies like Zhongji Xuchuang (300308) and Hikvision (002415) among the leaders [2]

1月9日，润泽科技涨5.05%，截至发稿，报62.83元/股，成交3.17亿元，换手率0.31%，总市值1026.86亿 元。 兴合景气智选混合发起式A（024674）基金经理为梁辰星。 截至发稿，梁辰星累计任职时间2年156天，现任基金资产总规模1.66亿元，任职期间最佳基金回报 95.28%， 任职期间最差基金回报19.18%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，润泽智算科技集团股份有限公司位于河北省廊坊经济技术开发区楼庄路9号，成立日期2007 年6月27日，上市日期2015年4月24日，公司主营业务涉及数据中心业务服务。主营业务收入构成为： IDC业务64.67%，AIDC业务35.33%。 从基金十大重仓股角度 数据显示，兴合基金旗下1只基金重仓润泽科技。兴合景气智选混合发起式A（024674）三季度持有股 数3.5万股，占基金净值比例为2.66%，位居第八大重仓股。根据测算，今日浮盈赚取约10.57万元。 兴合景气智 ...

Investment Rating - The industry investment rating is "Overweight" [4][8] Core Insights - Google introduced its Gemini AI to Google TV in November 2025, enhancing its functionality with features like natural language content discovery, educational deep learning, and multimedia content integration [1] - The Gemini AI's "Deep Dives" feature allows for interactive thematic overviews with narration, making it suitable for family learning across various subjects [1] - The AI can manage personal content through natural language commands, enabling users to search for specific photos and apply AI-driven enhancements to images [1] - The "voice optimization settings" significantly improve user experience by allowing voice commands to adjust screen brightness and audio without navigating complex menus [1] - The "Doubao" large model is being rapidly integrated into vehicles, with partnerships including major automakers like Mercedes-Benz and BYD, covering a wide price range and vehicle types [2] - Collaborations with automakers focus on enhancing smart cockpit features and AI-driven user interactions, aiming to create a more intuitive human-machine interface [2] Summary by Sections - **Google's Gemini AI Enhancements**: The introduction of Gemini AI to Google TV includes features that enhance user interaction and content management, making the experience more immersive and user-friendly [1] - **Doubao Large Model Integration**: The Doubao model is being adopted by various car manufacturers, enhancing smart driving and user experience through advanced AI capabilities [2] - **Investment Opportunities**: Recommended companies to watch include Dongyangguang, Runze Technology, and others in the automotive intelligence sector, indicating potential growth areas within the industry [3]

Core Viewpoint - BrainCo, a leading company in the brain-computer interface (BCI) sector, has successfully completed a financing round of approximately 2 billion RMB, marking it as the second-largest financing in the global BCI market, following Neuralink [2] Financing and Investment - The recent financing attracted a prestigious lineup of investors, including IDG, Huaden International, and major industry players like Lens Technology and Lingyi iTech [2] - BrainCo's financing history shows a consistent increase in capital recognition, with significant rounds including 400 million USD in Series A in 2019 and 30 million USD in Pre-B and 20 million USD in Series B in 2025 [3] - The company is preparing for an IPO, potentially in Hong Kong or mainland China, with a valuation exceeding 1.3 billion USD anticipated for the upcoming round [3] Company Background and Product Development - Founded in February 2015 by Han Bicheng, BrainCo focuses on non-invasive BCI technology, having developed products like smart prosthetics and sleep improvement devices [3][4] - The company has received FDA and CE certifications, making it one of the few globally to achieve large-scale production of BCI products [4] Future Plans and Market Potential - BrainCo aims to assist 1 million individuals with physical disabilities and 10 million patients suffering from Alzheimer's, autism, and insomnia over the next 5 to 10 years [5] - The company is committed to advancing non-invasive BCI solutions for mental health issues like depression and Alzheimer's, aligning with China's increased investment in brain science [5] Industry Landscape - Neuralink remains the highest-valued BCI company globally, with a valuation of 9 billion USD post-E round financing in 2025 [5] - The BCI sector is gaining traction in the capital market, with several A-share companies experiencing significant stock performance related to BCI concepts [6] - Companies like Aihuilong and Kefu Medical are entering the BCI space, indicating a growing interest and investment in this emerging field [6] Investment Opportunities - The BCI industry is in its early commercialization phase, with a focus on thematic investment strategies [6] - There is potential for significant revenue generation in non-invasive BCI products, as well as opportunities in software, hardware, and experimental materials related to BCI [6]

Core Insights - Strong Brain Technology, led by Han Bicheng, has secured approximately 2 billion yuan in funding, marking the largest financing in China's brain-computer interface sector [2] - This funding round positions Strong Brain Technology as the second largest globally in the brain-computer interface space, following Neuralink's 650 million USD Series E funding [2] Company Overview - Han Bicheng, the founder of Strong Brain Technology, is a 39-year-old from Mudanjiang, Heilongjiang, with a distinguished academic background, including a bachelor's degree in mechanical engineering from the Korea Advanced Institute of Science and Technology and a PhD from Harvard University [3][4] - The company was established in 2015, and Han chose to return to China to start the business before completing his PhD [5] Technology and Product Development - Strong Brain Technology focuses on non-invasive brain-computer interface technology, which is considered a "non-mainstream" approach compared to the invasive methods predominantly supported by investors [6][8] - The company has developed a "super sensor" capable of detecting neural signals, achieving over 95% accuracy in signal recognition compared to medical-grade EEG devices [8] - Products include smart bionic limbs and brain-computer intelligent sleep devices, with a production milestone of 100,000 high-precision brain-computer interface products reached in 2022 [8] Market Position and Future Goals - The market price for the smart bionic hand is approximately 100,000 yuan, significantly lower than similar foreign products, and allows for immediate use after installation [10] - Strong Brain Technology aims to assist over 6,000 disabled individuals in regaining mobility by 2025, with a long-term vision of helping 1 million individuals with limb disabilities and 10 million patients with Alzheimer's, autism, and insomnia over the next 5 to 10 years [10][12] - The company's valuation reached 9 billion yuan in the 2025 Hurun Global Unicorn List, reflecting its growth and potential in the industry [12]

Core Viewpoint - Runze Technology's stock has shown significant growth in recent months, with a notable increase in revenue and net profit, indicating strong business performance and investor interest [1][2]. Group 1: Stock Performance - On January 8, Runze Technology's stock price decreased by 2.01%, closing at 59.36 CNY per share, with a trading volume of 2.571 billion CNY and a turnover rate of 2.61% [1]. - Year-to-date, the stock price has increased by 12.42%, with a 15.44% rise over the past five trading days, an 18.25% increase over the past 20 days, and a 23.67% increase over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Runze Technology achieved a revenue of 3.977 billion CNY, representing a year-on-year growth of 15.05%, and a net profit attributable to shareholders of 4.704 billion CNY, reflecting a substantial year-on-year increase of 210.74% [2]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Runze Technology reached 95,300, an increase of 11.76% from the previous period, while the average number of circulating shares per shareholder decreased by 10.52% to 17,080 shares [2]. - Since its A-share listing, Runze Technology has distributed a total of 3.274 billion CNY in dividends, with 2.437 billion CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 19.0303 million shares, a decrease of 1.2001 million shares from the previous period [3]. - The top ten circulating shareholders included Huatai-PB CSI 300 ETF, which held 11.2305 million shares, also showing a decrease of 1.0773 million shares from the previous period [3].

证券之星消息，1月7日通信服务板块较上一交易日下跌0.2%，会畅科技领跌。当日上证指数报收于 4085.77，上涨0.05%。深证成指报收于14030.56，上涨0.06%。通信服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002929 | 润建股份 | 44.92 | 9.99% | 27.79万 | | 12.20亿 | | 300442 | 润泽科技 | 60.58 | 5.12% | 85.09万 | | 50.70亿 | | 600289 | ST信通 | 7.04 | 5.07% | 9.63万 | | 6670.15万 | | 301380 | 挖金客 | 39.50 | 4.17% | 11.50万 | | 4.46 Z | | 300383 | 光环新网 | 14.01 | 4.09% | 149.90万 | | 20.83亿 | | 603881 | 数据港 | 33.05 | 3.80% | 61.49万 | | 20.08亿 | ...

Core Insights - Strong Brain Technology, a brain-computer interface "unicorn," recently completed approximately 2 billion yuan in financing, making it the second-largest financing in the global brain-computer interface sector, following Neuralink [1] - The financing round attracted prestigious investors, including IDG Capital, Huaden International founded by Intel CEO Chen Lifeng, and several technology and education companies [1] - The brain-computer interface sector has seen a surge in secondary capital, with the sector's stocks rising over 20% in the last three trading days [1] Company Overview - Founded in 2015, Strong Brain Technology is recognized alongside innovative companies like DeepSeek and Yuzhu Technology as part of the "Hangzhou Six Little Dragons" [1] - Unlike Neuralink, Strong Brain Technology focuses on the development of non-invasive brain-computer interface technology [1] - The company's products span rehabilitation medicine, smart health, and intelligent education, with FDA and CE certifications obtained [1] Product and Market Potential - The core product, "Super Sensor," can detect weak brain electrical signals without invasive procedures, converting them into neural signals to control external devices [1] - The product currently assists individuals with physical disabilities in performing activities like running and complex sports [2] - Strong Brain Technology aims to help 1 million disabled individuals regain mobility and assist 10 million patients with Alzheimer's, autism, and insomnia over the next 5-10 years [2] Financial and Investment Highlights - Strong Brain Technology has attracted significant investment since its inception, completing multiple funding rounds, including a $400 million Series A in 2019 and subsequent rounds totaling $30 million and $20 million [2] - As of 2024, the company's valuation stands at 8.5 billion yuan according to the Hurun Global Unicorn List [2] - The company is reportedly preparing for an IPO, potentially in Hong Kong or mainland China, after completing over $100 million in pre-IPO financing by 2025 [2] Industry Trends - According to research from Open Source Securities, brain-computer interface technology is expected to commercialize by 2026, expanding from medical necessities into AI applications and robotics [2] - The commercialization path for non-invasive products is clear, indicating significant revenue potential in the future [2]

Group 1: Industry Overview - Nvidia's CEO Jensen Huang announced at CES that the revenue from existing and future data center chips is expected to reach approximately $500 billion by the end of 2026, with improved market prospects and partnerships with AI providers like Anthropic likely to raise this forecast [2] - The sodium-ion battery industry is projected to see shipments increase from 3.6 GWh in 2024 to 9 GWh in 2025, representing a year-on-year growth of 150%, with key applications in energy storage and light electric vehicles [6] - The lithium iron phosphate (LFP) sector has confirmed successful price increases of 1,500 to 2,000 CNY per ton for major clients, indicating a shift from tentative price hikes to actual implementations, suggesting a recovery phase for the industry [7] Group 2: Company-Specific Insights - Strong Brain Technology recently completed approximately 2 billion CNY in financing, marking it as the second-largest financing in the brain-computer interface sector after Neuralink, with backing from notable investors [3] - Sanhua Intelligent Controls expects a net profit of 3.874 to 4.649 billion CNY for 2025, reflecting a year-on-year growth of 25% to 50%, driven by its leadership in the refrigeration components industry and strong ties with major automotive clients like Tesla and BYD [9] - New Oriental has integrated the Doubao large model, achieving significant breakthroughs in teaching and operational efficiency, with a 24-fold increase in assignment grading efficiency and an 80% reduction in customer service quality inspection manpower [10]