孟灿 李忠宇 SAC:S1130524100002 lizhongyu01@gjzq.com.cn 1 N 产业研究中心 2026 年 1 月 26 日 产业研究周报 | 科技 英特尔财报佐证 AI 供不应求，巨头 AI 应用进展喜人 SAC:S1130522050001 mengcan@gjzq.com.cn | 证券研究报告 | 核心要点 产业前沿 欧盟委员会公布《欧盟网络安全法》修订草案，预计存储芯片 2026-2027 年仍 将是供不应求状态，2028 年才会改善，工信部印发《关于全面开展算力态势感 知自动化监测工作的通知》；OpenAI、Anthropic25 年年化收入已突破 200、90 亿美元；OpenAI 计划未来几周在 ChatGPT 的"免费版"和"Go 版"中测试广告， 26 年下半年推出首款 AI 设备；字节跳动 AI Agent 平台"扣子"宣布 2.0 升级。 资本风向 英特尔 25Q1 财报表现优异，但 26Q1 预期不佳，阿里考虑将平头哥分拆上市； Meta 新成立的人工智能实验室已于本月向内部交付首批重要 AI 模型，过去一年 谷歌 GeminiAPI 调用量增长逾一倍，达 ...

1119家公司公布了全年业绩预告，业绩预增公司有345家，占比30.83%。 证券时报·数据宝统计显示，截至1月27日，已经有1119家公司公布了2025年度业绩预告。业绩预告类型 显示，预增公司345家、预盈104家，合计报喜公司比例为40.13%；业绩预亏、预降公司分别有363家、 143家。 | | 能 | | | | | 备 | | --- | --- | --- | --- | --- | --- | --- | | 002636 | 金安国 | 2026.01.22 | 763.47 | 26.36 | 57.75 | 电子 | | | 纪 | | | | | | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 33.58 | 51.13 | 公用事 | | | 份 | | | | | 业 | | 003035 | 南网能 | 2026.01.20 | 667.73 | 5.93 | 29.48 | 公用事 | | | 源 | | | | | 业 | | 603086 | 先达股 | 2026.01.27 | 660.38 | 9.00 | 9.49 | 基础化 | ...

金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 黄金价格突破5000美元，机构看多至6600美元 1月26日，现货黄金价格首次突破每盎司5000美元，日内涨0.5%，延续暴涨行情。金价上涨一方面源于 特朗普政策重塑国际关系格局，另一方面是投资者撤离主权债券与外汇市场。疲软的美元进一步提振了 市场对贵金属的需求，机构纷纷上调黄金目标价，高盛将今年底目标价调至5400美元，杰富瑞集团喊出 6600美元。美国银行更将短期目标上调至6000美元。 详情>> 紫金矿业拟280亿收购联合黄金，强化非洲黄金布局 2026年初，特朗普举措和言论超预期，美国出现"股债汇三杀"，政策不确定性上升。特朗普政策目的主 要是"增收""降本""回流"，但关税政策有反噬风险，降本收效有限，制造业和资金回流也面临"去美元 化"变数。市场关注最高法院裁决和美联储新主席任命，其结果将影响财政和货币"双宽松"预期。 详情 >> 白银价格飙升，国投白 ...

国际金银价格走高刺激有色金属板块。 A股市场主要指数今天(1月26日)上午涨跌互现，有色金属板块掀起涨停潮。石油石化、煤炭、非银金融、银行等板块走强，带动上证指数走强。 | P | | | | | | --- | --- | --- | --- | --- | | 15 | 11 | 1 | 10 | Date | A股有色金属板块掀起涨停潮 主要行业板块和赛道方面，多个传统权重板块走强。 有色金属板块领涨，板块涨幅超过4%，板块内个股掀起涨停潮，其中招金黄金（000506）、翔鹭钨业（002842）、湖南黄金（002155）、金徽股份 （603132）、永杰新材（603271）、兴业银锡（000426）等10多股涨停，湖南白银（002716）大涨逾9%。 | | 国际贵金属 | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 伦敦金现 | 5072.360 | 84.190 | 1.69% | | 伦敦银现 | 107.825 | 4.484 | 4.34% | | COMEX黄金 | 5071.5d | 91.8 | 1.84% | | COM ...

A股市场主要指数今天（1月26日）上午涨跌互现，有色金属板块掀起涨停潮。石油石化、煤炭、非银金融、银 行等板块走强，带动上证指数走强。 A股有色金属板块掀起涨停潮 国际金银价格走高刺激有色金属板块。 A股市场主要指数今天上午涨跌互现，上证指数小幅上涨0.12%，创业板指走低，跌幅达到0.86%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 4141.01 | 4.85 | 0.12% | | 399001 | 深证成指 | 14332.86 | -106.80 | -0.74% | | 000680 | 科创综指 | 1864.01 | -35.77 | -1.88% | | 881001 | 万得全A | 6857.67 | -35.44 | -0.51% | | 399006 | 创业板指 | 3320.81 | -28.70 | -0.86% | 主要行业板块和赛道方面，多个传统权重板块走强。 有色金属板块领涨，板块涨幅超过4%，板块内个股掀起涨停潮，其中招金黄金、翔鹭钨业、湖南黄金、金徽股 ...

每经AI快讯，1月26日，市场焦点股巨力索具（12天7板）高开7.24%，实控人变更的江化微（5板）低 开1.50%，电网设备板块三变科技（9天5板）高开0.50%、积成电子（6天3板）高开0.96%，贵金属板块 白银有色（4板）高开5.79%，业绩超预期的金安国纪（7天4板）低开0.47%，辅助生殖概念股汉商集团 （5天3板）低开4.85%，光伏概念股宇晶股份（6天3板）竞价涨停、钧达股份（2板）竞价涨停，商业 航天概念股润贝航科（2板）低开0.04%、西部材料（2板）低开1.29%。 ...

热点情报 金海通股价飙涨100% 1月23日，金海通强势上涨5.53%，收盘价为278.60元，成交额为9.43亿元，总市值攀升至167.16亿元。据统计，自2025年12月31日以来的16个交易日内， 金海通股价累计涨幅超过100%，表现非常亮眼。 公开资料显示，金海通专注于集成电路测试分选机的研发、生产及销售，属于集成电路专用设备领域的测试分选设备。公司产品在全球市场中具有较高的 知名度，广泛应用于半导体封装测试企业、测试代工厂、IDM企业和芯片设计公司。 易方达张坤管理规模下降超百亿元 近日，易方达基金公布了基金经理张坤在管4只产品2025年四季报。从规模看，张坤的管理规模较2024年年末下降超过百亿元，跌至500亿元人民币以下。 4只产品在2025年均实现正向收益，但有3只产品的收益率跑输了各自同期业绩比较基准收益率。 近日，国内人形机器人关节模组头部企业——意优科技"全球首条机器人关节自动化产线"在浦东投产。这是具身智能产业从技术研发迈向规模化制造的关 键跨越，标志着人形机器人核心部件量产瓶颈的突破，为人形机器人的大规模推广应用按下"加速键"。 银河证券认为，人形机器人正从实验室黑科技加速迈向商业量 ...

Investment Rating - The report maintains a positive outlook on the price increase trends for copper-clad laminates and storage chips, indicating strong sustainability and performance realization from industry chain companies [2][5]. Core Insights - The report highlights the expected significant growth in the performance of companies like Jin'an Guoji, which forecasts a net profit of 280-360 million yuan for 2025, representing a year-on-year increase of 655-871% [2]. - The demand for copper-clad laminates is anticipated to continue rising due to improved market conditions and price recovery, with companies like Jian Tao and Sheng Yi Technology actively increasing prices [2][5]. - The storage chip market is projected to see substantial price increases in 2026, with DRAM contract prices expected to rise by 55-60% and NAND Flash by 33-38% in Q1 2026, leading to a forecasted market size of $551.6 billion in 2026 [2][5]. - The report emphasizes the strong demand for AI applications, which is expected to drive growth in the PCB and core computing hardware sectors, as well as the semiconductor equipment and Apple supply chain [2][5][29]. Summary by Sections Consumer Electronics - The report notes the continuous expansion of C-end application scenarios, particularly in the Apple supply chain and smart glasses, driven by advancements in AI and model optimization [6]. PCB - The report indicates that the demand for copper-clad laminates remains high, with expectations of price increases due to strong demand from automotive and industrial control sectors [7]. Semiconductor Industry - The report highlights a positive outlook for the storage segment, with expectations of price increases driven by demand from cloud service providers and consumer electronics [24][25]. - The semiconductor equipment sector is noted for its robust growth, with significant investments from major manufacturers like Micron and Samsung [26][28]. Key Companies - Jin'an Guoji is expected to see a substantial increase in profits due to its strategic positioning in the copper-clad laminate market [30]. - Northern Huachuang is recognized for its leading technology in semiconductor equipment, covering a wide range of core processes [31]. - Sanhua Group is noted for its advancements in MLCC products and the growth of its SOFC business, driven by AI demand [36].

Market Overview - On January 23, the A-share market experienced a broad-based rally, with all three major indices closing higher: Shanghai Composite Index up 0.33% at 4136.16 points, Shenzhen Component Index up 0.79% at 14439.66 points, and ChiNext Index up 0.63% at 3349.50 points. The North Star 50 index surged over 3% [1] - Market trading volume significantly increased, with the total turnover of Shanghai and Shenzhen stock exchanges reaching 3.09 trillion yuan, an increase of nearly 400 billion yuan compared to the previous trading day, marking a new high for the phase [1] - Strong sectors included photovoltaic equipment, commercial aerospace, and AI applications, with the photovoltaic sector rising over 9% in a single day, and more than 30 stocks hitting the daily limit [1] - Over 3900 stocks rose, with 121 hitting the daily limit and only 2 declining, indicating a clear improvement in market sentiment [1] Main Capital Trends - Major funds exhibited a "new over old" characteristic, with net inflows into the photovoltaic equipment sector amounting to 8.842 billion yuan, and energy metals and optical electronics receiving 2.963 billion yuan and 2.743 billion yuan respectively. Conversely, the semiconductor and communication equipment sectors saw net outflows of 8.844 billion yuan and 6.349 billion yuan [2] - Northbound funds recorded a net purchase of over 5 billion yuan, focusing on resource stocks like Zijin Mining and Shandong Gold, as well as consumer sectors [2] - Margin financing balances increased to 2.72 trillion yuan, indicating a return of high-risk preference funds [2] Investment Opportunities from First Limit-Up Stocks - Jiangsu Cable (600959): A leading regional media company with significant undervaluation, benefiting from the integration and upgrade of broadcasting networks. The stock hit the daily limit on January 23, closing at 4.07 yuan, with a five-day increase of 6.82% [3] - Chengzhi Co., Ltd. (000990): A chemical new materials company with low valuation and industry upgrade catalysts. The stock also hit the daily limit on January 23, closing at 9.21 yuan, with a five-day increase of 14.13% [4] - Suotong Development (603612): A leader in carbon materials benefiting from the recovery in the electrolytic aluminum industry. The stock hit the daily limit on January 23, closing at 29.15 yuan, with a five-day increase of 12.68% [5] Risks from Continuous Limit-Up Stocks - Yujing Co., Ltd. (002943): A precision CNC equipment company experiencing a second consecutive limit-up, but with significant valuation bubble concerns. The stock closed at 66.31 yuan on January 23, with a five-day increase of 22.34% [6] - Junda Co., Ltd. (002865): A photovoltaic cell company facing high valuation premiums after a second consecutive limit-up. The stock closed at 99.44 yuan on January 23, with a five-day increase of 20.36% [7] - Jin'an Guoji (002636): A copper-clad laminate company with a second consecutive limit-up, but with concerns over overextended market sentiment. The stock closed at 25.63 yuan on January 23, with a five-day increase of 42.07% [8] Market Summary and Investment Recommendations - The A-share market saw a broad rally on January 23, with significant increases across major indices and a notable rise in trading volume. Key sectors included photovoltaic, commercial aerospace, and AI applications, while financials and energy sectors faced pullbacks [10] - In stock selection, valuation deviation is a core consideration, with Jiangsu Cable, Chengzhi Co., Ltd., and Suotong Development showing significant undervaluation and potential for valuation recovery [10] - Conversely, stocks like Yujing Co., Ltd., Junda Co., Ltd., and Jin'an Guoji are experiencing high valuation premiums and should be approached with caution [10]

Core Viewpoint - Nearly 1,000 A-share listed companies have released their annual performance forecasts for 2025, with 15 companies expecting a year-on-year net profit increase of over 400% [1] Group 1: Performance Forecasts - A total of 958 A-share listed companies have published their 2025 annual performance forecasts [1] - Among these, 15 companies, including Southern Precision, New Strong Link, Shanghai Yizhong, Yongchuang Intelligent, Jin'an Guoji, Shenzhen Nande A, Hekang New Energy, Tongda Co., SAIC Group, Xian Dao Intelligent, Baiwei Storage, Limin Co., ST Yuan Zhi, Changxin Bochuang, and Guolian Minsheng, have projected a net profit increase of over 400% year-on-year [1] Group 2: Market Reactions - Jin'an Guoji's performance forecast led to a significant market reaction, with the stock recording four consecutive trading limits after the announcement [1] - Ruichuang Weina also saw a strong market response, with a 20% limit up following its profit increase announcement [1]