智通财经APP获悉，广发证券发布研报称，随着生成式AI迈向具备长期推理能力的代理型系统，AI Agent在执行任务时需频繁存取庞大的矢量数据库以进行检索增强生成，相关数据量庞大且具高度随机 存取特性，将显著推升对高IOPS企业级SSD的需求。供给端，海外原厂投资不再用于大规模新建晶圆 厂以增加晶圆投入，而是高度集中于HBM和先进制程迁移，NAND投入较为审慎；价格端，预计 NAND Flash合约价有望迎来全面且显著上行，2026Q1合约价涨幅或达55%-60%，并有望延续至2026年 底。 供给层面，产能面临着多重约束：根据TrendForce数据，海外原厂投资不再用于大规模新建晶圆厂以增 加晶圆投入，而是高度集中于HBM和先进制程迁移，NAND投入较为审慎。NAND Flash资本支出预计 从2025年的211亿美元小幅增长至2026年的222亿美元，年增仅约5%。 三星优先满足HBM4生产需求，SK海力士预计于2025Q4投产的M15X晶圆厂专注于生产HBM和先进 DRAM，两家公司均将缩减或限制NAND Flash资本支出，优先将投资转向HBM和DRAM领域；美光资 本开支更专注于先进DRAM，NAN ...

每经记者｜陈晨 每经编辑｜彭水萍 2026年开年伊始，A股市场持续活跃，不仅点燃了投资者的热情，也让身处资本市场核心的证券公司面临资金考验。1月26日晚间，东北证券与西部证券分 别获批100亿元和180亿元的公司债注册申请，正式加入券商这场开年"补血"大军。此外，Wind数据显示，仅在1月1日至26日不足一个月的时间里，券商发 债规模已高达2480.2亿元，较去年同期增长了近230%。 记者进一步梳理发现，2026年开年以来，券商融资节奏明显加快。除了上述两家券商外，首创证券、东方财富、长江证券、申万宏源和广发证券等机构的债 券注册申请也先后获批。其中，头部券商的融资规模尤为引人注目：1月13日，申万宏源证券获批发行不超过600亿元公司债；1月22日，广发证券更是拿到 了不超过700亿元的巨额批文。 | 序号 | 类别 7 | 发行只数 T | 只数比重(%)了 | 发行额( | | --- | --- | --- | --- | --- | | 1 | 证券公司债 | 65 | 2.06 | | | 2 | 证券公司短期融资券 | 27 | 0.86 | | | 总和 | | 92 | 2.92 | 2 | ...

Group 1 - The Hong Kong IPO market has been thriving since January 2026, with 12 companies successfully listed and raising nearly 35 billion HKD as of January 27, 2026 [1] - UBS and Deloitte China predict that the total financing scale of Hong Kong IPOs in 2026 is expected to exceed 300 billion HKD, indicating a strong recovery in the market [4] - The competitive landscape of the Hong Kong investment banking sector is transforming, with both Chinese and international investment banks actively participating, making it a key driver for growth in intermediary institutions [1][2] Group 2 - In 2025, the top ten equity underwriting positions were evenly split between Chinese and international institutions, with Chinese firms holding six positions after mergers [2] - As of January 27, 2026, Chinese institutions occupy seven of the top ten positions in equity underwriting, commanding over 70% of the market share [2] - The demand for Chinese companies to go global is strong, and Chinese brokers are becoming dominant players in the Hong Kong IPO market [2] Group 3 - Morgan Stanley has emerged as the leading equity financing underwriter in the Asia-Pacific region for 2025, significantly benefiting from the resurgence of Hong Kong equity financing [3] - UBS's involvement in major IPOs, including CATL and Heng Rui Medicine, highlights its strong position in the Hong Kong market [4] - The anticipated number of new listings in Hong Kong for 2026 is projected to reach between 150 and 200 companies, with a significant number of large-scale projects expected in the first quarter [4] Group 4 - Hu Zhizhe, President of UBS China, emphasizes Hong Kong's role as a "bridgehead" for connecting Chinese enterprises with global capital, facilitating a two-way flow of investment [4] - Hu also notes that UBS is capturing new opportunities by assisting Chinese companies in accessing international capital markets while helping global capital engage with China's growth story [4] - Recent announcements from Chinese securities firms, such as Huatai Securities and GF Securities, indicate a trend of increasing capital investment to support overseas business development [5][6]

Group 1 - The core viewpoint of the article highlights the booming A-share market in 2026, with a consensus among investment advisors on three main investment themes: Artificial Intelligence, humanoid robots, and non-ferrous metals [1] - The ETF market in China experienced significant growth in 2025, with the total scale increasing from 3.73 trillion yuan at the beginning of the year to over 6 trillion yuan by year-end, marking a 60.86% annual increase [2] - The transformation of ETFs from optional tools to essential infrastructure for asset allocation is emphasized, indicating a shift in investment paradigms [3] Group 2 - The article features insights from various award-winning investment advisors, showcasing their strategies and experiences, which include industry rotation, asset allocation, and tool innovation [3] - Notable investment advisors shared their key takeaways from the New Fortune Best Investment Advisor selection process, highlighting improvements in client service capabilities and trading models [11][19][22] - The importance of professional recognition and networking among top advisors is underscored, as it enhances their market influence and client acquisition opportunities [14][19][22]

Group 1 - The core viewpoint is that the passenger car industry will continue to exhibit a "stable volume and slow price" logic in 2025, with ASP (Average Selling Price) showing a slight decline in the coming years [1][2] - In December 2025, the domestic passenger car compulsory insurance sales were 2.278 million units, a year-on-year decrease of 16.4%, indicating weaker demand compared to seasonal trends due to consumer hesitation influenced by the suspension of trade-in subsidies [1][2] - The dynamic inventory-to-sales ratio for the passenger car industry as of December 2025 was 2.48, with short-term inventory risks considered low due to expected demand release from continued trade-in policies [3] Group 2 - The passenger car ASP showed a year-on-year increase of 13.7% in December, indicating a positive trend after October, while the overall automotive retail sales decreased by 5.0% [2] - The elasticity of terminal sales for passenger cars in 2026 is expected to be influenced by the extension of scrapping and replacement subsidies, with estimated elasticities of 2.1% and 4.3% respectively [2] - The total inventory of passenger cars was 4.708 million units as of December 2025, with a decrease of 37,000 units in December, reflecting a cautious market environment [3]

Core Insights - The report from GF Securities highlights the significance of the Scale-Up architecture in addressing the challenges posed by training and inference of trillion-parameter models, particularly focusing on the advancements in AI computing power [1][2]. Group 1: Current Trends in AI Computing - The core characteristics of model inference, such as long context, high concurrency, and real-time interaction, are driving the upgrade of Scale-Up systems [2]. - The need for high-performance networks during the inference phase is emphasized, as the architecture allows all accelerators' memory to be presented as a single shared pool, addressing bandwidth and latency requirements [2]. Group 2: Domestic Developments in Scale-Up - Alibaba Cloud introduced the new generation of Panjiu AI Infra2.0 AL128 supernode server, which aims to optimize computing power and communication synergy, achieving a 50% improvement in inference performance compared to traditional architectures [3]. - Tencent's ETH-X supernode project is being developed in two phases, focusing on optimizing GPU and memory communication and exploring full optical interconnection for Scale-Up [3]. - Huawei announced a three-year computing power plan, with the Ascend 950 supernode expected to launch in Q4 2026, indicating a strong commitment to advancing Scale-Up technology [3]. Group 3: Investment Opportunities in Optical Interconnection - Current Scale-Up networks primarily use copper cabling, which has limitations in system design and transmission distance, making it less suitable for future expansions [4]. - The advantages of optical interconnection are highlighted, as it can cover much greater distances compared to copper, which is limited to around 7 meters for certain applications [4].

Group 1 - The core viewpoint of the news is that the stock prices of Huahong Semiconductor have reached historical highs, driven by rising DRAM chip spot prices and expectations of a larger price surge in the storage market [1] - The Hang Seng Technology Index has shown a mixed performance, with semiconductor and AI application sectors performing relatively well, while OTA and smart driving sectors have lagged [1] - The sentiment in the Hong Kong stock market has already reflected negative factors such as US-China trade tensions and the peak of stock unlocks at the end of last year, indicating potential for upward beta recovery in early 2023 if liquidity pressures ease [1] Group 2 - Huaxia Fund suggests positioning for a new round of spring market rally in Hong Kong stocks, recommending low-cost ETF investment tools such as the Hong Kong Stock Connect Technology ETF and the Hang Seng Internet ETF [2] - The recommended ETFs are listed on mainland stock exchanges, allowing for flexible trading without the need for a Hong Kong stock account, and support T+0 trading [3]

智通财经APP获悉，广发证券发布研报称，根据数字水泥网和国家统计局数据统计，预计2024/2025水 泥熟料产能利用率53%/50%，产能严重过剩。经过过去两年时间的政策酝酿和宣导，2026-2027年将迎 来以"超产管控+碳市场"为主导的供给端政策管控，有望带来水泥超产产能和落后产能陆续退出，水泥 供给优化将带来盈利中枢提升。中长期来看，水泥行业供给有望持续优化，建议关注底部水泥资产。 广发证券主要观点如下： 超产管控：目前已有实质性产能出清 2025年9月24日，工信部联合六部门发布《建材行业稳增长工作方案(2025—2026年)》，明确水泥企业 要在2025年底前对超出项目备案的产能制定产能置换方案，促进实际产能与备案产能统一。 根据数字水泥网统计，截至2025年底，全国水泥行业通过置换退出熟料产能合计为1.6亿吨(考虑超产后 估算实际退出约2亿吨)；鉴于2025年版补产能规则公示公告时间延迟至2026/3/31，预计到26Q1末，熟 料产能退出总量预计将达到2亿吨(考虑超产后估算实际退出约2.5亿吨)。即到26Q1末，实际产能有望从 21亿吨降至18亿吨，将带来2026年产能利用率提升。 碳市场：20 ...

Group 1 - The AI + programming sector has significant potential, with rapid commercialization progress observed [1] - DeepSeek is expected to launch its powerful V4 model around mid-February, which will further stimulate market expectations [1] - AI-assisted programming tools like Cursor and GitHub Copilot have shown good commercialization results, indicating a positive trend in the industry [1] Group 2 - Domestic AI-assisted programming tools have a higher proportion of utilizing local AI large models and offer better cost-performance ratios compared to overseas products [2] - Although domestic tools may lag in functionality compared to Cursor, their lower pricing makes them attractive [2] - Improvements in DeepSeek's V4 model capabilities and reductions in computing costs could accelerate the commercialization of AI large model applications, including AI-assisted programming tools [2] Group 3 - Zhuoyi Information has extensive technical accumulation and product refinement experience in the IDE field, with its SnapDevelop tool enhancing development efficiency by 2-3 times compared to traditional methods [3] - The tool aids enterprises in efficiently building modern applications through low-code and intelligent features [3]

责任编辑：栎树 1月27日，金山云(3896.HK)再度拉升涨超4%，高见7.3港元创逾3个月新高价，并且录得5连升行情，总市值324亿港元。 消息上，广发证券发布研报称，金山云拥有高可见度的强劲需求，小米金山加大AI投入，基础大模型、智能汽车、WPS均 需要大量AI训练和推理算力，非小米客户AI需求亦旺盛。参考可比公司估值，分别给予AI云/非AI云业务6/2倍PS，对应合 理价值10.49港元/股。维持"买入"评级。 另外，在上周举办的金山云年度Tech Talk上，金山云高级副总裁刘涛宣布，智算平台金山云星流已完成从资源管理平台向 一站式AI训推全流程平台的战略升级。 港股频道更多独家策划、专家专栏，免费查阅>> ...