Market Overview - A-shares experienced a volatile rise, with the Shanghai Composite Index up 0.25% and the Shenzhen Component Index up 0.49%, while the ChiNext Index fell 0.15% [1][2] - Hong Kong stocks also saw gains, with the Hang Seng Index up 0.24% and the Hang Seng Tech Index up 0.91% [3][12] - The bond market showed an upward trend, with government bond futures rising across the board [3][4] Sector Performance - The commercial aerospace sector remained active, and AI applications continued to strengthen, with notable gains in tech stocks [1][10] - The battery sector faced declines, with companies like Defu Technology dropping over 10% [9][10] - The metal futures market saw significant increases, particularly in silver, which surged over 11%, and other metals like platinum and palladium also rose [1][15] Notable Stocks - "Global Large Model First Stock" Zhihui surged nearly 20% in early trading [6][12] - AI programming concept stocks experienced a rally, with companies like Zhuoyi Information hitting the daily limit up [8][10] Commodity Market - Domestic commodity futures showed widespread gains, with silver up 11.5%, lithium carbonate up 9%, and platinum up 5% [4][5] - Other commodities like nickel, copper, and aluminum also saw increases, while some commodities like glass and fuel experienced declines [5][15]

相关产品：创业板软件ETF华夏（159256）、创业板200ETF华夏（159573）、人工智能AIETF （515070）。 （文章来源：每日经济新闻） 在AI产业链中，软件行业主要处于中游技术层和下游应用层，扮演着核心技术支撑和应用落地的关键 角色。具体来看，软件行业在中游技术层主要提供AI框架、开发平台和算法模型，这些技术是AI应用 开发的基础。在下游应用层，软件行业通过将AI技术与各行业结合，推动AI应用的落地。 中信建投证券近期研报指出，AI大模型的发展正从"生成"迈向"能推理、能行动"的智能体（Agent）阶 段。报告认为，行业竞争焦点已从基准测试转向改造用户行为与任务流程的能力，模型强大的逻辑推理 能力将支撑各领域智能体落地，推动企业端AI应用从"降本"到"增收"，2026年商业化进程有望持续加 速。 今日A股震荡为主，科技赛道再度大涨，AI智能体、AIGC概念、人工智能、脑机接口板块表现强势， 软件开发板块震荡拉升，创业板软件ETF华夏（159256）盘中大涨超3%，其持仓股昆仑万维、每日互 动、卫宁健康、拓尔思、汉得信息涨幅均超10%，鼎捷数智、万兴科技等股涨幅居前。 消息方面，近日，清华大 ...

此外，OpenAI宣布推出ChatGPT Health（健康），该模式集成于ChatGPT中，是一个"专门用于与 ChatGPT进行健康相关对话的独立空间"，可以连接电子医疗记录和各类健康应用，生成的回复能够结 合用户的健康信息与个人情境。 全球AI医疗市场正迈入万亿级增长通道。据Grand View Research报告显示，2024年全球AI医疗市场规模 约为266.5亿美元（约合人民币1861亿元），预计到2033年将飙升至约5055.9亿美元（约合人民币3.5万 亿元），期间年复合增长率达38.8%。 东莞证券表示，随着国内科技巨头积极布局AI医疗赛道，有望快速推进我国医疗信息化和普惠化进 程，并加速AI垂类应用场景落地，医疗或成为AI垂类应用场景的重要突破口。 股票频道更多独家策划、专家专栏，免费查阅>> 早盘，AIGC概念板块表现活跃，板块内13只个股涨停。易点天下、迪安诊断20CM涨停，并行科技、光 云科技、昆仑万维涨超15%，值得买、川网传媒、天龙集团、熵基科技涨超13%，海天瑞声、蓝色光 标、中文在线、拓尔思涨超11%，利欧股份、欢瑞世纪、岩山科技、博瑞传播、浙文互联、省广集团、 人民网、视 ...

股票频道更多独家策划、专家专栏，免费查阅>> | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 301171 | 易点天下 | 1 | 20.00 | 298亿 | 56.12 | | 300244 | 迪安诊断 | 1 | 19.98 | 163亿 | 64.42 | | 920493 | 并行科技 | 1 | 16.41 | 107亿 | 35.65 | | 300418 | 昆仑万维 | 1 | 14.42 | 776亿 | 48.23 | | 300785 | 個得买 | 1 | 14.14 | 118亿 | 35.97 | | 688365 | 光云科技 | 1 | 13.48 | 98.58 Z | 37.23 | | 300063 | 天龙集团 | 1 | 13.27 | 93.22 Z | 43.41 | | 300987 | 川网传媒 | 被 | 12.69 | 35.25 乙 | 21.01 | | 300058 | 蓝色光标 | 1 | 12.51 | 694亿 | 67.80 | ...

阅文集团(00772)涨超5%，截至发稿，涨4.47%，报36.9港元，成交额5480.78万港元。 据透露，Vidu模型的多模态生成能力将深度嵌入阅文漫剧助手的创作全链路，为平台创作者提供从图像 到视频的AI生成支持。阅文漫剧助手将作为Vidu在AI漫剧领域的关键应用场景和反馈入口，双方的协 同有望加速模型在垂直领域的迭代优化。通过将Vidu的AI生成能力与阅文的海量IP资源相结合，平台旨 在为创作者提供从IP到视觉内容的一站式解决方案，并计划未来将合作拓展至AI真人剧等更广阔的领 域。 消息面上，据游戏日报报道，近日，阅文集团与生数科技宣布达成深度业务合作。阅文旗下专注于IP视 觉化开发的漫剧创作平台"阅文漫剧助手"，将全面接入生数科技最新发布的多模态大模型Vidu。这一合 作标志着国内头部内容平台与领先AI技术公司，在AIGC产业化应用层面迈出了实质性的一步。在双方 官宣技术合作的同时，生数科技已率先通过其与青岛电影学院合资成立的"青影生数"，布局AIGC影视 教育，构建产业级人才培养体系。 ...

Summary of Ji Hong Co., Ltd. Conference Call Industry and Company Overview - **Company**: Ji Hong Co., Ltd. - **Industry**: Cross-border e-commerce and packaging Key Points and Arguments Cross-border E-commerce Growth - Ji Hong's cross-border e-commerce business is experiencing rapid growth in Northeast Asia and Eastern Europe, with Eastern Europe benefiting from the application of AIGC tools, achieving growth rates of 60%-70%, with some quarters exceeding 100% year-on-year [2][4] - The annual growth rate in Northeast Asia is stable at 30%-40% [2][5] - The company expects overall revenue growth in cross-border e-commerce to exceed 20% by 2026, driven by continued expansion in Northeast Asia, Europe (especially Eastern Europe), and Southeast Asia [2][7] Profitability and Margins - Ji Hong has improved its gross margin from approximately 50% in 2021 to nearly 60%, with specific regions reaching 70% [2][9] - The net profit margin for the cross-border e-commerce business remains stable at 5%-8%, focusing more on market share and order volume [2][10] - The e-commerce model features low inventory, with a stock-to-sales ratio maintained at no higher than 4%, significantly lower than the industry average [2][13] Regional Performance - Northeast Asia accounts for about 40% of total revenue, with a high customer loyalty and low fulfillment costs [4] - Eastern Europe contributes approximately 25% of total revenue, with significant growth potential due to the application of AIGC tools [4] - Southeast Asia represents about 20% of revenue, with an annual growth rate of 10%-15% [4][6] Inventory Management - Ji Hong's low inventory model is characterized by a stock-to-sales ratio of no more than 4%, compared to the industry standard of 15%-20% [2][13] - The company employs a model where 50% of orders are fulfilled based on existing orders, which requires high logistics and customer service efficiency [2][13] Currency Risk Management - The company collaborates with financial institutions like HSBC and Citibank to hedge against currency fluctuations, ensuring that cross-border e-commerce revenues are protected [2][16] Free Brand Development - Ji Hong has developed four major brands since launching its free brand strategy in 2022, with total revenue expected to exceed 400 million RMB in 2025 and target 600-800 million RMB in 2026 [3][17] - The brands include a sunshade brand, women's lingerie, pet strollers, and electric mountain bikes [17] Packaging Business Performance - The packaging business is expected to grow significantly in 2025, particularly in food-grade packaging, with over 10% revenue growth [21] - The company plans to build a new food-grade factory in Zhangjiagang, Jiangsu, to further expand its QSR packaging business [21] AI Integration - Ji Hong has invested in AI tools since 2018, significantly enhancing its e-commerce operations and achieving a substantial increase in gross margins and order volumes [26] - The company anticipates that the number of orders will exceed 20 million by 2026, showcasing the importance of AI in its business model [26] Future Plans - Ji Hong plans to add two new factories in 2026, including one in Jiangsu and another overseas, to significantly increase production capacity [27] - The company aims for social e-commerce to achieve over 20% growth in Northeast Asia and Europe [27] Other Important Insights - The company maintains a focus on controlling downside risks in capital utilization rather than pursuing high returns [15] - Ji Hong's strategy includes long-term partnerships with local events to enhance brand visibility and consumer engagement [20]

今日关注 本周全球市场大事不断：中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公 布关税裁决；美联储将发布最新褐皮书，多位美联储官员将密集发声；美股财报季开启，摩根大通等将 披露最新业绩。重要会议方面，七国集团（G7）加其他国家财长会议将举行，中国核聚变与AIGC大会 召开。 宏观经济 1、1月10日至11日，全国商务工作会议在京召开。会议指出，全国商务系统2026年将重点做好深入实施 提振消费专项行动、推进全国统一大市场建设等八个方面工作。 2、国家医保局11日启动"个人医保云"建设试点。"个人医保云"将重点对接处理医院、药店、家庭智能 监测设备等数据，整合个人健康档案，形成个人医保财务档案，提供费用分析与医疗保障建议。 3、11日，由中国兵器工业集团完全自主研发的"天马-1000"无人运输机成功首飞。该型无人机是国内首 款实现"高原复杂地形适配、超短距起降、货运空投双模快速切换"的中空低成本运输平台。 4、据央视财经，截至1月9日，国内春节假期机票预订总量超300万张，日均预订量同比增长约20%。海 口在热门前10名城市中增速领跑，同比增长了1.2倍；三亚增长90%。拉萨、 ...

Core Insights - A total of 148 listed companies in the Shanghai and Shenzhen markets have been surveyed by institutions this week, with the electronics, machinery equipment, and computer industries receiving the highest frequency of attention [1] Industry Summary - **Primary Industries with Institutional Surveys**: - Electronics: 22 companies - Machinery Equipment: 12 companies - Computer: 12 companies - Power Equipment: 8 companies - Automotive: 9 companies - Basic Chemicals: 8 companies - Environmental Protection: 6 companies - Non-ferrous Metals: 7 companies - Defense and Military: 5 companies [2] - **Sub-sectors with Increased Attention**: - General Equipment, Computer Equipment, and Automotive Parts are the top three sectors in terms of institutional focus. Additionally, Environmental Governance and Industrial Metals have seen a rise in attention [3] Company-Specific Insights - **Most Frequently Surveyed Company**: - Bointech Welding has been surveyed 5 times, indicating strong institutional interest [4] - **Top Companies by Institutional Visit Reception**: - Chaojie Co., Ltd.: 129 visits - Entropy Technology: 128 visits - Yiwang Yichuang: 94 visits [4] - **Market Performance**: - AIGC concept stocks have been active this week, with Liou Co., Ltd. reporting on its AI marketing initiatives, including the development of specialized AI agents for various marketing tasks. The company is exploring the transition from single AI applications to multi-agent collaboration [4][5] - **Recent Developments in Other Companies**: - Borui Communication is focusing on enterprise-level AI applications and has evolved its main product into a comprehensive content distribution platform, receiving positive feedback from clients across various sectors [7] - Qianfang Technology is leveraging AI to reconstruct transportation value, aiming to become a leader in the AI + transportation sector, particularly in automated logistics [9]

Group 1 - Canadian Prime Minister will visit China from January 13 to 17 to discuss trade, energy, and security issues [1] - The People's Bank of China is expected to release data on social financing scale, M2, and new RMB loans for December 2025 next week [1] - China will announce December import and export data on January 14, with expectations of a decline in year-on-year export growth due to base effects [1] - The first fundamental law in China's nuclear energy sector, the Atomic Energy Law, will take effect on January 15 [1] - The U.S. government is facing a funding crisis again, with a risk of shutdown at the end of the month, prompting Congress to expedite funding legislation [1] - The U.S. Supreme Court has postponed its ruling on the Trump tariff case, with the next ruling scheduled for January 14 [1] - The U.S. will release December CPI data on January 13, with expectations of a significant rebound in core CPI, attributed to statistical distortions during the government shutdown [1] Group 2 - Two key U.S. economic data points, October and November PPI and November retail sales, will be released on January 14, alongside the Fed's latest Beige Book survey [2] - Ahead of the month-end interest rate meeting, several Federal Reserve officials will speak, including the presidents of the New York, Philadelphia, and Minneapolis Fed [2] - The G7 finance ministers will meet in Washington on January 12 to discuss rare earth issues [2] Group 3 - The People's Bank of China will have 138.7 billion yuan in reverse repos maturing next week, with specific amounts maturing each day [3] - 23 stocks in the A-share market will face lock-up expiration next week, corresponding to a market value of over 48 billion yuan based on the closing price on January 9 [3] - Four companies will be listed on the Hong Kong stock market next week, including the listing of Haowei Group on January 12 [3] - The second China eVTOL Innovation Development Conference is scheduled for January 15-16 in Shanghai, focusing on the theme of innovation in the eVTOL commercial era [3] - The fifth AIGC China Developer Conference will be held on January 17 in Beijing, themed around ecology, support, domestic production, and trends [3] - The 2026 Nuclear Fusion Energy Technology and Industry Conference will take place on January 16-17 in Hefei, Anhui, aimed at accelerating funding and technological cooperation in the nuclear fusion industry [3] Group 4 - TSMC is set to release its Q4 2025 financial report before the U.S. market opens on January 15, with expected revenue of approximately 1.011 trillion New Taiwan dollars and earnings per share of 2.72 New Taiwan dollars [4] - JPMorgan has kicked off the quarterly earnings season for major U.S. banks [4]

Group 1 - Canadian Prime Minister will visit China from January 13 to 17 to discuss trade, energy, and security issues [1] - A new round of national procurement for high-value medical consumables will officially start, with bidding on January 13 [1] - The first basic law in China's nuclear energy sector, the Atomic Energy Law, will take effect on January 15 [1] Group 2 - The People's Bank of China will have 1,387 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [1] - 23 stocks in the A-share market will face unlocks next week, with a total market value exceeding 48 billion yuan [1] - Two companies will begin subscription in the A-share market next week, with specific dates for each [1] Group 3 - Four companies will be listed in the Hong Kong stock market next week, with specific listing dates for each [1] - The second China eVTOL Innovation Development Conference is scheduled for January 15-16 in Shanghai [1] - The fifth AIGC China Developer Conference will be held on January 17 in Beijing [1] Group 4 - The Federal Reserve officials will make several public statements next week, including key figures from various regional banks [1] - The G7 finance ministers will meet on January 12 in Washington to discuss rare earth issues [1] - TSMC will release its fourth-quarter financial report before the US market opens on January 15, with expected revenue of approximately 1.011 trillion New Taiwan dollars [1]