国泰海通认为，近期涨幅较大且引发投资者热议的商业航天/GEO等主题炒作回归理性。交易监管有助 于引导市场行稳致远，主题轮动节奏加快，看好具备强需求支撑且产业催化密集的低位科技方向，如国 产算力、新型电网、机器人、内需消费。 热门板块 1月19日，A股早盘缩量分化，沪指围绕4100点附近震荡，半日成交额1.79万亿，较上个交易日缩量1985 亿。截至午间收盘，沪指涨0.13%，深成指跌0.01%，创业板指跌0.64%。 盘面上，市场风格切换，电网设备股再度爆发，板块内超10股涨停，汉缆股份、森源电气2连板；旅游 板块走高，九华旅游涨停；贵金属概念活跃，四川黄金涨超9%；商业航天概念局部回暖，九鼎新材、 越秀资本双双涨停；机器人概念拉升，锋龙股份复牌涨停，连续14个交易日实现涨停，2025年12月17日 以来截至目前，锋龙股份累计大涨280%。下跌方面，AI应用方向走低，互联网、文化传媒、AI医疗等 方向跌幅居前。个股方面，海格通信连续3日跌停，三维通信、视觉中国等多股跌停；此外，大金融、 半导体等方向跌幅居前。 展望后市，中信证券认为，融资保证金的调整并不影响市场震荡上行的大方向，但会影响结构。 3、贵金属概念 ...

今日三大指数集体低开后维持窄幅震荡走势。截至午间收盘，沪指涨0.13%，深证成指跌0.01%，创业 板指跌0.64%。盘面上，特高压、智能电网概念大涨，汉缆股份、森源电气、中国西电等多股涨停。商 业航天概念回暖，九鼎新材涨停。机器人概念走高，浙江仙通等涨停。酒店餐饮、旅游、航空、电气设 备等板块涨幅居前；保险、互联网、通信设备、半导体等板块跌幅居前。 ...

截至发稿，刘笑明累计任职时间7年117天，现任基金资产总规模198.94亿元，任职期间最佳基金回报 86.38%， 任职期间最差基金回报-46.54%。 祁世超累计任职时间363天，现任基金资产总规模325.3亿元，任职期间最佳基金回报83.44%， 任职期 间最差基金回报11.42%。 从东杰智能十大流通股东角度 数据显示，天弘基金旗下1只基金位居东杰智能十大流通股东。天弘中证机器人ETF（159770）三季度 增持54.64万股，持有股数313.39万股，占流通股的比例为0.66%。根据测算，今日浮盈赚取约351万 元。 天弘中证机器人ETF（159770）成立日期2021年10月26日，最新规模90.78亿。今年以来收益8.57%，同 类排名1522/5579；近一年收益36.81%，同类排名2135/4225；成立以来收益14.43%。 天弘中证机器人ETF（159770）基金经理为刘笑明、祁世超。 1月19日，东杰智能涨5.14%，截至发稿，报22.92元/股，成交5.15亿元，换手率4.89%，总市值109.36亿 元。 资料显示，东杰智能科技集团股份有限公司位于山西省太原市中北高新技术产业开发区 ...

华福证券表示，复盘2025年，化工行业经历了盈利与估值的探底，展望2026年，盈利有望触底回升。行业处于供需再平衡的新起点：供给侧的反内卷政策正 在重塑竞争格局，而以AI算力、半导体先进制造、人形机器人为代表的新质生产力将引领新一轮成长。 1月19日，化工板块再度猛攻。反映化工板块整体走势的化工ETF（516020）小幅低开后直线拉升，截至发稿，场内价格涨2.3%。 成份股方面，钾肥、氮肥、石化等板块部分个股涨幅居前。截至发稿，昊华科技、亚钾国际、恒力石化等大涨超4%，三美股份、东方盛虹、巨化股份等多 股涨超3%。 资金面上，化工板块持续吸金。数据显示，截至发稿，基础化工板块单日获主力资金净流入额超过42亿元，净流入额在30个中信一级行业中高居第2；近60 日，基础化工板块累计吸金额更是高达2539亿元，净流入额在30个中信一级行业中位居第3。 化工板块场内热门布局工具化工ETF（516020）近期亦持续吸金。交易所数据显示，截至上个交易日（1月16日），化工ETF（516020）近5个交易日中有4 个交易日获资金净申购，合计净申购额超过4.2亿元；近10个交易日，化工ETF（516020）有9个交易日获资金 ...

Summary of Conference Call Notes Company and Industry Overview - **Company**: Daimay Co., Ltd. (岱美股份) - **Industry**: Automotive and Robotics Key Points and Arguments - **Stock Performance and Market Potential**: - Xiaopeng Motors' stock is currently below the price at which CEO He Xiaopeng increased his holdings. It is expected that during the product cycle from March to June, the company will benefit from the increased market value of robots due to the listing of main engine manufacturers and the mapping of US L4 autonomous driving technology in the A-share market. Additionally, the planned launch of the Robot Taxi product by the end of Q2 could lead to a doubling of the stock price [2][4] - **Daimay's Business Segments**: - The automotive segment of Daimay is currently underperforming, but the robotics business shows significant potential. The valuation of the robotics segment reached a low point at the end of November last year, and adjustments from December to January were deemed sufficient. The anticipated release of Tesla's V3.0 product is expected to be a catalyst for growth, despite low market expectations [2][5] - **Long-term Relationship with Tesla**: - Daimay has a long-term stable supply relationship with Tesla, with over 80% of its business coming from North America, including clients like Tesla and Rivian. Daimay is the exclusive global supplier of sunshades for Tesla and also provides headrests, armrests, and ceilings, indicating a close partnership with high future confidence in skin-related products [2][6] - **Robotics Development Potential**: - Daimay possesses significant development potential in the robotics field, with market expectations currently low. The company's valuation has improved from 13-14 times to around 20 times. Daimay is primarily involved in skin technology, which has strong synergies with its interior technology, providing a clear competitive advantage. Plans to iterate electronic skin to full-body sensor applications offer broad future growth opportunities [2][7] - **Financial Stability and Future Growth**: - Daimay has a strong historical relationship with North American clients and maintains a dominant position in the market with products like headrests, armrests, and sunshades. The company has stable net profits, does not require significant capital expenditures, and has a high dividend payout ratio. It plans to expand new product lines, with expectations to see orders materialize by 2026 [2][7] Additional Important Insights - **Impact of Tesla V3.0 Launch**: - The launch of Tesla's V3.0 will significantly impact related industry chain companies, such as Zhejiang Rongtai, Hengli Hydraulic, and Sanhua Top. These companies are closely linked to Tesla's supply chain and will directly benefit from the market demand growth resulting from the V3.0 release. Daimay, as the exclusive supplier of sunshades for Tesla, will also benefit significantly from this launch [3][8] - **Investment Recommendations**: - The growth potential and market positioning of Daimay and related companies are viewed positively, with current valuations providing upward space. The recommendation is to focus on these investment targets due to their solid growth prospects and market dynamics [3][9]

近期A股市场持续回暖，上证指数接连突破关键点位，市场情绪显著升温。如何通过多元资产配置在稳 健收益基础上获得更高收益成为当下命题。具备股债大类资产配置特征的偏债混合基金，以其攻守兼备 的特性，或成为投资者的选择之一。 在产品设计上，中银招享6个月持有期混合设置6个月持有期，兼顾了流动性与收益性。对投资者而言， 持有期机制在一定程度上能够有效帮助其管住追涨杀跌的手，减少频繁操作带来的损耗，从而更大概率 争取收获长期投资收益。 中银招享6个月持有期混合拟任基金经理为陈玮。陈玮拥有18年证券从业经验、超 10 年基金管理年限， 投资履历丰富。近期，陈玮管理的中银招利债券基金荣获 "五年期开放式债券型持续优胜金牛基金"奖 项（评奖机构：中国证券报，评奖日期：2025年12月30日）。 投资过程中，陈玮始终坚守稳健投资理念，不押注单一资产，而是通过在不同资产间权衡风险收益比， 持续积累超额收益。同时，他十分注重投资者的获得感，会通过宏观、中观维度提前对潜在风险与回撤 空间进行压力测试，并将测试结果融入组合配置，力争规避市场尾部风险。 展望后市，内外部多重因素或均有望利好市场。权益市场方面，全球降息周期正式开启，科技成长 ...

2025年，A股市场整体震荡上扬，部分主动权益型基金净值表现较为突出。 面包财经梳理公开资料显示，银华中小盘精选2025年全年净值上涨64.38%，跑赢业绩比较基准超过40个百分点，同类排名居 前。 基金长期业绩同样亮眼。截至2026年1月15日数据（下同），银华中小盘精选成立13余年以来，累计净值增长率超过1000%，跑 赢业绩比较基准逾800个百分点，为投资者带来了长期稳健的回报。 2025年，银华中小盘精选表现较为突出，全年净值上涨64.38%，跑赢业绩比较基准超过40个百分点，排名处于主动权益基金前 列。 基金长期业绩同样亮眼：截至2026年1月15日数据，银华中小盘精选过去十年净值增长率达到315.8%，大幅跑赢同期基准和沪 深300指数。自成立以来，历经多轮市场风格变换，银华中小盘精选累计净值增长率超过1000%，跑赢业绩比较基准逾800个百 分点，同类排名4/308。同期，沪深300指数收益率为85.7%。 三季度末重仓股：工业富联、生益科技等 银华中小盘精选目前由李晓星、张萍、杜宇共同管理。其中，李晓星于2015年接手该基金，其后张萍和杜宇陆续加入管理团 队。 公开资料显示，李晓星于2011年 ...

Group 1: Strategy Research - The trading heat of hot themes has reached a historical high, with strong performance in semiconductor advanced packaging and equipment themes, while the commercial aerospace theme has cooled down. The average daily transaction amount for hot themes reached 1.436 billion yuan, with an average turnover rate of 5.9% [2][3] - The report emphasizes the importance of focusing on low-level technology sectors with strong demand support and concentrated industrial catalysts, particularly in domestic computing power, new power grids, robotics, and domestic consumption [3][4] Group 2: Computing Industry Research - The transition from traditional SEO to Generative Engine Optimization (GEO) is highlighted, where AI search shifts from "list clicks" to "direct answers," reducing the marginal utility of traditional SEO. GEO is becoming a new marketing paradigm, with a market space expected to reach "tens of billions of dollars" [8][9] - The market space for GEO is projected to grow significantly, with estimates of approximately 2.9 billion yuan in 2025 and around 24 billion yuan by 2030, reflecting a CAGR of about 52.4% from 2025 to 2030 [9][10] Group 3: Cosmetics Industry Research - The widespread adoption of AI recommendations is expected to catalyze the explosion of GEO, fundamentally changing the flow distribution in marketing. E-commerce operators are likely to benefit first, and brands that actively transform are expected to stand out in the long term [11][12] - The report recommends several companies that are well-positioned to leverage the changes brought by GEO, including 若羽臣, 壹网壹创, and 水羊股份 [11][12]

Group 1: ETF Performance - Semiconductor-related ETFs led the gains from January 12 to 16, with the Penghua Semiconductor ETF and the Sci-Tech Semiconductor ETF both exceeding a weekly increase of 10% [1][3] - The top ten ETFs by weekly increase were predominantly semiconductor-related, with several ETFs showing gains over 8% [3] - Year-to-date, as of January 16, multiple semiconductor ETFs have already increased by over 20%, outperforming the broader market [3] Group 2: Fund Flows - From January 12 to 16, the software ETF (159852) saw the highest net inflow of 7.543 billion yuan, followed by the non-ferrous metals and media ETFs, each exceeding 6 billion yuan [2][8] - The overall trading activity was robust, with broad-based ETFs like the A500 ETF and the CSI 300 ETF leading in transaction volumes [9] Group 3: Sector Performance - Aerospace and satellite-related ETFs experienced significant declines, with several ETFs dropping over 6% during the same period [6][7] - High turnover rates were noted in many aerospace and satellite ETFs, exceeding 100% [6] Group 4: Market Outlook - The market is expected to maintain a stable and positive trend, supported by a strengthening yuan and improving fundamental expectations [11][12] - The easing of monetary policies in major economies is providing a favorable external funding environment for emerging market assets [12]

近年来科技主线引领市场行情，基金经理对人工智能（AI）、机器人等赛道的布局，已从基于中观产 业的广泛布局，转变为极致聚焦于细分技术和应用。近期，2025年基金四季报披露拉开帷幕，一批此前 表现较好的主题基金率先发布季报，其中有不少是在社交媒体上备受关注的"工具基"，如聚焦人形机器 人、算力、AI应用等细分赛道品种的产品，其调仓换股路线，体现了科技浪潮的澎湃叙事。科技主线 表现强劲的同时，有色金属板块也持续走强，有基金经理表示，该板块在2026年仍有明确投资机会。 （中国证券报） ...