Core Viewpoint - The article discusses the recent stock price surge of Jiahuan Technology and its clarification regarding its business operations, particularly in relation to the computing power concept, amidst market speculation [2][4][5]. Group 1: Jiahuan Technology - Jiahuan Technology's main business includes network construction services, operation services, ICT education training, and intelligent services for government and enterprises [3]. - The company has established a new subsidiary, Wuxi Jiahuan Intelligent Technology Co., Ltd., focusing on AI application software development and 5G communication services [3]. - Following a series of trading halts, Jiahuan Technology's stock price reached a recent high of 24.56 yuan per share, with a significant trading volume increase [4][5]. - The company clarified that it does not engage in data center investments or computing power leasing, and it has no business cooperation with relevant AI firms [5]. - Jiahuan Technology's 2024 profit forecast indicates a potential decline in net profit by approximately 40.73% to 60.13%, attributed to increased competition and rising costs [5][6]. Group 2: Financial Performance - The company expects a net profit of about 74 million to 110 million yuan for 2024, a decrease from the previous year [5]. - The anticipated decrease in profit is linked to rising procurement and labor costs, as well as increased credit impairment losses [5][6]. - The company will no longer benefit from a VAT reduction policy in 2024, further impacting its financial performance [6]. Group 3: Market Reactions - Other companies, such as Litong Electronics, also experienced stock price surges due to perceived connections to the computing power sector, despite clarifying their core business operations [7][8]. - Litong Electronics aims to develop its AI computing power business, indicating a strategic shift towards new growth areas [8]. - The article highlights the volatility in stock prices related to speculative trading in the computing power sector, urging investors to exercise caution [5][9].

Group 1: Bond Market - The bond market has stabilized and rebounded as expected, with all maturities of interest rate bonds rising, particularly the long end outperforming the short end. The market has fully priced in the interest rate cut expectations, and the 10-year government bond futures have stabilized after reaching a technical support level [3][16][18] - The 1-year government bond yield has fully priced in the expected interest rate cut for this year, and the yield curve is currently flat, indicating a lower probability of making significant bets [18][16] Group 2: Stock Market - The A-share market has shown a mixed performance, with sectors that performed well yesterday declining today, indicating a fragmented market. The small-cap index has performed well, while the tech and North Star indices have lagged [4][21] - The technology sector's long-term bull market remains intact, but short-term trading is crowded, leading to potential volatility. Investors are advised to take profits and focus on low-position stocks in consumer, medical, and dividend sectors [4][21][22] Group 3: US Stock Market - The US stock market indices have continued to decline, with the Dow Jones index experiencing a significant drop. The market is expected to undergo a monthly-level adjustment, with investors advised to wait for long-term buying opportunities [4][23] - Recent economic data from the US has underperformed expectations, leading to rising inflation expectations and signs of stagflation. The market's perception of the "Trump Put" has shifted towards a "Trump Recession" narrative [23][26] Group 4: Foreign Exchange Market - The onshore RMB against the USD was reported at 7.2425, up 147 basis points from the previous close. The market is betting on a European recovery narrative, leading to a significant depreciation of the USD index [5][29] - The CNY/USD has strong support around 7.1, and it is expected to remain stable in the range of 7.1-7.4 in the short term. However, there is potential for depreciation due to ongoing trade war pressures [29][5] Group 5: Commodity Market - The Wenhua Commodity Index has slightly declined by 0.04%, with the non-ferrous sector leading gains. However, the overall market is expected to experience downward risks after a short-term fluctuation, and a cautious approach is recommended [5][32]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - On March 12, 2025, the market experienced fluctuations, with the computing power concept gaining strength. The Shanghai Composite Index fell by 0.23%, the Shenzhen Component Index decreased by 0.17%, and the ChiNext Index dropped by 0.58%. The total market turnover was 1,683.51 billion yuan, an increase of 201.88 billion yuan compared to the previous trading day [2][14]. Market Performance - The market saw 2,666 stocks rise and 2,587 stocks fall. The performance of various indices ranked as follows: Growth > Stability > Cyclical > 0 > Financial > Consumer; Small-cap Value > Small-cap Growth > Mid-cap Value > Large-cap Growth > Large-cap Value > Mid-cap Growth. The CSI All Share Index outperformed the fund-heavy positions [2][19]. Industry Performance - Among the 30 CITIC first-level industries, the top performers were Media (1.84%), Comprehensive Finance (1.33%), and Communication (1.11%). The laggards included Home Appliances (-0.84%), Coal (-0.80%), and Food & Beverage (-0.78%). Most concept sectors declined, with significant increases in Broadcasting, Digital Watermarking, and Blind Box Economy, while PLC, Aquaculture, and Engineering Machinery saw declines [2][19][23]. Fund Flow Analysis - On March 12, 2025, the main funds experienced a net outflow of 11.935 billion yuan. Specifically, large orders saw a net outflow of 12.615 billion yuan, while small orders continued to see a net inflow of 18.238 billion yuan [3][24]. ETF Fund Flow - On March 12, 2025, the trading volume of major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF decreased compared to the previous trading day. The trading volumes were 1.493 billion yuan, 2.457 billion yuan, and others, with changes of -184 million yuan and -1.571 billion yuan respectively [3][30]. Global Market Performance - On March 12, 2025, major Asia-Pacific indices closed mixed, with the Hang Seng Index down 0.77% and the Nikkei 225 up 0.07%. European indices also saw declines, with the DAX down 1.29% and the FTSE 100 down 1.21%. The US markets also experienced declines, with the Dow Jones Industrial Average down 1.14% [4][5][34].

12日，A股尾盘回落，三大股指均翻绿；港股亦下挫，恒生指数一度跌逾1%，恒生科技指数跌 超2%，南向资金单日净买入超260亿港元。 算力概念盘中强势拉升，截至收盘，朗科科技20%涨停，铜牛信息涨近14%，顺网科技涨近13%，众合科 技、天威视讯、电光科技、贵广网络等涨停，科华数据涨超6%，值得注意的是，铜牛信息、科华数据盘 中均涨停创出新高。 具体来看，两市主要股指午后一度冲高，尾盘回落翻绿。截至收盘，沪指跌0.23%报3371.92点，深证成指 跌0.17%报10843.23点，创业板指跌0.58%报2191.27点，科创50指数跌0.73%，北证50指数跌0.62%，沪深 北三市合计成交17258亿元，较昨日增加逾2000亿元。 | 代码 | 名称 | · 涨幅% | 现价 | 涨跌 | 买价 | 卖价 | 总量 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300042 朗科科技 | | R 20.01 | 38.39 | 6.40 | 38.39 | - | 523396 | | 300895 | 铜牛信息 | R 13.86 | 65.5 ...

中国资产午后走强。 5日，A股午后在金融板块的带动下发力拉升，上证50指数涨0.77%，北证50指数大涨近3%；港股走势强劲，恒生指数涨近3%，恒生科技指数大涨超4%。个 股方面，同程旅行涨超10%，小米集团、华虹半导体、京东健康涨超7%，京东集团、腾讯控股涨约3%。 具体来看，沪指午后在金融板块的带动下发力上攻，深证成指、创业板指翻红，北证50指数表现强势。截至收盘，沪指涨0.53%报3341.96点，深证成指涨 0.28%报10709.46点，创业板指涨0.01%报2190.36点，上证50指数涨0.77%，北证50指数涨2.82%，沪深北三市合计成交15459亿元，较昨日增加659亿元。 银行、保险、券商板块集体上扬，成都银行涨超3%，中信银行、招商银行等涨超2%；工程机械板块大幅拉升，山东矿机、柳工、山推股份等涨停；6G概念 爆发，本川智能、三维通信、兴森科技等涨停；人形机器人概念热度不减，一博科技、隆盛科技续创新高，捷昌驱动、兆威机电、智微智能等斩获两连板； 算力概念走高，元道通信、拓维信息、纵横通信等涨停，并行科技大涨超17%。 金融板块拉升 银行板块盘中发力拉升，截至收盘，成都银行涨超3%，中信 ...

全天成交额放量至1.29万亿元。大盘高开低走，小盘股强势，涨跌家数3433:1850。 DeepSeek跨越春节，全球下载量登顶，并且引发了美国的关注和针对，与DeepSeek相关的公司今日 表现强劲，不少公司直接一字板。 今天合计贡献25家涨停，节前最后一天板块内涨停的9家公司全部晋级连板。剩下的16家首板中，有1 4家属于缩量首板，板块非常强势，午后也没有出现回落，明日可以挖掘低位补涨机会。 作者 | 韦三甲 编辑 | 小白 盘后涨停复盘 2月5日，全天成交额放量至1.29万亿元。大盘高开低走，小盘股强势，涨跌家数3433:1850。 涨停家数77，上个交易日39，涨停封板率回升至75%，今日涨停排队资金173亿，上个交易日51亿。 春节假期发酵最热烈话题一个是DeepSeek，一个是机器人上春晚，一个是哪吒。今天在盘面上均有 所反应。 人形机器人站上春晚舞台转手绢的场景被津津乐道，宇树科技的机器人的进步也有目共睹。今日合计 贡献12家涨停，冀凯股份11天9板，10点20暴力拉升实现地天板。 板块内合计12家涨停，10家首板，首板公司中不乏前期热门的大市值公司。 阿里云宣布宣布PAI Model Gall ...