| 序号 | 合伙人名称 | 合伙人类型 | 认缴出资额 | 出资比例 | | --- | --- | --- | --- | --- | | | 建信北京 | 普通合伙人 | 300 | 1% | | 2 | 中兴通讯 | 有限合伙人 | 11,700 | 39% | | 3 | 陕西科创母基金 | 有限合伙人 | 6,000 | 20% | | র্ব | 无锡高新创投 | 有限合伙人 | 3.000 | 10% | | રે | 深圳垣华 | 有限合伙人 | 3.000 | 10% | | ર | 矽力杰 | 有限合伙人 | 3.000 | 10% | | 7 | 源杰科技 | 有限合伙人 | 3.000 | 10% | | | 合计 | | 30,000 | 100% | 2025年前三季度，中兴通讯实现收入1005.20亿元，归母净利润53.22亿元。 该合伙企业投资于新一代信息技术产业、新能源、人工智能、先进制造领域，存续期为7年，各合伙人认缴出资额如 下所示： | | | 2月2日，中兴通讯（000063/00763）发布公告，公司拟作为有限合伙人出资1.17亿元认购陕西建兴湛卢股权投资合伙 企 ...

格隆汇2月2日丨中兴通讯(000063.SZ)公布，公司拟作为有限合伙人出资11,700万元人民币认购陕西建兴 湛卢股权投资合伙企业（有限合伙）（暂定名，以工商登记部门最终核定为准，简称"建兴湛卢基 金"或"基金"）份额。基金投资方向及阶段：投资于新一代信息技术产业、新能源、人工智能、先进制 造领域。合伙企业对投资项目阶段不做特殊要求，对中小微型、初创期企业、成长期和成熟期企业均可 投资。 ...

Major Events - ST Kaiyuan expects a negative net asset value by the end of 2025, which may lead to a delisting risk warning from the Shenzhen Stock Exchange [1] - Changfei Fiber indicates that the global fiber optic cable market is stable, with new products related to data centers representing a small proportion of total demand [1] - Litong Electronics clarifies that its liquid cooling product development is still in the early discussion stage, denying rumors of significant technological breakthroughs [1] Financial Announcements - Shanghai Yizhong reports a net profit of 64.13 million yuan for 2025, a year-on-year increase of 819.42%, driven by the inclusion of its core product in the national medical insurance directory [4] - Lianyun Technology announces a net profit of 142 million yuan for 2025, up 20.36% year-on-year, benefiting from the recovery in the storage industry and the rapid development of AI [5] Share Buybacks - Midea Group has repurchased 0.35% of its shares for a total of 1.998 billion yuan, with share prices ranging from 69.50 to 80.44 yuan [6] - XGIMI Technology plans to repurchase shares worth between 50 million and 100 million yuan for employee stock ownership plans, with a maximum price of 159.51 yuan per share [6] - GoerTek has repurchased 1.14% of its shares for a total of 1.108 billion yuan, with prices between 20.35 and 34.09 yuan [6] Contracts and Projects - Chongqing Construction has won multiple project bids, including a 673 million yuan contract for the Binzhou Qiwo Ecological Circular Industry Park [8] - Jinchengxin has signed a contract for mining and installation works at the Plang Copper Mine, with an estimated total price of 202 million yuan [9] - Far East Holdings reports that its subsidiaries signed contracts worth approximately 3.075 billion yuan in January 2026 [10] - *ST Songfa's subsidiary has signed a significant contract for the construction of a Capesize bulk carrier, valued between 70 to 100 million USD [11]

智通财经APP讯，中兴通讯(000063.SZ)公告，公司拟作为有限合伙人出资1.17亿元认购陕西建兴湛卢股 权投资合伙企业(有限合伙)(暂定名)。该合伙企业将投资于新一代信息技术产业、新能源、人工智能、 先进制造领域。 ...

Core Viewpoint - The current market is experiencing a transition from a strong momentum phase to a high-level consolidation phase, with the "steady and far-reaching" policy supporting this shift. The market's internal strength is gradually declining, indicating a need for time to digest valuations and performance [2][6]. Short-term Market Positioning - The short-term market has reached historical high levels, with the A-share floating profit also retreating from these highs. The average holding period remains at historically low levels, indicating excessive trading behavior. The technology sectors that initially led the market have seen a reduction in attractiveness, while cyclical sectors are also experiencing a decline in internal stability [3][5]. Long-term Market Positioning - The opening red market is an extension of the structural market of 2025, with expectations of a mid-term fundamental upcycle. However, as valuations reach historical highs, the market faces increased resistance, necessitating a transition from upward to consolidation phases. This requires time for performance to catch up with valuations [5][21]. Market Characteristics at High Valuation Levels - Four key characteristics of the market at high valuation levels include: 1. Increased difficulty in raising valuations. 2. Stricter conditions for upward breakthroughs, requiring new performance drivers. 3. High sensitivity to liquidity shocks, which could trigger adjustments from upper to lower consolidation ranges. 4. The need for "perfect performance validation" to avoid downward adjustments [21][22]. Sector Performance Insights - Various sectors, including communication, electronics, defense, and basic chemicals, have reached historical high valuation levels. The overall PE valuation of A-shares is also at historical highs, indicating a need for performance to catch up with these valuations [5][23]. Policy Impact - The "steady and far-reaching" policy is expected to accelerate the market's transition to the next phase, characterized by style switching and profit expansion, followed by a period of consolidation. This policy is likely to influence the performance of heavyweight stocks that have been under pressure [24][22].

2026开年以来，A股在政策暖风与全球流动性转向预期下走出"开门红"，但结构性分化依旧显著。站在 多个经济体周期共振、新质生产力加速落地的关键节点，如何穿越短期波动、把握长期价值？ 宏利基金权益部执行总经理、基金经理李坤元给出了她的答案——聚焦"好行业、好阶段、好公司、好 价格"，在全市场均衡布局中捕捉科技成长与周期反转的双重机遇。拥有20年投研经验、14年基金管理 履历的她，正以一套融合宏观研判、中观景气与微观精选的系统性框架，掌舵新发产品宏利优势企业混 合型证券投资基金，布局高质量发展时代的优质资产。 她始终相信："时代造英雄，每个时代都有自己的英雄。"当前，正处于科技起舞的时代，人工智能 （AI）、先进制造、新型消费与医药等是中长期的核心方向。在此基础上，她形成了宏观定风格、中 观捕景气、微观挖龙头的三层投资方法论。 在投资标的选择上，李坤元严格遵循"四好"原则：好行业——优选处于上行周期、具备爆发潜力的赛 道，尤其关注市场空间大、渗透率临近拐点的领域；好阶段——聚焦景气度向上、业绩确定性增长且可 见度至少在一年以上的细分环节；好公司——不仅关注显性龙头，也挖掘细分领域的隐形冠军和潜在龙 头，挖掘在行业 ...

□本报记者王雪青 2026开年以来，A股在政策暖风与全球流动性转向预期下走出"开门红"，但结构性分化依旧显著。站在 多个经济体周期共振、新质生产力加速落地的关键节点，如何穿越短期波动、把握长期价值？ 宏利基金权益部执行总经理、基金经理李坤元给出了她的答案——聚焦"好行业、好阶段、好公司、好 价格"，在全市场均衡布局中捕捉科技成长与周期反转的双重机遇。拥有20年投研经验、14年基金管理 履历的她，正以一套融合宏观研判、中观景气与微观精选的系统性框架，掌舵新发产品宏利优势企业混 合型证券投资基金，布局高质量发展时代的优质资产。 遵循"四好"选股原则 李坤元的投资框架具有鲜明的自上而下特征。"宏观先行"是她的鲜明特色。"这些年来，我积极跟踪经 济数据与宏观政策，尝试根据宏观环境的变化做仓位上的择时和确定投资风格。"李坤元表示，"我每个 季度都会对宏观情况进行审视判断，如果出现大的风险或异常因素，会增加跟踪频率。宏观有风险时， 首先要降低仓位，第二要降低持仓品种的弹性，进行防御。" 李坤元认为，2026年的宏观环境将迎来积极拐点。一方面，美联储降息确定性高，全球流动性趋于宽 松；另一方面，"十五五"规划开局之年政策协 ...

Core Viewpoint - The industrial value added in China is expected to achieve a medium to high-speed growth rate of around 5% by 2026, supported by various initiatives aimed at upgrading traditional industries and promoting emerging sectors [1][2]. Group 1: Industrial Growth Targets - The Ministry of Industry and Information Technology (MIIT) has prioritized stabilizing industrial growth and fostering innovation as key tasks for 2026, emphasizing the need for a modern industrial system [1]. - In 2025, the industrial value added for large-scale industries grew by 5.9%, with manufacturing maintaining a stable share of GDP, indicating a strong foundation for future growth [2]. - Various provinces, including Zhejiang and Anhui, have set specific growth targets for industrial value added, aiming for increases of around 6% to 6.5% in 2026 [3]. Group 2: Major Projects and Investments - Shanghai plans to initiate 133 industrial projects in 2026, with a total investment of 110 billion yuan, focusing on large-scale projects to support the "14th Five-Year Plan" [4]. - Hebei is set to implement a "Project Construction Year" in 2026, emphasizing the completion of key projects and the development of emerging industries [3]. - The overall manufacturing investment is projected to improve in 2026, with expected growth rates between 3% and 5% due to new technologies and market demand [5]. Group 3: Emerging Industries and Future Development - The "14th Five-Year Plan" emphasizes building a modern industrial system and strengthening the real economy, with a focus on developing new industries and technologies [6]. - Various regions are actively promoting new growth points in sectors such as 6G, quantum technology, and biomanufacturing, aiming to enhance their industrial capabilities [8]. - The integration of technology and industry is expected to accelerate, with significant government support for artificial intelligence, advanced manufacturing, and future industries [8].

Core Viewpoint - The article emphasizes a shift in Western policy, particularly in the UK, towards pragmatic cooperation with China, moving away from ideology-driven approaches that have led to internal and external tensions [1][3][4]. Group 1: Shift in UK Policy - The current UK government under Starmer advocates for active engagement and pragmatic cooperation with China, contrasting with previous administrations that halted collaboration due to security concerns [4][5]. - There is a growing consensus in the UK that ignoring China's significance will lead to increased poverty and insecurity [3][4]. - Starmer's visit to China symbolizes a return to rationality and a focus on the practical interests of the majority [1][3]. Group 2: Economic Context - The UK's GDP growth has stagnated at low levels, with productivity and industrial structure issues contributing to economic challenges [4][5]. - By 2024-2025, the proportion of goods exports in total exports is expected to drop to around 40%, a significant decline from two-thirds in 2000, marking a historical low [5]. - The rising cost of living, with CPI exceeding double digits since 2018, has led to record numbers of families living in extreme poverty [6]. Group 3: Cooperation Opportunities - The UK and China have substantial cooperation potential, with a goods trade volume of approximately $103.7 billion and service trade expected to exceed $30 billion [9]. - The UK is focusing on sectors like finance, legal services, and creative industries, which are seen as its economic backbone [7]. - There is mutual interest in collaborating on emerging industries such as artificial intelligence, advanced manufacturing, and clean energy, with specific examples like Octopus Energy showcasing innovative approaches [8][9].

Core Viewpoint - The meeting between Chinese President Xi Jinping and UK Prime Minister Keir Starmer emphasizes a pragmatic approach to international relations, focusing on historical context and the importance of productive cooperation over ideological conflicts [1][2]. Group 1: Economic Context - The UK has experienced stagnant GDP growth, hovering around low percentages, primarily due to low productivity and imbalanced industrial structure [4]. - By 2024-2025, the UK's goods exports are projected to drop to around 40% of total exports, a significant decline from two-thirds in 2000, marking a historical low [4]. - The rise in the UK's Consumer Price Index (CPI) since 2018 has led to a record number of families living in "extreme poverty," unable to cover basic living expenses [4]. Group 2: Political Dynamics - Starmer's government aims to shift away from previous administrations' incoherent policies towards China, recognizing the need for deeper cooperation with the world's second-largest economy [2][3]. - The Labour Party under Starmer is positioned to address the disconnect between political operations and public needs, emphasizing the importance of prioritizing the welfare of ordinary citizens [5][6]. Group 3: Industry Collaboration - The delegation accompanying Starmer to China reflects a shift towards sectors like finance, legal services, and creative industries, which are seen as the UK's remaining economic strengths [7]. - There is a mutual interest in collaborating on emerging industries such as artificial intelligence, advanced manufacturing, and clean energy, highlighting the potential for significant economic partnerships [7][8]. - The cooperation between the UK and China could leverage the UK's software and service innovations alongside China's manufacturing capabilities, creating greater value [8]. Group 4: International Implications - The UK's adjustment in its policy towards China may serve as a barometer for understanding broader Western political trends and responses to global challenges [9][10].