Market Analysis - A-share market showed mixed performance with the Shanghai Composite Index closing at 4132.61, down 0.09%, while the Shenzhen Component Index fell 0.85% to 14316.64[2] - Total market turnover increased to 3.28 trillion yuan, up 5.2% from the previous trading day, marking the second consecutive day above 3 trillion yuan[2] Precious Metals Performance - Precious metals led the market with the gold jewelry index rising 7.08%, and international spot gold surpassing 5100 USD/oz, reaching a historical high[5] - Silver futures prices climbed to 100 USD/oz, contributing to rapid valuation recovery in the industry chain[5] Commodity Market Trends - The Nanhua Commodity Index closed at 2829.85, up 1.59%, with silver leading gains at 12.78%, platinum up 9.68%, and gold rising 3.67%[7] - Energy and shipping sectors also saw gains, with fuel prices increasing by 6.81%[7] Bond Market Insights - The bond futures market showed mixed results, with the 30-year contract (TL2603) rising 0.20% to 112.51 yuan, while the 10-year contract (T2603) fell 0.02% to 108.18 yuan[7] - The central bank conducted a net withdrawal of 207.8 billion yuan, indicating a tightening liquidity environment[7] Investment Recommendations - Focus on sectors such as photovoltaic, commercial aerospace, and precious metals, while being cautious of speculative risks in concept stocks[7] - Monitor upcoming performance forecasts and the impact of the Federal Reserve's meeting on January 28[13]

Core Insights - The announcement of the 2025 Top Ten Scientific Advances in China highlights significant achievements in various fields, including nuclear fusion, artificial intelligence, and advanced medical technologies [1][9]. Group 1: Nuclear Energy and Fusion - The Chinese "artificial sun" (EAST) achieved a world record by maintaining a temperature of 100 million degrees Celsius for 1066 seconds, marking a significant leap from basic science to engineering practice in fusion energy research [1][3]. - The thorium molten salt reactor, developed by the Shanghai Institute of Applied Physics, successfully converted thorium into uranium fuel, becoming the only operational molten salt reactor utilizing thorium, thus reinforcing China's leadership in this research area [3][5]. Group 2: Artificial Intelligence - DeepSeek, a company established just over a year ago, launched a new generation AI model R1, which matches the performance of OpenAI's models while achieving significantly lower training costs and being fully open-sourced, creating a major impact in the global AI landscape [3]. Group 3: Medical Innovations - A high-precision AI diagnostic tool for predicting liver cancer recurrence, developed by a research team from the University of Science and Technology of China, achieved an accuracy rate of 82.2% and was featured on the cover of Nature, marking a new direction in computational tumor immunology [5][6]. - The "North Brain No. 1" system, a wireless brain-computer interface, successfully helped patients with speech loss due to ALS regain communication abilities, representing a significant advancement in neurotechnology [6]. Group 4: Quantum Computing - The "Zu Chongzhi III" superconducting quantum computing prototype was developed, demonstrating a processing speed that is a trillion times faster than the fastest supercomputers, showcasing significant advancements in quantum computing capabilities [6][8]. Group 5: Hydrogen Production and Environmental Technology - A new hydrogen production method was developed by a team from Peking University, which eliminates carbon dioxide emissions at the source, contributing to zero-carbon hydrogen production [8]. - The "Black Soil Granary" technology campaign achieved breakthroughs in black soil protection, supporting national strategies for sustainable agricultural practices [8]. Group 6: Communication Technology - A joint team from Peking University and City University of Hong Kong developed an ultra-broadband optoelectronic integrated system for 6G communication, enabling high-speed wireless communication across all frequency bands, which will enhance the reliability and intelligence of future wireless networks [8].

Core Viewpoint - The article highlights the active trading environment in the A-share market, with brokers conducting extensive research on companies to identify new investment opportunities, particularly in the technology and resource sectors [2][9]. Group 1: Broker Research Activities - Brokers have conducted research on a total of 440 A-share companies this year, with the highest number in the electronics and machinery equipment sectors, each exceeding 60 companies [3]. - The power equipment and chemical sectors have seen a surge in research interest, with significant investments expected in the power sector, projected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [3][4]. - Notable companies such as Dajin Heavy Industry and Dike Co. have attracted attention from 47 and 35 brokers respectively, while other companies like Haopeng Technology and Zhenjiang Co. have also been researched by over 10 brokers [3][4]. Group 2: Performance and Rating Adjustments - Over 1,000 A-share companies have released performance forecasts or reports for 2025, prompting brokers to adjust ratings and target prices for several stocks [6][7]. - Companies like Baiwei Storage and Jianghuai Automobile have seen their ratings upgraded due to strong performance forecasts, with Baiwei expected to achieve a net profit of 850 million to 1 billion yuan, a year-on-year increase of 427% to 520% [7]. - Other companies such as Sairisi and Lintai New Materials have also received upgrades based on their performance outlook and strategic developments [7][8]. Group 3: Market Outlook and Investment Strategies - Multiple brokerage asset management institutions express optimism about structural opportunities in the stock market, focusing on technology growth and resource sectors [9][10]. - The market is expected to transition from a valuation-driven phase to one driven by performance, with a potential for a gradual upward trend supported by improving fundamentals [9][10]. - Key investment areas include the AI industry chain, advanced manufacturing, and emerging themes like commercial aerospace and nuclear fusion, which are anticipated to have long-term growth potential [9][10].

雪迪龙（002658.SZ）1月26日在投资者互动平台表示，公司下属子公司Orthodyne主要生产工业色谱仪 及分析系统、连续分析仪及工业气体检测器等，并向客户提供全套的过程分析解决方案。其产品已应用 于航天领域，检测液氢等火箭燃料中的杂质成分，保障其使用过程安全可靠；其产品可用于氦气纯度及 杂质分析，部分核聚变装置采用氦气作为冷却介质，并已实现商业化。Orthodyne在上述两个领域的业 务收入较小，其占比不超过公司全年收入的0.5%，对公司整体业绩无重大影响，请注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司是否涉及商业航天和核聚变业务，收入占比 分别是多少？ ...

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在核聚变发展方面取得哪些成果？ 皖能电力（000543.SZ）1月26日在投资者互动平台表示，目前，公司通过安徽皖能丰禾聚变科技合伙企 业（有限合伙）间接持有聚变新能（安徽）有限公司3.5%（3.4482%）股权，后续公司将通过安徽皖能 丰禾聚变科技合伙企业（有限合伙）深化与聚变新能公司合作，重点突破聚变能在发电领域技术场景化 落地，积极推动聚变能商业化应用。 （文章来源：每日经济新闻） ...

行 业 研 华福证券 国防军工 2026 年 01 月 25 日 国防军工 究 行 军工本周观点：重视产业核心——火箭+SpaceX 投资要点： 本周核心观点： 本周（1.19-1.23）申万军工指数（801740）上涨 4.37%，同期沪深 300 指数下降 0.62%，相对超额 4.99pct。 业 定 期 报 告 我们仍旧维系上周核心观点，投资端应持续聚焦产业核心，即加速推 进的产业速度+极快的业绩兑现，两者共同指向：S 链（SpaceX 产业链）+ 国内火箭产业链。 一）国内火箭产业链：产业加速+资本支持→加快追赶进度→超大规模 通胀火箭数量，建议关注：【飞沃科技】、【西部材料】、【银邦股份】、 【昊志机电】、【航天动力】； 1 月 22 日，中国星网计划在 2026 至 2030 年间部署 1.3 万颗低轨卫星， 内部已打算启动相关招标流程； 1 月 22 日，上交所官网显示，蓝箭航天空间科技股份有限公司科创板 IPO 审核状态变更为"已问询"； 1 月 22 日，中国证券报发文表示，商业航天产业趋势已来，太空光伏 或成下一个增长蓝海； 1 月 23 日，我国科研团队成功研制航天级封装单晶金刚石辐射 ...

新浪财经 蒋露瑶/发自瑞士达沃斯 当全球目光聚焦美国总统特朗普带来的地缘经济波动与AI投资热潮之际，正在举行的世界经济论坛 2026年会试图在喧嚣中寻找稳定锚点。新浪财经在达沃斯现场对话经济学人智库首席经济学家 Constance Hunter，探讨在一个"渴望确定性"的时代，企业如何穿越政治周期迷雾，以及技术革命如何 真正转化为增长动能。 Hunter提到，对于AI的讨论，正在从抽象概念的讨论转为对具体应用场景的讨论。"本届达沃斯期间， 我遇到的大多数企业家都从事AI相关业务，"Hunter观察发现，"人们已不再抽象地讨论AI，而是着眼于 具体的落地应用场景"。 Hunter指出，AI正在催生大量全新岗位，许多一两年前根本不存在的新岗位正在诞生。在其所在的经济 学人智库，借助云端编程工具，团队生产率已获得大幅提升。该机构新上线的内部智能体实现了对历史 数据（最早至1956年）的自然语言交互查询，能直接生成基于研究的答案并溯源至原文。她认为，这表 明AI的核心价值正普遍体现为"增强现有能力"。 对于技术普及是否会加剧全球不平等的担忧，Hunter认为关键在于设计："AI如果设计得当，应是通用 型的——人人都能 ...

西部超导 20260122 摘要 航空领域钛合金需求多向增长，军机、民机迭代升级带动用量提升。未 来十年军机及国产大飞机对钛材年均需求接近 2 万吨，加上航空发动机， 总体年均需求约 3 万多吨，为西部超导钛合金业务提供增长动力。 水下无人装备是钛合金新兴应用领域，深海经济和军用水下攻防体系建 设驱动需求增长。西部超导有望凭借技术和生产优势，在高端航空及水 下应用市场保持领先地位，同时上游海绵钛价格低位运行有助于成本控 制。 高温合金主要用于航空发动机和燃气轮机核心热端部件，需求前景广阔。 未来十年军用航空发动机对高温合金的年均需求接近 200 亿元人民币， 商用航空发动机中国市场年均需求约 250 亿元人民币。 燃气轮机因 AI 等新兴技术驱动电力需求增长，带来高温合金边际增量弹 性。2024 年至 2027 年，燃气轮机领域预计新增 900 亿人民币左右的 高温合金需求，利好西部超导高温合金业务。 西部超导高温合金理论产能达 6,000 吨，但产能利用率仍处于爬坡阶段， 2025 年产量预计 2000 吨。随着下游需求增加，高温合金业务将逐步 放量，提升盈利能力，目前毛利率 22%，未来有较大提升空间。 ...

随着公募基金2025年四季报的披露，各基金公司的最新公募基金管理规模相继出炉。整体来看，行业规模持续 增长，但公司间增速差异巨大，排名洗牌加剧，反映出从"规模扩张"向"质量与特色竞争"的深刻转变。 专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ | 数据来源：WIND | | --- | 2025年公募基金非货币规模排名的剧烈变动，如同一份直观的"规模成绩单"，展现了行业内的激烈角逐与格局 演变。 备注：本文数据来源WIND 统计时间2025.12.31、2024.12.31 Ai辅助 基金有风险 投资需谨慎 责任编辑：公司观察 专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 随着公募基金2025年四季报的披露，各基金公司的最新公募基金管理规模相继出炉。整体来看，行业规模持续 增长，但公司间增速差异巨大，排名洗牌加剧，反映出从"规模扩张"向"质量与特色竞争"的深刻转变。 从非货币资产管理规模排名来看，头部格局依然稳固：易方达、华夏、广发连续两年稳居前三；华安、永赢、 平安等公司排名未变，规模平均增幅约20%。绝大多数基金公司非货币资产规模在2 ...

应流股份所属申万行业为：机械设备-通用设备-金属制品。所属概念板块包括：燃气轮机、核电、机 械、核聚变等。 截至9月30日，应流股份股东户数2.56万，较上期增加13.54%；人均流通股26505股，较上期减少 11.93%。2025年1月-9月，应流股份实现营业收入21.21亿元，同比增长11.02%；归母净利润2.94亿元， 同比增长29.59%。 分红方面，应流股份A股上市后累计派现5.58亿元。近三年，累计派现2.50亿元。 1月23日，应流股份盘中上涨2.02%，截至10:10，报52.65元/股，成交3.67亿元，换手率1.05%，总市值 357.51亿元。 资金流向方面，主力资金净流出2567.50万元，特大单买入2003.01万元，占比5.46%，卖出2242.86万 元，占比6.11%；大单买入9048.00万元，占比24.65%，卖出1.14亿元，占比30.99%。 应流股份今年以来股价涨26.11%，近5个交易日涨3.93%，近20日涨25.39%，近60日涨26.71%。 今年以来应流股份已经1次登上龙虎榜，最近一次登上龙虎榜为1月6日，当日龙虎榜净买入-2.69亿元； 买入总计2.9 ...