针对这一背离现象，业内分析认为主要原因有三点。首先，券商行情往往具有"提前量"特征。早在2024年第四季度A股启动 上涨行情时，券商板块已抢先大涨，提前透支了2025年的业绩增长利好。当正式财报落地时，市场资金倾向于获利了结， 进入"卖事实"阶段，导致业绩增长难以推动股价进一步上行。 其次，资金虹吸效应显著。2025年市场呈现极致的结构分化，人工智能、半导体、算力等科技赛道因具备高成长性和广阔 的想象空间，持续吸引增量资金。相比之下，券商股被市场视为传统周期品种，缺乏短期的爆发性叙事，导致资金吸引力 下降，"牛市旗手"的光环有所褪色。 【环球网财经综合报道】尽管上市券商2025年业绩预喜，净利润大幅增长，但其股价表现却未能同步跟进，呈现出明显 的"滞涨"态势。近期披露的业绩预告显示，多家券商营收与净利双增，但在二级市场上，券商板块去年整体跑输大盘，这 种"业绩热、股价冷"的反差引发了市场的广泛关注。 回顾2025年全年，A股市场震荡走高，结构性行情突出。科技赛道表现抢眼，主要指数涨幅显著，而券商板块表现相对低 迷，未能跑赢沪深300等大盘指数。然而，从基本面来看，券商行业却展现出强劲的增长韧性。数据显示，上市 ...

Group 1 - The core viewpoint of the news highlights Alibaba's advancement in its AI chip business, Pingtouge, which is moving towards independent operations and potential IPO after internal restructuring, indicating significant progress in AI foundational technology layout [1] - The AI chip business, combined with Alibaba's applications in large models and cloud computing, provides a differentiated advantage in computational efficiency and scalability [1] - Analysts suggest that this movement reflects a broader trend among leading internet companies in Hong Kong, accelerating towards an integrated system of "model-computing-application-ecosystem," with AI transitioning from application-level narratives to foundational infrastructure and core technological capabilities [1] Group 2 - The Hang Seng Tech Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, focusing on sectors like semiconductors, robotics, software, internet, and smart driving; the China Securities Hong Kong Internet Index focuses on internet platform companies with a high proportion of AI applications [2] - Both indices have rolling price-to-earnings ratios around 25 times, positioned at the 35.7% and 31.3% percentiles since their inception [2] - The ETFs tracking these indices, E Fund (513040) and Hang Seng Tech ETF (513010), have attracted approximately 1.5 billion yuan in net inflows this year, benefiting investors looking to package leading companies in the industry [2]

Core Insights - The article highlights the significant growth and market interest in the Huabao AI ETF (159363), which has reached a scale of 6.303 billion yuan, making it the largest and most liquid AI-themed ETF in the dual innovation sector as of January 22, 2026 [1][4][5]. Fund Performance - The Huabao AI ETF experienced a rapid increase in scale, growing from over 5 billion yuan to over 6 billion yuan within just three trading days (January 14-19, 2026) [1]. - As of January 22, 2026, the ETF's average daily trading volume over the past six months exceeded 800 million yuan, indicating strong market activity [1][4]. Market Position - The Huabao AI ETF has surpassed 24 other similar AI-themed ETFs targeting the ChiNext and Sci-Tech Innovation Board, establishing itself as the "new king" in the dual innovation sector [1][4]. - It is the first ETF in the market to track the "ChiNext AI Index," which reflects the price changes of listed companies related to the AI theme on the ChiNext board [6][7]. Investment Strategy - The ETF is strategically positioned to capture the growth of AI commercialization, with approximately 60% of its portfolio allocated to computing power (primarily optical modules) and 40% to AI applications, effectively covering the entire AI industry chain [7][8]. - The fund manager emphasizes the ETF's dual focus on computing power and AI applications, aiming to benefit from the ongoing growth in AI commercialization [7]. Broader ETF Matrix - Huabao Fund has developed a comprehensive "AI+" ETF investment matrix, which includes various products that cover the entire AI industry chain, such as the Sci-Tech AI ETF and other thematic ETFs focused on financial technology and big data [8][9]. - The matrix also includes ETFs targeting specific applications of AI, such as healthcare and smart driving, indicating a strategic diversification in investment offerings [10][11].

Core Insights - The Huabao Entrepreneurial Board AI ETF (159363) has reached a scale of 6.303 billion yuan, becoming the largest and most liquid AI ETF in the dual innovation track as of January 22, 2026 [1][16] - The ETF's scale increased from over 5 billion to over 6 billion yuan within just three trading days, highlighting its strong market appeal [1][16] - The ETF is the first in the market to track the "Entrepreneurial Board AI Index," which reflects the stock price changes of companies related to the AI theme [5][20] Fund Performance - As of January 22, 2026, the ETF has a daily average trading volume exceeding 800 million yuan over the past six months, indicating its high liquidity [1][16] - On January 22, the ETF's price surged by 3.03%, with a net subscription of 22 million units, and it has seen an increase of nearly 2 billion yuan in the past ten days [5][20] Investment Strategy - The ETF's manager believes in a dual-line layout of computing power and AI applications, covering the entire AI industry chain from infrastructure to deep integration with various sectors [6][21] - Approximately 60% of the ETF's holdings are allocated to computing power (mainly optical modules), while about 40% are invested in AI applications, positioning it to benefit from the commercialization of AI [6][21] Product Matrix - Huabao Fund has established a comprehensive "AI+" ETF investment matrix, including various products that cover the entire AI industry chain [8][23] - The matrix includes the Sci-Tech Innovation AI ETF and other thematic ETFs focusing on financial technology, big data, and AI applications in various sectors [8][23] Market Trends - The AI sector is transitioning from concept to industrialization, with application scenario ETFs expected to witness significant potential [10][25] - The healthcare sector is identified as a crucial area for AI applications, with potential impacts on clinical diagnosis, medical software upgrades, and drug development [10][25]

新华社北京1月22日电，在22日举行的北京市经济和信息化局2026年一季度新闻发布会上，北京市经济 和信息化局数字产业处副处长张金瑞介绍，2026至2027年北京市将持续加大算力资源供给力度，计划到 2027年累计建成算力规模到20万P左右。 北京将优化打造"银河算廊"工程，构建跨域协同算力供给体系。具体而言，扎实建设京内算力支撑节 点，按照靠近产业集聚区、靠近新能源富集区、靠近山区的布局原则，在延庆－门头沟－房山、昌平－ 海淀、亦庄－通州等区域建设超级节点和行业节点。积极共建环京算力供给走廊，引导电信运营商、头 部互联网企业和IDC企业在河北张家口、廊坊，天津武清等地建设大规模算力集群，重点服务人工智能 产业发展。加快拓展西部算力供给走廊，支持头部互联网企业和电信运营商在内蒙古、宁夏和青海等西 部地区建设大规模训练算力集群，依托算力互联网汇聚优质算力资源，支撑基础模型国际争先。 2026年，北京市将推进40家存量数据中心绿色低碳改造，对能效超标的数据中心正式征收差别电价；推 动数据中心进入电力交易市场，不断扩大数据中心绿电消纳比例；探索实施数据中心余热利用、算电协 同等示范项目，全面推动存量数据中心提质升级 ...

记者丨胡慧茵 编辑丨张星 1月23日， 上 证指数 高开0.18%， 创业板指 涨0.1 6%。贵金属、有色金属板块反弹。志特新材 涨超12%，白银有色涨超9%， | 国际贵金属 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 4953.943 | 17.983 | 0.36% | 14.72% | | 伦敦银现 | 98.520 | 2.373 | 2.47% | 37.64% | | COMEX黄金 | 4947.9d | 34.5 | 0.70% | 14.21% | | COMEX白银 | 97.620d | 1.248 | 1.29% | 37.53% | | 伦敦金(人民币/克) | 1108.7779 | 4.0249 | 0.36% | 14.29% | | 伦敦银(人民币/千克) | 22050.5655 | 531.2079 | 2.47% | 37.12% | | 现货铂金(美元/盎司) | 2665.90 | 32.80 | 1.25% | 29.41% | | 现货把金( ...

Core Insights - China's intelligent computing power has exceeded 1590 EFLOPS, ranking among the top globally, which significantly supports the rapid development of the artificial intelligence industry [5][10] - The construction of 42 "Wanka" intelligent computing clusters has been completed, which are essential for addressing the increasing demand for AI computing power [9][10] Computing Power Overview - Computing power refers to the ability to process data, impacting various aspects of daily life, such as smart speakers, electronic payments, and personalized online shopping [3] - FLOPS (Floating Point Operations Per Second) is a standard measure of computing capability, with EFLOPS representing 1 quintillion operations per second [4] Growth and Projections - China's intelligent computing power is projected to reach 725.3 EFLOPS by 2024, up from 416.7 EFLOPS in 2023, indicating a robust growth trajectory [5] - The total computing power in China has been growing at an annual rate of approximately 30%, driven by the rapid advancement of artificial intelligence [8] Types of Computing Power - Computing power is categorized into three types: basic computing power, intelligent computing power, and supercomputing power, each serving different applications [7][8] - Intelligent computing power is crucial for complex data analysis and AI tasks, enabling efficient processing of massive datasets [8] Infrastructure Development - The Chinese government emphasizes the importance of building advanced information infrastructure, with a focus on maintaining technological leadership [10] - Major telecommunications operators have invested over 10 billion yuan in building "Wanka" clusters, significantly increasing their intelligent computing capacity [9]

"目前，算力供需矛盾依然突出，在全球范围内都是如此，但国内算力缺口尤为明显。"燧原科技创始 人、董事长兼CEO赵立东1月22日对科技日报记者直言。 智能算力是支撑人工智能等计算任务需求的计算能力，是人工智能产业的"水和电"。 来源：科技日报 科技日报记者 崔爽 日前，北京智谱华章科技股份有限公司通过其官方公众号发布GLM Coding Plan限售公告。公告指出， 随着GLM-4.7系列模型上线，用户数量迅速增长，导致算力资源出现阶段性紧张。 这是AI产业算力吃紧的一个缩影。随着GPT、DeepSeek等大模型的算法突破和应用普及，算力需求水涨 船高。数据显示，我国AI芯片市场规模预计2028年将超一万亿元，约占全球市场的30%。面对庞大的市 场需求，自主可控的高质量AI算力供给已成为我国抢占人工智能产业应用制高点、全方位赋能千行百 业的前提条件。 算力缺口从何而来？国产AI算力又当如何破局？记者就此采访了有关专家。 第一问：当前是否存在行业性算力缺口？ 与此同时，人工智能正在加速落地千行百业，带来算力需求激增。目前，全国已落地的算力应用项目超 过1.3万个，建成的各级智能工厂超过3万家，并覆盖工业、金融、交 ...

Group 1 - Tin prices have surged significantly since the beginning of 2026, reaching historical highs in both London and Shanghai markets, with LME tin futures hitting $51,500 per ton and Shanghai tin contracts at 409,010 yuan per ton, marking increases of 26.1% and 25.32% respectively within the month [19][20] - The price surge is attributed to supply concerns stemming from disruptions in major tin-producing regions, including the suspension of operations at the Bisie tin mine in the Democratic Republic of Congo and earthquakes in Myanmar, alongside increased demand from the semiconductor industry and speculative investments [19][24] - Experts warn that the current tin price levels may reflect "irrational exuberance," driven largely by speculative bubbles, and have called for caution against blindly following market trends [19][20] Group 2 - The rapid increase in tin prices has created significant pressure on downstream industries such as solder, tinplate, and chemicals, leading to challenges for small and medium enterprises that struggle with high raw material costs and order fulfillment [20][29] - The global distribution of tin resources is highly uneven, with total reserves declining over the past 20 years, reaching approximately 4.3 million tons in 2023, a decrease of 6.52% year-on-year, marking the lowest level in nearly two decades [24][25] - Major tin-producing countries face various supply pressures, including declining ore grades in Indonesia, production halts in Myanmar, and ongoing conflicts in the Democratic Republic of Congo, which contribute to the tight supply situation [24][25] Group 3 - Tin is a critical metal in modern industry, with electronic solder accounting for 65% to 75% of total consumption, and its unique properties make it irreplaceable in high-tech applications such as semiconductor packaging and electric vehicle systems [27][30] - Companies like Yunnan Tin Company, which holds the largest global reserves of tin and indium, have seen significant revenue growth due to rising tin prices, with a reported revenue of 34.42 billion yuan and a net profit increase of 35.99% year-on-year [28] - The volatility in tin prices poses risks to production planning and inventory management for companies across the supply chain, with potential long-term impacts on investment decisions [28][29] Group 4 - The current market dynamics reflect a combination of resource scarcity, geopolitical disruptions, and rising demand from technological advancements, leading to a "market storm" that is beginning to show signs of easing [31] - Despite potential short-term price corrections due to seasonal demand fluctuations, long-term support for tin prices is expected as demand continues to accelerate in the context of the AI technology cycle [31]

Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio (RRR) cuts and interest rate reductions to maintain ample liquidity [1] - There is still room for further RRR cuts and interest rate reductions this year, with a focus on ensuring that the growth of social financing and money supply aligns with economic growth and price level expectations [1] Chip Industry - Alibaba is reportedly preparing to list its chip subsidiary, Pingtouge, to cater to investor interest in the artificial intelligence accelerator sector, although Alibaba has not commented on the news [2] - Stocks in the A-share market that combine Alibaba and chip concepts may benefit from the rumored IPO, with companies like Nanfang Precision, Baiwei Storage, and Huazheng New Materials expected to see significant net profit growth exceeding 100% by 2025 [2] Pharmaceutical Retail Sector - Nine departments, including the Ministry of Commerce, have issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging horizontal mergers and acquisitions among retail pharmacies [3] Central Bank Operations - The PBOC announced a 900 billion yuan medium-term lending facility (MLF) operation to maintain liquidity in the banking system, with the operation set for January 23, 2026 [4] - This large-scale MLF operation aims to effectively counter potential liquidity tightening and stabilize the funding environment [4] Technology and IPOs - Shanghai Suiruan Technology Co., a leading domestic GPU company, has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [6] Stock Buybacks - Xiaomi Group announced a plan to repurchase up to 2.5 billion Hong Kong dollars of its Class B ordinary shares, starting January 23 and continuing until the day before the 2026 annual general meeting [5] Consumer Loan Policies - Major banks in China have announced the implementation of new fiscal subsidy policies for personal consumption loans, including the removal of certain limits on subsidy amounts [6] Investment Opportunities - The commercial space industry is gaining attention, with companies like Beijing Chuanweizhe Space Technology Co. planning to conduct manned suborbital flights by 2028 [9] - The report highlights various sectors to watch, including gas, pre-prepared meals, chips, computing power, and storage chips, with significant developments expected in these areas [9]