今日（1月30日），港股市场早盘低开。 截至发稿，恒生指数开盘报27785.98点，下跌182.11点，跌幅0.65%。 天齐锂业(HK09696)：预期2025年度净利润为3.69亿元至5.53亿元，同比转亏为盈。 泰格医药(HK03347)：预期2025年归母净利约8.3亿元至12.3亿元，同比增长105%至204%。今日早间， 泰格医药涨超10%。 | 分时 5日 = 6分 15分 30分 60分 日本 周K 月K 第K = | 二八日 · 出版 · 图 / : | | 恒生指數 (HSI) | | | | | --- | --- | --- | --- | --- | --- | --- | | 慢生排数 片班 ▼ | 0000 | | | 27785.98 **** -0.65% | | | | | 28056.10 - | 28000.0 | | | | | | | | | 行情报价 | | | | | | | 27500.0 | 成交量 | 2.85亿 最高 | 27785.98 今开 | 27785.98 | | | | | 成交部 | 60.8亿 最低 | 27785.98 作者 | 271 ...

Market Overview - The Hong Kong stock market experienced mixed performance, with the Hang Seng Index closing at 27,968.09 points, up 0.51%, while the Hang Seng Technology Index fell by 1% to 5,841.1 points [5][6] - The market turnover decreased to HKD 331.99 billion, with net inflows of HKD 4.84 billion recorded in the Hong Kong Stock Connect [5][6] Sector Performance - The real estate sector showed strength, with a 2.8% increase in the Hang Seng Industry Index, led by China Overseas Development, which rose by 6.1%, and Longfor Group, which increased by 5.8% [5][6] - Conversely, the technology sector faced declines, with Horizon Robotics falling by 5.9% and Huahong Semiconductor down by 5.3% [5][6] Investment Recommendations - The report emphasizes the importance of "technological self-reliance" and AI applications as key themes for future growth in the Hong Kong stock market, suggesting that leading companies in these sectors may see long-term development opportunities [3][10] - Specific recommendations include focusing on sectors supported by policies for "expanding domestic demand," such as sports apparel and non-essential service consumption, as well as undervalued central state-owned enterprises with high dividends [3][10] Company Highlights - China Railway (00390.HK) has shown significant stock performance, with a notable increase of 8.6% on Monday and 6.0% on Wednesday, indicating strong market interest [3][10] - The company reported a revenue of HKD 773.814 billion for the first three quarters of 2025, a year-on-year decrease of 5.46%, but its mineral resources segment performed well, with an 8.04% increase in revenue [10]

公众号记得加星标⭐️，第一时间看推送不会错过。 晶相光在重讯中指出，力积电承接订单策略出现转变，主因在于其内部产能配置调整。不过，晶相光 目前已掌握的供应产能，仍可支应现阶段营运所需，并有能力达成公司对2026年度的销售目标。 晶相光进一步说明，力积电为公司主要晶圆供应商之一，最近一年度的进货金额占比高达58%。力积 电于29日下午正式通知，自今年第2季起将停止接单生产晶相光部分主要产品，公司随即启动相关因 应机制，以降低对营运的影响。 针对供应结构的变化，晶相光表示，已全面展开多项应变措施，包括与现有及潜在晶圆代工伙伴密切 洽谈，加速既有产品的制程转移与重新验证作业，同时推进中长期技术路线图布局。公司强调，将以 确保产品品质、交期稳定及客户权益为最高原则，并审慎评估供应链调整对整体营运可能带来的影 响。 DRAM需求强劲 力积电表示，为争取时效，董事会已于日前针对投资新设备提升DRAM 制程的规画通过增资案，配 合铜锣厂售予美光、双方策略合作的合约在第二季签订，待力积电今年度股东常会通过后，将根据经 营团队的规划尽速展开设备采购作业，将P3 厂现有月产逾三万片的DRAM 生产线升级。 力积电透露，根据双方已 ...

Core Insights - The 2026 Alipay "Collect Five Blessings" event will introduce a new special card called "Health Blessing," issued by Ant Group's health AI application "Ant Aifu" [1][2] - Users who collect the "Health Blessing" will receive an additional red envelope, enhancing the engagement of the event [1][2] - The introduction of the "Health Blessing" was influenced by user suggestions during the pre-event phase, which gained significant attention on social media [1][2] - Ant Group's CEO, Han Xinyi, previously indicated that "Ant Aifu" was originally intended to be named "Health Blessing," suggesting a strong alignment with the event's theme [1][2] - As of January 29, the monthly active users of "Ant Aifu" surpassed 30 million, placing it among the top four AI applications in China [1][2]

Market Overview - The Hong Kong stock market opened lower on January 30, with the Hang Seng Index down 0.65% at 27,785.98 points, the Hang Seng Tech Index down 0.88% at 5,789.49 points, the National Enterprises Index down 0.68% at 9,487.76 points, and the Red Chip Index down 0.4% at 4,452.34 points [1] - Major tech stocks experienced declines, with Alibaba down 1.9%, Tencent down 1.13%, JD.com down 0.79%, Xiaomi down 1.15%, Meituan down 0.56%, Kuaishou down 2.35%, and Bilibili down 1.23% [1] - Gold stocks fell broadly, with Chifeng Jilong Gold Mining down over 8% [1] - AI application stocks mostly declined, with Pony.ai down over 4% [1] - Oil stocks were active, with PetroChina up over 1% [1] Company Earnings Forecasts - Guoquan (02517.HK) expects revenue for 2025 to be approximately 7.75 billion to 7.85 billion RMB, a year-on-year increase of about 19.8% to 21.3%, and net profit of 443 million to 463 million RMB, a year-on-year increase of about 83.7% to 92.0% [2] - Sunny Optical Technology (02382.HK) anticipates a net profit of 4.5886 billion to 4.7235 billion RMB for 2025, a year-on-year increase of about 70.0% to 75.0% [3] - Baidu (02315.HK) expects to achieve revenue of 1.369 billion to 1.389 billion RMB in 2025, a year-on-year increase of 39.61% to 41.65%, and net profit of 162 million to 182 million RMB, a year-on-year increase of 384.26% to 443.88% [3] - WuXi AppTec (09969.HK) forecasts total revenue of approximately 2.365 billion RMB for 2025, a year-on-year increase of about 134%, and expects to turn a profit with a net profit of around 633 million RMB [3] - Rainbow New Energy (00438.HK) anticipates revenue of approximately 2.885 billion to 2.915 billion RMB for 2025, a year-on-year decrease of about 11.02% to 11.94%, and a net loss of 542 million to 592 million RMB, a year-on-year increase of about 44.15% to 57.45% [3] - Dazhong Public Utilities (01635.HK) expects net profit of 350 million to 500 million RMB for 2025, a year-on-year increase of 50.12% to 114.46% [3] - Spring Medical (01858.HK) forecasts net profit of 245 million to 288 million RMB for 2025, a year-on-year increase of 96.01% to 130.41% [4] - Meet Xiaomian (02408.HK) expects net profit between 100 million to 115 million RMB for 2025, a year-on-year increase of about 64.7% to 89.5% [5] - Macro Holdings (09930.HK) issued a profit warning, expecting a 70%-90% decline in shareholder profit for 2025 [6] - Financial Street Securities (01476.HK) issued a profit alert, expecting shareholder profit to increase to approximately 327 million RMB for 2025 [7] Project Wins and Developments - China Railway (00390.HK) recently won several major projects with a total bid amount of approximately 43.292 billion RMB [8] - New天绿色能源 (00956.HK) reported a cumulative power generation of 15.2104 million MWh for 2025, a year-on-year increase of 7.71% [9] - Hengrui Medicine (01276.HK) received acceptance for a new indication application for its innovative drug, which may become a new clinical treatment option for patients with unresectable liver cancer [9] - Gilead Sciences (01672.HK) reported positive top-line results from a Phase III open-label study of its oral FASN inhibitor for acne treatment [9] Institutional Insights - CITIC Securities noted that the performance expectations adjustment and funding disturbances that led to the decline in Hong Kong stocks in Q4 2025 have come to an end, predicting a continuation of the spring market trend into February 2026 [11] - Huashan Securities highlighted that the consumer sector, particularly food and beverage, has experienced a rare downturn for five consecutive years, with many leading companies now at historical valuation levels below 5%/10% [12] - Huayuan Securities projected that the copper supply-demand balance may shift from "tight balance" to "shortage" due to insufficient capital expenditure in copper mines [12] - Shenwan Hongyuan confirmed a high growth trend in brokerage performance for 2025, supported by increased trading activity and a recovery in investment banking and public asset management [12]

近期披露完毕的2025年公募基金四季报显示，中际旭创（300308）、宁德时代（300750）、新易盛 （300502）、紫金矿业（601899）、寒武纪-U、立讯精密（002475）、贵州茅台（600519）、东山精 密（002384）、美的集团（000333）、中国平安（601318）成为主动基金的前十大重仓股。 纵观过去的公募基金重仓股名单，不难发现市场的热点赛道在不断变化。2024年三季度前，贵州茅台长 期稳坐公募基金重仓股第一的"宝座"。之后，随着新能源产业的崛起，宁德时代取代了贵州茅台，并连 续4个季度成为公募基金第一重仓股。直到现在，AI行业兴起，中际旭创成为基金重仓股。可以预见的 是，以AI算力基础设施、AI芯片、AI应用等领域为代表的AI相关产业链将继续成为未来一段时间内市 场关注的焦点。但与此同时，在科技成长风格持续主导的背景下，投资者需要关注相关行业短期估值水 平和业绩增长情况，避免过度追高。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成为"重点 关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现在整体 的持仓变 ...

Core Views - The report emphasizes the importance of sector rotation in the A-share market, highlighting the rebound of indices such as the Shanghai Composite and CSI 300, and suggests focusing on undervalued sectors like real estate, rare earths, and chemicals for potential investment opportunities [1][8][10] - The report notes a dual logic behind the current market rotation: the natural recovery potential of underperforming sectors and the need for previously strong sectors to consolidate after significant gains [1][9] Market Overview - On Thursday, the A-share market showed mixed performance with the Shanghai Composite index fluctuating, while sectors like precious metals, cultural media, and real estate saw gains, contrasting with the semiconductor sector which faced adjustments [4][5] - The overall market sentiment was subdued, with a notable decrease in individual stock performance, leading to a situation where investors are "earning indices but not profits" [2][9] Sector Analysis - The consumer sector, particularly alcohol and food and beverage stocks, is experiencing upward momentum, driven by government policies aimed at stimulating consumption and shifting focus towards domestic demand [6][7] - The precious metals sector has shown strong performance, attributed to factors such as the onset of a Federal Reserve rate cut cycle, geopolitical tensions, and increased demand from central banks [7][8] Investment Strategy - Investors are advised to focus on structural opportunities within low-recovery sectors like real estate and alcohol, while maintaining caution regarding high valuation sectors such as precious metals and AI applications [2][9] - The report suggests a careful approach to trading, emphasizing the importance of managing positions and timing in response to market fluctuations [2][9]

2026.01. 30 本文字数：438，阅读时长大约1分钟 作者 | 一财 阿驴 09:27 黄金概念股多数低开，白银有色、兴业银锡、豫光金铅、中金黄金、盛达资源等多股跌停价开 盘。 09:25 A股开盘丨三大指数集体低开 上证指数低开0.63%，深证成指低开0.6%，创业板指低开0.09%。科创综指低开0.39%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | how | 4131.99 | -25.99 | -0.63% | | 399001 | 深证成指 | ิ | 14214.14 | -85.94 | -0.60% | | 399006 | 创业板指 | N | 3301.54 | -2.97 | -0.09% | | 000680 | 科创综指 | | 1823.88 | -7.22 | -0.39% | 盘面上，黄金、基本金属板块大跌，个股现跌停潮。半导体、光伏、AI应用题材走弱。 09:22 港股开盘丨恒生指数低开0.65% 恒生指数低开0.65%，恒生科技指 ...

证券研究报告|宏观点评报告 [Table_Date] 2026 年 01 月 30 日 日内风格和题材迅速轮动。早盘黄金股和油气资源高开，但随后快速回落；与此同时，AI应用迅速上涨， SW 传媒指数一度涨超 6%，科技成为上午行情的焦点。临近中午，有色行情迎来修复，稀土永磁板块领涨。值得 注意的是，上午地产板块同样走强，低位补涨成为交易线索，为下午的风格转换埋下伏笔。午后，市场风格由成 长转换到价值，白酒接力地产迅速走强，中证白酒指数全天大涨 9.79%，成分股除贵州茅台外全部涨停，同时贵 金属、AI应用、稀土行情均显著回落。 如何看待市场风格从科技迅速切换至白酒？其一，在商业航天行情之后，结构行情基本呈现"范围更小，烈 度更强"的现象，例如 AI应用、光伏、有色金属。在这种情况下，指数维持震荡状态，而结构层面则波涛汹涌。 今日的白酒行情，同样属于这样"定点突破"的范畴。其二，白酒行情 1 月中旬以来持续下跌，存在一定的反弹 预期。但如此迅速的拉升，并不是常规的反弹&风格切换，而是偏好推升行情加速的资金同样参与其中，这也意味 着潜在反弹空间被过快消耗，反弹的持续性有待观察。其三，资金尝试推升科技时被白酒行情阻 ...

Market Overview - On January 30, A-shares opened lower across the board, with the Shanghai Composite Index down 25.99 points, a decrease of 0.63%, closing at 4131.99 points [1] - The Shenzhen Component Index fell by 85.94 points, down 0.6%, to 14214.14 points [1] - The CSI 300 Index decreased by 30.79 points, a drop of 0.65%, closing at 4723.08 points [1] - The ChiNext Index declined by 2.97 points, down 0.09%, to 3301.54 points [1] - The STAR 50 Index fell by 6.13 points, a decrease of 0.41%, closing at 1501.51 points [1] Company News - Guizhou Moutai denied rumors of participating in SpaceX's Series A financing, with its stock closing at 1437.72 yuan per share, up 8.61%, and a market cap exceeding 1.8 trillion yuan [2] - BlueFocus expects a net profit of 1.80 billion to 2.20 billion yuan for 2025, recovering from a loss of 2.9 billion yuan in the previous year [2] - Gree Harmony anticipates a net profit of 1.15 billion to 1.30 billion yuan for 2025, representing a year-on-year growth of 104.74% to 131.45% [2] - Jiangbolong forecasts a net profit of 12.50 billion to 15.50 billion yuan for 2025, an increase of 150.66% to 210.82% compared to the previous year [2] - Shenghe Resources expects a net profit of 7.90 billion to 9.10 billion yuan for 2025, a year-on-year increase of 281.28% to 339.20% [3] - Shengyi Electronics projects a net profit of 14.31 billion to 15.13 billion yuan for 2025, a growth of 331.03% to 355.88% [3] - Century Huatong anticipates a net profit of 55.50 billion to 69.80 billion yuan for 2025, a significant increase of 357.47% to 475.34% [4] - Sichuan Gold expects a net profit of 4.2 billion to 4.8 billion yuan for 2025, a growth of 69.23% to 93.40% [5] Industry Insights - The AI application sector is experiencing significant developments, with multiple new models being released, including Alibaba's Qwen3-Max-Thinking and Baidu's Wenxin 5.0 [6] - International copper prices surged, reaching a historic high, which also positively impacted gold and silver prices [7] - The rare earth permanent magnet sector is seeing price increases due to geopolitical risks and U.S. government investments in domestic rare earth companies [8] - The humanoid robot sector is advancing, with a new testing platform launched in Beijing, capable of producing 5,000 units annually [9] - Solid-state batteries are gaining attention as humanoid robots approach commercialization, with demand expected to grow significantly by 2035 [10] - OpenAI is reportedly in talks for substantial investments from major tech companies, indicating strong interest in AI infrastructure [11] - The European chemical industry is facing significant challenges, with a dramatic increase in production capacity closures and a decline in investment [12]