视频丨许婷婷 1月29日早盘，亚太股市跌多涨少，A股三大指数涨跌不一，恒生指数盘中拉升翻红，印尼股市熔断，恢复交易继续暴 跌近10%。黄金白银价格续刷新高。 据新浪财经报道，印尼金融监管机构和证券交易所将于北京时间14点就近期股市发展情况向媒体发表讲话。 具体来看，A股三大指数开盘涨跌不一，截至午盘，沪指、创业板飘绿，深成指小幅上涨，科创50指数跌超1%。全市 场超2800股下跌。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4147.15 | 14344.96 | 1863.50 | | -4.08 -0.10% +2.07 +0.01% -17.06 -0.91% | | | | 万得全A | 创业板指 | 北证50 | | 6864.30 | 3322.00 | 1563.78 | | +1.03 +0.01% -1.56 -0.05% +1.33 +0.08% | | | | 沪深300 | 中证500 | 中证A500 | | 4713.50 | 8605.49 | 5950.84 | | -4.49 -0.10% +4.33 +0.05% -0.25 ...

记者丨曾静娇 编辑丨刘雪莹 视频丨许婷婷 1月29日早盘，亚太股市跌多涨少，A股三大指数涨跌不一，恒生指数盘中拉升翻红， 印尼股市熔断，恢复交 易继续暴跌近10% 。黄金白银价格续刷新高。 据新浪财经报道，印尼金融监管机构和证券交易所将于北京时间14点就近期股市发展情况向媒体发表讲话。 具体来看，A股三大指数开盘涨跌不一，截至午盘，沪指、创业板飘绿，深成指小幅上涨， 科创50指数跌超 1%。全市场超2800股下跌。 | 上证指数 | 深证成指 | 科创综指 | | --- | --- | --- | | 4147.15 | 14344.96 | 1863.50 | | -4.08 -0.10% +2.07 +0.01% -17.06 -0.91% | | | | 万得全A | 创业板指 | 北证50 | | 6864.30 | 3322.00 | 1563.78 | | +1.03 +0.01% -1.56 -0.05% +1.33 +0.08% | | | | 沪深300 | 中证500 | 中证A500 | | 4713.50 | 8605.49 | 5950.84 | | -4.49 -0.10% +4 ...

Summary of Conference Call Notes Industry Overview - The focus is on the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) materials industry, particularly in the context of advancements in computing power and high-speed interconnects [1][2]. Key Points and Arguments - **M9 Upgrade Certainty**: The evolution of system architecture indicates that the iteration of interconnect bandwidth is the most certain technological trend driving the upgrade of computing power chips. The transition to 224Gbps and above SerDes is pushing competition towards optimized collaboration between computing power and interconnects [1]. - **Performance Requirements**: The new generation of Broadcom's switching chips, which align with the 224Gbps standard, necessitates a unified high-speed interconnect standard, imposing cross-generation performance requirements on PCB and CCL material systems. At 224Gbps, PCB insertion loss constraints are becoming stricter, requiring a low loss of 1dB at critical frequencies, which traditional M7/M8 materials cannot meet [1]. - **Core Raw Materials**: The M9 upgrade is highly certain, with core raw materials identified as hydrocarbon/polyphenylene ether resin, HVLP4/5 copper foil, and quartz cloth/NEZGlass [1]. Market Trends - **Price Increase in CCL Industry**: A systematic price increase in the copper-clad laminate industry is expected to begin in 2025 due to tightening supply and demand, indicating a mid-term industry trend rather than a short-term speculation [3]. - **Rising Costs**: The increase in upstream copper prices and the price hikes in high-end copper foil are driven by high-end demand and limited production capacity, leading to strong cost transmission [4]. - **CCL Companies' Pricing Power**: CCL companies have significant pricing power, allowing them to adjust prices to offset costs while also restoring gross margins for high-end products. The release of high-end PCB capacity in 2026 will increase demand elasticity for high-performance CCLs, while upstream material supply remains tight, concentrating profit elasticity among leading CCL and upstream material companies [5]. Related Companies - Companies mentioned include: - **Philips** and **Dongcai Technology** in the CCL industry [3]. - **Nanya Technology** and **Shengyi Technology** in the context of computing power and supply chain dynamics [6]. Risks - **Supply Chain Volatility**: There are risks associated with supply chain fluctuations, potential underperformance in downstream demand, and increasing industry competition [7].

Group 1 - The core viewpoint of the articles highlights a price increase in semiconductor products from companies like Zhongwei Semiconductor and Guoke Micro, with price hikes reaching up to 80% for key products such as MCU and Norflash, driven by both recovering downstream demand and rising upstream costs [1][2] - The recent price surge in the semiconductor industry, particularly in memory chips, is attributed to a significant increase in AI computing demand and a supply-demand imbalance due to storage capacity shifting towards HBM/Server applications, leading to a systematic price increase across various chip categories [1] - Major players in the memory chip sector, such as Samsung Electronics, have announced substantial price increases, with NAND prices rising over 100%, and forecasts indicating a potential 50% increase in DDR4 chip prices by Q1 2026, alongside price hikes in the testing and packaging segment [1] Group 2 - The simultaneous price increases by domestic chip manufacturers reflect an enhancement in pricing power and an acceleration of domestic substitution, which is expected to improve gross margins and cash flow, thereby supporting research and development and expansion efforts [2] - The ongoing supply tightness and price increases in storage chips, driven by the AI infrastructure boom, are anticipated to persist until 2027, potentially leading the entire semiconductor industry into a systematic upcycle with sustained price increases [2] - In the A-share market, the price hikes by domestic chip manufacturers are expected to enhance performance elasticity, with a focus on leading companies in the chip supply chain that have price increase expectations [2]

2025年四季度，市场波动有所加大，A股和港股在震荡中收官，结构性行情演绎至极致。Wind数据显示，去年四季度上证指数上涨2.22%，沪 深300指数下跌0.23%，创业板指下跌1.08%。此外，恒生指数下跌4.56%，恒生中国企业指数下跌6.72%。 主要指数表现平淡，但内部行业却冰火两重天。以AI算力、半导体为代表的科技成长板块高歌猛进，石油石化、国防军工、有色金属等行业 表现较好，而房地产、医药、计算机等行业表现相对承压。 随着公募基金2025年四季报披露完毕，傅鹏博、朱少醒、张坤、葛兰、谢治宇、李晓星、刘彦春等明星基金经理的持仓动向与后市展望浮出水 面。这种极致的市场风格，也映射出这些公募明星基金经理们截然不同的投资路径，这些分化直接体现在他们的净值曲线上。 Wind数据显示，锚定科技主线的基金在2025年四季度及2025年全年斩获显著超额收益。傅鹏博的睿远成长价值和李晓星的银华中小盘精选， 2025年全年上涨均超60%，大幅跑赢业绩比较基准。两者的共同特点是重仓AI算力、半导体等全年市场主线。 均衡配置型基金的表现也较为稳健。朱少醒的富国天惠精选成长A全年涨幅超20%，其分散在金融、消费、制造等多个 ...

截至2026年1月28日收盘，中科江南(301153)报收于23.52元，下跌1.8%，换手率1.82%，成交量6.0万 手，成交额1.43亿元。 投资者： 董秘您好，国家医保局正在推广'医保钱包'。请问贵司参与建设的医保钱包项目目前在哪些城 市已经正式上线运行？未来是否会扩展到跨省通用？ 董秘： 投资者您好，公司参与湖北、天津、贵州、内蒙古、广西、重庆等省份的医保钱包建设，实现 医保个人账户跨省共济。 投资者： 董秘您好，DeepSeek的推理成本优势对算力基础设施提出了新要求。请问贵司在AI算力采购 或租赁方面，是否有与国内头部算力厂商建立战略合作？ 董秘： 投资者您好，公司主要服务于政府部门，均为私有化部署。 董秘最新回复 当日关注点 来自交易信息汇总：1月28日主力资金净流出1178.4万元，散户资金净流入1370.61万元。 交易信息汇总资金流向 1月28日主力资金净流出1178.4万元；游资资金净流出192.21万元；散户资金净流入1370.61万元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Viewpoint - The company Electric Alloy (300697) has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the context of rising demand for copper and alloys due to global infrastructure developments and technological advancements [1][3]. Group 1: Company Performance - As of January 28, 2026, Electric Alloy's stock closed at 19.6 yuan, marking an 8.11% increase with a turnover rate of 28.0% and a trading volume of 564,200 shares, resulting in a transaction value of 1.083 billion yuan [1]. - On the same day, the net inflow of main funds was 83.9975 million yuan, while retail investors experienced a net outflow of 1.04 billion yuan, suggesting a shift in investor confidence towards institutional investors [3]. Group 2: Strategic Business Insights - The company has no current intentions to acquire upstream mineral resources, focusing instead on enhancing its core business and product competitiveness in response to industry trends [2]. - The company’s copper material business, represented by Xiamen Copper Power New Materials Co., aims to leverage the local electric power distribution industry's advantages to produce high-quality copper busbars and components, which are essential for emerging industries such as data centers and low-voltage electrical equipment [2].

Core Insights - The semiconductor industry is experiencing significant developments, particularly with Nvidia's announcement of a new cooling solution for its next-generation GPU, which incorporates a novel material called "diamond copper" [1][3]. Group 1: New Material and Technology - Nvidia's CEO Jensen Huang revealed that the next-generation Vera Rubin architecture GPU will utilize a new cooling solution combining "diamond copper composite cooling + 45°C warm water direct liquid cooling" [1]. - The "diamond copper" material merges the thermal conductivity of diamond with the ductility of copper, addressing critical challenges in advanced packaging [3][4]. - The thermal conductivity of diamond copper can exceed 2000 W/(m·K), which is five times that of pure copper, making it a vital choice for high-density packaging in various applications, including commercial aerospace, electric vehicles, AI chips, servers, and consumer electronics [4]. Group 2: Industry Position and Production - China dominates the industrial diamond market, accounting for over 90% of global production, with Henan province being a key player, particularly in the city of Zhecheng, which produces over 22 million carats annually [6]. - The development of synthetic diamonds in Zhecheng has evolved over 40 years, leading to advancements in industrial-grade and gem-quality diamonds, with significant improvements in production technology [6][8]. - Zhecheng's high-end brands, such as Zheguang, are achieving gem-quality standards comparable to traditional mined diamonds, raising the industry's quality benchmarks [8]. Group 3: Market Dynamics and Consumer Acceptance - The cost structure of Henan diamonds is reshaping global pricing, with a one-carat diamond ring from Zheguang priced under 10,000 yuan, compared to over 100,000 yuan for similar products in the traditional market [10]. - The recognition of Henan diamonds among U.S. consumers has surpassed 80%, with market share increasing from less than 15% six years ago to over 56% [12]. - Henan is not only focusing on raw material production but is also pushing for high-end customization, gaining clientele from luxury markets in the U.S., U.K., and Dubai [13].

本报记者 昌校宇 2026年以来，港股市场再度成为公募机构的重点布局方向。中国证监会官网公布的信息显示，截至1月28日，年内已有27 只港股主题基金密集上报，科技、医药、周期三大赛道成为布局焦点。与此同时，资金正借道ETF持续南下，其中，富国中证 港股通互联网ETF份额突破1000亿份，成为首只跻身"千亿俱乐部"的港股主题ETF。 在资源品价格上涨的周期背景下，港股周期板块也进入公募机构的"掘金"视野。永赢基金申报的港股通周期慧选混合基 金、汇添富基金上报的港股通周期精选混合基金等，将目光投向有色金属、能源等传统周期行业。 新基金密集申报的背后，是资金持续流入港股市场的趋势性力量。今年以来，港股主题ETF持续获得资金净流入，并催生 出规模增长迅速的产品。Wind资讯数据显示，截至1月28日，富国中证港股通互联网ETF最新规模达到910.07亿元，最新份额为 1001.51亿份，成为首只份额超千亿的港股主题ETF。 兴银基金指数与量化投资部负责人、基金经理林学晨对《证券日报》记者表示："展望2026年，港股市场在估值低位、资 金持续流入以及科技股与全球产业链深度绑定的综合优势下，有望迎来估值修复与盈利增长的双轮 ...

Group 1 - The total scale of public funds in China reached a historical high of 37.71 trillion yuan by the end of December 2025, marking an increase of 0.69 trillion yuan from the end of November 2025 [1] - The public fund industry in China showed a positive development trend throughout 2025, with total assets increasing for nine consecutive months, from 33.12 trillion yuan at the end of April 2025 to 37.71 trillion yuan by the end of December 2025 [1] - The largest category of funds is money market funds, totaling 15.03 trillion yuan, followed by bond funds at 10.94 trillion yuan and equity funds at 6.05 trillion yuan [1] Group 2 - All fund types, except for money market funds, experienced growth by the end of December 2025 compared to the end of November 2025, with bond funds and equity funds showing the most significant increases of 4.12 trillion yuan and 2.54 trillion yuan, respectively [2] - FOF products also saw growth in both scale and share, with increases of 8.85 billion yuan and 7.13 billion shares [2] - QDII funds reached a scale of 981.56 billion yuan by the end of December 2025, indicating a notable increase in both scale and share [2] Group 3 - Investment direction for 2026 is expected to focus on technology growth, with value stocks also anticipated to have a resurgence, driven by rising global AI computing demand and semiconductor equipment needs [3] - Recommendations include focusing on sectors such as internet, electronic semiconductors, communications, and military industries, as well as globally competitive manufacturing sectors [3] - In the bond market, there is an emphasis on recognizing the intense reality of market competition, with a focus on short-term trading opportunities and risk control [3]