Core Viewpoint - The A-share market shows signs of recovery with the three major indices collectively rising, indicating a potential shift in market sentiment and investment strategies [5][6]. Market Performance - The Shanghai Composite Index has formed dual support at the 5-day and 10-day moving averages, closing above 4130 points after a V-shaped reversal [5]. - The market experienced a significant decrease in trading volume, with total turnover dropping to 89 trillion, a decline of 10.88%, reflecting a cautious market sentiment [7]. Sector Analysis - The market saw 1928 stocks rise, with a notable performance in gold stocks and the semiconductor and AI computing power supply chain, while sectors like coal, pharmaceuticals, and retail faced declines [6]. - Institutional investors are shifting their focus from sectors like non-ferrous metals and electric grid equipment to hard technology sectors such as semiconductors and communication equipment, while maintaining positions in undervalued defensive stocks like banks and insurance [9]. Investor Sentiment - Mainstream funds showed a net outflow of 559 million, while retail investors experienced a net inflow of 6.3 million, indicating a divergence in investment behavior [8]. - Retail investor sentiment is cautious, with 75.85% of investors adopting a wait-and-see approach, reflecting a decrease in trading enthusiasm and a lower risk appetite [10].

将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 簪竹 来源丨 投中网 登陆港股18天后，天数智芯再次吸引众人目光。 1月26日，这家AI算力企业开了场发布会，不仅公布了四代架构路线图，同时还发布了边端算力产品"彤央"系列。 这家AI算力企业已经打通商业落地闭环，进入放量增长阶段。 从天数智芯透露的信息来看，他们2025年推出的天数天枢架构已超越英伟达目前主力的Hopper架构，在DeepSeek R3场景中实现性能超越Hooper 20%。此次发布会上，天数智芯正式公布了天枢之后的三代架构：2026年天璇对标Blackwell、天玑超越Blackwell，2027年天权超越英伟达目前最牛 的架构Rubin。 同样值得注意的是，天数智芯新发布的边端算力产品"彤央TY1000"，实测性能已超越英伟达AGX Orin。 随着"彤央"系列正式发布，再加上已推出 的"天垓"系列训练GPU和"智铠"系列推理GPU，标志着他们完成了"云+边+端"全场景算力布局。 通过互联网、科研、金融、医疗等领域众多客户1000多次实战部署，天数智芯的数千卡集群已稳定运行超过1000天。这也意味着，这家AI算力企业已 经打通商业落地 ...

Core Viewpoint - The A-share non-ferrous metal market has shown a comprehensive strengthening trend since 2026, with the non-ferrous metal index rising by 24.31%, significantly outperforming the broader market. Precious metals (silver, gold) and minor metals (tungsten, tin) have performed particularly well, with price increases notably higher than industrial metals (lead, aluminum) [2][6]. Market Overview - The report titled "Comprehensive Analysis of the Non-Ferrous Metal Industry" systematically reviews the current non-ferrous metal market from multiple dimensions, including macro strategic environment, industry chain dynamics, competitive landscape, and industry trends, providing a reference for market decision-makers [2]. Price and Production Changes - Certain metals have entered an upward price channel, indicating a structural increase rather than a comprehensive recovery. The industry is transitioning from a low point to recovery, with a clear differentiation between strong and weak products [6][10]. - Global major metal varieties face significant supply constraints due to declining resource grades, insufficient capital expenditure, and geopolitical disturbances. Export restrictions from resource-rich countries are tightening, impacting the industry's international trade dynamics [10]. Demand Resilience - Emerging sectors such as new energy vehicles, energy storage, and AI computing centers are becoming core drivers of demand. For instance, China's new energy vehicle sales are projected to reach 16.49 million units in 2025, a year-on-year increase of 28.17%, boosting demand for copper, aluminum, and rare earths [11][22]. Market Price Support - The Producer Price Index (PPI) for China's non-ferrous metal manufacturing is expected to rise to 117.200 in 2025, up from 113.200 in 2024, indicating robust industry demand [12]. Policy Environment - The policy environment is shifting from "cyclical adjustment" to "strategic resource management," accelerating industry upgrades. The Ministry of Industry and Information Technology has outlined plans for the non-ferrous metal industry to achieve an average annual growth of around 5% in value added from 2025 to 2026 [13][16]. Industry Integration and Technological Support - Policies encourage mergers and acquisitions among large smelting enterprises and support the technological research and industrial application of high-end new materials like magnesium alloys and tungsten [14]. Resource Recycling - The EU's Carbon Border Adjustment Mechanism (CBAM) is pushing for greener production of high-energy-consuming metals. By the end of 2025, 30% of the electrolytic aluminum industry's capacity is expected to meet benchmark energy efficiency levels [15]. Competitive Landscape - The competitive landscape in the industrial metals sector is stable, with leading companies like Zijin Mining and Luoyang Molybdenum Company maintaining strong positions through global resource layouts and price elasticity [43][44]. - In the energy metals sector, companies like Ganfeng Lithium and Tianqi Lithium are leading with a dual drive of resources and technology, while Huayou Cobalt leads in the nickel sector with a collaborative model [47][48]. Long-term Trends - The non-ferrous metal industry is expected to maintain a structurally tight balance in supply and demand, with resource-constrained metals remaining tight in the long term. However, the supply-demand gap will exhibit differentiation across varieties and phases, indicating significant structural opportunities rather than systemic trends [54][55].

智通财经APP获悉，1月27日港股市场，北水成交净卖出6.35亿港元，其中港股通(沪)成交净卖出13.74亿港元，港股通(深)成交净买入7.39亿港元。 北水净买入最多的个股是腾讯(00700)、中国人寿(02628)、长飞光纤光缆(06869)。北水净卖出最多的个股是中国移动(00941)、紫金矿业(02899)、盈富基金 (02800)。 | 十大成交活躍證券 | | | | | | --- | --- | --- | --- | --- | | 排名 | 股票代碼 | 名稱 | 買入金額 (HKD) | 賣出金額 (HKD) | | 1 | 09988 | 阿里巴巴 - W | 2.334.368.700 | 2,391,597. | | 2 | 00700 | 騰訊控股 | 2,128,731,950 | 1,259,649, | | 3 | 00941 | 中國移動 | 521,496,700 | 2,114,277, | | র্ব | 00981 | 中芯國際 | 1,007,532,750 | 1,093,525, | | 5 | 02628 | 中國人壽 | 1,116,347,980 | ...

家人们今天的行情是不是有点意思？成交额比昨天少了3592亿，典型的缩量上涨，但创业板硬是探底回 升涨了0.71%，芯片和光伏直接逆势疯涨，你持仓是跟上吃肉了还是还在弱势板块里纠结？我是帮主郑 重，做20年财经记者专做中长线，今天就把这缩量上涨的门道聊透，还得给大伙说说明日怎么操作不踩 坑。 其实缩量上涨一点不奇怪，帮主见得多了，这说明资金没在瞎折腾，而是在悄悄抱团有硬逻辑的赛道。 就说芯片板块，华虹公司都创出历史新高了，这可不是瞎炒，机构早就预测2026年中国半导体市场规模 能到5465亿美元，现在AI算力、汽车智能化都离不开芯片，国产替代的逻辑摆在这里，资金自然愿意 长期拿着。还有光伏，马斯克的200GW光伏计划还在发酵，人家要建太空光伏和地面数据中心供能， 这直接打开了光伏的新赛道，赛伍技术、金辰股份封板也就不意外了，这就是产业趋势的力量。 反观下跌的白酒、电池板块，不是说它们不好，而是短期逻辑没那么硬，白酒面临消费复苏不及预期， 电池则是产能过剩的问题还没解决，资金自然会暂时用脚投票。这里给大家一个中长线的核心知识点， 市场资金永远跟着"确定性"走，缩量行情里更是如此，没有硬逻辑支撑的板块，很难扛住震荡 ...

转自：新华财经 2026年1月22日，工商银行广东省分行联动深圳市分行为深交所主板上市的智能制造龙头企业——广东 领益智造股份有限公司办理约6亿元并购贷款并完成首期放款，专项用于支持其收购某液冷技术企业的 控股权。这是自2025年末国家金融监督管理总局颁布《商业银行并购贷款管理办法》后，工商银行在广 东落地的首笔控制型并购贷款。 新规颁布后，工商银行广东省分行迅速响应，精准把握政策导向并实现落地。在AI算力高速发展的背 景下，高端芯片散热需求激增，液冷技术成为可持续发展的关键。领益智造通过本次控股权收购，旨在 快速整合核心液冷技术和高端客户资源，强化市场竞争力。在该笔并购贷款业务中，工商银行粤深两地 分行充分发挥协同优势，仅用两周时间便高效完成了从尽职调查、授信审批到最终放款的全流程操作， 以"工行速度"展现了强大的跨区域金融服务能力。 下一步，工商银行广东省分行将紧抓并购贷款新规实施机遇，持续深化"并购+"综合金融服务模式，通 过提供高质量的并购金融支持，助力湾区企业整合优质资源、实现转型升级，为区域制造业高质量发展 注入强劲金融动能。（柴冰） 编辑：赵鼎 本次并购贷款新规是并购贷款政策的重大调整，其核心亮 ...

黄金及贵金属股延续涨势，紫金黄金国际涨超11%，集海黄金涨超4%，紫金矿业、坛金矿业等跟涨。 | 代码 | 名称 | 農新价 | 涨跌额 | 涨跌幅 > | | --- | --- | --- | --- | --- | | 02259 | 紫金黄金国际 | 233.000 | +24.200 | 11.59% | | 00166 | 新时代集团控 | 0.045 | +0.002 | 4.65% | | 02489 | 集海黄金 | 1.380 | +0.060 | 4.55% | | 02899 | 紫金矿业 | 43.400 | +1.220 | 2.89% | | 00621 | 坛金矿业 | 0.590 | +0.010 | 1.72% | 港股三大指数集体收涨，恒生科技指数一度冲高至1.6%，最终收涨1.35%重新站上27000点，国企指数涨1.07%，恒生科技指数涨0.5%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | ල | 27126.95 | +361.43 ...

（来源：中国商报） 转自：中国商报 中国商报（记者 王彤旭）1月27日，A股三大指数集体上涨。截至收盘，沪指涨0.18%，深成指涨0.09%，创业板指涨0.71%，北证50指数跌0.05%。沪深京 三市成交29215亿元，较上一日缩量3592亿元，三市超1900只个股飘红。在板块题材上，贵金属、半导体、培育钻石等板块涨幅居前。 在消息面上，今天依旧有好消息。 据人力资源和社会保障部消息，我国将实施稳岗扩容提质行动，推出重点行业就业支持举措，出台应对人工智能影响促就业文件。强化重点群体就业支 持，印发高校毕业生等青年就业文件，出台统筹城乡就业体系意见，建立常态化防止返贫致贫就业帮扶机制。 近期，A股市场的风格变化很快。资金在科技、周期和红利板块中，在大小盘之间来回流转。 分析人士认为，市场近期依然存在三大变数。一是在节前最后三周的交易中，去杠杆的行为和程度到底会在多大程度上影响多头；二是此前A50经历了9 连阴，可以说大盘权重股调整比较充分，后续风格是否会让主题炒作难以为继并影响到市场的赚钱效应；三是进入业绩披露和预披露期之后，1月份最后 几个交易日，一些"业绩雷"也可能逐步"引爆"。 华西证券认为，在中长期视 ...

大型科技股走势分化，哔哩哔哩涨超5%，阿里巴巴涨近3%，腾讯、小米飘红，京东跌超2%，美团、百度小幅下跌。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 > | | --- | --- | --- | --- | --- | --- | | 09626 | 昨晩時間-W | (0) | 271.200 | +15.000 | 5.85% | | 09988 | 阿里巴巴-W | | 169.900 | +4.700 | 2.85% | | 01347 | 华虹半导体 | | 114.200 | +3.000 | 2.70% | | 02382 | 舜宇光学科技 | | 63.150 | +1.150 | 1.85% | | 00992 | 联相生团 | | 8.880 | +0.160 | 1.83% | | 09866 | 商来-SW | | 36.680 | +0.660 | 1.83% | | 09961 | 携程集团-S | | 499,400 | +7.200 | 1.46% | | 00981 | 中芯国际 | | 76.600 | +1.050 | 1.39% | | 00700 ...

Group 1 - This week, 44 new funds have started fundraising, representing a 10% increase compared to the previous week, marking the fourth consecutive week of new fund issuance remaining above 35 [1] - Public funds are showing a strong interest in new stock subscriptions, with 101 public institutions collectively acquiring 35.2871 million shares, accounting for 56.78% of the total offline allocation, with a total investment amount of 766 million yuan, also representing 56.61% of the total [2] - The Guotou Silver LOF announced the suspension of subscription services starting January 28 to protect the interests of fund shareholders [3] Group 2 - A well-known fund manager, Lan Xiaokang, has been joined by a new co-manager, Yue Xiaobo, for the China Europe Rongheng Balanced Mixed Fund, which has an asset management scale of 30.273 billion yuan and has achieved a return of 63.75% over more than two years [4] - The ETF market has seen a rebound, with all three major indices turning positive, particularly in the semiconductor and precious metals sectors, while coal and battery sectors experienced declines [4] - The semiconductor ETFs, particularly the China-Korea Semiconductor ETF, have shown significant gains, with some related ETFs rising over 4% [4][5] Group 3 - The ongoing geopolitical tensions between China and Japan have strengthened the domestic focus on the supply security and domestic substitution of key semiconductor materials, driven by the demand for AI computing power and data centers [7]