1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (January 19 - 23), the market fluctuated upward, with the All A index rising 1.81%. Micro - cap stocks and CSI 500 led the gains, while CSI 300 and SSE 50 led the losses. In terms of style, the cyclical and advanced manufacturing sectors led the gains, while the medical and financial real - estate sectors led the losses. Among the 31 Shenwan industries, more rose than fell [2][11]. - Trump's frequent actions on geopolitical issues have become an important factor affecting global market pricing. The threat of selling US Treasuries and geopolitical risks have led to an influx of funds into gold and silver, and the price of crude oil has also increased due to geopolitical risk premiums [13]. - In the A - share market, after regulatory "cooling" last week, micro - cap stocks and the cyclical style led the gains this week, and commercial aerospace rebounded. The market is pursuing theme elasticity and also exploring low - lying areas. Attention should be paid to sectors with performance fundamentals and those with elasticity [14][18]. 3. Summary by Relevant Catalogs 3.1 Market Thinking - Market performance: The All A index rose 1.81% this week. Micro - cap stocks and CSI 500 led the gains, while CSI 300 and SSE 50 led the losses. Cyclical and advanced manufacturing styles led the gains, and medical and financial real - estate styles led the losses. Among the 31 Shenwan industries, building materials, petroleum and petrochemicals, and steel led the gains, while non - bank finance, communication, and banking led the losses [2][11]. - Geopolitical impact: Trump's actions on geopolitical issues, such as threatening to impose tariffs on 8 European countries and then reversing the policy, and the plan of some European pension funds to sell US Treasuries, have weakened the trust in US dollar assets, pushing funds into gold and silver. The price of silver exceeded $100/ounce and gold approached $5000/ounce. Crude oil prices have risen due to geopolitical risks [13]. - A - share market characteristics: After regulatory "cooling" last week, micro - cap stocks and the cyclical style led the gains this week, and commercial aerospace rebounded. The market is also exploring low - lying areas, and the space photovoltaic concept is active [14]. 3.2 Market Observation 3.2.1 Market Valuation - The equity - bond yield spread decreased to 0.4%, less than + 1 standard deviation. The valuation differentiation coefficient increased by 13.6% month - on - month, and this indicator usually peaks 0.5 - 1 month ahead of the market [22]. 3.2.2 Market Emotion - The market emotion index decreased by 24.8% month - on - month to 55.4, indicating an adjustment in the overall A - share market emotion. The industry rotation intensity decreased to 34, below the warning value of 40. The small - cap style is dominant, and the micro - cap stock index outperformed the market. The theme heat is mainly concentrated in gold and jewelry, photovoltaic selection, and glass fiber [23]. 3.2.3 Market Structure - The market trading volume decreased month - on - month. The proportion of long - position stocks in petroleum and petrochemicals, building materials, and basic chemicals ranked among the top. There may be alpha opportunities within the sectors of comprehensive, electronics, and household appliances [29]. 3.2.4 Market Funds - The average daily trading volume of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect decreased by 626.61 billion yuan compared with last week, and the average daily trading volume decreased by 2.0243 million transactions. The top three stocks in terms of trading volume were Zhongji Xuchuang, Xinyisheng, and CATL, with 5 - day declines of 5.2%, 3.6%, and 1.5% respectively. Margin trading funds had a net outflow of 9.98 billion yuan, mainly flowing into non - ferrous metals, non - bank finance, and banking. ETF funds mainly played a role in hedging the outflow of funds. The change of major index ETFs was - 107.02 billion shares, and CSI 2000, STAR 100, and China Securities 2000 were more popular. The average daily share of newly established equity - oriented funds was 7.86 billion shares, a year - on - year increase of 203.9% and a 190.0% increase compared with last week [35]. 3.3 Industry Hotspots - Tesla may sell its humanoid robot "Optimus" to the public by the end of 2027, which will accelerate the industrial trend. Tesla is already using some Optimus robots in the factory, and it is predicted that they will be able to perform more complex tasks by the end of 2026 [48]. - Musk plans to deploy space photovoltaics. SpaceX and Tesla are working together to increase solar capacity, aiming to achieve an annual solar manufacturing capacity of 100GW in the next three years, which opens up the development prospects of the photovoltaic industry [49]. - ChatGPT's advertising business is about to be launched, which is an important step in the AI commercialization process. OpenAI has informed more than a dozen advertisers of the plan to launch a chatbot advertising service in early February, with a trial - run advertising expenditure of less than $1 million [50]. 3.4 Industry Allocation - In late January, during the intensive period of annual report performance pre - disclosure, attention should be paid to sectors with performance fundamentals, such as power equipment, AI computing power, and the price - increase chain. In addition, considering the market's pursuit of elasticity, attention can also be paid to the small - cap style and the "Musk chain" [5][52].

Group 1 - The core viewpoint is that the demand for AI computing power is continuously rising, leading to a supply-demand imbalance in related hardware [2][3] - In the semiconductor upstream, the demand for AI-related power is driving price increases in mature process foundry services, while packaging factories are also raising prices due to strong AI computing demand and raw material cost pressures [2] - The storage industry is expected to see significant growth, with TrendForce predicting a market value of $551.6 billion by 2026, representing a year-on-year increase of 134% [2] Group 2 - The relaxation of export regulations on Nvidia's H200 chips to China is expected to boost domestic server manufacturing demand [3] - Domestic computing power hardware is making technological breakthroughs, with companies like Cambrian, Haiguang Information, and Moore Threads emerging in the chip sector, and advancements in packaging technology being reported by firms like Changdian Technology [4] - The AI space is anticipated to expand significantly, with innovations in hardware expected to create new investment opportunities in the industry chain [5]

分析师：冯胜 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 本周建筑材料赛道涨幅居前，北交所新股申购资金首次突破万亿元关口 ——北交所周报（1.19-1.23） 评级： 增持（维持） 分析师：万欣怡 执业证书编号：S0740524070005 Email：wanxy@zts.com.cn | 上市公司数 | 290 | | --- | --- | | 行业总市值(亿元) | 9,670.53 | | 行业流通市值(亿元) | 6,035.44 | 最近一年北证 50 VS 沪深 300 北交所 证券研究报告/行业定期报告 2026 年 01 月 26 日 报告摘要 北交所行情概览： 1）整体行情：截至 2026 年 1 月 23 日，北证成份股 290 个，平均市值 33.35 亿元。 本周北证 50 指数涨跌幅+2.58%，收盘 1588.66 点；同期沪深 300、创业板指、科创 50 涨跌幅分别为-0.68%、+0.36%、+3.11%。 2）赛道行情：本周 A 股涨幅前五的行业为建筑材料、钢铁、有色金属、化工、房地 产，涨幅分别为 7.50%、6.3 ...

出品 | 妙投APP 作者 | 董必政 编辑 | 丁萍 头图 | AI制图 2025年，"易中天"（新易盛、中际旭创、天孚通信）不仅是A股AI算力赛道的图腾，更是无数股民口中 津津乐道的"财富密码"。 然而，进入2026年，风向变得有些诡谲。 虽然A股整体氛围依然躁动，但资金对"易中天"的态度却从"狂热"转向了"审视"。 开年以来，仅仅不到一个月，新易盛、中际旭创、天孚通信分别录得了11.11%、6.83%和4.10%的跌 幅。 下跌本身并不可怕，可怕的是背后的逻辑支撑正在瓦解。 近日，天孚通信和剑桥科技相继发布的2025年业绩预告，像两盆冷水，浇在了还沉浸在"算力永不眠"美 梦中的投资者头上。 天孚通信预计2025年归母净利润18.81亿至21.5亿元，同比增长40%-60%。看似不错的增长，但中位数不 仅低于机构一致预期的21.45亿元，更重要的是，其隐含的四季度增速令人不安。 另一家光模块玩家剑桥科技更是不容乐观，预计全年净利2.52亿至2.78亿元，远低于预期的3.02亿元。 早在2025年12月9日，虎嗅妙投就在《"易中天"的"泡沫"炒到2027年》一文中预警：资本市场已经透支 了光模块未来两年的业 ...

三、需求支撑与产业洗牌：新能源托底，中国龙头掌控全局 2026年1月26日，长江现货镍价上演"王者归来"，1#镍均价单日飙升4150元/吨至154100元/吨，强势收复 关键关口。这并非偶然反弹，而是一场由 "美元信用危机"与 "印尼资源革命"双核驱动的行情总爆发。 随着全球宏观格局剧变与资源国政策的重磅突袭，镍市场正从产能过剩的泥潭中挣脱，迎来价值与逻辑 的彻底重估。 一、宏观变局：美元溃退与流动性潮汐共振 本次镍价暴涨的根基，在于全球资本流向的深刻逆转。美元指数日内跌破97关口，创下去年9月以来新 低，其背后是市场对美联储降息周期的笃定预期与美国巨额债务压力的双重狙击。美元资产的吸引力下 降，促使国际资本大规模转向大宗商品寻求"价值锚点"。与此同时，国内超长期特别国债资金火速下 达，央行维持流动性宽松，政策层面，新能源汽车购置税减免政策确定延续至2027年底，并辅以"以旧 换新"补贴加码，预计将推动2026年国内新能源车销量突破1200万辆，直接拉动动力电池用镍需求增长 超15%。内外宏观形成了罕见的 "弱美元+宽流动性"共振格局，为包括镍在内的整个有色金属板块提供 了澎湃的估值驱动力和情绪支撑。此外，全 ...

2025年，美光成为了半导体行业关注度最高的公司之一。他们也成为存储芯片市场最大黑马。 这场戏剧性的逆转背后，是一个关于误判、挣扎、转型与重新定位的故事。 HMC的失利 要理解美光在HBM早期的掉队，需要回到2011年那个充满雄心的起点。 那一年，美光技术专家Thomas Pawlowski在Hot Chips上发布了HMC（混合内存立方体）技术方案，直指JEDEC标准制定机制的低效——"最低公分母"式 的妥协导致DRAM带宽革新步履维艰。HMC采用全新的高速SERDES数据链路架构，第一代原型即实现160 GBps总吞吐量，能效比下一代DDR4高出约3 倍。 这是一次技术上颇为超前的尝试。美光试图绕开JEDEC的标准化流程，建立自己主导的HMCC联盟，用封闭生态取代开放标准。但问题在于，HMC的领 先优势只有一到两年，而成本却高得惊人——即便美光从未公开具体价格，但业内共识是其远超同样昂贵的HBM。 更致命的是时机判断。2013年AMD和海力士联合推出HBM时，这项技术迅速被纳入JEDEC标准体系，获得了GPU生态的全面支持。英伟达和AMD先后采 用HBM作为显卡内存，而HMC除了少数天文学项目、超级计算机 ...

锡价短期走势预计将维持强势，但波动风险同步加剧。当前由弱美元环境、地缘冲突引发的供应担忧以 及市场资金情绪共同构成的支撑依然存在，可能推动价格维持高位甚至进一步上行。然而，基本面隐忧 不容忽视：春节前的季节性淡季导致下游现实需求疲软，高价接受度低，且全球显性库存已显著累积， 对价格的持续上涨形成制约。因此，市场在高亢情绪与疲弱现实的拉扯下，大概率呈现高位宽幅震荡格 局，投资者需密切关注情绪变化、地缘局势与库存数据等边际信号的转向。 （注：本文为原创分析，核心观点基于公开信息及市场推导，以上观点仅供参考，不做为入市依据 ） 长江有色金属网 新浪合作大平台期货开户 安全快捷有保障 期货市场：宏观暖意及AI 算力新质生产力驱动需求爆发，隔周伦锡收涨7.49%；最新收盘报56605美 元，比前一交易日上涨3945美元，涨幅为7.49%，成交量为890手，持仓量23931手；伦敦金属交易所 （LME）1月23日伦锡库存量7195吨，较前一交易日库存量增加40吨。长江锡业网讯：今日沪锡期货全 线高开，主力月2603合约开盘报438850涨19240元，9：10分沪锡主力2603合约报458360涨38750；沪期 锡开盘 ...

化工板块今日（1月26日）继续走强，反映化工板块整体走势的化工ETF（516020）开盘冲高后短暂走弱，而后继续拉升，盘中场内价格最高涨幅达到 1.32%，截至发稿，涨0.91%。 化工ETF联接A申购费率为：100万元以下，0.8%；100万元（含）-200万元，0.5%；200万元（含）以上，每笔1000元。赎回费率为：7天以内，1.5%；7天 （含）-180天，0.5%；180天（含）-以上，0%。 化工ETF联接C赎回费率为7天以内，1.5%；7天（含）-以上，0%。销售服务费率为0.2%。 风险提示：化工ETF被动跟踪中证细分化工产业主题指数，该指数基日为2004.12.31，发布于2012.4.11。指数成份股构成根据该指数编制规则适时调整，其 回测历史业绩不预示指数未来表现。文中提及个股仅为指数成份股客观展示列举，不作为任何个股推荐，不代表基金管理人和基金投资方向。任何在本文出 现的信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投资行为负责。另，本文 中的任何观点、分析及预测不构成对阅读者任何形式的投资建议，亦不对因使用本文内容所引 ...

Group 1 - The chemical sector is experiencing a strong momentum, with the Chemical ETF (516020) showing a significant price increase of over 1.2% and reaching a nearly three-year high [1] - As of January 23, the Chemical ETF (516020) has attracted a net subscription of over 1.1 billion yuan in the past five days and over 1.5 billion yuan in the past ten days, indicating strong capital inflow [1] - Professional institutions suggest that the "14th Five-Year Plan" emphasizes expanding domestic demand, which will drive the transition of new and old growth drivers, leading to expected growth in chemical product demand [1] Group 2 - The Chemical ETF (516020) and its linked fund (012537) track the CSI segmented chemical industry theme index, with nearly 50% of its holdings concentrated in large-cap leading stocks such as Wanhua Chemical and Salt Lake Industry [2] - The remaining 50% of the portfolio includes leading stocks in sub-sectors like phosphate fertilizers, fluorine chemicals, and nitrogen fertilizers, allowing for a comprehensive grasp of investment opportunities in the chemical sector [2] Group 3 - The chemical industry is expected to reach a cyclical turning point upward by 2026, transitioning from valuation recovery to earnings growth, driven by strong policy expectations and established supply-demand fundamentals [1] - According to Guangfa Securities, the chemical industry typically follows a five-year cycle, going through stages of profit growth, capacity expansion, profit bottoming, and demand expectation improvement [1]

Core Viewpoint - JiuZhou Group (300040.SZ) is expected to achieve a net profit of 40 million to 50 million yuan for the year 2025, marking a turnaround from losses to profitability, with improved earnings capacity [1] Group 1: Performance Recovery - The successful turnaround to profitability is attributed to refined operations and improved profitability in the biomass sector [2] - Continuous promotion of refined management and optimization of operational processes have effectively reduced operational costs, leading to an overall improvement in profitability [2] - The biomass power generation business is expected to stabilize in 2025, with anticipated continuous improvement in cash flow and no significant asset impairment [2] Group 2: Market Expansion - JiuZhou Group's smart distribution network equipment business is driven by both domestic and international markets [2] - Domestically, the company has gained supplier qualifications for China National Petroleum and has entered the whitelist of major clients like State Grid Jiangsu [2] - Internationally, JiuZhou Group has successfully won a bid for a 400MW/800MWh energy storage project in Uzbekistan, marking significant progress in the Belt and Road Initiative and Central Asian market expansion [2] Group 3: Policy Support and Growth Potential - The smart distribution network business is entering a new prosperity cycle, with the State Grid's fixed asset investment expected to reach 4 trillion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [3] - This investment will focus on ultra-high voltage, digitalization of the grid, and upgrading distribution networks, creating stable order sources and growth opportunities for equipment manufacturers [3] - JiuZhou Group is a qualified supplier for the State Grid, with annual contracts accounting for about one-third of its smart distribution network business [3] Group 4: New Demand from AI and Power Supply - The rapid development of AI data centers (AIDC) is driving new demands for power quality, supply stability, and energy efficiency, leading to growth in HVDC and modular UPS markets [4] - JiuZhou Group has over 30 years of industry experience and a rich product matrix, having developed modular UPS and HVDC products tailored for computing centers [4] - The company's solid technical reserves and product strength are expected to translate into sustained growth and new development momentum under the dual drivers of new power system construction and the explosion of AI computing power demand [4]