中证报中证网讯（记者 王宇露）2026年以来，以"稳健打底、收益增强"为核心的"固收+"产品持续受到 市场关注。近期公募基金2025年四季报披露，天弘基金"固收+"团队多位核心基金经理结合宏观经济走 势与市场结构变化，为投资者提供年初布局参考，并表示对于2026年的"固收+"投资，将坚守稳健底 色，并力争把握结构性机遇。 目前，天弘"固收+"团队核心成员平均从业年限超10年，研究范围涵盖宏观研究、纯债、转债、权益、 策略等多个领域，同时具备量化研究能力，团队核心成员经历过完整的市场周期考验，在各自领域积累 了丰富的投资与研究成果。 完善的投研体系与成熟的共管模式，共同构成了天弘"固收+"业务长期稳健发展的核心竞争力。国泰海 通证券数据显示，截至2025年12月31日，天弘基金旗下偏债类资产近3年、近5年、近7年、近10年收益 率分别为12.65%、24.41%、48.91%、63.25%，同业排名分别为50/127、17/117、15/103、7/70。 具体资产配置上，债券市场方面，天弘永利优佳基金经理张寓、曹渝表示，债券市场短期仍有一定压 力。转债市场方面，天弘多元收益基金经理杜广表示，当前的转债市场"不 ...

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].

Core Viewpoint - The company, Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd. (Asia-Pacific Technology), is actively expanding its production capacity and global presence in the automotive lightweight and thermal management sectors, with significant investments in new projects and acquisitions [1][3][6]. Group 1: Company Overview and Investor Relations - On January 27, 2026, Asia-Pacific Technology hosted a specific investor survey in Wuxi, attended by 14 institutions including Allianz Fund and Huatai Baoxin Fund, focusing on capacity layout, overseas acquisitions, and business development [1][2]. - The company’s total assets reached 8.023 billion yuan by mid-2025, emphasizing its commitment to the automotive thermal management and lightweight market [1]. Group 2: Production Capacity and Project Development - The company is advancing multiple capacity projects, including a 2 million sets per year production line for high-strength aluminum components for new energy vehicles and a 12 million pieces per year line for lightweight aluminum profiles [1][2]. - Additional projects include a 14,000 tons per year high-efficiency aluminum tube production for home air conditioning and a 100,000 tons per year green electric high-end aluminum-based materials project [1][2]. Group 3: Globalization and Regional Strategy - In July 2025, the company approved a 300 million euro acquisition of European firms, enhancing its global high-end manufacturing strategy [3]. - A new Shanghai branch was established in October 2025 to strengthen competitiveness in automotive, aerospace, robotics, and automation sectors [3]. Group 4: Core Products and Technical Strength - The company’s thermal management products cover various applications, including automotive cabin systems and industrial heat management, meeting demands for higher heat dissipation performance and cost optimization [4]. - In aerospace, the company has developed a mature system for lightweight special high-strength aluminum materials, leveraging experience from the Shenzhou spacecraft and partnerships with major aviation clients [4]. Group 5: Business Model and Pricing Strategy - The company operates on a "sales-driven production" model, with procurement based on sales and production needs [5]. - Pricing for aluminum extrusion products follows a model of "aluminum ingot price + processing fee," with the ingot price based on monthly averages from the Shanghai Nonferrous Metals Exchange [5]. Group 6: Future Development Prospects - The company anticipates growth opportunities from global energy transition and industrial upgrades, particularly in automotive thermal management and lightweight technologies [6]. - With a first-mover advantage in these sectors, the company is well-positioned for continuous innovation and development across multiple fields [6].

格隆汇1月27日丨科力远(600478.SH)公布，为满足公司战略发展需求及产业联动效应，进一步夯实储能 领域的定位和布局，持续深化绿色、低碳、可持续的能源体系转型，公司拟与管理人天津滨海新区新兴 产业基金管理有限公司及其他合伙人天津滨海新能源投资管理有限公司、深圳市元科慧储投资有限公司 共同投资设立储能基金并签订合伙协议，基金将主要对新型储能场景及产业链上下游优质项目进行投 资。基金目标总规模为人民币20亿元，初始规模5亿元，公司拟作为有限合伙人认缴出资2.49亿元，持 有合伙企业49.80%的份额比例。 天津滨海新区建设投资集团有限公司系滨海新能源的控股公司，作为天津市国资委全资企业，滨海建投 拥有领先的资产实力，优质的资信水平，也沉淀了丰富的地方资源和产业储备。公司与滨海建投共同发 起设立储能基金，不仅可以助力储能上下游产业投资，打通大储能生态链各环节，还将实现从项目开 发、投建、运营运维到资产化的全周期闭环，构建持续滚动升级模式。同时，结合滨海新能源在京津冀 地区的风电、光伏等资源，双方可进一步探索在新能源及储能等领域的资源协同与深度耦合，共同开拓 并创造新的业务增长空间。 ...

Group 1 - The company expects a net profit attributable to shareholders in 2025 to be between -240 million and -180 million yuan, with a net profit excluding non-recurring gains and losses estimated at -247 million to -185 million yuan [1] - The company faces intensified competition and price wars in the industry, leading to compressed profit margins, increased difficulty in cost control, and a year-on-year decrease in order scale, resulting in a decline in operating revenue [1] - The market-oriented reform in the renewable energy sector has led to uncertainties in project profitability, as wind, solar, and energy storage projects will participate in market transactions without guaranteed fixed prices, reducing market enthusiasm for investments in renewable energy [1] Group 2 - The company has conducted a comprehensive review and impairment testing of accounts receivable, contract assets, long-term equity investments, and other equity investments, expecting to recognize impairment provisions totaling approximately 130 million yuan [2] - The impact of non-recurring gains and losses on the net profit attributable to shareholders is estimated to be between 5 million and 7 million yuan, primarily from interest income on financial investments and related government subsidies [2]

Core Viewpoint - The company, Huazi Technology, emphasizes its focus on overseas business in the fields of hydropower automation and new energy solutions, which has become a significant driver for enhancing overall profitability [1] Group 1: Business Focus - The company's overseas operations primarily concentrate on hydropower automation and new energy (source, grid, load, storage) equipment and systems [1] - Huazi Technology provides integrated solutions to its clients, indicating a comprehensive approach to service delivery [1] Group 2: Market Reach - The company's business has expanded to cover over 70 countries globally, with more than 10,000 plants and stations [1] - The overseas market is identified as a crucial engine for improving the company's overall profitability [1]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 2025年，A股走出了过去几年的低迷后，继续震荡攀升，走出少见的"慢牛"行情。值得注意的是，多位私募"大V"于此阶段频频发声，他们中不 乏公司创始人、实控人或董事长，其观点通过社交媒体广泛传播，深度搅动着市场情绪与散户动向。从业绩维度审视，这些市场焦点人物的表现 也呈现出分化图景：有人成功收复失地，实现逆袭；有人敏锐把握新趋势，乘风而上；亦有人仍坚守原有阵地，静待风起。 根据私募排排网的不完全统计，截至 2025年12月31日，私募大V共有82位。 其中，头部私募（规模50亿以上）的基金经理共有但斌、王文、林 园、梁宏、李蓓等16位，且多数都为老牌私募大佬。从投资模式来看，主观私募基金经理占多数，共63位，占比约77%；从核心策略来看，股票 策略的基金经理占多数，有50位。从核心账号的关注度来看，全网粉丝破百万的有但斌、吴悦风、曾文凯、许琼娜等。 （ 点此查看最新名单 ） | 排序 大V姓名 | | 大V核心账号ID | 更新平台 | 核心账号粉丝丝 | 关联私募 | 私募规模 | | --- | --- | --- | --- | --- | ...

Core Insights - Weichai Group is poised to achieve a record revenue of 355 billion yuan in 2025, reflecting a 14% year-on-year growth, showcasing its high-quality development amidst a complex power industry landscape [1] - The company has experienced explosive growth in high-value-added products, particularly in the energy sector, with the establishment of a new business segment for electric power [1] - Weichai's strategic focus on "new energy, digital intelligence, and aftermarket" has solidified its competitive advantage in the global equipment manufacturing industry [1] Group 1 - The company has successfully positioned itself among the top three global players in data center power products, with global sales of over 100,000 units for the first time [2] - Weichai has launched the world's first 5-megawatt high-speed diesel generator set, leading in power output globally, which is a result of over a decade of strategic investment and development [2] - The company has made significant breakthroughs in high-end niche markets such as oil fields and exports, contributing to domestic substitution and high-value-added segments [2] Group 2 - The NG4.0 product, representing high-end flagship power, has become a benchmark in the gas heavy truck sector, dominating the market for high-power gas engines [3] - In the market for gas engines over 500 horsepower, two out of three heavy trucks are equipped with Weichai gas power, with a market share close to 70% in key regions [3] - Weichai's diversified power strategy, combining traditional, clean, and new energy, has created a robust ecosystem of high-value-added products, supporting its high-quality development and resilience through industry cycles [3]

Market Performance - The Hong Kong stock market experienced a strong rally on January 27, with the Hang Seng Index closing at 27,126.95 points, up 361.43 points, representing a 1.35% increase [1] - The Hang Seng Technology Index closed at 5,754.72 points, rising by 28.73 points, or 0.50% [2] Sector Highlights - Insurance stocks showed significant strength, contributing to the rise of the Hang Seng Index. China Life (HK02628) surged nearly 6%, reaching its highest level since May 2015. AIA Group (HK01299) increased by over 4%, while New China Life and China Pacific Insurance both rose by over 3% [4] - Gold stocks remained strong, with Zijin Mining (HK02899) increasing by over 2% and reaching a new historical high. Zijin Gold International (HK02259) saw a substantial rise of 11% [6] Corporate Actions - Zijin Mining announced that its subsidiary, Zijin Gold International, signed an arrangement agreement to acquire all issued common shares of a joint venture listed in Toronto and New York at a cash price of CAD 44 per share, totaling approximately CAD 5.5 billion (around RMB 28 billion) [7] Market Outlook - Huatai Securities anticipates that the Hong Kong stock market will continue its rebound in the first quarter, focusing on sectors such as AI (semiconductors, software) and innovative pharmaceuticals. The firm suggests gradually accumulating quality consumer leaders and overweighting cyclical and upstream sectors in the power chain [9] - Zheshang International is optimistic about sectors benefiting from policy support, including new energy, innovative pharmaceuticals, and AI technology, as well as local Hong Kong banks and telecommunications that are relatively independent and benefit from a rate-cutting cycle [10]

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 179,600.00 | +13920.00↑ 前20名净持仓（日，手） | -152,395.00 | +2264.00↑ | | | 主力合约持仓量（日，手） | 422,433.00 | +5714.00↑ 近远月合约价差（日，元/吨） | -3,480.00 | -2380.00↓ | | | 广期所仓单（日，手/吨） | 29,166.00 | +520.00↑ | | | | 现货市 ...