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 ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.71% [1] - The total trading volume in the Shanghai and Shenzhen markets was 29,215 billion yuan, a decrease of 3,592 billion yuan from the previous day, with over 1,900 stocks in the three markets showing gains [1] Employment Support Measures - The Ministry of Human Resources and Social Security announced the implementation of measures to stabilize and expand employment, focusing on key industries and addressing the impact of artificial intelligence on job opportunities [3] - Initiatives include support for key groups in employment, issuance of employment documents for college graduates, and the establishment of a regular mechanism to prevent poverty through employment assistance [3] Market Trends and Analysis - Analysts noted a rapid change in market style, with funds rotating between technology, cyclical, and dividend sectors, as well as between large and small-cap stocks [4] - Three major uncertainties were identified: the impact of deleveraging on bullish sentiment, the adjustment of large-cap stocks affecting market profitability, and the potential for "performance bombs" as earnings reports are released [4] - Huaxi Securities suggested that the current market is in the mid-stage of a "slow bull" trend, recommending focus on sectors such as AI, chemicals, and high-growth industries like electronics and pharmaceuticals [4] Precious Metals Performance - The precious metals sector continued its strong performance, with notable gains in stocks such as Xiaocheng Technology, Hunan Gold, and Sichuan Gold, which saw significant price increases [4] - Spot gold rebounded to $5,086.77 per ounce, marking a 1.5% increase and maintaining a positive trend for seven consecutive trading days, driven by heightened global risk demand and a weakening dollar [5] Semiconductor Industry Growth - The semiconductor industry showed active performance, particularly in the semiconductor and memory chip sectors [6] - Companies in the memory chip sector reported significant profit growth forecasts for 2025, with expected increases in net profits ranging from 81.77% to 167.31% [6] - Global memory prices are expected to rise due to tight supply conditions and increasing AI demand, benefiting the domestic memory supply chain [6] Cultivated Diamonds Sector - The cultivated diamond sector led gains, with recent advancements in high-performance single crystal diamond radiation detectors enhancing reliability and performance in extreme conditions [7] - The market for cultivated diamonds is experiencing a recovery in demand due to price advantages, with increasing penetration in semiconductor, military, and optical fields [7]

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]

Market Overview - The three major A-share indices opened lower on January 27, with the Shanghai Composite Index closing at 4139.9 points, up 0.18% [2] - The ChiNext Index rose by 0.71% to 3342.6 points, while the Sci-Tech 50 Index increased by 1.51% to 1555.98 points [2] Trading Activity - A total of 1928 stocks rose, while 3450 stocks fell, with 91 stocks remaining flat [3] - The total trading volume was 28.949 billion yuan, a decrease of 3.533 billion yuan from the previous trading day [3] Sector Performance - Semiconductor stocks saw significant gains, with over 20 stocks hitting the daily limit or rising more than 10% [5] - Gold stocks also performed well, with several stocks reaching the daily limit or increasing by over 10% [5] - Coal and basic metal sectors experienced notable declines, with major coal stocks dropping over 4% [6] Market Sentiment and Predictions - Financial analysts suggest that the A-share market may continue to experience fluctuations in the short term due to increased overseas uncertainties and pressure at previous high levels [7] - The current market is viewed as a short-term adjustment risk, with expectations for continued upward movement in the medium term [7] - Long-term perspectives indicate that the current market trend is still in its mid-stage, with potential for a "slow bull" market to continue [8][9] Investment Recommendations - Analysts recommend focusing on sectors such as technology, particularly AI and robotics, as well as industries benefiting from price increases like chemicals and non-ferrous metals [8][9] - Short-term investment opportunities are suggested in power equipment and photovoltaic sectors, which are supported by market demand and policies [10]

Financing Overview - From January 19 to January 25, Shanghai enterprises reported 19 financing events, with 7 disclosing financing amounts, totaling 2.97 billion yuan. This week saw 5 fewer financing events compared to the previous week [2] - Among the districts in Shanghai, Pudong New District had the highest number of financing events at 12, while other districts had 1-2 events each. Jing'an District reported a significant D-round financing of 287 million USD, and Jinshan District had a B-round financing of approximately 100 million USD [2] Financing Events Artificial Intelligence - Deep Sky Core completed tens of millions in angel + round financing on January 23, led by Friendship Time and Yuanhe Origin, with funds aimed at advancing the development of "intention understanding" embodied intelligent brains and ultra-realistic human face iterations [4] - Left Eye Entertainment secured 1 million yuan in seed round financing on January 17, exclusively invested by Jiangxia Ke Investment Group [5] - Dream Technology completed B-round financing on January 19, exclusively funded by Bofut Fund [6] - Aike Easy Intelligent finished seed round financing on January 21, with investment from Pudong Venture Capital Group, to accelerate the development of the next-generation AiOFFICE collaboration platform [7] Integrated Circuits - Taorun Semiconductor completed several hundred million yuan in D++ round financing on January 26, led by Xicheng Jinrui, with participation from multiple institutions, including existing shareholders who increased their investments. The funds will support the continuous iteration of high-end analog underlying technology and the development of next-generation optical communication DSP chips [8] - ThinkForce completed strategic financing on January 16, exclusively invested by Shanghai Science and Technology Innovation Group [9] - Langxi Technology secured Pre-A round financing on January 21, with investments from Shijue Investment, Xianfeng, Dongfang Fuhai, and Jinpu Investment [10] Biomedicine - CORXEL completed 287 million USD in D-round financing on January 23, with investments from multiple firms, aimed at supporting clinical trials for oral small molecule GLP-1 receptor agonist CX11 and advancing other cardiovascular metabolic projects [11] - Shengqida completed Pre-A round financing on January 19, led by Yida Capital, with participation from Nuoxin Fund [12] - Xinhenglv Medical secured angel round financing on January 20, exclusively invested by Xianfeng [13] Future Industries - Yipujiji completed approximately 100 million USD in B-round financing on January 23, led by Forebright and Silicon Peak, with additional investments from several venture capital firms. The funds will be used for capacity expansion, operational funding, and global market expansion, particularly for high-power density data centers driven by AI computing [14] - Yitan Shuke completed A+ round financing on January 20, with investments from Beichuang Investment and Beijing Guoneng Fund [15] - Feijiesike completed nearly 100 million yuan in Pre-A round financing on January 23, with investments from Chixing Venture Capital and others, aimed at accelerating the development of the physical AI sector [16] - Niuwashike completed A round financing on January 19, with investments from Xinhai Asset and Zhejiang Tongxing [17] - Wanhuyuan Bio completed several million yuan in A round financing on January 21, led by Jinsha River United Capital, aimed at advancing the application of its intelligent microphysiological organoid system in precision medicine and new drug development [18]

在资本市场，真金白银的流向，是最具穿透力的市场语言。 随着公募基金2025年四季报全部披露完毕，其最新的持仓图谱清晰地展现在市场面前。仓位变动的背 后，揭示了在复杂宏观环境下，大资金对确定性机会的共识性追逐。 可以看到，市场的核心主线正在急剧收缩与凝聚，从过去数年的多线开花转向围绕以AI算力为核心 的、少数高景气赛道的深度博弈。 特别值得注意的是，在这一聚焦过程中，如中国平安（601318.SH/2318.HK）等兼具低估值安全边际、 高股息现金流与宏观景气修复预期的资产，成为资金重点加码的方向。 | 序号 | 股票代码 | 股票名称 | Q4增持市值(亿元) | Q4持股市值(亿元) | | --- | --- | --- | --- | --- | | 1 | 601318.SH | 中国平安 | 68 | 168 | | 2 | 002384.5Z | 东山精密 | 67 | 244 | | 3 | 300390.5Z | 天华新霞 | 37 | 38 | | 4 | 000807.SZ | 坚据股份 | 35 | ਟੇ ਕੇ | | 5 | 300751.SZ | 迈为股份 | 34 | 38 | | ...

Core Viewpoint - Alibaba Group is planning to restructure its semiconductor design unit, Pingtouge Semiconductor, into an independent entity partially owned by employees, with a potential IPO on the horizon. This plan is still in the preliminary stages, and no official response has been provided by Alibaba as of the report's publication [1][12][13]. Company Developments - The push for Pingtouge's IPO is driven by the progress of its products in external markets, particularly the new self-developed AI accelerator chip, PPU, which is expected to be used internally by Alibaba Cloud in 2024 and to perform well in external sales by 2025, especially in the smart driving sector [1][14]. - Pingtouge's PPU chip features key specifications such as 96GB HBM2e memory, 700GB/s interconnect bandwidth, PCIe 5.0 ×16 interface, and a power consumption of under 400W, positioning it competitively against mid-range products like A800 and even Nvidia's H20 [1][14]. Market Context - The AI computing market is experiencing explosive demand, with significant opportunities for domestic high-performance AI chips, particularly in inference markets driven by large model applications [2][14]. - The timing for Pingtouge's IPO preparation is seen as reasonable given the current market environment, where there is high enthusiasm for quality semiconductor assets, as evidenced by the substantial first-day gains of other domestic GPU manufacturers listed recently [9][21]. Product Development - Pingtouge has developed a comprehensive product series that includes data center chips, processor IP licensing, and IoT chips, achieving full coverage of the chip design chain [4][15]. - The SSD controller chip, Zhenyue 510, has been deployed at scale in Alibaba Cloud's EBS storage solutions, with several storage manufacturers already utilizing this chip [4][16]. Business Model - Pingtouge's revenue is closely tied to Alibaba Cloud, making it challenging for external observers to assess its independent profitability [7][19]. - As part of its IPO strategy, Pingtouge aims to accelerate its market expansion and external sales, responding to market expectations with announcements about the deployment of its Zhenyue 510 chip in various AI and storage applications [20]. Future Challenges - Despite the IPO plans, there are concerns regarding the timeline, with analysts expressing skepticism about the likelihood of completing the IPO by 2026. Key challenges include expanding external customer bases, establishing independent governance, and clarifying pricing mechanisms with Alibaba [10][22].