Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to panic selling triggered by the nomination of Kevin Warsh as the next Federal Reserve Chairman, leading to a significant liquidation of leveraged positions in the market [2][3]. Group 1: Market Reaction - On January 31, gold prices fell over 12%, marking the largest single-day drop in 40 years, while silver experienced a historic drop of over 36% [2]. - By the end of trading, gold was down 9.25% at $4,880.034 per ounce, and silver was down 26.42% at $85.259 per ounce [2]. - The panic selling was exacerbated by a "snowball" effect from forced liquidations of leveraged positions as prices plummeted [2]. Group 2: Influencing Factors - Kevin Warsh is known for his hawkish stance on inflation, which contributed to a stabilization of the dollar index following his nomination [3]. - Market analysts noted that the speculation around the next Federal Reserve Chairman had been affecting precious metal prices for some time [3]. - The market had already shown signs of being overcrowded, with warnings about overbought conditions prior to the price drop [4]. Group 3: Leverage and Market Dynamics - The surge in gold and silver prices led to increased implied volatility, indicating that traders were using options to leverage their positions, which is contrary to sound trading principles [3]. - The high leverage and thin liquidity made the market vulnerable to sharp corrections, with even minor triggers capable of causing significant price swings [3][5]. - Major exchanges have raised margin requirements for precious metal futures, increasing pressure on high-leverage traders [5]. Group 4: Long-term Outlook - Despite the recent volatility, analysts believe that the long-term fundamentals for precious metals remain intact, with macroeconomic risks continuing to accumulate [6]. - The ongoing deleveraging process is expected to attract physical buying after price corrections [6]. - Factors such as geopolitical risks, demand for safe-haven assets, and concerns over global economic stability are expected to support gold prices in the long run [7].

Group 1: Report Summary Investment Rating - The document does not mention the industry investment rating. Core View - On January 30, 2026, the A-share market showed a differentiated and volume - shrinking adjustment; the Treasury bond futures market had mixed performance; the commodity index had a significant adjustment, with precious metals dropping sharply and lithium carbonate hitting the daily limit down [2]. - The current market is in a structural market driven by "policy catalysis + industrial trends". It is recommended to focus on the main lines of photovoltaic, commercial aerospace, and non - ferrous metals in the medium and long term [8]. Summary by Directory Market行情 Analysis - **Stock Market**: The market showed a differentiated adjustment with a shrinking volume. The ChiNext Index rose against the trend. The Shanghai Composite Index closed at 4117.95 points, down 0.96%. The Shenzhen Component Index fell 0.66%, the ChiNext Index rose 1.27%, and the STAR 50 Index rose slightly by 0.12%. The total market turnover was 2.86 trillion yuan, a 12.2% decrease from the previous day. Resource stocks tumbled, while agriculture and technology sectors strengthened. The market rotation accelerated, and attention should be paid to pre - Spring Festival capital layout [3][6][8]. - **Bond Market**: The Treasury bond futures market had mixed performance, with medium - and short - term contracts rising and long - term contracts falling. The central bank had a net injection of 352.5 billion yuan, and short - term interest rates declined. In a moderately loose monetary policy environment, the central bank indicated that "there is still room for reserve requirement ratio cuts and interest rate cuts", which is expected to support the bond market sentiment in the future [10][11]. - **Commodity Market**: The commodity index had a significant adjustment. The Nanhua Commodity Index closed at 2858 points, down 2.48%. Precious metals and new energy materials were hit hard, while some chemicals and agricultural products rose. Lithium carbonate futures hit the daily limit down, and the price of precious metals fluctuated significantly due to the possible nomination of a new Fed chair [10][11][12]. Trading Hotspot Tracking - **Recent Popular Varieties Summary**: Popular varieties include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain - computer interfaces, robots, large - scale consumption, securities firms, precious metals, and non - ferrous metals. Each variety has its own core logic and subsequent focus points [15]. - **Recent Core Ideas Summary**: The overall market turnover remains at a historical high, and it is recommended to focus on the main lines of photovoltaic, commercial aerospace, and precious metals. The bond market is expected to be supported by a moderately loose monetary policy. The commodity market may oscillate and consolidate after high - level fluctuations, and precious metals still have upward potential in the medium and long term [18].

Core Viewpoint - A capital and technological competition surrounding nuclear fusion is redefining human imagination about the energy revolution, with significant investments flowing into nuclear fusion startups globally, particularly in the U.S. and China [3][4]. Group 1: Investment Trends - Nuclear fusion concept stocks are gaining traction worldwide, with venture capital continuously pouring into fusion startups in the U.S. and related stocks in China showing strong performance [3][4]. - High-profile investors, including tech billionaires and even former President Trump, are betting on various nuclear fusion technologies, indicating a collective pursuit of creating an "artificial sun" [4][5]. Group 2: Energy Demand and Supply Challenges - The U.S. is facing an electricity shortage, exacerbated by the rising demand from AI, data centers, and other tech sectors, marking a significant shift in energy consumption patterns [6][8]. - AI data centers currently account for approximately 3% of the total electricity consumption in the U.S., with projections suggesting this could rise to nearly 8% by 2030 [8][9]. Group 3: Nuclear Fusion's Advantages - Nuclear fusion is being revisited due to its potential as a clean, efficient, and sustainable energy source, with advantages such as high energy density and low greenhouse gas emissions [10][12]. - Unlike fossil fuels, nuclear fusion's primary fuel source is seawater, reducing geopolitical risks associated with energy supply [10]. Group 4: Technological Pathways in Nuclear Fusion - Various technological pathways for nuclear fusion are being explored, including pulse magnetic confinement, hydrogen-boron fusion, and tokamak systems, each with distinct engineering philosophies and timelines [13][14][15]. - Silicon Valley's investment strategy involves diversifying across multiple fusion technologies to hedge against risks associated with high uncertainty in the field [13][21]. Group 5: Elon Musk's Space Solar Initiative - Elon Musk has publicly criticized terrestrial nuclear fusion, advocating instead for space-based solar power, which he believes can harness solar energy more effectively [17][18]. - Musk's plan includes deploying solar AI satellites to maximize solar energy capture in space, potentially meeting the entire U.S. electricity demand with a relatively small area of solar panels [19][20]. Group 6: Strategic Implications of Investment - Silicon Valley's investment in nuclear fusion reflects a long-term strategic bet on future energy capabilities, with the understanding that technological advancements in fusion could yield benefits across various high-tech industries [21][22]. - The pursuit of nuclear fusion is seen not merely as an energy venture but as a critical component in determining future technological and competitive advantages in the global landscape [23].

创始人 我们的产品横跨 AI 、半导体、商业航天、具身智能、核聚变、量子计算（我们是非常低技术壁垒的通 用型产品） 我们今 年会有大的业绩增长，因为今年有望拿到 XX 大客户的订单（我们去 年业绩很拉跨） 我们是某鑫某长某国际的该款产品第一大供应商（客户要求售价年降 10% ，把我们利润都拖没了） 我们是某鑫某长某国际的该款产品的第一个本土供应商（客户只是拿我们做安全备份，只要海外不断 供，他就不会大规模采购我们） 我们的材料就是半导体级，但是目前是通过销售给其他半导体材料企业的形式（我们的销售人员根本撬 不开半导体终端客户） 上一轮巨树最早跟进，也是他们最后领投的（他们确定领投，我把其他机构都拒了以后，他就要估值砍 一半） 昨天刚跟宁德吃饭，他们准备给个很大的订单（具体什么时候给还不知道） 我们这个团队核心技术来自某教授（我们团队是给教授打杂的，而且创业失败了教授也不负责） 我们下一步计划是出海（我们卷不过本土企业） 我们在研产品领先国内同行 2-3 年（等我们研发成功，就不领先了） 我们的产品早就已经通过客户验证，但是客户下单一直非常谨慎（客户对我们的产品根本没有替换动 力，真 TM 要气死我了） 我们的 ...

专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 近日，中国证券投资基金业协会发布的数据显示，截至2025年12月底，我国公募基金总规模攀升至37.71万亿元，较上月增加约6957.48亿元， 连续第九个月创下历史新高。 据21世纪经济报道记者统计，2025年全年公募基金规模激增4.89万亿元，增幅达14.9%。 从全年整体增长结构看，2025年各类基金规模均实现正增长。其中，债基规模大增60%，股票型基金大增36%。 规模近38万亿元 近日，中国证券投资基金业协会发布的最新数据显示，截至2025年12月底，我国公募基金总规模攀升至 37.71万亿元，较前一月增长约6957.48 亿元。 这已是该规模连续第九个月刷新历史纪录。从2025年4月底的33.12万亿元增长至2025年12月底的37.71万亿元。 与2024年末的32.83万亿元相比，2025年全年规模激增4.89万亿元，增幅高达14.9%。 截至2025年12月底，境内共有公募基金管理机构165家，包括150家基金管理公司和15家取得公募资格的资产管理机构。 在各类基金中，货币市场基金仍以15.03万亿元的规模占据首 ...

证券日报网1月29日讯，国机重装（601399）在接受调研者提问时表示，2025年，公司成功实现BEST核 聚变装置TF线圈盒的首台套研制与交付，并成功中标8套BESTTF线圈盒批量件项目，目前批量件正按 计划时序进行生产加工。 ...

江苏神通机构投资者 调研活动记录 会议地点：公司会议室 会议时间：2026 年 1 月 28 日 会议主持：章其强 会议记录：张健 出席人数：5 名 一、会议开始 本次机构投资者调研由公司副总裁兼董秘章其强先生主持，首先向到公司现 场参加调研活动的研究员表示欢迎，同时强调了关于遵守承诺函的约定和上市公 司信息披露的有关规定。其次，章其强先生向投资者介绍了公司基本情况、公司 发展战略规划及近期主要生产经营工作的进展情况。 答：在市场经济环境下，竞争是推动创新与进步的核心动力。经过多年持续的技 术积累与业绩沉淀，公司在核电领域已建立起显著的产品竞争力和品牌影响力。 与同行企业之间，更多呈现为优势互补、共同发展的良性竞争格局。随着核电新 项目审批与建设步入常态化，叠加关键设备国产化战略的深入推进，核电阀门行 业有望持续保持规范、有序、高质量的竞争生态。目前，公司已有 15 万台核电 阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过 90%，稳居行业 领先地位。 问：公司核电领域阀门的备件更换周期是多久？ 答：尽管核电阀门的设计使用寿命可达 60 年，但这并不意味着在整个服役周期 内无需更换任何部件。以海水系 ...

2025年11月，在十余个国家的聚变科学家见证下，中国科学院"燃烧等离子体"国际科学计划正式启 动。中国科学院合肥物质科学研究院等离子体物理研究所将面向全球开放多个领先的聚变能实验装置及 平台，并通过设立开放科研基金、资助高频次专家互访交流、搭建联合实验平台等，围绕聚变物理前沿 问题开展合作研究。 2025 年 9 月 5 日，嘉宾在第三届深空探测（天都）国际会议上参加深空探测实验室与国际合作伙伴签约仪 式。新华社记者 周牧 摄 2025 年 11 月 24 日，中国科学院合肥物质科学研究院副院长、等离子体物理研究所所长宋云涛在活动现场 作报告。新华社记者 周牧 摄 2025 年 4 月 26 日，观众在第三届中国（安徽）科技创新成果转化交易会上参观一款数据驱动的全流程机 器化学家。新华社记者 周牧 摄 今年1月，中国科学技术大学精准智能化学全国重点实验室向中国科学院提交了一份申请：计划于 2026年成立智能科学家生态联盟国际组织，与全球多国共建智能科研标准生态。这一实验室诞生的能自 己"看"论文、"想"方案、"做"实验的机器化学家，吸引了英国、新加坡、印度、泰国等国的高校科研院 所及专家的目光。 这样的国际 ...

2025年9月5日，嘉宾在第三届深空探测（天都）国际会议上参加深空探测实验室与国际合作伙伴签约仪 式。新华社记者 周牧 摄 新华社合肥1月29日电 题：中国积极推进科技合作助力攻克全球难题 新华社记者刘菁、陈诺、何曦悦 今年1月，中国科学技术大学精准智能化学全国重点实验室向中国科学院提交了一份申请：计划于2026 年成立智能科学家生态联盟国际组织，与全球多国共建智能科研标准生态。这一实验室诞生的能自 己"看"论文、"想"方案、"做"实验的机器化学家，吸引了英国、新加坡、印度、泰国等国的高校科研院 所及专家的目光。 这样的国际合作，早已在中国科技前沿领域多点开花、成势见效。过去一年中，中国正以核聚变、深空 探测、人工智能等关键领域为支点，构建起大科学工程协同攻关、前沿技术成果普惠共享、全球科技治 理规则共建共商的多层次合作格局，在能源安全、深空探索、数字发展等事关人类未来的领域，探索协 同创新、共同攻克难题的新路径。 2025年12月末，国际热核聚变实验堆ITER的又一批重要部件——校正场线圈采购包在安徽合肥顺利竣 工，即将起运交付。总部位于法国的ITER是当今世界规模最大、影响最深远的国际大科学工程，被称 作 ...

20260128复盘 宏观： 1. 特朗普表示对美元下跌不感到担心。 还表示美国一支"大型舰队"正在前往伊朗，希望最终不必动用它。 2. 达里奥：我们正处在一个持续约80年的"大周期"（当前周期始于1945年）的末期，并正从内部冲突加剧的第5阶 段，滑向可能发生剧烈秩序重组的第6阶段。 人工智能： 1. 工业富联、SK海力士、希捷、AS 20260128复盘 1. 特朗普表示对美元下跌不感到担心。 还表示美国一支"大型舰队"正在前往伊朗，希望最终不必动用它。 2. 达里奥：我们正处在一个持续约80年的"大周期"（当前周期始于1945年）的末期，并正从内部冲突加剧的第5阶 段，滑向可能发生剧烈秩序重组的第6阶段。 人工智能： 1. 工业富联、SK海力士、希捷、ASML业绩超预期。 ASML称近几个月许多客户对人工智能需求乐观。 2. 卖方：在功率提高的进程中，液冷cage逐渐受益。 宏观： 3. 软银正洽谈向OpenAI追加投资至多300亿美元。 4. 近一年全球模型tokens使用量高速增长244%。 5. 腾讯云、阿里云上线Clawdbot。 1. 中国商火：坚决打赢主力箭首飞及回收攻坚战 全力突破可重复使 ...