利欧股份1月21日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 5717.74 | 0.00 | | 买二 | 机构专用 | 852.88 | 0.00 | | 买三 | 中信证券(山东)有限责任公司莱州文化东路证券营业部 | 384.51 | 0.00 | | 买四 | 机构专用 | 359.42 | 0.00 | | 买五 | 国信证券股份有限公司浙江互联网分公司 | 290.25 | 0.00 | | 卖一 | 华源证券股份有限公司江苏分公司 | 0.00 | 1863.76 | | 卖二 | 东方证券股份有限公司上海松江区沪亭北路证券营业 | 1.97 | 1857.21 | | | 部 | | | | 卖三 | 甬兴证券有限公司上海分公司 | 3.93 | 1845.79 | 深交所公开信息显示，当日该股因日跌幅偏离值达-10.64%上榜，机构专用席位净买入6930.05万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.67亿元，其中，买入成交额为761 ...

证 券 研 究 报 告 [T日ab期le_Industry] : shzqdatemark 2026年01月21日 | [T分ab析le师_Author] | : | 张河生 | | --- | --- | --- | | Tel: | | 021-53686158 | | E-mail: | | zhanghesheng@shzq.com | | SAC | 编号: | S0870523100004 | [T相ab关le报_R告e：portInfo] | 固 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 定 | | | | | | | | | [T分ab析le师_Author] | 张河生 | : | 收 | Tel: | 021-53686158 | 益 | | | E-mail: | zhanghesheng@shzq.com | 周 | 编号: | SAC | S0870523100004 | 报 | | | [T相ab关le报_R告e：portInfo] | 《投资者风险偏好高企》 | | | | | | | ...

Market Overview - Global stock markets experienced a widespread decline, with the S&P 500 dropping 2.1% and erasing all gains for the year[3] - The Dow Jones fell by 1.8%, closing at 48,488.6 points, while the Nasdaq dropped 2.4% to 22,954.3 points[8] Commodity and Forex - Oil prices rose due to supply disruptions in Kazakhstan and geopolitical tensions, with WTI crude oil increasing by 1.51% to $60.34 per barrel[26] - Gold prices surged past $4,700 per ounce, closing at $4,765.8, marking a 3.71% increase[26] - The US Dollar Index fell 0.8% to 98.64, dropping below the 99 level for the first time in two weeks[26] Fixed Income - Japanese government bonds faced significant selling pressure, with 30-year yields rising over 25 basis points[28] - US Treasury yields increased by 1-8 basis points, with the 10-year yield reaching 4.29%[28] Banking Sector Insights - Over 40 trillion in long-term deposits are expected to face yield gaps by 2026, potentially leading to outflows[6] - The shift in deposits is likely to favor short-term products and smaller banks, with a portion moving to wealth management and insurance products[6] Individual Stock Highlights - JD.com projected a revenue of 350.4 billion yuan for 2025, with a year-on-year growth of only 1.0%[9] - Anta Sports is expected to face pressure on profit margins due to increased marketing costs for upcoming events[13]

Fiscal Policy and Investment - The overall fiscal expenditure for 2026 will "only increase" and focus on key areas to "strengthen" support, with a special bond issuance of 500 billion yuan for private investment[2] - A 500 billion yuan guarantee plan for private investment aims to guide banks in providing loans to small and micro enterprises[2] - The implementation of interest subsidies for loans in 14 key industrial chains is expected to support social investment activities and consumption[2] Market Performance - On January 20, the Shanghai Composite Index fell by 0.01%, while the Shenzhen Component Index dropped by 0.97%, with total trading volume at 27,776.57 billion yuan, an increase of 693.09 billion yuan from the previous trading day[3] - Major global stock indices experienced declines, with the NASDAQ, S&P 500, and Dow Jones down by 2.39%, 2.06%, and 1.76% respectively[3] - The 10-year government bond yield in China decreased by 1.66 basis points to 1.8260%[3] Currency and Commodity Trends - The US dollar index closed at 98.5413, down by 0.51%, while the offshore RMB appreciated by 10 basis points to 6.9559[4] - Gold prices rose above $4,762 per ounce, and silver prices peaked at $95 per ounce amid increased global risk aversion[2] Sector Performance - The oil and petrochemical, construction materials, and real estate sectors led gains with increases of 1.74%, 1.71%, and 1.55% respectively[3] - The telecommunications, defense, and computer sectors saw declines of 3.23%, 2.87%, and 1.94% respectively[3]

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations due to tariff concerns, but there are positive movements in key stocks like Alibaba, Tencent, and Kuaishou, indicating a resilient market sentiment [1][8]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) opened lower but managed to rise by 0.18%, with a real-time premium rate of nearly 0.5%, reflecting positive buying sentiment [1][8]. - Over the past 20 days, the Hong Kong Internet ETF has seen a net inflow of 1.453 billion yuan [1][8]. - Southbound funds recorded a net purchase of 3.663 billion HKD, with Tencent receiving a net buy of 663 million HKD for ten consecutive days, and Alibaba seeing net purchases for seven consecutive days [8][9]. Group 2: Strategic Insights - Goldman Sachs reports that 2026 will be a pivotal year for leading Chinese internet companies, focusing on AI investments aimed at consumers and competition around "AI super entry points" [3][9]. - Companies like Alibaba are working to solidify their leading positions in e-commerce, while Tencent is accelerating AI functionalities in WeChat [3][9]. - The competitive landscape in sectors like food delivery is becoming more rational, leading to improved unit economics [3][9]. Group 3: ETF and Fund Details - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba being the largest weight at 14.71%, and the top ten stocks accounting for nearly 77% of the ETF [3][10]. - As of January 20, the fund size reached a historical high of 14.182 billion yuan, with an average daily trading volume exceeding 600 million yuan since 2025 [10]. - The Hong Kong Large Cap 30 ETF (520560) is recommended for those looking to reduce volatility while investing in technology and dividend stocks [10].

Market Overview - The U.S. stock market experienced significant declines, with the Nasdaq index dropping over 2% [4]. - The Dow Jones index fell by 1.76% to 48,488.59 points, while the S&P 500 index decreased by 2.06% to 6,796.86 points [4]. - Major technology stocks such as Nvidia and Tesla saw declines of 4.38% and 4.17%, respectively [12][13]. Trade Tensions - President Trump reignited global trade war concerns by threatening to impose tariffs on imports from eight European countries, starting at 10% and increasing to 25% by June 1 [4]. - European leaders have labeled Trump's latest tariff threats as "unacceptable" [5]. Bond Market - The yield on the 10-year U.S. Treasury bond rose by 7.94 basis points to 4.293%, while the 30-year bond yield increased by 8.23 basis points to 4.914% [8]. - The dollar index experienced a decline during the trading session [8]. Gold and Silver Prices - Market risk aversion led to new highs in gold and silver prices, with COMEX gold futures surpassing $4,750 per ounce and London silver exceeding $95 per ounce [20]. - The National Bank of Poland announced plans to significantly increase its gold reserves, aiming to rank among the top 10 countries globally in gold holdings [22]. Company-Specific News - Netflix's fourth-quarter revenue was reported at $12.05 billion, exceeding estimates, but the company's first-quarter profit forecast fell short of market expectations, leading to a post-market drop of over 4% [17][18]. - Netflix is revising its acquisition strategy for Warner Bros, proposing an all-cash deal valued at $82.7 billion, maintaining a share price of $27.75 for Warner Bros [18].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -9% -2% 5% 12% 19% 26% 33% 40% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | | 涨跌幅(%) | | 上证指数 | | 4,113.65 | | -0.01 | | 深证成指 | | 14,155.63 | | -0.97 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,718.88 | | -0.33 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,618.40 | | -0.49 | | 中证 | 500 | 8,2 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for Alibaba and related sectors, indicating a favorable investment environment [2]. Core Insights - Alibaba's "Qianwen" product launch signifies a shift in AI capabilities from a "Q&A assistant" to a "task executor," integrating over 400 functions across its ecosystem, which is expected to enhance user engagement and commercial viability [3][5]. - The emergence of the GEO (Generative Engine Optimization) business model is transforming marketing strategies, shifting focus from SEO to GEO, which is anticipated to benefit marketing agencies and authoritative media platforms while traditional traffic platforms may face challenges [3][5]. - The TMT sector showed a strong performance in the week of January 12-16, with notable gains in sub-sectors such as portal websites and semiconductor equipment, outperforming the broader market [3][5]. Market Weekly Review - The TMT sector's performance from January 12-16 showed a rise in the computer sector by 3.82%, electronics by 3.77%, media by 2.04%, and communication by 1.42%, collectively outperforming the CSI 300 index, which fell by 0.57% [3][5]. - The top-performing sub-industries included portal websites (17.69% increase), integrated circuit packaging and testing (14.47% increase), and semiconductor equipment (9.31% increase) [3][5]. Industry News and Key Company Announcements - Alibaba's "Qianwen" product launch on January 15 is a significant event, showcasing its AI capabilities and integration with various services [3][5]. - The report highlights the rapid growth of the "Qianwen" app, which achieved over 100 million monthly active users within two months of launch, indicating strong market acceptance [3][5]. - The report notes that the GEO model is expected to enhance the profitability of marketing agencies and elevate the status of authoritative media platforms, while traditional traffic platforms may experience a decline [3][5].

Group 1 - New Oriental Education Technology Group has appointed Chen Xingjia as a senior consultant with an annual salary of 1.5 million RMB, following public scrutiny over his previous salary exceeding 700,000 RMB [2][3] - New Oriental commits to donating no less than 1 million RMB annually to the Henghui Foundation, which focuses on the health and growth of Chinese youth [2][3] Group 2 - SK Hynix announced a record performance bonus of over 1.36 million KRW (approximately 640,000 RMB) per employee, marking the highest in the company's history, with a stock option plan for employees [4] - The stock option plan allows employees to receive up to 50% of their bonuses in company stock, with additional cash rewards for holding the stock for a year [4] Group 3 - Gree Electric Appliances is set to mass-produce silicon carbide chips for various applications, including photovoltaic storage and logistics vehicles, with plans to supply half of the chips for GAC Group's vehicles [7] - The company aims to enhance its semiconductor capabilities in the growing electric vehicle market [7] Group 4 - iQIYI announced the resignation of CFO Wang Jun for personal reasons, with senior vice president Zeng Ying taking over as acting CFO [11] - iQIYI is in the process of selecting a suitable candidate for the CFO position [11] Group 5 - The AI companionship company Nature Select has raised over 30 million USD in a recent funding round, with investments from Alibaba and Ant Group among others [13] - The funding will support the development of AI companionship products [13] Group 6 - Tesla's CEO Elon Musk is pushing for the company to transition into a robotics firm, with the Optimus humanoid robot as a key focus, despite production challenges [9] - The company aims for a valuation of 25 trillion USD based on its robotics division, which is expected to surpass its current automotive business [9]

一、市场: ●1月21日收盘：美股收跌道指重挫870点 特朗普关税威胁引燃避险交易 北京时间1月21日凌晨，美股周二大幅收跌，道指跌870.74点，纳指、标普500指数均有较大跌幅。美国总统特朗普重申攫取格陵兰言论，威胁提高对欧洲八 国关税，市场避险情绪盛行，资金逃离美国资产，美债收益率飙升，丹麦养老金运营商退出美国国债市场。科技股领跌，"恐慌指数"升至去年11月25日以来 最高，黄金价格创历史新高。欧洲领导人称关税威胁"不可接受"，考虑反制措施。本周多家公司将公布财报，其业绩指引对维持美股看涨情绪至关重要。 ●1月21日美股成交额前20：闪迪连续第三日创历史新高，获花旗唱好 周一美股多只科技股表现不一。英伟达收跌 4.38%，其参与人工智能推理初创公司 Baseten 3 亿美元融资，凸显其在该领域布局。特斯拉收跌 4.17%，遭前 CEO 批评 FSD 纯视觉方案。苹果收跌 3.46%，法国法院允许其保留 ATT 功能。谷歌 A 类股收跌 2.42%，Waymo 开启无人车的士商业化运营。博通收跌 5.43%。闪迪收高 9.55%，花旗上调其目标价。台积电收跌 4.45%，面临投资者对扩张策略质疑。英特尔 ...