（一）重要市场新闻 1、美股三大指数集体收涨，道琼斯指数涨0.17%，标普500指数涨0.16%创收盘新高，纳斯达克综合指 数涨0.26%。谷歌收涨1.09%，苹果收涨0.34%，谷歌证实与苹果达成一项为期多年的协议，将为苹果的 人工智能技术提供支持，其中包括语音助手"Siri"。Meta收跌1.7%，公司启动名为"Meta Compute"的全 新顶级战略项目。热门中概股多数收涨，纳斯达克中国金龙指数涨4.26%，阿里巴巴涨超10%，哔哩哔 哩、小鹏汽车涨超8%，百度、微博涨超6%，蔚来、网易、京东涨超4%，理想汽车涨超2%。 2、国际油价12日上涨。截至收盘，纽约商品交易所2月交货的轻质原油期货价格上涨38美分，收于每桶 59.50美元，涨幅为0.64%；3月交货的伦敦布伦特原油期货价格上涨53美分，收于每桶63.87美元，涨幅 为0.84%。纽约尾盘，现货黄金涨1.84%，报4592.13美元/盎司；COMEX黄金期货涨2.28%，报4603.30 美元/盎司；沪银夜盘收涨7.23%，报21268元人民币/千克，一度达到21518元。WTI 2月原油期货收涨 0.38美元，涨幅0.64%，报59.50美 ...

■12日，中国机电商会发布关于中欧通过对话磋商妥善解决电动汽车反补贴案达成积极成果的声明。中 欧双方经过多轮磋商，成功推动该案实现"软着陆"。 ■据南京海关消息，2025年上合组织（连云港）国际物流园持续提升物流中转基地功能，全年完成物流 量8435.88万吨，同比增长13.52%，集装箱运量67.7万标箱，同比增长4.48%，均创历史新高。 ■国际标准化组织（ISO）正式发布《滑动轴承 轴承材料摩擦学特性试验 第1部分：轴承合金材料试 验》国际标准。该标准由我国牵头，日本、德国、英国、法国、奥地利等7国专家共同参与制定。 ■当地时间11日，美联储主席鲍威尔证实，美国司法部已向美联储发出传票，并威胁要就他关于美联储 大楼翻修的证词提起刑事指控。 ■中共中央总书记、国家主席、中央军委主席习近平12日上午在中国共产党第二十届中央纪律检查委员 会第五次全体会议上发表重要讲话。 ■12日，国家发展改革委等4部门联合发布《关于加强政府投资基金布局规划和投向指导的工作办 法》，首次在国家层面对政府投资基金的布局和投向作出系统规范。 ■市场监管总局统计，2025年，国家标准全文可免费下载数量从1500多项增加到32000多 ...

Market Performance - A-shares continued to rise on January 12, with the Shanghai Composite Index achieving a 17-day consecutive increase, reaching a new high not seen in over a decade, closing up 1.09% [2] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 3.6 trillion yuan, marking a significant increase of over 510 billion yuan compared to the previous trading day, setting a new record for single-day trading volume in A-shares [2] - Over 4,100 stocks rose, with more than 200 stocks hitting the daily limit [2] AI Sector Growth - The driving force behind the A-share market's rise on January 12 was the collective surge of AI application stocks, with the AI marketing index increasing by over 10% [3] - Notable individual stocks such as ZhiPu AI and multi-modal AI saw increases exceeding 8%, while AIGC and AI agent indices rose over 7% [3] - The Ministry of Industry and Information Technology emphasized the importance of AI in driving the integration of manufacturing and intelligence, planning to implement a "AI + manufacturing" initiative to enhance the smart upgrade of the manufacturing sector [3] Precious Metals Market - Gold and silver prices continued to rise due to high geopolitical uncertainty, with gold futures reaching a historical high of over $4,612 per ounce on January 11 and breaking the $4,600 mark on January 12 [7] - Domestic gold jewelry prices also increased, with several brands quoting prices above 1,400 yuan per gram, reflecting a general increase of 20 yuan per gram compared to the previous day [7] - Silver prices also surged, with London spot silver exceeding $84 per ounce, marking a rise of over 5.5% [8] Future Outlook - Institutions predict that despite short-term downward pressures, both precious metals and industrial metal prices are expected to have upward potential this year [9] - The AI sector is anticipated to see significant developments by 2026, with various retail segments benefiting from AI-driven logic, particularly in cross-border e-commerce and AI smart hardware [4] - The concept of Generative Engine Optimization (GEO) is gaining traction, with expectations that it will enhance brand visibility in AI-generated content, leading to increased commercial opportunities [6]

Group 1 - The Chinese government has adjusted the export tax rebate policy for photovoltaic and battery products, reducing the VAT export rebate rate for battery products from 9% to 6% starting April 1, 2026, and fully canceling it by January 1, 2027, with a three-month transition period [2] - The purpose of the policy adjustment is to compress the profit margins of low-value-added production, encourage companies to transition to high-value-added products, and guide enterprises to establish overseas production to mitigate geopolitical risks [2][3] - The lithium carbonate futures market has seen a significant increase, with the main contract closing at 156,060 yuan per ton, marking a 9% increase and the first time surpassing the 150,000 yuan mark in two years, driven by policy changes and improved fundamentals [2] Group 2 - In the photovoltaic sector, companies are expected to accelerate order deliveries during the transition period, leading to a significant increase in export growth in the first quarter of 2026, particularly benefiting leading companies with high export ratios [3] - From 2027 onwards, industry differentiation is expected to intensify, with overseas production capacity becoming a core competitive advantage for leading companies like CATL, BYD, and LONGi, as domestic production costs will rise by 6-9% due to the cancellation of tax rebates [3] - The exit of outdated production capacity is anticipated to significantly increase industry concentration, with the top five companies expected to exceed 80% market share by 2027, enhancing pricing power and overall profitability in the industry [3] Group 3 - The Federal Reserve Chairman Jerome Powell is under criminal investigation related to the renovation of the Federal Reserve's headquarters, which has escalated tensions with former President Trump, who has previously criticized Powell for not lowering interest rates [4][5] - Powell described the investigation as unprecedented and questioned its motives, asserting that he would not succumb to political pressure while fulfilling his duties [4][5][7] Group 4 - Gold and silver prices have surged, with gold surpassing $4,600 and silver exceeding $83, driven by increased geopolitical risks and expectations of interest rate cuts following poor non-farm payroll data [8][9] - The U.S. government is considering various options to intervene in Iran, including military actions, which has contributed to rising demand for safe-haven assets like gold [8][9] Group 5 - ByteDance has significantly increased its investment in data centers, with a capital expenditure budget of approximately 160 billion yuan for 2025, including nearly 70 billion yuan specifically for data center infrastructure and network equipment [10][11] - The bidding activity for AI data centers has accelerated, with major projects like a 1 GW project already announced, indicating a robust demand surge starting in the fourth quarter of 2025 [11][14] - The improvement in AI chip supply, particularly the easing of export restrictions on NVIDIA's H200 chips, has facilitated the resumption of data center construction plans that were previously hindered by chip shortages [12][15] Group 6 - The domestic AI data center bidding landscape is expected to benefit from the scarcity of resources, with operators possessing high-quality resources having a stronger ability to fulfill orders and maintain pricing power [19] - The preference for bidding is concentrated in regions with lower electricity costs, such as Inner Mongolia and Shanxi, which will significantly reduce operational costs for data centers [19] - The domestic liquid cooling sector is poised for recovery as demand from AI data centers exceeds expectations, benefiting local manufacturers closely tied to major internet companies [18]

Group 1 - Blue Arrow Electronics plans to acquire at least 51% of Chengdu Xinyi Technology through cash, aiming for control without constituting a related party transaction or major asset restructuring [2] - Rongchang Biopharmaceutical has signed an exclusive licensing agreement with AbbVie for RC148, potentially receiving up to $4.95 billion in milestone payments, enhancing its global development and brand value [3] - Zhejiang Wen Interconnect's GEO business has not yet formed a mature profit model and currently has no revenue, despite being classified as a GEO concept stock [4] Group 2 - Mingyang Smart Energy is planning to acquire control of Dehua Company through a combination of share issuance and cash payment, with the stock set to be suspended for up to 10 trading days [5] - Ligong Navigation's commercial aerospace applications are still in the early stages of business layout, with revenue of approximately 154,400 yuan for the first three quarters of 2025 [6] - Haixiang Pharmaceutical has signed a cooperation agreement with Wanbangde Pharmaceutical to develop treatments for ALS, with an investment of 150 million yuan and a 15% revenue share from commercialization [7] Group 3 - ST Chengchang's stock has experienced significant trading anomalies, leading to a suspension for investigation due to four instances of abnormal trading within ten days [8] - Zhitex New Materials' stock has been suspended for investigation after six consecutive days of trading limits, with a total increase of 198.57% [9] - Zhongheng Design has won several design projects in the commercial aerospace sector, but the contract amounts are small, with related project revenue accounting for only 0.39% of total revenue [10] Group 4 - Dongfang Fortune's subsidiary has been approved to publicly issue subordinate bonds totaling up to 20 billion yuan [11] - Blue Focus's AI-driven revenue currently constitutes a small portion of overall revenue, with significant short-term price fluctuations observed [12] - ST Yishite's stock will be renamed and will no longer carry risk warnings, with trading resuming on January 14 [13] Group 5 - Jianghua Microelectronics is planning a change in control, leading to a stock suspension for up to two trading days [15] - Guoke Military Industry is collaborating with commercial aerospace companies on a rocket project that is still in the R&D phase, with minimal impact on main business revenue [16] - Gravity Media's GEO business has not yet formed a mature commercial model, with no related revenue generated [17] Group 6 - Shanghai Electric plans to invest $300 million in a high-density optoelectronic integrated circuit board project, expecting to generate 2 billion yuan in annual revenue upon full production [22] - Zhangge Mining expects a net profit of 3.7 billion to 3.95 billion yuan for 2025, representing a growth of 43.41% to 53.10% year-on-year [33] - Yonghui Supermarket anticipates a net loss for 2025 due to ongoing market challenges [34] Group 7 - National Integrated Circuit Industry Investment Fund plans to reduce its stake in Guoxin Technology by up to 2.37% [41] - Saifen Technology's shareholders plan to collectively reduce their stake by up to 6% [42] - Junda Shares' controlling shareholder plans to reduce its stake by up to 3% [43] Group 8 - Tengda Construction has won a municipal road project worth 56.1645 million yuan [48] - Lidong Group's subsidiary has received a notification for an aluminum alloy wheel project worth approximately 820 million yuan [49] - Tieke Railway has won a bid for a high-speed railway fastening project worth 511 million yuan [50]

本次试验所采用的中山大学"慎思"二号D系统，采用100%全国产元器件，集成了学校"空天智能无人系 统"研究团队自主研发的在线轨迹优化算法。该算法针对再入返回过程中强非线性气动特性、终端位置- 姿态-速度约束耦合、箭载计算资源受限等工程难题，在箭上实现了滚动时域优化计算。试验结果表 明，在保证优化精度的前提下，算法能够满足高动态飞行条件下的实时制导需求。在经过进一步算法改 造后，可适配多类运载火箭和试验飞行器，可为我国航班化、低成本进入空间技术发展提供有力支撑。 南都讯 1月12日，中山大学与中科宇航联合在酒泉卫星发射基地圆满完成可重复使用运载火箭返回制导 核心关键技术验证飞行试验，成功验证了百公里级高度飞行剖面条件下的在线轨迹优化制导技术，为我 国可重复使用运载火箭关键技术攻关提供了有力支撑。 16时00分，"力鸿"一号遥一火箭按计划升空，火箭起飞后跨越"卡门线"，至约120公里的弹道最高点后 开始无动力返回。自火箭返回至距地面70km开始，由中山大学自主研制的"慎思"二号D（SS-2D）箭载 制导计算机执行在线轨迹优化返回制导程序，在复杂偏差和干扰条件下，实现了火箭助推器高精度定 点、定姿落地，飞行试验获得 ...

格隆汇1月12日｜航天科技发布异动公告，公司股票于2026年1月8日、2026年1月9日、2026年1月12日连 续三个交易日收盘价格涨幅偏离值累计达到20%，根据《深圳证券交易所交易规则》，属于股票异常波 动情况。本公司董事会确认，本公司目前没有任何根据深圳证券交易所《股票上市规则》等有关规定应 予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉本公司有根据 深圳证券交易所《股票上市规则》等有关规定应予以披露而未披露的、对公司股票及其衍生品种交易价 格产生较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 ...

Core Viewpoint - China Satellite (600118) has issued a warning regarding stock trading risks, highlighting a significant increase in stock price that may not align with the company's fundamentals [1][2]. Group 1: Stock Performance - As of January 12, 2026, China Satellite's stock closed at a limit-up price, with a cumulative increase of 179.16% since December 3, 2025, significantly outperforming the 40.68% increase in the Shenwan Military Industry Index and the 7.42% increase in the Shanghai Composite Index during the same period [1]. - The stock's trading volume reached 79.85 billion CNY, with a turnover rate of 5.89% on January 12, 2026 [2]. Group 2: Company Fundamentals - The company reported a projected 25.06% decrease in operating revenue for the year 2024, and a 96.67% decrease in net profit attributable to shareholders after excluding non-recurring gains and losses [3]. - For the first three quarters of 2025, the net profit attributable to shareholders, excluding non-recurring gains and losses, was only 5.4712 million CNY, with a gross margin of 9.62% and a net profit margin of 0.48%, indicating limited profitability [3]. Group 3: Market Sentiment and Risks - China Satellite cautioned that the current stock price is at a historical high and detached from its fundamentals, warning investors about the risks of market sentiment overheating and irrational speculation [2]. - The recent surge in the aerospace sector, including stocks like China Satcom and Aerospace Electronics, has led to a wave of limit-up trading, indicating a potential speculative bubble [3].

Group 1: Stock Market Activity - A total of 61 stocks were listed on the institutional leaderboard today, with 43 experiencing net buying and 18 facing net selling [1] - The top three stocks with the highest net buying by institutions were: Sanwei Communication (500 million), Goldwind Technology (395 million), and Hand Information (322 million) [1] Group 2: AI Applications - As of September 2025, overseas AI applications are expected to have over 1.2 billion monthly active users, while China is projected to reach 490 million, representing year-on-year growth of 76.7% and 172.3% respectively [4] - Over 70% of consumers are willing to use AI assistants for shopping decisions, indicating a significant shift in consumer behavior [4] - Anthropic's Claude Code generated an annualized revenue of 1 billion USD within six months of its release, highlighting the maturity of AI programming as a B2B sector [4] Group 3: Aerospace Industry - Zhongke Star Map is deeply involved in the commercial aerospace industry, covering satellite constellation construction and operation, aerospace electronic equipment manufacturing, and satellite application services [5] - The establishment of the Radio Innovation Institute is expected to accelerate the 6G process, aiming for comprehensive coverage through an integrated network of space, sky, and ground resources [6] - The Federal Communications Commission approved SpaceX's next-generation satellite constellation plan, allowing the deployment of an additional 7,500 second-generation Starlink satellites [5]

Core Views - The A-share market experienced a strong upward trend, with the Shanghai Composite Index breaking through the 4100-point mark, reaching a recent high [3][17] - The trading volume exceeded 3 trillion yuan, indicating a significant increase in market activity and a strong willingness for new capital to enter [3][17] - A positive feedback loop has formed, where increased trading volume supports further index gains, attracting more investors [3][17] Market Overview - On the last trading day, the Shanghai Composite Index closed at 4120.43 points, up 37.45 points, with a gain of 0.92% [6] - The Shenzhen Component Index rose by 160.67 points, or 1.15%, closing at 14120.15 points [6] - The ChiNext Index increased by 25.50 points, or 0.77%, ending at 3327.81 points [6] - The market saw a collective rise in major indices, with the Shanghai Composite Index gaining 3.82% for the week, and the ChiNext Index up 3.89% [7] Sector Performance - AI-related stocks surged, with significant activity in companies like Kimi and Sora, reflecting the ongoing investment opportunities in the AI sector [8][10] - The cultural media sector also saw substantial gains, driven by advancements in AI applications in gaming and content production [10] - Precious metals, including gold and silver, experienced price increases due to factors such as geopolitical tensions and increased demand from central banks [11] - The insurance sector reported a 7.6% year-on-year increase in premium income, indicating a stable growth trajectory [12] - Aerospace and military stocks rose sharply, supported by government spending proposals and ongoing geopolitical tensions [13][14] - The semiconductor sector is witnessing a trend of domestic substitution, with opportunities for investment in companies that can adapt to industry changes [15] - New energy stocks, particularly in lithium batteries and solar energy, are expected to continue their upward momentum due to ongoing demand and supportive government policies [16] Future Market Outlook - The current market sentiment is positive, but caution is advised due to potential volatility associated with high trading volumes [4][18] - Investors are encouraged to hold onto positions that have already been established while waiting for potential buying opportunities during market pullbacks [4][18] - Focus should be on selecting stocks with strong earnings support across various sectors, including technology and cyclical industries [4][18]