一问红利：2026 年是否会有超额？ 2025 年红利策略大幅跑输市场，最核心的原因在于市场找到了新的能够突破宏观趋势的成长性：以 AI 产业投资为代 表，以及景气度也开始逐步扩散到与 AI 强相关的"泛 AI"领域。所以市场的定价驱动力从 2022 年至 2024 年上半年 的股息率 d 逐步开始重新转向增长率 g。展望 2026 年，红利策略是否会有相较于全 A 的超额收益，核心判断还是在于 市场是否依旧以基本面的边际变化作为核心驱动力？基于我们年度策略《世界的中国》对于 2026 年的基本面展望， 在 AI 投资宏观风险较低、降息周期下全球制造业景气度向上的背景下，2026 年中国的企业盈利修复可能是股票市场 的核心驱动力，会有更多的行业景气度出现改善。在这种宏观背景下，我们认为投资者可能还是会更加关注基本面的 边际变化（增长率）而非股息率。所以 2026 年红利策略似乎很难获取超额收益。但这并不意味着红利策略不重要， 因为它依旧是很多投资者构建投资组合的压舱石和降低组合波动的重要工具：一方面，A 股权益资产内部红利资产的 估值水平最低，波动率也相对较低；另一方面，与主要城市二手住宅租金回报、10 年期 ...

分红方面，元道通信A股上市后累计派现2382.98万元。 融券方面，元道通信1月26日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，元道通信股份有限公司位于河北省石家庄市鹿泉区上庄镇智创谷中心22号楼，成立日期2008 年9月12日，上市日期2022年7月8日，公司主营业务涉及通信网络工程建设、维护、优化等技术服务、 通信网络综合服务支撑体系开发及通信网络设备销售。主营业务收入构成为：通信网络维护与优化服务 77.64%，信息通信软硬件产品12.28%，其他业务10.08%。 截至9月30日，元道通信股东户数2.42万，较上期增加29.98%；人均流通股3141股，较上期减少 23.06%。2025年1月-9月，元道通信实现营业收入9.43亿元，同比减少14.61%；归母净利润1763.14万 元，同比减少62.24%。 1月26日，元道通信（维权）跌0.20%，成交额9480.09万元。两融数据显示，当日元道通信获融资买入 额395.49万元，融资偿还322.26万元，融资净买入73.2 ...

Core Viewpoint - The company is actively pursuing technological innovation and deep integration of business scenarios to provide digital transformation services across various sectors, including government and enterprises [1] Group 1: Business Focus - The company is focusing on smart governance, smart cities, smart campuses, and smart transportation as part of its digital transformation services [1] - The company is expanding its business boundaries across multiple industries, with a particular emphasis on energy digitalization services [1] Group 2: Technical Strengths - The company leverages solid talent reserves and technical capabilities to drive its initiatives in digital transformation [1] - The company's digital transformation services for government and enterprise clients have not yet been directly applied to autonomous driving-related fields and projects [1]

Core Viewpoint - The company is actively pursuing technological innovation and deep integration of business scenarios in response to the new generation of information technology development trends [1] Group 1: Business Focus - The company is committed to providing digital transformation services for various sectors, including smart government, smart cities, smart campuses, and smart transportation [1] - The company is expanding its business boundaries across multiple industries, with a particular focus on energy digitalization services [1] Group 2: Talent and Technology - The company leverages its solid talent pool and technological capabilities to enhance its offerings in the digital transformation space [1] Group 3: Current Limitations - The company's digital transformation services for government and enterprise sectors have not yet been directly applied to autonomous driving-related fields and projects [1]

Group 1 - The company expects a net profit to be negative for the fiscal year 2025, which spans from January 1, 2025, to December 31, 2025 [1] - The company has communicated with its auditing firm regarding the earnings forecast, and there are no significant discrepancies between the company and the auditors [1] - The expected reduction in losses is attributed to several factors, including a decrease in new customer acquisition in the information intelligent transmission business, optimization of customer base, changes in sales strategy to improve product gross margins, and cost-cutting measures such as reducing personnel and rental expenses [1] Group 2 - The communication network maintenance business has seen an increase in revenue due to the addition of new service areas, although the gross margin has slightly decreased due to intensified industry competition and rising operating costs [1] - The parent company has continued to focus on cost reduction and efficiency improvements, leading to a year-on-year decrease in overall expenses [1] - Overall, the company's losses are expected to significantly decrease compared to the previous year due to the combined effects of the aforementioned factors [1]

格隆汇1月26日丨吉大通信(300597.SZ)公布，中国移动采购与招标网于近日发布了《2025非年度（第二 批）及2026-2027年度规划设计业务非核心技术配合服务采购-中选候选人公示》，吉林吉大通信设计院 股份有限公司为招标项目中选候选人之一。公司预计本次拟中选份额的预估服务费约为21,599.53万元 （含税）。 ...

Core Viewpoint - The company WuTong Holdings has announced that its subsidiary Guodu Internet's 5G messaging platform, 5G 101, has integrated with multimodal large models such as DeepSeek and Baidu's Wenxin Yiyan, aiming to enhance the application of natural language processing and deep learning in the 5G messaging sector [1] Group 1 - The 5G 101 platform is working on combining the latest advancements in natural language processing and deep learning to enrich mobile information services [1] - The company is focused on creating a "full-link 5G messaging intelligent solution" for its clients, although the commercial value of this initiative is yet to be validated and realized [1] - Currently, the revenue contribution from the company's 5G messaging business is relatively small [1]

Group 1 - The communication services sector increased by 0.57% on January 26, with Nanling Technology leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Notable gainers in the communication services sector included Nanling Technology, which rose by 12.02% to a closing price of 28.33, and Guanghuan New Network, which increased by 8.16% to 15.64 [1] Group 2 - The communication services sector experienced a net inflow of 359 million yuan from institutional investors, while retail investors saw a net outflow of 321 million yuan [2] - Major stocks with significant net inflows included Runze Technology with 500 million yuan and Guanghuan New Network with 343 million yuan [3] - Conversely, stocks like Sanwei Communication and Putian Technology faced declines of 7.08% and 6.05%, respectively [2]

Core Viewpoint - The company expects a net loss attributable to shareholders of between 220 million and 320 million yuan for the fiscal year 2025, indicating a significant decline in performance compared to the previous year [1] Financial Performance - The projected net loss after deducting non-recurring gains and losses is estimated to be between 200 million and 295 million yuan [1] - The decline in net profit is primarily attributed to goodwill impairment related to the previously acquired assets in the live streaming business, VOIP, and IPTV asset groups [1]

Core Viewpoint - The company, 二六三 (002467.SZ), has disclosed a forecast for its 2025 annual performance, expecting a net loss attributable to shareholders of between 220 million to 320 million yuan, with a net loss of 200 million to 295 million yuan after deducting non-recurring gains and losses [1] Financial Performance - The company's net profit for 2025 is expected to decline compared to the same period last year [1] - The primary reason for the performance change is the impairment of goodwill related to the previously acquired assets, specifically in the live streaming business, VOIP, and IPTV asset groups [1]