九泰量化新兴产业（011500）基金经理为霍霄。 截至发稿，霍霄累计任职时间1年64天，现任基金资产总规模2.16亿元，任职期间最佳基金回报 51.98%， 任职期间最差基金回报33.68%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 1月14日，华海清科涨5.03%，截至发稿，报182.36元/股，成交5.61亿元，换手率0.90%，总市值644.92 亿元。 资料显示，华海清科股份有限公司位于天津市津南区咸水沽镇聚兴道11号，成立日期2013年4月10日， 上市日期2022年6月8日，公司主营业务涉及从事半导体专用设备的研发、生产、销售及技术服务。主营 业务收入构成为：CMP/减薄装备销售87.70%，其他产品和服务12.30%。 从基金十大重仓股角度 数据显示，九泰基金旗下1只基金重仓华海清科。九泰量化新兴产业（011500）三季度持有股数8388 股，占基金净值比例为4.24%，位居第九大重仓股。根据测算，今日浮盈赚取约7.33万元。 九 ...

1月14日，先锋精科盘中上涨2.01%，截至10:00，报67.94元/股，成交7623.81万元，换手率1.05%，总市 值137.50亿元。 截至9月30日，先锋精科股东户数1.24万，较上期减少5.02%；人均流通股3268股，较上期增加5.29%。 2025年1月-9月，先锋精科实现营业收入9.69亿元，同比增长11.47%；归母净利润1.62亿元，同比减少 7.56%。 分红方面，先锋精科A股上市后累计派现4047.60万元。 机构持仓方面，截止2025年9月30日，先锋精科十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第一大流通股东，持股92.15万股，为新进股东。南方科创板3年定开混合（506000）位居第二大流 通股东，持股71.29万股，持股数量较上期不变。诺安成长混合A（320007）位居第三大流通股东，持股 64.98万股，持股数量较上期不变。华夏上证科创板半导体材料设备主题ETF（588170）位居第六大流 通股东，持股30.63万股，为新进股东。南方信息创新混合A（007490）、华夏稳增混合（519029）、西 部利得事件驱动股票A（671030）、华夏鼎利债券A（ ...

Group 1 - The core point of the news is that Shengmei Semiconductor Equipment (Shanghai) Co., Ltd. experienced a stock price increase of 5.39%, reaching 199.50 CNY per share, with a trading volume of 323 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 95.793 billion CNY [1] - Shengmei Shanghai specializes in the research, development, production, and sales of semiconductor equipment, with 99.72% of its revenue coming from product sales and 0.28% from services [1] Group 2 - According to data from the top ten circulating shareholders of Shengmei Shanghai, the Nuoan Growth Mixed Fund A (320007) reduced its holdings by 754,100 shares in the third quarter, now holding 2,468,600 shares, which represents 0.57% of the circulating shares [2] - The Nuoan Growth Mixed Fund A has a current scale of 18.468 billion CNY and has achieved a year-to-date return of 11.92%, ranking 447 out of 8,838 in its category, while its one-year return is 59.27%, ranking 1,529 out of 8,089 [2] - The fund manager, Liu Huiying, has been in charge for 3 years and 166 days, with the fund's total asset scale at 23.634 billion CNY, achieving a best return of 94.73% and a worst return of 26.25% during her tenure [2]

Group 1: Company Overview - The report highlights the strong growth of Laopu Gold (06181.HK), with a revenue of 12.354 billion yuan in the first half of 2025, representing a year-on-year increase of 251%, and a net profit of 2.268 billion yuan, up 286% [7][9] - Laopu Gold focuses on high-end gold jewelry retail, utilizing traditional craftsmanship, and has a high gross margin of 41.2% in 2024 and 38.1% in the first half of 2025 [7][9] - The company operates 41 stores across 16 cities, including one in Singapore, with a significant increase in single-store revenue, which reached an average of 207 million yuan in 2024, up 120.28% year-on-year [7][9] Group 2: Market Trends and Demand - The demand for gold jewelry is expected to grow due to the rising trend of self-consumption and the integration of fashion and value in gold products, driven by innovative design and craftsmanship [8] - The report notes that the high-end consumer market remains resilient, providing a favorable environment for brands like Laopu Gold [8] - The anticipated long-term increase in gold prices is expected to further boost demand for gold jewelry, benefiting companies with strong gross margins [8] Group 3: Financial Projections and Investment Recommendations - Laopu Gold is projected to achieve net profits of 4.84 billion yuan, 6.545 billion yuan, and 8.107 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 22.4, 16.6, and 13.4 [9] - The report recommends a target stock price range of 788.38 to 855.93 HKD per share for Laopu Gold, maintaining an "outperform" rating [9] - The company is expected to continue expanding its product offerings and membership base, as well as its international presence, to drive future growth [9] Group 4: Industry Insights - The public utility and environmental protection sectors are experiencing a decline in photovoltaic and wind power generation utilization rates, emphasizing the importance of "environmental + resource" investment logic [10][12] - The report discusses the increasing demand for metals due to geopolitical tensions and supply chain security concerns, which have driven up prices for industrial metals [11][12] - The report suggests that the environmental sector is entering a mature phase, with significant cash flow improvements and a focus on investment opportunities in the "quasi-public utility" space [12]

Group 1 - The core viewpoint is that during the "14th Five-Year Plan" period, the Chinese economy will enter a transformation phase dominated by new quality productivity, with a downward shift in the growth center and intensified external geopolitical competition [1] - Industry investment will focus on four main lines: technology self-reliance driven by new quality productivity, green transformation during the carbon peak period, the silver economy driven by population aging, and strategic resource allocation under the coordination of development and security [1] - Non-ferrous metals are expected to maintain strong performance, with gold being a core safe-haven asset under the "de-dollarization" pricing logic, while copper and aluminum will benefit from energy transition and supply constraints [1] Group 2 - The asset allocation strategy suggested is a dual-peak strategy: defensive allocation in high-dividend assets (such as hydropower, telecom operators, and state-owned banks) to secure stable cash flow returns, and offensive allocation in hard technology growth assets (such as semiconductor equipment, industrial software, and humanoid robots) to capture excess returns from domestic substitution and industrial upgrading [1] Group 3 - The AI industry is experiencing continuous catalysis, with significant commercial development potential for AI applications, particularly in generative search (GEO) [2] - In addition to content generation, content interaction is becoming an important breakthrough point, enhancing user engagement significantly, especially in gaming and other content sectors [2] Group 4 - The chemical industry, characterized as a typical cyclical industry, usually follows a five-year cycle consisting of four stages: profit upturn, capacity expansion, profit bottoming, and capacity clearance/improvement in demand expectations [3] - With capital expenditure growth turning negative, anti-involution, overseas interest rate cuts, and domestic demand expansion, the chemical industry is viewed positively at the beginning of the "14th Five-Year Plan" as it enters a "dawn" phase [3] - The ongoing global technological revolution is accelerating, presenting new opportunities for material transformation [3]

Group 1 - The core viewpoint of the news is that international investors are accelerating their allocation of Chinese assets, with the proportion of holdings by major institutions reaching a new high since 2023 [1][2] - UBS's analysis indicates that the interest in Chinese assets is increasingly based on optimism regarding industrial transformation and growth potential rather than short-term trading opportunities [1][2] - The Hong Kong IPO market is experiencing a positive cycle with over 300 companies having submitted listing applications, indicating a significant increase compared to previous years [3][4] Group 2 - Foreign investment in Chinese assets is particularly evident in the Hong Kong IPO market, with major international asset management firms participating as cornerstone investors in recent listings [2][3] - The investment style of foreign investors is evolving, with a shift from focusing solely on companies with stable earnings to also considering high-growth companies, indicating a broader acceptance of growth-oriented investments [3][5] - The outlook for Chinese assets remains strong, with key sectors such as AI, semiconductor equipment, brokerage firms, and companies benefiting from overseas expansion being highlighted as areas of interest for future investment [4][5]

Core Viewpoint - The Chinese technology sector is experiencing significant capital inflow in early 2026, driven by strong performance in various sub-sectors such as robotics, autonomous driving, commercial aerospace, and smart glasses, supported by foreign institutional optimism regarding long-term growth potential [1][8]. Group 1: Market Performance - As of January 13, 2026, the Shenwan Computer and Shenwan Electronics indices have risen by 14.13% and 5.7% respectively, while the Hang Seng Technology Index has increased by 6.41% [2]. - In the U.S. market, Alibaba and Baidu have seen increases of 13.46% and 16.53% respectively, outperforming the Nasdaq index, which rose by only 2.12% during the same period [2]. Group 2: Fund Inflows - Multiple technology-focused ETFs in the A-share market have experienced significant net inflows, with the Yongying Satellite ETF, Guotai Semiconductor Equipment ETF, and Fuguo Satellite ETF attracting net inflows of 4.79 billion, 3.014 billion, and 2.824 billion respectively as of January 12, 2026 [2]. - Cross-border ETFs such as the Fuguo Hong Kong Internet ETF and Huatai-PB Hang Seng Technology ETF have also seen substantial net inflows of 2.7 billion and 2.174 billion respectively [2]. Group 3: ETF Asset Growth - The Invesco China Technology ETF's asset size reached $3.061 billion as of January 12, 2026, marking an 8.64% increase from $2.818 billion at the end of December 2025 [4][5]. - The China Overseas Internet ETF's asset size was $8.375 billion as of January 9, 2026, reflecting a 4.47% increase from $8.017 billion at the end of December 2025 [6]. Group 4: Long-term Growth Outlook - Foreign institutions believe that the long-term growth logic of the Chinese technology sector remains solid, with expectations for continued market performance in 2026 [7][8]. - The ongoing technological iterations and improvements in the industrial ecosystem are expected to enhance the profitability of various sub-sectors within the technology industry [8]. Group 5: Investment Opportunities - Key areas such as AI, robotics, autonomous driving, and commercial aerospace are anticipated to experience significant growth and investment opportunities in 2026, driven by technological breakthroughs and increased policy support [9]. - The AI sector is expected to reshape business processes and product forms over the next 3-5 years, with core companies in this space currently valued reasonably without entering bubble territory [9].

TD Cowen将芯片制造设备供应商科磊的评级从"持有"上调至"买入"，将其目标价从1300美元大幅上调 至1800美元。(格隆汇) ...

Investment Rating - The report maintains an "Outperform" rating for the company [5] Core Insights - The company is a leading supplier of PCB direct imaging equipment and semiconductor direct-write lithography equipment, with a strong market presence in both PCB and semiconductor sectors [1][7] - The company has established itself as a key player in the domestic direct-write lithography equipment market, serving over 600 clients globally, including major PCB manufacturers [1][21] - The demand for PCB equipment is robust, driven by the surge in AI computing needs, leading to significant expansions among PCB manufacturers [2][28] - The company plans to list on the Hong Kong Stock Exchange to raise funds for expanding production capacity and enhancing R&D efforts [3] Summary by Sections Company Overview - Founded in 2015, the company specializes in direct imaging and direct-write lithography equipment, focusing on micro-nano technology [1][7] - It has a diverse product range that includes PCB direct imaging equipment and semiconductor direct-write lithography systems [8][9] Financial Performance - The company expects revenues of CNY 9.53 billion in 2024, with PCB series revenue at CNY 7.82 billion (YoY +32.5%) and semiconductor series revenue at CNY 1.10 billion (YoY +9.2%) [1][30] - The projected revenue growth for 2025-2027 is CNY 14.1 billion, CNY 24.2 billion, and CNY 32.0 billion, with net profits of CNY 3.0 billion, CNY 5.3 billion, and CNY 7.1 billion respectively [3][32] Market Dynamics - The high-end PCB market is experiencing a supply shortage, prompting manufacturers to increase production capacity [2] - The company has made significant advancements in high-end PCB equipment, achieving performance levels comparable to international competitors [2] R&D and Innovation - The company is committed to enhancing its R&D capabilities, with a focus on developing advanced technologies in direct-write lithography [7][23] - It has a strong patent portfolio, with 199 authorized patents, including 75 invention patents [23] Future Outlook - The company anticipates continued growth in both PCB and semiconductor sectors, with a focus on expanding its market share and product offerings [3][29] - The expected revenue growth rates for PCB and semiconductor series are 55.9%, 72.3%, and 33.3% for the next three years [28][30]

展望中国股票市场，瑞银全球金融市场部中国主管房东明认为，强硬的创新能力，叠加支持性的政策， 充裕的流动性，以及国内外机构投资者潜在资金的流入，预计将支撑中国股市迎来另一个丰年。 "我们亦清醒地看到未来的挑战：地缘政治、供应链迁移与监管环境演变均要求我们保持警觉与灵活。 但挑战亦孕育机会——那些准备充分、积极调整、迅速拥抱变化的参与者将更有望脱颖而出。"瑞银集 团首席执行官安思杰称。 估值是否已不再便宜？ 瑞银证券中国股票策略分析师孟磊对第一财经称，对A股一季度行情持乐观态度，整体流动性宽松促使 股市估值上行。就2026全年而言，整体盈利提高叠加估值复苏，A股有望进一步上行。 1月13日，A股经历多日上涨后迎来调整，后市行情备受热议。 在当日召开的第26届瑞银大中华研讨会（GCC）上，瑞银证券中国股票策略分析师孟磊对第一财经 称，对A股一季度行情持乐观态度，整体流动性宽松促使股市估值上行。就2026全年而言，整体盈利提 高叠加估值复苏，A股有望进一步上行。 "我们确实看到非常多的资金在A股市场流动，但并没有看到整体市场过热的过程，事实上现在市场整 体情绪处在中等水平上方，没有达到过热的水平。"孟磊说。 他从多方 ...