编者荐语： 转载自申万宏源证券上海分公司，仅供参考。市场两级分化，对于蓝筹股可以跟随汇金的步伐；对于中小创，则可以设置好止损线后，顺势而为。 以下文章来源于申万宏源证券上海分公司 ，作者司伟杰 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 摘要： 市场两级分化，对于蓝筹股可以跟随汇金的步伐；对于中小创，则可以设置好止损线后，顺势而为。 市场复盘： 本周市场呈现冰火两重天的境遇，大盘蓝筹向下寻底，小盘股迎风起舞。从指数层面来看，进入 2026 年以来，上证 50 近三周表现为 3.40% ， -1.74% 与 -1.54% ，中证 500 表现为 7.92% ， 2.18% 与 4.34% ，差额越拉越大，目前剪刀差已经超过 15% 。一边是商业航天、 AI 应用、数据中心、电池能源的不 断有消息催化，另一面是消费、红利、金融的控温和卖出。市场氛围呈现明显的两级分化。 但需要提醒的是，这次两融保证金的修改，仅仅是对 2023 年 8 月政策的"恢复常态化"，当时沪指还在 3000 点附近盘桓，放松比例是为了盘活市场，而现 ...

Group 1 - The core point of the article highlights the significant rise in the stock price of GDS Holdings Limited (万国数据-SW), which increased by 6.45% to HKD 44.2, with a trading volume of HKD 150 million [1] - Alibaba Cloud has officially launched its flagship reasoning model Qwen3-Max-Thinking, which boasts over 1 trillion parameters and a pre-training data volume of 36 trillion tokens, marking it as Alibaba's largest and most capable reasoning model to date [1] - CITIC Securities' recent report indicates that the demand for AI driven by reasoning and training is accelerating, suggesting a positive outlook for the domestic computing power chain and investment opportunities in AIDC and network sectors [1] Group 2 - Morgan Stanley's report suggests that scale demand, resource availability, and policy are driving the deployment of AI data centers by large-scale operators towards remote areas, indicating a healthier supply-demand dynamic in the market for data centers in these regions [1] - The report also emphasizes that leading data center operators with strong resource pipelines are expected to benefit from the stable return prospects in the AI era [1]

【天风通信】光环新网：减值、云收益减少致业绩亏损，IDC储备丰富 公司发布25年业绩预告，预计2025年实现归母净利润亏损7.3-7.8亿元，24年盈利3.81亿元；扣非归母净利润亏 损7.7亿元-8.2亿元，24年盈利3.46亿元。 亏损主要原因是计提资产减值8.91亿元，其中中金云网计提8.38亿元、光环赞普计提2713万元，同时云计算收益减 少1.06亿元。 若加回减值负面影响，4Q25净利润依然为负，我们分析是由于新机房上架率不高导致短期成本压力加大。 截至2025年末公司已投放机柜超过8.2万架（4Q25投放1万架，25年前三季度投放1.6万台），全年新投放机柜数量 超过2.6万架，是公司新投放机柜数量最多的一年（24年仅投放不超过8000架）。 大量的新增机柜投放造成营业成本短时间内急剧增加，客户上架时间通常会较投放时间有所滞后。 天津CSP大客户项目已陆续交付客户，6月份开始产生收入，三期项目在建，未来扩展可达到180MW规模或更 大。 上海嘉定二期已交付并陆续上架。 内蒙古项目正申请能耗指标。 我们分析减值主要原因是 【天风通信】光环新网：减值、云收益减少致业绩亏损，IDC储备丰富 公司发布2 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 27 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 美国回归门罗主义，在全球收缩，将对全球经济、美债、美股、美元、贵金属、 工业金属等大类资产产生颠覆式深远影响。 鉴于美国连续的错误政策，全球经济已越过顶部区域，开始向下运行。 重要事项: 联系方式：yujunli@greendh. ...

Morning session notice 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周一开盘后，成长类指数即遭到强大的持续卖压，属于近期稳市场的延续，尾盘有 | | | | | 所回稳。两市成交额 3.24 万亿元，继续放量。中证 500 指数收 8506 点，跌 83 点， | | | | | 跌幅-0.97%；中证 1000 指数收 8365 点，跌 105 点，跌幅-1.24%；沪深 300 指数收 | | | | | 4706 点，涨 4 点，涨幅 0.09%；上证 50 指数收 3049 点，涨 17 点，涨幅 0.57%。行 | | | | | 业与主题 ETF 中涨幅居前的是黄金股票 ETF、矿业 ETF、疫苗 ETF 富国、工业有色 | | | | | ETF 万家、有色 ETF 鹏华，跌幅居前的是卫星 ETF、通用航空 ETF 南方、高端装备 | | | | | ETF ...

Core Viewpoint - The company, Guanghuan Xinnet (300383), is expected to report a significant loss in 2025, with projected revenue between 7.17 billion to 7.22 billion yuan, compared to 7.28 billion yuan in the previous year, and a net loss of 730 million to 780 million yuan, contrasting with a profit of 381.44 million yuan in the same period last year [1][7]. Financial Performance - The projected net profit attributable to shareholders is a loss of 730 million to 780 million yuan, compared to a profit of 381.44 million yuan in the previous year [2][8]. - The expected revenue for 2025 is between 7.17 billion to 7.22 billion yuan, down from 7.28 billion yuan in the previous year [2][8]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of 770 million to 820 million yuan, compared to a profit of 346.38 million yuan last year [2][8]. Industry Challenges - The company attributes its significant loss to an imbalance in supply and demand in the data center industry, increased competition, and a customer base that is becoming more concentrated, leading to stronger bargaining power among clients [2][8]. - The implementation of the national "dual carbon" strategy has resulted in stricter regulations regarding energy consumption and efficiency for data centers, leading to increased operational costs for equipment maintenance and upgrades [2][8]. Operational Developments - As of the end of 2025, the company has deployed over 82,000 cabinets, with more than 26,000 new cabinets added in the year, marking the highest number of new deployments in the company's history [3][9]. - The rapid increase in cabinet deployment has led to a significant rise in operating costs, with customer onboarding times lagging behind deployment schedules, putting pressure on the company's operating costs [3][9]. Cloud Computing Revenue - Due to client business adjustments and the company's proactive optimization of its customer structure, cloud computing revenue has decreased compared to the previous year, with an expected reduction of approximately 106 million yuan due to the expiration of specific operational assets acquired in December 2017 [3][9]. Asset Impairment - The company plans to recognize an asset impairment provision of up to 891 million yuan for 2025, with 865 million yuan attributed to goodwill impairment primarily related to the acquisitions of Zhongjin Cloud Network and Guanghuan Zamp [10][12]. - The impairment provision for Zhongjin Cloud Network is expected to be 838 million yuan, which constitutes the majority of the goodwill impairment [10][12]. Market Performance - As of January 26, the company's stock price increased by 8.16%, closing at 15.64 yuan per share, with a total market capitalization of approximately 28.114 billion yuan, although the stock price has remained relatively stagnant over the past year [6][13].

Group 1: Core Insights - The "Bai Niao He Digital Town" in Guizhou is focusing on data annotation to support intelligent driving systems, aiming for an annual output value of 450 million yuan and training over 3,000 digital talents by 2025 [1] - Guizhou is accelerating the construction of a comprehensive data industry chain, targeting a digital economy output value exceeding 280 billion yuan by 2025, with an average annual growth rate of over 16% during the 14th Five-Year Plan period [1] - The province is committed to enhancing its digital economy by integrating computing power, data, applications, and industry, with a focus on developing intelligent computing and data industries [1] Group 2: Infrastructure and Capacity - Guizhou has 50 data centers under construction or in operation, with a computing power scale of 160 trillion operations per second, of which over 98% is intelligent computing [3] - The province plans to continue issuing computing power vouchers annually to reduce costs for enterprises, while also providing precise services for ongoing computing projects [3] Group 3: Industry Ecosystem and Talent Development - The data annotation base in Guizhou is set to attract nearly 100 companies, focusing on automatic driving and large model training, leveraging the region's advantages in data centers and talent [4] - Guizhou has over 253 educational institutions offering big data-related programs, producing more than 53,000 graduates annually, which supports the growth of the digital economy [4] Group 4: Application and Innovation - Guizhou has established a 400G computing power channel and is implementing the "AI+" initiative, resulting in over 110 large model application scenarios across 24 key industries, with the AI core industry scale reaching 24 billion yuan [5] - The province aims to create over 1,000 application scenarios in the future, focusing on high-quality data set construction and AI empowerment [6]

Market Performance - The three major U.S. stock indices closed higher, with the Nasdaq up 0.43%, the Dow Jones up 0.64%, and the S&P 500 up 0.5% [1] Technology Sector - Technology stocks showed mixed results, with Apple, Oracle, and Meta rising over 2%, while Intel fell over 5%, and AMD and Tesla dropped over 3% [2] Chinese Stocks - Most popular Chinese stocks declined, with the Nasdaq Golden Dragon China Index down 0.62%. Baidu fell over 3%, Xpeng Motors down over 2%, and Alibaba down over 1%, while Li Auto rose over 1% [2] Commodities - Gold and silver experienced significant pullbacks, with silver's gains narrowing to 2% at approximately $105 per ounce after previously rising 14%. Gold's increase shrank to less than 0.8%, priced around $5020 per ounce after a prior rise of 2.5% [2] Global Developments - SoftBank's massive data center acquisition deal reportedly fell through, with plans to acquire U.S. data center operator Switch at a valuation of $50 billion (including debt) now abandoned [3] OPEC+ Production - OPEC+ is expected to maintain its current oil production levels in March, despite ongoing turmoil in Iran and Venezuela [4] Federal Reserve Outlook - Goldman Sachs anticipates that the upcoming Federal Reserve monetary policy decision will likely have a minimal impact on the market, with only slight adjustments expected. However, news regarding Powell's successor from the White House could have a more significant effect [5] AI Industry Shift - Jefferies reports a potential shift in focus within the AI industry, moving from large-scale platforms to key component suppliers, as the AI boom has created numerous winners, particularly among the "Tech Giants" [6] Automotive Industry - Volkswagen's CEO stated that the company may abandon plans to build a new Audi factory in the U.S. unless the U.S. reduces automotive tariffs, highlighting potential challenges in U.S. manufacturing policies [7] Health Concerns - India is facing a high-risk outbreak of the Nipah virus, with a mortality rate between 40% and 75%, and no specific treatments or vaccines currently available. The virus has spread in West Bengal, with five confirmed cases reported [8]

韶关：投建620 亿元智算之城， 激活750亿元生 态富矿丨2026广 东两会_南方+_ 南方plus 1月26日， 广东省十四届人大五次会议韶关代表团举行全体会议并开放媒体提问。会上，韶关市委书记、市人大常 委会主任陈少荣，市委副书记、市长吴庆华围绕韶关在大数据与人工智能时代的战略布局，以及如何将 高质量发展成果切实转化为群众可感可及的美好生活，向媒体作出详细阐述，全面展现了韶关在新赛道 上的举措与成效。 广东省十四届人大五次会议韶关代表团召开全体会议。 谭家富摄 聚焦国家战略 打造湾区"智算 之城" "算力就是生产 力。"陈少荣一 语点明韶关转型 发展的核心抓 展望下一步，韶 关将把集群建设 视为高质量发展 的"胜负手"，从 三方面持续发 力：一是持续壮 大算力供给规 模，力争今年年 底形成30万标准 机架的承载能 力，上架算力达 250MW，更好 服务大湾区人工 智能等产业发 手。作为国家布 局的十大数据中 心集群之一，韶 关正凭借地质安 全、成本低廉、 网络时延低、人 才加速集聚等综 合优势，快速崛 起为服务粤港澳 大湾区乃至全国 的算力高地。尤 其是至广州、深 圳的优越低时 延，使其成为支 撑大湾区 ...

Summary of Conference Call Notes Company/Industry Involved - The discussion revolves around the Chinese market, particularly focusing on the real estate sector and the implications of geopolitical dynamics on investment strategies. Key Points and Arguments 1. Macro Strategy and Investment Logic - The macro strategy focuses on three main themes: interest in dollar assets, re-evaluation of China's industrial strength, and exploration to break deflationary trends [1][2][3] 2. Geopolitical Environment - Recent geopolitical tensions, including U.S. tariffs on the EU and Japan's fiscal stimulus concerns, have created instability in Western markets [2][3] - A shift towards a more balanced view of U.S.-China relations among Western countries is noted, with an emphasis on pragmatic cooperation [3][5] 3. China’s Trade Relations - New trade agreements between China and Canada, including reduced tariffs on Chinese electric vehicles, indicate a move towards mutual benefits in trade [5][6] - Germany is expected to expand subsidies for all brands of electric vehicles, including Chinese brands, while maintaining a minimum import price framework [5] 4. Real Estate Market Outlook - The real estate market in China is projected to face challenges, with expectations of continued price declines of 8% in 2026 and 6% in 2027 [50][51] - The market is currently in a transitional phase between the second and third stages of adjustment, with significant downward pressure on prices [17][51] 5. Economic Impact of Real Estate - The real estate sector is expected to drag down nominal GDP by approximately 2.3 percentage points in 2025 and 1.7 percentage points in 2026 and 2027 [20][57] - The negative wealth effect from falling property prices is likely to suppress consumer spending and impact related industries [20] 6. Policy Interventions - The government is expected to implement targeted policies, such as mortgage subsidies in select cities, to stabilize the market without triggering moral hazard [18][54] - The focus will be on cities with net population inflows and reasonable valuations to mitigate excessive pessimism [19][54] 7. Gold and Strategic Assets - There is a growing preference for gold as a strategic asset, with its share in global reserves increasing significantly since 2011 [10][11] - Central banks are shifting towards holding absolute quantities of gold rather than just its value, indicating a structural change in asset allocation [12] 8. AI Infrastructure and Investment Opportunities - The competition in AI between the U.S. and China is highlighted, with China focusing on domestic computing power and application scenarios [24][25] - There is a recognition of the need for balance between using foreign technology and promoting domestic capabilities in AI [26] 9. Market Sentiment and Liquidity - The overall liquidity in both A-share and Hong Kong markets is described as healthy and sustainable, despite regulatory actions aimed at cooling the market [28][29] - The A-share market sentiment index has shown fluctuations, indicating a shift towards a more rational trading environment [30][34] 10. IPO Market Concerns - There are concerns regarding the potential dilution effects of increasing IPOs in the Hong Kong market, which could impact market ecology negatively [37][40] 11. Trade Surplus and Economic Structure - China's trade surplus is expected to remain high, reflecting strong industrial competitiveness but also weak domestic demand [58] Other Important but Overlooked Content - The geopolitical landscape is influencing global asset allocation strategies, with a notable shift towards diversification to mitigate risks [41][42] - The discussion emphasizes the importance of monitoring regulatory changes and their potential impacts on market dynamics [29][36]