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 ...

Summary of Key Points from Conference Call Records Industry Overview - **Precious Metals and Non-Ferrous Metals**: Significant price movements observed in precious metals, particularly gold, which surged over 2% to exceed $5100 per ounce, indicating strong market demand and investor interest [1][2]. Core Insights and Arguments - **Gold Market Performance**: The spot price of gold increased by 2.29%, marking a daily rise of over $110, reflecting robust investor sentiment and market dynamics [1]. - **Tungsten Market Trends**: - The price of black tungsten concentrate rose by 11.43% to 536,000 CNY per ton, while ammonium paratungstate increased by 12.06% to 790,000 CNY per ton, indicating tightening supply conditions [2][4]. - Supply constraints are evident as mining production slows down due to reduced extraction quotas, leading to a tightening of market circulation [3]. - **Tin Market Dynamics**: - SHFE tin prices rose by 21.85% to 429,600 CNY per ton, and LME tin prices increased by 21.73% to $54,200 per ton, driven by supply pressures from geopolitical issues in major production areas [4][5]. Additional Important Content - **Biopharmaceutical Sector**: The outbreak of the Nipah virus in West Bengal, India, has raised concerns, with multiple healthcare workers infected, prompting urgent preventive measures in neighboring countries [6]. - **Space Photovoltaics**: - Elon Musk announced plans for SpaceX and Tesla to establish 100 GW of solar capacity in the U.S. within three years, which could significantly boost long-term demand for space photovoltaics [6]. - The commercial space sector is entering a new phase of large-scale deployment, with over 200,000 satellite constellation applications submitted in China [6]. - **Cloud Computing and AI**: AWS has raised its EC2 machine learning capacity block prices by approximately 15%, indicating rising operational costs in the cloud computing sector [7]. - **Oil and Gas Market**: Natural gas prices in the U.S. surged due to winter storms, with futures exceeding $6 per million British thermal units for the first time since 2022, reflecting supply-demand imbalances [7]. Stock Performance Highlights - **Top Gainers**: - In the precious metals sector, stocks such as Hunan Gold, Sichuan Gold, and China Gold saw significant price increases [2]. - In the tungsten sector, stocks like Xianglu Tungsten and Zhongtung High-tech performed well [4]. - In the biopharmaceutical sector, companies like Maike Biotech and Kaili Biotech experienced notable stock gains [6]. - **Market Activity**: The total trading volume in the Shanghai and Shenzhen markets approached 3.3 trillion CNY, reflecting increased market activity compared to the previous trading day [1].

①1月27日黄金与白银在刷新历史高点后大幅回调。 现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。 ②1月26日中国新闻网发文：《印度暴发尼帕病毒疫情！可人传人，死亡率最高达75%》 ①1月27日黄金与白银在刷新历史高点后大幅回调。 现货白银一度上涨14%，达117美元/盎司，随后跳水并抹去全部日内涨幅，收报约103.7美元/盎司。 现货黄金一度上涨2.5%，达5110美元/盎司，随后回落至5010美元/盎司附近 ②1月26日紫金矿业出现40亿超大额压单。 达安基因、特一药业、鲁抗医药、海王生物、科华生物 之江生物（科创）、华兰疫苗、回盛生物、凯普生物、迈克生物、金迪克 现货黄金一度上涨2.5%，达5110美元/盎司，随后回落至5010美元/盎司附近 ②1月26日紫金矿业出现40亿超大额压单。 紫金矿业：拟以44加元/股共计约280亿元收购联合黄金100%股权 ③1月26日上期所 紫金矿业：拟以44加元/股共计约280亿元收购联合黄金100%股权 ③1月26日上期所调整铜，铝期货相关合约涨跌停板幅度和交易保证金比例，调整白银，锡期货相关合约交易限 额，进一步 ...

Core Viewpoint - The 2025 "National Craftsman of the Year" event has announced 50 finalists, including two from Chengdu, highlighting the importance of skilled professionals in various key industries [1] Group 1: Event Overview - The event was officially launched in September 2025 and has undergone extensive recommendations and rigorous evaluations [1] - A total of 50 individuals from critical sectors such as manufacturing, aerospace, electricity, transportation, food, and cultural heritage have been selected as finalists [1] Group 2: Notable Finalists - The two finalists from Chengdu are Guo Ping, chief technician at China Railway Erju Co., Ltd., and Tang Renjie, head of the "Tang Renjie Model Worker Innovation Studio" at the China Aerospace Science and Technology Corporation's 7105 Factory [1] - The finalists are recognized for their top-tier skills and contributions to major national projects and technological advancements [1] Group 3: Contribution to Development - The selected individuals have made significant contributions to high-quality development, promoting technological self-reliance, and preserving traditional Chinese culture [1] - The announcement will be broadcasted on the Central Radio and Television Station, where 10 annual award winners will be officially revealed [1]

【导读】中国信通院总工程师何宝宏：全球太空算力正步入快速布局阶段 中国信通院总工程师何宝宏在致辞中表示，在全球范围内，太空算力正步入快速布局阶段，美国、欧洲等相继启动相关计划，我国也在"三体计算星座"等 项目上取得重要突破，但受限于轨道和频谱资源的天然稀缺性，全球各国在太空领域的竞争正日益激烈。因此，发展太空算力不仅是技术创新的自然延 伸，更是我国抢占未来空间战略制高点的核心举措。 不过，何宝宏也指出，我国太空算力产业尚处于发展初期，面临核心技术尚未完全突破、标准体系不健全、高成本制约、规模化部署等现实挑战。 中国信通院云计算与大数据研究所总工程师郭亮表示，目前，全球人工智能迅猛发展，AI技术迭代加速，AI算力需求爆发式增长，太空算力中心具备满 足全域覆盖、实时响应与能效优化的优势，有望成为支撑AI算力扩展的战略新高地；同时，低轨频谱与轨道资源争夺日趋白热化，国际竞争窗口期正在 快速收窄。 在商业航天备受市场关注之际，与之相关的太空算力也"火"了。 1月26日下午，中国信通院举办了"星算.智联"2026年太空算力研讨会。会议现场座无虚席，过道上也站了很多人。 除星链外，亚马逊的"柯伊伯计划"申报的3000多颗 ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 前言 ...

Group 1 - The Ministry of Commerce will optimize the implementation of the old-for-new consumption policy to promote the consumption of durable goods such as automobiles and home appliances in 2026 [1] - The Ministry will focus on expanding market access in the service sector and will promote pilot projects in telecommunications, healthcare, and education [1] Group 2 - The Shanghai Futures Exchange has implemented measures to cool down the market by adjusting trading limits and margin requirements for silver, tin, and copper futures [2] - The exchange aims to maintain trading order and combat violations in response to strong market sentiment in precious and non-ferrous metals [2] Group 3 - In January 2026, a total of 177 domestic online games were approved, including titles from Beiwai Technology and Sanqi Interactive Entertainment [3] Group 4 - The People's Bank of China emphasized the need to innovate and enrich policy tools to maintain the stability of financial markets and the overall financial system [4] - The central bank will enhance policies for cross-border use of the RMB and promote trade facilitation [4] Group 5 - Guoxing Aerospace revealed its "Star Computing" plan, which includes a network of 2,400 inference satellites and 400 training satellites aimed at achieving significant computational power [5] - The plan targets a total of 100,000 P-level inference computing power and 1,000,000 P-level training computing power [5] Group 6 - A mysterious fund has placed significant sell orders on multiple stocks, including Zijin Mining and China Ping An, indicating ongoing market pressure [6][7] - The sell orders have been noted as the third instance of such activity within 20 days, suggesting a trend of market manipulation [7] Group 7 - Major ETFs in the A-share market have seen a significant reduction in shares, with the average decrease for large-scale ETFs reaching 27.24% over seven trading days [8] - The CSI 1000 ETFs have experienced even more drastic declines, with some funds losing over 50% of their shares [8] Group 8 - The Hong Kong Monetary Authority announced an increase in the total quota for RMB business funding arrangements from 100 billion to 200 billion RMB, effective February 2 [10] Group 9 - The C919 aircraft production is accelerating, with a target of delivering at least 28 aircraft in 2026, potentially achieving a production rate of one aircraft every 10 to 15 days [12] - The domestic commercial aircraft production and the self-sufficiency of aviation engines are expected to drive growth in the aerospace sector [12] Group 10 - Longyuan Donggu has received a notification for a project with a total sales amount expected to be between 2.2 billion and 3 billion RMB [18] - Several companies, including Jinfei Kaida and Shankai Intelligent, have secured significant project notifications, indicating positive business developments [18]

Core Viewpoint - The article highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the market. The focus of incremental policies is on expanding domestic demand and fostering new technological momentum, particularly in urban renewal, commercial aerospace, domestic computing power, and new power grids [1]. Group 1: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with 60,015 urban renewal projects planned nationwide in 2024, involving a total investment of 2.9 trillion yuan. Key components include the renovation of old residential areas, urban villages, and underground pipeline upgrades [2]. Group 2: Commercial Aerospace - Elon Musk predicts that space will become the most cost-effective location for deploying AI data centers within 2-3 years, with the potential for launch costs to drop by 100 times if the Starship achieves full reusability. China aims to establish a leading space computing center by 2030, addressing high energy consumption and carbon emissions from ground data centers [3]. Group 3: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, boosting demand in the semiconductor advanced manufacturing sector. The company anticipates a 35% year-on-year increase in net profit by Q4 2025, with capital expenditures potentially reaching $56 billion in 2026, a 37% increase from 2025 [4]. Group 4: New Power Grid - The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on the construction of a new power system. The share of non-fossil energy consumption is projected to reach 20% by 2025 and 25% by 2030 [5].

证券日报网讯1月26日，杭州解百（600814）在互动平台回答投资者提问时表示，公司通过参股基金间 接持有中科宇航技术股份有限公司、北京天链测控技术有限公司的股份，持股比例很小。 ...

Group 1 - The theme of the ongoing "2025 China Positive Energy Network Boutique Collection and Broadcast Activity" is "Striving You and Me, Advancing China," which connects national development narratives with the efforts of millions of individuals [1] - The event aims to inspire collective progress and individual dedication, emphasizing the deep connection between personal struggle and national advancement [1] Group 2 - In 2025, China's grain production has stabilized above 1.4 trillion jin for two consecutive years, ensuring food security [2] - The total electricity consumption in China has surpassed 10 trillion kilowatt-hours for the first time, reinforcing energy security [2] - The operational mileage of China's high-speed rail has exceeded 50,000 kilometers, making it the largest and fastest transportation network globally [2] - Cultural prosperity is highlighted by the popularity of cultural IPs like "Nezha" and the vibrant tourism market, showcasing grassroots vitality [2] Group 3 - China's GDP reached 140,187.9 billion yuan, growing by 5.0% year-on-year, successfully achieving the goals set in the 14th Five-Year Plan [3] - Technological advancements include humanoid robots evolving from performance displays to multi-task operations, and the rapid growth of the low-altitude economy with drone delivery orders [3] - The commercial space sector is entering a new phase of frequent and regular launches, indicating robust development [3] Group 4 - The "Positive Energy Network Boutique Collection and Broadcast Activity" has become a significant platform for fostering social consensus and encouraging public spirit [4] - The selected works reflect a united China facing challenges together, showcasing a spirit of confidence and resilience [4] - The event aims to strengthen the ideological foundation for collective effort and unity among the people, promoting a cohesive and determined society [4]