基金管理人在四季报中表示，本基金采用中证红利指数增强型策略进行运作，坚持宽基选股，淡化择时,以数量化分析为基础，多维度选股，行业分散，覆 盖 A 股多板块优质股票。本基金主要采用以"大数据+AI 算法"为基础的量化投资方法，基于对股票市场和上市公司相关数据进行深度挖掘，通过决策树、神 经网络等机器学习和深度学习模型预测个股收益率，再采用组合优化和风险管理模型控制本基金和基准的跟踪误差和最大回撤。 截至2025年四季度末，基金十大重仓股分别是中远海控、中谷物流、兖矿能源、山煤国际、海澜之家、四川路桥、陕西煤业、华阳股份、华夏银行、嘉化能 源。 前十大重仓股变化 100 - % 80 60 40 20 0 2025Q4 – 嘉化能源 –●– 海澜之家 –●– 华阳股份 –●– 中谷物流 –●– 死矿能源 –●– 陕西煤业 –● 制图数据来自恒生聚源数据库 核校：沈楠 AI基金安信红利量化选股股票A（025411）披露2025年四季报，第四季度基金利润312.06万元，加权平均基金份额本期利润0.0182元。报告期内，基金净值 增长率为1.73%，截至四季度末，基金规模为1.58亿元。 截至1月22日，单位净值为1 ...

Group 1 - The company, Xingtong Co., announced on January 23 that it signed a guarantee contract with the Fujian Branch of the China Export-Import Bank [1] - The guarantee is for a fixed asset loan application of RMB 215 million (21,500.00 thousand) made by the company's wholly-owned subsidiary, Xingtong Haima Shipping Co., Ltd. [1]

股票研究 /[Table_Date] 2026.01.23 [Table_Industry] 运输 | 风险提示。经济波动，地缘局势，制裁执行力度变化，安全事故等。 | | --- | | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 22,733 | 23,244 | 30,650 | 40,995 | 43,693 | | (+/-)% | 21.8% | 2.2% | 31.9% | 33.8% | 6.6% | | 毛利润 | 3,381 | 4,037 | 4,516 | 6,619 | 7,002 | | 净利润 | 132.1% | 19.4% | 11.9% | 46.6% | 5.8% | | (+/-)% | 0.62 | 0.74 | 0.83 | 1.21 | 1.28 | | PE | 9.6% | 11.3% | 9.9% | 13.5% | 13.3% | | PB | 23.08 | 19.33 | 17.28 | 11. ...

Core Insights - The Baltic Dry Index (BDI) has shown a strong rebound, rising by 79 points (4.79%) to 1729 points on January 20, 2026, marking a three-week high and three consecutive days of increases [1][2] - The increase is driven by various ship types, particularly Capesize vessels, which transport bulk commodities like iron ore and coal, indicating improved market sentiment and stable demand [1][2] Group 1: Index Performance - The BDI's rebound is broad-based, with the Capesize index (BCI) surging by 167 points (7%) to 2570 points, leading to an average daily charter rate increase of $1511 to $19804 [2] - The Panamax index (BPI) rose by 49 points (3.2%) to 1570 points, while the Supramax index (BSI) increased by 13 points to 983 points, reflecting a widespread uptrend across different market segments [2] Group 2: Driving Factors - The primary driver of the price increase is a shift in the supply-demand balance, with the market currently in a "genuine tight balance" [3] - Demand for key commodities remains stable, with notable growth in bauxite transportation from West Africa, where China's bauxite unloading volume reached approximately 213 million tons in 2025, a 25% increase year-on-year [3] Group 3: Supply-Side Support - Effective turnaround of shipping capacity has also supported the market, with reduced rainfall in Brazil leading to smoother port operations and improved efficiency in available shipping capacity [4] - The strengthening of the Forward Freight Agreement (FFA) market has positively influenced the sentiment of participants in the spot market [4] Group 4: Macro Perspective - The BDI's movements are closely tied to global economic conditions, reflecting the trade activity of essential raw materials, which correlates with global manufacturing demand and international trade vitality [5][6] - The recent increase in the BDI aligns with rising container throughput at major Chinese ports, indicating resilience and stable growth in China's foreign trade [6] Group 5: Future Outlook - Despite the positive start to the year, future trends face uncertainties, including the traditional first-quarter seasonal effects and the pace of industrial activity recovery in China post-holiday [7] - Long-term positive factors are accumulating, with expectations that dry bulk shipping will benefit from changes in the global monetary environment and new cargo from key mineral projects [7][8]

Core Insights - The upcoming Spring Festival travel season in Hainan will be the first since the implementation of the free trade port, with a significant increase in passenger flow expected due to the effects of the closure policy [1] Group 1: Passenger Flow Expectations - The total passenger volume during the Spring Festival is projected to reach 22.368 million, representing a year-on-year increase of over 5.3% [1] - The demand for ferry transport across the Qiongzhou Strait is particularly strong, with an expected 4.66 million passengers and over 1.17 million vehicles, marking increases of 12% and 10% respectively [1] - Civil aviation passenger throughput is anticipated to hit 8.175 million, a 3.7% increase, setting a new record for the Spring Festival [1] Group 2: Transportation Challenges - The travel peak will be prolonged due to the "late Spring Festival," with pre-holiday peaks occurring from February 13 to February 16 and post-holiday peaks from February 21 to March 4 [2] - Increased pressure on transportation infrastructure is expected, particularly in the Qiongzhou Strait, airports, and highways, due to overlapping flows of students, workers, and tourists [2] - Adverse weather conditions, such as fog and strong winds, may impact transportation efficiency during the holiday period [2] Group 3: Transportation Capacity Enhancements - To meet the increased demand, Hainan will enhance transportation capacity by deploying 57 ferries and 4 specialized ferries for new energy vehicles, with a planned increase of 10% in sailing frequency compared to 2025 [2] - Daily ferry services will include 30 to 32 train ferry trips to accommodate vehicle transport needs [2] - New energy vehicle transport capacity is set to rise from an average of 3,500 to 5,000 vehicles per day, supported by the addition of two new specialized vessels [3] Group 4: Service Optimization - Hainan will extend the ticket pre-sale period for ferries to 15 days for inbound and 30 days for outbound travel, and will support round-trip ticket purchases [3] - The airline will increase flights to major cities like Beijing, Shanghai, and Guangzhou, with a maximum daily flight capacity of 1,370 [3] - Efforts will be made to improve the travel experience through enhanced ticketing services and a 24-hour transportation hotline for passenger inquiries [3]

Group 1 - The core point of the article highlights that Xingtong Co., Ltd. has announced a total external guarantee amount of approximately RMB 2.037 billion, which accounts for 79.98% of the audited net assets as of December 31, 2024 [1] - Among the total guarantees, bank credit guarantees amount to approximately RMB 1.317 billion, representing 51.7% of the net assets, with an increase of approximately RMB 433 million in new credit guarantees since 2025 [1] - The guarantees related to shipbuilding projects total approximately RMB 720 million, which constitutes 28.28% of the net assets [1] Group 2 - Local state-owned assets are beginning to "bottom out" by purchasing auctioned properties, acquiring over 60 units in the Nansha District of Guangzhou at prices around RMB 6,000 to 7,000 per unit, while the average listing price for second-hand homes in the same community exceeds RMB 20,000 [1]

1月23日 光明日报刊发文章 《潮起洋浦，行舟楫通四海 ——海南儋州洋浦 打造对外开放新高地的探索实践》 版面图及全文如下 | 高龄准建设海南自 | | | --- | --- | | 留易德是夜国龄时代 | | | 文高水平对外开设的 | | | 之往大事,其日孙及 | FIFT | | 培海南昌屋发展、 | | | 力全国构建新发展格 | J | | 。 第 2025年12月18 海南市山贸易赛全岛 | | | 关地书正成后的2 | | | ,开局成绩值得肯定, | | | 费建成高标准、高水 自由贸易委、海勤省 高雄局近整中各支高 | | | 黄发展根据,推动自 | | | 将建设行调查运。 | | | 变成海急封闭数 文联语具时间视 ,就年国际担管标题 | | | 基。 对关注作赋予序 原通国内国际两个专 | | | 、两种音源的软给先 | al Proper | | ),世孟非春展力雷腾 旗舰版总人"的星 最小一一队批发网 战舰中场，每月东奥 | | | 全体新兴市场,地理 | | | 仕优势将又破厚。但 | | | 鹅,海南国际给流航 | | | 密度不足、雷纳奥数 | | | 我不高,与副院高松 ...

Core Viewpoint - The AI Fund Wanjiashengli Quantitative Stock Selection Mixed Initiation A (019987) reported a profit of 112,600 yuan in Q4 2025, with a weighted average profit per fund share of 0.0216 yuan, and a net value growth rate of 2.21% during the reporting period [3]. Fund Performance - As of January 21, the fund's unit net value was 1.047 yuan, with a one-year cumulative growth rate of 12.17%, ranking 622 out of 673 comparable funds [3][4]. - The fund's net value growth rate over the past three months was 0.24%, ranking 617 out of 689, and over the past six months, it was 5.07%, also ranking 617 out of 689 [4]. Investment Strategy - The fund manager emphasized restructuring the dividend stock pool based on the characteristics of dividend stocks, integrating high-frequency volume and price strategies to capture micro-structural market information [3]. - The fund utilizes efficient AI algorithms and robust hardware resources to analyze high-frequency market data, aiming to identify short-cycle predictive factors for stock selection [3]. Risk and Return Metrics - The fund's Sharpe ratio since inception is 0.2818, indicating a moderate risk-adjusted return [8]. - The maximum drawdown since inception is 20.86%, with the largest quarterly drawdown occurring in Q1 2024 at 16.34% [11]. Portfolio Composition - The fund maintains a high average stock position of 92.53% since inception, compared to the industry average of 84.04%, with a peak stock position of 93.54% at the end of Q3 2024 [14]. - As of Q4 2025, the fund's total assets amounted to 5.4297 million yuan [16]. Top Holdings - The top ten holdings of the fund include companies such as Luxi Chemical, China Ping An, CITIC Bank, Xiamen Xiangyu, Sinopec, Zhonggu Logistics, China Construction Bank, Hu Nong Commercial Bank, China Petroleum, and Pudong Development Bank [19].

Core Insights - The 2026 Spring Festival travel season in Hainan is expected to see a total of 22.368 million passengers, representing a year-on-year increase of over 5.3% [1] - The demand for passenger and vehicle transport across the Qiongzhou Strait is particularly strong, with an expected 4.66 million passengers and over 1.17 million vehicles, marking increases of 12% and 10% respectively [1] - The civil aviation sector anticipates a passenger throughput of 8.175 million, a 3.7% increase, achieving a historical high for the same period [1] - The surge in demand for transporting new energy vehicles is notable, with expected transport volume exceeding 200,000 units, accounting for over 17% of total vehicle transport [1] Transportation Capacity Enhancements - Hainan has optimized transportation capacity by increasing the number of key route services, deploying 57 passenger and roll-on/roll-off ships, and planning 10,800 sailings, a 10% increase from 2025 [2] - The daily maximum capacity for ferry services is set to reach 350 sailings, while the railway ferry can operate up to 32 sailings daily to meet vehicle transport needs [1][2] - New energy vehicle transport capacity is set to rise from an average of 3,500 units per day last year to 5,000 units this year, supported by the addition of two dedicated vessels [2] Ticketing and Passenger Services - Ticket sales for the 2026 Spring Festival began on January 19, 2026, with a full reservation system for vehicle ferry services [2] - The pre-sale period for tickets has been extended to 15 days for inbound and 30 days for outbound travel, facilitating round-trip ticket purchases [2] - Civil aviation has introduced student ticket discounts and improved online ticket purchasing, modification, and cancellation services [2] Traffic Management and Efficiency - Post-closure operations have led to adjustments in freight truck routes, requiring inspections at "second-line ports," which necessitates higher efficiency in traffic management [3] - The implementation of "passenger-freight separation" strategies aims to avoid congestion between passenger and freight vehicles, ensuring smooth traffic flow around port areas [3] - Specific routes have been designated for passenger cars and freight trucks to enhance traffic organization and maintain order during peak travel times [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For the EC2604 contract, attention should be paid to the spot market and actual cargo rush. Spot price drops may suppress the market, but the post - Chinese New Year cargo rush could reduce the price decline slope in March. The current valuation of EC2604 fluctuates widely within a reasonable range, and it is recommended to watch for potential correction opportunities, such as buying on dips during the spot price bottom - finding process [3][33] - Export tax - rebate adjustments are negative for far - month contracts, but far - month contracts are highly affected by geopolitical factors. A positive spread trading strategy is generally recommended, and also pay attention to shorting the EC2610 contract when the price rises (the current valuation of the EC2610 is neutral with limited downside) [3][33] 3. Summary by Relevant Catalogs 3.1 Contract Data - EC2602: Yesterday's closing price was 1707.6, up 0.02%, with a basis of 248.8, a trading volume of 748, an open interest of 4681, and an open interest change of -425 [2][32] - EC2604: Yesterday's closing price was 1137.7, up 0.71%, with a basis of 818.7, a trading volume of 19477, an open interest of 40770, and an open interest change of -529 [2][32] - EC2606: Yesterday's closing price was 1399.1, up 1.53%, with a basis of 557.3, a trading volume of 3227, an open interest of 4883, and an open interest change of 826 [2][32] - EC2608: Yesterday's closing price was 1498.4, up 0.83%, with a basis of 458.0, a trading volume of 128, an open interest of 1353, and an open interest change of 6 [2][32] - EC2610: Yesterday's closing price was 1086.4, up 1.09%, with a basis of 870.0, a trading volume of 1037, an open interest of 8318, and an open interest change of -29 [2][32] 3.2 Month - spread Data - EC2502 - 2604: The day - on - day change was -7.6, and the week - on - week change was -19.6 [2][32] - EC2504 - 2606: The day - on - day change was -13.1, and the week - on - week change was -71.2 [2][32] 3.3 Index Data - Spot (European Line): As of 2026/1/12, the index was 1956.39 points, up 8.94% from the previous period and 3.05% from the period before the previous one [2][32] - SCFI: As of 2026/1/16, it was 1676 dollars/TEU, down 2.50% from the previous period [2][32] 3.4 European Line Spot Situation - Week 4: MSK's opening price was 2750 (up 100 month - on - month), PA was 2400 (YML had two special offers at 2250), OA was 2700 - 2900 dollars. The central price was 2630 dollars, equivalent to 1840 points on the futures [4][34] - Week 5: MSK's opening price was 2450 (down 300 month - on - month), PA was 2400 (special offer at 2200), OA was 2700 dollars. The central price was 2540 dollars, equivalent to 1780 points on the futures [4][34] - February Week 6: MSK's opening price was 2000/2100 (down 400 month - on - month), currently OA is 2400 - 2600, PA is 2000 - 2200. The central price is about 2300 dollars, equivalent to about 1600 points on the futures [4][34] 3.5 News - On Wednesday, YML lowered its February freight rates. The FAK quote remained at 2400, and the special offer dropped from 2100 to 2000. CMA quoted a February freight rate of 2600 online. Other shipping companies remained unchanged [4][34] - On Thursday, COSCO quoted 2500 on the European line, and EMC cut its price to 2400 [4][34] - On 1/23, Israeli President Herzog said Hamas still held hostages in Gaza. The real test of the second - stage cease - fire was Hamas' withdrawal from Gaza. Hezbollah was trying to reorganize and rebuild, and the Houthi rebels were still active [5][35] - On 1/23, Trump said there were only small - scale conflicts left in ending the Gaza conflict. If Hamas didn't fulfill its promise to lay down arms, it would be finished. He also said action must be taken against Hezbollah and Lebanon [5][35] - On 1/23, the Iranian Speaker said all cities in Iran had returned to peace [5][35]