企业新闻 上海电气(02727.HK)：预计2025年净利润为人民币11.0亿元至人民币13.2亿元，同比增加约为47%至 76%。 1月22日，港股股指早盘高开低走，全天维持低位窄幅震荡走势，截止收盘，恒生指数涨0.17%报 26629.96点，恒生科技指数涨0.28%报5762.44点，国企指数跌0.09%报9114.3点，红筹指数涨0.48%报 4223.84点。 盘面上，大型科技股走势分化，阿里巴巴涨0.98%，腾讯控股跌0.83%，京东集团涨0.98%，小米集团跌 0.51%，网易涨0.48%，美团跌0.31%，快手涨0.38%，哔哩哔哩涨3.3%；消费概念股泡泡玛特涨近6%； 百度集团今日发布文心大模型5.0正式版收盘涨超4%；黄金股多数调整，珠峰黄金跌超4%，灵宝黄金、 招金矿业跌超3%；半导体概念股兆易创新跌超8%；军工股走强，中船防务涨超3%；互联网医疗跌幅居 前，京东健康跌超2%；龙旗科技上市首日涨超3%。 金蝶国际(00268.HK)：预计2025年总收入约人民币69.5-70.5亿元之间，同比增长约11.1%至12.7%；净利 润人民币6000万元至约1亿元之间。 公告称，主要得益于集 ...

格隆汇1月22日丨国脉文化(600640.SH)在投资者互动平台表示，公司积极拥抱AI，加速推进AI技术与业 务场景的深度融合。AI视频方面，依托多种主流大模型能力以及海量数字内容优势对内赋能AIGC数字 内容创作，有效提升自制内容生产效率，目前，已高效产出多部AI短剧（超800集AI短剧播放量达千万 级），作品在湾区国际微短剧大赛、北京动画周等国家级赛事中屡获殊荣。公司自研的"云生3D视觉大 模型"，可实时对2D视频内容转3D，将在中国电信生态中推进模型的产品化应用，为用户提供更丰富、 便捷的智慧家庭视听体验。天翼出行构建"AI+量子加密"智慧出行生态，推出"出行PLUS"服务，并建成 出行类生成式AI智能体，提供智能行程规划等服务；天翼会展广泛应用AI导览、元宇宙展厅与数字人 技术，成功承办数字中国建设峰会、MWC、云生态大会等国内国际高端展会。 ...

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][38]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Shares, People’s Daily, and Visual China, while companies like ST Fanli, Liansheng Technology, Beitou Technology, and Diguang Media faced declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency for brands [15][16]. - Google’s Veo 3.1 received a significant upgrade, improving its video generation capabilities [15][16]. - OpenAI released the GPT-5.2 Codex programming model, enhancing its performance for complex software development tasks [15][16]. - The Qianwen App introduced over 400 new features, covering various services from food delivery to AI tutoring [17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia and Liou Shares, with significant weekly gains [11][12]. - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4][38]. Market Trends - The film box office for the week was 259 million yuan, with top films including "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [17][19]. - In the gaming sector, the top-grossing mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. AI and Technology Developments - The report emphasizes the acceleration of AI applications in the media industry, particularly in marketing and content creation [3][36]. - Companies are encouraged to explore investment opportunities in AI-driven sectors, including AI marketing and content services [3][36].

Core Viewpoint - Zhang Kun, a well-known fund manager, has disclosed the latest holdings and layout views of his four funds, indicating a reduction in management scale despite positive performance over the past year [1][3] Fund Performance - The four funds managed by Zhang Kun reported respective increases of 6.86%, 8.46%, 11.75%, and 41.87% in 2025 [3] - The total management scale of Zhang Kun's funds decreased to approximately 48.38 billion yuan, a decline of 14.43% from the previous quarter and 17.91% from the end of 2024 [3] Stock Holdings - The funds slightly increased their equity investment ratios by 1% to 3% in Q4 2025 [3] - Major reductions were observed in holdings of leading liquor stocks such as Kweichow Moutai and Wuliangye, with a reduction of around 5% in Q4 compared to a 10% reduction in Q3 [3][4] Sector Adjustments - Significant reductions were also noted in holdings of JD Health and Focus Media, with some funds reducing JD Health shares by approximately 50% [4] - The funds adjusted their sector allocations, maintaining positions in companies with strong business models and competitive advantages while reducing exposure in sectors like real estate, pharmaceuticals, and computing [5][6] Real Estate Market Outlook - Zhang Kun expressed that the decline in housing prices in major cities is likely nearing its end, influenced by low-risk interest rates and potential policy support [7][8] - The negative impact of declining housing prices on consumer wealth and spending is expected to improve, leading to a potential increase in consumer willingness to spend [7][8] Consumer Market Insights - The domestic consumption has been weak in recent years, but long-term projections suggest significant improvements in living standards and social security levels over the next decade [7][8] - The growth rate of per capita GDP in China is expected to exceed the global average, supporting a stronger domestic demand environment [7][8] AI and Innovation - A strong domestic market is seen as crucial for promoting technological innovation, with the potential for domestic companies to attract global resources and talent [9] - Confidence remains high in the business models and cash flow capabilities of companies within the fund's portfolio, despite concerns about market conditions [9]

中证上海国企ETF（510810）成立日期2016年7月28日，最新规模67.47亿。今年以来收益3.84%，同类 排名3511/5542；近一年收益20.55%，同类排名3338/4256；成立以来收益9.36%。 中证上海国企ETF（510810）基金经理为吴振翔。 截至发稿，吴振翔累计任职时间15年355天，现任基金资产总规模185.98亿元，任职期间最佳基金回报 209.08%， 任职期间最差基金回报-31.53%。 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。 1月22日，新华传媒涨6.06%，截至发稿，报7.18元/股，成交1.19亿元，换手率1.64%，总市值75.02亿 元。 资料显示，上海新华传媒股份有限公司位于上海市漕溪北路331号中金国际广场A楼7-8层，成立日期 1992年11月11日，上市日期1994年2月4日，公司主营业务涉及图书发行、报刊经营、报刊发行、广告代 理、传媒衍生等业务。主营业务收入构成为：图书84.15%，其他(补充)11.12 ...

Core Viewpoint - The Hong Kong stock market shows a mixed performance among major internet companies, with significant inflows into the Hong Kong Internet ETF, indicating strong investor interest in AI-related assets and applications [1][2]. Group 1: Market Performance - On January 22, the Hong Kong stock market opened higher, with Alibaba-W and Bilibili-W rising over 1%, while Meituan-W, Tencent Holdings, and Kuaishou-W experienced slight declines [1]. - The Hong Kong Internet ETF (513770) saw a net inflow of 1.361 billion yuan over the past 20 days, reaching a record high of 25.904 billion shares [1]. - Southbound funds recorded a net inflow of over 13.9 billion HKD on January 21, marking the second instance this year of exceeding 10 billion HKD in net inflows, with Alibaba-W receiving a significant net purchase of 1.078 billion HKD [2]. Group 2: AI Applications and Industry Outlook - Major internet companies are entering a "harvest period" for AI applications, with Alibaba's "Qianwen" integrating into the Taobao ecosystem, and Baidu's "Wenxin Assistant" surpassing 200 million monthly active users [1]. - Ping An Securities maintains a positive outlook on the Hong Kong stock market, anticipating a rebound if positive factors materialize, particularly in the AI application sector [2]. - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba-W being the largest component, accounting for 14.71% of the index [2]. Group 3: Fund Performance and Strategy - The latest fund size of the Hong Kong Internet ETF reached 14.39 billion yuan, setting a new historical high, with an average daily trading volume exceeding 600 million yuan since 2025 [3]. - Investors looking to reduce volatility while maintaining exposure to technology can consider the Hong Kong Large Cap 30 ETF (520560), which combines high-growth tech stocks with stable dividend-paying companies [3].

Group 1 - The core viewpoint of the news is that E Fund's Blue Chip Select Fund, managed by Zhang Kun, has maintained a stable stock position while adjusting its sector allocations in pharmaceuticals, consumer goods, and technology as of Q4 2025 [1] - The top ten holdings of the fund as of the end of Q4 2025 include Tencent Holdings, Kweichow Moutai, Wuliangye, Alibaba-W, Shanxi Fenjiu, Luzhou Laojiao, Yum China, CNOOC, JD Health, and Focus Media, showing no changes from Q3 2025 [1] - Zhang Kun expresses confidence that both the actual living standards and social security levels in China will significantly improve over the next decade, narrowing the gap with developed countries [1] Group 2 - The current AI wave highlights the importance of a strong domestic demand market in promoting technological innovation, as it attracts global resources, talent, and capital [2] - Subscription revenues, such as the approximately $200 annual fee for C-end users of leading AI models like GPT and Gemini, are crucial for companies' financing and ongoing investment confidence amid debates about an "AI bubble" [2] - A domestic company with leading foundational model capabilities could benefit from a stronger consumer environment, enhancing subscription income and model investment interactions, which may help it catch up with global leaders [2]

1月22日，港股早盘高开，互联网龙头走势分化，阿里巴巴-W、哔哩哔哩-W涨逾1%，美团-W、腾讯控 股、快手-W微跌。港股AI核心资产——港股互联网ETF（513770）高开后红盘震荡，场内价格现涨 0.18%，盘中持续宽幅溢价，显示买盘资金延续积极介入姿态。 平安证券认为，港股中期震荡上行趋势依然稳固，若积极因素逐步兑现，市场有望迎来补涨行情。其中 国内外AI应用有望加速，重点关注互联网、游戏等AI产业链。 把握2026 AI商业化元年，关注港股AI核心工具！港股互联网ETF（513770）及其联接基金（A类 017125；C类017126）被动跟踪中证港股通互联网指数，阿里巴巴-W其第一大权重股，最新权重占比为 14.71%，前十大权重股汇聚阿里巴巴-W、腾讯控股、小米集团-W、快手-W、哔哩哔哩-W等科技巨头 及各领域AI应用公司，前十大权重股合计占比近77%，龙头优势显著。 上交所数据显示，港股互联网ETF（513770）近日持续获资金净流入，近20日累计吸金达13.61亿元。 港股互联网ETF（513770）最新基金份额达259.04亿份，续创历史新高！ 消息面上，AI商业化进程密集催化，互联网大厂 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -9% -2% 5% 12% 19% 26% 32% 39% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,116.94 | 0.08 | | 深证成指 | | 14,255.12 | 0.70 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,723.07 | 0.09 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,630.50 | 0.26 | | 中证 | 500 | 8,340.11 | 1.12 | | 中证 | 1000 | ...