| 序号 | 交易营业部名称 | | | 买入金额(万) | 占总成交比例 | | --- | --- | --- | --- | --- | --- | | | 深股通专用 | 759次 50.86% | (7) | 33121.81 | 3.49% | | 2 | 中信建投证券股份有限公司安徽分公司 | 21次 71.43% | | 12410.45 | 1.31% | | 3 | 机构专用 | 1741次 43.94% | | 9968.00 | 1.05% | | 4 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | 343次 30.03% | | 7013.11 | 0.74% | | 5 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 544次 32.17% | ▶ | 6924.38 | 0.73% | | 壶中全额量大的前5名 | | | | | | 润泽科技(300442.SZ)今日20CM涨停，换手率7.64%，成交额94.96亿元。龙虎榜数据显示，深股通买入3.31亿元，卖出5.74亿元，净卖出2.43亿元；三家机构 买入1.9亿元，卖出4.98亿元，净卖出3.08亿元 ...

来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向会畅科技提问："请问公司有投资人脑工程公司吗？" 针对上述提问，会畅科技回应称："投资者您好！公司于2024年3月通过产业基金参与过医疗相关企业的 投资，相关事项已按规定履行信息披露义务，具体情况请以公司已披露公告为准。该类投资系公司围绕 主业的战略布局，不构成公司新的业务方向。感谢您的关注！" ...

Core Views - The overseas market is influenced by geopolitical disturbances driving commodity prices up, while US stocks rise due to favorable technology catalysts and easing economic concerns. The MSCI global index increased by 1.49%, with most regional indices rising, led by South Korea. The S&P 500, Nasdaq, Dow Jones, and Russell 2000 rose by 1.6%, 1.9%, 2.3%, and 4.6% respectively. The 10-year and 2-year US Treasury yields changed by -1bp and 7bp to 4.18% and 3.54% respectively. The US dollar index rose by 0.69% to 99.14, while COMEX gold, silver, and ICE Brent crude oil increased by 4.07%, 10.41%, and 3.65% respectively [2][19][22]. Macro Overview - The US PMI shows continued divergence, with no further deterioration in the labor market. The ISM manufacturing PMI for December recorded 47.9%, down 0.3 percentage points from the previous value, indicating manufacturing contraction. The services PMI rose to 54.4%, up 1.8 percentage points, driven by strong holiday demand. Non-farm payrolls for December added 50,000 jobs, below expectations, while the unemployment rate fell by 0.1 percentage points to 4.4% [2][3][4]. Policy Insights - The US is increasing control over Venezuelan oil, with Trump announcing that Venezuela will transfer 30 to 50 million barrels of sanctioned high-quality oil to the US, which will be sold at market prices. Trump also indicated he has decided on a new Federal Reserve chairperson, with an announcement expected soon. The Supreme Court has yet to release a ruling on Trump's tariffs, with the next key date being January 14 [2][7]. Market Dynamics - The US stock market is supported by the CES technology conference and improved employment data, with the S&P 500 and Nasdaq showing significant gains. The S&P 500 index's PE ratio is at 29.75, above the historical average, indicating high valuation levels. The index's price-to-earnings ratio relative to the 10-year Treasury yield is 0.82, also above the historical average [23][28][29]. Sector Performance - In the S&P 500, all sectors except utilities saw gains, with consumer discretionary, materials, and industrials leading the way. Notable concept indices such as OLED, 3D printing, and lithium batteries performed well, with increases of 11.5%, 10.1%, and 8.8% respectively [33][29]. Hong Kong Market - The Hong Kong stock market showed a mixed performance, with the Hang Seng Index and Hang Seng Technology Index declining by 0.4% and 0.9% respectively. The healthcare sector led gains due to favorable policies, while the overall market remains volatile amid changing expectations for interest rate cuts [38][43].

1月12日盘中科创板股理工导航涨停，截至11:00，股价报94.20元，成交3.23亿元，换手率4.09%，振幅 18.00%。 融资融券数据显示，该股最新（1月9日）两融余额为7919.35万元，其中，融资余额为7919.35万元，较 上一个交易日减少1013.75万元，降幅为11.35%；近10日两融余额合计增加2964.12万元，增幅为 59.82%，其间融资余额增长59.82%。（数据宝） （文章来源：证券时报网） 科创板个股中，截至发稿上涨的共有383只，涨幅在10%以上的共有30只，除理工导航之外，涨停的还 有普元信息、信科移动-U、光云科技等，下跌的有213只，跌幅较大的有三生国健、骄成超声、热景生 物，分别下跌7.26%、7.18%、6.63%。 资金面上，理工导航上一交易日主力资金净流出51.56万元，近5日净流出2549.65万元。 ...

Core Insights - The discussion highlights the challenges faced by businesses in 2025, including price wars and weak demand, while emphasizing that organizations embracing change are gaining a competitive edge [3][4] - The conversation revolves around five key themes: review, AI, value, change and constancy, and breakthroughs, focusing on how to reconstruct growth through professionalism [4] Group 1: Review - The year 2025 was marked by significant challenges, with many businesses experiencing price wars and operational difficulties, but those that adapt and improve will emerge stronger [7][9] - There is a noticeable shift in the mindset of business leaders, who are increasingly valuing professional development and adapting to changes in the market [8] Group 2: AI - AI is seen as both a tool for enhancing efficiency and a benchmark for assessing capabilities, with many companies leveraging AI to improve various aspects of their operations [10][11] - The effective use of AI requires a cultural shift within organizations, where all employees are encouraged to engage with AI tools regularly to enhance their work [16][18] - AI's role is to assist rather than replace human decision-making, emphasizing the importance of human expertise in validating AI-generated information [32][33] Group 3: Value - The concept of value is evolving, with a focus on understanding customer needs and providing solutions that go beyond mere product features [40][47] - Trust is a critical component in the value exchange, with successful sales relying on building interpersonal trust rather than just transactional relationships [43][44] - Sales strategies must shift from highlighting product features to articulating the specific value these features bring to the customer [48][56] Group 4: Change and Constancy - Despite the rapid changes in technology and market dynamics, understanding human nature remains a constant in effective sales and management [98][100] - The core principle of providing value to customers should remain unchanged, even as methods and approaches evolve [103][106] Group 5: Breakthroughs - The year 2026 is viewed as a pivotal time for organizations to make internal adjustments and prepare for potential market recovery [108][109] - Companies should focus on creating small achievements to maintain morale and encourage a proactive approach among teams [111] - The report from LinkedIn emphasizes the importance of AI application, brand building, and networking for small and medium enterprises to thrive in the changing landscape [112]

Core Viewpoint - The Hong Kong stock market is experiencing a positive trend, particularly in the AI sector, with significant gains in key stocks and ETFs related to AI applications [1][3]. Group 1: Market Performance - The Hang Seng Technology Index opened with a 0.88% increase, and the Hong Kong Internet ETF (513770) rose over 2% [1]. - Key AI stocks such as Kuaishou-W and Meituan-W saw gains exceeding 4%, while Bilibili-W increased by over 2% [1]. - The Hong Kong Internet ETF has attracted a net inflow of 572 million yuan over the past five days, reaching a record high of 13.395 billion yuan [4]. Group 2: Company Insights - Kuaishou's AI platform, Keling AI, has seen a dramatic increase in daily revenue, up 102% compared to December 2025 [3]. - Morgan Stanley highlights Kuaishou's leading position in generative AI, with a valuation corresponding to 12 times the expected earnings for 2026, and a projected profit compound annual growth rate of 21% from 2026 to 2027 [3]. - Goldman Sachs notes that Kuaishou's recent upgrades and new features for Keling AI are expected to enhance user recognition and revenue in overseas markets, potentially boosting Kuaishou's revenue expectations for the 2026 fiscal year [3]. Group 3: Sector Opportunities - According to Founder Securities, 2026 is anticipated to be a pivotal year for AI applications, with major internet companies competing to develop entry-level AI applications [4]. - The Hong Kong internet sector includes several technology giants with advantages in computing resources, model capabilities, and application scenarios, attracting significant investor interest [4]. - The top ten weighted stocks in the Hong Kong Internet ETF include major players like Alibaba-W, Tencent Holdings, and Kuaishou-W, collectively accounting for over 78% of the ETF [6][7].

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 01 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2026CES 展亮相多款 AI 产品展示 AI 应用多元化，关注北交所 AI+产业链标的 ——北交所科技成长产业跟踪第五十九期（20260111） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 内容目录 | 1. | 政策推动 AI | 发展提速，2025 智能体大规模应用的"拐点时刻" 5 | 年被视为 AI | | | --- | --- | --- | --- | --- | | 1.1. | 新闻：多款 AI 产品于 | 2026CES 展发布，包含人形机器人、智能驾驶、智能家居等5 | | | | 1.2. | 行业：AI 从模型转向 | Agent 年中国 AI 应用市场规模或将达 1 ...

Core Viewpoint - The investment strategies for the Beijing Stock Exchange (BSE) in 2026 are focusing on "new quality productivity" and "small and medium-sized growth stocks" as consensus themes among major brokerages [1][2]. Investment Logic Shift - The investment logic for the BSE is shifting from sector-wide increases to deep value exploration of individual stocks, with companies possessing core competitiveness expected to stand out [1]. - Major brokerages are identifying three main investment lines: "Wind Growth," "Joint Expansion," and "New Strong Inclusion," focusing on high-scarcity technology growth, mergers and acquisitions, and quality new stocks [2]. Focus on New Quality Productivity - "New quality productivity" is a central theme for brokerages looking towards 2026, supported by a solid industrial foundation, with 252 specialized "little giant" enterprises on the BSE, over 90% of which are classified as specialized and innovative [2]. - The BSE has established five major industrial clusters, including high-end equipment, information technology, new chemical materials, consumer services, and biomedicine, covering cutting-edge fields such as smart connected vehicles, hydrogen energy, and artificial intelligence [2]. Funding and Allocation Strategies - With policy encouragement, convertible bonds and refinancing tools are expected to become hotspots, providing efficient paths for R&D support for small and medium enterprises [3]. - A combination of top-down and bottom-up strategies is recommended, focusing on scarce companies in emerging industries and selecting potential enterprises based on financial metrics [3]. Market Dynamics - In 2025, up to 34 companies on the BSE are projected to see their stock prices double, indicating strong market elasticity, and the "spring rally" in 2026 is seen as a favorable investment opportunity [3]. - A positive cycle is forming in the BSE, characterized by the gathering of quality enterprises, improved liquidity, institutional empowerment, and performance realization, marking a transition from a focus on "small and beautiful" companies to "strong and enduring" development [3].

Core Viewpoint - The article emphasizes the importance of promoting and implementing the spirit of the 20th Central Committee of the Communist Party of China in Sichuan, highlighting the extensive efforts made to ensure that the message reaches all levels of society and encourages active participation in the modernization of Sichuan. Group 1: Promotion and Coverage - The Sichuan Provincial Party Committee has prioritized the dissemination of the 20th Central Committee's spirit as a major political task, establishing a multi-layered promotional matrix that includes various forms of outreach such as centralized lectures and grassroots tours [2][3] - A total of 434 promotional activities have been conducted, reaching an audience of 156,400 people, showcasing the extensive engagement efforts [1][2] Group 2: Community Engagement - The promotion strategy focuses on reaching communities directly, using local dialects and relatable stories to convey the core messages, ensuring that the content resonates with the audience [5][6] - The initiative includes innovative formats such as "menu-style" lectures and online engagement through short videos and quizzes, making the content accessible and engaging for a wider audience [6] Group 3: Impact on Local Development - The spirit of the 20th Central Committee is being translated into actionable insights and policies at the local level, with various departments and leaders actively integrating the teachings into their work, such as enhancing modern industrial systems and promoting urban-rural integration [8] - Key sectors are identifying reform opportunities and aligning their strategies with the central messages, indicating a clear direction for future development and innovation [8]

Core Viewpoint - The expectation of Rongke Technology being "backdoor listed" has been directly dashed following the announcement of Chaofeidian Digital Technology Co., Ltd.'s listing guidance report, leading to a nearly 30% drop in Rongke Technology's stock price over three trading days [1][4]. Group 1: Stock Price Movement - Rongke Technology's stock price fell nearly 30% from January 7 to January 9, 2026, following the news of Chaofeidian's listing guidance [1][4]. - The China Securities Regulatory Commission (CSRC) confirmed that Chaofeidian published its initial public offering and listing guidance report on January 6, 2026 [2]. Group 2: Company Clarifications - Rongke Technology issued a statement on January 9, 2026, clarifying that there are no undisclosed matters or plans related to Chaofeidian, nor any arrangements for a backdoor listing [1][4]. - The company has previously denied rumors regarding asset acquisition and restructuring plans, asserting that such claims are unfounded and likely market speculation [3][4]. Group 3: Financial Performance - Rongke Technology has been experiencing poor financial performance, with net losses reported for both the first three quarters of 2024 and 2025, amounting to a loss of 31.69 million yuan in 2025 [5]. - The company maintains that its core business operations are stable and not at risk of becoming a shell company, attributing short-term financial pressures to industry conditions and investments in product upgrades [5]. Group 4: Legal Issues - Rongke Technology is facing legal challenges, with a portion of its bank funds frozen due to a lawsuit filed by Zhanjiang CDC over a contractual dispute, resulting in a total of 1.153 million yuan being frozen [6].