每经AI快讯，杰创智能1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润2710万元 ~3830万元，同比扭亏为盈。业绩变动主要原因是，主营业务影响。报告期内，公司沿着"AI+"战略升 级方向，深化AI基础设施和AI应用布局，取得积极成效。公司紧抓AI算力硬件和智算云服务需求增长 的机会，"AI+云计算"业务收入实现大幅增长；电磁网捕器、AI电磁网捕机器狗等AI安全新产品在公 安、政法、教育、医疗、金融等多个场景领域销售落地，叠加通信安全产品销售回暖，带动"AI+安 全"业务收入快速增长；与此同时，业务结构不断优化，产品型和服务型业务成为主要支柱，带动毛利 率水平提高。受上述因素影响，预计公司2025年度实现扭亏为盈，归母净利润达到2710万元~3830万 元，同比增长133.88%~147.89%。 （记者 曾健辉） 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 ...

Core Insights - The report highlights the evolving focus of the Tongtai Digital Economy A fund, which has transformed into an "AI computing hardware fund" with a significant concentration in its top holdings [1][3] - The fund manager, Chen Zongchao, emphasizes the importance of AI and its potential to drive a new economic cycle, particularly in China, as the main battleground shifts from the West to China [3][6] Fund Holdings and Adjustments - The fund's top ten holdings account for 66.51% of its net asset value, with key positions in companies like Zhongji Xuchuang, Haiguang Information, and Xinyi Sheng, which collectively represent over 34% [1] - Chen Zongchao has strategically reduced exposure to certain tech hardware stocks while increasing stakes in core holdings, particularly in domestic AI computing chains [2] Investment Strategy and Market Outlook - The investment strategy is centered around AI computing and domestic semiconductor industries, which are seen as poised for growth due to supportive national policies [4] - Chen Zongchao identifies four key areas for investment in 2026, including the ongoing demand for AI models and computing power, breakthroughs in domestic chip production, and the expansion of semiconductor manufacturing capacity in China [5]

Core Viewpoint - The article discusses the evolving investment landscape driven by technological advancements, particularly in AI, and highlights the importance of strategic asset allocation in a changing global economy [2][3]. Group 1: Global Macro Trends - The article emphasizes the acceleration of global capital seeking new coordinates amid the shifting dynamics of the dollar's credibility and the rise of Chinese assets [2]. - It notes that the macroeconomic environment is characterized by uncertainty, with a consensus emerging around the "dumbbell strategy" to balance high-dividend assets with growth opportunities in technology [4][6]. Group 2: Investment Strategies - The "DeepAlpha Annual Dialogue" event gathered experts to discuss investment paths for 2026, focusing on the integration of AI and multi-asset strategies [3]. - The multi-asset platform developed by the company aims to provide comprehensive asset management solutions, covering various investment fields including equities, fixed income, and alternative investments [3]. Group 3: Key Insights from Experts - Liu Yuhui suggests that the "dumbbell strategy" is essential for navigating uncertainty, advocating for a focus on high-dividend assets and long-term growth opportunities [4][6]. - Zhu Qing highlights the continued investment value in A-shares and H-shares, driven by a reallocation of funds from traditional assets to equities [4][8]. - Gu Xinfeng expresses confidence in the valuation of Chinese assets, particularly in AI hardware and applications, as key areas for future investment [4][10]. Group 4: AI and Technology Investment - The article discusses the transition in AI investment from a focus on training models to commercial applications, indicating a shift towards a more sustainable growth model [12][13]. - It emphasizes the importance of selecting individual stocks in the AI sector as the market matures, moving away from broad-based growth [12][13]. Group 5: Gold as an Investment - The article presents gold as a significant asset in 2025, with prices nearing $2000 per ounce, driven by a decline in trust in the dollar and increased central bank purchases [6][20]. - Hua Long outlines the three frameworks for gold pricing: the dollar index, liquidity, and risk events, all of which support gold's mid-term price stability [20][21]. Group 6: Quantitative Strategies - The article highlights the growing role of quantitative strategies in asset management, particularly in a market characterized by structural changes and active trading [18][19]. - Sun Meng discusses the integration of AI into quantitative investment processes, enhancing the ability to capture market trends and generate excess returns [18][19].

Group 1 - The article discusses the logic and marginal changes of AI computing hardware going overseas, highlighting that the market is currently performing well, particularly in AI computing-related sectors [1] - The power export market has shifted from SST to gas turbines and HRSG recently, indicating a change in focus within the industry [3][4] - The article emphasizes the strong performance of core targets in the gas turbine market, suggesting a positive outlook for these companies [4] Group 2 - The article notes that only three companies—Siemens Energy, GE, and Mitsubishi Heavy Industries—are currently capable of producing gas turbines, with a significant demand for these products due to electricity shortages in the U.S. [5] - Gas turbines are highlighted for their flexibility and efficiency, with the cost of electricity generation from large gas turbines being only $70-80 per megawatt hour, which remains competitive even with price increases [6][7] - The gas turbine market is entering a golden period of supply-demand balance, with strong demand driven by electrification, energy security needs, and explosive growth in data centers. Global gas turbine orders are expected to exceed production capacity until at least the early 2030s [7] Group 3 - HRSG prices are currently between $5-5.5 million per unit, with expectations to rise to $6-7 million per unit by early next year, driven by a 50% supply-demand gap [7] - The article provides insights into various companies in the domestic Google supply chain, detailing their products, market shares, and expected orders for 2026 [10][11]

Core Viewpoints - The A-share market is experiencing a structural divergence, with cyclical industries leading while the technology sector is undergoing a correction. The "slow bull" pattern is expected to continue, driven by the "14th Five-Year Plan" which emphasizes technological self-reliance and the construction of a modern industrial system [1] Group 1: Market Overview - In October, the Shanghai Composite Index successfully approached the 4000-point mark, indicating a recovery phase in the domestic economy [1] - The market is currently characterized by rapid capital rotation among various sectors, with a focus on stocks that show changes in their fundamentals [2][3] Group 2: Sector Focus - The AI and terminal application sectors are highlighted as key areas for investment, with expectations of limited downside for the overall market [3][7] - The military industry is noted for its potential short-term catalysts, while the commercial aerospace sector is also expected to see significant developments in the coming months [5][6] Group 3: Investment Strategies - Investors are advised to look for stocks with strong performance and valuation support, particularly in the AI industry and semiconductor sectors [4][11] - The focus is on growth stocks, especially those benefiting from AI technology, including hardware infrastructure, robotics, and smart driving applications [9][12] Group 4: Future Outlook - The market is anticipated to remain in a state of fluctuation, with a cautious approach recommended due to the significant gains observed earlier in the year [7][10] - The technology innovation sector is expected to remain a crucial growth engine, with emerging opportunities in AI infrastructure and applications [12]

Core Viewpoint - The A-share market experienced a collective decline, with the ChiNext index dropping over 1%, while cyclical sectors showed resilience, raising questions about potential style shifts in the market [2][8]. Group 1: Market Performance - A-share indices collectively fell, with over 3,200 stocks declining, and trading volume decreased to 1.38 trillion yuan [2][5]. - Cyclical sectors such as steel, photovoltaic, and coal rose against the trend, while technology sectors like communication, military, and semiconductors faced significant declines [5][9]. Group 2: Economic Outlook - Foreign investment institutions have raised their economic growth forecasts for China for the next two years, indicating a positive outlook for certain sectors [14][16]. - Morgan Stanley upgraded its growth predictions, emphasizing the current policy framework aimed at stabilizing the economy and promoting technological innovation [16][17]. Group 3: Structural Opportunities - Despite the overall market adjustment, there are still structural opportunities, particularly in the marine economy, which has been elevated to a national strategic level [10][11]. - The marine equipment and related sectors have seen significant gains, with several stocks hitting the daily limit [11]. Group 4: Investment Strategy - Analysts suggest that the market will likely experience steady fluctuations, and investors should focus on sectors with solid fundamentals and clear policy benefits [18][21]. - Historical data indicates that July often presents strong market performance, with various indices showing over 50% probability of rising [22][24]. Group 5: Sector Performance - In July, sectors with strong performance and low valuations are expected to outperform, particularly in marine equipment, energy metals, and photovoltaic equipment [27]. - The report recommends focusing on sectors aligned with policy trends and industry growth, such as electronics, media, and communication [27].