本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 当 2025年的市场余音未散，2026年的投资序章已然由一批敏锐的资本"先锋"悄然写下。刚刚过去的1月份，私募机构调研活动已呈现如火如荼之 势，其密集的足迹成为洞察新年主力资金动向与市场水温的先行指标。 私募排排网数据显示， 2026年1月共有743家私募机构参与了A股上市公司调研，合计调研频次高达2028次。他们的目光所向，不约而同的精准 锚定了以计算机、机械设备、电子、医药生物为代表的硬科技领域，也有聚焦于当前热门的太空光伏、商业航天、AI应用相关概念股。 排排网集团旗下融智投资FOF基金经理李春瑜表示，私募机构近期密集调研释放出三大清晰信号。其一，这直接体现了其对后市持积极乐观态 度，正主动储备标的，为长线布局做准备。其二，调研高度聚焦于AI、半导体等科技领域，彰显了机构对这些赛道长期成长潜力的坚定看好。 其三，调研覆盖广泛且深入，反映出私募布局趋于多元和精细化，通过精选标的，以把握结构性机会，也从根本上体现了私募对中国资产长期价 值的信心。 尤为值得注意的是，包括高毅资产冯柳在内的多位知名基金经理亲自现身科技公司调研一线，更是强化了这一趋 ...

Group 1: Market Performance - Over 60% of the companies that received institutional research this week saw their stock prices rise, with notable increases including 43.13% for Dike Co., 39.41% for Leo Holdings, and 32.39% for Sega Technology [1] Group 2: HaiTian RuiSheng - HaiTian RuiSheng received over 200 institutional research participants, focusing on its embodied intelligence data business and overseas traditional training data operations [2] - The company plans to integrate a data labeling base in Southeast Asia with over 1,000 employees, expected to contribute millions in revenue by 2025, marking a new phase in its overseas delivery capabilities [2] - HaiTian RuiSheng is optimistic about the embodied intelligence data sector and has formed a dedicated team to explore this high-growth area, collaborating with major tech firms and local governments [2] Group 3: DiKe Co. - DiKe Co. hosted 97 institutional research sessions, primarily focusing on its silicon solar cell conductive paste products [3] - The company anticipates a net loss of 200 to 300 million yuan in 2025, influenced by significant non-recurring losses due to rising silver prices [3] - DiKe Co. aims to grow its storage chip business to achieve approximately 500 million yuan in revenue by 2025, with plans to increase shipment targets significantly by 2026 [3] Group 4: XinKaiPu - XinKaiPu was researched by 51 institutions, leveraging its expertise in digital content to develop an AI-driven management platform [4] - The company plans to integrate AI into educational management, with services already covering over 30 universities, and expects growth driven by flagship clients and project value expansion [4][5] Group 5: Leo Holdings - Leo Holdings engaged with 49 institutions, focusing on its digital marketing strategies in the context of generative AI [6] - The company has developed an AIGC ecosystem platform to optimize brand management in the AI landscape, enhancing client brand value [6] - Leo Holdings' long-standing presence in the digital marketing sector has allowed it to build deep partnerships with key clients, facilitating the application of its technological capabilities [6]

Core Viewpoint - The stock of LEO Holdings has been suspended for trading due to significant price fluctuations, with the suspension expected to last no more than three trading days while the company conducts an investigation [1]. Group 1: Company Overview - LEO Holdings, established in May 2001 and headquartered in Wenling, Zhejiang Province, operates in two main business segments: mechanical manufacturing and digital marketing [3]. - The mechanical manufacturing segment includes products such as civil pumps, industrial pumps, and garden machinery, while the digital marketing segment encompasses marketing strategies, media placement, performance monitoring, and social marketing [3]. Group 2: Recent Performance - As of January 15, LEO Holdings' stock closed at 10.40 CNY per share, reflecting a cumulative increase of 102.73% from December 31, 2025, to January 15, 2026 [3]. - The company has gained significant attention in the AI application sector, becoming one of the most sought-after stocks in this market [3]. Group 3: AI Business and Strategy - LEO Holdings has introduced the LEO AIAD platform, which offers solutions for optimizing brand management in the context of generative AI, focusing on structured content and multi-agent collaboration [3][4]. - The company emphasizes its long-term experience in the digital marketing industry, which has allowed it to build extensive client relationships and validate its technological capabilities in real business scenarios [4].

Group 1 - The A-share market is ignited by a new concept called GEO (Generative Engine Optimization), which is referred to as the "new SEO of the AI era" and aims to embed brand content directly into AI-generated answers, creating a competitive landscape for traffic [2][11] - GEO's core logic allows brands to be directly recommended in AI responses, bypassing traditional search results, thus enhancing conversion efficiency and potentially disrupting existing traffic distribution patterns [3][12] - Major companies like Google and Amazon have begun piloting AI shopping assistants, while domestic e-commerce platforms are utilizing AI to generate product recommendation texts, reducing operational costs [3][12] Group 2 - There are 62 GEO concept stocks in the A-share market, with a distribution characterized by a dominance of the media sector and empowerment from technology [4][13] - The media industry holds a significant share with 32 stocks, including leading companies like BlueFocus and Leo Group, which have market capitalizations exceeding 50 billion [5][14] - Other sectors represented include computer (13 stocks), pharmaceuticals (6 stocks), and retail (4 stocks), with companies like iFlytek and Tonghuashun leveraging AI for semantic optimization and data mining [5][14] Group 3 - The enthusiasm for GEO concept stocks reflects market speculation on the future of AI marketing, with investors needing to differentiate between "theme speculation" and "value growth" [7][16] - GEO serves as both a short-term trading hotspot and a long-term investment opportunity in the AI industry chain, emphasizing the importance of understanding the underlying technology and business logic [7][16]

Group 1: AI Application and Development - LEO Digital has initiated its AI strategy in 2023, launching the self-developed AIGC ecosystem platform "LEO AIAD" to enhance digital marketing capabilities [3] - The company has established a comprehensive AI framework covering demand insight, creative generation, advertising placement, post-investment optimization, and customer response, aiming to create a complete digital marketing technology loop [3] - By 2025, LEO Digital plans to leverage AI as a core driver to provide integrated services, enhancing operational efficiency and aiming to become China's most commercially valuable digital marketing group [3] Group 2: AI Achievements and Tools - LEO Digital has developed the "LEO Digital AI Integrated Platform," which includes an AI creative factory module successfully applied in the automotive advertising sector, with plans to expand to 3C digital, beauty, education, and tourism industries in 2026 [3] - The platform integrates an advertising material review AI to ensure compliance and safety in AI-generated content, enhancing the efficiency and adaptability of advertising creation [3] - The company has introduced various short video advertising production tools within the platform, achieving significant results in core application scenarios such as lip-syncing and character replacement [3] Group 3: AI Intelligent Agent Development - LEO Digital is deepening its AI intelligent agent layout across its marketing operations, creating dedicated intelligent agents for strategy formulation, creative production, and user operations [4] - The company is transitioning from single intelligent agent applications to multi-agent collaboration, enabling different functional agents to work together on marketing tasks [4] Group 4: New AI Ventures - LEO Digital is exploring the AI comic series sector, utilizing its AI video generation and content production capabilities to automate workflows in theme planning, script adaptation, and video production, significantly reducing time and management costs [5] - The company aims to create a business loop of "AI-generated content + automated placement" while ensuring compliance and responding to market feedback [5] Group 5: Investment in AI Capabilities - LEO Digital has established a specialized AI R&D team and is continuously advancing core platform and product development, alongside investments in hardware infrastructure to support AI model control and content generation [6] Group 6: Hong Kong Stock Listing - The company is advancing its Hong Kong stock listing to enhance its global strategic layout and build an overseas capital platform, with progress proceeding normally according to regulatory requirements [8]

Core Viewpoint - Liou Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, aiming to join the "A+H" listing trend, despite its impressive stock performance over the past year, which saw a price increase of over 230% and a new 10-year high [2][6]. However, the prospectus reveals multiple concerns that cast a shadow over the IPO [2]. Business Overview - Established in 2001, Liou Co. started in the pump industry and expanded into digital marketing through acquisitions in 2014, forming a dual business model of "Digital Marketing + Pumps and Systems" [3]. The digital marketing segment integrates marketing processes and includes self-developed AI-driven platforms to enhance efficiency and effectiveness [3][12]. Market Position - Liou Co. ranks second in the domestic pump and systems market and holds the top position in China's digital marketing and digital advertising agency sectors, according to Frost & Sullivan [5]. Financial Performance - The company's revenue from 2022 to 2024 is projected to be 20.27 billion, 20.47 billion, and 21.17 billion RMB, respectively, with a decline in the first half of 2025 to 9.64 billion RMB compared to 10.66 billion RMB in the same period of 2024 [6][9]. The gross profit margin is low at 8.8%, with the digital marketing segment's margin dropping to 4.4% in the first half of 2025 [13][14]. Profitability Issues - Liou Co. has experienced significant profit volatility, with net profits of -454 million, 1.94 billion, and -304 million RMB from 2022 to 2024, and a profit of 468 million RMB in the first half of 2025 [6][8]. The company's reliance on Li Auto's stock performance has heavily influenced its profitability [8]. Revenue Breakdown - Digital marketing accounts for nearly 80% of total revenue, but this segment has seen a decline in 2024 and the first half of 2025 [10]. The pump and systems business also showed fluctuations, with a slight decrease in revenue in the first half of 2025 [11]. Challenges - The company faces challenges in domestic market performance due to macroeconomic pressures and industry competition, while overseas business has shown strong growth [11]. Additionally, high media costs for acquiring user traffic and significant accounts receivable pose risks to profitability [15][16]. Dividend Policy - Despite the volatility in performance, Liou Co. has maintained its dividend policy, distributing 202 million RMB in 2024 and 193 million RMB in the first half of 2025 [17]. Conclusion - Liou Co.'s dual business strategy has attracted capital attention, but issues such as weak growth in core businesses, profit volatility, low margins in digital marketing, and high accounts receivable present potential risks as the company pursues its "A+H" listing [17].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 LEO Group Co., Ltd. 利歐集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、其聯席保薦人、整體協調人、顧問或承銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據經香港公司註冊處處長 登記的本公司招股章程作出投資決定，而招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據 本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of LEO Group Co., Ltd. 利歐集團股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited l ...

Group 1: AI Applications and Marketing Strategies - Liou Digital focuses on deep integration of AI with marketing business, leveraging its proprietary AIGC platform "LEO AIAD" to enhance operational efficiency and marketing effectiveness [2] - The company is developing specialized AI agents across the entire marketing chain, including strategy, creative production, and user operations, to improve efficiency and reduce workload for employees [3] - Liou Digital's support for the MCP protocol aims to standardize system integration for various AI applications, facilitating the intelligent transformation of marketing services [3] Group 2: Product Development and Green Initiatives - In response to the dual carbon strategy, Liou Pump Industry is developing intelligent water-saving and energy-efficient products, including permanent magnet intelligent multi-stage centrifugal pumps [4] - The company is shifting towards integrated solutions, offering comprehensive wastewater treatment and water recycling systems to meet the growing demand for sustainability [4] - A dedicated energy-saving transformation department has been established to provide customized solutions, enhancing equipment performance and economic benefits for clients [4] Group 3: Financial Investments and Stock Holdings - As of now, the company holds less than 10 million ADS of Li Auto stock, which has a temporary impact on net profit due to stock price fluctuations [5] - The company has realized significant investment gains from previously sold Li Auto shares, providing a solid financial foundation for future business development [5] Group 4: AI Integration in Manufacturing - Liou Pump Industry is exploring the integration of AI in product design, manufacturing, and operational services to transition from traditional manufacturing to "smart manufacturing" [4] Group 5: Business Structure and Market Position - The pump industry remains a core business for the company, with a stable growth trajectory over the past decades, while digital marketing supports market expansion and brand enhancement [7] - The company plans to maintain a dual focus on mechanical manufacturing and digital marketing, ensuring collaborative development between the two sectors [7] Group 6: Future AI Development and M&A Plans - A dedicated AI R&D team has been established, with future investments in AI technology driven by business needs [8] - The company is actively seeking potential partnerships or acquisition opportunities in the AI and marketing integration space [9]

Core Viewpoint - The implementation of the dual-group technical standard for "Metadata Management Guidelines for Creative Materials in Internet Advertising Based on Generative Artificial Intelligence" marks a new phase of standardized and regulated development in AI marketing in China, effective from January 1, 2025 [1][2]. Group 1: Standard Development - The standard was proposed by LEO Digital and successfully established during the 11th meeting of the Internet Advertising Standards Joint Working Group in June 2023, undergoing multiple rounds of review before approval at the 15th meeting [2]. - It covers the entire lifecycle of AIGC advertising creative materials, including generation, storage, usage, and destruction, and specifies key metadata management fields such as producer, time, device, and generation elements [2][3]. - The standard aims to enhance the traceability and compliance of creative materials, providing a strong operational framework for advertisers, platforms, and service providers [2]. Group 2: Industry Collaboration and Future Directions - LEO Digital emphasizes the importance of technology-driven collaboration in establishing industry standards, aiming to enhance the overall technical level of the industry under the guidance of regulatory authorities [2][3]. - The company plans to integrate this standard into its AIGC advertising platform "LEO AIAD" starting in the second half of 2024, achieving systematic deployment of the metadata management module [2]. - The implementation of this standard not only fills the gap in AI advertising standards but also lays a foundational framework for new infrastructure in AI marketing, promoting safe, regulated, and efficient applications of AI in the marketing field [3].