晶盛机电(300316) 投资要点 受光伏周期影响短期承压，公司业绩符合预期：2025年公司预计实现归母净利润8.78-12.55亿元，同比下降50%-65%，中值为10.67亿元，同比-57.5%；扣非净利润预计为6.58-9.75亿元，同比下降60%-73%。按照中值测算，2025Q4公司归母净利润预计为1.66亿元，同比大幅扭亏（2024Q4为-4.50亿元）、环比-36.7%，主要系光伏行业周期性波动影响下，光伏装备需求放缓，石英坩埚、金刚线等材料价格下行，公司收入及盈利能力同步承压。 太空&海外光伏设备需求旺盛，硅片一体解决方案龙头有望充分受益。①太空：全球卫星发射数量指数级增长，中国无线电创新院向国际电信联盟申请20万颗低轨轨道权限，SpaceX加速4.2万颗星链建设，GW级太空光伏需求放量。原有三节砷化镓电池无法满足GW级部署，硅基HJT因其柔性减重、成本低、不受原材料限制等特性成为短期最优方案，远期转向钙钛矿-HJT叠层电池。②地面：海外地面光伏需求旺盛，设备商出海有望加速。根据Mordor Intelligence预测，美国光伏累计装机容量将从2024年的约133GW增至2025年的203.85GW，同比增长53%，对应2025年新增装机约为70GW；2030年美国光伏总装机预计将达412GW，2025-2030年均复合增长率为15.11%。公司单晶炉市占率国际领先，且可提供智能无人工厂方案，有望充分受益于海外需求。 碳化硅衬底已规划产能合计90万片，12寸衬底打开新应用空间：（1）导电型：除上虞30万片拉晶产能外，公司新建60万片8英寸产能，后续合计产能将达90万片；此外马来也规划了24万片切磨抛年产能。公司8英寸衬底先发优势明显，有望充分受益于近期国内外器件厂商产能由6英寸转为8英寸。（2）半绝缘型：公司半绝缘型12英寸衬底试线已通线，AR眼镜、CoWoS中介层等新应用打开放量空间。 晶盛半导体设备定位大硅片、先进封装、先进制程、碳化硅，零部件子公司批量供应国内头部客户：（1）大硅片：提供长晶、切片、研磨、抛光整体解决方案。（2）先进封装：除减薄机外还推出了超快紫外激光开槽设备。（3）先进制程：12英寸硅减压外延生长设备顺利实现销售出货。（4）碳化硅设备：开发了6-8英寸碳化硅长晶设备、切片设备、减薄设备、抛光设备及外延设备等；离子注入样机调试...

口服抗衰的定义及分类 抗衰需求已从“中老年专属”向全年龄段渗透。口服抗衰指的是通过口服特定营养成分、生物活性物质，辅助调节体内生理机制、延缓细胞老化，进而维持和改善身体机能及状态的抗衰方式，主要包括综合抗衰和靶向抗衰两类 抗衰：基于衰老机制，综合使用各类生物技术、健康产品及药物延缓衰老进程的主动健康策略。 口服抗衰：通过口服特定营养成分、生物活性物质，辅助调节体内生理机制，延缓细胞老化，进而维持和改善身体机能及状态的抗衰方式。 衰老是一个从微观细胞损伤累积到宏观组织功能衰退的复杂生命过程，主要表现为基因组不稳定、端粒磨损和细胞衰老等，易导致代谢、呼吸、生殖等多系统疾病。随着颜值经济兴起和压力年轻化趋势，抗衰需求已突破传统中老年群体，向全年龄段渗透（如某电商平台2023年数据显示，25-35岁人群购买抗衰功能食品的占比从2021年的28%上升至2023年的45%）。口服抗衰则是指通过口服特定营养成分、生物活性物质，辅助调节体内生理机制、延缓细胞老化，进而维持和改善身体机能及状态的抗衰方式，包括综合抗衰和靶向器官抗衰两类。

投资要点： 事件：证监会于上周发布《公开募集证券投资基金业绩比较基准指引》，自2026年3月1日起施行；基金业协会相应发布《公开募集证券投资基金业绩比较基准操作细则》，并发布公募基金业绩比较基准要素库及运作说明，以共同规范业绩比较基准的选取和使用，督促基金管理人完善内部控制和管理机制。 基准定位“锚定化”，要素库建设完成提供操作支撑。新规明确业绩比较基准是表征投资风格、衡量业绩、约束投资行为的核心参考标准，必须遵循代表性、客观性、持续性、约束性四大原则，彻底改变此前基准“形同虚设”的行业痛点。我们认为，通过制度刚性约束管理人恪守投资纪律，防止为追逐短期排名而随意切换风格，切实保护投资者基于产品定位作出的理性决策。在此基础上，基金业协会相应发布业绩比较基准要素库，截至1月27日，市场表征性强、认可度高、流动性好，鼓励优先选用的一类库有82只指数，兼顾创新与差异化，具有一定使用率和市值容量，作为一类库补充的二类库有73只指数。 内控体系“全流程化”，将薪酬体系和长期超额收益深度挂钩。新规将基准管理的决策层级提升至公司管理层，要求建立覆盖选取、披露、监测、纠偏、问责的全流程内控机制，同时通过薪酬考核强化对投资端的硬约束。流程管理上，管理人需由独立部门持续监测基金与基准的偏离度，投资决策委员会对偏离进行判断并督促纠偏，托管人需复核基金资产配置是否与基准逻辑相符。我们认为，这一闭环管理机制将责任落实到具体岗位和流程，从源头上减少“盲盒式”基金的产生，提升行业治理水平。薪酬机制上，明确长期业绩显著低于基准的基金经理，绩效薪酬需明显下调，倒逼基金经理聚焦基准匹配度，而非单纯追求短期排名，从根本上扭转了过去“重规模、轻业绩”、“重排名、轻契约”的扭曲激励，引导投研人员专注长期价值创造，真正实现管理人与持有人利益绑定。 披露与变更“规范化”，推动销售、评价、信息披露等外部环节协同规范。新规对基准的披露、变更流程作出严格且清晰的规定，既强化信息透明度，又平衡规则刚性与实操弹性，为合理优化基准预留空间，保障投资者对产品变化的知情权与决策权。此外，新规不仅约束管理人，还延伸至基金生态的其他关键环节：销售机构在展示基金业绩时，必须同步呈现基准表现，便于投资者横向对比；基金评价机构不得将不同基准类型（如全市场选股型vs行业主题型）的基金混排评比；定期报告需详细披露基金与基准在收益率、波动率、行...

我们银行的三大趋势涵盖三个相互关联的指令 客户参与 客户人口统计数据正在发生变化… 作为36%的千禧一代在社交媒体上学习金融，公司正努力参与1 With千禧一代是五倍比婴儿潮一代更可能换银行 …并且公司正通过… 实现代理型人工智能为转换客户接触中心使用游戏化的移动优先平台吸引年轻顾客·利用人工智能驱动的忠诚度计划开发个性化优惠和服务 …以实现 改进客户满意度 增加交叉销售收入增长 更强客户忠诚度 运营效率 FS公司正努力提高生产力…… 仅35%的企业有信心应对新兴的金融风险和威胁 WithRMs’的69%正在非客户任务上花费的时间，例如 入职和合规 …并且银行优先考虑效率与… 人工智能驱动监管平台实现自主合规·AI主导的RM系统统一客户数据并生成智能交互摘要。 智能自动化自动化工单管理流程 …来实现 简化合规 减少手动操作 增强生产力

摘要 一周大事记 国内：工业企业利润增速转正，税制改革聚焦科技和制造业。1月26日，商务部宣布将启动建设数字贸易示范区，同时完善跨境服务贸易负面清单管理，数字贸易和服务贸易领域将成为外贸稳增长的重要支撑；27日，数据显示2025年全年工业企业利润同比增长0.6%，高技术制造业等新兴领域增速提升明显，2026年全年工业企业利润有望稳中有升；28日，全国税务工作会议召开，2025年全国税费总额达33.1万亿元、同比增0.9%。2026年税制改革的核心是平衡央地财政关系、优化税制结构，相关政策效应释放后，地方税收基础将进一步巩固；同日，国资委在国新办新闻发布会上介绍2025年国资央企发展情况，并明确了支持新兴产业和推进央企并购重组的目标，后续国资委与中央企业将推动国有资本向新兴产业集聚，将央企打造成培养新质生产力的主力军。 海外：美日联合干预汇市，美联储如期暂停降息。当地时间1月26日，日本首相高市早苗警告打击汇市投机，必要时将与美方协作应对汇率波动，除非日本央行采取鹰派立场或重启量化宽松，否则日元与日债的压力仍难缓解；同日，美国总统特朗普在社交媒体发文称将韩国输美汽车、木材等产品关税上调至25%，特朗普此次加税本质是借关税施压，同时转移国内政治矛盾；27日，德国央行行长称短期内无需调整借贷成本，当前关键利率水平适宜。该表态与欧央行12月会议纪要基调一致；28日，美联储如期暂停降息，维持联邦基金利率3.50%-3.75%区间不变。鲍威尔剩余任期仅余两次会议，除非短期内经济出现剧烈波动，其任内大概率不会再降息。 高频数据：上游：本周布伦特原油、阴极铜价格周环比分别上升3.71%、2.87%，铁矿石价格周环比下降0.06%；中游：螺纹钢、水泥价格周环比分别下降0.17%，0.94%，动力煤价格周环比上升0.06%；下游：房地产销售周环比上升15.93%，1月第二周乘用车日均零售销量同比下降22%；物价：蔬菜价格周环比下降0.81%，猪肉价格周环比上升0.94%。新兴产业中，上游：国产多晶硅料价格周环比上升0.31%，六氟磷酸锂、磷酸铁锂和碳酸锂价格周环比分别下降7.94%、持平、上涨8.74%；中游：DXI指数周环比上涨0.73%，国际散货船价综合指数周环比上升2.35%；下游：2025年12月新能源汽车销量同比增长7.16%，智能设备、平板电脑销售额分别同比下降1.51%、...

九号公司(689009) 事件：公司发布2025年度业绩预告。2025年公司预计实现归母净利润16.70-18.50亿元（同比增长54.0%-70.6%），扣非归母净利润16.20-17.90亿元（同比增长52.5%-68.5%）。我们取区间中值估算，则25Q4预计实现归母净利润-0.27亿元（24Q4为1.14亿元），扣非归母净利润-0.94亿元（24Q4为1.25亿元），有所承压。我们预计汇率波动等因素或对业绩表现造成一定影响。 电动两轮车市场份额提升，25Q4受新旧国标切换影响有所承压。根据奥维云网数据，25年公司电动两轮车行业市占率同比提升1.8pct，排名第四；我们预计25Q4公司电动两轮车销量预计同比有所下滑，或主要系电动自行车新国标切换，市场与产业链仍处于调整与适应阶段。其他业务方面，我们预计滑板车ToC业务同比有所增长、ToB业务同比有所下滑，全地形车则同比有所增长。我们预计公司26Q1电动两轮车订单或主要来自电摩，两轮车业务在电摩拉动下有望保持较好增长。 多款新品亮相CES，矩阵进一步丰富。我们预计公司的服务机器人业务（割草机器人为主）于25年实现较快增长，25Q4表现靓丽。公司多款新品亮相2026年国际消费电子展（CES2026），其中服务机器人业务首次提出“Navimow标准”，呈现覆盖从家庭到商用场景的五大新品阵容，包括面向大面积全地形庭院、主打极致性能的X4旗舰系列；搭载三重融合定位技术、专为复杂庭院设计的H2系列；针对中小面积、全驱不伤草的i2AWD和兼顾精准导航与轻松上手的i2LiDAR；以及面向商业场景的Terranox系列。此外，一同亮相的还有两款E-Bike新品，搭载智驾系统，实现整车真智能，达成对行业技术的断代领先，以及电动越野摩托车Segway Xaber300等。 面对欧洲市场割草机器人政策变化，公司积极应对。关于欧盟反倾销调查，公司计划如下（1）将积极配合调查相关工作，按要求完成资料提交、信息核实等流程，以合规专业的态度保障自身权益；（2）依托产品核心竞争力，公司割草机器人聚焦中高端市场，始终以技术创新、可靠品质和优质体验为核心，而非单纯依赖价格竞争，这一差异化优势有望为应对工作奠定基础。（3）公司将加速推进海外供应链布局。 盈利预测及投资评级：我们预计2025-2027年公司归母净利润分别为17.6/23.4/29.6亿...

CD行业月报：1月电视面板价格环比上行 行情&业绩回顾：2025年12月至今面板(申万)指数上涨11.55% 行情回顾：2025年12月至今面板(申万)指数上涨11.55%，跑赢上证指数、深证成指、沪深300指数5.76pct、2.53pct、7.30pct；其中京东方A、深天马A、彩虹股份分别上涨15.28%、11.39%、24.06%，龙腾光电下跌5.10%。估值方面，截至1月20日A股面板行业总市值6049.19亿元，整体PB（LF）为1.71x，处于近五年的82.5%分位。 业绩回顾：根据Omdia数据，12月全球大尺寸LCD面板月度营收64.23亿美元，环比增长15.52%，同比增长4.71%，其中京东方、TCL华星、惠科大尺寸LCD面板月度营收分别环比增长8.11%、0.11%、22.71%。 价格：1月LCDTV面板价格环比上涨，预计2月各尺寸LCDTV面板价格环比上涨 电视：2026年1月32、43、50、55、65英寸LCDTV面板价格为34、61、92、115、163美元/片，各尺寸LCDTV面板价格环比上涨3.0%/1.7%/1.1%/0.9%/0.6%；Omdia预计2月32、43、50、55、65英寸LCDTV面板价格为36、63、94、117、165美元/片，各尺寸LCDTV面板价格环比上涨5.9%/3.3%/2.2%/1.7%/1.2%。据TrendForce，1月部分电视品牌采购动能强劲，支撑电视面板需求，2月春节面板厂规划减产，预计1Q26整体LCD电视面板稼动率将季减3.5pct至87.7%，供需格局偏紧。 笔记本：2026年1月14英寸（笔记本电脑）、23.8英寸（显示器）LCDIT面板价格25.4、44.8美元/片，其中14英寸LCDIT面板价格环比下滑0.4%，23.8英寸LCDIT面板价格环比持平；Omdia预计2月14英寸、23.8英寸LCDIT面板价格分别为25.3、44.9美元/片，其中14英寸LCDIT面板价格环比下滑0.4%，23.8英寸LCDIT面板价格环比上涨0.2%。 供给&需求：12月全球大尺寸LCD面板出货面积同比增长8.82%，其中TV、Monitor、NoteBook、Tablet出货面积同比增长 供给方面，我们预计2024年全球大尺寸LCD产能面积较2023年增长2.31%，其中1Q24、2Q24...

核心观点 湿法磷酸为磷化工产业链核心制备路线。磷化工产业链包含湿法与热法两条核心技术路线，前者以无机酸分解磷矿石，设备简、能耗低但对磷矿品位要求高、产品杂质多；后者经黄磷加工制取，适配低品位磷矿、产品质量优但能耗高、成本高且尾气处理难度大。湿法磷酸或逐步替代高耗能热法工艺。安全环保政策趋严，落后产能加速退出。“三磷”整治落地，长江经济带磷矿产能显著压缩。目前环保督察已实现常态化开展，在持续的环保高压下，磷矿落后产能复产难度大幅提升，且政策鼓励优强企业通过兼并重组等方式整合中小磷矿，行业供需格局持续优化。 我国磷矿资源禀赋差、环保约束强，国内供给持续趋紧。磷矿石为磷化工产业的核心基础原料，我国以全球5%储量支撑近半产量，资源保障压力突出，稀缺属性持续强化，预计磷矿价格中枢长期高位运行，目前龙头企业磷矿石毛利率在80%左右。下游磷肥需求仍为刚性支撑，但占比由2015年的78%降至2024年的54%；湿法磷酸消费占比从2021年的7%跃升至2024年的17%，部分得益于新能源需求驱动。 储能对磷矿石需求的边际拉动效应有望增强。随着2025年锂电行业复苏，磷酸铁行业产能过剩局面有望扭转。预计全球储能电池出货量在2025-2027年分别达600/800/983GWh，对应磷矿石需求量占我国磷矿石预测产量比重将达约4.7%/5.9%/7.0%，储能的边际拉动效应显著增强。 磷化工产品格局分化，农业刚需叠加新能源贡献增量。磷酸是磷化工产业链核心中间产品，产能利用率有望稳步提升，新能源拉动逻辑仍将持续，供需格局总体趋紧。磷肥是三大单元素营养型（氮、磷、钾）肥料之一，肥料级磷铵产能过剩，同质化竞争压制盈利空间；工业级磷酸一铵（尤其是消防级）则因高壁垒、强需求存在结构性紧缺支撑高溢价。2025年以来饲料级磷酸钙盐供需格局趋于紧平衡，价格整体呈震荡上行。黄磷受能耗双控等政策压制，有效供给受限，草甘膦为核心下游之一。目前草甘膦毛利维持在相对低位区间，随着农药行业反内卷工作的推进等催化，价格中枢有望上移。 风险提示：市场风险，技术风险，安全风险，政策风险，资源风险，产能过剩风险，财务风险等。 投资建议：我们推荐磷化工领域具备资源壁垒与产业链优势的核心标的：1）川恒股份：磷化工一体化龙头，半水湿法工艺叠加高品位磷矿自给支撑高毛利，在建磷矿打开成长空间；2）云天化：磷矿与磷肥双龙头，资源储量与产...

天佑德酒(002646) 投资要点 事件：公司发布2025年度业绩预告，预计25年归母净利润为421.4万元至632.0万元，同比下降85%-90%；扣非净利润为183.4万元至275.1万元，同比下降92.8%-95.2%。公司预计营业收入同比下降13%以内，同时保持必要的市场投入，销售费用降幅低于营收降幅，业绩在行业深度调整周期中仍然承压。 产品结构持续优化，省内夯实省外拓展。1、产品方面：公司聚焦资源于200元以下核心价位带产品。红四星系列作为核心大单品表现稳定，公司通过“模糊积分”等新政策稳定其价盘与终端利润。福系列通过宴席渠道发力，已成为第二大单品。同时公司推出43度雪莉青稞酒等创新产品拥抱年轻化，上市四个月线上销售良好。2、区域方面：巩固青海大本营，在行业竞品回撤背景下持续抢占市场份额。省外市场中甘肃市场处于消化库存阶段，其他市场则从团购模式转向百元价位段的渠道深耕。海外市场取得突破，Tashi青稞酒已进入3家美国Costco门店。3、渠道方面：省内深化“深度分销”模式，通过数字化拜访、升级客情维护、终端利益再分配、协助终端内容营销等措施，强化终端服务能力以促进动销。 营销转型持续深化，务实调整蓄力发展。面对行业压力，公司采取务实调整策略，主动放弃第三期股权激励目标，优先保障渠道健康，不向经销商压货。营销投入从传统“高举高打”的品牌宣传，转向更聚焦于终端动销、能直接促进销售的精准活动，如针对福系列的宴席渠道攻坚。省内市场持续精耕，与竞品争夺份额，同时深化县乡镇市场的渗透。西藏市场依托阿拉嘉措品牌，围绕雅江水电站长达十年的项目机遇开展氛围搭建并规划针对性产品矩阵。海外市场以Costco为突破口，探索国际化路径，有望反哺国内品牌形象。 盈利预测。预计2025-2027年归母净利润分别为0.05、0.11、0.15亿元，EPS分别为0.01元、0.02元、0.03元。公司是青稞酒龙头，具备坚实消费者基础，受益于产品结构升级和省外市场开拓，深度调整成效有望显现。 风险提示：经济大幅下滑风险，消费复苏不及预期风险，海外政策波动风险。

菜百股份(605599) 事项： 公司公告：公司发布2025年度业绩预告，预计实现归母净利润10.6-12.3亿元，同比增长47.43%-71.07%，扣非归母净利润9.52-11.22亿元，同比增长39.16%-64.03%。 国信零售观点：1）单四季度看，预计归母净利润4.13-5.83亿元，同比增长150.48%-253.52%。扣非归母净利润3.66-5.36亿元，同比增长130.25%-237.08%。2）分产品看，占比较高的贵金属投资产品受益于金价持续增长、菜百首饰在华北地区的知名度，预计实现较快增长。此外，首饰金在产品创新和消费复苏下预计亦实现正增长，维持毛利率的韧性。3）实际上，公司投资金毛利率较低，整体收入占比提升对整体毛利率有所压力。但目前来看，公司投资金产品也在积极创新，开发贺岁金条、IP联名金条等产品，毛利率相对较高。此外，首饰金在菜百总店二层开设了“菜百典藏”专区，销售古法、金镶钻等高毛利率产品，不断推动产品结构优化。 总体上而言，在金价预期中长期上行的背景下，公司投资金产品持续受益。产品端持续升级，在保持收入增长的同时支撑公司毛利水平。门店拓展亦稳步推进，超1600平的北京顺义大店作为馆店结合”升级模板有望持续贡献业绩增量。考虑贵金属投资产品增长较好及饰品复苏，我们上调公司2025-2027年归母净利润至10.62/13.04/14.65亿元（前值分别为7.91/8.82/9.89亿元），对应PE分别为15.4/12.1/11.2倍，维持“优于大市”评级。 风险提示 金价大幅波动；门店拓展不及预期；电商销售不及预期；产品创新不及预期。

City selected design firm for community center project The Leadville Herald

Its business has proven that it's here to stay for the long haul. Since the start of 2025, Intel (INTC 4.50%) has been one of the best-performing big tech stocks on the market. The stock is up over 170% in that time (through Jan. 22), with a large chunk of that gain coming after mid-September. Like many tech companies, Intel can thank the current artificial intelligence (AI) supercycle for much of this turnaround. As the hardware side of AI becomes more vital with hyperscalers (companies like Microsoft, Alphabet, and Amazon) writing big checks, semiconductor companies are in a good spot to capitalize. Although Intel is one of them, there's a company I wouldn't hesitate to choose over it. What has been going right for Intel lately? A few years ago, Intel decided to fully throw its hat into the semiconductor ring and become a foundry-first company. It's a move that many felt was needed, but weren't 100% sure the massive costs would justify the results anytime in the foreseeable future. One major win has been Intel's breakthrough with its "18A" manufacturing process, which allows it to produce more powerful and efficient chips. It's one of Intel's more encouraging wins in quite a while, fueling investor optimism. Unfortunately, this breakthrough won't immediately translate to Intel's balance sheet, at a time when it could use some growth. In 2025, Intel generated $52.9 billion in revenue, slightly below the $53.1 billion it made in 2024 and the $54.2 billion it made in 2023. Expand NASDAQ : INTC Intel Today's Change ( -4.50 %) $ -2.19 Current Price $ 46.47 Key Data Points Market Cap $243B Day's Range $ 45.96 - $ 49.58 52wk Range $ 17.66 - $ 54.60 Volume 115M Avg Vol 99M Gross Margin 34.77 % A better option to consider over Intel Much of Intel's foundry business success will rest on its ability to secure a major contract. It's firmly in the "prove it" stage. Broadcom (AVGO +0.17%), on the other hand, is not. With a market cap of over $1.5 trillion (as of Jan. 22), Broad...

2025年，中国经济在实现5.0%增长、达成预期目标的同时，呈现“前高后低”走势。近几年GDP增速与价格表现出非常明显的反向规律：当实际增速高于5.0%时价格承压，低于5.0%时价格改善，这或表明当前有效需求支撑的合意增长区间在4.5%-5.0%。四季度增速回落至4.5%后，政策未急于强刺激，体现了与“反内卷”清理过剩供给、促价格回升目标之间的权衡。 2025年结构层面呈现积极转换：第二产业增速回落，第三产业增速回升，形成对冲。这一变化有利于缓解过剩供给压力，并通过服务业发展带动就业与收入，从而支撑内需。需求侧则呈现消费贡献上升、投资拉动减弱、净出口保持高位的分化格局，但内需整体仍处于历史相对低位，“内需不足”始终是循环的主要堵点，其背后与服务业发展滞后、未能与生产率提升同步密切相关。 展望2026年，经济预计在“反内卷”框架下延续结构优化，一方面通过发展新质生产力提升生产效率，另一方面加速发展现代服务业以促进就业与收入，从而扩大消费、畅通内循环。宏观政策将延续结构性发力，推动供需在更高水平上实现动态平衡，全年增速或小幅回落至4.8%左右，并逐渐走出通缩区间。

一、宏观消息汇总 1.国家发改委:会同相关方面统筹推进新能源汽车充电基础设施的建设和发展。 2.民政部:广泛应用人形机器人、脑机接口、人工智能等前沿技术，研制高性能智能养老服务机器人。 3.商务部:用好中美经贸磋商机制管控分歧、推进合作。 二、行业最新动态 1.深圳鼓励智能家居适配国产系统并全面接入AI，相关个股:影石创新(688775)、瑞芯微(603893)等。 2.新型基因治疗策略解决长基因高效递送难题，相关个股:美邦科技(920471)、开能健康(300272)等。 3.原材料价格大涨需求强劲电子元器件掀涨价潮，相关个股:江海股份(002484)、钧崴电子(301458)等。 三、上市公司聚焦 1.新宙邦(300037):公司已向香港联交所递交发行上市申请书，强化全球电子化学品供应布局。 2.运机集团(001288):拟定增募资超7.88亿元，布局智能制造与海外运维。 3.力星股份(300421):拟定增募资不超5.6亿元，加码高端轴承滚动体产能。 4.博杰股份(002975):液冷测试设备有供货给N客户等，今年会有较大供给安排。 四、市场回顾及展望 1月29日周四，三大指数涨跌不一，沪指窄幅震荡，上证50指数涨超1%，创业板指冲高回落，科创50指数跌超3%。沪深两市成交额3.23万亿，较上一个交易日放量2646亿。盘面上市场热点快速轮动，全市场超3500只个股下跌。从板块来看，白酒板块午后爆发，泸州老窖、水井坊、舍得酒业、皇台酒业、酒鬼酒涨停。有色金属板块反复活跃，金属铜、贵金属领涨，西部黄金7天4板，中国黄金5连板，北方铜业2连板创历史新高。油气股延续强势，洲际油气7天5板，准油股份2连板，中曼石油4天3板。房地产板块震荡反弹，大悦城、三湘印象、我爱我家涨停。下跌方面，芯片产业链下挫，美埃科技、京仪装备跌超9%。 展望后市，市场放量分化，其中有色金属板块反复活跃，金属铜、贵金属领涨，油气板块同样延续强势。此外需注意的是，市场风格发生了一定的转变，代表价值权重上证50指数涨超1.5%，而科技成长风格主导的科创50指数则跌超3%。随着成长股经历反复演绎后于高位陷入整理，位置相对更低且筹码出清较为充分的价值板块的配置价值逐步凸显，后市资金有望继续围绕低估值、高确定性方向展开布局。

股市回顾 A股行情：A股三大指数涨跌不一，沪指涨0.16%，报4157.98点；深证成指跌0.30%，报14300.08点；创业板指跌0.57%，报3304.51点。沪深京三市成交额超过3.2万亿元。 亚太市场：香港恒生指数涨0.51%，报27968.09点；恒生科技指数跌1%，报5841.1点。日经225指数涨0.03%，报53375.60点；韩国KOSPI指数涨0.98%，报5221.25点。 欧洲市场：德国DAX指数跌1.92%，报24347.16点；法国CAC40指数涨0.06%，报8071.36点；英国富时100指数涨0.17%，报10171.76点。 美股市场：道指涨0.11%，报49071.56点；纳指跌0.72%，报23685.12点；标普500跌0.13%，报6969.01点。 中概股：中概股涨跌不一，纳斯达克中国金龙指数涨0.35%，万得中概科技龙头指数涨0.16%。 国际要闻 美国联邦政府再次面临部分“停摆”的危机 南非考虑对来自中国和印度的整车进口征收最高达50%的关税 鉴于严寒天气，普京已同意一周内暂停对乌克兰的空袭 OpenAI正寻求融资至多1000亿美元，以满足AI业务增长需求 国内要闻 国务院办公厅印发《加快培育服务消费新增长点工作方案》 2026年春运全社会跨区域人员流动量预计创历史新高 2026年全国春节文化和旅游消费月正式启动 工信部召开光伏行业企业家座谈会强调，当前形势下，“反内卷”是光伏行业规范治理的主要矛盾 重要公告 江丰电子：拟以现金收购北京凯德石英股份有限公司控制权 合盛硅业：补充确认110亿元高端制造产业园项目 沐曦股份：拟使用募集资金不超2亿元向全资子公司提供借款，以实施新型高性能通用GPU研发及产业化项目

重点推荐 >1.美联储如期暂停降息，2026年降息门槛如何变动——海外观察：2026年1月美国FOMC会议 >2.美元大跌会是广场协议2.0吗？——海外观察：美国经济热点简评 财经要闻 >1.美国上周初请失业金人数20.9万人，预期20.5万人 >2.国家主席习近平会见英国首相斯塔默 >3.李强同英国首相斯塔默会谈 >4.国务院办公厅印发《加快培育服务消费新增长点工作方案》

Image source: The Motley Fool. Thursday, January 29, 2026 at 8:00 a.m. ET CALL PARTICIPANTS President & Chief Executive Officer — Rob Mionis Chief Financial Officer — Mandeep Chawla Vice President, Investor Relations — Matthew Pilotta Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Total Revenue -- $3.65 billion, up 44%, led by demand in the Connectivity & Cloud Solutions (CCS) segment. -- $3.65 billion, up 44%, led by demand in the Connectivity & Cloud Solutions (CCS) segment. Adjusted EPS -- $1.89, up $0.78 or 70%, surpassing guidance high end. -- $1.89, up $0.78 or 70%, surpassing guidance high end. Adjusted (non-GAAP) Operating Margin -- 7.7%, a company record, up 90 basis points, reflecting gains across both business segments. -- 7.7%, a company record, up 90 basis points, reflecting gains across both business segments. Full Year Revenue -- $12.4 billion, increasing by 28%. -- $12.4 billion, increasing by 28%. Full Year Adjusted EPS -- $6.05, growing by 56%. -- $6.05, growing by 56%. Full Year Adjusted Operating Margin -- 7.5%, with a consecutive 100 basis point improvement. -- 7.5%, with a consecutive 100 basis point improvement. Adjusted Gross Margin -- 11.3%, up 30 basis points, supported by higher volumes and productivity outcomes. -- 11.3%, up 30 basis points, supported by higher volumes and productivity outcomes. Adjusted Effective Tax Rate -- 19% in the quarter. -- 19% in the quarter. Adjusted ROIC -- 43%, up 14 percentage points. -- 43%, up 14 percentage points. ATS Segment Revenue -- $795 million, down 1%, matching the anticipated low single-digit decline. -- $795 million, down 1%, matching the anticipated low single-digit decline. CCS Segment Revenue -- $2.86 billion, up 64%, accounting for 78% of company revenue. -- $2.86 billion, up 64%, accounting for 78% of company revenue. Communications End Market Revenue -- Increased by 79%, exceeding guidance, attributed to demand for 800G switches among hyperscale customers. -- Incr...

Popular, Inc. offers retail and commercial banking services across Puerto Rico, the U.S., and the British Virgin Islands. On January 29, Polaris Capital Management disclosed a fourth-quarter sale of 204,200 shares of Popular (BPOP +0.17%), an estimated $24.13 million trade based on quarterly average pricing. What happened According to a Securities and Exchange Commission (SEC) filing dated January 29, Polaris Capital Management reduced its position in Popular (BPOP +0.17%) by 204,200 shares during the fourth quarter. The estimated transaction value was $24.13 million, based on the average closing price for the period. The fund ended the quarter holding 682,330 shares valued at $84.96 million, and the net position value dropped by $27.63 million, reflecting both share sales and market price changes. What else to know This was a partial sale; Popular now accounts for 7.05% of Polaris’s reportable 13F assets under management. Top holdings after the filing: NASDAQ:BPOP: $84.96 million (7.1% of AUM) NASDAQ:JAZZ: $73.52 million (6.1% of AUM) NASDAQ:LIN: $57.09 million (4.7% of AUM) NYSE:SW: $55.98 million (4.6% of AUM) NASDAQ:UTHR: $50.50 million (4.2% of AUM) As of January 28, Popular shares were priced at $131.54, up 31.9% over the past year and outperforming the S&P 500 by 16.89 percentage points. ETF overview Metric Value Revenue (TTM) $3.05 billion Net income (TTM) $833.16 million Dividend yield 2.3% Price (as of January 28, 2026) $131.54 ETF snapshot BPOP offers a comprehensive suite of retail, mortgage, and commercial banking products, including deposit accounts, loans, credit cards, and investment services across Puerto Rico, the United States, and the British Virgin Islands. The company generates revenue primarily through net interest income from lending activities, complemented by fee-based income from investment banking, insurance, and leasing services. It targets individuals, small businesses, and commercial clients, with a strong presence in regional banking ...

在繁忙的财报发布时段， IBM （IBM）因软件主导的增长而股价上涨5.8%，惠而浦（WHR）则因疲软展望下跌8.1%。同时Meta（META）、 微软 （MSFT）和 特斯拉 （TSLA）的业绩均超出预期。 责任编辑：张俊 SF065

New York, January 29, 2026, 10:19 ET — Regular session Palantir shares dropped roughly 5% in early trading, marking another turbulent session for the AI-focused software company Software stocks saw a wider retreat after Big Tech earnings sparked fresh doubts about the returns on heavy AI investments Investors are eyeing Palantir’s quarterly report due Feb. 2, focusing closely on contract momentum and updated guidance Shares of Palantir Technologies Inc. dropped 5.2% to $149.13 in early trading, hitting an intraday low of $148.76 amid a broader selloff in software stocks. The stock started the day at $157.36, falling $8.22 from its previous close on volume of roughly 16.7 million shares. Investors are growing impatient with open-ended AI spending that doesn’t deliver growth quickly—a trend now hitting not just mega-caps but also smaller, high-multiple software stocks. “Meta’s headline numbers really highlight how the market feels about AI spending,” said John Belton, portfolio manager at Gabelli Funds. He noted that investors are rewarding clear returns while punishing uncertainty. (Reuters) U.S. stocks edged lower, with the Nasdaq slipping roughly 1% in early trading. Investors are parsing Big Tech earnings alongside a wary outlook on software. “It’s going to be a show me the money story for AI,” said Adam Turnquist, chief technical strategist at LPL Financial, as the market debates if the spending spree is actually paying off. (Reuters) Palantir faces some doubters. On Tuesday, RBC Capital Markets’ analyst Rishi Jaluria stuck with an “Underperform” rating, setting a $50 price target. He argued the risk-reward looks “skewed to the downside” ahead of earnings. Jaluria pointed to weaker trends in government-tracked contract metrics, like qualified contract value and net annual contract value — rough proxies for deal flow and annual contract run-rate. (Barchart) Not all the news on Thursday was grim. Innodata announced it had been chosen by Palantir to aid in annotatio...

iStockVadim/iStock Editorial via Getty Images I've revised LG Display Co., Ltd.'s ( LPL ) (034220.KS) rating from " Buy" to "Hold." Tailwinds pertaining to its client and rivals were outlined in my previous Oct. 9, 2025, article . These have helped LPL record solid results in the final quarter of last year. But the company's panels are used for products, for which memory is a key component. There's a big risk of its '26 results being dragged down by weaker-than-anticipated smartphone and laptop volumes. Q4 Exceeded Expectations Excluding Exceptional Charges LPL's latest quarterly financials were released on Wednesday, Jan 28. Its reported EBIT for Oct-Dec '25 came in at ₩0.17 trillion. This implied a +103% year-on-year jump and a -61% sequential drop. Bloomberg's consensus projection of ₩430 billion was +153% higher. The firm's analyst briefing commentary revealed that the "total nonrecurring cost impact in Q4 was in the high KRW 300 billion range." These were linked to a "voluntary retirement program" and "incentive payments tied to last year's business performance." The latter follows from LPL's return to a positive bottom line in FY25 after being in the red for the preceding three years. I assume one-offs amounted to ₩380 billion, given that the exact figure wasn't shared. Its adjusted operating earnings of ₩550 billion would have beaten the sell-side's forecast by 28%. That's equivalent to QoQ and YoY increases of +27% and +562%, respectively. My Oct 9 piece indicated that "LPL will perform well in FY25 on the back of a stronger-than-anticipated wearable product cycle." I also noted "the latest watches rolled out by Apple ( AAPL ) mentioned above come with Organic Light-Emitting Diode or OLED screens." These positives are reflected in the company's 4Q numbers. Its "Average Selling Price/ASP" rose +14% YoY to $1.3k/sqm in the recent three-month period. The proportion of 4Q25 group-level turnover generated from OLED-related solutions was almost two-thirds. This re...

格隆汇1月29日丨斯巴达资本证券分析师彼得·卡迪略指出，黄金和白银期货出现回调可能意味着价格已触及近期高点。他表示，我们认为此次反转意义重大。当前现货黄金跌超4%，现货白银跌近6%。

Meta Platforms' Q4 Earnings and Revenues Surpass Estimates, Rise Y/Y TradingView

Meta Platforms META reported fourth-quarter 2025 non-GAAP earnings of $8.88 per share, beating the Zacks Consensus Estimate by 8.16%. Revenues of $59.89 billion beat the Zacks Consensus Estimate by 2.22% and increased 23.8% year over year. At constant currency (cc), revenues soared 23% year over year. META’s Top-Line Growth Rides on Strong User Base Revenues from Family of Apps (98.4% of total revenues), which includes Facebook, Instagram, Messenger, WhatsApp and other services, increased 24.6% year over year to $58.94 billion. The top-line growth benefited from WhatsApp paid messaging revenue growth as well as Meta Verified subscriptions. Family Daily Active People or DAP, defined as a registered and logged-in user who visited at least one of the Family products (Facebook, Instagram, Messenger and/or WhatsApp) on a given day, was 3.58 billion, up 7% year over year. Geographically, revenues from the United States & Canada, Asia-Pacific, Europe and the Rest of the World (RoW) surged 21.5%, 21%, 25.9% and 32.5% on a year-over-year basis, respectively. Meta Platforms, Inc. Price, Consensus and EPS Surprise Meta Platforms, Inc. Price, Consensus and EPS Surprise Meta Platforms, Inc. price-consensus-eps-surprise-chart | Meta Platforms, Inc. Quote Instagram Reels had a strong quarter, with watch time up more than 30% year-over-year in the United States. Improving the quality of recommendations is driving up engagement. Simplified ranking architecture has enabled more efficient model scaling that has unlocked the ability for Meta Platforms’ systems to consider longer interaction histories to better identify a person’s interests. On Instagram, the amount of original content in the United States increased 10% in the fourth quarter of 2025, with 75% of recommendations coming from original posts. Facebook video time continued to grow double-digits year-over-year in the United States. The company saw strong results from ranking and product improvement efforts on both Feed and vi...

Meta Platforms META reported fourth-quarter 2025 non-GAAP earnings of $8.88 per share, beating the Zacks Consensus Estimate by 8.16%. Revenues of $59.89 billion beat the Zacks Consensus Estimate by 2.22% and increased 23.8% year over year. At constant currency (cc), revenues soared 23% year over year. META’s Top-Line Growth Rides on Strong User Base Revenues from Family of Apps (98.4% of total revenues), which includes Facebook, Instagram, Messenger, WhatsApp and other services, increased 24.6% year over year to $58.94 billion. The top-line growth benefited from WhatsApp paid messaging revenue growth as well as Meta Verified subscriptions. Family Daily Active People or DAP, defined as a registered and logged-in user who visited at least one of the Family products (Facebook, Instagram, Messenger and/or WhatsApp) on a given day, was 3.58 billion, up 7% year over year. Geographically, revenues from the United States & Canada, Asia-Pacific, Europe and the Rest of the World (RoW) surged 21.5%, 21%, 25.9% and 32.5% on a year-over-year basis, respectively. Meta Platforms, Inc. Price, Consensus and EPS Surprise Meta Platforms, Inc. Price, Consensus and EPS Surprise Meta Platforms, Inc. price-consensus-eps-surprise-chart | Meta Platforms, Inc. Quote Instagram Reels had a strong quarter, with watch time up more than 30% year-over-year in the United States. Improving the quality of recommendations is driving up engagement. Simplified ranking architecture has enabled more efficient model scaling that has unlocked the ability for Meta Platforms’ systems to consider longer interaction histories to better identify a person’s interests. On Instagram, the amount of original content in the United States increased 10% in the fourth quarter of 2025, with 75% of recommendations coming from original posts. Facebook video time continued to grow double-digits year-over-year in the United States. The company saw strong results from ranking and product improvement efforts on both Feed and vi...

Caterpillar (CAT) stock surged Thursday morning after the industrial machinery giant reported higher profits as demand for its power-generation equipment surged amid the build-out of AI data centers. The company reported an adjusted profit of $5.16 per share for the quarter, up from $5.14 ⁠per share a ‌year earlier. Revenue increased to $19.1 billion from $16.2 billion a year ago. Those figures were above Wall Street's expectations of $4.71 earnings per share and revenue of $17.7 billion, according to S&P Global Market Intelligence. Its power and energy segment, which it called its "largest and fastest-growing segment," saw sales to users grow 37% to mark a second quarter of double-digit growth, CEO Joseph Creed said on the company's earnings call Thursday morning The stock traded up as much as 5% in early trading to a record high but pared some gains amid a broader market sell-off. Soaring investment plans from the world's biggest tech giants have been a focus for investors, but these plans to invest in the AI boom have also pushed industrial companies to new heights as demand for power generation and construction equipment has surged. Global power usage by data centers is expected to grow from a current level of around 55 gigawatts to 84 gigawatts in the next two years, according to research from Goldman Sachs. Proof of demand has shown up in industrial sector earnings, as companies like Caterpillar, GE Vernova (GEV), and Honeywell (HON) have benefited from Big Tech's AI arms race funded by seemingly near-limitless spending. The industrials sector has gained roughly 20% over the past year, outperforming the S&P 500's (^GSPC) 14.7% return by a healthy margin. Caterpillar's fourth quarter retail sales in its power generation segment were 44% higher in the fourth quarter of 2025 compared to the same quarter a year prior. Its order backlog grew by $11.3 billion quarter over quarter to hit a record high of $51.2 billion worth of equipment, as demand for equipment like ...

Chile’s total fertility rate is projected to have sunk in 2025 to less than one child per woman, among the world’s lowest, according to fresh government data that is sure to amplify the incoming president’s push to encourage Chileans to have more babies. The rate is estimated to have fallen last year to 0.97 per woman, a historic low, and continue falling through the middle of the next decade before recovering to a rate of 1.2, according to estimates from the National Statistics Institute (INE). In 2024, the rate was 1.06, according to the latest INE calculation. The total fertility rate is a demographic metric that indicates the average number of children a woman would have over her lifetime. The South American country is expected to have more deaths than births beginning in 2028, according to INE. That means that the population would start shrinking — unless offset by immigration. Like many countries in the region, Chile has struggled to cope with a surge of migrants in recent years, mainly from Venezuela. President-elect José Antonio Kast , a father of nine, has promised to crack down on clandestine migration. Over the past decade, at least 300,000 undocumented migrants have entered Chile through informal cross-border paths from neighboring Peru and Bolivia. The business community has quietly urged caution to ensure that Chile has enough workers in key sectors such as agriculture. Pro-natalism is a banner theme for Kast, who takes office on Mar. 11. Addressing the US Conservative Political Action Conference in Budapest in May last year, Kast said that one in five babies in Chile are born to foreigners, threatening the country’s “identity,” and that “if more Chileans aren’t born, there won’t be a Chile anymore.” “That’s why, once we come to power, we’re going to launch the most ambitious plan to promote birth rates in the history of our country,” he said, adding that those who want to start a family would be rewarded. Read more: Right-Wingers Seizing on Migrant Ba...

伊朗首都启动战时避难设施建设规划 2026-01-29 23:58:01 来源： 同花顺7x24快讯 分享 伊朗首都德黑兰市政府已启动战时避难设施建设规划，包括将地下停车场改造为“平时停车、战时避难”的双用途空间。(新华社)

Investors in Alphabet Inc (Symbol: GOOG) saw new options begin trading today, for the March 13th expiration. At Stock Options Channel , our YieldBoost formula has looked up and down the GOOG options chain for the new March 13th contracts and identified one put and one call contract of particular interest. The put contract at the $325.00 strike price has a current bid of $12.75. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $325.00, but will also collect the premium, putting the cost basis of the shares at $312.25 (before broker commissions). To an investor already interested in purchasing shares of GOOG, that could represent an attractive alternative to paying $327.33/share today. Because the $325.00 strike represents an approximate 1% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 56%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 3.92% return on the cash commitment, or 33.33% annualized — at Stock Options Channel we call this the YieldBoost. Below is a chart showing the trailing twelve month trading history for Alphabet Inc, and highlighting in green where the $325.00 strike is located relative to that history: Turning to the calls side of the option chain, the call contract at the $335.00 strike price has a current bid of $13.25. If an investor was to purchase shares of GOOG stock at the current price level of $327.33/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $335.00. Considering the call seller wil...

Interesting GOOG Put And Call Options For March 13th Nasdaq