人民财讯1月26日电，银河证券研报认为，A股市场回归慢牛趋势，板块轮动速度加快，但震荡向上方 向未改。近期逆周期调节为市场降温，反映出监管层"稳字当头"的政策信号，旨在夯实市场长期稳健运 行基础。"十五五"开局之年，宏观政策积极布局，协同打出"组合拳"，涉及结构性货币政策推出、财政 贴息加码、"两新"政策优化、计划研究制定出台未来五年扩大内需战略实施方案等。短期来看，春季行 情延续，后续板块轮动上涨概率较大，业绩基本面重要性提升。 板块轮动中关注结构性投资机会。主线一，科技创新板块。短期来看，关注细分板块之间的轮动补涨机 会。前期强势的商业航天、AI应用等主题受到产业趋势催化，但后续内部分化或有所加大。主线二， 制造业、资源板块盈利修复路径清晰。重点关注涨价逻辑下业绩支撑的有色金属、基础化工等行业，行 情或向细分板块扩散。辅助线一，政策催化下消费板块的布局机会。辅助线二，出海趋势带动企业盈利 空间进一步打开。 ...

Core Viewpoint - The Nikkei 225 index opened down by 1.5%, while the South Korea's Seoul Composite Index opened up by 0.1% [1] Group 1 - The Nikkei 225 index experienced a decline of 1.5% at the opening [1] - The South Korea's Seoul Composite Index showed a slight increase of 0.1% at the opening [1]

Core Insights - The report from CITIC Securities highlights that leading models from companies like Google and Kuaishou are addressing challenges related to character consistency and physical logic, indicating advancements in AI technology [1] - Kuaishou has achieved over 10 million monthly active users and has seen growth in subscription revenue, marking a shift of multimodal tools from entertainment to productivity [1] - AI comic series are emerging as a new growth area, with platforms like ByteDance incentivizing high-quality content production, which accelerates the IP film adaptation process and creates new market opportunities [1] - The evolution of native multimodal and world model technologies is expected to reshape the landscape of downstream industries such as marketing, film, and gaming [1]

Core Viewpoint - In 2025, China's infrastructure investment is projected to reach 24.5 trillion yuan, representing a 1.5% decrease compared to the previous year, with a slowdown of 1.6 percentage points compared to the cumulative growth rate from January to November [1] Infrastructure Investment Summary - The narrow infrastructure growth rate for 2025 is recorded at -2.2%, which is a decline of 1.1 percentage points compared to the cumulative growth rate from January to November [1] - Key sectors such as pipeline transportation, warehousing, and internet services are maintaining a relatively fast growth rate in infrastructure investment, while sectors like ecological protection, water conservancy, road transport, and public facilities are experiencing significant declines [1] Policy Impact Summary - A series of investment-promoting policies have been implemented since the second half of 2025, but there is a lag in the realization of infrastructure investment from funding to project completion [1] - With the support of new policy financial tools, ultra-long-term special bonds, and newly issued special bonds, infrastructure investment in key projects and sectors is expected to accelerate in the first half of 2026 [1]

当国际金价距离5000美元/盎司仅一步之遥，当伦敦银现仅用两个月时间便实现翻倍，当铜铝铅锌锡上 演起"元素周期表"行情，当硫磺价格一年翻倍、碳酸锂迭创新高……这一系列看似独立的市场脉冲正汇 聚成一股时代洪流，宣告着全球大宗商品市场正迈入新一轮的"超级周期"。 "这轮周期的持续强度、持续时间都可能远超我们想象。"近期，多位基金经理向券商中国记者表达了类 似的观点，在全球货币超发、美元信用危机、技术革命创新需求、地缘冲突引发供应链重构等众多因素 共振下，全球大宗商品可能迎来一场远超市场预期的周期浪潮，而嗅觉敏锐的公募基金正闻风而动，将 投资罗盘的指针拨向现代工业的"血液"与"基石"——有色金属与基础化工，不仅定位着这场全球商品盛 宴的历史坐标，更寻找着浪潮之下具体的产业掘金路径。 全球大宗商品迎来第三轮"超级周期" 其四，长达十年的资本开支收缩期后的供给约束。上述基金经理指出，全球有色金属主要品种的资本开 支在2011年见顶后，步入了漫长的收缩期。勘探投入持续低迷，叠加全球矿山品位的自然下降，导致主 要金属品种的产出缺口日益明显。供给端的约束，是本轮周期最具刚性的一环。 "目前我们处于过往60年以来第三轮全球商品 ...

Core Viewpoint - The AI industry is compared to the internet and new energy as a long-term industrial wave, with 2023-2025 seen as a technological explosion period and 2026 potentially marking the "Darwin moment" for AI [1] Differentiated Allocation and Forward Positioning - The AI industry chain continues to show high prosperity, with storage and semiconductor equipment performing strongly, leading to a 35% annual return for the fund managed by the company, significantly outperforming the storage industry index [2] - The fund's success is attributed to a differentiated holding strategy that combines storage and semiconductor equipment, capturing excess returns beyond market performance [2][3] - The focus on storage includes mainstream storage modules and niche storage like NOR Flash, benefiting from price increases, while the semiconductor equipment segment covers critical areas such as front-end, back-end, testing, and packaging [2][3] Understanding the Industry Through Depth - The company emphasizes the importance of deep research and understanding of the industry to identify companies with strong Alpha, avoiding superficial diversification [4] - A robust information processing and decision-making mechanism is established to support in-depth research, including rapid reading of relevant meeting minutes and using AI tools for key insights [4][5] Outlook on Storage Super Cycle - The company anticipates a storage super cycle driven by AI demand and supply contraction, with significant growth opportunities for quality small and mid-cap stocks [6] - The demand for storage is expected to surge due to AI models, while supply is constrained due to previous losses in the storage sector, leading to a favorable pricing environment for products like DDR5 and HBM [6][7] - The domestic semiconductor chain is projected to reach a scale of 800 billion yuan by 2027, with a potential market value of 10 trillion yuan, indicating significant growth potential compared to overseas counterparts [7]

人民财讯1月26日电，契合A股市场结构性行情的新发基金越来越受到投资者的青睐。 2026年开年以来，在A股结构性行情的持续驱动下，已有超过200只基金年内业绩回报超过20%。基金 业绩的良好表现直接带动权益基金新发市场回暖，投资者认购热情高涨，爆款基金频现。 最新数据显示，截至1月24日，今年以来新成立基金达76只，合计募集资金规模719.39亿元，平均每只 基金发行规模达9.47亿元。从发行节奏看，市场呈现良好态势，不仅基金发行数量稳步增加，大额募集 的爆款产品也显著增多。其中，发行规模20亿元的爆款基金达到12只，合计募集资金390.33亿元，占全 部基金总发行规模的54.3%。 ...

Core Insights - The latest 2025 public fund quarterly report reveals a significant shift in the top ten holdings of active equity funds, with technology and new energy stocks occupying nine positions, while only one position is held by Kweichow Moutai (600519) [1] Group 1: Market Trends - The change in top holdings reflects a divergence in the public consumption sector, where some funds continue to invest heavily in traditional consumer stocks, with certain liquor stocks being held for 36 consecutive quarters [1] - New consumption trends driven by collectibles, the millet economy, and medical beauty are gaining popularity among a new generation of fund managers [1]

高盛最新研报将2026年底黄金价格预测从4900美元/盎司上调至5400美元/盎司，原因是私人投资者与各 国央行的黄金需求持续攀升。高盛预计，2026年各国央行每月将增持60吨黄金，叠加美联储降息的背 景，黄金ETF的配置规模也将同步增加，进一步推动黄金估值走高。 人民财讯1月26日电，上周美元指数大幅下挫，黄金、白银等贵金属同步迎来大涨，其中黄金涨幅达 8.4%，白银涨幅更是升至14.4%。此前被市场视作高不可攀的5000美元/盎司关口如今近在咫尺，各大机 构也纷纷上调黄金目标价。 ...

Core Viewpoint - China Life Insurance has announced significant investments in two funds, totaling nearly 12.5 billion yuan, continuing the trend of insurance companies increasing their equity investments [2][5]. Group 1: Investment Plans - China Life plans to invest 8.5 billion yuan in a pension industry fund, with a focus on both existing and new pension real estate projects, aiming to enhance asset management and operational income [3]. - The company will also invest 4 billion yuan in a Yangtze River Delta technology innovation fund, targeting sectors such as artificial intelligence, integrated circuits, and biomedicine, with at least 70% of the investment directed towards AI [4]. Group 2: Strategic Alignment - These investments align with national strategic directions and are expected to improve investment returns for insurance funds, while also enhancing the quality and returns of equity investment layouts [5]. - The investment strategy emphasizes a combination of light and heavy asset models, focusing on strategic allocation, value investment, and long-term investment principles [3]. Group 3: Industry Trends - In 2025, insurance asset management institutions registered 22 equity investment plans with a total scale of 33.532 billion yuan, indicating a growing trend in equity investment among insurance companies [6]. - The registration of private equity funds also saw significant activity, with various companies participating in the market, reflecting a robust interest in equity investment opportunities [10].