Core Viewpoint - The merger between China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group is expected to enhance national aviation energy supply security and promote a green and low-carbon transition in aviation energy supply, aiming to create a world-class aviation energy supplier [2][3]. Group 1: Company Overview - Sinopec is the largest supplier of refined oil and petrochemical products in China, the world's largest refining company, and the second-largest chemical company, with a comprehensive energy industry chain [3]. - China Aviation Oil is the largest aviation fuel procurement, transportation, storage, testing, sales, and refueling service provider in Asia, with its main business covering five sectors: aviation fuel, petroleum, logistics, international, and general aviation [3]. Group 2: Market Potential - According to the latest report from Sinopec Economic and Technical Research Institute, the demand for aviation kerosene in China is projected to reach approximately 50 million tons by 2030, with an average annual growth rate of around 4% during the 14th Five-Year Plan period [3]. - Standard & Poor's predicts that China's aviation fuel consumption will grow to 75 million tons by 2040 [3]. Group 3: Synergies and Competitive Position - The merger is expected to create significant synergies by leveraging integrated refining and aviation fuel supply systems, reducing intermediate links, and lowering supply costs, thereby promoting high-quality development of the industry chain [4]. - Currently, China's aviation fuel production, sales, and refueling services are fragmented among different companies, which limits overall competitiveness compared to international integrated oil and gas companies [4]. Group 4: Green Transition - The merger will facilitate the high-quality development of sustainable aviation fuel (SAF) industry, with Sinopec being the first in Asia to have independent research and production technology for bio-jet fuel and commercial production capabilities [5]. - China Aviation Oil plays a crucial role in the promotion and ecological construction of SAF, and the merger will enhance collaboration in this area [5]. Group 5: Strategic Importance - This merger marks the first central enterprise-level restructuring case entering the 14th Five-Year Plan, aligning with the government's push for strategic and professional mergers and acquisitions to enhance quality [5].

从2022年到2024年上半年，陈老师最大亏损在30%左右，但就在去年，她不仅扭亏为盈，更是实现了 130% 的 高收益。 她是如何做到的？全仓押注、紧盯热门板块、敢于割肉……她的打法极其果断，甚至有些激进。 但她说："最重要的是运气。"承认运气的作用，反而让她心态更平和、操作更从容。 或上天天基金APP搜索【777】 注册领500元券包 ，优选基金10元起投！ 分享、点赞、在看 顺手三连越来越有钱 本期，我们与陈老师深度对谈，聊收益背后的逻辑，选板块和选基金的方法，以及一个普通投资者，如何在牛 市中守住心态、抓住机会。 免责声明 文章封面图来源于AI， 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确 性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构 成投资建议 转引的相关观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天 ↓ 点击"阅读原文" ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 大家好，今天的市场显然放缓了脚步，三大指数下跌，所幸的是，个股方面涨多跌少！ A股调整 1月8日，沪指全天窄幅震荡，创业板指跌近1%。截至收盘， 沪指跌0.07%，深成指跌 0.51%，创业板指跌0.82%。 市场共 3731只个股上涨，111只个股涨停，1595只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 其中 涨停 | | 111 | | 涨幅 | > 7% | 194 | | 涨幅 | 5-7% | 192 | | 涨幅 | 3-5% | 402 | | 涨幅 | 0-3% | 2943 | | 跌幅 | 0-3% | 1403 | | 跌幅 | 3-5% | 149 | | 跌幅 | 5-7% | 30 | | 跌幅 | > 7% | 13 | | 其中 跌停 | | 6 | | | | 3731 | | | | 1595 | | 上涨停 新葡萄 | | 144 | | | | 5470 | | | | 28263.02亿 | | | | 159682.5万 ...

Market Overview - The Hong Kong stock index experienced a significant decline, with the Hang Seng Tech Index dropping over 2% at one point, which also affected the A-shares market in the afternoon [2][4] - The Hang Seng Index closed down 1.17%, while the Hang Seng Tech Index fell by 1.05% [2] - The A50 index also saw a substantial drop, exceeding 1.5% [4] External Market Influences - The decline in the Hong Kong market was influenced by a drop in the US stock market, particularly in financial stocks, which fell nearly 1% [4][5] - The Japanese stock market continued its downward trend, with the Nikkei Index dropping over 1.7% [2] - The strengthening of the US dollar has put pressure on the market, affecting sectors like metals and growth stocks [5][4] Goldman Sachs Report Insights - Goldman Sachs released a report indicating that while the bull market is expected to continue until 2026, the momentum may slow down [6] - The S&P 500 is projected to reach around 7600 points, representing a 12% increase, aligning with other major banks' growth expectations of 3% to 16% [6] - The report highlights that strong earnings growth will be the main driver for the stock market's rise, with an expected 12% increase in earnings per share (EPS) for S&P 500 companies in 2026 [6] AI Capital Expenditure Trends - Capital expenditure related to artificial intelligence (AI) is expected to rise significantly, with a projected increase of 36% in 2026, reaching approximately $539 billion [7] - This growth trend is anticipated to continue into 2027, with a further increase of 17%, reaching $629 billion [7] - However, companies will need to demonstrate higher profits to justify these ongoing investments, which may lead to a slowdown in spending [7] Market Challenges - Despite an optimistic outlook, the market faces two key challenges: high valuation levels and record market concentration [8] - The expected price-to-earnings ratio for the S&P 500 is currently at 22 times, which is on par with the peak in 2021 [8] - The top 10 companies in the S&P 500 account for 41% of the total market capitalization, indicating a high dependency on the performance of these few leading firms [8]

Group 1 - In the fourth quarter of last year, notable fund managers such as Ge Lan and Tang Xiaobin reduced their holdings in Kelun Pharmaceutical, while Zhao Bei increased her stake [2][3] - Ge Lan's fund, the China Europe Medical Health Mixed Fund, held 38.1954 million shares of Kelun Pharmaceutical as of December 31, 2025, having reduced its holdings by 1.867 million shares compared to the end of the third quarter [4] - Tang Xiaobin's fund, the GF Multi-Factor Mixed Fund, exited the top ten shareholders of Kelun Pharmaceutical by the end of 2025, having reduced its holdings from 24.2335 million shares to an estimated 1.394 million shares [6] Group 2 - Zhao Bei's fund, the ICBC Credit Suisse Frontier Medical Equity Fund, increased its holdings in Kelun Pharmaceutical to 22 million shares by December 31, 2025, up by 2 million shares from the end of the third quarter [6] - The National Social Security Fund's 416 portfolio became the tenth largest shareholder of Kelun Pharmaceutical with 13.9445 million shares by the end of 2025 [6] Group 3 - Liu Yanchun and Hu Xinwei reduced their holdings in Proya Cosmetics, with Liu's fund holding 2.6 million shares as of December 30, 2025, down from 3.332 million shares at the end of the third quarter [8] - Hu Xinwei's fund exited the top ten shareholders of Proya Cosmetics by the end of 2025 [8] Group 4 - Zhou Yun's fund, the Dongfanghong New Energy Mixed Fund, and the National Social Security Fund's 404 portfolio entered the top ten shareholders of Jiazhe New Energy by the end of 2025 [10] - The National Social Security Fund's 114 portfolio increased its holdings in Nanshan Aluminum by 4.3432 million shares in the fourth quarter of 2025, with five ETF products included in the top ten shareholders of Nanshan Aluminum by the end of 2025 [10] Group 5 - A surge in institutional research activities has been noted, with over 10,000 research sessions conducted in the past month, focusing on sectors such as semiconductors, general equipment, automotive, and artificial intelligence [12] - Fund managers from various firms, including Chang'an Fund and Nord Fund, have actively participated in company research activities, indicating a strong interest in the market outlook for 2026 [13]

Core Viewpoint - The article highlights the strong performance of emerging industries such as AI applications, controllable nuclear fusion, brain-computer interfaces, and commercial aerospace, while traditional financial sectors like securities and insurance experienced a downturn [2][10]. AI Applications - AI applications are gaining momentum, particularly in the area of AI for Science, which utilizes AI to accelerate scientific discoveries and optimize research processes [5][6]. - The stock of Zhite New Materials surged by 20% and has increased by 107.33% this year, driven by its development of thin-phase high-temperature insulation and flame-retardant materials using AI [6][8]. - Industry experts believe that AI for Science is the fastest area for commercializing AI applications, addressing key pain points in research-intensive industries [8]. Controllable Nuclear Fusion - The controllable nuclear fusion sector saw significant gains, with stocks like Hahwa Huaton and Hekang New Energy experiencing substantial increases [10][11]. - The sector's performance is bolstered by recent breakthroughs in nuclear fusion research, including the confirmation of the existence of a density-free zone in tokamak experiments [13][16]. Brain-Computer Interfaces - The brain-computer interface sector also showed strong performance, with companies like Aipeng Medical and Kefu Medical seeing notable stock increases [14]. - Recent funding developments, including a 2 billion RMB investment in Strong Brain Technology, highlight the growing interest and potential in this field [17]. Commercial Aerospace - The commercial aerospace sector experienced stock surges, with companies like Shaoyang Hydraulic and Tianrun Technology leading the gains [18][20]. - Analysts predict that emerging industries, including commercial aerospace and brain-computer interfaces, will continue to thrive in 2026, supported by favorable policies and technological advancements [20].

Market Overview - The overall market risk appetite was influenced by geopolitical factors and mixed market data, resulting in mixed performance among major U.S. stock indices. The Dow Jones and S&P 500 indices closed down, while the Nasdaq saw a slight increase [2] - As of the market close, the Dow Jones fell by 0.94% to 48,996.08 points, the S&P 500 decreased by 0.34% to 6,920.93 points, and the Nasdaq rose by 0.16% to 23,584.27 points [2] Economic Data - In December 2025, the ADP employment number in the U.S. increased by 41,000, which was below the expected increase of 47,000. The previous value was revised from a decrease of 32,000 to a decrease of 29,000 [4] - The ISM non-manufacturing PMI for December 2025 was reported at 54.4, exceeding the expectation of 52.3 and the previous value of 52.6, indicating resilience in the service sector while manufacturing remains weak [4] Company Highlights - Alphabet, Google's parent company, surpassed Apple in market capitalization for the first time in seven years, reaching a market value of $388.92 billion compared to Apple's $384.70 billion [5][6] - Intel experienced a significant intraday increase of over 10%, closing up 6.47% at $42.63 per share, with a total market capitalization of $203.3 billion [9][10] - Intel's CEO emphasized the company's commitment to delivering its first 18A process products by 2025, indicating a strategic turning point for the industry and Intel [11] - At CES, Intel officially launched its AI PC chip series based on the 18A process technology, marking a critical milestone in the company's manufacturing revival and technological leadership [13]

利好消息不断！ 1月7日晚间消息，工信部等八部门印发《"人工智能+制造"专项行动实施意见》。其中提到，到2027 年，我国人工智能关键核心技术实现安全可靠供给，产业规模和赋能水平稳居世界前列。推动3—5个通 用大模型在制造业深度应用，形成特色化、全覆盖的行业大模型，打造100个工业领域高质量数据集，推 广500个典型应用场景。 就在同一天，据"工信微报"微信公众号消息，工信部近日印发《工业互联网和人工智能融合赋能行动方 案》，明确将通过实施基础底座升级、数据模型互通、应用模式焕新、产业生态融通等四大行动，推动工 业互联网和人工智能在更广范围、更深程度、更高水平上释放融合赋能效应。 八部门重磅发布 上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 加快传统软件产品和服务升级，拓展软件功能，提升用户体验。推动人工智能与研发设计类、生产控制 类、经营管理类等工业软件深度融合，提升设计生产效率。开展工业智能体技术攻关和应用推广，打造编 程开发智能体，推动智能体云化部署。研制开放协同的智能体协议和接口，提升智能体互联互通互操作效 率。选树一批工业智能体应用典型案例，发布企业级应 ...

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Market Overview - On January 7, the A-share market experienced fluctuations with all three major indices closing higher. The Shanghai Composite Index rose by 0.05%, marking a 14-day consecutive increase, and approached the 4100-point mark. The Shenzhen Component Index increased by 0.06%, while the ChiNext Index gained 0.31% [2]. Trading Volume and Sector Performance - The total market turnover exceeded 2.88 trillion yuan, an increase of 493 billion yuan from the previous trading day, with over 2100 stocks rising. Notable sectors that performed well included photoresists, coal mining and processing, storage chips, photolithography machines, and controllable nuclear fusion. In contrast, sectors such as brain-computer interfaces and internet insurance saw collective adjustments [4]. Notable Stocks - The commercial aerospace sector was particularly active, with stocks like Shaoyang Hydraulic, Guanggang Gas, and Shengbang Safety hitting the daily limit. LeiKe Defense achieved a six-day consecutive limit-up, closing at 16.71 yuan per share, with a total market capitalization exceeding 22 billion yuan. Since the uptrend began on November 24, 2025, the stock has accumulated a rise of over 188% [4][6]. Technical Analysis and Future Outlook - According to Dongfang Securities, as the Shanghai Composite Index approaches the 4100-point threshold, the upward momentum is expected to slow down, with potential for significant fluctuations. Future industry focus remains crucial, but caution is advised regarding the risk of substantial adjustments following individual stock surges [5]. Coal Sector Insights - The coal sector continued to rise, with companies like Dayou Energy, Shanxi Black Cat, and Antai Group hitting the daily limit. Notably, both coking coal and coke futures contracts reached their daily limit. Analysts from Guohai Securities noted that the supply constraints in the coal mining industry remain unchanged, while demand may experience fluctuations. The industry is expected to see improvements in supply-demand relationships by 2026, with policies supporting price stability and profitability recovery [9][11]. Controllable Nuclear Fusion Developments - The controllable nuclear fusion sector saw strong gains, with companies like Hongxun Technology and Xue Ren Group reaching the daily limit. A significant milestone was achieved by Energy Singularity Company, which successfully operated its first high-temperature superconducting Tokamak nuclear fusion experimental device for 120 seconds, marking a critical advancement towards commercial viability [12][14][15].