Domestic Market Overview - The domestic market experienced a downward trend, with the Shanghai Composite Index closing at 4015.75 points, down 2.48% [5][10] - The Shenzhen Component Index closed at 13824.35 points, down 2.69%, while the ChiNext Index fell by 2.46% [5][10] - A total of 28 out of 30 sectors in the CITIC index declined, with non-ferrous metals, steel, and coal showing the largest drops [5][10] - The total trading volume of the A-share market reached 26,066 billion, an increase from the previous day [5][10] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones rising by 1.05% and the S&P 500 increasing by 0.54% [5][2] - Caterpillar and Walmart led the gains in the Dow, with increases of over 5% and 4% respectively [5][2] - Chinese concept stocks mostly declined, with Xpeng Motors dropping over 8% and TAL Education falling by more than 4% [5][2] News Highlights - The Central Committee of the Communist Party and the State Council approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023-2035)" to develop a world-class metropolitan area centered around Beijing [12] - A joint release of the "Low-altitude Economic Standard System Construction Guide (2025 Edition)" by ten departments aims to establish a comprehensive standard supply system for low-altitude economy by 2027 [13] - The Ministry of Commerce and nine other departments issued the "2026 'Le Gou New Spring' Special Activity Plan" to boost consumer spending during the Spring Festival [14] - The National Healthcare Security Administration announced a notification regarding the supervision of the medical insurance fund for 2026, focusing on high-risk areas [15] - Iran's president ordered the initiation of nuclear negotiations with the United States [16]

Domestic Market Overview - The domestic market showed a mixed performance with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, and the Shenzhen Component Index at 14205.89 points, down 0.66%. The STAR 50 Index rose by 0.12%, while the ChiNext Index increased by 1.27%. The total trading volume of the A-share market reached 286.24 billion yuan, an increase from the previous day [1][5][7] - Among the 30 sectors tracked by CITIC, 6 sectors saw gains, with telecommunications, agriculture, forestry, animal husbandry, and fishery, as well as electronics leading the increases. Conversely, non-ferrous metals, steel, and food and beverage sectors experienced significant declines [1][5][7] Overseas Market Overview - The three major U.S. stock indices experienced slight declines, with the Dow Jones Industrial Average falling by 0.36%, the S&P 500 down by 0.43%, and the Nasdaq Composite decreasing by 0.94%. The index tracking the seven major U.S. tech companies also dropped by 0.32% [2][5] Key News Highlights - The Central Political Bureau of the Communist Party of China conducted a collective study on forward-looking layouts and the development of future industries, with President Xi Jinping delivering an important speech emphasizing the significance of nurturing future industries for national development [9][10] - An important article by Xi Jinping titled "Walking the Path of Financial Development with Chinese Characteristics and Building a Financial Power" will be published in the upcoming issue of "Qiushi" magazine, outlining the principles for developing a robust financial system [13][14] - The personal income tax threshold for individual taxpayers has been raised to 1000 yuan per transaction, effective this year [17][18] - British Prime Minister Keir Starmer's visit to China resulted in 12 cooperation agreements, marking a significant step in UK-China relations [19] Driving Factors - The upcoming publication of Xi Jinping's article is expected to influence market sentiment, as it outlines the strategic direction for China's financial development and emphasizes the importance of a strong financial system [8][14] - The A-share market saw 2453 stocks rise, 2896 decline, and 113 remain unchanged, indicating a volatile trading environment influenced by international market fluctuations [8]

国内市场综述 震荡整理 走势分化 周四（1 月 29 日）大盘震荡整理，走势分化。截至收 盘，上证综指收于 4157.98 点，上涨 0.16%；深成指 收于 14300.08 点，下跌 0.3%；科创 50 下跌 3.03%； 创业板指下跌 0.57%，万得全 A 成交额共 32594 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 17 个上涨，其中食 品饮料、传媒及房地产涨幅居前，而电子、国防军工 及机械则跌幅较大。概念方面，白酒、饮料制造精选 及房地产精选等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，微软大跌 10% 周四（1 月 29 日），道琼斯工业指数涨 0.11%报 49071.56 点，标普 500 指数跌 0.13%报 6969.01 点， 纳斯达克指数跌 0.72%报 23685.12 点。大型科技股涨 跌不一，万得美国科技七巨头指数跌 0.81%，META 涨 逾 10%，创 7 月以来最大单日涨幅；微软跌约 10%，市 值蒸发 3570 亿美元；特斯拉跌 3.45%。纳斯达克中国 金龙指数收涨 0.35%，好未来涨逾 18%。 新闻精要 4. 北京人形中试验 ...

市场研究部 2026 年 1 月 27 日 投资建议 建议关注海风板块海缆、海工、桩基等领域，以及海外拿单能力优异 的企业投资机会。 风险提示 1、政策落地不及预期；2、产业链价格波动；3、投资不及预期。 近期风电招中标情况更新（1.19-1.23） 事件 2026 年 1 月 19 日-2026 年 1 月 23 日风电招中标情况。 风电招标规模合计 根据风电头条，2026 年 1 月 19 日-2026 年 1 月 23 日，共 8 个项目 2487.5MW 风机启动采购，开发商是大唐、中广核、华电。 风电中标规模合计 2026 年 1 月 19 日-2026 年 1 月 23 日，不含塔筒陆上风电项目共计 1 个，规模总计 120MW，项目中标单价为 1290 元/kW。 未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 看好 市场表现截至 2026.1.23 -20.00% -10.00% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 2025-01- 23 2025-04- 10 2025-06- 23 2025- ...

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2026 年 1 月 26 日 光伏行业周报（20260119-20260123） 本周光伏设备（申万）指数表现 本周（2026/01/19-2026/01/23）沪深 300 指数-0.62%，申万 31 个行 业指数 24 个上涨，电力设备（申万）指数本周+3.57%，排在第 11 位， 跑赢指数 4.19pct。电力设备二级行业指数普涨，光伏设备行业指数 +6.49%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申万）、 风电设备（申万）、电机Ⅱ（申万）分别+0.53%、+5.07%、+5.57%、 +7.84%、+3.82%。从公司表现看，本周光伏设备行业（申万）公司 涨幅居前的是奥特维、迈为股份、帝科股份、帝尔激光、固德威，跌 幅居前的公司为微导纳米、聚合材料、阳光电源、航天机电、京山轻 机。 产业链主链价格全线上涨 根据 datayes，1 月 21 日硅料成交价 59 元/kg，环比持平；硅片成交 价为 1.50 元/片，环比持平；电池成交价 0.42 元/W，环比持平；组件 成交价为0.81元/W ...

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 市场研究部 2026 年 1 月 26 日 本周铁矿石期货收盘价 795元/吨，环比-17元/吨；铸造生铁价格3040 元/吨，环比持平；中厚板价格 3348 元/吨，环比-12 元/吨；铜、铝现 货价格分别为 12920.5、3175 美元/吨，单价分别-79.5、+28 美元/吨， 环比-0.6%、+0.9%。环氧树脂价格为 13666.67 元/吨，环比+1.2%。 投资建议 风电行业盈利修复与格局优化共振，短期风机价格企稳回升、陆上风 电装机加速及海上风电政策催化，长期受益于深远海技术突破与全球 化出海增量。建议关注盈利修复弹性最大的整机龙头企业及海风产业 链核心标的，中长期布局深远海与海外订单弹性标的。 风险提示 1、原材料价格波动；2、项目开工不及预期；3、贸易冲突加剧等 分析师：张心颐 登记编码：S1490522090001 邮箱：zhangxinyi1@crsec.com.cn 风电行业周报（20260119-20260123） 本周风电设备（申万）指数表现 本周（2026/01/19-2026/01/23）沪深 300 ...

Domestic Market Overview - The domestic market experienced a steady rise, with the Shanghai Composite Index closing at 4151.24 points, up 0.27%, and the Shenzhen Component Index at 14342.89 points, up 0.09% [1][4] - Among the 30 sectors, 11 saw gains, with non-ferrous metals, coal, and oil & petrochemicals leading the increases, while defense, media, and pharmaceuticals faced significant declines [1][4] - The total trading volume for the A-share market reached 29,923 billion yuan, showing a slight increase from the previous day [1][4] Overseas Market Overview - In the U.S. market, the three major indices closed mixed, with the Dow Jones Industrial Average up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [2][4] - Large tech stocks showed varied performance, while the Nasdaq Golden Dragon China Index increased by 0.32% [2][4] Economic Performance Insights - By 2025, 18 provinces in China are expected to exceed the national GDP growth rate, highlighting the significant role of major economic provinces [3][10] - The State-owned Assets Supervision and Administration Commission (SASAC) announced that central enterprises aim to achieve a total profit of 2.5 trillion yuan and pay 2.5 trillion yuan in taxes by 2025 [3][14] Key Industry Developments - The central enterprises are projected to have total assets exceeding 95 trillion yuan by the end of 2025, with a fixed asset investment of 5.1 trillion yuan [14] - The focus on strategic emerging industries is evident, with an investment of 2.5 trillion yuan planned, accounting for 41.8% of total investments [15][14] Taxation and Regulatory Changes - The tax department plans to deepen tax system reforms in 2026, optimizing the tax structure and expanding local tax sources to enhance local financial autonomy [17][21] - Real estate companies have reported that they are no longer required to submit the "three red lines" indicators monthly, although some still need to report financial metrics like asset-liability ratios [17][21]

国内市场综述 缩量震荡 小幅收涨 周二（1 月 27 日）大盘缩量震荡，小幅收涨。截至收 盘，上证综指收于 4139.9 点，上涨 0.18%；深成指收 于 14329.91 点，上涨 0.09%；科创 50 上涨 1.51%；创 业板指上涨 0.71%，万得全 A 成交额共 29215 亿元， 较前一日略有上升。 行业方面，30 个中信一级行业有 7 个上涨，其中国防 军工、电子及通信涨幅居前，而煤炭、农林牧渔及综 合金融则跌幅较大。概念方面，培育钻石、超硬材料 及先进封装等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，道指跌 0.83% 周二（1 月 27 日），美国三大股指收盘涨跌不一，道 指跌 0.83%，标普 500 指数涨 0.41%，纳指涨 0.91%。 万得美国科技七巨头指数涨 1.11%，亚马逊、微软涨 超 2%，苹果、英伟达涨超 1%。纳斯达克中国金龙指数 收涨 0.48%，虎牙涨超 19%，金山云涨超 8%。 新闻精要 1. 英国首相斯塔默将访华 中方介绍有关安排及期待 2. 我国将制定《新就业形态劳动者基本权益保障办法》 3. 中国科学院大学星际航行学院成立 4. 中国首个万 ...

Domestic Market Overview - The domestic market experienced a pullback after an initial rise, with the Shanghai Composite Index closing at 4132.61 points, down 0.09%, and the Shenzhen Component Index at 14316.64 points, down 0.85% [1][4][7] - Among the 30 sectors tracked, 9 sectors saw gains, with non-ferrous metals, oil, petrochemicals, and coal leading the increases, while defense, automotive, and comprehensive finance sectors faced significant declines [1][4][7] - The total trading volume of the A-share market reached 32,806 billion, showing a slight increase compared to the previous day [1][4][7] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones up 0.64%, the S&P 500 up 0.5%, and the Nasdaq up 0.43%. Notably, Cisco rose over 3% and Apple nearly 3%, leading the Dow [2][4] - The Nasdaq Golden Dragon China Index fell by 0.6%, with Baidu dropping over 3% and Xpeng Motors down over 2% [2][4] Key News Highlights - The Ministry of Commerce announced plans to optimize the implementation of the old-for-new consumption policy [3][9] - By 2025, domestic residents are expected to travel 6.522 billion times, a year-on-year increase of 16.2% [11] - The Ministry of Foreign Affairs stated that the establishment of a new strategic partnership between China and Canada is beneficial for global peace and stability [12] Driving Factors - Recent policies aimed at fostering new growth points in service consumption are set to be introduced, including measures to expand inbound consumption and optimize the old-for-new consumption policy for durable goods like automobiles and home appliances [8] - On the same day, 1,604 stocks rose while 3,771 fell, indicating a market in consolidation with a focus on macroeconomic data [8]

Domestic Market Overview - The domestic market experienced narrow fluctuations with a slight increase, with the Shanghai Composite Index closing at 4122.58 points, up 0.14%, and the Shenzhen Component Index closing at 14327.05 points, up 0.5% [1][10] - Among the 30 sectors, 21 sectors saw an increase, with oil and petrochemicals, building materials, and telecommunications leading the gains, while automotive, pharmaceuticals, and banking sectors experienced significant declines [1][10] - The total trading volume of the A-share market reached 27,164 billion, showing a slight increase compared to the previous day [1][10] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones up 0.63%, the S&P 500 up 0.55%, and the Nasdaq up 0.91% [2][10] - The U.S. technology index rose by 1.47%, with Facebook increasing by over 5% and Tesla rising by more than 4% [2][10] - Most Chinese concept stocks also saw gains, with Xiaoma Zhixing up nearly 6% and Canadian Solar up over 5% [2][10] Key News Highlights - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, focusing on stabilizing economic growth and ensuring a reasonable recovery in prices [3][12] - Six major banks collectively announced the implementation of the latest fiscal interest subsidy policy for personal consumption loans [3][14] - The market regulatory authority issued a warning regarding mergers and acquisitions in the public utility sector, marking a significant regulatory action [3][18] - The public fund's fourth-quarter report for 2025 has been disclosed, with a focus on electronic and power equipment sectors [3][20] - Important global economic data has been released, indicating various trends in different markets [3][21]