英大证券研究所证券研究报告 金 点 策 略 晨 报 2026 年 1 月 30 日 地产和白酒等板块上涨，踏准板块轮动节奏 观点： 总量视角 【A 股大势研判】 周三晨报提醒，依托上证 50、沪深 300 指数的反弹节奏布局优质标的。市场 走势如我们预期，周三沪指、上证 50、沪深 300 指数上涨，周四沪深 300、上涨 50 指数大涨。周四晨报提醒，可逢低关注稀土、化工、煤炭、有色金属、地产等 板块，顺周期板块后续表现或仍值得期待。市场走势如我们预期，周四 A 股三大 指数涨跌不一。盘面上看，板块轮动节奏加快，房地产、稀土等板块同步发力， 白酒、券商板块先后补涨，但近期持续活跃的半导体板块则陷入调整，市场热点 呈现新旧交替特征。 市场轮动至当前阶段，背后或蕴含着双重逻辑：一方面，涨幅落后、估值偏 低的板块具备天然的修复动力，资金从高位热门赛道逐步撤离，转向低估值领域， 推动板块轮动加大；另一方面，前期强势的热门板块经过持续上涨后，需要时间 消化获利盘，进入阶段性休整，这也为低位板块腾出了资金空间。 从市场表现来看，上证 50 等权重指数此前经历调整后逐步企稳，发挥着托 底市场的作用，使得大盘整体保持稳定， ...

英大证券研究所证券研究报告 2026 年 1 月 29 日 顺周期板块后续表现或仍值得期待 总量视角 【A 股大势研判】 当前大宗商品的轮动行情契合"避险资产、工业需求、能源传导、民生终端" 的路径。2025 年至今，贵金属率先开启牛市，成为周期行情的先行者；随后工业 金属接棒，铜价创下历史新高，碳酸锂上演 V 型反转，背后是新能源、AI 算力等 新兴产业的刚性需求与供给端约束的共振。如今有色板块的上涨，正是这一轮动 逻辑的中期演绎，而按照传导顺序，能源化工与煤炭或将承接行情扩散。 在全球流动性宽松预期下，随着反内卷政策持续推进，国内稳增长政策持续 发力，经济供需格局有望改善，复苏预期强化，直接利好对经济敏感的板块，后 续经济数据（如 PPI）若持续改善，将验证复苏逻辑，驱动顺周期板块上行。可 逢低关注稀土、化工、煤炭、有色金属、基建、地产等板块，周期板块后续表现 或仍值得期待。 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 请务必阅读最后一页的免责条款 1 金 点 策 略 晨 报 邮箱：huixf@ydzq.sgcc.com.cn 周三晨报提醒，依托上证 50 ...

执业证书编号：S0990524110001 电话：0755-83007043 邮箱：lisy@ydzq.sgcc.com.cn 英大证券研究所证券研究报告 行 业 研 究 2026 年 1 月 28 日 投资评级：强于大市 最近一年走势 电力能源行业周报（2026.1.12-2026.1.18） 电力能源行业周报（2026.1.5-2026.1.11） 电力能源行业周报（2025.12.29-2026.1.4） 电力能源行业周报（2025.12.22-2025.12.28） 电力能源行业周报（2025.12.15-2025.12.21） 电力能源行业周报（2025.12.8-2025.12.14） 电力能源行业周报（2025.12.1-2025.12.7） 电力能源行业周报（2025.11.24-2025.11.30） 电力能源行业周报（2025.11.17-2025.11.23） 电力能源行业周报（2025.11.10-2025.11.16） 电力能源行业周报（2025.11.3-2025.11.9） 电力能源行业周报（2025.10.27-2025.11.2） 电力能源行业周报（2025.10.20-20 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][65] Core Viewpoints - The report indicates that the power energy industry is expected to perform well, with the industry index projected to outperform the CSI 300 index in the next six months [65] - The total electricity consumption in China reached a historic high of 10 trillion kilowatt-hours in 2025, with a year-on-year growth of 5.0% [10] - The report highlights significant growth in the renewable energy sector, particularly in solar and wind power, with substantial increases in installed capacity [11][12] Industry Events - In January 2026, the maximum electricity load in China broke records, reaching 1.417 billion kilowatts, driven by increased demand due to extreme weather [11] - Tesla's CEO announced plans to expand solar manufacturing capacity significantly, which is expected to boost the solar manufacturing outlook [11] Market Performance - During the period from January 19 to January 25, 2026, the CSI 300 index fell by 0.62%, while the power equipment index rose by 3.57%, outperforming the CSI 300 by 4.19 percentage points [5][13] - Among the 31 first-level industries, the power equipment sector ranked 11th in performance [16] Power Industry Operations - In December 2025, total electricity consumption was 908 billion kilowatt-hours, a year-on-year increase of 2.77% [23] - From January to November 2025, the newly added power generation capacity was 44.557 million kilowatts, a year-on-year increase of 40.71% [25][26] - The average utilization hours of power generation equipment decreased by 289 hours year-on-year to 2858 hours [33] New Power System Situation Photovoltaics - As of January 21, 2026, the average price of polysilicon was 54 yuan/kg, remaining stable [42] Energy Storage - By the end of December 2025, the cumulative installed capacity of energy storage projects in China reached 213 GW, a year-on-year increase of 54% [47] Lithium Batteries - As of January 23, 2026, the price of lithium carbonate was 168,000 yuan/ton, reflecting a week-on-week increase [50] Charging Infrastructure - By the end of December 2025, the total number of charging facilities in China reached 20.092 million, a year-on-year increase of 56.75% [57]

Core Insights - The report indicates a recent adjustment in the A-share market, with major indices showing signs of stabilization and potential for upward movement if trading volumes increase [2][7][9] - Focus on structural opportunities is emphasized, particularly in blue-chip stocks and high-growth sectors, while caution is advised regarding stocks with uncertain earnings [2][8] Market Overview - On Tuesday, the three major indices opened lower but rebounded, with sectors such as precious metals, semiconductors, and insurance showing gains [3][4] - The overall market sentiment is described as average, with a total trading volume of 28,950 billion yuan, and the Shanghai Composite Index closing at 4,139.90 points, up 0.18% [4] Sector Analysis - The semiconductor sector has been highlighted for its strong performance, with a year-on-year increase of 10.10% in 2023, driven by digital transformation and geopolitical factors [5] - The precious metals sector continues to rise, supported by factors such as the Federal Reserve's interest rate cuts, increased geopolitical tensions, and strong demand from central banks [6] Future Market Outlook - The report suggests that if trading volumes continue to increase, there is a significant chance for the market to break through previous resistance levels [7][9] - It is recommended to focus on structural opportunities, particularly in blue-chip stocks and high-growth sectors, while avoiding stocks with high uncertainty in earnings [8]

英大证券研究所证券研究报告 每 周 投 资 早 参 轻指数重个股，聚焦结构性机会 2026 年 1 月 26 日 分析师：惠祥凤 观点： 总量视角 【A 股大势研判】 上周五 A 股呈现回暖态势，三大指数震荡拉升，红盘报收。早盘虽延续震荡 分化格局，午后市场情绪持续升温，成交量同步释放突破 3 万亿元，为市场注入 动能。盘面上看，光伏设备、能源金属、电池等新能源赛道股大涨，商业航天概 念走高。 近期上证 50 与沪深 300 指数承压走低的情况下，市场整体仍能保持稳健， 多个题材股活跃，这说明当前市场内生韧性较强，并非单纯依靠权重股拉动。 操作上，轻指数、重个股，聚焦结构性机会。年报预增主线确定性较强，逢 低捕捉高景气赛道的优质标的，兼顾安全性与成长性。 请务必阅读最后一页的免责条款 1 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 研报内容 总量研究 【A 股大势研判】 一、上周五市场综述 周五早盘，沪深三大指数集体高开，开盘后冲高回落，盘面上看，光伏设备、能源金属等新能源赛道股大涨，商 业航天概念持续走高，AI 应用板块走 ...

英大证券研究所·证券研究报告 2026年度A股市场投资策略报告 报告日期：2026年1月23日 风险因素 1.地缘政治不确定性 相关报告 上涨行情或未结束，但波动率或加大，风格 或趋向均衡（2025.10.10） 指数震荡慢牛，结构性机会占优，流动性驱 动或向业绩驱动切换（2025.1.7） 普涨后"持优汰劣"，这轮牛市有多长？关 注基本面改善力度（2024.10.8） 结构重于总量，风格交替轮动，逢低均衡配 置（2024.7.5） 震荡中延续修复，结构重于总量，红利股为 盾，新质生产力为矛（2024.4.8） 筑底回升，科创为先，弹性占优，结构为主 （2024.1.2） 否极泰来（2023.1.16） 全面注册制下，"慢牛"行稳致远，低蓝筹+ 高科技两手抓（2021.1.4） 疫 情 冲 击 是 短 期 的 ， 着 眼 中 长 期 配 置 （2020.4.7） 策略研究员：惠祥凤 执业编号：S0990513100001 电 话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 市场中枢抬升，波动可能加大，风格趋向均衡，紧跟政策指引与业绩主线 报告概要： 2025年市场回顾：上证 ...

Core Views - The A-share market is experiencing a cooling trend, but the enthusiasm for buying has not completely faded, indicating that structural market characteristics will continue to be prominent [2][10] - Focus on structural opportunities, particularly in sectors with strong annual report growth forecasts, while being cautious of external variables such as geopolitical tensions and overseas tariff disputes [2][10] Market Overview - On Thursday, the three major indices of Shanghai and Shenzhen showed a fluctuating upward trend, with military stocks such as aerospace and shipbuilding experiencing significant gains, while insurance stocks adjusted [4][10] - The overall market sentiment remains active with a good profit-making effect, as the total trading volume reached 26,917 billion [5] Sector Analysis Military Industry - Military stocks, including aerospace and shipbuilding, have shown strong performance, with significant gains in previous years, such as a 25.27% increase in the second half of 2020 and a 25.46% increase in the first half of 2025 [6] - The military sector is expected to benefit from stable growth in defense budgets and geopolitical events that may catalyze demand [6] - Key areas for investment include aerospace, flight weapons, defense information technology, and military new materials, with a focus on companies with long-term performance support [6] Commercial Aerospace - The commercial aerospace sector has seen substantial growth, driven by policy support and increasing demand for satellite internet applications [7][8] - The industry is transitioning from technology validation to exploring sustainable business models, with a clear regulatory framework and financing support in place [7][8] - Investment opportunities include short-term focus on satellite internet constellation construction and long-term attention to technological breakthroughs in rocket recovery and satellite applications [8] Market Outlook for 2026 - The macroeconomic environment and monetary policy are crucial variables influencing A-share trends, with expectations of policy resonance from the "14th Five-Year Plan" and the U.S. midterm elections [3][9] - The stock demand is expected to be supported by the profit-making effect and low interest rates, with a continuous influx of medium to long-term funds into the market [3][9] - The supply side may see an increase in IPO issuance and refinancing, while the pace of large shareholder reductions may also increase [3][9]

【A 股大势研判】 英大证券研究所证券研究报告 近期欧美关税摩擦再度升级等不确定性，全球风险偏好普遍降温，资金纷纷 涌入黄金等避险资产。不过，周三 A 股展现韧性。早盘沪深三大指数集体低开， 但随后低开高走，午后虽一度纠结拉锯，但最终红盘报收。盘面上看，贵金属板 块延续强势，半导体、存储芯片等领域领涨。 金 点 策 略 晨 报 A 股市场或仍处于震荡整固中，年报预增主线确定性较强 观点： 总量视角 2026 年 1 月 22 日 当前 A 股走势，可以用"纠结"来形容。一方面，市场风格轮动加快，前期涨 幅较大的热点板块有所回落，而具备业绩支撑的方向获资金承接，整体呈现"调整 有支撑、上行有阻力"的格局。另一方面，尾盘沪指的突然回落，也印证了当前市 场仍处于反复震荡整固的过程中。这一波动既源于部分资金对短期涨幅的获利了 结，也凸显出在全球不确定性尚未消散前，市场情绪的谨慎。 展望后市，短期市场可能延续震荡整固。理由如下：一是量能萎缩。周三两 市成交额萎缩至 2.6 万亿附近，增量资金观望；二是美欧贸易摩擦升级引发全球 市场避险情绪升温；三是 1 月的最后几日将迎来年报预告披露高峰，市场正处于 业绩预期与基本面验 ...

Market Overview - The report indicates that the A-share market is likely to continue its oscillating adjustment in the short term, with major indices experiencing collective declines [2][3][11] - The overall market sentiment is cautious, with a significant drop in trading volume, as the total transaction amount in the two markets has shrunk to approximately 2.7 trillion [3][12] - The report highlights that the market is currently in a phase of performance expectations versus fundamental verification, particularly as the end of January approaches, which will see a peak in annual report forecasts [3][12] Sector Analysis Precious Metals - The precious metals sector has shown continued strength, driven by rising gold and silver futures, with five key factors contributing to this trend: the onset of a Fed rate cut cycle, increased geopolitical tensions, strong demand for gold from global central banks, a weakening dollar, and rising inflation concerns [9] - The report advises caution against chasing prices in the precious metals market after significant increases, suggesting short-term trading opportunities with stop-loss measures [9] Real Estate - The real estate sector has become active due to a series of supportive policies from central and local governments aimed at stabilizing the market, including relaxed lending and purchasing restrictions [10] - The report anticipates that ongoing policy support and improving supply-demand dynamics will boost the sector, with a focus on high-quality companies with land reserve advantages and those returning to stable growth [10] Future Market Outlook - The report maintains a positive medium-term outlook for the market, citing a global interest rate cut cycle entering its second half and a favorable macro liquidity environment [3][12] - It suggests that investors should remain cautious in the short term, waiting for signs of market stabilization before adjusting strategies, while also identifying long-term investment opportunities in sectors with strong policy support and performance certainty [3][12]