zhanggang@ccnew.com 021-50586990 航天通信行业领涨 A 股小幅上行 分析师：张刚 登记编码：S0730511010001 《市场分析：金融地产行业领涨 A 股震荡整 固》 2026-01-20 《市场分析：航天电网行业领涨 A 股小幅上 行》 2026-01-19 联系人： 李智 电话： 0371-65585629 ——市场分析 相关报告 《市场分析：有色半导体领涨 A 股小幅上行》 2026-01-21 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 01 月 22 日 投资要点： ◼ A 股市场综述 周四（01 月 22 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 4140 点附近遭遇阻力，随后股指维持震 荡，盘中航天航空、采掘、船舶制造以及通信设备等行业表现较 好；电子化学品、保险、电池以及珠宝首饰等行业表现较弱，沪指 全天基本呈现小幅震荡上行的运行特征。创业板市场周四震荡上 扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投 ...

计算机 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 联系人：李智 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 AI 应用全面加速，DeepSeek V4 有望深 刻改变全球 AI 的竞争格局 ——计算机行业月报 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -6% 2% 11% 19% 28% 36% 45% 53% 2025.01 2025.05 2025.09 2026.01 计算机 沪深300 相关报告 《计算机行业月报：手机端 AI 应用加速， DeepSeek 将加大预训练规模》 2025-12-08 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 投资要点： 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共58页 发布日期：2026 年 01 月 22 日 电话 ...

锂电池 分析师：牟国洪 登记编码：S0730513030002 mough@ccnew.com 021-50586980 新型储能产业链之河南概况（三） ——锂电池行业专题研究 证券研究报告-行业专题研究 强于大市(维持) 锂电池相对沪深 300 指数表现 相关报告 《锂电池行业月报：产业链价格总体上涨，板 块可关注》 2026-01-19 《锂电池行业月报：月度占比再创新高，板块 持续关注》 2025-12-15 《锂电池行业年度策略：政策高景气，储能超 预期》 2025-11-19 联系人：李智 投资要点： 风险提示：行业政策执行力度不及预期；行业竞争加剧；技术迭代较 快；国际贸易壁垒加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共40页 发布日期：2026 年 01 月 22 日 资料来源：中原证券研究所，聚源 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 新型储能产业概况。新型储能应用分为发电侧储能、输配电储能和 用户侧储能三大场景。截至 20 ...

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 AI 应用全面加速，DeepSeek V4 有望深 刻改变全球 AI 的竞争格局 ——计算机行业月报 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -6% 2% 11% 19% 28% 36% 45% 53% 2025.01 2025.05 2025.09 2026.01 计算机 沪深300 相关报告 《计算机行业月报：手机端 AI 应用加速， DeepSeek 将加大预训练规模》 2025-12-08 《计算机行业年度策略：AI 应用加快，全球格 局重塑中》 2025-12-01 《计算机行业分析报告：十五五规划建议的信 息科技领域内容解读》 2025-10-31 联系人：李智 投资要点： 风险提示：国际局势的不确定性；海外 AI 产业竞争格局变化带来市 场调整风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共58页 发布日期：2026 年 01 月 22 日 电话 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -9% -2% 5% 12% 19% 26% 32% 39% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,116.94 | 0.08 | | 深证成指 | | 14,255.12 | 0.70 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,723.07 | 0.09 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,630.50 | 0.26 | | 中证 | 500 | 8,340.11 | 1.12 | | 中证 | 1000 | ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 有色半导体领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：金融地产行业领涨 A 股震荡整 固》 2026-01-20 《市场分析：航天电网行业领涨 A 股小幅上 行》 2026-01-19 《市场分析：电子半导体领涨 A 股震荡整理》 2026-01-16 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 01 月 21 日 投资要点： ◼ A 股市场综述 周三（01 月 21 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 4135 点附近遭遇阻力，随后股指维持震 荡，盘中贵金属、能源金属、半导体以及电子元件等行业表现较 好；煤炭、酿酒、商业百货以及电网设备等行业表现较弱，沪指全 天基本呈现小幅震荡上行的运行特征。创业板市场周三震荡上扬， 创业板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场低开高走、小幅震荡上行，早盘股指低开后震荡上 行，盘中沪指在 4135 点附 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -9% -2% 5% 12% 19% 26% 33% 40% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | | 涨跌幅(%) | | 上证指数 | | 4,113.65 | | -0.01 | | 深证成指 | | 14,155.63 | | -0.97 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,718.88 | | -0.33 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,618.40 | | -0.49 | | 中证 | 500 | 8,2 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [5] Core Insights - The automotive industry in China is expected to achieve record production and sales in 2025, driven by policies encouraging vehicle trade-ins and the release of new models [5] - The passenger vehicle market is experiencing steady growth, with production and sales surpassing 30 million units in 2025, and domestic brands capturing nearly 70% of the market share [5] - The commercial vehicle market is recovering, with production and sales exceeding 4 million units, particularly in the new energy heavy truck segment, which has seen significant growth [5] - New energy vehicles (NEVs) are rapidly increasing in production and sales, achieving a market share of 47.9% in 2025, with domestic sales surpassing 50% [5] - The report highlights two main investment themes: the acceleration of L3 autonomous driving technology and the transition of automotive technology towards robotics and liquid cooling systems [5] Industry Performance Review - As of January 20, 2026, the automotive (CITIC) industry index rose by 4.07%, outperforming the Shanghai Composite Index by 2.15 percentage points [10] - Over 75% of automotive stocks increased in value during the same period, with notable performers including Jiaoyun Co., Saifu Technology, and Siliang Zhichui [16] - The automotive sector's PE (TTM) ratio stands at 34.4 times, placing it in the 46th percentile over the past five years [19] Key Data Tracking - In 2025, the total production and sales of automobiles reached 34.53 million and 34.40 million units, respectively, marking year-on-year increases of 10.4% and 9.4% [27] - The passenger vehicle segment produced and sold 30.27 million and 30.10 million units, reflecting growth rates of 10.2% and 9.2% year-on-year [41] - The commercial vehicle sector saw production and sales of 4.26 million and 4.30 million units, with year-on-year growth of 12% and 10.9% [56] - NEVs achieved production and sales of 16.63 million and 16.49 million units, with year-on-year growth of 29% and 28.2% [67] Important Industry Company News - The Ministry of Industry and Information Technology, along with other departments, held a meeting to discuss the competitive order in the NEV industry, emphasizing the need for fair competition and quality [87] - The Ministry of Commerce reported that over 1.15 million vehicles were traded in under the vehicle replacement program in 2025, contributing significantly to consumer spending [88] - Geely Auto received a license for L3 autonomous driving road tests, marking a significant step in the commercialization of advanced driving technologies [88]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 金融地产行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：航天电网行业领涨 A 股小幅上 行》 2026-01-19 《市场分析：电子半导体领涨 A 股震荡整理》 2026-01-16 《市场分析：电池半导体领涨 A 股震荡整理》 2026-01-15 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 01 月 20 日 投资要点： ◼ A 股市场综述 周二（01 月 20 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 4128 点附近遭遇阻力，随后股指震荡回 落，盘中银行、保险、贵金属以及房地产等行业表现较好；通信设 备、航天航空、光伏设备以及计算机设备等行业表现较弱，沪指全 天基本呈现小幅震荡整理的运行特征。创业板市场周二震荡回落， 创业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the automotive industry [5] Core Insights - The automotive industry in China is expected to achieve record production and sales in 2025, driven by policies encouraging vehicle trade-ins and the release of new models [5] - The passenger vehicle market is showing steady growth, with production and sales surpassing 30 million units in 2025, and domestic brands capturing nearly 70% of the market share [5] - The commercial vehicle market is recovering, with production and sales exceeding 4 million units, particularly strong performance in the new energy heavy truck segment [5] - New energy vehicles (NEVs) are experiencing rapid growth, with production and sales reaching approximately 1.66 million units in 2025, accounting for nearly 50.8% of domestic sales [5] - The report highlights two main investment themes: the acceleration of L3 level autonomous driving commercialization and the transition of automotive technology towards robotics and liquid cooling systems [5] Industry Performance Review - As of January 20, 2026, the automotive (CITIC) industry index increased by 4.07%, outperforming the Shanghai Composite Index by 2.15 percentage points [10] - Over 75% of automotive stocks saw an increase in value, with notable performers including Jiaoyun Co., Saifu Technology, and Siliang Zhidu [16] - The automotive sector's PE (TTM) is at 34.4 times, ranking 15th among 30 CITIC primary industries, while the PB (LF) is at 2.7 times, ranking 80th percentile [19] Key Data Tracking Industry Overview - In 2025, the total production and sales of automobiles reached 34.53 million and 34.40 million units, respectively, marking a year-on-year increase of 10.4% and 9.4% [27] Passenger Vehicles - Passenger vehicle production and sales for 2025 reached 30.27 million and 30.10 million units, with year-on-year growth of 10.2% and 9.2% [41] Commercial Vehicles - Commercial vehicle production and sales for 2025 totaled 4.26 million and 4.30 million units, reflecting year-on-year increases of 12% and 10.9% [56] New Energy Vehicles - New energy vehicle production and sales reached 1.66 million and 1.65 million units in 2025, with a market share of 47.9%, up 7.01 percentage points year-on-year [67]