1月14日，沪深两市单日成交额超3.9万亿元。 中资券商相关概念港股： 1月14日，经中国证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买入证券时 的融资保证金最低比例从80%提高至100%，此次调整仅限于新开融资合约，调整实施前已存续的融资 合约及其展期仍按照调整前的相关规定执行。 华泰证券(06886)、广发证券(01776)、中国银河(06881)、国泰海通(02611)、中金公司(03908)、中信证券 （06030）、中信建投证券(06066)、东方证券(03958)、光大证券(06178)、申万宏源(06806)、中州证券 (01375)、国联民生(01456)等。 开源证券发布研报称，经中国证监会批准，沪深北交易所发布通知，将投资者融资买入证券时的融资保 证金最低比例从80%提高至100%。继续看好券商板块机会，券商业绩增长持续性和资金端压制影响两 方面存在预期差，券商板块滞涨明显，继续看好居民存款迁移、股市机制重建下券商大财富管理、投行 和机构业务的持续增长。 华泰证券指出，1月14日，沪深北交易所将融资买入最低保证金比例由80%上调至100%，这一调整清晰 体现了监管逆周期 ...

格隆汇1月16日｜中信建投研报指出，政府债靠前发力+高基数下支撑力度减弱，社融同比少增，符合 预期。12月对公信贷投放边际改善，预计主要是银行开门红项目储备前置发力。零售信贷投放仍显低 迷，期待宏观经济修复与政策协同发力带动需求回升。高基数下M1增速持续回落，M2增速环比提升， M2-M1剪刀差扩大至4.7%。2026年延续了积极的财政政策基调以及相对宽松的货币政策，政府债仍将 是社融增长重要动能。预计2026年信贷增速仍将保持在7%-8%左右，银行基本面的真正改善仍需等待信 贷需求和经济预期的进一步好转。 ...

人民财讯1月16日电，中信建投指出，2025年12月社融新增2.21万亿，同比少增0.65万亿。政府债靠前发 力+高基数下支撑力度减弱，社融同比少增，符合预期。12月对公信贷投放边际改善，预计主要是银行 开门红项目储备前置发力。零售信贷投放仍显低迷，期待宏观经济修复与政策协同发力带动需求回升。 2026年延续了积极的财政政策基调以及相对宽松的货币政策，政府债仍将是社融增长重要动能。预计 2026年信贷增速仍将保持在7%—8%左右，银行基本面的真正改善仍需等待信贷需求和经济预期的进一 步好转。 转自：证券时报 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投研报指出，器械集采政策优化、设备招标数据持续改善、渠道库存逐步下降等趋势下，医 疗器械细分板块陆续迎来业绩拐点。其中高值耗材板块在集采政策持续优化的背景下，板块估值和业绩 确定性有望迎来修复。同时，我们看好国产医疗器械出海，国际业务长期空间大的公司也有望迎来估值 重塑。我们还看好医疗器械板块的科技创新投资机会，AI医疗、脑机接口、手术机器人、外骨骼机器 人等也有望成为投资人重点关注的新科技方向。 （责任编辑：贺翀 ） ...

Group 1 - The core viewpoint of the report is that A-shares are expected to see significant incremental capital by 2026, which may sustain a slow bull market [1] - The first quarter is identified as a peak period for the maturity of time deposits, suggesting that funds may flow from insurance and wealth management channels into the equity market, marking the most abundant time for incremental capital throughout the year [1] - Long-term and medium-term funds are projected to account for about one-third of total capital inflows, becoming a key foundation for micro liquidity in A-shares [1] Group 2 - Public and private equity funds are expected to be the two major areas of marginal improvement, with their allocation preferences potentially influencing market style performance [1] - The main market contradiction in 2026 is anticipated to shift towards verifying economic prosperity and achieving performance results, with long-term funds providing a safety net [1] - Active funds such as public and private equity are likely to further strengthen the dual main line market trend of "technology + resource products," while sector rotation may accelerate [1]

Core Viewpoint - The A-share market is expected to welcome a significant amount of incremental funds in 2026, which may sustain a slow bull market. The first quarter is projected to be the peak period for the maturity of fixed deposits, with funds likely flowing from insurance and wealth management channels into the equity market, marking the most abundant time for incremental funds throughout the year [3][4][62]. Group 1: Incremental Funds Sources - Incremental funds are primarily sourced from the migration of household deposits and pressures from asset scarcity, with insurance premium income continuing to grow significantly. By Q3 2025, the equity allocation ratio is expected to rise to 15.5%, nearing historical highs, which could release over 840 billion yuan into the market [4][6][66]. - The total amount of fixed deposits maturing in 2026 is estimated to be around 45 trillion yuan, which will likely lead to increased allocations in wealth management and "fixed income+" products, contributing over 900 billion yuan in medium to long-term funds to the A-share market [4][14][17]. - Public funds are expected to see a net inflow of approximately 230 billion yuan in 2026, driven by the recovery of fund net values and the enhanced motivation of individual investors to enter the market [4][33][34]. Group 2: Market Dynamics - The market's main contradictions in 2026 will shift towards verifying economic prosperity and performance realization, with medium to long-term funds providing a safety net. Active funds from public and private sectors are anticipated to further strengthen the "technology + resource products" dual mainline market, with accelerated sector rotation [4][62][64]. - The "national team" funds are expected to see a significant reduction in inflows, with a projected net inflow of about 200 billion yuan in 2026, as their role shifts in a bull market environment [19][22][23]. - High-risk funds, represented by margin trading and private equity, are expected to remain active, with margin trading net inflows estimated at around 450 billion yuan and private equity assets projected to grow to 8.5 trillion yuan, contributing approximately 700 billion yuan in incremental funds [4][26][31]. Group 3: Global and Domestic Influences - Overseas funds are anticipated to strategically allocate to Chinese assets, with northbound capital expected to net inflow around 100 billion yuan in 2026, although this impact on the overall market is expected to be limited [4][36][39]. - The macro liquidity environment is favorable, with a global interest rate cut cycle entering its later stages, but the marginal improvement in policies is expected to gradually converge. The micro-funding situation is likely to improve significantly, supporting a strong performance in equities over fixed income [4][45][49].

Core Viewpoint - The medical device sector is experiencing a performance turning point due to optimized procurement policies, improved bidding data, and decreasing channel inventory, particularly in the high-value consumables segment, which is expected to see valuation and performance recovery [1][7]. Group 1: Procurement Policy Updates - The sixth batch of national high-value medical consumables procurement was opened on January 13, with 12 types of consumables included, resulting in 440 products from 202 companies being selected out of 496 bids from 227 companies [2][3]. - The procurement process aims to ensure clinical continuity and quality by grouping products based on demand and supply capabilities, allowing for more competitive pricing strategies [4][6]. - Special product functionalities are considered in the procurement process, allowing for differentiated pricing based on clinical value and innovation [5]. Group 2: Market Outlook - The high-value consumables segment is expected to see a performance turning point by 2026, particularly in areas like electrophysiology, peripheral intervention, urology, and cardiovascular intervention, as the effects of procurement policies take hold [7]. - There is optimism regarding the international expansion of domestic medical device companies, with expectations that international business will surpass domestic growth, leading to valuation re-evaluation for companies with significant overseas operations [1][7]. - Investment opportunities in technological innovation within the medical device sector are anticipated, with emerging areas such as AI healthcare, brain-computer interfaces, surgical robots, and exoskeleton robots likely to attract investor attention [1][7].

Core Viewpoint - The report from CITIC Securities indicates that A-shares are expected to see significant incremental capital in 2026, potentially sustaining a slow bull market [1][5] Group 1: Long-term Capital - Long-term capital is identified as a core source of incremental funds, with insurance premium income continuing to grow significantly, leading to an increase in equity allocation to 15.5% by Q3 2025, close to historical highs [2] - The combination of insurance and wealth management channels is expected to contribute over 900 billion yuan in long-term capital to the market in 2026 [2] Group 2: Public Fund Capital - The pressure for fund redemptions is believed to have passed, with public funds benefiting from net asset value recovery and a positive investment sentiment, leading to an expected net inflow of 230 billion yuan in 2026, primarily from passive funds [3] Group 3: Other Funding Channels - "National team" funds are expected to see a significant slowdown in inflows, with a projected net inflow of about 20 billion yuan in 2026, while ETFs are becoming the main allocation channel [4] - Margin trading and private equity funds remain active, with expected net inflows of 450 billion yuan from margin trading and a projected increase in private equity scale to 8.5 trillion yuan, contributing around 700 billion yuan in incremental funds [4] - Foreign capital is entering a "4.0 era," with global funds expected to strategically allocate to Chinese assets, anticipating a net inflow of about 100 billion yuan from northbound capital [4] Group 4: Market Focus in 2026 - The focus of the market in 2026 will shift towards verifying economic conditions and performance realization, with long-term capital providing a safety net and active funds reinforcing a "technology + resource" dual mainline market trend [5] - The current hot sectors in A-shares are awaiting performance realization, with thematic concepts and rebound sectors showing significant elasticity [5]

Core Viewpoint - The company, Softstone Information Technology (Group) Co., Ltd., has announced a change in its continuous supervision sponsor representative for its initial public offering (IPO) on the Shenzhen Stock Exchange's ChiNext board [1]. Group 1 - The company received a letter from CITIC Jianzhong Securities regarding the change of its continuous supervision sponsor representative [1]. - CITIC Jianzhong was originally represented by Huang Yaying and Xu Jie as the continuous supervision sponsor representatives for the company's IPO [1]. - Huang Yaying will no longer serve in this role due to personal work adjustments, and Chen Zehao has been appointed to take over the responsibilities [1].

新浪财经2025金麒麟·年度最佳金融科技赋能奖荣誉榜如下： 责任编辑：宋雅芳 2026年1月15日，"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾问盛 典"举办，论坛邀请了多位顶尖专家与思想领袖，他们从宏观生态、市场策略与投资展望等多个维度， 为我们勾勒2026年的前景蓝图。 同时，会议隆重揭晓了2025金麒麟最佳财富管理机构荣誉。 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 ...