Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.06% and the Shenzhen Component Index up 0.01%, while the ChiNext Index opened down 0.45% [1] - The human brain engineering and lithium mining sectors showed significant gains, while commercial aerospace and CPO sectors experienced declines [1] Index Performance - Shanghai Composite Index: 4026.02, up 0.06%, with 1018 gainers and 808 losers [2] - Shenzhen Component Index: 13830.30, up 0.01%, with 1318 gainers and 1066 losers [2] - ChiNext Index: 3279.81, down 0.45%, with 650 gainers and 552 losers [2] External Market - U.S. stock indices closed higher, with the Dow Jones reaching a record high, driven by strong financial stocks [3] - The Dow Jones increased by 594.79 points (1.23%) to 48977.18, the Nasdaq rose by 160.19 points (0.69%) to 23395.82, and the S&P 500 gained 43.58 points (0.64%) to 6902.05 [3] - Most Chinese concept stocks saw gains, with the Nasdaq Golden Dragon China Index up 0.49% [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as sectors related to domestic demand improvement [4] - CITIC Securities highlights a "growth first, liquor accumulation" trend in the cross-year market, with a focus on sectors like snacks and dairy that show clear growth potential [5] - Huaxi Securities predicts 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] - Guojin Securities expects 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology [7][8] - Tianfeng Securities sees growth potential in cosmetics, gold jewelry, and duty-free sectors amid the recovery of high-end consumption [9]

Core Viewpoint - The report from Huatai Securities is optimistic about the spring market, indicating a strengthening trend with most broad-based indices showing a rebound in scores and the Shanghai Composite Index entering a bullish zone [1] Group 1: Market Outlook - The macroeconomic environment suggests that the all-weather strategy in January is betting on growth exceeding expectations and increasing stock allocations [1] Group 2: Investment Recommendations - The report recommends two main investment themes: 1. Growth style, with a positive outlook on the electric equipment and new energy sectors [1] 2. Focus on the improvement of domestic demand in the context of the 14th Five-Year Plan, recommending sectors such as social services, real estate, home appliances, and beverages [1]

华泰证券研报称，2025年四季度以来，上市公司中公告新投石英纤维电子纱/布（第三代低介电电子 布，简称"Q布"）项目明显增加。华泰证券认为2026年第二代低介电（LowDk-2）和低热膨胀 （LowCTE）电子布供给缺口明显，量价高景气有望延续，Q布有望于2026年二季度开始量产，但需求 规模仍有待下游技术路线的确定，关注2026年一季度终端验证节点。Q布具备较强的生产工艺和客户认 证壁垒，先发企业在垂直一体化研发和生产端具备优势，短期竞争格局或较难改变，具备全产业链生产 和客户优势的龙头企业有望胜出。 ...

Core Viewpoint - The expectation for the spring market may further strengthen, with A-share indices showing signs of recovery and entering a bullish phase [2][3] Technical Analysis - The A-share technical scoring model indicates that most broad indices have seen a slight rebound in technical scores, with the Shanghai Composite Index surpassing the bullish threshold [3][10] - The model's performance for 2025 shows a timing return of 12.54%, while the overall return for the Wind All A index is 27.65%, resulting in an underperformance of -15.11% [10] Market Strategy - The macro strategy for January is focused on an optimistic growth outlook, with an increased allocation to equities [2][6] - Recommended investment themes include: - Growth style, particularly in the electric equipment and new energy sectors - Domestic demand improvement themes, focusing on consumer services, real estate, home appliances, and beverages [2][5] Style Timing Model - The style timing model has shifted from neutral to bearish on dividend style since December 22, 2025, favoring growth style instead [4][14] - The model indicates a preference for small-cap stocks, operating in a low crowding zone, which suggests a bullish outlook for small-cap stocks [20][23] Industry Rotation Model - The industry rotation model, which utilizes genetic programming techniques, has identified consumer services, electric equipment and new energy, real estate, home appliances, and beverages as favorable sectors [5][24] - The model achieved an absolute return of 40.34% in 2025, outperforming the industry equal-weight benchmark by 15.88 percentage points [24] All-Weather Strategy - The all-weather enhanced portfolio strategy for 2025 has yielded an absolute return of 13.86%, with a Sharpe ratio of 2.22 and a maximum drawdown of 2.67% [6][34] - The strategy has significantly over-allocated to the "growth exceeding expectations" quadrant and slightly to the "inflation below expectations" quadrant [34][35]

人民财讯1月6日电，华泰证券研报认为我国聚碳酸酯(PC)供需拐点已逐渐明确，需求端受新能源汽车等 下游环节直接拉动，以及自给率提升下出口增长与国产替代，PC需求整体有望保持较高增长；供给端 预计2025—2027年行业新增产能相对有限，伴随存量产能的持续消化，行业开工率已修复至较高水平， 预计2025—2027年行业开工率分别为87%、94%、95%。供需持续改善下PC行业有望逐步步入景气周 期。 ...

证券代码：601688 证券简称：华泰证券 公告编号：临2025-082 华泰证券股份有限公司 第六届董事会第二十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 华泰证券股份有限公司（以下简称"公司"）第六届董事会第二十一次会议通知及议案于2025年12月26日 以专人送达或电子邮件方式发出。本次会议于2025年12月31日以通讯方式召开。会议应参加董事13人， 实际参加董事13人。会议的召开符合《公司法》、公司《章程》和《董事会议事规则》的有关规定。 本次会议审议通过了相关议案，并形成如下决议： （一）同意关于选举公司第七届董事会成员（非独立董事）的预案，并同意提交公司股东会审议。 1、同意王会清先生、周易先生、丁锋先生、于兰英女士、柯翔先生、晋永甫先生、陈建伟先生为公司 第七届董事会非独立董事候选人； 2、同意将上述人选提交公司股东会审议。 表决结果：13票赞成，0票反对，0票弃权 待上述人选在公司股东会选举通过后，将正式履行公司第七届董事会董事职责，任期三年。 此外，经公司研究， ...

Core Viewpoint - Huatai Securities reports that SMIC plans to acquire 49% equity of SMIC North from shareholders of the first phase of the Big Fund through a share issuance, with a consideration of approximately 40.6 billion yuan, while also injecting $7.778 billion into SMIC South in collaboration with institutions including the third phase of the Big Fund [1] Financial Impact - The two transactions are expected to bring significant financial enhancement effects, including the introduction of approximately $4.1 billion in external funds to SMIC South, which may lead to a cash reserve increase of about 101% [1] - The equity acquisition of SMIC North is anticipated to enhance the company's net assets, potentially driving the net asset per share growth by 6.3% to 20.1 yuan [1] Investment Outlook - The company is viewed positively due to its dual-driven logic of mature process control and advanced process support, alongside a significant enhancement in financial strength and improved profit certainty [1] - The asset quality and long-term growth potential of the company are expected to undergo a dual revaluation, maintaining a target price of 100 HKD for Hong Kong stocks and 192 yuan for A-shares, with a "Buy" rating [1]

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！ 中信证券：人心思涨，预计开年市场震荡向上 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自于 对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI 推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差和业绩 兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场的影响。 增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度并 不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望推 动人民币的稳定与升值。以A500E ...

Core Viewpoint - The Hong Kong stock market experienced a rise driven by technology catalysts, achieving a "good start" on the first trading day of 2026. Current market sentiment and liquidity conditions are better than in November, increasing the likelihood of successful investments in Hong Kong stocks [1] Group 1: Market Conditions - The market sentiment and liquidity environment are currently more favorable compared to November [1] - The rise in the Hong Kong stock market is attributed to technology-driven catalysts [1] Group 2: Investment Recommendations - It is recommended to continue allocating investments in the technology chain with performance realization expectations, as there may be high growth potential in the next quarter due to liquidity environment catalysts [1] - Consider a balanced allocation of cash flow assets, taking into account changes in driving factors and funding attributes [1]

Core Viewpoint - The tourism sector in China shows significant recovery during the New Year holiday, with a notable increase in travel volume and spending compared to previous years, indicating a positive trend in consumer behavior and tourism recovery [1] Group 1: Travel Volume and Consumer Behavior - The New Year holiday this year lasted for three days, with the option to extend to eight days, leading to a substantial year-on-year increase in travel volume and an expansion of travel radius [1] - The Ministry of Culture and Tourism reported that the number of tourists and consumption levels have recovered more strongly compared to the National Day holiday in 2019 [1] Group 2: Inbound Tourism and Regional Performance - Inbound tourism remains robust, with foreign entry and exit numbers maintaining a double-digit growth rate [1] - Policy support has significantly boosted tourism numbers and spending in Hainan, reflecting a strong regional performance [1] Group 3: Retail and Consumer Spending Trends - Overall retail sales across various regions have shown moderate growth, indicating a good start to consumer spending [1] - However, there has been a slight year-on-year decline in domestic tourism per capita spending, scenic area ticket prices, and movie ticket prices, suggesting a trend towards value-oriented consumption [1]