January 6, 2026 09:23 AM GMT China Industrials | Asia Pacific Catalyst Previews: What's Ahead in 1Q26? Where relevant and meaningful, we have identified and previewed catalysts for China's Automation & Robotics, Construction Machinery, Heavy-duty Truck, and New Energy stocks that could affect share prices in the near future. Catalysts that occur regularly: M Idea Morgan Stanley Asia Limited+ Sheng Zhong Equity Analyst Sheng.Zhong@morganstanley.com +852 2239-7821 Chelsea Wang Equity Analyst Jinlin.Wang@morga ...

2026年1月7日，三大股指红盘向上，截至09:54，中证数字经济主题指数上涨0.90%，成分股兆易创新上 涨8.46%，中微公司上涨7.12%，华润微上涨5.78%，晶合集成上涨5.09%，拓荆科技上涨4.48%。数字经 济ETF上涨1.05%。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表 基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨 慎） 据Wind数据显示，流动性方面，截至1月6日，数字经济ETF近1年日均成交2084.29万元。规模方面，数 字经济ETF近2周规模增长1365.67万元，实现显著增长。 消息面上，1月5日，半导体设备巨头阿斯麦续涨超5%，市值再创历史新高；台积电涨超3%，再创历史 新高，市值达1.7万亿美元。三星电子与SK海力士计划在今年一季度将服务器DRAM价格提升60%至 70%。黄仁勋在CES演讲上展示了英伟达新一代AI平台Rubin，包含六款新型芯片，推理算力是 Blackwell的5倍，已进入全面生产阶段。 兴业证券认为，AI浪潮正推动算力需求爆发，带动服务器、AI芯片、光芯片、存储、PCB板等硬件环节 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为47.75%，近一个月回报为5.23%。 来源：新浪基金∞工作室 1月5日，截止午间收盘，创业50ETF（159682）涨1.90%，报1.505元，成交额1.95亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘涨1.68%，中际旭创涨1.97%，东方财富涨1.81%，新易盛跌 0.51%，阳光电源涨0.76%，胜宏科技涨2.43%，汇川技术涨4.19%，迈瑞医疗涨4.56%，亿纬锂能涨 4.06%，同花顺涨2.79%。 ...

4 January 2026 | 7:20PM HKT Equity Research Shenzhen Inovance Technology Co. (300124.SZ): Dec IA orders improved to 30%+ yoy growth with full year tracking in line with guidance, GSe. Inovance disclosed industrial automation (IA) segment orders at 30%+ yoy in Dec 2025 (vs. 20+% yoy in Nov 2025), with most end markets trending well, implying ~+10% mom per GSe. Thanks to the strong Dec 2025 order trend, implied 4Q25 orders likely delivered 20%+ yoy growth, vs our IA revenue forecast of +17% yoy. Note that Nov ...

强势个股崭露头角 数据显示，2025年全年共有165家公募机构投身于上市公司调研工作，其足迹遍布全部31个申万一级行业。从个股角度 看，市场关注度呈现显著的头部集中特征。全年共有169只个股均获得公募机构不低于100次的高度聚焦。其中，更有30只个股 的调研热度突破200次。 在个股调研频次居前名单中，工业自动化与新能源乘用车电控领域的龙头企业汇川技术以497次调研拔得头筹，凸显了高 端制造领域的持续吸引力。立讯精密以422次调研位居次席，该公司是消费电子精密制造领域的领军企业，也是全球领先的精 密零组件、模组与系统解决方案提供商。 本报记者 彭衍菘 2025年，在A股市场结构性行情深化、科技创新与产业升级主线下，公募基金作为市场重要机构投资者，其调研动向成为 透视投资风向的关键窗口。公募排排网统计数据显示，2025年，公募机构积极调研A股上市公司，全年累计调研达7.63万次， 深度覆盖超2430家上市公司，充分体现了机构投资者深度挖掘价值、前瞻布局的积极态势。 电子行业最受公募机构青睐，去年累计收获调研超1.4万次，覆盖286只个股。立讯精密、奥比中光、深南电路、聚辰股份 等电子行业龙头，成为公募调研的重点 ...

1月5日，A股市场喜提开门红，沪指涨超1%，重回4000点以上。硬科技板块反弹，截至14:38，机器人ETF基金(159213)上涨1.63%，轻松反包上一交易日跌 幅，成交额超3500万元。资金持续涌入催化丰富、成长潜力巨大的机器人板块，机器人ETF基金(159213)盘中强势吸金超2400万元，加上今日已连续5日大举 揽金超1.2亿元。 机器人ETF基金(159213)标的指数成分股多数冲高，科大讯飞涨超6%，汇川技术涨超4%，大族激光涨超3%，石头科技、机器人等涨超2%，大华股份、中控 技术等冲高。 【机器人ETF基金(159213)标的指数前十大成分股】 东吴证券表示，人形机器人量产渐行渐近。26年产业链最大变化在于T链V3发布&量产，26Q1将是特斯拉V3机器人发布&产业链订单+量纲确定的重要事件 窗口，催化确定性较强。同时随着机器人量产渐行渐近，产业链逐步缩圈，供应商陆续进入订单和量产，看好具备确定性的T链核心标的。此外国产品牌有 望陆续上市，国内机器人标准化逐步建立，2025年12月26日工信部人形机器人标准化委会成立，意味着国产机器人体系逐步走向正轨；头部企业方面，宇树 已完成上市辅导，有望率 ...

截至2026年1月5日09:51，中证数字经济主题指数强势上涨2.48%，成分股中微公司上涨11.62%，兆易创 新上涨7.24%，柏楚电子上涨6.56%，拓荆科技，澜起科技等个股跟涨。数字经济ETF(560800)上涨 2.44%。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的 投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎） 据Wind数据显示，流动性方面，拉长时间看，截至12月31日，数字经济ETF近1年日均成交2091.96万 元。 消息方面，2026年1月4日，百度集团官宣分拆旗下AI芯片企业昆仑芯赴港独立上市。据百度公告显 示，昆仑芯已于1月1日以保密形式向港交所递交主板上市申请，分拆完成后仍将为百度附属公司。 数字经济ETF紧密跟踪中证数字经济主题指数，选取涉及数字经济基础设施和数字化程度较高的应用领 域上市公司证券作为指数样本，以反映数字经济主题上市公司证券的整体表现。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 据Wind数据显示，截至2025年12月31日，中证数字经济主题指数前十大权重股分别 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on AI equipment and consumables, as well as humanoid robots [1] Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant investment opportunities in the industrial control sector, robotics, machine tools, and AI equipment [6][8] - The AI equipment and consumables sector is experiencing a surge in demand due to the rapid iteration of AI models and smart hardware applications, leading to increased requirements for high-performance servers and advanced PCBs [6][21] - The humanoid robot industry is transitioning from concept validation to commercialization, presenting unique investment opportunities in companies with productization capabilities in key components and solutions [6][21] Summary by Sections Industry Overview - The mechanical industry comprises 634 listed companies with a total market capitalization of 6.37 trillion yuan and a circulating market value of 5.29 trillion yuan [3] Company Earnings Forecasts and Valuations - Key companies in the mechanical sector are projected to have strong earnings growth, with several receiving a "Strong Buy" rating, including: - Huichuan Technology: EPS forecast of 2.11 yuan in 2025, with a PE ratio of 35.72 [2] - Falan Technology: EPS forecast of 0.60 yuan in 2025, with a PE ratio of 19.85 [2] - Xinjie Electric: EPS forecast of 1.83 yuan in 2025, with a PE ratio of 30.13 [2] - Okoyi: EPS forecast of 0.71 yuan in 2025, with a PE ratio of 44.86 [2] - Other notable companies include Anhui Heli, Su Shi Testing, and Sany Heavy Industry, all rated as "Strong Buy" [2] Market Performance - The mechanical sector has shown a 1.0% increase in the recent week, outperforming the broader market indices [10][15] - The absolute performance over the last 12 months is 40.7%, indicating strong growth relative to other sectors [4] Investment Recommendations - The report suggests focusing on companies in various sub-sectors, including: - Industrial control: Huichuan Technology, Xinjie Electric, and Weichuang Electric [6] - Robotics: Keli Sensor, Donghua Testing, and Mingzhi Electric [6] - Machine tools: Haitai Precision, Neway CNC, and Huacheng Equipment [6] - Consumables: Dingtai High-Tech and Zhongtung High-Tech [6] - Testing: Huace Testing and Guandian Measurement [6] - Engineering machinery: Sany Heavy Industry and XCMG [6] - Forklift industry: Anhui Heli and Hangcha Group [6] - Laser industry: Ruike Laser and Plit [6] - Logistics equipment: Falan Technology and Lanjian Intelligent [6] - Rail transit equipment: CRRC and Times Electric [6] - 3C equipment: Kuaike Intelligent and Bozhong Precision [6]

Core Insights - The electric motor market for new energy logistics vehicles is undergoing a significant transformation, with the market share of OEM (Original Equipment Manufacturer) brands surpassing that of third-party brands for the first time [1][10] Group 1: Market Dynamics - From January to November 2025, the market structure has shifted, with OEM brands capturing 40.2% of the market share, while third-party brands dropped to 39.5% [4][12] - The top three companies in terms of installed electric motors in November 2025 are Huichuan United Power, Remote New Energy Commercial Vehicles, and Beiqi Foton, with respective shares of 22.8%, 18.0%, and 8.9% [2][11] - The overall installed capacity in November 2025 saw a decline compared to previous months, indicating volatility influenced by vehicle sales [1][10] Group 2: Company Performance - Huichuan United Power remains the leader in installed capacity with 123,017 units, despite a year-on-year decline of 7.7% [3][13] - Remote New Energy Commercial Vehicles and Beiqi Foton have shown impressive growth rates of 66.3% and 125.8% respectively, highlighting the strong performance of OEM brands [3][12] - Third-party brands like Wuhan University of Technology have experienced a significant decline, with a year-on-year drop of 46.8% [3][12] Group 3: Competitive Advantages - The growth of OEM brands is attributed to their ability to adapt technology to meet the increasing demands for long-range and heavy-load capabilities in the logistics sector [8][17] - OEMs benefit from vertical integration of the supply chain, allowing for collaborative development of the electric motor, battery, and control systems, which enhances performance and reduces costs [9][18] - Policy support and market positioning have enabled OEMs to quickly launch models equipped with self-developed motors, giving them a competitive edge over third-party brands [9][18] Group 4: Future Outlook - The market concentration in the electric motor sector is expected to increase, with OEM brands likely to maintain and expand their lead [10][18] - Third-party brands need to focus on technological innovation and deepen collaboration with OEMs to carve out competitive advantages in niche areas [10][18]

转自：新华财经 新华财经上海1月3日电（记者 魏雨田）2025年A股行情整体呈现结构性走强态势。在这一背景下，公募 基金显著加大了对上市公司的调研布局力度，2025年累计调研上市公司2434只，调研次数超7.5万次。 对于后市，机构人士表示，AI产业链有望持续担当科技成长领域的核心主线。那些在关键核心技术攻 关中取得实质性突破且在产业应用场景中占据领先优势的龙头企业，仍将是承载行业长期增长预期的核 心标的。 调研全面开花，次数超7.5万次 统计显示，刚过去的2025年，公募机构对上市公司的调研情况呈现"广度全覆盖、深度有聚焦"的特征。 根据公募排排网统计数据，当年累计有165家公募机构投身A股上市公司调研，调研范围覆盖全部31个 申万一级行业，涉及个股数量多达2434只，累计调研次数高达76285次，展现出公募机构对上市公司基 本面研究的高度重视。 电子行业个股在高频调研榜单中表现同样亮眼，成为仅次于机械设备行业的第二大热门领域。在调研次 数排名前十的个股中，电子行业公司占据四席，形成集团式优势。其中，立讯精密以422次调研位列第 二；国内3D视觉感知领域的核心技术与方案提供商奥比中光获332次调研，排名第四 ...