分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 游戏医疗行业领涨 A 股小幅震荡 证券研究报告-市场分析 发布日期：2026 年 01 月 13 日 ——市场分析 相关报告 《市场分析：软件互联网领涨 A 股震荡上行》 2026-01-12 《市场分析：传媒软件行业领涨 A 股震荡上 行》 2026-01-09 《市场分析：航天船舶行业领涨 A 股小幅整 理》 2026-01-08 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 投资要点： ◼ A 股市场综述 周二（01 月 13 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 4179 点附近遭遇阻力，午后股指维持震 荡，盘中医疗器械、游戏、能源金属以及电网设备等行业表现较 好；航天航空、通信设备、船舶制造以及半导体等行业表现较弱， 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 ...

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 -4% 3% 10% 17% 25% 32% 39% 47% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 证券研究报告-晨会聚焦 发布日期：2026 年 01 月 13 日 【财经要闻】 1、1 月 10 日至 11 日，全国商务工作会议在京召开。会议明确，2026 年 全国商务系统要重点做好八个方面工作。会议要求，深入实施提振消费专 项行动，打造"购在中国"品牌。加快培育服务消费新增长点，释放服务 消费潜力。优化消费品以旧换新政策实施，推动商品消费扩容升级。打造 国际化消费环境。发展数字消费、绿色消费、健康消费，激发下沉市场消 费活力。 2、为加速人工智能与实体经济融合，推动制造业的智能化变革，工信部 等八部门近日联合印发了《"人工智能+制造"专项行动实施意见》。《意 见》围绕创新筑基、赋智升级、产品突破、主体培育等方面部署七大重点 任务，促进人工智能技术与制造业应用双向赋能，加快制造业智能化、绿 色化、融合 ...

联系人： 李智 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 软件互联网领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：传媒软件行业领涨 A 股震荡上 行》 2026-01-09 《市场分析：航天船舶行业领涨 A 股小幅整 理》 2026-01-08 《市场分析：电网资源行业领涨 A 股小幅上 行》 2026-01-07 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 12 日 投资要点： ◼ A 股市场综述 周一（01 月 12 日）A 股市场高开高走、震荡上行，早盘股指高开后 震荡上行，盘中沪指在 4156 点附近遭遇阻力，午后股指维持震荡， 盘中文化传媒、互联网服务、软件开发以及游戏等行业表现较好； 石油、保险、化肥以及采掘等行业表现较弱，沪指全天基本呈现震 荡上行的运行特征。创业板市场周一震荡上扬，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 周一 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 长鑫 IPO 获受理，关注国内存储器产 业链 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 -4% 7% 17% 27% 37% 47% 57% 68% 2025.01 2025.05 2025.09 2026.01 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业月报：谷歌发布新模型，关注 谷歌产业链方向》 2025-12-10 《半导体行业月报：海外云厂商 25Q3 继续 加大资本支出，国内存储器厂商业绩表现亮 眼》 2025-11-10 投资要点： 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 51 页 发布日期：2026 年 01 月 12 日 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 12 月半导体行业表现相对较强。2025 年 12 月国内 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 国际市场表现 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | 30,772.79 | -0.67 | | 标普 | 500 | 3,801.78 | -0.45 | | 纳斯达克 | | 11,247.58 | -0.15 | | 德国 | DAX | 12,756.32 | -1.16 | | 富时 | 100 | 7,156.37 | -0.74 | | 日经 | 225 | 26,643.39 | 0.62 | | 恒生指数 | | 26,231.79 | 0.32 | 资料来源：聚源，中原证券研究所 证券研究报告-晨会聚焦 发布日期：2026 年 01 月 12 日 【财经要闻】 1、国务院总理李强 1 月 9 日主持召开国务院常务会议，会议指出，围绕 促进居民消费，优化实施服务业经营主体贷款、个人消费贷款贴息政策， 推动增加优质服务供给，增强居民消费能力。 资料来源：聚源，中原证券研究所 -4% 3 ...

Market Overview - The A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 4121 points[3] - The Shanghai Composite Index closed at 4120.43 points, up 0.92%, while the Shenzhen Component Index rose 1.15% to 14120.15 points[9] - Total trading volume for both markets reached 31,526 billion yuan, above the median of the past three years[4] Sector Performance - The cultural media, internet services, software development, and gaming sectors performed well, while the aviation, insurance, photovoltaic equipment, and shipbuilding sectors lagged[4] - Over 70% of stocks in the two markets saw gains, with significant inflows into cultural media and internet services[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.73 times and 52.02 times, respectively, above the median levels of the past three years[4] - The market is considered suitable for medium to long-term investments based on current valuations[4] Future Outlook - The market is expected to maintain a slight upward trend, supported by improved corporate earnings and favorable monetary policy conditions[4] - Investors are advised to focus on macroeconomic data, changes in overseas liquidity, and policy developments, particularly in aerospace, software development, and cultural media sectors[4] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and international relations affecting the economic environment[5]

Market Performance - The A-share market has shown slight fluctuations, with the Shanghai Composite Index closing at 4,082.98, down 0.07%, and the Shenzhen Component Index at 13,959.48, down 0.51% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.76 and 51.97, respectively, indicating a suitable environment for medium to long-term investments [9][14] - The trading volume in the two markets has remained above the median level for the past three years, with significant interest in sectors such as aerospace, shipbuilding, and internet services [8][9] Economic and Policy Insights - The Ministry of Commerce has emphasized the importance of compliance with Chinese laws for foreign investments and technology exports, particularly in the context of Meta's acquisition of Manus [4][5] - The government is committed to expanding high-level openness, with the Hainan Free Trade Port serving as a key initiative [5] - The macroeconomic strategy indicates a continuation of moderately loose monetary policy, with expectations for credit growth and supportive measures for consumption [10][11] Industry Analysis - The aerospace and shipbuilding sectors have led the A-share market, while the financial and materials sectors have shown weaker performance [9][13] - The food and beverage sector has faced challenges, with a notable decline in traditional categories like liquor, while emerging categories such as snacks and health products have performed better [16][17] - The gaming industry is experiencing steady growth, with animation films significantly contributing to box office revenues [20][22] Investment Recommendations - Investment opportunities are recommended in sectors such as soft drinks, health products, and baked goods, with specific stocks highlighted for potential growth [18] - The semiconductor industry continues to show robust growth, with global sales increasing significantly, indicating a strong market outlook [25] - The new materials sector is expected to benefit from ongoing demand and technological advancements, with a recommendation to focus on leading companies in this space [26][27] Sector-Specific Developments - The electric power sector has seen a mixed performance, with the overall index underperforming compared to the broader market, but specific segments like wind and solar power are gaining traction [30][31] - The photovoltaic industry is experiencing price increases for silicon wafers and batteries, driven by supply-demand dynamics and cost pressures [33][35] - The livestock sector is stabilizing, with pig prices showing signs of recovery, while pet food exports continue to grow [37][38]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [16]. Core Views - The A-share market experienced slight fluctuations with a resistance level around 4093 points for the Shanghai Composite Index, while sectors such as aerospace, shipbuilding, internet services, and power equipment performed well [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 16.76 times and 51.97 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][15]. - The total trading volume on the two exchanges was 28,265 billion, indicating a level above the median daily trading volume over the past three years, reflecting strong market activity [3][15]. - Key factors supporting the market include increased attractiveness of RMB assets, expectations for early-year credit issuance, and positive changes in corporate profit structures driven by advanced manufacturing and overseas enterprises [3][15]. - The domestic monetary policy is expected to maintain a stance of "moderate easing," while the market anticipates that the Federal Reserve will continue its rate-cutting cycle in 2026, contributing to a more accommodative global liquidity environment [3][15]. - The Shanghai Composite Index is likely to maintain a slight upward trend, with short-term investment opportunities identified in aerospace, shipbuilding, internet services, and power equipment sectors [3][15]. Summary by Sections A-share Market Overview - On January 8, the A-share market faced resistance and slight fluctuations, with the Shanghai Composite Index closing at 4082.98 points, down 0.07%, and the Shenzhen Component Index at 13,959.48 points, down 0.51% [7][8]. - The market saw over 70% of stocks rising, particularly in shipbuilding, aerospace, engineering consulting, wind power equipment, and photovoltaic equipment sectors, while energy metals, insurance, and securities sectors lagged [7][9]. Future Market Outlook and Investment Recommendations - The report suggests that the current market conditions are suitable for medium to long-term investments, with a focus on sectors that are showing strong performance [3][15]. - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, particularly in the aerospace, shipbuilding, internet services, and power equipment sectors for potential investment opportunities [3][15].

资料来源：聚源，中原证券研究所 -6% 0% 7% 14% 20% 27% 34% 40% 2025.01 2025.05 2025.09 2026.01 上证指数 深证成指 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 证券研究报告-晨会聚焦 发布日期：2026 年 01 月 08 日 【财经要闻】 1、中国央行公布数据显示，中国 12 月末黄金储备报 7415 万盎司，环比 增加 3 万盎司，为连续第 14 个月增持黄金。 2、多部门联合召开动力和储能电池行业座谈会，围绕行业"反内卷"，包 括控产能、管价格战、保护专利等内容，研究部署规范产业竞争秩序相关 工作，头部动力电池企业及储能电池和集成商等共计十余家企业参会。 3、工信部印发《工业互联网和人工智能融合赋能行动方案》，鼓励人工智 能企业、工业互联网企业进行智能化升级，智能化升级，逐步深化人形机 器人应用。到 2028 年，工业互联网与人工智能融合赋能水平显著提升。 资料来源：中国人民银行，工信部，Wind 资讯 【宏观策略】 | 市场分 ...

Market Overview - On January 7, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 4097 points[2] - The total trading volume for both markets reached 28,818 billion yuan, above the median of the past three years[3] - The Shanghai Composite Index closed at 4,085.77 points, up 0.05%, while the Shenzhen Component Index rose 0.06% to 14,030.56 points[7] Sector Performance - Strong performers included coal, non-ferrous metals, electric grid equipment, and power equipment sectors[3] - Weaker sectors included shipbuilding, securities, jewelry, and education[3] - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices were 16.76 times and 51.81 times, respectively, above the median levels of the past three years[3] Investment Outlook - The market is expected to maintain a slight upward trend, supported by improved corporate earnings structures and favorable monetary policies[3] - Investors are advised to focus on sectors such as coal, non-ferrous metals, electric grid equipment, and power equipment for short-term opportunities[3] - Anticipated continued easing of monetary policy and expectations of a prolonged interest rate cut cycle by the Federal Reserve may enhance market liquidity[3] Risks - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[4]