证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 27 日 ：wanghe@stocke.com.cn 市场总览 资金：1 月 26 日全 A 总成交额为 32806 亿元，南下资金净流出 8.26 亿港元。 重要观点 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 年度行业策略报告：2026 年度策略：油轮散货订单接力， 产业共迎盈利释放——20260126 重要点评 浙商早知道 2026 年 01 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 【浙商传媒互联网 冯翠婷】传媒 行业深度：重仓股配置比例下降，前期涨幅高的收益确认，AI 应用标的配置提 升——20260126 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：1 月 26 日上证指数下跌 0.09%，沪深 300 上涨 0.1%，科创 50 下跌 1.35%，中证 1000 下跌 1.24%，创业板 指下跌 0.91%，恒生指数上涨 0.06%。 行业：1 月 26 日表现最好的行业分别是有色金属（+4.57%)、石油石化（+3. ...

证券研究报告 | 宏观深度报告 | 中国宏观 宏观深度报告 报告日期：2026 年 01 月 26 日 从"有钱"到"有闲"：中国假日经济变革影响几何？ 核心观点 在服务消费成为扩内需主线的背景下，假日经济正在从一个偏微观的出行热度概念， 升级为可被宏观政策配置与评估的时间要素工程。2024 年以来，假期制度的逻辑从做 大节日脉冲走向平滑释放服务消费，围绕扩内需与促进服务消费的政策框架，假日制 度的变化呈现出三条较为清晰的主线：其一，法定假日适度增加，并强调少调休、少 连班的约束；其二，假期结构从集中长假与调休拼接向更均衡、更可预期、错峰分散 优化，以降低拥堵、涨价与体验波动对消费的折损；其三，把带薪年休假从有制度进 一步推向可得、可用、可休，并与小长假连休、弹性错峰等组合，目标是把服务消费 从少数假期的脉冲，转成全年更稳定的释放；与此同时，春秋假从地方探索开始获得 更高层级政策支持，成为淡季填谷的重要抓手。 基于此，我们假设四种情形分别测算假期制度改革对 GDP 的拉动作用，结果显示政 策效果依次为带薪年假落实明显改善＞不加天数、假期结构更均衡＞春秋假由试点扩 散至全国＞法定假日净增 2 天。总体来看，相较 ...

重仓股配置比例下降 前期涨幅高的收益确认，AI应用标的配置提升 —— 2025Q4传媒持仓分析 行业评级：看好 2026年1月26日 分析师 冯翠婷 电话 fengcuiting@stocke.com.cn 证书编号 S1230525010001 2025Q4传媒行业机构持仓情况总结 证券研究报告 1、传媒行业重仓股配置环比下降，体现为前期涨幅较高的收益确认，AI应用相关标的25Q4增配明显，为26年1月AI应用行情蓄力 2 2025Q4传媒重仓股配置比例为3.87%，环比下降0.79pcts，高于行业标准配置比例的2.24%；剔除腾讯控股后，2025Q4传媒重仓股配置比例为 1.49%，环比下降0.53pcts；2025Q4传媒板块行业配置比例明显下降，主要体现为前期涨幅较高的个股的收益确认，但仍然显著超配，部分AI应用相 关标的如【三七互娱】、 【蓝色光标】、【易点天下】等25Q4增配明显，为26年1月AI应用行情蓄力。 2、传媒行业重仓股配置环比下降，前期涨幅较高的收益确认 传媒行业重仓股规模为1538.73亿元，环比减少345.72亿元，环比下降18.35%。其中前十大重仓股规模合计为1420.55亿 ...

1、传媒行业重仓股配置环比下降，体现为前期涨幅较高的收益确认，AI应用相关标的25Q4增配明显，为26年1月AI应用行情蓄力 证券研究报告 重仓股配置比例下降 前期涨幅高的收益确认，AI应用标的配置提升 —— 2025Q4传媒持仓分析 行业评级：看好 2026年1月26日 分析师 冯翠婷 电话 fengcuiting@stocke.com.cn 证书编号 S1230525010001 2025Q4传媒行业机构持仓情况总结 2 2025Q4传媒重仓股配置比例为3.87%，环比下降0.79pcts，高于行业标准配置比例的2.24%；剔除腾讯控股后，2025Q4传媒重仓股配置比例为 1.49%，环比下降0.53pcts；2025Q4传媒板块行业配置比例明显下降，主要体现为前期涨幅较高的个股的收益确认，但仍然显著超配，部分AI应用相 关标的如【三七互娱】、 【蓝色光标】、【易点天下】等25Q4增配明显，为26年1月AI应用行情蓄力。 2、传媒行业重仓股配置环比下降，前期涨幅较高的收益确认 传媒行业重仓股规模为1538.73亿元，环比减少345.72亿元，环比下降18.35%。其中前十大重仓股规模合计为1420.55亿 ...

Investment Rating - The industry rating is "Positive" (maintained) [5] Core Insights - The AI application market has stabilized after a rapid adjustment period, with significant activities from major companies like Tencent and ByteDance, indicating a focus on AI applications and gaming as robust investment opportunities [1][2] - The gaming sector is highlighted for its strong fundamentals, with companies like 37 Interactive Entertainment and Perfect World focusing on mini-games and overseas markets to drive growth [3] - The report emphasizes the importance of companies with Agent ecosystem layouts and the efficiency gains from accelerated AI application implementations [2] Summary by Sections AI Application Market - The AI application market has shown signs of stabilization after a rapid adjustment phase, with major companies continuing to invest heavily [2] - Tencent announced a 1 billion cash red envelope activity for the Spring Festival, while ByteDance launched the Skills feature to enhance AI application usability [2] Gaming Sector - Companies like 37 Interactive Entertainment are focusing on mini-games, SLG, and overseas casual gaming markets, aiming to return to the top three in China's gaming exports [3] - Investment opportunities are noted in companies such as Perfect World, Century Huatong, and Giant Network [3] Key Company Updates - The report suggests close monitoring of companies like Ali's Qianwen App, ByteDance's new features, and DeepSeek's model iterations for potential investment opportunities [2]

证券研究报告 | 浙商早知道 报告日期：2026 年 01 月 26 日 浙商早知道 2026 年 01 月 26 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 重要观点 重要点评 ❑ 【浙商中药 王班/吴天昊/司清蕊】医疗器械 行业专题：手术机器人五问五答——20260122 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 【浙商策略 廖静池/王大霁/李沛】策略深度报告：A 股"春季躁动"演绎启示及下半场展望——20260122 ❑ 【浙商固收信用债 杜渐/杨语涵】债券市场专题研究：债市震荡，以静制动——20260124 浙商早报 1 重要观点 ：wanghe@stocke.com.cn 1.1 【浙商策略 廖静池/王大霁/李沛】策略深度报告：A 股"春季躁动"演绎启示及下半场展望— —20260122 1、所在领域 策略 2、核心观点 配置方面，降温之下市场或以短期震荡+降波为主，季度视角看，我们认为"系统性慢牛"依旧可期； 行业方面，1 月下旬 A 股步入年报业绩验证窗口期，市场风格或转向兼具业绩与弹性的"两电化非机" ...

把握春节前做多窗口 ——主动量化周报 核心观点 一方面是重要资金大幅减持沪深 300ETF 等权重板块，另一方面是市场成交额依旧攀 升至单日 3.12 万亿。市场上行方向不会改变，斜率下修给与了更多的参与机会。从机 会与拥挤的角度出发，可重点关注科创 50、化工、微盘股、新能源。 ❑ 如何看待权重股回调？ 重要资金可能正在调仓而非直接减仓，上行方向不变。1 月 15 日至 1 月 23 日期 间，中央汇金持股比例较高的沪深 300ETF、中证 500ETF 等 14 个重要宽基 ETF 累计资金净流出超 5500 亿元，且在融资保证金比例上调后，期间两市融资余额 并未进一步增长。在此背景下，上证指数反而上涨 0.24%，市场表现出极强韧 性：重要资金呈现出力度较强的集中流出，而融资资金增长相对缓慢，那么承接 资金从何而来？可以发现，虽然宽基类 ETF 大幅净流出，但行业主题类 ETF 反 而呈现出资金流入，1 月 15 日至 1 月 23 日累计资金流入达 880 亿元。同时，我 们观察到，截至 1 月 23 日，行业主题类 ETF 中，资金流与涨跌幅之间的平均滚 动 10 日相关系数上升至-0.03，接近转 ...

1. Report Industry Investment Rating No investment rating information provided in the report. 2. Core Viewpoints of the Report - As of Q4 2025, the management scale and share of the entire market's public - offering funds have steadily increased. Under the slow - bull expectation, the scale trends of equity funds and bond funds remain divergent. The passive trend of public - offering funds continues, the scale of secondary bond funds continues to expand, and the scale of medium - and long - term bond funds continues to shrink [1][3][17]. 3. Summary According to the Table of Contents 3.1 1.1 可转债行情方面 (Convertible Bond Market Conditions) - In the past week (January 19 - 23, 2026), the equity market continued to fluctuate, performing weaker than the convertible bond market. The performance of small - and medium - cap indices of convertible bonds was better than that of the large - cap index. The medium - and high - price index was strong, and low - price convertible bonds showed a stable trend [2][11]. - The trading volume of the equity market declined from a high level. The core driving factor shifted from "theme gaming" to "profit constraints". The sustainability of pure concept sectors lacking performance support weakened. As the disclosure window for annual reports and performance pre - announcements approached, funds' attention to fundamental certainty increased systematically, and the previously active theme market weakened significantly [2][11]. - The equity market style showed that small - and medium - caps outperformed large - caps, driving up convertible bond varieties with strong equity characteristics. The medium - cap index (+3.51%) and small - cap index (+3.24%) of convertible bonds significantly outperformed the large - cap index (+1.45%). In terms of industries, the materials, energy, and industrial sectors strengthened [2][11]. - As an investment product with both offensive and defensive capabilities, the capital preference in the convertible bond market shifted from high - volatility varieties to reasonably - valued targets. The high - price and low - premium index (5.32%) significantly outperformed the double - low index (1.97%), and the market style tended to be balanced [2][11]. 3.2 1.2 转债个券方面 (Individual Convertible Bond Issues) - The report provides information on the top ten and bottom ten individual convertible bond issues in terms of price changes in the past week, but specific analysis is not elaborated [29]. 3.3 1.3 转债估值方面 (Convertible Bond Valuation) No specific content is provided for this part in the report. 3.4 1.4 转债价格方面 (Convertible Bond Prices) - Information on the proportion of high - price bonds and the median price of convertible bonds is presented, but specific analysis is not elaborated [36][43].

证券研究报告 钢铁周报：春季躁动，钢铁躁动 2026 年 01 月 25 日 行业评级：看好 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 1 价格表现 | | | | 【浙商金属】钢铁周度数据(2026年1月25日) | | | | --- | --- | --- | --- | --- | --- | | | 价格 | | | 周涨跌幅 | 年初至今涨跌幅 | | | 上证指数 | | 4.136 | 0.8% | 4.2% | | | 沪深300 | | 4.702 | -0.6% | 1.6% | | | SW钢铁指数 | | 2,897 | 7.3% | 8.9% | | 板块 | | SW普钢指数 | 2,688 | 6.5% | 6.8% | | | | SW特钢指数 | 5.280 | 7.6% | 9.8% | | | | SW冶钢原料指数 | ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a spring surge in the steel industry, indicating a positive market sentiment and potential growth opportunities [1] Price Performance - The SW Steel Index has increased by 7.3% week-on-week and 8.9% year-to-date, outperforming the Shanghai Composite Index which rose by 0.8% and the CSI 300 Index which decreased by 0.6% [3] - Specific steel products show varied price changes, with rebar (HRB400 20mm) priced at 3,260 CNY/ton, down 1.8% week-on-week [3] - Iron ore prices have seen a decline, with the Platts index at 103 USD/ton, down 2.5% [3] Inventory - Total social inventory of the five major steel products stands at 867 million tons, reflecting a slight increase of 0.3% week-on-week but a decrease of 0.5% year-to-date [4] - Steel mill inventory is at 389 million tons, up 2.1% week-on-week and 0.8% year-to-date [4] - Port inventory of iron ore is reported at 16,763 million tons, increasing by 1.3% week-on-week and 5.7% year-to-date [4] Supply and Demand - The report indicates a steady production rate, with weekly output of the five major steel products being monitored [7] - The average daily molten iron production is projected to remain stable, reflecting consistent demand in the market [7]