李立峰、张海燕：把握做多窗口，牛市行情或将继续推进

Market Overview - The A-share market achieved a "good start" in 2026, with the Shanghai Composite Index recording 16 consecutive days of gains, setting a historical record for consecutive positive trading days. Major broad-based indices experienced widespread increases, indicating a recovery in market risk appetite, with growth and small-cap styles prevailing [1][21]. - Weekly trading volume in the A-share market surpassed 30 trillion yuan, with financing transactions becoming active and the financing balance exceeding 2.6 trillion yuan, marking a historical high. Key sectors such as commercial aerospace, satellite navigation, brain-computer interfaces, and nuclear fusion continued to attract attention, while related commodities also performed well [1][21]. Market Outlook - The current market conditions suggest a continuation of the bull market, with expectations for a spring trading window. Positive economic indicators, such as better-than-expected PMI and inflation data for December, provide fundamental support for the spring market. Additionally, there is a notable increase in the willingness of external funds to enter the market, with expectations for further inflows from insurance and resident funds [1][21][23]. Key Focus Areas - The increase in market volume has facilitated the index's breakthrough of previous highs. Since 2025, the A-share market has seen three instances of trading volume exceeding 30 trillion yuan, with the latest occurring on January 9, 2026. Following these volume spikes, the indices have consistently confirmed higher trading ranges, indicating a sustained upward trend [2][21]. - The influx of financing and foreign capital reflects a significant increase in market risk appetite. The financing balance reached a historical high of 2.6 trillion yuan, with financing transactions accounting for over 11.5% of total A-share trading volume, the highest level since November 2025. Notably, foreign capital transactions also surged, with northbound capital reaching 369.6 billion yuan, the highest since October 2025 [3][22]. Economic and Policy Environment - The economic fundamentals remain supportive, with both manufacturing and non-manufacturing PMIs returning to expansion territory in December. The CPI rose by 0.8% year-on-year, while the PPI decreased by 1.9%, both better than market expectations. The macroeconomic policy environment is favorable, with coordinated fiscal and monetary policies being implemented to support market liquidity [4][23]. - The industry configuration suggests a focus on technology themes such as AI applications, commercial aerospace, robotics, and domestic substitution, as well as sectors benefiting from price increases, such as chemicals and non-ferrous metals [4][23].