博时市场点评1月12日：两市放量上涨，成交创历史新高

Market Overview - The Shanghai and Shenzhen stock indices experienced significant gains, with the Shanghai Composite Index rising over 1% and both the Shenzhen Component and ChiNext indices increasing by more than 1.7% [1][4] - The total trading volume in the two markets exceeded 36 trillion yuan, setting a historical record for trading activity [1][4] - The Consumer Price Index (CPI) for December increased by 0.7% year-on-year and 0.2% month-on-month, marking the highest level since March 2024 [1][4] - The Producer Price Index (PPI) showed a continued narrowing of the year-on-year decline, with a month-on-month increase from flat [1][4] Economic Indicators - The current domestic economic environment is characterized as "weak recovery + low inflation," with CPI showing a mild rebound and PPI indicating signs of bottoming out [1][3] - The PPI-CPI differential has narrowed to approximately -2.6 percentage points, suggesting a marginal alleviation of profit pressure for midstream manufacturing enterprises [1][3] - The government is employing various measures, including fiscal and financial coordination, to support economic stability [1][3] Policy and Strategic Developments - The national business conference held on January 10-11 outlined key tasks for 2026, emphasizing the importance of boosting consumption through various initiatives [3][9] - The focus areas include fostering new growth points in service consumption, optimizing policies for replacing old consumer goods, and promoting digital consumption [3][9] - The conference also highlighted the construction of a unified national market and the promotion of trade innovation as essential for stabilizing macroeconomic fundamentals [3][9] Industry-Specific Developments - China has submitted applications for frequency and orbital resources for 203,000 new satellites, covering 14 satellite constellations, marking the largest international frequency application action to date [2][8] - This strategic move is aimed at securing future space resources and demonstrates China's commitment to developing low-orbit satellite internet and other advanced fields [2][8] - The expected timeline from application to actual deployment is typically 2-7 years, which could lead to long-term order expectations across the satellite manufacturing, rocket launch, and ground equipment sectors [2][8] Stock Market Performance - On January 12, the A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 4165.29 points, up 1.09% [4][10] - The Shenzhen Component and ChiNext indices closed at 14366.91 points and 3388.34 points, rising 1.75% and 1.82% respectively [4][10] - The media, computer, and defense industries showed strong performance, with gains of 7.80%, 7.26%, and 5.66% respectively, while only the oil, coal, and real estate sectors experienced declines [4][10]