万联晨会-20260107

Core Insights - The A-share market continued its strong performance on January 6, with the Shanghai Composite Index rising by 1.5% to close at 4083.67 points, marking a new 10-year high and achieving a record 13 consecutive daily gains [1][7] - The Shenzhen Component Index increased by 1.4%, and the ChiNext Index rose by 0.75%, with total trading volume in the Shanghai and Shenzhen markets reaching 2.81 trillion yuan [1][7] - In terms of industry performance, sectors such as non-ferrous metals, non-bank financials, and basic chemicals led the gains, while the communications sector experienced a decline [1][7] - Concept sectors like brain-computer interfaces, hyperbaric oxygen chambers, and titanium dioxide saw increases, whereas the F5G concept faced a downturn [1][7] - The Hong Kong market also saw positive movement, with the Hang Seng Index rising by 1.38% to 26710.45 points and the Hang Seng Tech Index up by 1.46% [1][7] - Internationally, all three major U.S. stock indices closed higher, with the Dow Jones up by 0.99% to 49462.08 points, the S&P 500 rising by 0.62% to 6944.82 points, and the Nasdaq increasing by 0.65% to 23547.17 points [1][7] Important News - The People's Bank of China announced that it will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [2][8] - The emotional consumption market in China is rapidly growing, with its scale expected to rise from 1.63 trillion yuan in 2022 to 2.31 trillion yuan in 2024, reaching 2.72 trillion yuan in 2025, and surpassing 4.5 trillion yuan by 2029 [2][8] - Over 90% of young people recognize "emotional value," and nearly 60% are willing to pay for it, indicating a significant shift in consumer behavior towards emotional consumption [2][8]