A股策略周报：“开门红”引领春季躁动-20260111

Core Viewpoints - The A-share market has shown a strong start to the year, with the Shanghai Composite Index rising by 3.82%, marking a 16-day winning streak, driven by small-cap growth stocks [2][11] - The average daily trading volume across the A-share market reached 2.85 trillion yuan, a 34% increase from the previous week, with significant inflows into sector-specific ETFs such as those focused on non-ferrous metals and satellites [2][11] - Key sectors leading the market include defense, media, and non-ferrous metals, with the brain-computer interface concept index rising nearly 20% [2][11] Recent Economic Dynamics - Inflation continues to show structural improvement, with the Consumer Price Index (CPI) rising to 0.8% year-on-year in December, the highest since March 2023, primarily driven by food prices [3] - The Producer Price Index (PPI) saw a narrowing decline of 1.9% year-on-year, indicating some price increases in sectors like digital economy and new materials [3] Policy Tracking - Recent policies aim to promote domestic demand through a coordinated fiscal and financial approach, including optimizing loans for service industry operators and small and micro enterprises [4][5] - The government has set ambitious targets for artificial intelligence and manufacturing integration, aiming for significant advancements by 2027 and 2028 [4][5] Market Performance - The A-share market experienced broad gains, with 30 out of 31 sectors rising, particularly in defense, media, and non-ferrous metals, while the banking sector saw a decline of 1.9% [11] - The average daily trading volume and financing balance indicate a robust liquidity environment, with the financing balance nearing 2.6 trillion yuan [11][12] Sector Focus - The report highlights the importance of sectors with high growth potential and policy support, including technology growth (TMT/innovative pharmaceuticals), advanced manufacturing (new energy/defense), and cyclical sectors benefiting from commodity price increases [2][11]