A股市场投资策略周报：扩内需、反内卷增量部署可期，市场延续震荡整理-20260122

Market Review - In the past five trading days (January 16 to January 22), major indices showed mixed performance; the Shanghai Composite Index rose by 0.24%, while the ChiNext Index fell by 1.17% [5] - The trading volume significantly decreased, with a total turnover of 13.80 trillion yuan, and the average daily turnover dropped to 2.76 trillion yuan, a decrease of 683.69 billion yuan compared to the previous five trading days [10] Economic Growth and Investment - In December 2025, fixed asset investment decreased by 3.8% year-on-year, a decline of 1.2 percentage points compared to the period from January to November 2025; infrastructure investment (excluding electricity, heat, gas, and water production and supply) fell by 2.2% [26] - The manufacturing investment grew by 0.6% year-on-year, while real estate investment saw a significant decline of 17.2% [26] - Overall, the economic growth rate for 2025 showed a pattern of high growth followed by a slowdown, with the annual target being successfully achieved [26] Policy and Strategy - The government is focusing on strengthening domestic circulation as a key macro policy point, with plans to develop a strategy for expanding domestic demand from 2026 to 2030 [31] - The fiscal policy for 2026 will see an increase in total expenditure, with a focus on boosting consumption and ensuring necessary spending intensity [31] - The market is expected to continue its oscillating adjustment, with ETF experiencing continuous net outflows; however, overall trading enthusiasm remains, and market sentiment may fluctuate [32] Industry Opportunities - Investment opportunities are identified in the TMT sector and robotics, driven by the expansion of AI capital and domestic substitution processes [32] - The non-ferrous metals industry presents investment opportunities supported by rising prices of certain commodities [32] - Continued attention is warranted for banking and insurance sectors due to the management's push for long-term capital inflows and a low-interest-rate environment [32]