| | | 半日交投活跃行业、主题ETF一览 | | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 涨幅 (%) | 总金额(元) | | 512400 | 有色金属ETF | 2.618 | 2.71 | 48.28亿 | | 517520 | 黄金股ETF | 3.165 | 2.26 | 26.18亿 | | 588200 | 科创芯片ETF | 2.783 | -2.01 | 18.66亿 | | 159562 | 黄金股ETF | 3.444 | 2.65 | 15.81亿 | | 159870 | 化工ETF | 0.931 | -0.32 | 15.33亿 | | 560860 | 工业有色ETF万家 | 2.186 | 2.48 | 14.57亿 | | 512880 | 证券ETF | 1.186 | -0.92 | 13.06亿 | | 159516 | 半导体设备ETF | 1.877 | -2.8 | 13.02亿 | | 159206 | 卫星ETF | 1.961 | -0.61 | 12.30亿 | | 512980 | 传 ...

旅游及景区 旅游及景区 2026 年 01 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 旅游及景区 沪深300 相关研究报告 海南专题报告：风宜长物放眼量，自贸港赶海正当时 风险提示：宏观经济波动风险、政策落地不及预期、高端消费复苏不及预期。 ——行业深度报告 | 初敏（分析师） | 叶彬慧（联系人） | | --- | --- | | chumin@kysec.cn | yebinhui@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790124070053 | yebinhui@kysec.cn 证书编号：S0790124070053 海南自贸港：双向循环战略支点，枢纽功能徐徐演进 开 源 证 券 证 券 研 海南自贸港是中央基于全球化格局深度调整、全球供应链加速重构背景，高标准 建设的中国特色自由贸易港，享有国内高规格、系统性的开放试验授权。对比全 球成熟的自贸港枢纽，依托内地超大规模统一市场的腹地优势和最大经济特区禀 赋，海南聚焦打造三大核心定位： ...

Core Insights - The report highlights the strong performance of the coal and non-ferrous metals sectors, indicating a bullish trend in the A-share market with a slight upward movement in indices [6][10][11] - The report emphasizes the significant growth in renewable energy capacity, particularly solar and wind power, with solar capacity increasing by 35.4% year-on-year [6][9] - The media sector shows a notable increase in the index, outperforming the broader market, driven by AI applications and a favorable policy environment [15][17][28] Domestic Market Performance - The Shanghai Composite Index closed at 4,151.24 with a slight increase of 0.27%, while the Shenzhen Component Index rose by 0.09% to 14,342.89 [4] - The A-share market has seen a mixed performance across various sectors, with financials and semiconductors leading the gains, while sectors like photovoltaic equipment and batteries showed weaker performance [10][11] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the Nikkei 225 saw a slight increase of 0.62% to 26,643.39 [5] - The report notes that gold prices have reached a historical high, surpassing $5,300 per ounce, driven by geopolitical risks and market speculation regarding interest rate cuts [9] Industry Analysis - The renewable energy sector is highlighted for its robust growth, with total installed power generation capacity reaching 3.89 billion kilowatts, a 16.1% increase year-on-year [6][9] - The media industry is experiencing a shift towards AI applications, with significant growth in gaming and advertising sectors, driven by improved policy support and technological advancements [15][17][28] - The telecommunications sector is facing supply chain challenges, particularly in key materials for optical modules, which may impact future growth [20][21] Investment Recommendations - The report suggests a balanced investment strategy focusing on sectors with high growth potential, such as AI, high-end manufacturing, and renewable energy, while also considering cyclical and resource sectors [10][11][12] - Specific companies in the gaming and media sectors are recommended for their strong performance and growth prospects, including those leveraging AI technologies [15][28]

2025年四季度，市场波动有所加大，A股和港股在震荡中收官，结构性行情演绎至极致。Wind数据显示，去年四季度上证指数上涨2.22%，沪 深300指数下跌0.23%，创业板指下跌1.08%。此外，恒生指数下跌4.56%，恒生中国企业指数下跌6.72%。 主要指数表现平淡，但内部行业却冰火两重天。以AI算力、半导体为代表的科技成长板块高歌猛进，石油石化、国防军工、有色金属等行业 表现较好，而房地产、医药、计算机等行业表现相对承压。 随着公募基金2025年四季报披露完毕，傅鹏博、朱少醒、张坤、葛兰、谢治宇、李晓星、刘彦春等明星基金经理的持仓动向与后市展望浮出水 面。这种极致的市场风格，也映射出这些公募明星基金经理们截然不同的投资路径，这些分化直接体现在他们的净值曲线上。 Wind数据显示，锚定科技主线的基金在2025年四季度及2025年全年斩获显著超额收益。傅鹏博的睿远成长价值和李晓星的银华中小盘精选， 2025年全年上涨均超60%，大幅跑赢业绩比较基准。两者的共同特点是重仓AI算力、半导体等全年市场主线。 均衡配置型基金的表现也较为稳健。朱少醒的富国天惠精选成长A全年涨幅超20%，其分散在金融、消费、制造等多个 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

| be it it it is nother conside it book I had." | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 026-01-28 | 中国中免 | 601888 | 90.75 30.45 | 2763.67 | 公司主要在國品業 | 觀點點 | | ко | 1月28日，中国中免大宗交易成交30.45万股，成交额2763.67万元，占当日总成交额的0.67%，成交价 90.75元，较市场收盘价89.84元溢价1.01%。 ...

近日，中免集团正式成为第35届国际乒联-亚乒联盟亚洲杯(以下简称"亚洲杯")官方合作伙伴。本届亚洲 杯将于2月4日至8日首次落地海口，中免集团将以官方合作伙伴身份，依托其强大的资源整合能力、卓 越的消费场景运营实力与覆盖全岛的免税购物体验全链路，围绕"免税+体育"的跨界融合，为亚洲乃至 全球乒乓球迷带来更具品质与特色的赛事体验。 作为海南离岛免税政策的践行者与示范者，中免集团深耕海南多年，在海南区域的六家门店(cdf三亚国 际免税城、cdf海口国际免税城、cdf海口美兰机场免税店、cdf三亚凤凰机场免税店、cdf海口日月广场 免税店、cdf琼海博鳌免税店)，精准覆盖游客"抵达-游玩-离岛"全流程，形成覆盖机场、港口、核心城 区的全域服务格局。汇聚近1000个国内外知名品牌，年服务顾客超千万人次。涵盖珠宝腕表、护肤彩 妆、时尚精品、3C数码、餐饮零售等多元业态，满足消费者全品类、高品质的购物需求。 (图：cdf三亚国际免税城) 其中，总建筑面积28万平方米的cdf海口国际免税城是全球最大单体免税店，成为海南自贸港标志性商 业地标；cdf三亚国际免税城累计销售额超千亿元，成为海南首家千亿级免税门店。依托智能化物流 ...

证券之星消息，1月28日旅游零售板块较上一交易日下跌1.06%，中国中免领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。旅游零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 601888 | 中国中免 | 89.84 | -1.06% | | 45.15万 | | 40.75 Z | | 代码 名称 主力净流入 (元) 主力净占比 游资净流入 (元) 游资净占比 散户净占比 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 601888 中国中免 | -3.67 Z | -9.01% | 3.17(Z | 7.77% | 5071.31万 | 1.24% | | 学历日十六石,八丁学历书日中国 门/十分 女 女 下 中 中 八 小 | | | | | | | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备 ...

超配（维持） 消费者服务行业 高端零售率先复苏，免税景气向好 免税行业深度报告 2026 年 1 月 28 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 中信消费者服务指数走势 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 证 券 研 究 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 报 告 ◼ 压制中国免税行业崛起的主要因素均被扭转，布局中国免税拐 点。复盘2020年后免税行业的走势，实际上免税走弱是受到了 多重因素的影响。一是疫情期间日韩等国采取了高额返佣的模 式导致竞争压力增加，而国内免税商同样加大了折扣力度导致 利润下降。二是国内居民家庭收入预期出现了阶段性的波动， 暂时影响了消费意愿，导致居民家庭"有钱不敢花"。三是供 给的稀缺，过去中国免税店以海南离岛免税和口岸免税为主， 离岛免税场景过去存在"离岛不离境"的限制，服务的游客数 量 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The strategic positioning of "service consumption" has been enhanced, expected to become a core engine for driving domestic demand. The State Council's meeting on January 16 emphasized the implementation of consumption-boosting actions and the cultivation of new growth points in service consumption, providing a clear direction for consumption development in 2026 and the 14th Five-Year Plan [6] - During the Spring Festival travel season (February 2 - February 14, 2026), domestic flight ticket bookings exceeded 7.54 million, a year-on-year increase of 12%. The total expected passenger transport volume for civil aviation during the Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [6] - The recovery of dining consumption in Q4 2025 was significantly stronger than that of retail goods, indicating a resurgence in service consumption. From October to December 2025, the year-on-year growth rates for dining revenue were 3.8%, 3.2%, and 2.2%, respectively, while retail goods growth rates were 2.8%, 1.0%, and 0.7% [6] Summary by Sections - **Recent Industry Performance**: Over the past 12 months, the industry has shown relative returns of 5.35% over one month, 7.38% over three months, and a decline of 3.0% over twelve months. Absolute returns were 6.42%, 8.38%, and 19.81% respectively [4] - **Policy Support**: The government has introduced policies to encourage service consumption, including optimizing school holiday arrangements to promote student well-being, which is expected to boost service consumption growth [6] - **Investment Recommendations**: The report suggests focusing on listed companies in the dining, hotel, and tourism sectors, including China Duty Free Group, Shouhang Hotel, Jinjiang Hotels, and others, as they are likely to benefit from the positive trends in service consumption [6]