1月15日，财通基金2026年投资策略会于上海举办。 财通基金权益公募投资部基金经理骆莹指出，医药行业在经历了上一轮政策与事件驱动的上涨周期及随 后的调整后，自2025年起正步入一个新的产业周期。她认为，本轮新周期的核心驱动力在于产业的"创 新"与"出海"升级，这使创新药板块表现突出，体现了中国医药产业的差异化优势与全球竞争力。 骆莹表示，中国创新药企的国际化能力正快速获得全球认可。数据显示，2025年前11个月中国药企 License-out交易首付款金额已达84.5亿美元，超2024年全年。她认为，随着产品进入全球注册性临床及 数据读出，确定性增强，产业正进入"BD 2.0时代"，这将带来持续的估值提升。 骆莹特别指出，小核酸（如siRNA疗法）作为继小分子和抗体药之后的现代制药"第三次浪潮"，具有精 准高效、药效持久等优势。她分析，该领域在海外商业化放量、BD交易、适应症向慢性病拓展以及企 业IPO等方面，将在2026年迎来多重共振，市场空间有望从2025年的50亿—100亿美元向2033年的467亿 美元迈进。 骆莹认为，随着高值耗材集采覆盖趋于完成，价格体系趋于稳定，创新器械领域有望复制创新药的产业 ...

与此同时，金梓才强调了"出海"逻辑的重要性。他指出，近年来A股上市公司中，海外收入占比越高， 其业绩增速的韧性和弹性往往越突出。在全球制造业可能迎来补库周期且海外产业链竞争环境相对良性 的背景下，具备全球竞争优势的中国制造业企业，有望通过出海持续扩大份额，使其成为重要的业绩增 长引擎。 人民财讯1月15日电，财通基金2026年投资策略会今日在上海举行，公司副总经理、权益投资总监金梓 才表示，以AI为首的科技成长方向，其增长斜率在2026年有望进一步陡峭，AI产业正从技术渗透迈向 大规模业绩兑现，算力需求的天花板尚未可见。 ...

1月6日，奇瑞集团明确2026年全年销量目标为320万辆，同比增加14.03%。同时，东风汽车把2026年整体销量目标定为325万辆，吉利汽车的销量目 标为345万辆，零跑汽车挑战年度销量100万辆，小米汽车的目标是55万辆，蔚来提出"每年保持40%~50%的增长"……车企的2026年规划与目标正在陆续 出炉。除了产销目标是新亮点，智能化、新能源技术创新也是车企新一年的"重头戏"；对未来产业的布局及"出海"同样是车企2026年追逐的目标。 新年新目标 既稳健又激进 2026年作为"十五五"开局之年，许多车企都在摩拳擦掌，争取迎来"开门红"。东风汽车表示，2026年，为实现325万辆的整体目标、170万辆新能源车 与60万辆出口车的指标，要在多个维度同步推进。一方面，继续强化自主品牌的产品竞争力与品牌影响力，推动岚图、猛士等高端品牌在细分市场建立用 户认知，同时加快奕派、风神等大众化品牌的电动化转型与智能化普及。另一方面，合资板块需进一步加快电动化车型导入与智能化配置升级，稳定市场 份额的同时，探索出口与本地化协同的新路径。 1月1日，吉利汽车宣布，董事会已将本集团2026年的销量目标定为345万辆，较2025 ...

公司点评 · 食品饮料行业 收入突破 200 亿元，维持长线价值区间判断 —— 公司业绩预告点评 2026 年 01 月 14 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 15,839 | 20,913 | 26,559 | 32,217 | | 收入增长率% | 40.63 | 32.04 | 27.00 | 21.31 | | 归母净利润(百万元) | 3,327 | 4,474 | 5,679 | 6,980 | | 利润增长率% | 63.09 | 34.48 | 26.95 | 22.90 | | 摊薄 EPS(元) | 6.40 | 8.60 | 10.92 | 13.42 | | PE | 40.33 | 29.99 | 23.62 | 19.22 | 资料来源：公司公告，中国银河证券研究院 | 东鹏饮料（股票代码：605499） | | --- | | 推荐 维持评级 | 分析师 刘光意 ：021-20252650 ：liuguangyi_yj ...

Investment Rating - The investment rating for BYD is "Buy" and is maintained [7] Core Insights - In December, BYD's overseas sales reached a record high of 133,000 units, with total sales of 420,000 units, reflecting a year-on-year decline of 18.3% and a month-on-month decline of 12.5% [2][12] - The cumulative sales for 2025 reached 4.602 million units, a year-on-year increase of 7.7%, while cumulative overseas sales reached 1.05 million units, a year-on-year increase of 145% [12] - The company is focusing on expanding its overseas market presence and enhancing its high-end product offerings, with new factories established in Thailand, Uzbekistan, Brazil, and Hungary, and new entries into Vietnam, Pakistan, and Tunisia [12] Summary by Sections Sales Performance - December total sales were 420,000 units, with passenger vehicle sales at 415,000 units, showing a year-on-year decline of 18.6% and a month-on-month decline of 12.7% [5][12] - High-end brands performed well, with sales for Ocean King, Equation Leopard, and Tengshi at 344, 51, and 18 thousand units respectively, showing year-on-year changes of -29.5%, +345.5%, and +20.5% [12] Overseas Expansion - December export sales were 133,000 units, a year-on-year increase of 132.4% and a month-on-month increase of 0.9% [12] - The company aims to enhance its overseas sales through a diversified product matrix and the launch of plug-in hybrid models [12] Financial Projections - BYD's projected net profit for 2025 is 35 billion yuan, corresponding to a PE ratio of 25X [12] - The company is expected to benefit from economies of scale as overseas and high-end sales volumes increase, leading to improved profitability in the second half of the year [12]

Group 1 - The article emphasizes three main investment themes: 1) Economic growth in AI technology, with a focus on domestic opportunities in computing power, optical modules, and cloud computing infrastructure, as well as applications in robotics, consumer electronics, intelligent driving, and software [1] - 2) External demand opportunities, particularly in sectors like home appliances, engineering machinery, commercial buses, power grid equipment, and non-ferrous metals, which are expected to benefit from overseas expansion [1] - 3) Cyclical reversal, suggesting attention to sectors like chemicals, aquaculture, and new energy that are nearing improvement points in supply and demand or receiving policy support [1] Group 2 - The trend of share buybacks and increases in holdings by listed companies is expected to continue until 2026, with companies like Dongcheng Pharmaceutical and Century Huatong announcing buyback plans, reinforcing confidence in company valuations [3] - The domestic tourism market is projected to perform well in 2026, with a significant increase in travel during the New Year holiday, indicating a positive outlook for the tourism sector [3] Group 3 - Copper prices are experiencing the largest annual increase since 2009, with a 44% rise this year, driven by expectations of supply shortages due to increased demand for electrification [5] - The strong performance of copper is expected to continue into 2026, supported by macroeconomic conditions and supply-demand dynamics [5] Group 4 - The A-share market is showing a strong upward trend, attracting external capital, with expectations of a structural market rally supported by policy and industry trends [11] - The focus is on technology leaders with performance delivery capabilities and cyclical sectors benefiting from price recovery expectations [11]

对中国经济预期持续改善，预计国际经贸形势影响可控 本期问卷邀请受访经济学家回顾2025年经济运行，展望2026年中国经济金融形势，为下一阶段宏观政策 施策建言。截至1月8日，共收集到61份答卷。人员构成上，受访者有35人来自金融机构，6人来自政府 部门，20人来自高校、智库以及非金融企业。 调查结果显示，受访经济学家对未来中国经济的预期进一步改善，"稳"成为受访者谈及今年经济形势预 期的高频词。多数受访者预计今年国际经贸形势对经济影响可控，我国物价水平将有所回升。受访者对 今年股市景气度的整体预期偏积极，A股成为过半数受访者看好的大类资产。受访者建议在新的一年谋 划更多稳楼市增量政策，可考虑建立全国性存量住房收购基金、继续降低存量房贷利率等举措。 过去一年，中国经济顶压前行、向新向优发展，展现强大韧性和活力。中央财办有关负责同志指出，预 计2025年全年经济增长5%左右，经济总量有望达到140万亿元左右。本期调查中，超七成(77%)受访经 济学家认为，过去一年中国经济增长表现基本符合年初预期，还有21%的受访者表示超出预期。 新的一年，中国经济基础稳、优势多、韧性强、潜能大等长期向好的支撑条件和基本趋势没有改 ...

Core Viewpoint - The survey indicates an optimistic outlook for China's economy in 2026, with a focus on stability and growth, as well as the need for supportive policies in the real estate sector [1][3][4]. Economic Outlook - Over 70% of economists believe that China's economic growth in the past year met expectations, with 21% stating it exceeded them [3][13]. - The expected GDP growth for 2025 is around 5%, with the total economic output projected to reach approximately 140 trillion yuan [3]. - The "Securities Times Economic Expectation Heat Index" has risen for three consecutive quarters, reflecting improved expectations for the economy [3]. International Trade and Investment - More than 60% of respondents expect the international trade environment to stabilize, with manageable impacts on China's economy [4][13]. - Fixed asset investment growth is anticipated to slightly increase in the first half of 2026, with 57% of respondents expressing optimism [4][14]. Stock Market Expectations - 96% of respondents rated the stock market outlook for the first half of 2026 positively, scoring 3 or above on a scale of 5 [6][19]. - Nearly 60% expect a slight inflow of cross-border capital, with A-shares and precious metals being the most favored asset classes [7][19]. Fiscal and Monetary Policy - Over 60% of economists believe there is room to increase the fiscal deficit rate, which is expected to remain above 4% [9][21]. - The next round of monetary easing, such as interest rate cuts, is anticipated to occur between the Lunar New Year and the end of the first quarter [9][21]. Real Estate Market Policies - A majority of respondents suggest implementing more supportive policies for the real estate market, including the establishment of a national housing stock purchase fund and lowering existing mortgage rates [10][22]. - 61% recommend the removal of restrictions in first-tier cities to stabilize the housing market [10][22].

人民财讯1月12日电，华泰证券展望2026，认为"出海"与"科技"均是市场的重要主线，而半导体洁净室 出海企业兼具双重优势，WSTS预计2026年全球半导体市场规模或冲击万亿美元大关(同比+25%)，其背 后或是全球科技巨头积极的资本投入。洁净室工程服务作为场务基础设施，新签订单率先迎来景气提 升。一方面，由于AI芯片对于工艺精度的极致要求，催生了更高规格的洁净室需求，使得先进制程单 位产能资本支出提升至成熟制程的约3～4倍；另一方面，成熟的洁净室专业工程师需时间培育项目现场 经验，海外地区人力扩张较慢，而大陆相关企业参与境外高端洁净室建设短期面临一定难度，短期制约 了境外洁净室"建设力"供给增长，供不应求下，境外洁净室产业链利润率有望提升，相关出海公司或迎 来收入与盈利能力双增。 ...

近期，证券时报发起"时报经济眼：2025年四季度经济学家问卷调查"，受访者包括政府部门、研究机 构、知名院校的权威经济学家。 本期问卷邀请受访经济学家回顾2025年经济运行，展望2026年中国经济金融形势，为下一阶段宏观政策 施策建言。截至1月8日，共收集到61份答卷。人员构成上，受访者有35人来自金融机构，6人来自政府 部门，20人来自高校、智库以及非金融企业。 郭博昊/制表 从外部环境看，国际经贸形势自2025年下半年以来有所缓和，但未来不确定性依然较大。超六成(61%) 受访者预计今年国际经贸形势或基本稳定，对我国经济运行影响可控；近三成(28%)受访者则提醒国际 经贸形势可能进一步恶化，需关注对我国经济的负面影响。 调查结果显示，受访经济学家对未来中国经济的预期进一步改善，"稳"成为受访者谈及今年经济形势预 期的高频词。多数受访者预计今年国际经贸形势对经济影响可控，我国物价水平将有所回升。受访者对 今年股市景气度的整体预期偏积极，A股成为过半数受访者看好的大类资产。受访者建议在新的一年谋 划更多稳楼市增量政策，可考虑建立全国性存量住房收购基金、继续降低存量房贷利率等举措。 对中国经济预期持续改善 预计 ...