专题：2026中国首席经济学家论坛年会 2026年中国首席经济学家论坛年会于1月10-11日在上海举行，主题为"棋至中局：承前启后 建设强国"。 中国资本市场学会秘书长魏刚出席并致辞。 魏刚指出，构建中国资本市场自主理论体系是重大课题。 他表示，当前处于关键阶段，既需要回答好提高资本市场制度包容性与适应性、健全投资和融资相协调 的市场功能、服务新的生产力发展等重大时代命题，又需要应对世界百年变局、低利率环境、风险防控 压力加大等多重时代变量带来的现实挑战。唯有理论清醒，实践才能坚定。 他提到，近段时间，围绕量化交易、股份减持、做空机制等争议不断，说明对这些问题缺少一槌定音的 研究成果。这就需要构建理论分析框架，开展扎实的理论和实证研究，深刻把握市场运行特点和规律， 找准问题症结，找出解决办法，提出建设性意见，以高水平研究促进高质量发展，更好发挥科学理论对 实践的先导和指导作用。 魏刚强调，唯有直面核心问题，紧扣时代要求，深化改革创新，才能推动资本市场不断提升服务能力与 发展韧性，为中国式现代化建设提供坚实的金融支撑。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and a favorable financing environment [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies contributed 41,472 billion yuan, up 9.1%, while property insurance companies reported 16,157 billion yuan, up 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices had respective changes of -0.87%, +0.91%, and +1.95%, while the CSI 300 index increased by 2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st respectively [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector was 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank had the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate was 2.0%, with the one-year and five-year LPR at 3.0% and 3.50% respectively. The weighted average interbank borrowing rates for one day, seven days, and fourteen days were 1.33%, 1.50%, and 1.60% respectively [29][32]. Industry News - The China Banking and Insurance Regulatory Commission reported that insurance companies issued bonds totaling 104.2 billion yuan in 2025, driven by high capital replenishment needs and favorable regulatory support [39][40].

最近超聚变冲刺A股的新闻传得挺广——这家从华为分出来的算力公司，2021年带着X86服务器业务落户河南，才3年多时间，营收就从2022年的100亿蹦到 2024年的400亿！最近它在河南证监局备案辅导，准备上市，辅导券商是中信证券。更厉害的是，股东名单里一堆"国家队"：中国移动旗下的中移资本是第 二大股东，还有中国电信投资、国调基金这些国有资本，看来这公司的"后台"够硬。 但我想跟普通股民说句掏心窝子的话：不管公司业绩多亮眼、股东多牛，最后决定股价走势的，从来不是这些"表面功夫"——而是机构大资金的交易行为。 就像我之前踩过的坑：盯着走势买股票，明明看着要涨，结果套在高点；看着要跌，卖了反而涨得更猛。后来才明白，走势是"演"给我们看的，背后的交易 行为才是真的。 | 辅导对象 | 超聚变数字技术股份有限公司 | | --- | --- | | 成立日期 | 2021年9月 13日 | | 注册资本 | 880,321,048 元 法定代表人 马剑平 | | 注册地址 | 河南自贸试验区郑州片区(郑东)龙湖内环北路 99号 | | 控股股东及持 股比例 | 公司控股股东为河南超聚能科技有限公司,目前持股比例为3 ...

指数继续强势，沪指14连阳直逼4100点，连续的拔高今日出现分歧震荡，主升趋势依旧，调整就是机会，指数短线不破5日线就还会延续强势。 只是当下市场，量化的影响，虽然指数持续强势，但是领涨的板块每天都在切换轮动，操作上如果没有踏准节奏，可能在指数大涨的行情下还会大 亏，板块都是走趋势，一根大阳线拔高后，就会进入震荡，然后继续拔高，而不是以前的市场，一个热点出来连续炒作一波后直接A杀，现在的市 场热点都是走N字型多波趋势上推。 在趋势行情下的操作思路也要有变化，今日就简单分享一下如何在当下行情下踏准节奏，避免被量化收割，要打破过去的固有思维，前面10年，我 们所见到的市场就是2万亿成交内的结构性行情，存量博弈，一波指数行情，资金往往会聚焦在一两个核心主线，借助市场情绪炒作一波后就结束， 然后继续轮动下一个热点，多是单主线。 现在的行情，市场持续成交2万亿以上，市场的结构已经发生根本性变化，资金不再是围绕一两个核心主线运作，而是多主线并行或是多主线轮番接 力，炒作一波整固后继续拔高。整个市场，指数、板块、个股的走势结构从过去十年的A—V结构变成了N字结构，以前拉升一波后的调整就是真 跌，现在拉升一波后的调整就是为了 ...

近日，由中国证券报主办的"开放、融合、新机——2025海外投资发展大会"在上海举行。专注微观结构 的量化交易机构GOLDEN HEN FUND SPC董事长王庭发围绕2026年全球市场走势、风险机遇及布局方 向发表观点。王庭发认为，2026年全球市场的第一驱动力是主要经济体的货币政策和预期差的偏离。美 联储2026年的降息节奏、日元的加息力度，以及主要国家政策与预期之间的偏离，将主导股、债、商、 汇市场的轮动，这是影响全年市场的关键因素。 王庭发观察到2026年全球市场的三大机遇。一是降息催生固收投资机会，美联储2026年预期降息50BP 至100BP，利率将向3%靠拢，这可能打开美债和高评级企业债的配置窗口。二是新兴市场成超额收益 洼地，如印度等新兴市场，既受益于全球宽松货币政策，又凭借产业链转移实现内部需求复苏，成为资 金追逐超额收益的重点区域。三是科技领域的确定性增长，2025年AI概念火爆，2026年将进入应用落 地期，应用落地会提升生产绩效，从而产生相应的红利。 ...

Core Viewpoint - The article discusses the performance of stocks categorized as "猛兽股" (beast stocks), focusing on those with a price increase of over 4 times within a year, and highlights the emergence of two distinct trading patterns: the traditional trend model and the volume accumulation model [1][2]. Group 1: Stock Selection Criteria - The selection formula for identifying beast stocks is based on a specific calculation involving the highest high and lowest low over a defined period [1]. - A total of 99 stocks were identified in the market, with 40 stocks filtered through an earnings pre-selection pool, although the specific list is not provided [2]. Group 2: Market Trends and Patterns - The current bull market has seen a significant increase in the volume accumulation model, with a ratio of approximately 6:4 compared to the traditional model [2]. - The volume accumulation model results in steeper price increase slopes and shorter time frames for achieving similar gains, with some stocks completing significant price movements in just days or weeks [2]. - The rise of quantitative trading is closely linked to the volume accumulation model, which emphasizes high-frequency trading and rapid turnover, previously dominated by speculative funds [2]. Group 3: Differences Between Trading Models - The traditional trend model is closely tied to earnings growth, while the volume accumulation model shows little correlation with earnings performance [2][5]. - Stocks selected under the traditional model are fundamentally different from those in the volume accumulation model, reflecting divergent views on the importance of fundamentals versus short-term market sentiment [4][5]. Group 4: Commonalities and Market Implications - Both trading models exhibit a common principle of minimal drawdowns during trends, with only a small fraction of the selected stocks experiencing significant pullbacks [5]. - The average drawdown for potential bull stocks in 2025 is lower than in previous years, theoretically making it easier to hold positions [5]. - The emergence of the volume accumulation model presents both challenges and opportunities for investors, suggesting a need for diversification in investment strategies [5].

有小伙伴在ptrade中使用融资交易的时候发现，margincash_open这个函数的limit_price输入0，提示无法交易，这是怎么回事呢？ 其实，limit_price输入0是错误的，因为这个参数是让你输入一个保护价，而非委托限价。首先，我们看一下这个参数的文档描述： | | | VIP佣金费率表 | | --- | --- | --- | | 股票 | 万0. 854 | 普通账户=信用账户 | | 融资 | 3.8%-4.5% | 永久费率,开户方式灵活 | | ETF/LOF | 万0.5 | 货币/债券ETF:不收费 | | 可转债 | 万0.5 | 沪0起收 深0.1起收 | | 北交所 | 月3 | 0起收 | | 港股通 | 万0.8 | 0起收 | | 国债逆回购 | 1折 | 0起收 | | 国债 | 记账/凭证 | 上海:百万分之五;深圳:十万分之五 | | | | 渠道; 17828419383 | | 交易通道 | 盘前/盘中打板 | VIP通道、独立交易单元 | | 量化工具 | LDP极速柜台 | QMT、miniQMT、Ptrade | | 其他服务 | L2行情 | ...

【导读】企业家热议：AI如何重塑金融服务业？内地金融科技如何全球布局？ 日前，在安永香港创新中心举行的，由中国基金报主办的"2025资本市场香港论坛"上，香港投资推广署创新及科技、生命与健康科学总裁黄炜卓担任主持 人，与四位专注于人工智能（AI）赋能资产管理行业的企业高管进行了精彩对话。 这四位嘉宾分别是： 安永大中华区首席运营官及金融服务首席合伙人，安永亚太区金融科技及创新首席合伙人忻怡 前路有光董事长何波 元聚变CTO 殷磊 我们的核心优势在于数据的精准与合规。相较于混杂"噪声"的通用大模型数据，我们调用的全球行业资料与公司公告皆可追溯，从源头保障了报告的可靠 性。 慧博集团董事长，上海外国语大学国际金贸学院教授何佳川 AI日益深入赋能金融服务各个领域 黄炜卓：安永如何利用AI赋能资产管理行业发展？ 忻怡：五年前，安永成立以业务人员为核心的金融科技工作组，致力于以技术推动管理提升与业务发展。在资管行业，我们将AI与大数据等先进技术应 用于不同的业务场景，比较有代表性的是投研、风控与估值定价三大环节： 投研方面，面对政策与市场的快速变化，传统静态模式已难以应对。通过大数据与AI平台，可实时追踪全球政策动向， ...

【导读】企业家热议： AI 如何重塑金融服务业？内地金融科技如何全球布局？ 中国基金报记者 郭玟君 日前，在安永香港创新中心举行的，由中国基金报主办的 "2025 资本市场香港论坛 " 上， 香港投资推广署创新及科技、生命与健康科学总裁黄炜卓担任主持人，与四位专注于人工智 能（ AI ）赋能资产管理行业的企业高管进行了精彩对话。 这四位嘉宾分别是： 安永大中华区首席运营官及金融服务首席合伙人，安永亚太区金融科技及创新首席合伙人 忻 怡 前路有光董事长 何波 元聚变 CTO 殷磊 慧博集团董事长，上海外国语大学国际金贸学院教授 何佳川 AI 日益深入赋能金融服务各个领域 黄炜卓：安永如何利用 AI 赋能资产管理行业发展？ 忻怡： 五年前，安永成立以业务人员为核心的金融科技工作组，致力于以技术推动管理提升 与业务发展。在资管行业，我们将 AI 与大数据等先进技术应用于不同的业务场景，比较有代 表性的是投研、风控与估值定价三大环节： 投研方面，面对政策与市场的快速变化，传统静态模式已难以应对。通过大数据与 AI 平台， 可实时追踪全球政策动向，精准分析其对行业与企业的影响。 风控领域，穿透式管理成为关键。 AI 能 ...