Core Viewpoint - The A-share market is showing strong momentum in January 2026, with the Shanghai Composite Index achieving a record 14 consecutive days of gains, indicating a favorable environment for institutional investors to position themselves for the upcoming market trends [2][3]. Group 1: Market Outlook - January is typically a time for institutional investors to prepare for the "spring surge" and the overall market trend for the year, with expectations of a structural market performance amid potential style differentiation as the Chinese New Year approaches [2]. - Long-term bullish sentiment is supported by a rebound in corporate earnings forecasts, particularly due to low comparative bases from the previous year, and an influx of capital into the A-share market as the year begins [3]. - Key investment themes identified include high-growth sectors such as AI hardware, renewable energy, and cyclical industries like non-ferrous metals, as well as financial sectors with stable earnings [2][3]. Group 2: Sector and Stock Recommendations - The focus on cyclical industries, particularly non-ferrous metals and financial sectors, has increased, with significant recommendations from various brokerages. For instance, the non-ferrous metals sector saw an increase of 15 stocks in the January recommendations, making it the second most recommended sector [7][20]. - Specific stocks highlighted include Zijin Mining, which is favored by 11 brokerages and has shown a substantial increase in institutional holdings, indicating strong market confidence [20][21]. - The electronic sector remains dominant with 47 stocks recommended, maintaining its position as the most favored sector for 23 consecutive months [6][9]. Group 3: Notable Stocks - Among the stocks recommended by multiple brokerages, Zhongji Xuchuang stands out with 12 brokerages supporting it, reflecting its strong market performance and significant institutional backing [11][12]. - Other notable stocks include Zijin Mining and Sanhua Intelligent Controls, both of which have shown impressive growth rates and are heavily favored by institutional investors [20][14]. - The commercial aerospace sector has also gained traction, with 9 stocks included in the January recommendations, reflecting a growing interest in this area [18].

1.光刻胶 一、行情回顾 沪指全天窄幅震荡，盘中逼近4100点关口，创业板指冲高回落。光刻机、光刻胶概念股走强，南大光电、国风新材等多股涨停。煤炭板块集体拉升，大有能 源、安泰集团等涨停。商业航天概念继续活跃，雷科防务6连板，金风科技等涨停。半导体设备股延续强势，中微公司、北方华创大涨续创历史新高。下跌 方面，脑机接口概念下挫，诚益通、爱朋医疗等跌超10%。个股跌多涨少，沪深京三市近3200股飘绿，今日成交2.88万亿。 二、当日热点 光刻胶板块今日大涨，国风新材、彤程新材、华融化学、常青科技、高盟新材等涨停。 催化上，据上证报报道，近日，威耀实业发生股东信息变更，持股100%的上海微电子退出，芯上微装成为威耀实业的新增全资股东，认缴出资额同样为 2.285亿元。 有业内人士表示，芯上微装是从上海微电子分拆出的公司，核心团队来自上海微电子。此番芯上微装收购威耀实业，或许意味着其重新回到"上海微电子旗 下相关资产上市平台"的定位。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 = | | | --- | --- | --- | --- | --- | --- ...

来源：中信证券研究 China Themes 中国主题 2026年投资展望 展望2026年，预计中国宏观经济呈现结构分化下的温和修复态势，全年经济增速或达4.9%，出口保持 韧性，投资逐步回暖，商品消费短期承压。2026年大类资产环境或呈现流动性边际宽松与经济温和修复 的特征，我们推荐商品>股票>债券。我们首推China Themes（中国主题）报告，聚合2026年大类资产展 望、宏观政策及产业投资看点，并梳理各行业重点公司，供投资者参考。 ▍大类资产：2026年大类资产环境或呈现流动性边际宽松与经济温和修复的特征，我们推荐商品>股票 >债券。权益方面，我们预计2026年万得全A全年涨幅5%-10%；港股预计迎来业绩触底反弹+第二轮估 值修复的戴维斯双击行情；美股在中期选举年"财政+货币"双宽松背景下，料将延续基本面增长动能。 债券方面，我们预计10年期中债收益率全年运行区间为1.5%-1.8%，节奏先下后上；10年期美债收益率 或维持3.9%-4.3%的区间波动。商品方面，原油供需格局由过剩转向平衡，布伦特原油全年或在58-70美 元/桶区间震荡；黄金在流动性宽松与地缘风险支撑下延续强势但涨幅趋缓，有望冲击 ...

Group 1 - The China Securities Cloud Computing and Big Data Theme Index decreased by 0.1%, while the China Securities Chip Industry Index increased by 2.5%, and the China Securities Semiconductor Materials and Equipment Theme Index rose by 4.5% [1] - The semiconductor equipment ETF managed by E Fund (159558) saw a net subscription of nearly 20 million units in half a day, with a total net inflow exceeding 200 million yuan over the past five trading days [1] - Guotai Junan Securities believes that semiconductor equipment is the cornerstone of the semiconductor industry chain, with significant potential for domestic production as storage chip architecture transitions from 2D to 3D [1] Group 2 - The introduction of 3D DRAM technology and the evolution of NAND stacking layers to 500 layers and above will exponentially increase the requirements for high aspect ratio etching and advanced thin film deposition in manufacturing processes [1] - Related equipment manufacturers are expected to benefit significantly from the increased complexity of manufacturing processes [1]

基础化工 | 证券研究报告 — 行业周报 2026 年 1 月 6 日 强于大市 化工行业周报 20260104 国际油价小幅上涨，草甘膦、环氧丙烷价格下跌 一月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、 下游需求旺盛，自主可控日益关键背景下的电子材料公司与涨价背景下的部分新能源材料 公司。 行业动态 投资建议 风险提示 ◼ 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：赵泰 tai.zhao@bocichina.com 证券投资咨询业务证书编号：S1300525100001 ◼ 本周（12.29-01.04）均价跟踪的 100 个化工品种中，共有 32 个品种价格上涨，29 个品种价 格下跌，39 个品种价格稳定。跟踪的产品中 51%的产品月均价环比上涨，39%的产品月均 价环比下跌，10%的产品月均价环比持平。周均价涨幅居前的品种分别是苯乙烯（FOB 韩 国）、煤焦油（山西）、 ...

Market Overview - On January 5, the Shanghai Composite Index rose by 1.38%, the CSI 300 increased by 1.9%, the STAR 50 surged by 4.41%, the CSI 1000 climbed by 2.09%, the ChiNext Index went up by 2.85%, and the Hang Seng Index slightly increased by 0.03% [4][5] - The best-performing sectors on January 5 were Media (+4.12%), Pharmaceutical and Biological (+3.85%), Electronics (+3.69%), Non-Bank Financials (+3.14%), and Computers (+2.71%). The worst-performing sectors included Oil and Petrochemicals (-1.29%), Banks (-0.34%), Transportation (-0.3%), and Retail (-0.17%) [5] - The total trading volume for the A-share market on January 5 was 25,672 billion, with a net inflow of 18.723 billion HKD from southbound funds [5] Key Insights - The semiconductor equipment sector is expected to see a significant increase in capital expenditure and an acceleration in domestic production rates, leading to a positive outlook for orders in the semiconductor equipment segment [6][7] - Four major growth directions are highlighted: 1. AI-driven storage supercycle focusing on etching and thin-film equipment leaders 2. Dawn of domestic photolithography machine production, emphasizing core subsystems and components 3. Evolution of cutting-edge technologies, with ALD equipment entering a golden development period 4. Advanced packaging continuing the Moore's Law, with substantial room for equipment localization [7] - The driving factors include accelerated capital expenditure from domestic wafer fabs and higher-than-expected domestic production rates [7] Investment Opportunities - The year 2026 is anticipated to be a pivotal year for AI applications, marking the beginning of a significant growth phase in the sector [8] - The convergence of application, computing power, and capital is expected to trigger a "flywheel" effect in embodied intelligence [8]

【ZOL中关村在线原创行业观点】2025年，华为继续在全球科技领域扮演着关键角色。根据凯度BrandZ 榜单显示，华为品牌价值已达近647亿美元，全球排名大幅跃升至第39位。与此同时，华为继2024年后 再次蝉联《时代》周刊"全球百大最具影响力企业"。 2025年更是华为在压力中深化战略布局、实现核心业务爆发增长的实战之年。在消费者业务领域，随着 鸿蒙操作系统独立生态的持续推进，手机、穿戴、电脑及全屋智能等全场景业务保持全面增长；同时， 以鸿蒙智行为代表的汽车业务也正展现出强劲的发展势头。 从历经低谷到重回行业之巅，华为凭借数十年如一日的技术积累与研发投入，不断推动核心技术走向自 主可控，并最终沉淀为"软硬芯云"协同发展的系统化竞争力，正是靠着这份"向下扎根、向上生长"的战 略定力，使华为即便面对复杂的外部环境，依然具备不断拓展技术边界、回应真实需求、持续向上突破 的底气，最终演绎了这个时代下最打动人心的逆袭剧本。 2025年的中国手机市场，正在经历新一轮格局重塑。相关机构数据显示，华为在2025年第48周和第49周 连续两周以27.81%和22.89%的市场份额，稳居中国手机市场第一，重申其在高端与主流市场 ...

Group 1 - The article highlights the expectation of a continued upward trend in A-shares in January, driven by accelerated issuance of local government special bonds and improved investment data, indicating a marginal improvement in the economic fundamentals [1] - January marks the time for listed companies to disclose performance forecasts, with a significant rebound in year-on-year growth expected due to a low performance base in Q4 2024 [1] - The article notes an increase in domestic capital inflow into A-shares, supported by a positive wealth effect and a notable appreciation of the RMB, which is likely to attract foreign investment back into the market [1] Group 2 - The article discusses the growth potential of thermoplastic polyurethane (TPU) in the humanoid robotics industry, emphasizing its mechanical properties and versatility compared to general plastics and rubber [2] - TPU is identified as a core material for flexible protective layers and various durable components in robotics, with leading manufacturers exploring its applications in robot "skin" and "muscle" [2] - The consumption of TPU in China is projected to grow at an annual rate of approximately 10%, reaching 72,000 tons by 2024, driven by demand from the footwear market and increasing penetration in high-end sectors like films and electronic injection molding [3]

证券研究报告｜基金配置周报 2026 年 1 月 5 日 CES 2026 即将开幕，如何抓住上车机会？ 【20251229-20260104】 ◼ 市场回顾：上周权益市场主要指数多数收跌，北证 50 跌幅最 大，下跌 1.55%；申万一级行业跌多涨少，多数行业指数未能 跑赢万得全 A 指数；债券市场长短端利率均有所上行，其中十 年期国债上行 0.97BP 至 1.847%，各类期限利差均有所下行,长 短端信用利差走势不一；基金市场中偏股基金指数和二级债基 指数均周度收跌，中长期纯债基金指数周度收跌，而短期纯债 基金指数周度收涨。 ◼ 权益类产品配置策略： ➢ 事件驱动策略：（1）CES 2026 即将开幕，可关注：嘉实科技 创新(007343)、交银科技创新 A(519767)和华夏创新前沿 A （002980）；（2）2026 年消费品以旧换新政策发布，可关注： 嘉实新消费 A(001044)、工银新生代消费(005526)和华夏消费 臻选 A（017719）；（3）现货黄金失守 4500 美元关口，可关 注：华安黄金 ETF 联接 A(000216)、嘉实上海金 ETF 联接 A(016581)和前海开 ...

2026年喜迎"开门红"，三大指数集体走高！国产半导体设备龙头厂商中微公司复牌大涨12.70%，北方华创、拓荆科技、华海清科等多家设备公司联 袂走强，上海新阳涨超12%，中芯国际、珂玛科技等涨超4%。 浙商证券认为，2025年半导体设备指数显著跑赢大盘，当前估值处于28%分位点。其中前道设备营收持续高增长，利润增速结构性放缓；后道设备 迎来爆发式增长，净利率显著提升，行业呈现高景气态势。 展望2026年中国半导体设备市场，国内晶圆厂产能利用率回升扩产意愿强烈，AI驱动存储超级周期，国内先进逻辑&存储扩产有望共振，叠加自主 可控逻辑下国产化率继续提升，有望带动设备需求向上。 根据东莞证券，存储芯片为集成电路第二大细分品类，占集成电路比重约30%。从产业链角度来看，存储芯片目前是上游半导体设备空间较大的下 游领域之一。 2024年以来，受益AI驱动DDR5 RDIMM、eSSD等高性能存储产品需求增长，全球存储行业进入新一轮上行周期，9月以来DRAM、NAND价格全 面上涨，中银证券预计存储价格上涨趋势或将贯穿2026年全年。 东莞证券指出，随着DRAM、NAND架构向3D化方向发展，会显著提升刻蚀、薄膜沉积设备 ...