Core Insights - The railway freight sector in China achieved a cargo volume of 4.066 billion tons in 2025, marking nine consecutive years of growth and a daily loading capacity exceeding 200,000 cars, reflecting the robust vitality of the real economy [1] - The continuous growth in railway freight is attributed to the strategic initiative of reducing overall logistics costs, with the China National Railway Group implementing a "total-to-total" model, increasing the proportion of total logistics package volume to 27.5%, a significant rise of 20.6 percentage points [1] - The transformation of railways from traditional carriers to modern comprehensive logistics solution providers is underscored by the effective integration of logistics services, enhancing both volume and structural efficiency [1] Industry Performance - Container freight volume reached 41.883 million TEUs, a year-on-year increase of 14.2%, while intermodal transport volume grew by 15.1% to 17.38 million TEUs, and freight train volume increased by 24.5% [2] - The shift from bulk to containerized transport and the introduction of fixed-schedule freight trains demonstrate the optimization of transportation organization and the expansion of service offerings [2] - The integration of new technologies and models, such as high-speed rail express and network freight platforms, showcases the railway's capability to expand service boundaries driven by market demand [2] Strategic Role - The continuous growth of railway freight is seen as a milestone and a new starting point, playing an irreplaceable strategic role in supporting high-quality economic development within the context of a new development pattern [3] - The railway network's ongoing improvement and service model innovation are expected to unlock greater transport capacity, providing solid transportation support for high-quality economic and social development [3]

Core Viewpoint - The article discusses the recent discussions surrounding the differential electricity pricing policy in regional markets, highlighting its implications for high-energy-consuming industries and the potential for localized pricing strategies to adapt to different industrial structures and development stages [4][5]. Group 1: Differential Electricity Pricing Policy - The differential electricity pricing policy has been reintroduced, with local practices showing early signs of implementation, such as higher charges for eliminated capacity in industries like cement and steel [4][5]. - The policy aims to provide a reference for nationwide implementation, allowing local authorities some autonomy in setting pricing standards to align with regional industrial characteristics [5]. Group 2: Impact on Key Industries - In Shaanxi Province, a significant producer of calcium carbide and caustic soda, the production capacity of calcium carbide is approximately 5.9 million tons, accounting for 14% of the national output [5]. - Calcium carbide is a crucial raw material for polyvinyl chloride (PVC) production, with its cost being a primary factor influencing PVC prices due to China's energy structure [5][6]. Group 3: Cost Structure and Production Dynamics - The cost of calcium carbide typically constitutes 65%-70% of the total production cost of PVC, with theoretical consumption of 1.45-1.5 tons of calcium carbide required per ton of PVC produced [6]. - An increase in electricity prices by 0.1 yuan per kilowatt-hour could raise PVC production costs by approximately 512 yuan per ton [6]. Group 4: Market Pressures and Future Outlook - PVC is currently under significant pressure, with predictions of a decline in prices by 2025 due to high production levels and a strong correlation with the real estate sector [7][10]. - The article suggests that the current losses in PVC production could lead to a tightening of supply, potentially providing a temporary price support as the market adjusts [10]. Group 5: Supply-Side Reform - The differential electricity pricing policy is seen as a viable path for supply-side reform, aiming to optimize industrial structure by internalizing the external costs of energy consumption and environmental pollution [13]. - Future reforms may integrate existing pricing mechanisms into a unified, differentiated pricing policy based on energy consumption and environmental standards [15].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In 2026, supply - side reform is expected to continue, pushing up commodity prices and driving up resource - based stocks [2]. - Since December, the RMB has appreciated against the US dollar. With the weakening of the US dollar in the interest - rate cut cycle, overseas funds are expected to flow back, leading to the revaluation of Chinese assets [2]. - Under multiple positive factors, the long - term and slow - rising pattern of A - shares is expected to be consolidated, forming a triple resonance of "policy support, capital escort, and industry drive" [2]. Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and alternate quarter) were 4714.00, 4702.60, 4697.00, and 4649.80 respectively, with increases of 95.60, 98.40, 103.80, and 101.60. The trading volumes were 35243.00, 3875.00, 72812.00, and 11757.00, and the open interests were 57682.00, 6427.00, 173732.00, and 46361.00, with changes of - 527.00, 1026.00, 6857.00, and 845.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts were 3097.40, 3099.60, 3098.80, and 3088.80, with increases of 73.20, 78.40, 77.20, and 77.00. The trading volumes were 14001.00, 1501.00, 35869.00, and 4657.00, and the open interests were 19315.00, 1966.00, 56614.00, and 14295.00, with changes of - 66.00, 466.00, 2964.00, and 179.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts were 7664.80, 7624.80, 7596.00, and 7417.00, with increases of 209.60, 218.20, 229.40, and 234.60. The trading volumes were 34931.00, 6676.00, 79757.00, and 18834.00, and the open interests were 60955.00, 15432.00, 160143.00, and 60304.00, with changes of 1787.00, 2372.00, 15069.00, and 3432.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts were 7759.20, 7697.80, 7639.00, and 7403.40, with increases of 179.60, 192.00, 200.00, and 198.80. The trading volumes were 45173.00, 8782.00, 103703.00, and 24252.00, and the open interests were 79432.00, 20240.00, 189842.00, and 83969.00, with changes of - 1493.00, 3064.00, 8761.00, and 3014.00 respectively [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM contracts were - 11.40, 2.20, - 40.00, and - 61.40 respectively, compared with the previous values of - 12.60, - 0.80, - 47.80, and - 77.00 [1]. 2. Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4717.75, 3099.75, 7651.20, and 7753.88, with increases of 1.90%, 2.26%, 2.49%, and 2.09% respectively. Their trading volumes (in billions of lots) were 234.14, 53.50, 251.85, and 305.37, and the total trading amounts (in billions of yuan) were 6305.77, 1695.62, 5046.90, and 5422.31 [1]. - **Industry Indexes**: Among different industries, the energy industry had a decline of 1.21%, while the raw materials, industrial, and optional consumption industries had increases of 2.02%, 1.56%, and 0.46% respectively. The main consumption, medical and health, real - estate finance, and information technology industries had increases of 2.13%, 3.60%, 1.50%, and 3.69% respectively. The telecommunications and public utilities industries had increases of 1.14% and 0.34% respectively [1]. 3. Futures - Spot Basis - **CSI 300 Basis**: The previous day's basis values of IF contracts (current month, next month, next quarter, and alternate quarter) against the CSI 300 were - 3.75, - 15.15, - 20.75, and - 67.95 respectively, compared with the previous two - day values of - 7.74, - 20.34, - 30.14, and - 74.94 [1]. - **SSE 50 Basis**: The previous day's basis values of IH contracts against the SSE 50 were - 2.35, - 0.15, - 0.95, and - 10.95 respectively, compared with the previous two - day values of - 5.13, - 5.93, - 6.13, and - 14.73 [1]. - **CSI 500 Basis**: The previous day's basis values of IC contracts against the CSI 500 were 13.60, - 26.40, - 55.20, and - 234.20 respectively, compared with the previous two - day values of - 9.97, - 57.77, - 102.77, and - 290.17 [1]. - **CSI 1000 Basis**: The previous day's basis values of IM contracts against the CSI 1000 were 5.32, - 56.08, - 114.88, and - 350.48 respectively, compared with the previous two - day values of - 13.88, - 90.88, - 159.08, and - 397.28 [1]. 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4023.42, 13828.63, 8439.12, and 3294.55, with increases of 1.38%, 2.24%, 2.12%, and 2.85% respectively [1]. - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26347.24, 0.00, 6902.05, and 24829.90, with increases of 0.03%, DIV/0!, 0.64%, and 1.18% respectively [1]. 5. Macro Information - The CSRC held a cross - departmental work promotion symposium on the comprehensive prevention and control system of financial fraud in the capital market, aiming to strengthen administrative, criminal, and civil coordination and combat financial fraud [2]. - Chinese President Xi Jinping held talks with South Korean President Lee Jae - myung, and the two sides signed 15 cooperation documents in multiple fields [2]. - Chinese Premier Li Qiang conducted research in Guangdong, emphasizing the promotion of new technologies and products such as robots and drones [2]. - Nine departments including the Ministry of Commerce jointly issued a document to promote green consumption, supporting the purchase of new - energy vehicles and green smart home appliances [2]. - Chinese Foreign Ministry Spokesperson Lin Jian responded to the issue of China's import of Venezuelan oil, stating that China - Venezuela cooperation is protected by international and bilateral laws [2]. 6. Industry Information - The China Tourism Academy predicted that the number of ice - snow tourism participants in the 2025 - 2026 winter would reach 360 million, and the revenue would reach 450 billion yuan [2]. - The preliminary estimate of the China Passenger Car Association showed that the new - energy vehicle wholesale volume of national passenger car manufacturers in December 2025 was 1.57 million, a year - on - year increase of 4% and a month - on - month decrease of 8%. The cumulative wholesale volume in 2025 was 15.33 million, a year - on - year increase of 25% [2]. - According to CRIC's monitoring, in 2025, the new land acquisition value, total price, and construction area of 100 real - estate enterprises were 2261.4 billion yuan, 1102.7 billion yuan, and 100.9 million square meters respectively, with year - on - year changes of + 2%, + 3%, and - 5%. Investment was concentrated in first - and second - tier cities [2]. - Chongqing will carry out a special rectification action on the online environment in the real - estate field, focusing on real - estate marketing accounts on major platforms [2].

1. Report Industry Investment Rating - The report provides a bias assessment for various varieties, with some considered bullish (2) and others bearish (2). Bullish varieties include multiple stock indices (IH, IF, IC, IM), bonds (TF, TS), rubber, rebar, hot - rolled coils, iron ore, silver, copper, lithium carbonate, cotton, sugar, corn; bearish varieties include crude oil, methanol, apple, and container shipping to Europe [5]. 2. Core Viewpoints of the Report - **Macroeconomic Outlook**: The global economy shows signs of change, with the US economy facing challenges such as a decline in the ISM manufacturing index, while China's economy has positive signals like the improvement of manufacturing PMI. The Fed's expected interest - rate cuts and global easing monetary policies will have an impact on various asset prices [1][11]. - **Asset Price Trends**: Precious metals are expected to have a long - term upward trend due to factors such as inflation relief, weak employment, and supply - demand gaps. Copper prices are at a high level, affected by factors such as supply shortages and market sentiment. Oil prices are expected to be bearish in the short term, but the global oil market supply - demand balance will not change significantly in the next 12 months [2][3][13]. - **A - share Market**: The A - share market is expected to form a long - term and stable upward trend under the influence of supply - side reform, RMB appreciation, capital inflows, and policy support [10]. 3. Summary of Each Section 3.1 Daily Main News 3.1.1 International News - On January 5th, China and South Korea signed a memorandum of understanding on cooperation in safeguarding children's rights and well - being, aiming to strengthen exchanges and cooperation in the field of children's development [6]. 3.1.2 Domestic News - The national parenting subsidy in 2026 is open for application starting from January 5th. As of now, 31 provinces have issued parenting subsidies in 2025, with over 24 million people receiving them and a subsidy issuance rate of about 80% [7]. 3.1.3 Industry News - The China Securities Regulatory Commission held a symposium on promoting the cross - departmental work of the comprehensive prevention and control system for financial fraud in the capital market, emphasizing the need to improve the system, strengthen coordination, and combat financial fraud [8]. 3.2 Overseas Daily Earnings - The report provides the daily earnings data of various overseas assets on January 4th and 5th, including stock indices (S&P 500, C STOXX50, FTSE China A50 futures), the US dollar index, oil prices (ICE Brent crude oil), precious metals (London gold, London silver), and other commodities. Most assets showed an upward trend [9]. 3.3 Morning Comments on Major Varieties 3.3.1 Financial - **Stock Indices**: US stock indices rose, and the A - share market also increased significantly. It is expected that supply - side reform in 2026 will drive up commodity prices and resource - related stocks. The appreciation of the RMB is expected to attract overseas funds, and the A - share market is expected to form a long - term upward trend [10]. - **Bonds**: Bond prices fell slightly. Overseas events and changes in the US economic data affected the bond market. China's economic data showed improvement, and the government's policies are expected to support the short - term bond futures prices [11][12]. 3.3.2 Energy and Chemicals - **Crude Oil**: Overseas oil prices rebounded after a sharp decline. Venezuela has large oil reserves, but its future is uncertain, and short - term risks may affect production. The global oil market supply - demand balance will not change significantly in the next 12 months, and oil prices are expected to be bearish [13]. - **Methanol**: Methanol prices rose at night. The开工 rate of coal - to - olefin plants decreased slightly, while the overall methanol plant's operating rate increased. Coastal methanol inventories rose significantly, and short - term methanol prices are expected to be weak [14]. - **Polyolefins**: Polyolefin futures rebounded and then fell. Downstream demand has peaked, and the cost support is low. Polyolefin prices may move sideways in the future [15]. - **Glass and Soda Ash**: Glass futures fell slightly, and soda ash futures mainly declined. Both are in the process of inventory digestion. Glass inventory digestion is accelerating under the supply - contraction pattern, while soda ash still needs time for supply - demand digestion [16]. 3.3.3 Metals - **Precious Metals**: Gold and silver continued to rebound. The weak US economy, expected interest - rate cuts, and supply - demand gaps support the long - term upward trend of precious metals, although short - term fluctuations may occur [17][18]. - **Copper**: Copper prices rose at night, reaching a new high. The supply of concentrates is tight, and the global copper supply - demand situation is expected to turn to a shortage. Short - term copper prices are more affected by market sentiment [19]. - **Zinc**: Zinc prices rose at night. The supply of zinc concentrates is temporarily tight, and the overall zinc supply - demand difference is not obvious. Attention should be paid to the market sentiment, the US dollar, and downstream demand [20]. - **Aluminum**: Aluminum prices rose, reaching a new high. The macro - level focuses on employment and interest - rate cut expectations. The supply of electrolytic aluminum is stable in the short - to - medium term, and demand is still acceptable. Attention should be paid to the impact of the approaching Spring Festival on downstream demand [21]. 3.3.4 Black Metals - **Coking Coal and Coke**: The prices of coking coal and coke fell slightly at night. The production of domestic clean coal decreased, while the Mongolian coal customs clearance volume remained high. The iron - water production and the profitability of sample steel mills were stable. The short - term market is expected to fluctuate [22]. 3.3.5 Agricultural Products - **Protein Meal**: The prices of soybean and rapeseed meal fluctuated and rose at night. Brazilian soybean planting and harvesting progress is similar to previous years, and the US soybean export sales are lower than expected. The domestic market is affected by supply expectations and state - reserve auctions [23][24]. - **Oils and Fats**: The price of soybean oil fluctuated and rose at night, while palm and rapeseed oils were weak. The inventory of Malaysian palm oil is expected to increase, and the supply - demand situation of oils and fats will not improve significantly in the short term [25]. - **Sugar**: The price of sugar futures oscillated. Internationally, Brazilian sugar production is coming to an end, and the supply pressure is relieved. Domestically, the sugar production season has begun, and the supply is increasing. The import policy and production cost support the price, but the short - term price is expected to remain low [26]. - **Cotton**: The price of cotton futures was strong. Although the new cotton harvest is good, the sales progress is fast. There are rumors that the cotton planting area in Xinjiang may decrease, and the improvement of Sino - US relations is also beneficial to cotton exports [27]. 3.3.6 Shipping Index - **Container Shipping to Europe**: The price of container shipping to Europe opened high and fluctuated. The SCFIS European line index rose, and shipping companies continued to raise prices. Due to the late Spring Festival, the demand and price - support from shipping companies exceeded expectations. As the Spring Festival approaches, the price inflection point may become clear [28][29].

Core Insights - The railway sector in China achieved remarkable milestones in 2025, with passenger volume reaching 4.255 billion and a single-day peak of over 23 million, both setting historical records [1] - The transformation of the railway service is evident, shifting from merely meeting basic travel needs to providing a quality travel experience [1] Group 1: Service Improvements - The railway service is evolving towards a more refined and differentiated approach, with 2,485 tourist trains operated throughout the year, marking a 33.6% increase year-on-year [2] - Initiatives such as electronic tickets, convenient transfers at stations, and internet meal ordering have turned "smart travel" from a concept into a daily experience [2] - The railway department offers ticket discounts for children, students, and disabled military personnel, along with loyalty incentives for frequent travelers aged 60 and above, reflecting a strong sense of humanistic care [2] Group 2: Infrastructure and Development - China has established the most modern railway network globally, with the "eight vertical and eight horizontal" high-speed rail framework becoming increasingly complete [3] - The enhancement of service quality is as crucial as hardware development, as the transition from a "transportation power" to a "transportation strong nation" requires not only a denser network and faster speeds but also superior service and warmth [3] - The railway sector's product innovation and service optimization aim to ensure that the benefits of rapid development are shared by all citizens, embodying the principle of "development for the people" [3] Group 3: Future Outlook - As public demand for travel quality continues to rise, there remains significant potential for innovation in railway services [3] - The expectation is for Chinese railways to maintain their speed advantage while continuously improving service details in terms of convenience, comfort, and personalization [3] - The goal is to support high-quality economic and social development while enhancing the quality of life for the people [3]

南沙本土培育的科技企业巨湾技研专注极速充电技术研发，其自研的巨湾极速电池，最大充电功率 800kW，0—80%充电仅需5.5分钟，是全球唯一可规模量产的6C倍率动力电池。 新年的晨光中，广州市南沙区行政中心广场上，身披红绶带的企业家代表们与区领导并肩而立。快门按 下的瞬间，定格了"十五五"开局之年南沙政企同心的第一个画面。 开局之年当有开局之势，起步之时当有关键之为。1月4日，广州南沙在2026年首个工作日举行优秀民营 企业和优秀民营企业家表彰大会，将30家优秀民营企业和79位优秀民营企业家请到舞台中央。 这场新年第一会不仅是对过往成果的致敬，更以"开局即冲刺"的姿态，释放出2026年南沙发展的重要信 号：尊重企业和企业家的立场坚定不移，支持民营经济发展的力度一以贯之，优化营商环境的决心毫不 动摇。 政企同心 共赴"图南之志" "十五五"的序幕拉开，谁将成为南沙发展的主角？ 新年第一会给出了明确答案。 舞台上的核心地位，源于民营企业对南沙发展实实在在的贡献。获奖企业覆盖智能制造、生物医药、现 代物流等重点领域，构成了南沙现代产业体系的坚实基础。 而获奖企业家均扎根南沙、深耕实业，在技术创新、产业升级、就业带动 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses China's economic planning and development strategies for the "15th Five-Year Plan" (2026-2030), which is crucial for achieving a per capita GDP level comparable to that of moderately developed countries by 2035 [2][4]. Core Insights and Arguments - **Economic Growth Targets**: China's economic growth targets are expected to be moderately adjusted downwards, with the 2026 target likely set between 4.5% and 5% to alleviate debt expansion pressures and avoid over-reliance on stimulus policies, aiming for a more sustainable long-term growth rate of around 4% [2][6]. - **Strategic Opportunities and Risks**: The next five years will present a mix of strategic opportunities and challenges, emphasizing the need to leverage China's large market, complete industrial chain, rich talent resources, and institutional confidence to navigate external complexities [2][8]. - **Supply-Side Reform Focus**: The supply-side reforms will prioritize high-quality development and technological innovation, aiming to build a modern industrial system and strengthen the real economy while enhancing self-sufficiency in technology [2][9]. - **Manufacturing Sector Importance**: Maintaining a reasonable proportion of the manufacturing sector is critical for national competitiveness, avoiding premature deindustrialization, and ensuring a stable economic foundation [2][10]. - **Digital Economy Role**: The digital economy is expected to play a significant role in empowering various industries, enhancing productivity, and driving overall economic growth through technological innovation [2][12]. Additional Important Content - **Consumer Spending Strategies**: The plan emphasizes increasing the resident consumption rate, which is currently around 39.6%, aiming for approximately 48% by 2035. This will involve a combination of investments in goods and services and increasing public service spending [2][13][14]. - **Service Consumption Growth**: Service consumption is becoming a new economic growth engine, with significant potential in sectors such as childcare, education, elderly care, and healthcare, reflecting the diverse needs of different age demographics [2][15]. - **Fiscal Policy Adjustments**: To promote service consumption, fiscal policies will shift to support public service supply, creating job opportunities and enhancing overall social purchasing power through improved income distribution mechanisms [2][16]. - **Financial System's Role**: The financial system will focus on preventing financial risks while supporting the real economy, with an emphasis on regulatory oversight and participation in global governance to enhance risk management capabilities [2][17].

Core Viewpoint - Under the backdrop of domestic and international monetary policy easing, foreign capital and southbound funds are expected to continue their net inflow trend, leading to a substantial improvement in the profitability of Hong Kong-listed companies, resulting in a market environment of rising profits and valuations [1] Group 1: Market Outlook - The fundamentals of the Hong Kong stock market largely depend on the domestic macroeconomic environment, with stable macro policies expected to maintain economic resilience and inflation likely to recover from low levels [2] - For 2026, the earnings growth forecast for major indices includes a 9.64% year-on-year increase in the Hang Seng Index, a 34.63% increase in the Hang Seng Tech Index, and a 9.9% increase in the Hang Seng China Enterprises Index [2] Group 2: Capital Flow - As of December 19, 2025, the market value of Hong Kong Stock Connect holdings accounted for approximately 13.1%, while international intermediaries held about 40.1%, indicating a net increase in domestic capital holdings compared to foreign capital [3] - From the beginning of the year to December 19, 2025, the cumulative net inflow into the Hong Kong stock market via Stock Connect reached HKD 1.4 trillion, a 74% year-on-year increase [3] - Cumulative net inflow from foreign capital into the Hong Kong market from early 2025 to December 17, 2025, was USD 17.689 billion, with expectations of a continued low interest rate environment encouraging further inflows [3] Group 3: Market Performance - As of December 19, 2025, the price-to-earnings ratio of the Hang Seng Tech Index was 23.1 times, an 11.91% increase from the end of 2024, indicating significant room for valuation recovery compared to historical highs [5] - The Hang Seng Tech Index's earnings per share increased by 9.58% compared to the end of the previous year, and its valuation is notably lower than other major global tech indices [5] Group 4: Investment Themes - The technology innovation theme is expected to be a major investment focus, with significant valuation recovery potential for the Hang Seng Tech Index and strong performance anticipated from leading companies [6] - In the context of supply-side reform, sectors such as steel, building materials, electrical equipment, and paper are expected to see improved supply-demand dynamics and rising profit margins [6] - Under the strategy of expanding domestic demand, sectors with growth potential and historically low valuations, particularly in service consumption and new consumption models, are expected to perform well [6]

Core Viewpoint - The year 2026 marks a significant turning point in China's economic history, transitioning from "scale dividends" to a focus on "system security and quality efficiency revolution" as the old trade and growth logic fails [1][2]. Group 1: Economic Transition - The "Fifteen Five" plan signifies a shift in China's economic strategy, with a complex non-linear system emerging that renders traditional GDP growth and monetary policy approaches ineffective [2][3]. - Historical patterns show that every five-year plan corresponds with a restructuring of wealth logic, indicating the importance of understanding policy language to navigate economic changes [1][11]. Group 2: Policy Interpretation - The upcoming "Fifteen Five" plan presents unprecedented complexities in macroeconomic policy, making it challenging to translate administrative language into actionable asset allocation strategies [3][12]. - The course led by Dr. Xiong Yuan aims to decode the "Fifteen Five" plan's core keywords, distinguishing between soft guidance and hard constraints, which is crucial for investors [14][15]. Group 3: Investment Strategy - Investors must prepare for the new economic environment by understanding the implications of central government leverage and the boundaries of fiscal policy post-2026 [12][15]. - The course will cover how to utilize forward-looking indicators like PMI and PPI to anticipate policy shifts and manage the time lag between policy announcements and market reactions [12][15].

2026年港股首个交易日，三大指数高开高走，恒生指数上涨2.76%，收复26000点关口，恒生科技指数大涨4%。 "港股GPU第一股"壁仞科技今日上市，盘中一度涨近120%，收盘涨75.82%，市值逾820亿港元。 科网股也集体上涨，百度集团-SW涨超9%，消息面上，旗下昆仑芯已向港交所提交主板上市申请。此外，网易-S涨超6%，阿里巴巴-W、腾讯控股涨超 4%。 壁仞科技涨超75% "港股GPU第一股"壁仞科技今日上市，盘中表现活跃。该股盘初一度大涨近120%，盘中涨幅有所回落，收涨75.82%，总市值为825亿港元。 机构称港股有望震荡上行 中国银河证券表示，国内外货币政策宽松背景下，外资和南向资金均有望继续保持净流入趋势。在加快科技创新、新一轮供给侧改革、扩大内需等利好政 策带动下，港股上市公司盈利水平有望实现实质性提升，市场将迎来盈利与估值均上涨的格局，港股总体有望震荡上行。 科网股集体上涨，百度集团-SW涨超9%，网易-S、阿里巴巴-W、腾讯控股也实现不同幅度上涨。 港股三大指数集体收涨 1月2日，港股三大指数集体收涨，恒生指数收复26000点关口。Wind数据显示，截至收盘，恒生指数、恒生国企指数、 ...