Core Insights - The report recommends key stocks across various industries for January 2026, highlighting potential investment opportunities based on market trends and company performance [2][3]. Industry Summaries Construction - Shenghui Integration (603163.SH) is a Taiwanese cleanroom engineering service provider and a core supplier for Google's TPU supply chain, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Social Services - China Duty Free Group (601888.SH) is expected to benefit from a new cycle in domestic duty-free sales, with a boost from the upcoming consumption peak during the New Year and Spring Festival, leading to improved performance expectations [2]. Electronics - Lante Optics (688127.SH) is experiencing significant growth in its optical prism product line and is collaborating with multiple waveguide manufacturers for AR glasses, indicating strong profit elasticity and expansion potential [2]. Utilities and Environmental Protection - China General Nuclear Power (003816.SZ) is set to benefit from the normalization of nuclear power approvals and improvements in market pricing mechanisms, with expected production increases in Guangdong province [2]. Nonferrous Metals - Zijin Mining (601899.SH) is a leading player in the nonferrous sector, with high profit contributions from gold and copper, and is entering a rapid growth phase in lithium production, making it a highly valued investment opportunity for 2026 [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a global leader in dairy farming, is expected to benefit from rising milk prices and beef price increases, leading to significant performance recovery [2]. Internet - Tencent Holdings (0700.HK) is well-positioned for the AI era, leveraging its ecosystem advantages, with potential growth from e-commerce and AI agent capabilities not yet reflected in current profit forecasts [2]. Pharmaceuticals - WuXi AppTec (603259.SH) is supported by strong performance, order growth, and capital expenditure, with favorable regulatory changes expected to enhance the valuation of the CXO sector [2]. Light Industry - Sun Paper (002078.SZ) is entering a new capacity release phase with significant production increases expected, making it a compelling investment with reasonable valuation metrics [2]. Textiles and Apparel - Anta Sports (2020.HK) is anticipated to benefit from the performance of its premium sports brands, with a favorable valuation and upcoming catalysts from Q4 operational disclosures and the Spring Festival consumption peak [2].

回顾 2025 年，在经历科技与"反内卷"周期驱动的结构性行情和高波动投资之后，不少投资者的直观感受 是，"资产配置多元化是投资的唯一免费午餐"这句话的含金量还在上升。 这一年，公募 FOF 规模连续三个季度正增长，创近三年新高。 FOF 正从" 基金买手 "升级为"资产管家"， 帮助投资者降低配置难度、应对市场波动。 数据来源： Wind ，申万宏源，截至 2025 年 9 月 30 日 所以在低利率、高波动的市场环境下，我们亟待弄清楚：低利率与市场不确定性交织下，如何理解 FOF 的 独特价值？管理者又如何打造适配多数投资者的 " 资产管家式 "FOF 产品？ 于是我们和 万家基金总经理助理、 FOF 团队负责人任峥 做了一次关于 FOF 的深度对话，探寻答案。 以客户需求为本打造"资产管家" FOF 产品 长期担任大型机构资金端基金配置负责人，让任峥对全市场公募基金有着全面洞察与深厚研究积累。在他的 投资理念中， FOF 基金经理不仅是基金挑选者，更是客户的资产管家——首先要深度洞悉、理解客户的真 实投资目标，此后将目标拆解成具体、可执行的配置策略，最后稳步推进直至目标达成。 任峥用做菜来比喻这一过程： ...

近日，备受瞩目的粤海·云上项目正式于广州白云新城核心区亮相，以建面约213-571㎡的云端大平层产品，向市场递交了一份关于当代高端居住与理性资产 配置的"综合解决方案"。 这不仅是一个项目的面世，更是对广州传统高端住宅市场理念与实践的一次重要迭代。 其立足于城市稀缺资源极核，以超越市场预期的产品营造全维度生活场景，标志着白云新城人居价值进入全新阶段，并为广州高端住宅市场树立了极具参考 价值的新标杆。 粤海·云上效果图 占位时代中芯，定义不可复制的终极稀缺 粤海·云上所占据的是白云新城乃至广州当之无愧的"中心之芯"， 是政治、经济、文化、生态与交通等多重城市核心功能的聚合交汇点。 粤海·云上效果图 更为难得的是，它在繁华中枢实现了自然与人文的平衡。 生态上，推窗即见广州"市肺"白云山的绵延青翠，将稀缺的山景资源化为私藏；人文上，广州体育馆、广东画院、城市规划展览中心等六大文化地标举步即 达，运动、观展、阅读浸润生活半径。 交通上，"双地铁+超级TOD（白云站）+机场快速连接"的立体网络，让通勤效率与接驳世界的从容兼得。 这种政治、经济、商业、生态、交通、人文六大顶配资源的罕见交汇，定义了其难以被复制的终极稀缺性 ...

投资咨询业务资格：证监许可【2012】669号 国内商品期市收盘涨跌参半，铂、钯跌停 ——中信期货晨报20251230 中信期货研究所 王含章 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | 金融市场涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现价 | | | 日度涨跌幅 周度涨跌幅 月度涨跌幅 季度涨跌幅 今年涨跌幅 | | | | | 沪深300期货 | 4610.2 | -0.61% | -0.619 | 3.08% | -0.17% | 17.58% | | | 上证50期货 | 3038 | -0.44% | -0.44% | 2.67% | 1.64% | 13.44% | | 股指 | 中证500期货 | 7336.6 | -0.70% | -0.70% | 7 883 | 0.6 ...

核心看点： 01 迎创未来 向新而立 - 东海证券2026年度投资策略会（资产配置专场） 13:30-16:30 2026年资产配置迎来新机遇！东海证券资深分析师团队重磅解读：宏观经济"宏图新启，升维致 远"，银行业在红利韧性中捕捉周期弹性，证券行业掘金财富管理与国际业务，能源及有色行业看好 商品顺周期与科技主线需求共振。四大核心板块深度剖析，把握2026年投资主线。 嘉宾： 刘思佳丨东海证券宏观策略资深高级分析师 扫码预约 02 ESG研究丨国信王开：重塑ESG投资新范式【首席开麦2025】 15:00-16:00 王鸿行丨东海证券银行业资深高级分析师 陶圣禹丨东海证券非银金融行业首席分析师 张季恺丨东海证券周期行业资深高级分析师 核心看点： 嘉宾： 王开丨国信证券首席资产配置研究员 扫码预约 03 【热点聚焦】长江建筑张弛：攻守之道——建筑行业2026年度投资策略 15:30-16:30 核心看点： 回顾2025，固投全面回落，基建投资承压；展望2026，关注积极财政带动投资止跌回稳，重视建 筑板块的结构性机会，关注三条投资主线：西部基建、工程出海、科技基建。此外，传统需求层面 关注顺周期龙头经营拐点，以 ...

■ 李 文 12月26日，全市场ETF总规模历史性突破6万亿元大关。事实上，自2024年起，ETF市场就开始了爆发 式扩容，2024年全年规模增长1.68万亿元，2025年8月份总规模突破5万亿元，而从5万亿元到6万亿元的 跨越仅用时约4个月。 笔者认为，中国ETF市场的迅速发展，标志着一个更理性、更高效、更富韧性的投资时代的开启，可以 从三个角度来观察。 第一，ETF"量质齐升"，产品结构优化。 截至12月26日，中国ETF市场产品数量达到1391只，总规模达到6.03万亿元，双双创下历史新高。但比 数字更值得关注的是产品结构的优化。 ETF市场正在经历从"股票独大"到"多元均衡"的转型。债券型ETF和商品型ETF成为新的增长极。债券 型ETF总规模从2024年底的1739.13亿元增至当前的8045.64亿元，增幅高达362.62%；商品型ETF总规模 增幅达239.72%。股票型ETF的市场份额则略有下降。 由此可见，投资者更注重资产配置的稳健性与多元化。如今，ETF逐渐演变为覆盖权益、固收、商品等 资产的综合配置"工具箱"。 从行业生态来看，跻身ETF管理规模"千亿元级俱乐部"的基金公司已从2024年 ...

12月26日，全市场ETF总规模历史性突破6万亿元大关。事实上，自2024年起，ETF市场就开始了爆发 式扩容，2024年全年规模增长1.68万亿元，2025年8月份总规模突破5万亿元，而从5万亿元到6万亿元的 跨越仅用时约4个月。 在政策引导下，保险、企业年金等长线资金加速通过公募ETF布局指数产品。利用ETF这一高效工具， 机构能够覆盖权益、固收、商品等多类资产的配置需求，资金入市效率进一步提升。 笔者认为，中国ETF市场的迅速发展，标志着一个更理性、更高效、更富韧性的投资时代的开启，可以 从三个角度来观察。 第一，ETF"量质齐升"，产品结构优化。 截至12月26日，中国ETF市场产品数量达到1391只，总规模达到6.03万亿元，双双创下历史新高。但比 数字更值得关注的是产品结构的优化。 ETF市场正在经历从"股票独大"到"多元均衡"的转型。债券型ETF和商品型ETF成为新的增长极。债券 型ETF总规模从2024年底的1739.13亿元增至当前的8045.64亿元，增幅高达362.62%；商品型ETF总规模 增幅达239.72%。股票型ETF的市场份额则略有下降。 由此可见，投资者更注重资产配置的稳健性 ...

Core Insights - Banks are increasingly targeting year-end bonus markets with specialized financial products, reflecting a shift in marketing strategies to enhance customer-centric services [1][2] Group 1: Bank Initiatives - Several banks have launched year-end bonus exclusive financial activities through online channels, including products across deposits, wealth management, funds, precious metals, and insurance [1] - Bank of Communications introduced a campaign that emphasizes low-risk investment options with annualized returns exceeding 4.6% for certain products [1] - Postal Savings Bank has showcased specific products with an annualized return of 4.76%, targeting year-end bonuses through its mobile banking app [1] Group 2: Financial Planning and Customer Engagement - Banks are focusing on wealth preservation and growth strategies for year-end bonuses, offering tailored financial planning guides that consider different risk preferences [1][2] - The financial planning guides suggest various investment strategies based on the duration of fund usage, recommending liquid products for short-term needs and equity assets for long-term growth [1][3] - The shift in marketing strategies allows banks to expand their asset management scale and enhance customer loyalty by addressing diverse financial needs [2] Group 3: Investor Guidance - Investors are advised to rationally plan their expenditures and diversify their investments across different financial products based on their risk tolerance [2][3] - It is recommended that investors clarify the purpose of their funds and choose products that align with their liquidity and risk profiles, avoiding over-concentration in single products [3] - Investors should carefully read product descriptions to understand the investment direction, risk levels, and fee structures to avoid being misled by high-yield promotions [3]

在复杂的市场环境中，寻求可靠的信息辅助决策是资产配置的重要环节。THPX发布的XAG/BTC分析工具，聚焦白银与比特币 两大特殊资产的价值波动关系，通过结构化的数据模型提供市场动态解读。该工具不提供具体行动指令，而是呈现客观化的多 维度市场指标分析框架，帮助参与者更清晰地识别资产间的相对价值变化趋势，为其平衡资源配置提供观察视角，辅助建立理 性的市场认知习惯。 白银（XAG）与比特币（BTC）作为两类特性鲜明的资产，其价值变动常反映不同的市场逻辑。白银具有传统避险与工业需求 的双重属性，而比特币则体现新兴数字资产的风险偏好与技术演化进程。两者的价格关联性时而同步，时而分化，形成独特的 市场观察窗口。在这种复杂背景下，THPX提供的XAG/BTC分析工具致力于建立标准化解读方法，通过整合宏观环境、技术走 势及跨市场资金行为，提炼出可参考的阶段性关系模型。其核心价值在于降低个人解读市场的认知负担。 挖掘工具的现实价值 该信号源的核心价值并非预测短期价格波动，而是揭示两类资产内在波动逻辑的潜在关联。例如，当市场避险需求上升时，白 银往往展现更强的稳定性；而当流动性宽松预期增强时，比特币的波动弹性可能放大。该工具通过 ...

Core Viewpoint - The general manager of Xiangju Capital, Liang Hui, expresses a cautiously optimistic outlook for the A-share market in 2026, anticipating a generally loose macro environment and limited risks of significant market corrections, with structural opportunities remaining the main focus [1][2]. Group 1: Market Outlook - The macro environment for 2026 is expected to be overall loose, with external fluctuations smaller than in 2025, influenced by the U.S. midterm elections and Federal Reserve leadership changes [2][3]. - A-share valuations are currently around the 75th percentile historically, with expected returns from valuations in 2026 likely to be significantly lower than in 2025, while overall profit growth is expected to moderate [2][3]. - Structural opportunities are anticipated to be the main focus in 2026, despite overall returns potentially being lower than in the current year [2][3]. Group 2: Investment Directions - The three main investment directions identified are: 1. The development of the AI industry, with expected growth of 40%-50% in 2026, following a doubling of returns in 2025 [2][3]. 2. The overall value of commodities, particularly copper, which is expected to benefit from increased demand driven by AI and new energy sectors [3]. 3. The export sector, which has strong competitive advantages, although it faces risks from overseas tariff policies and internal competition [3]. Group 3: Investment Strategy - Xiangju Capital is optimizing its investment portfolio by diversifying across multiple directions, focusing on AI, commodities, and exports, while concentrating on individual stock selection [3][4]. - The company emphasizes the importance of asset allocation as a "free lunch" in investment markets, aiming to smooth volatility through a combination of low-correlation assets and strategies [4][5]. - The long-term goal is to achieve absolute returns by integrating active investment experience with quantitative strategies, covering core asset categories including stocks, bonds, and commodities [5][6].