商业航天概念持续活跃，消息面上，1月22日，北京穿越者载人航天科技有限公司举行"太空旅游全球发 布会"，国内首艘商业载人飞船"穿越者壹号（CYZ1）"全尺寸试验舱首次公开展示。"穿越者壹号 （CYZ1）"技术团队会前表示，目前已预订了超三艘飞船的座位，合计20余位太空游客，预计2028年将 实现载人首飞。 截至2026年1月23日 09:44，中证国防指数(399973)上涨0.70%，成分股睿创微纳上涨15.98%，西部材料 上涨8.03%，臻镭科技上涨5.30%，国博电子上涨4.41%，航天电子上涨3.64%。国防ETF(512670)上涨 0.58%， 冲击3连涨。最新价报1.04元。 国防ETF紧密跟踪中证国防指数，中证国防指数选取隶属于十大军工集团公司旗下的上市公司证券，以 及为国家武装力量提供武器装备，或与军方有实际装备承制销售金额或签订合同的相关上市公司证券作 为指数样本，以反映国防产业上市公司证券的整体表现。 数据显示，截至2025年12月31日，中证国防指数(399973)前十大权重股分别为航天电子、航发动力、中 航沈飞、中航光电、菲利华、睿创微纳、中航西飞、西部超导、中航机载、海格通信，前 ...

2026.01. 23 本文字数：514，阅读时长大约1分钟 作者 | 一财阿驴 09:25 A股开盘丨三大指数集体高开 沪指高开0.18%，深成指高开0.15%，创业板指高开0.16%，科创综指低开0.21%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | WWW | 4130.11 | 7.53 | 0.18% | | 399001 | 深证成指 | VVW | 14349.01 | 21.97 | 0.15% | | 399006 | 创业板指 | W/ | 3334.02 | 5.37 | 0.16% | | 000680 | 科创综指 | VVW | 1861.44 | -3.90 | -0.21% | 盘面上，贵金属、有色金属板块反弹，超硬材料、光伏、商业航天、AI应用题材走强；半导体、AI算 力产业链回调，存储器、汽车芯片方向领跌。 个股方面，明阳智能复牌涨停，公司筹划购买德华芯片100%股权。 09:22 央行公开市场开展1250亿元7天期逆回购操作，操作利率1 ...

Group 1 - The A-share market opened higher on January 23, with the Shanghai Composite Index rising by 0.18% and the ChiNext Index increasing by 0.16% [1] - The non-ferrous metals sector showed strong performance, with Hunan Silver rising over 6%, while oil and gas extraction and semiconductor sectors experienced the largest declines [1] Group 2 - Everbright Securities suggests that investors should maintain a steady approach before the Spring Festival, as the market is expected to cool down and enter a consolidation phase [1] - The firm recommends focusing on sectors such as electronics, power equipment, and non-ferrous metals, as well as themes like commercial aerospace [1] - Debon Securities notes that the market is currently driven by both policy catalysts and industrial trends, with sectors like commercial aerospace, AI computing power, and storage chips showing strong support [2] - As of January 21, over 587 listed companies have disclosed their 2025 performance forecasts, with more than half indicating positive net profit growth, which may attract more market attention [2] - Oriental Securities observes that the consensus on a continuing bull market is providing support at the market bottom, with a stable trading range since January 14 [3]

Group 1 - Leading private equity firms are increasing their positions, with stock private equity positions rising above 81% as of January 9, 2026, marking an increase of over 1 percentage point from the end of 2025 [1] - The first week of 2026 saw a significant increase in positions among large private equity firms, with an average increase of nearly 8 percentage points [1] - The capital market is expected to continue its structural trends in 2026, driven by reduced external uncertainties, low interest rates, and solidifying corporate earnings [1] Group 2 - The A-share market has seen a significant reduction in the total shares of major broad-based ETFs, indicating a major reallocation by the "national team" [2] - The latest public fund quarterly reports confirm that major ETFs like Huatai-PB CSI 300 ETF and Huaxia SSE 50 ETF have seen their total shares drop below the holdings of the central financial authority [2] Group 3 - Over 50 biopharmaceutical companies have released performance forecasts for 2025, with nearly half indicating positive expectations [3] - Leading CXO companies, such as WuXi AppTec, are projected to achieve significant revenue growth, with an expected revenue of approximately 45.46 billion yuan, a year-on-year increase of about 15.84% [3] - The biopharmaceutical industry is anticipated to enter a new phase of high-quality development in 2026, supported by ongoing policy and financing improvements [3] Group 4 - The gold jewelry market is experiencing a shift from weight-based pricing to value-based pricing, with brands introducing fixed-price products that appeal to younger consumers [4] - Upstream companies are benefiting from rising gold prices, which are expected to enhance profitability [4] Group 5 - The commercial space sector in China is entering a new phase focused on large-scale launches and commercial viability, with significant advancements expected in the next 3 to 5 years [5] - In 2025, China's commercial space sector completed 50 launches, accounting for 54% of total space launches, indicating a rapid acceleration in commercialization [5] Group 6 - The domestic GPU manufacturer, Shanghai Suiruan Technology, has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [6] - The company is part of a growing trend of domestic tech firms seeking public funding to support their growth [6]

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...

Market Performance - On January 22, the A-share market saw a rebound in the afternoon, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.14%, the Shenzhen Component Index increased by 0.5%, and the ChiNext Index gained 1.01%. The total trading volume in the Shanghai and Shenzhen markets reached 2.69 trillion yuan, an increase of 91 billion yuan compared to the previous trading day [1][2] - Over 3,500 stocks in the market experienced gains, with notable performances in sectors such as commercial aerospace, robotics, oil and gas, coal, and PCB concepts. Conversely, sectors like insurance, semiconductors, and pharmaceuticals saw declines, particularly in the innovative drug concept [1] International Market Overview - On January 22, major U.S. stock indices rose, with the Dow Jones Industrial Average up by 306.78 points (0.63%), the S&P 500 up by 37.73 points (0.55%), and the Nasdaq Composite up by 211.20 points (0.91%) [2] - European stock indices also saw gains, with the FTSE 100 up by 11.96 points (0.12%), the CAC 40 up by 79.72 points (0.99%), and the DAX up by 295.49 points (1.20%) [2] Commodity Prices - International oil prices fell on January 22, with light crude oil futures for March delivery down by $1.26 to $59.36 per barrel (a decrease of 2.08%), and Brent crude oil futures down by $1.18 to $64.06 per barrel (a decrease of 1.81%) [3] Monetary Policy Developments - The People's Bank of China announced a 900 billion yuan MLF operation scheduled for January 23, 2026, to maintain ample liquidity in the banking system. This marks the 11th consecutive month of increased MLF operations [4] - The central bank's governor indicated that there is still room for further interest rate cuts and reserve requirement ratio reductions to support economic stability and growth [6][7] Industry Insights - The Ministry of Commerce and nine other departments released guidelines to promote the high-quality development of the pharmaceutical retail industry, emphasizing smart regulation and risk-based management [5] - Major banks in China announced the extension of personal consumption loan fiscal subsidy policies until December 31, 2026, expanding support to include credit card installment payments and increasing subsidy limits [5] - A new "fiber chip" technology developed by researchers at Fudan University has achieved large-scale integrated circuit production within flexible polymer fibers, indicating advancements in the semiconductor industry [9] Investment Opportunities - The National Medical Insurance Administration's new guidelines for surgical robots and related consumables are expected to accelerate the adoption of surgical robots in China, presenting investment opportunities in the medical device sector [12] - The ongoing transition in China's electricity consumption from industrial to service sectors, along with the increasing contribution of renewable energy sources, highlights potential investment areas in the power generation sector [12]

Group 1: Market Overview - The three major indices closed higher, with the overall market sentiment improving as previous hot themes rebounded [9] - The Shanghai Composite Index rose by 0.14% to close at 4122.58, while the ChiNext Index increased by 1.01% to 3328.65 [9][10] - The trading volume across the market reached approximately 27,164.05 billion, an increase of 926.58 billion from the previous trading day [10] Group 2: Economic Insights - The first batch of 936 billion yuan in ultra-long-term special government bonds has been allocated to support equipment renewal across various sectors, expected to drive total investment exceeding 460 billion yuan [18] - The People's Bank of China conducted a 2102 billion yuan reverse repurchase operation with a fixed rate of 1.40%, resulting in a net injection of 309 billion yuan [20] Group 3: Industry Dynamics - The International Energy Agency has raised its forecast for global oil demand growth in 2026 to an average increase of 930,000 barrels per day, up from a previous estimate of 860,000 barrels [29] - The China Chain Store and Franchise Association reported that 59.8% of surveyed chain restaurant enterprises expect an increase in the number of stores in 2025, primarily driven by large enterprises [31] - The output of negative electrode materials in China is projected to reach 2.922 million tons in 2025, marking a year-on-year growth of 38.1% [35] Group 4: Company Updates - Daikin Heavy Industries (002487.SZ) anticipates a net profit of 1.05 to 1.2 billion yuan for 2025, representing a year-on-year increase of 121.58% to 153.23% [45] - Boteng Co., Ltd. (300363.SZ) expects its revenue for 2025 to be between 3.35 to 3.5 billion yuan, with a growth rate of 11% to 16% [47] - Founder Technology (600601.SH) forecasts a net profit of 430 to 510 million yuan for 2025, indicating a growth of 67.06% to 98.14% year-on-year [48]

点击图片▲立即报名 去年7省居民人均可支配收入超5万元 1月22日消息，国家统计局网站公布了31个省份2025年居民人均可支配收入情况。数据显示，2025年，全国居民人均可支配收入43377元，比上 年名义增长5%；扣除价格因素，实际增长5%。7个省份居民人均可支配收入超过了5万元，包括上海、北京、浙江、江苏、天津、广东和福建。 上海2025年全市居民人均可支配收入突破9万元大关，达到91987元，位居第一。北京全市居民人均可支配收入89090元，位居第二。其他省份 与上海、北京均有较大差距。浙江2025年全体居民人均可支配收入位居第三，70240元，突破7万元大关，比上年名义增长4.8%。（第一财经） ｜点评｜ 从全国范围看，去年我国经济增速与居民人均可支配收入增速保持同步，国民财富在居民部门的分配总体较为均衡。不过，受北京、 上海等少数高收入省市的拉动，抬高了全国人均可支配收入的平均数，大部分省份都处于平均数之下。北京、上海集聚了大量高附加值产业， 创造了众多高薪酬岗位，居民拥有的金融资产与房产价值也相对更高，因此在居民收入方面显著领先于全国。 相比之下，云南、贵州等人均收入较低的省份处于内陆，经济发展更 ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, with room for further cuts in reserve requirement ratios and interest rates to maintain ample liquidity [3] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support approximately 4,500 projects in various sectors, expected to drive total investment exceeding 460 billion yuan [4] - The People's Bank of China will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [4] Consumer and Investment Trends - State-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates in the "2%" range, lower than current housing loan rates [3] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [3] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [6] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, and net inflows from southbound funds amounting to 5.166 billion HKD [6] Corporate Developments - Alibaba Group has decided to support its chip company "Pingtouge" for independent listing, with plans for restructuring to a mixed-ownership enterprise [7] - Xiaomi Group has initiated a stock repurchase plan of up to 2.5 billion HKD [9] - Nanjing Bank reported a net profit growth of 8.08% year-on-year for 2025 [9] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger between two gas companies [10] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [10] Economic Indicators - The unemployment rate for urban labor aged 16-24 was reported at 16.5% in December 2025, while the rate for those aged 25-29 was 6.9% [5] - The National Bureau of Statistics reported a 28.1% year-on-year increase in sales revenue for the smart device manufacturing industry in 2025 [10]

机构认为，业绩将再次成为阶段性主导市场的重要因素。 日本央行公布利率决议 2026北京国际商业航天展览会(北京，1/23-1/25) 新股申购：世盟股份 财报发布：英特尔 ►►商务部1月22日举行例行新闻发布会，商务部新闻发言人何咏前在回答有关提问时说，欧盟近日发布相关文件，强制要求成员国在能源、交通、ICT服 务管理等18个关键行业排除所谓"高风险供应商"。中方对此表示严重关切。中国企业长期在欧洲依法合规经营，为欧洲民众提供了优质的产品和服务，有力 促进了欧洲电信和数字产业发展。然而，欧盟却在毫无事实依据的情况下，将部分中国企业列为高风险供应商，限制中国企业参与5G建设。我们坚决反对 欧方对中国企业的歧视行为和将经贸问题政治化、泛安全化的错误做法。 ►►中国人民银行行长潘功胜表示，2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考 量，发挥增量政策和存量政策集成效应，为经济稳定增长、高质量发展和金融市场稳定运行营造良好的货币金融环境，为实现"十五五"良好开局提供有力的 金融支撑。总量政策方面，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使 ...