Core Viewpoint - The public fund market in China has kicked off the new year with the launch of 44 new funds, primarily focusing on equity products, indicating strong confidence in future market trends [2][4]. Fund Issuance Overview - A total of 44 new public funds were launched during the week of January 5 to January 9, 2026, with equity products being the main focus [4][8]. - Among the new funds, 19 were actively managed equity funds and 12 were index funds, with 16 of the actively managed funds being mixed equity funds [4][10]. Thematic Focus of New Funds - Many new funds are designed to fill gaps in existing product lines or to align with future market trends, such as themes related to dividends, overseas investments, technology, and consumption [2][5]. - Specific funds like Huatai-PineBridge Technology Leading focus on global competitiveness in Chinese technology, targeting areas such as AI innovation and semiconductor equipment [4][5]. Management and Strategy Insights - Experienced fund managers are at the helm of several new funds, such as Yang Dong's Guangfa Research Selection, which combines subjective research with quantitative models [5][10]. - The investment strategies of new funds include a focus on high-quality cyclical assets and sectors like internet, consumption, telecommunications, and traditional manufacturing [4][5]. Market Trends and Future Outlook - The public fund issuance in 2025 was significant, with 1,549 funds launched and a total fundraising of 1,204.139 billion yuan, marking the second-highest issuance year in history [9][10]. - The outlook for 2026 suggests a continuation of the trend with a balanced focus on equity and fixed income products, driven by the recovery of bond allocation value and the entry of long-term funds [10].

Group 1 - The core viewpoint is that the probability of A-shares achieving a "good start" after the holiday is still relatively high, but four key points need to be closely monitored [2] - The first key point is the assessment of the opening gap; if the opening gap approaches 1% or even exceeds 1.5%, there is a risk of early profit-taking, which could lead to a high open followed by a decline [2] - The second key point focuses on the upward momentum after the opening; if the opening gap is low, the strength of the subsequent upward movement will directly impact the day's market performance [2] - The third key point is the breakthrough situation at critical levels, particularly the need to observe whether the 3980-point support level is maintained for further upward movement [2] - The fourth key point involves the early morning trading period from 9:30 to 10:30, where the market's choice between consolidation or continuation of upward movement will set the tone for the day [2] Group 2 - The operational strategy emphasizes that if the market opens significantly higher, it is crucial not to chase prices blindly; waiting for a stabilization after a pullback is advised before considering short-term positions [3] - The current market is entering a short-term rally phase, and heavy positions are not recommended [3] - More specific operational details and market analysis will be provided in a live session scheduled for 9:50 AM [3] Group 3 - The core news highlights include the impact of the U.S. actions regarding Venezuela, which primarily affects global oil prices; initial market feedback showed a drop in international oil prices, indicating a lack of positive reaction [1] - The second key news point is the announcement from Shanghai regarding measures to accelerate the construction of a low-altitude economy manufacturing cluster, with a target of reaching a scale of approximately 80 billion yuan by 2028, which will directly benefit the low-altitude economy and related industries [1]

来源：光大证券微资讯 热点聚焦 HOT 1、2026年新兴市场股票迎来多年来最强开局，升至2021年以来最高，市场看好亚洲在人工智能领域的 地位上升，推动该地区科技股大涨。MSCI发展中国家指数新年首个交易日上涨1.7%，达到自2021年2 月以来最高。1月2日，港股开年大涨，恒指收涨2.76%，恒生科技指数涨4%。"港股GPU第一股"壁仞科 技上市首日大涨超75%，公开发售阶段获逾2347倍认购。港交所披露，国家集成电路基金在中芯国际H 股的持股比例于12月29日从4.79%升至9.25%。 2、1月2日，离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。2025年美元创下八 年来最大年度跌幅，美元即期指数全年下跌了约8%，交易员押注其将进一步走低。投资者认为，若下 一任美联储主席如预期般选择大力降息，美元将进一步贬值。 3、据央视新闻，白宫表示，美国对委内瑞拉的石油禁运仍完全有效。将让美国大型石油公司进入委内 瑞拉。此前，消息人士称，八个欧佩克+国家原则上同意在26Q1暂停石油产量增长。1月3日，WTI原油 期货跌0.17%，报57.32美元/桶，一周累涨1.04%；布油期货跌 ...

Market Dynamics - In 2025, multiple commercial rockets will be launched, marking a significant development in China's aerospace industry as part of the "14th Five-Year Plan" [1] - Shanghai aims to achieve a core industry scale of approximately 80 billion yuan in the low-altitude economy by 2028, establishing a complete industrial chain for new low-altitude aircraft [1] - The Shanghai government has issued measures to accelerate the construction of advanced manufacturing clusters in the low-altitude economy, focusing on attracting leading companies in eVTOL and industrial-grade drones [2] Company Developments - The National Integrated Circuit Fund increased its stake in SMIC's H-shares from 4.79% to 9.25% as of December 29 [5] - Huahong Semiconductor plans to acquire 97.5% of Huali Microelectronics for a transaction price of 8.268 billion yuan [5] - UTree Technology has denied reports regarding its IPO process, stating that it is proceeding normally and has not applied for a "green channel" [4] Stock Market Performance - Major U.S. stock indices showed mixed results, with the Nasdaq down 0.03%, while the S&P 500 rose 0.19% and the Dow Jones increased by 0.66% [3] - ASML and Micron Technology saw their stock prices reach new highs, with ASML rising nearly 9% and Micron up over 10% [3] Regulatory News - The China Securities Regulatory Commission has initiated an investigation into Plutotech for suspected violations of information disclosure laws [6] - Zhongwei Company plans to acquire 64.69% of Hangzhou Zhongsilicon's equity, with the stock set to resume trading [7]

Economic Data and Events - China will release December CPI and foreign exchange reserve data in the week of January 5 to January 11, 2026 [1] - The People's Bank of China will have a total of 13,236 billion yuan in reverse repos maturing [1] - The 16th China Internet Industry Annual Conference will be held in Beijing from January 7 to 8, 2026 [1] - The Eurozone will release December CPI and PMI data, while the US will publish the December non-farm payroll report [1] Stock Market Developments - Over 1,600 billion yuan in market value of restricted stocks will be unlocked this week, with 36 stocks involved, totaling over 4.3 billion shares [5][6] - Notable stocks include Baili Tianheng with a market value of 963.19 billion yuan, Guolian Minsheng at 180.08 billion yuan, and Jianshe Industrial at 168.95 billion yuan [6] New Stock Offerings - Two new stocks will be available for subscription: Zhixin Co., Ltd. on January 6 with a subscription limit of 180,000 shares at 21.88 yuan per share, and Kema Materials on the same day with a limit of 9,414,000 shares at 11.66 yuan per share [22][23] Policy and Regulatory Updates - The State Council has issued a comprehensive action plan for solid waste management, aiming for significant improvements by 2030, including a target of 4.5 billion tons of annual comprehensive utilization of solid waste [9] - The plan emphasizes a full-chain management approach across various sectors, including industrial and urban waste [9] Industry Insights - The low-altitude economy in Shanghai is projected to reach a core industry scale of around 80 billion yuan by 2028, with a complete industrial chain for new low-altitude aircraft [11][12] - The commercial aerospace sector is expected to see significant growth, with multiple new rocket launches planned and advancements in reusable rocket technology [13][19] Pharmaceutical Sector Developments - In 2025, China approved 76 innovative drugs, surpassing the previous year's total and achieving a record high, with over 1,300 billion USD in licensing transactions [14][15] - The focus for 2026 will be on next-generation ADCs, dual/multi-antibodies, small nucleic acids, and CAR-T therapies [15][16]

Industry Insights - The geopolitical event involving the U.S. military's actions in Venezuela is expected to lead to a short-term increase in international oil prices due to heightened risk premiums, but long-term implications may include an oversupply in the oil market if the U.S. gains control over Venezuela's oil industry [1] - Shanghai aims to develop its low-altitude economy, targeting a core industry scale of approximately 80 billion yuan by 2028, with a complete industrial chain for new low-altitude aircraft [2] - The upcoming CES 2025 is anticipated to showcase significant advancements, including NVIDIA's potential entry into the AI PC market, new technologies in AI glasses, and innovations in smart home and automotive sectors [3] Company Developments - Yushu Technology has denied reports claiming that its A-share listing green channel has been halted, clarifying that it has not applied for any "green channel" related matters [4] - The domestic chip leader, SMIC, is expected to benefit from increased support from the National Fund, indicating a positive outlook for the domestic semiconductor industry as it moves towards performance realization [11]

Key Insights - The report highlights the steady growth of the animation film industry, with animated films accounting for nearly 50% of the total box office in 2025, driven by successful titles like "Nezha 2" and "Zootopia 2" [36] - The aerospace software industry is leading the A-share market, indicating a positive trend in this sector [5][8] - The low-altitude economy in Shanghai is projected to reach a scale of approximately 80 billion yuan by 2028, establishing a complete industrial chain for new aviation vehicles [5][8] - The gaming industry continues to show steady growth, with a focus on AI applications enhancing operational efficiency [16][17] - The semiconductor sector is experiencing significant growth, with global sales increasing by 27.2% year-on-year, indicating strong demand [24] Domestic Market Performance - The Shanghai Composite Index closed at 3,968.84, with a slight increase of 0.09%, while the Shenzhen Component Index decreased by 0.58% [4] - The A-share market is characterized by a mixed performance across various sectors, with aerospace, software development, and non-ferrous metals showing positive trends [5][8] Industry Analysis - The animation film sector has seen a substantial increase in box office revenue, with animated films making up a significant portion of the top-grossing films [36] - The gaming industry is expected to maintain its growth trajectory, supported by advancements in AI technology [16][17] - The semiconductor industry is witnessing robust growth, with China’s semiconductor sales reaching $19.53 billion, reflecting a year-on-year increase of 18.5% [24] Investment Recommendations - Investors are advised to focus on sectors with strong fundamentals and stable earnings, such as aerospace, gaming, and semiconductor industries, which are expected to benefit from ongoing technological advancements and favorable policy environments [22][23][24] - The report suggests monitoring the performance of leading companies in the animation and gaming sectors, as they are likely to capitalize on the growing market demand [16][36]

Group 1 - The State Council will no longer approve the construction of mineral processing projects without self-built mines and supporting tailings utilization facilities [1] - The solid waste comprehensive governance action plan aims to strengthen source reduction of industrial solid waste and promote green design [1] - By 2030, the annual comprehensive utilization of major solid waste is expected to reach 4.5 billion tons, with the annual recycling of major renewable resources reaching 510 million tons [12] Group 2 - By 2030, the scale of "West-to-East Power Transmission" is expected to exceed 420 million kilowatts, supporting a 30% share of renewable energy generation [2] - The new power grid platform will enhance resource optimization and accommodate distributed renewable energy capacity of 900 million kilowatts [2] Group 3 - During the New Year's holiday, domestic travel reached 142 million person-times, with total spending of 84.789 billion yuan [3] - The consumer market shows signs of recovery, with expectations for improved performance in the consumer sector this year [3] Group 4 - The Hong Kong stock market experienced significant gains, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [4] - Notable stock performances included a 75% increase for Wall Street's GPU debut stock and significant gains in the semiconductor sector [4] Group 5 - DeepSeek introduced a more efficient AI development method called "manifold-constrained hyperconnection" (mHC), aimed at improving scalability and reducing computational and energy demands [5] - The next flagship system, R2, is expected to be launched around the Spring Festival in February [5] Group 6 - Yushu Technology denied involvement in applying for a "green channel" for its IPO, stating that reports were misleading and harmful to its interests [6] - The company is proceeding with its IPO in compliance with regulations [6] Group 7 - South Korean President Lee Jae-myung is on a state visit to China, marking his first visit since taking office [7] - The visit emphasizes South Korea's respect for China's core concerns, particularly regarding Taiwan [8] Group 8 - Trump announced the capture of Venezuelan President Maduro, indicating a potential shift in the global oil market due to Venezuela's significant oil reserves [9] - Venezuela holds the largest proven oil reserves globally, estimated at 300 billion barrels, surpassing Saudi Arabia [9]

2025年12月19日，在位于白水高新技术产业开发区的陕西万德恒发科技装备制造有限公司的智慧化 加工车间里，技术人员专注地调试着焊接机器人。 针对重点项目资金需求，渭南市坚持早谋划、快行动，积极搭建高效"政银企"对接桥梁，推动金融 活水精准滴灌建设一线。2025年以来，渭南市累计向省级金融机构推荐有融资需求的省市重点项目28 个，融资需求达107亿元。 除了破解资金难题，渭南市深化"放管服"改革，推行项目审批"一站式"服务，并实施市级领导包联 重大项目的制度，全方位为项目保驾护航。 在狠抓当下项目建设的同时，渭南市积极为"十五五"发展储能蓄势：一方面，紧盯产业发展前沿， 围绕数字经济、低空经济等方向谋划培育新质生产力项目；另一方面，着力推动现有产业链的协同与升 这些机械手臂即将开启24小时不间断作业，这意味着这个占地39亩的精品结构件制造基地，已进入 投产前的最后冲刺阶段。该项目负责人薛青春介绍，2025年3月开工建设以来，项目高效推进，基础设 施已全部完工，近期即可实现小批量试产。 该项目的快速推进，是渭南市以智能化、高端化推动传统产业升级的一个生动缩影。 2025年以来，渭南市将高质量项目作为发展的硬支撑 ...

Group 1 - The State Council will no longer approve the construction of ore dressing projects without self-built mines and supporting tailings utilization and disposal facilities [1] - The Ministry of Finance emphasizes the implementation of an active fiscal policy to continuously enhance the effectiveness and precision of macroeconomic regulation [1] - The scale of "West-to-East Power Transmission" is expected to exceed 420 million kilowatts by 2030 [1] Group 2 - The fifth set of listing standards for the Sci-Tech Innovation Board has been expanded, with Blue Arrow Aerospace's IPO application accepted [1] - Shanghai aims for the core industry scale of the low-altitude economy to reach approximately 80 billion yuan by 2028 [1] - During the New Year holiday, Chinese assets performed strongly [1] Group 3 - Warren Buffett has officially retired, stepping down as CEO of Berkshire Hathaway [1]