证券研究报告 ※ 核心观点|春季行情可期，主题成长突围 2 A股策略周报: 春季行情可期，主题成长突围 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 蒋炯楠 投资咨询资格编号：S1060524120002 请务必阅读正文后免责条款 2026年1月4日 1 资料来源：Wind，平安证券研究所 3 1 近期动态|政策跟踪：2026年"以旧换新"政策优化支持 近一周重要政策梳理 | 日期 | 部门/会议 | 会议/文件/行动 | 主要内容 | | --- | --- | --- | --- | | | 国家发改委、财政 | 《关于2026年实施大规模设 | 一、推进大规模设备更新。支持设备更新项目、支持老旧营运货车报废更新、支持新能源城市公交车更新、支持老旧农机报 | | 2025-12-29 | | 备更新和消费品以旧换新政 | 废更新。二、实施消费品以旧换新。支持汽车报废更新、支持汽车置换更新、支持家电以旧换新（冰箱、洗衣机、电视、空 | | | 部 | 策的通知》 | 调、电脑、热水器等6类家电）、支持数码和智能产品购新（手机、平板、智能手表手环、智能眼镜等4类产品） | | | | | ...

Core Viewpoint - The article provides an objective ranking of mutual fund net asset values, highlighting the top-performing and bottom-performing funds without any subjective bias or investment advice [1]. Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds based on net value growth include: 1. 方正富邦远见成长混合A with a net value of 1.4412 and a growth rate of 7.30% 2. 方正富邦远见成长混合C with a net value of 1.4090 and a growth rate of 7.29% 3. 创金合信兴选产业趋势混合A with a net value of 1.1599 and a growth rate of 7.18% 4. 创金合信兴选产业趋势混合C with a net value of 1.1400 and a growth rate of 7.17% 5. 中海魅力长三角混合 with a net value of 3.8050 and a growth rate of 7.12% 6. 德邦高端装备混合发起式A with a net value of 1.2321 and a growth rate of 7.09% 7. 德邦高端装备混合发起式C with a net value of 1.2297 and a growth rate of 7.09% 8. 永赢先进制造智选混合发起A with a net value of 2.5007 and a growth rate of 7.00% 9. 永赢先进制造智选混合发起C with a net value of 2.4750 and a growth rate of 7.00% 10. 财通资管先进制造混合发起式A with a net value of 2.0656 and a growth rate of 6.80% [2]. Bottom 10 Funds by Net Value Decline - The funds with the largest declines in net value include: 1. 国投瑞银白银期货(LOF)A with a net value of 2.0119 and a decline of 5.54% 2. 中加优势企业混合C with a net value of 1.6662 and a decline of 2.98% 3. 中加优势企业混合A with a net value of 1.7436 and a decline of 2.98% 4. 大成中国优选混合C with a net value of 1.3182 and a decline of 2.92% 5. 大成中国优选混合A with a net value of 1.3279 and a decline of 2.92% 6. 汇添富黄金混合A with a net value of 1.8040 and a decline of 2.85% 7. 创金合信全景混合A with a net value of 1.7689 and a decline of 2.85% 8. 创金合信全景混合C with a net value of 1.7526 and a decline of 2.84% 9. 汇添富黄金混合C with a net value of 1.7840 and a decline of 2.83% 10. 国泰大宗商品混合A with a net value of 0.6680 and a decline of 2.62% [3]. Market Overview - The Shanghai Composite Index opened lower but regained momentum, closing flat, while the ChiNext Index opened low and closed higher. The total trading volume reached 2.16 trillion, with a stock rise-to-fall ratio of 1840:3481 and a limit-up/down ratio of 66:19. The leading sectors included chemical fibers and petroleum, both rising over 2%, while public transportation saw a decline of over 2% [5]. Fund Holdings Analysis - The top holdings of the funds show a concentration of 58.81%. Notable stocks include: - 浙江宗泰 with a daily increase of 10.00% - 震裕科技 with a daily increase of 6.18% - 三花智控 with a daily increase of 9.99% - Other significant performers include 拓普集团, 汉威科技, and 斯菱智驱, with various increases [6]. Fund Style and Performance - The fund style is categorized under general machinery, with a focus on humanoid robotics. The net value of the fund has outperformed the market [6]. Conversely, the 国投瑞银白银期货(LOF)A fund, which tracks silver prices, has underperformed due to significant price volatility in the silver market [7].

Strong Stocks - As of December 30, the Shanghai Composite Index remained unchanged at 3965.12 points, while the Shenzhen Component Index increased by 0.49% to 13604.07 points, and the ChiNext Index rose by 0.63% to 3242.9 points [1] - A total of 66 stocks in the A-share market hit the daily limit, with the top three strong stocks being: Tailong Co., Ltd. (002347), Zhenghe Ecology (605069), and Shoukai Co., Ltd. (600376) [1] - The top 10 strong stocks with specific data include: - Tailong Co., Ltd. (002347) with 4 consecutive limit-ups and a turnover rate of 44.08% - Zhenghe Ecology (605069) with 3 limit-ups in 5 days and a turnover rate of 36.95% - Shoukai Co., Ltd. (600376) with 3 limit-ups in 7 days and a turnover rate of 14.21% [1] Strong Concept Sectors - The top three concept sectors with the highest increase in A-shares are: Reducers, Humanoid Robots, and PEEK Materials [2] - The top 10 concept sectors with their respective increase percentages include: - Reducers with an increase of 2.86% - Humanoid Robots with an increase of 1.94% - PEEK Materials with an increase of 1.82% [3]

12月30日，A股市场主要指数整体涨跌互现。截至收盘，上证指数报3965.12点，微跌0.16点，但在日K线图上收出阳 线，至此，上证指数走出10连阳；深证成指报13604.07点，上涨0.49%；创业板指报3242.9点，上涨0.63%；北证50指 数下跌0.4%。A股市场成交额再度超过2万亿元，全天合计成交2.16万亿元，较上一交易日小幅增长。 | G = 上证指数 999999 | 指标 登加 事件 统计 画线 标记 +自选 返回 | ◇ ■ | 3965.12 ▼-0.16 | -0.00% | | | --- | --- | --- | --- | --- | --- | | 4000 | 今日开盘 | 3947.87 | 3965.28 | | | | 昨日收盘 | 3950 | 指数振幅 | 32.57/0.82% | | | | 8875.33亿 | 总成交额 | 3900 | 52593.3万 | 总成交量 | | | 指数量比 | 1.02 | 3850 | 1.10% | 上证换手 | | | :15.84 | A股 涨停 | 66 | 3800 | ાંગર | 涨幅 > 7% | | ...

沪指10连阳。 今天（12月30日）A股市场主要指数整体涨跌互现，其中上证指数收出10连阳；汽车产业链板块午后爆发，多股强势 涨停，成为午后A股市场一大亮点。 港股市场震荡走高，下午表现优于上午。港股通标的股中，越疆午后涨幅扩大，截至收盘大涨13.45%。 沪指收出10连阳 汽车产业链板块午后爆发 | G = 上证指数 999999 | 指标 叠加 事件 统计 画线 标记 +自选 返回 | ◇ ■ | 3965.12 ▼-0.16 | -0.00% | | | --- | --- | --- | --- | --- | --- | | 4000 | 今日开盘 | 3947.87 | 3965.28 | 昨日收盘 | | | 3950 | 指数振幅 | 32.57/0.82% | | | | | 8875.33亿 | 总成交额 | 3900 | 52593.3万 | 总成交量 | | | 指数量比 | 1.02 | 3850 | 1.10% | 上证换手 | | | :15.84 | 66 | A股 涨停 | 3800 | 涨幅 > 7% | ાં રેતિ | | 涨幅 5-7% | 83 | 3750 | ...

Market Overview - The A-share market showed mixed performance on December 30, with the Shanghai Composite Index achieving a 10-day winning streak, closing at 3965.12 points, down slightly by 0.16 points [4] - The Shenzhen Component Index rose by 0.49% to 13604.07 points, while the ChiNext Index increased by 0.63% to 3242.9 points [4] - Total trading volume in the A-share market exceeded 2 trillion yuan, reaching 2.16 trillion yuan, a slight increase from the previous trading day [4] Sector Performance - The oil and petrochemical sector led the gains, also achieving a 10-day winning streak, with significant increases in stocks such as China National Offshore Oil Corporation, which rose by 3.18%, and Sinopec, which increased by 2.67% [6] - The automotive supply chain sector experienced a strong rally in the afternoon, reversing earlier losses, with multiple stocks hitting the daily limit, including Shanzi Gaoke and Wanxiang Qianchao [6][7] Individual Stock Highlights - Notable stock performances included Hengbo Co., which rose by 11.95% to 155.71 yuan, and Shanzi Gaoke, which increased by 10.11% to 4.03 yuan [7] - Over 1800 A-shares rose, with more than 60 stocks hitting the daily limit, indicating strong market activity [8] Hong Kong Market - The Hong Kong market showed a positive trend, with the Hang Seng Index rising by 0.86% to 25854.6 points and the Hang Seng Technology Index increasing by 1.74% to 5578.38 points [11] - Notable performers included Baidu Group, which surged by 8.9%, and SMIC, which rose by 4.24% [11] - The stock of Yujian saw a significant increase of 13.45% following the announcement of plans for an A-share listing [12]

截至12月30日收盘，汽车热管理概念上涨1.43%，位居概念板块涨幅第5，板块内，44股上涨，三花智 控、ST八菱等涨停，恒勃股份、硕贝德、三协电机等涨幅居前，分别上涨11.95%、10.71%、9.13%。跌 幅居前的有超捷股份、银邦股份、朗进科技等，分别下跌7.97%、6.66%、2.38%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.86 | 海南自贸区 | -4.06 | | 人形机器人 | 1.94 | 免税店 | -2.74 | | PEEK材料 | 1.82 | 自由贸易港 | -2.04 | | 同花顺果指数 | 1.64 | BC电池 | -1.84 | | 汽车热管理 | 1.43 | 钙钛矿电池 | -1.63 | | 特斯拉概念 | 1.40 | 信托概念 | -1.57 | | 中国AI 50 | 1.37 | HJT电池 | -1.47 | | 快手概念 | 1.22 | 房屋检测 | -1.35 | | 工业母机 | 1.21 | 建筑节能 | -1.31 ...

同花顺果指数概念资金流入榜 资金面上看，今日同花顺果指数概念板块获主力资金净流入12.29亿元，其中，6股获主力资金净流入， 5股主力资金净流入超亿元，净流入资金居首的是领益智造，今日主力资金净流入3.76亿元，净流入资 金居前的还有立讯精密、蓝思科技、长盈精密等，主力资金分别净流入3.32亿元、2.59亿元、2.40亿 元。 资金流入比率方面，领益智造、蓝思科技、立讯精密等流入比率居前，主力资金净流入率分别为 7.36%、6.97%、5.74%。（数据宝） 截至12月30日收盘，果指数概念上涨1.64%，位居概念板块涨幅第4，板块内，8股上涨，长盈精密、蓝 思科技、蓝特光学等涨幅居前，分别上涨9.49%、4.07%、2.70%。跌幅居前的有东山精密、鹏鼎控股、 立讯精密等，分别下跌0.68%、0.27%、0.26%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.86 | 海南自贸区 | -4.06 | | 人形机器人 | 1.94 | 免税店 | -2.74 | | PEEK材料 | 1 ...

截至12月30日收盘，同花顺新质50概念上涨1.18%，位居概念板块涨幅第10，板块内，16股上涨，三花 智控涨停，绿的谐波、值得买、寒武纪等涨幅居前，分别上涨9.19%、4.46%、4.22%。跌幅居前的有浩 瀚深度、国光电气、奥普光电等，分别下跌3.58%、3.20%、3.17%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.86 | 海南自贸区 | -4.06 | | 人形机器人 | 1.94 | 免税店 | -2.74 | | PEEK材料 | 1.82 | 自由贸易港 | -2.04 | | 同花顺果指数 | 1.64 | BC电池 | -1.84 | | 汽车热管理 | 1.43 | 钙钛矿电池 | -1.63 | | 特斯拉概念 | 1.40 | 信托概念 | -1.57 | | 中国AI 50 | 1.37 | HJT电池 | -1.47 | | 快手概念 | 1.22 | 房屋检测 | -1.35 | | 工业母机 | 1.21 | 建筑节能 | -1.31 | | 同花 ...

今日涨跌幅居前的概念板块 截至12月30日收盘，快手概念上涨1.22%，位居概念板块涨幅第8，板块内，28股上涨，百纳千成20%涨 停，蓝色光标、视觉中国、值得买等涨幅居前，分别上涨7.02%、5.16%、4.46%。跌幅居前的有线上线 下、新华都、首都在线等，分别下跌4.76%、3.42%、2.43%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.86 | 海南自贸区 | -4.06 | | 人形机器人 | 1.94 | 免税店 | -2.74 | | PEEK材料 | 1.82 | 自由贸易港 | -2.04 | | 同花顺果指数 | 1.64 | BC电池 | -1.84 | | 汽车热管理 | 1.43 | 钙钛矿电池 | -1.63 | | 特斯拉概念 | 1.40 | 信托概念 | -1.57 | | 中国AI 50 | 1.37 | HJT电池 | -1.47 | | 快手概念 | 1.22 | 房屋检测 | -1.35 | | 工业母机 | 1.21 | 建筑节能 | -1.31 | | 同花顺新质 ...