2026年首个交易日，A股喜迎开门红。1月5日，A股三大股指涨势如虹，放量大涨，上证综指时隔逾30 个交易日再度站上4000点整数关口。截至收盘，上证综指收涨1.38%，报4023.42点；深证成指、创业板 指双双涨超2%。指数大涨之下，A股交投氛围火爆，沪深两市当日合计成交额约2.55万亿元；A股近 4200只个股上涨，投资者赚钱效应明显。 交易行情显示，1月5日，A股三大股指集体高开，开盘后三大股指全天震荡拉升，上证综指盘中突破 4000点。截至当日收盘，上证综指收涨1.38%，报4023.42点，实现"12连阳"，创逾30年最长"连阳"纪 录；深证成指、创业板指分别收涨2.24%、2.85%，分别报13828.63点、3294.55点。另外，当日科创50 指数表现亮眼，最终收涨4.4%，报1403.41点。 盘面上，人脑工程板块领涨，板块内掀起涨停潮，三博脑科、博拓生物、道氏技术等多股"20cm"涨 停；保险板块全天活跃，板块内权重股全线飘红；第四代半导体、医疗器械、AI制药（医疗）等板块 涨幅居前。"科技牛是2025年贯穿全年的一个重要特征，2026年科技牛行情有望继续延续。"前海开源基 金首席经济学 ...

交易行情显示，1月5日，A股三大股指集体高开，开盘后三大股指全天震荡拉升，上证综指盘中突破4000点。截至当日收盘，上证综指收涨1.38%，报 4023.42点，录得"12连阳"，创逾30年最长连阳纪录；深证成指、创业板指分别收涨2.24%、2.85%，分别报13828.63点、3294.55点。另外，当日科创50指数 表现亮眼，最终收涨4.4%，报1403.41点。 盘面上，人脑工程板块领涨，板块内掀起涨停潮，三博脑科、博拓生物、道氏技术等多股"20cm"涨停；保险板块全天活跃，板块内权重股全线飘红；第四 代半导体、医疗器械、AI制药（医疗）等板块涨幅居前。"科技牛是2025年贯穿全年的一个重要特征，2026年科技牛行情有望继续延续。"前海开源基金首席 经济学家杨德龙进一步谈道，除了科技板块之外，更多板块有望在2026年开始轮番上涨。 2026年首个交易日，A股喜迎开门红！1月5日，A股三大股指涨势如虹，放量大涨，上证综指时隔逾30个交易日再度站上4000点整数关口。截至收盘，上证 综指收涨1.38%，报4023.42点；深证成指、创业板指双双涨超2%。指数大涨之下，A股交投氛围火爆，沪深两市当日合计成交额 ...

Core Viewpoint - The consensus among investment managers is not whether a bull market will occur, but how a slow bull market will unfold, with a reminder to lower return expectations due to fewer "low-hanging fruits" compared to previous years [2] Group 1: Market Performance and Trends - The Shanghai Composite Index and CSI 300 Index saw annual gains of 18.41% and 17.66% respectively in 2025, while the Hang Seng Index rose by 27.77%, and the ChiNext Index surged by 49.57%, indicating strong profitability growth and valuation increases in high-growth sectors [2] - Notable private equity firms achieved impressive annual returns exceeding 50%, with some even doubling their investments, highlighting the potential for high returns in the current market [3] - Many investment managers have maintained above-average performance, focusing on risk management and capital preservation strategies [4] Group 2: Investment Outlook for 2026 - The first key theme for 2026 is AI, with a shift in focus towards the economic feasibility of applications rather than just increased computing power [5][6] - The second theme involves the repricing of dividend assets in a low-interest-rate environment, with many managers believing that the lack of significant price increases has made these assets more attractive [6][7] - The third theme is the structural recovery of consumption, with managers looking for undervalued assets in traditional consumption sectors and recognizing the re-emergence of price advantages in new consumption [7][8] - The fourth theme is the "anti-involution" trend, which has begun to show signs of improving price order in certain industries, such as automotive and aviation [8][9] - The fifth theme focuses on high-quality globalization, with a consensus on the importance of companies that can establish localized ecosystems abroad [9] Group 3: Key Insights from Investment Managers - Investment managers emphasize the importance of understanding macroeconomic trends and the need for a cautious approach to AI investments due to potential bubbles [10][16] - The outlook for consumer wealth is optimistic, with expectations for a recovery in consumer spending driven by a stabilization of household wealth [21][22] - The "anti-involution" strategy is seen as having strategic significance, with varying short-term effects across different industries [23] - The transition from "global pricing and safe outbound" to "global investment and local service" reflects the evolving landscape of Chinese manufacturing and its competitive advantages [24] Group 4: Macroeconomic Context - The performance of non-financial real estate companies in A-shares shows limited revenue growth compared to 2023, indicating a trend of declining demand against expanding capacity [26] - The downward trend in prices is expected to continue, supported by fiscal data showing stable tax revenues [27] - Interest rates are projected to remain low, with implications for investment strategies favoring stable, well-governed companies [28][29] - The overall market is anticipated to enter a prolonged slow bull phase, with a focus on sectors that can adapt to changing economic conditions [39]

Group 1 - The core viewpoint of the article emphasizes a consensus on a "slow bull" market, with a focus on "uncrowded growth" opportunities in sectors like AI and high-end manufacturing [2][13] - The macro liquidity environment is expected to remain ample, supporting a favorable capital market for 2026, with a recovery in investor risk appetite [2][13] - There is a recognition of potential valuation bubbles in certain industries, prompting a strategy to identify quality companies that are not overvalued and have solid performance [2][13] Group 2 - The investment outlook for 2026 includes a focus on the AI industry chain, semiconductor domestic substitution, and the expansion of China's advantageous manufacturing overseas [2][13] - The report highlights the importance of structural growth deepening, with a significant emphasis on sectors that are expected to benefit from global technological innovation [2][13] - The article notes that while some industries show signs of valuation bubbles, there is a commitment to continuously track areas with positive marginal changes to ensure sustainable returns for investors [2][13]

Group 1 - The public fund industry demonstrated strong confidence in the capital market in 2025, with 118 fund companies executing 7,491 self-purchases totaling 337.51 billion yuan, significantly surpassing the previous year's 109.53 billion yuan and setting a historical record [1] - Non-monetary products became the focus of fund companies' investments, with a total net subscription of 8.70 billion yuan for non-monetary funds, compared to 3.51 billion yuan in 2024. Bond funds emerged as the main contributors, with a net subscription of 4.21 billion yuan, reflecting a year-on-year increase of over 227% [1] - Mixed funds reversed from net redemptions to net subscriptions, achieving a net subscription of 2.15 billion yuan in 2025, while stock funds maintained steady self-purchase levels with approximately 2.34 billion yuan in net subscriptions [1] Group 2 - The public fund industry experienced significant redemptions in money market funds, with a net redemption of 193.95 billion yuan in 2025, indicating a shift towards seeking higher returns in alternative assets amid a low-interest-rate environment [2] - Index products became increasingly popular among institutions, with passive index bond funds, mixed equity funds, and passive index funds leading in self-purchase amounts. Notably, E Fund's index products garnered a self-purchase amount of 1.8 billion yuan [4] - A total of 22 public fund managers had net subscription amounts exceeding 1 billion yuan in 2025, with Invesco Great Wall Fund leading at 2.77 billion yuan, followed by ICBC Credit Suisse Fund at 1.70 billion yuan [4] Group 3 - The China Securities Regulatory Commission's policy guidance in May 2025, which emphasized long-term performance and self-purchase of equity funds as evaluation criteria, played a crucial role in driving the self-purchase trend among fund companies [4] - Multiple public fund institutions expressed optimism for the market in 2026, anticipating a resonance between corporate earnings and liquidity, leading to a more balanced market style [5] - Analysts noted that the large-scale self-purchase of non-monetary products by public funds signals a belief in the long-term value of equity and bond markets, reflecting a shift towards prioritizing investor satisfaction and stabilizing market expectations [6]

Group 1 - The core viewpoint is that in 2026, debt issues will be a global challenge, and there are three main ways to address this: real growth exceeding real interest rates (growth-based debt reduction), inflation exceeding expectations (inflation-based debt reduction), and fiscal tightening (fiscal-based debt reduction) [1] - AI and gold are expected to benefit from these pathways, forming a dual mainline logic for asset performance [1] - The A-share market is anticipated to continue a "slow bull" pattern in 2026, driven by a significant change in corporate profit structures despite weaknesses in real estate, infrastructure, consumption, social financing, and PPI [1] Group 2 - Non-financial companies in the A-share market have stabilized their net asset return on equity (ROE) over several quarters, with profits from eight advanced manufacturing industries increasing to 38% [1] - Companies with overseas revenue have seen their overseas revenue proportion rise to 20%, with overseas market gross margins exceeding domestic margins by 5 percentage points, which may drive overall ROE recovery in the A-share market [1] - Current valuation increases are relatively restrained, with limited overextension, suggesting potential for valuation improvement if profits recover [1] Group 3 - Investment direction should focus on industries with supply constraints and clear prosperity trends, such as the AI industry chain, which has strong capital expenditure demand and limited short-term supply release [1] - Other areas of interest include energy storage and metals, which have undergone capacity clearing [1] - Tactically, it is recommended to utilize market adjustments to position for spring rallies, prioritizing the aforementioned high-prosperity sectors [1]

Core Viewpoint - In 2026, under the global challenge of debt issues, there are three main ways to address debt: real growth exceeding real interest rates (growth-driven debt reduction), inflation exceeding expectations (inflation-driven debt reduction), and fiscal tightening (fiscal-driven debt reduction). Both AI and gold are expected to benefit from these paths, forming a dual mainline logic for asset performance [1]. Group 1: Market Outlook - The A-share market is expected to maintain a "slow bull" pattern in 2026, driven by a profound change in corporate profit structures. Despite weakness in real estate, infrastructure, consumption, social financing, and PPI, the net asset return on equity (ROE) of non-financial enterprises has stabilized over several quarters [1]. - The profit share of the eight major advanced manufacturing industries has increased to 38%, while the overseas revenue share of companies operating abroad has risen to 20%, with overseas market gross margins exceeding domestic margins by 5 percentage points. These factors are likely to drive the overall ROE of A-shares to recover after stabilization [1]. - Current valuation increases are relatively restrained, with limited overextension. If profits recover, there is still room for valuation improvement. Additionally, the migration of deposits from insurance and high-net-worth individuals will bring incremental capital [1]. Group 2: Investment Direction - The focus should be on industries with constrained supply and clear upward trends, such as the AI industry chain, which has strong capital expenditure demand and is unlikely to see supply release in the short term. Other areas include energy storage and metals, which have undergone capacity clearing [1]. - Tactically, it is recommended to utilize market adjustments to position for the spring rally, prioritizing the aforementioned high-prosperity sectors [1].

"924行情"一周年那天，A股交出了一份令人瞠目的成绩单：全市场4458只个股上涨，股民人均盈利高达5万元。 这个数字像一颗糖衣炮弹，甜得让人恍惚。 但只要你真正打开自己的账户，心里那杆秤马上就能称出真假——人均赚5万的背后，是科技龙头一骑绝尘而多数人手里的股票还在山脚下徘徊的结构性裂 痕。 回顾"924行情"启动一年来，A股总市值从70.79万亿元猛增至103.92万亿元，足足增长了33.13万亿元。 创业板指、科创50、北证50三大指数涨幅全部翻倍， 分别达到103.50%、118.85%和158.01%。 全市场近3000只个股涨幅超过50%，其中1435只股价实现翻倍，甚至出现了3只涨幅超过10倍的"妖股"。 这场牛市的核心驱动力来自科技板块。 电子、通信、综合三大行业涨幅分别达到203.35%、177.08%和129.05%，而石油石化、煤炭等传统周期板块涨幅均不 足10%。 A股万亿市值俱乐部也从传统的金融、能源为主，扩围至包括宁德时代、工业富联、招商银行、中芯国际等科技和新经济企业。 与2014年类似的行情相比，当前市场环境存在本质差异。 当时的行情从低位启动，利率环境和企业盈利基础都与现在不同 ...

漫画 王建明 2026年，A股市场有望从估值驱动转向盈利驱动，呈现"慢牛"特征。 建议投资者关注以下四大方向：一是科技创新，重点关注算力/应用/机器人/智驾等AI产业链，以及创新药 等；二是先进制造，关注我国具有竞争力且景气有望向上的新能源、国防军工等；三是上游周期,有望受益 于"反内卷"且具有涨价预期的有色、化工、钢铁、煤炭、建材等；四是内需消费，重点关注受益于扩内需+消 费结构转型的新消费，如IP、宠物等。 2026年科技投资难度将大于2025年,投资者未来想获取超额收益，将更依赖于对产业节奏的精准把握和个股的 深度甄别。 深圳商报记者 詹钰叶 2025年A股市场大涨，站在2026年的起点，市场是否延续反弹？哪些板块值得关注？多家机构认为，在"更加 积极有为"的宏观政策支持下，中国经济将实现韧性增长与结构升级的双向奔赴，内需复苏与外需韧性形成合 力支撑。A股市场有望从估值驱动转向盈利驱动，呈现"慢牛"特征，科技创新、消费升级等成为全市场共识 性投资主线。 中泰证券 科技领航，促消费与扩投资协同推进 宏观层面看，中泰国际首席经济学家李迅雷认为，2026年作为"十五五"规划开局之年，GDP增速目标预计定 在5 ...

特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众 号及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 看一眼今年各指数涨幅 | 指数涨幅统计(刷新) 历史数据 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 本日涨幅 | 本周涨幅 | 本月涨幅 | 本季涨幅 | 本年涨幅 | | 399006 | 创业板指 | 3203.17 | -1.23% | -1.25% | 4.93% | -1.08% | 49.57% | | 000680 | 科创综指 | 1636.70 | -0.36% | 0.15% | 3.32% | -4.68% | 46.30% | | 899050 | 北证50 | 1440.43 | -0.70% | -1.54% | 3.80 ...