Group 1 - The market in January is expected to see a continuation of factors that supported previous volatility, with a significant change being the disclosure window for annual performance forecasts, which will again validate the fundamentals of listed companies [1] - As performance forecasts provide further guidance on economic conditions, the market's upward structure is likely to expand, while caution is advised for thematic sectors with weak fundamental support [1] - Historical data suggests that if a certain style outperforms in December, its advantage is likely to continue into January, with growth sectors expected to validate their advantages through annual performance forecasts [1] Group 2 - Maiwei Co., Ltd. (300751) has recently secured the industry's first complete line order for perovskite batteries, indicating its leading position in the supply of stacked battery equipment and technology solutions [2] - The company is transitioning from photovoltaic equipment to a broader semiconductor equipment supplier, having successfully entered the list of top domestic packaging suppliers, with rapid growth in semiconductor orders [2] - Analysts project that the company's net profit attributable to shareholders will reach 1.007 billion and 1.111 billion yuan in 2026 and 2027, respectively, with year-on-year growth rates of 9.04% and 10.27%, corresponding to PE ratios of 57.17 and 51.84 times [2]

导读：2022年2月17日，我们发布了第一个主动权益TOP100基金经理榜单后，至今已经有4年的时间。这份榜单是由点拾投资和零城投资每年耗费 几个月时间共同讨论、整理出来的。零城投资主要负责定量的数据分析和研究，点拾投资主要负责定性的基金经理研究。 在过去的4年中，这份榜单被许多业内的机构投资者关注，包括FOF、银行渠道、银行理财子、保险资管、甚至基金经理本人。我们坚信一件事情： 优秀的基金经理，是能跑赢市场和同行，创造超额收益的。从2022到2024年，我们的榜单也连续三年跑赢万得偏股基金指数。 但是2025年很不同，这一年主动权益重新跑赢沪深300，成长风格引领市场，基金经理之间的业绩方差巨大。万得偏股基金指数涨幅33.19%，跑赢 的难度大幅增加。这一年我们很遗憾，没有连续第四年战胜万得偏股基金指数。我们榜单组合2025年的收益率为32.4%，跑输了万得偏股基金指数的 33.19%。这里面有两个原因： 1）我们年初榜单中的一些成长风格基金经理离职，而根据规则基金经理换人后就自动从榜单扣除。他们的离开，导致无法为我们榜单贡献业绩，一 部分拖累了我们榜单的表现。 2）我们在每一个风格和行业，包括成长，价值， ...

来源：华泰睿思 我们看好春季行情进一步强化，技术模型显示多数宽基指数得分回升、市场处于修复通道，上证指数已进入看多区间；宏观层面，1月份全天候策略亦押 注增长超预期并增配股票。配置上建议沿两条主线布局：一是成长风格，看好电力设备及新能源行业；二是围绕"十五五"开局之年的内需改善主题，推荐 社服、房地产、家电及饮料行业。 核心观点 本周观点：春季行情预期或进一步强化 2025年最后一个交易周，A股市场呈现出"修复中继"的行情特征——整体震荡，市场交投活跃，日均成交额维持在两万亿之上，为后续行情积蓄能量。我 们认为春季行情有望进一步强化：从技术维度看，A股技术模型最新信号显示，多数宽基指数技术得分回升，市场处于修复通道；其中，上证指数的技术 得分率先回升至模型设定的看多阈值上方；从宏观维度看，1月份全天候策略押注增长超预期象限，增配股票。具体配置上，建议沿两条主线布局：一是 风格上看好成长，模型推荐电力设备及新能源行业。二是紧扣"十五五"开局之年的内需改善主题，模型推荐社服、房地产、家电和饮料行业。 A股技术打分模型：上证指数技术得分率先回升至看多阈值之上 A股技术打分模型旨在充分挖掘技术面信息刻画市场状态，基于 ...

Market Performance - In 2025, A-shares and Hong Kong stocks had their best performance in the last five years, with A-shares rising 24.60% and Hong Kong's Hang Seng Index increasing by 27.77% [4][9][23]. - The ChiNext Index surged by 50% in Q3, marking the largest quarterly increase in the last decade [7]. - The global stock market also saw an overall increase of 22.43% in 2025 [23]. A-shares Breakdown - The CSI 300 Index rose by 17.66%, while the CSI 500 and CSI 1000 increased by 30.39% and 27.49%, respectively [10][11][12]. - Growth stocks outperformed value stocks in 2025, with the CSI 300 Growth Index up 29.52% compared to the CSI 300 Value Index's 6.41% [20][21]. Hong Kong Market Insights - The Hong Kong stock market outperformed A-shares, with the technology sector rising by 34.97% [23]. - The Hang Seng Dividend Low Volatility Index increased by 18.97%, indicating strong performance across various sectors [23]. Global Market Context - Since the Federal Reserve's first interest rate cut on September 19, 2024, global stock indices have risen by 24.62%, with A-shares increasing by 60.66% and Hong Kong stocks by 45.13% [24]. - The easing of monetary policy has led to increased liquidity in global markets, benefiting A-shares and Hong Kong stocks [24]. Investment Strategy Performance - The Index Enhancement Strategy achieved a 23.16% increase in 2025, outperforming both the CSI 300 and CSI 800 indices [28][29]. - The Active Selection Strategy also significantly outperformed the CSI 300, with a 27% increase in 2025 [47]. Investor Returns - By the end of 2025, approximately 88.65% of holders of the Ding series advisory combinations were in profit, significantly higher than the average profit rate of individual investors [53][58]. - The report indicated that 38.2% of advisory investors chose to reinvest, reflecting confidence in the advisory services [54]. Company Achievements - The company maintained a consistent engagement with its audience, providing over 100,000 words of original content and responding to approximately 45,000 inquiries in 2025 [68]. - The company received multiple awards for its advisory services, including the prestigious "Golden Bull Award" for three consecutive years, highlighting its recognition in the investment advisory field [100].

2026年01月05日 市场情绪逐步修复， 价量: 速上升 -量化择时周报 20260104 量化策略 相关研究 证券分析师 沈思逸 A0230521070001 shensv@swsresearch.com 邓虎 A0230520070003 denqhu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ○ 市场情绪逐步修复：截至 12 月 31 日，市场情绪指标数值为 1.35，较上周五的 1.1 小幅 增加,情绪得分逐步修复,从情绪角度来看观点看多。从所有分项指标分数之和的变化来 看，本周情绪指数综合得分同样较上周有所提升，市场交易活跃度出现反转回升迹象。 情绪指标逐步修复,价量一致性快速上升：本周价量一致性指标周内快速上升,较前期有 ● 所改善,市场价量匹配程度回升,资金关注度与标的涨幅相关性增强,情绪端呈现边际回 暖; 科创 50 相对万得全 A 成交占比延续下行趋势, 反映高弹性板块参与度仍偏低, 风险 偏好修复仍显不足; 行业间交易波动率持续下降并下穿布林带上界, 资金在不同行 ...

2026 年 01 月 05 日 市场情绪逐步修复，价量一致性快 速上升 ——量化择时周报 20260104 相关研究 证券分析师 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 量 化 策 略 - ⚫ 市场情绪逐步修复：截至 12 月 31 日，市场情绪指标数值为 1.35，较上周五的 1.1 小幅 增加，情绪得分逐步修复，从情绪角度来看观点看多。从所有分项指标分数之和的变化来 看，本周情绪指数综合得分同样较上周有所提升，市场交易活跃度出现反转回升迹象。 ⚫ 情绪指标逐步修复，价量一致性快速上升：本周价量一致性指标周内快速上升，较前期有 所改善，市场价量匹配程度回升，资金关注度与标的涨幅相关性增强，情绪端呈现边际回 暖；科创 50 相对万得全 A 成交占比延续下行趋势，反映高弹性板块参与度仍偏低，风险 偏好修复仍显不足；行业间交易波动率持续下降并下穿布林带上界，资金在不同行业间切 换节奏放缓，跨行业轮动意愿减弱，流动性边际趋缓；行业涨跌趋势性指标维持在布林带 上界附近震荡，行业观点一致性较高，板块 β 效应仍占主导；融资余额占比持续上行并创 ...

股票名称 板块名称 ["科技","先进制造","周期","消费","金融"] 春季行情、业绩预告、成长风格 看多看空 报告中提到随着12月中旬国内外政策验证窗口告一段落，整体基调好于市场预期，躁动 行情启动已具备良好基础。节前市场流动性和风险偏好同步改善，上证指数走出"十连阳"，躁动 行情已开启。展望1月，支撑前期躁动的部分因素仍具备一定延续性，后续更多潜在催化值得期 待，如流动性因素延续并深化、人民币升值带来资金回流、政策前置发力和基本面数据改善等。 虽1月有业绩验证等变化，但综合来看对A股走势持积极态度。 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 兴业证券1月4日发布报告称，春季行情有望逐步展开。节前市场流动性和风险偏好改善，躁动行情已开 启，1月支撑因素延续且有更多催化。流动性因素向好，人民币升值或与 ...

Group 1 - The core view is that A-shares remain a favored asset for investment, supported by valuation, fundamentals, and liquidity factors [1] - From a valuation perspective, the current equity risk premium of A-shares is considered to be within a reasonable range [1] - The fundamental outlook is improving due to the implementation of domestic policies, leading to noticeable enhancements in certain economic indicators [1] Group 2 - The liquidity environment is favorable, with ongoing economic recovery in China and a continuous influx of funds into the stock market driven by increased asset allocation needs from residents [1] - Global allocation funds still have relatively low positions in A-shares, and a weakening US dollar alongside a strengthening RMB will facilitate foreign capital inflow into A-shares [1] - The rise of new productive forces is expected to drive A-share valuations higher, indicating a good opportunity for investment in A-shares [1] Group 3 - The AI industry is identified as a clear trend, with short-term adjustments potentially providing good investment opportunities [2] - Chinese technology products are gaining global attention, which may enhance investor confidence in the application of AI technology [2] - The overall valuation of US stocks is perceived as high, particularly in the S&P 500 and Nasdaq indices, but a potential "soft landing" for the US economy could maintain a neutral outlook on US stocks [2] Group 4 - Gold is viewed as a valuable investment, driven by the Federal Reserve's interest rate cuts and ongoing global central bank purchases of gold, suggesting further upside potential [2]

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 开年风格如何判断? 20260104 摘要 Q&A 2026 年 1 月 A 股市场风格的最新观点是什么? 基于四象限风格轮动模型,1月份在成长价值维度上暂时维持对价值风格占优的 判断,但略微向成长风格倾斜。从市场情绪来看,投资者对价值风格偏好较强, 而从市场状态(即风格动量)来看,成长风格略微占优。宏观指标则显示成长和 争 狗 - ● 量化策略综合评分显示,价值风格偏好减弱,但短期内价值风格可能仍占 优。大小盘方面,由看好大盘转为均衡偏小盘,小盘股或中小盘股短期内 可能略微占优,宏观环境和市场情绪是主要驱动因素。 资产配置方面,相对看好国内股票资产,对商品持中性态度,债券相对谨 ● 慎。宏观预期差角度对股票和商品持谨慎态度,对债券中性:左侧择时维 度对股票市场持乐观态度;技术面阻力支撑维度认为市场顶部存在一定阻 力。 行业轮动模型显示目前处于快速轮动状态,12月模型持仓行业跑输基准 . 0.7%,但 2025年全年组合收益率跑赢基准 11 个百分点。2026年 1 月推 荐行业包括银行、建材、计算机。综合金融、煤炭及综合。 紧急积极成长型策略表现最忧 ...

2026 年 01 月 04 日 春季行情在犹豫中启动 分析师：吕思江 S1050522030001 lvsj@cfsc.com.cn 分析师：马晨 S1050522050001 machen@cfsc.com.cn 相关研究 12-28 投资要点 ▌本周建议一览 海外市场中，本周美股择时模型小幅转多，显示机构在市 场调整中开始积极增加仓位。宽基中道指和罗素 2000 相对 占优，我们认为市场宽度提升的概率较大。黄金短期增加 看多仓位。我们继续看好港股新年后的流动性转多行情， 周中的买盘也确认了这一点。 跨年前后，除公募主动权益仓位小幅下降外，包括银行理 财、保险、信托等机构投资者跨年布局的情绪较高。虽然 上证十一连阳或带来短期技术性调整，但保持高位震荡、 逢低布局 2026 年优势板块仍是我们的既定策略。A 股择时 模型中，波段模型延续翻多，自 11 月 14 日后首次转为较 高仓位；短线模型中中证 1000 延续看多，沪深 300 和中证 500 的看多信号结束。综合考量下建议继续维持较高仓 位，等待自然调整后再寻机进攻，慢牛继续。 资金面上，融资继续新高；机构情绪提振，穿透后配置电 子、电力设备、有色金 ...