Market Performance - The three major indices rose over 1%, with the Shanghai Composite Index increasing by 1.09%, the Shenzhen Component Index by 1.75%, and the ChiNext Index by 1.82% [1] - The total trading volume in the Shanghai and Shenzhen markets reached a historical high of 3.6 trillion yuan, marking the second consecutive day above 3 trillion yuan, an increase of 478.7 billion yuan from the previous trading day [1] - Over 4,100 stocks in the market rose, with 201 stocks hitting the daily limit [1] Sector Highlights - AI application concepts saw a significant surge, with multiple stocks such as Ingrity Media and Liou Co. hitting the daily limit [1] - The commercial aerospace sector continued its strong performance, with Jin Feng Technology achieving five consecutive daily limits [1] - The controllable nuclear fusion concept also showed active performance, with China Nuclear Engineering hitting three daily limits in four days [1] - Sectors such as insurance, oil and gas, and real estate experienced the largest declines [1] Private Equity Performance - In 2025, domestic private equity securities investment products reported an average return of 25.68%, with 89.74% of products achieving positive returns [3] - The stock strategy emerged as the top performer, with an average return of 29.99% and a positive return rate of 90.19% [3] Financing in the Interbank Market - In 2025, over 2,300 enterprises raised more than 10.1 trillion yuan in the interbank market, continuing to lower financing costs for businesses [4] Semiconductor Industry Insights - The average capacity utilization rate of major global wafer fabs rose to 90% in Q4 2025, driven by increased orders from AI applications and a recovery in automotive and industrial applications [5] - The supply-demand balance for 55/90nm processes is tightening, with expectations of a price increase in 2026 [5] Gold ETF Adjustments - E Fund announced a temporary suspension of subscriptions for its gold ETF, effective January 16, 2025, to adjust the pricing of gold spot contracts for subscriptions and redemptions [2] Company Announcements - New Agricultural Co. expects a net profit increase of 50.71% to 81.89% in 2025, projecting a profit of 87 million to 105 million yuan [11] - Asia-Pacific Co. anticipates a net profit increase of 120% to 170% in 2025, estimating a profit of 468.45 million to 574.91 million yuan [12] - Tianyi Medical plans to repurchase shares for up to 120 million yuan at a maximum price of 65 yuan per share [10]

Group 1 - The next "commercial space" opportunity is emerging with the approaching inflection point in the controllable nuclear fusion industry, highlighting the importance of focusing on core segments [2] - The military industry is identified as a "value pit," with investment opportunities in the accelerating delivery of the large aircraft industry chain [2] - Overseas computing power may be undervalued, with "light entering the cabinet" potentially becoming the largest industrial opportunity this year [2] Group 2 - Improved antitrust expectations combined with AI applications are expected to catalyze a valuation recovery for Hong Kong's internet sector [2] - The discussion includes perspectives on Alibaba, particularly regarding its traditional business pressures and the resilience of its AI cloud services [2]

Market Overview - The market experienced a strong rebound with all three major indices rising over 1%, and the ChiNext index recovering after a drop of more than 1% earlier [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.6 trillion, marking the second consecutive day above 3 trillion and surpassing the previous record set on October 8, 2024, by 478.7 billion [1] - Over 4,100 stocks rose, with 201 stocks hitting the daily limit [1] Sector Performance - The AI application sector saw a significant surge, with multiple stocks such as Ingrity Media and Liou Co. achieving consecutive limit-ups [2] - The commercial aerospace sector remained strong, with Jin Feng Technology achieving five consecutive limit-ups and Tongyu Communications hitting three limit-ups in four days [3] - The controllable nuclear fusion concept also showed active performance, with China Nuclear Engineering achieving three limit-ups in four days [1][3] Individual Stocks - In the commercial aerospace sector, stocks like Galaxy Electronics and Liou Co. showed strong performance with multiple consecutive limit-ups [5] - The AI application sector also had notable performers, including Zhi Te New Materials and Ingrity Media, both achieving consecutive limit-ups [5] - The market's short-term bullish sentiment remains high, with over 300 stocks hitting limit-ups or rising over 10% [5] Future Outlook - The market is expected to continue its strong upward trend, but there may be increased selling pressure as profits accumulate [8] - The key focus will be on whether the core stocks in the AI application and commercial aerospace sectors can maintain their strength [8] - The potential for short-term differentiation in these sectors may present opportunities for investors to capitalize on [8]

当天，星环聚能还宣布完成10亿元A轮融资，由上海国资领投，融资资金将用于全力推进下一代聚变装 置建设，推进可控核聚变技术从实验验证迈向工程示范，加速商业化进程。据悉，该公司规划于2028年 前后彻底完成工程验证，启动商业示范堆建设，2032年左右建成一个可输出电能的聚变反应示范堆。 人民财讯1月12日电，1月12日，上海市嘉定区徐行镇人民政府与星环聚能签署项目落地合作协议。根据 协议，星环聚能将落户嘉定区徐行镇，设立研发中心及实验基地，重点推进"星环一号"聚变装置的研发 与产业化进程。该实验基地占地约25亩，总建筑面积5万平方米，规划建设装置大厅、科研厂房及配套 服务区，预计2027年建成投用，将成为国内领先的聚变能源研发与工程验证平台。 ...

今日午后，A股三大指数走强。截至收盘，上证指数涨1.09%，深证成指涨1.75%，创业板指涨1.82%，北证50指数涨5.35%。全市场成交额达3.64万亿元。 开源证券研报称，"规划—支付—标准"三位一体，政策先行助力脑机接口产业发展。2025年7月，工信部等七部委发布《关于推动脑机接口产业创新发展 的实施意见》，"十五五"规划将"脑机接口"列为需要前瞻布局的六大未来产业之一。2025年3月，国家医保局为脑机接口设立独立收费项目。此外，脑机 接口术语、数据格式等标准相继出台。我国脑机接口产业处于先进水平。 商业航天概念股持续活跃 今日，商业航天概念继续走强，可控核聚变等板块跟涨。 盘面上，AI应用板块全天领涨。港股AI应用板块午后也持续走强。其中，智谱、微盟集团、金山云等涨幅居前。商业航天板块持续活跃。 脑机接口板块午后走强，消息面上迎来利好。脑机交互与人机共融海河实验室官微12日消息，天津大学脑机交互与人机共融海河实验室团队聚焦无创脑机 接口领域，持续推动科技创新与产业化落地。在航空航天领域，设计开发五代空间站在轨脑机交互系统，完成人类首次"太空脑机接口实验"。 脑机接口板块走强 午后，A股脑机接口概念股 ...

盘面上，AI应用板块全天领涨。港股AI应用板块午后也持续走强。其中，智谱、微盟集团、金山云等涨幅居前。商业航天板块持续活跃。 脑机接口板块午后走强，消息面上迎来利好。脑机交互与人机共融海河实验室官微12日消息，天津大学脑机交互与人机共融海河实验室团队聚焦无创脑机 接口领域，持续推动科技创新与产业化落地。在航空航天领域，设计开发五代空间站在轨脑机交互系统，完成人类首次"太空脑机接口实验"。 今日午后，A股三大指数走强。截至收盘，上证指数涨1.09%，深证成指涨1.75%，创业板指涨1.82%，北证50指数涨5.35%。全市场成交额达3.64万亿元。 脑机接口板块走强 午后，A股脑机接口概念股走强。 | 甜甜 688039 融 | 01.JU 14. LL 10 TLJ, 01 /0 | | --- | --- | | 盈康生命 | 13.28 +12.16% +16.70% | | 创 300143 融 | | | 倍益康 | 56.16 +11.89% +24.91% | | 京A 920199 融 | | | 爱朋医疗 | 43.19 +10.94% +29.70% | | 8 300753 | | | 非 ...

图片来源：视觉中国 据智通财经盯盘数据，1月12日，沪深两市成交额3.6万亿元，较上一个交易日放量4787亿元，刷新此前在2024年 10月8日创下的34549.33亿元的成交额历史纪录。这也是两市成交额2026年第二次、历史上第六次突破3万亿大 关。其中，沪市成交额1.45万亿元，深市成交额2.16万亿元。蓝色光标成交额居首，为235.89亿元。 此前，1月9日，沪深两市成交额时隔73个交易日后再度站上3万亿大关，也是今年首次突破3万亿。此前在2024年 10月8日、2025年8月25日、8月27日和9月18日，两市成交额曾四次突破3万亿。 | 序号 | 日期 | 成交额(亿元) | | --- | --- | --- | | 1 | 2024-10-08 | 34549.33 | | 2 | 2025-08-27 | 31655.63 | | 65 | 2025-08-25 | 31411.36 | | র্ব | 2025-09-18 | 31351.72 | | 5 | 2026-01-09 | 31227.67 | | 6 | 2025-08-28 | 29708.02 | | 71 | 2024- ...

据东方财富网数据，1月12日，A股三大指数全天震荡拉升，沪指日线17连阳，突破4100点。截至收盘，沪指涨1.09%，深证成指涨1.75%，创业板指涨 1.82%。 值得注意的是，沪深京三市成交额超过3.6万亿，较上一交易日大幅放量近5000亿，创A股历史最大成交量。 盘面上，市场热点快速轮动，全市场超3900只个股上涨，连续2日超百股涨停。AI应用概念集体爆发，二十余只成分股涨停，引力传媒5天4板，省广集团、 会畅科技、粤传媒、易点天下涨停。商业航天概念反复活跃，鲁信创投11天9板，中国卫通9天5板，金风科技4连板，航天电子6天4板。可控核聚变概念延续 强势，弘讯科技、中国一重双双3连板。下跌方面，脑机接口概念下挫，美好医疗、倍益康跌超10%。 （观察者网综合东方财富网、智通财经、智通财经及其他公开资料） 本文系观察者网独家稿件，未经授权，不得转载。 据Wind统计，A股成交额突破3万亿元此前总共发生了6次，分别是2024年10月8日，2025年8月25日、8月27日、8月28日和9月18日，2026年1月9日。此前最 高成交量记录为2024年10月8日创下的3.47万亿元。 板块方面，豆包大模型、AI语料 ...

1月12日，A股市场震荡拉升，截至收盘，三大指数均涨超1%，沪深两市成交额3.6万亿，连续第2个交易日突破3万亿，较上一个交易日放量4922亿，刷新 此前在2024年10月8日创下的成交额历史纪录。全市场超4100只个股上涨，其中201只个股涨停。 午后，脑机接口概念股走高，南京熊猫（600775）盘中实现6天5板；可控核聚变概念股表现活跃，法尔胜（000890）涨停，哈焊华通（301137）涨超 11%。数字媒体、军工电子、软件服务、云服务等板块涨幅居前。 可控核聚变概念异动拉升，中国核建（601611）、雪人集团（002639）走出4天3板，国光电气、哈焊华通涨超10%，常辅股份、合锻智能（603011）、中 核科技（000777）、爱科赛博等冲高。消息面上，近日，新奥自主设计开发的第二代高温超导模型TF线圈顺利通过出厂测试，各项指标均满足新奥氢硼 球形环的需求，并达到预期设计指标。作为商业聚变堆中建造成本最高的关键部件，磁体的技术突破对聚变商业化至关重要。 关于A股后市，中航证券首席经济学家董忠云认为，从2026年第一周来观察，春季躁动或已迎来主升浪，行情主要来自基本面、政策面和基本面改善的支 撑。他指 ...

Core Viewpoint - The A-share market experienced a strong performance with the Shanghai Composite Index rising by 1.09%, and the total trading volume exceeding 3.64 trillion yuan, marking a historical high [1]. Market Performance - The three major indices opened strong and closed higher, with the Shanghai Composite Index up by 1.09%, the Shenzhen Component Index up by 1.75%, and the ChiNext Index up by 1.82% [1]. - Over 4,100 stocks in the market saw an increase in value [1]. Sector Performance - The commercial aerospace sector showed robust performance, with companies like China Satellite and Aerospace Electronics hitting the daily limit [1]. - Brain-computer interface concept stocks surged, with Nanjing Panda achieving five consecutive daily limits [1]. - Controlled nuclear fusion concept stocks were active, with Falunsheng hitting the daily limit and Haheng Huaton rising over 11% [1]. - Sectors such as digital media, military electronics, software services, and cloud services had significant gains [1]. - Conversely, sectors like insurance, petrochemicals, and coal experienced declines [1].