中信证券：主题、小票轮动格局还会延续 目前的市场仍处于一个配置型和量化资金富裕，存量交易型资金活跃，个股定价型资金匮乏的环境，市 场要走出基本面驱动的单边趋势行情，还有待超预期的内需变化发生。从资金节奏看，今年春节后仅两 周便临近两会，对于在当前躁动主线中踏空的资金而言，"暂缓入市、等待更清晰的基本面线索"是更理 性的选择——无论是提振内需的具体政策、城乡居民增收计划，还是行业"反内卷"的方向，都可待两会 期间线索明朗后再布局。当前市场的一致预期是 "政策难有强变化"，这一判断在静态视角下成立。但 动态来看，今年外部贸易环境的复杂度远超去年，任何不利变动都可能进一步加大仅靠外需实现5%左 右GDP 增速的难度，内需的关键性会愈发凸显，政策调整也可能随形势变化随时落地，不能固守固有 政策叙事做线性外推。对配置型资金而言，当下的市场躁动并非调仓追热点的时机，今年3月下旬至4月 才是关键的结构调整决策窗口。从过去20年的历史来看，当年1月涨幅前三的行业与全年涨幅前三的行 业重合的概率为29%，慢牛路还长，踏空的投资者也无需过度焦虑。 上周五市场震荡拉升，沪指高开高走突破4100点，深成指涨超1%。沪深两市成交额3. ...

Group 1: Policy and Economic Measures - The State Council of China has announced a comprehensive policy to promote domestic demand through fiscal and financial collaboration, emphasizing the importance of effective demand expansion and innovative macroeconomic regulation [1] - The policy aims to enhance the synergy between fiscal and financial measures, encouraging social capital to participate in consumption and investment [1] - Specific measures include optimizing loan policies for service industry operators and personal consumption, as well as implementing interest subsidies for loans to small and micro enterprises [1] Group 2: Market and Investment Trends - The China Securities Regulatory Commission (CSRC) is working to improve the institutional environment for long-term investments, aiming to increase the proportion of long-term funds entering the market [2] - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, reflecting a 36% increase from the beginning of the year [2] - The scale of equity funds has grown from 8.4 trillion yuan to around 11 trillion yuan over the same period [2] Group 3: Corporate Developments - The CSRC has significantly raised the reward standards for whistleblowers reporting securities and futures violations, with the maximum reward now set at 1 million yuan [3] - Several companies, including Jia Mei Packaging and Guo Sheng Technology, are set to resume trading after completing investigations into stock price fluctuations, with Jia Mei's stock having surged over 230% in a short period [4] Group 4: Industry Updates - China has applied for frequency resources for over 200,000 satellites, with more than 190,000 of these applications coming from the Radio Spectrum Development and Technology Innovation Research Institute [5] - The Ministry of Finance and the State Taxation Administration announced the cancellation of export tax rebates for photovoltaic products starting April 1, 2026, and for battery products starting January 1, 2027, marking a significant policy shift for the photovoltaic industry [6] Group 5: International Relations - The U.S. Department of Commerce has withdrawn a plan to place Chinese-manufactured drones on a restricted list, which was initially proposed due to national security concerns [7][8] Group 6: Market Performance - The A-share market has shown strong performance, with the Shanghai Composite Index achieving a 16-day consecutive rise, surpassing 4,100 points and reaching a 10-year high [10] - The trading volume of the two markets has exceeded 3 trillion yuan, marking the fifth historical instance of surpassing this threshold [10]

人民财讯1月12日电，银河证券指出，关注"两条主线+两条辅助线"。主线一，全球百年未遇之大变局加 速演进，国内经济底层逻辑转向新质生产力。春季躁动行情中，科技创新与成长板块轮动上行机会较 大，人工智能、具身智能、新能源、可控核聚变、量子科技、航空航天等"十五五"重点领域值得关注。 主线二，反内卷政策温和推进，供需结构优化叠加价格回升预期带动下，制造业、资源板块盈利修复路 径清晰，重点关注有色金属、基础化工、电力设备等行业。辅助线一，2026年消费品以旧换新政策延 续，扩大内需政策导向下消费板块迎来布局窗口。辅助线二，出海趋势将带动企业盈利空间进一步打 开。 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index breaking through 4100 points and achieving a historical 16 consecutive days of gains, driven by sectors such as commercial aerospace, controllable nuclear fusion, brain-computer interfaces, humanoid robots, and resource stocks [1][11]. Group 1: Market Trends - The current market rally is attributed to concentrated inflows from previously cautious funds, with a notable focus on thematic stocks and small-cap stocks rather than traditional allocation strategies [3][13]. - Short-term market sentiment remains high, with no signs of weakening emotional indicators, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [3][13]. - The market is currently characterized by a high level of trading activity, with a significant increase in transaction volume, indicating strong investor confidence [16]. Group 2: Sector Recommendations - Analysts recommend focusing on sectors with high cost-performance ratios, particularly those benefiting from external demand recovery, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [4][14]. - The commercial aerospace sector is highlighted as a key area for investment, with expectations of continued upward momentum despite potential short-term profit-taking pressures [19]. - The resource sector, particularly traditional manufacturing, is advised for increased allocation, with a focus on enhancing pricing power [3][13]. Group 3: Future Outlook - February is anticipated to be a favorable period for the market, with historical data suggesting that significant trading volumes often lead to sustained upward trends [16]. - The market is expected to enter a phase of basic performance evaluation after the annual report disclosures in January, which may provide opportunities for investors to capitalize on growth potential [17]. - The overall sentiment indicates that the upward potential in the market outweighs the risks, with a focus on sectors that align with long-term growth trends, such as AI and semiconductor industries [20].

Group 1 - The A-share market is experiencing a year-end rally with accelerated rotation of hot sectors, including commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photolithography [1] - In December 2025, a total of 155 public fund institutions participated in A-share research, with Huaxia Fund leading with 100 research sessions [1][5] - As of January 11, 2026, stocks with multiple hot concepts have shown significant price increases, resulting in several "double stocks," while some stocks have experienced rapid declines due to short-term speculation [1] Group 2 - The brain-computer interface concept stock, Entropy Technology, was the most researched in early 2026, with 132 institutions participating in three research sessions [2] - Entropy Technology received a warning letter from the Guangdong Securities Regulatory Commission for five major violations, including inaccurate revenue recognition and related party transaction disclosures [2] - Superjet Co., involved in commercial aerospace, attracted 109 institutions for three research sessions in January, discussing its rocket structure component production line [3] - Guanglian Aviation, a leading private enterprise in aerospace equipment, also attracted significant attention with 79 institutions participating in two research sessions [3] - Dineike, focusing on smart home and medical communication devices, engaged 60 institutions in research, with a focus on its brainwave interaction technology [4] Group 3 - In December 2025, public fund institutions conducted over 3,400 research sessions across 451 stocks in 29 primary industries [5] - Notable strong stocks since December 2025 include Superjet Co. and Hualing Cable, with price increases exceeding 150%, while others like Guanglian Aviation and Haoshi Electromechanical saw increases over 120% [6] - Some popular stocks, such as Tianming Technology, experienced significant price corrections due to clarifications regarding their business focus [6]

今日关注 本周全球市场大事不断：中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公 布关税裁决；美联储将发布最新褐皮书，多位美联储官员将密集发声；美股财报季开启，摩根大通等将 披露最新业绩。重要会议方面，七国集团（G7）加其他国家财长会议将举行，中国核聚变与AIGC大会 召开。 宏观经济 1、1月10日至11日，全国商务工作会议在京召开。会议指出，全国商务系统2026年将重点做好深入实施 提振消费专项行动、推进全国统一大市场建设等八个方面工作。 2、国家医保局11日启动"个人医保云"建设试点。"个人医保云"将重点对接处理医院、药店、家庭智能 监测设备等数据，整合个人健康档案，形成个人医保财务档案，提供费用分析与医疗保障建议。 3、11日，由中国兵器工业集团完全自主研发的"天马-1000"无人运输机成功首飞。该型无人机是国内首 款实现"高原复杂地形适配、超短距起降、货运空投双模快速切换"的中空低成本运输平台。 4、据央视财经，截至1月9日，国内春节假期机票预订总量超300万张，日均预订量同比增长约20%。海 口在热门前10名城市中增速领跑，同比增长了1.2倍；三亚增长90%。拉萨、 ...

Group 1 - The A-share market is experiencing a year-end rally with accelerated rotation of hot sectors, including commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photoresist [1][3] - In December 2025, a total of 155 public fund institutions participated in A-share research, with Huaxia Fund leading with 100 research sessions [1][7] - Notably, stocks with multiple hot concepts have shown significant price increases, resulting in several "double stocks," while some stocks have experienced rapid declines due to short-term speculation [1][8] Group 2 - The brain-computer interface concept stock, Entropy Technology, has been the most researched since the beginning of 2026, attracting 132 institutions, including 36 public funds [3] - Superjet Co., involved in commercial aerospace, has also gained attention, with 109 institutions participating in its research sessions, focusing on its rocket structure component production line [4] - Guanglian Aviation, a leading private enterprise in aerospace equipment structure, has attracted 79 institutions for its research, emphasizing its participation in national projects [4] Group 3 - Companies like Dineike, focusing on smart home and medical communication devices, have attracted 60 institutions, with interest in their brainwave interaction technology [5] - Other notable companies include Guojijiang Precision Engineering and Tangyuan Electric, which are involved in commercial aerospace and robotics, respectively, attracting significant institutional interest [5] - Prior to the year-end rally, institutions had already begun research layouts, with 71 public institutions conducting at least 20 research sessions each in December 2025 [7] Group 4 - Since December 2025, several stocks have shown strong performance, with Superjet Co. and Hualing Cable seeing price increases of over 150%, while others like Guanglian Aviation and Haoshi Electromechanical have risen over 120% [8] - Conversely, some stocks, such as Tianming Technology, have experienced significant price corrections due to clarifications regarding their business focus, leading to a nearly 20% decline in early January 2026 [8]

Group 1 - The A-share market has seen strong performance in sectors such as commercial aerospace, brain-computer interfaces, storage chips, controllable nuclear fusion, and photolithography [1][2] - Institutional investors have been actively researching popular concepts since the beginning of 2026, indicating a strong desire to capitalize on the spring market [1][4] - Companies like Entropy Technology, which focuses on brain-computer interfaces, have attracted significant attention, with over 100 institutions participating in their research activities [1][2] Group 2 - Superjet Co., involved in commercial aerospace, has also garnered attention, with three research sessions attracting over 100 institutions, including 43 public funds [2] - Guanglian Aviation, a leading private enterprise in aerospace equipment, has participated in two research sessions with 79 institutions, focusing on national projects [2] - Companies like Dineike, which specializes in smart home and medical devices, have also attracted interest from dozens of institutions regarding their brainwave interaction technology [3] Group 3 - Many stocks associated with popular concepts have seen significant price increases, with Superjet Co., Hualing Cable, and Guanglian Aviation all rising over 120% since December 2025 [4] - Institutional research activity has been high, with 155 public institutions participating in A-share research in December 2025, covering 451 stocks [4] - The technology sector is viewed as the core theme for the A-share market in 2026, with artificial intelligence being a leading area of growth [4][5]

Group 1 - The core viewpoint of the news is the performance and investment strategies of two equity funds managed by Tongtai Fund, focusing on high stock positions and specific sectors like nuclear fusion and digital economy [1][2][3] - As of the end of 2025, the stock positions of Tongtai New Energy 1-Year Holding Stock and Tongtai Digital Economy Stock were 88.39% and 93.42% respectively, indicating a high level of investment commitment [1] - Both funds achieved net value growth in the fourth quarter and the entire year of 2025, with Tongtai New Energy 1-Year Holding Stock A and C shares recording growth rates of 26.28% and 26.16%, while Tongtai Digital Economy Stock A and C shares recorded growth rates of 3.49% and 3.38% [1] Group 2 - The funds are managed by Chen Zongchao, with a significant focus on the technology sector, particularly in controllable nuclear fusion and the broader digital economy [2] - The top ten holdings of Tongtai New Energy 1-Year Holding Stock include companies like Yongding Co., Ltd. and Dongfang Electric, while Tongtai Digital Economy Stock includes firms such as Zhongji Xuchuang and Cambrian [2] - Chen Zongchao anticipates that the nuclear fusion industry will see substantial investment growth in the next 3 to 5 years, supported by policies and planning in various regions [2] Group 3 - Looking ahead to 2026, the industry is expected to experience structural opportunities driven by AI, with a focus on AI large models and computing power [3] - The investment strategy for Tongtai Digital Economy Stock will involve multi-track investments in the technology sector to enhance risk-return ratios for investors [3] - The controllable nuclear fusion sector is still in its early stages, and Tongtai New Energy 1-Year Holding Stock will focus on selecting individual stocks to minimize portfolio volatility and create long-term returns [3]

Key Points - Major asset restructuring plans are underway for several companies, including JiaoYun Co. and Dongzhu Ecology, with significant risks of termination noted for Dongzhu Ecology's restructuring efforts [11][12] - ST KeliDa is set to resume trading on January 12, 2026, following a proposed change in its actual controller [5] - NineLink Technology has terminated its major asset restructuring plans due to disagreements on core transaction terms [6] - Companies like Huazhou Laojiao and others have announced substantial profit distributions and performance forecasts, indicating positive growth trends [8][9][10] Focus Area 1: Asset Restructuring - JiaoYun Co. is planning a major asset swap involving its automotive sales and service segments with assets from its controlling shareholder [11] - Dongzhu Ecology is attempting to acquire control of Kai Rui Xing Tong Information Technology but faces significant termination risks due to valuation disagreements [12] - NineLink Technology has decided to halt its plans to acquire a 51% stake in Chengdu Neng Tong Technology after failing to reach consensus on key transaction details [6] Focus Area 2: Trading Resumption and Risk Warnings - ST KeliDa will resume trading on January 12, 2026, after a proposed change in its actual controller [5] - China First Heavy Industries and Oriental Pearl have issued risk warning announcements regarding their stock trading, highlighting the volatility and lack of revenue from certain projects [3][4] Focus Area 3: Performance Forecasts - Huazhou Laojiao expects a net profit of between 235 million to 271 million yuan for 2025, a significant recovery from a loss in the previous year [8] - China Shipbuilding Defense anticipates a net profit increase of 149.61% to 196.88% for 2025, driven by improved production efficiency and revenue from joint ventures [9] - Daotong Technology projects a net profit of 900 million to 930 million yuan for 2025, reflecting a growth of 40.42% to 45.10% [10]