Group 1 - The market is currently experiencing a high level of enthusiasm, with a focus on theme stocks and small-cap stocks, while traditional investment funds are more cautious [2] - The expectation is that the market will continue to show a pattern of oscillation and upward movement until the National People's Congress, driven by improved domestic demand expectations [2] - There is a recommendation to focus on resources and traditional manufacturing sectors, as well as to increase allocation in non-bank financials to reduce portfolio volatility [2] Group 2 - A-share valuations are expected to continue to rise, with a potential rebound in overall ROE by 2026, influenced by factors such as increased profits from emerging industries and a slowdown in PPI [3] - The influx of certain types of funds, including regulatory, insurance, and bank wealth management funds, is seen as a solid foundation for the A-share market [3] - The market is likely to see a continuation of the spring rally, with a focus on small-cap stocks and potential adjustments providing good entry points for investors [3] Group 3 - The current market environment suggests limited downside risk and significant potential for upward movement, particularly in the commercial aerospace sector, which is experiencing positive changes [5] - The market is characterized by a concentration of themes and strong trading sentiment, with upcoming earnings reports expected to drive structural adjustments [5] - There is a focus on sectors such as AI, semiconductor, and resource price increases as key areas for investment [9] Group 4 - The spring rally is supported by improved liquidity and a favorable economic environment, with expectations of continued strong performance in the A-share market [6] - The focus on technology and growth sectors is expected to provide significant investment opportunities, particularly in AI applications and commercial aerospace [11] - The market is likely to remain strong leading up to the Spring Festival, with a focus on sectors benefiting from policy support and economic recovery [14]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The convertible bond market sentiment is high due to the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. The median market price of convertible bonds increased by 5 yuan to 138 yuan, and the valuation continued to rise while the underlying stocks were rising. The premium rates of convertible bonds in each parity range are close to the 100% quantile of historical levels, and the convertible bond ETF shows a significant net inflow trend. Looking forward, due to seasonal effects, some institutions with calendar - year assessments such as annuities and securities dealers' proprietary trading may gradually increase their positions in January. There is still a small room for the valuation of convertible bonds to increase. Relative - return investors are advised to allocate small - position and well - balanced non - redeemable equity - biased convertible bonds with suitable premium rates, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Summary by Relevant Catalogs Market Focus (January 5 - January 9, 2026) Stock Market - A - shares rose rapidly after the New Year's Day holiday, with the Shanghai Composite Index breaking through 4000 points and the daily trading volume reaching nearly 3 trillion yuan. The technology - growth style led the rise, with sectors such as brain - computer interface, commercial aerospace, and controllable nuclear fusion performing well, while the dividend sector lagged behind. By industry, most Shenwan primary industries rose, with the comprehensive (14.55%), national defense and military industry (13.63%), media (13.10%), non - ferrous metals (8.56%), and computer (8.49%) sectors leading the gains, and the banking (-1.90%), transportation (0.23%), petroleum and petrochemical (0.29%), and agriculture, forestry, animal husbandry and fishery (0.98%) sectors performing poorly [1][6][7] Bond Market - At the beginning of the year, the central bank continued to conduct net withdrawals in the open market, but the capital market remained generally balanced and loose. Affected by the continuous rise of the equity market and the strong performance of the commodity market, the bond market was generally weak in shock. The 10 - year Treasury bond yield closed at 1.88% on Friday, up 1.98bp from the previous week [1][7] Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index rose 4.45% for the whole week, the median price rose 3.60%, and the arithmetic average parity calculated by the report rose 5.79%. The overall conversion premium rate decreased by 0.55% compared with the previous week. In terms of individual bonds, the convertible bonds of Seli (AI medical), Dingjie (AI application), Dinglong (semiconductor), Shengxun (AI security), and Borui (innovative drugs) led the gains, while those of Tianchuang (control right change), Dianhua (solid - state battery), Huarui (CNC cutting tools & announced forced redemption), Huanxu (sip module & announced forced redemption), and Maolai (precision optics) led the losses. The total trading volume of the convertible bond market last week was 468.504 billion yuan, with an average daily trading volume of 93.701 billion yuan, an increase from the previous week [1][7][11] Views and Strategies (January 12 - January 16, 2026) - The convertible bond market sentiment is high under the strengthening of equities and seasonal effects. The equity market rose rapidly after the New Year's Day holiday, and the convertible bond market also performed strongly. From the data of convertible bond holders in December, public funds and social security funds increased their positions, while the positions of insurance and annuity institutions reached the lowest level since 2022, and the reduction of securities dealers' proprietary trading has slowed down. Looking forward, due to seasonal effects, some institutions may gradually increase their positions in January, and the convertible bond valuation still has a small room for improvement. Relative - return investors are advised to allocate non - redeemable equity - biased convertible bonds with suitable premium rates in small positions, and absolute - return investors are recommended to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations [2][16] Valuation Overview - As of January 9, 2026, for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan are 51.34%, 41.94%, 29.84%, 26.12%, 23.41%, and 17.71% respectively, located at the 99%/100%, 98%/100%, 96%/99%, 99%/100%, 98%/100%, and 99%/100% quantiles since 2010/2021. For debt - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan is - 4.06%, located at the 2%/5% quantiles since 2010/2021. The average implied volatility of all convertible bonds is 50.47%, located at the 96%/100% quantiles since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks is 9.41%, located at the 97%/100% quantiles since 2010/2021 [17] Primary Market Tracking - Last week (January 5 - January 9, 2026), Lianrui Convertible Bond announced its issuance, and no convertible bonds were listed. The underlying stock is Lianrui New Materials, a leading company in the basic chemical industry. The scale of the convertible bond issuance is 695 million yuan, and after deducting the issuance fees, it is planned to be used for high - performance high - speed substrate ultra - pure spherical powder material projects, high - thermal - conductivity high - purity spherical powder material projects, and supplementary working capital. As of the announcement on January 9, there are no convertible bonds announced for issuance or listing in the next week. Last week, there was 1 new company approved for registration by the exchange (Naipu Mining Machinery), 1 new company accepted by the exchange (Shangluo Electronics), and 4 new companies with board proposals (Quanxin Co., Ltd., Fujia Co., Ltd., Yilian Technology, Zhenhua Co., Ltd.). As of now, there are 97 convertible bonds to be issued, with a total scale of 150.27 billion yuan, including 7 approved for registration with a total scale of 8.34 billion yuan and 5 approved by the listing committee with a total scale of 2.91 billion yuan [24][25]

Group 1: Drone Industry - The "Tianma-1000" unmanned transport aircraft developed by China Weapon Industry Group successfully completed its first flight test, showcasing good performance across various flight data [1] - The aircraft is designed for logistics transport, emergency rescue, and material delivery, with a maximum altitude of 8,000 meters, a takeoff distance of less than 200 meters, a maximum range of 1,800 kilometers, and a payload capacity of 1 ton [1] - The Chinese civil drone market is expected to reach approximately 146.8 billion yuan in 2024, with a projected compound annual growth rate of 18.3% from 2024 to 2030, indicating strong growth potential [1] Group 2: Rare Earth Industry - The Baotou Rare Earth Products Exchange has launched a rare earth price index, which will serve as a price "barometer" and "weather vane" for the rare earth product circulation sector in China [2] - Analysts predict that rare earth prices will continue to rise due to ongoing supply-demand improvements, with upstream processing enterprises likely to dominate profit distribution in the industry [2] Group 3: Fertility Support Policies - The National Health and Wellness Conference emphasized the implementation of fertility support policies, including the issuance of childcare subsidies and the optimization of maternal and child services to stabilize the birth rate [3] Group 4: Satellite Internet - The FCC has approved SpaceX's request to deploy an additional 7,500 second-generation Starlink satellites, increasing its total operational satellites to 15,000 [4] - China's application for over 200,000 satellite constellation plans indicates a strategic national-level initiative to enhance its capabilities in low Earth orbit and compete with Western countries [4] Group 5: Solid State Drives - SanDisk has introduced a new contract requiring full cash prepayment from customers to secure supply quotas for the next 1 to 3 years, driven by strong demand for storage devices in AI infrastructure [5] - The price of enterprise-grade SSDs is expected to increase by over 100% in March, reflecting aggressive price hikes in the NAND market [5] Group 6: Controlled Nuclear Fusion - New Hope has successfully tested its second-generation high-temperature superconducting model TF coil, a critical component for commercial fusion reactors [6] - The hydrogen-boron fusion technology is included in China's national fusion energy strategy, highlighting its potential for clean energy and commercialization [6] Group 7: Lithium Extraction from Salt Lakes - A research team from the Qinghai Salt Lake Research Institute has achieved a significant breakthrough in lithium extraction technology, enhancing lithium recovery rates by 15% to 20% and reducing costs by 30% [7] - The development of a large-scale lithium extraction demonstration line is expected to generate over 600 million yuan in new value, positioning China as a key player in the global lithium supply chain [7] Group 8: Macro and Industry News - The State Council has called for enhanced coordination between fiscal and monetary policies to encourage social capital participation in consumption and investment [8] - The National Business Work Conference aims to accelerate the cultivation of new growth points in service consumption and optimize the implementation of old-for-new consumption policies [10]

Group 1: Market Trends and Opportunities - A-shares continue to show a trend of oscillating upward, with a focus on structural investment opportunities as the market may experience increased short-term volatility [1] - Investors are encouraged to seize opportunities during market fluctuations, particularly before the Spring Festival, and to pay attention to the performance forecasts of listed companies as the reporting window opens in January [1] - Key sectors to watch include AI applications, robotics, controllable nuclear fusion, and quantum technology, along with a clear recovery path in manufacturing and resource sectors, particularly in non-ferrous metals, basic chemicals, and power equipment [1][5] Group 2: Regulatory and Policy Developments - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening comprehensive reforms in investment and financing, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The Ministry of Commerce outlines key work for 2026, prioritizing actions to boost consumption, including the promotion of the "Buy in China" brand and the development of new growth points in service consumption [3] Group 3: Sector-Specific Insights - China Galaxy Securities highlights the potential for structural investment opportunities in AI, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace, as well as a clear recovery path in manufacturing and resource sectors [5] - Zhongtai Securities recommends focusing on the robotics sector, which has seen consistent capital inflow and remains a key area of interest [6] - Bank of China Securities notes that AI applications offer a high cost-performance ratio, with the AI industry experiencing various phases of market rotation since 2025 [7] - Yongying Fund anticipates that AI technology will continue to be a market driving force, with a shift in market narrative expected towards fundamental improvements [8] - Huaxia Fund observes an increase in the investment potential of Hong Kong stocks, with improved valuation compared to the U.S. Nasdaq index [9] - Industrial and Commercial Bank of China Fund reports a sustained high level of activity in the engineering machinery sector, with domestic demand and export growth contributing to an upward trend [10]

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - TMTG plans to start construction of the world's largest commercial fusion power plant in 2026, aiming to accelerate the deployment of fusion energy to support AI development [1] - The initial construction will involve a 50MW fusion power plant, with a long-term goal of achieving a power supply capacity of 350-500MW, targeting first power generation by 2031 [1] - The construction plan marks the first major action following the merger between TMTG and TAE Technologies, which is valued at $6 billion and expected to complete by mid-2026 [1] - The fusion energy sector is experiencing significant momentum, with strong policy support, ongoing advancements in technology, and increasing capital investment [2][3] Summary by Sections Policy Developments - Fusion energy has been explicitly included in the national "14th Five-Year Plan" and is positioned as a core future industry, with unprecedented policy support [2] Industry Progress - Steady progress in the construction of fusion devices is noted, with breakthroughs in various technical paths, including the successful completion of key plasma control coil manufacturing for the JT-60SA and advancements in Tokamak Energy's current capabilities [2] - Other projects, such as the quasi-symmetric stellarator in Chengdu, are on track for completion by 2027, and significant milestones have been achieved in neutral beam heating technology [2] Capital Investment - Recent funding rounds indicate strong investor interest, with Helical Fusion securing $38 million in A-round financing and other startups in the fusion sector also raising significant capital [3] Investment Recommendations - Key midstream equipment companies to focus on include Lianchuang Optoelectronics, Xuguang Electronics, and others [4] - Upstream material companies such as Yongding Co., Western Superconducting, and Jingda Co. are also highlighted as potential investment opportunities [4]

中信建投研报认为，近期美元指数有所反弹，但人民币汇率仍然坚挺，整体环境对A股仍然较为有利。 通胀水平温和回升，经济复苏的内生动能逐渐修复，利好A股慢牛行情持续性。从市场情绪看，我们认 为跨年行情有望继续演绎，但短期技术性回调风险上升。当前市场行业表现分化，有充分预期的板块横 盘等待兑现验证，与此同时概念主题表现活跃，前期落后板块补涨。整体而言，我们继续看好跨年行 情，行业主要围绕未来产业热点、AI和半导体、资源品涨价链展开。行业重点关注：半导体、AI、有 色金属、化工、机械、传媒、计算机、医药；主题重点关注：脑机接口、商业航天、可控核聚变、人形 机器人、量子科技等。 ...

Core Viewpoint - The military industry is experiencing a significant surge, with the military ETF Huabao (512810) showing strong performance as 73 out of 80 constituent stocks rose, and several stocks hitting historical highs [1][8]. Group 1: Market Performance - The military ETF Huabao (512810) opened high and surged over 5.5% during the day, closing with a gain of 3.91%, marking four consecutive days of record highs [2][9]. - The ETF recorded a trading volume of 1.32 billion yuan, the highest in nearly a month, and has seen a steep increase of 13.57% this week, significantly outperforming major indices like the Shanghai Composite Index (+3.82%) and the ChiNext Index (+3.89%) [2][9]. Group 2: Stock Highlights - Notable stocks within the ETF include Zhangbo Technology (688270) with a 19% increase, Huamai Technology (688281) up by 18.92%, and Guoke Military Industry (688543) rising by 18.01% [2][9]. - Other significant performers include Shanghai Chaoxun (300762) with a 15.23% rise, Guobo Electronics (688375) up 12.91%, and Western Superconductor (688122) increasing by 11.32% [2][9]. Group 3: Industry Catalysts - The booming military market is driven by multiple factors, including the ongoing development of commercial aerospace under the "Aerospace Power" strategy, which is expected to see the commercial aerospace industry in China reach a scale of 8 trillion yuan by 2030 [4][11]. - The Huabao ETF covers 24 commercial aerospace concept stocks, accounting for over 32% of its total weight [4][11]. Group 4: Global Military Trade Outlook - According to Huatai Securities, the global military trade market is expected to grow, with China's market share in military trade at only 5.87% from 2020 to 2024, compared to the United States' 42.64% [5][12]. - The ongoing geopolitical tensions, such as the India-Pakistan conflict, are expected to highlight the international competitiveness of Chinese military equipment, positioning military trade for rapid growth in the upcoming "14th Five-Year Plan" [5][12].

中泰证券发布研究报告称，短期内市场或延续上行趋势，遇震荡行情，投资者可把握逢低布局机遇，抓 住春节前的重要窗口期配置价值。从板块配置角度看，机器人方向在本轮拉升过程中持续获得资金净流 入，板块上涨并未出现明显资金背离，趋势尚未结束，仍是当前阶段最重点建议关注的主线方向。商业 航天板块资金流入态势同样强劲，但当前交易拥挤度已处于历史高位，板块运行或由前期主升阶段逐步 转向第二阶段的"主题扩散"行情，操作上需更加注重节奏与分化。此外，可控核聚变、体育与消费者服 务、有色金属等方向亦出现资金持续流入迹象，若1月中旬市场局部出现震荡调整，上述板块有望成为 值得重点布局的结构性方向。 ...

Core Viewpoint - The market is expected to continue its upward trend in the short term, with opportunities for investors to strategically position themselves before the Chinese New Year [1][2]. Market Performance - The A-share market has shown strong upward momentum, with major indices like the Wind All A, CSI 300, and CSI 2000 rising by 5.11%, 2.79%, and 6.54% respectively this week [2]. - The Shanghai Composite Index has risen by 3.82%, surpassing 4100 points and achieving a 16-day consecutive increase, marking a significant trend [2]. - Daily trading volume has increased, with the average daily turnover reaching 2.85 trillion yuan, and a single-day turnover exceeding 3 trillion yuan, indicating a strong influx of new capital [2]. Sector Analysis - The robotics sector has seen continuous net inflows, indicating it remains a key focus area for investment [1]. - The commercial aerospace sector is also experiencing strong capital inflows, but its trading density is at historical highs, suggesting a shift from a primary upward phase to a "theme diffusion" phase [1][3]. - Other sectors such as controllable nuclear fusion, sports and consumer services, and non-ferrous metals are showing signs of sustained capital inflows, making them potential structural investment opportunities [1]. Industry Highlights - The technology sector has been a strong market driver, with significant gains in media (13.11%), computer (8.50%), and electronics (7.74%) industries [3]. - The defense and military industry has surged by 13.63%, influenced by geopolitical events and the ongoing development of commercial aerospace [3]. - Non-ferrous metals have also risen by 8.56%, supported by strong demand and strategic reserves [3]. Future Outlook - The upward trend in indices is likely to continue as long as trading volume remains robust, with average daily turnover increasing by 51.63% compared to the previous month [4]. - The market is expected to focus on technology sectors and resource demand, with a potential shift towards less crowded segments within technology [4]. - The growth of northbound and leveraged funds is providing strong momentum for the market, with margin financing balances steadily breaking previous highs [4].

记者丨 庞华玮 编辑丨张星 1月9日，上证指数时隔10年再度突破4100点，全市场成交量突破3万亿元，达3.15万亿元。 截至收盘，上证指数上涨0.92%，报4120.43点；深成指涨1.15%，创业板指涨0.77%。 总体来看，机构对后市普遍较乐观，但认为短期需防市场波动，给出的策略大多倾向于均衡配 置。 1月9日，A股市场表现强劲，三大指数集体上涨，上证指数收盘报4120.43点，为2015年7月底 以来首次站上4100点。 全市场超3900只个股上涨，其中110家公司涨停，连续2日超百股涨停。 全市场成交额达3.15万亿元，上一次突破3万亿元大关已是2025年9月18日，历史第五次突破3 万亿，当天市场情绪活跃。 2026年开年以来A股表现活跃。上证指数在2026年第一周（1月5日～1月9日）累计上涨 3.82%，完成了从3900点到4100点的跨越。 这一周A股量价齐升。前四天，全市场成交额连续超过2.5万亿元，周五则直接飙升至3.15万亿 元。 4 1 0 0点背后 1月9日A股涨幅居前的申万一级行业主要集中在传媒、国防军工、计算机、有色金属，受到AI 应用落地预期、商业航天政策催化等影响以上行业表 ...