Market Overview - The A-share market experienced a collective rise, with major indices reaching above 4100 points, marking a "16 consecutive days of gains" [1] - The Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% [1] Sector Performance - Leading sectors included brain-computer interfaces, medical services, and military electronics, while airport shipping, banking, and Hainan Free Trade Zone sectors saw declines [1] Economic Events - Key upcoming financial events include the G7 finance ministers meeting on January 12, OPEC's monthly oil market report on January 14, and the Federal Reserve's economic conditions beige book on January 15 [1] Brokerage Strategies - **CITIC Securities**: Focus on resource and traditional manufacturing pricing power, with expectations of continued market momentum until the Two Sessions, driven by improved domestic demand [1] - **Guotai Junan Securities**: A-share ROE is expected to rise by 2026 after 14 quarters of decline, stabilizing valuations and supporting a slow bull market for A and H shares [2] - **Everbright Securities**: Anticipates continued market heat in the short term, driven by policy support and economic growth, with a focus on electronics, power equipment, and non-ferrous metals [3] - **Dongwu Securities**: Recommends focusing on growth sectors, particularly AI, aerospace, and cyclical price increases in industrial metals and chemicals [4] - **China Galaxy**: Highlights structural investment opportunities with increased fund inflows and a focus on performance forecasts and economic data [5] - **Huajin Securities**: Suggests focusing on technology and cyclical growth sectors, with an emphasis on military, electric new energy, and AI applications [6] - **Zheshang Securities**: Predicts a direct upward market trend, recommending balanced industry allocation and focusing on mid-cap growth indices [7] - **Cinda Securities**: Notes increased market trading volume and risk appetite, suggesting themes related to price increases and sectors with potential policy or technological catalysts [8]

Core Insights - The Chinese consumer market is experiencing a significant transformation, moving from quantity to quality, driven by various factors including government policies and changing consumer preferences [1][4][6] Group 1: Consumer Activity - During the New Year holiday, 142 million domestic trips were made in China, with total spending reaching 84.789 billion yuan, indicating strong consumer activity [1] - Hainan's duty-free sales on January 1 reached 251 million yuan, a year-on-year increase of 93.8%, showcasing the appeal of winter tourism and shopping [2] - The rise of "China Shopping" reflects a shift in purchasing trends, with consumers increasingly buying high-tech products and cultural items rather than traditional goods [2][3] Group 2: Policy Support - The Chinese government is implementing a series of policies aimed at stimulating consumption, including a more proactive fiscal policy and specific actions to boost consumer spending [4][5] - The "14th Five-Year Plan" emphasizes promoting consumption as a key driver for balanced economic growth, highlighting the importance of consumer spending in the overall economy [5][6] Group 3: Economic Resilience - China's consumer market is not only recovering but also showing signs of structural optimization and enhanced internal momentum, contributing to economic resilience [6] - Retail sales of consumer goods increased by 4% year-on-year in the first eleven months of 2025, indicating a steady expansion of market demand [6] Group 4: Global Opportunities - Global companies and investors are encouraged to adapt to the evolving Chinese market, particularly in retail and service sectors, to capitalize on the growing consumer base [7] - There is a notable shift in consumer preferences towards local products and experiences, presenting new opportunities for foreign brands to tailor their strategies to meet local demands [7]

本报讯 （记者 林清智） 1月11日，九三学社福建省第九届委员会第五次全体会议在福州召开。会议传 达学习中共中央党外人士座谈会、中央经济工作会议、中共福建省委十一届九次全会、中共福建省委党 外人士座谈会和省委经济工作会议精神，审议九三学社福建省第九届委员会常务委员会工作报告和内部 监督委员会工作报告，并通过相关决议。 会议指出，2025年是"十四五"规划收官之年，也是九三学社创建80周年。一年来，九三学社福建省委会 持续强化政治理论武装，扎实开展主题教育，团结带领全省各级组织和广大社员，围绕中心工作，发挥 界别优势，聚焦协商议政、调查研究和民主监督履职尽责，不断拓展社会服务实效，稳步推进自身建 设，为服务中国式现代化福建实践作出了积极贡献。 会议强调，2026年是"十五五"规划开局之年，福建九三学社要坚持以习近平新时代中国特色社会主义思 想为指导，全面贯彻中共二十大及二十届历次全会精神，深入落实习近平总书记对福建工作的重要讲话 重要指示精神，认真履行参政党职责，传承弘扬优良传统，在凝聚共识上实现新提升，在参政履职上展 现新作为，在拓宽服务领域上实现新突破，在强基固本上迈向新台阶，为奋力谱写新征程新福建建设新 ...

近日，如皋市江安镇邀请如皋市委宣讲团成员、南通师范高等专科学校马克思主义学院院长孙红兵作学 习贯彻党的二十届四中全会精神专题宣讲报告，旨在推动全会精神在基层一线落地生根、凝聚发展合 力。 下一步，江安镇将持续擦亮"红润江安 e心向党"宣讲品牌，组织理论宣讲队深入村居、企业、学校，开 展对象化、分众化、互动化宣讲，持续掀起学习贯彻全会精神的热潮，凝聚起奋进"十五五"、建功新时 代的磅礴力量。 石乐然 （来源：新华日报） 会议强调，全镇上下务必把学习贯彻全会精神作为重大政治任务，坚持原原本本学全会公报、联系红色 历史学精神内涵、结合镇域实际学实践要求。要严格落实上级部署要求，扎实抓好全会精神的传达学 习、宣传阐释和贯彻落实，确保取得实效。要把学习成果与全年重点工作紧密衔接，锚定经济社会发展 目标真抓实干，为"以港强市"贡献更多江安力量。 报告会上，孙红兵以《深入学习贯彻党的二十届四中全会精神 科学谋划"十五五"规划》为题，对全会 精神进行了系统阐述和深入解读。与会党员干部、群众代表纷纷表示报告逻辑严谨、内容翔实，既契合 时代发展大势，又贴合基层工作实际，为今后开展工作提供了清晰指引和有力遵循。 ...

Group 1 - The North Exchange 50 index increased by 5.82%, with average daily trading volume rising by 34.58% [4][12] - The strongest sectors this week included military, TMT, and pharmaceuticals, with the commercial aerospace sector showing significant strength [7][8] - Notable stock performances included Tianli Composite (+35.97%), Huitong New Materials (+23.77%), and Beikang (+45.1%) [4][7] Group 2 - The North Exchange's strong stock ratio increased to 38.7%, indicating potential for continued market momentum [7][11] - The report highlights a shift in market style from small-cap stocks to growth sectors, particularly in AI computing and other emerging technologies [7][8] - The report emphasizes the importance of timing in thematic investments, particularly in the context of the upcoming "14th Five-Year Plan" [7][8] Group 3 - The report identifies key sectors to watch in the upcoming week, including the space photovoltaic industry and AI applications [8] - Specific companies of interest include Liancheng Numerical Control, Optech, and Deepseek V4, among others [8] - The report anticipates a return of absolute return funds in early 2026, with a focus on undervalued stocks [8] Group 4 - The North Exchange had 287 companies listed as of January 9, 2026, with new listings and approvals ongoing [24][28] - This week, five new companies were listed, and five were delisted, with a total planned financing of 221 million yuan [42][44] - The report notes that the North Exchange's PE (TTM) median is 42.05 times, reflecting a positive trend in valuations [12][19]

Core Viewpoint - The chief economist of AVIC Securities, Dong Zhongyun, stated that China's development momentum will become increasingly strong by 2026 [1][4]. Group 1: Key Themes of the 14th Five-Year Plan - The core keywords of the 14th Five-Year Plan are domestic demand, technology, and openness [3][6]. - The plan emphasizes the construction of a national unified market, focusing on technological breakthroughs through extraordinary measures, and promoting institutional openness [3][6]. Group 2: Importance of Expanding Domestic Demand - It is essential for China to accelerate the construction of a national unified market to facilitate the smooth operation of both international and domestic dual circulation, thereby cultivating a strong domestic demand market and enhancing economic resilience in extreme situations [3][7]. Group 3: Commitment to Openness - China is committed to institutional openness and will continue to expand high-level openness, which is necessary for integrating into the global economy and demonstrating the responsibilities of a major power [4][7]. - In the context of changing global political and economic landscapes, funds are expected to flow towards safe, stable, and high-potential countries, with China becoming an important "safe haven" for global capital by 2026 [4][7].

Core Viewpoint - The article discusses the outcomes of the National Business Work Conference held on January 10-11, emphasizing the importance of implementing key strategies for business development in China, particularly in the context of the 14th Five-Year Plan and the upcoming 15th Five-Year Plan [1][3]. Summary by Sections Business Development Goals - The year 2025 is highlighted as a significant year for business development, with the aim to achieve stable growth in commerce, boost consumption, and optimize foreign trade and investment structures [3][4]. - The conference outlines the necessity of aligning business strategies with the central government's directives to ensure effective implementation of economic policies [4]. Key Areas of Focus for 2026 - Eight key areas of work are identified for the national business system in 2026, which is the starting year for the 15th Five-Year Plan: 1. Implementing special actions to boost consumption and creating the "Buy in China" brand [4][5]. 2. Establishing a modern market and circulation system to promote a unified national market [5]. 3. Innovating trade development and promoting the "Export China" brand [6]. 4. Creating new advantages for attracting foreign investment and enhancing the "Invest in China" brand [7]. 5. Aligning with international high-standard economic and trade rules to enhance open highland construction [7]. 6. Effectively managing foreign investment and guiding cross-border supply chain layouts [7]. 7. Deepening multilateral and bilateral economic cooperation for mutual benefits [7]. 8. Preventing and mitigating risks to ensure a secure and resilient supply chain [8]. Leadership and Governance - The conference emphasizes the importance of strong leadership in business operations, advocating for high-quality governance and adherence to the central government's policies [8]. - It calls for a collective effort within the business system to ensure the successful initiation of the 15th Five-Year Plan, contributing to national modernization and rejuvenation [8].

转自：中国商报 本周（1月5日至9日）是2026年的第一个交易周，A股市场量价齐升，收获了实打实的2026年"开门红"。 上证指数延续去年末连阳走势，频创新高。深证成指突破14000点，创业板指、上证50、沪深300等也均创多年新高。超4700家股票周度累计上涨，为近期 表现最好的一周。 （来源：中国商报） 业内人士提醒，对于投资者而言，业绩预告仅为初步核算结果，具体数据需以正式年报为准。随着年报披露季的推进，业绩分化格局或进一步显现，资本 市场的价值发现功能将持续发挥作用。 中国上市公司协会近期发布的《2025年A股上市公司市值表现报告》显示，截至2025年年底，A股上市公司共5469家，总市值123万亿元。其中，2025年新 增上市公司116家，2025年1月1日前上市的存量公司5353家，2025年存量上市公司总市值同比增长22.5%。从总体来看，过去一年，A股上市公司市值持续 修复，资本市场稳健上涨。 | ↓日期 | 内地 | | | | --- | --- | --- | --- | | | 上涨家数 | 亚盘宝数 | Nist 2 3 7 | | 2026-01-09 | 4.749 | 40 | ...

Group 1 - The Hong Kong government is set to release a new budget on February 25, which is expected to show a recovery in operating surplus due to increased overall revenue from a thriving financial market, including stamp duty [1] - The financial sector, which accounts for 26% of Hong Kong's GDP, has shown strong performance, leading to greater market demand and positive expectations for the industry [1] - The trade sector, contributing 15% to Hong Kong's GDP, also supported the economy last year due to strong exports, while major events attracted more tourists, enhancing market sentiment [1] Group 2 - The Hong Kong government plans to increase investment in public works, which will result in a capital account deficit for the current year [2] - The government intends to utilize market forces, including moderate bond issuance, to support infrastructure development [2] - The ratio of the government's outstanding debt to GDP is approximately 12%, which is considered healthy on an international scale [2]

Group 1 - The major indices have shown significant increases, with the Shanghai Composite Index rising by 3.82%, the Shenzhen Component by 4.40%, and the ChiNext by 3.89% [1][16] - Most industry main lines are not showing obvious overheating signs and remain in a position where accumulation is possible [2][17] - The A-share ROE is expected to rise for the first time in five years after 14 consecutive quarters of decline, which is a prerequisite for stabilizing valuations [2][17] Group 2 - The spring market is characterized by a lack of major downside risks, with only short-term adjustments expected after sufficient market performance [3][18] - The market is likely to continue its upward trend, with a focus on technology as the main line of the bull market [5][20] - The current market structure shows a significant increase in trading volume, indicating sustained market activity [29] Group 3 - The upcoming policy catalysts, including the review of the 14th Five-Year Plan and potential improvements in Sino-US trade relations, are expected to stabilize market expectations [4][19] - The market is experiencing a "rotation + broad rise" state, with small-cap growth indices performing particularly well [7][22] - Investors are advised to focus on sectors such as AI applications, traditional consumption benefiting from policy support, and undervalued real estate [21][24] Group 4 - The short-term market may continue its upward trend, with significant inflows into sectors like robotics and commercial aerospace [8][24] - The commercial aerospace sector has shown strong capital inflows, although it is currently at a historically high trading density [8][25] - The overall market sentiment is improving, supported by macroeconomic factors and policy measures [28][29]