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 ...

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index breaking the 4100-point mark for the first time in nearly a decade, indicating a positive market sentiment and increased trading volume [1][4]. Market Performance - On January 9, the Shanghai Composite Index closed at 4120.43 points, up 0.92%, while the Shenzhen Component Index rose by 1.15% and the ChiNext Index increased by 0.77% [2]. - The total market turnover exceeded 3.15 trillion yuan, marking the fifth time in history that it has surpassed the 3 trillion yuan threshold [5]. - Over 3900 stocks in the market rose, with 110 companies hitting the daily limit up, reflecting a vibrant market atmosphere [5]. Sector Analysis - The leading sectors on January 9 included media, defense, computer, and non-ferrous metals, driven by expectations of AI applications and supportive policies for commercial aerospace [6]. - The AI application concept saw significant gains, with over twenty stocks hitting the daily limit up, while the commercial aerospace sector continued its strong performance [6]. Institutional Insights - Institutions generally hold an optimistic view of the market's future, with strategies leaning towards balanced allocation due to potential short-term volatility [3][10]. - Analysts highlight that the current market rally is supported by policy backing, a shift of household savings into capital markets, and continuous foreign capital inflow [7]. - The recent appreciation of the yuan and increased attention from overseas investors are also contributing to market growth [7]. Investment Strategies - Institutions recommend a "barbell" strategy for 2026, focusing on high-growth sectors like AI and semiconductors while also considering defensive assets that benefit from global recovery [15]. - Key investment opportunities are identified in high-growth industries such as AI, innovative pharmaceuticals, and military technology, as well as cyclical sectors like chemicals and agriculture [15]. - Analysts suggest that the current market breadth is sufficient, with many quality leading companies still having reasonable valuations, advocating for long-term value investment rather than short-term speculation [15].

Group 1 - The core viewpoint of the article emphasizes that the first quarterly reports of equity funds from Tongtai Fund highlight a strong focus on new productive forces, particularly in technology sectors such as computing power, semiconductors, and controllable nuclear fusion [2][3][10]. - The quarterly report reveals that the Tongtai Digital Economy Stock Fund maintains a high stock position, with a stock value accounting for 93.42% of total fund assets, showing a nearly 20% increase in fund size due to net value growth [8][10]. - The fund manager expresses confidence in technology innovation and new productive forces as key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. Group 2 - The Tongtai Digital Economy Stock Fund's top ten holdings are concentrated in core technology areas, with significant adjustments made compared to the previous quarter, including new additions and reductions in holdings [4][6]. - The Tongtai New Energy Preferred One-Year Holding Period Stock Fund focuses on the controllable nuclear fusion sector, with notable changes in its top ten holdings, reflecting a strategic shift in investment focus [6][11]. - The fund manager highlights the potential of controllable nuclear fusion as a long-term energy solution, although it is still in the early stages with high uncertainty and risks associated with various technological routes [11].

Economic Indicators - In December 2025, China's Consumer Price Index (CPI) rose by 0.8% year-on-year, marking the highest increase since February 2023, with the previous value at 0.7% [2] - The Producer Price Index (PPI) fell by 1.9% year-on-year in December, continuing a decline for the 39th consecutive month, although the rate of decline narrowed by 0.3% compared to the previous month [2] - The core CPI, excluding food and energy, increased by 1.2% year-on-year, maintaining a growth rate above 1% for four consecutive months [2] Real Estate Sector - New policies allow for a five-year extension on loans for projects on the "white list" under the real estate financing coordination mechanism, providing more time for real estate companies to sell properties and potentially stabilizing market prices [4][5] - The total loan approval amount for "white list" projects has exceeded 7 trillion yuan, indicating significant financial support for the real estate sector [4] Corporate Developments - China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil have undergone a strategic merger, which is expected to reshape the domestic aviation fuel market and enhance Sinopec's position in the aviation fuel sector [6][11] - Vanke's CEO, Yu Liang, has retired due to age, marking a significant transition in the company's leadership amid ongoing liquidity challenges in the real estate market [8][9] Automotive Industry - Honda's sales in China fell by 24.28% year-on-year in 2025, marking the fifth consecutive year of decline, with total sales dropping nearly 1 million units from peak levels [12][13] - The company has announced plans to reduce production capacity significantly, reflecting the challenges faced by traditional automakers in adapting to market changes [12] Stock Market Performance - The Shanghai Composite Index rose above 4100 points, with a trading volume of 3.12 trillion yuan, indicating strong market performance and investor interest in new sectors such as AI and commercial aerospace [16][17] - The recent market rally has exceeded expectations, with significant participation from various sectors, suggesting a potential continuation of the upward trend into the new year [17]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index breaking the 4100-point mark for the first time since July 2015, closing at 4120.43 points on January 9, 2026, with a trading volume exceeding 3 trillion yuan [3][1]. Market Performance - On January 9, all three major indices rose, with the Shanghai Composite Index up 0.92%, the Shenzhen Component Index up 1.15%, and the ChiNext Index up 0.77% [1][3]. - Over 3900 stocks in the market rose, with 110 companies hitting the daily limit up, marking the second consecutive day with over 100 stocks reaching the limit [4]. - The total market turnover reached 3.15 trillion yuan, marking the fifth historical instance of surpassing 3 trillion yuan, with the last occurrence on September 18, 2025 [5]. Sector Performance - The A-share market saw a rise in both volume and price, with significant gains in sectors such as media, defense, technology, and non-ferrous metals, driven by expectations of AI applications and policies supporting commercial aerospace [7]. - The AI application concept saw a collective surge, with over twenty stocks hitting the daily limit up, while the commercial aerospace sector continued to perform strongly [7]. Investment Sentiment - Analysts noted a shift in market sentiment from hesitation to active allocation, with a consensus forming around the potential for a spring rally [8]. - Factors supporting the market's rise include policy support, a shift of household savings into the capital market, and continued foreign capital inflow [9]. Future Market Outlook - Most institutions maintain a positive outlook for the market, with expectations that the current upward trend will continue [15][16]. - Analysts predict that the spring rally may last until March, with the overall index expected to continue rising [17]. Investment Strategies - Institutions suggest a balanced allocation strategy in response to potential market volatility, emphasizing the importance of both technology and cyclical sectors for 2026 [20][21]. - Recommendations include focusing on growth technology sectors such as AI applications and semiconductors, as well as industries with improving economic conditions like military, innovative pharmaceuticals, and non-ferrous metals [22]. - Investors are advised to prioritize long-term value investments in quality leading companies rather than short-term speculation [23].

Core Viewpoint - The article highlights the performance and investment strategies of two equity funds under Tongtai Fund, which have maintained high stock positions and focused on sectors related to new productive forces, such as computing power, semiconductors, and controllable nuclear fusion [2][4][11]. Group 1: Fund Performance - On January 9, Tongtai Fund's two equity funds released their Q4 2025 reports, marking them as the first public funds to disclose such information [2][4]. - Both funds experienced significant growth in scale due to net value increases, with the Tongtai Digital Economy Fund's stock value accounting for 93.42% of its total assets, remaining stable compared to the previous quarter [8][9]. - The Tongtai New Energy Preferred Fund's stock position was 88.39%, a decrease of nearly three percentage points from the previous quarter, but it saw a nearly 90% increase in scale due to net inflows and rising net value [9]. Group 2: Investment Strategies - The Tongtai Digital Economy Fund continues to focus on the big technology sector, with its top ten holdings concentrated in core technology areas such as optical devices, computing chips, and semiconductor equipment [4][11]. - The fund manager, Chen Zongchao, emphasizes that technology innovation and new productive forces are key investment opportunities, predicting that AI-driven industrial transformation will be the core structural opportunity in the market for 2026 [10][11]. - The Tongtai New Energy Preferred Fund is focused on the controllable nuclear fusion sector, which is seen as a potential ultimate energy solution due to its abundant fuel, low emissions, and high safety [12].

Core Viewpoint - China National Nuclear Power (601985) is actively involved in the controlled nuclear fusion project, which is organized by its controlling shareholder, China National Nuclear Corporation (CNNC) [1] Group 1 - The company is collaborating with CNNC and relevant units to promote the coordinated development of the upstream and downstream of the industry chain [1] - The initiative aims to advance the engineering and commercialization of nuclear fusion in China [1]

Core Viewpoint - The company, Yingjie Electric (300820), provides comprehensive key power supply services in the field of controlled nuclear fusion, including magnetic field power supplies, auxiliary heating power supplies, control system power supplies, and auxiliary system power supplies [1] Group 1: Business Overview - The company has had years of collaboration with relevant research institutions and project units in the nuclear fusion sector [1] - The orders from the nuclear fusion business segment represent a small proportion of the company's overall order structure, thus having a limited impact on current overall performance [1] Group 2: Industry Context - The nuclear fusion industry is still in the experimental verification stage for multiple technological routes, indicating significant uncertainty regarding the commercialization process and the potential procurement orders for related power supplies [1]

Group 1 - Guosheng Technology is expected to report a net profit attributable to shareholders of the listed company as negative for the fiscal year 2025 [30] - Dongfang Mingzhu indirectly holds 1.3182% of Super Fusion shares, but the company does not directly engage in AI business [4] - Tongfu Microelectronics plans to raise no more than 4.4 billion yuan through a private placement to enhance packaging capacity for storage chips and other projects [2] Group 2 - Jiangbolong's application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [2] - Taisen Wind Power's controlling shareholder subscribed to 174 million shares at 6.76 yuan per share, increasing its holding to 38.39% [2] - Goer Group plans to use up to 6 billion yuan of idle funds for entrusted wealth management [3] Group 3 - ST Xinya will lift other risk warnings and change its stock name to Xinya Process on January 13, 2026 [5] - China First Heavy Industries has only undertaken a small number of projects related to controllable nuclear fusion, with no revenue generated from these products [5] - Baogang Co. plans to adjust the price of rare earth concentrate for Q1 2026 to 26,834 yuan per ton, a slight increase from the previous quarter [6] Group 4 - A total of 2.2 billion yuan is expected to be lost by Aerospace Morning Light in 2025, a reduction in loss compared to the previous year [14] - Shaanxi Guotou A expects a net profit of 1.438 billion yuan in 2025, a year-on-year increase of 5.7% [15] - Poly Developments anticipates a net profit loss of 16 billion to 19 billion yuan for 2025 [19]

Core Viewpoint - The A-share market has shown strong performance, with the Shanghai Composite Index breaking the 4100-point mark for the first time since July 2015, indicating a positive market sentiment and increased trading volume [1][2]. Market Performance - On January 9, the Shanghai Composite Index closed at 4120.43 points, up 0.92%, while the Shenzhen Component Index rose by 1.15% and the ChiNext Index increased by 0.77% [1]. - The total market turnover reached 3.15 trillion yuan, marking the fifth time in history that it has surpassed 3 trillion yuan, with over 3900 stocks rising, including 110 hitting the daily limit [2][3]. Sector Analysis - Key sectors that performed well included media, defense, computer, and non-ferrous metals, driven by expectations of AI applications and policies supporting commercial aerospace [3]. - The AI application concept saw significant gains, with over twenty stocks hitting the daily limit, while the commercial aerospace sector continued to show strength [3]. Investment Sentiment - Fund managers noted a significant increase in trading volume and a rise in margin financing, indicating a strong consensus among investors regarding the market outlook [3][4]. - Analysts highlighted that the current market rally is supported by policy backing, a shift of household savings into capital markets, and continuous foreign capital inflow [4]. Future Market Outlook - Most institutions maintain a positive outlook for the market, with expectations that the current upward trend will continue into March [7][9]. - Analysts suggest that the market is transitioning from hesitation to a phase of increased consensus, indicating that the upward trend is not yet complete [8]. Investment Strategies - Institutions recommend a balanced investment strategy, focusing on both technology and cyclical sectors, with an emphasis on high-growth areas such as AI and semiconductors, as well as sectors benefiting from global recovery [11][12]. - The "barbell strategy" is suggested, where one end focuses on high-growth sectors like AI and semiconductors, while the other end includes defensive assets or cyclical resources [12].