Core Viewpoint - The A-share market experienced a rise and subsequent decline, with the Shanghai Composite Index nearing 4100 points before all three major indices turned negative in the afternoon session [1] Group 1: Market Activity - The brokerage sector saw significant activity, with Huayin Securities achieving two consecutive trading limits, although the sector weakened in the afternoon [1] - On the previous day, the brokerage sector experienced a notable increase, with a total of 14.549 billion yuan in net inflows, leading all secondary industries in the Shenwan classification [3] - Major brokerages such as Dongfang Caifu, Guotai Junan, Huazheng Securities, and CITIC Securities each received over 1 billion yuan in inflows [3] Group 2: Fund Flows and Leverage - Leverage funds showed substantial increases, with Dongfang Caifu receiving a net financing inflow of 955 million yuan, marking a three-month high [3] - The brokerage sector is expected to benefit from trends such as the migration of household deposits, active market trading, and regulatory easing of leverage limits for quality brokerages [3] Group 3: Future Outlook - Analysts from Galaxy Securities indicated that policies aimed at "stabilizing growth and the stock market" will continue to shape the future direction of the brokerage sector, supported by a moderately loose liquidity environment and improved investor confidence [3] - According to Founder Securities, the brokerage sector is poised for clear offensive opportunities due to high earnings growth, capital inflows, and supportive policies, suggesting a potential phase of market activity [3] Group 4: Investment Tools - The brokerage ETF (512000) and its associated funds are designed to passively track the CSI All Share Securities Companies Index, encompassing 49 listed brokerage stocks, making it an efficient investment tool for both large and small brokerages [3]

国债期货日报 | 2026-01-07 股债跷跷板延续，国债期货全线收跌 市场分析 宏观面：（1）宏观政策：10月27日，央行时隔近十个月宣布重启公开市场国债买卖操作，向市场释放了明确的稳 预期信号; 10月30日，中美经贸团队达成三方面成果共识，一是中方将与美方妥善解决TikTok相关问题; 二是美方 将暂停实施其对华海事、物流和造船业301调查措施一年，同时将暂停实施其9月29日公布的出口管制50%穿透性规 则一年; 三是美方取消10%"芬太尼关税"，对中国商品24%对等关税将继续暂停一年。国务院关税税则委员会宣布 在一年内继续暂停实施24%的对美加征关税税率，保留10%的对美加征关税税率; 12月8日政治局会议明确实施更加 积极的财政政策和适度宽松的货币政策，释放宽货币信号。（2）通胀:11月CPI同比上升0.7%。 资金面：（3）11 月一般公共预算收入在高基数影响下同比放缓，但全年收入进度仍偏快，第一本账完成压力不大， 财政托底能力仍在。支出端呈现出降幅明显收窄的特征，前期预算内资金逐步转化为实际支出，结构上更加向民 生和投资于人倾斜，基建相关支出边际改善但整体仍偏弱。政府性基金收入继续受地产拖累， ...

Core Viewpoint - The construction of major water conservancy projects in Sichuan, including the Gongxi River aqueduct and the Tizi Kou irrigation area, is progressing steadily, enhancing the province's water supply security and supporting agricultural needs. Group 1: Project Progress - The Gongxi River aqueduct, part of the Tizi Kou irrigation project, is 708 meters long and currently undergoing multiple construction processes, including the installation of templates and concrete pouring [1] - The double-arch structure of the Gongxi River aqueduct is the first of its kind in Sichuan's water conservancy sector, designed to minimize ecological impact due to its location in a wetland nature reserve [2] - As of December 2025, the Tizi Kou irrigation project has completed 143 main tunnels and 28 branch tunnels, with a total investment of 113.04 billion yuan [3] Group 2: Investment and Economic Impact - In 2025, Sichuan completed water conservancy investments totaling 702 billion yuan, representing a 5% year-on-year increase, which plays a crucial role in stabilizing investment and growth [3] - The ongoing construction of the Shitan Reservoir irrigation area aims to ensure water supply for spring farming, with multiple channels undergoing renovation to meet local agricultural needs [4] Group 3: Future Plans - During the 14th Five-Year Plan period, Sichuan will implement 75 medium-sized irrigation area renovation projects and 16 new small irrigation areas, further improving the irrigation and drainage system [5]

2025年12月举行的中央经济工作会议提出，做好今年经济工作，要继续实施更加积极的财政政策。保持 必要的财政赤字、债务总规模和支出总量，加强财政科学管理，优化财政支出结构，规范税收优惠、财 政补贴政策。 （文章来源：经济日报） 精准施策惠民生，旨在让政策红利直达基层、惠及群众。扩内需、稳增长，最终目的是改善民生，而民 生福祉显著提升，反过来又能增强消费意愿、扩大投资空间。发挥积极财政政策作用需继续加大民生领 域投入力度，在就业、教育、医疗、养老等群众急难愁盼领域精准发力，完善社会保障体系，提高公共 服务供给水平，解除群众消费后顾之忧。坚持尽力而为、量力而行，合理统筹财政资源，强化基本民生 财力保障，把有限的资金用在刀刃上，真正"投"出群众的获得感、幸福感、安全感。 扩大内需是应对风险挑战、保持我国经济持续健康发展的战略基点，稳增长是实现高质量发展的必然要 求，惠民生是财政工作的重中之重。实施积极财政政策，必须将三者有机统筹起来，以精准施策扩内需 充分激活市场潜力，以有效投资稳增长持续夯实发展根基，以民生领域重点投入增进民生福祉切实凝聚 高质量发展合力。随着各项财政政策落地见效，必将持续释放内需潜力、增强增长动 ...

（文章来源：每日经济新闻） 国金证券指出，钢铁行业成本侧原料供给双宽松，如原料宽松配合炼钢自律，则将出现长流程对短流程 的套利机会；需求侧重心已从内需地产转向出口制造，供给侧行政出清抓手多样。展望2026年，反内卷 框架下供给侧政策落地概率增加，钢铁行业盈利有望修复。 钢铁ETF（515210）跟踪的是中证钢铁指数（930606），该指数从沪深市场中选取归属于钢铁行业的相 关上市公司证券作为样本，以反映钢铁行业整体表现。中证钢铁指数具有显著的周期性特征，主要覆盖 普钢、特钢等子领域。 ...

Group 1 - The Shanghai Composite Index has broken through the peak from November 14, 2025, reaching a new high not seen since late July 2015, marking a historic 13 consecutive days of gains [1][8] - The brokerage sector, often seen as a "bull market flag bearer," has finally started to rally, with individual stocks like Huayin Securities and Huashan Securities hitting the daily limit, and Northeast Securities rising over 6% [1][8] - The top brokerage ETF (512000) surged over 3% in price, with nearly 1.5 billion yuan in trading volume within half a day, indicating high trading sentiment in the sector [1][8] Group 2 - According to Galaxy Securities, the government's policy goals of "stabilizing growth and the stock market" and "boosting the capital market" will continue to guide the future direction of the brokerage sector [3][10] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the rebuilding of investor confidence are driving the improvement in the brokerage sector's performance [3][10] - As of January 5, the price-to-book ratio (PB) of the CSI All Share Securities Index tracked by the brokerage ETF (512000) was 1.52, which is at a low level historically, indicating a significant divergence from high growth performance [3][10] Group 3 - The brokerage ETF (512000) and its linked funds are efficient investment tools that passively track the CSI All Share Securities Index, encompassing 49 listed brokerage stocks [5][12] - The brokerage ETF (512000) has an average daily trading volume exceeding 1 billion yuan this year, making it one of the most liquid ETFs in the A-share market [5][12]

Group 1 - The provincial secretary Zhao Yide emphasized the need to implement the spirit of the Central Economic Work Conference and the provincial economic work meeting, focusing on early and integrated policy measures to stabilize employment, enterprises, markets, and expectations, aiming for a strong economic start in the first quarter [1][2] - Zhao Yide visited the new smart factory of COFCO Coca-Cola in Shaanxi, highlighting the importance of meeting enterprise needs, enhancing service quality, and supporting local quality enterprises in expanding investment [1] - At the Vipshop Northwest Operation Center, Zhao Yide encouraged the company to leverage its resources, brand, and channels to promote local products, adapt to changes in consumer structure, and develop new business models such as live e-commerce and instant retail [1] Group 2 - Zhao Yide visited the Yanliang District Aviation Industry Institute to understand key technology breakthroughs and the transformation of scientific achievements, urging the institute to lead technological innovation and enhance the integration of industry and market forces [2] - The emphasis was placed on the importance of stabilizing growth as a priority for a good start to the 14th Five-Year Plan, with a call for proactive macro policies and enhanced effectiveness of existing and new policies [2] - The city of Xi'an was urged to strengthen its role as a western demonstration and to actively engage in initiatives that contribute to economic growth and high-quality development [2]

会议强调，要深入学习贯彻中央经济工作会议精神，落实省委经济工作会议部署，准确把握今年经 济工作的总体目标和重点任务，细化任务分工、创新工作举措、持续攻坚克难，确保高质量完成各项任 务，推动经济实现质的有效提升和量的合理增长。要紧盯重点领域，扎实做好农业生产，狠抓能源工 业，扩大电力外送规模，促进重点制造业发展，大力提振消费，提升建筑业质效，持续做大营利性服务 业，进一步做优增量、盘活存量，为经济稳增长打牢坚实基础。要夯实各方责任，加强部门协同和工作 督导，强化经济运行调度和偏离度管理，及时调整优化政策举措，集中力量解决各类难点堵点问题，努 力争取经济社会发展更好结果，实现"十五五"良好开局。 1月5日，省长赵刚主持召开省政府第一次常务会议，研究稳增长、项目谋划储备工作。 会议强调，要抢抓政策机遇，聚焦国家"十五五"时期经济发展的主要方向与重点领域，把握政策导 向，立足陕西实际，围绕促发展、守底线、惠民生，集中力量谋划储备一批具有战略性、引领性和支撑 性的高质量项目，为陕西高质量发展提供有力支撑。要严格做好项目审核把关，把好项目准入关口，实 事求是确定建设内容和投资规模，加强督办检查，强化资金监管，完善项目后评 ...

Group 1 - The meeting emphasized the importance of understanding and implementing the spirit of Xi Jinping's recent speeches and messages, recognizing significant achievements in economic and social development over the past year and during the "14th Five-Year Plan" period [1] - The meeting called for practical actions to enhance economic quality and reasonable growth, ensuring a good start for the "15th Five-Year Plan" by addressing urgent public concerns [1] - The role of the Political Consultative Conference was highlighted in contributing to the formulation of Xi'an's "15th Five-Year Plan" and promoting key work for 2026 through advice and democratic supervision [1] Group 2 - The meeting stressed the need to better utilize the spirit of Xi Jinping's congratulatory letters to the 70th anniversary of the PLA Daily and the 40th anniversary of the Science and Technology Daily, enhancing public awareness and support for national defense [2] - The focus was placed on stabilizing growth through project construction and investment attraction, converting urban influence into economic growth [2] - Preparations for the Spring Festival were discussed, including optimizing security management, ensuring market supply and price stability, and safeguarding public safety during the holiday [2]

在日前举行的新闻发布会上，国家发展改革委新闻发言人李超表示，近期国家发展改革委聚焦中央经济 工作会议部署的重点任务，会同各有关方面，抢抓时间窗口，主动靠前发力，全力做好2025年、2026年 政策衔接、工作衔接，加快推动消费、投资、产业、民生、改革开放、绿色发展等领域系列政策出台实 施。 打出稳增长"组合拳" 2025年12月30日，国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新 政策的通知》对外发布，明确了2026年"两新"政策的支持范围、补贴标准和工作要求。总体看，2026年 的"两新"政策进一步优化了制度设计和实施方式，有望让更多消费者和经营主体享受政策红利。 "不少企业有很强意愿开展设备更新，但因为自有资金短缺、项目投资额达不到申报门槛等原因，没有 享受到政策红利。对于这些问题，我们进行了深入研究，在2026年政策制定过程中作了针对性优化，目 的就是要支持更多企业开展设备更新，扩大政策惠及面。"李超举例说。 近期，一系列促进经济稳定增长的政策"组合拳"接连推出。 比如，以更大力度稳投资。近日，国家发展改革委组织下达2026年提前批"两重"建设项目清单和中央预 算内投资计 ...