恒生指数高开0.59%，恒生科技指数涨0.79%。盘面上，保险股活跃，友邦保险涨超2%；锂矿股强势， 天齐锂业涨超3%；科网股延续反弹，百度集团涨超1%。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 广发证券认为，本轮港股资产上涨具备基本面支撑，由于较A股更少的传统经济板块，自2024年下半年 开始，在内外需共同企稳、宏观政策发力托底的背景下，港股盈利已经出现结构性修复迹象，只是阶段 性被外卖补贴战打破。中美战略性关键科技领域中，绝大部分核心公司在港股有上市。高端制造业、科 技的成长正从"单点突破"迈向"多点爆破"。映射至资本市场，港股正从传统的顺经济周期，逐步转向AI 应用、新能源、半导体等代表硬科技的主赛道。恒指新经济相关的权重从17%提升至接近50%。随着外 卖补贴战退坡以及AI驱动的广告及云服务成为新的增长点，恒指2026年业绩增速有望回升至10.8%，港 股上涨可能从流动性驱动转向盈利和流动性共同驱动。 国联民生证券认为，2026年尤其是上半年，国内经济弱复苏、美联储宽松未完、产业催化延续的情形对 港股仍有利。资金层面，2026年南向资金仍有6300亿港元—10500亿港元的增量空间，其中被动 ...

Group 1 - The A-share market in Wuxi showed strong performance on the first trading day of the new year, with 88 out of 127 listed companies experiencing price increases, indicating regional industrial resilience and growth vitality [1][5][11] - Notable stocks that hit the daily limit include Zhuoyi Information, Sanfangxiang, Bicheng Co., and Zhenjiang Co., reflecting significant market interest and investment inflow into technology and new energy sectors [1][5][11] - Zhuoyi Information's stock closed at 91.88 yuan, with a 19.99% increase and a trading volume of 7.24 billion yuan, driven by breakthroughs in AI programming products [5][11] Group 2 - Sanfangxiang's stock also reached the daily limit, closing at 2.49 yuan with a 10.18% increase, supported by its core business in polyester production and strategic investments in robotics and recycling [5][11] - Bicheng Co., a semiconductor cleanroom service provider, benefited from the booming storage chip industry, enhancing market confidence through new orders [5][11] - Zhenjiang Co., a key supplier in the wind and solar energy sectors, also saw a strong performance, with a commitment from its major shareholder to not reduce holdings for six months, signaling long-term value recognition [5][11] Group 3 - The growth dynamics of the Wuxi sector align closely with current market hotspots, including robotics, AI applications, commercial aerospace, new energy, and semiconductors, indicating a robust investment landscape [7][13] - Continuous investment in strategic emerging industries and enhanced innovation capabilities are expected to sustain the positive development trend of Wuxi-listed companies, contributing to local economic and capital market health [7][13]

Market Overview - The Shanghai Composite Index closed above 4000 points, reaching a ten-year high, with A-share market capitalization surpassing 100 trillion yuan [1] - The structural bull market has led to a significant increase in active equity funds, with 75 products doubling their net value throughout the year, particularly in technology growth funds [1] - The market opened strong in 2026, with the Shanghai Composite Index gaining 1.38% to close at 4023.42 points, and over 4100 stocks rising, indicating broad market participation [1] Fund News - On January 5, 52 new funds were launched, primarily mixed and equity funds, with the Huashang Quality Selection Mixed Fund aiming to raise 8 billion yuan [2] - The ETF market has exceeded 6 trillion yuan, with the top five companies dominating the CSI A500 ETF, highlighting a significant concentration of assets [2] - The introduction of a long-term evaluation mechanism for the trillion-yuan pension fund is expected to reduce turnover rates and enhance the allocation of equity and alternative assets [2] Fund Performance - The 2025 public fund rankings revealed that Yongying Technology Selection achieved a record annual return of 233.29%, with 75 funds doubling their net value, primarily focusing on high-tech stocks [3] - Funds that invested in traditional sectors like finance and consumption faced significant losses, with performance gaps exceeding 250 percentage points [3] - The market style in 2026 is anticipated to become more balanced, with profit recovery being a core variable, emphasizing the importance of stock selection and industry allocation [3]

Core Viewpoint - The price of fluorite in China has increased slightly due to a combination of rising demand from the new energy sector and supply constraints caused by environmental regulations and safety standards [3][4]. Supply and Demand Dynamics - The current price range for fluorite (CaF2≥97%, SiO2≤1.5; wet powder) is between 3260 and 3360 CNY per ton, with an average price of 3310 CNY per ton, reflecting a rise of 10 CNY per ton from the previous day [3][4]. - Demand from the new energy sector, particularly for lithium hexafluorophosphate and PVDF, is expected to increase by approximately 30,000 tons annually, while traditional refrigerant sectors are seeing a mild recovery in export demand [4][7]. - Domestic fluorite mining is constrained by safety and environmental regulations, maintaining an operating rate of 55%-60%, with no new capacity expected [4][5]. Market Conditions - The supply side is experiencing significant contraction due to dual pressures from resource constraints and environmental policies, leading to a decrease in the overall supply of fluorite [5]. - The northern production areas are facing seasonal reductions in output due to harsh weather, while southern production remains stable but insufficient to cover the northern shortfall [5]. - The logistics and trading sectors are affected by low inventory levels and rising transportation costs, which are exacerbated by tightened environmental policies [6]. Purchasing Trends - The market is characterized by resilient demand despite traditional seasonal slowdowns, with stable purchasing from the refrigerant industry and strong support from emerging sectors like new energy and semiconductors [7]. - The long-term demand for high-quality fluorite is being driven by strategic emerging industries, which helps to absorb cost increases from the supply side [7]. Future Outlook - Prices for fluorite are expected to experience a weak recovery, with limited upward potential due to ongoing supply constraints and rising mining costs [8]. - The balance between strong demand from the new energy sector and persistent supply bottlenecks will dictate future price movements, with cautious optimism prevailing in the market [8].

1月5日，A股以放量大涨拉开2026年序幕，日成交额增至2.57万亿元，赚钱效应良好，4185只个股收红，传媒、医药生物、电子、证券、大消费等均表现 亮眼。 受访人士表示，国际流动性宽松、美元贬值、人民币升值及国内政策利好共振，今日A股放量大涨，资金从低股息权重切换至高景气成长，市场风险偏好 显著提升。短期强势有望延续，可逢低关注脑机接口、半导体等新兴产业，同时警惕技术性回调、海外不确定性与行业分化风险。 沪指12连阳 A股新年开门红：沪指12连阳，收涨1.38%报4023.42点；创业板指涨2.85%报3294.55点，深证成指涨逾2%；科创50飙升4.4%，沪深300、上证50、北证50 齐涨约2%。 交易量较上一个交易日放大5016亿元，日成交额增至2.57万亿元。杠杆资金方面，截至去年12月31日，沪深京两融余额为2.54万亿元。 盘面上，半导体、存储芯片、电子设备制造等科技主线大涨，生物医药、医疗器械、人脑工程、AI制药爆发，短剧互动亦表现活跃；银行、石油天然 气、天然气、页岩气等板块回落。 31个申万一级行业中26个飘红，石油石化、银行等板块微跌，传媒板块大涨，蓝色光标、天下秀、引力传媒、三七互娱 ...

Group 1 - The A-share market shows a strong growth style, with notable performances in the pharmaceutical and semiconductor sectors, where multiple related ETFs rose over 5% in a single day [1] - The Hong Kong pharmaceutical sector is performing strongly, with several ETFs in this category, including the Hong Kong Medical ETF, rising over 6% [4][5] - The semiconductor sector is also experiencing significant gains, with multiple ETFs in this field increasing by over 5% [6][7] Group 2 - In December 2025, the A500 and Sci-Tech bonds became major directions for capital inflow, with several related ETFs seeing net inflows exceeding 100 billion yuan [2][8] - The total net inflow for all ETFs in the market reached 11,785.99 billion yuan in 2025 [2] - Four ETFs had net inflows exceeding 400 billion yuan in 2025, indicating strong investor interest [10][11] Group 3 - The Hong Kong market is expected to see a recovery in corporate earnings, with sectors benefiting from overseas demand and competitive industry leaders likely to experience greater profit elasticity [12] - The liquidity in the Hong Kong market is anticipated to improve, potentially leading to valuation increases, especially if the Federal Reserve lowers interest rates [12]

公募2025年成绩单近日揭晓：A股结构性行情加持下，重仓大科技的主动权益基金脱颖而出。 数据显示，永赢科技智选全年收益率达233.29%，登顶主动权益榜，并刷新公募年度收益纪录。2025年 涌现了75只净值翻倍的基金（仅统计初始基金，下同），备受市场关注。 在科创板块引领的结构性行情中，翻倍基金的重仓股含"科"量普遍较高，而重仓传统板块的基金业绩相 对平淡，部分产品全年陷亏损。主动权益基金业绩分化显著，全年首尾差距超过250个百分点。 业内人士指出，2026年市场风格有望趋于均衡，企业盈利修复将成为核心变量，权益投资的分化或进一 步加剧。 新业绩纪录诞生 抱团重仓，仍是2025年公募主动权益"大丰收"的底色，主要集中在AI产业链上。人工智能、算力、半导 体、机器人等科技主线轮番上涨，基金经理一旦选对细分领域，其管理的基金业绩便能获得惊人的上涨 幅度。 比如，2025年度收益冠军基金——永赢科技智选成立于2024年10月30日，该基金成立之初就选择重仓科 技赛道；2025年二季度末调仓，集中押注算力板块，覆盖众多细分领域龙头，持股高度集中，全年收益 率233.29%，大幅领跑全市场基金。 首尾业绩差超250% ...

Group 1 - The core viewpoint of the article is that Quartz Co., Ltd. is actively engaging with investors regarding its product applications and future business planning in the aerospace sector [2] - The company's products are primarily used in the semiconductor, photovoltaic, optical fiber, and optoelectronic fields [2] - Management will make comprehensive decisions on aerospace-related business planning based on market demand and overall strategic layout [2]

Core Insights - The A-share market demonstrated resilience in 2025, with the Shanghai Composite Index reaching a nearly 10-year high, surpassing the 4000-point mark, and the total market capitalization exceeding 100 trillion yuan [1] - Active equity funds performed well, with 75 funds achieving a net value growth rate exceeding 100%, indicating strong investment opportunities [1][2] - The success of active management in capturing excess returns was evident, with over 4000 out of 4100 active equity funds generating positive returns in 2025 [2] Market Performance - The A-share market's growth was supported by a series of capital market reforms aimed at enhancing investor-centric practices and fostering a healthy industry ecosystem [1] - The year 2025 saw the emergence of 75 "doubling funds," with the Yongying Technology Smart Selection Mixed Fund achieving a record net value growth rate of 233.29%, surpassing the previous record set in 2007 [2] - The performance of these funds was closely linked to the surge in AI computing power demand, showcasing the fund managers' ability to identify and capitalize on industry trends [2] Fund Management Insights - The ability of fund managers to provide sustainable long-term returns is crucial, as evidenced by over 500 funds reaching new net value highs by December 2025 [3] - The emergence of "doubling funds" reflects the active management capabilities of public fund managers and suggests a future trend towards deeper industry insights and robust research platforms [3] - Looking ahead to 2026, the investment strategy is expected to focus on selecting growth stocks while also considering cyclical assets, indicating a balanced market approach [3]

Core Insights - China's AI hardware sector is showing renewed confidence, highlighted by Shanghai Biren Technology's successful IPO in Hong Kong despite US chip export restrictions [1][3] - The strong demand for Biren's H-share offering, which raised approximately HK$5.6 billion (A$1.07 billion), indicates a shift in investor sentiment towards Chinese AI and semiconductor companies [2][5] Investment Trends - The oversubscription of Biren's public offering by more than 2,300 times reflects robust retail interest and a potential shift in capital raising strategies towards Hong Kong and regional markets [2][5] - The IPO's success suggests that investors are beginning to view Chinese AI hardware not merely as "sanctions-impaired" assets but as part of a domestically anchored ecosystem [7] Technical Developments - The Chinese AI ecosystem is adapting to hardware constraints by focusing on software efficiency and system-level optimization, as evidenced by a recent research paper from DeepSeek [4][12] - DeepSeek's innovative approach to stabilizing large-scale model training highlights the importance of architectural efficiency in overcoming hardware limitations [10][11] Competitive Landscape - The shift in focus from high-performance hardware to optimizing existing resources is changing the competitive dynamics in AI development, making performance extraction more critical than access to top-tier chips [13] - The recent rally in Chinese AI stocks signals that the sector is evolving and adapting to US export controls, rather than being stifled by them [14][15] Market Reactions - Investors are responding positively to evidence that Chinese AI development is progressing, with domestic chip designers successfully raising funds and research teams publishing significant findings [15][16] - The current market sentiment reflects a recognition that constraints can drive innovation, suggesting a more complex landscape for future AI advancements [16]