炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2026年首个交易日，A股市场高开高走迎来开门红，截至收盘，沪指涨1.38%重回4000点上方，录得十二连阳，深成指涨2.24%，创业板指涨2.85%。沪深两 市成交额高达2.55万亿，较上一个交易日放量5011亿，全市场超4100只个股上涨。板块上，保险板块集体爆发，新华保险、中国太保大涨续创历史新高。商 业航天概念反复活跃，半导体产业链走强，AI应用概念表现活跃。下跌方面，海南自贸概念集体大跌。 回顾2025年全年，A股持续走强，沪深两市全年总成交额超400万亿元创下年度历史新高，A股总市值跃升至近109万亿元，年内新增近23万亿元。各大主要 指数全线上涨，其中，创业板指领涨市场全年涨幅高达49.57%，沪指全年上涨18.41%再度逼近4000点，深证成指全年上涨29.87%，科创50指数全年上涨 35.92%，北证50指数全年上证38.80%。板块方面，CPO（光模块）、存储芯片、商业航天、有色金属等方向领涨，胜宏科技、新易盛、中际旭创等多只科 技龙头全年涨幅超过3倍。 复盘2025年12月，A股"先抑后扬"，沪指月末收获11连阳 ...

Group 1 - The Hang Seng Index closed at 26,347.24 points, up 0.03%, while the Hang Seng Tech Index rose 0.09% to 5,741.63 points. The National Enterprises Index fell 0.22% to 9,148.47 points, and the Red Chip Index increased by 0.07% to 4,086.74 points [1] - Brain-computer interface concept stocks led the market, with Nanjing Panda Electronics rising nearly 40% and Brain动极光 up over 15%. Meanwhile, domestic property stocks also saw gains, with融信中国 up over 6% and世茂集团 up over 5% [1] - New energy vehicle stocks continued to decline, with Great Wall Motors down over 6%, NIO down nearly 6%, and XPeng Motors down over 4% [1] Group 2 - GF Securities indicated that the recent rise in Hong Kong stocks is supported by fundamentals, with signs of structural recovery in profitability starting from the second half of 2024, driven by stable internal and external demand and macro policy support [1] - The report highlighted that most core companies in strategic technology sectors between China and the U.S. are listed in Hong Kong, with growth in high-end manufacturing and technology transitioning from "single-point breakthroughs" to "multi-point explosions" [1] - The weighting of new economy-related stocks in the Hang Seng Index has increased from 17% to nearly 50%, indicating a shift from traditional economic cycles to hard technology sectors such as AI applications, new energy, and semiconductors [1] Group 3 - Huajin Securities noted a correlation coefficient of approximately 0.5 between the performance of the Hang Seng Index during the New Year holiday and the performance of the Shanghai Composite Index in the following 10 trading days, suggesting that a strong performance in Hong Kong could positively influence A-shares [2] - The Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index rose by 2.8%, 4%, and 2.9% respectively on January 2, indicating a potentially strong short-term outlook for A-shares following the holiday [2]

宏观经济周报 2026 年第二周 一、中国宏观 高频：本周 ICHI 综合景气指数连续第五周扩张，扩张幅度较上周进一步抬升， 显示经济运行稳健向好，内生动能在年末维持韧性。从分项结构看，消费景气 指数回升至荣枯线以上，结束前期短暂回落，表明在促消费政策持续发力、居 民预期边际改善以及年末季节性消费的带动下，消费端复苏趋势延续。投资景 气指数同步回升并重新站上荣枯线，显示企业投资活动在阶段性波动后企稳， 收缩压力进一步缓释。出口景气指数仍处于收缩区间，延续低位运行，反映年 末外需节奏放缓及订单与结算安排的阶段性影响，短期内对总需求形成一定拖 累。生产景气指数保持在扩张区间，虽较前期高点有所回落，但仍对综合景气 形成主要支撑。综合来看，当前景气格局呈现出生产端相对稳健、内需边际修 复、外需偏弱制约的结构特征。年末阶段的波动更多体现为节奏性调整而非趋 势性转弱，随着稳增长政策持续落地及预期逐步改善，经济运行有望在扩张区 间内进一步夯实基础，为 2026 年开局奠定相对稳固的景气起点。 按点如欲查询更多产品资料，请联络工银国际证券有限公司，电话(852) 2683 3888 请参阅最后一页的重要声明 证券研究 宏观经 ...

Market Overview - A-shares experienced a significant rise on January 5, with the Shanghai Composite Index surpassing 4000 points, closing up 1.38%, the Shenzhen Component up 2.24%, and the ChiNext Index up 2.85% [2] - A total of 4185 stocks rose, with 127 hitting the daily limit up, while 1168 stocks declined [2][3] Sector Performance - The brain-computer interface sector saw a surge, with over 20 stocks including Sanbo Brain Science and Innovation Medical hitting the daily limit up, following Elon Musk's announcement regarding Neuralink's plans for large-scale production of brain-computer interface devices by 2026 [3] - The semiconductor sector strengthened, particularly in memory chips, with stocks like Hengsuo and Zhaoyi Innovation also hitting the daily limit up [4] - The insurance sector showed robust performance, with Xinhua Insurance and China Pacific Insurance both rising over 7%, reaching historical highs [5] International Market Trends - The Japanese market opened strong in the first trading week of 2026, with the Nikkei 225 index rising nearly 3% and the TOPIX index up 2.12%, reaching a historical high [5] - The South Korean KOSPI index continued its upward trend, increasing by 3.15% to a new historical high of 4448.52 points, driven by a significant rise in Samsung Electronics' stock, which increased over 7% [7] Geopolitical Impact - The recent military actions by the U.S. against Venezuela led to a spike in gold and silver prices, reflecting market reactions to geopolitical tensions [9] - Analysts noted that geopolitical noise tends to dissipate quickly, and the escalation in Venezuela has not significantly impacted global risk assets, indicating a tendency for markets to quickly digest such shocks [10][12]

Group 1: Global Stock Market Performance - The global stock indices in 2025 exhibited a clear "divergent upward" trend, with the South Korean Composite Index leading at 75.6% growth, significantly higher than other markets[4] - The second tier of performance was concentrated in Hong Kong and Northeast Asian markets, including the Hang Seng Index and Nikkei 225, with growth rates ranging from 23.0% to 31.1%[4] - European markets showed moderate performance, while global benchmarks and U.S. tech-related indices remained relatively strong[4] Group 2: Hong Kong Stock Market Insights - The Hong Kong Hang Seng Industry Index displayed a "strong structure, weak diffusion" characteristic, with materials leading at 161.3% growth, while defensive sectors like utilities and telecommunications lagged[6] - In 2025, the Hong Kong IPO market welcomed 117 new listings, raising approximately HKD 285.7 billion, with notable first-day performance from Nobikang (2635.HK) at 363.75%[9] - The largest fundraising project was CATL (3750.HK), which raised around HKD 41 billion, while 685 companies announced additional share placements, expected to raise about HKD 361.8 billion, mainly in TMT and financial sectors[9] Group 3: U.S. Economic Overview - In Q3 2025, the U.S. GDP growth rate was 4.3%, exceeding expectations of 3.3%, driven by resilient private consumption and improved net exports[10] - Personal consumption expenditures contributed 2.4 percentage points to GDP growth, indicating strong consumer resilience despite tariff impacts[10] - Market expectations for interest rate cuts have shifted to April and July 2026, with anticipated reductions of 25 basis points each[10] Group 4: Chinese Economic Trends - Industrial profits in China showed a slight year-on-year increase of 0.1% from January to November 2025, with notable growth in high-tech manufacturing sectors[11] - The solar and semiconductor industries are experiencing a new wave of growth, supported by policy adjustments and rising prices in key materials[11] - The government initiated a venture capital fund of HKD 100 billion to stimulate investment in high-tech sectors, including AI and quantum technology[11]

Group 1 - The core viewpoint of the news is that Guokewi's stock price has experienced a decline of 2.01% as of January 5, with a trading volume of 675 million yuan and a market capitalization of 22.896 billion yuan [1] - Guokewi's stock has seen a slight decrease of 0.14% over the past five trading days, but has increased by 7.57% over the last 20 days and 9.25% over the last 60 days [2] - The company specializes in the research and sales of chips related to video decoding, video encoding, solid-state storage, and the Internet of Things, with integrated circuits accounting for 100% of its main business revenue [2] Group 2 - As of December 19, the number of shareholders in Guokewi has decreased by 1.79% to 27,400, while the average circulating shares per person have increased by 1.82% to 7,676 shares [2] - For the period from January to September 2025, Guokewi reported a revenue of 1.172 billion yuan, representing a year-on-year decrease of 2.50%, and a net profit attributable to shareholders of 7.4054 million yuan, down 89.42% year-on-year [2] - Guokewi has distributed a total of 371 million yuan in dividends since its A-share listing, with 195 million yuan distributed over the past three years [3]

Core Viewpoint - The market has shown a strong upward trend, with the Shanghai Composite Index surpassing the 4000-point mark, driven by a surge in the brain-computer interface sector and a general increase in market sentiment [1][3]. Group 1: Market Performance - The Shanghai Composite Index rose significantly, with over 4000 stocks experiencing gains, particularly in the brain-computer interface sector, which saw a wave of limit-up stocks [1]. - The semiconductor and commercial aerospace sectors continued to perform strongly, indicating ongoing market recognition of hard technology and high-end manufacturing industries [3]. - The trading volume exceeded 320 billion, reflecting intense market activity and a significant exchange of positions among investors [4]. Group 2: Sector Analysis - The brain-computer interface sector has attracted short-term capital due to recent technological advancements, making it a focal point for investors seeking growth [1]. - Despite the overall market rally, sectors such as tourism and hotels experienced declines, suggesting selective investment choices and a reallocation between "new" and "old" sectors [4]. - Insurance stocks reached historical highs, indicating that some long-term investors are strategically positioning themselves in fundamentally sound value sectors while pursuing growth [3]. Group 3: Investment Strategy - Investors who have already taken significant positions should avoid chasing after stocks that have already hit their limits, particularly in the brain-computer interface sector, and consider reallocating to more sustainable core sectors like semiconductors and commercial aerospace [6]. - For those with lighter positions, patience is advised, as market differentiation and volatility are expected following the broad market rally, with better entry points likely to emerge after the market stabilizes [6]. - The 4000-point level is a critical psychological barrier, and maintaining this level will require time and careful observation of market dynamics [6].

"春季躁动"有所提前，牛市格局并未改变。有业内人士称，具体原因包括人民币稳步上涨，国内流 动性宽松以及经济复苏预期向好，政策面依然偏积极，保险和ETF等资金有继续加仓意愿，预计1月 A股行情依然继续向好。 2026.01. 05 本文字数：1080，阅读时长大约2分钟 作者 | 第一财经 李隽 1月5日上午，上证指数高开高走，放量上涨之后再次突破4000点大关，沪深京三地半天成交1.65万 亿元。 上证指数上涨1.07%，中午报收4011点，科创50指数上涨4.05%，中午报收1399点。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 "i茅台"连续4天秒空，批发价却再度跌破1499元，发生了什么？ 港股100研究中心顾问余丰慧向第一财经记者表示，当前A股基本面保持稳健，政策环境与流动性条 件均较为有利。人民币汇率稳定及国内经济复苏持续推进，对 ...

1月5日，光力科技盘中上涨2.03%，截至11:06，报17.05元/股，成交6855.22万元，换手率1.64%，总市 值60.16亿元。 资金流向方面，主力资金净流出71.30万元，大单买入1363.68万元，占比19.89%，卖出1434.98万元，占 比20.93%。 光力科技今年以来股价涨2.03%，近5个交易日跌0.06%，近20日涨8.60%，近60日跌8.73%。 资料显示，光力科技股份有限公司位于河南省郑州高新开发区长椿路10号，成立日期1994年1月22日， 上市日期2015年7月2日，公司主营业务涉及安全生产监控装备业务和半导体封测装备业务。主营业务收 入构成为：安全生产监控类产品51.26%，半导体封测装备类产品44.79%，其他(补充)3.95%。 光力科技所属申万行业为：机械设备-专用设备-能源及重型设备。所属概念板块包括：节能环保、机器 人概念、集成电路、华为概念、半导体等。 截至12月19日，光力科技股东户数2.50万，较上期增加0.00%；人均流通股9901股，较上期增加0.00%。 2025年1月-9月，光力科技实现营业收入4.60亿元，同比增长20.75%；归母净利润36 ...

Core Viewpoint - The stock of Jingfang Technology has shown a slight increase of 2.02% as of January 5, 2025, with a market capitalization of 18.404 billion yuan, indicating a mixed performance in recent trading periods [1]. Group 1: Stock Performance - As of January 5, 2025, Jingfang Technology's stock price is 28.22 yuan per share, with a trading volume of 3.06 billion yuan and a turnover rate of 1.67% [1]. - Year-to-date, the stock has increased by 2.02%, with a 0.53% rise over the last five trading days, a 4.40% increase over the last 20 days, but a decline of 15.56% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Jingfang Technology reported a revenue of 1.066 billion yuan, representing a year-on-year growth of 28.48%, and a net profit attributable to shareholders of 274 million yuan, reflecting a 48.40% increase [2]. - Since its A-share listing, the company has distributed a total of 496 million yuan in dividends, with 130 million yuan distributed over the past three years [2]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Jingfang Technology reached 147,700, an increase of 7.82% from the previous period, while the average number of circulating shares per person decreased by 7.26% to 4,416 shares [2]. - The second-largest circulating shareholder is Dongwu Mobile Internet Mixed A, holding 9.6 million shares, a decrease of 4.8575 million shares from the previous period [3]. - New entrants among the top ten circulating shareholders include Guolian An Semiconductor ETF, holding 4.4556 million shares, and Guangfa Zhongzheng 1000 ETF, holding 2.7404 million shares [3].