人民财讯1月12日电，银河证券指出，关注"两条主线+两条辅助线"。主线一，全球百年未遇之大变局加 速演进，国内经济底层逻辑转向新质生产力。春季躁动行情中，科技创新与成长板块轮动上行机会较 大，人工智能、具身智能、新能源、可控核聚变、量子科技、航空航天等"十五五"重点领域值得关注。 主线二，反内卷政策温和推进，供需结构优化叠加价格回升预期带动下，制造业、资源板块盈利修复路 径清晰，重点关注有色金属、基础化工、电力设备等行业。辅助线一，2026年消费品以旧换新政策延 续，扩大内需政策导向下消费板块迎来布局窗口。辅助线二，出海趋势将带动企业盈利空间进一步打 开。 ...

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index breaking through 4100 points and achieving a historical 16 consecutive days of gains, driven by sectors such as commercial aerospace, controllable nuclear fusion, brain-computer interfaces, humanoid robots, and resource stocks [1][11]. Group 1: Market Trends - The current market rally is attributed to concentrated inflows from previously cautious funds, with a notable focus on thematic stocks and small-cap stocks rather than traditional allocation strategies [3][13]. - Short-term market sentiment remains high, with no signs of weakening emotional indicators, suggesting that the upward trend in thematic and small-cap stocks may continue until after the Two Sessions [3][13]. - The market is currently characterized by a high level of trading activity, with a significant increase in transaction volume, indicating strong investor confidence [16]. Group 2: Sector Recommendations - Analysts recommend focusing on sectors with high cost-performance ratios, particularly those benefiting from external demand recovery, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [4][14]. - The commercial aerospace sector is highlighted as a key area for investment, with expectations of continued upward momentum despite potential short-term profit-taking pressures [19]. - The resource sector, particularly traditional manufacturing, is advised for increased allocation, with a focus on enhancing pricing power [3][13]. Group 3: Future Outlook - February is anticipated to be a favorable period for the market, with historical data suggesting that significant trading volumes often lead to sustained upward trends [16]. - The market is expected to enter a phase of basic performance evaluation after the annual report disclosures in January, which may provide opportunities for investors to capitalize on growth potential [17]. - The overall sentiment indicates that the upward potential in the market outweighs the risks, with a focus on sectors that align with long-term growth trends, such as AI and semiconductor industries [20].

今日关注 本周全球市场大事不断：中国2025年12月外贸数据、美国CPI及PPI数据将陆续公布；美国最高法院或公 布关税裁决；美联储将发布最新褐皮书，多位美联储官员将密集发声；美股财报季开启，摩根大通等将 披露最新业绩。重要会议方面，七国集团（G7）加其他国家财长会议将举行，中国核聚变与AIGC大会 召开。 宏观经济 1、1月10日至11日，全国商务工作会议在京召开。会议指出，全国商务系统2026年将重点做好深入实施 提振消费专项行动、推进全国统一大市场建设等八个方面工作。 2、国家医保局11日启动"个人医保云"建设试点。"个人医保云"将重点对接处理医院、药店、家庭智能 监测设备等数据，整合个人健康档案，形成个人医保财务档案，提供费用分析与医疗保障建议。 3、11日，由中国兵器工业集团完全自主研发的"天马-1000"无人运输机成功首飞。该型无人机是国内首 款实现"高原复杂地形适配、超短距起降、货运空投双模快速切换"的中空低成本运输平台。 4、据央视财经，截至1月9日，国内春节假期机票预订总量超300万张，日均预订量同比增长约20%。海 口在热门前10名城市中增速领跑，同比增长了1.2倍；三亚增长90%。拉萨、 ...

Group 1 - The 2026 Consumer Electronics Show in Las Vegas will take place from January 6 to 9, featuring thousands of companies from 155 countries showcasing innovations in AI, digital health, energy, immersive entertainment, mobility, and robotics [1] - Chinese companies such as Lenovo, TCL, Hisense, and others are prominently displaying their latest products and innovations, indicating a growing presence and influence in the global market [1] - TCL's global marketing center vice president noted that Chinese brands are accelerating technological innovation and moving into the mid-to-high-end global market by enhancing R&D investments and transitioning from single product sales to ecosystem solutions [1] Group 2 - Hisense's Mini LED TV received high praise for its stunning picture quality, highlighting the significant efforts Chinese companies are making in original technology and product quality [2] - Hisense has established a global presence over 30 years, with 30 R&D centers and 37 industrial parks, becoming a widely recognized brand among consumers [2] - The show introduced an "Innovation Workshop" section to present trends in AI and quantum technology, facilitating interaction and collaboration among businesses, researchers, and investors [2] Group 3 - Chinese companies are showcasing numerous innovative products and technologies, demonstrating strong innovation capabilities, as noted by the CEO of South Africa's Polestar brand [3] - There is a growing recognition of the technological value of Chinese products, with increasing consumer demand for these innovations [3]

Core Insights - Tianjin Economic and Technological Development Zone has released the "Future Industry Cultivation and Development Action Plan (2025-2027)" aiming to establish a "4+2+X" future industry layout by 2027, focusing on key technologies, products, applications, talent, and competitive enterprises in future industries [1][2] Group 1: Future Industry Development Strategy - The action plan aims to create a world-class future industry ecosystem, emphasizing "future-oriented advantages" and "industrialization of future technologies" as the two main lines of development [1] - The "4+2+X" future industry development system will focus on four cornerstone tracks: nucleic acid drugs, biomanufacturing, general artificial intelligence, and basic and key materials [1] - The plan also includes two cutting-edge tracks: embodied intelligence and automotive-grade chips, along with several potential tracks such as future healthcare, nano-manufacturing, and software-defined interconnect chips [1] Group 2: Implementation Actions - To achieve the development goals, the Tianjin Economic and Technological Development Zone will focus on a complete innovation ecosystem, implementing ten key actions including technology innovation source actions and future enterprise cultivation actions [2] - The technology innovation source action will concentrate on building high-level innovation platforms, aiming for 1 to 3 key source platforms for each track [2]

Core Viewpoint - The company, Qiming Star (启明星辰), is actively engaged in quantum technology research and has made advancements in quantum security products, while also addressing investor concerns regarding stock performance and corporate governance [2][4]. Group 1: Company Performance - As of January 9, 2026, Qiming Star's stock closed at 14.96 yuan, reflecting a 1.98% increase, with a turnover rate of 2.69% and a trading volume of 195,400 shares, amounting to a transaction value of 290 million yuan [1]. - On the same day, the net inflow of main funds was 8.3671 million yuan, indicating a positive short-term sentiment from major investors [4]. Group 2: Quantum Technology Initiatives - The company is collaborating with China Mobile to advance quantum technology, focusing on security threats related to quantum computing. It has upgraded its anti-quantum encryption systems and integrated quantum key distribution technology into its VPN products [2]. - Qiming Star has successfully implemented quantum security solutions in critical information infrastructure sectors such as finance and telecommunications [2]. Group 3: Employee Stock Ownership Plan - The second phase of the employee stock ownership plan is set to expire on July 9, 2026, with the plan currently holding 487,115 shares, representing 0.04% of the total share capital. The company will decide on the timing and quantity of stock sales based on market conditions [3][4]. Group 4: Corporate Governance and Investor Relations - The company emphasizes the importance of fair information disclosure and compliance, ensuring that all investors receive significant information through formal channels [2]. - In response to concerns about stock price manipulation, the company is committed to monitoring trading activities to maintain a healthy investment environment [2].

项目牵头人、江苏省金融学会会长周诚君在会上介绍，该项目作为我国首个面向银行关键基础设施抗量 子迁移的国家级重点研发计划，已在核心理论、技术攻关、标准规范与开放合作层面取得重大成果。周 诚君表示，量子科技与金融安全的深度融合，是涉及技术迭代、标准重构、产业升级、生态程序的系统 性工程。下一步将加速成果转化，推动核心算法、设备标准化产品化进程；深化协同创新，构建"产学 研用金"融合新生态；从而为筑牢金融"新基建"安全底座、构建"产学研用金"融合新生态和服务国家金 融安全全局贡献力量。 西交利物浦大学副校长丁忆民表示，西交利物浦大学始终认为高校在国家科技创新体系中不仅要追求学 术前沿，更要回应国家所需、行业所急。西交利物浦大学依托后量子迁移交叉实验室推动多学科协同研 究与金融场景的深度融合，致力于将科研成果转化为可落地、可推广的安全解决方案 。 会上，建设银行、中信银行和江苏银行作为首批"试水者"，在会上展示了相关应用验证成果。来自中国 科学院、中国电子科技集团的专家组对项目成果进行了研讨，认为该技术在格密码安全性分析领域具备 国际领先水平，为金融基础设施应对量子计算挑战提供了技术储备。 转自：南京晨报 晨报讯（南 ...

Group 1 - The market is currently experiencing a high level of enthusiasm, with a focus on theme stocks and small-cap stocks, while traditional investment funds are more cautious [2] - The expectation is that the market will continue to show a pattern of oscillation and upward movement until the National People's Congress, driven by improved domestic demand expectations [2] - There is a recommendation to focus on resources and traditional manufacturing sectors, as well as to increase allocation in non-bank financials to reduce portfolio volatility [2] Group 2 - A-share valuations are expected to continue to rise, with a potential rebound in overall ROE by 2026, influenced by factors such as increased profits from emerging industries and a slowdown in PPI [3] - The influx of certain types of funds, including regulatory, insurance, and bank wealth management funds, is seen as a solid foundation for the A-share market [3] - The market is likely to see a continuation of the spring rally, with a focus on small-cap stocks and potential adjustments providing good entry points for investors [3] Group 3 - The current market environment suggests limited downside risk and significant potential for upward movement, particularly in the commercial aerospace sector, which is experiencing positive changes [5] - The market is characterized by a concentration of themes and strong trading sentiment, with upcoming earnings reports expected to drive structural adjustments [5] - There is a focus on sectors such as AI, semiconductor, and resource price increases as key areas for investment [9] Group 4 - The spring rally is supported by improved liquidity and a favorable economic environment, with expectations of continued strong performance in the A-share market [6] - The focus on technology and growth sectors is expected to provide significant investment opportunities, particularly in AI applications and commercial aerospace [11] - The market is likely to remain strong leading up to the Spring Festival, with a focus on sectors benefiting from policy support and economic recovery [14]

Quantum Technology - The report highlights the clear positioning of the NISQ (Noisy Intermediate-Scale Quantum) era, indicating that current quantum devices are operational but limited in capability, lacking fault tolerance and scalability. Experts estimate that small-scale fault-tolerant quantum computers will take about ten years to develop [8][9] - The collaboration between Argonne National Laboratory and Intel has successfully deployed a 12-qubit silicon-based quantum processor, demonstrating the value of mature silicon technology in scaling quantum computing [10] - D-Wave has showcased a scalable on-chip low-temperature control gate model quantum bit, significantly reducing wiring costs and addressing a major bottleneck in the industry [12][14] Biomanufacturing - Micro Yuan Synthesis has secured nearly 300 million yuan in financing to accelerate the development of methanol biomanufacturing, which addresses the reliance on food-based raw materials in traditional biomanufacturing [15][16] - The first gene-consistent human "lung chip" has been developed, providing a new tool for personalized treatment of respiratory diseases and potentially revolutionizing drug development by reducing reliance on animal models [18] Hydrogen Energy and Nuclear Fusion - Policies in Shanghai and other regions are reducing the operational costs of hydrogen vehicles through subsidies and free highway access, which is expected to significantly boost the adoption of hydrogen fuel cell vehicles [19][20] - The report notes that hydrogen energy is transitioning from being a major electricity consumer to a "regulator" of the grid, enhancing the consumption of renewable energy and long-term storage capabilities [25][28] - The Energy Singularity's "Honghuang 70" nuclear fusion device has achieved a 120-second steady-state operation, marking a significant milestone in commercial nuclear fusion technology [31] - Dongsheng Fusion has completed a multi-hundred million yuan angel round of financing to develop a "deuterium-helium-3" fusion route, which is considered safer and more cost-effective than traditional methods [32][33] Brain-Computer Interface - Strong Brain Technology has raised 2 billion yuan to scale brain-computer interface technology, aiming to help one million disabled individuals regain social functionality within five to ten years [38][39] - Sichuan Province has set maximum prices for brain-computer interface medical services, which will take effect in April 2026, facilitating the clinical application of this technology [40][41] - The first brain-computer interface deep brain stimulator surgery in Southwest China has been successfully performed, providing new treatment options for Parkinson's disease [42][43] Embodied Intelligence - NVIDIA has released several physical AI models and frameworks that support robots in understanding physical laws, enhancing the industrialization of robots across various scenarios [5][13] - Chinese companies represent nearly 25% of robot exhibitors at CES 2026, with humanoid robots making up over 50% of the exhibition area, showcasing the competitive edge of Chinese firms in this sector [5][13] Sixth Generation Mobile Communication (6G) - Nanjing has launched a special plan to build a 6G industrial ecosystem, aiming for full coverage of 6G non-cellular networks by 2027 and the establishment of over 50 vertical industry scenarios [5][14]

Group 1: Market Trends and Opportunities - A-shares continue to show a trend of oscillating upward, with a focus on structural investment opportunities as the market may experience increased short-term volatility [1] - Investors are encouraged to seize opportunities during market fluctuations, particularly before the Spring Festival, and to pay attention to the performance forecasts of listed companies as the reporting window opens in January [1] - Key sectors to watch include AI applications, robotics, controllable nuclear fusion, and quantum technology, along with a clear recovery path in manufacturing and resource sectors, particularly in non-ferrous metals, basic chemicals, and power equipment [1][5] Group 2: Regulatory and Policy Developments - The China Securities Regulatory Commission (CSRC) emphasizes the importance of deepening comprehensive reforms in investment and financing, focusing on risk prevention, strong regulation, and promoting high-quality development [2] - The Ministry of Commerce outlines key work for 2026, prioritizing actions to boost consumption, including the promotion of the "Buy in China" brand and the development of new growth points in service consumption [3] Group 3: Sector-Specific Insights - China Galaxy Securities highlights the potential for structural investment opportunities in AI, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace, as well as a clear recovery path in manufacturing and resource sectors [5] - Zhongtai Securities recommends focusing on the robotics sector, which has seen consistent capital inflow and remains a key area of interest [6] - Bank of China Securities notes that AI applications offer a high cost-performance ratio, with the AI industry experiencing various phases of market rotation since 2025 [7] - Yongying Fund anticipates that AI technology will continue to be a market driving force, with a shift in market narrative expected towards fundamental improvements [8] - Huaxia Fund observes an increase in the investment potential of Hong Kong stocks, with improved valuation compared to the U.S. Nasdaq index [9] - Industrial and Commercial Bank of China Fund reports a sustained high level of activity in the engineering machinery sector, with domestic demand and export growth contributing to an upward trend [10]