Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining a stable market as a primary task for capital market reform and development in 2026, with targeted policies expected to be introduced to support this goal [1] - The State Administration of Customs highlights the need to balance export expansion with appropriate import growth during the 14th Five-Year Plan period, aiming to enhance domestic and international circulation [2] - The State Council's recent meeting calls for accelerating the cultivation of new growth points in service consumption, with increased policy support across various sectors including the silver economy and green consumption [3] Group 2 - The People's Bank of China and financial regulators have announced a reduction in the minimum down payment ratio for commercial real estate to 30%, aimed at addressing inventory issues in the commercial property market [5] - Insurance companies are optimistic about the equity market in 2026, planning to enhance asset allocation strategies focused on "hard technology" investment opportunities [6] - Recent disclosures from high-performing funds indicate a shift in holdings towards sectors with favorable industry conditions, particularly in AI-related industries and innovative pharmaceuticals [7][8] Group 3 - The data factor market is experiencing significant changes, with numerous policy documents focused on data value extraction being released, indicating a growing emphasis on digital economy development [9] - The Ministry of Industry and Information Technology has expanded the scope of its nurturing program to include technology-based small and medium-sized enterprises, enhancing support for innovative businesses [11] - The China Securities Regulatory Commission has initiated an investigation into Rongbai Technology for potentially misleading statements regarding significant contracts, aiming to uphold market integrity [12] Group 4 - Several small and medium-sized banks have recently raised deposit rates, with specific increases noted in products such as the "Fuman Deposit" [13] - The bank wealth management market is seeing a rise in demand for fixed-income products and gold-linked structured deposits, with expectations of a market growth of 3.83 trillion yuan in 2026 [16] - Three securities investment consulting firms have been penalized and barred from taking on new clients due to regulatory violations, reflecting ongoing scrutiny in the sector [17]

Group 1 - The influx of incremental funds is expected to act as a "catalyst" for market growth, with residents shifting their asset allocation from deposits to other assets due to low long-term deposit rates [1] - There is a noticeable increase in residents' enthusiasm for purchasing insurance, particularly dividend insurance products, which may channel funds into the stock market in the future [1] - The trend of "deposit migration" indicates that household savings are entering the capital market through various channels, with ordinary residents' funds likely becoming a major source of market entry by 2026 [1] Group 2 - Insurers are adopting a "barbell" asset allocation strategy, heavily investing in dividend assets while also allocating to growth assets, particularly in response to emerging structural opportunities in the equity market [2] - The market's profit growth rate is expected to rebound in 2026, with a focus on "hard technology" sectors such as AI computing power, industrial software, high-end machine tools, hydrogen energy, and aerospace support [2] - Technology and advanced manufacturing are identified as key investment themes for 2026, with firms like Huatai Asset actively positioning in AI, semiconductors, robotics, and new energy sectors while selectively investing in finance, cyclical, and consumer sectors [2] Group 3 - Mid-sized insurance companies are focusing on growth assets that can deliver tangible results, targeting three main areas: manufacturing with global competitive advantages, sectors experiencing accelerated domestic substitution with real demand, and early-stage industries supported by clear policies and capital [3] - Key sectors of interest include engineering machinery, new energy equipment, semiconductors, new materials, commercial aerospace, and AI applications [3]

朋友们，最近的A股市场，是不是让你有种精神分裂的感觉？这边厢，科创100、科创50这些指数的估 值，已经冲到了170倍、甚至200倍以上；那边厢，红利指数、大盘价值的市盈率，却还趴在10倍以下。 更震撼的是，就在过去一周，近2000亿的资金从宽基ETF里汹涌流出，创下了历史记录。冰与火，狂热 与冷静，正在同一个市场里激烈对撞。我是帮主郑重，二十年来看过太多市场的极端时刻，今天咱们就 聊聊，面对这种史无前例的分化，作为中长线投资者，我们的眼睛到底该看向哪里？ 那么，这股巨量资金流向何方了呢？信号同样清晰：它们流向了半导体、芯片、有色金属等行业主题 ETF。这揭示了一个关键逻辑：资金厌恶的并非"成长"本身，而是脱离基本面的"泡沫式成长"。监管层 的"降温"组合拳，意图也非常明确：不是要给科技创新"泼冷水"，而是要精准打击"蹭热点"的伪成长， 把资金引导到有真正技术、有扎实业绩的"硬科技"领域。所以，市场的分化，本质是一次残酷而必要 的"选美比赛"，目的是让资源更有效地配置。 面对如此复杂的局面，我的策略建议是三个词：警惕、坚守、聚焦。第一，对估值已处历史极端高位的 品种，必须保持高度警惕。贪婪在此时的风险远大于收 ...

随着强一半导体（苏州）股份有限公司于近期正式挂牌上市，科创板上市公司数量达到600家，总 市值突破10万亿元，总募资额超1.1万亿元。近年来，科创板改革不断向纵深推进，特别是"科创板八 条"及科创板"1+6"改革举措相继发布后，制度包容性与适配性进一步提升，服务科技创新和新质生产力 发展的能力持续增强。 聚焦支持"硬科技"企业 科创板主要服务于符合国家战略、突破关键核心技术、市场认可度高的"硬科技"企业。自2019年开 市以来，科创板逐步建立了多元包容的发行上市制度、灵活便捷的股权激励制度和市场导向的并购重组 制度，板块定位、制度设计与新质生产力的发展需求高度契合。 截至目前，600家科创板上市公司涵盖了新一代信息技术、生物医药、高端装备、新能源、新材 料、节能环保等高新技术产业和战略性新兴产业，七成公司获评国家级专精特新"小巨人"企业、制造业 单项冠军示范企业等。科创板在集成电路、生物医药等产业链已形成示范和集聚效应，构建了以行业链 主为引领、上下游企业协同发展的矩阵式产业集群。 目前，科创板已支持61家未盈利企业、9家特殊股权架构企业、7家红筹企业、22家第五套上市标准 企业、1家转板企业上市，其中22家 ...

2025年12月26日，上交所正式发布《上海证券交易所发行上市审核规则适用指引第9号——商业火箭企 业适用科创板第五套上市标准》，支持尚未形成一定收入规模的优质商业火箭企业在科创板发行上市， 科创板"1+6"改革举措又一项成果落地。 随着强一半导体（苏州）股份有限公司于近期正式挂牌上市，科创板上市公司数量达到600家，总市值 突破10万亿元，总募资额超1.1万亿元。近年来，科创板改革不断向纵深推进，特别是"科创板八条"及 科创板"1+6"改革举措相继发布后，制度包容性与适配性进一步提升，服务科技创新和新质生产力发展 的能力持续增强。 聚焦支持"硬科技"企业 科创板主要服务于符合国家战略、突破关键核心技术、市场认可度高的"硬科技"企业。自2019年开市以 来，科创板逐步建立了多元包容的发行上市制度、灵活便捷的股权激励制度和市场导向的并购重组制 度，板块定位、制度设计与新质生产力的发展需求高度契合。 截至目前，600家科创板上市公司涵盖了新一代信息技术、生物医药、高端装备、新能源、新材料、节 能环保等高新技术产业和战略性新兴产业，七成公司获评国家级专精特新"小巨人"企业、制造业单项冠 军示范企业等。科创板在集成电 ...

Group 1 - The core viewpoint of the news is that the recent listing of Strong Semiconductor (Suzhou) Co., Ltd. has brought the total number of companies on the Sci-Tech Innovation Board to 600, with a total market value exceeding 10 trillion yuan and total fundraising surpassing 1.1 trillion yuan [1] - The Sci-Tech Innovation Board primarily serves "hard technology" enterprises that align with national strategies and have high market recognition, establishing a diverse and inclusive listing system since its inception in 2019 [2] - As of now, the 600 listed companies cover high-tech industries such as new generation information technology, biomedicine, high-end equipment, new energy, new materials, and energy conservation and environmental protection, with 70% of these companies recognized as national-level specialized and innovative "little giant" enterprises [2] Group 2 - The board has formed a demonstration and agglomeration effect in industries like integrated circuits and biomedicine, creating a matrix-style industrial cluster that promotes collaborative development among upstream and downstream enterprises [2] - The introduction of the "1+6" reform measures has enhanced the board's inclusivity and adaptability, supporting the development of technology-driven enterprises that break through key core technologies [4] - The board has supported 61 unprofitable companies and 22 companies under the fifth listing standard, with many of these companies achieving profitability post-listing [5] Group 3 - The Sci-Tech Innovation Board has played a crucial role in optimizing the "technology-industry-capital" cycle, facilitating the integration of innovation chains, industrial chains, and capital chains [6] - Approximately 90% of Sci-Tech Innovation Board companies received venture capital investment before listing, indicating a strong trend towards early investment in hard technology [7] - Over 60% of the companies on the board have implemented cash dividend plans, with a total dividend payout of 38.8 billion yuan, reflecting a commitment to enhancing investor returns [7]

专题：第九届世界浙商上海论坛暨2025上海市浙江商会年会 来源：上海市浙江商会 "奔涌"，是浙商与时代同频的脉搏，也是商海砥砺铸就的精神图腾。 1月18日，第九届世界浙商上海论坛暨2025上海市浙江商会年会将于上海国际会议中心开幕。本届论坛 以"奔涌"为主题，聚焦中国经济浪潮中浙商的韧性、创新与抱负，持续推动科学家与企业家"双向奔 赴"。 我们特别邀请了郑庆华、王建宇、郭广昌、陆朝阳、谢欣、朱军红、赵延平、任斌等院士专家、技术先 锋及知名企业家作交流分享，为浙商"奔涌"向前，迈向高质量发展带来新的时代注解。 论坛抢先看 -奔腾- 郑庆华 中国工程院院士，同济大学党委书记 AI+概念不断深入人心，从数据流演变到物理交互，AI的应用如何为世界的变革注入澎湃动力？ 谢 欣 飞书CEO 近年来，AI正在"更懂你的业务"，这位贯彻"AI-first"理念的企业家将带来行业的思考与实践。 -奔赴- 王建宇、陆朝阳、朱军红、赵延平、任 斌 从浩瀚宇宙到微观粒子，从苍穹之眼到大地脉动，我们看到了硬科技赛道上"奔赴"的多元图景，既有科 学家的执着探索，也有企业家的务实创新，更有科技与产业协同的强大合力。 -奔流- 王均金 商会 ...

2026.01. 16 作者 | 一财阿驴 ▼ 0.18% ▼0.20% A股三大指数高开低走后维持低位震荡, 沪指险守4100点整数关口, 深市与创业板指跌幅收窄, 科创50 成为唯一上涨的核心指数,结构性差异显著。 2370家上涨 涨跌停比 67:61 个股跌多涨少,板块分化极致,盘面上,AI应用 题材全线回调,金融科技、电商、商业航天概念 股走低。半导体产业链爆发,存储器方向领 涨;消费电子、人形机器人、特高压概念股活 ▼ 0.26% 两市成交额 0 5万亿元 ▲ 4.15% 两市成交额维持高位,小幅放量,市场分歧巨 大, 资金进行大规模调仓换股,从高位板块向低 位板块转移,半导体相关个股成为成交核心,存 储芯片方向多只龙头股成交额居前。 资金情绪 主力资金净流出 486.02Z元 散户资金净流入 13 22元 机构呈"聚焦硬科技、规避题材泡沫"的理性调仓特征,资金从传媒、AI应用等高估值题材板块果断撤 离,转而大举加仓半导体、电网设备、入形机器人等硬制造赛道;散户谨慎观望,操作上出现分化,一部分 投资者选择卖出观望,另一部分活跃资金则尝试在半导体、新股等局部热点中寻找短线机会。 散户情绪 75.85% ...

↑点击上面图片 加雪球核心交流群 ↑ 市场回顾 2025年投资正式收官，小雪实盘也陪伴各位投资者经历这一年资本市场的风云变幻。年末之际，雪球投研将与各位投资者聊聊小雪实盘这一年的成 绩单。 2024年9月24日，央行、金融监管总局和证监会三部门同步推出一揽子增量金融政策，为资本市场注入强心剂。当前距离"924政策组合拳"的出台 已过去一年有余，而在宏观逆周期调节政策支持、资本市场制度完善与中长期资金入市的持续推动下，A股整体步入"慢牛"通道。截至2025年12月 31日，上证指数全年累计上涨18.41%，创业板指、科创50分别上涨49.57%、35.92%。其中，截至10月29日收盘，上证指数时隔近10年再度站 上4000点。 数据来源：央行、国务院客户端等，雪球投研整理，数据截至2025年12月31日。 2025年3月，政府工作报告将"综合整治内卷式竞争"列为年度重要任务；7月召开的中央财经委员会第六次会议上，强调"要依法依规治理企业低价 无序竞争"；随之而来的是光伏、汽车和动力电池等多个领域积极推进"反内卷"相关安排。 在此背景之下，2025年中国物价指数整体呈现出"CPI温和回升，PPI降幅收窄"的态势 ...

Group 1 - The Chinese FAST telescope is preparing for upgrades to create the world's first array centered around a giant telescope, with medium-sized telescopes surrounding it [3]