Core Viewpoint - The A-share market is expected to continue its upward trend, with a high probability of a spring rally as investor risk aversion eases and funds shift from a cautious stance to actively seeking opportunities [2][7]. Market Performance - On the trading day, the total market turnover reached 2.55 trillion yuan, an increase of 501.1 billion yuan compared to the previous day [7]. - The major indices showed positive performance: - Shanghai Composite Index increased by 1.38% - Shenzhen Component Index rose by 2.24% - ChiNext Index gained 2.85% [7]. Sector Analysis - The top three sectors for net capital inflow were: - Non-ferrous metals: +1.907 billion yuan - Basic chemicals: +1.526 billion yuan - Biopharmaceuticals: +1.526 billion yuan [2][7]. Institutional Insights - CITIC Securities suggests that the positive macro policy tone from the national financial work conference and the 2026 national subsidy plan will boost consumer sentiment, creating a favorable environment for cyclical sectors [2][8]. - The focus on technological innovation and new growth drivers is emphasized as a key aspect of China's high-quality transformation under the 14th Five-Year Plan, with a supportive overseas monetary environment enhancing risk appetite domestically [8].

Market Overview - The A-share market opened positively on January 5, 2026, with the ChiNext Index leading the gains and the Shanghai Composite Index returning above 4000 points, recording twelve consecutive days of gains [1][11] - The ChiNext 50 ETF (159949) closed up 2.89% at 1.566 yuan, with a turnover rate of 8.09% and a trading volume of 2.524 billion yuan, ranking first among similar ETF products [1][11] Fund Performance - The ChiNext 50 ETF (159949) has seen a net inflow of over 4.3 billion yuan in the last 20 trading days, indicating strong confidence from institutional and individual investors in the technology growth sector [12][13] - As of January 5, 2026, the ETF's cumulative trading amount over the past 20 days reached 36.621 billion yuan, with an average daily trading volume of 1.831 billion yuan [12][13] - The ETF's liquidity is supported by a circulating scale of 30.652 billion yuan as of December 31, 2025 [12][13] Industry Allocation - The ETF closely tracks the ChiNext 50 Index, with a concentration in manufacturing (78.75%), finance (11.18%), and information technology services (5.79%), aligning with China's core themes of technological self-reliance and high-end manufacturing transformation [15][4] - Since Q3 2025, sectors such as AI computing power, new energy, and commercial aerospace have been active, effectively driving the index upward [15][4] Investment Outlook - Analysts suggest that the A-share market in 2026 will be supported by the restructuring of international order and China's industrial innovation, with a focus on three main themes: AI growth, cyclical reversal, and overseas expansion [17][19] - The technology sector is expected to maintain high profit growth, while traditional sectors like consumption and manufacturing are anticipated to see a gradual recovery in profit growth [18][19] - The ChiNext 50 ETF has shown impressive historical performance, with returns of 22.07% over five years, 48.12% over three years, and 93.36% over two years, significantly outperforming its benchmark [20]

Market Overview - The A-share market experienced a volatile adjustment last week, with significant divergence among major indices and notable structural characteristics in the market [1] - Technology applications strengthened, while the oil and petrochemical sectors saw consecutive weeks of gains; the commercial sector continued to boost the military industry, but the new energy sector faced a pullback [1] Macro Analysis - In December, the domestic manufacturing PMI showed a seasonal rebound, rising to 50.1%, an increase of 0.9 percentage points from November, marking the first time since April that it entered the expansion zone [2] - Among 21 surveyed industries, 16 reported a PMI increase compared to November, driven by improved trade conditions, increased external demand, and domestic policy adjustments [2] - Key macro policies include early issuance of local government debt limits for 2026 and a total of approximately 295 billion yuan allocated for early construction projects, aimed at accelerating fund disbursement [2] Overseas Economic Data - Recent U.S. economic data exceeded expectations, with pending home sales in November rising by 3.3%, significantly above the anticipated 0.9% [3] - Initial jobless claims unexpectedly fell to 199,000, compared to the expected 218,000 [3] - The December FOMC meeting minutes indicated a hawkish tone, with most participants supporting potential rate cuts if inflation trends downward, while also acknowledging risks of rising inflation [3] Investment Strategy - The company is optimistic about technology growth, non-bank financials, and cyclical assets as the Chinese stock market is expected to stabilize and surpass significant thresholds in 2026 [4] - Factors supporting this outlook include anticipated U.S. interest rate cuts, continued inflow of incremental capital, and policy measures aimed at stabilizing the real estate market [4] - The focus is on sectors benefiting from AI and emerging market industrialization trends, as well as cyclical valuation opportunities under domestic demand expansion [4] Sector-Specific Insights - In the technology growth sector, there is potential in domestic internet, electronics, media, and computing, particularly with the ongoing chip technology breakthroughs and storage price increases [5] - Non-bank financials are expected to benefit from increased wealth management demand and capital market reforms, with a focus on insurance and brokerage sectors [5] - Cyclical sectors are showing marginal improvements in valuation and are likely to benefit from policies aimed at expanding domestic demand and stabilizing the real estate market, including tourism, hospitality, and commodities [6]

深成长ETF大成(159906)紧密跟踪深证成长40指数，深证成长40指数反映深市成长风格突出的上市公司 的股价变化情况。 数据显示，截至2025年12月31日，深证成长40指数前十大权重股分别为新易盛、胜宏科技、宁德时代、 阳光电源、盐湖股份、沪电股份、思源电气、汇川技术、云铝股份、藏格矿业，前十大权重股合计占比 72.12%。 相关产品：深成长ETF大成(159906)，场外联接(A类：090012；C类：019254)。 MACD金叉信号形成，这些股涨势不错！ 有色板块成为最大亮点，盐湖股份强势涨停，凭借锂电池原材料核心优势领涨，该公司日前发布2025年 度业绩预告，预计实现归母净利润82.9亿元至88.9亿元，同比增长77.78%至90.65%。藏格矿业同步涨超 6%，印证顺周期反内卷赛道的高景气。 TMT科技股表现强势，胜宏科技上涨2.43%，汇川技术盘中涨幅一度达5%。兴业证券此前表示，避险 情绪缓解叠加三季报景气验证，市场对于科技成长景气主线的共识有望再一次凝聚。 新能源龙头稳健发力，宁德时代涨近2%。宁德时代1月4日晚间发布公告称，截至2025年12月31日，公 司通过深圳证券交易所股票交易系 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投指出，创业板50作为科技成长主线的代表性指数，12月涨幅达4.93%，在跨年行情中表现 突出。行业主要围绕半导体、AI和未来产业热点展开，其中国补新增智能眼镜、智能家居，国家创业 投资引导基金正式启动，重点聚焦集成电路、人工智能等领域的早期项目，利好科技成长赛道。全球科 技股共振上行，半导体、AI芯片是行情核心，国内政策支持与估值修复推动科技板块表现。中长期看 好工业金属、小金属等资源品价格上行趋势，全球流动性宽松、AI和新能源等新兴需求是核心逻辑。 市场情绪高涨，主题热点活跃，跨年行情有望继续演绎。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅限制达20%，该指数 从深圳证券交易所创业板中筛选出50只日均成交额较大、流动性良好的证券作为成分股，旨在反映创业 板市场内知名 ...

来源：新浪基金 市场有望在寻找主线中震荡上行，整体机会大于风险，操作上可保持积极，在科技成长与景气修复方向 中择优配置。短期来看，市场已进入针对春季行情的做多窗口。在节后增量资金回补下，有放大波动 率、选择方向的需求，整体走势偏乐观。 配置上建议围绕高景气和产业趋势展开，包括机构回补的景气趋势方向，如调整充分、具备估值和景气 度保护的板块（光模块、PCB、锂电储能和材料）等。同时，进行科技成长的纵深挖掘，如AI端侧与应 用、机器人等，以及潜在政策催化方向，跟踪"十五五"规划相关的前沿领域，根据催化事件布局。期货 端存在补涨潜力的铜、铝等工业金属也可关注。 美股市场：有望维持震荡偏强格局，关注宏观数据和盈利 随着假期因素逐步消退和成交量恢复，市场关注点有望重新回到宏观数据、货币政策信号以及企业盈利 预期上。若利率环境保持相对友好，且经济数据未出现明显下行风险，美股在2026年初仍具备维持震荡 偏强格局的基础。但是，考虑到指数仍处于历史相对高位，结构性分化与阶段性波动回升的可能性依然 存在，市场或将在乐观预期与谨慎定价之间反复博弈。 摩根资产管理资深环球市场策略师朱超平在2026年首期《每周市场洞察》中，对海内外 ...

中信建投指出，元旦假期结束后，投资者避险情绪缓解，资金行为有望从此前的观望转向积极寻找机会 的新阶段，A股延续上行趋势继续演绎春季攻势的概率较高。结构上，一方面，全国财政工作会议偏积 极的宏观政策定调，以及26年国补方案对消费情绪的提振，继续为顺周期板块创造估值修复环境。另一 方面，科技创新，发展新动能仍是"十五五"规划下国内高质量转型的重点，叠加海外偏宽松环境，国内 基本面空窗期带来的风险偏好提振下，科技成长仍将是最终引领本轮躁动行情突破的胜负手。 股票频道更多独家策划、专家专栏，免费查阅>> 早盘，A股三大指数高开后震荡走高，截至发稿，沪指涨0.88%，报4003.91点，深成指涨1.51%，报 13729.44点，创业板指涨1.83%，报3261.66点，科创50指数涨3.22%，报1387.44点。沪深两市合计成交 额11480.45亿元，全市场近4000只个股上涨。保险股领涨，脑机接口、医疗器械、半导体题材活跃。 | 名称 | 涨跌幅 ▼ | | --- | --- | | 脑机接口指数 | 8.21% | | 保险精选指数 | 5.76% | | 医疗器械精选 | 5.24% | | 存储器指数 ...

Market Strategy - The report suggests that a slow bull market will continue, with opportunities to allocate resources towards technology growth [5][7][9]. Economic Insights - During the New Year holiday, domestic travel reached 142 million trips, with total spending of 84.789 billion yuan [16][17]. - The manufacturing PMI for December was reported at 50.1%, indicating a slight expansion in economic activity [18][19]. - The average price of new residential properties in 100 cities increased by 2.58% year-on-year in December, with a monthly increase of 0.28% [22][23]. - The interest rates for existing "public housing fund + commercial loans" have been lowered, with specific rates for first and second homes [24][25]. Industry Dynamics - The nylon 66 industry is facing challenges such as overcapacity and increased competition, despite long-term growth potential in new energy vehicles and green fibers [26][27][28]. - iQIYI announced a new revenue-sharing model for film collaborations starting January 15, 2026, shifting from a "duration price" model to a "revenue-sharing" model [29][30]. - The food industry is transitioning towards safety, nutrition, functionality, convenience, personalization, and refinement, as highlighted in the 2025 China Food Industry Development Report [31][32]. - The home appliance replacement policy for 2026 will focus on six categories, including refrigerators and air conditioners, with a subsidy of 15% for energy-efficient products [34]. Company Updates - Weili Medical's subsidiary has been re-certified as a high-tech enterprise, allowing it to enjoy a 15% corporate income tax rate from 2025 to 2027 [37][38]. - David Medical's subsidiary received two medical device registration certificates, enhancing its product offerings [39][40]. - Bluefan Medical plans to transfer 100% equity of its subsidiary to Mingde Biological, aiming to focus on core business and improve cash reserves [41][42]. - Jeya Biotechnology announced the establishment of a wholly-owned subsidiary in Singapore to enhance international business development [44][45]. - Kweichow Moutai held a national distributor conference, emphasizing a consumer-centric strategy and market-oriented approach for 2026 [46][47]. - Hunan Development plans to acquire hydroelectric assets worth 1.512 billion yuan, enhancing its focus on clean energy [48][49].

Group 1 - The year 2025 was a transformative period for fund investors, marked by a journey of cognitive upgrades and emotional adjustments, leading to a more rational and determined mindset as they approach 2026 [1] - The capital market in 2025 demonstrated resilience amidst volatility, with investors like Zhao maintaining high positions in technology and metals, while others like Li faced challenges due to emotional decision-making [2][3] - Investors are shifting from chasing trends to focusing on asset allocation and rational decision-making, recognizing the importance of discipline and risk management in navigating market complexities [5] Group 2 - Investors are planning to optimize their portfolio structures in 2026, with strategies such as increasing investments in index funds and concentrating on high-performing funds to enhance returns [4] - The experiences of investors in 2025 have led to a more pragmatic approach, emphasizing the need for a balanced allocation and a focus on quality assets to navigate potential market fluctuations [4][5] - The overall sentiment among investors is moving towards a long-term perspective, with an understanding that investment is a continuous journey that requires patience and respect for market dynamics [5]

市场也给不少"追风者"上了一课。罗女士曾试图通过"广撒网"的方式捕捉投资机会，持仓一度超过20只 基金，涵盖了人工智能、创新药等热门赛道。这种"基金超市"模式在普涨行情下收益可观，而当行情轮 动加快时，却陷入了顾此失彼的窘境。 李先生的经历则更具代表性。面对2025年的上涨，他起初因恐高而犹豫，却在市场情绪持续高涨时，在 阶段性高点重仓买入，随后承受了回调损失。他坦言，自己陷入了"越涨越不敢买，越不敢买越涨"的纠 结，结果在高位匆忙入场。此后，李先生并未频繁操作，面对账户的一片绿色，仍坚持自己的节奏。他 那句"宁可不动，也不要乱动"，不仅是对2025年的反思，也是对市场复杂性的深刻领悟。 沉淀与蜕变：优化配置结构 ● 本报记者 郝健 刚刚过去的2025年对于每一位基金投资者而言，不仅是基金净值的起伏曲线，更是一段认知升级、心态 博弈与自我和解的心路历程。从年初的谨慎试探，到年中的积极参与，再到年末的理性沉淀，一些基民 经历了资本市场的磨炼，逐渐摸索出适合自己的投资方法。面对已经开启的2026年，基民的心态少了一 分盲目，多了一分冷静与笃定。 迷雾与觉醒：复苏行情下的众生相 2025年的资本市场，在波动中展现韧 ...