Group 1 - A clear policy "warm wind" is blowing towards the consumption sector, with the national financial work conference emphasizing "greatly boosting consumption" as a key task for the coming year [1] - The first batch of 625 billion yuan for the 2026 consumption goods replacement fund plan has been quickly allocated, reflecting a coherent determination from central to local levels to stimulate domestic demand [1] - Recent market reactions show significant inflows into cyclical and consumer sectors, with trading heat in sectors like retail and consumer services exceeding the 80th percentile [1][2] Group 2 - Several consumer retail stocks have experienced sharp price increases, with Baida Group's stock price doubling in the past month and other companies like Shanghai Jiubai and Lihua shares also seeing substantial gains [4][5] - Despite the market heat driven by policies and funds, many public funds have shown poor performance, with few of the leading stocks being heavily held by institutions [5][6] - The divergence between market performance and institutional holdings indicates a profound shift in investment logic, with institutions reallocating from traditional consumption to sectors like pharmaceuticals and technology [6] Group 3 - The consumption sector's valuation has reached historical lows, creating a foundation for a potential recovery [7][8] - Analysts suggest that the current valuation levels in the consumption industry are attractive compared to historical and international benchmarks, with a focus on identifying companies that can adapt to changing market conditions [8][9] - The dividend yield of the main consumption index has reached 3.89%, indicating a potential for increased market attention on traditional consumption sectors benefiting from domestic consumption policies [9] Group 4 - There is significant internal differentiation within the consumption sector, with some new consumption stocks showing promise while traditional sectors like liquor and white goods remain weak [10][11] - Marginal improvements in the fundamentals of the consumption sector have been observed, with certain industries like real estate-related sectors showing signs of stabilization and profit recovery [11] Group 5 - Long-term investment logic is being restructured, focusing on overseas expansion, new consumption models, and evolving consumer demands [12][13] - The "outbound strategy" is highlighted as a key growth area, with companies that can leverage their domestic competitive advantages in international markets expected to perform well [13][14] - The changing consumer landscape, driven by a new generation of middle-class consumers, is influencing consumption patterns and investment priorities [15] Group 6 - Looking ahead to 2026, there is a structural optimism regarding the consumption sector, with expectations of a return to balanced growth as the real estate cycle stabilizes [16] - Key areas of focus for future investment include overseas expansion, innovative pharmaceuticals, and gaming sectors, with traditional consumer sectors also expected to see growth [16][17] - The long-term value of consumption remains, but the investment approach has evolved, emphasizing the need to align with emerging trends and structural changes in the market [18]

利亚德集团孙铮向记者表示：十五五的规划建议下当然会对出海的公司创造一些新的机会，相比于欧美 的高端显示应用场景，巴西、迪拜等国家更关注能耗、性价比、流通性等指标，我们在沙特建造工厂， 跟当地有更紧密的结合，去解决当地用户的需求和痛点。 ...

2025年A股行情仅余最后一个交易日。纵观全年，主要宽基股指均在4月初触底后一路高歌猛进，沪指 从年内低位3040点起步，一度冲破4000点大关，全年涨幅接近20%，有望创出近6年来最佳年度表现。 科技含量更高的创业板指、科创综指全年涨幅更是高达50%左右。 截至12月30日收盘，上证指数报3965.12点，年线上涨18.30%，若最后一个交易日收平，将创出2020年 以来最佳年度表现；深证成指、创业板指年线分别上涨30.62%和51.42%；北证50、科创综指年线分别 上涨39.78%和46.83%。 展望2026年，"乘势而上""再攀高峰"成为机构共识，行情脉络有望从估值驱动过渡为盈利支撑。在多位 券商看来，中资企业在全球价值链分配中的地位进一步抬升，将份额优势转化为定价权，这是A股行情 迈向"低波动慢牛"的基础。 全年成交额首破400万亿元 2025年A股书写的多项纪录中，成交数据的大幅放量是最突出的特征，反映托底资金持续进场，整体资 金风险偏好显著回升。 Choice数据显示，今年以来（截至12月30日，下同），沪深两市全年总计成交411.73万亿元，历史首次 突破400万亿元；日均成交额17013. ...

Core Viewpoint - JD Industrial is the largest service provider in China's industrial supply chain technology and services market, leveraging resources from JD Group to gain a first-mover advantage in the emerging sector, demonstrating technological strength and economies of scale [1] Industry Overview - The industrial supply chain digitalization in China is accelerating, with JD Industrial establishing a leading market position in this emerging field [1] - The company has a significant market share in both the industrial supply chain technology and services market and the MRO procurement service market [1] Business Model - The company utilizes the Taipu supply chain operation system, Mercator standard product library, and a high-turnover, light-asset fulfillment system to optimize operational quality while expanding scale [1] - The platform has approximately 81.1 million SKUs with an information standardization rate exceeding 95% [2] Operational Performance - The company serves around 11,000 key enterprise clients and millions of small and medium-sized enterprises, forming a first-mover advantage in comprehensive digital procurement and supply chain integration services [1] - From 2022 to 2024, the total transaction volume on the platform is expected to grow from 22.3 billion to 28.8 billion yuan, with a compound annual growth rate of approximately 13.8% [2] Future Growth Prospects - The company anticipates significant growth driven by AI applications and overseas expansion, establishing a second growth curve through localized operations in Southeast Asia, Europe, and Latin America [3] - Revenue projections for 2025 and 2026 are 23.56 billion and 28.33 billion yuan, respectively, with year-on-year growth rates of 15.49% and 20.28% [3] Profitability Forecast - Adjusted net profits for 2025 and 2026 are expected to be 1.09 billion and 1.72 billion yuan, reflecting year-on-year growth of 1.40% and 57.38% [3]

1)中央经济工作会议定调十五五坚持内需主导，零售业重要性再获提升，叠加2026年超长春节形成拉动 旺季消费，区域头部零售企业Q1有望迎来"开门红"。2)在经历2024-25年的初步探索后，零售企业加快 调改步伐、经营效果已有体现，后续调改思路围绕薪酬机制、供应链、场景(即人、货、场)继续推进。 3)折扣业态、情绪消费崛起，珠宝零售、母婴零售集中度延续提升。 出海景气度依旧高企，跨境电商供给侧改善、产品力突围 1)2025年外贸依旧"有底气、有朝气、有锐气"，跨境电商渗透率仍有翻倍提升空间，虽性价比/质价比逻 辑依旧存在，但头部企业依托产品创新、品牌势能强化有望加速领跑。2)展望2026年，关税成本趋降背 景下多数企业利润率有望修复；税收稽查推动行业合规发展，供给侧优化推动集中度提升。3)美国黑五 揭示AI分发流量逻辑的兴起，跨境B2B企业深挖AI工具创新有望进一步增收。 智通财经APP获悉，东方证券发布研报称，"十五五"开局年零售业成为内需发力重点，渠道调改与情绪 消费助推增长；跨境电商依托产品创新与AI工具强化出海竞争力；美容护理行业以技术突破与全渠道 融合进入新阶段。 东方证券主要观点如下： 十五五开局年 ...

【导读】相聚资本总经理梁辉：以多资产多策略量化产品，锚定绝对回报！2026年看好三大 方向 中国基金报记者 任子青 明年的宏观环境整体宽松 聚焦AI、大宗商品、出海三大方向 2025年，A股市场上演超预期的结构性特征，行业表现分化明显。梁辉认为，2025年A股上 行的核心驱动力来自估值提升，盈利改善贡献相对较小。 谈及2026年的A股走势，梁辉持谨慎乐观态度。他认为，当前A股估值水平处于历史3/4分位 附近，2026年来自估值的收益或将显著低于2025年，整体盈利增速趋于温和，部分板块会实 现高速增长。明年的A股整体收益或不及今年，但市场大幅回调的风险有限，结构性机会仍是 主线。 在梁辉看来，预计明年的宏观环境整体宽松。从外部环境来看，2026年的外部环境波动会比 2025年小。2026年是美国的"政治大年"，美国中期选举和美联储主席换届，高通胀叠加政 策预期，外部环境相对宽松。从国内情况来看，近期的中央经济工作会议提出，要实施更加 日前，相聚资本总经理梁辉在接受中国基金报记者专访时表示，对2026年A股市场持谨慎乐 观态度。预计2026年宏观环境整体宽松，市场大幅回调风险有限，结构性机会仍是主线，主 要看好 ...

Core Viewpoint - The general manager of Xiangju Capital, Liang Hui, expresses a cautiously optimistic outlook for the A-share market in 2026, anticipating a generally loose macro environment and limited risks of significant market corrections, with structural opportunities remaining the main focus [1][2]. Group 1: Market Outlook - The macro environment for 2026 is expected to be overall loose, with external fluctuations smaller than in 2025, influenced by the U.S. midterm elections and Federal Reserve leadership changes [2][3]. - A-share valuations are currently around the 75th percentile historically, with expected returns from valuations in 2026 likely to be significantly lower than in 2025, while overall profit growth is expected to moderate [2][3]. - Structural opportunities are anticipated to be the main focus in 2026, despite overall returns potentially being lower than in the current year [2][3]. Group 2: Investment Directions - The three main investment directions identified are: 1. The development of the AI industry, with expected growth of 40%-50% in 2026, following a doubling of returns in 2025 [2][3]. 2. The overall value of commodities, particularly copper, which is expected to benefit from increased demand driven by AI and new energy sectors [3]. 3. The export sector, which has strong competitive advantages, although it faces risks from overseas tariff policies and internal competition [3]. Group 3: Investment Strategy - Xiangju Capital is optimizing its investment portfolio by diversifying across multiple directions, focusing on AI, commodities, and exports, while concentrating on individual stock selection [3][4]. - The company emphasizes the importance of asset allocation as a "free lunch" in investment markets, aiming to smooth volatility through a combination of low-correlation assets and strategies [4][5]. - The long-term goal is to achieve absolute returns by integrating active investment experience with quantitative strategies, covering core asset categories including stocks, bonds, and commodities [5][6].

Group 1 - The 44th J.P. Morgan Healthcare Conference (JPM) will be held from January 12 to 15, 2026, in San Francisco, attracting over 8,000 global participants and featuring more than 500 listed companies and thousands of startups [2][10] - Chinese companies are increasingly competitive globally, with notable participation from WuXi AppTec, WuXi Biologics, and WuXi AppTec's subsidiaries, as well as several Chinese pharmaceutical firms at the main venue [2][10] - The conference will focus on "capital + strategy," highlighting the importance of deep exchanges in the industry [2][10] Group 2 - China's pharmaceutical industry is characterized by "innovation upgrade + supply chain resilience," with overseas authorizations for innovative drugs exceeding the previous year's total in the first three quarters of 2025 [3][11] - The industry is undergoing a value reconstruction, emphasizing high-quality development, innovation, and compliance, with policies promoting diverse payment methods and medical service price reforms [3][11] - The domestic pharmaceutical chain is entering a commercialization phase, with a focus on supply chain security and the transition of domestic medical devices to mid-to-high-end markets [3][11] Group 3 - The investment outlook for 2026 is optimistic, with expectations for improved global liquidity favoring the pricing of innovative assets and government policies encouraging industry innovation [4][11] - The focus on internationalization is evident, with the Chinese pharmaceutical industry gradually gaining global competitiveness, particularly in innovative drugs and medical devices [4][12] - Marginal changes in policy and supply-demand relationships are expected to improve, particularly in the CXO sector, which has seen significant adjustments [4][12] Group 4 - The report suggests a focus on the integration of medical devices and traditional Chinese medicine, as well as certain pharmaceutical companies and state-owned enterprises [4][13] - The industry faces risks related to policy changes, including adjustments in research design requirements, pricing, and reimbursement policies, which could significantly impact development expectations [6][15] - There are also risks associated with unmet expectations in research and development, as well as potential delays in approval processes due to documentation and procedural changes [17]

每日经济新闻 （责任编辑：董萍萍 ） 【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，医疗器械行业长期投资机会来自创新、出海和并购整合，板块的创新性和国际化能 力得到认可，估值正在重估。近期国家药监局发布优先审批高端医疗器械目录，脑机接口、超高场强核 磁、手术机器人等有望受益。短期来看，Q4和26年业绩改善个股存在业绩估值修复机会，部分公司将 于1月份发布年报业绩预告，建议关注前瞻超预期或低预期情况。长期来看，医疗器械行业投资机会来 自创新、出海和并购整合，板块的创新和国际化能力得到认可，估值正在重构。建议持续关注市场空间 大、国产化率低的创新器械赛道，以及并购重组、脑机接口、AI医疗、手术机器人、外骨骼机器人等 主题方向的投资机会。 创业板医药ETF国泰（159377）跟踪的是创医药指数（399275），单日涨跌幅达20%，该指数聚焦 于创新医药领域，从生物制药、化学制药、中药及医疗服务等 ...

2025年，中国资产迎来一波久违的行情，上证指数多次站上4000点。这一轮市场行情，由硬科技和新经 济作为先锋，走出一轮科技突破和产业驱动、资金流入和风险偏好提升同频共振推动下的"科技重估"行 情。 近两个月以来，资产轮动告一段落，A股上涨动能有所减弱，恒生科技明显回调。一方面，科技成长的 单边行情歇脚，"AI泡沫论"的浮现也透露出投资者对双创行情的迟疑；但另一方面，在更加积极的财政 政策和适度宽松的货币政策总基调下，业内人士认为，不应悲观。 一个关键而又急迫的话题摆在眼前：展望2026年，是否会上演从估值抬升的"急而促"行情转向盈利支撑 的"缓而慢"的行情？ 近日，老牌知名私募相聚资本在2026年年度投资策略展望中表示，市场整体下行风险较小，对取得一定 的绝对回报充满信心。但或不同于2025年宽基指数接近20%的涨幅，需适当降低投资回报预期。未来一 年，大概率依旧是以结构性行情为主，选股逻辑与当前保持一致，关注人工智能、大宗商品以及出海等 方向的投资机会。 外部环境宽松支持股市继续走强 在2024年底的投资展望中，梁辉表示，人工智能和半导体的投资机会值得高度关注，这样的判断也在后 来的市场走势中不断得到验证 ...