新华财经上海1月19日电中信建投证券发表最新观点认为，开年以来跨年行情愈演愈烈，在上周主动降 温后热点出现调整。复盘以往案例，此举的目的是抑制"疯牛"可能产生的短期严重后果，长期大基调仍 然较为积极，并且此次政策的实施更加具有成熟度和前瞻性。整体来看，本次主动降温不影响跨年行情 的整体格局，但是此前局部过热的情况可能会得到缓解，资金交易的方向或将出现一些变化。从行业配 置来看，AI算力、有色金属、创新药和汽车有较为明显的景气催化，前期市场热点商业航天和AI应用 可能阶段性调整，可以关注其他主题线索如特高压、脑机接口、可控核聚变等。 （文章来源：新华财经） ...

Investment Rating - The report assigns an "Accumulate" rating for the controlled nuclear fusion industry [26]. Core Insights - The controlled nuclear fusion sector is experiencing significant growth, with increasing procurement demands and notable financing activities, such as the completion of a 1 billion RMB Series A funding round by Star Ring Fusion [3][22]. - The 2026 Nuclear Fusion Technology and Industry Conference highlighted advancements in plasma technology, including the successful operation of the "Xuanlong-50U" hydrogen-boron plasma high-confinement mode discharge, marking a significant milestone in fusion research [16][19]. - The establishment of the Fusion Financial Institutions Alliance aims to facilitate the transition of nuclear fusion from laboratory research to engineering and commercialization, involving 130 financial and technology service institutions [24][25]. Summary by Sections Market Performance - During the week of January 12-16, the nuclear fusion index fell by 3.22%, underperforming the broader market indices [8][11]. Tender and Bid Information - Significant procurement activities were reported, focusing on superconducting materials and structural components, with total procurement amounts nearing 100 million RMB [10][13]. Domestic and International News - The 2026 Nuclear Fusion Technology and Industry Conference, held in Hefei, attracted over 1,500 participants and featured major procurement projects and collaborations [14][19]. - Japan announced the opening of three top fusion research facilities to private enterprises, marking a shift towards public-private collaboration in fusion technology [19][20]. Investment Dynamics - Star Ring Fusion's 1 billion RMB Series A financing is one of the largest in the domestic fusion energy sector, indicating strong confidence in the commercialization of next-generation energy technologies [22]. - The Fusion Financial Institutions Alliance was formed to enhance capital efficiency and support the commercialization of nuclear fusion technologies [24][25]. Investment Recommendations - The report suggests focusing on key components of controlled nuclear fusion, including magnets, power supplies, and structural components, with specific companies highlighted for potential investment [26].

2026年开年以来，已有北京天相财富管理顾问有限公司、慧研智投科技有限公司、深圳市珞珈投资咨询 有限公司3家证券投资咨询机构先后被地方证监局处罚，被责令改正并暂停新增客户，期限不等。据证 监会官网数据，截至2025年年底，国内证券投资咨询机构共有76家，其中17家被采取暂停新增客户的监 管措施。（证券日报） 部分中小银行上调存款利率最高20个基点 首批新能源主题基金四季报出炉 基金经理延伸布局且高仓位运作 目前，公募基金2025年四季度报告正在陆续披露。首批新能源主题基金披露的四季报显示，这一主题基 金的投资主线已从传统的锂电向前沿科技加速延伸，智能驾驶、人工智能（AI）、可控核聚变等赛道 同样成为新能源基金重点布局的方向，而且高仓位运作也成为了基金经理的普遍选择，透露出公募基金 对2026年新能源板块的结构性行情具有充足信心。（证券时报） 新基金发行加速 多只产品提前结募 开年以来，公募基金发行市场持续升温，呈现量速齐升、热点聚焦的鲜明特征。多只新品提前结束募 集，部分产品实现"一日售罄"。新基金发行节奏明显加快。业内人士分析称，这场发行热潮是市场回 暖、资金迁徙与行业竞争多重因素共振的结果，既彰显了资本市 ...

Group 1 - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.27%, Shenzhen Component Index down 0.41%, and ChiNext Index down 0.6% [1] - The commercial aerospace and AI application sectors experienced significant declines, indicating a potential overheating in these areas [1] Group 2 - CITIC Securities suggests that the recent active cooling of the market may lead to adjustments in previously hot sectors, but the overall cross-year market trend remains intact [2] - The firm highlights sectors such as AI computing power, non-ferrous metals, innovative pharmaceuticals, and automotive as having clear growth catalysts, while previously hot sectors like commercial aerospace and AI applications may undergo temporary adjustments [2] Group 3 - Guosheng Securities indicates that the recent market downturn may have reached its short-term limit, with the Shanghai Composite Index down 0.45% for the week [3] - The firm notes that 23 sectors are currently experiencing daily-level increases, suggesting a healthy market environment with potential for continued upward movement [3] Group 4 - Galaxy Securities anticipates narrow fluctuations in the Hong Kong stock market due to reduced expectations for short-term interest rate cuts by the Federal Reserve and increased geopolitical uncertainties [4] - The firm recommends focusing on the technology sector as a long-term investment theme, driven by multiple positive factors including price increases in the supply chain and accelerated AI applications [4] - The consumer sector is expected to benefit from policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [4]

责任编辑：磐石 中信建投研报指出，开年以来跨年行情愈演愈烈，在本周主动降温后热点出现调整。复盘以往案例，此 举的目的是抑制疯牛可能产生的短期严重后果，长期大基调仍然较为积极，并且此次政策的实施更加具 有成熟度和前瞻性。整体来看，本次主动降温不影响跨年行情的整体格局，但是此前局部过热的情况可 能会得到缓解，资金交易的方向或将出现一些变化。从行业配置来看，AI算力、有色金属、创新药和 汽车有较为明显的景气催化，前期市场热点商业航天和AI应用可能阶段性调整，可以关注其他主题线 索如特高压、脑机接口、可控核聚变等。 财经频道更多独家策划、专家专栏，免费查阅>> ...

Core Viewpoint - By 2035, Shanghai aims to double its per capita GDP compared to 2020, with significant advancements in various sectors and the establishment of a modern international metropolis with global influence [1]. Economic Growth and Development Goals - Shanghai's "15th Five-Year Plan" emphasizes maintaining economic growth within a reasonable range, synchronizing with national growth, and enhancing overall productivity [1]. - The plan includes a focus on manufacturing, service sector innovation, and the development of a modern rural industrial system [1]. Key Industries and Technological Advancements - Shanghai will prioritize agile development in quantum technology, brain-computer interfaces, controlled nuclear fusion, biomanufacturing, and sixth-generation mobile communications [1][4]. - The city aims to strengthen its position in three leading industries: integrated circuits, biomedicine, and artificial intelligence, promoting comprehensive breakthroughs across the entire industry chain [4]. Financial Sector Development - Shanghai plans to enhance its international financial center status by establishing a global RMB asset allocation center and risk management center, and by promoting the Shanghai International Financial Asset Trading Platform [5]. - The city will focus on developing technology finance, green finance, and inclusive finance to support small and medium-sized enterprises [5]. International Trade and Shipping - The plan includes strengthening trade hub functions, expanding high-value product imports and exports, and promoting digital trade [6]. - Shanghai aims to enhance its international shipping center status by improving its global air and sea hub capabilities [6]. Innovation and Talent Development - The city will deepen basic research and focus on high-risk, high-value foundational research to produce significant original outcomes [7]. - There will be an emphasis on creating a talent development system that aligns with innovation and entrepreneurship [7]. High-Level Reform and Opening Up - Shanghai's strategy includes deepening high-level reforms and opening up to enhance the vitality of various business entities and to create a new open economic system [9][11]. - The city will focus on optimizing state-owned enterprise reforms and supporting the growth of the private economy [9]. Market Reforms and Infrastructure - The plan aims to eliminate barriers in factor acquisition and improve logistics costs through comprehensive reforms [10]. - Shanghai will establish a global technology trading hub and enhance data element circulation mechanisms [10].

从实验室走向工程化应用 核电作为构建新型能源体系的重要途径之一，是保障能源安全、优化能源结构的重要组成部分，承载着 推动能源高质量发展的重要使命。国家"十五五"规划建议明确提出，前瞻布局未来产业，将核聚变能定 位为未来新的经济增长点，为产业发展指明了方向。 此次大会以"聚核之力创见未来"为主题，集科技前瞻、产业协同、资本对接与生态构建于一体，汇聚了 政、产、学、研、金等领域的代表，共同描绘中国核聚变能发展蓝图。 "全球聚变产业正步入快速发展阶段，我国也展现出强劲发展势头。"在1月16日至17日于安徽合肥聚变 堆园区举行的2026核聚变能科技与产业大会上，聚变产业联合会秘书长刘志宏如是说。 2023年10月，国内首个聚变产业联盟在合肥成立。2025年，该联盟升级为聚变产业联合会，逐步构建起 覆盖材料、研发、制造、推广的全链条产业生态。成立以来，联合会持续探索国内聚变产业发展进路。 为攻克聚变堆核心技术难题，联合会设立了14个专业工作组，聚焦磁体、真空、偏滤器等关键系统协同 攻关，目前已取得一系列重要成果，包括完成230吨极端环境耐受材料CHSN01的量化生产、实现聚变 堆关键部件超级螺栓的国产化替代等，为产业自 ...

【大河财立方消息】1月19日，中信建投分析师夏凡捷、何盛发表研报认为，开年以来跨年行情愈演愈 烈，在最近主动降温后热点出现调整。 从行业配置来看，AI算力、有色金属、创新药和汽车有较为明显的景气催化，前期市场热点商业航天 和AI应用可能阶段性调整，中信建投建议可以关注其他主题线索如特高压、脑机接口、可控核聚变 等。 中信建投认为，特高压赛道迎来明确政策红利，"十五五"期间总投资预计达5000亿~6000亿元，较"十四 五"提升40%。前沿领域中，可控核聚变技术实现重大突破；脑机接口临床应用加速落地，叠加政策重 点扶持，两大赛道成长空间广阔，值得长期跟踪。 责编:李文玉 | 审核:李震 | 监审:古筝 中信建投复盘以往案例，认为此举的目的是抑制"疯牛"可能产生的短期严重后果，长期大基调仍然较为 积极，并且此次政策的实施更加具有成熟度和前瞻性。 研报中提到，整体来看，本次主动降温不影响跨年行情的整体格局，但是此前局部过热的情况可能会得 到缓解，资金交易的方向或将出现一些变化。 ...

到2035年，上海人均地区生产总值比2020年翻一番。 上海"十五五规划建议"表示，上海在"十五五"时期要在多重目标中保持动态平衡，在多重约束中 寻求最优突破，勇于面对风高浪急甚至惊涛骇浪的重大考验，勇于挑最重的担子、啃最难啃的骨 头，以自身发展的确定性对冲外部环境的不确定性。 "五个中心"作为上海社会主义现代化建设的关键所在，将坚持创新引领、联动发展，发挥央地协 调推进机制作用，着力强化全球资源配置功能、科技创新策源功能、高端产业引领功能、开放枢 纽门户功能，坚持智能化、绿色化、融合化方向，牵引带动现代化产业体系建设，加快培育发展 新质生产力。 其中，提升国际经济中心地位方面，上海将加快发展三大先导产业，提高集成电路装备能级、制 造水平和设计能力，推动全产业链整体突破和发展壮大；加强重要创新药械研发，坚持药物新靶 点新机制开发、成果转化加速、临床试验提效、多元支付创新等综合施策，促进生物医药高端高 效发展；推动人工智能全栈创新，加强高性能智算芯片、高质量语料、高效能智算集群协同发 展，推动基础大模型迭代升级和具身智能技术熟化，深入实施"人工智能+"行动，持续推进"模塑 申城"工程，加快垂类模型应用和多智能体 ...

开年以来跨年行情愈演愈烈，资金踊跃进场，商业航天、AI应用等板块持续暴涨引发局部交易过热， 本周主动降温后热点出现调整，部分投资者担忧这会不会逆转跨年行情的格局。整体来看，本次主动降 温不影响跨年行情的整体格局，但是此前局部过热的情况可能会得到缓解，资金交易的方向或将出现一 些变化。从行业配置来看，AI算力、有色金属、创新药和汽车有较为明显的景气催化，前期市场热点 商业航天和AI应用可能阶段性调整，可以关注其他主题线索如特高压、脑机接口、可控核聚变等。 国盛证券：市场短期调整或已基本到位 上周五市场高开低走，三大指数集体收跌。沪深两市成交额3.03万亿，较上一个交易日放量1208亿。全 市场超2900只个股下跌。从板块来看，半导体产业链集体走强，长电科技涨停创5年多新高，存储芯片 概念午后持续拉升，佰维存储、江波龙均创历史新高。人形机器人概念走高，电网设备概念表现活跃。 下跌方面，油气、AI应用等板块跌幅居前。截至收盘，沪指跌0.26%，深成指跌0.18%，创业板指跌 0.2%。 在今日券商晨会上，中信建投认为，关注主动降温下跨年行情的变化；国盛证券认为，市场短期调整或 已基本到位；银河证券认为，内外扰动交织 ...