从估值维度看，券商板块安全边际充足。开源证券非银首席分析师高超认为，2025年非银金融板块累计 上涨12%，跑输沪深300指数18%的涨幅，在一级行业中排名靠后，估值和机构持仓均位于低位。此 外，券商板块有望受益于公募基金、投行业务的增长和政策端的积极影响，看好非银金融板块的投资价 值。 申万宏源非银首席分析师罗钻辉表示，2026年券商板块具备较好的向上突破条件，板块筹码结构改善、 换手率降低，资金面的压制因素已基本出清，当前估值的下行空间有限。 罗钻辉认为，券商板块当前处于主动权益类基金低配状态，《基金管理公司绩效考核管理指引（征求意 见稿）》下发，券商板块因其"业绩相对稳增长+重要指数高权重"，有望得到公募资金补仓配置。 1月6日，作为市场风向标的券商板块集体上扬。Wind数据显示，截至当日收盘，非银金融板块收涨 3.73%，华安证券、华林证券涨停，长江证券、国泰海通等涨幅居前。在机构人士看来，券商板块有望 受益于春季行情以及公募基金改革等政策，叠加板块估值处于低位，看好券商板块投资价值，推荐估值 与业绩存在错配的优质券商。 行业有望保持高景气度 多因素推动券商板块上涨 1月6日，上证指数涨1.5%，创逾 ...

● 本报记者 林倩 1月6日，作为市场风向标的券商板块集体上扬。Wind数据显示，截至当日收盘，非银金融板块收涨 3.73%，华安证券、华林证券涨停，长江证券、国泰海通等涨幅居前。在机构人士看来，券商板块有望 受益于春季行情以及公募基金改革等政策，叠加板块估值处于低位，看好券商板块投资价值，推荐估值 与业绩存在错配的优质券商。 多因素推动券商板块上涨 1月6日，上证指数涨1.5%，创逾十年新高，市场成交额超2.83万亿元；1月5日，A股2026年首个交易 日，三大指数放量上涨，市场成交额近2.57万亿元。 2026年，A股市场迎来开门红，有望带动券商股基交易量攀升。有机构人士表示，目前券商板块估值水 平较低，机构持仓也位于低位，要关注春季行情下低估值券商的补涨机会。 从估值维度看，券商板块安全边际充足。开源证券非银首席分析师高超认为，2025年非银金融板块累计 上涨12%，跑输沪深300指数18%的涨幅，在一级行业中排名靠后，估值和机构持仓均位于低位。此 在机构人士看来，随着资本市场改革持续深化，券商业务转型有望进一步增厚业绩，2026年行业整体有 望保持高景气度。 高超认为，监管政策进入"积极"周期，券商投 ...

周二（1月6日），A股延续火爆，春燥行情或提前启动！三大指数集体收涨，沪指高开高走斩获13连阳，再创十年新高，两市放量成交2.83万亿元。市场热 点轮番活跃，全市场超4100只个股上涨，其中有143只个股涨停，连续两日超百股涨停。 盘面上，大金融突然爆发，资金火速涌入，华林证券、华安证券、大智慧等多股涨停！其中，金融科技ETF（159851）场内放量收涨4.45%，日线斩获八连 阳站上所有均线，资金单日净申购1.81亿份！顶流券商ETF（512000）场内飙升4.07%，创2025年10月以来单日最大涨幅，全天成交额33.93亿元，环比放量 146%。 有色、化工再度起舞，共同演绎"周期牛"！紫金矿业、洛阳钼业股价创历史新高，有色ETF华宝（159876）场内涨超4%再刷上市新高，资金进场净申购 3900万份；化工品涨价驱动，化工ETF（516020）场内收涨3.38%，创2022年9月以来新高，资金近5日合计加码超3.5亿元！ 商业航天午后爆发涨停潮，航天环宇、航天电子、北方导航、中国卫通等多股封板。场内热门通用航空ETF华宝（159231）场内收涨3.69%，日线七连阳再 刷上市新高，资金单日净申购210 ...

Core Insights - The A-share market has set two historical records on January 6, with the Shanghai Composite Index closing at 4083.67 points, marking a nearly ten-year high, and achieving a 13-day consecutive rise, breaking a 33-year record for the longest consecutive gains [1][3][6]. Market Performance - On January 6, all three major A-share indices rose, with the Shanghai Composite Index increasing by 1.50%, the Shenzhen Component Index by 1.4%, and the ChiNext Index by 0.75% [3]. - The trading volume reached 2.83 trillion yuan, indicating strong investor enthusiasm [1]. Sector Performance - The brain-computer interface sector saw a surge, with nearly 20 stocks hitting the daily limit [6]. - The commercial aerospace sector also performed well, with several stocks, including China Satellite Communications, reaching their daily limit [6]. - The non-ferrous metals sector was active, with companies like Luoyang Molybdenum and Zijin Mining hitting historical highs [6]. - Financial sectors, including insurance and securities, showed strong performance, with New China Life and China Pacific Insurance reaching new highs [6]. Fund Inflows - There is a strong expectation for fund inflows due to the "opening red" effect from financial institutions, with significant new premium funds available for market allocation [9][10]. - As of January 5, 2026, the financing balance reached 2.54 trillion yuan, a historical high, indicating increased market participation [9]. Market Outlook - Analysts predict a shift from valuation-driven to profit-driven market dynamics, with a more balanced market style expected in 2026 [11][12]. - The market is anticipated to maintain an upward trend supported by global liquidity easing and expectations of a stronger renminbi [10][12]. Investment Strategies - Investment firms suggest a balanced allocation strategy, focusing on sectors such as AI, resilient external demand, domestic consumption, and high dividend stocks [16]. - The "dumbbell strategy" is recommended, emphasizing growth sectors like technology and defensive sectors like non-ferrous metals and chemicals [16][17]. - Analysts advise against short-term trading and suggest focusing on long-term industry directions and value of dividend assets [17][19].

1月6日，沪指继续走高，国证自由现金流指数上涨超1.3%，成分股嘉事堂、亚翔集成涨停。中国 铝业、神火股份、盐湖股份等跟涨。相关ETF方面，同类规模最大的自由现金流ETF（159201）近3天 获得连续资金净流入，合计"吸金"4.43亿元，最新规模达88.61亿元，创成立以来新高。 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 展望1月，兴业证券研报认为，支撑前期市场"躁动"的部分因素仍具备延续性，且后续更多潜在催 化值得期待，春季行情有望逐步展开：首先，市场流动性有望改善，融资资金、险资等中长期资金均有 望入市，且年末业绩考核期过后机构资金风险偏好抬升，将开启新一年布局；其次，前期人民币升值为 流动性和风险偏好创造的偏暖环境，在1月仍有进一步演绎的空间，汇率市场与资本市场的春季躁动行 情有望形成共振；最后，1月降准降息等政策前置发力、基本面数据改善等后续潜在催化也 ...

Market Performance - The three major stock indices opened high and continued to rise, with the Shanghai Composite Index reaching a ten-year high, closing up 1.5% at 4083.67 points, marking a 13-day consecutive increase [1] - The Shenzhen Component Index rose 1.4% to 14022.55 points, while the ChiNext Index increased by 0.75% to 3319.29 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 28065.75 billion yuan, an increase of 260.2 billion yuan compared to the previous trading day [1] - Over 4100 stocks in the market rose, with 143 stocks hitting the daily limit up, continuing a trend of over a hundred stocks hitting the limit up for two consecutive days [1] Sector Performance - The brain-computer interface concept continued to rise, with stocks like Sanbo Brain Science and Innovation Medical hitting the daily limit up [1] - The financial sector saw a significant increase, led by internet finance and brokerage stocks, with Dazhihui hitting the daily limit up [1] - The commercial aerospace concept surged, with China Satellite Communications achieving four limit ups in six days, and Goldwind Technology hitting three limit ups in seven days [1] - The intelligent driving sector also saw gains, with Wanji Technology hitting the daily limit up and several other related stocks following suit [1] - The retail sector experienced a boost, with Shanghai Jiubai hitting the daily limit up, alongside other retail stocks [1] Institutional Insights - Huaxi Securities predicts that 2026 will be a "big year" with multiple positive factors, indicating a solid foundation for a bull market [2] - Huatai Securities expects the spring market to strengthen further, recommending investment in growth sectors like electric power equipment and new energy [3] - CITIC Construction points out that the cross-year market may show characteristics of "growth leading, liquor accumulating," with a focus on sectors like snacks and dairy [4] - Tianfeng Securities highlights the growth potential in high-end consumption sectors such as cosmetics, gold and jewelry, and duty-free shopping [5]

华夏基金投资者回报研究中心王波也认为："当前踏空的风险要更大，A股港股市场整体处于估值扩张 行情中，大势易上难下，支持本轮行情的长期因素并未变化（新质动能对市场贡献显性化、政策大力支 持A股波动下降、低利率时代资金持续入市及估值修复等）。操作上，可以配置部分宽基锚定大势。 例如沪深300，被称为A股整体走势的"晴雨表"，涵盖金融、科技、消费等多个重要行业。相关ETF包括 沪深300ETF华夏（510330.SH），为全市场同类标的费率最低。 方奕表示："一年之计在于春，开年往往是政策预期、流动性与基本面共振上修的窗口期。在以往历史 中，成长风格往往是春季行情的胜负手。但也存在大小市值分化的情形。春季行情的投资机会是较多 的，对于跨年和春季行情看好的重点在科技、非银、消费。" 据腾讯财经1月6日报道，国泰海通首席策略分析师方奕在采访中表示："中国股市的'转型牛'远未结 束，2026年能够看到一个更高的高度，也会看到更大的增量入市的规模。中国市场也不会仅仅局限在过 去的结构牛，有望进入更全面的牛市，上证指数有望挑战2015年市场高点。"而数据显示，上证指数在 2015年短短一年间，从3000点附近一度升至5000 ...

截至2026年1月6日午间收盘，沪指上涨1.14%，点位再创十年新高，强势冲击13连阳。中证A500指数 (000510)强势上涨1.24%，A500ETF易方达(159361)上涨1.37%，换手16.71%，成交58.56亿元，市场交投 活跃。 华泰证券指出，看好春季行情进一步强化，技术模型显示多数宽基指数的得分回升、市场处于修复通 道，上证指数已进入看多区间。 相关产品： A500ETF易方达：159361 联接A：022459 联接C：022460 截至1月5日，A500ETF易方达(159361)最新规模达347.23亿元，创成立以来新高。A500ETF易方达 (159361)最新资金净流入1.41亿元。拉长时间看，近8个交易日合计"吸金"51.21亿元。 A500ETF易方达(159361)紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好 的500只证券作为指数样本，以反映各行业最具代表性上市公司证券的整体表现。 A500ETF易方达(159361)的管理费率为0.15%，托管费率为0.05%，均为行业最低水平，能为投资者节省 投资成本。 A500ETF易方达(15936 ...

Market Performance - The Shanghai Composite Index rose by 1.14% to 4069.38 points, reaching a new high in over 10 years [1] - The Shenzhen Component Index increased by 0.81% to 13940.24 points, while the ChiNext Index fell by 0.04% to 3293.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 178.13 billion yuan, with over 3600 stocks rising [1] Sector Performance - The leading sectors included brain-computer interfaces, chemical engineering, non-ferrous metals, insurance, securities, semiconductors, and photovoltaic equipment [2][3] - The non-ferrous metals sector saw a significant increase of 4.05%, while non-bank financials and oil & petrochemicals rose by 3.27% and 2.95%, respectively [3] - The brain-computer interface sector experienced a surge, with multiple stocks hitting the daily limit [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as domestic demand improvement themes [4] - CITIC Securities suggests that the cross-year market will exhibit characteristics of "growth leading and liquor accumulating," with a focus on sectors like snacks and dairy [5] - Guoxin Securities predicts that 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] Emerging Opportunities - Guoxin Securities highlights the potential for 2026 to be the year of reusable commercial rockets, driven by the need for cost-effective launch solutions [7] - Tianfeng Securities expresses optimism about the growth potential in high-end consumer sectors such as cosmetics, gold jewelry, and duty-free shopping [8]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：开达策略知行 【天风策略】吴开达/孙希民/王澄睿 摘 要 核心结论：春季行情自身的分歧度，一定程度上能视作周期熊牛转换的标志。不局限于大势层面的长期 转换，分歧加大的时点也开启风格轮动的序章。风格轮动的春躁窗口演绎出的新主线，有望在风格确立 后的1-2年持续占优。后视镜视角看，春季躁动更多交易上年年报的反转预期和下一年年报的确定性预 期。春季躁动的交易时间跨度相对短，我们从更长的报告期区间考虑PPI回正预期对交易景气延续和困 境反转的影响。后视镜视角，PPI从前低到0与PPI回正的前后两个季度，完成了从交易景气修复到交易 景气企稳的转变。 正文摘要： 春季行情自身的分歧度，一定程度上能视作周期熊牛转换的标志。我们以一级行业、二级行业春季躁动 期间涨跌幅的方差作为春季躁动自身分歧度的衡量标准，不难发现，分歧度较高的年份，往往是长周期 熊牛转换的标志（如2013、2015、2019、2021、2024年）。 不局限于大势层面的长期转换，分歧加大的时点也开启风格轮动的序章。1）2019年春季躁动期间，成 长快速跑赢价值，成长开启3年大级 ...