翻开高盛的分析框架，"政策支持"四个字反复出现。在基础设施投资方面，国家发改委已明确2024年将推动"十四五"规划重大工程实施；在产业政策上，中 央经济工作会议特别强调发展数字经济、人工智能等战略性新兴产业。更值得关注的是消费刺激政策——延长假期、落实带薪休假等制度设计，瞄准的正是 中等收入群体巨大的服务消费潜力。这些政策组合拳，正在为经济注入确定性增长动能。 当全球投资者都在寻找下一个增长引擎时，国际投行高盛的一份报告激起千层浪——建议高配中国股票，并预言2026年起中国股市将实现每年15%-20%的涨 幅。这究竟是华尔街的又一次唱多，还是确有真金白银的逻辑支撑？让我们揭开这份重磅报告背后的投资密码。 出口韧性构筑第一道防线 高盛报告中最关键的判断，在于指出中国出口将保持"结构性上行空间"。在全球产业链重构的背景下，中国制造业正在完成从"世界工厂"到"高端制造中 心"的蜕变。数据显示，2023年中国新能源汽车、锂电池、光伏产品"新三样"出口增长近30%，这种产业链升级带来的价值提升，正在改写中国出口的内 涵。正如报告所言，经常账户稳健态势有望延续，这为资本市场提供了最基本的安全垫。 政策工具箱里的增长动能 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses China's economic planning and development strategies for the "15th Five-Year Plan" (2026-2030), which is crucial for achieving a per capita GDP level comparable to that of moderately developed countries by 2035 [2][4]. Core Insights and Arguments - **Economic Growth Targets**: China's economic growth targets are expected to be moderately adjusted downwards, with the 2026 target likely set between 4.5% and 5% to alleviate debt expansion pressures and avoid over-reliance on stimulus policies, aiming for a more sustainable long-term growth rate of around 4% [2][6]. - **Strategic Opportunities and Risks**: The next five years will present a mix of strategic opportunities and challenges, emphasizing the need to leverage China's large market, complete industrial chain, rich talent resources, and institutional confidence to navigate external complexities [2][8]. - **Supply-Side Reform Focus**: The supply-side reforms will prioritize high-quality development and technological innovation, aiming to build a modern industrial system and strengthen the real economy while enhancing self-sufficiency in technology [2][9]. - **Manufacturing Sector Importance**: Maintaining a reasonable proportion of the manufacturing sector is critical for national competitiveness, avoiding premature deindustrialization, and ensuring a stable economic foundation [2][10]. - **Digital Economy Role**: The digital economy is expected to play a significant role in empowering various industries, enhancing productivity, and driving overall economic growth through technological innovation [2][12]. Additional Important Content - **Consumer Spending Strategies**: The plan emphasizes increasing the resident consumption rate, which is currently around 39.6%, aiming for approximately 48% by 2035. This will involve a combination of investments in goods and services and increasing public service spending [2][13][14]. - **Service Consumption Growth**: Service consumption is becoming a new economic growth engine, with significant potential in sectors such as childcare, education, elderly care, and healthcare, reflecting the diverse needs of different age demographics [2][15]. - **Fiscal Policy Adjustments**: To promote service consumption, fiscal policies will shift to support public service supply, creating job opportunities and enhancing overall social purchasing power through improved income distribution mechanisms [2][16]. - **Financial System's Role**: The financial system will focus on preventing financial risks while supporting the real economy, with an emphasis on regulatory oversight and participation in global governance to enhance risk management capabilities [2][17].

Domestic News - The A-share market opened positively on January 5, 2026, with major indices rising; the Shanghai Composite Index increased by 1.38% to surpass 4000 points, while the Shenzhen Component Index reached a new high since October 9, 2025, with a significant rise of 2.85% [1] - The Ministry of Commerce and nine other departments released a notice on January 5 to implement a green consumption promotion action, focusing on seven areas including enhancing the supply of green products and optimizing the green consumption environment, proposing 20 specific measures such as increasing the supply of green agricultural products and promoting the recycling of used goods [1] Economic Data and Trends - The National Development and Reform Commission reported that the proportion of good water quality in the Yangtze River Economic Belt increased from 67% to 96.5% over the past decade, with the regional GDP more than doubling and its share of the national GDP rising from 42.2% to 47.3% [2] - In December, the wholesale of new energy passenger vehicles in China reached 1.57 million units, a year-on-year increase of 4%, while the cumulative wholesale for 2025 is projected to be 15.33 million units, reflecting a 25% year-on-year growth [2] International News - The International Monetary Fund's latest World Economic Outlook predicts that Europe's total economic output will reach $31.4 trillion by 2026, with Germany maintaining its position as the largest economy in Europe at $5.3 trillion [5] - A survey by the British Chamber of Commerce revealed that only 46% of UK businesses expect an increase in revenue over the next year, marking the lowest level in three years, with the retail and hospitality sectors being particularly pessimistic [6]

Group 1 - The stock of JinHao Medical (920925) increased by 20.03% today, with a turnover rate of 19.58% and a total transaction amount of 394 million yuan, showing a volatility of 29.18% [1] - The stock was listed on the exchange due to its daily price fluctuation reaching 20.03%, with a total net selling amount of 16.5892 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 120 million yuan, with a buying amount of 51.5093 million yuan and a selling amount of 68.0984 million yuan, resulting in a net selling of 16.5892 million yuan [2] Group 2 - The largest buying brokerage was Huatai Securities Co., Ltd. Shenzhen Qianhai Securities, with a buying amount of 13.12 million yuan, while the largest selling brokerage was Debon Securities Co., Ltd. Shanghai Zhengli Road Securities, with a selling amount of 15.5407 million yuan [2] - Detailed trading information shows that the top five buying brokerages had no selling amounts, while the top five selling brokerages had significant selling amounts, indicating a strong selling pressure [2]

Core Insights - Computing power has become the core engine driving the digital economy and intelligent transformation, with global computing power scaling exponentially and countries elevating it to a national strategy [12][18][22] - AI large models are evolving into the "operating system" of the intelligent world, accelerating penetration across various industries and driving explosive growth in computing power demand [12][34] - The computing power supply system is being upgraded to meet the complex task processing requirements of intelligent agents, leading to a significant market expansion [12][16] Group 1: Trends in Computing Power - Global computing power is experiencing rapid growth, becoming a strategic high ground in global technology competition [15][18] - AI is accelerating its entry into various industries, with large models becoming the foundational platform for the intelligent world [15][34] - The transition from traditional CPU-centric computing architecture to diverse and collaborative architectures is underway [15][17] Group 2: Infrastructure and Ecosystem - Supernodes are emerging as the new foundation for computing power, marking the entry into the supernode era for intelligent computing centers [15][17] - The integration of computing power and networks is progressing, enabling "on-demand" computing power access [15][17] - An open-source ecosystem is becoming the core of the computing power landscape, facilitating innovation and collaboration across the industry [15][16] Group 3: Energy and Sustainability - Intelligent computing centers are evolving towards high-density, liquid-cooled, and clustered configurations, addressing energy consumption challenges [15][17] - The direct supply of green electricity is becoming a key factor in solving energy consumption issues [15][17] Group 4: Quantum Computing - Quantum computing is entering a critical engineering phase, with the next 1-2 years expected to be a key window for technological breakthroughs and commercialization [15][17]

Core Insights - Beijing Economic-Technological Development Area (BDA) has launched a global opportunity list for 2026, focusing on strategic emerging industries and future industries, with 25 innovative application scenarios and 83 high-energy innovation spaces [1][2][3] Group 1: Opportunity List - The opportunity list emphasizes support for strategic emerging industries, highlighting four dimensions: spatial support, application scenarios, fund guidance, and talent assurance [1] - 25 innovative application scenarios are introduced across six fields: information technology, biomedicine, robotics, new energy, digital economy, and smart cities [3] - 83 high-energy innovation spaces will be opened, covering approximately 5 million square meters, including the International Pharmaceutical Innovation Park and the Beijing Robot Industry Park [2] Group 2: Funding Support - A fund ecosystem has been established, featuring a government investment guidance fund with a total scale of 20 billion yuan, aimed at supporting new generation information technology and general artificial intelligence sectors [4] - The fund has already played a guiding role in over 100 projects, leveraging more social capital [4] - Collaboration with various financial institutions has led to the creation of a mother fund cluster exceeding 1 trillion yuan [4] Group 3: Talent Development - A talent development service list has been introduced, including the establishment of an international talent service port offering 97 government service items and 93 life service items [5] - The "Yicheng Talent Card" has been upgraded to integrate various services, facilitating easier access for talent [5] - Initiatives for housing support for young talents include free accommodation during job searching and internships, as well as long-term rental benefits [5] Group 4: Future Vision - The BDA aims to become a model area for new productive forces and an international high-end industrial complex, seizing opportunities in high-precision industries and emerging sectors over the next five years [7] - The opportunity list is presented as an invitation for global innovation forces to collaborate with BDA for future success [7]

强势个股崭露头角 数据显示，2025年全年共有165家公募机构投身于上市公司调研工作，其足迹遍布全部31个申万一级行业。从个股角度 看，市场关注度呈现显著的头部集中特征。全年共有169只个股均获得公募机构不低于100次的高度聚焦。其中，更有30只个股 的调研热度突破200次。 在个股调研频次居前名单中，工业自动化与新能源乘用车电控领域的龙头企业汇川技术以497次调研拔得头筹，凸显了高 端制造领域的持续吸引力。立讯精密以422次调研位居次席，该公司是消费电子精密制造领域的领军企业，也是全球领先的精 密零组件、模组与系统解决方案提供商。 本报记者 彭衍菘 2025年，在A股市场结构性行情深化、科技创新与产业升级主线下，公募基金作为市场重要机构投资者，其调研动向成为 透视投资风向的关键窗口。公募排排网统计数据显示，2025年，公募机构积极调研A股上市公司，全年累计调研达7.63万次， 深度覆盖超2430家上市公司，充分体现了机构投资者深度挖掘价值、前瞻布局的积极态势。 电子行业最受公募机构青睐，去年累计收获调研超1.4万次，覆盖286只个股。立讯精密、奥比中光、深南电路、聚辰股份 等电子行业龙头，成为公募调研的重点 ...

文章提出，无论是从理论还是实践来看，数据资产入表不仅实现了数据在财务上的"可见"和"可管"，更 通过价值量化与产品创新机制的建立，推动了企业从数据资源管理者向数据资产价值运营者的转型。这 一过程强化了企业的核心竞争力，为金融信息行业在高水平数字化竞争中的持续发展提供了坚实支撑。 展望未来，随着数据要素市场的不断成熟和相关管理制度的持续完善，数据资产价值管理理论也将进一 步细化，更贴合行业特性与企业实际。各类企业尤其是金融信息服务商应当以数据资产入表为契机，构 建长效价值增长机制，助力行业在数字经济浪潮中实现更高质量的发展。 （文章来源：证券日报） 1月5日，《证券日报》记者获悉，日前，由中央国债登记结算有限责任公司主办的微信公众号"债券杂 志"发布了中债估值中心副总经理赵凌等作者撰写的文章《数据资产入表驱动金融信息服务行业商业模 式变革研究》。 文章以数字经济有关政策的出台和人工智能等技术的发展为背景，分析了金融信息服务行业以客户为导 向的传统商业模式的不足，探讨了数据资产入表给商业模式变革带来的动力，并通过分析中债估值中心 的案例，给出了资产从隐性到显性、数据资产价值从定性到定量、产品创新从发散到聚焦的操作 ...

（原标题：主力资金丨这6股尾盘获抢筹超亿元） 有色金属、基础化工、医药生物、电子行业主力资金净流入均超12亿元。 A股喜迎2026年开门红，重新站上4000点大关。行业板块呈现普涨态势，保险、医疗器械、医疗服务、船舶制造等板块涨幅居前。 据证券时报·数据宝统计，今日（1月5日）沪深两市主力资金净流出62.98亿元。从行业来看，申万一级行业中有12个行业主力资金净流入，其中有 色金属、基础化工、医药生物、电子行业净流入均超12亿元；银行、石油石化行业净流入均超5亿元；传媒、纺织服饰、食品饮料行业净流入均超 1亿元。 19个主力资金净流出的行业中，汽车、机械设备、通信行业净流出金额居前，均超20亿元；轻工制造、国防军工行业净流出金额均超10亿元。 从个股来看，蓝色光标、航天机电、东方财富、天际股份尾盘主力资金净流入金额均超2亿元，江丰电子、西测测试尾盘主力资金净流入金额均超 1亿元。 据数据宝统计，金风科技、长盈精密、新易盛、山子高科、航天发展、御银股份等个股尾盘主力资金流出居前。 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 校对：陶谦 8股净流入金额均超6亿元 从个股来看，57股主力资金净 ...

Group 1 - Samsung plans to deploy Google's Gemini AI on 800 million mobile devices by 2026, up from approximately 400 million devices last year [1] - Bilibili has launched its first AI-themed creation competition with a total prize pool exceeding 3 million yuan, featuring two categories: "Open Track" and "Three-Body Adaptation Track" [1] Group 2 - Kandi Technologies and Zhejiang University have established a joint research center focused on intelligent robotics, targeting the North American market for smart security inspection needs [2] Group 3 - Leading AI companies are intensifying efforts to challenge Google's dominance in the browser market, with OpenAI and Perplexity launching their own web browsers and Microsoft integrating AI tools into its Edge browser [3] - ZhiYuan Robotics has partnered with MiniMax to enhance voice interaction experiences for its robots, utilizing custom AI technology for personalized voice synthesis [3] Group 4 - Jindi Co. has signed a strategic cooperation framework agreement with Bosch Lai New Materials Technology to integrate their technological advantages in hydrogen energy components and electrode manufacturing [4] Group 5 - Bosch has secured a high-end cockpit project order from a global luxury brand, with expected sales in China nearing 10 billion yuan, set to begin production in 2027 [5] Group 6 - Dongfang Zirconium has announced a 300 million yuan investment to establish a production line for 10,000 tons of high-purity composite zirconia for new energy batteries [6][7] - Fulin Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [8] Group 7 - Hawaiian Airlines has announced a $600 million investment plan over the next five years for airport facility upgrades and cabin renovations for its Airbus A330 fleet [9] - AI hardware company Looki has completed over $20 million in Series A financing, with plans to enhance talent development and product research [9] Group 8 - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, developed in collaboration with Longqi Technology [10] Group 9 - Hainan has successfully exported fresh coconuts to Belarus, marking a significant step in agricultural trade with Belt and Road countries [11] Group 10 - Sichuan Province is accelerating the construction of large and super-large data centers as part of its digital economy innovation development plan [12]