其中，"低估值""头部券商""并购重组""财富管理""海外业务"等成为机构2026年证券行业投资策略中提 及的高频词。此外，投行业务回暖带来的机会，也被一些机构所关注。 开年以来，A股市场持续火热，作为"牛市旗手"的券商也迎来板块爆发。 1月6日，A股三大指数集体走强收涨，沪指再创十年新高，录得13连阳。市场交投活跃，沪深两市成交 额2.81万亿，较上一个交易日放量2602亿，创逾三个月新高。 行情火热下，"牛市旗手"券商板块强势上涨。截至1月6日收盘，华安证券（600909）、华林证券 （002945）等个股涨停，长江证券、国泰海通、东北证券、财达证券（600906）等多股涨超5%。互联 网券商亦表现亮眼，大智慧涨停，同花顺（300033）涨超12%，指南针（300803）涨超9%，东方财富 （300059）涨超5%。 聚焦2026年，多家机构认为，在"慢牛"行情延续的市场预期和国际一流投行建设加速的行业背景下，券 商板块有望迎来估值修复，板块长期投资配置价值或将进一步凸显。 机构看好券商"开门红" 消息面上，政策端，近期公募基金改革全面落地，被视为驱动券商板块表现的一大重要政策利好。 2025年12月31 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 2026年,周期怎么看 20260104 摘要 Q&A 目前建筑建材行业的整体情况如何?有哪些值得关注的投资机会? 从目前跟踪的企业经营情况来看,建筑建材行业订单总体保持相对充分,但资金 仍是制约企业产值释放的核心因素。尽管国家启动了一些重大项目,但相对于庞 大的基础建设存量,这些投资难以带来显著成长性。因此,对于传统基建领域, 我们推荐高股息、低估值序列的公司,如中国建筑、四川路桥、隧道股份和中材 国际等。这些公司核心竞争力较强,经营稳定,分红股息率较高。 此外,一些 争 狗 - 传统基建领域推荐高股息、低估值公司,如中国建筑、四川路桥等,因其 . 核心竞争力强、经营稳定。同时,关注积极转型新科技、新产业的中小企 业,如正东设计、华阳国际等,可能迎来突破。 消费建材领域,头部公司市占率提升,经营趋稳健,建议左侧布局已证明 ● 核心竞争力的公司,如东方雨虹、兔宝宝等。关注 AI 产业链兴起需求增 加的高端产品公司,如中国巨石、中材科技。 2025 年元旦假期跨区域人流增长,海南离岛免税销售额同比大增 129%, . 客单价增长 43%。预计 2025年 ...

Core Viewpoint - Ping An Life increased its stake in Agricultural Bank of China (ABC) by acquiring 44.05 million H-shares, raising its total holdings to 5.842 billion shares, which now represents over 19% of ABC's total H-shares [1] Group 1: Market Conditions - The banking sector's "high dividend, low valuation" characteristic has re-emerged, with average dividend yields for A-shares and H-shares at 4.3% and 5% respectively as of December 19 [1] - The People's Bank of China is expected to maintain a moderately loose monetary policy, with potential for interest rate cuts and reserve requirement ratio reductions in 2026 [1][2] Group 2: Investment Outlook - Long-term demand for capital allocation in the banking sector is anticipated to continue, driven by the "high dividend, low valuation" logic [2] - The recent appreciation of the RMB is favorable for the performance of RMB-denominated equity assets, with expectations for stable macro-financial conditions leading to improved bank operating environments [2] Group 3: Banking Sector Overview - The Hong Kong-listed banks include Agricultural Bank of China, China Merchants Bank, Industrial and Commercial Bank of China, China Construction Bank, Minsheng Bank, Postal Savings Bank of China, and Citic Bank [3]

息差运行：NIM仍将承压运行，降幅或收窄至6bp左右。资产端，有效信贷需求实质性转暖之前，预估 新发生贷款利率仍将下行，但鉴于成本、定价行为监管等约束，新发放贷款定价下行走势明显放缓。负 债端，考虑22-23年集中吸收的长期定期存款逐步到期，叠加自律机制点状控制和银行自身负债管理能 力提升，负债成本下行对息差收窄压力将形成缓释。 智通财经APP获悉，光大证券发布研报称，2025年银行面临有效信贷需求不足，盈利增长平缓。2026年 作为"十五五"开局之年，预计货币政策保持适度宽松，降息降准可期。信贷结构延续"对公强、零售 弱"，息差仍承压但降幅或收窄。银行板块"高股息、低估值"逻辑依然是投资主线，长期资金配置需求 有望持续。 光大证券主要观点如下： 2025年银行经营仍面临有效信贷需求不足问题 量、价、险平衡难度加大，贷款"量难增、价易降"对利息收入形成挤压，银行体系更多依靠加强债券流 转提升非息收入贡献，同时，拨备计提放缓亦有助提升银行业绩稳定性。上市银行1~3Q营业收入、归 母净利润同比增速分别为0.9%、1.5%，预计2025年全年营收、盈利增速维持小幅正增，同1-3Q大体相 当。 2026年："十五五" ...

本周（12.15-12.21）均价跟踪的100个化工品种中，共有42个品种价格上涨，37个品种价格下跌，21个 品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产品月均价环比下跌，9%的产品月均 价环比持平。周均价涨幅居前的品种分别是硝酸（华东地区）硫酸（浙江巨化98%）、原盐（山东海 盐）、双酚A（华东）、TDI（华东）；周均价跌幅居前的品种分别是PVA、NYMEX天然气、LLDPE （余姚7042/吉化）、三氯乙烯（华东）乙二醇。 本周（12.15-12.21）国际油价下跌，WTI原油期货价格收于56.52美元/桶，收盘价周跌幅1.60%；布伦特 原油期货价格收于59.82美元/桶，收盘价周跌幅2.13%。宏观方面，根据21世纪经济报道，在美国政府 结束"停摆"后，通胀数据意外低于预期。美国劳工部12月18日发布的数据显示，11月美国消费者价格指 数（CPI）同比上涨2.7%，低于9月的3%。剔除波动较大的食品和能源价格后，11月核心消费者价格指 数同比上涨2.6%。供应方面，根据EIA数据，截至12月12日当周，美国原油日均产量1,384.3万桶，较前 一周日均产量减少1.0万桶，较去年同 ...

广发证券指出，四季度以来煤炭煤价上涨超预期，10月火电发电量同比增速达7.3%，各环节库存仍低 于去年同期，11月下旬开始季节性需求进一步提升，预计年末及2026年煤价总体延续稳中偏强走势。 国元国际表示，优质煤企凭借资源禀赋及成本优势，能够保持稳健盈利和充裕现金流，分红持续性高， 成为高股息投资标的，资产红利属性不断增强，行业进入"红利+周期"双属性阶段。 中泰证券最新发布的2026年煤炭行业投资策略指出，2026年预核增产能退出规模或超亿吨，带动国内供 应规模收缩，在需求端，电煤需求有望重回增长，非电需求韧性可期。交易面与基本面共振，看好2026 年煤炭板块投资机会。 投资建议方面，中泰证券建议把握三条主线：基于中长期资金持续入市，煤炭"高股息、低估值"投资价 值进一步凸显，积极配置红利属性较强的标的；基于企业自身产能增长逻辑，叠加盈利弹性较大，重点 关注α与β共振的标的；基于煤价见底、盈利改善，重点关注困境反转的炼焦煤。 东方财富Choice数据显示，共有22只煤炭股的股息率(TTM)超2%，其中，冀中能源居首，股息率达 10.20%，中国神华、平煤股份等3股股息率均超7%。 值得注意的是，多数煤炭股今 ...

每日经济新闻 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文件为准，鉴于本基金的特点，本基金 分红不一定来自基金盈利，基金分红并不代表总投资的正回报。提及个股仅用于行业事件分析，不构成 任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代表其未来表现，亦不构成对基金业绩的承诺 或保证。观点可能随市场环境变化而调整，不构成投资建议或承诺。提及基金风险收益特征各不相同， 敬请投资者仔细阅读基金法律文件，充分了解产品要素、风险等级及收益分配原则，选择与自身风险承 受能力匹配的产品，谨慎投资。 源达信息指出，红利资产由于其稳定的高股息和低估值属性，在低利率环境下，对风险偏好较低的资金 有吸引力。在当前市场环境中，红利资产的配置价值凸显，其稳定的现金流和高股息特性为投资者提供 了较好的防御性选择。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股息企 业的整体市场表现。根据基 ...

Group 1: Market Overview - A-shares showed divergence with major consumer indices experiencing slight pullbacks, as the Consumption ETF (159928) fell by 0.38% with a trading volume exceeding 250 million yuan, while it received a net inflow of 16 million units during the session [1] - The Hong Kong stock market also saw a minor pullback in the new consumption sector, with the Hong Kong Stock Connect Consumption 50 ETF (159268) declining by 0.32% and a trading volume over 65 million yuan, marking a fourth consecutive day of significant net inflow [4] Group 2: Alcohol Industry Insights - The wholesale price of Feitian Moutai has dropped to 1,500 yuan per bottle, marking a 20% year-on-year decline and a 40% decrease compared to two years ago, while Wuliangye is set to reduce its dealer invoice price from 1,019 yuan to 900 yuan starting in 2026 [3][8] - Analysts suggest that the price adjustments in high-end liquor, particularly by leading brands like Moutai and Wuliangye, may signal a broader industry correction, potentially leading to a new round of "deflating bubbles" in the sector [9][10] Group 3: Consumer Sector Valuation - The Consumption ETF (159928) is currently trading at a TTM P/E ratio of 19.32, which is in the 2.84% percentile of the past decade, indicating a high valuation attractiveness compared to historical levels [6] - As the year-end approaches, market trends may shift towards undervalued stocks, with seasonal patterns suggesting a potential change in investment styles during Q4 [6] Group 4: Economic Indicators - November CPI data showed a year-on-year increase of 0.7%, driven by a rebound in food prices, particularly fresh vegetables, which rose by 7.2% month-on-month [11][12] - The core CPI, excluding food and energy, remained stable with a year-on-year increase of 1.2%, indicating ongoing consumer demand recovery amidst economic adjustments [12][13] Group 5: ETF Composition - The top ten holdings of the Consumption ETF (159928) account for over 68.55% of its weight, with four leading liquor companies comprising 32% of the total, alongside significant positions in pork production and other consumer staples [13][14]

Core Viewpoint - High dividend stocks are showing strong performance, particularly focusing on "high dividend + low valuation" large-cap blue-chip stocks, with the value ETF (510030) experiencing a price increase of nearly 1% during trading [1] Group 1: Market Performance - The value ETF (510030) rose by 0.37% as of the report, indicating a positive market sentiment towards high dividend stocks [1] - Key sectors leading the gains include brokerage and insurance, with notable increases in stocks such as Industrial Securities (up 8.33%) and Huatai Securities (up 4.63%) [1] Group 2: Valuation Insights - As of the last trading day (December 5), the value ETF's underlying index, the 180 Value Index, had a price-to-book ratio of 0.84, which is at a relatively low level compared to the past decade [3] - The current market risk appetite is near the rolling five-year average, suggesting that high dividend sectors, particularly banks and oil, are performing well [3] Group 3: Investment Strategy - The value ETF closely tracks the 180 Value Index, which selects the top 60 stocks based on value factor scores, primarily from the financial sector [4] - The index constituents are characterized by "low valuation + high dividend" attributes, providing defensive qualities in volatile markets [4]

Core Viewpoint - High dividend stocks are showing strong performance, particularly focusing on "high dividend + low valuation" large-cap blue-chip stocks, with the value ETF (510030) experiencing a price increase of 0.37% as of the report time [1]. Group 1: Market Performance - The value ETF (510030) saw an intraday price increase of nearly 1%, closing up 0.37% [1]. - Key stocks in the ETF include securities and insurance companies, with notable gains from firms like Industrial Securities (up 8.33%) and Huatai Securities (up 4.63%) [1]. Group 2: Valuation Insights - As of the last trading day (December 5), the value ETF's underlying index, the 180 Value Index, had a price-to-book ratio of 0.84, which is at a relatively low level compared to the past decade, indicating strong medium to long-term investment value [3]. Group 3: Sector Analysis - The securities industry is expected to experience high-quality development during the 14th Five-Year Plan, playing a core role in serving the real economy and optimizing household wealth allocation [1]. - Policies from the China Securities Regulatory Commission are anticipated to create structural investment opportunities and long-term value reconstruction in the securities sector [1]. - The high dividend sector, particularly banks and oil companies, has shown strong performance, with expectations for market risk preferences to recover in December [4].