市场的热度直观地体现在成交量上。A股半日成交额达1.65万亿元，较上一交易日大幅放量超过3200亿 元。这种典型的量价齐升格局，是判断反弹能否延续的最重要基石。 从盘面结构看，今日的上涨并非普涨，而是由清晰的主线与坚实的逻辑所驱动。涨幅榜上，脑机接口、 商业航天、创新药、存储芯片以及保险板块成为最耀眼的明星。 1月5日的A股市场，为投资者献上了一份扎实的"开年礼"。主要指数放量上攻，市场情绪显著回暖，为 2026年的交易周带来了一个强劲的开局。 截至午盘，A股主要指数全线飘红。其中，上证指数强势上涨1.07%，成功收复4000点整数关口，这不 仅是技术层面的关键突破，更是市场信心转向乐观的标志。深市表现更为活跃，深证成指与创业板指分 别上涨1.87%和2.15%。而真正引领市场人气的，是半日暴涨4.05%的科创50指数，它清晰地揭示了资金 对科技创新主线的强烈追捧。 当然，市场并非全然欢腾，海南自贸区、稳定币等概念板块出现调整，这反映了资金正从旧主题向新主 线进行切换的动态过程。 展望后市，今日的放量长阳为潜在的"春季行情"奠定了良好基础。市场主线清晰，围绕 "硬科技"与"新 成长" 展开。脑机接口、商业航天 ...

Core Insights - The article emphasizes that technological innovation and industrial upgrading are key drivers of high-quality economic development in China, with the Sci-Tech Innovation Board and the Growth Enterprise Market as primary platforms supporting this innovation [1][3]. Group 1: Investment Strategy - The Guojin Sci-Tech Innovation and Entrepreneurship Quantitative Stock Fund aims to leverage active quantitative investment strategies focused on the "Double Innovation" sector, selecting individual stocks to capitalize on "hard technology" and "new growth" opportunities [1][3]. - The fund invests at least 80% of its non-cash assets in the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing for diversified allocation across sectors and market capitalizations [3][4]. Group 2: Market Characteristics - The "Double Innovation" sector is characterized by high levels of information, specialization, and volatility, making investment challenging; however, it also presents significant growth potential due to high R&D investments driving performance well above market averages [4][5]. - The Wande Double Innovation Index has shown significantly higher returns and risk-adjusted performance metrics compared to mainstream indices like the CSI 300 and the CSI 500 since 2020 [4]. Group 3: Quantitative Investment Approach - The fund employs a systematic model and strict risk control to address the challenges of investing in the "Double Innovation" sector, enhancing the probability of capturing quality growth stocks while minimizing non-systematic risks [5][6]. - Unlike traditional actively managed funds, the quantitative fund relies on model-driven strategies and comprehensive market coverage rather than deep fundamental research [5][6]. Group 4: Team and Technology - The Guojin Fund has a well-established quantitative research team with a strong background in mathematics and investment, having built its quantitative investment framework since 2013 [7]. - The team utilizes a wide range of data sources, including research reports and trading data, to construct dynamic predictive models that identify market opportunities that traditional strategies may overlook [7].

Core Viewpoint - The article emphasizes that technological innovation and industrial upgrading are key drivers of high-quality economic development in China, with the Sci-Tech Innovation Board and the Growth Enterprise Market serving as primary platforms for supporting these initiatives [1] Group 1: Investment Strategy - The Guojin Sci-Tech Innovation and Entrepreneurship Quantitative Stock Fund aims to leverage active quantitative investment strategies focused on the "Double Innovation" sector, selecting individual stocks to capitalize on "hard technology" and "new growth" opportunities [1][2] - The fund will invest at least 80% of its non-cash assets in the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing for diversified allocation across sectors and market capitalizations [2] - The fund's strategy includes a focus on sectors such as semiconductors, innovative pharmaceuticals, and high-end equipment, which are critical for technological breakthroughs [2] Group 2: Performance Metrics - The "Double Innovation" sector has shown significant performance metrics, with the Wind Double Innovation Index demonstrating higher returns, Sharpe ratios, and Calmar ratios compared to mainstream indices like the CSI 300 and CSI 500 since 2020 [2] - Companies within this sector exhibit high R&D investment, leading to performance growth that outpaces market averages, making them key drivers in various market conditions [2] Group 3: Risk and Return Profile - The "Double Innovation" sector is characterized by high growth, volatility, and elasticity, offering a higher cost-performance ratio by accepting controllable, phase-based volatility in exchange for long-term growth potential [3] - This sector is seen as a viable investment choice for those looking to benefit from China's economic transformation and seeking long-term excess returns [3] Group 4: Quantitative Investment Approach - The Guojin fund employs an active quantitative investment strategy, which provides a scientific allocation path for investing in the "Double Innovation" sector, addressing challenges such as information overload and high volatility [4] - Quantitative investment enhances stock selection through systematic models, strict risk control, and aims for smoother long-term excess performance, helping investors share in the sector's growth [4][5] - The fund's approach contrasts with traditional active management by relying on model-driven strategies rather than deep fundamental research [4] Group 5: Team and Technology - The Guojin fund has a strong quantitative team with extensive experience and a solid educational background, having established its quantitative investment framework since 2013 [7] - The team utilizes a wide range of data sources, including research reports and trading data, to build dynamic predictive models and capture market opportunities that traditional strategies may overlook [7] - Future plans include continuous optimization of investment strategies and models to provide high-quality investment tools for investors [7]

Core Insights - The article emphasizes that technological innovation and industrial upgrading are key drivers of high-quality economic development in China, with the Sci-Tech Innovation Board and the Growth Enterprise Market as primary platforms supporting this innovation [1][2] Investment Focus - The newly launched Guojin Sci-Tech Innovation and Entrepreneurship Quantitative Stock Fund aims to leverage active quantitative investment strategies, focusing on "hard technology" and "new growth" sectors to capitalize on economic growth and industrial transformation [1][2] - The fund will invest at least 80% of its non-cash assets in the Sci-Tech Innovation Board and the Growth Enterprise Market, allowing for diversified allocation across sectors and market capitalizations [1][2] Sector Characteristics - The "double innovation" sector is characterized by information explosion, high specialization, and strong volatility, making stock selection challenging due to rapid technological changes and varying company quality [3] - Companies in this sector exhibit high R&D investment, leading to performance growth that significantly outpaces market averages, as evidenced by the Wind Double Innovation Index outperforming major indices like CSI 300 and CSI 500 since 2020 [2][3] Quantitative Investment Strategy - The Guojin fund employs a systematic quantitative investment approach, which includes broad stock selection through technical models, strict risk control, and optimization of portfolios to achieve smoother long-term excess returns [3][4] - Unlike traditional actively managed funds, the quantitative fund relies on model-driven strategies and comprehensive market coverage rather than deep fundamental research [3][4] Team and Technology - Guojin Fund has a strong quantitative research team with extensive experience and a solid mathematical background, having established its quantitative investment framework since 2013 [4][5] - The team utilizes a wide range of data sources, including research reports and trading data, to build dynamic predictive models and enhance strategy effectiveness [4][5]

Group 1: Macro Insights - President Xi Jinping emphasized the need to effectively advance major projects such as the Yaxia Hydropower Project and the Sichuan-Tibet Railway, focusing on developing highland特色优势产业, particularly in clean energy and特色农牧业 [1] - The Federal Reserve's July meeting minutes indicated that only two officials supported a rate cut, with the majority favoring maintaining the current benchmark interest rate [4] Group 2: Industry Developments - Premier Li Qiang highlighted the importance of enhancing high-quality technological supply and policy support to promote the upgrade of the biopharmaceutical industry, aiming to develop more effective new drugs [2] - OpenAI's CFO announced that the company achieved a monthly revenue of over $1 billion for the first time and is considering an IPO in the future, while also exploring the potential to offer AI infrastructure services to other companies [3] Group 3: Market Trends - The vaccine industry is expected to benefit from a new policy in Guangxi that provides free HPV vaccinations for eligible girls, with a positive outlook on the sector driven by policy, demand, and technology [10] - The global AI smartphone penetration rate is projected to rise from 4% in 2023 to 40% by 2027, as major brands integrate AI capabilities into their devices [11] - The refrigerant industry is anticipated to maintain high profitability due to tightening supply-demand dynamics, especially with the upcoming reduction in second-generation refrigerant quotas [12] Group 4: Company Announcements - Muyuan Foods reported a net profit of 10.53 billion yuan for the first half of the year, marking a year-on-year increase of 1170% [14] - Weicai Technology achieved a net profit of 101 million yuan in the first half of the year, reflecting a year-on-year growth of 831% [14] - Hengrui Medicine plans to repurchase shares worth between 1 billion to 2 billion yuan [14] - Yonghui Supermarket reported a loss of 241 million yuan in the first half of the year, transitioning from profit to loss [14]

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].