2月27日，中国证券投资基金业协会发布最新数据显示，截至2026年1月底，我国境内公募基金管理机构 共165家，其中基金管理公司150家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产 净值合计37.77万亿元，较2025年末的37.71万亿元增长0.06万亿元，连续3个月站稳37万亿元关口。 从公募基金数量来看，相较于2025年末，除了货币市场基金外，其余类型基金数量保持增长。权益类基 金新增数量居前，股票基金和混合基金分别新增52只、33只；债券基金、FOF、QDII基金分别新增9 只、7只和2只。 在受访人士看来，这与公募机构对春节后权益市场行情的判断与展望密切相关。前海开源基金首席经济 学家、基金经理杨德龙对《证券日报》记者表示："展望马年，A股与港股仍蕴含较多投资机会。从历 史规律看，A股素有'春季攻势'的季节性特征，春节后市场有望开启新一轮上涨行情。目前来看，春节 后不仅科技股表现亮眼，更多板块也呈现出明显的轮动迹象，预示着马年市场机会较多、赚钱效应有望 增强。'一年之计在于春'，此时是比较好的布局窗口。" "A股市场有望企稳回升，市场具备多方面积极因素。"长城基金高级宏观策略研究员 ...

截至2月24日收盘，沪指报4117.41点，涨0.87%，深成指报14291.57，涨1.36%，创业板指报3308.26，涨0.99%，沪深京三市成交额22182亿元，较上一交易 日放量2192亿元，超4000只个股上涨。 A股马年首个交易日迎来开门红，三大指数集体收涨。 贵金属、石油等板块升温主要源自地缘政治风险催化，消息面上，据新华社报道，美国近期在中东地区大规模集结兵力。美国总统特朗普近日承认，他在 考虑对伊朗进行"有限军事打击"。而在影视院线板块，国家电影局2月24日发布数据显示，2026年春节档电影票房为57.52亿元，观影人次为1.20亿。 马年首个交易日A股已迎来开门红，而A股市场一直有春季攻势的季节性规律，机构亦普遍看好节后行情延续。 兴业证券认为，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗口，叠加海外美国关税违宪和特朗普访华日程敲定支 撑风险偏好、国内宏观和产业层面的密集催化对结构上形成指引，继续看好A股节后迎来新一轮上行。相对胜率看，春节后科技制造、资源品和基建链明 显占优，而对美营收敞口大且在此前"对等关税"较高的东盟地区有大量产能布局或贸易转口的行业将 ...

马年行情已经正式开启。随着春节小长假的结束，A股市场如期迎来开门红，春季攻势有望逐步展开。 春节期间外围市场普遍上涨，也为节后A股的反弹奠定了基础。A股历来具有春季攻势的季节性规律， 一年之计在于春，春节之后市场往往进入新的上涨节奏。 从当前市场结构来看，科技板块依然是重要主线之一。马年春晚多家机器人公司登台亮相，极大提升了 投资者对人形机器人板块的信心。虽然部分机器人表演仍然是预设程序，但相比此前蛇年春晚机器人首 次亮相已经取得明显进步。人形机器人被视为继家电、手机、新能源汽车之后的第四大产业赛道。从产 业投资角度来看，AI机器人行业已经从0到1进入1到10阶段，仍然值得重点关注。去年我坚定看好AI机 器人板块，这些板块也都有比较好的表现。 回顾过去一年，机器人及AI机器人板块经历了不同阶段。2025年更多属于炒概念阶段，只要宣布布局 相关机器人零部件或AI机器人方向的公司，往往都会受到资金追捧并出现大幅上涨。而进入2026年， 市场将逐步进入炒订单阶段，能拿到大厂订单的应用型机器人公司有望继续上涨，而拿不到订单的公司 可能被证伪并出现较大回调。未来一年，行业还将进入业绩验证阶段，最终能够释放业绩的机器人公 ...

Core Insights - The market has shown signs of "cooling down," with major broad indices exhibiting divergence. The weight indices, such as the Shanghai Composite and CSI 300, have fallen below the 20-day moving average, entering a phase of consolidation, while most growth indices remain above the 20-day line, indicating continued upward potential [1][4][54] - The current market state is characterized by "strong small caps and weak large caps," with weight indices in a consolidation phase and growth indices remaining active. This trend is expected to persist in the short term, while the overall nature of a "systematic slow bull" remains unchanged for the quarter [1][4][54] Market Overview - The market experienced a "cooling down" period from January 19 to January 23, 2026, with a noticeable decline in trading volume. The Shanghai Composite Index rose by 0.83%, while the Shanghai 50 and CSI 300 fell by 1.54% and 0.62%, respectively, both breaking below the 20-day moving average. In contrast, growth indices such as the CSI 500, CSI 1000, and National 2000 saw increases of 4.34%, 2.89%, and 3.33%, respectively, continuing to reach new highs in this bull market [2][12][53] - Sector performance showed that 24 out of 31 primary industries rose, with cyclical sectors like construction materials, oil and petrochemicals, steel, and real estate experiencing significant gains of 9.23%, 7.71%, 7.31%, and 5.21%, respectively. Meanwhile, the financial sector weakened, with banks and non-banking financials declining by 2.70% and 1.45% [15][53] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets was 2.7 trillion yuan, reflecting a decrease compared to the previous week. The main futures contracts showed a premium, indicating a bullish sentiment among investors [21][27] - The latest margin trading balance was 2.69 trillion yuan, down by 0.24% from the previous week. In terms of ETFs, the most significant inflow was seen in the non-ferrous metals sector, while the coal sector experienced the largest outflow [27][32] Valuation Insights - The dynamic valuation model indicates that the valuation levels of major indices have increased. As of January 23, 2026, the PE-TTM for the Shanghai Composite Index was 17.1, at the 97.03 percentile, while the Shenzhen Component Index was at 33.31, at the 87.97 percentile. The ChiNext Index had a PE-TTM of 42.98, at the 35.39 percentile [44][45] Strategic Recommendations - Based on the assessment of "market cooling, index divergence, and the dominance of growth," it is recommended to maintain medium-term positions without fear of short-term fluctuations and to participate in the upcoming market momentum. Short-term positions should be cautious of volatility and avoid chasing highs [5][55] - The strategy includes balancing medium-term positions across sectors with high economic prospects and relatively reasonable stock prices, particularly in the "two electric and non-mechanical" sectors (electronics, new energy, chemicals, non-banking, and machinery). Additionally, consider the CSI 500, CSI 1000, and National 2000 indices for relative returns [5][55]

Group 1 - The three major indices opened lower but turned positive during the day, with sectors like power grid equipment and charging piles seeing gains [1] - The ChiNext Index rose by 0.48%, with individual stocks such as BlueFocus and Teruid gaining over 5% [1] - The ChiNext ETF Tianhong (159977) saw a net inflow of 10.53 million yuan on January 16, indicating active trading [1] Group 2 - The Sci-Tech Innovation Index increased by 0.40%, with stocks like Okoyi and Aiko Optoelectronics leading the gains [1] - The Sci-Tech Innovation Index ETF Tianhong (589860) recorded a real-time trading volume exceeding 20 million yuan, with a turnover rate over 8% [1] - The China Securities Regulatory Commission emphasized the need for reforms to enhance the quality and adaptability of the multi-level equity market, including the deepening of ChiNext reforms [2] Group 3 - Guotai Junan Securities predicts a "transformation bull" market in 2026, expecting higher, steadier, and longer growth [2] - The recent market cooling is expected to change the upward slope but not the overall upward potential, with a focus on technology growth sectors [2] - The emphasis is on sectors such as hard technology, AI applications, and industries with favorable valuation-performance matching, including non-ferrous metals, chemicals, and power equipment [2]

Core Viewpoint - On January 16, the A-share market experienced a decline, with a net outflow of over 85.5 billion yuan from the stock ETF market, indicating a continued trend of capital withdrawal [2][3]. Group 1: Market Performance - The three major indices in the A-share market closed lower, with the Shanghai Composite Index down 0.26%, the Shenzhen Component Index down 0.18%, and the ChiNext Index down 0.2% [3]. - The semiconductor industry chain saw significant gains, particularly in advanced packaging and memory sectors, while the cultural media and short drama gaming sectors experienced adjustments [3]. Group 2: ETF Fund Flows - As of January 16, the total scale of 1,308 stock ETFs in the market was approximately 4.9 trillion yuan, with a reduction of 15.365 billion units in fund shares, leading to a net outflow of 85.505 billion yuan [3][4]. - Industry-themed ETFs and strategy-style ETFs saw substantial inflows, amounting to 19.118 billion yuan and 1.768 billion yuan, respectively [4]. - The ETF tracking the semiconductor materials and equipment index had the highest single-day net inflow of 2.995 billion yuan [4]. Group 3: Notable Inflows - A total of 57 ETFs had net inflows exceeding 1 billion yuan on January 16, with the top three being the non-ferrous metals ETF, semiconductor equipment ETF, and electric grid equipment ETF, which saw net inflows of 1.811 billion yuan, 1.785 billion yuan, and 1.562 billion yuan, respectively [4]. - Leading fund companies continued to attract net inflows, with E Fund's semiconductor equipment ETF and artificial intelligence ETF each receiving over 600 million yuan [4]. Group 4: Market Outlook - The broad-based ETFs experienced the largest net outflow, totaling 106.907 billion yuan, with the CSI 300 index products seeing a net outflow of 58.007 billion yuan [6]. - Market analysts expect a "spring offensive" driven by ample liquidity and improved risk appetite, particularly as 2026 marks the beginning of the "14th Five-Year Plan" [6].

Group 1 - On January 16, the A-share market opened high but closed lower, with all three major indices declining. The stock ETF market continued to experience net outflows, with a total outflow of over 85.5 billion yuan on that day [2][4]. - As of January 16, the total scale of 1,308 stock ETFs in the market was approximately 4.9 trillion yuan. The number of fund shares decreased by 15.365 billion, leading to a net outflow of 85.505 billion yuan based on average pricing [4][5]. - Industry-themed ETFs and strategy-style ETFs saw significant inflows, amounting to 19.118 billion yuan and 1.768 billion yuan, respectively. ETFs tracking the semiconductor materials and equipment index had the highest single-day inflow of 2.995 billion yuan [5]. Group 2 - On January 16, 57 ETFs had net inflows exceeding 1 billion yuan, with the top three being the non-ferrous metals ETF (1.811 billion yuan), semiconductor equipment ETF (1.785 billion yuan), and electric grid equipment ETF (1.562 billion yuan) [5][6]. - The top 20 stock ETFs by net inflow included the non-ferrous metals ETF, semiconductor equipment ETF, and electric grid equipment ETF, with respective inflows of 1.811 billion yuan, 1.785 billion yuan, and 1.562 billion yuan [6]. - Conversely, broad-based ETFs experienced significant net outflows, totaling 106.907 billion yuan, with the CSI 300 index products seeing a net outflow of 58.007 billion yuan [8][9]. Group 3 - The fund manager from E Fund indicated that January is a traditional "opening red" window for credit issuance, expecting the market to enter a "spring offensive" driven by ample liquidity and improved risk appetite [10]. - ICBC Credit Suisse Fund anticipates that more industrial policy details will be implemented in 2026, particularly in technology innovation and green transformation, with monetary policy likely to remain moderately loose [11].

Market Overview - The Shanghai Composite Index has achieved a 17-day consecutive rise, closing at 4165.29 points, up 1.09% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.6 trillion yuan, an increase of 478.7 billion yuan from the previous trading day, setting a historical record [1][3] - Experts indicate that the market has entered a phase of simultaneous increase in volume and price, marking the beginning of a spring rally [1][3] Sector Performance - The commercial aerospace, Sora concept, and AI intelligent agent sectors showed significant gains, with multiple stocks hitting the daily limit of 30% [3] - Notable performers in the commercial aerospace sector included Tianrun Technology and Xingtu Mapping, while in the AI sector, stocks like Zhongcheng Technology and Liujin Technology also reached the daily limit [3] Future Market Outlook - Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, believes that the bull market logic for 2026 remains unchanged, with expectations for a transition from a cross-year market to a spring offensive [3][4] - January is typically a month with the highest credit issuance, estimated between 3 trillion to 5 trillion yuan, which may lead to increased capital inflow into the stock market [3] - The current strong market performance is expected to suppress bearish sentiment and enhance investor confidence [3] Long-term Projections - Yang Delong anticipates a slow bull market lasting 3 to 5 years, with the 2026 market expected to expand beyond technology and banking stocks to include consumer blue chips, new energy leaders, and military industries [4] - Industry analysts from Industrial Bank predict a continued positive outlook for the A-share market in 2026, with technology remaining a core focus [4] - Global economic conditions are favorable, with major economies showing steady growth and a low-risk macroeconomic environment, which supports the capital market [4] Valuation Insights - According to a report from GF Securities, the valuation of the A-share market has seen restrained growth over the past two years, with the changing competitive landscape between China and the U.S. providing a safety margin for valuations [5] - There is an expectation that A-share valuations may break historical patterns and continue to rise for three consecutive years [5]

Market Overview - The Shanghai Composite Index has achieved a 17-day consecutive rise, with the total trading volume in the Shanghai and Shenzhen markets reaching 3.6 trillion yuan, marking a record high [1] - The Shanghai Composite Index closed at 4165.29 points, up 1.09%, while the Shenzhen Component Index and the ChiNext Index rose by 1.75% and 1.82%, respectively [1] Sector Performance - The commercial aerospace, Sora concept, and AI intelligent agent sectors have shown significant gains, with multiple stocks in these sectors hitting the daily limit of 30% [2] - Notable performers include Tianrun Technology, Xingtum Mapping, and Liujin Technology in the commercial aerospace sector, and Zhongcheng Technology and Liujin Technology in the AI sector [2] Economic Outlook - The chief economist of Qianhai Open Source Fund, Yang Delong, indicates that the current bull market is gaining strength, with a transition from a cross-year market to a spring offensive [2] - January is typically a month with the highest credit issuance, estimated between 3 to 5 trillion yuan, which is expected to flow into the capital markets, enhancing investor confidence [2] Long-term Market Projections - The market outlook for A-shares in 2026 is optimistic, with expectations of a slow bull market lasting 3 to 5 years, expanding into various sectors including consumer staples, new energy, and military industry [3] - The global macroeconomic environment remains favorable, with major economies showing steady growth and low overall risk, which is beneficial for capital markets [3] - The valuation of A-shares is expected to break historical patterns, with a potential continuous increase over three years, particularly if adjustments occur in small and mid-cap stocks in late January 2026 [3]

Core Viewpoint - The article highlights the increasing enthusiasm of investors in the A-share market, with a significant rise in new account openings for both individual and institutional investors, indicating a bullish sentiment in the market as the Shanghai Composite Index continues to rise [3][10]. Summary by Sections Investor Participation - In 2025, the total number of new A-share accounts reached 27.4369 million, a year-on-year increase of 9.75%. Individual investors accounted for 27.3324 million new accounts, up 9.67%, while institutional investors opened 10,453.9 thousand accounts, marking a 34.91% increase [5][6]. Monthly Account Openings - December 2025 saw 2.5967 million new A-share accounts opened, a month-on-month increase of 9% and a year-on-year increase of 30.55% compared to December 2024 [5]. The monthly trend showed a peak in March 2025 with 3.0655 million new accounts, followed by a decline in April to 1.9244 million, which was a 59.3% decrease from March [6][7]. Market Performance - The A-share market experienced a bullish trend in 2025, with the Shanghai Composite Index rising by 18.41%, an increase of nearly 6 percentage points compared to 2024 [10]. The index reached a new high of 4083.67 points on January 6, 2026, following a strong performance after the New Year [11]. Future Market Outlook - Analysts predict that the A-share market will continue to exhibit a structural bullish trend, supported by favorable policies and improving economic indicators. The focus will be on sectors such as technology, industrial metals, and consumer services, with an emphasis on performance disclosures in January [12][13][14].