2026年首个交易日，A股上演"开门红"，上证指数涨1.38%，收出罕见的12连阳，重回4000点上方；上 证50、深证成指亦大涨，创出新高。两市全日成交2.57万亿元，较前一交易日增超5000亿元。脑机接 口、保险、医疗、科技等板块涨幅居前。"今日市场的全面爆发，并非偶然的脉冲式行情，而是基本面 改善、政策红利释放与流动性修复三者共振的必然结果。"中邮证券副总裁、首席经济学家黄付生对记 者表示，展望后市，A股"慢牛"行情的基础依然扎实。黄付生认为，随着"两重""两新"政策的持续发 力，以及企业盈利从"估值修复"向"业绩兑现"的实质性转变，市场有望延续震荡上行的良性态势。人民 币升值、"十五五"政策可期和中国科技发展进入收获期这三大利好因素将持续发力，看好科技牛市延续 与消费板块盈利和估值的底部双击。（证券时报） ...

黄付生认为，随着"两重""两新"政策的持续发力，以及企业盈利从"估值修复"向"业绩兑现"的实质性转 变，市场有望延续震荡上行的良性态势。人民币升值、"十五五"政策可期和中国科技发展进入收获期这 三大利好因素将持续发力，看好科技牛市延续与消费板块盈利和估值的底部双击。 人民财讯1月6日电，2026年首个交易日，A股上演"开门红"，上证指数涨1.38%，收出罕见的12连阳， 重回4000点上方；上证50、深证成指亦大涨，创出新高。两市全日成交2.57万亿元，较前一交易日增超 5000亿元。脑机接口、保险、医疗、科技等板块涨幅居前。"今日市场的全面爆发，并非偶然的脉冲式 行情，而是基本面改善、政策红利释放与流动性修复三者共振的必然结果。"中邮证券副总裁、首席经 济学家黄付生对证券时报记者表示，展望后市，A股"慢牛"行情的基础依然扎实。 ...

2026年首个交易日，A股市场"开门红"，超4100股飘红，沪指更是时隔34个交易日重回4000点上方。 "今日市场的全面爆发，并非偶然的脉冲式行情，而是基本面改善、政策红利释放与流动性修复三者共振的必 然结果。"中邮证券副总裁、首席经济学家黄付生对券商中国记者表示，展望后市，A股"慢牛"行情的基础依 然扎实。 同日，高盛最新发布的研报中提到，2026年在亚太范围内继续建议高配A股和港股，预计中国股市将延续牛 市，但上涨步伐有所放缓。 "开门红"行情如期上演 1月5日，A股高开高走，全日成交额2.57万亿元，较前一交易日放量超5000亿元，创近期新高。其中，脑机接 口、保险、医疗、存储器和科技等板块涨幅居前。 值得关注的是，外资也在持续看好中国股市。1月5日，高盛最新发布的研报称，2026年建议继续高配中国股 票。该研究团队预计，2026年和2027年中国股市将每年上涨15%—20%，分别由14%和12%的盈利增长以及约 10%的估值向上重估所支撑。他们还提到，相比全球同业，中国股市当前估值存在显著折价。中国股市对于国 内外投资者显著的分散化配置价值应会鼓励更多资本流入市场。 浙商证券策略廖静池、王大霁团队对 ...

瑞银预计，美股的科技牛市将在明年再创新高。瑞银全球经济与策略研究主管Arend Kapteyn在报告中 指出，标普500指数基本情况预测明年升至7500点，升幅约12%，主要由约14%的企业盈利增长带动， 其中近一半的增长来自科技板块。市场或因估值过高出现轻微负面影响，目前企业盈利预期及估值水平 均处于近40年来高位，但预计自第二季起市场将迎来更广泛及更强劲的增长。市场可能进入整固期，高 质素股票将跑赢大市；至明年首季末，升势将扩展至低质素周期性股票。展望2026年，全球经济仍将保 持增长，但因关税措施推高美国物价，并影响全球出口，未来四至五个月将面临短暂的经济放缓期。 来源：视频滚动新闻 ...

Core Viewpoint - In the third quarter, public funds showed an overall trend of increasing positions in equity assets, particularly in the TMT and power equipment sectors, amidst a rising technology stock bull market [1][3]. Fund Positioning and Trends - Active equity funds displayed significant differentiation in their strategies, with some funds aggressively increasing their positions to capitalize on the bull market, while others opted to reduce their positions after achieving certain gains [2][10]. - The overall risk appetite of public funds has increased, with an average stock position of 83.28% by the end of the third quarter, up 2.13 percentage points from the end of the second quarter. Mixed open-end funds had an average position of 82.15%, while stock open-end funds reached 90.14%, an increase of 2.26 percentage points [3]. - The concentration of holdings in public funds has risen, with stock open-end funds and mixed open-end funds seeing increases in concentration by 0.94 and 2.1 percentage points, respectively, reaching 56.81% and 57.72% [3]. Sector Allocation - According to research from CICC, there was a simultaneous increase in the market value and growth style preference of active equity funds in the third quarter, while the value style saw a notable decline. The TMT sector received an overall increase in allocation, with power equipment, new energy, and non-ferrous metals also seeing significant increases, while reductions were mainly in consumer, financial real estate, and manufacturing sectors [4]. Notable Fund Performances - Several equity funds significantly increased their positions, with some funds exceeding 99% stock allocation by the end of the third quarter, including products managed by Huaxia and CITIC [6]. - For instance, the Wanji New Opportunities Value-Driven Fund increased its stock position from 22% at the end of the second quarter to 93% by the end of the third quarter, benefiting from a shift towards technology manufacturing companies [7][8]. - Other funds, such as Guangfa Industry Selection and Jin Xin Quality Growth, also chose to increase their positions and achieved over 20% gains during the third quarter [8]. Caution Among Some Funds - Conversely, some active equity products opted to lock in profits and reduce their positions as the market approached the 4000-point mark. For example, Huashang Fund's products reduced their stock positions from over 90% to 51% by the end of the third quarter, securing gains from the previous quarter [10].

Group 1 - The "15th Five-Year Plan" is a crucial period for achieving socialist modernization and will serve as a guideline for national economic and industrial development [2][5] - The plan aims to address challenges such as economic slowdown and insufficient domestic demand, particularly in the real estate sector, which affects over 60 related industries [5][6] - The plan emphasizes the transformation of traditional industries towards smart and green development, leveraging new technologies to stimulate demand [5][6] Group 2 - The plan includes comprehensive measures to boost domestic demand, focusing on increasing consumer income and encouraging savings to flow into capital markets [6][7] - The manufacturing sector is currently facing challenges, with the manufacturing PMI below 50, indicating contraction, while the non-manufacturing PMI remains above 50, indicating expansion [6] - Investment in traditional sectors is expected to stabilize, while new strategic projects worth approximately 1.2 trillion yuan and 410 billion yuan are anticipated to be launched [7][8] Group 3 - Emerging industries, particularly humanoid robots, are projected to become a significant growth area, with sales increasing by 29% year-on-year in the first three quarters [10] - The "15th Five-Year Plan" highlights the importance of technological self-reliance and the development of future industries, including AI, semiconductor chips, and deep-sea technology [11][12] - The capital market is becoming a primary destination for household savings, with a notable shift from real estate investments to equity investments [13][14] Group 4 - The public fund market is experiencing a resurgence, with significant inflows and a growing number of funds being issued, reflecting increased investor confidence [14][16] - The shift from real estate to equity investments is expected to reshape wealth accumulation strategies, emphasizing the importance of holding quality stocks or funds [15][16] - The current market environment is seen as an opportunity for investors to actively engage in quality stock and fund investments to capitalize on the ongoing bull market [16]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices rising over 1%, and the Shanghai Composite Index nearing the 4000-point mark, a level not seen since August 2015 [1][2]. Market Performance - The market is characterized by active hotspots, with over 3300 stocks closing in the green. The trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion, an increase of 365.9 billion from the previous trading day [3]. - Key sectors showing significant gains include small metals, electronic chemicals, components, and semiconductors, with notable performance in concepts like storage chips, AI PCs, and Co-Packaged Optics (CPO) [3][4]. Storage Chip Sector - The storage chip sector continues to thrive, driven by exponential demand from AI servers for storage capacity and bandwidth [5]. - Prices for DRAM have surged, with a nearly 100% year-on-year increase in September, and certain DDR4 models seeing price increases of over 300% since April. Major players like Samsung and SK Hynix are expected to raise prices by 30% in Q4 [6]. High-Tech Industry Development - The Chinese government has set a goal to cultivate high-tech industries over the next decade, with projections indicating that the market size of seven key future industries could exceed 10 trillion yuan by 2030 [7]. - The focus is on emerging pillar industries, with the "Three New" economy expected to account for over 18% of GDP by 2024, particularly in sectors like new energy and aerospace [10]. Investment Directions - **Quantum Technology**: Emphasizes a gradient development approach, with quantum measurement leading in commercialization, followed by quantum communication and quantum computing [12]. - **Biomanufacturing**: Driven by technology substitution and scene expansion, with significant potential to replace 20%-30% of chemical products [13]. - **Hydrogen and Nuclear Fusion Energy**: Positioned as complementary forces in the energy revolution, focusing on industrial and transportation decarbonization [14]. - **Brain-Computer Interfaces**: Targeting medical applications first, with consumer applications expected to follow as technology matures [15]. - **Embodied Intelligence**: Focused on industrial applications initially, with consumer applications anticipated to explode later [16]. - **6G Technology**: Aiming for seamless global coverage and integration of AI, with commercial deployment expected by 2030 [17][19].

Core Viewpoint - The A-share market showed strong performance on October 24, with all three major indices rising, indicating a bullish sentiment driven by policy expectations related to the upcoming "15th Five-Year Plan" [1][4][9]. Market Performance - The Shanghai Composite Index rose by 0.71% to close at 3950.31 points, while the Shenzhen Component increased by 2.02% to 13289.18 points, and the ChiNext Index surged by 3.57% to 3171.57 points [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 19,742 billion yuan, a significant increase of 3,303 billion yuan compared to October 23 [1]. Sector Performance - Over 3,000 stocks rose, with more than 70 hitting the daily limit. Leading sectors included semiconductors, electronic chemicals, electronic components, communication equipment, aerospace, consumer electronics, and computer equipment, while coal, real estate services, gas, and mining sectors saw declines [3]. Policy Impact - The upcoming "15th Five-Year Plan" is expected to drive significant changes in the market, with a focus on high-quality development and the establishment of a modern industrial system [4][10]. - Key areas of focus include the promotion of new industries such as quantum technology, biomanufacturing, hydrogen energy, and nuclear fusion, which are anticipated to become new economic growth points [5][10]. Stock Highlights - Notable stock movements included Cambrian's share price rising over 9%, surpassing Kweichow Moutai, indicating a strong tech bull market [6][7]. - The new stock "Super Electronics" saw a dramatic increase of 477% at one point, reflecting heightened market enthusiasm for new listings [7]. Analyst Insights - Analysts suggest that the current market conditions indicate a tech bull market, with significant investor interest in new stocks and sectors driven by policy support [7][9]. - The "15th Five-Year Plan" is expected to provide a solid foundation for the A-share market's long-term stability and growth, with a focus on consumer stimulation and enterprise support [9][10].

Market Overview - The A-share market showed steady growth from October 20 to October 24, with the Shanghai Composite Index closing at 3,950.31 points, up 2.88% for the week; the Shenzhen Component Index closed at 13,289.18 points, up 4.73%; and the ChiNext Index closed at 3,171.57 points, up 8.05% [2][9]. Trading Volume - Trading volume continued to decrease compared to the previous week, with a total of 5,903.98 billion shares traded and a turnover of 88,974.74 billion yuan, averaging 17,794.95 billion yuan per day. This represents a decrease of approximately 13.88% in trading volume and 18.17% in turnover compared to the previous week [4][5]. Stock Performance - A total of 4,446 stocks rose while 955 stocks fell, with 39 stocks remaining flat. The top ten stocks with the highest gains included N超颖, C马可波, and 盈新发展, with gains of 397.60%, 107.56%, and 60.98% respectively [6][7]. Conversely, the top ten stocks with the largest declines included 亿田智能 and *ST元成, with declines of -22.75% and -21.88% respectively [8]. Market Sentiment - The market sentiment improved as the Shanghai Composite Index approached the 4,000-point mark, a level not seen since August 18, 2015. The recent news from the Central Committee regarding the 15th Five-Year Plan has bolstered investor confidence, emphasizing the goal of creating a high-tech industry in China [9][10]. Long-term Outlook - The current market dynamics differ significantly from the past, with a focus on technology-driven growth rather than liquidity-driven rallies. The rise of stocks like 寒武纪, which surpassed 贵州茅台 to become the highest-priced stock in A-shares, reflects the deepening of the technology sector's prominence [10][11]. External Market Influence - The performance of overseas markets has been positive, with major U.S. indices reaching historical highs. The recent U.S. CPI data showing lower-than-expected inflation has increased confidence in potential interest rate cuts by the Federal Reserve, which may positively impact A-share market sentiment [13][14]. Upcoming Events - Key events to watch include the 2025 Financial Street Forum from October 27 to 30, and various new stock offerings scheduled for the upcoming week, which may influence market activity [15][19].

Core Viewpoint - In an era of uncertainty, companies must seek certainty in growth by embracing technological revolutions, particularly the AI wave, which presents both challenges and opportunities for new business models and industries [4][6]. Group 1: Changes in the Current Landscape - The relationship between China and the world is shifting, with a notable tilt towards China, impacting capital markets significantly [7]. - The Chinese economy is under pressure due to changing economic conditions, affecting businesses [7]. - The AI revolution is destroying some industries while creating new opportunities for innovative companies [7]. Group 2: Strategies for Growth - Companies should focus on "self-control and import substitution" as a key strategy, particularly in addressing critical technological challenges [8][9]. - Investing in emerging, high-growth industries is crucial, as the economic landscape is undergoing structural changes [10][11]. - Cost reduction is essential for building competitive strength and endurance in the current market environment [12]. - Emphasizing technological innovation can help companies transition from "stock competition" to "incremental competition" [13]. - Companies should consider expanding internationally to tap into larger markets and improve financial performance [14][15]. Group 3: Embracing AI and Ecosystem Development - Companies must identify new business opportunities within the AI wave, which is creating a new incremental market [16][17]. - Building an ecosystem is vital for sustainable growth, as it provides a competitive edge [18]. - Companies should actively engage with the capital market, as a new tech bull market is emerging in China, with significant IPO activity [18].