Group 1 - The defense and military industry saw a net inflow of over 18.9 billion yuan, while the computer sector had over 16.9 billion yuan, and machinery equipment received over 10.8 billion yuan in net inflows [2] - Non-bank financials experienced a net outflow of over 6.7 billion yuan, with the metals sector seeing a net outflow of over 5.4 billion yuan [2] - The military industry is expected to stabilize and improve, with a focus on high-end loyal drones and low-cost unmanned aerial vehicles as key development directions [7] Group 2 - The A-share market showed slight fluctuations, with major indices like the Shanghai Composite Index and Shenzhen Component Index experiencing minor declines, while technology growth stocks performed relatively well [4] - The new energy sector, particularly wind power equipment, showed strong performance, with significant increases in stock prices for companies like Goldwind Technology [7] - The global energy transition and the explosion of AI computing power are creating unprecedented opportunities for the new energy sector, with predictions of significant growth in wind power installations in various regions [9]

Core Viewpoint - The A-share market experienced slight fluctuations, with technology growth stocks performing relatively well, while various sectors showed mixed results [1][10]. Market Performance - The defense and military, industrial internet, wind power equipment, and short drama gaming sectors saw the highest gains, while financial stocks, engineering machinery, consumer electronics, and non-ferrous metals faced declines [3][12]. - The defense industry attracted over 18.9 billion yuan in net inflows, with the computer sector receiving over 16.9 billion yuan, and machinery equipment over 10.8 billion yuan [3][12]. Future Outlook - According to Yintai Securities, A-share earnings are expected to improve by 2026, with a stabilization and recovery in the overall ROE for non-financial A-shares. The economic "temperature difference" is anticipated to narrow, leading to reduced profit differentiation across sectors [3][12]. - The capital market reforms in 2026 are expected to deepen, with continued policy benefits. There is a recommendation to focus on high-yield long-term opportunities and to pay attention to AI trends and technology growth opportunities [3][12]. Bull Market Insights - According to Cinda Securities, during the early to mid-stages of a bull market, existing institutions and investors will continue to increase their positions, while new retail funds are expected to flow in significantly during the later stages [4][13]. - The defense sector remains strong, with significant buying activity noted near the market close, and several sub-sectors reaching historical highs [4][13]. Sector Highlights - The new energy sector is experiencing robust growth, particularly in wind power equipment, with notable stock performances such as Goldwind Technology and Taisheng Wind Energy reaching their limits [5][14]. - The military industry is expected to stabilize and improve, with a focus on high-end loyal drones and low-cost unmanned systems as key development areas [7][16]. Wind Power Market Potential - The global energy transition and the explosion of AI computing power are creating unprecedented opportunities for the new energy sector. GWEC predicts that the average annual new wind power installations in Asia, Africa, and Latin America will double in the next five years [9][18]. - CITIC Securities anticipates that the wind power industry chain will see simultaneous growth in volume and profit due to stable prices, improving costs, and optimized product and sales structures [9][18].

扬子晚报网1月6日讯(记者范晓林薄云峰实习生潘伊笑)新年头两个交易日A股不负众望，沪指刷新10年来新高，多家券商也纷纷有话要说。整体来看，券 商对2026年A股的行情保持乐观，认为"转型牛""长牛""结构牛"等升势远未结束，A股牛市有望在2026年持续。 | ◀ 上证指数 ▶ | | | | --- | --- | --- | | 1A0001 | | | | 4041.59 + | | | | +18.17 +0.45% 加自选 | | | | 最高 4042.65 今开 4026.02 | 成交量 | 1.01亿 | | 昨收 4023.42 最低 4025.09 | 成交额 | 1788.84亿 | | 量比 4.05 委比 8.72% | 振 幅 | 0.44% | | m 直播 春季行情机会, 反弹核心关注谁? 商业... | | | | 分时 王日 周Ｋ | 月K | 更多。 0 | | 领先4046 最新4041.59 +18.17 +0.45% | | | | 4048.77 0.63% | | | | 4423.42 0.00% | | | | ப | | | | 3998.07 -0.63 ...

Core Insights - The Hong Kong stock market closed 2025 with the Hang Seng Index rising by 27.77%, marking its best annual performance since 2017 [1] - Among the constituents of the Hang Seng Index, China Hongqiao surged by 203.72%, leading the gains, followed by Zijin Mining at 162.29%, and SMIC at 124.69% [1][2] Group 1: Performance Highlights - China Hongqiao's stock price reached 32.620 with a year-to-date increase of 203.72% [2] - Zijin Mining's stock price was 35.660, reflecting a year-to-date rise of 162.29% [2] - SMIC's stock price stood at 71.450, with a year-to-date increase of 124.69% [2] - Hansoh Pharmaceutical increased by 113.33% year-to-date, with a stock price of 36.080 [2] - Pop Mart's stock price was 37.700, showing a year-to-date rise of 111.46% [2] - Innovent Biologics saw a year-to-date increase of 108.33%, with a stock price of 76.250 [2] - Chow Tai Fook's stock price was 12.390, reflecting a year-to-date increase of 100.16% [2] - China Biologic Products had a stock price of 6.180, with a year-to-date rise of 98.71% [2] - JD Health's stock price was 55.500, showing a year-to-date increase of 97.51% [2] - China Life's stock price stood at 27.380, with a year-to-date increase of 96.60% [2] Group 2: Sector Analysis - The performance of the top stocks reflects four main themes: cyclical resources, hard technology, innovative pharmaceuticals, and niche consumption [1] - Stocks like China Hongqiao and Zijin Mining benefited from global inflation and industrial demand [1] - SMIC represents the core of domestic substitution and technological self-reliance [1] - Companies like Hansoh and Innovent are being valued for genuine innovation and international pricing [1] - Niche consumption sectors, represented by Pop Mart, Chow Tai Fook, and JD Health, demonstrate strong vitality even in a weak recovery environment [1]

Group 1 - The A-share and Hong Kong stock markets showed a growth style leading the rally in December, with the ChiNext and North Star 50 indices rising over 5% [1] - The core drivers for the cyclical sector include economic recovery expectations and the revaluation of strategic resources, particularly benefiting from global manufacturing recovery and resource security themes [1][2] - The growth style focuses on technological self-reliance and new productivity, with capital concentrating on sectors like defense, communication, and AI-related high-end manufacturing [1][2] Group 2 - In January, the A-share market will enter a critical data verification period, influenced by policy effects, macro data, corporate performance, and liquidity changes, leading to potential increased volatility [2] - Key sectors such as defense, 6G, and satellite internet will require performance or order validation to digest previous gains, while commercial aerospace and AI computing sectors may still present active opportunities [2] - Strategic resource segments, especially rare metals like antimony, tungsten, and rare earths, are being revalued by the market due to their essential role in advanced technology breakthroughs [2] Group 3 - The company has excellent asset allocation in mineral resources, with a projected CAGR of 24% for copper production and 12% for gold production from 2020 to 2024, leading in growth among major copper/gold mining companies [6] - The company has successfully completed several significant acquisitions, contributing to production and profit, with ongoing projects expected to support sustainable growth in copper and gold businesses [6][8] - The company has effectively controlled costs, with production costs for copper and gold remaining competitive, positioning it within the top 20% globally [7] Group 4 - The company is benefiting from a stable coal production capacity of 48 million tons/year and has seen an increase in profitability due to low extraction costs and high long-term contracts [18] - The company is expanding its electrolytic aluminum capacity, with a projected increase to 121,000 tons/year by the end of 2025, supported by cost advantages from proximity to coal sources [19] - The company is actively promoting clean energy transition, with significant growth in renewable energy installations, aiming for 700,000 kW by the end of the 14th Five-Year Plan [19] Group 5 - The company is a leading supplier of air conditioning refrigeration valves, with rapid growth in automotive and humanoid robot businesses, actively developing new growth curves [47] - The company achieved a revenue of 240.29 billion yuan in the first three quarters of 2025, with a year-on-year increase of 16.86%, and a net profit of 32.42 billion yuan, up 40.85% [47] - The company is focusing on the development of robotic components, with plans for overseas mass production to strengthen its position in the global supply chain [49]

"2026年将迎来关键的中美政策周期共振，这不仅是宏观需求的重要推手，更将成为A股市场从流动性 驱动迈向盈利驱动新阶段的核心转折点。"近日，在谈及新一年的投资展望时，招商证券首席策略分析 师张夏提出了鲜明观点。 在他看来，以PPI回升为标志的盈利改善将引领市场进入牛市第三阶段，而内需复苏与科技自立构成的 双轮驱动主线，将定义全年的核心机遇。 中美需求共振，有望提振大宗商品需求 2026年A股会面临怎样的宏观环境？ 招商证券策略研究团队认为，过去依赖地产、基建信用扩张的增长模式已式微，2022年后广义政府支出 成为总需求波动的核心边际力量，股市走势与之高度相关。在"十五五"规划开局之年，政策定调积极， 预计财政支出将保持扩张，基建与重大项目集中落地有望带动投资，特别是基建增速回升，与潜在的房 地产企稳政策形成合力，共同对冲出口回落压力，推动内需回暖、总需求增速重回扩张。 与此同时，2026年正值美国中期选举年。"历史规律显示美国政府倾向于推行扩张性财政货币政策以提 振经济"，张夏指出，这与中国"十五五"开局形成中美需求共振，有望提振全球工业金属等大宗商品需 求。同时，在美元信用长期过度扩张、其全球储备货币地位相 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经记者｜李娜 每经编辑｜彭水萍 "2026年将迎来关键的中美政策周期共振，这不仅是宏观需求的重要推手，更将成为A股市场从流动性驱动迈向盈利驱动新阶段的核心转折点。"近日，在谈 及新一年的投资展望时，招商证券首席策略分析师张夏提出了鲜明观点。 在他看来，以PPI回升为标志的盈利改善将引领市场进入牛市第三阶段，而内需复苏与科技自立构成的双轮驱动主线，将定义全年的核心机遇。 招商证券首席策略分析师 张夏 此外，张夏强调，涨价将成为2025年四季度到2026年的主旋律之一。这既是中美共振需求回升的体现，也是2020年全球货币扩张累积效应的反映。"未来但 凡出现供求缺口的产品，涨价幅度都将令人瞠目结舌"，他分析称，根本原因在于全球法定纸币的购买力自2020年大放水后已大幅萎缩，而供求关系的再平 衡与紧张将使其全面暴露。 "我们已在黄金、白银、存储芯片等品种上看到端倪；理解这一逻辑，便会认识到那些提供独一无二商品的企业股权何其可贵。"张夏坦言，"当下正是拥抱 一切优质商品、稀缺商品、高技术门槛商品及其供应商股权的时刻。" 市场正处在关键切换节点。 ...

2025 年 12 月 25 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 25 日 浙商早知道 市场总览 重要观点 重要点评 【浙商大制造中观策略 邱世梁/张菁】汽车零部件 行业深度：汽车轻量化浪潮下，以塑代钢空间广阔—— 20251223 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：12 月 24 日上证指数上涨 0.53%，沪深 300 上涨 0.29%，科创 50 上涨 0.9%，中证 1000 上涨 1.54%，创业 板指上涨 0.77%，恒生指数上涨 0.17% 行业：12 月 24 日表现最好的行业分别是国防军工（+2.88%)、电子（+2.12%)、建筑材料（+1.72%)、轻工制造 （+1.69%)、机械设备（+1.49%)，表现最差的行业分别是农林牧渔（-0.85%)、煤炭（-0.7%)、食品饮料（- 0.36%)、银行（-0.3%)、传媒（+0.01%)。 资金：12 月 24 日全 A 总 ...

证券研究报告 | 策略专题研究 | 中国策略 行业轮动如何做到既敏锐又不丢主线？ ——2025 年行业打分表结论回顾与策略反思 核心观点 2024 年 11 月，团队外发 2025 年年度策略报告《坐看云起，胜在今朝》，其中行业打 分表综合得分排名前 5 的为电新、军工、有色、机械、化工（通信、电子名列第 6 和 7），与实际年度涨跌幅正相关性较高。若以前五名行业指数构建等权模拟组合，截至 2025 年 12 月 23 日累计收益率为 44.8%，相对于沪深 300 超额为 22.2%，12 个日历 月中，有 11 个月获得正超额，月胜率超 90%，总体表现较优。若直接以每月发布的 《板块轮动月报》行业打分表前五名等权构建模拟组合，2025 年以来样本外收益率 34.7%，相对沪深 300 超额 14.8%。我们认为，牛市的趋势性行情中对行业基本面比 较的关注度应高于对交易面比较，发现景气逻辑主线买入并持有的策略优于轮动交易。 2026 年，我们认为值得持续给以较高基本面附加分的行业集中在顺周期和科技两方 面，叙事上紧扣顶层政策设计中频繁出现的三个提法：科技自立、内需、反内卷。 ❑ 2025 年行业回顾 20 ...

22 Dec 2025 Presentation：AI开花、科技自立，计算机拐点将至 AI Blossoms, Tech Independence, Computer Turning Point Approaches 杨林Lin Yang lin.yang@htisec.com Equity – Asia Research 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English translation of the disclaimer) APPENDIX 2 重要信息披露 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. ( ...