每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 1月6日早盘，沪指高开高走。从盘面看，保险、半导体、脑机接口等板块延续昨日涨势，化工、证 券板块同样表现亮眼。截至午间收盘，上证指数、中证A500指数均涨超1%，A500ETF易方达 （159361）盘中成交额突破55亿元，净申购超1.5亿份。 沪指自2025年12月17日至2026年1月5日实现日线12连阳，创下1993年以来最长连阳纪录，今日有望 实现13连阳从而再次刷新纪录。 东吴证券表示，春节前后，市场环境通常对多方更为有利，A股总体机会大于风险，看好节后科技 行情。宏观层面，内外环境均呈现积极变化，外部弱美元催化叠加内部政策靠前发力；微观层面，资金 面同样可能迎来改善，人民币汇率回升有望提振市场情绪，险资、公募等机构亦在新年伊始进行资产布 局。 中证A500指数由各行业市值较大、流动性较好的500只股票组成，聚 ...

国信证券首席经济学家荀玉根研报指出，26年牛市相比25年，不变：政策继续宽松。起于24年924的牛 市类似99年519，通缩不止、政策宽松环境不变；牛市周期未完。借鉴历史上牛熊周期规律，这轮牛市 的时空未到，市场情绪还未极致。变化：基本面修复将由点到面扩散，配合居民资金入市，牛市走向第 二阶段后半场和第三阶段；科技行情望从算力基建向应用扩散，白酒消费、地产等老登资产有重估机 会。 ...

核心结论：26年牛市相比25年：①不变1：政策继续宽松。起于24年924的牛市类似99年519，通缩不止、政策宽松环境不变。②不变2：牛市周期未完。借 鉴历史上牛熊周期规律，这轮牛市的时空未到，市场情绪还未极致。③变化1：基本面修复将由点到面扩散，配合居民资金入市，牛市走向第二阶段后半 场和第三阶段。④变化2：科技行情望从算力基建向应用扩散，白酒消费、地产等老登资产有重估机会。 26年牛市的变与不变 24年924以来，A股牛市已徐徐展开，至今上证指数最大涨46%、沪深300涨48%、创业板指涨117%。尽管宏观基本面尚未实质性改善，但伴随流动性改善 带动风险偏好回升，市场赚钱效应明显回升，投资者的信心正在修复。 正值辞旧迎新之际，投资者对26年A股行情既抱期待、又存疑问，26年A股相较25年有哪些变与不变?牛市行情的节奏和结构与25年有何异同?本文对此进 行分析。 1.不变：政策环境宽松 24/9/24类似99/5/19，政策转向是牛市开启的原始动力。24年9月下旬A股市场突然放量上涨，当时我们对行情的性质做了分析，即三年半的熊市周期结 束，新一轮牛市周期开始，背后逻辑和节奏可以参考99年519行情。 从政策 ...

摘要：2025年人工智能（AI）在资本市场中的核心特征，是从"技术竞赛"进入务实的"价值落地"阶段， 产业规模高速扩张，同时资本开始向具备明确商业化前景的环节聚集，投资热点也正从基础设施向应用 层转移。在新旧交替之际，新华财经推出《预见2026——机构首席这么看》系列报道，围绕人工智能产 业发展专访了国泰海通证券计算机行业首席分析师杨林、开源证券策略首席分析师韦冀星。 2025年，全球人工智能产业在"落地为王"的主旋律下加速狂奔，产业规模高速扩张，同时资本开始向具 备明确商业化前景的环节聚集，投资热点也正从基础设施向应用层转移。 与此同时，《国务院关于深入实施"人工智能+"行动的意见》的印发，对深入实施"人工智能+"行动进行 了部署，这份文件正推动着人工智能与经济社会各行业各领域广泛深度融合，加快形成人机协同、跨界 融合、共创分享的智能经济和智能社会新形态。 在国泰海通证券计算机行业首席分析师杨林看来，在技术、政策与市场多轮驱动下，人工智能产业健康 的发展结构应该是倒金字塔形态，即塔底的芯片、塔中的模型、顶层的应用，市场规模逐步增大。展望 2026年，AI应用领域企业的主业景气度修复，叠加AI应用收入占比的持 ...

在A股市场回暖背景下，私募今年参与定增热情高涨并且获利颇丰。私募排排网统计数据显示，按定增 上市日统计，截至2025年12月23日，全年共有52家私募机构积极参与定增，投资覆盖17个申万一级行业 中的58只A股，合计获配金额高达59.80亿元，较去年同期的48.43亿元显著增长23.48%。以当日收盘价 计算，私募在这些定增项目上的整体浮盈金额已达27.24亿元，整体浮盈比例达到45.55%。 在2025年火热的定增市场中，私募机构展现了高度的参与热情。年内参与定增获配的52家私募机构中， 18家私募机构获配金额均超过1亿元。同时，私募参与定增获利颇丰，高达50家实现浮盈，占比超九 成。在众多机构中，中小型私募展现了精准把握高成长机会的能力，业绩尤为突出。例如，聚力基金与 信持力资产通过参与德明利的定增，均实现了高达274.19%的可观浮盈。同时，量利私募、上海洪毅私 募和广东广金共同把握住ST松发的投资机遇，均获得了超过120%的浮盈。 值得注意的是，在获配金额较高的个股中，电子行业表现突出。例如，德明利（001309）虽仅获配1.61 亿元，但当前浮盈比例高达274.19%，为私募贡献了近4.41亿元的浮 ...

- The report discusses the impact of year-end liquidity disturbances on the market, suggesting that the recent adjustments are temporary and do not alter the upward trend[1][10] - The main investment theme is shifting from technology to cyclical sectors, with recommendations for chemical ETFs, dividend ETFs, and brokerage ETFs[1][10] - The report highlights the importance of the dollar depreciation as a key factor supporting the A-share market's slow bull trend[1][10] - The report mentions the use of a fund position monitoring model to track the allocation of funds, noting increased allocations in sectors like non-ferrous metals, chemicals, and transportation[1][11] - The report indicates that the technology sector's internal growth rate is slowing down, and the market is transitioning to cyclical sectors[1][11] - The report suggests that the recent market adjustments are due to year-end liquidity disturbances, with quantitative private equity products reducing their risk exposure significantly[1][12] - The report notes that the dollar depreciation trend, supported by lower-than-expected US CPI data, will continue to provide effective support for the A-share market's upward movement[1][13] - The report includes a section on timing strategies, mentioning the use of price segmentation systems and insider trading activity indicators[14][15] - The report provides industry monitoring data, including analysts' industry sentiment expectations and financing and securities lending trends[19][21] - The report discusses the performance of BARRA style factors, noting changes in market preferences and the performance of various factors such as turnover, financial leverage, and profitability volatility[24][25]

Group 1 - The report highlights a shift in investment style, with the banking sector receiving increased capital inflows, indicating a positive outlook for the industry [2][3] - In the equity market, technology sector ETFs saw a significant net inflow of 755 billion yuan, with semiconductor, battery, and robotics themes being particularly favored [3] - The banking ETF recorded a net inflow of 58 billion yuan in October, marking a new monthly high for 2025, following a net inflow of 32 billion yuan in September [3] Group 2 - The bond market is experiencing growth in bond ETFs, particularly in sci-tech bonds, corporate bonds, and government bonds, indicating strong investor interest [4] - The report notes a substantial increase in the buying of long-term government bonds by major banks, while insurance companies are also increasing their allocation to long-term bonds [4] - In the commodity market, there has been a shift in domestic investor preferences from gold stock ETFs to gold ETFs, with a notable net inflow of 337.82 billion yuan in October [4]

【财经日历】 华为Mate 80系列丨Mate X7及全场景新品发布会 阿里巴巴、蔚来发布财报 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 46448.27 202.86 | | 0.44% | | 纳斯达克指数 | 22872.01c 598.93 | | 2.69% | | 标普500 | 6705.12 | 102.13 | 1.55% | 当地时间周一，美股三大股指延续反弹，截至收盘，道指涨0.44%，纳指涨2.69%，标普500指数涨 1.55%。 科技股全线拉升，特斯拉涨6.8%，亚马逊涨2.5%，Meta涨3.2%，苹果涨1.6%，英伟达涨2.05%，甲骨文 涨0.78%，微软涨0.4%。 个股方面，谷歌母公司Alphabet大涨6.3%，市值逼近4万亿美元。谷歌上周发布了升级版AI模型Gemini 3。这家科技巨头旗下的谷歌云业务部门透露，已与北约通信与信息局签署一份合同，将为其提供安全 的主权云服务能力。 博通上涨11%，为标普500指数和纳斯达克综合指数成分股中最大涨幅。汇丰银行将该股目标价从400美 元上调至5 ...

Group 1 - Yongying Fund has seen a "clean sweep" resignation of four billion-level fund managers this year, with the latest being Yang Fanying, who managed a total of 12.291 billion yuan in assets before her departure [1] - Yang Fanying's tenure lasted 8 years and 34 days, during which she achieved a cumulative return of 20.23% for the Yongying Huajia Credit Bond A fund, marking the best performance record for public fund management [1] - Other funds managed by Yang Fanying mostly yielded positive returns, although the Yongying Stable Enhanced Bond A fund experienced a decline of nearly 5% over her management period [1] Group 2 - The new generation fund manager, Ren Jie, successfully captured the current technology market trend with the Yongying Technology Smart Selection Mixed Fund, which has significantly outperformed competitors and is on track to secure the annual championship [2] - Several actively managed equity products under Yongying Fund, including Yongying Advanced Manufacturing Smart Selection, Pharmaceutical Innovation Smart Selection, Semiconductor Industry Smart Selection, Digital Economy Smart Selection, and Emerging Consumer Smart Selection, have also shown strong annual returns [2]

Core Insights - Wells Fargo (WFC.US) reported a total market value of $530 billion in its Q3 2025 13F filing, reflecting a 2.02% increase from the previous quarter's $483 billion [1][2] Holdings Summary - The bank added 501 new stocks and increased holdings in 3,686 stocks while reducing positions in 2,068 stocks and completely selling out of 562 stocks [1][2] - The top ten holdings accounted for 19.54% of the total market value [1][2] Top Holdings - Microsoft (MSFT.US) is the largest holding with approximately 33.72 million shares valued at about $17.47 billion, representing 3.32% of the portfolio [3][4] - Apple (AAPL.US) follows with around 59.99 million shares valued at approximately $15.27 billion, making up 2.90% of the portfolio [3][4] - The iShares S&P 500 ETF (IVV.US) ranks third with about 18.75 million shares valued at around $12.55 billion, accounting for 2.39% of the portfolio [3][4] - Nvidia (NVDA.US) is fourth with approximately 59.79 million shares valued at about $11.16 billion, representing 2.12% of the portfolio [3][4] - The iShares Core S&P Total U.S. Stock Market ETF (ITOT.US) is fifth with around 63.19 million shares valued at about $9.20 billion, making up 1.75% of the portfolio [3][4] Notable Changes - Wells Fargo increased its holdings in major tech companies, with Google (GOOGL.US) up by 17.96%, Amazon (AMZN.US) by 4.28%, Meta (META.US) by 11.89%, and Tesla (TSLA.US) by 24.07% [4] - The bank significantly increased its holdings in call options for the Invesco QQQ Trust (QQQ.US) by 66.40%, while reducing put options by 1.96% [4] Top Buys and Sells - The top five purchases included Apple, Google, Invesco QQQ Trust call options, Nvidia, and Broadcom (AVGO.US) [5] - The top five sales included SPDR S&P 500 ETF (SPY.US), Accenture (ACN.US), iShares Russell 2000 ETF (IWM.US), Vanguard Russell 2000 ETF (VTWO.US), and Chubb Limited (CB.US) [5]