2026.01. 27 本文字数：449，阅读时长大约1分钟 作者 | 一财 阿驴 09:34 商业航天概念震荡回升，电科芯片涨停，西部材料触及涨停，欧科亿、再升科技、广联航空、飞沃科 技等跟涨。 09:25 A股开盘丨三大指数集体低开，北斗导航板块跌幅居前 三大股指集体低开，沪指跌0.18%，深成指跌0.23%，创业板指跌0.09%。重组蛋白、EDR概念、单抗概念 板块领涨，空间站概念、时空大数据、北斗导航板块领跌。 09:23 港股开盘｜恒生指数涨0.36% 紫金矿业高开4.31% 恒生指数涨0.36%，恒生科技指数涨0.16%；紫金矿业高开4.31%，哔哩哔哩、比亚迪股份、蔚来走强，百 度集团、新东方走弱。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | Hટા | 恒生指数 | 26892.99 c | 127.47 | 0.48% | | HSTECH | 恒生科技 | 5731.78 c | 5.79 | 0.10% | 阿驴「暴富天降」大肚马克杯 发售中 为生活的小美好，举杯期待！ 大肚能装得下咖啡奶茶 也盛满"吨吨吨" ...

三大股指集体低开，沪指跌0.18%，深成指跌0.23%，创业板指跌0.09%。 09:34 商业航天概念震荡回升，电科芯片涨停，西部材料触及涨停，欧科亿、再升科技、广联航空、飞沃科技等跟涨。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | Hટા | 恒生指数 | 26892.99 c | 127.47 | 0.48% | | HSTECH | 恒生科技 | 5731.78 c | 5.79 | 0.10% | 09:21 央行今日开展4020亿元7天逆回购操作，投标量4020亿元，中标量4020亿元，操作利率为1.40%。 09:15 人民币兑美元中间价报6.9858，调贬15个基点。前一交易日中间价报6.9843。 三大股指集体低开，沪指跌0.18%，深成指跌0.23%，创业板指跌0.09%。重组蛋白、EDR概念、单抗概念板块领涨，空间 站概念、时空大数据、北斗导航板块领跌。 09:23 港股开盘｜恒生指数涨0.36% 紫金矿业高开4.31% 恒生指数涨0.36%，恒生科技指数涨0.16%；紫金矿业高开4.31%，哔哩哔哩、比亚迪 ...

1月23日，A股三大指数集体上涨。截至收盘，沪指涨0.33%报4136.16点，深成指涨0.79%报14439.66点，创业板指涨0.63% 报3349.5点。从板块行情上来看，今日表现较好的是HIT电池、天基互联和空间站概念，而算力概念、CPO概念和天然气等 板块下跌。 | 新版篇: *9,39% | HIT电池 +9.38% | | | F5G概念 冷流入 : : 06.3亿 注册版: -3.7% | | | | --- | --- | --- | --- | --- | --- | --- | | 钙钛矿电池 净流入:91.0亿 | 164.31Z | TOPCon电池 123.1亿 | | 光通信模块 | | | | | | +9.15% | | -138.8亿 -2.52% | | 算力概念 | | | | | | | | -214.3 Z -2.32% | | | | 天基互联 | | CPO概念 -188.2 Z- -2.52% | | | | BC电池 70.74Z +8.66% | | 130.1 亿 +8.51% | | | | | | 3D玻璃 | | | | PCB | 页岩气 | | ...

Market Performance - The three major indices collectively rose after a slight increase, with the Shanghai Composite Index down by 0.64%, the Shenzhen Component down by 1.37%, and the ChiNext Index down by 1.96% [1] - Over 3,700 stocks declined in the two markets, with a total trading volume of 3.65 trillion [1] Aerospace and Defense Sector - The aerospace sector opened low and continued to decline, closing down by 6.75%, with over 10 stocks, including Aerospace Huanyu and Guanglian Aviation, hitting the daily limit down or falling over 10% [3] - More than 20 industry sectors, including commercial aerospace, large aircraft, satellite internet, controllable nuclear fusion, military-civilian integration, aircraft carrier concepts, and space station concepts, experienced declines of over 4% [3] AI and Healthcare Sector - The AI application concept rose against the trend, with over 10 stocks, including Gravity Media and Lioo Co., hitting the daily limit up [3] - The AI healthcare concept remained active, with Meiyan Health achieving three consecutive limit ups, and stocks like Hongbo Pharmaceutical and Xin Ganjiang also hitting the daily limit up [3] Market Dynamics - Today's market pullback was anticipated, as the trading volume continued to increase significantly while the main funds were flowing out [3] - Compared to the previous day's trading volume of 3.15 trillion, today's volume increased by 49.6 billion, with a net outflow of main funds reaching 141.165 billion [3]

Market Overview - The A-share market experienced a decline with major indices all retreating, including the Shanghai Composite Index down 0.64% to 4138.76 points, Shenzhen Component Index down 1.37%, ChiNext Index down 1.96%, CSI 300 down 0.6%, and STAR 50 down 2.8% [1] - A total of 1520 stocks rose while 3547 stocks fell, with a total trading volume of 3.65 trillion yuan, an increase of approximately 496.18 billion yuan compared to the previous trading day [1] - The net outflow of main capital from the market was 1805.56 billion yuan, with the power grid equipment sector seeing a net inflow of 19.56 billion yuan, while the communication equipment sector experienced a net outflow of 196.20 billion yuan [1] Sector Performance - In terms of themes, sectors such as Ant Group's Afu, MCP concept, recombinant proteins, CRO, and SST concepts saw significant gains, while sectors like space computing, commercial aerospace, large aircraft, space station concepts, and phased array antennas faced substantial declines [2] Market Sentiment - Senior market analyst Xu Xiaoming commented on the market's adjustment, indicating that the Shanghai Composite Index has ended a 17-day winning streak, suggesting a return to rational and normal market behavior [3] - Xu noted that it is difficult to determine the scale of the current pullback, as the market has not established a clear top structure, and the rapid price movements make it challenging to assess the high points [3] - There is a divergence among indices, with the CSI 500 showing strong performance while the ChiNext Index is slowing down, indicating market disagreements that complicate the formation of a unified market direction [3]

Core Viewpoint - The A-share market in 2025 saw significant growth across various sectors, with the top ten sectors experiencing substantial annual increases driven by factors such as AI demand, technological advancements, and geopolitical tensions [1][2]. Group 1: Sector Performance - The top-performing sectors in 2025 included: - Optical communication modules with a growth of 156.02% - F5G concept rising by 128.33% - CPO concept increasing by 124.50% - Space station concept up by 115.95% - PCB sector growing by 112.11% - Foxconn rising by 111.69% - Nvidia concept increasing by 104.45% - Gold concept up by 97.35% - Robotics sector growing by 86.54% - New industrialization rising by 83.86% [1][2]. Group 2: Drivers of Growth - The surge in optical communication modules and CPO concepts was primarily driven by: - Explosive demand for AI computing power - Accelerated technological iterations - Domestic substitution and policy funding support [1]. - The PCB, Foxconn, and Nvidia concepts also benefited from: - Explosive growth in AI computing demand - Increased production and sales of high-end products due to AI servers - Resonance from the demand in new energy vehicles and consumer electronics, leading to historic high industry performance [1]. - The significant rise in the gold sector was attributed to: - The onset of the Federal Reserve's interest rate cuts, which lowered real interest rates and weakened the dollar - Escalating global geopolitical conflicts - Central banks' continued gold purchases and a trend towards de-dollarization, driving safe-haven and asset allocation demand [1]. Group 3: Robotics Sector Insights - The robotics sector's growth was fueled by: - Deep integration of embodied intelligence and AI large models, leading to rapid breakthroughs in humanoid robot technology - Progress in Tesla's Optimus V3 adaptation for mass production - Acceleration of commercialization by domestic complete machine and core component enterprises - The establishment of offline stores for Yush Robot and the catalyzing effect of robot marathon events on industry enthusiasm [2].

Market Performance - On December 31, A-shares showed mixed performance with the Shanghai Composite Index up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points, and the ChiNext Index decreased by 1.23% to 3203.17 points [1] Fund Manager Changes - On December 31, a total of 53 fund managers experienced changes in their positions, with 43 fund products announcing departures of fund managers, involving 19 individuals [3] - In the last 30 days (December 1 to December 31), 705 fund products saw fund manager departures, with 17 leaving due to job changes and 2 for personal reasons [3] New Fund Managers - On December 31, 86 fund products announced new fund manager appointments, involving 36 new managers [5] - Notably, Xia Linfeng from Huabao Fund has managed funds totaling 932 million, with the highest return of 211.80% from Huabao Ecological China Mixed A over a tenure of 10 years and 320 days [5] Fund Manager Performance - Dongfang Fund's current asset scale is 1.103 billion, with the highest return product being Dongfang Yue Ling Flexible Allocation Mixed Fund, achieving a return of 136.47% over 7 years and 112 days [4] Fund Company Research Activity - In December, Huaxia Fund conducted the most company research, engaging with 46 listed companies, followed by Southern Fund with 39 and Bosera Fund with 38 [7] - The most researched industry was specialized equipment with 156 instances, followed by chemical products with 120 [8] Recent Fund Research Focus - The most focused stock in the last month was Zhongke Shuguang, with 117 fund management companies participating in its research, followed by Haiguang Information and Chang'an Automobile with 117 and 86 respectively [11] - In the last week (December 24 to December 31), Zhongwei Co. was the most researched company with 26 fund institutions, followed by Xiangyu Medical and Desai Xiwai with 22 each [10][11]

Market Performance - The three major stock indices closed mixed, with the Shanghai Composite Index rising by 0.09%, while the Shenzhen Component Index and the ChiNext Index fell by 0.58% and 1.23% respectively [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 2 trillion yuan [1] Index Summary - The Shanghai Composite Index closed at 3968.84, with a slight increase of 0.09% [2] - The Shenzhen Component Index closed at 13525.02, down by 0.58% [2] - The ChiNext Index closed at 3203.17, decreasing by 1.23% [2] - The total market capitalization of A-shares reached nearly 109 trillion yuan, with an increase of approximately 2.3 trillion yuan during the year [2] Annual Performance - The market was active throughout the year, with daily trading volumes exceeding 1 trillion yuan becoming the norm [3] - The ChiNext Index led the annual performance with a nearly 50% increase [2] - The total trading volume in the Shanghai and Shenzhen markets surpassed 400 trillion yuan, marking a year-on-year growth of over 60% [3] Sector Highlights - Several technology leaders, including Shenghong Technology, Xinyi Sheng, and Zhongji Xuchuang, saw their stock prices increase by over three times during the year [3] - Sectors such as CPO (optical modules), storage chips, commercial aerospace, and non-ferrous metals were among the top performers [3]

Market Overview - The market showed a broad upward trend, with the index stabilizing above the key level of 3950 points, driven by active performances in technology and consumer sectors [4] - The Shenzhen Component Index rose, supported by sectors such as humanoid robots, semiconductors, and AI, which also boosted the ChiNext Index [4] Trading Activity - The total trading volume in both markets reached 9.2 trillion yuan, an increase of 2.35%, indicating a relatively loose funding environment and high investor participation [5] - The increase in trading volume was attributed to a combination of policy, funding, sector-driven dynamics, and technical factors [5] Capital Flow - There was a net outflow of 3.5 billion yuan from major funds, while retail investors saw a net inflow, reflecting a cautious optimism among institutions [6] - Significant capital inflows were observed in sectors such as commercial aerospace, robotics, and military industry, highlighting market interest in high-end manufacturing and national defense [6] Sector Performance - The leading sectors included commercial aerospace, defense, machinery, and robotics, with commercial aerospace experiencing a surge due to policy catalysts and technological breakthroughs [4] - Stocks in the commercial aerospace sector, such as Shenjian Co. and Guanglian Aviation, attracted substantial retail buying, while robotics stocks like Haozhi Electromechanical and Wanxiang Qianchao also saw significant interest [6] Investor Sentiment - The sentiment among investors indicated a majority leaning towards increasing positions, with 32.31% opting to add to their holdings, while 17.47% chose to reduce their positions [10] - A significant portion of investors, 50.22%, decided to maintain their current positions, reflecting a mixed outlook for the next trading day [10]

Market Overview - The three major A-share indices collectively rose today, with the Shanghai Composite Index recording a seven-day increase, while the Shenzhen Component Index and the ChiNext Index achieved five consecutive days of gains [1] - As of the market close, the Shanghai Composite Index increased by 0.47% to 3959 points, the Shenzhen Component Index rose by 0.33%, and the ChiNext Index gained 0.3% [1] - The total market turnover reached 1.94 trillion yuan, an increase of 46.7 billion yuan compared to the previous trading day, with nearly 3800 stocks rising [1] Sector Performance - The commercial aerospace sector continued to surge, with over twenty stocks including China Satellite and Aerospace Electronics hitting the daily limit [1] - The satellite internet sector also saw gains, with stocks like Sanwei Communication and Tongyu Communication reaching the daily limit [1] - The paper-making sector experienced a rise, with stocks such as Wuzhou Special Paper hitting the daily limit [1] - The humanoid robot sector was active, with Huagong Cable and others reaching the daily limit [1] - Other sectors with notable gains included space station concepts, military industry, automotive parts, and electric motors [1] Declining Sectors - The precious metals sector continued to decline, with Hunan Silver leading the drop [1] - The Hainan sector fell, with Hainan Ruize dropping nearly 7% [1] - The duty-free concept weakened, with Caesar Travel dropping over 6% [1] - Sectors with significant declines included lithium mining, CPO concepts, and dairy stocks [1] Top Gainers and Fund Inflows - The aerospace and military industry sector led the gainers with an increase of 3.81% [2] - The paper-making sector followed closely with a rise of 3.63% [2] - The automotive parts sector increased by 2.43% [2] - The net fund inflow was notable in the paper-making and automotive parts sectors, with respective increases of 2.40% [2]