Weekend Major Events - The China Securities Regulatory Commission (CSRC) released the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," effective from March 1, 2026, to enhance investor protection and fund management practices [1][21]. Regulatory Actions - Individual Yu Han was penalized over 1 billion yuan for manipulating "Doctor Glasses" stock using 67 accounts from June 2019 to August 2024, with a total fine and confiscation of illegal gains amounting to 510,892,270.94 yuan [2][22]. - The CSRC imposed a record fine of over 28 million yuan on Zhejiang Ruifengda Asset Management Co., its affiliates, and its actual controller Sun Wei for illegal activities, with Sun receiving a lifetime ban from the securities market [3][23]. Market Developments - The CSRC expanded the range of futures market products by adding 14 specific futures and options, including nickel futures and options, paraxylene futures, and lithium carbonate futures [4][25]. - Silver prices surged to a historical high of 100 USD, with year-to-date increases of over 44% for both spot and futures [5][26]. Industry Insights - Beijing's government is encouraging mergers and acquisitions in satellite data-related enterprises as part of measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030 [6][26]. - Samsung Electronics raised NAND flash memory prices by over 100% in Q1 2024, indicating severe supply-demand imbalances in the semiconductor market, following a nearly 70% increase in DRAM prices [7][27]. Stock Market Analysis - The stock of Fenglong Co. experienced a 405.74% increase from December 25, 2025, to January 23, 2026, leading to a trading suspension for review due to significant price volatility [8][28]. - Jiamei Packaging's stock rose by 408.11% during the same period, also resulting in a trading suspension for review [9][29]. Broker Insights - CITIC Securities suggests focusing on sectors with strong support amid ongoing large-scale redemptions in broad-based ETFs, particularly in consumer and real estate chains [10][30]. - Shenyin Wanguo believes the spring market is progressing along a predetermined path, with a focus on cyclical investments and the potential for profit expansion [11][31]. - China Merchants Securities highlights the need to adapt to market cooling measures while focusing on high-growth sectors, especially in the context of rising silver prices [12][32]. - Guotai Junan emphasizes the resilience of the A-share market amid regulatory signals and external risks, with a focus on physical assets and Chinese assets as key investment themes for 2026 [13][34]. - CITIC Jiantou advocates for a dual focus on technology and resource products, given the current economic environment and liquidity conditions [14][33]. - Orient Securities notes the importance of tracking demand-driven price increases in various sectors, including AI hardware and upstream raw materials [15][35]. - GF Securities indicates a high certainty of wealth migration among high-net-worth individuals, with a notable slowdown in fund inflows into the market [16][36]. - Zhongtai Securities discusses the current market's significant differentiation, supported by high-risk appetite and favorable conditions for high-elasticity sectors [17][38]. - Everbright Securities recommends a cautious approach leading up to the Spring Festival, while maintaining positions in key sectors such as electronics and power equipment [18][39].

【导读】回顾周末大事，汇总十大券商最新研判 中国基金报记者 泰勒 大家好，马上又要开盘了！一起回顾下周末大事，以及看看券商分析师们的最新研判吧！ 周末大事 证监会发布《公开募集证券投资基金业绩比较基准指引》 为落实《推动公募基金高质量发展行动方案》，坚持以投资者为本，规范公募基金业绩比较基准的选取 和使用，切实发挥业绩比较基准表征产品投资风格、约束投资和衡量业绩等方面的功能作用，督促基金 管理人完善内部控制和管理机制，保护投资者合法权益，中国证监会制定了《公开募集证券投资基金业 绩比较基准指引》，自2026年3月1日起施行。 自然人余韩控制使用67个账户操纵"博士眼镜" 被证监会罚没超10亿元 2019年6月25日至2024年8月16日,余韩控制使用"陈某某"等67个账户交易"博士眼镜"。根据当事人违法 行为的事实、性质、情节与社会危害程度，依据《证券法》第一百九十二条的规定，证监会决定没收余 韩违法所得510,892,270.94元，并处以510,892,270.94元的罚款。 "史上最重" 罚单 ！证监会严查私募机构瑞丰达 证监会再出手。近日，证监会对浙江瑞丰达资产管理有限公司及关联私募机构、实际控制人孙 ...

证券研究报告 | 策略定期报告 2026 年 1 月 25 日 调控与降温，银价破百美元，A 股如何应对 ——A 股投资策略周报（0125） 本周 ETF 出现了较大规模的资金流出，结合多方面信息来看，政策对市场降温的力度 正在不断加大，以防止市场大起大落。未来 A 股走势有望更加稳健。应对策略上，淡化 指数波动，继续配置高业绩增速板块为主要方向，包括顺周期中的涨价资源品，科技领 域的半导体等。此外服务业消费和港股科技也可重点关注。本周白银价格突破 100 美元， 全球资源资产的定价机制正在发生范式转移，"类金本位"思潮进一步回归，大宗商品 或迎系统性重估出现涨价的扩散，我们提出逢六逢一顺周期大年的观点开始持续发酵和 扩散，涨价资源股依然是当下最值得关注的投资机会。 风险提示：经济数据不及预期，政策理解不全面，海外政策超预期收紧 定期报告 相关报告 《近期资本市场资金面异动分析 ——A 股投资策略周报（0118）》 《2026 开年产业趋势新变化和融 资及 ETF 资金变化——A 股投资 策略周报（0110）》 《近期增量资金变化对 A 股的影 响及涨价品种梳理——A 股投资 策略周报（1228）》 《A 股 ...