证券研究报告 | 策略点评 2026 年 01 月 08 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260108 今日关注 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指下跌 0.07%，收 报 4082.98 点；深证成指跌 0.51%，收报 13959.48 点；创业板指跌 0.82%， 收报 3302.31；科创 50 指数涨 0.82%，收报 1455.17 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 3730 只个股上涨，1588 只个股下跌，144 只个股收平。沪深两市今日成交额合计 28003 亿元，较上个交易日小幅缩量 539 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，国防军工、传媒、建筑装饰、 房地产、建筑材料等行业领涨，涨幅分别为 4.18%、2.00%、1.76%、1.60%、 1.33%，非银金融、有色金属、通信、银行等行业领跌，跌幅分别为 2.81%、 1.56%、0.95%、0.89%。 概念板块涨跌情况：今日涨幅居前的概念板块为大飞机、 ...

板块方面，航天系、航母、军工央企，国防军工、电力设备、建筑工程等行业以及概念涨幅居前；有色 ·钴、有色·锑、有色·锌、证券、能源金属、非银金融等行业以及概念跌幅居前。 经济观察网 1月8日，A股三大指数集体下跌，截至收盘，上证指数跌0.07%，深证成指跌0.51%，创业 板指跌0.82%；北证50涨0.81%。沪深两市成交额约28003.85亿元，较前一个交易日缩量约538.35亿元。 全市场3731只股票上涨、1595只股票下跌，其中111只涨停、6只跌停。 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.15% closing at 3864.18 points, while the Shenzhen Component Index increased by 1.02% to 12907.83 points. The ChiNext Index rose by 2.14% to 3044.69 points, and the STAR 50 Index gained 0.99% to close at 1315.04 points. Overall, there were 1689 stocks that rose, while 3591 stocks fell, with 168 stocks remaining unchanged. The total trading volume in the Shanghai and Shenzhen markets was 17833 billion, a decrease of 288 billion from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, the sectors that performed well included telecommunications, comprehensive, electronics, and retail, with gains of 4.64%, 1.79%, 1.58%, and 1.11% respectively. Conversely, the sectors that lagged included defense and military, social services, media, and petroleum and petrochemicals, with declines of 2.25%, 0.97%, 0.82%, and 0.80% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included optical modules (CPO), optical communications, optical chips, SPD, cultivated diamonds, smart speakers, consumer electronics OEM, excavators, third-generation semiconductors, servers, GPUs, and MCU chips. In contrast, sectors such as the China Shipbuilding Industry Corporation system, aquatic products, aircraft carriers, the top ten military industrial groups, military information technology, military-civilian integration, large aircraft, and commercial aerospace experienced a pullback [2].

- The CSI 2000 Index performed well among the scale indices, with the CSI 500 Growth Index performing well among the style indices[1][5] - The defense and military industry, media, computers, machinery, and consumer services sectors performed well, while the petroleum and petrochemical, coal, banking, food and beverage, and non-ferrous metals sectors performed poorly[1][6] - The market sentiment was high, with a sealing rate of 74% and a continuous board rate of 45%, both showing significant improvement from the previous day[1][16] - The financing balance was 24,452 billion yuan, and the securities lending balance was 163 billion yuan, with the financing balance accounting for 2.6% of the circulating market value and the financing transaction accounting for 9.3% of the market transaction amount[1][18][21] - The ETF with the highest premium was the Sci-Tech Innovation and Entrepreneurship 50 ETF, with a premium of 1.80%, while the ETF with the highest discount was the All-Index Cash Flow ETF, with a discount of 1.18%[2][22] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.48%, 3.41%, 10.86%, and 13.39%, respectively[2][27] - The top ten stocks with net inflows from institutional seats included Dazhong Mining, Delijia, Hainan Haiyao, Worth Buying, Haima Automobile, Beifang Changlong, China Haifang, Tietuo Machinery, Zhongfu Circuit, etc.[3][35] - The top ten stocks with net inflows from Northbound Trading included BlueFocus, Haima Automobile, Huasheng Tiancheng, Worth Buying, Dazhong Mining, Aerospace Changfeng, Aerospace Development, Jiuzhiyang, Inspur Software, Aerospace Huanyu, etc.[3][36]

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index slightly up by 0.05% closing at 3836.77 points, while the Shenzhen Component Index rose by 0.37% to 12585.08 points. The STAR 50 Index increased by 0.84% to 1296.6 points, and the ChiNext Index gained 0.31% to close at 2929.04 points. Overall, 4228 stocks rose while 1100 stocks fell, with a total trading volume of 17,406 billion yuan, a decrease of 2,379 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military industry, media, computer, and social services saw significant gains, with increases of 4.31%, 3.49%, 2.41%, and 2.22% respectively. Conversely, industries like petroleum and petrochemicals, coal, banking, and food and beverage experienced declines, with decreases of 1.21%, 1.09%, 0.79%, and 0.56% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included those related to the China Shipbuilding Industry, aircraft carriers, commercial aerospace, military information technology, and satellite internet, among others. Notably, sectors such as lithium mining and salt lake lithium extraction experienced a pullback [2].

Market Overview - The Shanghai Composite Index closed at 3813.56 points, down 1.16%, with a trading volume of 10123 billion yuan [1] - The Shenzhen Component Index closed at 12472.00 points, down 0.65%, with a trading volume of 13517.9 billion yuan [1] - The ChiNext Index closed at 2899.37 points, up 0.95%, with a trading volume of 6575.71 billion yuan [1] - The STAR Market 50 Index closed at 1306.48 points, down 1.64%, with a trading volume of 682 million yuan [1] - Total trading volume for both markets was 23640.9 billion yuan, a decrease of 5109.24 billion yuan from the previous trading day [1] Sector Performance - Communication and power equipment sectors showed strength, while defense, securities, insurance, and computer sectors experienced significant declines [3][4] - Among 31 primary sectors, 8 sectors saw net inflows of funds, with the power equipment sector leading at a net inflow of 2.63 billion yuan [5] - The defense industry had the highest net outflow of funds, totaling 7.43 billion yuan [5] Individual Stock Movements - A total of 777 stocks rose, while 4334 stocks fell, with 39 stocks hitting the daily limit up and 23 stocks hitting the limit down [3] - Tianpu Co. achieved a remarkable 9 consecutive limit-up days, leading the market in this regard [3] - 80 stocks received net inflows exceeding 1 billion yuan, with Yanshan Technology receiving the highest at 3.018 billion yuan [7] - 184 stocks experienced net outflows exceeding 1 billion yuan, with Dongfang Wealth seeing the largest outflow at 3.474 billion yuan [9] Institutional Activity - Institutions had a net buying of approximately 50.26 million yuan, with the highest net purchase in Chenxin Pharmaceutical at about 116 million yuan [10]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [2][14] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion, an increase of 1380 billion compared to the previous trading day [2] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the defense and military industry leading the way with a rise of 3.07%, followed by machinery equipment at 1.98%, coal at 1.89%, textile and apparel at 1.36%, and computer industry at 1.30% [2][16] - Conversely, the pharmaceutical and biological, construction materials, commercial retail, social services, and banking industries saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [2][16] Sector Highlights - The top-performing concept sectors included continuous boards, the top ten military industrial groups, aircraft carriers, robotics, military-civilian integration, coal mining, industrial internet, chemical fibers, sensors, and machine vision [3] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [3]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.45% closing at 3633.99 points, the Shenzhen Component Index up by 0.64% at 11177.78 points, and the ChiNext Index up by 0.66% at 2358.95 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 17341 billion yuan, an increase of 1380 billion yuan compared to the previous trading day [1] Industry Performance - Most of the Shenwan first-level industries experienced gains today, with the leading sectors being defense and military, machinery and equipment, coal, textile and apparel, and computer industries, which rose by 3.07%, 1.98%, 1.89%, 1.36%, and 1.30% respectively [1] - Conversely, the pharmaceutical and biological, building materials, commercial retail, social services, and banking sectors saw declines, with decreases of 0.65%, 0.23%, 0.23%, 0.19%, and 0.14% respectively [1] Concept Sector Performance - The top-performing concept sectors today included continuous boards, top ten military industrial groups, aircraft carriers, robots, and military-civilian integration, among others [2] - Notable declines were observed in sectors such as Tibet revitalization, anti-cancer, and CRO [11]

Core Viewpoint - The military industry sector in A-shares experienced a significant surge, driven by the nearing commissioning of the Fujian aircraft carrier and the unveiling of advanced unmanned combat modes, indicating a strong investment opportunity in military technology and modernization [1][2][5]. Group 1: Market Performance - On August 4, military concept stocks saw a collective surge, with over 20 stocks hitting the daily limit or rising more than 10%, including notable companies like Aileda and Aerospace Electronics [1][2]. - The overall defense and military sector index rose over 2%, with the Wind military information technology index increasing nearly 4% [2]. - Specific stocks such as Beifang Changlong, Changcheng Military Industry, and Guoji Jinggong reached historical highs [2]. Group 2: Key Developments - The Fujian aircraft carrier is in the final stages of commissioning, with successful test flights reported, emphasizing the urgency to optimize its operational capabilities [3][5]. - The unveiling of unmanned combat modes and the first exposure of the Wuzhen-10 drone's takeoff highlights advancements in military technology [4][5]. Group 3: Investment Opportunities - Analysts suggest focusing on investment opportunities arising from the commissioning of the Fujian carrier and advancements in military AI technology, which enhances the intelligence level of military equipment [5][6]. - The military sector is expected to see a recovery in fundamentals, with catalysts such as order announcements likely to drive performance in the first half of 2025 [5][6]. - Investment strategies include focusing on AI-enabled intelligent combat systems, low-cost precision-guided munitions, and companies with high military trade ratios [6].

Group 1 - The military industry sector is experiencing a strong performance, with various concepts such as military information technology, aircraft carriers, large aircraft, commercial aerospace, and military-civilian integration seeing collective gains [1] - As of 9:48 AM, the Aerospace ETF (159227) rose over 2.45%, with stocks like Great Wall Industry and Aerospace Electronics hitting the daily limit, and Zhenxin Technology increasing by over 8% [1] - The BeiDou-3 global satellite navigation system has shown significant growth, with its scale increasing from 403.3 billion yuan in 2020 to an expected 570 billion yuan in 2024, and projected to exceed 600 billion yuan by the end of this year, marking a 50% expansion [1] Group 2 - Pacific Securities indicates that the military industry is likely to emerge from a two-year period of stagnation, entering a phase of comprehensive recovery [2] - The military sector may experience a "Davis Double-Click" phase, characterized by improved performance and valuation uplift as orders normalize and are gradually released [2] - Key areas of focus include advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, particularly in companies with strong competitive positions and high technological barriers [2]