上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 利好来了！ 据1月9日早盘公布的数据，CPI环比由降转涨，同比涨幅继续扩大，核心CPI上涨1.2%；PPI 环比上涨 0.2%，连续3个月上涨，涨幅比上月扩大0.1个百分点。数据发布之后，A50开始直线拉升。A股各大指数集 体爆发。港股市场受外围市场影响，表现稍有落后。 盘中，沪指时隔10年再度突破4100点。截至午间收盘， 沪指涨0.3%，深成指涨0.57%，创业板指涨0.1%。 分析人士认为，物价数据进一步打消了市场对于经济处于通缩状态的预期，同时物价整体涨幅又在可控范围之 内。这种状态有利于权益资产的演绎，对于债市反而是不利因素。今早，国债期货跌幅一度扩大，30年期主 力合约跌0.30%，10年期主力合约跌0.05%。 值得注意的是，今天早上亚太市场整体表现也较好。日经225指数早盘收涨1.1%，报51692.7点。日本东证 指数早盘收涨0.7%。韩国股指由跌转涨。香港市场也跟随走强。恒生科技指数一度上涨超1%。 分析人士认为，A股市场走强的带动作用可能比较明显。而A股走强背后亦有利好经济数据支撑。据国家统计 局 ...

利好来了！ 如果今天继续收阳线，A股上证指数的表现将继续创造历史。而与此同时，融资余额持续增长，截至1 月8日，上交所融资余额报13060.06亿元，较前一交易日增加77.92亿元；深交所融资余额报12887.61亿 元，较前一交易日增加79.91亿元；两市合计25947.67亿元，较前一交易日增加157.83亿元。 那么，跨年行情是否一马平川？据中信建投研报，过去两年市场开年下跌有一个共性原因是全球流动性 变化和人民币的贬值压力。今年元旦市场面临的流动性环境和汇率环境明显好于前两年。人民币汇率保 持强劲，有利的外部环境或将推动A股元旦后迎来"开门红"行情。同时国内流动性环境整体宽松，也有 利于跨年行情的展开。人民币升值、科技板块利好集中释放、宏观经济预期改善及资金面积极信号等多 重利好共同推动港股开年大涨，这些利好也同样有望推动A股跨年行情的继续演绎。 值得注意的是，今天早上亚太市场整体表现也较好。日经225指数早盘收涨1.1%，报51692.7点。日本东 证指数早盘收涨0.7%。韩国股指由跌转涨。香港市场也跟随走强。恒生科技指数一度上涨超1%。 分析人士认为，A股市场走强的带动作用可能比较明显。而A股走强 ...

利好来了！ 如果今天继续收阳线，A股上证指数的表现将继续创造历史。而与此同时，融资余额持续增长，截至1月8日， 上交所融资余额报13060.06亿元，较前一交易日增加77.92亿元；深交所融资余额报12887.61亿元，较前一交易 日增加79.91亿元；两市合计25947.67亿元，较前一交易日增加157.83亿元。 那么，跨年行情是否一马平川？据中信建投研报，过去两年市场开年下跌有一个共性原因是全球流动性变化和 人民币的贬值压力。今年元旦市场面临的流动性环境和汇率环境明显好于前两年。人民币汇率保持强劲，有利 的外部环境或将推动A股元旦后迎来"开门红"行情。同时国内流动性环境整体宽松，也有利于跨年行情的展 开。人民币升值、科技板块利好集中释放、宏观经济预期改善及资金面积极信号等多重利好共同推动港股开年 大涨，这些利好也同样有望推动A股跨年行情的继续演绎。 天风证券研报认为，2026年上半年或迎降准降息窗口，政策宽松预期升温。复盘2020年—2025年央行操作，降 息集中于Q2至Q3，仅2020年、2022年因疫情冲击在Q1落地；降准则多发生于Q1与Q3，9月、12月为高频时 点。当前DR007升至1.52%、 ...

消息面上，据报道，1月8日，清华大学计算机系教授、智谱创立发起人兼首席科学家唐杰发布内部信 称，将很快发布新一代基础模型GLM-5。他还透露，智谱内部设立了一个全新部门——X-Lab，这个部 门将做前沿性探索，包括全新的模型架构、新的认知范式，还将孵化新项目，不局限于软件或是硬件。 中原证券表示，展望2026年1月，政策持续发力与流动性宽松格局有望延续，为跨年行情提供条件，配 置上建议关注科技（如电气设备、半导体）、资源品及高股息板块。 资金流向上，Wind金融终端数据显示，截至1月8日，港股科技30ETF（513160）已连续四个交易日获 资金净流入，累计"吸金"超4.2亿元。 港股科技30ETF（513160）紧密跟踪恒生港股通中国科技指数，该指数跟踪可经港股通买卖，从事科技 业务并于香港上市的内地公司之表现。前十大重仓股包括中芯国际、美团-W、腾讯控股、阿里巴巴- W、小米集团-W等多只科技龙头股。 1月9日，港股两大指数高开。相关ETF方面，港股科技30ETF（513160）截至发稿涨0.73%，成交额超 4000万元居同标的第一，溢折率0.32%，盘中频现溢价交易。成分股中，哔哩哔哩-W、阿里巴巴- ...

Market Performance - The three major stock indices opened high and continued to rise, with the Shanghai Composite Index reaching a ten-year high, closing up 1.5% at 4083.67 points, marking a 13-day consecutive increase [1] - The Shenzhen Component Index rose 1.4% to 14022.55 points, while the ChiNext Index increased by 0.75% to 3319.29 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 28065.75 billion yuan, an increase of 260.2 billion yuan compared to the previous trading day [1] - Over 4100 stocks in the market rose, with 143 stocks hitting the daily limit up, continuing a trend of over a hundred stocks hitting the limit up for two consecutive days [1] Sector Performance - The brain-computer interface concept continued to rise, with stocks like Sanbo Brain Science and Innovation Medical hitting the daily limit up [1] - The financial sector saw a significant increase, led by internet finance and brokerage stocks, with Dazhihui hitting the daily limit up [1] - The commercial aerospace concept surged, with China Satellite Communications achieving four limit ups in six days, and Goldwind Technology hitting three limit ups in seven days [1] - The intelligent driving sector also saw gains, with Wanji Technology hitting the daily limit up and several other related stocks following suit [1] - The retail sector experienced a boost, with Shanghai Jiubai hitting the daily limit up, alongside other retail stocks [1] Institutional Insights - Huaxi Securities predicts that 2026 will be a "big year" with multiple positive factors, indicating a solid foundation for a bull market [2] - Huatai Securities expects the spring market to strengthen further, recommending investment in growth sectors like electric power equipment and new energy [3] - CITIC Construction points out that the cross-year market may show characteristics of "growth leading, liquor accumulating," with a focus on sectors like snacks and dairy [4] - Tianfeng Securities highlights the growth potential in high-end consumption sectors such as cosmetics, gold and jewelry, and duty-free shopping [5]

Market Performance - The Shanghai Composite Index rose by 1.14% to 4069.38 points, reaching a new high in over 10 years [1] - The Shenzhen Component Index increased by 0.81% to 13940.24 points, while the ChiNext Index fell by 0.04% to 3293.18 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 178.13 billion yuan, with over 3600 stocks rising [1] Sector Performance - The leading sectors included brain-computer interfaces, chemical engineering, non-ferrous metals, insurance, securities, semiconductors, and photovoltaic equipment [2][3] - The non-ferrous metals sector saw a significant increase of 4.05%, while non-bank financials and oil & petrochemicals rose by 3.27% and 2.95%, respectively [3] - The brain-computer interface sector experienced a surge, with multiple stocks hitting the daily limit [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as domestic demand improvement themes [4] - CITIC Securities suggests that the cross-year market will exhibit characteristics of "growth leading and liquor accumulating," with a focus on sectors like snacks and dairy [5] - Guoxin Securities predicts that 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] Emerging Opportunities - Guoxin Securities highlights the potential for 2026 to be the year of reusable commercial rockets, driven by the need for cost-effective launch solutions [7] - Tianfeng Securities expresses optimism about the growth potential in high-end consumer sectors such as cosmetics, gold jewelry, and duty-free shopping [8]

华泰证券：春季行情预期或进一步强化 建议沿两条主线布局 沪指开票后直线拉涨，突破2025年11月14日的阶段高点，刷新2015年7月底以来的新高。截至发稿，沪指涨0.6%，报 4047.37点，深成指涨0.69%，报13923.61点，创业板指涨0.46%，报3309.76点，科创50指数涨1.85%，报1429.42点。沪 深两市合计成交额5675.25亿元，全市场超3500只个股上涨。 脑机接口概念延续强势，岩山科技、南京熊猫、创新医疗、倍益康、美好医疗、三博脑科封涨停，爱朋医疗、熵基科 技、翔宇医疗、伟思医疗等高开超10%。消息面上，复旦大学附属华山医院脑机接口植入技术再获突破。国内首款、国 际第二款内置电池的全植入、全无线、全功能（"三全"）脑机接口产品，成功完成首例临床试验。 半导体设备股反复走强，金海通触及涨停，北方华创、中科飞测、芯源微涨超5%，均创历史新高，富乐德、京仪装 备、华海清科、中微公司跟涨。消息面上，东吴证券研报指出，扩产方面，国产半导体设备迎来历史性发展机遇，根据 2026 年将会开启确定性强的扩产周期，设备全行业订单增速或超过 30%，有望达到 50%以上。 智能驾驶概念表现活跃 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.06% and the Shenzhen Component Index up 0.01%, while the ChiNext Index opened down 0.45% [1] - The human brain engineering and lithium mining sectors showed significant gains, while commercial aerospace and CPO sectors experienced declines [1] Index Performance - Shanghai Composite Index: 4026.02, up 0.06%, with 1018 gainers and 808 losers [2] - Shenzhen Component Index: 13830.30, up 0.01%, with 1318 gainers and 1066 losers [2] - ChiNext Index: 3279.81, down 0.45%, with 650 gainers and 552 losers [2] External Market - U.S. stock indices closed higher, with the Dow Jones reaching a record high, driven by strong financial stocks [3] - The Dow Jones increased by 594.79 points (1.23%) to 48977.18, the Nasdaq rose by 160.19 points (0.69%) to 23395.82, and the S&P 500 gained 43.58 points (0.64%) to 6902.05 [3] - Most Chinese concept stocks saw gains, with the Nasdaq Golden Dragon China Index up 0.49% [3] Institutional Insights - Huatai Securities anticipates a strengthening spring market, recommending investments in growth sectors such as electric equipment and renewable energy, as well as sectors related to domestic demand improvement [4] - CITIC Securities highlights a "growth first, liquor accumulation" trend in the cross-year market, with a focus on sectors like snacks and dairy that show clear growth potential [5] - Huaxi Securities predicts 2026 will be a significant year for the market, supported by favorable macro policies and improving corporate earnings [6] - Guojin Securities expects 2026 to be the year of recoverable commercial rockets, emphasizing the importance of cost reduction through recoverable technology [7][8] - Tianfeng Securities sees growth potential in cosmetics, gold jewelry, and duty-free sectors amid the recovery of high-end consumption [9]

2026 年 01 月 05 日 证券研究报告 | 公募基金周报 跨年行情延续，期待春季躁动 公募基金指数跟踪周报（2025.12.29-2025.12.31） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 研究助理：张琦炜 邮箱：zhangqiwei@cnhbstock.com 销售服务电话： 021-20515355 1 、 《 ETF 策 略 指 数 跟 踪 周 报 — 2026/1/5》2026-01-05 2、《"春季躁动"抢跑，成长和周 期 占 优 — 公 募 基 金 指 数 跟 踪 周 报 （2025.12.22-2025.12.26）》2025- 12-29 2025/12/29》2025-12-29 4、《情绪持续修复，仍偏震荡思 （2025.12.15-2025.12.19）》2025- 12-22 局 — 公 募 基 金 权 益 指 数 跟 踪 周 ...

分析师：孙书娜 登记编号：S0890523070001 分析师：王骅 登记编号：S0890522090001 研究助理：张琦炜 投资要点 权益市场回顾与展望： 上周（2025.12.29-2025.12.31）仅有三个交易日，市场维持震荡，主要指数涨跌互现。 市场亮点延续在题材股的商业航天、机器人、AI应用部分，行业涨少跌多。上周市场交投活跃度上行，日均成 交额为21283亿元，较前周日均成交额上升1632亿元。 01 01 每周市场观察 1.1. 权益市场回顾及观察 上周（2025.12.29-2025.12.31）仅有三个交易日，市场维持震荡，主要指数涨跌互现，上证综 指、沪深300、创业板指分别上涨0.13%、下跌0.59%、下跌1.25%。市场亮点延续在题材股的商业 航天、机器人、AI应用部分，行业涨少跌多，其中石油石化、国防军工、传媒涨幅较大，公用事 业、食品饮料、电力设备跌幅较大。上周市场交投活跃度上行，日均成交额为21283亿元，较前周 日均成交额上升1632亿元。 12月中旬以来指数的缓步上涨本质是对跨年行情存在较高期待下，资金为2026年投资作前瞻布局所推动的抢跑 定价。短期来看，宏观方面海 ...