- The report introduces a "Total Heat Index" indicator, defined as the sum of browsing, self-selection, and click counts for individual stocks, normalized by their market share on the same day, and multiplied by 10,000. The indicator range is [0,10000][7] - A rotation strategy is constructed based on the weekly heat index change rate (MA2). At the end of each week, the strategy buys the broad-based index with the highest MA2 change rate. If the "Others" group has the highest change rate, the strategy remains in cash. The annualized return since 2017 is 8.74%, with a maximum drawdown of 23.5%. In 2026, the strategy achieved a return of 7.9%[13][16] - A concept-based strategy is developed by selecting the top 5 concepts with the highest weekly heat index change rate. Stocks within these concepts are filtered by excluding the bottom 20% in terms of market capitalization. Two portfolios are constructed: the "TOP" portfolio holds the top 10 stocks with the highest heat index within each concept, while the "BOTTOM" portfolio holds the bottom 10 stocks. The "BOTTOM" portfolio historically achieved an annualized return of 15.71% with a maximum drawdown of 28.89%. In 2026, the "BOTTOM" portfolio returned 6.4%[32][34]

Core Insights - The A-share market continued its strong performance on January 6, with the Shanghai Composite Index rising by 1.5% to close at 4083.67 points, marking a new 10-year high and achieving a record 13 consecutive daily gains [1][7] - The Shenzhen Component Index increased by 1.4%, and the ChiNext Index rose by 0.75%, with total trading volume in the Shanghai and Shenzhen markets reaching 2.81 trillion yuan [1][7] - In terms of industry performance, sectors such as non-ferrous metals, non-bank financials, and basic chemicals led the gains, while the communications sector experienced a decline [1][7] - Concept sectors like brain-computer interfaces, hyperbaric oxygen chambers, and titanium dioxide saw increases, whereas the F5G concept faced a downturn [1][7] - The Hong Kong market also saw positive movement, with the Hang Seng Index rising by 1.38% to 26710.45 points and the Hang Seng Tech Index up by 1.46% [1][7] - Internationally, all three major U.S. stock indices closed higher, with the Dow Jones up by 0.99% to 49462.08 points, the S&P 500 rising by 0.62% to 6944.82 points, and the Nasdaq increasing by 0.65% to 23547.17 points [1][7] Important News - The People's Bank of China announced that it will continue to implement a moderately loose monetary policy in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [2][8] - The emotional consumption market in China is rapidly growing, with its scale expected to rise from 1.63 trillion yuan in 2022 to 2.31 trillion yuan in 2024, reaching 2.72 trillion yuan in 2025, and surpassing 4.5 trillion yuan by 2029 [2][8] - Over 90% of young people recognize "emotional value," and nearly 60% are willing to pay for it, indicating a significant shift in consumer behavior towards emotional consumption [2][8]

Strong Stocks - The Shanghai Composite Index rose by 1.5% to close at 4083.67 points, while the Shenzhen Component Index increased by 1.4% to 14022.55 points, and the ChiNext Index gained 0.75% to 3319.29 points. A total of 141 stocks in the A-share market hit the daily limit [1] - The top three strong stocks based on consecutive trading days and turnover rate are: Lushin Investment (600783) with 8 consecutive days and a turnover rate of 11.29%, Yuyin Co., Ltd. (002177) with 5 consecutive days and a turnover rate of 47.71%, and Beidou Star (002151) with 6 consecutive days and a turnover rate of 16.89% [1] Strong Concept Sectors - The top three concept sectors based on percentage increase are: Hyperbaric Oxygen Chamber with a rise of 6.13%, Brain-Computer Interface with an increase of 5.74%, and Titanium Dioxide Concept with a growth of 5.08% [2][3] - The top ten concept sectors and their respective percentage changes include: Internet Insurance (4.31%), Domestic Aircraft Carrier (3.93%), Phosphate Chemical (3.34%), Metal Drill (3.25%), Metal Zinc (3.22%), Electronic Paper (3.14%), and Metal Aluminum (3.11%) [3]

Market Overview - On the first trading day of 2026, the Shanghai Composite Index rose by 1.38% to 4023.42 points, while the Shenzhen Component Index increased by 2.24% and the ChiNext Index by 2.85%. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion yuan. The leading sectors included media, pharmaceuticals, and electronics, while oil and petrochemicals, banking, and transportation lagged behind [2][7] - The Hong Kong Hang Seng Index saw a slight increase of 0.03%, closing at 26347.24 points, while the U.S. major indices all closed higher, with the Dow Jones Industrial Average rising by 1.23% to a record high of 48977.18 points [2][7] Important News - Premier Li Qiang emphasized the need to enhance innovation and development advantages during his research in Guangdong, advocating for the improvement of industrial ecosystems and the exploration of effective business models for new technologies such as robots and drones [3][8] - A joint announcement from nine departments, including the Ministry of Commerce, implemented actions to promote green consumption, focusing on enhancing the supply of green products and encouraging the purchase of electric vehicles and certified green appliances [3][8] Industry Insights Media Industry - The New Year's Day box office exceeded 740 million yuan, marking a significant increase of 61.01% compared to the previous year. The extended holiday period allowed for a diverse range of films to cater to audience preferences, with major sequels leading the box office [9][10] - The total number of screenings during the New Year's holiday reached 1.417 million, with a notable increase in audience attendance, particularly on January 1, which saw a 14.20% year-on-year increase [10][12] - Major IP sequels like "Zootopia 2" and "Avatar 3" demonstrated strong box office resilience, contributing significantly to the overall market performance [12] Gaming Industry - In December 2025, a total of 147 game titles received approval, with 144 domestic and 3 imported games. The total number of game approvals for the year reached 1771, a 25.07% increase from 2024 [13][14] - The game "Seven Realms Dream" is highlighted for its unique "national style" theme and innovative gameplay mechanics, indicating a competitive landscape in the MMO sector for 2026 [14][15] Tourism Industry - The 2026 New Year's holiday saw 142 million domestic trips and total spending of 847.89 billion yuan, benefiting from the extended holiday period compared to the previous year [16][17] - The tourism market experienced a boost due to various factors, including the popularity of winter sports, the appeal of Hainan's free trade zone, and increased interest in outbound travel [18][19] - The outlook for 2026 remains positive, with expectations for further growth in the tourism sector driven by favorable policies and consumer confidence [19]

Market Overview - On January 5, the A-share market opened positively with all three major indices rising, and the total trading volume reached 2.57 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day, with more than 4,100 stocks closing higher [1][10] - The leading sectors included brain-computer interfaces, hyperbaric oxygen chambers, and blood oxygen monitors, while concepts such as Hainan Free Trade Zone, duty-free shops, and free trade ports saw declines [1][10] Institutional Ratings - A total of 13 buy ratings were issued today, covering 11 stocks, with Tianqi Lithium and Kweichow Moutai receiving significant attention, each having two buy ratings [2][11] - Among the rated stocks, five had target price predictions, with Kweichow Moutai showing the highest upside potential of 82.33%, with a target price of 2,600 yuan compared to its latest closing price of 1,426 yuan [2][11] - The average increase for stocks with buy ratings was 2.26%, outperforming the Shanghai Composite Index, with notable gainers including Qibin Group, Shiji Information, and Tianqi Lithium, which rose by 5.06%, 4.52%, and 3.69% respectively [2][11] Stock Performance - BlueFocus Media led the net buying list with an institutional net purchase of 186 million yuan, followed by Haike New Source and Dongwei Semiconductor with net purchases of 117 million yuan and 110 million yuan respectively [5][15] - Conversely, Wuzhou New Spring and Zhongchao Holdings faced significant net selling, each exceeding 200 million yuan [6][15] Northbound Capital Flow - Northbound funds saw net buying in 18 stocks, with BlueFocus Media, Liou Shares, and Pudian Shares leading the net purchases, each exceeding 100 million yuan [18][19] - The top net selling stock was Zhongchao Holdings, with a net outflow of 178 million yuan, followed by Tongyu Communications with 161 million yuan [18][19] Corporate Announcements - Weigao Blood Products announced plans to acquire 100% of Weigao Purui for 8.511 billion yuan, constituting a major asset restructuring [20] - Xusheng Group received a project notification from an overseas electric vehicle manufacturer, amounting to approximately 7.8 billion yuan [20] - Huayou Cobalt expects a year-on-year net profit increase of 40.8% to 55.24% for 2025 [20] - Zhongcai Technology anticipates a year-on-year net profit increase of 73.79% to 118.64% for 2025 [20]

Group 1 - The 2025 annual report pre-increase concept rose by 5.16%, ranking fourth among concept sectors, with 11 stocks increasing, including Dayang Biological and Salt Lake Co., which hit the daily limit [1] - The top gainers in the 2025 annual report pre-increase concept include C Qiang Yi, Bai Ao Sai Tu, and Chuanhua Zhili, which rose by 10.20%, 4.66%, and 4.65% respectively [1] - The main capital inflow into the 2025 annual report pre-increase concept was 1.628 billion yuan, with 10 stocks receiving net inflows, and 5 stocks seeing net inflows exceeding 30 million yuan [1] Group 2 - The leading stocks in terms of capital inflow ratio were Dayang Biological, Salt Lake Co., and Zijin Mining, with net inflow ratios of 28.41%, 10.15%, and 8.29% respectively [2] - The capital inflow rankings for the 2025 annual report pre-increase concept show Zijin Mining with a daily increase of 2.70% and a turnover rate of 1.51%, while Salt Lake Co. increased by 10.01% with a turnover rate of 3.08% [2] - Other notable stocks include C Qiang Yi, which increased by 10.20% with a high turnover rate of 42.38%, and Dayang Biological, which also increased by 10.01% [2]

Group 1 - The dental medical concept sector rose by 4.97%, ranking fifth among concept sectors, with 25 stocks increasing, including Maipu Medical, Kangtuo Medical, and Lepu Medical, which hit the 20% limit up [1] - The leading gainers in the dental medical sector included Chunli Medical, Haili Biological, and Yirui Technology, which rose by 8.87%, 7.87%, and 6.51% respectively [1] - The stocks with the largest declines were Langzi Co., Weihong Co., and Dongfang Precision, which fell by 0.98%, 0.98%, and 0.83% respectively [1] Group 2 - The dental medical concept sector saw a net inflow of 666 million yuan, with 18 stocks receiving net inflows, and 6 stocks attracting over 30 million yuan in net inflows [2] - Lepu Medical led the net inflow with 485 million yuan, followed by Yinbang Co., Meinian Health, and Haili Biological, which had net inflows of 123 million yuan, 63.16 million yuan, and 46.79 million yuan respectively [2] - The net inflow ratios for Lepu Medical, Haili Biological, and Kangtuo Medical were 18.55%, 15.49%, and 14.12% respectively [3] Group 3 - The top stocks in the dental medical sector based on net inflow included Lepu Medical, Yinbang Co., Meinian Health, and Haili Biological, with respective daily price changes of 19.99%, 4.45%, 3.41%, and 7.87% [3][4] - The trading turnover rates for these stocks were 9.07%, 21.43%, 7.16%, and 7.11% respectively [3][4] - Other notable stocks included Maipu Medical with a 20% increase and a turnover rate of 6.51% [4]

Core Insights - The dental medical concept sector rose by 4.97%, ranking fifth among concept sectors, with 25 stocks increasing in value, including Maipu Medical, Kangtuo Medical, and Lepu Medical, which hit the 20% limit up [1][2] - The leading gainers in the sector included Chunli Medical, Haili Biological, and Yirui Technology, with increases of 8.87%, 7.87%, and 6.51% respectively [1][2] - The sector experienced a net inflow of 666 million yuan from main funds, with 18 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 30 million yuan [2][3] Sector Performance - The dental medical sector was among the top performers, with a daily increase of 4.97%, while other sectors like brain-machine interface and hyperbaric oxygen chambers saw gains of 13.70% and 7.01% respectively [2] - The main funds' net inflow into the dental medical sector was 666 million yuan, with Lepu Medical leading the inflow at 485 million yuan [2][3] Stock Highlights - Lepu Medical had a net inflow rate of 18.55%, with a daily increase of 19.99% and a turnover rate of 9.07% [3] - Other notable stocks included Haili Biological with a net inflow rate of 15.49% and a daily increase of 7.87%, and Kangtuo Medical with a net inflow rate of 14.12% and a daily increase of 19.99% [3][4] - Stocks like Maipu Medical and Chunli Medical also performed well, with increases of 20% and 8.87% respectively [1][3]

Group 1 - The fentanyl concept index rose by 4.74%, ranking 6th among concept sectors, with 8 stocks increasing in value, including Botao Bio which hit a 20% limit up [1] - The leading stocks in the fentanyl sector included Dongfang Bio, Lingrui Pharmaceutical, and ST Renfu, which rose by 5.12%, 4.88%, and 2.26% respectively [1] Group 2 - The fentanyl concept sector saw a net inflow of 55 million yuan, with ST Renfu leading the inflow at 69.89 million yuan, followed by Guoyao Shares, Guoyao Modern, and Lingrui Pharmaceutical [2] - The net inflow ratios for ST Renfu, Guoyao Modern, and Guoyao Shares were 14.70%, 7.69%, and 5.96% respectively, indicating strong interest from major funds [3]

Group 1 - The high-pressure oxygen chamber concept declined by 0.92%, ranking among the top declines in the concept sector, with companies like Innovation Medical, Aoyang Health, and Yinkang Life experiencing significant drops [1] - Among the concept stocks, Jinling Pharmaceutical, Tiedao Heavy Industry, and Hangyang Co. saw increases of 2.93%, 0.77%, and 0.26% respectively [1] - The top-performing concept sectors today included Hainan Free Trade Zone with a rise of 4.32%, and various metal sectors such as zinc and lead, which increased by 3.61% and 3.30% respectively [1] Group 2 - The high-pressure oxygen chamber concept experienced a net outflow of 199 million yuan, with six stocks seeing significant outflows, led by Innovation Medical with a net outflow of 132 million yuan [1] - Other companies with notable net outflows included Hangyang Co. and Yinkang Life, with outflows of 39.31 million yuan and 12.35 million yuan respectively [1] - Conversely, Aoyang Health, Jinling Pharmaceutical, and Dahu Co. were among the stocks with net inflows, receiving 2.49 million yuan, 2.04 million yuan, and 0.47 million yuan respectively [1]