A股马年首个交易日迎来普涨，多数核心指数的涨幅都在1%～2%。从2010年以来的统计数据来看，春节假期过后，A股短期实现"开门红"的概率较高。 不过，今年春节假期期间，在港股市场大热的AI大模型、机器人，以及假期数据不错的消费板块今天在A股"意外"遇冷，真正领跑的却是石化、建材、基础 化工、有色金属、煤炭、钢铁等一众"老登"资产。 券商：春季行情仍将延续 今日，A股市场呈现普涨格局，多数核心指数的涨幅都落在1%-2%的区间，其中上证指数上涨 0.87%，收于 4117.41 点，重回 4100 点上方。相比之下，科技 板块走势相对偏弱，科创50、科创100指数分别下跌0.34%、1.55%。 | 指数 | T-20 | T-10 | T-5 | T+5 | T+10 | T+20 | T+ | | --- | --- | --- | --- | --- | --- | --- | --- | | 万得全A | -1.10% | 0.41% | 1.43% | 1.77% | 2.71% | 4.06% | 4.83 | | 上证指数 | -0.86% | 0.44% | 1.01% | 1.04% | 1.6 ...

上证指数日K线图 金融投资报记者 林珂 马年首个交易日大盘如期高开高走，早盘三大股指均出现超过1%的涨幅。 板块方面，油服服务、玻璃纤维、贵金属、通信设备等板块出现大幅上涨。影视院线、旅游、游戏、保 险等板块则出现逆势回落。在大盘大幅上涨背景下，个股出现普涨格局，两市上涨个股超过4200只，其 中88股涨停。 从指数运行来看，节前大盘震荡明显，但从历史经验来看，节后市场普遍走势较好。据统计，2017- 2025年万得全A春节后10个交易日平均涨幅3.3%，春节前10个交易日平均跌幅-1.3%，多数年份节后表 现优于节前。从胜率角度看，近九年万得全A春节后5个交易日、春节后10个交易日胜率分别为78%、 78%，相较春节前胜率有明显抬升。行业层面，31个申万一级行业中28个节后胜率高于节前，TMT指数 在春节后5个交易日、10个交易日的胜率分别为89%、100%，相比节前有明显提升，指向科技板块通常 在节后阶段表现较好，弹性更足。 经过早盘的快速走高，A股马年首日有望实现"开门红"。证券分析师李晓明在接受金融投资报记者采访 时表示："节日期间消息面多空交织，但并无重大利空，市场如预期的高开高走。从成交量角度来看 ...

（来源：市场星报） 春节期间，海外主要股指多数上涨；美股三大指数均录得上涨。亚太股市全面上涨，港股市场也表现亮 眼。与A股关联紧密的富时中国A50指数屡创新高，对A股有正面传导。与此同时，资金面"弹药充 足"，央行在春节前通过买断式逆回购等操作确保流动性平稳，1月金融数据更是传来"开门红"，M2同 比增长9.0%，社融存量增速达8.2%，为市场提供了宽裕的宏观环境。 A股市场在春节前最后一个交易日以调整姿态进入休市期。然而，春节期间全球市场的积极表现与国内 多重利好因素的积聚，为节后A股"开门红"行情奠定了坚实基础。 ...

（文章来源：21世纪经济报道） 2026年开年，A股迎来"开门红"，二月恰逢春节假期，节后市场表现值得期待。黄金市场一月末大幅回 调，近期波动持续加剧。与此同时，新春促销活动火热开启，有望带动一波消费热潮。马年春节临近， 本期《金融周刊》就带您走进大家的"年终奖大赏"，这笔钱你准备怎么花？ ...

Core Viewpoint - The recent surge in A-shares is attributed to a combination of market sentiment and capital inflow, with expectations for continued upward movement in 2026 [1][2][4] Group 1: Market Dynamics - The phenomenon of a strong start in 2026 is not unique to A-shares, as global markets have also experienced robust beginnings due to factors like liquidity expectations and geopolitical changes [2] - Reports indicate that the influx of capital at the beginning of the year was driven by investors fearing to miss out on potential gains, leading to a rapid increase in market participation [1][2] Group 2: Economic Indicators - Economic indicators show improvement, with the PMI rising above the threshold in December 2025, signaling better production and demand conditions [2] - December 2025 inflation data revealed a CPI increase of 0.8% year-on-year, while PPI showed a narrowing decline, indicating a potential recovery in prices [2] Group 3: Investor Sentiment - Investor sentiment has surged, with an emotional index reaching a new high of 98.1 on January 9, 2026, indicating a state of euphoria in the market [4] - The trading volume of small-cap stocks has reached historically high levels, suggesting heightened speculative activity among investors [4] Group 4: Investment Strategy - Individual investors are encouraged to adopt a more measured approach, as they do not face the same pressures as institutional investors to outperform quickly [4] - The focus should be on long-term investment strategies rather than short-term gains, aligning with the goal of achieving steady returns [4]

Market Overview - The market experienced a significant surge, with a trading volume exceeding 3.6 trillion yuan, setting a historical record [4][5]. - The average daily trading volume for A-shares last week was 2.8 trillion yuan, which dramatically increased to 3.5 trillion yuan today, surpassing the previous high from October 8 of last year [5][6]. - The current trading volume in the A-share market has outpaced that of the U.S. stock market, which had an average daily trading volume of approximately 3.4 trillion yuan in the first half of last year [6]. Sector Highlights - The commercial aerospace sector continues to thrive, with two indices hitting the daily limit up, particularly in AI application-related media and commercial aerospace satellites [9]. - A total of 44 ETFs in the market surged over 9% today, indicating a strong performance across various sectors [9]. - The proportion of trading volume in the commercial aerospace sector increased from just over 15% to 23.6% since December 22, although it saw a slight decline today due to many stocks hitting their upper limit [12]. AI Applications - The media ETF related to AI applications saw significant gains, driven by the recent listings of MiniMax and Zhizhu in the Hong Kong market, with the former rising over 30% and the latter over 60% [16][18]. - The concept of Generative Engine Optimization (GEO) is emerging as a new trend in digital marketing, potentially leading to higher advertising revenues due to more precise targeting compared to traditional Search Engine Optimization (SEO) [21][22]. - The performance of companies like Zhihu, which has seen a decline in stock price post-ChatGPT rise, illustrates the competitive landscape in AI applications, where stronger players are likely to dominate [23][25]. Market Dynamics - The market is experiencing rapid structural differentiation, with notable volatility in stock performances, particularly among AI hardware and battery giants, which are currently underperforming [31]. - Sinopec, after a brief surge due to restructuring news, has seen a decline of 10% from its peak, highlighting the unpredictable nature of market reactions [33]. - Gold prices have reached a historic high, surpassing $4,600, reflecting broader trends in global equity and commodity markets amid ongoing interest rate expectations [35][38].

Group 1 - The recent "opening red" in the A-share market reflects a warming macroeconomic environment and ample liquidity, which supports market risk appetite and attracts incremental capital into the market, creating a positive feedback loop between capital inflow and market rise [1][18] - Various types of trading funds have shown signs of accelerated entry, including a net inflow of 78.9 billion yuan in margin financing since the beginning of the year, and daily net inflows of retail funds returning to around 30 billion yuan [1][6] - The consensus among different types of funds regarding the main themes has strengthened, focusing on sectors such as TMT (storage, AI applications), military industry (commercial aerospace), non-ferrous metals, new energy (controlled nuclear fusion), machinery (robots), and pharmaceuticals (innovative drugs, brain-machine interfaces) [6][13] Group 2 - The global stock markets are experiencing a strong start in 2026, driven by common macro and industrial narratives, with A-shares reflecting these global trends [13][18] - Key events such as geopolitical changes and new industrial trends are influencing the market, including the rise in resource strategic value due to geopolitical events in Venezuela and innovations showcased at the CES [13][18] - The recent "opening red" is characterized by concentrated hotspots and theme-driven trading, with upcoming earnings reports expected to play a significant role in market direction [33] Group 3 - The market is currently in a window where downside risks are limited, while there is significant potential for upside, supported by improved PMI and price data, as well as a favorable calendar effect in February [19][30] - The commercial aerospace sector has seen significant recent gains, but concerns about its current crowdedness and sustainability are emerging, especially with the upcoming earnings forecast disclosures [22][30] - The focus for future investments should include sectors with upward revisions in profit forecasts, particularly in technology, advanced manufacturing, cyclical industries, and consumer sectors [33][34]

Core Viewpoint - The A-share market experienced a strong start to 2026, with the Shanghai Composite Index rising by 1.38% and achieving a rare 12 consecutive days of gains, surpassing the 4000-point mark, driven by fundamental improvements, policy benefits, and liquidity recovery [1] Market Performance - The Shanghai Composite Index and Shenzhen Component Index both saw significant increases, reaching new highs [1] - Total trading volume for the day was 2.57 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included brain-computer interfaces, insurance, healthcare, and technology [1] Future Outlook - The foundation for a "slow bull" market remains solid, according to Huang Fusheng, Vice President and Chief Economist of Zhongyou Securities [1] - The ongoing implementation of "two重" and "two新" policies, along with a shift in corporate earnings from "valuation repair" to "performance realization," is expected to support a positive market trend [1] - Three favorable factors are anticipated to continue driving the market: the appreciation of the yuan, the expected benefits from the "15th Five-Year Plan," and the maturation of China's technological development [1] - There is optimism for the continuation of a technology bull market and a dual boost in profitability and valuation for the consumer sector [1]

Group 1 - The core indices in the Chinese stock market showed positive performance, with the CSI A500 index rising by 1.8%, the CSI A100 index increasing by 2.1%, and the CSI A50 index up by 2.2% at midday [1][3] - The A500 ETF by E Fund (159361) saw significant trading activity, with a transaction volume exceeding 5 billion yuan and a net subscription of 18 million units [1][3] - According to Shenwan Hongyuan Securities, the continuous upward trend of the Shanghai Composite Index suggests that the spring market may have further depth, with new capital expected at the end of the year and the beginning of the next, indicating a promising start for A-shares [1] Group 2 - The CSI A500 index consists of 500 securities with large market capitalization and good liquidity, covering 89 out of 93 sub-industries [3] - The CSI A100 index is composed of 100 representative securities with large market capitalization and good liquidity, reflecting the overall performance of core leading companies in the market [3] - The CSI A50 index includes the 50 largest stocks by market capitalization from various industries, with a balanced distribution across 50 sub-industries, highlighting a large-cap style [3]

Market Overview - The market is experiencing a broad-based rally, with nearly 4,000 stocks in the Shanghai and Shenzhen markets rising, while fewer than 1,400 stocks are declining [2] - The insurance sector is showing strong performance, with significant stock price increases for companies such as New China Life Insurance, Ping An Insurance, and China Life Insurance [2] - Technology themes, particularly in the semiconductor supply chain and brain-computer interfaces, are also performing actively [2] External Influences - The positive performance of the A-share market is supported by favorable trends in overseas markets during the New Year holiday period [2] - On January 2, the Hong Kong stock market opened with gains, with the Hang Seng Index and the Hang Seng Tech Index both rising [2] - Some market opinions suggest that this positive sentiment may help boost the risk appetite of A-share investors [2]