2026年的A股在投资者的期待下迎来了"开门红"，且惊喜不断，为"十五五"开局献上一大贺礼。 1月5日，沪指重返4000点，1月9日早盘冲上4100点，创出十年新高4121.7点。截至1月8日，两融余额突 破2.62万亿元，再创历史新高，半导体、军工、有色金属领涨。 南开大学金融发展研究院院长田利辉在接受《华夏时报》记者采访时表示，市场创新高是"流动性宽松 预期"与"强政策叙事"共同催化的结果。新年伊始，充裕的流动性与对"十五五"开局之年宏观政策的积 极憧憬形成共振，驱动了风险偏好快速升温，但这更多是估值和情绪的脉冲。 国信证券报告认为，随着市场基本面的修复由点至面扩散，配合居民资金进一步入市，A股牛市将在 2026年走向后半场。当前入市资金或主要来源于高净值人群，随着大部分居民风险偏好自低位逐渐修 复，2026年普通居民资金有望成为主力入市资金，借鉴历史看，全年增量资金预计达2万亿元。 再创新高 1月5日，沪指上涨1.38%，报收4023.42点，重返4000点；1月6日以4083.67点收盘，创十年新高。随后 在小幅调整后，1月9日早盘，沪指一路上扬最高飙至4121.7点。截至收盘，沪指收于4120.43 ...

A股复盘 | 马年炒马斯克 / 2026.01.05 预期到会有开门红，竟然红成这样，沪指强势收复4000点，成交量超过2.5万亿，百股涨停！群里小伙伴纷纷发问，这还是缅A吗？ 沪指自2025年12月17日至2026年1月5日实现日线12连阳，创1992年3月以来最长连阳纪录。 | | 1992年以来沪指连阳时间记录 | | --- | --- | | 连阳长度 | 时间区间 | | 12连阳 | 2025.12.17-2026.1.5 | | 11连阳 | 2017.12.28-2018.1.12 | | 11连阳 | 2006.6.15-2006.6.29 | | 11连阳 | 1992.5.5-1992.5.25 | | 12连阳 | 1992.2.25-1992.3.11 | 图片来源：上证报 盘面上，昨天写周报的时候以为今天芯片会大涨的，没想到王者是脑机接口！ 路边社新闻传：委内瑞拉马杜罗被美军抓住后，送往了实验室，接入脑机接口终端，进行洗脑，已经完成了反美治疗，转住院观察，据称马 杜罗经历脑机洗脑后，嘴里一直在说：Make America Great Again！ | ম | | | --- | ...

| 大涨板块 | 251226 (周5) | 251225 (周4) | 251224 (周3) | 251223 (周2) | 251222 (周1) | | --- | --- | --- | --- | --- | --- | | 1 | 玩天29 | 航天42 | 师天37 | 锂电池8 | 海南自由贸易港23 | | 2 | 海南自由贸易港8 | 机器人24 | 福建自贸/海西概念11 | 液冷服务器7 | 光通信12 | | 3 | 锂电池16 | 造纸4 | 液冷服务器3 | 海南自由贸易港5 | 国产芯片17 | | র্ব | 黄金3 | 跨境支付3 | 国产商片5 | PCB板4 | 民爆2 | | રે | 光伏7 | 西部大开发3 | 光通信8 | 有色 · 钨2 | 航天10 | | 6 | ST股10 | ST股15 | ST股10 | ST股13 | ST股23 | | 7 | 大消费9 | 国产商片9 | 大消费8 | 国产商片10 | 机器人9 | | 8 | 机器人9 | 大消费7 | 云计算数据中心5 | 大消费7 | 大消费8 | | 9 | 有色金属6 | 股权转让4 ...

证券研究报告 A股2026年十大预测 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：林煜辉 执业证书编号：S0600124060012 邮箱：linyh@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 证券分析师：谢立昕 执业证书编号：S0600525080001 邮箱：xielx@dwzq.com.cn 证券分析师：蒋珺逸 执业证书编号：S0600525040004 邮箱：jiangjy@dwzq.com.cn 2025年12月28日 请务必阅读正文之后的免责声明 回顾2025年提出的十大预测 风险提示：经济复苏不及预期；美债见顶下行迟于预期；地缘政治事件黑天鹅。 数据来源：Wind，东吴证券研究所；注：涨幅若无其他说明，统计区间均为2025年1月1日-2025年12月26日） 2 ◼ 回顾2025年提出的十大预测： ➢ 预测一：A股震荡上行，进入新的波动中枢（万得全A涨幅为28.1%，沪指四季度围绕3900点震荡） ➢ 预测二：2025年A股交易结构比指数更 ...

12月22日，市场高开高走，三大指数集体反弹，创业板指涨超2%。沪深两市成交额1.86万亿，较上一个交易日放量1360亿。 沪指站上3900点整数关和60日均线这一牛熊分界线，创业板指也强势反包收复10日均线。截至收盘，沪指涨0.69%，深成指 涨1.47%，创业板指涨2.23%。 | 大涨板块 | 251222 (周1) | 251219 (周5) | 251218 (周4) | 251217 (周3) | 251216 (周2) | | --- | --- | --- | --- | --- | --- | | 1 | 海南自由贸易港23 | 大消费17 | 玩天15 | 液冷服务器14 | 无人驾驶10 | | 2 | 光通信12 | 海南自由贸易港7 | AI医疗11 | 光通信16 | 大消费16 | | 3 | 国产芯片17 | 核聚变8 | 大消费22 | 锂电池10 | 数字人民币4 | | র্ব | 民爆2 | 无人驾驶11 | IP经济/谷子经济3 | PCB板9 | 航天12 | | ર | 师天10 | 师天15 | 光通信3 | 大消费8 | 智能电网2 | | 6 | ST股23 ...

Group 1 - The article highlights the significant market activity surrounding Hainan Free Trade Port, with over 20 stocks hitting the daily limit up following the official launch of the free trade policies on December 18, which includes zero tariffs and low tax rates [16][21]. - The article notes that the overall market saw a strong performance, with the Shanghai Composite Index rising by 0.69%, and over 2900 stocks increasing in value, indicating a broad market rally [15][16]. - The article mentions the strong performance of the optical communication sector, driven by news of significant orders and technological breakthroughs, contributing to the overall market enthusiasm [16][9]. Group 2 - The aerospace sector remains active, with the upcoming launch of the Long March 12A rocket scheduled for December 23, which is expected to stimulate investment interest in commercial space ventures [5][17]. - The article discusses the current state of China's commercial aerospace investment, which is characterized as being in a "from 0 to 1" phase, suggesting a high potential for growth and investment opportunities [6]. - The article provides a detailed cost analysis of the Long March 12A rocket, highlighting various components and their associated costs, which could inform investment decisions in related aerospace companies [8]. Group 3 - The consumer sector is facing challenges, with Bloomberg reporting that consumer stocks are on track for their longest annual underperformance, driven by weak retail sales and declining housing prices [11]. - Despite the challenges, there are signs of potential recovery, as recent fiscal data indicates a conservative fiscal stance, with expectations for increased fiscal stimulus in 2026 to support economic growth [14]. - The article emphasizes the need for continued efforts to expand domestic demand, as highlighted by recent government discussions on infrastructure and investment in consumer-related sectors [14].

Market Overview - The market experienced fluctuations with mixed performance across the three major indices, while the organic silicon sector saw significant gains, with companies like Hongbai New Materials and Chenguang New Materials hitting the daily limit [1] - Solid-state battery stocks also surged, with Haike New Energy and Huazi Technology reaching their daily limits, while the consumer electronics sector remained active [1] - Overall, more than 2800 stocks in the Shanghai and Shenzhen markets rose, with a total trading volume of 1.72 trillion [1] Key Sectors Organic Silicon - The organic silicon sector saw a notable increase, with Hongbai New Materials and Chenguang New Materials hitting the daily limit, and Jin Yinhe and Yuanxiang New Materials rising over 10% [4] - Dow Chemical announced a price increase of 10-20% for its main organic silicon products starting December 10, which is expected to drive demand [4][6] - Domestic consumption of organic silicon is projected to grow from 1.062 million tons in 2019 to 1.816 million tons by 2024, with a CAGR of 11.3% [6] Solid-State and Lithium Batteries - The solid-state battery sector experienced a significant rise, with companies like Daoming Optics and Liande Equipment hitting their daily limits [7] - GAC Group's solid-state battery pilot production line has been completed and is now operational, marking a significant advancement in the industry [7] - The price of battery-grade lithium carbonate has increased, with the current price at 93,958 yuan per ton, reflecting a rise of 543 yuan from the previous working day [7][10] Domestic Chips - The domestic chip sector saw substantial gains, with companies like Xinjin Road and Wantong Development achieving consecutive daily limits [11] - The launch of the domestic GPU leader, Moxie Technology, on the Sci-Tech Innovation Board is expected to further boost the sector [11] - The trend towards domestic chip production is seen as a long-term necessity, with advancements in manufacturing processes and chip architecture expected to enhance domestic computing power [12] Other Active Sectors - Other sectors such as robotics, consumer goods, and aerospace also showed activity, while aquaculture and certain regions experienced declines [13] - The market is witnessing a trend of increasing prices across various segments, driven by improved demand and limited supply expansion [10]

Market Overview - The market showed a general upward trend today, but compared to last Friday's decline, many investors remain cautious. The index did not see significant gains, indicating a potential continuation of the downward trend. Trading volume decreased, suggesting a lack of active participation from investors, with a median decline of 3.91% last Friday compared to a 1.31% increase today, indicating persistent fear in the market [1][3]. Buying and Selling Pressure - The buying power remains weak, with expectations of less than 1,000 in buying volume tomorrow, which is below the previous week's levels. Selling pressure was significant today, with over 670 sell orders, indicating continued outflow from retail investors and institutions. This unusual selling pressure during a day of general gains suggests that the market has not yet cleared the selling pressure, leading to potential further testing in the coming days [3][5]. Sector Performance - The ST (Special Treatment) sector had the highest number of stocks hitting the daily limit up, with 12 stocks reaching this threshold. Other sectors had fewer than 10 stocks hitting the limit, indicating a lack of strength in those areas. The military industry showed relatively strong performance, driven by news-related factors, while sectors like Fujian Free Trade and large models also saw some gains, albeit from lower bases [5][6]. Market Sentiment - Despite some signs of recovery, the market is not experiencing a true broad-based rally. The number of stocks that have declined for three consecutive days remains high, with over 600 stocks, indicating ongoing weakness. The current market environment is characterized by sector rotation and ongoing consolidation, with investors either choosing to band together in certain stocks or remain on the sidelines due to uncertainty [8][9].

Core Insights - The global asset allocation trend is shifting towards increasing allocation in RMB assets, driven by China's economic recovery and technological innovations like AI, with A-shares expected to continue rising and sectors like new energy and consumption showing investment value [1][2][4] Global Asset Allocation Trends - Two main themes have emerged in global asset allocation: the first is risk aversion, with gold prices rising significantly as central banks increase their gold holdings, indicating strong market demand for safe-haven assets [4] - The second theme is the "valuation gap effect" in risk assets, where funds are moving towards undervalued assets, particularly in the Asia-Pacific region, as the dollar's strength diminishes [4] - The increasing convertibility and liquidity of RMB assets are enhancing their appeal to international capital [4] A-Share Market Outlook - The A-share market has shown resilience, with the Shanghai Composite Index experiencing a maximum increase of over 20% this year, maintaining a volatile yet upward trend after surpassing the 4000-point mark [7] - The current 4000-point level in A-shares differs fundamentally from previous bull markets, with a shift from retail and leveraged funds to institutional capital driving the market [9] - A-shares are expected to have a 20%-30% upside potential, supported by improving valuation and earnings [11] Investment Focus Areas - Three key investment directions are identified: technology sector opportunities, new energy sector expected to lead in the cross-year market, and precious metals as safe-haven assets [11] - The energy sector, including both new and traditional energy, is seen as a core driver of technological development, with innovative pharmaceuticals also gaining attention [11] - There is a noted overheating in AI hardware, with a potential shift of funds towards software and application sectors, emphasizing the importance of application services [11] Cross-Year Market Expectations - The A-share market is poised for a cross-year rally, supported by stable trading volumes and the absence of earnings burdens during the reporting gap [12] - New energy is expected to be the leading sector in the upcoming cross-year market, with regional sectors benefiting from policy expectations also gaining traction [13] - The upcoming Central Economic Work Conference is anticipated to provide clear policy signals that could further energize the market [13]

今年以来，中富电路涨幅已达134.5%，东材科技涨幅达147.5%，贤丰控股涨幅也达到131.3%。 11月20日，A股多只PCB概念股上涨，中富电路（300814）、东材科技（601208）、贤丰控股（002141）收获涨停板。截至发稿，中富电路上涨20%，报价 75.78元/股；东材科技上涨10.01%，报价18.46元/股；贤丰控股上涨10%，报价4.07元/股。 宏昌电子（603002）、方正科技（600601）、光华科技（002741）等跟涨，截至发稿，宏昌电子涨幅超7%，方正科技、光华科技涨幅超6%。 | SZSE CNY 14:55:00 交易中 | | | | | | 一八 六 · · · | | --- | --- | --- | --- | --- | --- | --- | | 委比 | 100.00% 委差 | 34351 | Wind ESG评级 | BB | | 详情 | | 英五 | | | रदे | 134.46% 120日 | | 175.10% | | 卖四 | | - | 5日 | 9.51% 250日 | | 119.68% | | 李一 | | - | 20日 | ...