A股上市公司积极发布股东回馈活动。 近日，好想你发布公告《关于股东回馈活动的自愿性信息披露公告》，公告披露，符合参与条件的股东，可选择两款年货礼盒享受股东专属尊享购买权 益，尊享价均低于零售价的5折。自1月8日以来，好想你股价累计涨幅超过20%。 2025年"花式送礼"公司 数量创历史新高 在资本市场上，回馈股东的方式除了现金分红之外，还有赠送公司相关产品、服务、折扣券或尊享权益。早在10多年前，就有上市公司通过这种方式回馈 中小股东。 2015年4月，德美化工披露，向公司股东赠送"英农"鲜肉腊肠；同年8月，中超电缆（现名为"中超控股"）披露，控股股东中超集团向中小股东赠送紫砂 壶。 根据上市公司公告，自2015年以来，共有近130家公司披露140余份回馈（或赠送）活动的相关公告；2022年以来，这一类公司数量明显增加，其中2025年 多达40余家，公司数量创历史新高。从公告月份来看，每年1月、5月、7月是公告披露密集期。 从行业分布来看，这些公司共分布于20个行业，其中食品饮料、基础化工、医药生物、家用电器等行业公司数量居多。 回馈活动短期提振股价 市场对于这种"花式送礼"的行为是否买账？从上述近130家公 ...

[Table_ReportType] 公司点评报告 [李Ta宁bl(e2_3St3o1c.kHAKn)dRank] | | | 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 刘田田 纺织服饰行业分析师 执业编号：S1500525120001 邮箱：liutiantian@cindasc.com CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 公司研究 [Table_Title] Q4 流水微降库存健康，长期看奥运赞助夯实 信心 [Table_ReportDate] 2026 年 1 月 16 日 投资评级 无评级 上次评级 无评级 [姜Ta文b镪le_新Au消th费o行r]业首席分析师 [T事ab件le：_S李um宁ma发ry布]二零二五年第四季度最新运营情况公告。2025 年第四季度 李宁牌全渠道流水录得低单位数下降。分渠道看：线下整体中单位数下滑（批 发中单位数降，直营低单位数降）；电商渠道流水大致持平。直营表现略优 于批发，主要得益于奥莱等特价渠道清货力度大。店铺方面 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入4.48亿元，同比下降7.11%，实现净利润 5248.91万元，同比下降9.30%，基本每股收益为0.3500元，加权平均净资产收益率5.94%。（数据宝） （文章来源：证券时报网） 聚杰微纤股价创出历史新高，截至9:44，该股上涨12.50%，股价报41.21元，成交量526.71万股，成交金 额2.07亿元，换手率3.91%，该股最新A股总市值达61.49亿元，该股A股流通市值55.54亿元。 证券时报·数据宝统计显示，聚杰微纤所属的纺织服饰行业，目前整体涨幅为0.26%，行业内，目前股价 上涨的有42只，涨幅居前的有恒辉安防、聚杰微纤、康隆达等，涨幅分别为20.00%、12.50%、7.97%。 股价下跌的有56只，跌幅居前的有明牌珠宝、联发股份、*ST步森等，跌幅分别为9.54%、5.96%、 5.01%。 ...

683只股公布截至1月10日最新股东户数，相比上期股东户数下降的有281只，降幅居前的是亚翔集成、 真爱美家、勘设股份等。 投资者除了在定期报告中获得股东信息数据外，还可以在交易所互动平台上通过提问方式了解部分公司 更及时（每月10日、20日、月末）的股东户数信息。以往3期分别有929家、1058家、1034家公司在互动 平台透露了股东户数，截至发稿，共有683家公司公布了截至1月10日股东户数。 证券时报·数据宝对上一期(12月31日)筹码集中股监测显示，这些股12月21日以来平均上涨7.12%，走势 强于同期沪指表现（上涨5.71%），其中，44%的筹码集中股相对大盘获超额收益。 上期股东户数降逾一成个股中，易点天下涨幅最高，12月21日以来累计上涨143.33%，涨幅居前的还有 华正新材、德明利等。 17股最新股东户数降逾一成 证券时报·数据宝统计显示，共有683只个股公布了1月10日股东户数，与上期（12月31日）相比，股东 户数下降的有281只。其中股东户数降幅超一成的有17只。 股东户数降幅最多的是亚翔集成，截至1月10日最新股东户数为19134户，较12月31日下降23.48%，筹 码集中以来该 ...

云中马股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史纪 录。截至10:10，该股目前上涨1.17%，股价报62.00元，成交148.00万股，成交金额8958.94万元，换手 率1.08%，该股最新A股总市值达85.26亿元，该股A股流通市值85.26亿元。 （文章来源：证券时报网） 证券时报·数据宝统计显示，云中马所属的纺织服饰行业，目前整体跌幅为0.64%，行业内，目前股价上 涨的有32只，涨幅居前的有康隆达、奥康国际、菜百股份等，涨幅分别为5.41%、3.97%、2.94%。股价 下跌的有70只，跌幅居前的有明牌珠宝、南山智尚、万事利等，跌幅分别为10.01%、8.54%、5.31%。 公司发布的三季报数据显示，前三季度公司共实现营业收入19.44亿元，同比增长5.53%，实现净利润 5047.99万元，同比下降24.89%，基本每股收益为0.3700元，加权平均净资产收益率3.74%。（数据宝） ...

Core Insights - The article discusses the investment strategies for the year 2026, focusing on opportunities identified by top fund companies and managers in the market [1][124]. Group 1: Market Sentiment Indicator - The "Congestion Degree" is a unique indicator developed by the company to reflect trading sentiment in popular sectors, combining four dimensions: volume, price, funds, and analyst forecasts [3][126]. - This indicator quantitatively tracks changes in market sentiment and has strong implications for short-term stock price movements [3][126]. Group 2: TMT Sector Insights - The congestion levels for various TMT (Technology, Media, Telecommunications) segments are as follows: - Optical modules: congestion level is moderately low [10][131]. - Servers: congestion level is moderately high [8][133]. - Base stations: congestion level is moderate [10][135]. - Optical fiber and cables: congestion level is moderately high [10][136]. - IDC (Internet Data Center): congestion level is moderately high [10][136]. - Computer equipment: congestion level is high [10][139]. - Optical components: congestion level is high [10][140]. - RF components: congestion level is high [10][145]. - PCB (Printed Circuit Board): congestion level is moderate [10][146]. - IT services: congestion level is moderately high [10][147]. - Semiconductor materials: congestion level is high [10][157]. - Consumer electronics: congestion level is moderately low [10][172]. Group 3: Manufacturing Sector Insights - The congestion levels for various manufacturing segments are as follows: - Automotive parts: congestion level is high [10][181]. - Lithium batteries: congestion level is moderate [10][184]. - Wind power: congestion level is moderately low [10][187]. - Photovoltaic components: congestion level is high [10][197]. - Industrial robots: congestion level is high [10][199]. - Unmanned aerial vehicles: congestion level is high [10][200]. Group 4: Consumer and Pharmaceutical Sector Insights - The congestion levels for various consumer and pharmaceutical segments are as follows: - White goods: congestion level is low [10][207]. - Alcoholic beverages: congestion level is moderately low [10][209]. - Medical services: congestion level is moderately high [10][222]. Group 5: Financial and Real Estate Sector Insights - The congestion levels for various financial and real estate segments are as follows: - Real estate: congestion level is moderate [10][225]. - Insurance: congestion level is high [10][225]. - Banking: congestion level is low [10][226].

Group 1 - Public fund institutions accelerated their research activities in early 2026, with 141 institutions participating in A-share research, covering 111 stocks across 24 industries, totaling 673 research instances, significantly higher than the usual weekly level [1][3] - Chaojie Co., Ltd. received the highest attention with 48 research instances from 43 public fund institutions, and 5 institutions conducted follow-up research. The company focuses on precision fasteners for the automotive industry and is also involved in aerospace and electronics [1][2] - Aipeng Medical was the second most researched stock with 41 instances, focusing on pain management and innovative fields like brain-machine interfaces, providing smart medical devices and solutions [1][2] Group 2 - The computer industry had two companies in the top ten for research instances: Entropy Technology with 28 instances and Dineike with 17 instances. Entropy focuses on smart spaces and digital identity authentication, while Dineike specializes in smart community and hospital solutions [2][3] - The pharmaceutical and biological sector had the highest research instances at 89, covering 8 stocks, while the machinery and electronics sectors had 17 stocks each, with research instances of 85 and 62 respectively [3][4] - Other notable companies in the top ten for research instances included Guanglian Aviation (38), Zhejiang Mining (21), Hengyi Petrochemical (21), Shunhao Co., Ltd. (19), Caizhi Co., Ltd. (18), and Yiwang Yichuang (17) [3][4]

Group 1 - The core viewpoint of the article highlights the recent trends in market capital flows, indicating a net outflow of 282.58 billion yuan in the last two weeks, with banking, coal, and textile industries seeing the highest net inflows, while electronics, communications, and defense industries experienced the largest outflows [5][13]. - The current margin trading balance stands at 26,206.09 billion yuan, reflecting a 4.85% increase from the previous period, with the financing balance at 26,031.55 billion yuan and the securities lending balance at 174.55 billion yuan [15][16]. - The average daily trading volume for margin trading reached 2,468.24 billion yuan, marking a 30.70% increase compared to the previous period, with net buying in financing averaging 2,461.12 billion yuan, up 30.83% [19][20]. Group 2 - In terms of market performance, the number of stocks that increased in value outnumbered those that decreased, with the top three performing sectors being defense, comprehensive, and non-ferrous metals, while banking and food and beverage sectors saw declines [6][27]. - The overall strength analysis of A-shares scored 6.63, indicating a neutral to strong market condition, with the Shanghai-Shenzhen 300 index scoring 6.2, the ChiNext scoring 7.05, and the Sci-Tech Innovation Board scoring 7.3 [6][32]. - The market is currently in a strong upward trend, with the Shanghai Composite Index breaking through the 4,100-point mark, suggesting potential for further gains, while also noting the accumulation of profit-taking [7][31].

公司发布的三季报数据显示，前三季度公司共实现营业收入5.19亿元，同比增长5.68%，实现净利润 2008.72万元，同比下降27.83%，基本每股收益为0.1000元，加权平均净资产收益率2.49%。 证券时报·数据宝统计显示，万事利所属的纺织服饰行业，目前整体涨幅为0.84%，行业内，目前股价上 涨的有63只，涨停的有万事利、明牌珠宝等6只。股价下跌的有39只，跌幅居前的有扬州金泉、*ST金 比、华茂股份等，跌幅分别为4.09%、2.98%、2.52%。 两融数据显示，该股最新（1月9日）两融余额为1.65亿元，其中，融资余额为1.65亿元，近10日增加 4172.91万元，环比增长33.88%。 万事利股价创出历史新高，截至10:26，该股上涨19.99%，股价报25.27元，成交量1863.37万股，成交金 额4.23亿元，换手率9.87%，该股最新A股总市值达59.37亿元，该股A股流通市值47.71亿元。 （文章来源：证券时报网） ...

Group 1 - The current A-share market ecosystem is undergoing systematic restructuring, with a solid foundation for a "long bull, slow bull" market being established. The strategic position of the capital market has significantly improved, and the institutional framework is becoming more refined, providing a solid guarantee for stable market operations [5][14] - The "New Nine Articles" are promoting a transformation of the market from being financing-led to a balanced focus on both financing and investment, leading to continuous improvements in the quality of listed companies and investor protection [5] - The profitability of core assets is showing signs of a turning point, with both technology and traditional sectors presenting structural opportunities, and the matching of valuation and profitability is improving [5] Group 2 - The spring market is expected to gradually unfold, supported by factors that have driven previous market activity, including liquidity factors such as margin trading and insurance capital, which are anticipated to continue into January [6] - The macroeconomic environment, including the previous appreciation of the RMB, is creating a favorable atmosphere for liquidity and risk appetite, with potential catalysts such as policy adjustments and improvements in fundamental data expected in January [6] - After a two-month earnings window, listed companies will once again face fundamental verification as they enter the earnings forecast disclosure window in January [6] Group 3 - A-share market is expected to maintain an upward trend, with structural inflows of incremental funds anticipated in January, supported by the appreciation of the RMB and foreign capital positioning at the year-end [7] - Market sentiment appears slightly subdued, with industry preferences concentrated in sectors such as non-ferrous metals and defense, suggesting that investors should focus on large-cap styles and policy-related industry opportunities [7] Group 4 - The commercial aerospace industry is expected to enter a period of explosive growth, with the current phase being the initial stage of large-scale infrastructure development, accelerating towards commercial applications [13] - The "Space Power" goal is clearly defined, with national strategic support guiding the industry, and the low-orbit satellite internet constellation is set to begin high-density networking by 2025, marking a critical window for large-scale networking from 2025 to 2027 [13] Group 5 - A weak dollar cycle is expected to boost the performance of A/H shares, as it drives domestic exports and improves corporate profits, with global liquidity easing valuations and funds favoring high-growth emerging markets [14] - Structural improvements in sectors such as technology and domestic demand are anticipated to benefit from corporate profit recovery, leading to a rebound in these areas [14]