Core Viewpoint - The redemption scale of broad-based ETFs continues to expand without signs of slowing down, impacting various industries and individual stocks differently, with a notable effect on sectors and stocks that institutions are underweighting [1][2][3] Group 1: ETF Redemption Dynamics - The redemption of broad-based ETFs has led to a significant change in the ETF market structure, with cumulative net redemptions of 8,458 billion yuan since October 2024, while industry/theme ETFs have seen net subscriptions of 5,864 billion yuan [3] - As of January 23, 2026, the total scale of broad-based ETFs is approximately 20,574 billion yuan, with industry/theme ETFs at 15,115 billion yuan, representing 42% of the total [3] - The redemption behavior of broad-based ETFs is perceived more as a profit-taking strategy rather than a means to cool down the market, indicating strong market sentiment and active trading [4] Group 2: Sector Performance and Opportunities - During the recent redemption period, 86 stocks in the CSI 300 index outperformed the index by over 2%, primarily in the electronics, electric new energy, and chemical sectors, while 121 companies underperformed, mainly in non-bank financials and pharmaceuticals [5] - The consumer chain is expected to see increased allocation from now until the Two Sessions, with travel consumption leading the recovery, and the market is pricing in positive changes in consumer sentiment [7][8] - The real estate chain may also experience significant recovery, with signs of market stabilization in new home transactions and rental yields in major cities [9] Group 3: Investment Strategies - A strategy focusing on "resources + traditional manufacturing pricing power" is recommended, emphasizing sectors like chemicals, non-ferrous metals, new energy, and power equipment, which are expected to provide stable returns amid market fluctuations [10] - Investors are encouraged to increase allocations to non-bank financials and select domestic demand sectors, such as duty-free, aviation, and quality real estate developers, to capture potential policy changes and enhance returns [10]

中信证券发布报告称，市场信心持续恢复过程中，只要在相对低位、能讲出逻辑且不在宽基权重的行业 预计都可能将修复，其中消费链的增配时点就是当下到两会前后，以预期交易为主，地产链亦可能在此 阶段发生明显修复，对国内新开工脱敏的 建材板块实际上已经启动。在"资源+传统制造定价权重估"的 基本思路下，围绕 化工、有色、 新能源、 电力设备构建的基础组合，仍然是在"人心思涨"与监管逆周 期调节矛盾下抗焦虑的配置选择；在此基础上，可逢低增配非银（证券、 保险），同时通过部分内需 品种或高景气品种增强收益。 ...

Core Viewpoint - The report from CITIC Securities indicates that market confidence is gradually recovering, and sectors that are relatively undervalued and can present a logical narrative are likely to see a rebound, particularly in the consumer and real estate chains before and after the Two Sessions [1] Group 1: Market Recovery - The consumer chain is identified as a key area for allocation, with the timing being favorable from now until the Two Sessions [1] - The real estate chain is expected to show significant recovery during this period, particularly in relation to new construction activities [1] Group 2: Investment Strategy - The report emphasizes a basic strategy of "resources + traditional manufacturing pricing power," focusing on sectors such as chemicals, non-ferrous metals, new energy, and power equipment as a resilient investment choice amid market anxieties [1] - There is a recommendation to increase allocation in non-bank sectors (securities, insurance) during market dips, while also enhancing returns through certain domestic demand or high-growth sectors [1]

Group 1 - The A-share market is experiencing a spring rally, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11% [12] - Short-term market focus is on low-position sectors, particularly cyclical Alpha (non-ferrous metals, chemicals) expanding towards cyclical turning points in construction materials, oil, and steel [1][13] - The current profitability in non-ferrous metals, chemicals, and oil is nearing high levels, indicating increasing short-term resistance for cyclical trends [1][14] Group 2 - Global market risk appetite is on the rise, favoring equity assets, with recommendations for tactical overweight in A/H shares, US stocks, and gold, while suggesting underweight in US Treasuries and oil [2][15] - The upcoming economic work conference and the start of the 14th Five-Year Plan in 2026 are expected to lead to more aggressive economic policies and an expansion of the fiscal deficit [2][15] - The anticipated interest rate cut by the Federal Reserve in December and the stable appreciation of the RMB are favorable for China's monetary easing in early 2026 [2][15] Group 3 - The technology sector remains the main focus of the current bull market, driven by the AI wave, with recommendations to pay attention to the application of AI in specific sectors [3][16] - Value sector opportunities are also worth considering, including certain resource products and real estate [3][16] - Consumer services may receive temporary attention as part of the sector allocation strategy [3][16] Group 4 - The market is expected to remain stable with a focus on holding positions through the upcoming holiday, as historical data suggests a less than 50% probability of major index increases in the 20 trading days before the Spring Festival [4][17] - Post-holiday, a new upward momentum is anticipated, with higher probabilities of index increases in the following 20 trading days [4][17] - Key sectors to watch include electronics, power equipment, and non-ferrous metals, with a focus on both growth and defensive styles depending on market conditions [4][17] Group 5 - The spring rally is expected to enter its second phase, with the Shanghai Composite Index nearing 4200 points, reflecting a strong upward trend since late December [5][18] - The market is witnessing a divergence in fund flows, with significant inflows into margin financing while stock-type ETFs are experiencing outflows [5][18] - Attention is needed on macro policy expectations from the upcoming National People's Congress in March and the microeconomic fundamentals from the 2025 annual reports [5][18] Group 6 - The current average P/E ratios for the Shanghai Composite and ChiNext are 16.88 and 53.36, respectively, indicating a suitable environment for medium to long-term investments [8][20] - The market is expected to focus on performance and industry trends, with a likelihood of maintaining a slight upward trend in the Shanghai Composite Index [8][20] - Investment opportunities are suggested in sectors such as photovoltaic equipment, energy metals, batteries, and aerospace [8][20] Group 7 - The market is anticipated to continue its oscillation and consolidation phase, with ETF outflows and a temporary decline in margin financing [9][20] - Despite the market's cooling, overall trading enthusiasm remains, and a slow bull market expectation may lead to fluctuating market sentiments [9][20] - Investment opportunities are highlighted in the TMT sector, robotics, and non-ferrous metals, alongside a focus on banking and insurance due to favorable long-term funding conditions [9][20] Group 8 - The spring rally is expected to persist, with a significant increase in risk appetite in the A-share market, as evidenced by a 17-day consecutive rise in the Shanghai Composite Index [10][21] - The market liquidity environment is improving, supported by favorable external conditions and proactive internal policies [10][21] - Key investment themes include low-valuation high-dividend assets, technology-driven production, and domestic market expansion [10][21] Group 9 - The 2026 economic outlook is positive, with proactive monetary and fiscal policies expected to support stable economic growth and a continued "slow bull" market in A-shares [11][21] - February is anticipated to maintain the momentum of January's focus on technology and non-ferrous sectors, driven by the "14th Five-Year Plan" [11][21] - Investment opportunities are identified in sectors related to new productive forces, including AI, aerospace, and agriculture [11][21]

随着三月上旬两会召开，市场对政治局会议的货币财政政策预期或有修正；4 月市场将博弈一季报披露 是否符合预期；外围地缘层面扰动可能影响市场风险偏好。 来源：浙商证券股份有限公司 "春季躁动"可视为全年走势前瞻，其催化主要来自年初政策预期偏强、央行流动性投放、经济数据及财 报真空期等因素叠加。年末结汇+汇率升值与A 股春季行情亦往往形成顺周期共振。我们回溯2005 年-2025 年春季行情发现：春季行情平均持续70天，上证平均涨20%。领涨板块来看，成长、消费和顺 周期风格及有色、机械、计算机、军工、建材、电新、化工、电子等行业占优。本轮"非典型春季躁 动"始于2025年12 月下旬外围不确定性落地、A500 ETF 申购份额上行及商业航天叙事带来的风偏改 善。据统计规律，我们预计这波春季行情会持续到马年春节前后，乐观视角可持续至3 月上旬。资金面 看，3Y+5Y 居民定期存款到期+公募权益基金发行回暖+保险资金增配权益，增量资金有望进一步入 市。配置方面，降温之下市场或以短期震荡+降波为主，季度视角看，我们认为"系统性慢牛"依旧可 期；行业方面，1 月下旬步入A 股年报业绩验证窗口期，板块风格或转向业绩与弹性兼 ...

Group 1 - Shanghai Tongxin Trading Co., Ltd. is preparing to participate in the Paris Textile and Fabric Exhibition from February 2 to 4, with support from the Shanghai International Exhibition (Group) Co., Ltd. providing booth fee subsidies and organizing pre-exhibition meetings for 56 participating companies [1] - The Shanghai Municipal Commission of Commerce announced that in the first quarter of this year, 424 companies will participate in 136 overseas exhibitions through a dual-track model of government-led and market-driven organization [2] - The "Hundred Exhibitions, Thousand Enterprises" initiative aims to organize 5,725 enterprises for 1,149 overseas exhibitions in 2025, with a focus on both traditional markets in Europe and the U.S. and emerging markets [2] Group 2 - The recommended list of overseas exhibitions for 2026 has been expanded to 305 events, a 50% increase from the previous year, covering key export industries and regions [3] - The number of overseas exhibitions organized by the Shanghai International Exhibition Group is set to increase from 159 in 2025 to 219 in 2026, representing a 38% growth [5] - The focus for 2026 will include emerging markets in the Middle East, Central and Eastern Europe, and Africa, with new sectors such as energy storage and biomedicine being emphasized [5]

流通领域重要生产资料市场价格，是指重要生产资料经营企业的批发和销售价格。与出厂价格不同，生 产资料市场价格既包含出厂价格，也包含有经营企业的流通费用、利润和税费等。出厂价格与市场价格 互相影响，存在时滞，两者的变动趋势在某一时间段内有可能会出现不完全一致的情况。 中国统计信息服务中心 卓创资讯 据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2026年1月中旬与1月上旬相比，29种 产品价格上涨，13种下降，8种持平。 2026年1月中旬流通领域重要生产资料市场价格变动情况 | 产品名称 | 单位 | 本期价格 | 比上期 | 涨跌幅 | | --- | --- | --- | --- | --- | | | | （元） | 价格涨跌 | (%) | | | | | （元） | | | 一、黑色金属 | | | | | | 螺纹钢（Φ20mm，HRB400E） | 吨 | 3202.5 | 10.9 | 0.3 | | 线材（Φ8—10mm，HPB300） | 吨 | 3398.1 | 12.2 | 0.4 | | 普通中板（20mm，Q235） | 吨 | 3343.1 | 1.4 | 0.0 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年12月26日，国家发改委、工信部、国家能源局联合公布《国家级零碳园区建设名单（第一 批）》，52个园区正式上榜。2026年1月19日《指导意见》出台，对零碳工厂做出规划。 根据工信部节能与综合利用司的解释，零碳工厂建设是指通过技术创新、结构调整和管理优化等减排措 施，实现厂区内二氧化碳排放的持续降低、逐步趋向于近零的过程。引导工业企业试点建设零碳工厂， 带动行业减碳增效和绿色低碳转型，对于因地制宜培育发展新质生产力，更好统筹高质量发展和高水平 保护，支撑实现碳达峰碳中和目标具有重要意义。 本报记者 李未来 北京报道 自首批国家级零碳园区建设名单公布后，1月19日工信部、发改委等部门又联合印发《关于开展零碳工 厂建设工作的指导意见》（下称"指导意见"），指导意见提出，2026年起遴选一批零碳工厂，做好标杆 引领。到2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建设一 批零碳工厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传统高 载能产业脱碳新路径。 此前不久首批国家级零碳园区出炉，52 ...

曾经，山东面临产业结构转型阵痛。传统产业占地区生产总值比重达70%，其中钢铁、化工、建材等重化工产业又占传统产业的70%，高能 耗、高排放特征显著。随着加快建设绿色低碳高质量发展先行区，山东提旧育新并重，统筹扩绿减排，城乡陆海并进，用实践证明："大象转 身"并非不可能。 记者从山东省政府新闻办1月23日举行的新闻发布会上获悉，2025年，山东实现地区生产总值103197亿元，比上年增长5.5%。山东成为北方 第一个GDP突破10万亿元的省份。 山东日照张北湾阳光海岸绿道及海湾景色（2025年10月22日摄，无人机照片）。新华社记者 郭绪雷 摄 山东成为继广东、江苏之后，全国第三个GDP突破10万亿元的省份。 在山东青岛拍摄的山东港口青岛港第二座40万吨矿石码头（2025年10月27日摄，无人机照片）。新华社发（张进刚摄） 数据呈现的，是山东经济总量迈上新台阶；数据后边，是山东着力深化新旧动能转换、推动绿色低碳高质量发展的大省担当。 如今的山东，正努力成为北方地区经济重要增长极。山东北接京津冀、南连长三角、东临黄渤海、向西辐射黄河流域腹地，"承南启北、贯通 东西、陆海联动"的区位优势得天独厚。中欧班列呼啸往来， ...

制造业绿色转型持续深化，零碳工厂建设迎来顶层设计。 1月19日，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局联合印发《关 于开展零碳工厂建设工作的指导意见》（"《指导意见》"），提出到2027年，在汽车、锂电池、光伏、 电子电器、轻工、机械、算力设施等行业领域，培育建设一批零碳工厂；到2030年，将零碳工厂建设逐 步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域。 从节能降耗到绿色工厂，再到零碳工厂，制造业绿色化转型在中国呈现出循序推进、不断升级的演进路 径。 绿色工厂通过全过程节能减排夯实低碳制造基础，零碳工厂则在此基础上进一步实现碳排放的核算、削 减与抵消，体现更高标准的低碳发展要求。2025年"十五五"规划建议首次写入"建设零碳工厂和园区"， 标志着零碳工厂从政策愿景进入官方顶层规划体系。 不过作为一个新生事物，各方面对于零碳工厂的认识还有较大差异。建设零碳工厂是一项综合性、系统 性工程，涉及能源结构、工艺技术、资金投入、管理服务等多个方面，不同地区、不同行业的具体路 径、工作进展和实施难度差别较大。在零碳工厂建设过程中，还面临着评价要求不统一、关键技术有待 验证、碳排放统 ...