Core Viewpoint - The A-share market experienced a strong start in the first week of 2026, with significant inflows of leveraged funds, indicating a positive market sentiment and potential for continued investment activity [1][3]. Group 1: Market Performance - In the first week of 2026, the A-share market saw a net inflow of financing funds amounting to 857.79 billion yuan, ranking as the fifth largest weekly net inflow in A-share history [1][3]. - The total trading volume in the A-share market exceeded 30 trillion yuan on January 9, 2026, reflecting heightened market activity and investor interest [3]. Group 2: Fund Inflows - The first four days of the week recorded daily net inflows exceeding 100 billion yuan, with figures of 192.66 billion yuan, 188.87 billion yuan, 249.02 billion yuan, and 159.44 billion yuan, indicating a strong acceleration of fund entry [3]. - The electronic sector attracted the most attention from financing clients, with a net inflow of 158.12 billion yuan, significantly higher than other sectors [8]. - Non-bank financials and the computer sector also received substantial net inflows, each exceeding 60 billion yuan [9]. Group 3: Investor Behavior - Many existing clients increased their positions, primarily focusing on short-term operations and chasing market hotspots, while new account openings were not yet evident [6]. - Over 70% of the stocks saw net buying from financing clients, with seven stocks exceeding 1 billion yuan in net buying, including XW Communication and China Ping An [10]. Group 4: Future Market Outlook - Analysts suggest that the current market momentum is supported by multiple liquidity factors, including significant inflows into A500 ETF and a strengthening yuan, which reflects international confidence in China [12]. - The spring market is expected to have further room for growth, with technology sectors likely to remain a long-term focus, while value sectors may also present opportunities [12][13].

Market Performance - A-shares experienced a significant surge on January 12, with major indices rising across the board, including the Shanghai Composite Index increasing by 1.09% to 4165.29 points, marking a new 10-year high [1] - The Shenzhen Component Index and the ChiNext Index both rose nearly 2%, while the North Star 50 Index surged by 5.35% [1] - The total trading volume across the Shanghai, Shenzhen, and North exchanges reached approximately 3.64 trillion yuan, setting a historical record [1] Sector Performance - Strong performances were noted in sectors such as media, non-ferrous metals, retail, steel, semiconductors, and brokerage firms [1] - The AI application concept saw a wave of limit-up stocks, indicating heightened investor interest [1] - Other active themes included information technology innovation, commercial aerospace, quantum technology, and brain engineering concepts [1] Market Outlook - According to Everbright Securities, the short-term market enthusiasm is expected to continue, although a potential cooling off is anticipated after mid-January leading up to the Spring Festival [1] - Policy support is expected to persist, with economic growth likely to remain within a reasonable range, further solidifying the foundation for capital market prosperity [1] - The release of policy dividends is anticipated to boost market confidence and attract various types of capital inflows [1] - Industry focus areas include electronics, electrical equipment, and non-ferrous metals, while the commercial aerospace theme remains a point of interest [1]

Group 1 - The A-share market has started 2026 with a strong bullish trend, marked by a historic 17 consecutive days of gains in the Shanghai Composite Index [1][7] - The trading volume has significantly increased, surpassing 30 trillion yuan for two consecutive days, indicating a phase of rising prices and volumes, officially launching the spring offensive [1][7] - The current bull market is seen as a once-in-a-decade investment opportunity, with a substantial shift of household savings towards the capital market due to low bank deposit rates [1][7] Group 2 - The real estate market is still in an adjustment phase, with a fundamental change in expectations for housing price increases, particularly in second and third-tier cities [2][8] - The market has broken through the 4150-point mark, moving away from key integer levels and forming an upward trend, with a slow bull market expected to last 3 to 5 years or longer [2][8] - Investment opportunities are anticipated to expand beyond technology and banking sectors to include consumer staples, new energy leaders, non-ferrous metals, and military industries, enhancing the market's profitability [2][8] Group 3 - The current bull market is tasked with three historical missions: enhancing household wealth, stabilizing the real estate market through stock market wealth effects, and supporting the development of new productive forces, particularly in technology innovation [3][9] - Emerging industries such as commercial aerospace and brain-computer interfaces are showing active performance, with expectations for continued strength in technology sectors like robotics and semiconductors in 2026 [3][9] Group 4 - Investment in technology stocks, especially leading companies, should be viewed within the context of the AI revolution, representing a long-term trend opportunity [4][10] - The Hong Kong stock market has also seen a significant rebound, indicating a similar slow bull market trend as in the A-share market, with expanding investment opportunities [4][11]

Group 1 - The A-share market experienced a strong start in the first week of 2026, with a net inflow of margin financing reaching 857.79 billion yuan, ranking fifth in A-share history for single-week net inflows [1][2] - The first four days of the week saw daily net inflows exceeding 100 billion yuan, indicating a rapid influx of funds, although the fifth day showed a significant slowdown with a net inflow of only 67.81 billion yuan [2] - The electronic industry was particularly favored by margin investors, attracting a net inflow of 158.12 billion yuan, significantly higher than other sectors [5][6] Group 2 - Other sectors that received notable net inflows included non-bank financials and computers, each exceeding 60 billion yuan in net buying [6] - Over 70% of margin trading stocks experienced net buying, with seven stocks seeing net inflows exceeding 10 billion yuan, including XW Communication and China Ping An [7] - Analysts suggest that the strong performance in the A-share market is driven by multiple liquidity factors, including abnormal inflows into A500 ETF and the continuous appreciation of the yuan, reflecting international capital's restored confidence in China [8][9]

Core Viewpoint - The A-share market experienced a strong start in the first week of 2026, with significant inflows of leveraged funds, indicating a positive market sentiment and potential investment opportunities [2][5][18]. Group 1: Market Performance - The first week of 2026 saw a net inflow of financing funds reaching 857.79 billion yuan, ranking fifth in A-share history for single-week net inflows [2][5]. - The total trading volume in the A-share market exceeded 30 trillion yuan on January 9, reflecting heightened market activity and investor interest [4]. - Daily net inflows for the first four days of the week were substantial, exceeding 100 billion yuan each day, with figures of 192.66 billion, 188.87 billion, 249.02 billion, and 159.44 billion yuan respectively [6]. Group 2: Sector Focus - The electronic sector attracted the most attention from financing clients, with a net inflow of 158.12 billion yuan, significantly higher than other sectors [12]. - The non-ferrous metals sector followed with a net inflow of 95.62 billion yuan, while the defense and military industry saw an increase of 91.73 billion yuan, indicating growing interest in these areas [13]. - Other sectors such as non-bank financials and computers also received over 60 billion yuan in net financing [14]. Group 3: Investor Behavior - Investors showed a strong inclination towards short-term operations, primarily chasing hot themes, with many existing clients increasing their positions rather than new account openings [3][9]. - Over 70% of the stocks in the financing market experienced net buying, with seven stocks exceeding 1 billion yuan in net inflows, including significant contributions from XW Communication and China Ping An [15][16]. Group 4: Future Outlook - Analysts suggest that the current market momentum is supported by multiple liquidity factors, including abnormal inflows into A500 ETF and the continuous appreciation of the yuan, which reflects international confidence in China [18][19]. - The spring market is expected to have further room for growth, with technology sectors likely to remain a long-term focus, while value sectors may also present opportunities [20][21]. - Short-term market dynamics may shift, with potential changes in sentiment and policy risks to be monitored, but overall risks are considered manageable [22].

Core Viewpoint - The report from Guohai Franklin Fund presents a positive outlook for the A-share market in 2026, highlighting a "slow bull" market characterized by structural differentiation, with significant performance from the technology sector and resource revaluation driven by external and internal demand dynamics [1][9]. Group 1: Technology Growth - Artificial Intelligence (AI) is identified as the core driver of the fourth industrial revolution, with its impact expected to surpass that of the internet and mobile internet eras [2]. - The past year has seen exponential growth in computing power driven by companies like OpenAI and Nvidia, alongside advancements in algorithms, leading to a clearer understanding of the path to General Artificial Intelligence (AGI) [2][3]. - The focus for investment in the AI sector should be on commercial opportunities in application development and the technological iteration of computing power, with a strong belief that 2026 will be a breakthrough year for domestic AI industries in China [3]. Group 2: Resource Revaluation - The report notes a significant increase in the prices of non-ferrous metals, driven by geopolitical tensions, de-globalization trends, and the rising demand for strategic resources due to the AI revolution [4]. - The U.S. is implementing tariffs and localization policies to build strategic reserves of critical minerals, while China is enhancing its control over supply in areas like rare earths and tungsten [4]. - The potential for this revaluation trend to extend to oil and agricultural products is highlighted, with oil prices being a key factor influencing global inflation and economic policies [5]. Group 3: Domestic Demand Stabilization - The decline in real estate prices since 2021 has led to a contraction in local government and household balance sheets, contributing to weak domestic demand [6]. - Short-term stabilization of core asset prices and proactive debt management are seen as effective measures to restore balance sheets, while long-term recovery will depend on structural reforms in consumption and income distribution [6][7]. - The direction of real estate policy will be crucial for the performance of the domestic demand sector in 2026, with a shift from a "supportive" to a "stimulative" approach potentially leading to significant valuation recovery across the domestic industry chain [7]. Group 4: National Competition - The report suggests that a stable external economic environment is essential for the continued performance of externally driven sectors, with a shift in U.S. foreign policy expected to lead to a more pragmatic approach [8]. - Improved relations between China and Europe are anticipated, although potential trade disputes in Southeast Asia and other regions remain a concern [8]. - Overall, the external environment in 2026 is expected to be more stable than in 2025, benefiting the outlook for externally driven industries [8]. Conclusion - Guohai Franklin Fund maintains an optimistic view for the A-share market in 2026, with a continued focus on technology growth, resource revaluation, and the potential stabilization of domestic demand [9].

Macro Economy - In 2025, China's consumer market showed a moderate recovery, with a retail sales growth of 4.0% year-on-year from January to November, although there was a decline in consumption in categories like home appliances and automobiles in the second half due to subsidy reductions and real estate adjustments [1] - The "14th Five-Year Plan" emphasizes economic development and aims for per capita GDP to reach the level of moderately developed countries by 2035, while also focusing on local development and the integration of technological and industrial innovation [1] Real Estate and Trade - Since mid-2025, there has been downward pressure on real estate transaction volumes, with a 26.6% year-on-year decline in transaction area and a 24.65% drop in transaction units in 30 major cities as of October [2] - Despite challenges in the real estate sector, foreign trade has shown resilience, with a 5.4% year-on-year increase in goods exports from January to November, and net exports exceeding 1 trillion USD [2] Technology Sector - In 2025, AI applications achieved significant scale, with a reduction in the "hallucination rate" of a popular AI model from 14% to 2% by the end of the year, leading to a surge in consumer applications [3] - By the end of 2025, global investment in Chinese assets through ETFs reached 831 billion USD, with 95 billion USD flowing into the technology sector, highlighting its importance for foreign investment [3] Semiconductor and AI - The semiconductor, communication, and robotics sectors performed well in 2025, with respective index increases of 127.57%, 45.93%, and 26.33%, driven by rising AI capital expenditures in North America and breakthroughs in domestic supply chains [4] - The AI sector is expected to transition into a monetization phase in 2026, with advancements in semiconductor technology and a focus on cost-effectiveness in the AI industry chain [4] New Energy Sector - The new energy sector in 2025 focused on energy storage and AIDC electrical equipment, with solid-state battery pilot lines and structural optimization in the photovoltaic industry driving temporary price increases [4] - Expectations for 2026 include the solid-state battery reaching a production inflection point [4] Commodities Sector - The non-ferrous metals sector saw an overall increase of 88.50% in 2025, supported by factors such as the Federal Reserve's interest rate cuts and supply chain disruptions [5] - The relationship between AI, new energy, and commodities is highlighted, with predictions of significant shortages in copper and lithium by 2035 [5] Consumer Sector - The consumer sector showed notable improvement in 2025, with a focus on "emotional consumption" and "brand overseas expansion," particularly in domestic appliances and electric vehicles [6] - The consumption sector is characterized by a "hot first half and a quiet second half," with a focus on channel transformation and community-oriented products [6] Pharmaceutical Sector - The pharmaceutical industry is expected to experience structural differentiation and value reassessment in 2026, focusing on innovation, international expansion, and policy reforms [7] - Significant breakthroughs in AI applications in healthcare are anticipated, including AI-assisted diagnostics and clinical transformations [7]

Core Viewpoint - The report from Guohai Franklin Fund indicates that the A-share market in 2026 is expected to be influenced by a "slow bull" market characterized by structural differentiation, with significant performance from the technology sector and resource revaluation [1][15]. Group 1: Technology Growth - Artificial intelligence (AI) is identified as the core driver of the fourth industrial revolution, with its impact expected to surpass that of the internet and mobile internet eras [3][4]. - The AI sector is anticipated to experience substantial growth in 2026, driven by advancements in domestic manufacturing technology and the mass production of GPUs, alongside established advantages in large model development in China [5]. - The focus for investment in the AI industry should be on commercial opportunities in application and the technological iteration path in computing power, with a recognition of potential short-term disruptions in stock selection due to hardware technology changes [4][5]. Group 2: Resource Revaluation - The report notes a significant increase in the prices of non-ferrous metals, driven by geopolitical tensions, de-globalization trends, and the rising demand for strategic resources due to the AI revolution [7][8]. - The supply-side dynamics are influenced by the U.S. implementing tariffs and localization policies, while China continues to manage its advantages in rare earths and other strategic materials [7]. - The potential for value revaluation trends to extend into oil and agricultural products is highlighted, with oil prices being a critical factor affecting global inflation and economic policies [8]. Group 3: Domestic Demand Stabilization - The decline in real estate prices since 2021 has led to a contraction in local government and household balance sheets, contributing to weak domestic demand [10][11]. - Short-term stabilization of domestic demand relies on balancing the asset-liability sheets of households, governments, and enterprises, while long-term recovery will depend on fundamental changes in economic driving models [10]. - The direction of real estate policy will be crucial for the market structure in 2026, determining whether it will adopt a conservative "support" strategy or a more aggressive "stimulus" approach [11]. Group 4: National Competition - The report suggests that a stable external trade environment is essential for the continuation of strong performance in foreign demand-driven sectors [13]. - The U.S. is expected to adopt a more pragmatic foreign policy, which may lead to a phase of stability in U.S.-China relations and improved ties with Europe [13]. - Despite potential trade disputes in Southeast Asia, China's ability to manage these challenges has significantly improved compared to the past [13]. Conclusion - Overall, Guohai Franklin Fund maintains an optimistic outlook for the A-share market in 2026, expecting a better environment than in 2025, with a continued focus on technology growth and resource revaluation [15].

Group 1 - The London Metal Exchange (LME) reported that copper inventories initially increased and then decreased, with the latest inventory level at 138,975 tons, marking a near two-month low [2] - The Shanghai Futures Exchange (SHFE) indicated a significant accumulation of copper inventory, with a weekly increase of 24.22% to 180,543 tons, reaching a near nine-month high [2] - International copper inventory remained stable at 10,746 tons, while New York copper inventory continued to rise, reaching 517,999 tons, a new phase high [2] Group 2 - The data from the three major exchanges shows a consistent trend in copper inventory levels, with specific figures for January 9, 2026, indicating 517,999 tons at COMEX, 138,975 tons at LME, and 180,543 tons at SHFE [5] - A comparison of copper inventory levels since the beginning of 2023 highlights fluctuations across the three exchanges, reflecting market dynamics [4]

从资金布局的行业方向看，电子行业成为融资客重点加仓领域，当周获得158.12亿元的融资净流入，规模居各行业之首。有色金属、国防军工行业紧随其 后，分别获得95.62亿元和91.73亿元的融资净买入。非银金融、计算机行业也获得超过60亿元的融资净流入。 根据东方财富Choice数据统计，2026年开年首个交易周（1月5日至1月9日），A股市场融资资金呈现加速流入态势，单周净买入额达857.79亿元。这一规模 在A股历史单周融资净流入记录中排名第五。 数据显示，该周前四个交易日资金流入尤为显著，每日净流入规模均超过百亿元，具体分别为192.66亿元、188.87亿元、249.02亿元和159.44亿元。最后一个 交易日流入速度有所放缓，净流入额为67.81亿元。 在个股层面，超过70%的两融标的实现融资净买入。其中，信维通信、中国平安当周融资净买入规模均超过18亿元；金风科技、中信证券分别获净买入 16.24亿元和14.53亿元；蓝色光标、招商银行、香农芯创的融资净买入额也超过10亿元。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有来自深圳一家中型券商营业部的人士表示， ...