证券研究报告 | 2026年01月31日 港股投资周报 金融股领涨，港股精选组合年内上涨 7.92% 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 0.49%，相对恒生指数超额收益-1.89%。 本年，港股精选组合绝对收益 7.92%，相对恒生指数超额收益 1.07%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，中国秦发等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是周期板块，其次为科技、消费、制 造和大金融板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周港股通 50 指数收益最高，累计收益 2.78%；恒生科技 指数收益最低，累计收益-1.38%。 行业指数方面，本周能源业行业收益最高，累计收益 7.44%；医疗保健业行 业收益最低，累计收益-2.72%。 概念板块方面，本周安防监控指数概念板块收益最高，累计收益 27.50%； 卫星导航指数概念板块收益最低，累计收益-9.93%。 金融工程·数量化投资 | ...

连建明 2026年头一个月，A股走势让许多股民感到犹如"坐过山车"，好在主要指数月K线都收阳，为全年开了 好头。不过，周五的大幅震荡也在提示市场风险悄悄降临，展望未来，慢牛行情有望持续，但风险也需 提高警惕。 再细看个股方面，上涨股票数量远多于下跌股票。1月份上涨股票3800只，下跌股票1300多只。聚焦热 点板块，既有去年的"老明星"，又有今年出现的"新贵"，通过1月份净申购的ETF就能看出，净申购前 几名分别是有色金属ETF、化工ETF、电网设备ETF、黄金ETF等，这些板块几乎是本月涨幅最大的板 块，涨幅最大的是有色和黄金板块，黄金板块涨幅高达40%，这当然与本月黄金价格暴涨有关，但风险 也在显现，1月最后一个交易日由于黄金出现震荡，A股中的黄金类企业股票大幅下跌，很多股票跌 停。至于去年最热门的科技股尤其是半导体、人工智能板块热度还在延续，人工智能从去年炒硬件转为 AI应用，导致软件和传媒板块大涨，中证传媒指数1月份涨幅为22%。卫星和电网设备去年12月份就开 始成为热点，今年1月份炒作延续，但下半月出现明显回调。化工板块则是1月份异军突起的板块，表现 突出。 1月份还有一个显著特点，就是大盘股、小盘 ...

一边是银行、保险、白酒、房地产这些"大家伙"在拼命护盘拉升；另一边，半导体、消费电子这些前阵子的明星板块却崩了，科创50指数更是暴跌超过 3%。 这感觉就像一场激烈的拔河比赛，两边的巨人在角力，大盘被拉扯得来回震荡。 更巧的是，盘后国务院办公厅立马送来了促进服务消费的利好政策， 直接给今天异动的白酒、消费板块送上了"助攻"。 那么问题来了，在这种极度分裂、消息交织的关头，明天周五的A股，到底会往哪边走去？ 是权重股继 续带队冲锋，还是中小盘题材股迎来反弹？ 今天是2026年1月29日，星期四。 A股市场的表现让很多投资者直呼"看不懂"。 上证指数全天就像被一根线牵着，早盘反复震荡，下午一度尝试上冲4170 点，但尾盘又回落了，最终收在4157.98点，微涨0.16%。 最关键的是这个量能，沪深两市合计成交金额达到了3.2万亿元，这是一个非常高的交易量水平。 但如此巨大的资金博弈之下，指数仅仅涨了6个点，这种"放量滞涨"的迹象，让不少技术派投资者心里打起了鼓。 所有信息仅供参考，不构成对任何人投资建议，据此入市，风险自负，股市有风险，入市需谨慎！ 今天A股的走势，用一个词形容就是"撕裂"。 大盘指数费了半天劲， ...

Core Viewpoint - In January, the A-share market experienced significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 3.76%, 5.03%, and 4.47% respectively. The total market capitalization of A-shares reached 125.21 trillion yuan, increasing by 6.3 trillion yuan in the month [1][3]. Industry Performance - The best-performing industry in January was the non-ferrous metals sector, which surged by 22.59%. Other notable sectors included media (up 17.94%) and oil and petrochemicals (up 16.31%). Several industries, such as construction materials, basic chemicals, and electronics, also saw increases of over 10% [3][5]. - Conversely, the banking sector experienced the largest decline, falling by 6.65%, followed by household appliances, non-bank financials, transportation, and agriculture, which all recorded slight decreases [3][5]. Stock Performance - A total of 3,993 stocks in the A-share market rose in January, with over 70% of stocks increasing in value. Notably, 716 stocks saw gains exceeding 20%, and 119 stocks rose by more than 50% [6]. - The top-performing stocks included Zhite New Materials, which increased by 234.08%, and Fenglong Co., which rose by 213.97%. Other significant gainers were Hunan Silver, Purun Co., and Sichuan Gold, all benefiting from the rising prices of precious metals [9][10]. Market Outlook - Looking ahead to February, the market is expected to focus on sectors showing signs of recovery and the potential for a spring rally. Key areas of interest include electronics (semiconductors), media (advertising, gaming, film), machinery (automation, engineering), and power equipment (batteries, grid equipment, photovoltaic devices) [12]. - Analysts suggest that the current spring market is promising, with expectations of favorable news from both policy and fundamentals. However, a brief period of market consolidation may occur before the trading activity picks up again after the Spring Festival [12].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.96%, Shenzhen Component down by 0.66%, and the ChiNext Index up by 1.27% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 28,624 billion yuan, a decrease of 3,970 billion yuan from the previous day [1] Sector Performance - AI hardware sectors saw a broad increase, with significant gains in optical modules, optical circuit switching, optical communication, optical chips, and advanced packaging [1] - The non-ferrous metals sector experienced a collective sharp decline, with industrial metals, rare earths, gold and jewelry, and other related sectors showing significant losses [1] - Traditional sectors like liquor and real estate, referred to as "old stocks," performed poorly after a recent surge [1] Investment Sentiment - The market is experiencing a significant risk rotation, with funds flowing into underperforming technology and agriculture sectors as a form of risk aversion [1] - Despite the sharp decline in the non-ferrous metals sector, it is believed to have medium to long-term investment value, with the performance of this sector closely tied to commodity prices, particularly gold [9] - The liquidity in the market remains robust, as indicated by the reduced trading volume being attributed to investors locking in positions rather than panic selling [5] Specific Stock Insights - The liquor index showed a significant decrease in trading volume, suggesting that large funds are not exiting but rather locking in positions, indicating potential for future gains [10][11] - The "old stocks" like liquor and real estate may present opportunities for short-term trading, with potential returns of 10%-20% based on technical signals [10]

Core Viewpoint - Nearly 3000 listed companies have reported their 2025 performance forecasts, reflecting the mixed fortunes across various industries, with 37.20% of companies expecting positive results, marking a 4 percentage point increase from 2024 [1] Group 1: Performance Forecasts - A total of 2844 companies have released their 2025 performance forecasts, with 1058 companies expecting positive outcomes, including increases and recoveries from losses [1] - The proportion of companies forecasting positive results has increased from 33.19% in 2024 to 37.20% in 2025, reversing a declining trend [1] Group 2: Economic Context - National Bureau of Statistics data indicates that profits of industrial enterprises above designated size in 2025 have shown positive growth, reversing a three-year decline from 2022 to 2024, signaling economic stabilization and recovery [1] Group 3: Industry Highlights - Key industries such as non-ferrous metals, electronics, public utilities, and automotive are performing particularly well, driven by the accelerated implementation of artificial intelligence (AI) [1] - The rise in prices of commodities like gold and copper, along with certain basic chemical products, combined with capacity release, has contributed to the positive performance forecasts of listed companies [1]

Group 1: Regulatory Updates - The China Securities Regulatory Commission (CSRC) is soliciting public opinions on the revised "Guidelines for Information Disclosure of Publicly Raised Securities Investment Funds" to enhance investor-centric disclosure and improve investment behavior stability [1][2] - The CSRC is focusing on deepening capital market reforms, improving the adaptability of regulations, and promoting the integration and high-quality development of various stock exchanges [2][3] - New environmental disclosure guidelines have been issued for listed companies, focusing on pollution emissions, energy utilization, and water resource management to enhance sustainable development awareness [3] Group 2: Company News - Windfang Co. has decided to terminate its acquisition of a 51% stake in Beijing Yanling Jiaye Intelligent Technology Co., citing that the conditions for the transaction are not fully met [5][6] - Guangdong Mingzhu expects a net profit of 166 million to 203 million yuan for 2025, representing a year-on-year increase of 2908.49% to 3577.04% [5] - Xiamen Minbao Optoelectronics plans to acquire a 51% stake in Xiamen Xizhi Precision Technology Co., expanding its business into high-end PCB drilling [9] Group 3: Financial Performance - Companies like Liyang Chip and Kexing Pharmaceutical are projecting significant profit increases for 2025, with expected growth rates of 640.16% to 804.64% and 328.83% to 455.89%, respectively [5][6] - The company "Guidance Compass" reported a revenue of 2.146 billion yuan for 2025, a 40.39% increase year-on-year, with a net profit of 22.8 million yuan, up 118.74% [6] Group 4: Market Movements - China Gold announced a stock price increase of 75.18% from January 23 to January 30, significantly outpacing the Shanghai Composite Index, which fell by 0.11% during the same period [8] - Tianqi Lithium announced the successful production of its first batch of chemical-grade lithium concentrate from its expansion project, enhancing its resource supply for lithium chemical products [10]

2025年，全省上下深入学习贯彻习近平总书记考察云南重要讲话精神，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，积极服务和 融入新发展格局，顶住多重挑战、奋力攻坚克难，交出了一份稳中有进、质效兼优的高质量答卷。1月30日晚，省政府新闻办举行2026年云南 省两会新闻发布会·经济社会发展主题专场。省发展改革委、省工业和信息化厅、省财政厅、省统计局、国家统计局云南调查总队负责同志介 绍工作情况，并回答记者提问。 聚焦2026云南省两会 总量平值增长 全省实现地区生产总值32765.78亿元 技不变价格计算,比上年增长4.1% 产业增长3.1% ◆第二产业增长2.9% ◆第三产业增长5.1% 食产量再上新色彩 全省粮食总产量2001.89 万吨 首次突破2000万吨,同比增长0.4% 粮食综合单产 315.98 公斤/亩 每亩产量比上年增加3.05公斤,增长1.0% 规模以上工业增加值同比增长4.5% ◆非烟非能工业增加值增长8.1%,对全省规上工业增长贡献率达72.9% 非烟非談丁业支撑作用明显 ◆有色行业增长14.2%,对全省规上工业增长贡献率达31.5% 41 術園出学体的技术 规模以上工业发电量459 ...

"惊魂一夜" ◎记者 霍星宇 1月29日晚，全球金属市场经历了"惊魂一夜"。当晚11点之前，还是黄金、白银、有色金属的"集体狂 欢"；11点之后，风云突变，全球主要金属品种合约集体跳水，几乎回吐此前全部涨幅，演绎了惊心动 魄的"过山车"行情。 也就在这一晚，有着10年交易经验的林先生在最高点"落袋为安"，成功"逃顶"。 林先生告诉记者，他持仓了30多个期货品种，其中有色金属板块持仓了铜、锡、镍、锌等品种。据他观 察，夜盘商品总体表现偏弱，白天多头较强的品种晚上往往低开，尤其是铜和化工板块表现明显。因 此，他除了沪铜长期持有外，其余夜盘低开的品种往往开盘就平仓，第二天再重新补仓。 "因为这段时间我一直秉持这种判断，因此在29日晚多头情绪非常强烈的情况下还是以减仓为主。虽然 当晚金银铜一度表现强势，沪银一度站上3万元关口上方，但晚上11点左右沪银急速跳水，跌至3万元以 下，原油主力合约也开板了。于是，我判断此时平仓第二天再入场踏空可能性较小，便把黄金、白银先 平仓了。" "随后，有色金属板块也开始整体回落，从风险控制的角度出发，我索性就把镍、锡、锌全在高位平仓 了。"林先生说他当晚唯一遗憾的是，铜在高位时并未及时 ...

证券日报网讯1月30日，特变电工（600089）在互动平台回答投资者提问时表示，公司年产240万吨氧化 铝项目目前正在建设中。 ...