Core Viewpoint - The National Financial Supervision Administration of Tai'an has approved the relocation of the business premises for China People's Life Insurance Co., Ltd. Tai'an Branch to a new address in Tai'an City [1] Group 1 - The new business location is specified as the sixth floor of the Armed Police Jiayuan Commercial Office Building (Guomao Building), located east of Changcheng West Road and south of Dongyue Street in Tai'an City [1] - The approval is documented under the reference number (Renbao Shouxian Lu Fa [2025] 868) [1] - The Shandong Provincial Branch of China People's Life Insurance Co., Ltd. is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

盘面上，脑机接口概念掀涨停潮，三博脑科、伟思医疗、爱朋医疗等多股涨停；保险、证券等金融 股走强，华林证券、华安证券涨停，新华保险涨超6%，中国太保涨超5%。此外，能源金属、小金属、 有色金属、航天航空、汽车服务、光伏、化纤、钛白粉概念等板块涨幅居前；美容护理、CPO概念等板 块跌幅居前。 编辑：何颖曦 中国经济周刊-经济网讯 A股三大指数今日集体收涨，沪指高开高走，再创十年新高。截至收盘， 上证综指报4083.67点，涨幅1.50%，成交额11757.69亿元；深证成指报14022.55点，涨幅1.40%，成交额 16307.39亿元；创业板指报3319.29点，涨幅0.75%，成交额7565.29亿元。 ...

Core Insights - The relationship between finance and rural China is being redefined, showcasing how financial products can serve as a safety net for vulnerable communities [1][4] - The integration of technology in agriculture is transforming traditional insurance practices, enabling livestock to serve as collateral for loans, thus addressing long-standing challenges in the sector [2] - Financial services are acting as a bridge connecting rural resources with urban markets, facilitating the sale of local products and supporting farmers in accessing credit [2] Group 1: Financial Safety Nets - Financial products like "poverty alleviation insurance" have significantly reduced out-of-pocket medical expenses for families, exemplifying the protective role of finance in rural areas [1] - The design of financial products reflects a blend of actuarial precision and human empathy, providing a robust safety net for families at risk of falling back into poverty [1] Group 2: Technological Integration - The use of technology, such as facial recognition for livestock, is revolutionizing agricultural insurance, allowing farmers to secure loans against their live assets [2] - This technological advancement not only enhances operational efficiency but also unlocks new avenues for credit flow in the agricultural sector [2] Group 3: Bridging Urban and Rural - Financial institutions are playing a crucial role in connecting rural producers with broader markets through e-commerce platforms and training initiatives [2] - The efforts of financial professionals, such as rural bank managers, are vital in facilitating access to loans and supporting local agricultural initiatives [2][3] Group 4: Challenges and Collaboration - The implementation of financial support in rural areas faces challenges such as geographical complexities, labor shortages, and the need for a shift in local mindsets [3] - Successful financial support for rural revitalization requires collaboration across various sectors, including agriculture, education, and infrastructure development [3] - Financial institutions must engage deeply with local contexts to effectively address the unique needs of farmers and rural communities [3]

隔夜美股道指、标普500指数均创新高，中概指数跌0.78%。昨日走高的港股三大指数低开，恒指跌 0.41%，国指跌0.3%，恒生科技指数跌0.28%。大型科技股多数走低，其中阿里巴巴跌2.45%，百度跌 1.7%，昨日领衔大市上涨的保险股、中资券商股走低。另外，半导体股、脑机接口概念股多数上涨。 (格隆汇) ...

Group 1: Interest Rate Adjustments - The three-year fixed deposit product with an interest rate of 2.2% was officially removed on January 5, with all deposit rates decreasing by 20 basis points [1] - Multiple small and medium-sized banks, including Wuding Xingfu Village Bank and Xuwen Rural Commercial Bank, have recently announced adjustments to their deposit rates, indicating a trend of flexible management based on individual bank conditions [1] Group 2: Currency and Asset Trends - The offshore RMB exchange rate against the USD rose again on January 6, remaining above the 7 yuan mark, continuing a trend of appreciation that has lasted nearly nine months [1] - Analysts believe that the strengthening of the RMB is beneficial for foreign capital inflow, improving liquidity and risk appetite in the A-share market, with three asset categories highlighted for investment: aviation, paper manufacturing, and high-growth sectors like computing and electronics [1] Group 3: Company Performance Forecasts - Eleven companies are expected to achieve their highest net profits in the past decade by 2025, with Zijin Mining and Luxshare Precision leading with lower limits of 51 billion yuan and over 16.5 billion yuan, respectively [2] - The performance of the non-ferrous metals sector is expected to be strong due to supply constraints and structural demand growth, with companies like China Uranium Industry also anticipated to reach peak profits [2] Group 4: Lithium Carbonate Price Surge - Lithium carbonate prices have surged significantly, with a 7.74% increase on January 5 and an 8.99% increase on January 6, reaching 137,900 yuan per ton, driven by tightening supply expectations and rising demand [3] - The price increase is linked to uncertainties in lithium supply and growing demand for energy storage, with market analysts suggesting limited downside potential for lithium prices [3] Group 5: Corporate Developments - Yunnan Metallurgical Group is publicly offering a 3.18% stake in Cheng Tai Insurance for a base price of 184 million yuan, marking the third attempt to transfer this stake [6] - Four companies, including Suzhou Shangshun Technology, have initiated listing counseling as of January 6, indicating ongoing activity in the capital markets [6] Group 6: Stock Market Movements - The three major U.S. stock indices closed higher, with the Dow Jones up 0.99%, driven by AI-related demand, while the S&P 500 and Dow reached historical highs [17] - Commodity prices, particularly metals, have seen significant increases, with copper and nickel reaching record highs, reflecting strong market conditions [17]

金 融 期 货 研 究 | | | | | 期指：美股、商品强势共振 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | | maolei@gtht.com | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | 沪深300 | 4790.7 | ↑1.55 | | 7254.1 | | | | | | IF2601 | 4795.4 | ↑1.70 | 4.71 | 551.2 | 38583 | ↑3340 | 56206 | ↓1476 | | IF2602 | 4784.8 | ↑1.70 | -5.89 | 60.5 | 4245 | ↑370 | 6883 | ↑456 | | IF2603 | 4778 | ↑1.71 | -12.69 | 1135.2 | 79694 | ↑ ...

隔夜美股道指、标普500指数均创新高，中概指数跌0.78%。昨日走高的港股三大指数低开，恒指跌 0.41%，国指跌0.3%，恒生科技指数跌0.28%。大型科技股多数走低，其中阿里巴巴跌2.45%，百度跌 1.7%，昨日领衔大市上涨的保险股、中资券商股走低。另外，半导体股、脑机接口概念股多数上涨。 (格隆汇) ...

资讯早班车-2026-01-07 一、 宏观数据速览 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 专业研究·创造价值 1 / 12 请务必阅读文末免责条款 期货研究报告 二、商品投资参考 综合 1、中国人民银行部署 2026 年重点工作，要求灵活高效运用降准降息等多种 货币政策工具，保持流动性充裕。完善结构性货币政策工具体系。完善金融 市场监测指标体系，探索开展金融市场宏观审慎管理。强化金融市场监管执 法，持续打击金融市场违法违规活动。加强对银行间债券市场、货币市场、 外汇市场、票据市场、黄金市场及有关衍生品的监管。强化虚拟货币监管， 持续打击相关违法犯罪活动。 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2025-10-20 | 2025/09 | GDP:不变价:当季同比 | % | 4.8 | 5.2 | 4.6 | | 2025-12-31 | 2025/12 | 制造业 PMI | % | 50.1 | 49.8 | 50.1 | | ...

Core Viewpoint - The spring market trend in A-shares is expected to continue, with a focus on various sectors benefiting from technological advancements and policy support [1][2]. Industry Configuration Insights 1) Energy and Basic Materials - Demand expectations for thermal coal have weakened, leading to a price drop of 17% in December, while coking coal and coke prices increased by 4% and 8% respectively [10] - The supply-demand mismatch, combined with monetary easing, has resulted in significant price increases for precious metals and industrial metals, with copper, aluminum, and zinc prices rising by 12%, 5%, and 2% respectively [12] - The coal industry is undergoing structural optimization due to new regulations aimed at improving clean coal utilization [10] 2) Industrial Products - Domestic demand is showing structural differentiation, with excavator sales increasing by 19% year-on-year in November, while automotive sales grew by 3% [4] - The renewable energy sector is experiencing strong growth, with wind and solar installations increasing by 59% and 33% respectively [4] 3) Consumer Products - Traditional consumer sectors are facing challenges, with home appliance sales declining significantly; washing machines, refrigerators, and air conditioners saw year-on-year drops of 13%, 25%, and 25% respectively [5] - The central economic work conference emphasizes expanding domestic demand as a priority, with plans to enhance the supply of quality goods and services [5] 4) Technology - The AI application landscape is rapidly evolving, benefiting sectors like communication equipment, which is expected to gain from increased capital expenditure in North America [6] - The semiconductor industry remains robust, with global sales increasing by 25% year-on-year in October [6] 5) Financial Sector - Banks are attracting long-term capital due to their high dividend yields and stable earnings, with insurance premiums growing by 7.6% year-on-year in November [7] - The stock market is stabilizing, with an average daily trading volume of 1.88 trillion yuan in December [7] 6) Real Estate - The real estate sector is under pressure, with a 27% year-on-year decline in sales area for commercial housing in December [7] - The central economic work conference is focused on stabilizing the real estate market and addressing local government debt risks [7]

来源：中信证券研究 China Themes 中国主题 2026年投资展望 展望2026年，预计中国宏观经济呈现结构分化下的温和修复态势，全年经济增速或达4.9%，出口保持 韧性，投资逐步回暖，商品消费短期承压。2026年大类资产环境或呈现流动性边际宽松与经济温和修复 的特征，我们推荐商品>股票>债券。我们首推China Themes（中国主题）报告，聚合2026年大类资产展 望、宏观政策及产业投资看点，并梳理各行业重点公司，供投资者参考。 ▍大类资产：2026年大类资产环境或呈现流动性边际宽松与经济温和修复的特征，我们推荐商品>股票 >债券。权益方面，我们预计2026年万得全A全年涨幅5%-10%；港股预计迎来业绩触底反弹+第二轮估 值修复的戴维斯双击行情；美股在中期选举年"财政+货币"双宽松背景下，料将延续基本面增长动能。 债券方面，我们预计10年期中债收益率全年运行区间为1.5%-1.8%，节奏先下后上；10年期美债收益率 或维持3.9%-4.3%的区间波动。商品方面，原油供需格局由过剩转向平衡，布伦特原油全年或在58-70美 元/桶区间震荡；黄金在流动性宽松与地缘风险支撑下延续强势但涨幅趋缓，有望冲击 ...