建材、地产等板块ETF领涨 数据显示，截至2026年1月20日，全市场1310只股票ETF总规模达4.75万亿元。 【导读】本周二股票ETF资金净流出超500亿元 本周二（1月20日），A股市场再度调整，三大指数集体收跌，创业板指一度跌超2%。 部分资金继续选择兑现离场。周二全市场股票ETF（含跨境ETF）资金净流出超500亿元。沪深300、中证500、上证50、中证1000、科创50、创业板等宽 基ETF是资金净流出较多的品种，6只单日净流出超50亿元，最大单只单日净流出超百亿元。 实际上，过去四个交易日，股票ETF合计净流出已超2400亿元，其中本周两个交易日资金净流出超过920亿元。 具体到指数维度，1月20日电网设备主题单日净流入居前，达27.55亿元，沪深300指数单日净流出居前，达318.86亿元。从5日角度观测，近期资金流入电 网设备主题指数超81亿元，半导体材料设备超68亿元。 | | | | 股票ETF资金净流入排行 | | | | | --- | --- | --- | --- | --- | --- | --- | | 排行 | 证券简称 | 最新规模 (亿元) | 份额变化 (4243 ...

受隔夜欧美股市大跌影响，港股上午盘三大指数低开盘初冲高回落，恒生指数跌0.15%，国企指数跌 0.26%，恒生科技指数涨0.14%。权重科技股走势分化，百度涨超3%，小米跌超2%续创阶段新低；金价 突破4830美元，紫金黄金国际、招金矿业、灵宝黄金等股再创历史新高，消费电子概念股、半导体股走 势活跃。另外，体育用品板块跌幅居前，昨日拉升的内房股再度低迷，建材水泥股跟跌。(格隆汇) ...

【华福建筑建材】地产及地产链大涨点评：上层态度变化、政策渴望以及板块高低切的共振 今天地产及建筑建材板块大涨，主要源于市场传闻上海政策放松以及后续有更大力度政策出台。 我们认为当前时点需要重新看待地产及地产链板块： 开年以来，《求是》刊发重磅评论《改善和稳定房地产市场预期》，并连发六篇钟才平文章署名文章论怎么干经 济，对于房地产重点提出了：1）认可了房地产显著的金融资产属性，是居民财富的核心载 【华福建筑建材】地产及地产链大涨点评：上层态度变化、政策渴望以及板块高低切的共振 一方面，在数据全面下滑下，市场亟待政策发力；另一方面尽管数据依然疲软，但其对建材行业的边际负面影响 已明显减弱。 基本面方面，建材行业投资逻辑核心在于"供给侧改善"先于"需求侧复苏"。 在"反内卷"等政策导向下，水泥等行业的价格协同初见成效，盈利水平持续修复；防水、涂料等消费建材行业已 步入最后的尾部出清阶段，竞争格局优化，部分细分赛道龙头的毛利率、费用率等已在积极变化，并有望率先迎 来业绩拐点。 推荐逻辑上：我们首先推荐关注受益于地产政策传闻的高信用、高品质的开发类房企：招商蛇口、滨江集团；同 时推荐关注受益于地产需求修复预期的地产链细 ...

Core Viewpoint - The "14th Five-Year Plan" period is a crucial time for Shanxi to achieve high-quality development and deepen comprehensive transformation, laying a solid foundation for the realization of socialist modernization [1] Group 1: Development Opportunities - The overall judgment for Shanxi's development during the "14th Five-Year Plan" period is that opportunities outweigh challenges, with favorable conditions stronger than unfavorable factors [2] - Xi Jinping's personal attention and guidance for Shanxi's development provide significant confidence and support for the province [2] - The upcoming national policies and strategic measures during the "14th Five-Year Plan" period, such as constructing a new energy system and modern industrial system, offer broad space and rare opportunities for Shanxi's development [2] Group 2: Development Advantages - Shanxi is an important birthplace of Chinese civilization and a key energy base, with rich resources in coal and other minerals, as well as a strong foundation in traditional industries like electricity, steel, and chemicals [2] - The province has a unique geographical position and is well-connected, which enhances its importance in the national development landscape [2] - Achievements during the "13th Five-Year Plan" period have laid a solid foundation for high-quality development and modernization in the "14th Five-Year Plan" period [2] Group 3: Challenges and Issues - Shanxi faces prominent issues of unbalanced and insufficient development, with structural, institutional, and quality-related contradictions in its resource-based economy [2] - The transition from old to new growth drivers is still in progress, and there are significant shortcomings in ecological protection and public welfare [2] - The peak in coal consumption expected in the next five years poses urgent demands for industrial transformation and upgrading [2] Group 4: Development Principles - The overall requirements for economic and social development during the "14th Five-Year Plan" period include adherence to Marxism, comprehensive implementation of Xi Jinping's thoughts, and alignment with national strategic deployments [3] - Key principles include maintaining the Party's leadership, prioritizing high-quality development, and ensuring effective market and government collaboration [3] - The focus is on promoting economic growth, enhancing people's well-being, and ensuring decisive progress towards socialist modernization [3]

③1月20日，财政部等部门发布多项政策通知，包括延长服务业经营主体贷款贴息政策和个人消费贷款 财政贴息政策实施期限，实施民间投资专项担保计划，优化实施设备更新贷款财政贴息政策，实施中小 微企业贷款贴息政策。 ②受欧美经贸关系紧张等因素影响，国际黄金价格1月20日再创历史新高，美国纽约商品交易所黄金期 货价格、伦敦现货黄金价格双双突破每盎司4700美元关口。同日，国际白银价格再创历史新高，伦敦现 货白银价格、纽约白银期货价格一度双双突破每盎司95美元。 中证网讯 ①1月20日，建材、地产板块走强，多只相关主题ETF涨超3%；贵金属板块午后发力，多只黄 金主题ETF涨超2%，出现小幅溢价。资金流向方面，近日场内资金呈现流出宽基ETF、流入行业主题 ETF的特征。 ④国务院新闻办公室将于1月21日上午10时举行新闻发布会，工业和信息化部副部长张云明介绍2025年 工业和信息化发展成效，并答记者问。（王宇露） ...

Group 1: Lin Qingxuan (02657HK) Overview - Lin Qingxuan is a leading high-end domestic skincare brand in China, established in 2003, focusing on the "oil-based skincare" concept using camellia oil as a core ingredient [2][11][13] - The company's revenue is projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, with a CAGR of 32.7%, while net profit is expected to turn from a loss of 6 million yuan to a profit of 187 million yuan, representing a 120% year-on-year increase in 2024 [2][11][13] - The brand's market share in the high-end skincare segment is 1.4%, making it the only domestic representative among the top 15 high-end skincare brands in China for 2024 [11][13] Group 2: Market Trends and Opportunities - The skincare market in China has reached a scale of 400 billion yuan, with significant growth potential in per capita spending compared to Western markets [11][13] - The segment of facial essence oils is expected to grow at a CAGR of 42.8% from 2019 to 2024, significantly outpacing the overall industry growth [11][13] - The high-end skincare market is projected to expand to 218.5 billion yuan by 2029, driven by the mainstream adoption of the "oil-based skincare" concept [11][13] Group 3: Product and Channel Strategy - Lin Qingxuan has successfully upgraded its core product, the camellia essence oil, to its fifth generation, achieving cumulative sales of over 45 million bottles and maintaining the top position in the national facial essence oil sales for 11 consecutive years [11][13] - The company is enhancing its product matrix with stable growth in other products like creams and essence waters, while also focusing on R&D breakthroughs to improve product efficacy [11][13] - The brand's omnichannel strategy includes nearly 600 physical stores and a strong online presence, with online sales accounting for 65.4% of total revenue in the first half of 2025 [11][13] Group 4: Financial Projections - The projected net profits for Lin Qingxuan from 2025 to 2027 are 347 million yuan, 577 million yuan, and 820 million yuan, respectively, with year-on-year growth rates of 86%, 66%, and 42% [11][13] - The price-to-earnings (PE) ratios for the same years are expected to be 31, 18, and 13 times, indicating a favorable valuation outlook [11][13] Group 5: Hong Kong Stock Market Analysis - The "January Effect" in the Hong Kong stock market is attributed to the return of overseas investors and the gradual inflow of foreign capital into Chinese assets, which is expected to continue [4][12][14] - The market's liquidity environment has improved compared to the end of the previous year, with a notable increase in trading activity and a decrease in short-selling [14] - Despite the positive trends, the market remains sensitive to fluctuations in overseas risk appetite and domestic economic conditions [14]

本报记者 郭冀川 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、国家能源局五部门联合发布《关于开展零碳 工厂建设工作的指导意见》（以下简称《指导意见》），带动重点行业领域减碳增效和绿色低碳转型，为我国工业领域节能降 碳、绿色发展注入了强劲动力。 《指导意见》提出，实施分阶段梯度培育，优先选择脱碳需求迫切、能源消费以电力为主、脱碳难度相对较小的行业先行 探索，逐步完善相关规划设计、能源供应、工艺技术、管理运营和商业模式，待条件成熟后再向碳排放量强度高、脱碳难度大 的行业逐步推进。 在目标实施节点上，《指导意见》明确，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，初步构建涵盖能源供应、技术研发、标准制定、 金融支持等的零碳工厂建设产业生态，有效适应国际贸易规则，增强产业低碳竞争优势。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，探索传统高载能产业脱碳新路径，推广零碳工厂设计、融资、改造、 管理等综合服务模式和系统解决方案，大幅提升产品全生命周期和全 ...

- The report discusses the market performance of various indices, including the Shanghai Composite Index, which performed relatively well, and the CSI 300 Value Index, which also showed positive performance[2][6] - The report highlights the performance of different industry indices, with the petroleum and petrochemical, building materials, real estate, construction, and transportation industries performing well, while the defense, communications, computer, comprehensive finance, and electrical industries performed poorly[7] - The report provides data on market sentiment, including the number of stocks that hit their daily limit up or down, and the performance of these stocks the following day[13][14] - The report includes information on market capital flows, such as the balance of margin financing and securities lending, and the proportion of these balances relative to the total market capitalization[19][22] - The report discusses the premium and discount rates of ETFs, highlighting the ETFs with the highest premiums and discounts on a specific day[23][25] - The report provides data on block trading, including the average daily transaction amount and discount rate over the past six months[26][28] - The report includes information on the annualized discount rates of the main contracts of stock index futures for various indices, such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000[28][30] - The report highlights the stocks that received the most institutional attention over the past week, with specific stocks being mentioned[30][32] - The report provides data on the top ten stocks with the highest net inflows and outflows from institutional seats and the Shanghai-Hong Kong Stock Connect[36][37][38][40]

Group 1 - The real estate and building materials sectors showed strength on January 20, with multiple related ETFs rising over 3% [1][4][15] - The precious metals sector, represented by gold stocks, also gained momentum in the afternoon, with several gold-themed ETFs increasing by over 2% [1][4][15] - The commercial aerospace sector has recently entered a high volatility range, with several satellite-themed ETFs dropping over 4% [2][16] Group 2 - There has been a noticeable trend of capital flowing out of broad-based ETFs and into industry-specific ETFs, with significant net inflows into semiconductor materials and non-ferrous metals ETFs exceeding 10 billion yuan [3][17] - On January 19, the electric grid-themed ETF saw a net inflow of over 2.5 billion yuan, while gold ETFs and semiconductor materials equipment also attracted over 1 billion yuan each [10][24] - The broad-based ETFs continued to experience net outflows, with the CSI 300 ETF seeing a net outflow of over 30 billion yuan on January 19, although this was a decrease from over 58 billion yuan on January 16 [10][24] Group 3 - The leading broad-based ETFs remain highly active in trading, with several ETFs achieving transaction volumes exceeding 10 billion yuan [8][22] - The A500 ETF, which is the first to "go abroad" under the mutual market access mechanism, was listed on the Singapore Exchange on January 20, marking a significant milestone for cross-border ETF investment [13][27] - Analysts suggest that the domestic equity market remains active, with a focus on sectors supported by performance, as the market prepares for upcoming earnings reports [12][26]

Market Performance - The A-share market experienced a collective decline, with the Shanghai Composite Index down 0.01%, the Shenzhen Component Index down 0.97%, the ChiNext Index down 1.79%, and the Beijing Stock Exchange 50 Index down 2% [1] - The total trading volume across the three markets reached 28,041 billion yuan, an increase of 720 billion yuan compared to the previous day, with over 3,100 stocks in the three markets showing losses [1] Sector Performance - The top-performing sectors included epoxy propylene, precious metals, glyphosate, cultivated diamonds, real estate, construction materials, banking, and airport shipping [1] - Conversely, the sectors that saw the largest declines were commercial aerospace, military equipment, CPO, copper cable high-speed connections, and photovoltaic equipment [1] ETF Performance - Domestic demand sectors saw a broad increase, with the real estate industry chain leading the gains; notable ETFs included: - Fuguo Fund Construction Materials ETF up 3.96% - Guotai Fund Construction Materials ETF up 3.88% - E Fund Construction Materials ETF up 3.39% - Huabao Fund Real Estate ETF up 3.22% - Yinhua Fund Real Estate ETF up 2.87% [1] - Gold prices reached a new historical high, with Ping An Fund Gold Stock ETF rising by 3.24% [1] - Hong Kong consumer stocks also rose, with the Huitianfu Fund Hong Kong Stock Connect Consumer 50 ETF increasing by 2.8% [1] Declining ETFs - The commercial aerospace sector led the declines, with satellite ETFs such as Satellite ETF, Satellite ETF Penghua, and Satellite ETF Guangfa falling by 4.69%, 4.63%, and 4.58% respectively [1] - The photovoltaic sector experienced a pullback, with the Kexin New Energy ETF down 3.94% [1] - The CPO sector also declined, with the communication equipment ETF down 3.76% [1]