A股三只大牛股，明日复牌。 1月11日，嘉美包装发布公告称，就股票交易波动情况相关核查工作已完成，公司股票将于1月12日（明 日）开市起复牌。在此之前，嘉美包装股价持续飙涨，2025年12月17日至2026年1月6日期间累计涨幅超 230%。 5倍大牛股国晟科技公告称，鉴于相关核查工作已完成，公司股票将于1月12日（明日）开市起复牌。回 顾此前，2025年9月23日至2026年1月6日期间，国晟科技股价累计涨幅达540%。 此外，16倍大牛股天普股份表示，公司就近期股票交易情况进行了核查，鉴于相关核查工作已完成，公 司股票将于1月12日（明日）开市起复牌。证监会1月9日晚间发布公告，天普股份股票价格异常波动， 市场高度关注。近日，证监会已对天普股份股票交易异常波动公告涉嫌重大遗漏立案调查。 据统计，天普股份股票价格自2025年8月22日至2025年12月30日累计上涨718.39%，2025年全年累计涨 幅高达1663.20%，成为年度涨幅榜上的"第二大牛股"。 嘉美包装明日复牌 1月11日，嘉美包装发布公告称，公司股票将于2026年1月12日（星期一）开市起复牌。此前，因公司股 票自2025年12月17日至 ...

Report Overview - The report is a weekly strategy report on overseas equity (Hong Kong and US stocks) by Guotai Junan Futures, dated January 11, 2026 [1][2] 1. Investment Ratings - No specific industry investment ratings are provided in the report 2. Core Views - For US stocks, maintain an optimistic outlook, continue with the technology + cyclical allocation strategy, and expect a more balanced market style in 2026 with a "shrinking circle" structure in the technology sector [3] - For Chinese stocks, in the short term, A-shares have better profit - making effects than Hong Kong stocks, and attention should be paid to the subsequent catch - up opportunities in Hong Kong stocks. In the medium term, Hong Kong stocks maintain a barbell strategy [4][7] 3. Summary by Sections US Stocks - **Market Performance and Outlook**: This week, cyclical sectors led the rise in US stocks, and the technology sector continued its "shrinking circle" structure. Next week, the US stock market will face earnings season and inflation data. The outlook remains optimistic, and the technology + cyclical allocation strategy continues [3] - **2026 Allocation Ideas**: The market style will be more balanced, and the K - shaped divergence between technology and non - technology, large - cap and small - cap stocks is expected to converge. Focus on AI technology, healthcare, utilities, finance, materials, and consumer sectors. Prioritize upstream infrastructure in AI technology over downstream software, and pay attention to theme investment opportunities in physical AI [3] - **Valuation**: US stock valuations are still relatively high overall [14] - **AI Bubble**: It is a local rather than a systematic bubble. The market is punishing individual companies with aggressive capital expenditures. Currently, it may be close to the 1997 position from the perspective of the technology industry's ROIC. Monitor the "ROIC - WACC" convergence trend and the divergence between "financing growth" and "profit growth" [20][22] Chinese Stocks - **Market Performance and Outlook**: This week, A - shares outperformed Hong Kong stocks. A - shares' performance was strong in some sectors with high performance certainty and theme - concept sectors. Southbound funds' entry momentum increased, and the pattern may be A - shares leading and Hong Kong stocks catching up. February is the month with the highest winning rate for A - shares historically [4][6][7] - **Short - term Allocation**: Defensively allocate sectors with high performance certainty (AI hardware, new energy leaders, and non - ferrous metals), and offensively allocate valuation - driven sectors (Hang Seng Technology, Hong Kong innovative drugs, commercial aerospace, and robotics) [7] - **Medium - term Allocation for Hong Kong Stocks**: Adopt a barbell strategy, focusing on technology assets with clear industrial trends supported by policies, some new energy sectors with supply - side clearance and demand - side improvement, and non - ferrous sectors benefiting from supply shortages, strong structural demand, and interest rate cuts [7] Odds Analysis - **Hong Kong Stocks**: The forward PE of the Hang Seng Index is 11.8 times, approaching the mean + 1STD since 2015. The forward PE of the Hang Seng Tech Index is 21.4 times, approaching the mean of the past 5 years. The Hang Seng Index ERP is 4.9%, and the Hang Seng Tech Index ERP is 1.1% [9][10]

本报讯(记者马宇薇)1月8日，由吉林省基金业协会、长春市南关区人民政府联合主办的"跨域联动.共启 新篇"上市公司及投资机构交流活动在长春举行。来自长三角地区的20余家上市公司、投资机构及行业 组织代表，与吉林省本地相关政企代表围绕产业协同、资本对接、创新发展等核心议题深入交流，共商 合作，为区域发展注入新动能。 吉林省基金业协会相关负责人表示，此次活动是协会履行"服务、协调、自律、桥梁"职能的具体实践。 未来，协会将继续致力于构建常态化、机制化的资本对接平台，进一步发挥行业资源整合优势，推动更 多合作意向转化为落地项目，助力资本与产业深度融合，以更高效地对接服务、更广泛的资源联动，为 吉林经济高质量发展与东北全面振兴贡献力量。 本次活动通过"产业研讨+资本对接+文化体验"的多元融合形式，旨在搭建跨区域、高实效的产融合作 平台，全面展示吉林省及长春市在产业发展、政策环境与投资机遇等方面的整体优势，为深化区域合 作、引入优质资本开辟了新渠道。 长春市南关区委书记申洪业在与企业家交流时表示，立足东北全面振兴战略大局，此次主动对接长三角 优质资源，是南关区抢抓"十五五"开局关键机遇、全面融入长春现代化都市圈建设的战略 ...

Group 1 - The overall profit effect among investors is positive, with 88% reporting profits, and 55% of those making profits within 10% [1] - Approximately 3% of investors are currently in cash, while about 46% are fully invested or using margin, indicating a slight increase in investment positions [1] - 29% of investors chose to increase their positions this week, a 6 percentage point increase from the previous week, reflecting optimism towards the market [1] Group 2 - The A-share market continues to rise, with investor confidence recovering, although the Shanghai Composite Index is at a near ten-year high, leading to some skepticism about the upward momentum [1] - 43% of investors believe the market will "rise and break through 4200 points" next week, while 46% expect "sideways fluctuations" [1][3] - Only 7% of investors are bearish, predicting the market will "fall below 4000 points" [1][3] Group 3 - The proportion of investors optimistic about the military industry has significantly increased, rising by 6 percentage points [2] - In the latest survey, the technology sector remains the most favored, with 56% of investors expressing confidence [2] - Other sectors such as large finance, large consumption, and new energy have seen a decline in investor optimism [2]

Group 1 - The current market rally, referred to as "开门红," is supported by improving macroeconomic data and ample liquidity, which enhances market risk appetite and attracts new capital inflows [1][9][40] - Various types of trading funds have shown accelerated entry into the market, including a net inflow of 78.9 billion yuan in margin financing since the beginning of the year and an average daily net inflow of retail funds returning to around 30 billion yuan [1][9][40] - The structural consensus among different types of funds is strong, focusing on sectors such as TMT (storage, AI applications), military (commercial aerospace), non-ferrous metals, new energy (controlled nuclear fusion), machinery (robots), and pharmaceuticals (innovative drugs, brain-machine interfaces) [2][35][38] Group 2 - The global stock market is experiencing a strong start in 2026, driven by expectations of loose liquidity, geopolitical changes, and emerging industrial trends, with A-shares reflecting this global narrative [5][38] - Key events such as the International Consumer Electronics Show (CES) and geopolitical developments are catalyzing themes in the market, enhancing the strategic value of resource products and driving structural similarities across global markets [5][38] - The market is currently in a favorable position with limited downside risk and significant potential for upward movement, supported by improved PMI and price data, as well as a high percentage of stocks still below their previous highs [11][44] Group 3 - The recent surge in the commercial aerospace sector has raised concerns about its current crowding and sustainability, with trading volume indicating a potential for further upward movement [16][51] - As the earnings forecast disclosure period approaches, the correlation between stock prices and earnings will increase, necessitating a focus on structural adjustments based on performance [21][57] - Industries with significant upward revisions in profit forecasts since November include technology (consumer electronics, computing), advanced manufacturing (new energy, military), and cyclical sectors (building materials, non-ferrous metals) [26][58]

Core Viewpoint - Three notable stocks, Jiamei Packaging, Guosheng Technology, and Tiangpu Co., are set to resume trading on January 12, following announcements regarding their operational status and stock performance [1][2]. Group 1: Jiamei Packaging (002969) - Jiamei Packaging announced that its production and operational activities are normal, with no significant changes in the internal or external business environment [1]. - The company reported that there are no plans for major adjustments to its main business or asset sales in the next 12 months, and no plans for a reverse merger in the next 36 months [1]. - Jiamei Packaging's stock price surged by 230% following the announcement of a proposed acquisition of 54.90% of its shares by Suzhou Zhuyue Hongzhi Technology Development Partnership, with a total transaction value of approximately 2.282 billion yuan [2]. Group 2: Guosheng Technology (603778) - Guosheng Technology issued a warning about expected losses for the fiscal year 2025, projecting a negative net profit attributable to shareholders [5]. - The company reported a net loss of approximately 15.1 million yuan for the first three quarters of 2025, with uncertainties surrounding its external investments and acquisition progress [5]. - Guosheng Technology's stock experienced a cumulative increase of 370.20% during a period of trading volatility [6]. Group 3: Tiangpu Co. (605255) - Tiangpu Co. saw a remarkable stock price increase of 1645% in 2025, ranking second in A-shares [8]. - The company is under investigation by the China Securities Regulatory Commission for potential significant omissions in its trading announcements [8]. - The latest stock price for Tiangpu Co. is reported at 218.02 yuan, with a total market capitalization nearing 30 billion yuan [8].

Group 1 - Jia Mei Packaging announced that its stock will resume trading on January 12, 2026, after a price increase of 230.48% from December 17, 2025, to January 6, 2026 [2][16] - Guosheng Technology also stated that its stock will resume trading on January 12, 2026, with a cumulative price increase of 370.20% from October 31, 2025, to January 6, 2026 [2][17] - Tianpu Co. announced its stock will resume trading on January 12, 2026, after a significant price increase of 718.39% from August 22, 2025, to December 30, 2025 [2][18] Group 2 - The Ministry of Commerce held a national business work conference on January 10-11, 2026, focusing on optimizing the consumption upgrade policy for 2026 [4] - The conference emphasized eight key areas of work, including boosting consumption, enhancing the modern market system, and promoting trade innovation [4] - The conference aims to align actions with the central government's economic strategies and enhance international trade cooperation [4] Group 3 - The U.S. Supreme Court announced on January 9, 2026, that it would not make a ruling on the tariff case initiated by the Trump administration [5] - The tariffs were implemented without congressional approval under the International Emergency Economic Powers Act [5] Group 4 - The U.S. Labor Department reported a non-farm employment increase of 50,000 in December 2025, below the expected 73,000, while the unemployment rate fell to 4.4% [6] - The report suggests that the Federal Reserve is likely to maintain interest rates unchanged in January [6] Group 5 - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance announced new regulations increasing the whistleblower reward for securities and futures violations to a maximum of 1 million yuan [8] - The reward structure has been significantly enhanced, with the maximum for major violations raised from 100,000 yuan to 500,000 yuan [8] Group 6 - The State-owned Assets Supervision and Administration Commission (SASAC) reported that central enterprises achieved over 11 trillion yuan in revenue in strategic emerging industries by November 2025 [11] - The SASAC also noted that 116 strategic reorganizations involving 229 first-level enterprises have been initiated [11] Group 7 - Shanghai's government released a three-year action plan (2026-2028) to support the transformation and upgrading of advanced manufacturing [13] - The plan includes initiatives for low-altitude economy, commercial aerospace, and humanoid robots, aiming to overcome development bottlenecks in these sectors [13] Group 8 - The Baotou Rare Earth Products Exchange launched a rare earth price index to provide timely and accurate price references for the industry [14] - The index is based on trading data and aims to reflect the overall price trends of rare earth products [14] Group 9 - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export rebates for photovoltaic products starting April 1, 2026 [15] - The VAT export rebate rate for battery products will be reduced from 9% to 6% during 2026, with a complete cancellation planned for 2027 [15]

Core Insights - The Saudi Arabian Ministry of Industry and Mineral Resources is encouraging Chinese new energy companies to enter the Saudi market to enhance cooperation in key areas such as low-carbon transition, supporting Saudi Arabia's "Vision 2030" initiative [1] - Contemporary Amperex Technology Co., Limited (CATL) has launched its first and largest overseas new energy after-market facility, the "CATL" service experience center, in Riyadh, aimed at improving the after-sales service system for Chinese new energy products in the Middle East [1] - The facility is designed to provide full lifecycle support for electrification and energy storage applications [1]

Core Viewpoint - The Beijing Economic and Technological Development Zone has released measures to accelerate the cultivation of future energy industries, focusing on four key sectors: new energy storage, clean energy, low-carbon transition, and fusion energy [1][2] Group 1: Future Energy Industry Development - The development of future energy is crucial for economic transformation and optimizing energy structure, with the Yizhuang area already hosting leading companies in the new energy sector [1] - The new policy outlines four major future energy industry tracks, including the development of new energy storage technologies such as all-solid-state batteries and flow batteries [1][2] Group 2: Support Measures - The policy proposes 10 key support measures focusing on technological breakthroughs, pilot industry cultivation, landmark scene creation, and development factor assurance [2] - Financial support will be provided for key core technology R&D in future energy, with up to 30% of annual R&D investment covered based on the development stage [2] - Aiming for a scale of over 50 billion yuan in the new energy and future energy industries by the end of 2028, the plan includes the promotion of over 10 landmark products and the establishment of more than 80 specialized enterprises in the future energy sector [2]

Group 1 - Jiangsu Province's Xuzhou City is focusing on cultivating innovative industrial clusters to accelerate the transformation and upgrading of the manufacturing industry, shifting from resource dependence to innovation-driven development [1] - Greer Digital Technology Co., Ltd. in Xuzhou High-tech Zone has installed photovoltaic power generation equipment on its roof, generating an average of 2.5 million kilowatt-hours annually, which meets over 60% of the plant's electricity needs [1] - The company has improved the efficiency of its new energy power generation system to 98% by integrating advanced artificial intelligence algorithms and blockchain technology, while reducing production energy consumption by over 30% [1] Group 2 - Traditional high-energy-consuming industries in Xuzhou are achieving green and intelligent transformation through technological innovation, with Xuzhou Steel Group reporting a 13.82% reduction in particulate emissions and a 12.98% reduction in sulfur dioxide emissions due to low-emission upgrades [2] - The city has implemented 548 "smart transformation and digital networking" projects and established a dynamic cultivation database for green factories, creating 92 provincial-level green factories and 5 green parks [2] - Xuzhou has also set up an energy-saving and carbon-reduction project database, rolling out hundreds of energy-saving and carbon-reduction projects annually to promote the green transformation of traditional industries and enhance efficiency [2]