今天分享的是：CMO Club：2026中国营销趋势报告 报告共计：80页 2026中国营销趋势报告核心总结 《2026中国营销趋势报告》以"数智、信任、整活、入圈"四大关键词为核心，基于2025年金匠奖标杆案例与行业深度访谈，提炼出八大营销趋势，为品牌营 销提供实战指引。 数智化成为营销底层支撑，AI Agent进化为代理式AI，推动"营销平权"，让各类品牌都能实现用户洞察、内容生成等全链路自动化。企业数智化升级的关键 起点是构建营销知识库，沉淀组织经验与全程信息，同时通过MAGIC框架打造魔力增长引擎，实现精准化、个性化营销，联想、绝味等企业通过该模式实 现效率与业绩双提升。 信任回归营销本质，成为品牌核心竞争力。品牌需通过透明沟通、价值共鸣与承诺兑现，构建具象化的"信任吧唧"。同时，AI注意力分配作用凸显，品牌需 打造大模型友好型内容，适配AI理解与推荐逻辑，在算法洪流中建立权威认知，小罐茶、平安好医生等通过公益行动、跨界科普等方式深化用户信任。 "整活"营销强调人格温度与社交裂变，"人感营销"成为差异化资产。品牌需设定清晰人格，以真实、有立场的姿态与用户互动，京东钛厨具、小天鹅等通过 借势热点、打造I ...

各位朋友早上好，我是帮主郑重，做了20年财经记者、专盯中长线投资的老炮儿。今天一睁眼，财经新 闻直接刷屏——上证指数创了33年最长的十三连阳，新开户数飙到近三年新高，央行还明确说要灵活用 降准降息工具，这市场热闹得让人忍不住想多说两句。 想起我当年跑财经口，最有意思的就是看开户数据和行情的联动。以前遇到开户潮，大多是散户扎堆进 场，可这次不一样，2025年全年新开户2700多万户，机构开户数居然同比激增35%，这可是个关键信 号。要知道机构资金可比散户沉稳多了，他们扎堆入场，本质是冲着政策托底和经济复苏的确定性来 的。就像监管最近还在调研理财公司，想打通中长期资金入市的堵点，现在连银行理财都能像公募基金 一样参与上市公司定增了，这长钱进场的架势，可不是短期炒作能比的。 很多人问我，十三连阳是不是就意味着牛市来了？我的看法是，别急着下结论，但可以肯定的是，市场 的底气越来越足了。央行2026年工作会议把降准降息放进了重点工具包，再加上美联储可能也要降息， 人民币汇率有望温和升值，内外流动性都在往好的方向走。更重要的是，2026年的市场逻辑变了，以前 可能靠估值炒作，现在企业盈利要开始发力了，这才是中长线投资最扎 ...

今日热点导览 鳕鱼片现疑似寄生虫，山姆客服回应 杨立昆炮轰Meta新任29岁AI负责人"经验不足" 特斯拉中国推出5年0息购车方案 巴菲特将CEO职位交予阿贝尔 迪士尼：《疯狂动物城2》成中国票房最高的好莱坞电影 TOP3大新闻 机长、副机长被传驾驶舱内打架，长荣航空回应 近日，一则"长荣航空一名机长疑因飞机滑行操作争议，情绪失控在驾驶舱内与副机长发生肢体冲突"的 消息在互联网引发关注。 有消息称，"长荣航空一架客机在美国洛杉矶机场准备起飞时，副机长在客机滑行期间察觉滑行速度可 能违反安全规范，遂多次向机长发出口头警告，然而机长未予理会。副机长出于安全考虑，按照标准作 业程序踩下刹车，由此与机长发生肢体冲突"。 1月6日，长荣航空方面回应称，涉事航班滑行速度符合相关作业规范与法规要求，并无网传超速的情 况。此外，目前已暂停涉事机长的派飞任务，相关调查正在进行中。此外，长荣航空也主动提供了员工 心理咨询等协助方案。（第一财经） 小米正式回应米黑KOL合作事件 小米公司发言人1月6日发文表示，1月5日关于团队与相关KOL接触一事，公司立刻启动了专项调查， 有了初步结论，公关部总经理徐洁云当晚就向大家同步决定：相关 ...

● 本报记者 胡雨 三类资产配置价值获得关注 对于人民币升值背景下的投资，杨柳建议围绕两大主线索展开布局："一是钢铁、化工、航空运输、工 业金属、造纸、燃气等行业，布局这些行业应重点关注汇率波动对其基本面的影响程度；二是从过往经 验看，人民币趋势性升值易带动外资流入加快，若外资贡献重要增量资金且配置偏好持续，那么预计受 益方向更可能集中在电力设备、汽车、有色金属、电子、通信、家电、食品饮料等行业，布局这些行业 要重点关注外资入场节奏与流向的动态。" 对于短期市场配置，赵阳同样看好计算机、电子、电力设备、家电、通信等板块。其中，计算机、电子 板块处于高景气度阶段，电力设备板块还受益于"反内卷"，景气度有望持续修复。通信板块短期可能需 要把握配置节奏，家电板块则需要等待新一轮国补等政策催化。 值得注意的是，近期在人民币持续走强的背景下，同为中国资产重要组成部分的港股市场，整体表现相 对疲弱，2025年四季度以来主要股指表现跑输A股。 经历前一日小幅调整后，1月6日，离岸人民币兑美元汇率再度上涨，截至当日17时仍稳定在7元关口上 方。自2025年4月9日以来，本轮人民币升值已持续近9个月，人民币汇率走强对权益市场带 ...

Investment Rating - The report indicates a positive outlook for the coal mining, black metal mining, and pharmaceutical manufacturing sectors, suggesting potential investment opportunities in these areas [2][3]. Core Insights - The report highlights that the industrial sector is experiencing a recovery in both volume and price indicators, particularly in midstream manufacturing and upstream resource sectors such as coal, oil extraction, black metal mining, and pharmaceutical manufacturing [2][3]. - The manufacturing PMI for December 2025 has returned to the expansion zone at 50.1%, indicating improved order sentiment and operational expectations across various industries [7]. - Consumer confidence has rebounded to a two-year high, although certain sectors like automotive and home appliances are facing challenges due to high base effects and demand saturation [2][3]. Summary by Relevant Sections Industrial Sector Overview - As of November 2025, revenue, industrial added value, and profit growth rates for major industrial enterprises show signs of improvement, particularly in coal, oil extraction, black metal mining, and pharmaceutical manufacturing [2][5]. - The supply side indicates that industries such as pharmaceuticals, food and beverage, textiles, and chemicals are experiencing inventory reduction and low fixed asset growth [2][6]. Manufacturing and Economic Indicators - The overall manufacturing PMI has improved, with new orders and business activity expectations showing recovery, particularly in high-tech manufacturing and consumer goods sectors [7]. - The report notes that the consumer market is seeing a decline in growth rates for discretionary spending, while service consumption remains strong [2][3]. Sector-Specific Insights - In advanced manufacturing, sectors like photovoltaic and lithium battery materials are experiencing price increases due to high demand and supply chain adjustments [3]. - The insurance sector is seeing a slowdown in premium income growth, but there is an expectation for a rebound in early 2026 as companies prepare for new business initiatives [3]. Commodity and Price Trends - The report discusses fluctuations in energy prices, with crude oil supply exceeding demand and coal prices remaining low due to high inventory levels and weak heating demand [3][6]. - Industrial metal prices are on the rise, supported by a weaker dollar and increased demand in the context of global economic conditions [3][6].

证券研究报告 晨会 hyzqdatemark 2026 年 01 月 06 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月06日 华源晨会精粹 20260106 北交所 2025 年新股首日涨幅均值 368%，千万级账户 2025 年收益率预计 3.4%-- 北交所新股月度巡礼（2025 年 12 月）：2025 年共计 26 家公司完成上市，募资 75 亿元，全年募资显著超越 2024 年；12 月有 3 家公司上市，募资额 7.8 亿元，2025Q4 则整体上市 11 家（募资 24 亿元），北交所 IPO 节奏维持加速态势。首日涨幅：2025 年北交所 IPO 首日平均涨幅达到 368%，较 2024 年显著提升。12 月 3 家新上市公 司，首日平均涨幅达 463%；2025Q4 涨幅均值达到 413%，主要是大鹏工业首日上 涨超 12 倍、蘅东光首日上涨 878%带动。申购热度：从网上申购资金来看，2025 年平均达 6624 亿元，12 月平均达 7812 亿元、再创历史新高。网上中签率持续下探， 2025 年均值为 0.037%。打新竞争日益激烈，北交所新股稀缺性进一步凸显 ...

1月6日，拼多多发布《新质供给地方风味消费趋势》（以下简称《消费趋势》）。随着拼多多"千亿扶持"落地半年，贵州酸汤、湖南辣条、惠 州月饼、安徽炒货等地域美食加速出圈，相关产品SKU数同比增长四成，相关类目00后商家数量同比增长48%。 2024年8月，拼多多率先推出"新质商家扶持计划"大型惠商政策，以百亿级投入助力产业带新质转型。半年前，政策进一步升级为"千亿扶 持"，投入资源也同步升级为千亿级。 在"千亿扶持"加持下，"新质供给"专项团队持续深入惠州月饼、贵州酸汤、安徽炒货、湖南辣条等数十个地域美食产业带。在平台现金+流量 的多重补贴下，三只松鼠、洽洽食品、玉梦酸汤、丁家脆哨、南山婆、郭师傅月饼、麻辣王子等一批地方味道加速奔向全国，成为年销过千万 乃至亿元的"全国味道"。借助平台的数字化能力，这些老字号还研发出铁盒装月饼、一人食火锅酸汤、烤椰拿铁味瓜子等新质商品，成功圈粉 北上广95后、00后等年轻群体。 "去年以来，在真金白银投入下平台生态效用持续显现，产业侧加快新质转型，用户侧的消费潜力进一步释放，供需两侧均实现了高质量发 展。"拼多多集团联席董事长兼联席CEO赵佳臻表示。 酸汤"出黔"，脆哨"入沪" ...

Quantitative Models and Construction Methods National Enterprise Fundamental Factor Stock Selection Strategy - **Model Name**: National Enterprise Fundamental Factor Stock Selection Strategy [3] - **Model Construction Idea**: The strategy is based on fundamental factors tailored to national enterprises, considering both general and industry-specific factors [5][6] - **Model Construction Process**: - Define the sample pool using the CSI National Enterprise Index (000955.CSI) and stocks listed on the Beijing Stock Exchange for over six months with central or local state-owned enterprise attributes [3] - Classify industries into dividend-oriented and growth-oriented categories based on ZX third-level industry logic [3][4] - Select general factors such as ROE (TTM), operating cash ratio, labor productivity, asset-liability ratio, and dividend yield [5][6] - Incorporate industry-specific factors like ROIC, prepayment growth rate, inventory turnover rate, and capital expenditure/depreciation ratio for different industries [6][8] - Adjust factor weights based on industry characteristics, emphasizing dividend yield for dividend-oriented industries and reducing the weight of asset-liability ratio for growth-oriented industries [9] - Calculate scores using weighted averages of general and industry-specific factors, normalize the scores, and assign weights to stocks based on their scores [11] - Formula for stock weight: $$w_{i}={\frac{s c o r e_{i}^{3}}{\sum_{i=1}^{N}s c o r e_{i}^{3}}}$$ [11] - **Model Evaluation**: The strategy effectively captures the characteristics of national enterprises, balancing dividend stability and growth potential [5][6] Technology Theme Fundamental Factor Stock Selection Strategy - **Model Name**: Technology Theme Fundamental Factor Stock Selection Strategy [19] - **Model Construction Idea**: Focus on technology stocks with high R&D investment and strong growth potential, using fundamental factors to identify stocks in their growth and mature stages [20][23] - **Model Construction Process**: - Define the sample pool based on SW third-level industries and R&D investment criteria (R&D expenses > 5% of revenue or R&D personnel > 10% of total employees) [19][20] - Exclude stocks in the shock and decline stages based on cash flow lifecycle analysis [22][23] - Select general factors such as profitability, growth ability, technical level, supply chain concentration, and alpha factors [24][28] - Incorporate specific factors for growth and mature stages, such as management expense ratio, R&D expense ratio, accounts receivable turnover rate, and PB-ROE [24][28] - Adjust scores using R&D expense multipliers to emphasize high R&D industries [28][29] - Formula for stock weight: $$w e i g h t_{i}={\frac{s c o r e_{i}}{\sum_{i=1}^{50}s c o r e_{i}}}$$ [30] - **Model Evaluation**: The strategy highlights technology stocks with strong R&D capabilities and growth potential, effectively capturing industry-specific dynamics [24][28] Consumer Theme Fundamental Factor Stock Selection Strategy - **Model Name**: Consumer Theme Fundamental Factor Stock Selection Strategy [38] - **Model Construction Idea**: Focus on consumer stocks with direct-to-consumer business models, using fundamental factors to identify stocks with strong growth, profitability, and governance [38][39] - **Model Construction Process**: - Define the sample pool based on SW third-level industries, categorizing stocks into daily manufacturing, optional manufacturing, daily services, and optional services [38][39] - Select general factors such as growth-profitability-cash flow composite factor, operating cash flow ratio, ESG management score, and economic sensitivity [40][41] - Incorporate specific factors like market share, R&D expense ratio, accounts receivable turnover rate, and marketing expense ratio [40][41] - Adjust scores using PS (TTM) multipliers to emphasize stocks with lower price-to-sales ratios [46][47] - Formula for stock weight: $$w e l g h t_{i}={\frac{S c o r e_{i}^{a d j}}{\sum_{i=1}^{50}S c o r e_{i}^{a d j}}}$$ [48] - **Model Evaluation**: The strategy effectively identifies consumer stocks with strong fundamentals and growth potential, balancing profitability and governance [40][41] --- Model Backtesting Results National Enterprise Fundamental Factor Stock Selection Strategy - **Annualized Return**: 22.93% [12][15] - **Annualized Volatility**: 20.85% [15] - **Sharpe Ratio**: 1.0961 [15] - **Calmar Ratio**: 0.9963 [15] - **Maximum Drawdown**: -23.01% [15] Technology Theme Fundamental Factor Stock Selection Strategy - **Annualized Return**: 30.61% [31][34] - **Annualized Volatility**: 27.61% [34] - **Sharpe Ratio**: 1.1070 [34] - **Calmar Ratio**: 0.8962 [34] - **Maximum Drawdown**: -34.16% [34] Consumer Theme Fundamental Factor Stock Selection Strategy - **Annualized Return**: 24.86% [49][52] - **Annualized Volatility**: 22.99% [52] - **Sharpe Ratio**: 1.0825 [52] - **Calmar Ratio**: 1.0197 [52] - **Maximum Drawdown**: -24.38% [52]

2026"开门红"事件点评 核心结论 事件：2026 年 A 股第一个交易日，上证指数大涨 1.38%，突破 4000 点整数关 口，全 A 成交额放量。对于当前的市场，我们观点如下—— 1、行情启动信号一：从"缩量犹豫"到"放量启动" 开年大幅放量上涨，可以说打消了大家对年底缩量上涨的犹豫。我们自 10.12《攻 守易形》以来反复强调，随着美联储重启降息，人民币汇率升值，跨境资本会加 速回流，驱动中国资产"再通胀牛"。近期汇率的升值反映到市场流动性的改善， A 股成交额有望再次上台阶，并确认主升行情启动——2024 年 9 月和 2025 年 6 月依次确认全 A 成交额低点 5000 亿和 1 万亿，随后行情启动；2025 年 12 月全 A 成交额低点 1.7 万亿基本被确认，主升行情也将启动。 2、行情启动信号二：主题活跃，春季燥动 市场的放量至少意味着会出现结构性的主题和成长行情，也就是大家常说的春季 躁动行情。昨天的主题交易百花齐放，有不少都有一定逻辑支撑——脑机接口好 在新，机器人好在有相关催化，6F 有业绩和锂价的支撑，存储也有业绩和涨价 的支撑，商业航天也催化不断，都是值得关注的方向。不过， ...

格隆汇新股 广东广州冲出一家IPO，做婴童零辅食产品，毛利率约58%！ 原创 阅读全文 ...