【导读】MINIMAX暗盘大涨26%！ 1月8日，港股三大指数齐跌。截至收盘，恒生指数跌1.17%，恒生科技指数跌1.05%，恒生国企指数跌1.09%。全日大市成交额为2683亿港元，南向资金净 卖出49.01亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26149.31c | -309.64 | -1.17% | 2683亿 | 2.02% | | 2 | HSTECH | 恒生科技 | 5678.34c | -60.18 | -1.05% | 754亿 | 2.94% | | 3 | HSBIO | 恒生生物科技 | 15879.59c | -13.66 | -0.09% | 127亿 | 12.00% | | 4 | HSCEI | 恒生中国企业指数 | 9039.34c | -99.41 | -1.09% | 941亿 | 1.41% | | 5 | HSCI | 恒生综合指数 | 4004.72c | -43 ...

Market Performance - The A-share market experienced its first decline of the year, ending the Shanghai Composite Index's 14-day winning streak with a drop of -0.07% on January 8, while the Shenzhen Index fell by -0.51% and the ChiNext Index decreased by -0.82% [1] - Trading volume was 28.262 billion, a decrease of 553 billion compared to the previous trading day, with a net capital outflow of 710 billion [1] International Political Impact - The A-share market is facing significant international political turmoil, particularly following U.S. President Trump's announcement on January 3 regarding military action against Venezuela, which has caused global shockwaves [3][4] - The U.S. aims to control Venezuela's oil revenues to purchase American products, indicating a strategy to dominate Latin America and secure its resources [5] Regional Reactions - The U.S. actions have provoked strong reactions from various countries, including Russia, which condemned the use of force against a sovereign nation, and several Latin American countries that view the intervention as a violation of international law [6] - Countries like Chile, Colombia, Brazil, and Mexico have expressed concerns that U.S. actions exacerbate regional conflicts and undermine stability [6] A-share Market Resilience - Despite the international turmoil, the A-share market has shown resilience, with significant sectors like semiconductor, coal, and commercial aerospace performing well, and trading volumes remaining high [7][8] - The Shanghai Composite Index reached a ten-year high of 4093.87 points on January 7, with a trading volume nearing 2.9 trillion [7] Investor Sentiment and Future Outlook - The continuous rise in the A-share market has boosted investor confidence, with a strong profit-taking sentiment leading to a net outflow of 710 billion on January 8 [9] - The market is expected to continue its bullish trend, supported by government policies aimed at stabilizing the market and maintaining a loose monetary policy through 2026 [9]

美股军工国防股盘前集体走强，其中，洛克希德马丁、诺斯罗普格鲁曼大涨超7%，雷神技术涨超4%。 消息面上，美国总统特朗普表示，他将要求2027年军费预算从1万亿美元左右增加到1.5万亿。特朗普还 要求国防企业加大生产和研发投入，停止股票回购和派息。 ...

Group 1 - The defense and military industry saw a net inflow of over 18.9 billion yuan, while the computer sector had over 16.9 billion yuan, and machinery equipment received over 10.8 billion yuan in net inflows [2] - Non-bank financials experienced a net outflow of over 6.7 billion yuan, with the metals sector seeing a net outflow of over 5.4 billion yuan [2] - The military industry is expected to stabilize and improve, with a focus on high-end loyal drones and low-cost unmanned aerial vehicles as key development directions [7] Group 2 - The A-share market showed slight fluctuations, with major indices like the Shanghai Composite Index and Shenzhen Component Index experiencing minor declines, while technology growth stocks performed relatively well [4] - The new energy sector, particularly wind power equipment, showed strong performance, with significant increases in stock prices for companies like Goldwind Technology [7] - The global energy transition and the explosion of AI computing power are creating unprecedented opportunities for the new energy sector, with predictions of significant growth in wind power installations in various regions [9]

Core Viewpoint - The U.S. President has proposed a significant increase in defense spending while simultaneously threatening to impose restrictions on major defense contractors, leading to a drop in their stock prices as traders attempt to interpret the administration's true intentions [1][2]. Group 1: Defense Spending and Contractor Regulations - The President has called for an annual increase of $500 billion in defense spending, aiming for a total of $1.5 trillion by 2027, which represents a more than 50% increase [2][4]. - Major defense contractors, including RTX, Lockheed Martin, Northrop Grumman, and General Dynamics, are facing pressure to halt stock buybacks, stop dividend payments, and limit executive salaries to $5 million until they increase investments in manufacturing and R&D [1][3]. - The President's actions reflect a longstanding concern regarding cost overruns and delays in the delivery of major weapon systems, exacerbated by advancements in technology from other countries [3][4]. Group 2: Market Reactions and Analyst Opinions - Following the President's statements, stock prices of major defense contractors fell, indicating market uncertainty regarding the implementation of these proposed measures [1][2]. - Analysts have expressed skepticism about the effectiveness of the proposed regulations, questioning whether they might drive talented management away from large defense contractors, potentially worsening production delays [3][7]. - The current administration's reliance on defense contractors has deepened, with the government overseeing numerous military operations and airstrikes, further entrenching the relationship between the government and defense companies [2][4]. Group 3: Government's Role and Industry Dynamics - The government has previously intervened in the defense sector, including purchasing stakes in companies like Intel and allowing Nvidia to sell chips in China under certain conditions [3][4]. - The Secretary of Commerce has suggested that the government might take equity stakes in some defense contractors, which has led to a slight rebound in their stock prices [4]. - New entrants in the defense sector, such as Anduril Industries, are challenging traditional contractors and are open to regulatory measures proposed by the President, indicating a shift in industry dynamics [5][6].

军工ETF（512660）跟踪的是中证军工指数（399967），全面覆盖海陆空天信，该指数从沪深市场中选 取涉及航空、航天、船舶等军工领域的上市公司证券作为指数样本，主要涵盖十大军工集团控股的上市 公司，以反映中国军工行业相关上市公司证券的整体表现。行业配置以航空装备和军工电子为主，充分 体现军工行业的成长性和景气度。 （文章来源：每日经济新闻） 1月8日，军工ETF（512660）收盘领涨超4.5%，同类规模第一，军工有望具有结构性行情。 国联民生证券指出，军工作为战略行业，部分内需装备"十五五"期间或实现"0—1"发展，因此仍然有望 具有结构性行情。无人化作战范式成为非对称作战的首选，各类无人装备有望是后续列装的重心；商业 航天解决体制机制、运力问题以及应用（算力）闭环后有望成为景气投资赛道；低空经济目前对于各类 政策以及规划利好钝化，本质在于市场更关注于下一阶段的落地情况，因此一旦在适航和物流端出现明 确拐点后续有望持续补涨；深海科技作为国之重器，行业阶段较早，更多的体制机制变革或为催化点。 ...

编辑：何颖曦 中国经济周刊-经济网讯 截至收盘，上证指数报4082.98点，下跌0.07%，成交额11831.89亿元；深 证成指报13959.48点，下跌0.51%，成交额16170.77亿元；创业板指报3302.31点，下跌0.82%，成交额 7503.35亿元。 盘面上看，保险、券商、银行板块集体下挫，军工板块强势，地产、钢铁、医药、半导体等板块上 扬，工业软件、商业航天、军贸概念等活跃。 ...

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.07% at 4082.98 points, while the Shenzhen Component Index fell by 0.51% and the ChiNext Index decreased by 0.82%. In contrast, the Sci-Tech 50 Index rose by 0.82% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached approximately 2.83 trillion yuan [1] Sector Performance - The insurance, brokerage, and banking sectors collectively declined, while the military industry sector showed strong performance. Other sectors such as real estate, steel, pharmaceuticals, and semiconductors also saw gains [1] - Active sectors included industrial software, commercial aerospace, and military trade concepts [1] Investment Insights - Dongguan Securities noted that the current external environment benefits from a weak dollar trend, while the internal environment is supported by expectations of proactive policy measures. The market volume has been increasing since the beginning of 2026, indicating strong market sentiment [1] - Recommendations for investment focus include AI technology sectors (such as brain engineering, computing power engineering, and humanoid robots), price increase sectors (like storage chips and rare earths), and large financial sectors [1] - Upcoming data releases to watch include China's CPI, U.S. non-farm employment data, and a U.S. Supreme Court ruling on tariff issues [1]

（文章来源：每日经济新闻） 中信建投指出，中国军工产业已从过去依赖国内单一需求的模式，演进为"内需筑基、外贸扩张、民用 反哺"的三轮驱动新发展格局，行业从"周期成长"转向"全面成长"。国内军工需求聚焦"备战打仗"和装 备现代化，强威慑高精尖+体系化无人化低成本是主要增长方向；军贸出海凭借性价比优势、体系化作 战能力和地缘战略合作，中国军贸份额持续提升；军用技术民用化催生商业航天、低空经济等万亿级新 产业，形成"军技民用，反哺军工"的良性循环。2025年我国航天发射活动保持高度活跃，全年完成73次 宇航发射任务创历史新高，商业航天进入高频组网阶段，产业链上游卫星制造与火箭发射端需求旺盛。 ...

军工概念股走强，航天电子涨停，中航沈飞、中航西飞涨超5%，中国船舶涨超4%。 受盘面影响，军工相关ETF涨超4%。 | 代码 | 名称 | 现价 | 涨跌 涨跌幅 ▼ | | | --- | --- | --- | --- | --- | | 512660 | 军工ETF | 1.499 | 0.059 4.10% | | | 512560 | 军工ETF易方达 | 0.925 | 0.036 | 4.05% | | 512810 | 军工ETF华宇 | 0.869 | 0.034 | 4.07% | | 512680 | 军工ETF广发 | 1.535 | 0.060 | 4.07% | 有券商表示，展望2026年，军工行业将迎来需求刚性化、结构高端化与财务健康化的关键转折，核心判断有五：一 是订单确定性显著增强；二是需求结构加速向新质战斗力和消耗性作战能力倾斜；三是军贸成为第二增长曲线，体 系化出口打开高端市场天花板；四是军民融合深化，商业航天、低空经济、核聚变等方向实现"军技民用、双向赋 能"；五是财务质量全面改善，现金流与盈利能力进入上行通道，估值逻辑从主题博弈转向基本面定价。 （文章来源：每日经济新 ...