Group 1 - The report highlights an increase in risk disturbances and potential market volatility due to the nomination of Kevin Warsh as the next Federal Reserve Chairman, which may trigger new tightening expectations [2][15][16] - The report indicates a slight contraction in micro liquidity, with domestic public fund equity positions estimated to decline, and seasonal demand for funds increasing as the Spring Festival approaches [3][24] - The report notes that while export performance remains strong, domestic demand continues to face challenges, with January exports expected to grow by 4.5% year-on-year, while CPI and PPI are projected at 0.3% and -1.9% respectively [25][33] Group 2 - The report suggests a shift in industry allocation towards stability and certainty, reducing exposure to elastic assets and focusing on sectors with predictable performance [4][39] - The first main investment theme is the seasonal opportunity in infrastructure construction, emphasizing ten high-odds and high-win-rate sub-sectors, with a focus on an 18-stock portfolio of advantageous infrastructure companies [4][41] - The second main theme involves sectors with medium to long-term price increase trends, particularly storage, chemicals, and machinery, which are expected to benefit from improving demand and supply dynamics [6][40] - The AI industry chain remains a core long-term focus for 2026, although it may enter a phase of healthy adjustment in the short term, with potential cooling in previously overheated sectors like non-ferrous metals and military industry [6][40]

Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - **Metals**: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - **Chemicals**: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - **New Energy**: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - **Machinery**: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - **Military Industry**: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - **Non-Banking**: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - **Automotive**: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - **Electronics**: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - **Communication**: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - **Media**: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]

财政部、税务总局发布《关于出口业务增值税和消费税政策的公告》、《关于增值税法施行后增值税优惠政策衔接事项的公告》、《关于增值税征税具体范 围有关事项的公告》，对出口货物和跨境销售服务、无形资产适用增值税和消费税退（免）税、免税或者征税政策等有关事项做出说明。（新华财经） 2026年春运将于2月2日开启，至3月13日结束，为期40天。这是有着9天"超长"春节假期的春运，返乡探亲与旅游出行需求叠加释放，预计春运期间全社会跨 区域人员流动量将达到95亿人次，创下历史新高。其中，自驾出行仍将是主体方式，占比约八成。铁路、民航客运量预计分别达到5.4亿人次和9500万人 次，整体规模和单日客流峰值均有望超过历史同期水平。 1月份我国制造业PMI为49.3% 农副食品加工、铁路船舶航空航天设备等行业产需释放较快 财政部、税务总局发布公告明确增值税应税交易销售额计算口径 2026年春运2月2日开启预计春运期间全社会跨区域人员流动量将达到95亿人次 国家统计局服务业调查中心、中国物流与采购联合会31日发布数据显示，1月份，制造业采购经理指数（PMI）为49.3%，比上月下降0.8个百分点。1月份， 生产指数为50.6%，高于 ...

■中共中央政治局1月30日下午就前瞻布局和发展未来产业进行第二十四次集体学习。中共中央总书记 习近平在主持学习时强调，发挥比较优势，坚持稳中求进，推动我国未来产业发展不断取得新突破。 新闻多一点：系列期权为豆粕、玉米产业链企业提供了更灵活高效的套保选择，标志着我国商品期权市 场在农产品领域的期限覆盖与功能适配迈上新台阶。 ■市场监管总局1月31日发布8起网络不正当竞争典型案例，警示经营者不得以"技术"外衣掩盖违法事 实，必须严守法律底线，合法合规经营，共同营造公平、健康、有序的网络市场环境。 ■工业和信息化部：2025年，我国软件和信息技术服务业运行态势良好。其中，软件业务收入154831亿 元，同比增长13.2%。 图片来源：千图网 ■法国最新经济数据显示，法国经济2025年增长0.9%，略高于此前预期的0.7%，整体表现符合市场预 测，不过表现依然逊于2024年。 ■1月31日，国家主席习近平同阿尔及利亚总统特本互致贺电，祝贺阿尔及利亚遥感三号卫星在酒泉发 射成功。 ■2月1日出版的第3期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文章 《走好中国特色金融发展之路，建设金融强国》。 ...

Core Conclusions - The A-share market typically exhibits balanced performance during spring rallies, with both growth and value sectors showing gains. In the latter half of bull markets, sector differentiation tends to converge, leading to a more uniform upward trend [1][2] - Recently, previously lagging sectors such as liquor and real estate have performed well, indicating a structural convergence in the market as it enters the latter half of the bull market and spring rally [1][3] - The equity market is expected to remain stable with potential for further upward movement. A balanced allocation strategy is recommended, with a focus on technology represented by AI applications, as well as traditional assets like liquor and real estate, and upstream cyclical sectors [1][3] Historical Context - Historically, during spring rallies since 2005, both growth and value styles have performed similarly, with average maximum gains of 24.0% for growth and 23.5% for value [2][14] - The current market is still within a bull market atmosphere that began in September 2024, with significant structural differentiation observed. The latter half of bull markets typically sees a more balanced performance across sectors [2][18] Market Dynamics - The recent A-share market has shown notable sector rotation, with the performance gap between styles narrowing. Since December 17, 2025, the spring rally has gradually unfolded, supported by broad-based ETFs, flexible foreign capital, and leveraged funds [1][11] - As of January 23, 2026, the industry rotation strength in the A-share market was at a historical low of 18% over the past five years, but there has been a recent uptick, suggesting that structural rotation may be beginning [12][14] Future Outlook - The current spring rally is expected to continue, with historical comparisons indicating a potential index increase of around 20%. The maximum increase of the Shanghai Composite Index since December 17, 2025, has only been 9.8%, indicating room for growth [3][30] - Continued macroeconomic policy support is anticipated to provide a fundamental basis for market growth, with a focus on stabilizing the real estate market as indicated by recent government statements [30][31] Sector Allocation - The technology sector, particularly driven by the AI wave, remains a key focus, with expectations for the rally to expand from hardware to application sectors. Recent developments in AI applications have been notable, suggesting a shift towards practical implementations [31][32] - In addition to technology, traditional value sectors such as undervalued liquor and real estate assets are also recommended for consideration in the current market environment [31][32]

声明称，这些军售将增强以色列应对当前和未来威胁的能力，从而提高其保卫以色列边境、重要基础设 施等的能力。 此外，以色列将花费7.4亿美元为其自2008年服役的装甲运兵车购买动力装置，以及购买价值1.5亿美元 的多架"AW119Kx"轻型多用途直升机及相关设备。 新华社华盛顿1月30日电 据美国国防部下属机构防务安全合作局30日发表的声明，美国务院已批准一 项总额达66.7亿美元的对以色列大规模军售方案，其中包括30架"阿帕奇"攻击直升机和3250辆联合轻型 战术车。 根据防务安全合作局的声明，此次军售方案中最大部分是30架"阿帕奇"直升机及相关设备和武器等，价 值38亿美元，其次是价值19.8亿美元的联合轻型战术车。 ...

触及财务类退市情形 中证报中证网讯(记者孟培嘉)*ST万方（000638）1月30日晚披露的2025年度业绩预告显示，公司预计 2025年实现营业收入2亿元至2.5亿元，归母净利润为-0.35亿元至-0.5亿元。根据《深圳证券交易所股票 上市规则》，公司股票将因触及财务类退市情形被终止上市。 *ST万方披露的业绩预告显示，公司预计2025年营业收入为2亿元至2.5亿元，上一年度同期为3.91亿 元；预计扣除后营业收入为1.5亿元至2亿元；预计归母净利润为亏损0.35亿元至0.5亿元，同比下降 428.59%-569.41%。 审计报告不确定情况尚未消除 记者注意到，2025年7月，*ST万方发布公告称收到中国证监会下发的《中国证券监督管理委员会立案 告知书》，因涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国行政处罚法》 等法律法规，中国证监会决定对公司立案。 此前，中兴财光华会计师事务所(特殊普通合伙)对公司2024年度财务报表出具了带强调事项段的保留意 见审计报告被出具保留意见审计报告的事项为公司对吉林万方百奥生物科技有限公司的其他权益工具投 资的可收回性存在不确定性。 而截至此次业绩预 ...

Core Viewpoint - Great Wall Industry (601606) announced that it expects a net profit attributable to the parent company of between 7.1 million and 10.1 million yuan for the fiscal year 2025, indicating a turnaround from a loss in the previous year [1]. Financial Summary - The projected net profit range for 2025 is between 7.1 million yuan and 10.1 million yuan [1]. - This represents a significant improvement compared to the previous year's statutory disclosure data, marking a return to profitability [1].

Core Viewpoint - Great Wall Military Industry (601606.SH) is expected to turn a profit in 2025, with a projected net profit attributable to the parent company ranging from 7.1 million to 10.1 million yuan, compared to a loss in the previous year [1] Financial Performance - The company anticipates a net profit attributable to the parent company of 7.1 million to 10.1 million yuan for the fiscal year 2025, indicating a turnaround from the previous year's loss [1] - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between -16 million and -12 million yuan [1]

Core Viewpoint - The company, Changcheng Military Industry, forecasts a net profit attributable to shareholders of 7.1 million to 10.1 million yuan for the year 2025, indicating a turnaround from previous losses [1] - The company expects a net profit excluding non-recurring gains and losses to be between -16 million and -12 million yuan for the same period [1] Group 1: Performance Drivers - The main reasons for the performance change include the positive impact of the core business, which has seen steady revenue growth due to active market expansion [1] - The company has focused on its primary responsibility of strengthening military capabilities, enhancing production process control, and continuously optimizing cost control to improve profitability [1] - Non-recurring gains and losses have also positively influenced the net profit attributable to shareholders, primarily from government subsidies recognized in the current period [1]