2025年A股市场整体呈现震荡上行趋势，节奏上前稳后升，上证指数创十年新高。 2025年全年，上证指数涨18.4%，沪深300涨17.7%，创业板指、科创50 分别涨49.6%、35.9%，中证红利跌1.4%；上证指数8月突破十年新高，年内高点达4034.1。宏观层面，国际秩序重构和国内产业创新共振，成为本轮行情 的核心驱动力，推动中国资产重估。资金面较为活跃，个人投资者积极入市、居民存款搬家；机构投资者受益政策鼓励引导中长期资金入市。风格层面， 整体来看小盘风格跑赢大盘、成长跑赢价值，至年底阶段市场风格略趋于均衡。行业层面，有色金属、通信、电子领涨；食品饮料、煤炭相对较弱。我们 在2024年11月发布的 《A股市场2025年展望：已过重山》 中认为，A股市场底部可能已过（具体参见2024年9月底发布的 《A股见"大底"了吗？》 ）， 2025年投资者风险偏好有望整体好于2024年，结构性机会进一步增多；节奏上，2025年市场变化频率相较2024年更高但振幅收窄；配置上，重回赛道布 局，关注景气成长、韧性外需、新型红利、政策支持四条主线。2025年下半年展望 《A股市场2025下半年展望：韧稳致远》 延续了前 ...

常州光伏产业园光储充一体化充电站，一排排整齐的光伏板在阳光下熠熠生辉，车间里，天合光能的研 发人员正专注测试新一代储能组件。企业自主研发的搭载15000次长循环寿命"天合芯"的"金刚"系列大 容量储能系统，从这里走向全球市场。 武进国家高新区的理想汽车常州智能制造基地一片繁忙景象。总装线上，机械臂与车身零件进行着毫米 级的精准装配，从全国汇聚而来的零部件通过AGV小车"点对点"直送工位。其高效运转得益于一个深 度本地化的"4小时产业圈"——一辆车30%的核心件来自常州本地，上万个零件能在短时间内完成集结 与蜕变。 常州新北区生命健康产业园，研发人员正利用人工智能算法，在实验室里用一粒普通的玉米引领一 场"蛋白质革命"。常州抢抓合成生物产业发展风口，全市集聚合成生物相关领域企业203家…… 常州，这座积淀了百年工业精神的制造重镇，正将扎实的产业根基转化为面向未来的新质生产力。站 在"十四五"收官与"十五五"启航的交汇点，如何在传承与创新中书写高质量发展新答卷，本报记者专访 常州市委书记王剑锋。 回眸"十四五"，把"常州所能"融入"国家所需" 记者：2025年是"十四五"收官之年。贯彻落实习近平总书记对江苏工作重 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300080 证券简称：易成新能 公告编号：2025－120 河南易成新能源股份有限公司 关于吸收合并全资子公司开封恒锐新金刚石制品有限公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、交易概述 河南易成新能源股份有限公司（以下简称"公司"）于2025年12月30日召开了第七届董事会第一次会议， 审议通过了《关于吸收合并全资子公司开封恒锐新金刚石制品有限公司的议案》，为提高运营效率、降 低管理成本，进一步优化资源配置，公司拟吸收合并全资子公司开封恒锐新金刚石制品有限公司（以下 简称"恒锐新"），吸收合并完成后，恒锐新依法注销，其全部业务、资产、债权、债务等由公司依法继 承。 本次吸收合并是在原合并报表范围内的合并，本事项不构成关联交易，也不构成《上市公司重大资产重 组管理办法》规定的重大资产重组。本次吸收合并不涉及公司注册资本等事项的变更。根据《深圳证券 交易所创业板股票上市规则》和《公司章程》的相关规定，本次事项不涉及支付对价，本次吸收合并事 项尚需提交公司股东会审议。 成立时间：19 ...

此外，深化"链长制"，探索"飞地经济"与基金招商模式，打造专业化招商队伍。引入第三方专业机构， 建立项目准入、建设、运营全流程评估体系，分级分类评审产业导向、投资强度等关键指标，通过动态 跟踪与履约管理优化要素配置。 "新的一年，西宁开发区将聚焦特色优势、资本赋能、场景应用，靶向招引优质项目。聚焦绿电、绿色 算力、盐湖资源等独特禀赋，通过微电网建设、中水回用等措施降低企业成本，全力打造千亿元级光 伏、锂电产业集群。"西宁开发区管委会相关负责人介绍。 与此同时，今年西宁开发区将树立"服务好现有企业就是最好的招商引资"理念，建立骨干企业常态化沟 通机制，全周期跟踪服务，支持现有企业扩大投资，持续释放优商爱商信号。发挥产业引导基金撬动作 用，对接市场化投资机构，重点投向战略性新兴产业与高科技项目，推动科研、中试项目加速落地。深 度挖掘自然冷凉、有色资源、算力赋能等特色场景，建立供需对接机制，为新业态、新产品提供应用验 证机会，实现场景与产业的双向赋能。深化"放管服"改革，围绕"高效办成一件事"精简审批材料与时 限，推行"有诉必应马上办""未诉先办"机制，持续提升企业获得感与满意度。 本报讯（西海新闻记者 周建萍）1 ...

东方财富证券首席策略分析师陈果表示，2026年市场虽然可能有波动，但牛市仍在，整体策略可概括 为"踏浪逐牛"。潜在超预期因素包括中国企业盈利修复、AI（人工智能）产业进展及中美务实合作的可 能性。 他提醒，在风险层面，市场波动或将源于美国再通胀与AI商业化进程的博弈，投资者需灵活应对。战 略布局上，建议投资者把握逢低配置机会；若外部环境恶化（如AI发展叙事受挫），则可转向内需政 策加码的相关主线。 （文章来源：证券时报） 陈果表示，2025年面对房地产等内需老经济下行及外部关税挑战，中国股市仍走出"信心重估牛"。这得 益于多领域"DeepSeek事件"，让市场重新认识到中国新经济的活力与AI全球竞争力。 他表示，进入2026年，配置上建议把握当前确定性较高的两大方面：一是AI成长板块，二是受益于商 品价格回暖的周期板块。若外部环境变化，则内需板块机会或将上升。具体聚焦三大线索：一是AI泛 科技链（如半导体、海外算力、有色、电网设备、端侧AI等）；二是供需有望反转的周期行业（如海 风、储能、锂电设备、光伏、化工以及油/煤领域等）；三是出海优势方向（如工程机械、创新药）。 ...

他表示，2026年牛市的领涨主线，将聚焦在三大方向：AI产业趋势从算力向应用延伸，机器人产业实 现突破，储能、光伏领域等中国先进制造重估。顺周期与价值板块，大概率在2026年上半年的市场休整 阶段占相对优势，其中，周期领域的超额收益可重点关注基础化工、工业金属赛道。 （文章来源：证券时报） 傅静涛提出，A股牛市行情遵循"两段论"规律：2013年迎来结构牛，随后就是2015年的全面牛；2016— 2017年迎来结构牛，随后就是2020—2021年的全面牛。在结构牛阶段，机构对核心板块的持仓与估值同 步触及首轮高位，叠加机构赚钱效应完成从量变到质变的积累。进入全面牛阶段，核心产业趋势进一步 升级，基本面改善的领域持续扩容，再与增量资金形成正向循环，最终使得估值提升到历史高位的赛道 明显增加。 傅静涛认为，2026年下半年可能迎来"全面牛"。基本面周期性改善、科技产业趋势新阶段演绎以及增量 资金流入正循环，构成全面牛的基本盘。A股将拥抱全球"竞争思维"，中国外循环从"跟跑"到"领跑"， 外循环取得突破，打开了中国发展转型空间。 申万宏源研究A股策略首席分析师傅静涛表示，2025年是典型的"结构牛"，2026年下半年 ...

科技创新是晶科发展的核心驱动力，更是培育新质生产力的根基。过去二十年，我们积累了深厚的技术 和产业化落地能力。当前，以TOPCon技术为代表的光伏电池转换效率屡创新高，为地面与分布式电站 等光伏应用领域带来更优的经济性。面向未来，我们正着力推动包括钙钛矿叠层电池在内的下一代技术 加速落地。 立足光伏主业，我们正加速培育新质生产力。这意味着要将智能制造、人工智能、新材料等尖端技术与 传统制造深度融合，构建从绿色能源到远期"月球工厂"想象的全链条创新能力。 时光荏苒，我们再度站在年轮更迭的起点。当"十五五"的画卷徐徐展开，我们心怀愿景，充满期待。作 为新能源行业的一员，晶科深感责任重大、机遇空前。 2026年，是"十五五"的开局之年，也是晶科能源成立二十周年。新征程上，我们将继续秉承"改变能源 结构，承担未来责任"的使命，以更坚实的科技创新，筑牢发展根基；以更开阔的产业视野，培育新质 生产力。心之所向，素履以往。让我们携手，以奋斗之姿，共赴一个更加璀璨的新能源未来！ （文章来源：证券时报） ...

他表示，在海外市场方面，欧美在AI(人工智能)资本开支驱动下已经呈现"投资强于消费"、大小企业盈 利分化、就业下降和薪资增速放缓的特征，这些特征又为降息周期的持续提供了基础。同时，美国财政 宽松在"大美丽法案"出台后几成定局，财政扩张有望点燃全球大宗商品补库周期。 新兴市场凭借"人口红利+关键矿产"双重优势，在降息周期中吸引FDI(外商直接投资)回流，工业化与城 镇化提速。中国电网设备、储能、锂电、光伏、工程机械、商用车等出口链将直接受益，中间品与资本 品订单弹性最大。 国金证券首席策略分析师牟一凌预计，2026年A股非金融地产行业的ROE(净资产收益率)将由当前的 7.2%抬升至7.9%，盈利节奏前低后高，市场脱离"低回报"区间。他建议，沿四条主线布局——工业资 源品、设备出口、消费回补、非银金融，并重点跟踪电力系统建设对铝、铜、钢、煤炭等需求的兑现。 在国内消费端，房价对居民支出的拖累已钝化，贸易结汇率回升、入境免签带动外国游客增加，航空、 酒店、免税、食品饮料等行业销售净利率改善，但是相对估值仍低于2022年低点。资金面上，居民储蓄 向"固收+"迁移，养老金、保险资金持续增配权益；政策下调保险风险因子并 ...

Summary of Key Points from the Conference Call Industry Overview - The main trend in the A-share market for 2026 is a technology-driven bull market, with AI leading the growth sectors. Other growth sectors are expected to have relatively lower elasticity. The emphasis on cyclical reversal and growth emergence will continue into 2026, particularly in commercial aerospace and humanoid robotics, which are anticipated to see sustained growth and market attention [2][3]. Sector Performance and Reversal - Industries that performed poorly in 2025, such as shipbuilding and rail transit, are expected to experience a reversal in 2026. These sectors had strong performances in 2024 but underwent an adjustment period in 2025. The commercial aerospace and humanoid robotics sectors are projected to continue their growth trends in 2026 [3][4]. - The engineering machinery sector's leading companies are expected to achieve a compound annual growth rate (CAGR) of 20%-30% over the next three years, with companies like XCMG Machinery showing significant growth potential [3][5]. AI Industry Chain - The AI industry chain is currently driven by capital expenditure, with significant demand for upstream infrastructure such as optical modules and optical equipment. The transition of computing power from data centers (DC) to internet data centers (IDC) is increasing the demand for infrastructure like liquid cooling technology, providing development opportunities for related companies. By 2026, applications of embodied intelligent agents, including humanoid robots, autonomous driving, and drones, are expected to see more opportunities [6]. Commercial Aerospace - Commercial aerospace is viewed as a critical field combining high technology and future industries. The expectations include reduced costs for reusable rockets and satellite manufacturing, which will facilitate commercialization and open up larger market spaces. Opportunities in space computing, space energy, and lunar commercial activities present significant growth potential [7]. Lithium Battery Equipment Sector - The lithium battery equipment sector is recovering after an adjustment period from 2022 to 2024, with a new capacity cycle starting in 2025. Revenue and net profit growth turned positive in 2025, with a stock price increase of 103%. The demand for power lithium batteries and energy storage lithium batteries is fully recovering, and the expansion cycle of leading domestic battery manufacturers is expected to continue into 2026 [12]. - The solid-state battery industry is anticipated to reach a turning point in industrialization between 2026 and 2027, driven by technological improvements, demand growth, and policy support. The market size for solid-state batteries is projected to grow over 15 times from 2025 to 2030 [13]. Investment Recommendations - Key sectors and stocks to focus on include: - Engineering machinery, with XCMG Machinery recommended as a key stock due to its significant growth over the past three years and future potential [5][9]. - Humanoid robotics and commercial aerospace as emerging fields with vast industrial space [5]. - Specific companies in the lithium battery equipment sector, including leading equipment manufacturers and those involved in solid-state battery production, are recommended for their strong cash flow and technological advantages [14]. Solar Industry Insights - The solar industry has seen a significant increase in component prices, with prices for Trina Solar components rising from approximately 0.7 to over 0.82, and some exceeding 1. This price increase indicates a gradual reversal in the solar industry. If these price increases can be accepted by the power station end, the overall market may no longer incur losses, leading to a reversal [11]. This summary encapsulates the key insights and recommendations from the conference call, highlighting the anticipated trends and investment opportunities across various sectors.

Core Viewpoint - The article emphasizes that in 2026, brokerage asset management will focus on equities, bonds, and FOF (Fund of Funds) strategies, indicating a clear investment direction for the year. The equity market is seen as being in the "second half of a bull market," with abundant structural opportunities, while the bond market is expected to maintain a wide range of fluctuations. Multi-asset and multi-strategy allocations remain the mainstream choice in a volatile environment [2]. Equity Market: Anchoring the Bull Market's Second Half - Multiple brokerage asset management firms hold a positive outlook for the A-share market in 2026, believing it remains in the "second half of a bull market." Key drivers include ample liquidity, a recovering profit cycle, ongoing policy support, and a shift in residents' asset allocation [4]. - Guojin Asset Management notes that the current liquidity and regulatory environment is improving, with long-term capital inflows expected. Structural opportunities are anticipated in certain industries due to technological breakthroughs and economic highlights [4]. - Caitong Asset Management suggests that a "spring rally" may occur at the end of the year, primarily driven by TMT (Technology, Media, and Telecommunications) and small-cap stocks. They highlight sectors like power equipment, non-bank financials, and media as having favorable price-to-book (PB) and return on equity (ROE) metrics [4]. - Guotai Haitong Asset Management believes the current A-share market began its rally on September 24, 2024, with a steady "slow bull" trend expected in 2026, supported by a favorable environment of RMB appreciation and low domestic interest rates [4]. - Guotai Haitong recommends focusing on "5+X" industries in the first half of 2026, including solar energy, brokerage firms, semiconductors, consumer electronics, and basic chemicals, with an additional focus on Hang Seng Technology [5]. - Huatai Securities Asset Management identifies four main investment lines: technology growth, upstream sectors benefiting from "anti-involution" policies, advanced manufacturing, and deeply undervalued consumer and non-bank financial sectors [5]. Bond Market: Wide Fluctuations as the Main Theme - Several brokerage asset management firms predict that bond yields will maintain a wide fluctuation trend in 2026, with limited space for both upward and downward movements. Focus should be on wave trading and structural opportunities, with credit bonds and convertible bonds each having their own value [6]. - Guojin Asset Management states that active fiscal policies may continue to exert pressure on bond yields, while basic economic pressures remain. The central bank's liquidity is expected to remain loose to support fiscal policy implementation [7]. - Caitong Asset Management emphasizes that weak economic recovery will support the bond market, with an overall expectation of fluctuating bond yields in 2026. They highlight the value of credit bonds amid a prolonged "asset shortage" [8]. FOF Market: Multi-Asset Strategies Present Allocation Opportunities - The market is expected to mature in 2025, with a significant reduction in the phenomenon of betting on single assets or strategies, highlighting the advantages of multi-asset allocation. In 2026, brokerage asset management firms are optimistic about multi-asset FOF strategies, anticipating that quantitative strategies and active funds will contribute to excess returns [9]. - Guojin Asset Management notes that the complementary nature of the credit cycles in China and the U.S. supports total demand, leading to a cautious optimism regarding multi-asset FOF returns in 2026 [10]. - Caitong Asset Management emphasizes that multi-asset allocation will have significant advantages in 2026, with expectations for a "slow bull" in equities and opportunities in commodities and global assets [10]. - Guotai Haitong Asset Management maintains a positive outlook on quantitative stock selection strategies, expecting a favorable environment for stock quantitative strategies due to ample liquidity in the equity market [11].