个股方面，1月19日，有1619股获融资净买入，净买入金额在5000万元以上的有100股。其中，33股获融 资净买入额超1亿元。江淮汽车获融资净买入额居首，净买入3.62亿元；融资净买入金额居前的还有紫 光股份、精测电子、拓普集团、澜起科技、新泉股份、阳光电源、浙文互联、中国平安等股。 Wind统计显示，1月19日，申万31个一级行业中有10个行业获融资净买入，其中，汽车行业获融资净买 入额居首，当日净买入7.58亿元；获融资净买入居前的行业还有银行、电力设备、非银金融、商贸零 售、有色金属等。 ...

证券研究报告 | 2025年12月30日 2026年01月19日 策略周报 活跃资金流入，长线资金流出——1 月第 2 周立体投资策略周 报 核心结论：①1 月第 2 周，资金入市合计净流入 72 亿元，前一周流入 715 亿元。②短期情绪指标处于 05 年以来高位，长期情绪指标处于 05 年以来中 低位。③从行业角度看，以成交额占比为例，过去一周国防军工、半导体、 电力设备等热度较高。 1 月第 2 周，资金入市合计净流入 72 亿元，前一周流入 715 亿元。资金流 入方面，融资余额增加 1045 亿元，公募基金发行增加 134 亿元，ETF 净赎回 711 亿元，北上资金估算净流出 43 亿元；资金流出方面，IPO 融资规模 20 亿元，产业资本净减持 164 亿元，交易费用 169 亿元。 短期情绪指标处于 05 年以来高位。短期情绪指标主要看换手率和融资交易 占比，最近一周换手率（年化）为 682%，当前处在历史上由低到高 92%的分 位；最近一周融资交易占比为 11.29%，当前处在历史上由低到高 90%的分位。 长期情绪指标处于 05 年以来中低位。长期情绪指标主要看大类资产比价， 一看价格对比 ...

本报讯 （记者 董洁） 1月15日，记者从省商务厅"坚定信心扩消费 实干争先谋发展——2026年商务领域 提振消费重点工作"主题发布会上获悉，2025年以来，青海省商务厅全面贯彻全省招商引资大会部署， 将首发经济作为扩大消费的核心抓手，通过成立专班、政策赋能、清单式推进，推动"首店集群点亮青 海商圈"，让高原群众在家门口尽享品质消费红利，为全省消费升级注入强劲动力。 据悉，2026年，青海将认真贯彻省委、省政府关于扩大消费的决策部署，丰富和完善首发经济发展政策 工具，从支持一定规模的首店经济扩大为支持各类商贸零售品牌首店、支持首发新品发布活动、支持建 设首店集聚区、支持省内商贸企业品牌化发展、培育省内特色商贸品牌走出去6个方面，扩大支持范围 和类别，为青海消费升级和品牌培育注入新动能。同时，搭建首发平台，打造特色消费场景，推动"首 发经济"与数字经济、乡村振兴、文旅产业深度融合。围绕新业态新模式新场景在省内外，举办首发活 动，引进更多高能级品牌首店入驻，引导符合条件的首店入限纳统。 此外，实施商贸领域首店激励行动，以西宁、海东、海西、玉树等为重点，发挥各商业综合体、商业步 行街、核心商圈等主体作用，鼓励和支持 ...

丽尚国潮公告称，预计2025年年度实现归属于上市公司股东的净利润1.40亿元至1.70亿元，同比增加 92.96%到134.31%；扣非净利润为1.38亿元至1.68亿元，同比增加20.59%到46.81%。上年同期，公司归 母净利润7255.25万元，扣非净利润1.14亿元。业绩预增主要因公司推进降本增效，优化主业运营；部分 亏损子公司不再纳入合并报表，减少亏损业务拖累，且本期减值损失减少。 ...

Market Overview - The Shanghai Composite Index maintained above 4100 points, closing at 4112.60, down 0.33% [2][4] - The Shenzhen Component Index closed at 14306.73, up 0.41%, while the ChiNext Index rose by 0.56% to 3367.92 [2][4] - The market showed mixed performance with the three major indices fluctuating throughout the day, indicating a volatile trading environment [4][6] Sector Performance - The top-performing sectors included Electronics (up 1.67%), Basic Chemicals (up 1.40%), and Nonferrous Metals (up 1.37%) [3] - Conversely, sectors such as Defense and Military Industry (down 2.80%) and Media (down 2.70%) faced declines [3] - Notable concept stocks included the Lithography Glue and SMIC concepts, which saw increases of 2.83% and 2.59% respectively, while the Xiaohongshu concept dropped by 5.25% [3][5] Future Outlook - The market is expected to experience continued structural slow growth, supported by a favorable macroeconomic environment and moderate inflation recovery [6] - The People's Bank of China announced a 0.25 percentage point reduction in various structural monetary policy tool rates, aiming to enhance credit supply in key areas [5] - Investors are advised to focus on sectors with clear industrial trends and resilient earnings, particularly in dividends, TMT (Technology, Media, and Telecommunications), and consumer sectors [6]

Core Insights - The report discusses the "subscription rights allocation strategy," which involves buying the underlying stock to obtain convertible bond subscription rights, benefiting from both stock price differences and convertible bond issuance [3][4] - The strategy's effectiveness is highly correlated with market conditions, showing better performance in bull markets compared to bear markets [13][15] - Key factors influencing the success of the strategy include the selection of underlying stocks, market environment, and timing of purchases [12][51] Strategy Overview - The subscription rights allocation strategy is characterized by buying the underlying stock at critical approval stages and holding until the subscription date to secure convertible bond rights [3][5] - The ideal entry points are when the listing committee approves or agrees to register, minimizing uncertainty and locking in subscription rights before bond issuance [5][6] Market Environment Analysis - The strategy's returns vary significantly with market conditions, with bull markets yielding the highest returns, primarily driven by stock performance [13][15] - In bear markets, returns are mainly derived from convertible bond allocations, with stock performance negatively impacting overall returns [13][15] Stock Selection Criteria - The report identifies that industries such as light manufacturing, automotive, and electronics show superior performance in the subscription rights allocation strategy [17][22] - Smaller-scale convertible bond issuances tend to yield higher returns due to lower market impact and higher per-share allocation amounts [22][26] - Stocks with larger market capitalizations and moderate ROE (Return on Equity) levels are preferred, as they contribute more significantly to overall returns [31][39] Performance Metrics - The report analyzes the performance of 690 convertible bonds issued between January 2020 and December 2025, highlighting the importance of entry and exit timing [12][13] - Average returns from different entry points show that buying on the listing committee approval day yields an average stock price increase of 4.47%, while buying on the registration agreement day yields 2.91% [6][12] Future Investment Opportunities - The report suggests focusing on convertible bonds currently in the approval or registration stages, particularly in high-performing sectors like automotive and electronics [49][50] - Recommended stocks include those with strong fundamentals, high growth rates, and favorable market conditions, ensuring a balanced approach to risk and return [49][50]

Choice统计显示，1月15日，沪深两市可交易A股中，上涨个股有2169只，下跌个股有2898只，平盘个 股有104只。不含当日上市新股，共有65只个股涨停，72只个股跌停。从所属行业来看，涨停个股主要 集中在电子、化工、电力设备、商贸零售、有色金属等行业。 （文章来源：证券时报网） ...

证券时报·数据宝统计，截至上午收盘，今日沪指涨1.20%，A股成交量1254.46亿股，成交金额22460.00 亿元，比上一个交易日减少8.95%。个股方面，4758只个股上涨，其中涨停112只，576只个股下跌，其 中跌停7只。从申万行业来看，计算机、传媒、商贸零售等涨幅最大，涨幅分别为5.84%、4.40%、 2.75%；银行等跌幅最大，跌幅分别为0.66%。（数据宝） 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 计算机 | 5.84 | 2796.30 | -2.36 | 美登科技 | 29.99 | | 传媒 | 4.40 | 1486.16 | -6.68 | 流金科技 | 29.98 | | 商贸零售 | 2.75 | 356.80 | -8.65 | 凯淳股份 | 20.00 | | 电子 | 2.71 | 3079.29 | -8.20 | 耐科装备 | 20.01 | | 社会服务 | 2.27 | 197.39 ...

今日午盘，A股市场以一场酣畅淋漓的普涨，一扫近期的沉闷气息。主要指数全线飘红，其中科创50指 数一马当先，半日大涨3.71%， 成为市场最耀眼的领涨旗帜。创业板指、深证成指、上证指数也分别录 得2.24%、1.98%和1.20%的涨幅。超过4700只个股上涨，市场情绪显著回暖，风险偏好急速提升，两市 半天成交额保持在2.22万亿元的高位水平。 与A股的火热相呼应，港股市场同样走强，恒生科技指数上涨1.50%，表现优于大盘。一个值得关注的 现象是，恒生A股软件服务及软件开发指数双双暴涨近6%， 与A股科技板块形成了紧密的跨市场共 振，暗示本轮行情的驱动内核具有广泛的认同感。 市场的核心特征，在于一场极致的"风格切换"。 从行业板块看，涨幅榜前列清一色是科技成长属性的 板块。计算机板块以5.87%的涨幅强势领跑，传媒、电子、商贸零售、国防军工涨幅均超2.4%，共同描 绘出一幅资金围攻科技主线的清晰图景。反观另一边，银行板块成为申万一级行业中唯一收跌的板块， 煤炭、食品饮料等传统防御性板块也涨幅滞后。 二是外部流动性的潜在扰动。 美联储的货币政策路径依然是高悬的达摩克利斯之剑，任何超预期的紧 缩信号，都可能对全球成 ...

- The report does not contain any quantitative models or factors for analysis