招商基金也认为，企业盈利或持续修复，A股将从估值抬升的"急而促"行情过渡到盈利支撑的"缓而 慢"行情。 鹏华基金认为，从历史来看，A股缺乏连续三年估值扩张的经验，2026年企业盈利情况可能直接决定指 数方向。从估值扩张到盈利消化估值，市场通常会发生风格切换。 谈及盈利修复的动力，多家机构观点指向宏观经济与资金面，认为2026年海内外有望呈现偏宽松的政策 环境，叠加历史基数较低，经济温和复苏概率较大；在资金端，居民储蓄向权益类资产迁移的趋势有望 延续，保险、社保等长期资金或持续入市。 □本报记者 张韵 近日，多家公募基金公司发布2026年投资策略报告，投资策略趋于明朗，核心研判形成较多共识，普遍 认为A股将迎来"盈利接棒估值"的关键转换，市场行情有望在盈利修复中得到延续。AI科技与周期复苏 成为备受青睐的两大核心主线。"固收+"资产配置品种少见地被纳入策略报告，获重视程度明显提升。 投资逻辑：盈利成核心驱动 "盈利修复"成为公募2026年投资策略报告的核心关键词。多家机构认为，2026年权益市场驱动逻辑将从 2025年的估值扩张转向盈利改善。 平安基金权益投资总监神爱前明确指出，相较于2025年，2026年市场 ...

转自：北京日报客户端 1月7日，太子集团创始人陈志，从柬埔寨金边被押解回国，这是中柬执法合作取得的又一重大战果。 紧接着，柬埔寨内政部通告称，陈志此前所持有的柬埔寨国籍，已于2025年12月依据《柬埔寨国籍 法》，经国王颁布王令正式撤销。 这场旷日持久的打击跨境赌诈行动，最终以陈志被遣返回国落下帷幕。 网管变公爵：陈志的罪恶发家史 太子集团和陈志在东窗事发前，那介绍比金子都要耀眼：2015年太子集团正式成立，短短十年覆盖地 产、金融、银行等多个领域，在30多国运营超100家实体，金边街头随处可见其旗下项目，陈志甚至靠 20亿美元地产投资骗来柬埔寨"公爵"爵位和首相经济事务特别顾问头衔。 1987年，陈志出生于福建福州连江县一个普通渔村，家境寻常的他初中便辍学混迹社会，在网吧当网管 的经历，让他窥见了互联网灰色地带的暴利——彼时《传奇》等网络游戏风靡，他迅速跟风搭建游戏私 服、破解正版服务器，甚至拉拢技术人员组建"骑士攻击小组"黑客团队，专门从事网站攻击与数据买 卖，靠着侵犯版权、非法运营的勾当积累了人生第一桶金。 2008年国内严打网络黑产，同伙被捕的风声让陈志预感不妙，2009年他携50万赃款潜逃柬埔寨，延 ...

Group 1 - The core viewpoint of the news is that the investment strategy for 2026 is shifting from valuation recovery to profit-driven growth, with a focus on technology and cyclical sectors as the main investment themes [1][2] - Multiple public funds agree that the driving force for the A-share market in 2026 will transition from valuation expansion in 2025 to profit improvement, with "profit recovery" being a key term in their strategies [2][3] - Institutions expect a clear support logic for profit recovery in 2026, driven by a potentially loose macro policy and a gradual economic recovery, alongside a trend of residents shifting assets towards equities [2][3] Group 2 - The technology sector, particularly AI, and cyclical recovery sectors are gaining attention, with public funds focusing on these areas in their 2026 investment strategies [3][4] - AI is highlighted as a focal point within the technology sector, with institutions emphasizing hardware innovation and opportunities in the domestic semiconductor industry [3][4] - The cyclical sector is primarily focused on chemicals and non-ferrous metals, with institutions identifying opportunities in supply constraints and demand recovery [3][4] Group 3 - There is a notable increase in asset allocation content in the 2026 public fund strategy reports, with "fixed income+" products gaining popularity among institutions [4] - Public funds predict that the scale of "fixed income+" products will continue to expand in 2026, as these products balance risk control and market opportunity capture through dynamic asset allocation [4]

1 亏损的真相：短期波动难撼长期信仰 林园将亏损归因于持仓标的的短期价格波动，并明确表示不会因此调整核心策略。他始终聚焦具备稳定 需求的行业，尤其是与"嘴巴经济"紧密相关的消费与医药领域。白酒、快消品、医药……这些行业的需 求刚性如同"铁律"，无论经济冷暖，人们吃饭、喝水、就医的需求不会消失。林园曾直言："我只投资 自己能看懂、能算清楚未来几年账的公司。"这种"能力圈"原则，让他在科技股狂欢时保持冷静，在地 产股暴跌时不为所动。 来源 投资与资管 根据私募排排网公布的数据，2025年林园投资私募大概率会出现年度亏损。细究其投资逻辑，会发现这 场亏损背后，是一场关于"长期主义"与"市场周期"的深刻博弈。 0 0 2 科技股：看得见的未来，握不住的命运 林园并非不看好科技，他承认人工智能是未来方向，但"几乎不会主动介入"。原因很简单：科技行业的 创新充满不确定性，龙头企业更迭如走马灯。他曾坦言，即便买了科技股，也会"愁得睡不着觉"，因 为"命运不掌握在自己手上"。这种对"确定性"的极致追求，让他选择远离科技股的狂欢，转而拥抱消费 与医药的"慢变量"。 0 3 银行、互联网、地产：为何坚决"不碰"？ 林园的投资清单 ...

Core Viewpoint - The former chairman of China Resources Beer, Hou Xiaohai, has officially joined Charoen Pokphand Group (CP Group) as the Chief Operating Officer (COO) for the China region, focusing on market and marketing integration for the group's consumer goods sector, including eggs, pork, chicken, food, and feed products [1][5]. Group 1: Company Transition - Hou Xiaohai's transition to CP Group comes over six months after he stepped down from his key role at China Resources Beer, where he had served as CEO and chairman [1][5]. - His departure from China Resources Beer was announced in June 2025, citing a desire to spend more time on personal arrangements, effective after the board meeting on June 27 [1][5]. Group 2: Achievements at China Resources Beer - During his tenure at China Resources Beer, Hou led a strategic transformation known as the "3+3+3" nine-year strategy, shifting the company from scale expansion to high-quality development [3][7]. - Under his leadership, the company's revenue increased by over 10 billion yuan, with net profit rising from 1.329 billion yuan to 4.759 billion yuan, and a gross margin reaching 42.6% in 2024, the highest in five years [3][7]. Group 3: CP Group Overview - CP Group, founded in 1921 by Thai-Chinese brothers, has evolved from a single business into a diversified multinational corporation with core operations in agriculture, food, and retail, among other sectors [4][8]. - The group operates in over 100 countries and regions globally, employing more than 460,000 people, with projected global sales of 102.2 billion USD in 2024 [4][8]. - Analysts believe that Hou's experience in fast-moving consumer goods will align well with CP Group's core business, potentially leading to significant changes in its consumer goods integration [4][8].

盘面上看，保险、银行、地产等板块走低，有色、军工、零售、石油等板块强势，商业航天、军贸概 念、AI应用概念等活跃。 9日早盘，沪指盘中强势上扬，一度突破4100点，全A成交额半日突破2万亿元。 东莞证券表示，在连续放量上涨后，短期A股可能已进入必要的回落整固阶段，继续上攻前或先震荡整 理。往后看，随着"十五五"产业指引、海外流动性宽松、国内政策托底效应等多重利好因素释放，将继 续为A股市场提供支撑。后续增量稳经济政策的出台将不断驱动市场风险偏好回升，市场有望继续向上 演绎，迎接春季行情。建议关注红利、AI、半导体等科技自立自强核心赛道以及商业航天、电池、新 能源等景气度抬升的成长赛道。 截至午间收盘，沪指涨0.3%报4095.33点，深证成指涨0.57%，创业板指涨0.1%，沪深北三市合计成交约 2.08万亿元。 （文章来源：证券时报网） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月9日，相关人士透露，侯孝海卸任华润啤酒（控股）有限公司董事会主席后，已正式入职正大集团， 任职正大集团中国区COO，负责中国区日常经营管理工作。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月9日，相关人士透露，侯孝海卸任华润啤酒（控股）有限公司董事会主席后，已正式入职正大集团， 任职正大集团中国区COO，负责中国区日常经营管理工作。 公开资料显示，正大集团是一家多元化跨国企业集团，在泰国亦称卜蜂集团，由泰籍华人谢易初、谢少 飞兄弟于1921年在泰国曼谷创办，是世界上规模比较大的华人跨国公司之一。正大集团已从经营单一业 务的"正大庄种子行"，发展成以农牧食品、批发零售、电信电视三大事业为核心，同时涉足金融、地 产、制药、机械加工等10多个行业和领域的多元化跨国集团公司，集团业务遍及全球100多个国家和地 区。 新浪声明：新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容 仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：宋雅芳 公开资料显示，正大集团是一家多 ...

财信证券认为，短期内，随着大盘震荡分化，连续普涨快涨行情或暂告一段落，指数层面震荡向上、题 材板块轮动的结构性行情大概率再度成为市场主基调，建议投资者采取去弱留强策略，逐步聚焦主线板 块，把握好轮动节奏。往后看，在海外经济仍有韧性、美元流动性大概率持续宽松、国内政策"双宽 松"基调延续、"反内卷"持续提振物价预期下，预计A股牛市仍将延续。 盘面上看，券商、保险、银行、酿酒等板块走低，军工、地产、医药、半导体等板块上扬，工业软件、 可控核聚变、商业航天概念等活跃。 8日早盘，沪指盘中窄幅震荡，科创50指数大涨近2%，全A股超3700股飘红。 截至午间收盘，沪指微涨0.09%报4089.45点，深证成指跌0.2%，创业板指跌0.52%，科创50指数涨 1.77%，沪深北三市合计成交约1.78万亿元。 （文章来源：证券时报网） ...

Core Viewpoint - The article highlights the growth in tourism and cultural activities during the New Year period, alongside the continuation of price increases in the technology sector, indicating a mixed performance in the macroeconomic landscape [3]. Group 1: Tourism and Cultural Activities - The New Year holiday saw a significant increase in travel demand, with an average daily cross-regional flow of 198 million people, up 19.5% year-on-year, and an average daily entry-exit figure of 2.205 million, up 28.6% year-on-year [4]. - Domestic tourism showed improvement, with average daily tourist numbers and revenue increasing by 5.2% and 6.3% respectively compared to the previous year, driven by enhanced service supply and flexible holiday arrangements [4]. - Shanghai Disneyland's congestion index rose by 128.8% year-on-year during the last week of 2025, indicating a surge in visitor numbers [4]. Group 2: Downstream Consumption - The price of live pigs increased by 3.9% as of December 28, driven by improved demand for New Year preparations [5]. - Real estate sales remain under pressure, with transaction volumes in 30 major cities down 26.0% year-on-year, and significant declines observed across first, second, and third-tier cities [5]. - Retail sales of passenger vehicles decreased by 12% year-on-year during the last week of December 2025, reflecting ongoing challenges in the durable goods sector [5]. Group 3: Technology and Manufacturing - The electronic industry continues to thrive, with prices for DRAM memory chips increasing by 2.6% to 7.1% across different types as of January 2 [6]. - Chemical raw material prices showed mixed performance, with PX prices rising by 6.4% while PTA prices slightly declined [6]. - Industrial metal prices have continued to rise due to supply disruptions and expectations of interest rate cuts, with coal prices stabilizing at a 0.9% increase [6].

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Nanjing Bank, among others [12][19][53]. Core Insights - The report highlights the financial and manufacturing industries' investment outlook for January 2026, emphasizing the need to focus on companies with strong fundamentals and growth potential amid economic pressures [6][8][10]. - It identifies specific sectors such as real estate, non-bank financials, banking, new energy, machinery, military industry, light industry, and environmental protection as areas of interest for investment [8][10][21][32][36][43]. Summary by Sector Real Estate - The real estate sector faces increasing downward pressure, necessitating policy easing. Key companies like China Resources Land are highlighted for their strong operational capabilities and cash flow stability [11][12][53]. Non-Bank Financials - The non-bank financial sector is expected to benefit from policy support and high market trading volumes, with companies like New China Life Insurance showing strong growth potential [16][17][53]. Banking - The banking sector is viewed positively, with a focus on large banks and city commercial banks, particularly Jiangsu Bank, which is noted for its attractive valuation and growth prospects [18][19][53]. New Energy - The new energy sector is at a turning point, with companies like Sungrow Power Supply and Slin Smart Drive recommended for their growth potential in solar and energy storage technologies [21][23][53]. Machinery - The machinery sector is encouraged to focus on AI and robotics, with companies like Hengli Hydraulic and Ding Tai High-Tech identified for their growth opportunities in traditional and emerging markets [25][30][31][53]. Military Industry - The military sector is expected to see growth from military-to-civilian transitions and military trade, with AVIC Xi'an Aircraft Industry Company highlighted for its potential in the domestic and international markets [32][34][53]. Light Industry - The light industry is advised to focus on overseas manufacturing and new consumer opportunities, with companies like Yingke Medical and Meiyin Sen noted for their growth in international markets [36][40][53]. Environmental Protection - The environmental sector is poised for growth through overseas expansion and rising metal prices, with companies like Weiming Environmental and Ice Wheel Environment recommended for their strong market positions [43][48][51][53].