今日的市场，除了炸裂，也想不到其他合适的词了，看几块热点。 第一，成交额破3.6万亿，创历史新高。 今晚有点事儿，提前简单聊几句哈。 大家关心的那2瓶茅子，我明天再统计结果吧，今日收盘点位是4165.29，同志们可以自行看下，如果有十分接近的，可以评论区先插个眼，到时 候方便我统计 。 说回市场。 史上最强开门红，还在继续。 上周，A股开门红单周的日均成交是2.8万亿，今天直接干到了3.5万亿，下图，是A股有史以来，单日成交额的排名，今日直接破了去年10月8日的高点， 创历史新高了。 去年10月8日，可是攒了7天的热度的一次性释放，对比之下可见，今天的热度有多夸张了。 对了，再给大家一个数字作为对比——作为T+0的市场， 美股 去年上半年的日均成交额差不多也就3.4万亿人民币左右，大A作为T+1的市场，竟已经反超 之了。 ...... 往后看，场外等着入场的资金体量，依然是比较可观的，具体可以回顾我们《 2026年金融市场的十大预测 》第三大段的观点： " 重视股市在大类资产中的 " 相对性价比 " ，长期限定存的到期潮是一种 " 周期的结果，固收加的大发展符合历史规律。 " 第二，商业航天，继续炸裂。 今天 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 01 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2026CES 展亮相多款 AI 产品展示 AI 应用多元化，关注北交所 AI+产业链标的 ——北交所科技成长产业跟踪第五十九期（20260111） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 内容目录 | 1. | 政策推动 AI | 发展提速，2025 智能体大规模应用的"拐点时刻" 5 | 年被视为 AI | | | --- | --- | --- | --- | --- | | 1.1. | 新闻：多款 AI 产品于 | 2026CES 展发布，包含人形机器人、智能驾驶、智能家居等5 | | | | 1.2. | 行业：AI 从模型转向 | Agent 年中国 AI 应用市场规模或将达 1 ...

证券研究报告·固定收益·固收周报 固收周报 20260111 转债策略建议控回撤仍为第一要务 2026 年 01 月 11 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 相关研究 《二级资本债周度数据跟踪 （20260105-20260109）》 2026-01-11 《绿色债券周度数据跟踪（20260105- 20260109）》 2026-01-10 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 本周（0105－0109）跨年行情黄金经历短线跳水后，迅速反弹回 4500 美元/盎司前期高位，突破前高在即，观察及观点延续前期； 人民币汇率同样经历短线回调，但基于我们对全球主要经济体 财政及货币政策预计双松的认知，且普遍财政赤字货币化倾向 高于中国，继续延续前期看升观点；原油从总需求角度思考边际 看多，而从总供给角度考虑短多长空，综合判断或维持低位震荡 格局 ...

听老歌、看老剧、买老物件……这届年轻人爱上了怀旧。 然而，怀旧的溢价却并不低。已经被"淘汰"很久的翻盖按键手机都可以卖到几百元。1月7日， 21世纪经济报道记者线下走访发现，某些型号的CCD一台甚至卖至上千元。曾经的"电子垃 圾"摇身一变，成为千元潮品。一些品牌也利用"回忆杀"，轻松收割年轻人的钱包。 老物件的性能不算好，有的价格也不算便宜，为何年轻人仍愿意为"怀旧"买单？ 老物件翻红，电子垃圾变千元潮品 年轻人越来越吃"怀旧"这一套了。 刚过去不久的跨年晚会上，一大波老歌让一众90后、95后直呼"爷青回"；《甄嬛传》《知否》 等经典老剧被盘到包浆，在抖音上养活大批二创博主，评论区有人留言："真想跪下来求自己 不要再看了。 " 不仅是听老歌、看老剧，年轻人还爱上了老物件。21世纪经济报道记者发现，截至1月6日，在 小红书上，话题 #今天玩CCD了吗 #阅读量超9 .7亿； #黑胶唱片 #阅读量超5 .7亿； #古董手 机 #阅读量超2 .4亿； #怀旧小霸王游戏机 #阅读量超4720 .6万。 据闲鱼数据显示，2025年1—3月，中式梦核单品销量环比上涨70%，其中"95后"买家占比 80%。CCD相机的热度 ...

Group 1: Food Delivery Market Investigation - The State Administration for Market Regulation has initiated an investigation into the competitive status of the food delivery platform service industry based on the Anti-Monopoly Law of the People's Republic of China [4] - Taobao Flash Sale stated that it adheres to principles of fairness and compliance with laws and regulations in its operations, including merchant management and consumer rights protection [4] - Meituan expressed its support for the investigation and emphasized the need for rational competition in the industry, aiming to promote innovation and healthy development within the food delivery platform service sector [4] Group 2: Apple CEO Succession - Apple is reportedly accelerating the selection process for a successor to CEO Tim Cook, with John Ternus, the current Senior Vice President of Hardware Engineering, emerging as the leading candidate [7] - Cook, aged 65, has indicated to management that he feels fatigued and may step down as CEO this year, potentially transitioning to the role of Chairman of the Board [8] Group 3: MiniMax IPO - MiniMax, a large model company, went public on the Hong Kong Stock Exchange, opening with a more than 50% increase and reaching a market capitalization exceeding 77 billion HKD [13] - The company priced its shares at a maximum of 165 HKD, with initial trading showing a significant rise, indicating strong investor interest [13]

Market Overview - The major indices showed mixed performance with the STAR Market 50 index up by 0.82% and the ChiNext index down by 0.82% [1] - The TMT sector led the gains, particularly in communication equipment and military electronics, while the communication network equipment and printed circuit board sectors faced declines [1] Domestic News - CINNO reported that Chenxian Optoelectronics has developed a 0.12-inch Micro-LED micro-display using semiconductor-level hybrid bonding technology, meeting key requirements for mass production [2] - Jihai officially launched the G32M3101 series high-performance motor control SoC, integrating MCU, LDO, and gate driver into a single chip to reduce system costs and improve efficiency [2] - Lexin partnered with Bosch Sensortec to introduce an AI interactive solution, utilizing Bosch's MEMS sensors and algorithms alongside Lexin's Wi-Fi 6 IoT chip [2] - Beijing Chaoyang Hospital implemented VR technology to alleviate preoperative anxiety in over 100 patients, resulting in significant reductions in anxiety scores and improved postoperative satisfaction [2] Overseas News - PetaRay and Quanta Computer launched a commercially viable AR headset utilizing PetaRay's LiFiD light field technology for natural alignment of virtual content with real objects [3] - TrendForce reported that NVIDIA will adjust the HBM4 specifications for the Rubin platform, delaying the mass production timeline to early 2026 due to increased speed requirements and AI demand [3] - Mobileye announced the acquisition of Mentee Robotics to enhance its autonomous driving system with advancements in visual-language-motion technology [3] - Samsung Display and Intel developed SmartPower HDR™ technology to reduce OLED panel power consumption by up to 22% in HDR mode for laptops [3] AI News - The Chinese Academy of Sciences and CreateAI team built a 4D world model NeoVerse from monocular videos, enabling efficient reconstruction without prior camera pose knowledge [4] - Zhiyuan Robotics unveiled the first LLM-driven open-source simulation platform Genie Sim 3.0 at CES, significantly improving simulation scene construction efficiency [4] - Xidian University released VoiceSculptor, a model allowing high flexibility in controlling voice attributes through natural language instructions [4] - Lenovo launched Qira, a personal AI super agent capable of summarizing notifications and coordinating tasks, designed for high personalization and offline operation [4] Industry Tracking - Jitian Starship developed a remote sensing optical payload achieving 0.5-meter resolution, planning to launch 22 satellites this year to enhance earth observation capabilities [5] - Zhenghe Industrial introduced the world's first chain-type dexterous hand with 17 degrees of freedom, achieving high precision and load capacity [5] - Yunnan First People's Hospital successfully performed the first two brain-machine interface surgeries in Southwest China, implanting rechargeable, closed-loop brain stimulators for Parkinson's patients [5] - The Ministry of Industry and Information Technology outlined plans for AI in manufacturing, aiming for significant advancements in core technologies and application scenarios by 2027 [5]

Market Overview - The three major A-share indices experienced a slight increase on January 7, with total trading volume in the Shanghai and Shenzhen markets reaching 2.88 trillion yuan, an increase of over 49 billion yuan compared to the previous day [1] - More than 2,100 stocks closed higher, with notable gains in sectors such as storage chips, state-owned capital holdings, and advanced packaging [1] Historical Highs - A total of 99 stocks reached their historical closing highs, excluding newly listed stocks from the past year. The electronics, machinery equipment, and non-ferrous metals sectors had the highest concentration of stocks hitting new highs, with 27, 13, and 11 stocks respectively [1] - The average increase for stocks that reached historical highs was 7.25%, with stocks like Shaoyang Hydraulic, Meihua Medical, and Nanda Optoelectronics hitting the daily limit [1] Top Gainers - The top gainers among stocks that reached historical highs included: - Shaoyang Hydraulic (41.33 yuan, +20.01%) - Meihua Medical (41.56 yuan, +20.01%) - Andar Intelligent (170.08 yuan, +20.00%) - Nanda Optoelectronics (55.19 yuan, +20.00%) [2] Institutional Activity - In the market, 17 stocks were net bought by institutions, with five stocks seeing net purchases exceeding 1 billion yuan. Notably, Sanbo Brain Science and Shunhao Co. received over 2 billion yuan in net purchases [2] - Conversely, Jin Feng Technology faced the highest net sell-off by institutions, amounting to over 400 million yuan, followed by Meihua Medical and Chip Source Micro with net sells of 371 million yuan and 241 million yuan respectively [3] Northbound Capital Flow - Northbound funds saw net purchases in 14 stocks, with Nanda Optoelectronics, Sanbo Brain Science, and Lei Ke Defense leading with amounts exceeding 1 billion yuan [4] - On the sell side, Jin Feng Technology topped the list with a net sell amount of 92.58 million yuan, followed by Yunhan Chip City and Shunhao Co. with net sells exceeding 40 million yuan [5] Company Announcements - Zhongke Lanyun (688332) projected a net profit increase of 366.51% to 376.51% for 2025, driven by significant growth in the fair value of investments in Moer Thread and Muxi Co. [7] - Su Meida plans to acquire a 16.92% stake in Blue Science High-Tech to achieve control [7] - Baomo Co. is planning a change in control by its actual controller [7] - Puli Te's LCP film products are suitable for use as flexible electrode materials in brain-computer interfaces [7] - Chuanjin Nuo expects a net profit increase of 144.24% to 172.64% for 2025 [7]

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese stock markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [2][4][6]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a drop in the A50 index by nearly 1% [2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [3]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index declined by over 2% [3]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share [4]. - This downgrade occurred despite Alibaba reporting quarterly earnings that exceeded expectations, with cloud services being a key growth driver [5]. - Concerns were raised regarding the rapid increase in capital expenditures related to the cloud business and the relatively moderate growth of its retail business compared to competitors [5]. Group 3: Precious Metals Decline - Precious metals prices fell as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [5]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [5]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to pressure on the Shanghai Composite Index [5]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations and increased government debt financing, which could tighten liquidity in the banking system [6]. - The central bank's actions, including reverse repos and medium-term lending facilities, will determine whether the liquidity situation will trend towards tightening [6]. - The ongoing foreign exchange settlement by commercial banks may consume excess reserves in the banking system, leading to structural liquidity pressures [6].

Group 1 - The core issue revolves around the tension in US-India relations due to President Trump's threats to impose high tariffs on Indian goods if India continues to import oil from Russia [1][3] - The bilateral trade between the US and India reached $129 billion in 2022, with India having a trade surplus of $45.7 billion, primarily in electronics, textiles, and jewelry [1] - The US has previously imposed tariffs of up to 50% on certain Indian goods, and the current situation highlights the deep-seated trade disagreements, particularly regarding India's high tariff policies [1][5] Group 2 - India's reliance on Russian oil, which is priced $20-30 per ton lower than international benchmarks, is crucial for its economy, especially in the context of rising global inflation [3] - The potential increase in US tariffs could lead to an estimated economic loss of $57.6 million for India's core export sectors, threatening millions of jobs [3] - The US strategy aims to pressure allies to reduce energy imports from Russia while using tariffs as leverage in trade negotiations, particularly in agriculture [5] Group 3 - The ongoing trade friction is indicative of broader instability in the global economic order, with the US frequently using tariffs as a diplomatic tool, complicating international trade relationships [5][8] - India's strategy involves balancing its core interests with flexible diplomatic approaches to maintain energy security and international standing [7][8] - The current trade competition transcends mere economic interests, evolving into a struggle for strategic trust and international order, prompting countries to seek diversified cooperation models [8]

今天分享的是：CMO Club：2026中国营销趋势报告 报告共计：80页 2026中国营销趋势报告核心总结 《2026中国营销趋势报告》以"数智、信任、整活、入圈"四大关键词为核心，基于2025年金匠奖标杆案例与行业深度访谈，提炼出八大营销趋势，为品牌营 销提供实战指引。 数智化成为营销底层支撑，AI Agent进化为代理式AI，推动"营销平权"，让各类品牌都能实现用户洞察、内容生成等全链路自动化。企业数智化升级的关键 起点是构建营销知识库，沉淀组织经验与全程信息，同时通过MAGIC框架打造魔力增长引擎，实现精准化、个性化营销，联想、绝味等企业通过该模式实 现效率与业绩双提升。 信任回归营销本质，成为品牌核心竞争力。品牌需通过透明沟通、价值共鸣与承诺兑现，构建具象化的"信任吧唧"。同时，AI注意力分配作用凸显，品牌需 打造大模型友好型内容，适配AI理解与推荐逻辑，在算法洪流中建立权威认知，小罐茶、平安好医生等通过公益行动、跨界科普等方式深化用户信任。 "整活"营销强调人格温度与社交裂变，"人感营销"成为差异化资产。品牌需设定清晰人格，以真实、有立场的姿态与用户互动，京东钛厨具、小天鹅等通过 借势热点、打造I ...