Group 1 - The Shanghai Composite Index closed at 4069.38 points, above the annual line, with a change of 1.14% [1] - The total trading volume of A-shares reached 2105.815 billion yuan [1] - A total of 121 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates including *ST Tianlong at 9.41%, Junhe Co. at 6.97%, and Lijia Technology at 5.64% [1] Group 2 - The top three stocks with the highest deviation rates from the annual line include: - *ST Tianlong: 9.41% deviation, with a price increase of 9.83% and a turnover rate of 6.96% [1] - Junhe Co.: 6.97% deviation, with a price increase of 9.95% and a turnover rate of 9.72% [1] - Lijia Technology: 5.64% deviation, with a price increase of 9.21% and a turnover rate of 6.13% [1] Group 3 - Other notable stocks that have just crossed the annual line include: - Xian Bank, United Imaging Healthcare, and Hanghua Co., which have smaller deviation rates [1] - The report includes a detailed table of stocks with their respective trading performance, including price changes and turnover rates [1]

Market Overview - The Shanghai Composite Index is at 4058.36 points, above the annual line, with an increase of 0.87% [1] - The total trading volume of A-shares is 15062.24 billion yuan [1] Stocks Breaking Annual Line - A total of 118 A-shares have surpassed the annual line today, with notable stocks including *ST Tianlong, Lijia Technology, and Junhe Co., with deviation rates of 9.41%, 7.60%, and 6.97% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Kela Software, Wens Foodstuff, and Yongqing Environmental Protection [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - *ST Tianlong: 9.41% deviation, with a price increase of 9.83% and a turnover rate of 6.04% [1] - Lijia Technology: 7.60% deviation, with a price increase of 11.24% and a turnover rate of 5.59% [1] - Junhe Co.: 6.97% deviation, with a price increase of 9.95% and a turnover rate of 7.81% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Whirlpool: 8.48% increase with a deviation rate of 5.95% [1] - Qiming Information: 6.16% increase with a deviation rate of 5.71% [1] - Rainbow Co.: 9.98% increase with a deviation rate of 4.63% [1]

记者丨黎雨桐 见习记者林健民 6日，A股三大指数高开，截至9：50左右，沪指报4054.25点，突破2025年11月14日的阶段高点，刷新 2015年7月底以来的新高。 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！ | 上证指数 深证成指 | 科创综指 | | --- | --- | | 4054.25 13946.42 | 1723.70 | | +30.83 +0.77% +117.79 +0.85% +27.86 +1.64% | | | 创业板指 万得全A | 北证50 | | 6599.79 3318.62 | 1482.88 | | +61.85 +0.95% +24.07 +0.73% +16.46 +1.12% | | | 沪深300 中证500 | 中证A500 | | 4762.71 7745.80 | 5823.89 | | +44.97 +0.95% +94.61 +1.24% +60.59 +1.05% | | | 中证1000 深证100 | 中证红利 | | 7818.17 5966.20 | 5538.87 | | +64.29 +0.83% +37 ...

Market Overview - The market opened strongly, with the ChiNext Index leading the gains, and the Shanghai Composite Index returning above 4000 points, recording twelve consecutive days of gains. The total trading volume in the Shanghai and Shenzhen markets reached 2.55 trillion, an increase of 501.1 billion compared to the previous trading day. The Shanghai Composite Index rose by 1.38%, the Shenzhen Component Index by 2.24%, and the ChiNext Index by 2.85% [1]. Industry Insights - CITIC Securities highlighted that the nuclear fusion sector is entering a period of intensive catalytic release, with significant technological advancements expected to drive a synchronized market trend between domestic and international markets early next year. The long-term growth trend of the industry has been established, with domestic capital expenditure progressing steadily and overseas developments likely to exceed expectations [2]. - Open Source Securities noted that gaming could serve as a significant application scenario for brain-computer interfaces (BCIs) and AI. The recent launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a critical breakthrough in core BCI technology, enabling previously disabled individuals to engage in gaming through brain control. Elon Musk's Neuralink plans to mass-produce BCI chips by 2026, with a streamlined and automated implantation process expected to accelerate the maturity of various application scenarios, including gaming and medical rehabilitation [3]. - CITIC Construction Investment pointed out that the AI medical sector is expected to see continuous progress in policy, technology, products, and applications by 2025. The application of AI in healthcare is anticipated to expand from large hospitals to grassroots and individual levels, enhancing medical device functionality, interpreting test results, assisting clinical decision-making, and health management. The ongoing support from national policies and industry technologies is likely to accelerate the implementation of AI medical applications, presenting investment opportunities in the sector [4].

通讯员 赵 磊 本报记者 乔 欣 医疗、医保、医药如同健康保障网的三大支柱，青海正通过协同改革让这三者同频共振，进而实现高原 百姓看病就医的获得感持续增强。 2025年11月24日，青海省第十四届人民代表大会常务委员会第十八次会议举行，听取和审议了省人民政 府关于全省医疗、医保、医药协同发展和治理情况的报告。策划开展此项监督工作是省人大常委会全面 落实医药卫生体制改革重大任务的具体行动。 省人大常委会组成人员在分组审议中普遍认为，青海深入贯彻落实党中央、国务院和省委决策部署，始 终把保障人民健康放在优先发展的战略位置。"十四五"以来，累计投入资金441亿元用于医疗卫生事业 发展，推动"三医"协同发展和治理走深走实，有效破解了一批群众看病就医的急难愁盼问题，取得了阶 段性成效，但仍需破解协同机制不畅、资源配置不均衡等难题。 三医联动 一盘棋改革格局形成 三医协同不是简单做加法，而是要产生乘法效应。省委、省政府高位推动改革，建立了由一位政府领导 统一分管"三医"工作的机制，有效打破了以往医疗、医保、医药部门之间的壁垒。 "'十四五'以来，我们围绕五项基本医疗卫生制度，出台了100余项政策措施，为全面深化医疗卫生体 ...

证券研究报告|宏观研究报告 [Table_Date] 2026 年 01 月 05 日 PPI呈现"上半年磨底、三季度分化、10-11月温和回升"的修复路 径。8 月是"反内卷"政策落地之后，PPI 的关键分水岭。分行业来看，绝 大多数高权重行业均陷入负值区间，仅有色金属链条形成唯一的正向支 撑。究其原因，内需不足与"内卷式"竞争形成"双重压制"，PPI 的下行压 力主要源于以下两类核心行业：第一类是高权重的中游制造行业，主要 受"内卷"竞争拖累。第二类是上游资源与原材料行业，受地产基建需求 疲软与国际油价回落的共振拖累。 ► 2026 年 CPI 展望：猪周期有望企稳，通胀中枢温和抬升 在 2026 年基期轮换中，猪肉权重有望上升，金银珠宝权重或下 降。回顾 2016 年与 2020 年两次基期轮换，均呈现"食品降、服务升"的 特征，主要遵循"消费升级"主线。2026 年权重调整逻辑或发生逆转：其 一，地产供需格局重塑，居住项权重面临下调（预计-3.0pct）。其二， 疫后修复弹性释放，服务类消费权重显著抬升（预计文娱+2.2pct，交 通+1.4pct）。其三，恩格尔系数回归下行通道，食品烟酒权重延续调降 ...

Core Viewpoint - The A-share and Hong Kong stock markets experienced significant gains at the beginning of 2026, indicating a positive market sentiment and potential investment opportunities [1][17]. Group 1: Market Performance - The A-share market overall rose, achieving a rating around 4.0 stars, with all market caps (large, medium, and small) showing upward movement [2][3]. - Growth style stocks saw a more substantial increase compared to value style stocks, which experienced slight gains [4]. - The Hong Kong stock market, including indices like the Hang Seng Index and Hang Seng Tech Index, also rose, returning to normal valuation levels [5][11]. Group 2: Valuation Trends - As the markets rose, the green rate of the valuation table gradually decreased, indicating a shift in market sentiment [6]. - The AH share premium index, which measures the price difference between A-shares and H-shares of the same companies, has fluctuated between 120-140 in recent years, suggesting that A-shares are typically priced higher due to various costs associated with H-shares [27][28]. Group 3: Future Outlook - The recovery in A-share company earnings is expected to continue, with a slight decline in 2024 followed by a recovery in 2025, which could positively impact both A-shares and Hong Kong stocks [40][41]. - The anticipated continuation of the US Federal Reserve's interest rate cuts and the recovery of A-share earnings could further support the upward trend in both markets [43]. Group 4: Investment Strategies - The article emphasizes a strategy of buying during market dips and selling during peaks, while maintaining patience during stable periods [45]. - The importance of continuous learning and reading in investment practices is highlighted, suggesting that knowledge can translate into better investment decisions [54].

Group 1 - The A-share medical sector experienced a significant rally on January 5, 2026, led by the brain-computer interface concept, with key stocks like Sanbo Brain Science, Meihao Medical, and Lepu Medical hitting the 20% daily limit up [1] - The largest medical ETF in the market, tracking the medical index, surged by 5.29% to reach its highest point since October 9, 2024, with a trading volume of 1.166 billion yuan, an increase of over 211% compared to the previous trading day [1] - In the Hong Kong market, the medical sector also performed strongly, particularly in innovative drugs, with the Hong Kong Innovation Drug ETF rising by 5.42%, marking its largest single-day increase since its launch in July 2025 [2] Group 2 - Elon Musk announced on social media that his brain-computer interface company, Neuralink, will begin mass production of brain-computer interface devices in 2026, indicating a significant advancement in the technology [3] - According to CITIC Securities, China's research in brain-computer interface technology is relatively advanced globally, which is expected to enhance the valuations of related listed companies and stimulate financing in the primary market [3] - The National Medical Products Administration reported that 76 innovative drugs were approved for market in 2025, setting a historical record, with total licensing transactions exceeding $130 billion [5] Group 3 - The Hong Kong medical sector saw a collective rise in various concepts, including brain-computer interfaces and internet healthcare, with stocks like Microneuro Science and Brain Dynamics-B increasing by 19.73% and 15.74%, respectively [5] - The upcoming listing of the Hong Kong medical ETF Huabao (159137) is anticipated to attract attention, as it tracks the medical theme index [5] - Long-term strategies in the medical sector remain focused on innovation, with expectations for strong performance in 2026, particularly in innovative medical devices and drugs [5]

资金流向方面，创业板医疗（970082）指数成份股当日主力资金净流入合计12.33亿元，游资资金净流 出合计8.49亿元，散户资金净流出合计3.84亿元。成份股资金流向详情见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月5日，创业板医疗（970082）指数报收于3808.57点，涨5.7%，成交202.09亿元，换 手率2.83%。当日该指数成份股中，上涨的有48家，三博脑科以20.01%的涨幅领涨，下跌的有2家，华 兰股份以3.23%的跌幅领跌。 创业板医疗（970082）指数十大成份股详情如下： ...

Group 1 - The core point of the article is that JinHao Medical (stock code: 920925) experienced a significant price increase of 20.03% on January 5, 2026, leading to its appearance on the stock market's "Dragon and Tiger List" [1][3] - The trading volume for JinHao Medical on that day reached 10.8265 million shares, with a total transaction value of 394 million yuan [1][2] - The top buying position was held by Huatai Securities Co., Ltd. with a purchase amount of approximately 13.12 million yuan, while the top selling position was held by Debon Securities Co., Ltd. with a selling amount of approximately 15.54 million yuan [1][2] Group 2 - The article provides detailed trading data, including the top five buying and selling brokerage firms, highlighting significant transactions from various securities companies [2] - Notably, the second-largest buying position was from China Galaxy Securities with approximately 11.51 million yuan, and the third from Dongfang Securities with about 10.48 million yuan [2] - On the selling side, the second-largest selling position was from Guosen Securities with approximately 15.24 million yuan, indicating a competitive trading environment [2]