来源：中信证券研究 China Themes 中国主题 2026年投资展望 展望2026年，预计中国宏观经济呈现结构分化下的温和修复态势，全年经济增速或达4.9%，出口保持 韧性，投资逐步回暖，商品消费短期承压。2026年大类资产环境或呈现流动性边际宽松与经济温和修复 的特征，我们推荐商品>股票>债券。我们首推China Themes（中国主题）报告，聚合2026年大类资产展 望、宏观政策及产业投资看点，并梳理各行业重点公司，供投资者参考。 ▍大类资产：2026年大类资产环境或呈现流动性边际宽松与经济温和修复的特征，我们推荐商品>股票 >债券。权益方面，我们预计2026年万得全A全年涨幅5%-10%；港股预计迎来业绩触底反弹+第二轮估 值修复的戴维斯双击行情；美股在中期选举年"财政+货币"双宽松背景下，料将延续基本面增长动能。 债券方面，我们预计10年期中债收益率全年运行区间为1.5%-1.8%，节奏先下后上；10年期美债收益率 或维持3.9%-4.3%的区间波动。商品方面，原油供需格局由过剩转向平衡，布伦特原油全年或在58-70美 元/桶区间震荡；黄金在流动性宽松与地缘风险支撑下延续强势但涨幅趋缓，有望冲击 ...

| 联易融科技-W(09959) | 21.00 万 | 48.25 万 | 1.19 亿 | | | --- | --- | --- | --- | --- | | 东阳光药(06887) | 9900.00 | 42.77 万 | 62.38 万 | 0.108% | | KEEP(03650) | 10.00 万 | 35.81 万 | 105.00 万 | 0.204% | | 永升服务(01995) | 20.00 万 | 35.20 万 | 276.20 万 | 0.160% | | 易点云(02416) | 13.90 万 | 32.04 万 | 1147.70 万 | 2.192% | | 信利国际(00732) | 21.40 万 | 23.11 万 | 1.23 亿 | 3.887% | | 宝胜国际(03813) | 44.70 万 | 21.23 万 | 109.70 万 | 0.021% | | 中视金桥(00623) | 10.50 万 | 20.43 万 | 76.90 万 | 1.640% | | 同方友友(01868) | 50.20 万 | 20.00 万 | 146.00 ...

江苏入选项目包括朗坤智慧科技股份有限公司的"面向钢铁行业的风机能效优化控制解决方案"、南 京特沃斯清洁设备有限公司的"工业现场智能清洁机器人解决方案"等，标志着这些企业在智能制造领域 的创新成果取得国家级认可，入选项目服务的重点行业包括钢铁、建材、汽车及汽车零部件、医疗装 备、工程机械、纺织、医药、电子设备、光伏、集成电器等，均为江苏的重点和优势产业。下一步，揭 榜企业将继续深化人工智能与工业场景的融合创新，助力行业数字化转型与高质量发展，为我国智能制 造体系建设贡献更多创新成果。 工业和信息化部办公厅、市场监管总局办公厅日前联合印发通知，公布2025年度智能制造系统解决 方案"揭榜挂帅"项目名单，全国共73个项目入选，其中14个江苏项目在列，入选数全国最多。 据悉，为贯彻落实《制造业数字化转型行动方案》，按照《"十四五"智能制造发展规划》任务部 署，打造智能制造"升级版"，两部门进行了此次评选，名单经省级有关部门推荐、专家评审、网上公示 等程序后评选得出。 ...

Market Performance - A-shares have significantly risen, reaching a new high of 4083 points, marking a bullish trend with increased trading volume of 2.8 trillion yuan [2] - The market has set two records: a closing point above 4000 for the first time in over a decade and a 13-day consecutive rise in the Shanghai Composite Index [2] Market Capitalization - As of the end of 2025, the total market capitalization of A-shares is approximately 123 trillion yuan (about 17.6 trillion USD), still significantly lower than the US market, which has a total market cap of around 67 trillion USD [3] - If A-share market capitalization reaches 150 trillion yuan, it could challenge the 5000-point mark, representing about one-third of the current US market cap [3] Valuation Metrics - As of January 6, the overall A-share price-to-earnings (P/E) ratio is approximately 17.95, and the price-to-book (P/B) ratio is about 1.88, indicating that current valuations are not excessively high compared to historical bull markets [3] - However, when considering the past decade's valuations, the current market valuation is near the upper limit of reasonable valuation [4] Future Earnings Growth - The potential for A-share market indices to rise further depends on the earnings growth of listed companies in 2026 and 2027, with a target growth rate of 10% to 12% [4] - The market has been driven by technology and rare metals sectors, while traditional sectors remain undervalued, suggesting potential for a rebound in these areas [4] Sector Analysis - Few sectors remain at historical valuation lows, with the consumer sector, particularly liquor, being a notable example. Other sectors with P/E ratios below 30% include home appliances, textiles, food, media, pharmaceuticals, and securities, indicating potential for future gains [5] - The 4000-point level, which has historically acted as a resistance, may now serve as a strong support level, potentially marking the beginning of a new bull market [5] Global Market Context - The global stock market may continue its bullish trend in 2026, influenced by loose liquidity conditions, with the potential for A-shares to increase in market capitalization [5] - If the A-share market capitalization exceeds 22 trillion USD, it could challenge the 5000-point level, still representing only a third of the US market cap [5] Liquidity Sources - The current margin financing balance in A-shares is approximately 2.55 trillion yuan, which is about 2.5% of the market's circulating value, indicating room for growth [6] - In a low-interest-rate environment, more deposit funds may flow into the stock market, providing additional liquidity for A-shares [6] Investor Sentiment - The A-share market is not lacking in funds but rather in investor confidence and the perception of profit-making opportunities [7] - A sustained profit-making effect could attract significant new capital into the A-share market, driving further upward momentum [7]

Group 1: Modern Industrial System Development - The core idea emphasizes the importance of modern industrial systems as the foundation of a modernized economy, with a focus on consolidating and strengthening the real economy [2] - The Ministry of Industry and Information Technology (MIIT) has been advancing new industrialization since the 14th Five-Year Plan, enhancing the overall strength, quality, efficiency, innovation, competitiveness, and risk resistance of the industry [2] - Various regions are accelerating technological innovation and promoting industrial agglomeration and digital transformation, leading to significant progress in building a modern industrial system centered on advanced manufacturing [2][3] Group 2: Innovation and Achievements - China's industrial technology innovation capabilities are steadily improving, with notable achievements in key areas such as stage equipment, photography lenses, high-speed trains, and advanced manufacturing equipment [3] - The first domestically produced light sport aircraft, "Arolora," has received civil aviation certification and has seen sales orders exceed 100 units, with total sales approaching 400 units and over 200,000 flight hours [4] - The number of specialized and innovative small and medium-sized enterprises has increased from less than 40,000 to over 140,000 during the 14th Five-Year Plan, indicating a significant enhancement in the competitiveness of Chinese enterprises [4] Group 3: Industrial Clusters and High-Quality Development - Industrial clusters are crucial for promoting high-quality development and transformation of manufacturing enterprises, with a focus on creating specialized parks and industrial chain ecosystems [5] - The Hunan Medical Device Industrial Park has rapidly developed its medical device industry from scratch in just four years, showcasing the effectiveness of industrial cluster development [5] - The park has improved project approval processes, reducing approval time by 72% and streamlining operations to establish a precise and professional industrial service system [5] Group 4: Digital Transformation in Traditional Industries - Traditional industries such as steel and machinery are accelerating their digital transformation, leveraging artificial intelligence to unlock new potential [7][8] - Shandong Haihua Group has implemented AI-driven strategies to enhance equipment maintenance and inspection, achieving over 95% accuracy in fault identification and a 50% increase in inspection efficiency [7] - The MIIT is promoting digital transformation in manufacturing, establishing 62 digital transformation promotion centers and over 230 exemplary smart factories [10] Group 5: Challenges and Solutions in Digital Transformation - Companies face challenges in recognizing the importance of digital transformation, which is essential for initiating the process [9] - The need for targeted policies to reduce transformation costs and showcase successful case studies is emphasized to motivate enterprises [9] - The MIIT is committed to advancing the digital transformation of the manufacturing sector, focusing on high-level openness and steady development of industrial upgrades [10]

融资渠道持续拓宽，资本工具日益多元。"十四五"时期直接融资年均复合增长率达22.40%，实现ABS发行"零突 破"和科创公司债券备案获批。私募基金规模稳步增长，截至2025年三季度，在管基金规模达2609.71亿元。"格桑 花行动"等政策举措精准发力，培育多家拟上市企业。 风险防控筑牢安全防线，市场生态持续净化。监管部门坚持"零容忍"，查办多起违法违规案件，积极稳妥化解上 市公司风险。"十四五"时期，西藏无退市公司，无重大退市风险企业，也是全国为数不多的公司债券"零违约"省份 之一。 "十五五"西藏资本市场将聚焦创新驱动、产业升级与风险防控三大核心，推进上市公司走访全覆盖，加快优势产 业企业培育。依托并购重组与研发投入，推动医药、有色金属等产业向高端化、绿色化转型，持续完善投资者回 报机制，以资本赋能西藏经济高质量发展，让雪域高原的特色产业"格桑花"竞相怒放。（全文详见A3版） 证券时报记者 唐强 "十四五"时期，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷，为"十五五"持续增长筑牢根基。面向新 征程，西藏资本市场继续以资本为纽带，连接创新与实体，续写高质量发展新篇章。 "十四五"时期，西藏上市公司实现 ...

Market Overview - US stock indices opened higher on January 6, with the Dow Jones Industrial Average at 49,120.33, up 0.29%, the Nasdaq at 23,509.02, up 0.48%, and the S&P 500 at 6,930.89, up 0.42% [2] Precious Metals - Precious metals experienced significant gains, with spot silver surpassing $80 per ounce, increasing nearly 5%, and spot gold rising to over $4,480 per ounce [1] - Other precious metals also saw substantial increases, with palladium and platinum both rising over 6% [1] Semiconductor Sector - Chip stocks saw broad gains, with Microchip Technology rising over 7% and NXP Semiconductors and TSMC both increasing by more than 2% [1] - Microchip Technology raised its net sales forecast for Q3 of fiscal 2026 due to strong demand and market recovery [3] Pharmaceutical Sector - Novo Nordisk shares rose nearly 5% following the launch of its oral weight loss medication in the US, priced significantly lower than injectable alternatives [3] - The monthly cash price for the medication ranges from $149 to $199, with insurance-covered patients paying as little as $25 [3] Data Center Cooling Stocks - Data center cooling stocks experienced a collective decline, with Johnson Controls and Trane Technologies dropping by 10% and Modine by 20% [4] - This decline followed comments from Jensen Huang at CES regarding new server cooling technologies that do not require water cooling [4] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.56%, with many popular Chinese stocks also experiencing gains [4] - Hesai Technology surged over 7% after being selected by NVIDIA as a lidar partner for the "NVIDIA DRIVE AGX Hyperion 10" platform [5] - NIO announced the production of its one millionth vehicle, marking a significant milestone in its growth strategy [5]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港 公司註冊處處長登記之前，不會向香港公眾人士提出要約或邀請。倘於適當時 候向香港公眾人士提出要約或邀請，有意投資者務請僅依據本公司與香港公 司註冊處處長登記的招股章程作出投資決定，招股章程的文本將於要約期內 向公眾人士提供。 Guangzhou Novaken Pharm Co., Ltd. – 1 – (a) 在聯交所網站登載本公告，並不引致本公司、其獨家保薦人、整體協調人、 顧問或包銷銀團成員在香港或任何其他司法管轄區必須進行發售或配售 的責任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請尚未獲批准，聯交所及證監會或會接納、發回或 拒絕有關的公開發售及╱或上市申請； (c) 本公告不應被視為誘使認購或購買任何證券，亦不擬構成該等勸誘； (d) 本公司或其任何聯屬人士、其顧問或包銷銀團成員概無於任何司法管 ...

Core Conclusions - The report highlights a significant market event where the Shanghai Composite Index surged by 1.38% on the first trading day of 2026, breaking the 4000-point threshold, indicating a strong market sentiment and increased trading volume across A-shares [1] Group 1: Market Signals - Signal One: Transition from "Volume Hesitation" to "Volume Initiation" suggests that the substantial increase in trading volume at the start of the year alleviates concerns about previous low-volume gains. The report anticipates a "re-inflation bull market" driven by the Federal Reserve's interest rate cuts and the appreciation of the RMB, leading to a significant increase in A-share trading volume, with expected lows of 500 billion and 1 trillion in total A-share turnover in September 2024 and June 2025 respectively, confirming the initiation of a major upward trend [1][6] - Signal Two: The report notes a structural thematic and growth market emerging, referred to as the "spring excitement" market, with various themes gaining traction such as brain-machine interfaces, robotics, and commercial aerospace. However, it cautions that sustained high trading volumes may not be realistic, and a potential reduction in volume could lead to a narrowing of thematic trading focus [2] - Signal Three: The insurance sector is identified as a new leader in the bull market, with its recent volume increase confirming the market's upward trend. Historically, insurance has been a key driver in market rallies, and the report suggests a shift from intermediary institutions to asset management institutions as the market transitions from a volatile to a more stable investment environment [3][12] Group 2: Industry Allocation - The report emphasizes the importance of focusing on the insurance sector and a "new high" combination for industry allocation. It suggests that 2025 may be a prelude to a bull market, with 2026 expected to witness the main trend. Key sectors to watch include non-ferrous metals, new consumption (food and beverage/travel), and high-end manufacturing (power equipment/chemicals/healthcare) [4][14]

今日聚焦 1、药明康德第三大股东、第四大股东、第六大股东等18家股东2025年11月20日至2026年1月5日期间累 计减持2%公司股份 本次减持计划已实施完毕 药明康德公告称，公司于2026年1月5日收到实际控制人控制的股东发出的《告知函》，2025年11月20日 至2026年1月5日，实际控制人控制的股东通过集中竞价和大宗交易方式累计减持公司股份5967.51万 股，占公司总股本的2%。本次减持计划已实施完毕。减持主体包括G&C IV Hong Kong Limited、G&C V Limited、G&C VI Limited、G&C VII Limited等，减持价格区间为84.66至95.08元/股。减持后，这些 股东的持股比例均有所下降。本次减持计划已实施完毕。 2、罗博特科：子公司ficonTEC与瑞士客户签订第二条全自动OCS(光交换机)封装整线订单 罗博特科公告称，全资子公司ficonTEC近日与交易对手方瑞士某头部公司C的子公司签署的单笔合同金 额约为770.00万欧元(折合人民币约6307.84万元)，占公司2024年度经审计营业收入的比例超过了 5.70%，该合同单笔金额重大，且系fco ...