（来源：河南交通投资） 此次构建的规范体系兼具"广度覆盖"与"精度穿透"双重特质，不仅全面涵盖主副站组织架构、管理模 式、岗位设置、职责清单、业务职能等核心领域，更精准细化管理职责划分、关键业务流转、票款交接 核验、应急处置衔接等重点环节。通过制度体系的精准赋能，清晰界定了主站"综合统筹、人员调度、 监督指导"与副站"现场收费、服务保障、协同执行"的核心职能边界，为构建"主副联动、权责清晰、高 效协同"的运营格局奠定了坚实基础。（驻马店分公司） （来源：河南交通投资） 为精准抓实主副站运营管理关键环节，推动新模式运营提质增效，驻马店分公司锚定"高效协同、规范 有序"核心目标，全面构建全流程规范体系，筑牢主副站运营根基。 此次构建的规范体系兼具"广度覆盖"与"精度穿透"双重特质，不仅全面涵盖主副站组织架构、管理模 式、岗位设置、职责清单、业务职能等核心领域，更精准细化管理职责划分、关键业务流转、票款交接 核验、应急处置衔接等重点环节。通过制度体系的精准赋能，清晰界定了主站"综合统筹、人员调度、 监督指导"与副站"现场收费、服务保障、协同执行"的核心职能边界，为构建"主副联动、权责清晰、高 效协同"的运营格局奠定 ...

截至收盘，上证指数收报4023.42点，上涨1.38%，深证成指收报13828.63点，上涨2.24%，创业板指收报3294.55点，上涨2.85%，北证 50指数上涨1.8%。A股市场合计成交25674.1亿元，较上一交易日增加5015.79亿元。 1.A股市场全天主力资金净流出62.98亿元 今日A股市场主力资金开盘净流出54.18亿元，尾盘净流入17.34亿元，A股市场全天主力资金净流出62.98亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人得免權中 露多人候免 | | 尾盘净流入 超大单净买入 | | 2026-1-5 | -62.98 | -54. 18 | 17. 34 | 90. 80 | | 2025-12-31 | -270. 79 | -129.42 | -36. 63 | -63.89 | | 2025-12-30 | -238.28 | -116. 17 | -40. 17 | -94. 18 | | 2025-12-29 | -482.76 | -221.26 | -77.9 ...

广东省人民政府新闻办公室5日在广州举行"'十四五'广东成就"江门专场新闻发布会，江门市委副 书记、市长吴晓晖表示，"十四五"以来，江门全面加快融湾步伐，改革开放激发新活力。 "十四五"时期，江门举全市之力推进粤港澳大湾区建设，取得积极成效。据吴晓晖介绍，在硬联通 上，中开高速全线通车对接深中通道，黄茅海跨海通道建成对接港珠澳大桥，江门开通直达香港高铁列 车，深江铁路、珠肇高铁加快建设，江门1小时通达广深港澳。 江门市发展和改革局局长、市大湾区办主任胡其波称，过去五年，是江门交通格局实现历史性重塑 的关键时期。江门高"快"速公路通车总里程从736公里增加到931公里。"轨道上的江门"持续推进，南沙 港铁路(东起广州南沙港区，西至江门鹤山南站)建成通车并完成客运化改造，江门站、开平南站、恩平 站都开通了直达香港的高铁。江门轨道交通总里程增至220公里。 "这些'硬联通'的突破，为江门承接高端产业、汇聚高端要素打开了新的广阔空间。"胡其波称，江 门积极携手深圳、香港在大广海湾经济区谋划建设合作园区，深度参与大湾区城市群分工协作，为大湾 区新一轮大发展提供产业腹地和经济纵深。 在软联通上，江门便利华侨华人投资制度专项 ...

Market Overview - The Shanghai Composite Index rose by 1.38% on January 5, with 26 out of 28 sectors experiencing gains, led by Media and Pharmaceutical sectors, which increased by 4.12% and 3.85% respectively [1] - The sectors that saw declines included Oil & Gas and Banking, with decreases of 1.29% and 0.34% respectively [1] Capital Flow Analysis - The net inflow of capital in the two markets was 8.334 billion yuan, with 15 sectors experiencing net inflows [1] - The Electronics sector had the highest net inflow, totaling 9.481 billion yuan, with a daily increase of 3.69% [1] - The Pharmaceutical sector followed with a net inflow of 4.379 billion yuan and a daily increase of 3.85% [1] - Conversely, 16 sectors experienced net outflows, with the Machinery Equipment sector leading at a net outflow of 3.694 billion yuan [1] - The Defense and Aerospace sector also saw significant outflows, totaling 3.411 billion yuan [1] Transportation Sector Performance - The Transportation sector declined by 0.30%, with a net outflow of 999 million yuan [2] - Out of 126 stocks in this sector, 64 stocks rose while 55 stocks fell [2] - The stocks with the highest net inflows included China Eastern Airlines, with a net inflow of 114 million yuan, followed by Wuzhou International and Southern Airlines with inflows of 78.9247 million yuan and 67.8255 million yuan respectively [2] - The stocks with the highest net outflows included COSCO Shipping Holdings, with a net outflow of 199.4076 million yuan, followed by Daqin Railway and HNA Holding with outflows of 175.7832 million yuan and 159.9235 million yuan respectively [4]

Market Overview - The A-share market experienced a strong opening on the first trading day of 2026, with the Shanghai Composite Index rising over 1% to close at 4023.42 points, while the Shenzhen Component Index and the ChiNext Index increased by 2.24% and 2.85%, respectively [1] - The STAR 50 Index led the market with a remarkable gain of 4.41%, indicating a significant bullish sentiment [1] - Market trading activity surged, with total turnover reaching 2.57 trillion yuan, an increase of approximately 500 billion yuan from the previous trading day, reflecting the inflow of new capital [1] Sector Performance - The technology and healthcare sectors were the main drivers of the market rally, with the media, pharmaceutical, and electronics sectors all rising over 3.5% [1] - Non-bank financials, particularly insurance, and the computer sector also showed considerable gains, highlighting the two core investment themes: hard technology growth (AI, semiconductors, brain-computer interfaces) and innovative pharmaceuticals [1] Key Drivers of Growth - The surge in the pharmaceutical sector was primarily triggered by the announcement from Elon Musk's Neuralink regarding the large-scale production of brain-computer interface devices starting in 2026, which ignited investor interest in human-computer interaction technologies [2] - The innovative drug sector reached a milestone with 76 new drugs approved in 2025, generating over 130 billion yuan in licensing deals, showcasing the international recognition of domestic pharmaceutical companies [3] - The technology sector's growth was fueled by the ongoing AI wave and the anticipated demand for hardware, particularly in the semiconductor industry, with projections of a 50% increase in DRAM contract prices in Q1 2026 [3] Financial Sector Insights - The non-bank financial sector, particularly insurance stocks, saw significant gains, with companies like China Pacific Insurance and New China Life reaching historical highs, supported by favorable regulatory policies aimed at enhancing the health insurance market [4] - The combination of a declining interest rate environment and improved product attractiveness has led to renewed investor interest in insurance products, which possess both defensive and growth characteristics [4] Market Outlook - The strong market performance sets a positive foundation for the spring market of 2026, with expectations of sustained high-risk appetite driven by favorable policies, clear industry trends, and ample liquidity [4] - The dual themes of "technology + healthcare" are expected to continue leading the market, with specific focus on brain-computer interfaces, innovative drugs, AI computing power, and storage chips [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - In December 2025, the equity market continued to recover and outperformed the CSI Convertible Bond Index significantly. The high - price convertible bonds were more elastic in the bull market, while the low - price convertible bonds were more resistant to decline during the market adjustment. The double - low strategy underperformed the high - price and low - premium strategy in the bull market [3][5]. - In 2026, the convertible bond valuation is expected to remain at a high level, and the pressure of individual bond call will increase. When selecting bonds, it is necessary to pay attention to industry rotation and individual bond selection, control risks and pursue elasticity [6][9]. Summary by Directory 1. Convertible Bond Monthly Market Tracking - **Overall Market Performance**: In December, the CSI Convertible Bond Index rose 2.13%, while the CSI All - Share Index rose 3.25%. Throughout 2025, the CSI Convertible Bond Index and the CSI All - Share Index rose 18.66% and 24.6% respectively. The CSI Convertible Bond Index underperformed the CSI 300 Index by 0.15 pct and the CSI 500 Index by 4 pct in December [3][15]. - **Performance by Price Classification**: In December, the Wind high - price convertible bond index rose 5.14%, while the medium - price and low - price convertible bond indexes rose 1.92% and 0.34% respectively. In 2025, the cumulative increases of the high - price, medium - price, and low - price convertible bond indexes were 28%, 16%, and 17% respectively [3][16]. - **Performance by Stock Size Classification**: In December, the Wind medium - cap and small - cap convertible bond indexes rose strongly by 2.52% and 3.23% respectively, while the large - cap convertible bond index fell 0.36%. In 2025, the small - cap convertible bond index rose 27%, leading the large - cap (+11%) and medium - cap (+19%) convertible bonds [19]. - **Performance by Credit Rating**: In December, high - rated convertible bonds continued to be weak. The AAA and AA+ convertible bond indexes rose - 0.01% and +1.87% respectively. In 2025, the AA - and below convertible bond index rose 28%, and the AA convertible bond index rose 25% [22]. - **Performance by Industry**: In December, only the energy (-2.05%) and financial (-0.39%) convertible bond indexes fell, while the corresponding underlying stock indexes rose 1.6% and 2.37% respectively. The largest increases in December were the materials (+3.66%) and optional consumption (+3.51%) convertible bond indexes. In 2025, the top three industries with the largest increases in the convertible bond indexes were materials (+26%), information technology (+25%), and industry (+24%), while the smallest were finance (+5%) and public utilities (+8%) [4][25]. - **Strategy Performance**: In 2025, the double - low strategy underperformed the high - price and low - premium strategy in the equity market bull market. The Wind double - low index rose 0.42% in December, while the high - price and low - premium index rose 5.78%. In 2025, they rose 30% and 12% respectively [5][32]. 2. Convertible Bond Monthly Investment Recommendations 2.1 Double - Low Strategy Recommendations: Grasp Industry Rotation and Focus on Individual Bond Selection - **December Double - Low Portfolio Performance**: In December, the self - constructed double - low portfolio had a return of - 4.72%, while the CSI Convertible Bond Index rose 2.13%. From June to the end of 2025, the cumulative return of the portfolio was 15.25%, underperforming the CSI Convertible Bond Index by 0.06 pct, with a maximum drawdown of - 12.78% [6][35]. - **January 2026 Double - Low Portfolio Recommendation**: Optimistic about the "anti - involution", consumption, robot, and brokerage sectors in January. The number of portfolio targets is reduced to 5, with 3 new targets (Huairui Convertible Bond, Guotou Convertible Bond, Jiayue Convertible Bond) and 2 original targets retained (China Southern Airlines Convertible Bond, Sanfang Convertible Bond). The average convertible bond price, conversion value, conversion premium rate, and double - low value of this portfolio are 122 yuan, 101 yuan, 23%, and 145 respectively [7][38]. 2.2 Industry Allocation Recommendations: Pay Attention to Call Risks, and Technology Remains the Main Line - In 2026, the equity market is still optimistic, which will keep convertible bond prices at a high level and increase the number of individual bonds facing call. It is recommended to choose high - growth technology sectors such as AI, semiconductors, and robots, and also pay attention to the "anti - involution" (chemical, photovoltaic) and consumption sectors with low valuations and expected demand recovery [9][42].

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 1.38% to close at 4023.42 points, the Shenzhen Component Index increasing by 2.24% to 13828.63 points, the ChiNext Index up by 2.85% to 3294.55 points, and the STAR 50 Index gaining 4.41% to close at 1403.41 points [1] - Overall, 4180 stocks rose while 1162 stocks fell, with a total trading volume of 25,463 billion yuan, an increase of 5,011 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Media, Pharmaceuticals & Biology, Electronics, Non-bank Financials, and Computers, with respective gains of 4.12%, 3.85%, 3.69%, 3.14%, and 2.71% [1] - Conversely, the sectors that experienced declines included Petroleum & Petrochemicals, Banks, Transportation, and Retail, with losses of 1.29%, 0.34%, 0.30%, and 0.17% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Brain-Computer Interfaces, Selected Medical Devices, Memory Storage, Selected Insurance, CRO, Selected Medical Services, Moore Threads, Analog Chips, Gene Testing, Virtual Humans, Lithium Battery Electrolytes, ASIC Chips, the SMIC Industrial Chain, Innovative Drugs, and Pinduoduo Partners [2] - In contrast, sectors such as Hainan Free Trade Port, Stablecoins, Duty-Free Shops, and Cryptocurrencies experienced pullbacks [2]

Inflation Overview - The inflation rate in the U.S. reached 3% in 2025, an increase of 4 percentage points since the beginning of the year, remaining above the Federal Reserve's target of 2% [1] Grocery Prices - Grocery prices have been on the rise since 2017, according to the Consumer Price Index data from the U.S. Bureau of Labor Statistics [2] Restaurant Industry - Prices for dining out have hit a historical high, with non-home dining costs increasing by over 2%. Restaurant traffic has declined for nine consecutive months, leading fast-food chains to attract consumers through price reductions and special menu items [7] - Notable declines in stock prices for mid-range casual dining brands include Chipotle (-44.7%), Sweetgreen (-79.9%), Shack Shack (-38.71%), and Wingstop (-14.7%) [4] Housing and Utilities - The median price of existing single-family homes rose nearly 6% from $398,100 in January to $420,600 in October [8] - Electricity prices for residents increased by 13% since the beginning of the year, with significant price hikes in states with concentrated AI data centers [8] Transportation Costs - Gasoline prices rose to approximately $3.20 per gallon at the beginning of the year but fell to around $2.90 by December [11] - The average price of new cars surpassed $50,000 for the first time in September, while used car sales increased by nearly 4% since the beginning of the year [11] - The number of car owners with overdue payments reached a historical high in November [11] Economic Policies Impact - The inflation trend in 2025 is closely linked to policy adjustments, with the Federal Reserve having cut interest rates for three consecutive months starting in October to address economic pressures. However, inflation control remains a challenge [10] - The "Liberation Day" tariff policy implemented by the Trump administration in April has contributed to rising inflation, with customs collecting approximately $30 billion in tariffs monthly, affecting various consumer goods [10]

Market Overview - The A-share market opened higher on January 5, with the Shanghai Composite Index surpassing 4000 points, closing at 4023.42 points, up 1.38% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 25,462 billion yuan, an increase of 5,011 billion yuan from the previous trading day [2] Sector Performance - The pharmaceutical and biotechnology sectors saw significant gains, with nearly 40 stocks hitting the daily limit or rising over 10%, driven by industry demand recovery and exceeding performance expectations [4] - Non-bank financial stocks, particularly insurance companies, performed well, with several stocks rising over 5% to 7% due to stable growth in investment assets and high dividend strategies [5] - The semiconductor sector also showed strong performance, with multiple stocks rising over 10% [6] Market Sentiment and Predictions - Analysts from Huaxi Securities believe the bull market remains intact, with 2026 expected to be a year of positive factors, including supportive macro policies and improved corporate earnings [8] - Zhongyuan Securities anticipates that the market will stabilize around the 4000-point mark, with a focus on macroeconomic data and overseas liquidity changes [9] - Citic Securities suggests that the balance between external and internal demand will be a significant factor in 2026, with a higher probability of market fluctuations in the early year [10]

（本文作者付一夫为苏商银行特约研究员） 刚刚过去的2025年，可谓是A股市场历史性的"跃升之年"，在制度改革与产业趋势的双重驱动下，实现 了一系列标志性突破。 从指数层面看，市场走出了一轮特征鲜明的"慢牛"行情，上证指数中枢从年初的3200点左右稳步上行， 并一度成功站上4000点，创下近十年新高。至年末，沪指更是走出了"11连阳"，展现出极为强劲的韧 性。不仅如此，A股市场的活跃度与体量达到全新水平，全年累计成交额首次突破400万亿元，日均成 交达1.72万亿元。此外，A股总市值在年内首次跨越100万亿元大关，成为全球第二大股票市场。而在结 构层面，大科技成为无可争议的最强主线，人工智能、半导体、算力、人形机器人等硬科技板块贯穿全 年行情，催生了多只翻倍牛股。 那么在2026年，A股又将如何表现？驱动逻辑是否会发生变化？收益预期是否需要调整？针对这些问 题，本文将尝试给出答案。 一、2026年宏观环境：内修外稳，质效并举 就基本面而言，2025年我国经济社会发展主要目标顺利实现，前三季度GDP同比增长5.2%，在全球主 要经济体中保持前列，为"十五五"开局奠定坚实基础。面对2026年复杂的内外环境，中央明确 ...