声明表示，该导弹的精确打击能力显著增强了巴空军的常规威慑能力和作战灵活性，进一步巩固了该国 的整体防御体系。 巴基斯坦总统扎尔达里、总理夏巴兹对巴空军成功完成此次试验表示祝贺。 新华社电 巴基斯坦三军新闻局1月3日发表声明说，巴空军当天成功试验了国产"泰穆尔"空射巡航导 弹。 声明说，"泰穆尔"巡航导弹能够在600公里的范围内高精度打击敌方陆地和海上目标。同时，由于配备 了先进的导航和制导系统，该导弹可在极低的高度飞行，使其能够有效躲避敌方的防空和导弹防御系 统。 ...

中信建投主要观点如下： 从总的态势看，2026年是"十五五"夯实基础、全面发力的起步之年；从外部环境看，2026年是战略反攻 之年；从经济结构看，2026年是创新育新之年；从增长动力看，2026年是提振内需之年；从政策空间 看，2026年是财政和货币政策"双宽松"之年；从风险挑战看，2026年是风险收敛之年。在"政策支持+内 需企稳+产业升级"的支持下，2026年GDP预期增长将在5%左右。 A股市场：2026年A股牛市有望持续，预计指数依然震荡上行但涨幅放缓，投资者更加关注基本面改善 和景气验证。中信建投认为，应警惕科技板块结构性/阶段性回调风险，资源品很可能成为A股在科技主 线后一条新的主线方向。 中信建投（601066）发布研报称，展望2026年，A股牛市有望持续，资源品很可能成为A股在科技主线 后一条新的主线方向。港股市场方面，2025年提出了A股港股"新四牛"的概念，即"资金流入牛"、"科技 创新牛"、"制度改革牛"和"消费升级牛"，这四头牛的力量将在2026年继续推动市场走出稳中向上的曲 线。随着大量优质国内公司赴港上市以及美国降息周期的演进，港股市场2026年活跃度将进一步被激 发，港股仍有较大 ...

俄军对乌克兰军工企业及其配套能源设施等实施了大规模报复性打击。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 编辑丨赵方婷 俄罗斯国防部当地时间1月2日在其社交媒体发布的例行通报显示，2 02 5年1 2月2 7日至202 6年1月2日，为回应乌方对俄民用目标的袭 击， 俄军对乌克兰军工企业及其配套能源设施等实施了大规模报复性打击。 通报还显示，过去一周内，俄军共控制了顿涅茨克、扎波罗热等地区的9个定居点，俄空天军击落一架乌空军的苏- 27战机。 来源：新华社 ▲ 资料图 图片来源：央视新闻 通报说，俄武装力量对乌军工企业及保障其运行的能源设施、乌军使用的运输和港口基础设施、导弹发动机部件生产装配车间、远程 攻击型无人机生产场所和发射场、弹药和燃料仓库，以及乌军部队和外国雇佣兵临时部署地点实施了大规模打击。 俄军在打击中使用了包括"匕首"高超音速导弹在内的高精度武器。 人民服系社主管主办 能 源 领 域 最 大 的 原 创 内 容 基 地 发行热线 010-6536 9497 中国航标报 真 010-6536 9481 传 � 人民- Dast 践行央媒使命 守望能源变革 20 ...

Core Viewpoint - The Chinese stock market is undergoing structural adjustments and ecological optimization, with a consensus on improving asset quality, market credibility, and fair competition significantly increasing, leading to greater public confidence in increasing holdings of Chinese assets [2][17]. Group 1: Stock Market Predictions - The Shanghai Composite Index is expected to break through 5200 points, supported by stable long-term capital inflow and improved asset quality, with a current P/E ratio of around 17, indicating further upside potential [3][18]. - Quantitative trading will face significant restrictions, with new regulatory rules likely to limit its scope based on market capitalization and turnover rates, and measures will be taken to combat price manipulation and insider trading [4][18]. - The IPO scale is set for moderate expansion, with a focus on supply-demand balance, expecting 100 new listings in 2024 raising 67.55 billion yuan and 116 listings in 2025 raising 131.77 billion yuan, with a notable increase in high-tech companies [5][19][20]. Group 2: Semiconductor and Military Industry - The semiconductor industry is anticipated to experience significant growth, with investments potentially exceeding 500 billion yuan, driven by capital input, industry expansion, and technological breakthroughs, especially in the context of the "AI+ year" [6][20]. - Military concept stocks are expected to see a phase of growth, with China's defense spending remaining around 1.3% of GDP, which is lower than that of major powers, and a moderate increase in the defense budget is anticipated due to geopolitical changes [9][22]. Group 3: Economic and Trade Dynamics - The Sino-US trade relationship is entering a "dual balance" phase, with both governmental and commercial levels maintaining stability in general trade while facing instability in sectors like semiconductors and renewable energy [10][23]. - New consumer scenarios are emerging as investment opportunities, driven by policy support and the rise of the post-2000 consumer demographic, leading to significant growth in technology, digital, cultural tourism, and health-related consumption [11][23]. Group 4: Inflation and Real Estate Market - CPI growth is expected to exceed 1.5%, approaching 2%, with an overall economic growth target of around 5%, supported by fiscal investments and structural optimization of trade [13][25]. - The real estate market is at a turning point, with policies aimed at stabilizing the market and reducing purchasing costs, while also addressing the debt risks of real estate companies [14][26]. Group 5: Regulatory Environment - The capital market will see new measures and initiatives, with a focus on enhancing governance, optimizing the environment, combating illegal activities, and protecting investors, reflecting a commitment to high-quality economic and financial development [15][14].

Group 1: Military Developments - The air combat victory in May 2025 significantly boosted Pakistan's military confidence, showcasing its capability to respond to modern warfare and defend territorial sovereignty [2] - Following the conflict, public support for the military and government surged, with 92% of citizens expressing improved views of the military [2] - Pakistan's military industry has gained international attention, securing a $4 billion arms deal with Libya, marking the largest military export order in its history [2] Group 2: International Relations - Pakistan's international reputation improved significantly post-air combat, becoming a sought-after partner for military cooperation among various countries [3] - Strategic defense agreements were signed with Saudi Arabia, and support from Turkey and Azerbaijan strengthened Pakistan's military diplomacy [3] - Relations with the United States improved, with renewed cooperation in energy, minerals, finance, and security following the air combat [4] Group 3: Economic Recovery - Pakistan's economy showed signs of stabilization in 2025, with inflation rates dropping from a peak of 38% to 4.5%, and foreign exchange reserves increasing to $14.5 billion from under $3 billion in 2023 [6] - The country achieved rare surpluses in both current and fiscal accounts, supported by loans from the IMF and World Bank [6] - The World Bank projected a GDP growth of 3% for the fiscal year 2026, potentially rising to 3.7% in 2027 [6] Group 4: Domestic Stability - Political unity increased in Pakistan, with various political factions reaching consensus on national interests and development, leading to successful reforms [5] - The government effectively curtailed violent political movements, enhancing governance and stability [5] - Security operations against terrorist organizations yielded significant successes, reducing the frequency and intensity of attacks [6] Group 5: Ongoing Challenges - Military pressure from India remains a primary threat to Pakistan's national security, with ongoing tensions and potential for renewed conflict [7] - Economic dependency on foreign aid persists, necessitating reforms to stimulate domestic economic growth [7] - Despite setbacks against terrorism, the underlying organizational structures of extremist groups remain, requiring vigilance from the government and military [7]

Group 1 - The Hang Seng Tech Index rose over 4% in the afternoon session on January 2, indicating strong market performance in the technology sector [1] - The Hang Seng Index increased by 2.65%, reflecting overall positive sentiment in the Hong Kong stock market [1] - Key sectors that performed well included electric equipment, domestic retail, gaming software, semiconductors, and military industry stocks [1] Group 2 - Hua Hong Semiconductor saw a rise of over 10%, highlighting strong investor interest in semiconductor companies [1] - Baidu Group increased by nearly 9%, indicating positive market reception for the company [1] - NetEase experienced a rise of over 6%, further showcasing the strength of the gaming and technology sectors [1]

Core Insights - The investment landscape for A-shares in 2026 is shifting, with a focus on both emerging technologies like AI and quantum technology, and the recovery of traditional industries, indicating a potential for strategic investments in both areas [1] Group 1: Investment Strategies - Starstone Investment anticipates a structural convergence in the market, with a focus on high-growth sectors such as AI, innovative pharmaceuticals, and military technology, alongside traditional industries like transportation and real estate [1] - Chongyang Investment maintains a positive outlook for 2026 but advises investors to temper return expectations, emphasizing a defensive strategy while seeking opportunities in underappreciated sectors like consumer goods and real estate [2] - Kangmand Capital identifies a dual strategy focusing on "growth horses" in the AI sector and "steady horses" in industries experiencing rapid profit recovery, driven by the current economic cycle [3] - Qinghequan Capital highlights the resilience of China's manufacturing sector and anticipates a shift towards profit-driven investments, focusing on strategic resources and consumer goods [4] - Xuanyuan Investment outlines four key judgments for 2026, emphasizing a market still on an upward trajectory but with a different rhythm, and identifying opportunities in midstream manufacturing and emerging industries [5][6] - Xiangju Capital expresses confidence in a favorable macro environment for stock investments in 2026, while suggesting a need to lower return expectations compared to 2025 [7] Group 2: Sector Focus - Key sectors of interest include AI, innovative pharmaceuticals, and advanced manufacturing, with a particular emphasis on industries that have been historically overlooked [2][3] - Strategic resources such as copper, aluminum, and coal are expected to be focal points for investment, alongside global capital goods like machinery and power equipment [4] - The emphasis on expanding domestic demand highlights opportunities in service-oriented sectors, including cultural tourism and elder care [6]

Group 1: Core Insights - The investment landscape for A-shares in 2026 is shifting, with a focus on both emerging technologies like AI and quantum technology, and the recovery of traditional industries [1] - The market is expected to transition from valuation-driven to performance-driven, with both high-growth sectors and traditional industries entering a phase of earnings release [1][2] - There is a consensus among private equity firms that structural investment opportunities will be key, particularly in sectors like AI, innovative pharmaceuticals, and machinery [1][3][4] Group 2: Investment Strategies - Starstone Investment emphasizes a structural divergence in the economy, predicting a convergence in 2026, with a focus on high-growth industries and sectors with improving supply-demand dynamics [1] - Chongyang Investment advocates for a defensive strategy while seeking alpha opportunities in technology and advanced manufacturing, as well as exploring contrarian investments in consumer and real estate sectors [2] - Kangmand Capital identifies two core opportunities: "growth horses" in the AI industry and "steady horses" in sectors experiencing rapid profit recovery [3] Group 3: Market Outlook - Qinghequan Capital anticipates a stable export environment and a shift towards domestic demand, with significant investment opportunities in strategic resources and resilient consumer goods [4] - Xuanyuan Investment outlines four key judgments for 2026, including a market still on an upward trajectory but with a different rhythm, and a focus on midstream manufacturing and emerging industries [5][6] - Xiangju Capital expresses confidence in a favorable macro environment for stock investments, while suggesting a need to lower return expectations compared to 2025 [7]

Group 1 - The A-share market is expected to recover in 2025 after three years of adjustment, with the Shanghai Composite Index rising approximately 18.41% and the STAR Market and ChiNext Indexes increasing by 46.30% and 49.57% respectively [1] - The unique aspect of this recovery is that it is driven by a profound change in risk appetite at the institutional level rather than by profit improvement or liquidity [1] - Looking ahead to 2026, the capital market may still have "expectation differences" based on policy logic and market dynamics [1] Group 2 - The U.S.-China relationship may be influenced by Trump's political self-rescue strategy, which could exacerbate the "East rises, West declines" trend, with two potential windows for easing [2][5] - The first window for easing could occur if high-level visits happen early in the year, while the second window may arise as the midterm elections approach in September, potentially leading to a compromise in trade orders [5] - During the easing phases, A-share technology, Hong Kong internet stocks, and RMB assets may benefit, while defensive sectors like military, key materials, and gold may perform better during pressured phases [5] Group 3 - The Federal Reserve's path to easing may see a speculative phase in early 2026, with a potential "super-easing" window in the third quarter [6][9] - The nomination of a new Fed chair in May 2026 will be a critical turning point for market liquidity [6] - The market may react to the nomination speculation, leading to an early valuation recovery for high-elasticity assets [6] Group 4 - Fiscal policy in 2026 may see a marginal increase in the deficit rate, but the overall fiscal effort is expected to converge, focusing on strategic areas rather than traditional infrastructure [10] - Domestic monetary policy will face dual constraints, needing to maintain liquidity while keeping the RMB relatively strong [10] - The asset allocation strategy will likely favor high-dividend blue-chip stocks and policy-supported core assets due to limited interest rate decline space [10][14] Group 5 - The A-share market is expected to be supported by capital market policies, while the Hong Kong market may benefit more from economic policies [11][12] - The tightening of IPO approvals and regulations on share reductions will create a "healthy" slow bull framework for the A-share market [12] - The A-share market is likely to outperform the Hong Kong market in the first half of 2026 due to these supportive measures [12] Group 6 - The pace of retail investor entry into the market is expected to remain slow, transitioning from concentrated entry to gradual accumulation [13] - Factors such as the prolonged stabilization of real estate prices and cautious income expectations will contribute to this slow entry [13] - Historical examples suggest that significant retail investment requires both institutional benefits and clear profit expectations [13] Group 7 - The global technology sector is expected to maintain an upward trend, with increased volatility and a shift from broad AI growth to more differentiated performance [15][19] - The Nasdaq 100 index is projected to experience overall upward movement, but with amplified volatility [15] - The focus will shift to companies that can convert capital expenditures into cash flow rather than those driven by narrative [15] Group 8 - The domestic AI investment logic is shifting towards application and energy materials, with a focus on "benchmarking" against U.S. advancements [20][21] - The A-share technology sector is expected to expand, with significant growth in humanoid robots and edge AI applications [21] - The healthcare sector may also benefit from AI advancements, particularly in drug development and clinical data processing [21] Group 9 - The "anti-involution" strategy is evolving into a national competitive advantage, focusing on enhancing global bargaining power through industry consolidation [22][23] - Strategic metals and renewable energy sectors are expected to benefit from supply-side reforms and increased demand due to geopolitical factors [23] Group 10 - Gold prices are anticipated to rise due to geopolitical risks and declining monetary credit, with a focus on a gradual upward trend rather than a sharp increase [26][29] - The demand for copper and other strategic resources is expected to grow due to the needs of new energy vehicles and AI data centers [29]

2025年最后一个周六，冬日暖阳洒在熙熙攘攘的上海广东路上。拥有30多年历史的"股市沙龙"人声鼎 沸，数百名股民聚集于此，十余人一圈的讨论组里不时传来"算力""人工智能""CPO"等关键词。 上海街头"股市沙龙"。本报记者林倩摄 上海广东路729号，曾是万国证券黄浦营业部所在地，自上世纪90年代起，每逢周末，数百名股民在此 交流心得，"股市沙龙"由此而来。现场参与者虽以中老年股民为主，但也不乏年轻面孔驻足聆听。 部分股民对中国证券报记者表示，预计2026年A股市场将迎来开门红，全年市场表现有望超越2025年， 重点关注科技板块和周期性行业。 至于哪些股票会上涨，李先生表示，每个股票都有上涨的可能，只是时间问题。 "就像太阳一样，从东 方升起，不一定照得到全部，但到了下午，西边阴暗的地方就能照到了，这需要一个过程。" 心态为先：33年老股民的生存哲学 "炒股就是靠心态，心态好一切都好。"有33年股龄的陈先生告诉中国证券报记者，他年纪大了，对炒股 没有很高的盈利要求，只是作为自己的乐趣。 回顾2025年，陈先生主要配置了军工、固态电池、算力、人工智能等赛道以及优质大盘股，全年收益较 为稳定。 对于2026年A股市 ...