昨天说了，国内股市近期别碰，不知道还有多少头铁，今天看看盘面，还是熟悉的指数涨0.5%即打压，跌回原点又会反弹。有人说这样能不能做套利，我 觉得可以，第一个是期指，不过日内单手续费高，你可以换成T+1对锁，如果不懂这个就别参与，毕竟带杠杆万一超级主力有一天不上班，这法则就无法实 施，还容易亏钱，毕竟砸盘主力是人为压制，并不是市场的本意，这种你开空单亏了还下个不能怪谁。第二个是ETF做T+0，低买高卖挺容易的，锚定0.5% 的上下区间就行，不过同样是在一堆垃圾里挑吃的，我想问为啥非得盯A股？商品不香吗？海外不香吗？比如黄金白银大宗，每一个都在涨价，这些又是市 场自由博弈，没有超级主力砸盘，另外，海外半导体高景气延续，天天都是涨价，国内不给炒你不会去海外？这个市场已经烂透了，我觉得没啥好留恋的， 谈价值没价值，谈炒作禁炒作，谈耐心资金就是每天乖乖被锤天天市值新低，哪有这样天天对着各类投资者整的市场。所以现在黄金、白银上涨很快，也是 超级主力的功劳，不买黄金白银，难道去买医药白酒吗？ 中线策略分析：【整体情况】 今天统计的买盘力量是3000+，明显感觉盘面越来越强，而且超级主力越砸影响越少，主要原因从数据上就看到了 ...

各位鹏友好，基金经理陈金伟的季报观点如约而至。在三季报中，他坦言"在中游行业中，现阶段买的 最多的是化工"，同时仍看好内需属性的医药和消费的一部分细分领域。 在这次的四季报中，陈金伟依然看好中游周期以及内需属性的消费医药，并分别从预期差角度进行了专 业深度的解读。站在当下时点，他此前对于化工的判断已然得到市场验证，但对于尚处在市场左侧的内 需板块(消费和医药)，他认为内需的复苏路径已经比较清晰，内需属性的消费和医药可能是未来五年空 间最大、预期差最大的板块，而且拐点就在眼前。他是如何得出这一结论的？不妨一起来看看基金经理 陈金伟的四季报投资观点。 中游可以随便扩产可能是我们身处中国而产生的错觉，如果把过去五年全球化工行业资本开支拆分来 看，中国以外几乎没有多少新增资本开支。如果中国通过反内卷能够有效控制增量产能，那么化工就具 备了"类资源品"的属性。 在其他国家，建一座化工厂难度非常大。除了基础设施、优质劳动力、高效政府等中国制造业的共性优 势外，我们还想强调化工独有的"网络效应"。我们经常提及"制造业出海"，但化工领域，中资企业出海 或发展中国家自己建厂其实并不多，且较多集中于轮胎、尿素、改性塑料等领域，这 ...

Core Viewpoint - The report highlights the performance forecasts of various A-share listed companies, indicating significant growth in sectors driven by AI computing power, resource prices, and financial market activity, while also noting challenges faced by traditional industries [4][26][30]. Group 1: Companies with Notable Performance Growth - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion yuan, a year-on-year increase of 46.10% to 74.69%, driven by stable growth in its main business and significant investment returns from its financial sector [6]. - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion yuan, reflecting a growth of 41.76% to 59.48%, benefiting from higher gold sales prices and improved profitability in its mining operations [6]. - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion yuan, with a growth of 68% to 78%, capitalizing on AI computing upgrades and increased demand in the storage market [6]. - Dongfang Securities (600958.SH) forecasts a net profit of 5.62 billion yuan, a 67.8% increase, supported by a vibrant capital market and strong performance in its wealth management and institutional business [6]. - Chengdu Xian Dao (688222.SH) expects a net profit of 104 million to 127 million yuan, a growth of 102.50% to 147.29%, driven by stable revenue growth and improved gross margins [6]. Group 2: Companies Facing Challenges - Jinjia Co. (002191.SZ) anticipates a loss of 251.95 million to 503.90 million yuan, transitioning from profit to loss due to client structure adjustments and expected impairment provisions [20]. - Mulin Sen (002745.SZ) projects a loss of 1.5 billion to 1.1 billion yuan, also moving from profit to loss due to weak demand in the European market and increased operational costs [21]. - Tianwei Vision (002238.SZ) expects a loss of 160 million to 220 million yuan, influenced by declining rental prices in the data center market and reduced revenue from traditional cable services [23]. Group 3: Industry Trends - The technology growth narrative is clear, with companies like Shenzhen South Circuit and Huadian Co. benefiting from AI computing upgrades and high-end manufacturing demands [26]. - Resource price sensitivity is evident, with companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to rising prices of strategic resources [26]. - The financial sector shows resilience and transformation, with firms like Dongfang Securities and Guotai Junan benefiting from increased market activity and strategic shifts [27]. - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, showcasing the importance of content and experiential consumption [28]. - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others face competitive pressures [29].

Core Viewpoint - The pharmaceutical sector is experiencing fluctuations, with the medical ETF (159929) showing a decline of 1.16% amidst a net inflow of nearly 60 million yuan, indicating ongoing investment interest despite market corrections [1][3]. Group 1: Market Performance - The Shanghai Composite Index has seen a rise, while the pharmaceutical sector is undergoing a pullback, with the medical ETF (159929) recording a trading volume exceeding 120 million yuan [1]. - Major stocks within the medical ETF have mostly declined, with notable drops including over 3% for United Imaging Healthcare and over 2% for Mindray Medical [3]. Group 2: Company Performance and Projections - CITIC Securities expresses optimism for leading pharmaceutical e-commerce platforms, highlighting their resource advantages and AI capabilities, which are expected to enhance revenue through AI medical applications [5]. - According to Everbright Securities, WuXi AppTec's companies have reported strong earnings forecasts, with WuXi AppTec expected to achieve revenue of 45.456 billion yuan in 2025, reflecting a year-on-year growth of 15.84% [5]. - WuXi Biologics anticipates adding 209 comprehensive projects in 2025, with two-thirds being dual-targeted antibodies and ADC drugs, indicating robust growth potential [5]. Group 3: Investment Trends and Strategies - Everbright Securities suggests that future investments in the pharmaceutical sector should focus on clinical value, emphasizing the importance of addressing clinical needs amid evolving domestic and international policies [6]. - CITIC Jinshi identifies four main investment themes for 2026: innovation, international expansion, marginal changes, and consolidation within the pharmaceutical industry [7]. - The innovation theme is particularly highlighted, with expectations for improved global liquidity and supportive national policies for innovative assets, including advanced technologies in pharmaceuticals and medical devices [8].

新华财经北京1月28日电（记者丁雅雯）中国贸促会28日发布的数据显示，2025年11月全球经贸摩擦指 数为101，处于高位。全球经贸摩擦措施涉及金额同比增长7.2%，环比下降2.0%。 从分项指数看，监测范围内的20个国家（地区）共发布30项进出口关税措施，发起19起贸易救济调查， 向WTO提交技术性贸易壁垒（TBT）通报和卫生与植物卫生措施（SPS）通报152项，发布进出口限制 措施12项，发布其他限制性措施212项。其中，贸易救济措施指数在五类分项措施指数中居首位。 （文章来源：新华财经） 从行业指数看，监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、医药和化工行业，其 中电子行业经贸摩擦指数居首。 中国贸促会新闻发言人王文帅指出，从国别指数看，监测范围内的20个国家（地区）中，欧盟、美国和 韩国的全球经贸摩擦指数位居前三。当月欧盟发起多项反补贴和反倾销调查，取代了美国连续16个月占 据的全球经贸摩擦措施涉及金额最多的榜首位置。 ...

王文帅表示，当月欧盟发起多项反补贴和反倾销调查，取代了美国连续16个月占据的全球经贸摩擦措施 涉及金额最多的榜首位置。 从行业指数看，监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、医药和化工行业，其 中电子行业经贸摩擦指数居首。 中新网1月28日电中国贸促会于1月28日举办新闻发布会，公布了2025年11月份全球经贸摩擦指数，数据 显示，2025年11月份的全球经贸摩擦指数继续处于高位。 中国贸促会新闻发言人王文帅介绍，从综合指数看，11月份全球经贸摩擦指数为101，处于高位。全球 经贸摩擦措施涉及金额同比增长7.2%，环比下降2.0%。从国别指数看，监测范围内的20个国家(地区) 中，欧盟、美国和韩国的全球经贸摩擦指数位居前三。 从分项指数看，监测范围内的20个国家(地区)共发布30项进出口关税措施，发起19起贸易救济调查，向 WTO提交技术性贸易壁垒(TBT)通报和卫生与植物卫生措施(SPS)通报152项，发布进出口限制措施12 项，发布其他限制性措施212项。其中，贸易救济措施指数在五类分项措施指数中居首位。 在涉华经贸摩擦方面，19个国家(地区)涉华经贸摩擦指数为101，处于高位。其中， ...

Core Viewpoint - The A-share market is currently characterized by speculative behaviors focused on small, new, and conceptual stocks, which may involve regulatory violations. The emphasis should be on identifying monopolistic companies that can sustain profitability over time [1] Group 1: Investment Philosophy - The focus should be on "monopolistic companies" as innovation cannot be monopolized. While sectors like artificial intelligence and robotics will grow, they will eventually lead to oversupply and intense competition, resulting in minimal profits [2] - Consumer staples are preferred investments due to their stable demand, regardless of economic fluctuations. This is why the focus is on "mouth economy," which includes fast-moving consumer goods [2] Group 2: Characteristics of Good Companies - A good company is defined by its ability to generate consistent profits, even if it experiences short-term performance fluctuations. Such companies can adjust production based on market demand [3] - Historical data shows that consumer-related sectors like food, beverages, and pharmaceuticals account for approximately 70% of industrial profits, while revolutionary sectors like technology and energy only account for about 30% [3] Group 3: Current Market Opportunities - Traditional industries are viewed as attractive investment opportunities due to their low valuations and high dividend yields. The current market conditions are seen as favorable for investing in these sectors [3] - The aging population in China is identified as a significant investment theme, with the elderly population expected to grow from 32 million to over 320 million in 25 years, leading to increased demand in healthcare and related services [3] Group 4: Investor Mindset - Investors may experience anxiety when their chosen assets do not perform while others do. The suggested approach to overcoming this is patience, with the belief that value will eventually return to the market [4]

Group 1 - The India-EU Free Trade Agreement (FTA) is the largest trade deal the EU has ever reached, aimed at facilitating European automotive and industrial goods access to the Indian market [1] - The agreement is seen as a strategic move by medium powers to reduce dependence on the US amid rising global trade uncertainties and tariffs imposed by the Trump administration [1] - The EU Commission President referred to the agreement as a "mother of all agreements," emphasizing Europe's choice of cooperation and strategic partnerships in response to global instability [1] Group 2 - The FTA still requires final text completion and approval from both parties, which may take a year or longer, needing consent from the European Parliament and member states [2] - Once effective, the agreement is expected to eliminate or reduce tariffs on most goods traded between the EU and India, potentially saving the EU approximately $4.8 billion annually in tariff costs [2] - Key provisions include the reduction of Indian tariffs on EU machinery, chemicals, and pharmaceuticals, with automotive tariffs decreasing from 110% to 10% for up to 250,000 vehicles annually [2] Group 3 - Indian Prime Minister Modi stated that the agreement will boost confidence among businesses and investors in India, covering about a quarter of the global economy [3] - The agreement is expected to lower tariffs on labor-intensive products exported to Europe, which exceed $30 billion, from 4% to 26% down to zero, benefiting sectors like apparel, footwear, seafood, plastics, and jewelry [3] - India has surpassed Japan to become the world's fourth-largest economy and is projected to overtake Germany within three years [3] Group 4 - European officials anticipate that EU exports to India could double following the implementation of the agreement [4]

A股三大股指1月28日集体高开。早盘两市窄幅整理，深成指午前拉升后转涨。午后三大股指窄幅震 荡，个股呈现普跌。 从盘面上看，黄金、有色金属板块掀涨停潮，油气、煤炭、化工、稀土行业走强。 至收盘，上证综指涨0.27%，报4151.24点；科创50指数跌0.08%，报1554.8点；深证成指涨0.09%，报 14342.89点；创业板指跌0.57%，报3323.56点。 Wind统计显示，两市及北交所共1736家上涨，3637家下跌，平盘有96家。 两市成交29654亿元，较前一交易日的28949亿元增加705亿元。其中，沪市成交13655亿元，比上一交易 日12894亿元增加761亿元，深市成交15999亿元。 据大智慧VIP，两市及北交所共有122只股票涨幅在9%以上，22只股票跌幅在9%以上。 有色金属再掀涨停潮，医药生物低开低走 在板块方面，黄金股的走强，带动有色金属板块再掀涨停潮，晓程科技（300139）、浩通科技 （301026）、常铝股份（002160）、锌业股份（000751）、白银有色（601212）、罗平锌电（002114） 等超30股涨停或涨超10%。 医药生物板块低开低走，必贝特（6887 ...

1月27日，深圳市罗湖区第八届人民代表大会第八次会议开幕，罗湖区人大代表、深圳市星银医药有限 公司工会主席、宣传部经理王红表示，作为一名长期就职于企业的代表，我深刻地感受到近年来罗湖区 加大力度构建全周期、全覆盖、全链条的企业服务体系，取得了显著成效，特别是推行惠企护航工 程，"一企一策"精准服务机制，使助企、惠企工作更加主动、更有实效，极大地提升了企业办事效率。 在产业要素保障方面，罗湖区积极破解土地、资金、人才等瓶颈，通过城市更新释放产业空间、人才房 保障、实施"菁英人才"计划等举措，为产业发展提供有力支撑。 王红表示，区委"一号文"明确提出，加快培育新兴产业，形成新增长极，更进一步锚定生命健康产业， 这对医药等相关产业拓展市场、做大做强带来了新的机遇。因为生命健康产业作为战新产业 （300832），具有技术含量高、附加值大、高投入等特点。区委"一号文"的出台，意味着罗湖区将在政 策扶持、人才引进、平台建设等方面，为企业发展营造更好的环境。 在挖掘和创新利用辖区的生态文化资源上，王红建议从三个方面着手，一是生态资源的"价值转化"，我 们不能仅仅停留在保护层面，而是要考虑如何让绿水青山成为惠及市民的"金山银 ...