每经记者丨肖鸿月 每经编辑丨叶峰 ｜2026年1月16日星期五｜ NO.1 嘉实基金17只产品同日公告分红 公募排排网最新数据显示，截至1月13日，今年以来已有145家公募机构参与A股上市公司调研活动，覆 盖26个申万一级行业中的154只个股，累计调研次数高达999次。 从年初公募机构的调研来看，计算机、电子、医药生物等行业成为热门调研领域，其中，数字人民币、 人工智能、机器人、脑机接口、商业航天等前沿领域最受关注。 1月14日，嘉实基金一次性发布17份基金收益分配公告，包含主动权益、债券、被动指数等多类产品。 具体来看，主动权益类基金中，嘉实主题精选、嘉实增长混合、嘉实量化阿尔法等多只产品公告分红。 其中，嘉实主题精选在2025年已实施4次分红。自成立以来累计分红总额超100亿元。 NO.2 有"老基金"触发比例配售 1月14日，中欧基金发布公告，截至2026年1月12日，中欧小盘成长混合的基金资产净值已超过规模控制 上限20亿元，根据规模控制公告的规定，管理人将对2026年1月12日当日的有效申购申请采用比例确认 的原则给予部分确认，确认比例为47.843581%。 一般来说，比例配售通常发生在新发基金首 ...

Core Viewpoint - Small-cap stocks exhibit higher volatility and activity compared to large-cap stocks, making them more likely to become market leaders [1] Group 1: Market Overview - As of January 15, there are 862 stocks with a circulating market value below 3 billion yuan, and 321 of these have a circulating market value below 2 billion yuan [1] - A total of 1,513 stocks have a total market value below 5 billion yuan, with 485 stocks having a total market value below 3 billion yuan [1] Group 2: Small-cap Stocks Analysis - The three stocks with the smallest circulating market values are *ST长药 at 238 million yuan, *ST奥维 at 305 million yuan, and *ST立方 at 531 million yuan [1] - The three stocks with the smallest total market values are *ST长药 at 238 million yuan, *ST奥维 at 343 million yuan, and *ST立方 at 533 million yuan [1] Group 3: Selected Small-cap Stocks - Notable small-cap stocks include: - *ST长药: Circulating market value of 238 million yuan, total market value of 238 million yuan, and no P/E ratio [1] - *ST奥维: Circulating market value of 305 million yuan, total market value of 343 million yuan, and no P/E ratio [1] - *ST立方: Circulating market value of 531 million yuan, total market value of 533 million yuan, and no P/E ratio [1] - 扬州金泉: Circulating market value of 694 million yuan, total market value of 2.778 billion yuan, P/E ratio of 24.23 [1] - 万得凯: Circulating market value of 753 million yuan, total market value of 2.964 billion yuan, P/E ratio of 26.59 [1] - 播恩集团: Circulating market value of 758 million yuan, total market value of 2.187 billion yuan, and no P/E ratio [1]

Group 1 - The wealth effect in China's capital market is amplifying, with over half of the 140 companies that released performance forecasts for 2025 expecting profit increases, including 72 companies with net profits exceeding 100 million yuan and 22 companies surpassing 1 billion yuan [1] - Cash dividends from listed companies are expected to reach historical records of 2.13 trillion yuan in 2023 and 2.4 trillion yuan in 2024, with 2025's dividends anticipated to be promising [1] - The A-share market exhibited a structural bull market in 2025, with the Shanghai Composite Index rising 18.41%, the Shenzhen Component Index increasing by 29.87%, and the ChiNext Index soaring by 49.57%, marking the largest annual gains since 2015 [1] Group 2 - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index all rose above the expansion threshold in December 2025, indicating a positive economic outlook [2] - Companies expecting profit increases are primarily concentrated in sectors such as electronics, semiconductors, new energy, non-ferrous metals, pharmaceuticals, and machinery, driven by targeted industrial policies and significant upgrades [2] - The restructuring of global supply chains has enhanced the competitive position of Chinese enterprises, leading to synchronized growth in orders and profits [2] Group 3 - The total trading volume in the A-share market reached 419.86 trillion yuan in 2025, with an average daily trading volume of 1.73 trillion yuan, both setting historical records [3] - Domestic institutions, including public funds, private equity, insurance, and social security, dominate the market, while individual investor accounts exceeded 240 million, with approximately 220 million active investors [3] - Northbound capital's trading volume surpassed 50 trillion yuan for the first time, with a year-end holding value of over 2.5 trillion yuan, reflecting a nearly 20% increase from the previous year [3] Group 4 - The continuation of a strong A-share market in 2026 is anticipated, supported by global liquidity conditions and low interest rates, alongside the ongoing development of new productive forces in China [4] - Internal factors such as consumption promotion, technological innovation, capital market reforms, and growth stabilization will receive strong policy support, providing significant market backing [4] - The trends of technological innovation and resource cycles are expected to remain unchanged in the short term, reinforcing the long-term positive outlook for the Chinese economy and stock market [4] Group 5 - A thriving stock market enhances investor confidence and encourages consumption and investment, creating a virtuous cycle that attracts both domestic and foreign capital [5] - The stock market's attractiveness is crucial for the long-term allocation of foreign capital in Chinese assets, thereby elevating the global status of the renminbi [5] Group 6 - A prosperous stock market directs social capital towards promising industries and enterprises, fostering industrial upgrades and enhancing economic resilience [6] - The Shanghai Composite Index achieved a historic 17 consecutive days of gains, reaching 4165 points, with a single-day trading volume exceeding 3.64 trillion yuan, setting a global record [6] - A long-term investment approach is encouraged to fully benefit from the ongoing wealth opportunities in the Chinese stock market [6]

1月15日，A股市场主要指数涨跌不一，全市场超3100股下跌。 截至收盘，上证指数收报4112.6点，下跌0.33%；深证成指收报14306.73点，上涨0.41%；创业板指收报3367.92 点，上涨0.56%。两市合计成交29054.96亿元，较上一交易日减少10358.93亿元。 1.两市主力资金净流出超500亿元 今日沪深两市主力资金开盘净流出225.52亿元，尾盘净流入49.73亿元，全天净流出509.2亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-15 | -509.20 | -225. 52 | 49.73 | -265. 38 | | 2026-1-14 | -504. 74 | -71.84 | -54. 14 | -90. 16 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 95 | -718. 20 | | 2026-1-12 | -213.07 | - ...

今日沪深两市主力资金开盘净流出225.52亿元，尾盘净流入49.73亿元，全天净流出509.2亿元。 1月15日，A股市场主要指数涨跌不一，全市场超3100股下跌。 截至收盘，上证指数收报4112.6点，下跌0.33%；深证成指收报14306.73点，上涨0.41%；创业板指收报 3367.92点，上涨0.56%。两市合计成交29054.96亿元，较上一交易日减少10358.93亿元。 1. 两市主力资金净流出超500亿元 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-15 | -509.20 | -225.52 | 49.73 | -265. 38 | | 2026-1-14 | -504.74 | -71. 84 | -54. 14 | -90. 16 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 95 | -718. 20 | | 2026-1-12 | -213.07 | - ...

行业日报 | 北交所 波动加大，主线分化 北交所日报——20260114 核心结论 行情回顾：1）指数层面：1 月 14 日北证 A 股成交金额达 457.4 亿元，较上 一交易日减少 23.1 亿元，北证 50 指数收盘价为 1580.87，上涨 0.98%， PE_TTM 为 66.52 倍。北证专精特新指数收盘价为 2725.26，上涨 1.40%。 2）个股层面：当日北交所 287 家公司中 185 家上涨，4 家平盘，98 家下跌。 其中涨幅前五的个股分别为：七丰精工（30.0%）、美登科技（30.0%）、 流金科技（30.0%）、科力股份（14.6%）、联迪信息（13.5%）；跌幅前 五的个股分别为：新赣江（-8.3%）、众诚科技（-6.8%）、康乐卫士（-6.4%）、 峆一药业（-3.4%）、天力复合（-3.2%）。 新闻汇总：1）上海发布"模速智行"行动计划，推动 L4 智驾规模应用 培育 行业领先大模型：上海提出，到 2027 年，L4 级自动驾驶汽车实现量产，在 智能公交、智能出租、智能重卡等场景规模化应用 L4 级自动驾驶技术，实 现载客超 600 万人次；去年年底，中美在高阶自动驾驶上 ...

Core Viewpoint - The dividend sector experienced a slight decline today, with various indices reflecting a decrease in performance, while the E Fund dividend ETFs saw significant net inflows [1][4]. Group 1: Market Performance - The Hang Seng High Dividend Low Volatility Index fell by 0.01%, the CSI Dividend Value Index decreased by 0.1%, and both the CSI Dividend Index and CSI Dividend Low Volatility Index dropped by 0.2% [1]. - E Fund's dividend ETFs, including E Fund Dividend ETF (515180) and E Fund Low Volatility Dividend ETF (563020), received over 100 million yuan in net inflows yesterday [1]. Group 2: Fund Management and Fees - E Fund is currently the only fund company offering all dividend ETFs at a low fee rate of 0.15% per year, which aids investors in low-cost allocation to high-dividend assets [1][5]. - The management fee for E Fund's various dividend ETFs, including the Hang Seng Low Volatility Dividend ETF (159545), is set at 0.15% per year, with a custody fee of 0.05% per year [5]. Group 3: Index Composition - The CSI Dividend Index consists of 100 stocks with high cash dividend yields and stable performance, with banking, coal, and transportation sectors accounting for over 50% of the index [3]. - The CSI Low Volatility Dividend Index is composed of 50 stocks characterized by good liquidity, continuous dividends, and low volatility, with banking, construction, and pharmaceutical sectors making up nearly 65% of the index [3]. - The CSI Dividend Value Index includes 50 stocks with high dividend yields and value characteristics, with banking, construction, and transportation sectors representing over 60% of the index [4].

换手率最高的是恒坤新材，该股今日收盘上涨10.23%，全天换手率34.36%，成交额10.53亿元，其次是 航天南湖，该股今日收盘上涨14.44%，全天换手率28.46%，成交额11.41亿元，换手率居前的还有浩瀚 深度、友车科技、海博思创等，换手率分别为27.37%、27.30%、22.14%。 市场表现看，换手率超5%的个股中，今日上涨的有66只，涨幅居前的有和林微纳、航天南湖、先惠技 术等，分别上涨15.56%、14.44%、13.14%。星环科技、卓易信息、光云科技等收盘跌停。 科创50指数今日下跌0.46%，报收1493.95点，科创板全日成交量57.44亿股，成交额3066.30亿元，加权 平均换手率为2.92%。 证券时报·数据宝统计显示，今日可交易科创板股中，277只股收盘上涨，涨幅超过10%的有5只，涨幅 在5%至10%的有34只，收盘下跌的有321只，跌幅超10%的有9只，光云科技、卓易信息、星环科技等4 股收盘跌停。 科创板股换手率区间分布显示，换手率超过20%的有5只，换手率10%~20%的有33只，换手率5%~10% 的108只，换手率3%~5%的128只，换手率1%~3%的263只 ...

Core Viewpoint - The overall performance forecast for 2025 shows a cumulative disclosure rate of approximately 3.99% and a cumulative positive performance rate of about 40.83% among the disclosed companies [10][11]. Group 1: Overall Performance Forecast - Among the 218 companies that disclosed performance forecasts, 53 companies (24.31%) expect an increase in performance, 26 companies (11.93%) expect slight increases, 9 companies (4.13%) expect to turn losses into profits, and 1 company (0.46%) expects to maintain profitability [10]. - Conversely, 129 companies (59.17%) anticipate performance reductions, losses, or have uncertain forecasts [10]. Group 2: Performance by Sector - In the advanced manufacturing sector, the defense and military industry index has risen by 12.70%, correlating with a 26.50% growth in net profit attributable to the parent company [24]. - The machinery equipment sector shows a net profit growth of 39.63%, with an index increase of 6.06% [24]. - The pharmaceutical and medical sector has seen a significant decline, with net profit down by 36.59%, yet the index has increased by 9.85% [25]. - In the cyclical sector, upstream and midstream raw material industries have shown substantial improvement, with net profit growth exceeding 160% in construction materials, steel, and basic chemicals, although market reactions have been relatively stable [25]. - The consumer sector shows mixed results, with light industry manufacturing and agriculture experiencing net profit declines of -45.13% and -27.40%, respectively, while the automotive and home appliance sectors have seen net profit growth of 42.43% and 30.49% [25]. - The technology sector, particularly in media, has shown a significant divergence, with net profit down by 163.49% but an index increase of 24.65% [25]. - The real estate sector remains weak, with a net profit decline of 74.57%, while the banking sector has recorded a 5.98% profit growth but a 2.83% decline in the index [25]. Group 3: Performance Disclosure by Market Capitalization - The disclosure rate increases with market capitalization, with large-cap companies (over 100 billion) showing a disclosure rate of 7.95% and a positive performance rate of 64.29% [11][20]. - Mid-cap companies (500-1000 billion) have a disclosure rate of 8.70% and a positive performance rate of 56.25% [11][20]. - Small-cap companies (under 50 billion) have the lowest disclosure rate at 2.16% and a positive performance rate of 28.89% [11][20].

Group 1 - The A-share market showed mixed performance on January 15, with the CSI 500 Free Cash Flow Index experiencing an upward trend, while constituent stocks had varied performances, with TianNeng Holdings, Longxin General, and Oppein Home leading the gains [1] - The only ETF tracking the 500 Cash Flow Index, the Cash Flow 500 ETF (560120), followed the index's upward movement, achieving five consecutive days of gains [1] - Huachuang Securities analysis indicates that in the era of a stock economy, companies are shifting from pursuing scale to focusing on profits and cash flow, suggesting that long-term excellent free cash flow can ultimately translate into shareholder cash returns [1] Group 2 - The Cash Flow 500 ETF (560120) closely tracks the CSI 500 Free Cash Flow Index, selecting 50 stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability, reflecting a style characterized by small to mid-cap market value, lower valuations, and higher ROE [1] - The industry distribution of the index is balanced, primarily focusing on non-financial and non-real estate sectors, with significant representation from industries such as non-ferrous metals, basic chemicals, steel, pharmaceutical biology, and machinery equipment [1]