华西证券研报称，A股整体估值尚处合理区间，投资者风险偏好仍处于高位，宏观政策支持、中长期资金入市、企业盈利温和复苏等因素有望支撑牛市行情 延续。随着1月下旬进入年报业绩预告密集披露期，资金或再次聚焦业绩主线，关注科技产业扩散、涨价主线及年报高增方向。 截至收盘，创业板中盘200指数下跌0.5%，创业板指数下跌0.7%，创业板成长指数下跌0.9%。 反映创业板市场中盘代表性公 司的整体表现,信息技术行业 占比超40% 创业板成长ETF易方达 跟踪创业板成长指数 该指数由创业板中成长风格突 出、业绩增长较高、预期盈利 较好、流动性好的50只股票组 成,通信、电力设备、电子、 计算机、医药生物行业合计占 比近85% 该指数; 注1:"该指数"指各上述基金产品具体跟踪的指数。数据来自Wind,指数涨跌幅截至2026年1月19日! 润,该估值指标和企业盈利紧密相关,适用于盈利相对稳定且受周期影响较小的行业。估值分位指该打 日至2026年1月16日。创业板指数2010年6月1日发布,创业板中盘200指数2023年11月15日发布,创业材 注2:银行、互联网平台等相关销售机构提供可场外投资的ETF联接基金。 注3:低费率产 ...

思创医惠（300078）(300078.SZ)公告，公司的中文名称已由"思创医惠科技股份有限公司"变更为"思创 智联科技股份有限公司"，英文名称保持不变。公司的证券简称由"思创医惠"变更为"思创智联"，启用 时间为2026年1月20日。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1.工大高科：股东张汉龙计划减持公司股份不超过约12.5万股 工大高科1月11日晚间发布公告称，截至本公告披露日，合肥工大高科信息科技股份有限公司副董事长 张汉龙先生直接持有公司股份约50万股，占公司总股本的0.57%。前述股份来源于公司首次公开发行前 持有的股份，已于2022年6月28日起解禁上市流通。公司于近日收到张汉龙先生出具的《减持计划告知 函》，张汉龙先生因个人资金需求，拟以集中竞价的方式减持其所持有的公司股份合计不超过12.5万 股，占公司总股本的比例合计不超过0.1427%，减持期间为本公告披露之日起十五个交易日后的3个月 内。 2.富煌钢构：公司董事长杨俊斌辞职 富煌钢构1月16日晚间发布公告称，安徽富煌钢构股份有限公司董事会于近日收到董事长杨俊斌先生的 书面辞职报告，杨俊斌先生因个人原因申请辞去公司董事长、董事以及董事会战略委员会主任委员职 务，辞职后，杨俊斌先生将不再继续在公司担任其他职务。 嘉美包装1月14日发布业绩预告，预计2025年归母净利润8543.71万元—1.04亿元，同比下降43.02%— 53.38%。公司业绩变动主要受20 ...

Core Insights - The resilience of the US economy has exceeded expectations, with geopolitical tensions escalating and the probability of Walsh becoming the new Federal Reserve Chairman significantly increasing, leading to adjustments in the US stock market [2] - The MSCI global index rose by 0.33%, while US stocks declined, with the S&P 500, Nasdaq, and Dow Jones falling by 0.4%, 0.7%, and 0.3% respectively [2][17] - The US retail sales for November 2025 increased by 0.6% month-on-month, surpassing market expectations, while initial jobless claims fell to 198,000, significantly below the anticipated 215,000 [2][7] - Geopolitical tensions are rising, particularly regarding US interests in Greenland and military actions in Iran and Venezuela, which may impact market risk appetite [2][12] - The market is expected to remain volatile, with the dollar strengthening and gold prices potentially adjusting despite benefiting from safe-haven demand [2][20] Economic Fundamentals - US retail sales for November 2025 showed a month-on-month increase of 0.6%, with core retail sales (excluding automobiles) rising by 0.5% [7][8] - Initial jobless claims in the US for the week ending January 10, 2026, dropped to 198,000, indicating a robust labor market [7][8] Geopolitical Developments - The geopolitical uncertainty index has significantly increased, reflecting rising tensions, particularly regarding US military interests in Greenland and actions against Iran and Venezuela [10][12] - The probability of Kevin Walsh succeeding as the Federal Reserve Chairman has risen following recent statements from President Trump [10][12] Market Performance - The US stock market has shown mixed performance, with the S&P 500, Nasdaq, and Dow Jones experiencing declines, while European and emerging markets generally saw gains [2][17] - The 10-year and 2-year US Treasury yields increased by 6 basis points and 5 basis points, respectively, indicating a shift in market expectations [20] - The dollar index rose by 0.23% to 99.37, while commodities like gold and oil also saw price increases [20] Hong Kong Market Insights - The Hong Kong stock market showed overall gains, with the Hang Seng Index and related indices rising between 1.9% and 2.7% [35][31] - The valuation of the Hang Seng Index stands at a PE ratio of 12.20, indicating a favorable position compared to historical averages [35][32] - Non-essential consumer sectors led the gains in Hong Kong, with significant inflows into technology and healthcare sectors [40][47]

Group 1 - The core viewpoint indicates that the valuation levels of major scale indices have reached above the historical 80th percentile, suggesting a shift in market drivers from liquidity to profit improvement in the future [1] - Since the "9.24" market event, the A-share market has undergone significant valuation recovery, with the valuation percentile of the CSI 500 exceeding 90%, indicating that systemic undervaluation opportunities have largely disappeared [1] - The driving forces for 2026 are expected to continue along the lines of "liquidity + profit," with a notable shift in core drivers likely to dominate the pace of future index increases [1] Group 2 - Profit improvement signals are expected to come from three clear directions: profit recovery in industries such as industrials and materials, sustained domestic demand policies, and continued external demand support from moderate global economic growth [2] - The current index composition reflects a significant increase in the weight of information technology and industrial sectors within major indices like the SSE 50 and CSI 300, while traditional sectors like finance are seeing a reduction in their weight [2] - For 2026, the trading rhythm is anticipated to show an upward trend in the first half due to a favorable combination of a loose liquidity environment and price recovery, particularly benefiting indices with higher allocations in cyclical sectors like the CSI 500 and CSI 1000 [2]

Group 1 - The Shenzhen Stock Exchange announced a temporary suspension of trading for Lifan Technology Co., Ltd. due to public media reports that may significantly impact the company's stock price [1] - The suspension will take effect from January 19, 2026, at market opening, following the company's application [1] - The company is required to disclose a clarification announcement through designated media before resuming trading [1]

作为长期资金代表，险资动向是市场关注重点。 开年仅10个工作日，保险机构调研上市公司马不停蹄。券商中国记者根据Wind信息统计，截至1月18日，81家 险资机构（包括保险公司和保险资管公司）合计调研A股上市公司超300次，涉及80家上市公司。 从机构来看，华泰资产以22次调研总次数居首，泰康资产、大家资产、太平养老、国寿资产、新华资产、阳光 资产的调研次数均在10次以上。 与去年同期相比，险资机构今年以来调研次数减少明显。据统计，2025年全年，保险公司及保险资管公司调研 上市公司合计超1.8万次，2025年下半年合计调研上市公司近万次。 从去年全年来看，泰康资产调研1087次，大家资产调研728次，华泰资产调研723次，是最为积极的三家。人保 资产，新华资产、平安养老、太平资产、国寿资产、长江养老、华夏久盈资产调研均超过500次。 从个股来看，海天瑞声、利欧股份、盛达资源、新开普、翔宇医疗、熵基科技等个股均获超5家险资机构调 研；云南铜业、超捷股份、壹网壹创、狄耐克、中科信息、京北方、浙矿股份、中集集团、云南锗业、小商品 城等分别获超3家险资机构调研。 AI，大事！马斯克，索赔9300亿元！ 险资机构对创业 ...

上周全球权益市场呈现显著分化，亚洲市场强势领涨，日经225与韩国综合指数分别大涨3.84%和 5.55%，恒生指数亦上涨2.34%；欧美市场则普遍承压，标普500、道指、纳指分别下跌0.38%、0.29%、 0.66%，法国CAC40跌幅达1.23%。 商品市场中，布油上涨1.36%，天然气与焦煤分别下跌1.89%和1.43%，铜、铁矿亦走弱，相对表现最佳 为布油，最差为天然气。黄金强势上涨2.23%，白银更是飙升13.37%，反映避险情绪升温。 美元指数延续上涨态势，美联储理事预计2026年三次降息，每次25基点，市场在非农就业报告前情绪谨 慎，资金阶段性回流美元资产。 行业板块 ：上周万得一级行业指数多数走低，平均下跌0.44%。受AI算力需求持续、国产替代加速及政 策支持预期推动，信息技术以3.37%的升幅领涨；房地产持续承压下跌3.66%，源于销售数据疲软、政 策效果有限。 基金发行 ：上周合计发行23只，其中股票型基金发行10只，混合型基金发行7只，债券型基金发行3 只，QDII型基金发行1只，FOF型基金发行2只，总发行份额192.94亿份。 基金表现 ：上周万得全基指数上涨0.73%，其中偏股混 ...

Core Viewpoint - The recent announcement by the Ministry of Industry and Information Technology highlights China's record high patent applications and technology implementation rates in fields such as humanoid robots and brain-computer interfaces, indicating a significant advancement in technological innovation and its conversion into productive forces [1] Group 1: Legal and Regulatory Environment - A law-based business environment is essential for the survival and development of enterprises, providing a stable foundation amid external uncertainties [1] - China's approach to building a law-based business environment includes a systematic method of "top-level design + pilot first," which establishes a macro framework through the Private Economy Promotion Law and conducts stress tests via free trade pilot zones [2] - The combination of an effective market and proactive government guidance is crucial for directing resources towards emerging industries, enhancing regional innovation capabilities [2] Group 2: Innovation and Market Performance - China has entered the top 10 of the Global Innovation Index for the first time, with the "Shenzhen-Hong Kong-Guangdong" cluster ranking first globally, and 24 clusters in the top 100, maintaining the leading position for three consecutive years [2] - The emphasis on creating a market-oriented, law-based, and international business environment is critical in response to new opportunities and challenges from technological revolutions and industrial transformations [2] Group 3: Judicial and Regulatory Reforms - Judicial reforms are necessary to enhance market expectations, including the elimination of discriminatory restrictions against private enterprises in bidding and government procurement [3] - Establishing a baseline for administrative discretion and exploring regulatory mechanisms that allow for trial periods and conditional supervision can provide sufficient room for technological innovation [3] - Standardizing regulatory services and breaking down institutional barriers through data sharing can reduce arbitrary enforcement and repetitive inspections [3] Group 4: Market Mechanisms and Data Utilization - Promoting a market-based legal foundation for data elements is essential to stimulate internal motivation, including establishing rapid examination and confirmation mechanisms for intellectual property [4] - The establishment of foundational rules for the market-based allocation of data elements and supporting local legislation for data property registration and circulation can clarify data ownership and eliminate data silos [4] - Ensuring that policy benefits, such as government procurement and R&D expense deductions, are accurately directed to the most dynamic innovative entities is crucial for fostering innovation [4]

Group 1 - The global landscape has become increasingly unpredictable due to two major events: the rise of "Trumpism" in the U.S. and the outbreak of the Russia-Ukraine war in Europe [10][35] - The U.S. has experienced deepening societal divisions, leading to a populist backlash against traditional political establishments, exemplified by Trump's "Make America Great Again" slogan and the initiation of trade wars [20][24][26] - The Russia-Ukraine war has disrupted the status quo in Europe, creating significant uncertainty and elevating the risk of large-scale conflict, which compounds the unpredictability stemming from U.S. domestic issues [36][37] Group 2 - The evolution of global economic growth has transitioned through three phases: from "amplifying physical capabilities," to "amplifying intellectual capabilities," and now to a stage where systems begin to think independently [3][4][56] - The current phase, characterized by the rise of artificial intelligence, presents both opportunities and risks, as AI systems may act autonomously, raising concerns about control and ethical implications [4][60] - Companies must adapt to this new environment by embracing flexibility and resilience, preparing for unexpected developments, and shifting their mindset from representing a national identity to integrating as local entities in foreign markets [75][76][69] Group 3 - Chinese companies expanding internationally should prioritize understanding local laws regarding national security and avoid sectors that may conflict with these regulations [62][68] - A significant shift in mindset is necessary for Chinese firms to operate successfully abroad, emphasizing the importance of being perceived as local companies rather than extensions of the Chinese government [69][70] - The future landscape will be shaped by four key areas: philosophy, AI technology, economy, and politics, which are interconnected and essential for navigating the complexities of the modern world [77][78]