来源：六里投资报 岁末年初，诸多投资机构纷纷发布最2026策略报告，老牌私募宽远资产也于近日公开发布了《致投资者 书》，复盘了其2025年的投资，并介绍了2026年投资策略和预计的市场机会。 投资报资料显示，宽远资产于2014年成立，已有长达11年多的连续业绩，多次获得过金牛、金阳光等奖 项； 其长期收益相对市场主流指数保持领先，只是近一年业绩不如那些重仓AI科技的来得亮眼。 公司创始人、核心投资人为徐京德，兴业证券自营出身。 熟悉投资圈的人可能清楚，兴业自营产出了多位高水平的投资大咖，如宁泉资产的杨东，大朴资产的颜 克益等； 徐京德同样如此，且继承了兴业自营系低调稳健的风格，其投资水准在业内素有口碑。 300，红色为产品净值。 2025年，上证指数涨幅18.4%，沪深300涨幅17.7%，深圳成指涨幅29.9%，恒生指数涨幅27.8%。 从行业涨幅来看，有色金属94.7%、通信84.7%、电子47.9%、电力设备41.8%、机械设备41.7%。 虽然分红率略有下降，但银行的存款利率下降更快，即使考虑风险折价，依旧对无风险利率具有明显优 势。 同时，在全球范围来看，我国股市PE、PB还是低于主要发达国家水平， ...

Group 1 - The core viewpoint of the news highlights the significant net inflow of funds into the defense and computer industries, each exceeding 1.1 billion yuan, amidst a mixed performance of A-share indices on January 8 [1] - The A-share market saw a total net outflow of 37.435 billion yuan, with 12 industries experiencing net inflows, including defense, computer, banking, building materials, and automotive sectors [1] - The electronic industry faced the largest net outflow, amounting to 14.155 billion yuan, followed by communication, non-ferrous metals, and power equipment sectors, each exceeding 3 billion yuan in outflows [1] Group 2 - Individual stocks showed that 61 had net inflows exceeding 200 million yuan, with 10 stocks receiving over 500 million yuan in net inflows [2] - Notable individual stock inflows included Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Optoelectronics, with net inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [3] - Hailanxin's stock reached a "20cm" limit up, focusing on marine electronic technology products and systems [3] Group 3 - Hand Information submitted an application for overseas listing (H-shares) to the Hong Kong Stock Exchange on December 29, 2025 [4] - A total of 90 stocks experienced net outflows exceeding 200 million yuan, with significant outflows from stocks like Zhongji Xuchuang, Luxshare Precision, and Aerospace Development, each exceeding 1 billion yuan [4] Group 4 - At the market close, the total net outflow was 658 million yuan, with the power equipment sector seeing a net inflow exceeding 1 billion yuan [5] - Individual stocks such as Goldwind Technology and Qian Zhao Optoelectronics had substantial net inflows exceeding 400 million yuan at the close [5] - Stocks like Zhongji Xuchuang, New Yisheng, and Huhua Electric experienced net outflows exceeding 200 million yuan at the close [6]

Core Insights - Haier has maintained its position as the world's leading brand in large home appliances for 17 consecutive years, with a global market share increase from 6.3% to 12.1% since 2009, demonstrating robust growth and resilience [1] - The company's growth is attributed to its smart home strategy, transitioning from merely selling appliances to providing a platform service ecosystem that enhances user experience through software-defined scenarios [1] Group 1: Strategic Framework - Haier's success is a result of its user-centric "126" strategy, which includes one innovative channel (smart home), two major platforms (customer platform and user lifecycle platform), and six capabilities (globalization, high-end, digitalization, intelligence, ecology, and greenness) [2] - The globalization aspect focuses on enhancing capabilities across sales, marketing, service, logistics, procurement, R&D, and manufacturing, allowing for localized product adaptations based on regional needs [2] Group 2: High-End and Digital Transformation - The high-end strategy emphasizes leadership through technological innovation, with products like the "Lazy Three-Tub Washing Machine" achieving significant sales milestones shortly after launch [5] - Digital transformation aims for "extreme efficiency," enhancing user experience through a fully digitized process that allows for synchronized delivery and installation, significantly reducing delivery times [5][6] Group 3: Intelligent and Ecological Innovations - Haier's approach to intelligence involves moving from product intelligence to scenario intelligence, integrating AI capabilities into home appliances for enhanced user interaction and automation [6] - The ecological strategy connects over 66 million resources to provide comprehensive services across various life scenarios, extending smart living from home to travel [6] Group 4: Commitment to Sustainability - Haier integrates ESG principles into its governance, offering green products that exceed energy efficiency standards, with commitments to achieve global carbon neutrality by 2050 [6]

Group 1: Technology Sector Insights - At CES 2026, AMD and Intel presented their AI strategies, with AMD's stock dropping approximately 3% and Intel's rising about 2% due to differing product announcements [2] - Nvidia's CEO highlighted the Rubin platform, which includes six core chips, and emphasized the transition from Physical AI to Agentic AI, with expected shipments in the second half of 2026 [3] - The focus for AI investments in 2026 is shifting towards real-time response capabilities and the penetration of AI in various verticals such as industrial and medical applications [2][3] Group 2: Pharmaceutical Sector Insights - The Hong Kong innovative drug sector is expected to recover due to improved liquidity and multiple catalysts, with a focus on the upcoming JPM conference and data disclosure peaks [5] - The decline in innovative drug valuations in late 2025 was primarily due to liquidity issues, which are anticipated to improve in early 2026 [5] Group 3: Consumer Electronics Insights - The CES 2026 showcased a rapid shift of AI and robotics technologies towards consumer hardware, indicating significant product launches in smart home applications [6] - The event is viewed as a critical observation point for AI applications in consumer markets, suggesting investment opportunities in tech consumer companies [6] Group 4: Industrial Equipment Insights - The valve industry is experiencing growth driven by demand from high-growth sectors like energy and new energy, with a notable shift towards domestic production capabilities [8] - The combination of demand growth, technological upgrades, and accelerated localization is reshaping the competitive landscape of the valve industry [8] Group 5: Chemical Sector Insights - Xinhengcheng is recognized as a leading player in the global nutrition and flavor industry, with a focus on emerging demands and a strong technological foundation [10] - The company is expected to enter a new growth cycle, driven by increased market share in methionine and flavor products, alongside advancements in biomanufacturing [10] Group 6: Circular Economy Insights - Wanwu Xinxing is positioned as a leader in the second-hand circular economy, integrating the entire 3C recycling industry chain to enhance efficiency and cost barriers [11] - The company aims to evolve from a service provider to a brand, leveraging retail and compliance refurbishment to increase profit margins [11] Group 7: Financial Sector Insights - GF Securities plans to raise over HKD 6 billion through H-share placement and zero-interest convertible bonds to strengthen its capital base for international expansion [12][13] - Successful fundraising is expected to enhance the company's operational performance and industry ranking [13] Group 8: Electric Vehicle Insights - Yadea Holdings anticipates a significant profit increase for 2025, driven by rising sales of electric two-wheelers and product optimization [14] - The company is expected to maintain its leadership position in the two-wheeler market while expanding into mid-to-high-end and overseas markets [14] Group 9: Semiconductor Sector Insights - Huahong Semiconductor is set to acquire a majority stake in Huali Micro, which is expected to significantly enhance its earnings and liquidity [15] - The acquisition is projected to increase the company's net profit from CNY 380 million to CNY 960 million, marking a 151% growth [15]

Core Insights - Haier has maintained its position as the world's largest home appliance brand by retail volume for 17 consecutive years, with significant growth in market share from 6.3% to 12.1% since 2009, demonstrating strong resilience and stability [1] - The company's growth is attributed to its smart home strategy, transitioning from merely selling appliances to providing a platform service ecosystem that enhances user experience through software-defined scenarios [1] Group 1: Performance and Strategy - Haier's global market share has seen a consistent increase, achieving five consecutive years of growth [1] - The "126" strategy focuses on user-centric innovation, establishing a smart home channel, two major platforms for customer engagement, and six core capabilities including globalization and digitalization [3][4] Group 2: Globalization and High-End Positioning - Haier's globalization involves enhancing capabilities across sales, marketing, service, logistics, procurement, R&D, and manufacturing, with successful product iterations tailored to local markets [4] - The high-end strategy is exemplified by successful product launches, such as the "Lazy Three-Tub Washing Machine," which achieved over 1 million units sold in three quarters [6] Group 3: Digitalization and Smart Technology - Haier aims for "extreme efficiency" through full-process digital transformation, improving operational efficiency and customer satisfaction with 80% of products delivered directly to users [6] - The company is advancing from product intelligence to scenario intelligence, integrating AI capabilities into home appliances for enhanced user interaction [7] Group 4: Ecosystem and Sustainability - Haier's smart home ecosystem connects over 66 million resources, providing comprehensive services across various life scenarios, including a new "people-car-home" ecosystem [9] - The company is committed to ESG principles, with initiatives aimed at achieving carbon neutrality by 2050 and offering energy-efficient products that exceed current standards [9]

1月7日沪指上涨0.05%，市场两融余额为26047.42亿元，较前一交易日增加248.42亿元。 证券时报·数据宝统计显示，截至1月7日，沪市两融余额13100.10亿元，较前一交易日增加123.06亿元； 深市两融余额12865.06亿元，较前一交易日增加126.00亿元；北交所两融余额82.26亿元，较前一交易日 减少0.63亿元；深沪北两融余额合计26047.42亿元，较前一交易日增加248.42亿元。 分行业看，申万所属行业中，融资余额增加的行业有27个，增加金额最多的行业是电子，融资余额增加 63.93亿元；其次是有色金属、国防军工行业，融资余额分别增加43.63亿元、23.80亿元。 | 301330 | 熵基科技 | 37165.69 | 34.22 | -9.81 | 计算机 | | --- | --- | --- | --- | --- | --- | | 301079 | 邵阳液压 | 23360.59 | 34.06 | 20.01 | 机械设 备 | | 002945 | 华林证券 | 38993.14 | 33.92 | 5.38 | 非银金 | | | | | | | 融 | | ...

Core Viewpoint - The report by Zhiyan Consulting highlights a decline in both the import and export of home appliances in China for November 2025, indicating a challenging market environment for the industry [1] Import Data Summary - In November 2025, the number of home appliances imported into China was 1.19 million units, representing a year-on-year decrease of 3% [1] - The import value for the same period was $12.5 million, which reflects a year-on-year decline of 10% [1] Export Data Summary - In November 2025, the export quantity of home appliances from China was 37.126 million units, showing a year-on-year decrease of 1.5% [1] - The export value during this period was $7.505 billion, indicating a year-on-year decline of 5.8% [1] Industry Insights - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services to support investment decisions [1]

（文章来源：证券时报网） 证券时报·数据宝统计显示，业绩预计翻倍股今年以来平均上涨6.27%，表现强于沪指。个股来看，今年 以来涨幅最大的是南兴股份，累计上涨21.01%；惠而浦、传化智联今年以来分别上涨12.45%、6.71%紧 随其后。 全年业绩预计暴增股名单 | 代码 | 简称 | 业绩预告日 | 预计净利润增幅中值 | 最新收盘价 | 今年以来涨跌幅 | 行业 | | --- | --- | --- | --- | --- | --- | --- | | | | 期 | （%） | （元） | （%） | | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 23.35 | 5.09 | 公用事 | | | 份 | | | | | 业 | | 002010 | 传化智 联 | 2025.12.31 | 308.82 | 6.20 | 6.71 | 交通运 输 | | 688796 | 百奥赛 图 | 2025.12.09 | 303.57 | 54.80 | 4.18 | 医药生 物 | | 002846 | 英联股 份 | 2026.01.06 | 193.27 | 16 ...

Core Insights - The North Exchange 50 index increased by 1.82% to close at 1,493.04 points on January 6, 2026, with a trading volume of 259.89 billion yuan and a turnover rate of 3.97% [3][4][6] - The overall valuation of the North Exchange is at 47.74 times earnings, which is higher than the valuations of the ChiNext and STAR Market [3][10] - The sectors that performed well include non-ferrous metals (+11.1%), home appliances (+4.5%), computers (+4.4%), and machinery (+3.0%), while the pharmaceutical sector saw a decline of 0.5% [3][4] Trading Performance - On January 6, 2026, the North Exchange had a total market capitalization of 903.76 billion yuan, with 396.77 billion shares listed, of which 253.49 billion shares were tradable [3][4] - The average daily trading volume for the previous week was 194.04 billion yuan, indicating a recovery in trading levels on January 6 [3][4] Stock Performance - Among the 287 listed companies, 264 saw an increase in stock prices, while 21 experienced declines. Notable gainers included Hanxin Technology (+29.99%) and Tianli Composite (+29.99%), while Jin Hao Medical saw a significant drop of 14.57% [3][8][9] - The top ten stocks by market performance on January 6 included Hanxin Technology, Tianli Composite, and Beiyikang, with respective market capitalizations of 30.35 billion yuan, 95.63 billion yuan, and 39.80 billion yuan [8][9] Valuation Analysis - The average price-to-earnings (P/E) ratio for companies on the North Exchange is 47.74 times, with the highest sector being non-ferrous metals at 126.1 times, followed by home appliances at 92.8 times and food and beverage at 81.7 times [3][10] - The valuation of the North Exchange continues to be higher than that of the ChiNext, which has a P/E ratio of 44.85 times [3][10] Sector Performance - The non-ferrous metals sector showed the highest increase in stock prices, reflecting strong market interest and potential growth opportunities [3][4] - The pharmaceutical sector, in contrast, faced challenges, as indicated by the decline in stock prices, suggesting potential issues within the industry [3][4][9]

2026年1月6日，A股市场继续高歌猛进，现金流策略再度走强，300现金流指数收涨2.15%跑赢中证红 利、沪深300、上证指数等主要指数，慢牛格局中"现金为王"逻辑被再度验证！ | | 序号 证券代码 证券简称 | 涨跌幅 | | | --- | --- | --- | --- | | | | [交易日期] 2026-01-06 [車位] % ↓ | | | | 1 932366.CSI 300现金流 | | 2.1493 | | :: | 2 000300.SH 沪深300 | | 1.5462 | | | 3 000001.SH 上证指数 | | 1.4975 | | | 4 000922.CSI 中证红利 | | 1.1932 | 数据来源：沪深交易所等，截至2026.1.6，指数历史涨跌幅不预示其未来表现 ETF方面，全市场规模最大，流动性最佳*的300现金流ETF（562080） 被动跟踪300现金流指数，一键 布局沪深300核心资产中的"现金奶牛"，1月6日全天强势，收涨1.96%创历史新高，报收于0.625元，近1 年净值已累计创新高29次，展现出强劲的上行动能。 尤为引人注目的是，自其成立以 ...