整体来看，新消费、新能源车企、银行、券商、航空等股多为上涨，芯片、科网、风电等股有涨有跌， 黄金、有色金属、商业航天、石油与天然气、房地产、煤炭等股多有下跌。 个股方面，泡泡玛特涨2.19%，中芯国际跌1.89%，美团涨1.79%，中国人寿跌2.73%，紫金矿业跌 4.76%，百度集团涨2.70%，携程集团跌0.53%，赣锋锂业跌6.60%，宁德时代跌1.93%，小鹏汽车涨 1.13%，工商银行涨0.47%，招商证券涨1.59%，商汤跌0.42%，中国石油股份跌0.66%。 成交额前三的个股中，腾讯控股涨0.09%，成交超434亿港元；阿里巴巴涨0.06%，成交超140亿港元； 小米集团涨2.83%，成交超69亿港元。 编辑：罗浩 转自：新华财经 新华财经香港2月5日电（记者林迎楠）5日，港股主要指数低开高走，截至收盘，恒生指数上涨0.14% 至26885.24点，恒生科技指数上涨0.74%至5406.13点，国企指数上涨0.50%至9093.34点。 当日恒指低开219.37点，开报26627.95点，开盘后小幅向下，午后拉高向上，最终恒指涨37.92点，主板 成交超3151亿港元。当日，港股通（南向）净流 ...

Group 1 - The Hong Kong stock market saw a rise in new consumer stocks, with Pop Mart leading the gains at nearly 5% [1] - Other notable performers included Blukoo, Maogeping, and Guming, which all rose over 3% [1] - Companies such as Laopu Gold, Shangmei Group, Mixue Group, Miniso, Weilon Delicious, and others also experienced increases of over 2% [1] Group 2 - Pop Mart's stock rose by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock increased by 3.84%, with a latest price of 72.950 and a market cap of 18.13 billion, showing a year-to-date rise of 8.96% [2] - Maogeping's stock rose by 3.83%, priced at 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Guming's stock increased by 3.58%, with a latest price of 29.500 and a market cap of 70.156 billion, reflecting a year-to-date rise of 19.05% [2] - Laopu Gold's stock rose by 2.91%, priced at 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei Group's stock increased by 2.92%, with a latest price of 67.000 and a market cap of 26.673 billion, showing a year-to-date decline of 7.97% [2] - Mixue Group's stock rose by 2.80%, priced at 396.600, with a market cap of 150.557 billion, reflecting a year-to-date decline of 3.22% [2] - Miniso's stock increased by 2.43%, with a latest price of 37.100 and a market cap of 44.916 billion, showing a year-to-date increase of 1.92% [2] - Weilon Delicious's stock rose by 2.63%, priced at 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock increased by 1.28%, with a latest price of 86.750 and a market cap of 9.126 billion, reflecting a year-to-date increase of 1.34% [2] - Chazhidao's stock rose by 1.11%, priced at 6.370, with a market cap of 9.413 billion, showing a year-to-date decline of 3.19% [2] - Wuwu Hen Mang's stock increased by 0.90%, with a latest price of 403.000 and a market cap of 86.851 billion, reflecting a year-to-date increase of 70.33% [2]

Group 1 - The Hong Kong stock market rose by 1,757 points or 6.9% in January 2026, primarily due to the decline of the US dollar index from the end of last year at 98, indicating a potential outflow of funds from the US into mainland China and Hong Kong markets [1] - The Chief Investment Officer for Greater China equities at Paris-based asset management firm believes that foreign capital inflow is occurring, and expects greater volatility in the stock market compared to last year, with a tendency for upward movement [1] - The anticipated rise in the mainland and Hong Kong stock markets in 2024 is attributed to low valuations, while a bull market is expected to begin in 2025, primarily driven by domestic capital, with limited foreign investment [1] Group 2 - Geopolitical factors are leading to a more pronounced diversification of investments, with expectations of accelerated foreign capital inflow this year, contributing to a slow bull market [1] - The company notes that while foreign capital has historically been substantial, it has been underweighted for years, resulting in a low base; even a 10% outflow of funds from the US into the Chinese market would have a significant impact [1] - The differentiation among companies is expected to widen this year, particularly in the new consumption and artificial intelligence sectors, as market familiarity with industries increases, leading to a greater focus on profitability and favorable themes such as biotechnology and robotics [1] Group 3 - Investors are advised to monitor sectors that will directly benefit from policies, as well as to pay attention to orders, profits, and business models; companies with poor new order situations are likely to face profit pressures [1] - The expectation is that the differentiation among companies will become increasingly pronounced [1]

（来源：经济参考报） 联博基金日前发布中国资本市场观点表示，展望2026年权益市场，可关注中国经济转型升级契机下的资 本市场表现。"反内卷"、企业出海与AI等因素有望支持企业盈利改善。2026年随着经济转型推进，A股 企业有望迎来更强的盈余增长动能。从行业来看，新消费、创新药与科技AI等领域不容忽视。债券市 场方面，明确的趋势性行情或较难出现，区间震荡或更趋常态化。 联博基金副总经理、投资总监朱良表示，具体来看，经济结构转型包括消费形态的转型、竞争模式转型 （"反内卷"）与经营模式转型。中国政府推动提高经济质量的政策对资本市场构成支持。 在消费领域，朱良表示，消费在GDP中的比重逐步上升，相关拉动举措可能使新消费成为重要投资方 向。消费形态方面也在经历转型，年轻群体更注重消费体验与情绪价值，追求即时满足与高反馈。这 种"小确幸"式消费偏好有利于细分市场需求的形成，而民营企业在满足这些细分需求上较为灵活，因而 中小盘民营企业在新消费领域可能带来值得关注的机会。 朱良表示，就政策影响而言，上市公司盈利对市场表现的影响或将大于经济政策的影响。"反内卷"等措 施有望推动盈利改善。此外，上市公司海外营收占比若持续扩大， ...

Investment Rating - The report recommends an "Overweight" rating for solid-state batteries, innovative drugs, and new consumption sectors, while suggesting a "Neutral+" rating for humanoid robots and AI applications [5][10][21]. Core Insights - The report highlights a focus on solid-state batteries, innovative drugs, and new consumption as key investment themes, indicating a positive outlook for these sectors [5][10]. - The report notes that the overall emerging industry is showing a strong fundamental outlook with a neutral technical perspective, suggesting potential for growth despite recent fluctuations [16]. Summary by Relevant Sections Investment Themes - **Solid-State Batteries**: Rated "Overweight" with a strong technical outlook, indicating a recovery from a low position. The industry is moving towards commercialization with significant developments from companies like Geely [5][10]. - **Innovative Drugs**: Also rated "Overweight", with a stable outlook as the National Medical Products Administration has approved multiple innovative drugs, enhancing market confidence [5][10]. - **New Consumption**: Rated "Overweight", with initiatives in Beijing to promote new consumption landmarks, indicating a supportive environment for growth [5][10]. - **Humanoid Robots**: Rated "Neutral+", with a moderate technical outlook. The sector is experiencing a transition from prototypes to mass production, which could enhance market opportunities [5][10]. - **AI Applications**: Rated "Neutral+", with signs of recovery. The commercialization of AI applications is seen as a turning point, with significant investments from major companies [5][10]. Market Trends - The report indicates that the overall emerging industry has returned to below the mean plus two standard deviations, with moderate rotation intensity and average crowding levels, suggesting a potential for rebound in profitability expectations [16][18]. - Recent events, such as the launch of new products and approvals in the innovative drug sector, are expected to drive growth and investor interest [10][11].

Market Overview - The Federal Reserve maintained the federal funds rate target range at 3.5%-3.75%, aligning with market expectations[9] - The Hang Seng Index closed at 27,827, down 2.58% for the day but up 8.57% year-to-date[3] - The S&P 500 index closed at 6,978, with a slight decrease of 0.01% for the day and a year-to-date increase of 1.94%[3] Stock Performance - Gold prices surged, with spot gold exceeding $5,280 per ounce, marking a monthly increase of over 22%[9] - Semiconductor stocks saw significant gains, with the Philadelphia Semiconductor Index rising by 2.34%[9] - Major tech stocks showed mixed results, with Intel up 11.04% and Microsoft down 6% post-earnings report[9] Sector Highlights - Oil stocks continued to rise, with Shanghai Petrochemical gaining over 5% due to geopolitical tensions driving oil prices up by 3%[9] - New consumer concept stocks performed well, with a snack retail chain soaring 69% on its debut[9] - Airline stocks faced pressure, with China Southern Airlines down 6.83% due to rising operational costs[9] Economic Indicators - The U.S. dollar index fell to 95.51, the lowest since February 2022, contributing to the rise in gold prices[9] - The Japanese yen strengthened, impacting export-related stocks negatively, with Toyota down 3.24%[13] - The Bank of Japan raised its policy rate to 0.75%, the highest in 30 years, indicating a cautious approach to future rate hikes[13]

四川九洲低空经济股权投资基金合伙企业（有限合伙） 1月15日，四川九洲低空经济股权投资基金合伙企业（有限合伙）完成备案，该基金由四川九洲旗下四川九洲空管科技有限责任公司联合其他投资方共同 出资设立。此举标志着四川九洲在低空经济领域的战略布局进一步深化，旨在通过资本运作推动产业链上下游协同发展。低空经济作为新兴产业，涉及无 人机、通用航空、空中交通管理等多个领域，近年来在国家政策支持下迎来快速发展期。此次设立股权投资基金，将重点投资于低空经济相关的高科技企 业，助力技术创新和产业升级，同时也为四川九洲拓展新的业务增长点。 四川社保科创股权投资基金合伙企业（有限合伙） 1月13日，四川社保科创股权投资基金合伙企业（有限合伙）完成备案，执行事务合伙人为四川发展科技创新投资私募基金管理有限公司、建信金投私募 基金管理（北京）有限公司，出资额200亿人民币。 2026年1月，以成都为注册地，备案了多只创投基金。此外，一批新基金也完成了工商注册或宣告成立。 其中，高达200亿元人民币规模的四川社保科创股权投资基金合伙企业（有限合伙）完成备案，标志着四川在耐心资本构建方面引来了最强有力的"长 钱"；而在1月最后一周，由省级 ...

Core Viewpoint - The upcoming Chinese New Year, combined with consumer promotion policies, the closure of Hainan Free Trade Port, and the arrival of the consumption peak season, is expected to activate investment vitality in the consumer sector [1] Group 1: Fund Overview - The Fuguo Consumer Preferred Fund, managed by Zhou Wenbo, focuses on the consumer theme and aims to capture investment opportunities in A-shares and Hong Kong stocks [2] - The fund is required to invest at least 80% of its non-cash assets in consumer-related securities, with stock assets accounting for 60%-95% of the fund's total assets [2] - Zhou Wenbo has a strong track record, with his managed Fuguo Consumer Selected 30 Fund ranking first in its category over the past one and three years [2] Group 2: Investment Strategy - Zhou Wenbo employs a unique investment framework that emphasizes understanding the logic behind data rather than just tracking high-frequency data [2] - He focuses on predicting changes and identifying turning points in companies, which enhances the probability of successful investments [2] - The strategy also involves assessing pricing and understanding the essence of value, calculating potential returns on equity (ROE) based on market space [2] Group 3: Performance Evidence - The Fuguo Consumer Selected 30 Fund has successfully invested in high-growth consumer stocks like Pop Mart and Laopu Gold, achieving significant returns [3] - For instance, Pop Mart was a top holding in the fund, with its stock price increasing from around 20 HKD to a peak of 339.8 HKD, resulting in approximately a tenfold return [3] Group 4: Market Outlook - The consumer sector is currently experiencing positive signals in valuation, policy support, and long-term growth potential [4] - The consumer index has reached a historically low valuation of 19.46 times, indicating a good safety margin and potential for recovery [4] - Government policies aimed at boosting domestic demand and consumption are expected to provide strong momentum for consumer recovery [4] Group 5: Future Directions - The government prioritizes expanding consumption in 2026, with a focus on improving service consumption, which has been low compared to developed countries [5] - There is a trend towards higher prices for products sold abroad, indicating a need to enhance domestic pricing strategies [5] - Key areas of focus for investment include duty-free, alcohol, travel, aviation, and scenic spots, which are showing positive trends [5]

Core Insights - The 2026 Investment Strategy Summit by Harvest Fund highlighted the evolving consumer trends and investment practices, focusing on the shift from brand loyalty to scenario-based emotional investments [1][10] Group 1: Consumer Trends - The core change in consumer behavior is a return to specific life scenarios, with consumers prioritizing products that address real-life pain points rather than abstract brand ideals [3][12] - The popularity of IP toys illustrates this trend, serving as both practical companions in daily life and social currency for emotional connections [3][12] - The Gen-Z demographic is particularly notable for a "value reordering," where personal interests and health take precedence, leading to a clear distinction in spending behavior across different categories [3][12][13] Group 2: Investment Outlook for 2026 - The investment strategy is based on a "dual mainline" logic, suggesting that traditional consumer sectors may see a mid-term turning point due to supply contraction and signs of demand recovery [5][14] - New consumer sectors are expected to present structural growth opportunities, particularly for brands that innovate and meet the changing needs of the new generation [5][14] - The concept of "consumption assetization" is emerging, where financial products are increasingly integrated into daily life, enhancing their appeal to modern consumers [5][14] Group 3: Investment Strategies - Key investment advice includes leveraging community feedback for decision-making, adopting contrarian thinking during market lows, and recognizing the right timing for investments in the consumer sector [8][17] - The importance of understanding deep emotional needs and practical life scenarios of consumers is emphasized as a critical factor for successful investment in the evolving market landscape [8][17]

摩根大通认为，随着投资者在轮动中继续偏向增长股，在企业盈利和仓位因素的支撑下，A股和港股的 升势有望延续至农历新年，预计港股在上升行情中会跑赢A股。盈利预期上调正陆续出现，尤其集中在 材料和通信服务板块，而从估值、增长和流动性来看，市场并未出现过热。 中信建投认为，白酒产业"五底阶段"与资本市场"三低一高"共振，结合近期市场策略相继落地，站在春 节旺季来临之际，认为本轮白酒调整期拐点将至，资本市场预期先行，白酒板块迎来周期底部配置机 会。 本文转载自腾讯自选股，智通财经编辑：陈筱亦。 1月26日，恒生指数高开0.35%，恒生科技指数涨0.05%。盘面上，资源股强势，紫金矿业涨近3%，赤峰 黄金涨超4%；新消费走强，老铺黄金涨超5%，泡泡玛特涨超4%。 关于港股后市 兴业证券认为，港股有望继续震荡向上。该行指出，岁末的资金阶段性收紧效应过去，内资继续流入； 如果海外形势带来扰动反而是机会。一旦特朗普"TACO"，反而可能通过弱美元与资金再配置，对港股 形成边际支撑。此外，政策和产业层面也存在催化。 ...