在这一热烈的市场表现背后，除了投资者信心回暖、上市公司质量提升等因素之外，产业资本的常态化 回购、增持也起到了重要支撑。 数据显示，2025年A股市场合计1494家上市公司实施回购，回购总金额高达1427.36亿元。同期，还有 534家次的上市公司股东发布增持公告，拟增持金额的上限达到839.22亿元。 其间，回购增持再贷款也持续发力，2025年合计有522家上市公司或其股东披露回购增持再贷款情况， 贷款金额上限达到1111.65亿元。截至2026年1月8日，A股市场披露的回购增持再贷款单数已经达到789 单，贷款金额上限合计1606.20亿元。因此，2025年全年A股市场回购增持总规模合计2266.58亿元。 | | | 编者按： 市场活水铸信心 2025年的A股市场暖意尽显，上证指数重回4000点，总成交额刷新历史纪录，市场信心持续回暖。在此 背景下，产业资本全年回购增持规模超2200亿元，为市场注入强劲动能。公募基金自购金额同比大增 51.8%至5626.58亿元，转向长期价值投资方向。二者共同发力，不仅为资本市场带来活水，更传递出对 中国资本市场内在价值与长期发展的坚定信心。 回望2025年的A股市场 ...

拉长时间看，截至1月8日，食品饮料ETF天弘(159736)最新资金净流入1249.98万元。 中证A500ETF天弘(159360)多空胶着，成交696.58万元。跟踪的中证A500指数(000510)下跌0.12%。成分股方面涨跌互现，卫宁 健康(300253)领涨12.32%，美年健康(002044)上涨10.05%，利欧股份(002131)上涨10.03%。 拉长时间看，截至1月8日，中证A500ETF天弘(159360)近21个交易日内，合计"吸金"8217.37万元。 截至2026年1月9日09:43，食品饮料ETF天弘(159736)成交209.13万元。跟踪的中证食品饮料指数(930653)上涨0.62%，成分股国 投中鲁(600962)上涨7.87%，鲁银投资(600784)上涨4.97%，立高食品(300973)上涨3.22%，莲花控股(600186)上涨2.94%，安井食 品(603345)上涨2.35%。 i茅台调整精品茅台、公斤茅台及马年生肖酒投放 据1月8日"小茅i茅台"官方消息：1月9日起，i茅台APP每日09：09上线53%vol500ml贵州茅台酒（精品），同一用户每日限购6 ...

Core Viewpoint - The current divergence in the U.S. stock market reflects a transition from high-valuation growth stocks to a re-evaluation of value and policy-benefiting sectors, indicating a healthy adjustment within the ongoing bull market [4] Market Dynamics - The divergence is marked by a decline in the Nasdaq index, driven by notable AI stocks like Nvidia and Oracle, alongside a continuous drop in Apple shares, signaling a reassessment of tech stock valuations [3] - The defense and industrial sectors are attracting investment, particularly in light of geopolitical tensions and proposed increases in defense budgets, such as Trump's call for a $1.5 trillion defense budget by 2027 [3] - Strong third-quarter productivity data and low unemployment rates in the U.S. suggest a macroeconomic environment characterized by stable growth and manageable inflation, providing leeway for future monetary policy adjustments by the Federal Reserve [3] Investment Strategy Insights - Investors should rationally view external market fluctuations, particularly the adjustments in high-valuation growth sectors, as they may influence related sectors in the A-share market [5] - Emphasis should be placed on the "application landing" logic, shifting focus from mere concept speculation to companies that effectively apply AI and robotics in sectors like healthcare, industry, and finance [5] - A balanced investment approach is recommended, incorporating not only aggressive tech growth stocks but also sectors benefiting from economic recovery and policy support, to mitigate volatility and adapt to changing market styles [5]

Core Viewpoint - The People's Bank of China emphasizes the high-quality construction and development of the bond market "Technology Board" to enhance financial support for technological innovation [1] Group 1: Performance of the Technology Board - The bond market "Technology Board" has issued a total of 1.8 trillion yuan in technology innovation bonds within 8 months, with 390 entities in the interbank bond market contributing over 1 trillion yuan [2] - 264 enterprises have issued approximately 660 billion yuan in technology innovation bonds, covering 28 provinces and cities, with an average issuance interest rate of 2.10%, which is a decrease of 17 basis points compared to the period before the board's implementation [2] - 60% of the enterprises have issued bonds with a maturity of over 3 years, indicating a high participation rate from private enterprises, which account for over 20% [2] Group 2: Support for Early-stage Enterprises - The Technology Board has innovative mechanisms to support early-stage technology enterprises by allowing equity investment institutions to issue bonds, thus attracting more social capital for early, small, long-term, and hard technology investments [3] - 53 equity investment institutions have issued 45.2 billion yuan in technology innovation bonds, while 73 financial institutions have issued 305.4 billion yuan, enhancing the liquidity and activity of the Technology Board [3] Group 3: Cost and Market Maturity - The median issuance interest rate for technology bonds is 1.99%, significantly lower than the average weighted interest rate for current loans, effectively reducing financing costs in the technology sector [4] - The average maturity of non-financial enterprise technology bonds has increased from 3.37 years in Q2 2025 to 3.53 years in the second half of 2025, reflecting a trend towards longer-term financing [4] - The diversity of issuers has increased, with a steady rise in the proportion of non-state-owned enterprises participating in the bond market [4] Group 4: Institutional Design and Future Development - The successful performance of the Technology Board is attributed to a series of institutional arrangements, including the inclusion of commercial banks, securities firms, and equity investment institutions as issuers, along with simplified disclosure and tax incentives [5] - The People's Bank of China has created a risk-sharing tool for technology innovation bonds to support equity investment institutions in issuing long-term bonds, with 22.5 billion yuan issued and an average interest rate of 2.20% [6] - Future developments of the Technology Board will focus on expanding the range of issuers, issuance scale, and types of bonds to effectively support high-quality development of the real economy [6]

Core Insights - The U.S. stock market has shown resilience in early 2026, continuing to rise despite losses in the technology sector, indicating a broadening rally [1] Market Performance - The stock market's upward trend suggests a positive sentiment among investors, reflecting confidence in economic recovery and growth potential [1]

美东时间周四，美股三大指数收盘涨跌不一，英伟达等科技巨头回落，而军工板块在特朗普提议上调军 费的刺激下全线走强。 市场整体走势趋于平淡，标普500指数全天几乎原地踏步，波动率极小。在美债收益率小幅上行的背景 下，受多项好坏参半的美国经济数据影响，多数个股录得上涨。 截至收盘，道指收盘上涨270.03点，涨幅为0.55%，报49266.11点；纳指跌104.26点，跌幅为0.44%，报 23480.02点；标普500指数涨0.52点，涨幅为0.01%，报6921.45点。 分析师指出，在连续上涨几天之后，市场出现了一定程度的获利回吐，同时地缘政治风险依然处于高 位。当前，市场正在为即将到来的财报季进行重新布局。 数据显示，美国上周首次申请失业救济人数小幅上升，劳动力需求依旧疲软，这与周三公布的ADP就业 数据和JOLTS职位空缺数据相互印证。 交易员关注周五公布的12月非农就业报告，该报告将是美国史上最长政府停摆结束后，首批具有较高参 考价值的宏观经济数据之一。 评级机构惠誉当天上调了美国经济增长预期，预计2025年GDP增长2.1%，并在纳入因政府停摆而延迟 公布的数据后，预测2026年经济增速为2.0%。 ...

Core Viewpoint - The event "Career Salon - Envisioning the Future, 'Job' Facing Life" organized by the Student Development Center of the affiliated school of Southwest United University in Kunming connects students with various industries through parental mentorship [1] Group 1: Event Overview - The event featured a "Career Mentor Group" consisting of parent representatives from over 20 industries, including education, healthcare, finance, technology, and arts [1] - Parents shared practical information about industry job content, skill requirements, career prospects, and subject selection advice [1] Group 2: Student Engagement - A popular immersive mock recruitment session allowed students to prepare resumes and showcase their personal strengths in a one-minute self-introduction [1] - Students actively competed for their ideal positions during the event [1] Group 3: Educational Impact - The career salon served as a platform for students to gain insights and explore future career options, helping them to develop clearer career plans [1]

Core Insights - The report from the Wuhan municipal government emphasizes a practical approach to development, focusing on concrete projects and data-driven strategies for the upcoming year [2] Group 1: Economic Development and Transformation - Jianghan District has a significant proportion of its economy based on traditional commerce and logistics, which presents challenges for transformation [4] - The district is leveraging new economic models such as first-store economy, live-streaming economy, and platform economy to accelerate the transformation of commerce and logistics [4] - During the 14th Five-Year Plan period, over 100 new first stores were added annually, including the first Ritz-Carlton hotel in Central China and the first duty-free store in the city [4] Group 2: E-commerce and Retail Growth - In the previous year, online retail sales in Jianghan achieved over 30% growth, while multi-modal transport and logistics services saw a 10% revenue increase, and total import and export volume grew by 45.5% [5] - Plans for 2026 include developing a world-class consumer landmark centered around the Wushang commercial circle and enhancing the international consumption environment [5] Group 3: Logistics and Infrastructure - The Wuhan Multi-Modal Transport Service Center was inaugurated, serving as a key platform for reducing logistics costs and enhancing connectivity among various transport modes [7] - Jianghan aims to create a comprehensive service platform integrating data, finance, and transactions to support logistics and trade enterprises [7] Group 4: Urban Renewal and City Planning - In 2025, Jianghan District completed urban renewal plans that included seven areas and 58 projects, with eight old residential communities renovated and ten complete communities established [9] - The district plans to focus on urban renewal as a key strategy in 2026, aiming to enhance cultural and industrial hubs while transforming the central business district into a comprehensive innovation and legal services area [9]

Core Viewpoint - The Shanghai Composite Index experienced a slight decline of 0.07% but closed higher than its opening price, marking a 15-day consecutive rise in K-line patterns [1] Market Performance - The Shenzhen Component Index fell by 0.51% and the ChiNext Index decreased by 0.82% [1] - The Science and Technology Innovation Index rose by 1.14% [1] - Total trading volume in the Shanghai and Shenzhen markets reached 28,265 billion, a decrease of 552 billion compared to the previous day [1] Sector Performance - The commercial aerospace sector showed strong performance, with Aerospace Hongtu hitting the daily limit of 20 cm, and nearly 40 stocks including Jieli Rigging and Taisheng Wind Power also reaching the daily limit [1] - The controllable nuclear fusion sector performed well, and AI applications were active [1] - In contrast, the large financial sector saw an expanded decline in the afternoon, while the rare earth permanent magnet sector continued to fall [1] - Overall, there were more gainers than losers, with over 3,700 stocks rising [1]

Market Performance - The Hang Seng Index closed at 26,149.31 points, down 1.17% [1] - The Hang Seng Tech Index closed at 5,678.34 points, down 1.05% [1] Company Specifics - Lenovo Group experienced a decline of over 5% [1] - Sunny Optical Technology fell by more than 4% [1] - Zhizhuo saw a first-day increase of over 13% upon listing [1]