1月9日沪指上涨0.92%，市场两融余额为26276.01亿元，较前一交易日增加69.91亿元。 证券时报·数据宝统计显示，截至1月9日，沪市两融余额13212.13亿元，较前一交易日增加34.55亿元； 深市两融余额12979.40亿元，较前一交易日增加34.76亿元；北交所两融余额84.48亿元，较前一交易日 增加0.61亿元；深沪北两融余额合计26276.01亿元，较前一交易日增加69.91亿元。 融资余额降幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 920564 | 天润科 技 | 965.15 | -56.71 | -5.25 | 计算机 | | 920641 | 格利尔 | 573.04 | -34.23 | 29.99 | 家用电器 | | 920158 | 长江能 科 | 443.10 | -31.56 | -0.12 | 机械设备 | | 603172 | 万丰股 份 | 3088.14 | - ...

北向资金最新一个季度末的持股情况如期公布(季度结束后第5个陆股通交易日)。整体来看，截至2025 年末，北向资金持股市值较上一年末大幅增加，超半数行业持股市值较上一年末有所增加，超半数陆股 通成份股环比获加仓。 北向资金持股市值创2022年以来新高 尽管北向资金持股按季度进行公布，但其市场关注度依然居高不下。根据Wind数据，截至2025年末， 北向资金持股数量合计近1080亿股，持股数量连续4年超过1000亿股，持股市值(期末收盘价计算)合计 2.59万亿元，持股市值创2022年以来新高，较上一年末增幅接近20%。若纳入互联互通ETF的持仓规 模，2025年末北向资金持有中国资产的规模将更高。 从2025年数据来看，北向资金自2025年一季度起持股市值连续4个季度攀升，不过持股数量有所下降， 这与北向资金调仓、持股公司股价变动有一定关系。 宁德时代以超过2500亿元的持股市值遥遥领先于其它个股，持股市值较上一年末增加超过1000亿元，主 要受益于持股比例及股价的增加所致，该股的北向资金持股比例连续7个季度增加。作为全球锂电巨 头，2025年5月，宁德时代在港股上市，公司去年与多家知名企业签订战略合作协议，在 ...

Group 1 - The core viewpoint is that the Hong Kong IPO market will not lead to a bear market; instead, increased demand for the Hong Kong dollar may push the currency to its strong-side guarantee, prompting the Hong Kong Monetary Authority to release liquidity in the interbank market, thereby lowering HIBOR rates and boosting the bull market in Hong Kong stocks [1][10] - In 2025, the Hong Kong Stock Exchange is expected to have 117 IPOs raising a total of HKD 285.9 billion, regaining the top position globally after four years. The market anticipates that the IPO fundraising scale in 2026 will continue to be strong, potentially exceeding HKD 300 billion [2][6] - The impact of IPO peaks and fundraising peaks on the Hong Kong stock market is not absolute; historically, these peaks have not reversed the market trend, as seen in previous years like 2010, 2014-2015, 2017, 2020, and 2025 [6][10] Group 2 - The true impact of IPOs on the Hong Kong market may be observed during the six-month lock-up period for cornerstone investors post-listing, with notable declines in the market often coinciding with these unlock periods [16] - However, in 2025, the unlocking of shares did not lead to a market downturn, as the ability for cornerstone investors to sell did not equate to a necessity to sell, allowing new buying power from index funds and foreign investments to offset any selling pressure [16] - There may be a new wave of lock-up share unlocks for mid to large-cap companies (market capitalization over HKD 30 billion) in March and September 2026 [6][16] Group 3 - The short-term stock price increase after inclusion in the Hong Kong Stock Connect is not universally applicable, with historical data showing a low probability of price increases across the full sample [23] - For the Hang Seng Tech Index, institutional investors' presence leads to more accurate predictions regarding index adjustments, with stock prices typically reacting about 30 days before the execution date of adjustments [24] - Following the completion of index adjustments, stock prices usually experience a decline, which typically stabilizes within a week [24]

Market Strategy - The report suggests a bullish market strategy with a focus on technology stocks, indicating that the A-share market is expected to enter a new round of upward momentum, particularly in the period from mid-December 2025 to early March 2026, which is seen as a favorable investment window [7][9]. Economic Insights - In December 2025, the industrial producer price index decreased by 1.9% year-on-year, with a narrowing decline compared to the previous month, while the month-on-month increase was 0.2% [16]. - The consumer price index rose by 0.8% year-on-year in December 2025, with urban prices increasing by 0.9% and rural prices by 0.6% [18]. - The U.S. non-farm payrolls increased by 50,000 in December 2025, with an unemployment rate of 4.4% [20]. Industry Dynamics - In 2025, China's engineering machinery sales were robust, with excavator sales reaching 235,257 units, a year-on-year increase of 17% [25]. - The report highlights that in December 2025, 12,236 loaders were sold, marking a 30% year-on-year increase [27]. Company Updates - Chongde Technology (301548.SZ) successfully delivered the first batch of three sets of "Hualong One" nuclear main pump bearings, marking a significant breakthrough in the localization of high-end nuclear power equipment [28]. - Chongde Technology also announced the bulk supply of core components to international leading gear manufacturers, indicating a strong position in the AI computing energy supply chain [31]. - Hisco (002653.SZ) signed an exclusive licensing agreement with AirNexis for the global development and commercialization of HSK39004, with an upfront payment of $108 million [33]. - Wens Foodstuffs Group (300498.SZ) expects a significant decline in net profit for 2025, projecting a year-on-year decrease of 40.73% to 46.12% [37]. - China CRRC (601766.SH) won a bid for 26 new train orders for the Malaysia Glarana Line, with the first set expected to be delivered in September 2028 [39].

Group 1 - The State Council will hold a press conference on January 12 to introduce the preparations for the 6th Asian Beach Games [2] - The 44th J.P. Morgan Healthcare Conference will take place from January 12 to 15, serving as a core platform for showcasing clinical data and discussing overseas cooperation [2] - ST Keli Da will resume trading on January 12, with a proposed change in actual control [2] - ST Xin Ya will be suspended for one day on January 12 and will resume trading on January 13, with other risk warnings lifted and the stock name changed to "Xin Ya Zhi Cheng" [2] - Aisheren will be available for subscription on January 12, with an issue price of 15.98 yuan per share and a price-to-earnings ratio of 14.99 times [2] Group 2 - The National Business Work Conference held on January 10-11 emphasized the implementation of consumption-boosting actions and the creation of the "Buy in China" brand [4] - The Ministry of Commerce has issued a task for nine cities, including Dalian and Shenzhen, to expand the opening of the service industry [4] - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export tax rebates for photovoltaic products starting April 1, 2026 [4] Group 3 - The China Securities Regulatory Commission and the Ministry of Finance have revised the regulations on reporting illegal activities in the securities and futures markets, significantly increasing the reward standards [5] - The Dalian Commodity Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting January 13, 2026 [5] Group 4 - The Shanghai Composite Index successfully surpassed the 4100-point mark on January 9, reaching a new high since July 2015, with daily trading volume exceeding 3 trillion yuan [7] - Multiple research institutions believe that the A-share market still has upward potential, with favorable conditions for bullish sentiment continuing into the spring [7][8] - Recommendations for sectors to focus on include electronics, power equipment, and non-ferrous metals, with a continued emphasis on commercial aerospace concepts [8] Group 5 - The "Tianma-1000" unmanned transport aircraft developed by Xi'an Aisheng Technology Group successfully completed its first flight test, showcasing its capabilities for logistics transport and emergency rescue [10] - The Chinese civil drone market is expected to grow significantly, with a projected market size of approximately 146.8 billion yuan in 2024 and over 400 billion yuan by 2030, reflecting a compound annual growth rate of 18.3% [10] Group 6 - The Baotou Rare Earth Products Exchange has launched a rare earth price index, which aims to serve as a price "barometer" for the rare earth market [13] - The average price of praseodymium and neodymium oxide was reported at 624,900 yuan per ton as of January 9, showing a slight increase [13] - Analysts expect the rare earth price center to rise due to ongoing supply-demand improvements in 2026 [13] Group 7 - Three companies, Tianpu Co., Guosheng Technology, and Jiamei Packaging, will resume trading on January 12 after completing their suspension for verification [17] - Zhonghua Equipment plans to issue shares to acquire 100% equity of Yiyang Rubber Machine and Blue Star North Chemical, with a transaction price of 1.202 billion yuan [17] - Kewen Biological expects to achieve a net profit of 235 million to 271 million yuan in 2025, driven by revenue growth and improved profitability [18]

Group 1 - The current A-share market ecosystem is undergoing systematic restructuring, with a solid foundation for a "long bull, slow bull" market being established. The strategic position of the capital market has significantly improved, and the institutional framework is becoming more refined, providing a solid guarantee for stable market operations [5][14] - The "New Nine Articles" are promoting a transformation of the market from being financing-led to a balanced focus on both financing and investment, leading to continuous improvements in the quality of listed companies and investor protection [5] - The profitability of core assets is showing signs of a turning point, with both technology and traditional sectors presenting structural opportunities, and the matching of valuation and profitability is improving [5] Group 2 - The spring market is expected to gradually unfold, supported by factors that have driven previous market activity, including liquidity factors such as margin trading and insurance capital, which are anticipated to continue into January [6] - The macroeconomic environment, including the previous appreciation of the RMB, is creating a favorable atmosphere for liquidity and risk appetite, with potential catalysts such as policy adjustments and improvements in fundamental data expected in January [6] - After a two-month earnings window, listed companies will once again face fundamental verification as they enter the earnings forecast disclosure window in January [6] Group 3 - A-share market is expected to maintain an upward trend, with structural inflows of incremental funds anticipated in January, supported by the appreciation of the RMB and foreign capital positioning at the year-end [7] - Market sentiment appears slightly subdued, with industry preferences concentrated in sectors such as non-ferrous metals and defense, suggesting that investors should focus on large-cap styles and policy-related industry opportunities [7] Group 4 - The commercial aerospace industry is expected to enter a period of explosive growth, with the current phase being the initial stage of large-scale infrastructure development, accelerating towards commercial applications [13] - The "Space Power" goal is clearly defined, with national strategic support guiding the industry, and the low-orbit satellite internet constellation is set to begin high-density networking by 2025, marking a critical window for large-scale networking from 2025 to 2027 [13] Group 5 - A weak dollar cycle is expected to boost the performance of A/H shares, as it drives domestic exports and improves corporate profits, with global liquidity easing valuations and funds favoring high-growth emerging markets [14] - Structural improvements in sectors such as technology and domestic demand are anticipated to benefit from corporate profit recovery, leading to a rebound in these areas [14]

Core Insights - The report predicts an upcoming adjustment to the Hong Kong Stock Connect list in March 2026, with the announcement expected on February 20, 2026, and implementation on March 6, 2026 [1][6]. Group 1: Event Description - The adjustment period for the Hang Seng Composite Index ended on December 31, 2025, and the new list of stocks for the Hong Kong Stock Connect will be released shortly [6][7]. Group 2: Potential Stocks for Inclusion - A total of 47 stocks are expected to meet the criteria for inclusion in the Hong Kong Stock Connect. The pharmaceutical and biotechnology sector has a significant representation among these potential stocks, including names such as: - **Pharmaceutical and Biotechnology**: 英矽智能, 中慧生物-B, 宝济药业-B, 派格生物医药-B, 劲方医药-B, 轩竹生物-B, 康臣药业, 科济药业-B, 海西新药, 长风药业, 维立志博-B, 林清轩, 歌礼制药-B [7]. - **Software Services**: 经纬天地, 希迪智驾, 卓越睿新, 诺比侃, 赤子城科技, 量化派, 迅策, 聚水潭, 果下科技, 五一视界, HASHKEY HLDGS, 卧安机器人, 滴普科技 [7]. - **Non-Bank Financials**: OSL Group, 耀才证券金融, 轻松健康, 国富量子 [7]. - Other sectors include metals, hardware, banking, automotive, consumer retail, household goods, appliances, machinery, defense, industrial trade, utilities, and medical devices [7]. Group 3: Performance Expectations - Stocks that are about to be included in the Hong Kong Stock Connect are expected to perform strongly. Historical backtesting shows that stocks included in the Connect tend to exhibit significant excess returns before and after their inclusion, particularly with the anticipated continued inflow of southbound capital [8].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The convertible bond market and the equity market both rose this week. On January 9, 2026, the CSI Convertible Bond Index closed at 513.79 points, reaching a new high since 2016, indicating a strong performance in the convertible bond market. Under the current supply - demand pattern of convertible bonds, the driving effect of the underlying stocks is expected to be strong, and there may still be room for valuation growth. It is recommended to carefully select bonds, comprehensively consider convertible bond terms and the situation of underlying stocks, and focus on industries catalyzed by policies and industries with high prosperity [1][4] Group 3: Summary by Relevant Catalogs 1. Market行情 - From January 5 to January 9, 2026 (5 trading days), the CSI Convertible Bond Index rose by +4.45% (last week's change was - 0.27%), and the CSI All - Share Index changed by +5.04% (last week's change was - 0.32%). Since 2026, the CSI Convertible Bond Index has risen by +4.45%, and the CSI All - Share Index has risen by +5.04% [1] - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by +1.37%, +2.50%, +5.16%, +4.83%, and +4.10% respectively this week, with medium - rated bonds having the highest increase [1] - By convertible bond size, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by +1.79%, +4.62%, +5.06%, +4.21%, and +4.74% respectively this week, with medium - scale convertible bonds having the highest increase [2] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +4.79%, +2.78%, +1.21%, +0.39%, +2.86%, - 3.27%, and +3.01% respectively this week, with ultra - high - parity bonds having the highest increase [2] 2. Current Convertible Bond Valuation Level - As of January 9, 2026, there were 398 outstanding convertible bonds (399 at the end of last week), with a balance of 551.501 billion yuan (552.981 billion yuan at the end of last week) [3] - The average convertible bond price was 137.03 yuan (132.33 yuan at the end of last week), and the percentile was 100.00% (from the beginning of 2023 to January 9, 2026) [3] - The average convertible bond parity was 104.54 yuan (101.92 yuan at the end of last week), and the percentile was 93.01% [3] - The average convertible bond conversion premium rate was 32.80% (31.52% at the end of last week), and the percentile was 43.15% [3] 3. Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week are listed, including details such as convertible bond abbreviation, underlying stock abbreviation, industry, latest closing price, convertible bond increase rate, and underlying stock increase rate. For example, Seli Convertible Bond had a convertible bond increase of 43.10% and an underlying stock increase of 35.43% [20]

- The Brain-Computer Interface (BCI) index has significantly increased by 84.11% since April 7, 2025, and by 18.28% since the beginning of 2026, attracting substantial market attention[3][14][15] - Public fund holdings in the BCI sector have been continuously declining since 2025, based on real-time estimates derived from public market information such as fund net value, holdings disclosure, and research activities[4][19][20] - ETF fund holdings in the BCI sector have shown a significant upward trend since December 2025, reflecting the growing popularity of index investment products in the A-share market[4][23][25] - The financing balance in the BCI sector has recently surged and then slightly declined, indicating a fluctuating investor sentiment towards the sector[4][24][26] - Companies like Beilu Pharmaceutical, Xiangyu Medical, and Guangdian Co., Ltd. have been the most frequently researched by institutions over the past three months[5][27][28] - Stocks such as Chuangxin Medical, Meihua Medical, and Xiangyu Medical have garnered the highest attention from influential users on the Xueqiu platform since December 20, 2025[5][29][31] - Major funds have flowed most into Chuangxin Medical, Meihua Medical, and Aipeng Medical since December 20, 2025, based on large and super-large order transactions[5][30][32] - Stocks like Saiwei Microelectronics, Hainan Haiyao, and Sainuo Medical have appeared on the Dragon and Tiger List since December 1, 2025, indicating active trading by major market players[5][33][34][35] - Companies such as Sainuo Medical, Chuangxin Medical, and Xiangyu Medical have seen the highest increases in shareholder numbers, suggesting potential future stock price risks[5][36][37]

Group 1 - The core viewpoint highlights the contrasting investment styles of the Sci-Tech 200 and Sci-Tech 50 indices, providing investors with different risk-return choices [1] - The Sci-Tech 50 index, representing leading companies on the Sci-Tech board, has strong institutional attributes and performs well in the semiconductor sector amid rising market interest in domestic substitution [1] - In contrast, the Sci-Tech 200 index showcases a significant small-cap growth style, with its constituent companies being national-level "specialized and innovative" enterprises that invest heavily in R&D, leading to a higher R&D expense ratio compared to the Sci-Tech 50 index [1] Group 2 - The small and medium-sized enterprises on the Sci-Tech board are experiencing dual drivers of profit growth and valuation recovery, with the Sci-Tech 200 index focusing on hard technology sectors such as electronics, biomedicine, and machinery [1] - The median market capitalization of the emerging companies covered by the Sci-Tech 200 index is approximately 7.8 billion yuan, indicating high performance elasticity and resonance with industrial upgrades [1] - The newly launched Sci-Tech 200 ETF by Guotai (subscription code: 589223) offers investors a convenient way to invest in small-cap hard technology companies on the Sci-Tech board [1]