Core Viewpoint - A-shares experienced a significant surge, with record trading volumes and a notable influx of foreign capital, indicating a strong market sentiment and potential for further growth [1][6][14]. Market Performance - On January 12, 2026, the Shanghai Composite Index rose by 1.09% to 4165.29 points, the Shenzhen Component Index increased by 1.75% to 14366.91 points, and the ChiNext Index climbed by 1.82% to 3388.34 points [14]. - The total trading volume across the three markets reached a record high of 36,449.71 billion, with over 4,100 stocks rising and 202 stocks hitting the daily limit [15]. Foreign Capital Inflow - In the first week of January 2026, northbound capital saw a net inflow of 9.6 billion, reversing the previous week's outflow of 3.1 billion [6]. - Active foreign capital participation was noted, particularly in stocks like CATL, which accounted for 20% of the total trading volume in the week [6]. Sector Performance - The A-share market's upward momentum was primarily driven by the electronics, military, and non-ferrous metals sectors, which collectively contributed over half of the index's gains [8]. - The AI application sector, including AI healthcare and marketing, saw significant growth, with several stocks reaching their daily limit [15]. Generative Engine Optimization (GEO) Market - The GEO market in China is projected to grow significantly, with a year-on-year increase of over 200% expected by Q2 2025, and the market size anticipated to reach 2.9 billion by 2030 [10]. - Companies involved in GEO, such as BlueFocus and Zhejiang Wenlian, are positioning themselves to capitalize on this emerging trend [11][12]. Notable Company Developments - WuXi AppTec projected a net profit of 19.151 billion for 2025, marking a 103% increase year-on-year, driven by asset sales and business restructuring [24]. - Xpeng Motors is preparing for an IPO of its flying car division in Hong Kong, with major investment banks involved in the process [21]. Investment Opportunities - The surge in AI-related stocks presents potential investment opportunities, particularly in companies that are integrating AI technologies into their business models [15]. - The commercial aerospace sector is also gaining traction, with significant developments in satellite technology and related companies seeing increased stock performance [20].

Group 1 - The core viewpoint emphasizes the current excitement in the technology sector, particularly in the first quarter, which is seen as a crucial period for potential annual returns [3][6] - The surge in trading volume indicates a significant influx of capital into the market, particularly in previously heated concepts such as commercial aerospace and brain-computer interfaces [3][6] - The article highlights the emergence of artificial intelligence downstream applications, which have shown strong performance, particularly in gaming, culture, and media sectors [4] Group 2 - Downstream applications are categorized into two directions: physical world applications (e.g., smart driving, robotics, smart wearables) and virtual world applications (e.g., AI entities, software development) [4] - The physical applications have seen an overall increase of approximately 3%, while the virtual applications, particularly in smaller-cap stocks, have experienced a more significant rise of about 7% due to increased capital attention [4] - The article notes that there are no official risk warning signals observed, indicating a potentially stable investment environment [6]

北交所日报 北交所日报（2026.01.12） 2026 年 01 月 12 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj @chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相对沪深 300 表现图 2026-01-12 资料来源：iFinD，中国银河证券研究院 相关研究 1. 【银河北交所】2026 年度策略_ 小而美"到"小 美久到，推动北证高质量发展 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 资料来源：中国银河证券研究院 ⚫ 1 月 12 日，北证 50 涨跌幅为+5.35%，收于 1,605.77 点。北证 50 指 数开盘点位为 1,541.36 点，最高点位达 1,613.00 点，最低点位为 1,538.33 点。同日，上证指数收于 4,165.29 点，涨跌幅为 1.09%；沪深 300 收 4,789.92 点，涨跌 ...

从封单力度来看，锋龙股份、杭萧钢构、法尔胜力度较大，分别为11.7%、7.09%、5.87%。 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 校对：许欣 截至今日（1月12日）收盘，上证指数报收4165.29点，上涨1.09%；深证成指收于14366.91点，上涨 1.75%。创业板指上涨1.82%；科创50指数上涨2.43%。 不含未开板新股，今日可交易A股中，上涨个股有4144只，占比超75%，下跌个股有1182只，平盘个股 为133只。其中，收盘封死涨停的有203股，跌停股有9只。 据证券时报·数据宝统计，封死涨停的个股中，以所属行业来看，上榜个股居前的行业有计算机、传 媒、机械设备行业，分别有35股、30股、21股。 封死涨停股中，*ST万方、*ST亚太等18股为ST股。从连续涨停天数来看，锋龙股份已连收12个涨停 板，连续涨停板数量最多。 （原标题：揭秘涨停丨三大热门龙头股封单均超12亿元） 以封单金额计算，70股封单金额在1亿元以上，利欧股份、锋龙股份、中国卫星3只热门概念龙头股涨停 板封单资金居前，分别为23.34亿元、13.22亿元、12.92亿元。 ...

Market Performance - The Shanghai Composite Index closed at 4165.29 points, up 1.09%, with a trading volume of 1.4462 trillion yuan, marking a historical high in trading volume [1] - The Shenzhen Component Index rose 1.75% to 14366.91 points, with a trading volume of 2.1552 trillion yuan [1] - The ChiNext Index increased by 1.82% to 3388.34 points, with a trading volume of 1.0962 trillion yuan [1] - The STAR 50 Index gained 2.43% to close at 1511.84 points, with a trading volume of 106.6 billion yuan [1] - The total trading volume of both markets reached 3.60142 trillion yuan, an increase of 478.659 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included Media, Computer, Defense, Education, Communication, Retail, Steel, Machinery, and Textile, with notable gains [2] - Active concepts included Short Drama Interactive Games, Multi-modal AI, Satellite Internet, and Quantum Technology [2] - Weak sectors included Oil, Insurance, and Coal, with notable declines [2] Individual Stock Performance - 3872 stocks rose while 1167 stocks fell, with 197 stocks hitting the daily limit up and 9 stocks hitting the limit down [2] - Fenglong Co. achieved a record 12 consecutive limit-up days, leading the market [5] - 150 stocks saw net inflows exceeding 100 million yuan, with Dongfang Caifu leading at 1.81 billion yuan [9][10] - 168 stocks experienced net outflows exceeding 100 million yuan, with Yangguang Electric leading at 2.081 billion yuan [11][12] Institutional Activity - Institutions had a net sell of approximately 699 million yuan, with 15 stocks seeing net purchases and 21 stocks net sales [14] - The top net purchase stock by institutions was Shanzi High-Tech, with a net inflow of approximately 484 million yuan [14]

两市全天特大单净流出4.26亿元，其中77股特大单净流入超2亿元，东方财富特大单净流入20.71亿元， 特大单净流入资金居首。 特大单资金净流出的行业共有19个，净流出资金最多的是电子，特大单净流出资金88.84亿元，其次是 电力设备，特大单净流出资金88.01亿元，净流出资金居前的还有基础化工、有色金属等行业。 具体到个股来看，77股特大单净流入超2亿元，东方财富特大单净流入20.71亿元，净流入资金规模居 首；中国卫星特大单净流入资金18.52亿元，位列第二；净流入资金居前的还有领益智造、岩山科技、 海格通信等。特大单净流出股中，中国平安特大单净流出资金25.52亿元，净流出资金最多；阳光电 源、金风科技特大单净流出资金分别为19.26亿元、17.63亿元，净流出资金规模位列第二、第三。 沪指今日收盘上涨1.09%。资金面上看，沪深两市全天特大单净流出4.26亿元，共计2234股特大单净流 入，2818股特大单净流出。 从申万一级行业来看，今日有12个行业特大单资金净流入，计算机特大单净流入规模居首，净流入资金 175.38亿元，该行业指数今日上涨7.26%，其次是传媒，今日上涨7.80%，净流入资金为6 ...

Group 1 - The A-share market experienced a significant increase today, with a total transaction volume of 3.64 trillion yuan, setting a new historical high. The Shanghai Composite Index rose by 1.09% to close at 4165.29 points, while the Shenzhen Component Index increased by 1.75% to 14366.91 points. Over 4100 stocks rose, particularly in the media and computer sectors, with more than 200 stocks hitting the daily limit. The Shanghai Index has recorded 17 consecutive days of gains, indicating a new phase of volume-price resonance in the market, with expectations for further expansion in the future [1]. Group 2 - The gaming sector continues to reflect the "turnaround" logic since 2025, with the gaming ETF (516010) rising by 7.52%. The supply-side environment has significantly improved, with a normalization in the issuance of game licenses and a steady increase in their numbers. The profitability of gaming companies is accelerating due to ongoing cost reduction and efficiency improvement strategies, as well as contributions from high-margin new products. Given the improving macro liquidity expectations and the ongoing positive fundamentals in the industry, the gaming sector still holds high allocation value. However, due to historical volatility, investors are advised to avoid blind chasing and consider phased layouts or regular investments to share in the long-term benefits of the gaming industry's recovery and technological transformation [1]. Group 3 - Recently, the global "gold fever" has surged again, with international spot gold prices breaking through the 4600 USD/ounce mark, setting a new historical high. The current rise in gold prices is primarily driven by "liquidity easing" and "safe-haven demand." Unlike direct purchases of physical gold, investing in gold stocks often has a "Davis double effect" that amplifies returns. When gold prices rise, gold mining companies benefit not only from inventory appreciation but also from non-linear profit margin expansion, making gold stocks typically more elastic than gold prices themselves during a bull market. The gold stock ETF (517400), with its coverage of leading companies across the Shanghai, Shenzhen, and Hong Kong markets, is a strong tool for sharing in the benefits of rising gold prices. Investors may consider phased layouts or regular investments to participate [2]. Group 4 - The software sector is currently driven by a combination of "policy catalysis + accelerated industry trends + spring market enthusiasm." Looking ahead, while the short-term beta remains, caution is advised regarding potential overheating risks. In the medium term, the implementation of "AI + manufacturing" may shift the market from a "computing power competition" to "application realization." The software ETF is projected to have a growth rate of only 1.82% in 2024 and 14.43% in 2025, indicating that it still holds certain allocation value. The recovery of the macro economy, combined with the drive from AI large models, is expected to promote the development of software and applications, making the software industry likely to experience a recovery. Investors are encouraged to continue monitoring the software ETF (515230) and the computer ETF (512720) [2].

Core Viewpoint - The A-share market is experiencing a strong bullish trend, with significant capital inflow leading to a feedback loop of rising prices and further capital inflow, marking the beginning of a long-term bull market that could last 3 to 10 years [3][7]. Group 1: Market Performance - On January 12, the A-share market saw the Shanghai Composite Index rise by 1.09%, achieving a 17-day consecutive increase and reaching a ten-year high [2][5]. - The total trading volume exceeded 3.6 trillion yuan, marking the highest trading volume in A-share history and surpassing 3 trillion yuan for the second consecutive day [5][6]. - All three major indices in the A-share market rose by over 1%, with the Shanghai Composite Index closing at 4165.29 points, the Shenzhen Component Index at 14366.91 points, and the ChiNext Index at 3388.34 points [5]. Group 2: Sector Performance - The market saw strong performances in sectors such as commercial aerospace and AI applications, with significant gains in stocks related to brain-computer interfaces and e-commerce [5][6]. - The commercial aerospace concept continued to strengthen, with multiple stocks hitting the daily limit up, driven by China's submission of a large-scale satellite frequency and orbit resource application to the International Telecommunication Union [6]. Group 3: Future Outlook - Analysts believe that the current bull market represents a rare investment opportunity, with capital shifting from the real estate market to the capital market, potentially exceeding expectations [7]. - The bull market is expected to expand in 2026, with opportunities in consumer blue-chip stocks, new energy leaders, non-ferrous metals, and military industries, enhancing the market's profit-making effect and increasing investment opportunities [3][7]. - The strategy team at Dongfang Caifu Securities anticipates that the spring market will continue to evolve, focusing on sectors such as semiconductor equipment, chemicals, military, AI applications, and domestic computing power [8].

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company is expected to achieve adjusted net profits of CNY 204 billion, CNY 225 billion, and CNY 259 billion for the years 2025 to 2027, respectively. The valuation for 2026 is set at 18x PE, leading to a target price of HKD 103.20 per share [3][10]. - The launch of the KOL 2.6 action control feature has significantly increased the company's influence in overseas markets, with notable download spikes in countries like South Korea and India [9]. - The company anticipates a steady revenue growth of 9% in 2026, reaching CNY 154.9 billion, with advertising and other business segments expected to grow by 10% and 21%, respectively [9]. Financial Summary - The company's projected financials for 2023 to 2027 are as follows: - Revenue (CNY million): 113,470 (2023), 126,898 (2024), 142,053 (2025), 154,873 (2026), 167,518 (2027) [4]. - Adjusted Net Profit (CNY million): 6,396 (2023), 15,335 (2024), 18,287 (2025), 21,457 (2026), 24,770 (2027) [4]. - Earnings per Share (CNY): 1.48 (2023), 3.56 (2024), 4.26 (2025), 5.00 (2026), 5.77 (2027) [4]. - Gross Margin (%): 50.6% (2023), 54.6% (2024), 55.1% (2025), 56.3% (2026), 56.8% (2027) [4].

1月12日，沪指上涨1.09%，深成指上涨1.75%，创业板指上涨1.82%，沪深300指数上涨0.65%。可交易 A股中，上涨的有4144只，占比75.91%，下跌的1182只。 资金面上，今日主力资金全天净流出274.68亿元，已连续5个交易日资金呈净流出状态。其中，创业板 主力资金净流出10.48亿元；科创板主力资金净流出69.33亿元；沪深300成份股主力资金净流出126.47亿 元。 分行业来看，申万所属的一级行业中，今日上涨的有28个，涨幅居前的行业为传媒、计算机，涨幅为 7.80%、7.26%。跌幅居前的行业为石油石化、煤炭、房地产，跌幅为1.00%、0.47%、0.29%。 行业资金流向方面，今日有11个行业主力资金净流入，计算机行业主力资金净流入规模居首，该行业今 日上涨7.26%，全天净流入资金157.74亿元，其次是传媒行业，日涨幅为7.80%，净流入资金为53.91亿 元。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 计算机 ...