Core Viewpoint - The Hong Kong stock market experienced a short-term pullback, particularly affecting leading tech stocks, with the Hong Kong Internet ETF (513770) declining by 2.54% while seeing a net inflow of 272 million yuan during the dip. The fund's size reached a historical high of 13.305 billion yuan [1][3]. Group 1: ETF Performance and Composition - The Hong Kong Internet ETF (513770) and its linked funds passively track the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group, which collectively account for over 78% of the top ten weighted stocks [3][4]. - The top ten weighted stocks in the ETF include Tencent Holdings (15.42%), Alibaba-W (14.50%), and Xiaomi Group (13.11%), indicating a strong concentration in leading tech companies [4]. Group 2: Market Trends and Institutional Insights - Southbound capital showed a net inflow of 9.178 billion yuan, with Tencent Holdings and Xiaomi Group receiving significant increases in investment, amounting to 1.955 billion and 1.633 billion HKD respectively [4]. - Recent reports highlight the surge in revenue for Kuaishou's AI mobile platform, with daily income increasing by 102% compared to December 2025, positioning Kuaishou as a leader in generative AI [5]. - Citigroup and JPMorgan have identified Tencent Holdings and Alibaba-W as core AI concept stocks, with positive outlooks on their AI development and cloud revenue growth [5]. - Industry analysts suggest that leading internet companies in China are poised for a resurgence, driven by the deepening of AI applications and potential upward revisions in profit expectations and valuations [5][7].

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 | | ...

Group 1: Banking Industry Outlook - The banking industry is expected to see M2 growth target around 7.5%, with credit growth at approximately 6.0% and social financing growth at about 8.0% for 2026, aligning with economic growth expectations [6][7] - The total M2 increment for 2026 is estimated to be around 25.4 trillion yuan, with fiscal net injection contributing approximately 12.0 trillion yuan and bank credit contributing about 16.8 trillion yuan [6] - The six major banks are projected to have a total of 57 trillion yuan in maturing time deposits in 2026, with a significant portion expected to flow from large banks to smaller banks [8] Group 2: Credit Allocation and Trends - Corporate lending is expected to contribute approximately 80%-85% of new loans, while retail lending is anticipated to show marginal improvement, contributing about 10%-15% [7] - The phenomenon of deposit migration from large banks to smaller banks is a key factor affecting the asset-liability gap in 2026, with large banks continuing to play a dominant role in credit and government bond allocations [7][8] Group 3: Investment Recommendations - The report suggests focusing on high-quality stocks such as Ningbo Bank and Changshu Bank, while also considering stable high-dividend stocks like China Merchants Bank and Industrial and Commercial Bank of China for investment opportunities in 2026 [8] Group 4: Wealth Management and Financial Products - The wealth management industry is experiencing a slight contraction but has reached a historical high with a total scale of around 31.6 trillion yuan by the end of December 2025, reflecting a 10% year-on-year growth [9][10] - The transition to net value-based products in the banking sector is pushing wealth management companies to innovate, focusing on stabilizing net values and exploring new product designs such as dividend-type products [10][11] Group 5: Social Services Industry Insights - The domestic travel market showed a positive trend during the New Year holiday, with an estimated 142 million domestic trips taken, reflecting a 5.2% increase compared to 2024 [15][16] - Investment recommendations for 2026 emphasize the potential for service consumption growth, particularly in high-end recovery and the new cycle of duty-free shopping, as well as the restaurant sector [15][16] Group 6: AI and 3D Printing Industry Developments - The global consumer-grade 3D printing market is projected to grow from 4.1 billion USD in 2024 to 16.9 billion USD by 2029, with a compound annual growth rate of 33% [17][18] - Domestic companies are leading the consumer-grade 3D printing market, with significant market shares held by firms like Tuo Zhu Technology and Chuangxiang Sanwei [17][18] Group 7: AI Application and Market Growth - The AI market in China is expected to grow from 93.7 billion yuan in 2022 to 160.7 billion yuan in 2024, with a compound annual growth rate of 31% [23] - The leading AI company, Zhiyuan, has seen rapid revenue growth, with a 35.03% year-on-year increase in the first half of 2025, despite facing short-term profit pressures [20][21]

Group 1 - The Hong Kong stock market experienced a short-term pullback, with leading tech stocks declining, while the Hong Kong Internet ETF (513770) saw a price drop of 2.54% but recorded a net inflow of 272 million yuan during the dip, reaching a historical high of 13.305 billion yuan in fund size [1][3] - The Hong Kong Internet ETF (513770) passively tracks the CSI Hong Kong Internet Index, with major holdings including Alibaba-W, Tencent Holdings, and Xiaomi Group-W, where the top ten weighted stocks account for over 78% of the total [3][4] - Notably, southbound funds showed a contrary net inflow of 9.178 billion yuan, with Tencent Holdings and Xiaomi Group-W receiving significant increases in positions of 1.955 billion and 1.633 billion HKD, respectively [4] Group 2 - The AI video featuring dancing pets has gained significant traction in overseas markets, leading to a 102% increase in daily revenue for Kuaishou's AI mobile platform compared to December 2025. JPMorgan highlighted Kuaishou's leading position in generative AI, labeling it as "one of the cheapest AI stocks globally" [5] - Citigroup's report favored Tencent Holdings and Alibaba-W as core AI concept stocks, optimistic about Tencent's AI development prospects in enterprise and user applications, and Alibaba's growth in cloud revenue and efficiency [5] - Industrial Securities indicated that internet leaders are poised to be the frontrunners in China's AI sector, expecting a resonance of buying from both domestic and foreign investors, which could lead to an upward adjustment in long-term profit growth expectations and valuation improvements [5]

来源：仓都加满 最近看到一篇文章，财富自由有六关，90%的人倒在了第三关，这一关不是一个亿，而是50万。 觉得还挺有启发的，确实身边看过很多真实的案例，写一下自己的理解。 一、"中产幻觉关"的杀伤力巨大。 那篇文章，把财富自由划定为6关，我把货币换算一下，更便于大家理解。 分别是1万元（欲望关）、10万元（无聊关）、50万元（社会评价关）、100万元（投资入场券关）、 300万元（阶层护城河关）、1000万元（时间与精神自由关）。 今天我先分析前三关： 第一关的守门人叫短期欲望，他会把最新的手机、最潮的衣服、最网红的餐厅摆在你面前。 很多年轻人抵抗不了短期诱惑，一发工资就买买买，甚至没工资啃老也要买。 他们整天叫着孤独寂寞冷，热衷点外卖下馆子，没钱还养猫养狗，猫粮一个月就是几百块，随便生点病 就是几千块起，怎么存得下钱呢？ 如果你连1万块的存款都没有，别做梦了，财富自由跟你没关系。 第二关的守门人叫无聊，财富从1万涨到10万，是一个漫长和痛苦的过程，但即使到了10万块，买房远 不够，离财富自由也有很大的距离。 这时候心里有个声音在说，何必那么辛苦，去买个香奈儿，去一次境外游，去滑雪、去潜水，首付一个 新能源汽 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 外储规模连续5月超3.3万亿美元，央行黄金储备"14连增" 我国外储规模已连续5个月处于3.3万亿美元之上，截至2025年12月末，外储规模较上年末大幅增长超 1555亿美元。1月7日，国家外汇管理局统计数据显示，截至2025年12月末，我国外汇储备规模为33579 亿美元，较11月末上升115亿美元，升幅为0.34%。中国央行同日发布的数据显示，2025年12月末，黄 金储备报7415万盎司，环比增加3万盎司，为连续第14个月增持黄金。 白宫：美方正积极讨论"购买"格陵兰岛 当地时间1月7日，在格陵兰岛问题上，白宫新闻秘书莱维特称，"购买"格陵兰岛的方案正在由总统及国 家安全团队积极讨论。她表示，特朗普不会提前排除任何选项，"所有选项始终在桌面上"，但强调外交 始终是总统的首选路径。 委代理总统召开工作会议 强调营救马杜罗夫妇等 当地时间1月7日，委内瑞拉代理总统罗德里格斯主持召开工作会议，制定捍卫和平与国家主权的目标。 会议期间，罗德里格斯提出三项基本方针：营救马杜罗及第一夫人弗洛雷斯；保障全国和平；在当前挑 战面前维持政治治理能力。 ...

制图:朱林(即梦AI生成) | 试验发展 | 应用研究 | 县础研究 | | --- | --- | --- | | 经费 | 经费 | 经营 | | 2024年 ■ 82.73% | =11.60% | =5.67% | | 2023年 ■87.00% | 7.50% | =5.60% | | 2022年 ■ 85.10% | 9.40% | =5.40% | | 2021年 ■ 84.20% | - 8.90% | =6.90% | | 2020年 ■ 84.90% | 9.20% | =5.90% - moreer | 全国与广东研究与实验发展(R&D) 经费投入情况对比(单位:亿元) 专国 广东 2024年 5099.61 36130 2023年 4802.62 33357.1 2022年 | 4411.9 30782.9 2021年 4002.18 27956.3 2020年 3479.88 24393.1 2019年 3098.49 22143.6 2018年 2704.7 19677.9 2017年 | 2343.63 17606.1 2016年 15676.7 2035.14 2024年广东R ...

2025年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 北方导航控制技术股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600435 证券简称：北方导航 公告编号：临2026-002号 （二）业绩预告情况 经初步测算，公司预计2025年度实现归属于上市公司股东的净利润11,000万元至14,000万元，与上年同 期（法定披露数据）相比，预计增加5096.26万元到8096.26万元，同比增长86.32 %至137.14%。 预计公司2025年度实现归属于上市公司股东的扣除非经常性损益的净利润8,900万元至11,900万元，与上 年同期（法定披露数据）相比，预计增加4874.72 万元到7874.72 万元，同比增长121.10%到195.63%。 （三）公司本期业绩预告相关财务数据为公司初步测算数据，未经会计师事务所审计。 ● 二、上年同期经营业绩和财务状况 重要内容提示： ●经初步测算，北方导航控制技术股份有限公司（以下简称"公司"）预计2025年度实现归属于上市公司 股东的净利 ...

Group 1 - The core feature of the market at the beginning of 2026 is the continuous rise of the Shanghai Composite Index and the accelerated entry of leveraged funds [1] - As of January 6, 2026, the margin trading balance reached a historical high of 25,799 billion yuan, with a cumulative increase of over 392 billion yuan in the first two trading days of the year [1] - Among 31 industries, 28 experienced net financing inflows, with the electronics sector leading at a net inflow of 7.748 billion yuan [1] Group 2 - The increase in leveraged funds is driven by a strengthened "optimistic consensus," supported by breakthroughs in commercial aerospace and strong reform expectations for the "14th Five-Year Plan" [2] - The macro liquidity environment is loose, providing a solid foundation for the market, attracting incremental capital including leveraged funds [2] - Investors are focusing on sectors with clear growth potential, such as non-ferrous metals and electronics, reflecting a dual logic of certainty and growth [2] Group 3 - The inflow of leveraged funds is expected to enhance the market's structural characteristics, guiding capital towards high prosperity and high liquidity sectors [3] - As of January 6, the margin trading balance accounted for 2.53% of the A-share circulating market value, indicating a healthy level compared to historical peaks [3] - Despite the current manageable level of leverage, rapid increases in leveraged funds can amplify market volatility, prompting caution among investors [3]

市场情绪：20260107 市场情绪较为高涨，收盘时有 96 只股票涨停，有 7 只股票跌停。昨日涨停股票今日收盘收益为 1.51%，昨日跌停股票今日收盘 收益为-3.37%。今日封板率 64%，较前日下降 19%，连板率 24%，较前日 下降 18%。 市场资金流向：截至 20260106 两融余额为 25799 亿元，其中融资余额 25623 亿元，融券余额 176 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 11.6%。 折溢价：20260106 当日 ETF 溢价较多的是中证 500 价值 ETF，ETF 折价 较多的是 G60 创新 ETF。近半年以来大宗交易日均成交金额达到 22 亿元， 20260106 当日大宗交易成交金额为 26 亿元，近半年以来平均折价率 6.69%，当日折价率为 9.26%。近一年以来上证 50、沪深 300、中证 500、 中证 1000 股指期货主力合约的年化贴水率中位数分别为 0.85%、3.79%、 11.15%、13.61%，当日上证 50 股指期货主力合约年化贴水率为 0.23%， 处于近一年来 60%分位点，当日沪深 300 股指 ...