周五（1月9日），A股震荡拉升，沪指高开高走突破4100点豪取16连阳，深成指涨超1%。沪深两市成 交额3.12万亿元，较上一个交易日放量3224亿元，时隔73个交易日后再度站上3万亿大关，历史第五次 突破3万亿元。市场热点快速轮动，全市场超3900只个股上涨，连续2日超百股涨停。 盘面上，热门主线题材——军工、航空继续走强，航天电子、中国卫通6天4板续创新高，军工ETF华宝 （512810）盘中一度暴涨超5.5%，场内连续4日刷新历史纪录，周线斩获七连阳；场内热门通用航空 ETF华宝（159231）再涨2.75%同样连创新高，资金单日净申购2100万份。 AI应用强势爆发，易点天下20CM涨停创新高，"AI双子星"双双拉升，科创人工智能ETF（589520）场 内猛涨3.77%逼近历史新高，创业板人工智能ETF（159363）场内收涨2.75%续创历史新高！此外，聚焦 数据技术、数据安全领域的大数据ETF华宝（516700）场内暴涨4%日线炸裂11连阳！ 有色金属等顺周期资产继续狂飙，资金连续猛攻！板块热门ETF——有色ETF华宝（159876）场内价格 收涨3.24%再创历史新高，全天获资金净申购5760 ...

Core Viewpoint - The A-share market is experiencing a trend of upward fluctuations with increased trading volume, driven by the surge in AI applications and emerging sectors like commercial aerospace, while traditional industries face adjustments [4][5]. Market Performance - The three major indices of the A-share market are showing a trend of upward movement, with the Shanghai Composite Index breaking through the 4100-point mark, although gains were narrowed by the financial sector [4]. - A total of 3918 stocks rose, indicating a broad-based market rally, with significant gains in sectors such as AI applications, commercial aerospace, humanoid robots, and small metals [4]. Trading Volume - The total trading volume of the two markets reached 3.7 trillion yuan, marking an increase of 11.51%, and is the fifth instance in A-share history to surpass the 3 trillion yuan threshold [5]. - The surge in trading volume is attributed to the explosive growth of new themes like AI applications and commercial aerospace, which attracted substantial short-term capital inflows [5]. Fund Flow and Investor Sentiment - Institutional investors are adjusting their portfolios, with capital flowing into media, internet services, and small metals, while reducing positions in semiconductors, consumer electronics, and insurance [7]. - Retail investors are favoring short-term operations, focusing on popular themes such as media and internet services, showing a high acceptance of new concepts like AI and commercial aerospace [7]. Market Sentiment - The sentiment among retail investors is positive, with 75.85% of participants expressing bullish views on the market [8]. - A significant portion of investors, 67.55%, anticipate a market rise in the next trading day, reflecting growing confidence [12][13].

Market Performance - The A-share market indices collectively rose, with the Shanghai Composite Index surpassing 4100 points, marking a 16-day consecutive increase, closing up 0.92% at 4120 points [1] - The total trading volume reached 3.15 trillion yuan, breaking the 3 trillion yuan mark for the fifth time in history [1] - Over 3900 stocks increased in value, with more than 100 stocks hitting the daily limit [1] Sector Highlights - The AI application sector saw significant gains, with Kimi and Sora concepts leading the charge, and several stocks like Yidian Tianxia and Zhejiang Wenlian hitting the daily limit [1] - The commercial aerospace and satellite internet sectors continued to rise, with stocks such as Qian Zhao Guang Dian and China Satellite Communications also reaching the daily limit [1] - The small metals sector was active, with companies like Xiamen Tungsten also hitting the daily limit [1] - Other sectors with notable gains included cultural media, Xiaohongshu concept, online gaming, and online education [1] ETF Performance - Satellite ETFs, including E Fund and GF, surged over 22% this week, while other ETFs in general aviation and semiconductor equipment also saw increases exceeding 15% [2] - Specific ETFs such as the Satellite ETF E Fund and Satellite ETF GF reported year-to-date gains of 22.46% and 22.42%, respectively [3] Economic Outlook - The A-share market is experiencing a "New Year opening red" trend, attributed to proactive measures in the "two new" sectors by the National Development and Reform Commission, and an unexpected improvement in the December PMI [2] - The Shanghai Composite Index has broken through the mid-November 2025 high, indicating a potential recovery in the upward trend from the second half of 2025 [2] Investment Strategy - The market is entering its third year of a bull market, supported by a low interest rate environment, favorable global market conditions, domestic policy support, and improved US-China relations [4] - The focus for 2026 should be on structural opportunities, particularly in AI, renewable energy, chemicals, and cyclical consumer leaders [4] - Key themes for investment include commercial aerospace and robotics, with an emphasis on sectors that have been undervalued since 2024 [4]

证券之星消息，1月9日小金属板块较上一交易日上涨4.64%，云南锗业领涨。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。小金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002428 | 云南省业 | 38.92 | 10.01% | 107.40万 | 41.26 Z | | 600549 | 厦门钨业 | 48.19 | 10.00% | 70.03万 | 33.08亿 | | 601958 | 金铝股份 | 18.38 | 9.99% | 76.92万 | 13.79亿 | | 002378 | 章源钨业 | 16.96 | 8.44% | 112.99万 | 19.04亿 | | 000960 | 锡业股份 | 33.82 | 7.81% | 56.89万 | 18.80亿 | | 600301 | 华锡有色 | 42.29 | 7.75% | 16.48万 | 6.85亿 | | 001280 | 中国留业 ...

Group 1 - The A-share market has entered a strong bullish phase, with the Shanghai Composite Index rising 0.92% and surpassing the 4100-point mark for the first time in 10 years, achieving a 16-day consecutive increase [1] - The market's trading volume has significantly increased, with the A-share market's turnover exceeding 3 trillion yuan for the first time in nearly four months, indicating a surge in investor sentiment [2] - Economic expert Pan Helin suggests that the current rise in A-shares is driven by the appreciation of the RMB, leading to a global capital inflow, and that this bullish trend is within a reasonable range [2] Group 2 - Pan Helin notes that while the bull market may experience fluctuations, the overall stock market will remain strong until the global economic boom cycle ends, indicating a structural bull market [3] - Certain popular sectors are expected to continue reaching new highs, while less favored sectors may need to wait for market rotation opportunities [3]

Market Overview - The A-share market experienced a strong rally on January 9, with all three major indices rising. The Shanghai Composite Index increased by 0.92%, surpassing the 4100-point mark for the first time in 10 years, marking a 16-day consecutive rise [1] - The ChiNext Index rose by 0.77%, driven by surges in AI application themes, particularly in the film, short drama, and gaming sectors. Other leading sectors included commercial aerospace, humanoid robots, and small metal concepts, while the photovoltaic and large financial sectors weakened [1] Trading Volume and Investor Sentiment - Since the beginning of 2026, the market has maintained a trading volume exceeding 2.5 trillion yuan for four consecutive trading days, with today's half-day volume surpassing 2 trillion yuan, indicating a rapid increase in investor sentiment [3] - Historical data shows that such high trading volumes are rare in A-share history, with only six instances of daily trading volumes exceeding 3 trillion yuan. The most recent occurrence was on October 8, 2024, with a volume of 34,835.43 billion yuan [3][4] Market Dynamics and Economic Analysis - Economist Pan Helin stated that the current performance of the A-share market indicates a transition into a full bull market phase, driven by the appreciation of the yuan and the return of global capital. He noted that the upward trend in A-shares is still within a reasonable range compared to global markets [9] - Pan further analyzed that once trading volumes exceed 3 trillion yuan, market sentiment will likely push the market higher. This phase of growth may be less correlated with earnings and value, representing a typical characteristic of a bull market [9] Structural Characteristics of the Bull Market - Despite the bullish trend, Pan cautioned that fluctuations may occur during the bull market, with potential for short-term adjustments. However, the overall market is expected to remain strong until the end of the global economic prosperity cycle [10] - The current bull market is characterized as structural, with certain popular sectors likely to continue reaching new highs, while less popular sectors may need to wait for market rotation opportunities [10]

Core Viewpoint - The non-ferrous metal sector is experiencing a significant surge, with the Huabao Non-Ferrous ETF (159876) reaching a historical high and attracting substantial capital inflows [1] Group 1: Market Performance - On January 9, the Huabao Non-Ferrous ETF saw an intraday price increase of over 3.5%, setting a new historical high [1] - The ETF has received a net subscription of 55.8 million units, with a total capital inflow of 194 million yuan over the past five days, and 279 million yuan over the last ten days [1] - The top-performing stocks within the ETF include Hai Liang Co. (10.02% increase), Xiamen Tungsten (10.00% increase), and Yunnan Pig Industry (10.01% increase) [2] Group 2: Commodity Price Trends - Recent price increases have been noted in various minor metal products, particularly tungsten, with black tungsten concentrate (≥65%) priced at 485,000 yuan/ton, a 5.4% increase week-on-week, and tungsten powder at 1,130 yuan/kg, a 6.5% increase week-on-week [2] - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside global demand for strategic resources [3] Group 3: Economic Outlook - Current market conditions are characterized by a "slump phase" in the fifth Kondratiev wave cycle, with expectations that commodities will benefit as the previous technology cycle peaks and a new one is still developing [3] - The U.S. economy faces recession pressures, which may lead to a reevaluation of commodities like gold and copper as global assets, potentially increasing their valuations [3] - In a context of loose liquidity and frequent supply disruptions, copper, aluminum, gold, and strategic metals are expected to maintain upward trends through 2026 [3] Group 4: Investment Opportunities - The Huabao Non-Ferrous ETF and its linked funds cover a wide range of sectors including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's beta performance [4] - Notable stocks in the commercial aerospace sector, such as Hai Liang Co., Yunnan Zhiye, and Xiamen Tungsten, have shown significant gains, with some reaching their daily limit [5]

Group 1 - The non-ferrous metal sector is experiencing significant growth, with the Huabao Non-ferrous ETF (159876) rising over 3.5% on January 9, reaching a historical high [1][8] - The ETF has attracted a net subscription of 55.8 million units, with a total inflow of 194 million yuan over the past five days and 279 million yuan over the last ten days [1][8] - Prices for tungsten have notably increased, with black tungsten concentrate (≥65%) priced at 485,000 yuan/ton, up 5.4% week-on-week, and tungsten powder at 1,130 yuan/kg, up 6.5% week-on-week, both reaching historical highs [1][10] Group 2 - Analysts indicate that the entire tungsten product line is expected to rebound after a brief correction by the end of 2025, driven by supply constraints and global demand for strategic resources [12] - The current economic cycle is characterized as a "slump phase" within the fifth Kondratiev wave, where traditional tech benefits are peaking and new technologies like AI are still emerging, suggesting that commodity assets may benefit [12] - The U.S. faces recession pressures, with high sovereign debt and trade deficits weakening the dollar's credibility, leading to increased interest in gold as a global standard, which may also positively impact the valuation of other commodities like copper [12] Group 3 - Concept stocks providing non-ferrous metals for commercial aerospace have significantly outperformed, with HaiLiang Co., Yunnan Zhenye, and Xiamen Tungsten all hitting the daily limit [3][10] - Major stocks such as Shandong Gold and Luoyang Molybdenum have also shown strong performance, with increases of over 5% and 4% respectively [3][10] Group 4 - The Huabao Non-ferrous ETF and its linked funds comprehensively cover various sectors including copper, aluminum, gold, rare earths, and lithium, allowing for better capture of the sector's beta trends [5][13] - The ETF's index includes precious metals (for hedging), strategic metals (for growth), and industrial metals (for recovery), catering to different economic cycles [5][13]

Group 1 - The A-share small metal sector showed strength, with the sector index rising by 3.59% as of the morning close on January 9, 2023, driven by significant price increases in tungsten and other rare metals [1] - Notable stocks in the sector included Yunnan Zhenye, Dongfang Tantalum, and Xiamen Tungsten, which reached their daily limit up, while other companies like Jinchuan Group and Huaxi Nonferrous also saw gains [1] - Tungsten prices have reached historical highs, with black tungsten concentrate priced at 485,000 yuan/ton, ammonium paratungstate (APT) at 710,000 yuan/ton, and tungsten powder at 1,130 yuan/kg, reflecting week-on-week increases of 5.4%, 6.0%, and 6.5% respectively [1] Group 2 - Analysts indicate that the tungsten market is supported by supply constraints due to lower ore grades, controlled mining volumes, and sellers' reluctance to sell, alongside a growing global demand for strategic resources [2] - The cobalt market is experiencing price increases due to export quota controls in the Democratic Republic of Congo and delays in domestic arrivals, with cobalt powder prices rising to 570 yuan/kg, a week-on-week increase of 10.7% [2] - The rare earth industry is witnessing price increases, with the rare earth industry index rising by 2.96% on January 9, driven by supply constraints, favorable macroeconomic conditions, and increasing downstream demand [2] Group 3 - The global rare earth industry is undergoing a transformation, with domestic supply consolidation and increased industry concentration, while overseas mines are actively developing, indicating a trend towards diversified global supply [3] - Demand for rare earths is stable in traditional sectors like electric vehicles and wind power, while emerging fields such as robotics and low-altitude economy are expected to provide long-term support for demand [3] - The supply-demand imbalance for strategic minor metals is tightening due to limited reserves, high extraction difficulty, and rapid growth in downstream demand from sectors like new energy and semiconductors [3]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.3% to 4095.33 points, reaching a new high since July 2015 [1] - The Shenzhen Component Index rose by 0.57%, while the ChiNext Index increased by 0.1%, and the North Star 50 Index gained 0.55% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 20,819 billion yuan, an increase of 3,004 billion yuan compared to the previous day, with over 2,300 stocks rising [1] Sector Performance - The small metals sector continued its upward trend, with companies like Yunnan Zhenye (002428), Dongfang Tantalum (000962), and Xiamen Tungsten (600549) hitting new highs [1] - The commercial aerospace concept saw a resurgence, with nearly 20 stocks, including Xusheng Group and Juliy Suojian (002342), reaching the daily limit [1] - Sectors such as short drama games, military equipment, and oil and gas showed significant gains, while some brain-computer interface and storage chip concept stocks experienced adjustments [1]