Group 1: Market Performance - The Huabao AI ETF (589520) experienced a significant increase of 3% on January 5, marking a strong start to the year, with 6 out of the last 7 trading days showing gains, indicating a potential upward trend [1][8] - Key constituent stocks such as Yookeda surged over 7%, while Lanke Technology and Tianzhun Technology rose nearly 7% and over 5% respectively, reflecting strong performance in the AI sector [3][11] Group 2: Industry Insights - The upcoming International Consumer Electronics Show (CES) from January 6 to 9 is expected to highlight major developments, including NVIDIA's potential entry into the AIPC market and advancements in AI glasses technology [5][10] - The Chinese government has announced a large-scale equipment update and consumer goods replacement policy for 2026, which includes AI glasses in the subsidy list, indicating strong policy support for this segment [5][10] Group 3: Investment Opportunities - The Huabao AI ETF focuses on the domestic AI industry chain, with a significant portion of its investments in semiconductors, which account for over half of its top holdings, suggesting a strong offensive strategy [6][12] - The ETF's index is designed to balance investments across application software, terminal applications, terminal chips, and cloud chips, aligning with the current trend of shifting from cloud to edge computing and promoting self-sufficiency in technology [12]

Group 1 - Longjian Co., Ltd. reported a net profit of 405 million yuan for 2025, a decrease of 2.05% year-on-year, with operating revenue of 17.685 billion yuan, down 3.31% year-on-year, impacted by industry factors and national macro policies [1] - Dayang Bio's net profit for 2025 is expected to increase by 50.60% to 72.56%, reaching between 96 million and 110 million yuan, driven by strong performance in core products such as potassium carbonate and veterinary raw materials [2] - Dongcheng Pharmaceutical plans to repurchase shares worth between 100 million and 200 million yuan to implement equity incentives and/or employee stock ownership plans [3] Group 2 - Longpan Technology intends to invest up to 2 billion yuan in a high-performance lithium battery cathode material project, with a production capacity of 240,000 tons per year [4] - Jinggong Technology successfully launched its first carbon fiber precursor production line, which began trial production on December 31, 2025, and is now in continuous operation [5] - Shengxing Co. has decided to withdraw from the establishment of a life insurance company due to the lack of approval from regulatory authorities, which will not adversely affect its operations [6] Group 3 - ST Yigou's shareholder restructuring plan has been approved by the court, allowing the company to continue its operations without disruption [7] - Dream Network Technology has entered into a cooperation agreement with Jiangxi Shenzhou Liuhe to jointly develop and produce heavy-duty drone products, with a total development budget of 60 million yuan [8] - Haizheng Pharmaceutical's major shareholder, Zhejiang International Trade Group, plans to transfer 6.06% of its shares through a public solicitation, which will not change the company's controlling shareholder [10] Group 4 - Zhenhua Co. plans to issue convertible bonds to raise up to 878 million yuan for various projects, including a vitamin K3 production project and working capital [11] - Fangda Carbon has decided to terminate its participation in the substantive merger and restructuring of the Shanshan Group due to insufficient due diligence [12] - Xingqi Eye Medicine received approval for a supplementary application for atropine sulfate eye drops, expanding its product specifications [13] Group 5 - Shengyi Technology intends to invest 4.5 billion yuan in a high-performance copper-clad laminate project in Dongguan [14] - China Nuclear Power's Fujian Zhangzhou Nuclear Power Plant Unit 2 has completed its 168-hour full power continuous operation assessment and is ready for commercial operation, increasing the company's operational nuclear units to 27 [15] - Guangdong Electric Power A announced the phased shutdown of its ShaJiao C power plant, which will not affect the company's ongoing operations [16] Group 6 - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan for equity incentives or employee stock ownership plans [17] - Guoguang Electric's general manager has had his detention lifted and has returned to work, with normal operations resuming [19]

Core Viewpoint - The A-share market is expected to maintain a slow bull trend driven by earnings in 2026, with a consensus among institutions on a "balanced and strong" market structure, focusing on sectors like AI technology, high-end manufacturing, cyclical stocks, undervalued dividend stocks, and domestic demand recovery [1][21][27] Group 1: Market Outlook - The A-share market in 2025 showed a structural rally, with major indices rising over 18% and 29 out of 31 sectors experiencing gains [1][21] - Institutions predict a shift from a technology-dominated market to a more balanced bull market across various sectors in 2026 [5][27] - Major foreign investment banks, including Morgan Stanley and Goldman Sachs, have optimistic projections for the A-share market, with targets for the CSI 300 index set at 5200 points, indicating a 12% increase from 2025 [7][30] Group 2: Earnings Growth - Earnings growth for the CSI 300 index is forecasted at 9.18% and 9.23% for 2026 and 2027, respectively, while the ChiNext index is expected to see growth rates of 30.52% and 22.98% [11][32] - The STAR 50 index is projected to have a remarkable earnings growth of 88.46% in 2026 and 33.54% in 2027 [11][32] Group 3: Investment Opportunities - A total of 26 potential stocks for 2026 have been identified, categorized into cyclical stocks, AI technology stocks, undervalued dividend stocks, domestic recovery stocks, and overseas expansion stocks [1][14] - The cyclical stocks are expected to benefit from the Federal Reserve's interest rate cuts and a recovery in the Producer Price Index (PPI) [14][35] - AI technology stocks selected are based on strong future earnings growth predictions, including companies like Siwei Technology and Huahai Qingke [15][36] Group 4: Institutional Sentiment - Institutions are generally optimistic about the A-share market, with many reports indicating a favorable outlook for 2026 [5][27][28] - The average number of rating agencies covering the identified potential stocks is close to 17, indicating strong institutional interest [40][42] - Stocks like Yanjing Beer and Hisense Home Appliances have received attention from over 20 rating agencies, reflecting their attractiveness to institutions [40][42]

评论： 投资建议：建议关注 AI 细分景气方向： 行业研究 计算机行业重大事项点评 从模型上市，看 AI 应用机会 证 券 研 究 报 告 事项： 12 月 31 日，中国大模型厂商智谱与 MiniMax 正式启动招股，预计分别于 2026 年 1 月 8 日和 2026 年 1 月 9 日在港交所挂牌上市。 相关研究报告 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 行业基本数据 计算机 2026 年 01 月 05 日 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 59,113.55 | 4.84 | | 流通市值(亿元) | 53,639.32 | 5.46 | 推荐（维持） 相对指数表现 华创证券研究所 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -0.1% | 15.4% | 26.7% | | 相对表现 | -2.4% | -2.2% | 9.1% | -5% 14% 33% 52% 25/01 ...

增量资金入市不会是2026年市场上一个新台阶的主要因素。2026年最大的预期差来自于外需与内需的平 衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站在开年，考虑到去年末的资金热度 并不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 国泰海通：一年之计在于春 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。在一个回头来看巨大 的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来自 于对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以 及AI推理需求爆发，这些因素站在2025年初来看并不是那么理所应当会发生。增量流动性只是预期差 和业绩兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对市场 的影响。 在市场持续反弹之际，中国股市有望跨越与站稳重要关口。海外流动性的宽松，叠加春节前结汇，有望 推动人民币的稳定与升值。以A500ETF为代表的增量资金持续涌入，叠加险资"开门红"，配置需求进一 步夯实流动性基础。政策进一步发力提振增长的必要性抬升，"逆周期与跨周 ...

来源：市场资讯 序号股东名称持股比例1维泽奥恩通讯技术（上海）有限公司100% 天眼查显示，近日，上海维泽傲林贸易有限公司成立，法定代表人为林小枫，注册资本500万人民币， 由维泽奥恩通讯技术（上海）有限公司全资持股。 经营范围含货物进出口；技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）自主展示（特色）项目：机械电气设备销售；电子元器件与机电组件设备销售；电子元器件批发； 光通信设备销售；通信设备销售；汽车零配件批发；五金产品批发；五金产品研发；电子专用材料研 发；新材料技术研发；配电开关控制设备研发；电力电子元器件销售；塑料制品销售；金属制品修理； 金属制品研发；金属制品销售；光电子器件销售；电子元器件零售；模具销售；电线、电缆经营；光缆 销售；微特电机及组件销售；光纤销售；通讯设备销售；通讯设备修理；配电开关控制设备销售；技术 服务、技术开发、技术咨询、技术交流、技术转让、技术推广。 企业名称上海维泽傲林贸易有限公司法定代表人林小枫注册资本500万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址上海市浦东新区华东路1239号9幢1层东侧102室企 业类型 ...

天眼查显示，近日，江西玮霸智能科技有限公司成立，法定代表人为方巧珠，注册资本200万人民币， 由江西史子科技服务有限公司全资持股。 来源：市场资讯 经营范围含智能控制系统集成，智能基础制造装备制造，智能仪器仪表制造，有色金属压延加工，有色 金属合金销售，有色金属合金制造，金属材料制造，金属材料销售，高性能密封材料销售，通用零部件 制造，电子专用材料制造，钢压延加工，高性能有色金属及合金材料销售，锻件及粉末冶金制品制造， 超导材料制造，机械电气设备制造，新材料技术研发，技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广，金属基复合材料和陶瓷基复合材料销售，电力设施器材销售，电力设施器材制造， 电线、电缆经营，高性能纤维及复合材料销售，销售代理，集中式快速充电站，市政设施管理，移动终 端设备制造，国内贸易代理，初级农产品收购，合成纤维销售，照明器具销售，新能源原动设备制造， 金属丝绳及其制品销售，新兴能源技术研发（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动） 企业名称江西玮霸智能科技有限公司法定代表人方巧珠注册资本200万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 开年风格如何判断? 20260104 摘要 Q&A 2026 年 1 月 A 股市场风格的最新观点是什么? 基于四象限风格轮动模型,1月份在成长价值维度上暂时维持对价值风格占优的 判断,但略微向成长风格倾斜。从市场情绪来看,投资者对价值风格偏好较强, 而从市场状态(即风格动量)来看,成长风格略微占优。宏观指标则显示成长和 争 狗 - ● 量化策略综合评分显示,价值风格偏好减弱,但短期内价值风格可能仍占 优。大小盘方面,由看好大盘转为均衡偏小盘,小盘股或中小盘股短期内 可能略微占优,宏观环境和市场情绪是主要驱动因素。 资产配置方面,相对看好国内股票资产,对商品持中性态度,债券相对谨 ● 慎。宏观预期差角度对股票和商品持谨慎态度,对债券中性:左侧择时维 度对股票市场持乐观态度;技术面阻力支撑维度认为市场顶部存在一定阻 力。 行业轮动模型显示目前处于快速轮动状态,12月模型持仓行业跑输基准 . 0.7%,但 2025年全年组合收益率跑赢基准 11 个百分点。2026年 1 月推 荐行业包括银行、建材、计算机。综合金融、煤炭及综合。 紧急积极成长型策略表现最忧 ...

更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 廖市无双:马年春节,"红包"能有多大?20260104 摘要 Q&A 2026 年市场的整体走势如何? 2026 年的市场整体走势较为强势,超出预期。回顾 2025年 12 月中下旬的表现, 尤其是 A500 指数的规模骤增,以及光模块和商业航天板块的强劲表现,推动了 中证 500、中证 1,000 和国证 2000 等成长指数向上挑战前高。这种强势从个别 指数传导至整个市场,使得中线格局向上的判断较为一致。短期内可能会出现震 荡或调整,但整体趋势依然看好。 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 市场向上的主要驱动力是什么? 市场向上的主要驱动力有三个:首先是 A500 指数的强劲表现。2024年 12 月 10 日至 28 日期间,A500 在两周内增加了接近 700 亿份,其中圣诞节一周增加了接 近 400 亿份。其次是商业航天板块的火爆,这推动了中证 1.000 和国证 2000 等 成长指数走强。最后是光模块板块持续创新高,自 2024年12月8日 AI ETF 发 行上市以来,成为坚定买入力量的重要组成部分。这三股力量共同 ...

2026 年 01 月 04 日 经济指标出现转弱，PPI 关注度维持 最高 ——量化资产配置月报 202601 相关研究 - 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 证 券 研 究 报 告 ⚫ 提升红利、低波配置。按照定量指标的结果，目前经济出现转弱、流动性略偏松，信用指 标略好，微观映射中经济（盈利预期）继续为正但强度偏弱、未触发修正，流动性也未触 发修正，信用继续修正为偏弱，因此宏观各维度的方向继续为经济偏弱、流动性偏松和信 用收缩。本期我们继续主要按照对经济不敏感、对信用不敏感来选择得分前三的因子，宏 观部分选择以盈利、红利为主，红利得分明显提高；沪深 300 中盈利为共振因子，中证 500、中证 1000 中低波都成为共振因子。 ⚫ 大类资产配置观点：黄金配置比例维持高位。结合当前指标，修正后目前经济偏弱、流动 性 ...