【导读】财政部发布多项重磅政策，个人消费贷财政贴息政策实施期限延长至2026年底 中国基金报记者 晨曦 重磅利好来了！ 1月20日，财政部官网发布多份政策文件，包括优化实施个人消费贷款财政贴息政策、优化实 施设备更新贷款财政贴息政策、优化实施服务业经营主体贷款贴息政策、实施民间投资专项 担保计划、实施中小微企业贷款贴息政策等。 | · 财政部等五部门联合实施中小微企业贷款贴息政策 | 01-20 | | --- | --- | | • 财政部等五部门优化实施服务业经营主体贷款贴息政策 | 01-20 | | · 财政部等五部门联合实施民间投资专项担保计划 | 01-20 | | • 财政部等五部门优化实施设备更新贷款财政贴息政策 | 01-20 | | • 财政部等三部门优化实施个人消费贷款财政贴息政策 | 01-20 | | • 财政部发行2026年记账式附息（三期）国债 | 01-19 | 来看详情—— 个人消费贷款财政贴息政策实施期限延长至2026年底 1月20日，财政部、中国人民银行、金融监管总局发布《关于优化实施个人消费贷款财政贴息 政策有关事项的通知》。 《通知》称，将个人消费贷款财政贴息政策实施 ...

北京商报讯（记者 董晗萱）1月20日，财政部、国家发展改革委、工业和信息化部、中国人民银行、金 融监管总局发布关于实施中小微企业贷款贴息政策的通知。 投向领域包括，支持新能源汽车、工业母机、医药工业、医疗装备、基础软件和工业软件、民用大飞 机、服务器、移动通信设备、新型显示、仪器仪表、工业机器人、轨道交通装备、船舶与海洋工程装 备、农机装备等相关重点产业链及上下游产业，科技服务、物流服务、信息和软件服务、节能环保服 务、生产性租赁服务、商务服务等生产性服务业领域，农、林、牧、渔、农副产品加工业领域，以人工 智能等为代表的新兴领域。 适用对象为，投向相关重点领域产业链及其上下游产业的全部中小微民营企业（包括但不限于由支持小 微企业融资协调工作机制推荐或由工业和信息化部共享的优质中小微民营企业）固定资产贷款，中小微 民营企业参与项目使用的新型政策性金融工具资金。 政策要求，对2026年1月1日起经办银行发放的、符合条件的中小微民营企业固定资产贷款和中小微民营 企业参与项目使用的新型政策性金融工具资金，中央财政按照贷款本金给予年化1.5个百分点、期限不 超过2年的贴息支持，单户贴息贷款规模上限5000万元。政策实施 ...

20260119医药日报速递 沪指报收4114.00点，涨幅0.29% 深成指报收14294.05点，涨幅0.09% 创业板指报收3337.61点，涨幅-0.70% 申万医药行业指数收报8732.25点，涨幅-0.80% 港股医药行情 恒生医疗保健指数收报4094.97点，涨幅-2.81% 【A股涨跌幅Top3】 前三：向日葵（19.90%）、万泽股份（10.02%）、天目 A股公告 【津药药业】副总经理陈洪辞职 【艾迪药业】ADC205片获得药物临床试验批准通知书 【明德生物】明德生物拟增资并收购湖南蓝怡51%股权，构建急危重症与慢病管理协同生态 【蓝帆医疗】子公司Lithonic冠脉血管内冲击波治疗系统获得CE证书 【瑞迈特-业绩预告】公司2025年度预计实现归属于上市公司股东的净利润19，000万元～23，500万元，同比增长 22.28%～51.24%；扣除非经常性损益后的净利润为12，850万元～16，400万元，同比增长38.97%～77.37%；营业 收入预计达108，000万元～120，000万元，上年同期为84，347.98万元。 【兴齐眼药】关于SQ-24071滴眼液获得临床试验批准通知书 ...

【头条要闻】 IMF上调中美经济增速预期 警告AI热潮是把"双刃剑" 美国关税政策带来的逆风与人工智能（AI）投资浪潮形成的顺风相互对冲，世界经济在不确定性中展 现出超预期的韧性。当地时间1月19日，国际货币基金组织（IMF）在最新一期《世界经济展望》中预 测，今明两年全球经济增长将稳定在3.3%和3.2%，较去年10月的预估分别上调0.2个百分点和保持不 变。本轮改善主要来自美国和中国这两大经济体。 根据最新预测，美国今明两年的经济增速分别为2.4%和2.0%，分别比三个月前的预测高0.3个百分点和 低0.1个百分点；中国则分别为4.5%和4.0%，分别高0.3个百分点和低0.2个百分点。 特朗普强推格陵兰岛相关举措，投资者涌入避险资产，金银价格再创历史新高 在地缘政治与经济前景动荡的背景下，投资者纷纷涌入避险资产，黄金与白银价格在突破前期历史纪录 数日后，再度刷新新高。美国 2 月黄金价格周一上涨 1.71%，报每盎司 4674.20 美元，该价格上周刚创 下历史峰值。现货黄金价格上涨 1.6%，报每盎司 4668.14 美元。 此前，美国总统特朗普宣布对八个欧洲国家的商品征收关税，直至达成所谓 "全面收 ...

龙头企业的强势崛起，成为"苏州板块"市值突破的核心引擎。以天孚通信为代表，其凭借AI算力爆 发带来的行业红利，市值攀升至1502.12亿元，稳居"苏州板块"市值榜首。沪电股份、东山精密等企业 紧随其后，凭借在高端PCB领域的核心竞争力，双双跻身千亿市值阵营。此外，东方盛虹、迈为股份、 亨通光电等500亿元级企业稳步发展，一批细分赛道龙头持续发力，共同构筑起多层次市值梯队。 科创底色的持续增厚，是"苏州板块"价值提升的根本逻辑。2025年前三季度，苏州非金融类A股公 司研发费用总额创下五年新高，平均研发强度达8.4%,远超全国平均水平，彰显了苏州企业对核心技术 研发的高度重视。在关键核心技术领域，苏州企业不断实现突破：国芯科技抗量子密码卡新产品内部测 试成功，泽璟制药获批中国首个甲状腺癌术后"精准检测"新药，绿的谐波成为全球唯一实现精密谐波减 速器全零部件自主供应的制造商等，硬科技实力持续转化为市值增长动力。 苏州市上市公司协会副秘书长冯佳明表示，3万亿元市值不仅是一个具有里程碑意义的数字，更生 动诠释了苏州产业转型升级与资本市场深度融合的丰硕成果。相信苏州未来将持续完善企业上市培育服 务体系，强化科创企业扶持 ...

Economic Policy and Market Outlook - Recent economic policies, including structural interest rate cuts, are expected to support economic growth, potentially leading to a "good start" in the first quarter of 2026, although final performance will depend on forthcoming data [5] - The financial market policies have moderated previously overheated sectors, indicating that the market may not sustain its rapid upward trend and could transition into a more volatile phase [5] Fund Market Trends - The Hong Kong stock market saw an overall increase, while domestic equity markets experienced fluctuations; TMT-themed funds performed well, whereas defense and military-themed funds faced net value declines [5] - There was a notable reduction in passive fund holdings across various broad-based ETFs, with over 130 billion yuan flowing out of large-cap ETFs, while TMT and cyclical theme ETFs attracted over 60 billion yuan in net inflows [5] Economic Data Insights - The economic landscape in 2025 is characterized by a "high before low" trend, with supply outpacing demand and external demand exceeding internal demand [6] - In December 2025, industrial production growth rates increased year-on-year and month-on-month, while fixed asset investment saw a widening decline, and retail sales growth continued to decrease [6] Oil and Geopolitical Factors - Heightened geopolitical tensions in Iran have increased the geopolitical risk premium on oil, contributing to rising oil prices; as of January 16, 2026, Brent and WTI crude oil prices were reported at $64.20 and $59.22 per barrel, reflecting increases of 1.9% and 0.7% respectively [7] - The ongoing international instability is likely to provide a favorable foundation for oil price trends in the long term [7] Infrastructure Investment - The State Grid has announced a planned fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan, focusing on power grid and energy storage sectors [8] - Key projects for 2026 will concentrate on ultra-high voltage and pumped storage, indicating potential opportunities in power infrastructure orders and renewable energy consumption [8] Power Consumption and Digitalization - In 2025, the total electricity consumption in society increased by 5.0% year-on-year [9] - The State Grid's investment in new power systems is expected to enhance capacity pricing, with projected capacity prices for 2026 estimated at 6.3 cents per kilowatt-hour, a 4-cent increase from the previous year [9] Pharmaceutical Sector Innovations - The pharmaceutical and biotechnology sectors are experiencing a surge driven by innovation, including overseas expansion, AI applications, and new technologies, alongside policy support and seasonal market dynamics [9] - Key focus areas include innovative drugs, CXO services, AI healthcare, brain-computer interfaces, and small nucleic acid drugs, with ongoing attention required on post-JPM conference collaborations and clinical data outcomes [9]

Core Viewpoint - The A-share listed companies are entering a rapid disclosure period for their 2025 annual performance forecasts, with a notable influence from AI and rising commodity prices on company performance [1][2]. Group 1: Performance Forecasts - A total of 451 A-share listed companies have disclosed their 2025 performance forecasts, with 156 companies expecting positive results [1]. - Among these, 42 companies anticipate a net profit growth of over 100% year-on-year [2]. - Notable companies include DingTong Technology, which expects a revenue of approximately 1.593 billion yuan, a 54.37% increase, and a net profit of about 242 million yuan, a 119.59% increase, driven by AI demand in the communications sector [2]. Group 2: Mining Sector Performance - Mining companies are experiencing significant growth due to rising prices and production volumes of gold and copper [3]. - Luoyang Molybdenum Co. expects a net profit of 20 billion to 20.8 billion yuan, a year-on-year increase of 47.8% to 53.71%, attributed to effective cost control and increased product prices [3][4]. - Zijin Mining anticipates a net profit of approximately 51 billion to 52 billion yuan, a growth of 59% to 62%, with increased production of gold and copper [4]. Group 3: Innovation and Emerging Sectors - Companies in semiconductor, innovative pharmaceuticals, and commercial aerospace sectors are gaining market attention, with many receiving intensive institutional research following their performance forecasts [4][5]. - Haopeng Technology expects a net profit of about 19.5 million to 22 million yuan, a growth of 113.69% to 141.09%, driven by advancements in AI hardware applications [5]. - The pharmaceutical industry is entering a critical phase of innovation and global expansion, with investment opportunities focusing on companies with global competitiveness [5].

盘后，大家都情绪化了，有些事情确实很憋屈，好好的上涨被人踩急刹车了，没有坐稳扶好的人，直接连续跌停板摔的鼻青脸肿了。 这个位置，大多数人看不懂市场了，那就简单了。市场就是用颠簸让大家晕头转向，之后把你震荡出去了，他们就可以好好拉升。 说白了，市场可以上涨，但是上涨之前还有人没有进货，所以砸盘回来了让他们进货。最近的宽基ETF成交量很异常，不会是散户买的，那么会是谁呢？ 这些筹码都是A股的优质筹码，在3000点以下的时候，大家都割肉，汇金含泪都吃下了。目前市场涨了，大家又喊自己没有优质筹码，只能去炒中小盘题材 概念股，那可不行！ 调整结束？ | 12.011 | 91 555 7 | | રી કરેય પર | | | --- | --- | --- | --- | --- | | 9.869.46 | (+46.93) | Eh She is | | | | (+43.13) | 15.432.98 | (-76,45) | 56.942.19 | | | 86'2EN'SL | (55.87) | 65,235,76 | ટી ટિપડ પર | | | (-55,87) | 65.235.76 (+46 ...

Group 1: Major Developments - 康耐特光学 (02276) and 歌尔光学 plan to establish a joint venture to expand the application market for customized lenses in AI/AR/VR/MR glasses [1] - 圣贝拉 (02508) and 云迹科技 signed a strategic cooperation framework agreement to explore the deep integration and application of artificial intelligence and robotics in high-demand home care scenarios [1] - KKCG Maritime intends to initiate a voluntary conditional partial public acquisition offer to acquire 15.4% of 法拉帝 (09638) shares [1] - 远大医药 (00512) announced that the new drug application for the innovative radiolabeled drug TLX591-CDx has been accepted by the China National Medical Products Administration [1] - 艾美疫苗 (06660) received approval to conduct clinical trials for a 20-valent pneumococcal polysaccharide conjugate vaccine [1] - 中国东方航空股份 (00670) sold the 凯迪克大厦 in Shanghai and related assets to 东航置业 for approximately 134 million yuan [1] - 佑驾创新 (02431) signed a memorandum of understanding with India's leading automotive parts manufacturer STL [1] - 南山铝业国际 (02610) plans to develop electrolytic aluminum and related raw materials and supporting businesses [1] Group 2: Financial Performance - 顺丰控股 (06936) reported a total revenue of 27.339 billion yuan from its express logistics, supply chain, and international businesses in December, representing a year-on-year increase of 3.41% [2] - 美丽田园医疗健康 (02373) issued a profit warning, expecting adjusted net profit for 2025 to be no less than 380 million yuan, a year-on-year increase of at least 40% [2] - 中国太平 (00966) issued a profit warning, anticipating a year-on-year increase of approximately 215% to 225% in shareholder profit for the 2025 fiscal year [2] - 吉宏股份 (02603) issued a profit warning, expecting a net profit attributable to shareholders of approximately 273 million to 291 million yuan for 2025, a year-on-year increase of 50% to 60% [2] - 兖煤澳大利亚 (03668) reported a fourth-quarter coal sales volume of 10.8 million tons, a year-on-year increase of 4% [2] - 兖矿能源 (01171) reported a fourth-quarter commodity coal production of 46.51 million tons, a year-on-year increase of 4.4% [2] - 深圳控股 (00604) projected a total contract sales amount of approximately 13.311 billion yuan for 2025, a year-on-year decrease of 21.55% [2] - 上海石油化工股份 (00338) issued a profit warning, expecting a net loss attributable to shareholders of approximately 1.289 billion to 1.576 billion yuan for 2025, indicating a shift from profit to loss [2] - 上海石油化工股份 (00338) reported gasoline sales revenue of 24.656 billion yuan for 2025 [2]

Macro Liquidity - The US dollar index continued to rise, and the degree of "inversion" in the China-US interest rate differential deepened. The nominal and real interest rates of 10Y US Treasuries both increased, indicating a rise in inflation expectations [1][16]. - Offshore dollar liquidity showed marginal easing, while the domestic interbank funding situation remained balanced, initially tightening and then loosening. The yield spread between 10Y and 1Y bonds widened [1][23]. Market Trading Activity, Volatility, and Liquidity - Market trading activity continued to rise, with the volatility of the CSI 1000, STAR 50, and ChiNext Index all increasing. Sectors such as military, media, computing, retail, and consumer services had trading activity above the 80th percentile [2][28]. - The volatility of the CSI 1000, STAR 50, and ChiNext Index increased, while the volatility of various sectors remained below the 80th historical percentile [2][35]. - Market liquidity indicators improved, but all sectors remained below the 50th historical percentile [2][40]. Institutional Research - The electronic, pharmaceutical, computing, non-ferrous metals, and machinery sectors had the highest research activity, while banking, real estate, transportation, petroleum and petrochemicals, and retail sectors saw a month-on-month increase in research activity [3][47]. Analyst Forecasts - The net profit forecasts for the entire A-share market for 2026/2027 were adjusted, with increases in sectors such as pharmaceuticals, chemicals, light industry, electronics, and real estate [4][21]. - The net profit forecasts for the ChiNext Index and CSI 500 for 2026/2027 were raised, while the forecasts for the Shanghai 50 and CSI 300 were adjusted up and down, respectively [4][23]. - Mid-cap and small-cap growth sectors saw upward adjustments in their net profit forecasts for 2026/2027, while mid-cap and small-cap value sectors were adjusted down [4][27]. Northbound Trading Activity - Northbound trading activity rebounded, continuing to net buy A-shares. The trading volume ratio in sectors such as computing, home appliances, and non-bank financials increased, while it decreased in communication, electronics, and electric new energy sectors [5][32]. - For stocks with northbound holdings of less than 30 million shares, the main net purchases were in TMT, machinery, and military sectors, while net sales occurred in electric new energy, construction, and agriculture sectors [5][33]. Margin Financing Activity - Margin financing activity slightly declined but remained at a relatively high level since November 2025. The net purchases were mainly in TMT, non-bank financials, and electric new energy sectors, while net sales occurred in building materials and petroleum and petrochemicals [6][35]. - The proportion of financing purchases in the pharmaceutical, construction, and coal sectors increased month-on-month [6][38]. Hot Stocks on the Dragon and Tiger List - The trading activity on the Dragon and Tiger list continued to rise, with the total trading volume and its proportion of total A-share trading both increasing. The military, media, and automotive sectors had relatively high and rising trading volumes on this list [7][41]. Active Equity Fund Positions and ETF Trends - Active equity funds significantly reduced their positions, while ETFs experienced substantial net redemptions. Active equity funds mainly increased positions in petroleum and petrochemicals, real estate, and coal sectors, while reducing positions in TMT, military, and machinery sectors [8][46]. - The correlation of active equity funds with small-cap growth and large/small-cap value increased, while the correlation with large/mid-cap growth and mid-cap value decreased [8][48]. - New equity fund establishment scales increased, with both active and passive funds seeing a rise in establishment [8][50]. - ETFs tracking indices such as the Shanghai 300, STAR 50, and Shanghai 50 saw major net redemptions, while those tracking computing, non-ferrous metals, and media sectors saw major net purchases [8][52].