【导读】央行降息了 中国基金报记者 泰勒 兄弟姐妹们啊，今天的市场明显降温，成交额比昨天少了一万亿元！ 但是盘后央行送了一个"大礼包"！提前预告要降息了！ 一起看看发生了什么事情。 央行：下调各类结构性货币政策工具利率0.25个百分点 1月15日，中国人民银行新闻发言人、副行长邹澜在国新办新闻发布会上表示， 人民银行将先行推出两方面政策措施， 下调 各类结构性货币政策工具利率，提高银行重点领域信贷投放的积极性。下调各类结构性货币政策工具利率0.25个百分点。各 类再贷款一年期利率从目前的1.5%下调到1.25%。 其他期限档次利率同步调整。 完善结构性工具并加大支持力度，进一步 助力经济结构转型优化。 邹澜表示，会同金融监管总局， 将商业用房购房贷款最低首付比例下调至30%。 另外，央行发布数据，2025年12月末，本外币贷款余额275.74万亿元，同比增长6.2%。月末人民币贷款余额271.91万亿 元，同比增长6.4%。 2025年全年人民币贷款增加16.27万亿元。分部门看，住户贷款增加4417亿元，其中，短期贷款减少8351亿元，中长期贷 款增加1.28万亿元；企（事）业单位贷款增加15.47万亿元， ...

同日， *ST铖昌还发布股票严重异常波动公告称， 商业航天行业处于产业初期阶段，公司基本面未发生重大变化。 公开资料显示，*ST铖昌的 主营业务是微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务。公司的主要产品是GaAs/GaN功率放大器 芯片、GaAs低噪声放大器芯片、GaAs收发前端芯片、收发多功能放大器芯片、幅相多功能芯片、模拟波束赋形芯片、数控移相器芯片、数 控衰减器芯片、功分器芯片、限幅器芯片。 值得一提的是， *ST铖昌股价自去年12月1日以来出现大幅拉升，至今累计涨幅达177%，近11个交易日收获10个涨停板。截至今日，该股报 收122.84元/股，总市值为253.2亿元。 *ST铖昌公告称，公司股票交易连续10个交易日内4次出现同向股票交易异常波动情形，属于股票交易严重异常波动的情况。为维护投资者 利益， 公司申请股票自2026年1月13日开市起停牌，待核查结束并披露相关公告后复牌，预计停牌时间不超过3个交易日。 F F F 41.86 2025-11-18 2025-12-04 2025-12-22 下载财联社APP获取更多资讯 准确 快速 权威 专业 实时盯盘 头条新闻 7x24h电 ...

Group 1 - The core sentiment in the market is driven by a resurgence in AI concepts, leading to a significant increase in the Hang Seng Technology Index by 3.1% and the Hang Seng Index and the Hang Seng China Enterprises Index rising by 1.44% and 1.9% respectively [1][2] - Major technology stocks showed strong performance, with Kuaishou rising over 7%, Meituan increasing by 6.6%, and both Baidu and Alibaba gaining over 5% [2][3] - The overall trading volume for the Hang Seng Index reached 306.22 billion HKD, marking a new high for the year and closing above 26,500 points [6] Group 2 - The AI sector has emerged as a strong short-term hotspot, with related semiconductor and computing stocks also experiencing gains, while traditional sectors like insurance, home appliances, aviation, and real estate saw declines [4][5] - The market is characterized by a strong bullish sentiment supported by favorable capital conditions, despite some sectors experiencing a high-low switch in performance [5][7] - Recent reports indicate that the Chinese technology giants' index is expected to see significant profit growth by 2026, potentially surpassing the "Big Seven" in the US for the first time since 2022 [9]

Core Viewpoint - Lian Microelectronics (605358.SH) has successfully mass-produced automotive-grade VCSEL chips for laser radar applications in smart driving, becoming the first global manufacturer to achieve this milestone [1] Group 1: Product Development - Lian Microelectronics' VCSEL chip products are now utilized in laser radar for smart driving, humanoid robots, and lawnmowers, indicating a diverse application range [1] - The company has developed a 2D addressable high-power VCSEL technology, which is a significant advancement in the automotive radar sector [1] Group 2: Market Position - Lian Microelectronics is recognized as the first manufacturer to mass-produce automotive-grade laser radar VCSEL chips, highlighting its leadership in the industry [1] - The company currently does not have products for automotive 4D millimeter-wave radar, indicating a focused strategy on laser radar technology [1]

2026年开局，A股市场便迎来了一场"开门红"行情，沪指突破4100点，创下近10年新高，深证成指也突 破14000点，创下近4年新高。两市交易额在1月9日再次突破3万亿元大关。 在这场火热行情的背后，是公募基金等机构资金早已提前"抢跑"布局的身影。证券时报·券商中国记者 采访调研了解到，众多基金经理在2025年四季度末便已悄然提升仓位，精准抓住春季躁动行情，而随着 市场行情回暖，商业航天、半导体芯片、创新药等板块多点开花，10只基金在开年第一周便大涨超 20%，市场赚钱效应显著。 基金"抢跑"春季躁动行情 "我们在去年10月到11月的时候，眼看市场持续缩量震荡，果断执行纪律，基本上把仓位降到了70%， 躲过了一波回调。"近期，一位管理规模超50亿的公募基金经理向证券时报·券商中国记者回顾了他自去 年年底至今的操作。 他坦言，等待市场确认信号的过程是煎熬的，但一些积极因素在去年12月开始出现。"我们观察到一系 列宏观和产业层面的边际变化，比如PMI数据初现企稳迹象、海外流动性预期转向，以及我们重点跟踪 的半导体产业链出现了供不应求的情况，综合判断下，我们认为市场回调得差不多了，于是在去年11月 底到12月份开 ...

Market Review - The A-share market started strong in 2026, with the Shanghai Composite Index achieving a record 16 consecutive days of gains, reflecting a rising market risk appetite, with growth and small-cap styles outperforming [2][3] - Daily trading volume in the A-share market exceeded 3 trillion yuan, with margin trading activity also high, as the margin balance surpassed 2.6 trillion yuan, setting a new historical high [2][4] - Key sectors such as commercial aerospace, satellite navigation, brain-computer interfaces, and nuclear fusion have shown significant performance, alongside rising prices in related commodities like non-ferrous metals [2][3] Market Outlook - The report suggests that the bull market may continue, with the A-share market entering a spring buying window, supported by better-than-expected PMI and inflation data from December [3][5] - The influx of external funds and increased willingness of market participants to invest are expected to sustain market momentum, with notable inflows from financing and foreign capital [4][5] - The report highlights the importance of upcoming events in the tech sector, particularly around the Spring Festival, which could further enhance market risk appetite [3][5] Sector Allocation - Focus on the expansion of themes in the technology sector, including AI applications, commercial aerospace, robotics, domestic substitution, and nuclear fusion [5] - Beneficiaries of the "anti-involution" trend and price increases, such as chemicals and non-ferrous metals, are also highlighted as areas of interest [5]

Core Viewpoint - Chipone Microelectronics expects significant growth in revenue and net profit for the year 2025, driven by its core strategy in the semiconductor energy sector, despite a decline in net profit after excluding non-recurring items [2][3][4] Group 1: Revenue and Profit Forecast - The company anticipates a revenue of approximately 1.14 billion yuan for 2025, representing an increase of about 175.4 million yuan or 18% year-on-year from 964.6 million yuan in the previous year [2] - The expected net profit attributable to shareholders is around 185 million yuan, which is an increase of approximately 73.7 million yuan or 66% compared to 111.3 million yuan in the previous year [2] - However, the net profit after excluding non-recurring items is projected to be about 55 million yuan, a decrease of approximately 18.1 million yuan or 25% from 73.1 million yuan in the previous year [2] Group 2: Main Business Performance - The company focuses on the "semiconductor energy track" as its core strategic direction, which has become the main driver of revenue growth [3] - Emerging markets have shown remarkable performance, with revenue from sectors such as servers, communications, industrial motors, optical storage, and new energy vehicles growing by approximately 50% year-on-year [3] - The company has launched significant innovative products, including high-integration mixed-signal chips for secondary power supplies in communications and various integrated driver chips for new energy applications, entering mass production [3] - In 2025, the company plans to introduce 12 core new products aimed at AI computing energy, completing a full-link layout from primary to tertiary power supplies for servers [3] Group 3: R&D and Non-Operating Income - The company has increased its R&D investment to accelerate technology platform iteration, upgrading from the third-generation "smart MOS ultra-high voltage dual-chip integration platform" to the fourth-generation "new smart power chip technology platform" [4] - The company has expanded its technical development teams and experimental investments, particularly in digital design and high-current device design, to enhance product development capabilities in key server sectors [4] - In September 2025, the company sold 1.67% of its subsidiary ChipLink Yuezhou through a "90% shares + 10% cash" method, which not only increased the company's fair value change gains but also strengthened strategic cooperation with upstream supplier ChipLink Integration [4]

Overall Market Analysis - The A-share market continues to show a pattern of volatility and divergence, with the Shanghai Composite Index experiencing fluctuations but ultimately showing resilience by recovering towards the end of the trading day [1][8] - The market is currently facing increased divergence among the three major indices, leading to a rise in differing opinions regarding future trends [1][8] - Short-term fluctuations are expected as a normal occurrence following a period of continuous gains, with both positive policy support and active market sentiment providing some stability [1][8] Sector Performance - The military industry, particularly shipbuilding and aerospace sectors, has shown strong performance, driven by recent policy announcements regarding increased military spending in the U.S. [5] - The commercial aerospace sector has become active due to the establishment of dedicated regulatory bodies and clear policies, which are expected to provide a stable development environment for the industry [6] Investment Strategy - Investors who have already positioned themselves in the market are advised to hold onto their investments, while those who have not yet entered should wait for a more favorable buying opportunity during market corrections [1][8] - It is recommended to focus on stocks with strong earnings support across various sectors, including technology growth (semiconductors, AI, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [1][8]

美东时间周四，美股三大指数走势分化。截至收盘，道指涨0.55%报49266.11点，纳指跌0.44%报 23480.02点，标普500指数涨0.01%报6921.46点。 中概股多数上涨，纳斯达克中国金龙指数涨1.09%。热门中概股方面，世纪互联涨近11%，万国数据涨 超8%，有道涨逾7%，哔哩哔哩涨超6%，腾讯音乐涨逾5%，阿里巴巴涨超5%。跌幅方面，脑再生跌超 21%，大全新能源跌逾11%，晶科能源跌超5%，百济神州跌逾4%。 欧股方面，英国伦敦股市《金融时报》100种股票平均价格指数8日报收于10044.69点，较前一交易日下 跌3.52点，跌幅为0.04%；法国巴黎股市CAC40指数报收于8243.47点，较前一交易日上涨9.55点，涨幅 为0.12%；德国法兰克福股市DAX指数报收于25127.46点，较前一交易日上涨5.20点，涨幅为0.02%。 国际油价8日显著上涨。截至当天收盘，纽约商品交易所2月交货的轻质原油期货价格上涨1.77美元，收 于每桶57.76美元，涨幅为3.16%；3月交货的伦敦布伦特原油期货价格上涨2.03美元，收于每桶61.99美 元，涨幅为3.39%。 国际贵金属期货方面， ...

Core Viewpoint - Foshan aims to transition from a "manufacturing city" to an "intelligent manufacturing city" by building a more competitive modern industrial system, focusing on traditional industry upgrades, emerging industry development, and future industry cultivation [2][3]. Group 1: Modern Industrial System Development - Foshan will implement the "Artificial Intelligence + Manufacturing" initiative to enhance traditional industries through intelligent and digital transformation, creating modern factories that are green and smart [3][4]. - The city plans to develop new pillar industries by leveraging new momentum industry funds to grow sectors such as new power system equipment, robotics, and semiconductor chips, aiming to establish a high-tech and high-growth industrial cluster [3][4]. - Foshan will enhance its modern service industry by promoting both productive and life service sectors, driving specialization and high-end value chain development [4]. Group 2: Reform and Business Environment - The city will deepen market-oriented reforms, focusing on effective market and proactive government roles, and implement innovative reforms to improve the business environment [5][6]. - Foshan aims to optimize its enterprise service system and approval processes to become a benchmark for business environments among prefecture-level cities [5]. - The city will also focus on state-owned enterprise reforms to enhance governance and risk management capabilities [5]. Group 3: Regional Coordination and Development - Foshan will leverage the "Ring Two Rivers Pilot Zone" to promote urban-rural coordination and regional development, aiming to create a new growth pattern with balanced regional development [7][8]. - The city plans to build a modern industrial system that includes traditional industries like food and construction materials, alongside emerging sectors such as new energy and high-end equipment [7]. - Foshan will enhance its cultural tourism by integrating resources across regions and developing themed tourism areas to attract visitors [8]. Group 4: Cultural and Tourism Development - Foshan recognizes its cultural heritage as a vital asset and aims to protect and promote traditional cultural practices while integrating them with modern values [10][11]. - The city will implement a "cultural tourism chain" project to connect water, culture, and commerce, enhancing the cultural tourism landscape [10]. - Foshan seeks to develop new economic models that combine cultural tourism with various industries, stimulating local economies through events and cultural activities [11].