Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 4157.98 points, while the Shenzhen Component Index fell by 0.3% to 14300.08 points. The ChiNext Index decreased by 0.57% to 3304.51 points, and the Sci-Tech 50 Index dropped by 3.03% to 1507.64 points. Overall, there were 1801 stocks that rose and 3562 that fell, with a total trading volume of 32.3 billion yuan, an increase of 2.646 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, food and beverage, media, real estate, non-bank financials, and oil and petrochemicals led the gains, with increases of 6.57%, 3.53%, 2.65%, 2.28%, and 2.23% respectively. Conversely, the electronics, defense and military industry, electric equipment, and machinery sectors experienced declines, with drops of 3.56%, 1.79%, 1.78%, 1.76%, and 1.66% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included liquor, beverage manufacturing, real estate selection, Xiaohongshu platform, oil and gas extraction, short drama games, brand leaders, Pinduoduo partners, virtual humans, insurance selection, Kimi, WEB3.0, rare earths, Chinese corpus, and bank selection. In contrast, sectors such as the SMIC industrial chain, copper-clad laminates, analog chips, and third-generation semiconductors saw a pullback [2].

Economic Growth and Targets - China's GDP growth target for 2026 is likely to remain around 5%, balancing short-term stability and long-term structural transformation [2][3] - The economic growth in 2025 is expected to achieve a target of 5%, with a quarterly growth rate of approximately 4.6% in Q4, indicating a "high first, low second" trend throughout the year [3] Consumption and Investment Trends - Consumption is expected to see a slight recovery in 2026, but growth will be limited due to policy, income, and balance sheet constraints, with a focus on structural upgrades in service consumption and new consumption scenarios [5][6] - Investment growth is projected to stabilize in 2026, driven by infrastructure and manufacturing sectors, with a notable shift towards new infrastructure projects such as 5G and AI [6][7] Export Performance - China's exports are anticipated to maintain resilience, with a projected growth rate of around 5% for the year, supported by market diversification and product structure upgrades [8][9] Price Trends - CPI is expected to rise moderately in 2026, driven by service price increases, while PPI is projected to see a narrowing of its decline due to rising prices in emerging industries and resource products [10] Monetary and Fiscal Policies - Monetary policy will continue to be moderately accommodative, focusing on precise measures to support the real economy and maintain liquidity [11][12] - Fiscal policy is set to remain actively expansive, with an emphasis on social welfare and debt management, alongside a significant increase in the deficit to support major projects [13][14] Overall Economic Outlook - The Chinese economy is in a phase of moderate recovery and structural adjustment, with new growth drivers such as technological innovation and manufacturing upgrades laying the foundation for long-term growth [15]

Market Performance - A-shares exhibited polarized performance on January 29, with the Shanghai Composite Index experiencing slight fluctuations, while the ChiNext Index fell back after a peak, and the STAR 50 Index dropped over 3% [1] - The Shanghai Composite Index closed up 0.16% at 4157.98 points, while the Shenzhen Component Index fell 0.3% to 14300.08 points, and the ChiNext Index decreased by 0.57% to 3304.51 points [1] - The total trading volume in Shanghai and Shenzhen reached 32,594 billion yuan, an increase of 2,671 billion yuan from the previous day, with over 3,500 stocks declining [1] Sector Performance - The non-ferrous metals sector was notably active, with copper and precious metals leading the gains; stocks like Western Gold and China Gold saw significant price increases [1] - Oil and gas stocks maintained strong performance, with Intercontinental Oil and other companies achieving multiple consecutive gains [1] - The real estate sector showed signs of recovery, with stocks such as Dayue City and I Love My Home hitting the daily limit [1] Specific Stock Movements - The liquor sector saw a rise in stocks like Luzhou Laojiao and Water Well, which reached their daily limit [2] - The insurance sector strengthened, with New China Life Insurance rising over 3% to reach a historical high, and China Pacific Insurance increasing nearly 5% [2] - In contrast, technology-related stocks, including those in the semiconductor sector, collectively weakened, with Industrial Fulian experiencing a drop of over 6% following its earnings forecast [2] Analyst Insights - Zheshang Securities suggests that the market will continue to favor mid-cap growth stocks, focusing on cyclical sectors [6] - CITIC Securities highlights the increasing urgency for European defense expansion and anticipates accelerated infrastructure investment plans, which may lead to a rise in sovereign bond issuance [6] - The report indicates that the divergence between the US and Europe is becoming more pronounced, creating a potential window for pragmatic cooperation between China and Europe [6]

涨停表现 凤凰网财经讯 1月29日，三大指数涨跌不一，沪指窄幅震荡，上证50指数涨超1%，创业板指冲高回落，科创50指数跌超3%。 沪深两市成交额3.23万亿，较上一个交易日放量2646亿。盘面上，市场热点快速轮动，全市场超3500只个股下跌。 截至收盘，沪指涨0.16%，深成指跌0.3%，创业板指跌0.57%。 从板块来看，白酒板块午后爆发，泸州老窖、水井坊、舍得酒业、皇台酒业、酒鬼酒涨停。有色金属板块反复活跃，金属铜、贵金属领涨，西部黄金7天4 板，中国黄金5连板，北方铜业2连板创历史新高。油气股延续强势，洲际油气7天5板，准油股份2连板，中曼石油4天3板。房地产板块震荡反弹，大悦城、 三湘印象、我爱我家涨停。 下跌方面，芯片产业链下挫，美埃科技、京仪装备跌超9%。 封板率 69.00% 封板 82 触及 36 昨涨停今表现 3.31% 高开率 75% 获利率 ...

Core Viewpoint - The real estate sector is experiencing a significant recovery driven by regulatory optimization, policy benefits, and a shift towards high-quality development, leading to valuation restoration and structural reconfiguration opportunities. Group 1: Market Performance - As of January 29, 2026, the Real Estate ETF (512200) saw an intraday increase of nearly 4%, currently up by 3.09%, with a turnover rate of 16.92% and a transaction volume of 994 million yuan, indicating active market trading [1] - Key stocks in the index, such as Zhujiang Holdings, Tefa Services, and Dayuecheng, saw increases of 10.07%, 10.06%, and 10.03% respectively, reflecting strong performance in the sector [1] Group 2: Regulatory and Policy Environment - The cancellation of the monthly reporting requirements for the "three red lines" indicates a shift in regulatory focus from universal deleveraging to differentiated and refined control, allowing financially sound companies more operational freedom and improving the financing environment [1] - The extension of the financing "white list" for five years provides real estate companies with a buffer for cash flow, effectively alleviating liquidity pressures [2] - The initiation of commercial real estate REITs trials is expected to activate existing assets and reduce reliance on financing, contributing to a comprehensive support system for the industry [2] Group 3: Industry Outlook - Despite current pressures on sales and prices, the accelerated release of policy benefits is driving the industry away from high leverage and expansion towards a new phase of quality development focused on asset optimization and operational efficiency [2] - The Ministry of Finance and other departments have extended tax refund incentives for home purchases until the end of 2027, reducing transaction costs for improvement demand [2] - The central bank has lowered the down payment ratio for commercial properties from 50% to 30%, directly stimulating liquidity in the commercial market [2] - A "small spring" in the real estate market is emerging, with policy efforts and demand in core cities creating a positive feedback loop, leading to a rebound in the secondary housing market [2]

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index experiencing narrow fluctuations, the SSE 50 Index rising over 1%, while the ChiNext Index fell back after a peak, and the Sci-Tech 50 Index dropped over 3% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous trading day [1] Sector Performance - The liquor sector saw a significant surge in the afternoon, with stocks such as Luzhou Laojiao (000568), ShuiJingFang (600779), SheDe JiuYe (600702), HuangTai JiuYe (000995), and JiuGui Jiu (000799) hitting the daily limit [1] - The non-ferrous metals sector was actively traded, with copper and precious metals leading the gains. Notable performances included Western Gold (601069) achieving four consecutive daily limits in seven days, China Gold (600916) with five consecutive daily limits, and Northern Copper (000737) hitting a historical high with two consecutive daily limits [1] - Oil and gas stocks continued their strong performance, with Intercontinental Oil and Gas (600759) achieving five daily limits in seven days, Zhun Oil Co. (002207) with two consecutive daily limits, and ZhongMan Petroleum (603619) recording three daily limits in four days [1] - The real estate sector experienced a rebound, with stocks like Dayuecheng (000031), Sanxiang Impression (000863), and Wo Ai Wo Jia (000560) hitting the daily limit [1] Declines - The semiconductor industry chain faced a downturn, with companies such as Meike Technology and Jingyi Equipment dropping over 9% [1] - At market close, the Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 0.3%, and the ChiNext Index decreased by 0.57% [1]

1月29日，上海市财政局等部门发布通知，经评估，《关于本市开展对部分个人住房征收房产税试点若 干问题的通知》(沪财发〔2020〕18号)需继续实施，有效期延长至2031年1月27日。据悉，《通知》明 确了个人住房房产税试点相关政策执行口径和具体征管事项，主要包括居民家庭住房套数和面积计算、 应税住房计税价格核定、应纳税额计算、申报纳税期、相关信息变化处理等共十个方面。 有效期延长至2031年1月27日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The prices of the upstream sectors in the chemical and agricultural industries are continuously rising, while the mid - stream and downstream sectors show different trends. There are also important policy releases and event warnings in the production and service industries [1][2]. 3. Summary by Directory 3.1. Mid - level Event Overview - **Production Industry**: Eight departments jointly issued the "Special Action Implementation Plan for 'Artificial Intelligence + Manufacturing'" to promote AI in the manufacturing process. The Ministry of Agriculture and Rural Affairs and the China Meteorological Administration issued a snow disaster warning for facilities agriculture and animal husbandry in some regions from January 29 - 31 [1]. - **Service Industry**: Five departments in Shenzhen issued a three - year plan (2026 - 2028) to optimize the consumption environment, aiming to promote home consumption, improve the smart home industry ecosystem, and encourage the integration of home products with AI [1]. 3.2. Industry Overview 3.2.1. Upstream - **Chemical**: The prices of PTA and polyethylene are continuously rising [2]. - **Agriculture**: The prices of eggs and palm oil are rising [2]. - **Energy**: The international crude oil price has been increased [2]. 3.2.2. Mid - stream - **Chemical**: The PX operating rate remains at a high level [3]. - **Energy**: The coal consumption of power plants has decreased [3]. - **Infrastructure**: The operating rate of road asphalt has declined [3]. 3.2.3. Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have seasonally declined [4]. - **Service**: The number of domestic flights has increased [4]. 3.3. Key Industry Price Index Tracking - **Agriculture**: On January 28, the spot prices of corn, eggs, palm oil, cotton, and the average wholesale price of pork showed year - on - year increases of 0.32%, 4.28%, 4.26%, 0.35%, and 0.75% respectively [40]. - **Non - ferrous Metals**: On January 28, the spot prices of copper, zinc, aluminum, and nickel had year - on - year increases of 1.40%, 4.33%, 2.29%, and 0.31% respectively, while one of the aluminum spot prices decreased by 0.66% [40]. - **Ferrous Metals**: On January 28, the spot prices of rebar, iron ore, and wire rod had year - on - year changes of - 0.49%, 0.41%, and - 0.87% respectively [40]. - **Non - metals**: On January 28, the spot prices of glass, natural rubber, and the China Plastic City price index had year - on - year increases of 1.56%, 3.42%, and 0.83% respectively [40]. - **Energy**: On January 28, the spot prices of WTI crude oil, Brent crude oil, liquefied natural gas, and coal had year - on - year changes of 3.36%, 2.57%, 2.16%, and - 0.25% respectively [40]. - **Chemical**: On January 28, the spot prices of PTA, polyethylene, urea, and soda ash had year - on - year changes of 4.10%, 3.70%, - 0.14%, and 0.00% respectively [40]. - **Real Estate**: On January 28, the cement price index, building materials composite index, and concrete price index had year - on - year changes of - 0.49%, - 0.32%, and 0.00% respectively [40].

责任编辑：石秀珍 SF183 来源：上海市财政局 各区财政局、国家税务总局上海市各区税务局、住房保障房屋管理局，市财政监督局、国家税务总局上 海市税务局各税务分局： 经评估，《关于本市开展对部分个人住房征收房产税试点若干问题的通知》（沪财发〔2020〕18号）需 继续实施，有效期延长至2031年1月27日。 特此通知。 上海市财政局 国家税务总局上海市税务局 上海市房屋管理局 2026年1月26日 责任编辑：石秀珍 SF183 来源：上海市财政局 各区财政局、国家税务总局上海市各区税务局、住房保障房屋管理局，市财政监督局、国家税务总局上 海市税务局各税务分局： 经评估，《关于本市开展对部分个人住房征收房产税试点若干问题的通知》（沪财发〔2020〕18号）需 继续实施，有效期延长至2031年1月27日。 特此通知。 上海市财政局 国家税务总局上海市税务局 上海市房屋管理局 2026年1月26日 ...

记者丨周潇枭 编辑丨周上祺 1月29日，国新办举行新闻发布会，邀请国家发展改革委副主任李春临和交通运输部、应急管 理部、中国气象局、中国民航局、国铁集团有关负责人介绍2026年春运形势和工作安排，并答 记者问。 在错峰引导方面， 教育部门将引导属地高校合理安排学生离校和返校。工会组织等将积极协 调企业灵活确定放假时间，鼓励务工人员错峰返乡返岗。文旅部门将引导旅客提前预约、错峰 出行。同时充分发挥互联网平台的作用，及时动态发布重点地区的客流量、道路状况等信息， 引导旅客合理安排出行计划。 在服务保障方面， 铁路、公路、水路、民航领域各单位将加强运输方式间信息共享和服务衔 接，做好中转和夜间到达旅客的服务，优化购票安检、候乘换乘服务。交通运输、公安等部门 将加强运行监测，做好高峰期指挥疏导和出行提示，全力保障道路畅通。加强自驾出行服务保 障，落实好重大节假日期间免收小型客车通行费政策，提升高速服务区保障能力，特别是充电 保障能力。同时，我们还将进一步做好能源通信等要素保障，发挥好志愿者的作用。 出品丨21财经客户端 21世纪经济报道 编辑丨刘雪莹 黄金概念延续强势，港股房地产爆发，融创中国等多股涨超20% 短短4 ...