Group 1 - The market showed mixed performance on January 8, with sectors like commercial aerospace and brain-computer interfaces continuing to strengthen, while insurance and securities sectors faced declines. The CSI A500 index fell by 0.6% as of 14:30 [1] - In 2025, the cumulative number of new A-share stock accounts reached 27.4369 million, representing a year-on-year increase of 9.75%, marking the highest annual figure since 2022. In December 2025 alone, 2.5967 million new accounts were opened, a month-on-month increase of 9.04% and a year-on-year increase of 30.55%, indicating a significant rise in investor participation [1] - Guotai Junan Securities stated that the upward trend of China's "transformation bull market" is far from over, driven by economic transformation, a decline in risk-free returns, and capital market reforms, which are expected to amplify bullish sentiment and potentially exceed market consensus [1] Group 2 - The CSI A500 index consists of 500 stocks with large market capitalization and good liquidity across various industries, focusing on leading companies in the A-share market while balancing market representation and industry diversity. Emerging industries like information technology and healthcare have a higher weight in the index, achieving a dual drive of "core assets" and "new productive forces" [1] - The E Fund CSI A500 ETF (159361) has seen an average daily trading volume of nearly 6.5 billion yuan over the past month, indicating good liquidity, and it has a management fee rate of only 0.15% per year, which can assist investors in easily packaging representative A-share companies [1]

（责任编辑：刘畅 ） ETF方面，军工与商业航天板块联袂上攻，永赢基金卫星ETF、富国基金卫星ETF和万家基金航天 航空ETF分别涨6.2%、5.7%和5.62%。军工板块表现亮眼，富国基金军工龙头ETF涨5.41%。 中韩半导体ETF跌3.68%。大金融板块全线回调，保险证券ETF、证券保险ETF易方达分别跌 3.26%、3.25%。 A股今日窄幅震荡，截至收盘，沪指跌0.07%，录得15连阳，深成指跌0.51%，创业板指跌0.82%， 北证50指数涨0.81%，沪深京三市成交额28262亿元，较上日缩量553亿元，三市超3700只个股飘红。板 块题材上，军工装备、商业航天、脑机接口、光伏设备、可控核聚变、AI智能体、房地产、量子科 技、CRO概念股涨幅居前；保险、证券、有色金属、稀土永磁、银行、电池板块表现落后。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1 - The core viewpoint of the news highlights the significant net inflow of funds into the defense and computer industries, each exceeding 1.1 billion yuan, amidst a mixed performance of A-share indices on January 8 [1] - The A-share market saw a total net outflow of 37.435 billion yuan, with 12 industries experiencing net inflows, including defense, computer, banking, building materials, and automotive sectors [1] - The electronic industry faced the largest net outflow, amounting to 14.155 billion yuan, followed by communication, non-ferrous metals, and power equipment sectors, each exceeding 3 billion yuan in outflows [1] Group 2 - Individual stocks showed that 61 had net inflows exceeding 200 million yuan, with 10 stocks receiving over 500 million yuan in net inflows [2] - Notable individual stock inflows included Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Optoelectronics, with net inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [3] - Hailanxin's stock reached a "20cm" limit up, focusing on marine electronic technology products and systems [3] Group 3 - Hand Information submitted an application for overseas listing (H-shares) to the Hong Kong Stock Exchange on December 29, 2025 [4] - A total of 90 stocks experienced net outflows exceeding 200 million yuan, with significant outflows from stocks like Zhongji Xuchuang, Luxshare Precision, and Aerospace Development, each exceeding 1 billion yuan [4] Group 4 - At the market close, the total net outflow was 658 million yuan, with the power equipment sector seeing a net inflow exceeding 1 billion yuan [5] - Individual stocks such as Goldwind Technology and Qian Zhao Optoelectronics had substantial net inflows exceeding 400 million yuan at the close [5] - Stocks like Zhongji Xuchuang, New Yisheng, and Huhua Electric experienced net outflows exceeding 200 million yuan at the close [6]

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周四，A股15连阳，不过今日实际小幅收跌。根据交易所数据，上证指数跌0.07%报4082.98点，深证成指跌0.51%，创业板指跌0.82%，沪深300跌0.82%，科 创50涨0.82%。 沪深两市3533股上涨，1514股下跌，136股持平，合计成交额2.80万亿元，较前一交易日缩量约538.34亿元；大盘主力资金净流出536.40亿元，航天航空主力 资金净流入46.53亿元居首，通信设备主力资金净流出95.05亿元居首。 题材板块中，太空算力、船舶制造、相控阵天线、深海科技、低轨卫星等涨幅居前，白银、能源金属、钨、保险、券商等跌幅居前。 针对当前市况，资深市场人士徐小明指出，上证指数连红15个交易日，这是近好多年的连红纪录，虽然涨幅加起来不大。 徐小明分析，在这里六大指数日线都有过顶部钝化，目前除了上证指数、还有中证500和上证50钝化消失，深成指、创业板指数、沪深300指数钝化还在，并 且级别较大，大概率有顶部结构。指数之间的分化代表了分歧，分歧很难形成大的高点或低点。 "今天的分时图也出现分化，除了指数之间的分化，指数和个股也明显分化，今天下午最低迷的时候，上涨家数接近下跌家数的两倍，指数跌了很多但 ...

水皮杂谈 一家之言 兼听则明 偏听则暗 老水看盘 人心思涨 上证指数今天低开，盘中一度跳水，但最终收出阳十字星，再度刷新 A 股历史记录，连续 15 个交易日收阳。 不过，上证指数今天并未翻红，微跌 0.07% ；深成指下跌 0.5% ，创业板指跌幅最大，达 0.82% 。 昨天尾盘，市场已出现明确信号：中信证券尾盘压盘，中国平安在集合竞价走弱下探。今天这 两大板块均处于跌幅榜前列，其中以中信证券为代表的证券板块开盘后便一路下行，华林证券 跌停，中信证券跌幅超 3% ；保险板块整体走弱，跌幅略高于证券板块，中国平安盘中最大 跌幅达 5% 。银行板块表现同样疲软，整体跌幅约 0.7% ，龙头股工商银行跌幅超 1% ，呈 现破位下杀走势。 尽管三大金融股全线杀跌，但指数仍保持相对强势，核心原因在于大批小盘股、微盘股展开补 涨。小盘股指数今天上涨 2% ，中证 2000 指数收盘涨幅约 1.3% ，几乎未受盘中跳水影 响。今天盘中两点后曾出现一波持续约 20 分钟的跳水，主要由权重指标股调整引发。 个股表现方面，上涨家数达 3568 家，下跌家数仅 1547 家；成交量 2.8 万亿，较昨天略有 缩减；北向资金成交 ...

Market Overview - The A-share market shows a mixed and volatile pattern, with the Shanghai Composite Index dragged down by the financial sector, while the Shenzhen Component Index was influenced by the consumer sector, ultimately closing lower. The ChiNext Index also experienced weakness due to pullbacks in the semiconductor and new energy sectors [3]. Market Performance - Out of 3730 stocks, 1-3 stocks declined, indicating a general upward trend in the market [4]. - The market exhibited a "broad-based rally" with sectors like military industry, commercial aerospace, brain-computer interface, and 6G showing repeated activity, driving most stocks higher. However, major financial sectors, lithium mining, and CPO saw collective pullbacks [5]. Trading Volume - The total trading volume across both markets was over 2.8 trillion yuan, reflecting a slight decrease of 1.89%, yet indicating a high level of market participation [5]. Fund Flow - There was a net outflow of 36.4 billion yuan from institutional funds, while retail investors saw a net inflow [6]. - Institutions are reallocating funds from large financial and traditional cyclical sectors to defense, military, computer, and high-end manufacturing sectors. Retail investors are favoring short-term trades, particularly in AI computing, robotics, and AI applications, while remaining cautious towards high-priced tech stocks [7]. Investor Sentiment - Retail investor sentiment stands at 75.85%, indicating a generally optimistic outlook [8]. - Among investors, 38.19% are increasing their positions, 16.49% are reducing their holdings, and 45.32% are maintaining their current positions [12]. Market Predictions - A survey indicates that 53.04% of participants expect the market to rise in the next trading day, while 46.96% anticipate a decline [15]. Asset Performance - In terms of asset performance, 8.74% of investors have achieved over 50% profit, while 10.22% have profits between 20% and 50%. Conversely, 21.93% of investors are facing losses of up to 20% [20].

来源：蓝鲸新闻 国） 蓝鲸新闻记者从业内获悉，金融监管总局近日下发《关于印发<非车险综合治理有关问答（一）>的通 知》（下称《问答》），针对非车险"报行合一"实施过程中出现的各类现实问题，进一步厘清政策内涵 与边界，统一行业执行标准。 从行业情况来看，非车险业务种类丰富、情况复杂，非车险综合治理工作正按照"依法合规、实事求 是、先立后破、稳步推进"的原则有序开展。2025年，监管先后下发《关于加强非车险业务监管有关事 项的通知》（下称《通知》）和《加强非车险业务监管有关工作指引》（下称《指引》）两份文件，进 一步明确非车险"报行合一"相关工作。 有业内人士向记者表示，不同于标准化的车险业务，非车险业务场景更复杂、涉及的产品类型和行业类 型也更多，在业务开展过程中，对相关政策有不同的理解，比较典型就包括部分领域并不具备"见费出 单"的条件。 此次《问答》明确，财险公司应在收取保费后向客户签发保单并开具保费发票，保险中介机构代收保费 不视为"见费出单"；对于人民币业务，保险公司收到银行承兑汇票后签发保单可视为"见费出单"；对于 共保业务，主承保公司或保交所等行业基础设施收取保费后签发保单和开具发票，可视为"见费出 ...

1月8日金融一线消息，汇丰人寿今日发布公告称，公司唯一股东汇丰保险（亚洲）有限公司，拟向我汇 丰人寿增资人民币5.56亿元，增资后该公司注册资本将由人民币26.76亿元增至人民币32.32亿元，无新 增股东，增资后汇丰保险（亚洲）有限公司持有该公司100%股权比例维持不变。增资事项获得监管批 准之际，对该公司章程注册资本相关条款进行相应修订。 汇丰人寿表示，公司唯一股东汇丰保险（亚洲）有限公司承诺：汇丰保险（亚洲）有限公司严格按照国 家法津法规及相关监管要求，投资汇丰人寿保险有限公司的资金，源于合法的自有资金，并非使用任何 形式的金融机构贷款或其他融资渠道资金。 1月8日金融一线消息，汇丰人寿今日发布公告称，公司唯一股东汇丰保险（亚洲）有限公司，拟向我汇 丰人寿增资人民币5.56亿元，增资后该公司注册资本将由人民币26.76亿元增至人民币32.32亿元，无新 增股东，增资后汇丰保险（亚洲）有限公司持有该公司100%股权比例维持不变。增资事项获得监管批 准之际，对该公司章程注册资本相关条款进行相应修订。 汇丰人寿表示，公司唯一股东汇丰保险（亚洲）有限公司承诺：汇丰保险（亚洲）有限公司严格按照国 家法津法规及相关 ...

L3级自动驾驶正在加速落地。2025年12月15日，工业和信息化部正式公布我国首批L3级有条件自动驾 驶车型准入许可。到12月末，首批获颁L3号牌的车辆已经在北京、重庆的试点路段上路。 当智驾更进一步，当方向盘开始更多地在人与机器之间切换控制权，延续数十年的车险行业未来又将随 之面临怎样的变化？L3真的到来时，智驾险是否会取代车险成为新的"主角"？ "未来很长一段时间仍会以车险为主，智驾险不会取代现在的车险。"平安产险上海分公司总经理何莹对 第一财经表示。这也是记者采访的多位业内人士的一致判断。但这并不意味着车险市场会一成不变。受 访的业内人士表示，一旦L3大范围铺开，会有更多新的场景出现，从而催生新的保险责任。但同时， 如何定责、数据匮乏等也成为L3下智驾保险发展所要面临的挑战。 车险会被替代吗？ 车险一直是财险市场最重要的险种。金融监管总局数据显示，2025年前11个月，车险累计原保险保费收 入为8432亿元，占财产险公司总保费的52.19%。当前车险格局下，燃油车与新能源车均采用"交强险 +车损险+第三者责任险+附加险"的传统方案；部分L2级车型中，车企与保险公司联合开发的智能辅助 驾驶责任险保障计划（ ...