Choice统计显示，1月27日，沪深两市可交易A股中，上涨个股有1856只，下跌个股有3237只，平盘个 股有81只。不含当日上市新股，共有59只个股涨停，13只个股跌停。从所属行业来看，涨停个股主要集 中在电子、有色金属、机械设备、通信、国防军工等行业。 （文章来源：证券时报网） ...

1月27日，科创创业ETF（588360）收涨超0.6%，科技创新与内需扩张的双轮驱动强化。 中信建投指出，科技创新与内需扩张的双轮驱动正在强化，政策端持续发力催生结构性投资机遇。战略 层面需紧扣"十五五"规划方向，包括新兴产业（新能源、新材料、低空经济、航空航天）和未来产业 （量子科技、脑机接口、具身智能）。市场方面，科创、中小盘领先，科技创新主线表现活跃。投资策 略上，建议坚持"科技创新+红利资产"哑铃型配置，以把握结构性机遇。 （文章来源：每日经济新闻） 科创创业ETF（588360）跟踪的是科创创业50指数（931643），单日涨跌幅限制达20%，该指数从科创 板与创业板中选取市值较大、科技属性显著的50只新兴产业上市公司证券，重点覆盖电子、电力设备、 通信、医药生物等行业，以反映这些市场中代表性新兴产业公司的整体表现。 ...

Market Performance - The Tokyo stock market saw a rebound on January 27, with the Nikkei 225 index closing up by 0.85% and the Tokyo Stock Exchange Price Index rising by 0.31% [1][2] - The Nikkei index increased by 448.29 points, closing at 53,333.54 points, while the Tokyo Stock Exchange index rose by 11.10 points to close at 3,563.59 points [2] Sector Performance - Among the 33 industry sectors on the Tokyo Stock Exchange, sectors such as fisheries and agriculture, non-ferrous metals, and wholesale trade showed significant gains [2] - Conversely, sectors including electric and gas utilities, air transportation, and land transportation experienced declines [2]

Core Insights - A total of 152 companies on the Sci-Tech Innovation Board have issued performance forecasts for 2025, with 48 companies expecting losses, 41 expecting profit increases, 36 expecting reduced losses, 16 expecting profit declines, and 11 expecting profits [1][6][7]. Performance Forecast Summary - Among the companies forecasting performance, 41 are expecting profit increases and 11 are expecting profits, resulting in a total of 34.21% of companies reporting positive forecasts [6][7]. - There are 26 companies expecting a net profit increase of over 100%, while 19 companies expect a net profit increase between 50% and 100% [7]. - Shanghai Yizhong is projected to have the highest net profit increase at 831.86%, followed by Baiwei Storage at 473.71% and Fumiao Technology at 441.60% [7][8]. Industry Analysis - The companies expecting a net profit increase of over 50% are primarily concentrated in the electronics, machinery equipment, and pharmaceutical biotechnology sectors, with 15, 9, and 7 companies respectively [7][8]. - The average increase in stock prices for high-growth companies on the Sci-Tech Innovation Board this year is 18.78%, with Baiwei Storage showing the highest increase of 57.33% [7]. Capital Flow Insights - In terms of capital flow, the stocks with significant net inflows over the past five days include Lankai Technology, Sitwei, and Zhongwei Semiconductor, with net inflows of 490 million, 164 million, and 153 million respectively [2][7]. - Conversely, Baiwei Storage, Dingtong Technology, and Qiangyi Co. experienced significant net outflows, with amounts of 2.245 billion, 271 million, and 195 million respectively [2][7].

丨证券研究报告丨 固收资产配置丨点评报告 [Table_Title] 政策讯号下看当前转债估值 ——可转债周报 20260117 报告要点 [Table_Summary] 融资保证金上调或对转债短期情绪有所压制，在全市场溢价率逼近前高的背景下，或需警惕回 调风险。结构上，年后中大盘转债主导估值抬升，低评级品种估值上行，小盘及高评级估值相 对低估；在高估值市场背景下需防范强赎引致溢价压缩。当周 A 股震荡分化，中盘及科创指数 占优，传媒、计算机等科技成长方向领涨，拥挤度分化。转债市场走强，中小盘转债优于大盘， 估值普遍拉伸，隐波与市价中位数维持高位，部分双高标的涨幅居前。一级市场发行较平稳， 储备充裕；条款博弈仍是焦点，下修意愿弱而赎回博弈加剧，需关注大额高评级品种强赎风险。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 政策讯号下看当前转债估值 2] ——可转债周报 20260117 [Table_Summary2] 当周核心观点 SAC：S0490524080003 SAC：S04905 ...

今天的市场，用一个词形容就是"割裂"。指数看着还行，但手里的个股却可能绿油油一片，这种滋味确 实不好受。 截至午盘，上证指数微涨0.03%，收在4134.03点；创业板指和科创50分别上涨0.44%和0.57%。然而，指 数表面的平静之下，是超过4600只个股下跌的惨淡现实。市场呈现出典型的"指数稳、个股冷"格局，赚 钱效应非常集中，大多数投资者可能只赚了指数，没赚到钱。 相比之下，港股今天表现得更强势一些，恒生指数大涨1.08%。这背后有政策暖风的支持，央行宣布支 持香港人民币业务的资金安排翻倍至2000亿元，提升了离岸市场的流动性，给了外资和南向资金更多信 心。 那么，今天A股里，为数不多的"火"烧在哪里呢？答案非常清晰：科技主线。通信板块大涨2.13%，电 子板块上涨1.50%，成为两市最亮眼的风景线。此外，银行板块也上涨了1.03%，起到了稳定大盘的作 用。 通信和电子的强势，核心驱动力来自AI（人工智能）产业的重大进展。昨天，阿里发布了千问Qwen3- Max-Thinking大模型，性能达到国际顶尖水平。同时，AI领域另一家公司阶跃星辰完成了超50亿元的巨 额融资。这两大事件叠加，彻底点燃了市场对 ...

今日早盘，科创板系列指数下探后集体反弹，截至午间收盘，科创成长指数上涨1.5%，科创100指数上涨1.3%，科创50指数上涨0.6%，科创200指数、科创 综指均上涨0.4%。 科创板系列指数基本情况跟踪 (2026年1月27日) 科创50ETF易方达 低费率 1.3% 220. 8倍 跟踪上证科创板50成份指数 该指数由科创板中市值大、流动性 好的50只股票组成,"硬科技"龙 头特征显著,半导体占比超65%, 与医疗器械、软件开发、光伏设备 行业合计占比近80% 截至午间收盘 该指数涨跌 该指数 滚动市盈率 科创100ETF易方达 保其2 跟踪上证科创板100指数 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 小科创企业,电子、电力设备、医 药生物、计算机行业合计占比超 75%,其中电子、电力设备行业占 比较高 截至午间收盘 该指数涨跌 该指数 滚动市盈率 科创200ETF易方达 FF = 跟踪上证科创板200指数 该指数由科创板中市值偏小、流动 性较好的200只股票组成,聚焦小 市值"成长潜力"科创企业,电子、 医药牛物、机械设备行业合计占比 截至午间收盘 该指数涨跌 该指数 滚动币盈 ...

| 电力设备 | | | | 汉缆股份 | | | --- | --- | --- | --- | --- | --- | | 美容护理 | -2.08 | 34.54 | -11.60 | 延江股份 | -8.28 | | 农林牧渔 | -2.32 | 199.02 | -11.71 | 永顺生物 | -8.91 | | 钢铁 | -2.34 | 139.75 | -15.38 | 八一钢铁 | -9.57 | （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 1.73 | 1120.31 | 1.59 | 澄天伟业 | 19.99 | | 电子 | 1.47 | 3266.26 | -7.37 | 东芯股份 | 20.00 | | 银行 | 1.43 | 213.19 | -26.78 | 农业银行 | 2.63 | | 石油石化 | 0.51 | 197.74 | -20.93 | 大庆华科 | 2.76 | | 非银金融 | ...

Group 1: Precious Metals Market - The precious metals market experienced significant volatility on Monday, with COMEX silver initially surging over 16% and spot silver nearly rising 14%, both surpassing $117 per ounce, before sharply retreating. COMEX silver's gains narrowed to 2.5%, while spot silver turned negative. COMEX gold and spot gold also briefly broke through the $5000 and $5100 levels, respectively, but ended with modest gains of 0.5% each, hovering around $5000. Spot palladium saw a peak increase of 7% but ultimately closed down over 3% [1][15]. Group 2: Regulatory Actions in Commodity Futures - Exchanges took measures to cool down the commodity futures market, with the Shanghai Futures Exchange and Shanghai International Energy Exchange reducing the daily opening trading limits for silver and tin futures contracts to 800 and 200 contracts, respectively. They also imposed restrictions on 16 clients regarding opening positions in tin and silver futures for one month and limited withdrawals. Additionally, the trading limits for copper, international copper, and aluminum futures were adjusted to 9%, with margin requirements for hedging and general positions set at 10% and 11% [2]. Group 3: AI Developments - Alibaba unveiled its flagship AI model, Qwen3-Max-Thinking, which set several global records in authoritative evaluations, matching the performance of top international models like GPT-5.2 and Gemini 3 Pro. This model is now recognized as the strongest domestic AI model to date. Concurrently, AI unicorn Jieyue Xingchen completed over 5 billion RMB in Series B+ financing, setting a new record for single financing in China's large model sector over the past 12 months [2]. Group 4: Economic Policies and Consumer Spending - The Ministry of Commerce announced plans to introduce policies aimed at fostering new growth points in service consumption, including measures to expand inbound consumption and establish a national digital trade demonstration zone. Initiatives will also focus on promoting the replacement of consumer goods and reforming automotive circulation consumption [3]. Group 5: Financial Market Trends - The A-share market saw a decline on Monday, with the Shanghai Composite Index falling 0.09% to 4132.61 points, the Shenzhen Component down 0.85%, and the ChiNext Index dropping 0.91%. The total market turnover increased to 3.28 trillion RMB from 3.12 trillion RMB in the previous trading day. The precious metals sector showed gains, while the consumer sector collectively declined [4][5]. Group 6: International Trade and Relations - The U.S. government is facing a potential shutdown due to a stalemate between the two parties, with an 80% probability of a new government shutdown by the end of January. This situation could impact various federal departments if funding legislation is not passed [11]. Group 7: Stock Market Activity - Overseas institutions have shown increased interest in A-shares, focusing on quality investment opportunities, particularly in the electronics, power equipment, and machinery sectors. Since January, 92 stocks have been investigated by overseas institutions, with notable interest in companies like Huaming Equipment and Huichuan Technology [6]. Group 8: Hong Kong Market Developments - In Hong Kong, 108 companies have participated in stock buybacks this year, with total buyback amounts exceeding 11.7 billion HKD. Major contributors include Tencent and Xiaomi [6]. Group 9: Regulatory Updates - The China Securities Regulatory Commission and various local regulatory bodies have issued multiple penalties for market manipulation and disclosure violations, with several delisted companies facing regulatory actions [5]. Group 10: Consumer Behavior Insights - According to a survey by the Ministry of Culture and Tourism, domestic travel among residents is projected to reach 6.522 billion trips in 2025, reflecting a year-on-year growth of 16.2%, with total travel expenditure expected to reach 6.3 trillion RMB, a 9.5% increase [4].

Core Insights - The research team led by academician Sun Jun from Xi'an Jiaotong University has proposed an innovative design strategy called "coherent gradient nanolayered structure" to enhance the fatigue resistance of metal multilayer films, providing a new solution for the long-term service of flexible conductors [3][4] - Flexible electronic technology has broad application prospects in aerospace, human-computer interaction, biomedical, and clean energy fields, with metal films being critical conductive materials [3] - Traditional nano-crystalline metal films face fatigue issues due to cyclic deformation, leading to premature crack initiation and rapid propagation, which ultimately results in a sharp increase in resistance and potential circuit failure [3] Summary by Sections - **Research Findings** - The coherent gradient nanolayered structure significantly improves the comprehensive fatigue resistance of metal films compared to previously reported materials, achieving a synergistic enhancement of both high-cycle and low-cycle fatigue performance [3] - The design maintains high conductivity and good electrical ductility, similar to pure silver films, and is compatible with existing microfabrication technologies, indicating strong industrial application potential [4] - **Applications** - The research team has developed prototype devices including implantable bioelectrodes, flexible light-emitting displays, and flexible interconnect circuits, validating the feasibility of the conductive material in various cutting-edge fields [4] - This advancement is expected to address the long-term reliability bottleneck of flexible electronics, promoting deeper applications and widespread adoption in medical health, human-computer interaction, and intelligent sensing [4]