本报告导读： 1 月第 3 周 A 股市场指数表现分化，中小盘股票表现相对较优，沪深北三市交易活 跃度均有所下降，北证日均成交金额环比下降 34.33%至 264.07 亿元，北证 50 指数 单周上涨 2.60%。当周北交所 1 只新股招股，2 只新股上市，新股上市首日均价涨 幅仍维持 150%以上高位。 投资要点： 新股研究 /[Table_Date] 2026.01.26 北证日均成交金额有所回落，北证 50 指 数单周上涨 2.60% ——北交所周报（2026 年 1 月第 3 周） | [Table_Authors] | | | --- | --- | | | 王政之(分析师) | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.co ...

根据摩根士丹利的研究，英国因人工智能（AI）丧失的工作岗位数量，已超过其创造的工作岗位数 量，而且岗位流失速度快于国际上的类似经济体。 该研究发现，尽管企业采用AI技术带来了显著效益，但英国劳动者为此承受了尤为沉重的代价，本来 就趋冷的劳动力市场雪上加霜。 研究表明，英国企业报告称，在过去12个月AI导致就业岗位净减少8%。在涵盖德国、美国、日本和澳 大利亚企业的组别中，英国企业的这一比例最高，且为国际平均水平的两倍。 该报告调查了已使用人工智能至少一年的企业，覆盖对AI敏感的五大行业：消费必需品与零售、房地 产、交通运输、医疗设备及汽车行业。对其中许多企业而言，技术投资已经初见成效。 英国企业因表示，AI平均而言带来了11.5%的生产力提升，其中近半数企业报告的增幅更大。美国企业 实现几乎相同幅度的生产力提升，但因人工智能而创造的就业岗位比裁减的岗位更多。 对英国国家统计局在线职位空缺数据的分析显示，虽然各行业招聘职位普遍减少，但英国企业正以明显 更快的速度缩减那些可能受到AI影响的职位，包括软件开发人员和咨询顾问。 摩根士丹利的研究还显示，接受调查的雇主在英国最有可能裁减需要两到五年工作经验的初级岗位。 ...

证券研究报告 | 固定收益定期 gszqdatemark 2026 01 26 年 月 日 固定收益定期 春节错位效应开始影响高频数据同比——基本面高频数据跟踪 本期国盛基本面高频指数为 129.6 点（前值为 129.5 点），当周同比 增加 6.0 点。利率债多空信号因子为 3.5%（前值为 3.2%）。 生产方面，工业生产高频指数为 128.1，前值为 128.0，当周同比增加 4.8 点（前值为增加 4.8 点），同比增幅不变。 总需求方面，商品房销售高频指数为 40.2，前值为 40.3，当周同比下 降 6.6 点（前值为下降 6.6 点），同比降幅不变；基建投资高频指数为 121.9，前值为 121.9，当周同比增加 7.9 点（前值为增加 7.9 点）， 同比增幅不变；出口高频指数为 143.7，前值为 143.7，当周同比减少 0.5 点（前值为减少 0.3 点），同比减幅扩大；消费高频指数为 121.5， 前值为 121.4，当周同比增加 3.6 点（前值为增加 3.4 点），同比增幅 扩大。 物价方面，CPI 月环比预测为 0.0%（（前值 0.1%）；PPI 月环比预测为 0.0%（前值 ...

证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 26 日 产业债方面，2025 年 Q4 主动型债基重仓前五大产业债中，公用事业、非银金融、 交通运输等行业的主动型债基重仓前五大产业债持仓市值较高，AA、AA+、AAA- 重仓前五大产业债持仓市值减少较多。整体来看，主动型债基持仓较大的产业主体 主要为央企以及部分省级或直辖市产业主体，主体评级均为 AAA，其中主动型债基 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 2025Q4 债基信用配置有何变化？ ——债基 2025 年 Q4 季报分析 投资要点： 2025Q4，一、二级债基的可转债持仓规模均有所上升，其中 2025Q4 一级债基合计 持有可转债市值为 657 亿元，环比增加 27 亿元；二级债基合计持有可转债市值为 1,063 亿元，环比增加 33 亿元。但从可转债持仓市值占债券持仓市值的比例来看， 2025Q4 一级债基可转债持仓市值占比环比小幅上 ...

根据调研日期截止日统计，近一个月（2025年12月27日至2026年1月26日），共有18家北交所公司获机 构调研，其中，星辰科技最受关注，参与调研的机构有31家。 证券时报·数据宝统计显示，近一个月共有18家北交所公司获机构调研，调研机构类型显示，券商共对 16家公司进行调研；基金调研11家；阳光私募调研5家；保险调研4家。 机构调研榜单中，星辰科技参与调研的机构合计达31家，最受关注；其次是铁拓机械、五新隧装、基康 技术，参与调研的机构分别有27家、23家、16家。 1 90.61 -1.51 电力设备 （文章来源：证券时报网） 市场表现方面，获机构调研的北交所公司近一个月平均上涨5.46%。其间股价上涨的有12只，涨幅居前 的有天润科技、特瑞斯、富士达等，分别上涨24.61%、18.46%、13.52%；从换手率来看，获调研的北 交所公司中，近一个月日均换手率平均值为6.40%，日均换手率居前的有天润科技、星辰科技、铁拓机 械等，日均换手率分别为16.01%、14.56%、12.93%。 截至1月26日收盘，北交所全部公司总市值均值为33.27亿元，近一个月获调研的公司总市值平均值为 42.05亿元，获 ...

Group 1: Real Estate Market - The Ministry of Housing and Urban-Rural Development aims to stabilize the real estate market this year by implementing city-specific and precise policies, supporting reasonable financing needs of real estate companies, and addressing residents' housing demands [1] - Key initiatives include establishing a project company system for real estate development, promoting a main bank system for financing, and implementing a "see what you get" system for the sale of commercial housing [1] Group 2: Market Regulation - The State Administration for Market Regulation reported that in 2025, it urged mobile power production companies to recall 1.3977 million problematic power banks due to safety concerns [2] - The number of complaints regarding mobile power products has decreased by 85% compared to the peak in July 2025, indicating improved consumer satisfaction [2] Group 3: Environmental Initiatives - The Ministry of Ecology and Environment announced the first batch of 23 beautiful rural pilot areas, focusing on ecological protection and rural development [4] - By 2025, rural environmental quality is expected to improve significantly, with over 24,000 administrative villages undergoing environmental remediation [4] Group 4: Transportation Impact - The recent cold wave has led to the closure of 161 sections of national and provincial highways across 14 provinces due to snow and icy conditions [5] Group 5: Electric Vehicle Infrastructure - As of December 2025, the number of electric vehicle charging facilities in China has surpassed 20 million, supporting over 40 million new energy vehicles [6] - The growth rate of charging facilities has accelerated, with the number doubling from 10 million to 20 million in just 18 months [6] Group 6: Robotics Industry - In 2025, over 140 domestic companies have produced more than 330 humanoid robot models, marking a significant advancement in the industry [6] - The Ministry of Industry and Information Technology plans to promote technological innovation and safety in humanoid robots to support the broader development of embodied intelligence [6] Group 7: Telecommunications - China has built 4.838 million 5G base stations, with over 1.2 billion 5G users, establishing the largest and most advanced information infrastructure globally [7] - The first phase of 6G technology trials has been completed, with over 300 key technologies developed, and the second phase of trials has recently begun [7] Group 8: Consumer Market - The total retail sales of consumer goods in 2025 are projected to exceed 50 trillion yuan, with a growth rate of 3.7% [8] - The contribution of final consumption expenditure to economic growth is expected to reach 52%, highlighting its role as a key driver of economic development [8]

Economic Indicators - As of January 25, 2026, the ECI supply index is at 50.06%, up 0.10 percentage points from the previous week, while the demand index remains stable at 49.84%[8] - The ECI investment index is at 49.83%, unchanged from last week, and the consumption index is at 49.65%, down 0.01 percentage points[8] - The ECI export index has increased to 50.22%, up 0.02 percentage points from last week[8] Industrial Production - The operating rate for automotive full steel tires has improved by 20.6 percentage points year-on-year, while the cement shipment rate has increased by 13.4 percentage points compared to the same period last year[2] - The overall industrial production shows significant improvement due to the timing of the Spring Festival, with various industries experiencing better operating rates compared to last year[17] Real Estate Market - The sales growth of second-hand homes continues to recover, with a year-on-year increase of approximately 10.9% for the week of January 17-23, 2026, marking the first positive year-on-year change since October 2025[2] Consumer Market - The retail sales of passenger cars are expected to rebound from a year-on-year decline of -14.0% in December 2025 to a growth of 0.3% in January 2026[2] - The "trade-in" policy has shown positive effects, with significant improvements in appliance sales during the week of January 12-18, 2026[2] Export Performance - The cumulative cargo throughput at monitored ports in January 2026 is recorded at an average of 25,967.4 million tons, reflecting a year-on-year growth of approximately 3.5%[2] - January exports are expected to maintain strong resilience, supported by a higher number of working days compared to the previous year[2] Inflation Trends - The average wholesale price of pork has increased to 18.48 yuan/kg, showing a marginal recovery, while the average price of 28 key monitored vegetables is at 5.65 yuan/kg, also reflecting a slight increase[44] - The CPI is expected to continue rising due to the seasonal demand for food products and the increase in international oil prices[2] Monetary Policy - The MLF (Medium-term Lending Facility) has been preemptively rolled over with an excess of 9,000 billion yuan, indicating a total liquidity injection of 1 trillion yuan in January 2026[16] - The ELI index stands at -0.71%, having increased by 0.07 percentage points from the previous week, indicating a slight improvement in liquidity conditions[13] Risk Factors - Uncertainties remain regarding U.S. tariff policies and the potential for policy measures to fall short of market expectations[59] - The sustainability of improvements in the real estate market is still under observation[59]

1月26日，资源板块领衔冲高，油气板块震荡上行，截至10:48，油气ETF汇添富（159309）涨超3.8%，盘中价创历史新高，资金持续涌入油气板块，油气 ETF汇添富（159309）盘中吸金超2500万元！至此已经连续10日吸金超1亿元！ | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 002353 | 杰瑞股份 | 机械设备 | 2.12% | 10.69% | | 2 | 600938 | 中国海油 | 石油石化 | 6.34% | 9.50% | | 3 | 600028 | 中国石化 | 石油石化 | 4.07% | 8.87% | | 4 | 601857 | 中国石油 | 石油石化 | 4.48% | 8.62% | | ਟ | 601872 | 招商轮船 | 交通运输 | 4.72% | 7.30% | | 6 | 600026 | 中远海能 | 交通运输 | 5.67% | 4.98% | | 7 | 600256 | 广汇能源 | 石油石化 | 4.58% | 4.92% ...

｜2026年1月26日星期一｜ NO.3光大证券：建议投资者近期以稳为主但仍应持股过节 NO.1中信建投：景气投资占优坚守"科技+资源品"双主线 光大证券研报认为，春节前市场将会保持震荡，难以保持稳定的趋势，这主要与春节之前投资者交易热 度有所下行，以及微观流动性短期趋紧有关。从历史情况来看，春节前20个交易日，主要指数上涨概率 不足50%。预计春节之后市场将会迎来新一轮上行动力，春节后20个交易日主要指数上行概率与平均涨 幅均较高。因此建议投资者近期以稳为主，但仍应持股过节。行业方面，关注电子、电力设备、有色金 属等。若1月市场风格为成长，五维行业比较框架打分靠前的行业分别为电子、电力设备、通信、有色 金属、汽车等；若1月份市场风格为防御，五维行业比较框架打分靠前的行业分别为非银金融、电子、 有色金属、电力设备、汽车、交通运输等。两种风格假设下，得分靠前行业具有一定的相似性。主题方 面，可继续关注商业航天。 中信建投（601066）证券研报认为，经济数据显示，工业生产延续韧性，与此同时出口保持较快增长， 但消费、投资等内需指标仍显疲软。从宏观背景来看，当前宏观环境与2020~2021年赛道投资高峰期有 颇多 ...

发展是硬道理，项目是硬支撑。"十四五"时期，嘉兴坚持"项目为王"，扎实推进一批批科技含量高、带 动能力强的重大项目落地生根，一个个补短板、惠民生的基础设施和民生项目加快推进，有力支撑经济 社会发展持续向好。过去三年，举全市之力推进"公铁水空"重大项目建设，嘉兴南湖机场正式投用，苏 台高速二期建成通车等，"公铁水空"联运枢纽呼之欲出，城市格局发生历史性变化。过去一年，通过开 展重大项目"优结构、促招引、增后劲"攻坚行动，全市招引落地亿元以上产业项目392个，建成投用独 山能源、中鸿新材料一期、蓝鲸生物能源等产业项目，带动产业投资增长15%，加快迈向智造创新强 市。 抓项目就是抓发展，谋项目就是谋未来。今年是"十五五"开局之年。五年看头年，开局是关键。为推 动"十五五"开好局、起好步，嘉兴新年第一会直指项目投资攻坚，释放出以重大项目建设带动有效投 资、增强发展后劲的强烈信号；刚刚闭幕的市两会也将夯实重大项目支撑纳入今年十大重点工作，明确 要狠抓重大项目建设、加力扩大产业投资、优化项目服务保障。闻令而动、马上就办，各级各部门要牢 固树立"项目为王"的鲜明导向，以快马加鞭、分秒必争的状态全力以赴抓项目、千方百计促投资 ...