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 ...

| 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 | ...

去年，山东农林牧渔总产值超过1.3万亿元，稳居全国首位。乡村振兴深耕细作，出台了实施乡村全面 振兴规划，片区化推进乡村振兴经验在全国推广，省市县累计建设片区2070个，覆盖1.8万余个行政 村，探索形成了以片区建设为抓手打造乡村振兴齐鲁样板的路子。 今年，山东将在推进乡村全面振兴上再加力，加快建设现代农业强省，努力在农业强国建设中"走在 前、挑大梁"。以片区建设为抓手，每年新建、改造提升省级片区100个左右，打造乡村振兴齐鲁样板。 以"1＋4"体系为重点，持续深入实施粮食单产提升行动，向设施农业、畜牧业、海洋渔业、盐碱地 要"粮"，加快建设更高水平"齐鲁粮仓"。以促进农民增收为中心任务，深化龙头企业提振行动，大力发 展乡村富民产业，强化联农带农，推动乡村产业高质量发展。以群众急难愁盼为着力点，统筹推动路水 电网等民生实事，探索提升乡村治理水平的有效抓手。以改革创新为驱动，抓好农业科技创新、农业数 字化、农业开放发展，强化关键支撑。以完善政策机制为保障，落实农业农村优先发展要求，压实各级 书记抓乡村振兴责任。 山东省政府工作报告提出，2026年奋力推进乡村全面振兴。深化学习运用"千万工程"经验，打造更高水 平乡 ...

中国化学：每股现金红利0.1元（含税），股权登记日：2026-1-29，除息除权日：2026-1-30，数据来源 《中国化学2025年半年度权益分派实施公告》；申万一级行业：建筑装饰，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 众兴菌业：每10股派发现金红利1.50元（含税），股权登记日：2026-2-2，除息除权日：2026-2-3，数 据来源《众兴菌业：2025年前三季度分红派息实施公告》；申万一级行业：农林牧渔，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至1月26日，该指数近1年股息率为 4.60%；红利低波ETF华夏（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红，联接基 金A类021482；联接基金C类021483。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指 ...

Core Viewpoint - The market sentiment is stable with high price-volume consistency, indicating a sideways trend in the market [1] Group 1: Market Sentiment Indicators - The market sentiment indicator value as of January 23 is 2.35, a slight increase from 2.25 the previous week, indicating a neutral sentiment [3] - Key indicators such as the proportion of transactions in the Sci-Tech 50 and inter-industry trading volatility have shown signs of recovery, suggesting a marginal improvement in market risk appetite [6][15][17] - The price-volume consistency indicator remains high, reflecting a strong correlation between market attention and stock price movements, indicating active market sentiment [9] - The financing balance ratio has shown a slight upward trend, indicating that leveraged funds are maintaining a high level of sentiment, suggesting overall market risk appetite remains positive [22] Group 2: Industry Trends and Performance - The scoring model indicates that non-ferrous metals, communication, and defense industries are leading in trend scores, with non-ferrous metals achieving a short-term score of 100.00, the highest among industries [30][31] - The average industry congestion level is highest in utilities, computers, media, banks, and oil and petrochemicals, while the lowest is in environmental protection, textiles, and light manufacturing [33] - The correlation between industry congestion and weekly price changes is negligible, indicating that high congestion sectors like oil and petrochemicals are experiencing significant price increases, while sectors with low congestion are lagging [35] Group 3: Technical Indicators - The RSI indicator has shown a decline, suggesting a decrease in short-term upward momentum and an increase in selling pressure, indicating a potential weakening of market sentiment [25][37] - The model indicates that small-cap and growth styles are currently favored, although there are signs of weakening in the short-term signals for these styles [38]

Group 1 - In the past month (from December 27, 2025, to January 26, 2026), a total of 18 companies listed on the Beijing Stock Exchange (BSE) received institutional research, with Xingchen Technology being the most notable, attracting 31 participating institutions [1] - Among the 18 companies, 16 were researched by brokerages, 11 by funds, 5 by private equity, and 4 by insurance companies [1] - The companies that received the most attention from institutions include Tietuo Machinery, Wuxin Tunnel Equipment, and Jikang Technology, with 27, 23, and 16 participating institutions respectively [1] Group 2 - The average market capitalization of all companies on the BSE as of January 26 was 3.327 billion yuan, while the average market capitalization of the companies that received research was 4.205 billion yuan [2] - The companies with the highest market capitalization among those researched include Kaifa Technology, Fujida, and Jinhua New Materials [2] - The average stock price increase for the researched companies over the past month was 5.46%, with notable gainers including Tianrun Technology, Tairis, and Fujida, which saw increases of 24.61%, 18.46%, and 13.52% respectively [1][2]

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index slightly down by 0.09% closing at 4132.61 points, the Shenzhen Component Index down by 0.85% at 14316.64 points, the ChiNext Index down by 0.91% at 3319.15 points, and the STAR 50 Index down by 1.35% at 1532.8 points [1] - Overall, there were 1602 stocks that rose and 3767 stocks that fell, with a total trading volume of 32,482 billion yuan, an increase of 1630 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, non-ferrous metals, petroleum and petrochemicals, coal, agriculture, forestry, animal husbandry, and fishery led the gains with increases of 4.57%, 3.18%, 2.07%, 0.85%, and 0.79% respectively [1] - Conversely, industries such as defense and military, automotive, social services, electronics, and real estate experienced declines, with decreases of 4.47%, 2.31%, 2.30%, 2.24%, and 2.23% respectively [1] Concept Sector Performance - The top-performing concept sectors included gold and jewelry, vaccines, selected rare metals, animal health, blood products, industrial metals, nickel ore, rare earths, influenza, cobalt ore, small metals, and biotechnology [2] - Sectors such as satellite internet, commercial aerospace, satellite navigation, and military information technology experienced pullbacks [2]

Core Viewpoint - A total of 947 companies have announced their performance forecasts for the year 2025, with 290 companies expecting profit increases, representing 30.62% of the total [1]. Group 1: Performance Forecasts - Among the 947 companies, 290 are expected to report profit increases, while 318 anticipate losses and 127 expect profit declines, resulting in a total of 37.91% of companies reporting positive forecasts [1]. - The median profit increase for 165 companies is projected to exceed 100%, while 170 companies expect profit increases between 50% and 100% [1]. - The company with the highest expected profit increase is Huisheng Biological, with a median profit increase of 1355.24% [1]. Group 2: Industry Analysis - The sectors with the most companies expecting profit increases include electronics (26 companies), basic chemicals (19 companies), and pharmaceutical biology (18 companies) [1]. - The distribution of companies expecting profit increases is as follows: 94 from the main board, 53 from the ChiNext board, 16 from the Sci-Tech Innovation board, and 2 from the Beijing Stock Exchange [1]. Group 3: Stock Performance - Companies with expected profit increases have averaged a 15.11% rise in stock prices this year, outperforming the Shanghai Composite Index [2]. - The stock with the highest increase is Jinhaitong, which has risen by 98.43% this year [2]. - Among the stocks that have decreased, *ST Panda has the largest drop at 13.90%, followed by Defu Technology and Penghui Energy with declines of 12.69% and 10.82%, respectively [2].

Core Insights - The report highlights a decrease in the market value of public funds heavily invested in the Beijing Stock Exchange (BSE), which reached 9.05 billion yuan as of Q4 2025, a decline of 12.19% quarter-on-quarter [2] - The report indicates that the decline is primarily due to profit-taking by investors in thematic funds, with a total redemption of 1.48 billion units, accounting for 52% of the total units before redemption [2][17] - The average net value growth rate of thematic funds in 2025 was 56.7%, significantly outperforming the BSE 50 index's growth of 38.8% [17] Public Fund Investment Trends - As of Q4 2025, the market value of public funds invested in the BSE accounted for 0.27% of the total A-share market, a decrease of 0.04 percentage points [3][4] - The report notes that passive investment trends are ongoing, with index funds experiencing net subscriptions for three consecutive quarters, totaling 12.838 billion yuan as of Q4 2025, an increase of 7.55 billion yuan [2][13] - The report anticipates continued institutional investment in the BSE, with eight thematic funds pending market entry, including six index funds and two actively managed funds [2] Active Equity Fund Strategies - Active equity public funds are focusing on low-valuation growth stocks, with the valuation center of the top 10 stocks held by these funds dropping to 39 times earnings, below the valuation center of the BSE A-shares [2][20] - Key stocks of interest include Litong Technology (solid-state battery), Tongli Co. (lowest valuation on the BSE), and Lin Tai New Materials (low-valuation high-performance) [2][22] - The report also notes an increased focus on cyclical manufacturing sectors, such as basic chemicals and machinery, while reducing exposure to consumer sectors like beauty care and agriculture [2] Thematic Fund Performance - The report emphasizes that thematic funds have shown significant excess returns, with the average net value growth rate of thematic funds in 2025 being 56.7%, compared to the BSE 50's growth of 38.8% [17] - Specific funds that performed well include the "Hua Xia BSE Innovation Small and Medium Enterprises Selected Two-Year Open Fund," which had the lowest redemption ratio [2][15] - The report identifies a trend of active equity public funds increasing their holdings in stocks like Litong Technology, Tongli Co., and Lin Tai New Materials, indicating a strategic shift towards promising sectors [22]

Economic Growth - Shandong Province's GDP is projected to reach 10.3 trillion yuan by 2025, with a year-on-year growth of 5.5%, making it the third province in China to exceed this milestone after Guangdong and Jiangsu, and the first in Northern China [2] - The total grain output in Shandong is expected to stabilize at over 110 billion jin, with the total output value of agriculture, forestry, animal husbandry, and fishery reaching 1.3 trillion yuan [2] - The industrial added value above designated size is anticipated to grow by 7.6% year-on-year, while the service sector's added value is expected to increase by 6.1% [2] Industrial Development - Shandong is recognized for having the most complete industrial categories and systems in China, with new growth drivers continuously emerging and high-quality development being promoted [4] - Industrial technological transformation investment is projected to grow by 5.3% year-on-year, and the added value of the equipment manufacturing industry is expected to increase by 11.4% [4] - The production of industrial robots, electronic components, and semiconductor discrete devices is experiencing rapid growth, with Shandong leading in the number of smart factories cultivated [4] Trade and Export - The total import and export volume of Shandong is expected to reach 35.303 trillion yuan, marking a growth of 4.5%, which accounts for 7.8% of China's total import and export value [5] - Shandong's contribution to national foreign trade growth is approximately 9.1%, with exports to countries involved in the Belt and Road Initiative growing by around 7% [5] - The province aims to be a promoter of a unified national market domestically and a bridgehead for Northeast Asia and the Belt and Road Initiative internationally [5]