报 告 摘 要 乘势而起：市场新高趋势追踪 触及新高的个股、行业和板块可被视为市场的风向标。越来越多的研究表明动量、趋势跟踪策略的有效性。本报告旨在定期跟踪市场中创新高的个股及其 分布，以追踪市场趋势、把握市场热点。 Close_t为最新收盘价，ts_max(Close,250)为过去250个交易日收盘价的最大值。若最新收盘价创出新高，则250日新高距离为0；若最新收盘价较新 高回落，则250日新高距离为正值，表示回落幅度。 指数相对近250日新高距离 截至2026年1月23日，上证指数、深证成指、沪深300、中证500、中证1000、中证2000、创业板指、科创50指数250日新高距离分别为0.70%、 0.00%、1.84%、0.00%、0.00%、0.00%、1.15%、0.00%。中信一级行业指数中机械、汽车、有色金属、纺织服装、钢铁行业指数距离250日新高较 近，食品饮料、银行、农林牧渔、医药、非银行金融行业指数距离250日新高较远。概念指数中，万得光伏、华为平台、光伏、风力发电、新能源、汽车零 配件与设备、万得双创等概念指数距离250日新高较近。 见微知著：利用创新高个股进行市场监测 截至2026 ...

编辑：付健青 广告等商务合作，请点击这里 报告显示，2025年中国出国参办展的专业展项目和企业数量双双提升。从各行业出国展项目数量来看， 机械、交通运输物流、纺织服装及皮革制品三大行业稳居前三位，消费品、五金工具等贴近终端市场的 行业参展热度显著提升，新能源、医疗保健、汽车零配件等行业引领出海新趋势。 此外，中国赴境外不同国家参展办展的行业呈现差异化布局。机械、五金工具等行业展会项目，重点布 局德国、美国、俄罗斯、墨西哥；纺织服装、消费品等终端产品行业，聚焦美国、日本、欧洲等消费市 场，以及越南、印度尼西亚等人口红利市场；交通运输物流、建筑装饰行业，重点布局土耳其、哈萨克 斯坦、阿联酋等区域物流枢纽或基建需求旺盛国家；医疗保健、信息通讯等技术密集型行业，优先布局 德国、美国、日本等技术先进国家。(完) 来源：中国新闻网 报告称2025年中国出国展项目数量延续增长态势 中新社武汉1月23日电 (记者 武一力)由中国贸促会研究院组织编制的《中国展览经济发展报告2025》23 日在武汉发布。根据报告，2025年中国出国展项目数量延续增长态势，参办展1259项，覆盖57个国家和 地区。 具体来看，2025年中国在亚洲 ...

中金公司研报指出，短期来看，资产影响方面，对于欧元，一方面关税和地缘政治摩擦或将进一步削弱 欧洲的经济增长，利空欧元；而另一方面，近期美国政策端不确定性的上升或让美国作为投资目的地的 可靠性受到更多质疑，从而利空美元，此次贸易摩擦中市场交易的矛盾可能更集中于后者。从权益市场 角度看，从对美国销售敞口占比来看（尽管未必等同于对美出口最多），欧洲的 生物医药，媒体娱 乐， 食品饮料等可能面临一定压力。从绝对出口额来看，药品、交运设备、机械、化学品、飞机等对 美国的出口值较高。虽然在公司层面或可通过调整产业链、本地化生产等措施来应对，但仍给"全球欧 洲"的盈利修复带来不确定性。在这样的背景下，我们相对较为看好：（1）"自主独立"主题的偏内需行 业（如 银行、公用事业）；（2）外需敞口上，我们建议关注估值和盈利预期已经较为合理，政策逆风 相对较小的板块。 ...

据了解，芬兰总理奥尔波此次将率20余家企业高管随访，涵盖机械、森工、创新、清洁能源、食品等芬 优势领域，充分体现了芬方对深化双边经贸关系的强烈意愿。中方高度重视对芬经贸合作，正与芬方积 极筹备中芬创新企业合作委员会第六次会议，为双方企业开展对话交流、共谋合作发展提供良好契机。 中芬企业十分积极踊跃，目前已有约50家企业代表报名参会。 访问期间，商务部将与芬方签署《关于加强中芬创新企业合作委员会工作的谅解备忘录》，双方企业还 将签署多项商业合作协议。这些都充分表明，中芬双方有意愿、有信心、有能力推动双边经贸合作持续 向好发展。 着眼未来，中芬在绿色、创新等领域优势互补，合作潜力巨大。欢迎双方企业抓住中国坚定不移推进高 水平对外开放带来的新机遇，进一步深化在绿色转型、信息技术、数字经济等领域合作。商务部愿与芬 方有关部门一道，共同落实好两国领导人达成的重要共识，加强经贸政策沟通，为双方企业做好服务保 障，推动中芬经贸合作走深走实。 人民财讯1月22日电，商务部新闻发言人就中芬经贸合作情况答记者问，有记者问：芬兰总理奥尔波将 于1月25日至28日对中国进行正式访问。请问双方届时在经贸领域将有哪些活动安排，有望取得哪 ...

Market Overview - A-shares showed mixed performance last week with major indices fluctuating and trading volume declining from high levels [1][8] Macro Data Analysis - China's exports in December increased by 6.6% year-on-year in USD terms, exceeding market expectations and also showing month-on-month growth [4][13] - For the entire year of 2025, exports are projected to grow by 5.5%, making it the largest contributor to economic growth among the three driving forces [4][13] - The strong export performance in December is attributed to sustained external demand during the global manufacturing cycle and a rush to export due to reduced domestic tax rebates [4][13] - The new export orders index for China's manufacturing PMI rose by 1.4 percentage points to 49.0% in December, while JPMorgan's global manufacturing PMI recorded 50.4%, indicating robust external demand [4][16] - Key export items included computers, integrated circuits, and automobiles, with the latter showing the strongest growth, potentially influenced by the EU's proposed minimum import price policy for Chinese cars [4][16] - ASEAN remains China's largest export destination [4][16] Short-term Market Strategy - The market is experiencing a cooling phase after a period of heightened enthusiasm, with a rapid decline in trading volume and financing levels [8][18] - Factors supporting the market include favorable liquidity conditions, a weak dollar cycle, and a gradual appreciation of the RMB [8][18] - The spring rally is driven by hotspots in commercial aerospace and AI applications, enhancing market risk appetite [8][18] - Regulatory measures have been implemented to cool down the market due to the rapid accumulation of risks from strong momentum [8][18] - The market's trading heat is quickly diminishing, and short-term thematic trends may enter a consolidation phase [8][18] Mid-term Market Outlook - Technology growth remains a favored direction, with expectations of improving economic fundamentals gradually accumulating [9][19] - The current economic fundamentals and technology narratives have not fundamentally changed, and the technology sector remains a priority for allocation [9][19] - Defensive dividend sectors may enter an observation period, with potential for fund allocation if aggressive sectors continue to face pressure [22] Long-term Market Perspective - The long-term dynamics of the US-China struggle are becoming clearer, with increasing skepticism about the US government's governance and institutional credibility [10][20] - Despite uncertainties in the US economic outlook and the Fed's interest rate cuts, the credit of the dollar remains intact [10][20] - The trend of long-term capital inflow into the Chinese equity market is expected to strengthen due to regulatory policies promoting passive investment products [10][20] - The increase in equity market profitability is likely to encourage residents to allocate more of their excess deposits into the stock market [10][20] Industry Insights - For defensive dividend sectors, a short-term observation period is recommended, with attention to potential fund allocation in response to worsening market sentiment [22] - In aggressive sectors, technology remains a key focus, particularly in AI and commercial aerospace, which are expected to continue driving performance [22] - The market should monitor the stabilization of AI applications and aerospace sectors for potential investment opportunities [22]

重要的消息有哪些 1．财政部等三部门发布关于延续实施创新企业境内发行存托凭证试点阶段有关税收政策的公告，自 2026年1月1日至2027年12月31日，对个人投资者转让创新企业CDR取得的差价所得，暂免征收个人所 得税。 2.财政部发布关于推动解决政府采购异常低价问题的通知，采购人应当根据实际工作需要，综合考虑同 类项目中标（成交）信息，以及市场供给和产业发展状况，材料、人工等市场价格，行业费用标准等市 场调查情况，形成科学、完整、清晰的采购需求，合理设定最高限价，为供应商竞争报价提供基础。 3.苏州"十五五"规划建议提到，推动数字金融高质量发展行动方案落地落实，全市域全领域拓展数字人 民币创新应用，推进"人工智能+金融"应用试点，争取建设数字金融全国重点实验室。优化支持中小微 企业融资协调工作机制，持续推动"四贷联动"产品和服务创新。深化投融资体制改革，积极发展股权、 债券等直接融资，大力服务企业上市，推动上市企业做大做强，培育更多千亿级规模上市企业。 4.据综合研判，今年春运期间全社会跨区域人员流动量和铁路、民航客运量均有望创历史同期新高。这 是记者21日从2026年全国春运电视电话会议上得到的消息。 5 ...

Group 1: ETF Market - The total market size of ETFs has decreased to 5.93 trillion yuan, down from 6.24 trillion yuan [1] - The scale of the CSI A500 ETF has dropped below 300 billion yuan, currently at 285.98 billion yuan, with 8 out of 40 ETFs having a scale of over 10 billion yuan [1] Group 2: Investment Outlook - Bridgewater Associates remains optimistic about the Chinese stock market, projecting a 45% return for its onshore hedge fund in 2025, marking the best performance in five years [1] - The All Weather Plus fund of Bridgewater saw a 9.1% increase in Q4, with an annual return of 44.5%, compared to an 18% rise in the benchmark CSI 300 index [1] Group 3: Energy Storage Market - GGII forecasts that global household energy storage system shipments will reach approximately 35 GWh in 2025, representing a nearly 50% year-on-year growth [2] - The market concentration for household storage systems is significant, with Germany, the US, Australia, and Japan accounting for 57% of the total global installation [2] Group 4: Film Industry - China's film industry chain is projected to reach a value of 817.26 billion yuan in 2025, with a box office multiplier of approximately 1:15.77, ranking among the top globally [3] Group 5: Commercial Aerospace - In 2025, China's commercial aerospace sector is expected to complete 50 launches, accounting for 54% of the total national space launches, with 311 commercial satellites successfully placed into orbit [3] Group 6: Strategic Partnerships - Lianlong has signed a strategic framework agreement with Runyinglian to enhance the reliability and efficiency of the lubricating oil additive supply chain in China and the Asia-Pacific region [8] Group 7: Financial Performance Forecasts - Limin Co. anticipates a net profit of 465 million to 500 million yuan for 2025, representing a year-on-year increase of 471.55% to 514.57% [11] - Guanghui Energy expects a net profit of 1.32 billion to 1.47 billion yuan for 2025, indicating a decline of 50.03% to 55.13% year-on-year [12] - Jiajiayue forecasts a net profit of 198 million to 228 million yuan for 2025, reflecting a growth of 50.06% to 72.79% year-on-year [13] - Xianghe Industrial projects a net profit of 120 million to 148 million yuan for 2025, showing an increase of 59.17% to 96.31% year-on-year [14] - Baiao Intelligent expects a net profit of 90 million to 120 million yuan for 2025, indicating a growth of 228.34% to 337.79% year-on-year [15] - Hekang New Energy anticipates a net profit of 50 million to 75 million yuan for 2025, representing a year-on-year increase of 385.62% to 628.43% [16]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core View of the Report - The proportion of high - price and high - valuation convertible bonds has reached a historical peak. With the TMT, automotive, chemical, electrical equipment, and machinery industries as representatives, the proportion of convertible bonds with both high prices and high valuations is over 40%. [4][22] - The convertible bond market is performing strongly. The median convertible bond price remains at a historical high, trading sentiment is hot, and certain types of convertible bonds have actively increased their valuations. [2][11] - Last week, the risk preference of funds decreased significantly. Stock ETF shares decreased substantially, while convertible bond ETFs were favored by funds. [3][21] 3. Summary by Related Catalogs Market Performance - Last week, there was policy cooling in the equity market. Broad - based ETF funds flowed out significantly, while convertible bond ETFs flowed in reversely. Bull market expectations were strong, and equity - like convertible bonds and newly - issued bonds drove the convertible bond performance to be stronger than that of equities. [2][11] - The median convertible bond price remained at a historical high, fluctuating around 138 yuan. The average daily trading volume of the entire convertible bond market was 92.2 billion yuan, second only to the "924" level. The 100 - yuan premium rate continued to rise to 33% at a historical high, and the implied volatility fluctuated around the historical extreme point of 45%. The implied volatility difference remained at a historical high of around 13%. [2][11] - The trading sentiment of convertible bonds was hot, and the turnover rates of convertible bonds with extremely low balances and low ratings were relatively high. The valuations of high - price and equity - like convertible bonds actively increased, with a growth rate (1.7%) higher than that of the underlying stocks (1.26%); the valuations of convertible bonds issued by companies with an underlying stock market value of over 20 billion yuan also actively increased, with a growth rate (1.9%) higher than that of the underlying stocks (0.8%); newly - issued bonds and convertible bonds listed within 2 years also significantly and actively increased their valuations. [2][11] Funds Sentiment - From the comparison of the share fluctuations of various broad - based indexes, bond - type, and major commodity (gold) ETFs, the risk preference of funds decreased significantly last week. Stock ETF shares decreased by 12%. In particular, the ChiNext ETF, Science and Technology Innovation 50 ETF, and SSE 50 ETF shrank by 16%, 12%, and 12% respectively last week. In contrast, the CSI 2000 ETF had a relatively large expansion, with its shares increasing by 7% last week. [3][21] - Convertible bond ETFs have been favored by funds recently. On the basis of performing no worse than equities in the previous week, their shares increased by 4.3% last week; the shares of interest - rate bonds continued to show an obvious shrinking trend. [3][21] Investment Strategy - Currently, the proportion of high - price and high - valuation convertible bonds has reached a historical peak. It is recommended to focus on newly - issued convertible bonds. Currently, newly - issued bonds are mainly from the Science and Technology Innovation Board, with high - quality underlying stocks and good performance realization. Against the background of strong expectations for the second stage of the equity bull market, their scarcity has increased. [4][22] - Combining performance, it is recommended to focus on: Maolai Convertible Bond, Qizhong Convertible Bond, Weidao Convertible Bond, Yongxi Convertible Bond, Luwei Convertible Bond, Weice Convertible Bond, Anji Convertible Bond, and Dinglong Convertible Bond in the electronics industry; Ruike Convertible Bond in the field of robotics and industrial automation; Jin 05 Convertible Bond, Funeng Convertible Bond, Jinlang Convertible Bond 02, and Yingliu Convertible Bond in the fields of energy power and gas turbines; Bo 25 Convertible Bond in the automotive industry; and Jin 25 Convertible Bond. [4][22]

证券研究报告 2026.01.19 核聚变之光 04：聚焦 2026 核聚变能科技与 产业大会 郭威秀 分析员 刘中玉 分析员 SAC 执证编号：S0080521120004 SFC CE Ref：BSI157 weixiu.guo@cicc.com.cn SAC 执证编号：S0080521060003 SFC CE Ref：BSP722 zhongyu.liu@cicc.com.cn 纵轴：相对值（%） 84 100 116 132 148 164 2025-01 2025-04 2025-07 2025-10 2026-01 沪深300 中金机械 中金一级行业：工业 资料来源：Wind，彭博资讯，中金公司研究部 行业动态 行业近况 2026 年 1 月 16-17 日，由安徽聚变产业联合会、中国科学院合 肥物质科学研究院、聚变新能（安徽）有限公司联合举办的 "2026 核聚变能科技与产业大会"在安徽省合肥市庐阳区 CRAFT园区顺利开幕，本次大会重点围绕BEST、CRAFT等项 目的核心材料及关键设备技术突破进行主题汇报。 评论 政策确定性强，战略红利持续释放。聚变能源作为国家"十五 五"规划明确的新经济 ...

Summary of Conference Call Notes Industry and Company Involved - The report focuses on the investment strategies and performance of various sectors, particularly in the machinery, electronics, and renewable energy industries. - Key companies mentioned include 博盈特焊 (Boyi Welding), 天华新能 (Tianhua New Energy), 广联航空 (Guanglian Aviation), 京东方A (BOE Technology Group), 三峡旅游 (Three Gorges Tourism), 超捷股份 (Chaojie Co.), 福元医药 (Fuyuan Pharmaceutical), and 宁波银行 (Ningbo Bank) [1][1][1]. Core Insights and Arguments - The report highlights two main functions: timely understanding of industry trends and significant excess returns from researched stocks [1]. - Recent fund manager research trends indicate a focus on the following sectors and companies: - **Growth**: Machinery, Electronics, Renewable Energy; top companies include 博盈特焊, 天华新能, 广联航空 [1]. - **Balanced**: Machinery, Renewable Energy, Non-ferrous Metals; top companies include 天华新能, 博盈特焊, 三峡旅游 [1]. - **Value**: Machinery, Electronics, Military Industry; top companies include 京东方A, 博盈特焊, 广联航空 [1]. - **TMT (Technology, Media, Telecommunications)**: Machinery, Electronics, Renewable Energy; top companies include 博盈特焊, 天华新能, 广联航空 [1]. - **Manufacturing**: Machinery, Renewable Energy, Automotive; top companies include 天华新能, 广联航空, 超捷股份 [1]. - **Consumer**: Pharmaceuticals, Electronics, Food and Beverage; top companies include 三峡旅游, 福元医药, 奥浦迈 [1]. - **Cyclical**: Non-ferrous Metals, Chemicals, Renewable Energy; top companies include 盛达资源, 天华新能, 亚太科技 [1]. - **Financials and Real Estate**: Automotive, Banking; top companies include 超捷股份, 宁波银行, 光庭信息 [1]. Additional Important Insights - An equal-weight index constructed from the stocks researched over the past six months shows a cumulative increase of 21% in H2 2025, significantly outperforming the Shanghai Composite Index's 15% increase [1]. - All types of fund research stock indices exhibit excess returns, particularly in the balanced, value, consumer, and financial real estate sectors compared to their respective fund averages [1].