（文章来源：每日经济新闻） 每经AI快讯，1月27日，韩国综合股价指数（KOSPI）上涨2%，三星电子股价上涨3%。 ...

Market Overview - The market experienced a mild increase this week, with the average daily trading volume in the Shanghai and Shenzhen markets significantly declining, yet remaining at a historical high of approximately 2.7 trillion [1][3] - A-shares have escaped short-term emotional fluctuations and returned to a rational operational track, supporting a steady and gradual bull market trend [1][3] - Market activity remains high, indicating numerous investment opportunities [1][3] Investment Strategy - The company anticipates that the market will exhibit a "slow bull" characteristic until the Chinese New Year, with rapid theme rotations [1][3] - A long-term investment strategy is recommended, focusing on selecting stocks with favorable long-term trends while avoiding short-term speculation [1][3] Long-term Focus Areas 1. The repeated TACO (Trade Adjustment and Cooperation Agreement) by the U.S. may lead countries to accelerate self-sufficiency in defense, resources, finance, and supply chains, intensifying resource competition and indicating an upward cycle for commodities [1][3] 2. The intensifying global technology competition is driving the domestic strategy for technological self-reliance, presenting dual development opportunities in the A-share technology growth sector through domestic substitution and industrial upgrading [1][3] Industry Performance - In the past week, the construction materials, oil and petrochemicals, and steel industries performed notably well, with respective increases of +9.23%, +7.71%, and +7.31% [14]

Group 1 - The core viewpoint of the article highlights that in the past two weeks, the main funds have experienced a net outflow of 400.46 billion yuan, with the banking and coal industries seeing the highest net inflows, while the electronic, computer, and defense industries faced the largest net outflows [5][11][12] Group 2 - The current market financing and securities lending balance stands at 27,249.13 billion yuan, reflecting a 3.98% increase from the previous period, with the financing balance at 27,075.43 billion yuan and the securities lending balance at 173.70 billion yuan [5][15] - The average daily trading volume for margin financing and securities lending in this period was 3,346.76 billion yuan, which is a 35.59% increase compared to the previous period, with net purchases in financing averaging 3,337.73 billion yuan, up 35.62% [5][20] Group 3 - In terms of market performance, the number of stocks that increased in value surpassed those that decreased, with the top three performing industries being non-ferrous metals, building materials, and basic chemicals, while the banking, non-bank financials, and food and beverage sectors saw declines [5][25] Group 4 - The overall strength analysis score for all A-shares in the past two weeks was 6.38, indicating a neutral to strong market condition, with the CSI 300 score at 4.52, the ChiNext score at 6.49, and the Sci-Tech Innovation Board score at 6.52 [5][33]

流动性方面，大湾区ETF盘中换手0.16%，成交14.21万元。拉长时间看，截至1月26日，大湾区ETF近1月日均成交92.05万元。 截至2026年1月23日，大湾区ETF近1年夏普比率为1.76。 回撤方面，截至2026年1月26日，大湾区ETF今年以来最大回撤1.84%，相对基准回撤0.02%。 截至2026年1月26日 15:00，中证粤港澳大湾区发展主题指数(931000)下跌1.22%。成分股方面涨跌互现，明阳智能领涨10.02%，沃尔核材上涨6.04%，越秀资 本上涨5.03%；信维通信领跌10.05%，海格通信下跌10.02%，广东宏大下跌8.37%。大湾区ETF(512970)多空胶着，最新报价1.56元。拉长时间看，截至2026 年1月26日，大湾区ETF本月以来累计上涨1.17%。（以上所列股票仅为指数成份股，无特定推荐之意） | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 601318 | 中国平安 | 0.38% | 8.31% | | 002475 | 立讯精密 | -2.54% | 6.59% | | 002594 | ...

市场概览 股票市场 融智投资FOF市场周报2026年01月第4周 商品市场 债券市场 数据来源：高阶分析。本资料仅提供投资者自研使用。 第1页 A股主要指数呈现震荡分化态势，上证指数全周微涨0.84%，深证成指上涨1.11%，而创业板指与沪深300分别 下跌0.34%和0.62%。科创综指表现突出，周涨幅达2.41%，振幅超过5%，显示资金对科技成长板块的偏好持 续强化。从市场广度看，全周超过77%的个股上涨，显示赚钱效应扩散，但指数涨幅受限主要受权重板块如银 行-2.70%和通信-2.12%拖累。 前期热门板块如AI应用与商业航天出现获利了结迹象，而监管层对过度炒作的警示也使部分概念股降温。资金 流向方面，主力资金全周净流出1496亿元，电子行业净流出429亿元最为显著，而建筑材料、基础化工行业则 获主力资金净流入。 以沪深300与上证50ETF为代表的宽基ETF出现资金净流出，而契合"新质生产力"国家战略的中小市值成长板 块（如中证1000、中证500）持续获得资金青睐，市场呈现中小盘风格占优的特征。 央行行长潘功胜重申"继续实施好适度宽松的货币政策"，但前期结构性工具利率下调0.25个百分点的政策已 经 ...

1119家公司公布了全年业绩预告，业绩预增公司有345家，占比30.83%。 证券时报·数据宝统计显示，截至1月27日，已经有1119家公司公布了2025年度业绩预告。业绩预告类型 显示，预增公司345家、预盈104家，合计报喜公司比例为40.13%；业绩预亏、预降公司分别有363家、 143家。 | | 能 | | | | | 备 | | --- | --- | --- | --- | --- | --- | --- | | 002636 | 金安国 | 2026.01.22 | 763.47 | 26.36 | 57.75 | 电子 | | | 纪 | | | | | | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 33.58 | 51.13 | 公用事 | | | 份 | | | | | 业 | | 003035 | 南网能 | 2026.01.20 | 667.73 | 5.93 | 29.48 | 公用事 | | | 源 | | | | | 业 | | 603086 | 先达股 | 2026.01.27 | 660.38 | 9.00 | 9.49 | 基础化 | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：明察宏观 文 财信研究院宏观团队 李沫 胡文艳 伍超明 核心观点 一、价比量更重要：经济、政策以及资产配置新瞄点 其一，价格直接牵动企业盈利与居民收入，是激活"价格-盈利-收入-消费"内循环的关键枢纽，比GDP等 总量指标更能反映经济内生活力。其二，当前"量增价缩"格局不可持续，推动价格回升至合理区间已是 宏观政策必然选择，否则将侵蚀供需两端并阻碍新质生产力发展。其三，A股市场未来的走势，核心在 于建立"价格-盈利-信心"正向循环，价格回升既是启动盈利修复的关键，也是稳定市场预期的压舱石。 二、2026年价格走势分析 （一）趋势研判：2026年物价回升趋势明确。从宏观视角看，供需缺口趋于收敛、M1增速触底回升、 居民就业筑底改善以及产能周期有望上行等四大领先指标，共同为物价回升奠定基础。从价格构成看， 2026年CPI与PPI的"翘尾因素"将显著高于上年；同时"十五五"开局之年，扩大内需政策与供给侧"反内 卷"政策有望形成合力，共同支撑"新涨价因素"，推动价格实现温和回升。 （二）核心判断：上游主导PPI回升，预计2026年二季度 ...

Industry Insights - The Shanghai Futures Exchange has implemented measures to cool down the market, adjusting the price limits and margin requirements for silver, tin, and copper futures, indicating a strong stance against violations [1] - The Ministry of Commerce plans to optimize the implementation of the old-for-new consumption policy to boost sales of durable goods such as home appliances and automobiles in 2026 [3] - The game industry in China is experiencing a favorable policy environment, with 177 domestic game licenses approved in 2026, maintaining a high supply level [11] Macro Insights - The People's Bank of China emphasizes the need for proactive assessment of systemic financial risks and aims to maintain the stability of financial markets through a comprehensive macro-prudential management system [2] Market Commentary - Recent discussions around the "Dragon and Tiger List" system highlight its role in enhancing market transparency and providing valuable information for small investors, which could improve regulatory oversight [4] - The market is expected to see a continued divergence in short-term trends, with technology sector hotspots potentially shifting towards more niche areas [7] - The outlook for the rare earth sector remains positive, with expectations of stable demand and a new inventory replenishment cycle, driven by recent price increases [10]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Insights - The "hard technology" sector is expected to perform well under the influence of AI, with domestic computing chips, AI-PCB, AIDC supporting facilities, and AI edge SoC chip design/testing showing rapid growth in 2024 and maintaining high growth in Q1-Q3 of 2025 [4] - The valuation system of the technology industry is likely to be restructured due to the ongoing competition between major powers, particularly in semiconductor manufacturing, equipment, and design, which are areas of low domestic production [4] - Computing power remains the most important theme for the year, with a focus on AI-PCB and AI optical modules, suggesting investment in companies like Shenghong Technology, Huitian Technology, and others [4] - Some consumer electronics stocks, particularly those in the "Apple supply chain," are seen as having good value due to recent price corrections, with potential for performance and valuation recovery driven by AIoT and automotive electronics [4] Summary by Sections AI and Computing Power - The demand for AI computing technology is increasing, with PCB manufacturers achieving significant breakthroughs in AI server applications [22] - The market for AI chips is expected to grow, with the Chinese market projected to reach approximately 342.46 billion yuan by 2024, reflecting a 10.7% year-on-year growth [44] Semiconductor and PCB Industry - The semiconductor industry is experiencing a shift towards more diverse application scenarios, with automotive electronics and IoT driving growth [18] - The PCB equipment market is expected to reach 29.025 billion yuan in 2024, growing by 11.89% year-on-year, and is projected to reach 34.709 billion yuan by 2026 [27] Consumer Electronics - The CIS market is recovering, driven by demand from smartphones, security, and automotive sectors, with a focus on high-end products [46] - AI is providing new growth potential for consumer electronics, with ODM companies gaining competitive advantages [47]

证券研究报告 | 金工专题报告 | | --- | hyzqdatemark 2026 年 01 月 27 日 资金流向混债二级基金，周期和大金融占比提升 ——主动型公募基金 2025 年四季报分析 投资要点： 主动权益基金规模萎缩，含权债基发行热情高涨 2025 年四季度，公募基金总规模变动不大，但不同类别的基金规模发生明显切换： 投资者因追求稳健收益，资金从高波动的主动权益基金（较上季度规模缩减 1823 亿 元）和低风险的纯债基金（较上季度规模缩减 868 亿元）流出，向中低风险的含权 债基（较上季度规模增加 2398 亿元）迁移，与此同时，含权债基的新发热度升高， 发行数量创下 2020 年以来单季度新高。 证券分析师 主动权益基金 2025 年四季度主动权益基金对港股的配置热情明显下降，从 2025 年二季度的 20.44%持续降低到四季度的 16.47%；对于创业板的配置意愿增强，由 2025 年一季 度的 13.46%抬升至 20.85%。 相比 2025 年三季度，主动权益基金显著增配周期板块，周期板块占比升至 28.31%， 环比增加 4.95pct；大金融板块占比由三季度的 4.57%提升 ...