| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手）▼ 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 主工凝景 | 4.83 | 4737.13 | 1428.47 | 122.72 | 79 | 2 | | 2 | 幸工电子 | 4.36 | 4243.84 | 1103.35 | 0.25 | 57 | ഗ | | 3 | 光伏设备 | 3.04 | 3226.88 | 666.83 | 32.08 | ୧୧ | ਰੇ | | 4 | 风电设备 | 2.73 | 1462.98 | 314.11 | 1.51 | 28 | 3 | | 5 | IT服务 | 2.35 | 6237.54 | 954.18 | 69.69 | 109 | 17 | | 6 | 教育 | 2.23 | 921.01 | 58.36 | 6.12 | 16 | 0 | | 7 | 互联网电商 | 2.14 | 290.02 | 41.53 | 4.16 | 14 | র্ম | ...

A股市场板块涨跌幅排行 中国经济网北京1月6日讯 A股三大指数今日早盘涨跌不一，沪指高开高走涨超1%。截至午间收盘，上 证综指报4069.38点，涨幅1.14%；深证成指报13940.24点，涨幅0.81%；创业板指报3293.18点，跌幅0.04%。 板块方面，保险、小金属、能源金属等板块涨幅居前，通信设备、元件、美容护理等板块跌幅居前。 | 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手） ■ 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 保险 | 4.91 | 292.22 | 133.76 | 15.55 | ટ | 0 | | 2 | 小我屋 | 4.67 | 954.96 | 322.08 | 37.26 | 26 | 1 | | 3 | 能源金属 | 3.72 | 384.15 | 190.17 | 18.67 | 13 | 0 | | র্ব | 化学原料 | 3.65 | 1475.57 | 137.77 | 20.90 | 56 | ব ...

雷达财经出品 文|丁禹 编|孟帅 在经历三次延期后，贯穿整个2025年的38家苏宁系公司合并重整草案终获通过。 此番重整草案的落地，让深陷困境的苏宁成功避免了破产清算的命运，但苏宁系当前仍处于严重资不抵债的状态。 据苏宁易购11月中旬披露的公告，相关债权人于2025年1月17日向江苏省南京市中级人民法院提交申请，申请对公司股东苏宁电器集团和苏宁控股集团两 家公司进行重整。 据媒体此前披露的草案，38家苏宁系公司总债权合计达2387.3亿元，但经审计的账面资产总额为968.39亿元。 据重整草案，重整后的苏宁将由债权人信托主导，原管理团队负责日常运营，并受到严格监督。债权人将成为信托计划的受益人，未来通过信托的收益逐 步收回欠款。 在新的运转体系之下，身为苏宁创始人的张近东仍具有较大话语权，但背后也伴随着沉重的代价。 张近东及其配偶刘玉萍不仅将交出旗下38家公司的全部股权，还需承诺将其名下所有个人资产注入为偿债设立的信托计划，以此换取债权人暂停追索其个 人担保责任。 从业绩层面来看，苏宁近年来的表现难言出色，其不仅年营收从近2700亿元的高点缩水至2024年的500多亿元；且在2020年至2023年这四年间，公 ...

Core Insights - The report highlights a positive outlook for the Chinese equity market in 2025, characterized by a recovery phase after initial volatility, driven by themes such as technology, new consumption, and AI [12] - The report emphasizes the importance of diversified investment strategies for 2026 to mitigate risks associated with concentrated positions and to enhance portfolio resilience [2][12] - The e-commerce sector is experiencing stable growth, with online retail sales reaching 14.5 trillion yuan, a year-on-year increase of 9.1%, indicating a solid market foundation despite high base effects from previous policies [12] Group 1: Investment Strategies - The report suggests a multi-track investment approach for 2026, focusing on both defensive and offensive strategies to navigate market fluctuations [2][12] - It notes that the issuance of new equity funds has increased significantly, with 334 new funds launched in 2025, totaling 161.9 billion yuan, reflecting renewed investor interest [12] - The report recommends specific companies in the e-commerce sector, including Alibaba, Meituan, Pinduoduo, and JD.com, as potential investment opportunities [2][12] Group 2: E-commerce Sector Analysis - The report indicates that the competition in the instant retail sector has peaked, with platforms shifting towards differentiated strategies to improve user experience [12][13] - It highlights the impact of the "Double Eleven" shopping festival, where major platforms saw significant sales growth, with Alibaba and JD.com reporting increases of 9.3% and 8.3% respectively [12] - The report also discusses the ongoing advancements in AI technology within the e-commerce space, with major players launching numerous updates to enhance user engagement and operational efficiency [12][13] Group 3: Company-Specific Insights - Kuaishou's revenue forecasts for 2025-2027 have been adjusted to 142.2 billion yuan, 155.2 billion yuan, and 169.3 billion yuan, reflecting macroeconomic pressures and changes in the live-streaming ecosystem [14] - The report maintains a "buy" rating for Kuaishou, citing its innovative AI models that are expected to drive user growth and engagement [14] - Fuda Co., Ltd. is noted for its strategic partnerships in the robotics sector, which are anticipated to enhance its market position and drive future growth [17]

证券研究报告 | 公司更新 | 互联网电商 阿里巴巴-W(09988) 报告日期：2026 年 01 月 05 日 阿里千问破局，云业务利润率提升可期 ——阿里巴巴更新报告 投资要点 阿里巴巴 25Q3 的资本开支达到 314.28 亿人民币，同比增幅达到 85.12%，处于 高速增长期。阿里巴巴 25Q2、25Q3 连续两个季度自由现金流下降引发市场担 忧。公司 25Q3 自由现金流为-218.4 亿，主要系 "外卖大战"和大幅增加资本开 支的影响。截至 25Q3，阿里巴巴集团账面仍有 2923 亿人民币净现金和其他流动 性投资，为新业务投入提供保障。 阿里云的 EBITA Margin 相较于亚马逊 AWS、微软智能云的经营利润率还有较大 的差距，但可以从 google cloud 过去的经验印证：随着规模的提升（规模效应的 释放），公有云业务的利润提升弹性大。这也意味着随着阿里云规模的增长，在 跨越早期高投入的阶段后，长期利润率提升的确定性较高，且利润率提升空间 大。与此同时，阿里云出海也会带来规模提升、盈利能力提升的影响。 ❑ 检验与催化：阿里巴巴智能云业务集团利润率提升。 ❑ 盈利预测与估值 我们预 ...

Investment Rating - The report recommends investment in Alibaba, Meituan, Pinduoduo, and JD.com, indicating a positive outlook for these companies in the upcoming quarters [3][4]. Core Insights - Online consumption remains stable, with a total retail sales of 45.6 trillion yuan in the first 11 months of 2025, a year-on-year growth of 4.0%. The online retail sales reached 14.5 trillion yuan, growing by 9.1% year-on-year, while the physical goods online retail sales grew by 5.7% to 11.8 trillion yuan [2][14]. - The Double Eleven shopping festival saw an extended promotional period, averaging 3 days longer than previous years, leading to a robust growth in sales across major platforms [2][26]. - The competition in the instant retail sector has peaked, with platforms shifting strategies towards differentiation rather than direct price competition [2][49]. - Cloud business performance has been strong, with significant revenue growth from AI-related products, indicating a shift towards high-quality development driven by ecosystem investments [2][37]. Summary by Sections 1. Online Consumption and Retail Dynamics - Online consumption continues to grow steadily, with a penetration rate increasing to 25.9%. The high base effect from last year's trade-in policy is now impacting growth rates, leading to a slowdown in the growth of express delivery and online retail sales [2][14][19]. - Major platforms are increasing their investment in instant retail, with JD.com experiencing a significant decrease in GMV growth due to the high base effect from last year [19][20]. 2. AI and Product Development - The AI industry is experiencing intensified competition, with major internet companies completing 182 updates or iterations of large models in Q3 2025. This shift is moving from a broad approach to a more focused strategy on optimizing parameters and enhancing user experience [2][37][42]. - Alibaba's cloud business has shown accelerated revenue growth, with AI-related products achieving triple-digit year-on-year growth for nine consecutive quarters [2][37]. 3. Instant Retail and Competitive Landscape - The instant retail sector has seen peak competition, with platforms investing heavily to maintain market share. However, as the sector enters a seasonal downturn, competition is stabilizing, and platforms are focusing on differentiation strategies [2][49]. - Meituan and Taobao's flash sales have stabilized daily order volumes, while JD.com maintains a steady volume in its delivery services [49][51]. 4. Investment Recommendations - The report suggests that while the platforms are entering a high base period, the long-term profit elasticity remains strong, with Alibaba and Meituan expected to see profit recovery in the upcoming quarters [3][4].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300464 | 星徽股份 | 6.35 | -2.61% | 13.40万 | 8500.10万 liv | | 605136 | 丽人丽妆 | 10.78 | -2.18% | 17.40万 | 1.90亿 | | 002640 | 跨境通 | 4.59 | -2.13% | 101.57万 | 4.70亿 | | 300518 | 新迅达 | 17.78 | -1.71% | 9.97万 | 1.78亿 | | 003010 | 若羽臣 | 35.99 | -0.99% | 4.67万 | 1.68 Z | | 002803 | 吉宏股份 | 16.24 | -0.98% | 11.23万 | 1.84亿 | | 301558 | 三态股份 | 8.10 | -0.74% | 5.42万 | 4412.28万 | | 600539 | 狮头股份 | 10.04 | -0.59% | 2.76万 | 2772.96万 | | 002127 | ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至2025年12月30日 10点49分 ，港股三大指数集体拉升，恒生指数涨0.24%，恒生国企涨0.50%， 恒生科技涨0.98%。恒生互联网ETF（513330）上涨0.58%，最新报价0.517元，盘中成交额已达9.02亿 元，换手率2.60%。成分股方面涨跌互现，迈富时领涨10.00%，优必选上涨7.20%，百度集团-SW上涨 7.14%，越疆上涨5.31%，心动公司上涨3.17%；东方甄选领跌2.27%，新意网集团下跌1.30%，金山云下 跌1.07%，云知声下跌0.83%，美图公司下跌0.71%。 从估值层面来看，恒生互联网ETF跟踪的-最新市盈率（PE-TTM）仅22.87倍，处于近10年21.77% 分位，即估值低于近10年78.23%以上的时间，估值处于较低水位。 按申万一级行业分类，恒生互联网ETF跟踪的指数权重集 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 12 月 30 日 [Table_Title] 资产配置日报：前高的考验 [Table_Title2] [Table_Summary] 12 月 29 日，时间距离跨年仅剩三个交易日，但市场并不平静。股市表现先强后弱，多数股指全天走出倒 V 型行情，债市全天大幅调整，部分中长久期品种收益率上行幅度高达 3-5bp。 权益市场缩量下跌。万得全 A下跌 0.29%，全天成交额 2.16 万亿元，较上周五（12 月 26 日）缩量 234 亿 元。港股方面，恒生指数下跌 0.71%，恒生科技下跌 0.30%。南向资金净流出 34.14 亿港元，其中招商银行净流 入 9.71 亿港元，而中国移动、阿里巴巴分别净流出 14.50 亿港元和 10.24 亿港元。 盘中再现冲高回落，资金在指数前高附近激烈博弈。近两个交易日行情均出现盘中大幅回落的情况，原因来 看，万得全 A 已涨至 10 月和 11 月前高附近，此处的亏损筹码已基本扭亏，或许更倾向于兑现。事实上，前高附 近资金态度难免出现分歧，而指数距离确认趋势，仅有咫尺之遥。若指数强势上涨突破前高，意味 ...

证券之星消息，12月25日互联网电商板块较上一交易日上涨1.15%，跨境通领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。互联网电商板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300464 | 星徽股份 | 6.71 | -0.74% | 7.51万 | 5044.81万 | | 605136 | 丽人丽妆 | 11.41 | -0.61% | 22.78万 | 2.60亿 | | 002803 | 吉宏股份 | 17.10 | -0.18% | 15.46万 | 2.66 Z | | 300592 | 类别易但 | 10.87 | 0.09% | 7.13万 | 7741.16万 | | 600539 | 狮头股份 | 10.19 | 0.30% | 1.95万 | 1976.52万 | ...