Report Industry Investment Rating No information provided in the content. Core Viewpoints - The secondary - market trends of industrial bond sub - industries show a divergence in the correlation between primary and secondary markets. This divergence may be due to differences in supply among industries and differences in bond liquidity and trading popularity within each industry. If an industry has many issuing entities with strong willingness and ability to issue bonds and is in a good development trend, the probability of a synchronous resonance relationship between primary - market supply and secondary - market demand is relatively high, which can improve the accuracy of judging trading signals of narrowing spreads from daily net financing [1][14]. - Most industries have trading signals transmitted from primary - market supply to secondary - market demand, including comprehensive, non - ferrous metals, and others. Some industries show a stronger negative correlation between primary - market supply and secondary - market demand, such as comprehensive and non - ferrous metals. Some industries have a weak correlation between daily net financing and daily spreads, including communication and food and beverage [2][4]. Summary by Directory 1. Industrial Bond Sub - industries Show Divergence in Primary - Secondary Market Trend Correlation - **Research Method**: Classify industrial bond issuers by Shenwan primary industries, calculate the daily net financing and daily credit spreads of each sub - industry from January 1, 2025, to December 19, 2025, to observe the correlation between primary - market supply and secondary - market demand [12]. - **Divergence Performance**: Most industries have trading signals transmitted from primary - market supply to secondary - market demand, while some do not show this feature significantly [13]. - **Reasons for Divergence**: Differences in supply among industries are related to the number, size, and life - cycle stage of issuing entities. Differences in bond liquidity and trading popularity within industries are related to the scale of outstanding bonds, valuation levels, and event catalysts [14]. 1.1. Industries with Obvious Correlation - **Comprehensive Industry**: From January to March 2025, daily net financing decreased and daily spreads increased; from March to June, daily net financing increased and daily spreads decreased; from June to December, both were in a low - level oscillation [21]. - **Non - ferrous Metals Industry**: From January to July 2025, daily net financing increased and daily spreads decreased; from July to September, daily net financing decreased and daily spreads increased; from October to December, both were in a low - level oscillation [25]. - **Other Industries**: Similar analysis is conducted for industries such as pharmaceutical biology, social services, and others, with different trends in different time intervals [27][30][32]. - **Common Features**: These industries generally have a large scale of outstanding bonds and high institutional investor attention, which is conducive to the transmission of primary - market supply changes to secondary - market spread changes [3][87]. 1.2. Industries with General Correlation - **Industries Included**: Communication, food and beverage, and other industries have a weak correlation between daily net financing and daily spreads, and the linkage and transmission between primary - and secondary - market indicators are relatively weak [4][13]. - **Reasons**: These industries have low participation in the bond market, and their secondary - market trading demand is more affected by overall bond - market trends, industry risk premiums, and liquidity premiums. Different types of industries have specific reasons for the weak correlation [4][90][91].

56家科创板公司提前对2025年业绩进行预告，业绩预亏的有18家，业绩预增的有18家，业绩减亏的有13 家，业绩预降的有5家，业绩预盈的有2家。 资金流向方面，业绩大幅增长股，近5日主力资金净流入较多的有鼎通科技、欧科亿、科捷智能，资金 净流入金额分别为2.77亿元、6302.04万元、3785.64万元。近5日主力资金净流出金额较高的有澜起科 技、中科蓝讯、强一股份，资金净流出金额分别为2.17亿元、1.90亿元、8656.08万元。 科创板公司2025年净利润预计增幅排名 | 代码 | 简称 | 业绩预告日期 | 业绩预告类型 | 预计净利润增幅中值（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688525 | 佰维存储 | 2026.01.14 | 预增 | 473.71 | 电子 | | 688332 | 中科蓝讯 | 2026.01.08 | 预增 | 371.51 | 电子 | | 688796 | 百奥赛图 | 2025.12.09 | 预增 | 303.57 | 医药生物 | | 688117 | 圣诺生物 | 2026.01.16 | ...

2026年伊始，香港资本市场再融资活动火热开场。 截至1月18日，2026年以来港股上市公司通过配售、供股、代价发行等方式已累计募资超过270亿港元， 较2025年同期的11亿港元实现超20倍增长，为全年资本运作奠定了活跃基调。 开年再融资活跃 格上基金数据显示，截至1月18日，2026年以来港股上市公司通过配售、供股、代价发行方式累计募集 资金270亿港元，较2025年同期11亿港元，大幅增长逾20倍。市场信心与融资需求得到显著释放。 业内人士进一步阐释，香港市场的再融资制度极为高效。上市公司董事会依据股东一般性授权即可进行 配售（通常不超过已发行股份的20%），无需事前监管审批，且融资次数无限制。这种"按需融资"的机 制设计，使得企业能够迅速捕捉市场机遇，高效满足业务发展的资金需求。 止于至善投资总经理何理指出，港股再融资的多少与市场表现息息相关，融资金额大发展的背后，离不 开港股市场2024年三季度以来估值修复且成交活跃带来的市场环境，同时受到境内监管将融资资源向战 略性新兴产业倾斜的影响。 排排网财富研究总监刘有华总结港股再融资具有四大优势：制度灵活，董事会凭一般授权可快速完成增 发；全球资金回流中国 ...

1月20日，国新办举行新闻发布会，提及提升消费者收入是提振内需的重要方面。一是惠民生和促消费紧密结 合。二是坚持投资于物和投资于人紧密结合，着力提高投资效益，促进物质资本和人力资本双向奔赴、双向赋能； 三是政策支持和改革创新紧密结合。 浙商证券表示，大类资产方面，权益市场，预计流动性驱动下A股将在2026年继续走强，低波红利与科技成长交 织的结构化行情，出口出海链条受益外需改善同样具备机会。债券市场，预计10年期国债收益率在1.5-2%区间宽幅震 荡。 中证1000ETF（159845）紧密跟踪中证1000指数。中证1000指数由全部A股中剔除中证800指数成份股后，规模 偏小且流动性好的1000只股票组成，综合反映中国A股市场中一批小市值公司的股票价格表现。 1月20日，A股三大指数集体下跌，其中沪指下跌0.35%。截止11:05，中证1000ETF（159845.SZ）下跌1.41%。其 他宽基指数中，上证50跌0.12%，沪深300跌0.52%，中证500跌1.22%。 | 叠 除权 窗 区 信息 加自选 | 浄值 | 0 | 中证1000ETF 159845 | 13 | | --- | --- | ...

Group 1 - The core viewpoint of the article emphasizes the growing interest in the CSI 1000 Index Enhanced products, which aim to share Beta returns while striving for excess Alpha, particularly in a recovering market since 2025 [3] - The CSI 1000 Index features a small and mid-cap style, covering companies ranked approximately 801 to 1800 in A-share market capitalization, with a significant representation from high-growth sectors such as electronics, electrical equipment, pharmaceuticals, and computers [4] - The CSI 1000 Index typically exhibits higher elasticity and greater volatility compared to broader indices like the CSI 300 and CSI 500, making it more suitable for investors with a certain risk tolerance seeking potential excess returns through accepting short-term fluctuations [4] Group 2 - Since 2021, the Chinese government has introduced various policies to support the high-quality development of "specialized, refined, and innovative" small and medium-sized enterprises, with cumulative fiscal subsidies exceeding 10 billion by 2025 [7] - The combination of industrial upgrades and policy dividends provides a clear growth logic for the CSI 1000 Index in the medium to long term, particularly as high-tech enterprises constitute a significant portion of its constituent stocks [7] - The performance of private equity CSI 1000 Index Enhanced strategies has shown a clear "Beta + Alpha" advantage, with a strategy index return exceeding 36% over the past year, compared to less than 16% for the CSI 1000 Index [7] Group 3 - When selecting CSI 1000 Index Enhanced products, traditional metrics like return rate and volatility are important, but two new indicators are introduced: non-regular investment annualized return and regular investment annualized return [10] - Non-regular annualized return reflects the product's ability to generate returns from a single entry point, while regular annualized return measures the stability of performance over time with fixed frequency investments [12][13] - Products that perform well on both metrics are rare and indicate a more sustainable and evenly distributed source of Alpha, making them suitable for both one-time allocations and long-term regular investments [14] Group 4 - The article highlights the compounding effect of index enhancement, noting that in volatile market conditions, consistent outperformance against a benchmark can lead to significant excess returns over time [18] - The strategy of index enhancement focuses on closely tracking the benchmark while allocating more to quality stocks and less to underperforming ones, aiming to accumulate excess returns [19] - Long-term holding is suggested as the optimal approach for index enhancement, as short-term evaluations may not accurately reflect the strategy's true capabilities [19]

| 有色金属 | | | | 西部材料 | | | --- | --- | --- | --- | --- | --- | | 通信 | -3.06 | 754.04 | 0.40 | 大唐电信 | -9.98 | | 综合 | -3.19 | 22.88 | -1.37 | 南京新百 | -9.95 | | 国防军工 | -3.41 | 883.06 | 45.81 | 海格通信 | -8.81 | （文章来源：证券时报网） 今日各行业表现（截至上午10:27） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 房地产 | 0.86 | 189.40 | 20.93 | 城投控股 | 10.11 | | 石油石化 | 0.72 | 80.28 | 26.01 | 蓝焰控股 | 2.86 | | 美容护理 | 0.70 | 35.84 | 11.01 | 延江股份 | 9.34 | | 食品饮料 | 0.41 | 146.32 | 15.74 | 朱老六 | 11.39 ...

Market Overview - On January 19, Hong Kong stocks showed weak upward momentum, with the Hang Seng Index falling by 281 points (1.1%) to close at 26,563 points[1] - The Hang Seng Tech Index decreased by 72 points (1.2%), closing at 5,749 points, with total trading volume at HKD 225.7 billion[1] - Xiaomi, OPPO, vivo, and Transsion lowered their annual shipment forecasts, impacting stock prices, with Xiaomi (1810 HK) down 1.7% and Sunny Optical (2382 HK) down 2.3%[1] Sector Performance - The aviation sector strengthened, with Eastern Airlines (670 HK) and Southern Airlines (1055 HK) rising by 6%-9% due to expected record-high passenger transport during the Spring Festival[1] - The power equipment sector benefited from a planned investment of HKD 4 trillion by the State Grid during the 14th Five-Year Plan, with stocks like Dongfang Electric (1072 HK) and Harbin Electric (1133 HK) increasing by 5%-6%[1] Macroeconomic Insights - The GDP growth for Q4 2025 is projected at 4.5%, with an annual growth rate of 5.0%, meeting expectations[2] - Exports for 2025 are expected to increase by 5.5%, despite a 20% decline in exports to the U.S., showing resilience with an annual trade surplus of USD 1.2 trillion, a historical high[2] Real Estate Sector - Real estate development investment fell by 36.9% year-on-year to RMB 419.7 billion, a larger decline than November's 31.4%[3] - New housing starts decreased by 19.3% to 53.13 million square meters, while the average price index for new residential properties in 70 cities dropped by 3.0% year-on-year[3] Industry Developments - The automotive sector saw Chery Automobile (9973 HK) rise by 4.5% after announcing its AI strategy, marking a shift towards smart vehicles[4] - The renewable energy sector is encouraged to adopt zero-carbon practices, with companies like CIMC Enric (3899 HK) expected to benefit from new policies[4] Pharmaceutical Sector - Most pharmaceutical stocks declined alongside the Hang Seng Index, but leading reproductive health company Jinxin Fertility (1951 HK) rose by 5.3%[5] - The number of newborns is projected to drop from 9.54 million in 2024 to 7.92 million in 2025, prompting government support for childbirth[5]

外卖反垄断如何影响港股消费股前景？20260119 如网红城市、体育赛事、中小学生秋假和雪假等，这些措施在淡季也推动了文 旅等服务消费增长。预计在更多支持政策背景下，2026 年服务消费增速将达 到 6.5%。 如何看待耐用商品的未来发展趋势？ 摘要 四季度消费疲软，商品零售额同比仅增长 0.7%，家电、家具、建筑装 潢材料和石油制品零售额均下滑，耐用消费品受补贴透支和地产销售下 跌影响。 2026 年 12 月服务消费同比增长 5.5%，全年增速预计达 6.5%，受益 于消费升级、地方政府创新消费场景及政策支持，与房地产相关性降低。 李宁品牌四季度全渠道零售流水同比降幅收窄，线上持平，线下下降， 库销比健康。积极布局热门商圈和米兰时装周，预计受益于冬奥会和低 基数效应实现增长。 乐舒氏在新兴市场快速成长，2024 年营收增长 19%，经调净利润增长 127%。深耕非洲市场，拓展拉美和中亚市场，本地化生产规避关税， 分销网络覆盖广泛。 港股工具链行业上游供应商去库存明显，库存降至历史低位。美国降息 预期及关税缓和有助于行业发展，全丰控股估值较低，弹性更大。 TCL 电子品牌力提升，受益于体育赛事大年，利润率显 ...

报告聚焦 2026 年港股 IPO 与解禁潮态势，结合市场历史表现与资金流动情况，分析其对港股走势的影响及相关板块波动特征，具体如下： 2025 年港股 IPO 表现亮眼，以 117 家 IPO、2859 亿港元募资额重回全球榜首，受益于港交所 18A 章（支持未盈利生物医药公司上市）和 18C 章（支持未盈 利 "专精特新" 科技公司上市）政策。截至 2026 年 1 月 10 日，300 家排队上市企业集中于科技（软件服务、半导体等）和医药（医药生物、医疗设备等） 领域。市场预期 2026 年港股 IPO 募资规模将突破 3000 亿港元。 从历史经验看，IPO 及募资高峰不会扭转港股趋势，2010 年、2014-2015 年等多轮募资高峰均对应港股牛市，且 IPO 可能因港元需求激增触发金管局释放流 动性、降低 HIBOR 利率，进一步助推牛市。真正影响市场的是主板上市后 6 个月的基石投资者解禁潮，历史上多轮解禁潮曾与港股下跌同期，但 2025 年 二季度出现例外，优质企业的新买盘可覆盖解禁卖盘。2026 年 3 月、9 月将迎来 300 亿港元以上中大型公司限售股解禁潮，9 月解禁规模约 4000 ...

| 基金简称 PK | | | 最新净值表示 = 2 和 原因人 | | | --- | --- | --- | --- | --- | | 1 | 华夏中证电... A | 1.2474 | 5.46% | 23 | | | 025856 | 2026-1-19 | | | | 2 | 华夏中证电 ... C | 1.2468 | 5.46% | 27 | | | 025857 | 2026-1-19 | | | | 3 | 德邦新兴产 ... C | 1.1846 | 5.44% | 13 | | | 023675 | 2026-1-19 | | | | 4 | 德邦新兴产 ... A | 1.1870 | 5.44% | 3 | | | 023674 | 2026-1-19 | | | | 5 | 东方阿尔法 ... A | 1.3168 | 5.15% | 7 | | | 025792 | 2026-1-19 | | | | 6 | 东方阿尔法 ... C | 1.3161 | 5.15% | 7 | | | 025793 | 2026-1-19 | | | | 7 | 平安鑫安混合E | 2.396 ...