证券时报·数据宝统计显示，截至1月9日，已经有74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58家、预盈4家，合计报喜公司比例为83.78%；业绩预降、预亏公司分别有7家、1家。 74家公司公布了全年业绩预告，业绩预增公司有58家，占比78.38%。 全年业绩预计暴增股名单 | 代码 | 简称 | 业绩预告日 | 预计净利润增幅中值 | 最新收盘价 | 今年以来涨跌幅 | 行业 | | --- | --- | --- | --- | --- | --- | --- | | | | 期 | （%） | （元） | （%） | | | 300435 | 中泰股 | 2026.01.06 | 677.22 | 25.83 | 16.25 | 公用事 | | | 份 | | | | | 业 | | 688332 | 中科蓝 讯 | 2026.01.08 | 371.51 | 142.13 | 8.24 | 电子 | | 002010 | 传化智 联 | 2025.12.31 | 308.82 | 6.18 | 6.37 | 交通运 输 | | 688796 | 百奥赛 | 2025.12.09 | ...

证券研究报告 | 2026年01月07日 2026年01月08日 1. 货币-信用"风火轮"：宽货币下信用持续宽松 信用方面，11 月我国新增社融 24888 亿元，高于万得一致调查值（20191 亿 元）。其中新增人民币贷款 3900 亿元,低于万得一致调查值（5043 亿元）。 信用脉冲环比基本持平，前期小幅回落态势得到缓和，信用扩张动能保持稳 定。当前格局延续"宽货币+宽信用"的组合，资金面趋紧风险较低，整体 金融条件仍对宏观与资产表现形成托底。 2. 下一阶段大类资产价格展望 沪指连阳点燃春季行情，慢牛假设持续验证。12 月主要股指全线上扬，进一 步夯实"上证慢牛"的共识，整体成长优于价值，小盘优于大盘。中证 500 在 ETF 增量资金推动下领涨，市场风格从微盘+红利价值的哑铃型转向中盘 占优的橄榄型。宏观层面，12 月 PMI 及内外需指标的超季节性反弹，经济 下行风险有限。资金层面，保险开门红叠加人民币升值驱动外资回流，提供 充裕的增量动能。2 月春节前反弹是 A 股胜率最高的日历特征，3 月两会或 审议十五五正式稿，政策催化有望增强。板块轮动、主题活跃或延续。2025 年以科技为核心的"牛市 ...

1月5日沪指上涨1.38%，市场两融余额为25606.48亿元，较前一交易日增加199.66亿元。 证券时报·数据宝统计显示，截至1月5日，沪市两融余额12886.02亿元，较前一交易日增加86.86亿元； 深市两融余额12639.08亿元，较前一交易日增加111.09亿元；北交所两融余额81.38亿元，较前一交易日 增加1.71亿元；深沪北两融余额合计25606.48亿元，较前一交易日增加199.66亿元。 分行业看，申万所属行业中，融资余额增加的行业有27个，增加金额最多的行业是电子，融资余额增加 33.50亿元；其次是有色金属、机械设备行业，融资余额分别增加25.87亿元、23.70亿元。 具体到个股来看，融资余额出现增长的股票有2310只，占比61.34%，其中，537股融资余额增幅超过5% 。融资余额增幅最大的是锦好医疗，该股最新融资余额2889.24万元，较前一交易日增幅达524.19%；股 价表现上，该股当日上涨20.03%，表现强于沪指；融资余额增幅较多的还有恒合股份、志特新材，融 资余额增幅分别为105.36%、67.98%。 融资余额降幅前20只个股 | 代码 | 简称 | 最新融资余额（ ...

中国经济网北京1月6日讯（记者 关婧 魏京婷）2025年，上交所、深交所及北交所共计新增116家上 市企业，合计募集资金1317.71亿元。其中科创板有19家企业上市，合计募资380.61亿元。 强一股份、健信超导、优迅股份、恒坤新材、影石创新、汉邦科技、胜科纳米、海博思创、兴福电 子、思看科技、赛分科技11家公司选择了第一套上市标准。根据《上海证券交易所科创板股票上市规 则》第2.1.2条，上市标准为"（一）预计市值不低于人民币10亿元，最近两年净利润均为正且累计净利 润不低于人民币5000万元，或者预计市值不低于人民币10亿元，最近一年净利润为正且营业收入不低于 人民币1亿元。" 摩尔线程选择的上市标准为"（二）预计市值不低于人民币15亿元，最近一年营业收入不低于人民 币2亿元，且最近三年累计研发投入占最近三年累计营业收入的比例不低于15%"。 昂瑞微作为尚未在境外上市红筹企业，根据上海证券交易所科创板股票上市规则（2025年4月修订）规 定："应当至少符合下列标准中的一项：（一）预计市值不低于人民币100亿元；（二）预计市值不低于 人民币50亿元，且最近一年营业收入不低于人民币5亿元"，即《上市规则》中 ...

"自2020年以来，疫情冲击、地缘政治冲突和供应链重构等因素持续发酵，推动我国上市公司套保参与 率不断提升。但与欧美市场70%～80%的成熟水平相比，我国上市公司35％的套保参与率仍有提升空 间。"避险网创始人刘文财说。 2025年，运用衍生工具的A股上市公司数量持续增长。据避险网统计，前11个月共有1782家实体行业上 市公司发布套期保值相关公告，较2024年全年增加279家，同比增长18.6%。这一数据折射出中国企业 在复杂国际环境下的生存智慧。 应对不确定性，套保成企业"常规操作" 刘文财告诉期货日报记者，2025年贸易保护主义抬头、美联储货币政策频繁调整，导致铜、铝等大宗商 品价格剧烈波动。以电子行业为例，大部分企业的海外营收占比超40%，汇率每跳动一个数字，牵动的 都是企业账面上真实的利润与现金流。基于此，越来越多企业将套保视为生存必备技能。 汇率风险居首，企业构建多维防御体系 在众多风险类型中，汇率风险犹如悬在上市公司头顶的达摩克利斯之剑。数据显示，2025年前11个月， 1311家实体行业上市公司发布汇率套保公告，同比增长13%，远超其他风险类型的套保增速。 针对汇率风险，国内上市公司主要采用外 ...

截至12月25日，市场最新融资余额为25284.99亿元，较上个交易日环比增加37.76亿元，分行业统计，申 万所属一级行业有18个行业融资余额增加，电子行业融资余额增加最多，较上一日增加46.34亿元；融 资余额增加居前的行业还有电力设备、机械设备、通信等，融资余额分别增加23.73亿元、18.11亿元、 17.13亿元；融资余额减少的行业有13个，银行、医药生物、计算机等行业融资余额减少较多，分别减 少4.53亿元、3.53亿元、3.52亿元。 以幅度进行统计，轻工制造行业融资余额增幅最高，最新融资余额为148.62亿元，环比增长1.64%，其 次是国防军工、通信、机械设备行业，环比增幅分别为1.57%、1.38%、1.34%；融资余额环比降幅居前 的行业有综合、银行、钢铁等，最新融资余额分别有47.85亿元、755.50亿元、163.44亿元，分别下降 0.93%、0.60%、0.30%。（数据宝） | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 电子 | 3810.81 | 46.34 | 1.23 | | ...

2024年2月，深交所启动"质量回报双提升"专项行动（简称"双提升"行动）。 截至2025年11月底，已有471家深市公司率先披露了"质量回报双提升"行动方案，围绕主业强化、创新 驱动、投资者回报等关键领域推出一系列务实举措，以"重质量、重回报"的鲜明姿态，在资本市场树立 标杆，专项行动取得阶段性显著成效。 标杆企业引领 覆盖维度全面多元 统计数据显示，471家深市"双提升"公司影响力大、示范效应突出。其中，293家为深证成指成份股，88 家为沪深300指数公司，82家为创业板指数公司，合计市值占深市总市值约五成，成为市场稳定发展的 核心力量。 市值规模呈现梯队化特征，百亿以上市值公司达366家，千亿以上市值公司43家，龙头企业的引领作用 持续凸显。 行业与地域覆盖广泛，涉及30个行业，涵盖电子、电力设备、医药生物、计算机等深市重点行业；注册 地遍布全国31个省、自治区、直辖市，充分兼顾行业代表性与区域均衡性。 参与主体中，民营企业占比近七成，成为推动"双提升"行动的中坚力量，彰显民营经济在资本市场高质 量发展中的重要作用。规范运作水平稳步提升，近六成公司在2024年信息披露考核中斩获A级评价。 "三聚焦"持 ...

Market Overview - The Shanghai Composite Index fell by 3.90% this week, while the Shenzhen Component Index decreased by 5.13%, and the ChiNext Index dropped by 6.15%. The CSI 300 Index declined by 3.77% [1] - Among the tradable A-shares, only 520 stocks rose, accounting for 9.54%, while 4,922 stocks fell [1] Fund Flow Analysis - The total net outflow of main funds this week was 338.316 billion yuan, with a consistent net outflow across all trading days. The ChiNext saw a net outflow of 83.167 billion yuan, while the STAR Market had a net outflow of 31.381 billion yuan, and the CSI 300 experienced a net outflow of 96.799 billion yuan [1][2] Industry Performance - In terms of industry performance, the sectors with the largest declines were Power Equipment and Comprehensive, with declines of 10.54% and 9.18%, respectively. Only the banking sector saw a net inflow of main funds, totaling 5.96237 million yuan, despite a slight decline of 0.89% [3] - A total of 30 industries experienced net outflows, with the Power Equipment sector leading with a net outflow of 65.046 billion yuan and a decline of 10.54%. The Electronics sector followed with a net outflow of 50.373 billion yuan and a decline of 5.89% [3] Detailed Industry Fund Flow - The following industries experienced significant fund outflows: - Power Equipment: -10.54%, -650.46 billion yuan - Electronics: -5.89%, -503.73 billion yuan - Pharmaceutical Biology: -6.88%, -321.53 billion yuan - Non-ferrous Metals: -6.75%, -253.91 billion yuan - Basic Chemicals: -7.47%, -172.82 billion yuan [4][5] Individual Stock Performance - A total of 936 stocks saw net inflows, with 148 stocks having inflows exceeding 100 million yuan. The stock with the highest net inflow was Kaimete Gas, which rose by 13.93% with a net inflow of 1.462 billion yuan. Other notable stocks included Yidian Tianxia and Rongji Software, with net inflows of 914 million yuan and 873 million yuan, respectively [5] - Conversely, 871 stocks experienced net outflows exceeding 100 million yuan, with the largest outflows from Yangguang Electric, Xiangnong Chip, and Ningde Times, which saw outflows of 4.224 billion yuan, 3.686 billion yuan, and 3.582 billion yuan, respectively [5]

业 | 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 计算机 | 65.82 | 26.38 | 3.71 | 1.67 | 72.11 | | 国防军 工 | 27.51 | 47.67 | 3.10 | 1.59 | 28.92 | | 基础化 工 | 90.53 | -6.91 | 3.32 | 0.74 | 7.18 | | 传媒 | 49.61 | 25.60 | 3.37 | 0.16 | 1.77 | | 房地产 | 59.52 | -4.80 | 2.71 | 1.00 | 1.76 | | 石油石 化 | 23.86 | -1.05 | 0.65 | 0.97 | 0.91 | | 美容护 理 | 2.23 | -14.19 | 2.16 | -0.72 | -1.13 | | 社会服 务 | 14.49 | -5.73 | 3.15 | 0.63 | -1.90 | | 钢铁 | 27.6 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current macro - situation is a mix of positives and negatives. After the overall adjustment of the technology sector, the market lacks a core driving force. With the Shanghai Composite Index reaching the 4000 - point mark, there are differences in the market regarding whether the valuation of technology stocks will further increase and whether the market can shift from a structural to a full - fledged slow - bull market. Given the pressure on the economic data in October, it is necessary to observe whether policies will be implemented in advance for hedging. It is expected that the central Huijin will continue to support the index. The stock index is expected to maintain a volatile pattern with a bottom - support and upward pressure. In the short term, market differences are expected to be gradually digested during the index's volatile adjustment, and a new driving force will bring the index to further rise. The trading strategy is to go long in the long - term, with risks focusing on domestic policies and overseas geopolitical factors [3] 3. Summary According to Related Catalogs 3.1 Part One: Main Viewpoints and Strategy Overview - **Economic and Corporate Earnings**: The economic fundamentals showed a weakening trend in October, with investment growth and real - estate prices accelerating their decline. From January to October, the cumulative year - on - year decline in fixed - asset investment was 1.7%, and the growth rate dropped by 1.2 percentage points compared to September. Among them, real - estate investment decreased by 14.7% year - on - year, infrastructure investment increased by 1.51% year - on - year, and manufacturing investment increased by 2.7% year - on - year. Inflation showed a slight rebound, with the CPI year - on - year growth rate turning positive to 0.2% in October. The central bank's monetary policy remains moderately loose [3] - **Macro Policy**: The overall macro - policy is neutral to slightly positive. Although China's economy has shown structural differentiation this year, the overall level has maintained steady growth, and the pressure to achieve the annual economic target is not significant. Therefore, the necessity of further strengthening monetary policy in the short term is low. The current focus should be on implementing existing policies and making policy reserves for cross - cycle adjustment [3] - **Overseas Factors**: Overseas factors are negative. The Fed's stance on whether to cut interest rates in December is hawkish, and some Fed officials believe that caution is needed when interest rates are close to the neutral level. Additionally, the geopolitical situation around China has become more complex recently [3] - **Liquidity**: Liquidity is neutral. The average daily trading volume of A - shares last week increased by 39.9 billion yuan compared to the previous week [3] - **Investment Viewpoint**: The stock index is expected to be volatile. The trading strategy is to go long in the long - term, with risks focusing on domestic policies and overseas geopolitical factors [3] 3.2 Part Two: Stock Index Market Review - **Stock Index Performance**: Last week, the Shanghai - Shenzhen 300 index fell 1.08% to 4628.1, the Shanghai 50 index remained unchanged at 3038.4, the CSI 500 index dropped 1.26% to 7235.5, and the CSI 1000 index declined 0.52% to 7502.8 [5] - **Industry Index Performance**: Among the Shenwan primary industry indices, the comprehensive (7%), textile and apparel (4.4%), commerce and retail (4.1%), pharmaceutical and biological (3.3%), and food and beverage (2.8%) sectors led the gains last week, while the communication (- 4.8%), electronics (- 4.8%), computer (- 3%), machinery and equipment (- 2.2%), and national defense and military industry (- 2.2%) sectors led the losses [9] - **Futures Volume and Open Interest**: The trading volume of CSI 300 futures was 559,733 lots, with a 2.19% increase; the trading volume of Shanghai 50 futures was 251,251 lots, with a 2.93% increase; the trading volume of CSI 500 futures was 629,685 lots, with a 6.27% decrease; the trading volume of CSI 1000 futures was 1,031,832 lots, with a 5.55% decrease. The open interest of CSI 300 futures was 264,876 lots, with a 2.87% increase; the open interest of Shanghai 50 futures was 97,121 lots, with a 6.79% increase; the open interest of CSI 500 futures was 245,018 lots, with a 1.88% increase; the open interest of CSI 1000 futures was 357,222 lots, with a 0.22% increase [11] - **Contract Premium and Discount**: As of November 14, the annualized discount of the current - month contract IF2511 was 15.93%, IH2511 was 7.59%, IC2511 was 19.79%, and IM2511 was 23.88%. The annualized discount of the next - month contract IF2512 was 6.25%, IH2512 was 2.75%, IC2512 was 14.13%, and IM2512 was 18.17%. The annualized discount of the current - quarter contract IF2603 was 3.49%, IH2603 was 1.2%, IC2603 was 11.03%, and IM2603 was 14.01%. The annualized discount of the next - quarter contract IF2606 was 3.51%, IH2606 was 1.19%, IC2606 was 11.01%, and IM2606 was 13.21% [15] - **Cross - Variety Spread**: The spread between the CSI 300 and the Shanghai 50 was 1589.7, at the 94.3% historical quantile; the spread between the CSI 1000 and the CSI 500 was 267.3, at the 43.8% historical quantile; the ratio of the CSI 300 to the CSI 1000 was 0.6, at the 37.5% historical quantile; the ratio of the Shanghai 50 to the CSI 1000 was 0.6, at the 32.8% historical quantile [19] 3.3 Part Three: Stock Index Influencing Factors - Liquidity - **Funds and Macro - Liquidity**: Next week, 112.2 billion yuan of reverse repurchases in the central bank's open market will mature, and 12 billion yuan of treasury cash fixed - term deposits will mature next Thursday. The central bank will implement a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [21] - **Market Liquidity Indicators**: As of November 13, the margin trading balance of A - shares was 2.49864 trillion yuan, an increase of 12.9 billion yuan from the previous week. As of November 13, the proportion of margin trading purchases in the total market turnover was 12.2%, at the 97.7% quantile in the past decade. The average daily trading volume of A - shares last week increased by 39.9 billion yuan compared to the previous week. As of November 14, the risk premium rate of the CSI 300 was 5.21, at the 48.6% quantile in the past decade [32] 3.4 Part Four: Stock Index Influencing Factors - Economic Fundamentals and Corporate Earnings - **Macroeconomic Indicators**: In October, GDP growth was not provided, industrial added - value growth was 4.9%, fixed - asset investment decreased by 1.7% year - on - year, real - estate investment decreased by 14.7% year - on - year, infrastructure investment decreased by 0.1% year - on - year, manufacturing investment increased by 2.7% year - on - year, and the CPI increased by 0.2% year - on - year [35] - **Industry - Specific Data**: In the consumer goods industry, the retail sales of enterprises above the designated size showed different growth rates in various categories in October. In the manufacturing industry, different sub - sectors also had different growth rates in October [39][40] - **PMI Indicators**: In October, the manufacturing PMI was 49.0, a decrease of 0.8 from September, and the non - manufacturing PMI was 50.1, an increase of 0.1 from September [43] - **Earnings Indicators of Major Broad - Based Indexes**: As of September 30, 2025, the year - on - year growth rates of net profit attributable to shareholders of the CSI 300, Shanghai 50, and other indexes showed different trends, and the return on net assets also varied [48] - **Financial Data of Shenwan Primary Industry Indexes**: As of September 30, 2025, the year - on - year growth rates of net profit attributable to shareholders and the return on net assets of different Shenwan primary industry indexes showed significant differences [49] 3.5 Part Four: Stock Index Influencing Factors - Policy Drive - **Recent Macro - Policy Trends**: A series of policies have been introduced, including policies to promote service consumption, allocate special funds for consumer goods replacement, adjust real - estate purchase restrictions, and implement consumer loan fiscal subsidy policies [53][54][55] 3.6 Part Five: Stock Index Influencing Factors - Overseas Factors - **US Economic Data**: In October, the US manufacturing PMI was 48.7%, a decrease of 0.4 from the previous value, and the non - manufacturing PMI was 52.4%, an increase of 2.4 from the previous value. In September, the US PCE and core PCE year - on - year growth rates were 0%, and the CPI and core CPI year - on - year growth rates were 3% [63][66] - **Trump Team's Actions**: Trump has proposed a series of tariff - related measures, including imposing additional tariffs on imports from China, Canada, and Mexico, and threatening to take over the Panama Canal and Greenland [70]