作者：舒思勤、洪希柠、方丽、夏昌盛 正文 ■ 投资逻辑 发展概况 数字人民币是央行发行的数字形式的法定货币，具有法偿性、安全性、高便捷性、可编程性等特点。2026 年 1 月 1 日，数字人民币定位由 M0 升级为 M1，能够增强个人及企业持有数字人民币的意愿、激发商业银行的推广动力。数字人民币采用双层运营体系，央行负责数字人民币的发行、注销等，指 定运营机构提供数字人民币兑换、流通支付等服务，并承担相应的合规和反洗钱责任。经历多年发展，目前已形成 10 家运营机构参与、更多银行及非银 行机构响应、17个省市区的 26 个地区试点的状态，截至 2025 年 11 月末，数字人民币累计处理交易 34.8 亿笔，累计交易金额 16.7万亿元。通过数字人民 币 APP 开立个人钱包 2.3 亿个，数字人民币单位钱包已开立 1884 万个。 未来展望 动力充足：1）加密货币、全球性稳定币等虚拟货币可能给国际货币体系、支付清算体系、货币政策、跨境资本流动管理等带来诸多风险和挑战，因此发 展主权货币的数字货币有必要性。2）根据智通财经报道，全球共有 130 个国家(占全球经济总量的 98%)正在探索本国货币的数字版本，其 ...

A股三大指数今日小幅上涨，截至收盘，沪指涨0.05%报4085点录得14连阳，深证成指涨0.06%，创业板指涨0.31%。全市场成交额2.88万亿元，较前一交易 日增量493亿元，近3200股下跌。 盘面上，存储芯片价格持续上涨，存储芯片板块爆发，彤程新材、恒坤新材等多股涨停；电子化学品走高，广钢气体涨停；光刻机(胶)板块走强，南大光电 等多股涨停；媒体板块拉升，大有能源、陕西黑猫涨停；半导体、可控核聚变、CPO概念及稀土永磁等板块涨幅居前。另外，DRG/DIP概念走低，荣科科技 20CM跌停；脑机接口板块大回调，诚益通、爱朋医疗等多股跌逾10%；钛白粉板块走弱，振华股份领跌；数字货币、屏下摄影及券商概念等跌幅居前。(格 隆汇) | 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 4085.77 | 14030.56 | 1496.2 | | +2.11 +0.05% +8.01 +0.06% +3.24 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1443.39 | 3329.69 | 6654.1 | | +14.09 +0.99% +10.4 ...

三大指数早盘集体上涨，截至午盘，沪指涨0.29%，深成指涨0.35%，创业板指涨0.41%，北证50指数涨 0.91%，沪深京三市半日成交额18536亿元，较上日放量575亿元。全市场超2500只个股上涨。板块题材 上，存储芯片、光刻胶、稀土永磁、半导体设备、有色金属、可控核聚变、铜缆高速连接、创新药、旅 游及酒店板块涨幅居前；油气开采及服务、钛白粉、跨境支付、猪肉、军工装备板块跌幅居前。盘面 上，半导体设备板块早盘大涨，芯源微20cm涨停，拓荆科技、中微公司、北方华创盘中纷纷创出历史 新高。稀土永磁板块盘中走强，中稀有色、格林美涨停，中国稀土、金力永磁、北方稀土涨幅居前。可 控核聚变板块同样表现活跃，中国核建、王子新材、弘讯科技、国机重装、中国西电涨停。此外，有色 金属、存储芯片、CRO概念股均有拉升。另一方面，油气股局部走低，中国海油盘中跌超4%，中曼石 油、洲际油气、石化油服跟跌。数字货币、跨境支付板块有所调整，四方精创、翠微股份、拉卡拉、京 北方纷纷下挫。 ...

1月5日，和讯投顾徐剑波表示，2026年A股迎来开门红，稳稳站上4000点，这波行情能否继续上冲？我 的观点是，行情可能真要启动了。其一，沪指逼近前高，创业板离3331点也仅一步之遥，蓄势突破或预 示行情来临；其二，目前成交额达2.5万亿，稳稳站在2万亿之上，资金全在进场抢筹，市场彻底转强。 不过必须提醒，12连阳后市场不大可能直接突破，大概率会震荡蓄势消化压力，待时机成熟再向上突 破，所以别纠结明天指数涨跌，重点应找分化后的新机会。今天最火题材是周末发酵的脑机接口，量化 开盘就冲进去，看似热闹，但我更看好低位题材数字货币。这波数字货币有政策支持，央行行动方案1 月1号正式落地，新一代数字人民币计量框架管理体系全上线，数字人民币从数字现金升级为数字存款 货币，这是本质性转型，意义重大。一方面，数字人民币能生利息，大家会更乐意使用；另一方面，银 行有推广动力，以前光投入没回报，现在能放贷赚钱，自然会使劲推，而且数字货币还能产生智能合 约，让生活更便利。此外，保险板块今天大涨6个点，商业航天、脑机接口偏情绪，保险大涨则说明大 资金真的入场了，可期待期盼已久的春季行情。最后，祝大家2026年从开门红开始，持仓一路涨 ...

Satellite Internet - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, aiming to raise 7.5 billion yuan, with a focus on reusable rockets [1] - Starlink announced it will provide free broadband service to the people of Venezuela for one month [3] Artificial Intelligence - Wall Street is seeing active IPOs and financing, with companies like Biran Technology experiencing a significant stock price increase, and Suiyuan Technology completing IPO guidance [4] - Google and Anthropic reported strong demand for TPU, while there are rumors of significant price increases for NVIDIA and AMD GPUs starting next month [4] Semiconductor - The Big Fund has increased its stake in SMIC H-shares, and TrendForce has revised upward its expectations for DRAM and NAND contract price increases in Q1 2026 [5] - TSMC has received U.S. permission to transport equipment to its Nanjing plant and plans to raise prices for advanced processes [6] Robotics - Reports suggest that Tesla's Optimus V3 mass production review has been completed, with seven Chinese companies as core suppliers, targeting a production capacity of 50,000 to 100,000 units by the end of the year [7] New Energy - Tianci Materials has released an annual forecast, confirming that Q4 performance is on track [9] Nuclear Fusion - The all-superconducting tokamak experiment has achieved significant physical breakthroughs, providing a basis for high-density operation [10] - The first nuclear fusion conference of the year will be held from January 16 to 17 in Hefei [11] Autonomous Driving - Tesla owners have achieved "full self-driving across the United States" for the first time [13] Digital Currency - State-owned banks will start paying interest on digital RMB real-name wallet balances at current account rates from January 1 [14] Market News - The New Year speech mentioned advancements in artificial intelligence, semiconductors, aerospace, and robotics across multiple sectors [15] - Companies are required to disclose annual performance forecasts by January 31 [16] - Market pricing clues for 2026 indicate sustained high growth, broad recovery, U.S. inflation, and Chinese domestic demand [17] Market Observation - On the last trading day before the holiday, the transaction volume reached 2.05 trillion yuan, with indices closing in the green but not reaching 4,000 points [18] - The satellite internet sector successfully crossed the year-end, with funds remaining in the market, and there is potential for healthy pullbacks to provide better entry opportunities [18]

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 31 日 轻指数，重个股，把握结构性机会 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周二早盘市场延续震荡分化格局，三大指数涨跌互现，午后市场震荡拉升， 深成指及创指红盘报收。盘面上看，数字货币、游戏及影视概念活跃，人行机器 人等概念股大涨，石油板块继续走强。 当前市场正处于基本面与业绩的空窗期，缺乏扎实的基本面支撑，这就决定 了市场后续走势大概率会呈现反复震荡的特征，难以实现一帆风顺的持续上涨。 因此，投资者在当前阶段不宜盲目追高，需保持理性判断，轻指数、重个股，重 点把握结构性行情的博弈机会。 操作上，以不变应万变，我们维持前期的观点不变。无论是科技成长方向（半 导体芯片、泛 AI 主题及机器人行业等），还是顺周期行业（光伏、电池、储能、 化工、煤炭、有色等），亦或是红利股（银行、公用事业、"大象股"等），尽量选 择有业绩支持的标的逢低布局，远离缺乏业绩支撑的高估值题材股。 请务必阅读最后一页 ...

Core Insights - The People's Bank of China has introduced a new action plan to enhance the management and service system for digital currency, with a new digital RMB framework set to launch on January 1, 2026 [1][2] - As of November 2025, the digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [1] - The digital RMB is evolving into a strategic tool that integrates finance, technology, and data, enhancing trade efficiency and national competitiveness [3] Group 1: Digital Currency Developments - The digital RMB's management system and infrastructure will officially start in 2026, indicating a significant step in China's digital currency evolution [1] - The digital RMB has seen substantial adoption, with 3.48 billion transactions and a total transaction value of 16.7 trillion yuan by late 2025 [1] - The digital RMB app has facilitated the opening of 230 million personal wallets, showcasing its growing user base [1] Group 2: Challenges and Opportunities - The article outlines four key challenges faced by central banks regarding digital currency: modern payment tools' impact on monetary control, risks of financial disintermediation, the relationship between digital cash and commercial banks, and the balance between centralized management and decentralized blockchain features [2] - The Chinese government is exploring international cooperation in digital finance, particularly through the mBridge project for cross-border payments with countries like Thailand and the UAE [2] - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share potentially between 10% and 20%, and digital currency penetration between 20% and 40% [2] Group 3: Blockchain and Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the majority located in South China [3] - The number of existing blockchain companies in China has steadily increased over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 companies by late 2025 [3] - The development of digital RMB is seen as a strategic asset that leverages blockchain technology to enhance trade efficiency and align with national interests [3]

数字人民币将从数字现金时代迈入数字存款货币时代。 近日，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行 动方案》，明确新一代数字人民币计量框架、管理体系、运行机制和生态体系将于2026年1月1日正 式启动实施。 前言 投资信息如迷雾？市场节奏总踏空？那是你缺少利器！想精准捕捉研报价值？想抢占投资先机？《行研 精选》为你破局！覆盖每个交易日，从事件中发现机会，提炼研报精华，助力捕捉行业风口。 【 精选快读 】 一、 数字人民币迈入2.0时代，产业链价值空间全面打开 二、 巨头竞逐人形机器人蓝海，产业链机遇全面显现 近日，华为全资持股的东莞极目机器有限公司注册资本发生变更，由38.9亿元增至46.891亿元，增 幅约20.54%，由华为全资认缴。 点击付费阅读，挖掘行业机会，把握投资风口！ ...

1、东部战区组织实弹射击 今日8时至18时，中国人民解放军东部战区将在图中海域和空域，进行重要军事演习，并组织实弹 射击。中国人民解放军打"独"促统决不手软，将持续组织反分裂反干涉行动，坚决维护国家主权、统 一、领土完整。 2、东部战区部队对台岛南部相关海域实施远程火力实弹射击 东部战区新闻发言人李熹海军大校表示，12月30日13时00分，中国人民解放军东部战区陆军部队， 协同海军、空军、火箭军等兵力，对台岛南部相关海域，实施远程联合火力突击，并组织实弹射击，取 得了预期效果。 3、财政部：关于个人销售住房增值税政策的公告 5、今日特朗普要闻 1、俄乌冲突：特朗普说，他当天早晨与俄罗斯总统普京通电话时，被对方告知乌克兰无人机袭击 了普京一处官邸，"我对此很生气"。俄方表示，普京告知特朗普，俄罗斯打算继续与美国合作以实现和 平，但俄方立场将进行调整。泽连斯基表示，美国总统已确认将向乌克兰提供强有力的安全保障。2、 伊朗：特朗普威胁称，如果伊朗继续发展弹道导弹，他支持对伊朗发动打击；如果伊朗发展核武器，他 支持对伊朗发动快速打击。3、以色列：当地时间12月29日下午，特朗普在与以色列总理内塔尼亚胡会 晤后对记者表 ...

30日，A股三大指数早盘低开，盘中均震荡上行多次翻红。Wind数据显示，截至收盘，上证指数微跌， 报3965.12点；深证成指涨0.49%，创业板指涨0.63%。 板块方面，人形机器人概念股午后爆发，数字货币、AI手机、短剧游戏题材表现活跃。光伏产业链回 撤，海南自贸区、离境退税、商业航天概念股出现调整。 全市交易额2.16万亿，逾3400只个股下跌。 | 14 | | w A股 | | | Q | | --- | --- | --- | --- | --- | --- | | A股 | 港股 美股 | 全球 | 商品 | 汁 三 外汇 | | | 已为您生成昨日市场智评 | | | | 查看 | | | 内地股票 它 | | | | | | | 行情 | | 资金净流入 | | 涨跌分布 | | | 上证指数 | | 深证成指 | | 科创综指 | | | 3965.12 | | 13604.07 | | 1642.58 | | | -0.16 0.00% | | +66.97 +0.49% | | +4.50 +0.27% | | | 万得全A | | 创业板指 | | 北证50 | | | 6421.0 ...