金融工程 | 证券研究报告 — 周报 2026 年 1 月 9 日 中银量化多策略行业轮动 周报 – 20260108 当前（2026 年 1 月 8 日）中银多策略行业配置系统仓位：基础化工 （13.7%）、非银行金融（13.7%）、煤炭（9.1%）、计算机（7.5%）、 综合（6.6%）、建材（5.8%）、电力设备及新能源（5.8%）、石油石化 （5.0%）、家电（4.9%）、电子（4.0%）、医药（4.0%）、房地产 （3.5%）、综合金融（3.4%）、钢铁（3.2%）、农林牧渔（2.5%）、建 筑（2.5%）、有色金属（2.5%）、银行（2.4%）。 相关研究报告 《中银证券量化行业轮动系列（七）：如何把 握市场"未证伪情绪"构建行业动量策略》 20220917 《中银证券量化行业轮动系列（八）："估值泡 沫保护"的高景气行业轮动策略》20221018 《中银证券宏观基本面行业轮动新框架：对传 统自上而下资产配置困境的破局》20230518 《中银证券量化行业轮动系列（九）：长期反 转-中期动量-低拥挤"行业轮动策略》20240914 《中银证券量化行业轮动系列（十）：如何基 于资金流构建行业轮动策略 ...

Core Viewpoint - The article discusses the 2024 annual salary disclosures of executives from several major energy state-owned enterprises in China, highlighting the pre-tax remuneration and additional benefits for key personnel. Group 1: China National Petroleum Corporation (CNPC) - The chairman, Ma Yongsheng, has a pre-tax salary of 935,500 RMB, with additional social insurance and pension contributions totaling 237,600 RMB [3] - Other executives, such as Da Dong and Zhong Ren, also have salaries around 935,500 RMB and 842,000 RMB respectively, with similar additional benefits [3] Group 2: China Petroleum and Chemical Corporation (Sinopec) - Chairman Wang Dongjin's pre-tax salary is 966,900 RMB, with social insurance contributions of 264,800 RMB [5] - Other executives, including Zhou Xinhai and Wang Dehua, have salaries ranging from 289,200 RMB to 867,800 RMB, with similar additional benefits [5] Group 3: China National Offshore Oil Corporation (CNOOC) - Chairman Wang Dongjin earns 966,900 RMB, with social insurance contributions of 264,800 RMB [5] - Other executives have salaries from 14,510 RMB to 867,800 RMB, with additional benefits [5] Group 4: China Huaneng Group - Chairman Wen Shugang's pre-tax salary is 961,700 RMB, with social insurance contributions of 270,000 RMB [9] - Other executives, such as Zhang Wenfeng and Deng Jianling, have salaries ranging from 400,700 RMB to 860,000 RMB [9] Group 5: China Datang Corporation - Chairman Ren Jian's pre-tax salary is 922,100 RMB, with social insurance contributions of 283,200 RMB [11] - Other executives have salaries from 7,680 RMB to 824,900 RMB, with similar additional benefits [11] Group 6: China Huadian Corporation - Chairman Jiang Yi's pre-tax salary is 961,100 RMB, with social insurance contributions of 310,400 RMB [13] - Other executives have salaries ranging from 43,260 RMB to 865,000 RMB, with additional benefits [13] Group 7: China Longyuan Power Group - Chairman Liu Ming's pre-tax salary is 885,700 RMB, with social insurance contributions of 237,000 RMB [14] - Other executives have salaries from 7,250 RMB to 860,000 RMB, with similar additional benefits [14] Group 8: China Energy Investment Corporation - Chairman Yu Bing's pre-tax salary is 953,700 RMB, with social insurance contributions of 292,000 RMB [17] - Other executives have salaries ranging from 42,650 RMB to 850,000 RMB, with additional benefits [17] Group 9: China National Coal Group - Chairman Wang Shudong's pre-tax salary is 910,200 RMB, with social insurance contributions of 287,300 RMB [23] - Other executives have salaries from 15,170 RMB to 819,200 RMB, with similar additional benefits [23]

在政策引导、业绩改善与公司治理优化等因素驱动下，上市公司现金分红呈现"金额增加、频次提升、 结构优化"的鲜明特征。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，上市公司分红将朝着三个方向深化演 进：一是约束从"软性倡导"内化为"刚性责任"，成为公司治理的核心；二是处于不同生命周期的企业分 红差异化，成熟企业做"压舱石"，成长型企业平衡研发与回报；三是角色从"单一财务行为"升维为"价 值管理核心"，通过与红利指数、衍生品创新共振，持续吸引全球长期资本入市，构建"高回报吸引长 钱，长钱支撑高质量发展"的健康生态闭环。 A股市场生态深刻变革 近年来，在政策引导下，上市公司股东回报意识增强，现金分红金额逐年增长，2024年现金分红达到 2.4万亿元，2025年达到2.61万亿元，屡创新高，实现跨越式增长。 "这一数据不仅是企业盈利与现金流稳健的直接体现，更折射出A股市场生态的深刻变革。"中山大学岭 南学院教授韩乾在接受《证券日报》记者采访时表示。 在市场人士看来，这背后既有政策的引导，也有公司盈利的改善以及治理水平的提升，资本市场分红生 态优化。 2025年A股上市公司分红再创新高。记者据数据统计，20 ...

2025年，安徽省A股上市公司市值增量为6703亿元，较年初市值增长34.02%。 其中，阳光电源为市值增长的核心驱动，其年内市值增长2015亿元，增幅131.67%，贡献了全省市值增 量的30.07%。而TOP5的其余四家企业，即香农芯创、铜陵有色、国轩高科、国盾量子，市值增量均未 超过600亿元，全省市值增长贡献率未超过9%。 安徽省市值缩量最为严重的企业为古井贡酒、迎驾贡酒、海螺水泥、淮北矿业、口子窖，但其市值降幅 均未超过250亿元。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 2025年，安徽省A股上市公司市值增量为6703亿元，较年初市值增长34.02%。 其中，阳光电源为市值增长的核心驱动，其年内市值增长2015亿元，增幅131.67%，贡献了全省市值增 量的30.07%。而TOP5的其余四家企业，即香农芯创、铜陵有色、国轩高科、国盾量子，市值增量均未 超过600亿元，全省市值增长贡献率未超过9%。 安徽省市值缩量最为严重的企业为古井贡酒、迎驾贡酒、海螺水泥、淮北矿业、口子窖，但其市值降幅 均未超过250亿元。 责任编辑：公司观察 责任编辑：公司观察 ...

（文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 1.39 | 510.34 | -17.97 | 新劲刚 | 11.12 | | 环保 | 1.08 | 73.50 | -16.60 | 创元科技 | 10.01 | | 轻工制造 | 0.80 | 120.71 | -19.58 | 宏裕包材 | 11.28 | | 机械设备 | 0.72 | 633.49 | -18.75 | *ST新研 | 16.32 | | 建筑材料 | 0.62 | 116.89 | -7.18 | 九鼎新材 | 10.05 | | 电子 | 0.62 | 1540.98 | -5.28 | C优迅 | 12.33 | | 计算机 | 0.54 | 378.43 | -25.07 | 广道退 | 17.65 | | 建筑装饰 | 0.49 | 146.28 | 14.63 | 海南发展 | 10.01 | | 综合 | 0.36 | 20.47 | - ...

Core Viewpoint - India and New Zealand have announced a free trade agreement aimed at deepening bilateral economic ties and promoting economic growth amid increasing global trade uncertainties [1][6]. Group 1: Agreement Details - The free trade agreement, which took 9 months to negotiate, aims to reduce tariff barriers, simplify regulatory processes, and expand cooperation in goods trade, services trade, and investment [1][6]. - Under the agreement, all Indian goods exported to New Zealand will receive zero-tariff access, while New Zealand will gradually enjoy tariff concessions on approximately 70% of India's tariff lines, covering 95% of its exports [1][7]. - New Zealand has committed to investing $20 billion in India over the next 15 years as part of the agreement [7]. Group 2: Economic Impact - The bilateral trade volume between India and New Zealand is currently limited, but officials believe the agreement has strong growth potential, with expectations to double the trade volume to $2.4 billion by 2024 [7]. - New Zealand's Prime Minister stated that the agreement is expected to increase New Zealand's annual exports to India by $1.1 billion to $1.3 billion over the next 20 years [7][8]. - Key sectors benefiting from the agreement include India's textiles, apparel, engineering products, leather footwear, and seafood, while New Zealand's horticultural products, timber exports, coal, wool, and lamb will also gain [1][6]. Group 3: Strategic Context - The agreement reflects India's strategy to diversify its export destinations in response to high U.S. import tariffs and ongoing geopolitical tensions [1][4]. - India is actively pursuing a broader network of free trade agreements to buffer external shocks and support its export growth targets, with ongoing negotiations with the EU, Chile, and Canada [3][8]. - The agreement with New Zealand is part of India's recent push to finalize multiple trade agreements, including those with the UAE, Australia, and the UK [9][10].

（文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指涨0.61%，A股成交量569.38亿股，成交金额8829.05亿 元，比上一个交易日增加0.05%。个股方面，3507只个股上涨，其中涨停72只，1705只个股下跌，其中 跌停7只。从申万行业来看，通信、有色金属、综合等涨幅最大，涨幅分别为3.03%、2.20%、2.19%； 煤炭、美容护理、传媒等跌幅最大，跌幅分别为0.65%、0.43%、0.43%。（数据宝） | 纺织服饰 | | | | 太湖雪 | | | --- | --- | --- | --- | --- | --- | | 传媒 | -0.43 | 160.88 | -16.65 | 博纳影业 | -10.03 | | 美容护理 | -0.43 | 17.89 | -2.05 | 嘉亨家化 | -4.96 | | 煤炭 | -0.65 | 36.19 | 6.43 | 中煤能源 | -1.68 | 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- ...

股指期货|年度报告 分析师： 项麒睿 心驱动力在于"抢出口"预期带来的充裕流动性。回顾 2025 年，市场整体 确实呈现"N"型走势，并且突破震荡格局，但也存在一些因素超出了我们 年初的预期：一方面，"抢出口"趋势降温后，我国出口展现了超预期的 强劲韧性，另一方面，企业盈利的显著修复时点也比预想中有所后移。 展望 2026 年，市场逻辑预计将发生关键转换，从流动性驱动转向盈利 修复驱动。国内"建设强大国内市场"的战略调整与"反内卷"政策，正 致力于从根源上改善内需与通缩预期。多项领先指标共同预示 PPI 有望步 入上行通道，企业利润修复可期，这将为市场奠定基本面基石并推动估值 消化，但修复强度或将弱于 2021 年。与此同时，尽管上半年出口可能面临 高基数压力，但经常性账户仍将呈现较强韧性，低利率环境下的"存款搬 家"趋势，以及美元信用弱化背景下跨境资金压力的缓和，有望继续营造 相对友善的资金环境。随着驱动力的切换，盈利确定性高、估值具备吸引 力的大盘价值风格短期来看优势凸显，市场风格短期或延续再平衡。中长 期来看，盈利修复机遇将成为 2026 年 A 股市场的关键主线。 相关研究报告： 盈风聚势启新程 证监 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - In the recent week, the TMT sector led the gains, and there were filings for three non - ferrous ETFs. The overall performance of ETFs in different markets and sectors varied, with some showing gains and others experiencing setbacks. The funds flowing into and out of different index - based ETFs also presented distinct trends [1][2]. 3. Summary According to the Table of Contents 3.1 Index Product Establishment, Fund - raising, and Filing - **Product Establishment and Listing**: In the recent week, 4 ETF products such as Dongcai CSI Hong Kong Stock Connect Technology ETF and Boshi CSI Bank ETF were listed, and 11 products including Baoying CSI A500 Index Enhancement A were established. Multiple CSI Science and Technology Innovation and Entrepreneurship Artificial Intelligence ETFs from Huatai - Ber瑞 and E Fund were recently established and listed [1][4][5]. - **Product Issuance Information**: In the coming week, 18 index products will end their fund - raising, including Changxin Shanghai Stock Exchange Science and Technology Innovation Comprehensive Index Enhancement A. Nine index products will start fund - raising, such as GF China Securities Industrial Software Theme ETF [1][6]. - **Product Filing Information**: A total of 34 index products were filed in the recent week. With the upward trend of non - ferrous metals in the past few months, the attention on non - ferrous ETF products has further increased. Penghua, Boshi, and Invesco Great Wall filed for non - ferrous related ETFs [1][8]. 3.2 ETF Market Review - **Overall Market Performance**: In the recent week (2025/12/8 - 2025/12/12), the major broad - based A - share ETFs showed mixed performance. The Growth Enterprise Market 50ETF and Science and Technology Innovation 50ETF had relatively high gains of 2.92% and 1.86% respectively. The major broad - based Hong Kong and US ETFs slightly pulled back, with the Hang Seng ETF and Nasdaq ETF falling 1.00% and 1.92% respectively. Among commodity ETFs, the non - ferrous ETF rose 1.33%, while the energy and chemical ETF had a significant decline of - 3.31% [2][11]. - **Sector - Specific Performance**: The technology sector had the highest gains among major industries in the recent week. The communication ETF had the highest increase of 6.85%. In the broad - based category, the Growth Enterprise Market 50ETF rose 2.92%, and in the cyclical category, the coal ETF had a relatively high decline of - 3.88% [2][13]. 3.3 ETF Fund Flows - **Overall Scale**: As of December 12, 2025, there were 1304 ETFs in the entire market, with a latest total scale of 5662.825 billion yuan, an increase of 16.933 billion yuan compared to the previous week. The A - share and cross - border ETFs ranked first and second in terms of scale, with 3642.161 billion yuan and 935.749 billion yuan respectively [21]. - **Fund Inflows and Outflows**: Among non - monetary ETFs in the recent week, the ETFs targeting the CSI A500 had the largest net inflow of funds, reaching 9.694 billion yuan, while the ETFs targeting the Growth Enterprise Market Index had the largest net outflow of funds, amounting to 3.148 billion yuan [24].

Summary of Key Points Core Viewpoint - As of December 9, the market's latest financing balance reached 24,928.96 billion yuan, reflecting an increase of 101.53 billion yuan from the previous trading day, with 23 industries showing an increase in financing balance, particularly the electronics sector which saw the largest increase of 54.87 billion yuan [1][2]. Industry Financing Balance Changes - The electronics industry had the highest financing balance at 3,710.91 billion yuan, with a day-on-day increase of 54.87 billion yuan, representing a growth of 1.50% [1]. - The food and beverage sector increased by 6.45 billion yuan to a total of 527.10 billion yuan, marking a growth of 1.24% [1]. - The electric equipment industry saw an increase of 6.22 billion yuan, bringing its total to 2,169.02 billion yuan, with a growth rate of 0.29% [1]. - The retail sector increased by 4.76 billion yuan to 278.50 billion yuan, reflecting a growth of 1.74% [1]. - Other notable increases included non-ferrous metals (4.50 billion yuan), basic chemicals (4.42 billion yuan), and transportation (4.35 billion yuan) [1]. Industries with Decreased Financing Balance - The computer industry experienced the largest decrease, with a reduction of 5.17 billion yuan, resulting in a total of 1,791.10 billion yuan, a decline of 0.29% [2]. - The machinery equipment sector saw a decrease of 2.75 billion yuan, bringing its total to 1,308.81 billion yuan, down by 0.21% [2]. - The non-bank financial sector decreased by 2.67 billion yuan to 1,866.53 billion yuan, reflecting a decline of 0.14% [2]. - Other sectors with decreases included public utilities, textile and apparel, and construction decoration, all showing negative growth rates [2].