1月12日，沪指上涨1.09%，深成指上涨1.75%，创业板指上涨1.82%，沪深300指数上涨0.65%。可交易 A股中，上涨的有4144只，占比75.91%，下跌的1182只。 资金面上，今日主力资金全天净流出274.68亿元，已连续5个交易日资金呈净流出状态。其中，创业板 主力资金净流出10.48亿元；科创板主力资金净流出69.33亿元；沪深300成份股主力资金净流出126.47亿 元。 分行业来看，申万所属的一级行业中，今日上涨的有28个，涨幅居前的行业为传媒、计算机，涨幅为 7.80%、7.26%。跌幅居前的行业为石油石化、煤炭、房地产，跌幅为1.00%、0.47%、0.29%。 行业资金流向方面，今日有11个行业主力资金净流入，计算机行业主力资金净流入规模居首，该行业今 日上涨7.26%，全天净流入资金157.74亿元，其次是传媒行业，日涨幅为7.80%，净流入资金为53.91亿 元。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 计算机 ...

Market Performance - The Anhui state-owned enterprise reform sector rose by 1.28% compared to the previous trading day, with Huazhong Securities leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Stock Performance - Huazhong Securities (600909) closed at 7.60, with a significant increase of 9.99% and a trading volume of 3.96 million shares, amounting to a transaction value of 2.979 billion [1] - Guoyuan Securities (000728) and Anhui High-tech (600063) also saw increases of 3.79% and 3.70%, respectively [1] - Other notable stocks included Baosujiao Supply (600935) and Jinghe Integrated (688249), which rose by 3.67% and 2.94% respectively [1] Capital Flow - The Anhui state-owned enterprise reform sector experienced a net outflow of 33.08 million yuan from institutional investors, while retail investors saw a net inflow of 22.86 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huazhong Securities had a net inflow of 533 million yuan from institutional investors, but a net outflow of 212 million yuan from speculative funds [3] - Guoyuan Securities experienced a net inflow of 102 million yuan from institutional investors, but a significant outflow from speculative and retail investors [3] - Jinghe Integrated saw a net inflow of 58.68 million yuan from institutional investors, indicating strong interest in the stock [3]

熊婧妍 证券分析师执业证书编号：S0740523110005 邮 箱：xiongjy01@zts.comn 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ PPI筑底，布局景气修复 ——中泰时钟资产配置月报(2601) 2026.01.05 李倩云 证券分析师执业证书编号：S0740520050001 邮 箱：liqy02@zts.com 二、资产状态及宏观驱动 目录 CONTENTS 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 中 泰 证 券 研 究 所 一、2026年通胀及受益板块预测 三、从宏观和资金视角看风偏的持续性 四、风格配置 五、行业配置 要点简述 风险提示：本报告基于公开历史数据进行统计测算，存在数据滞后性、第三方数据提供不准确风险；历史规律可能失效，模型基于历史数据得到统计结论不能完全代表未来，在 极端情形下或存在解释力不足的风险；宏观政策超预期变动及海外因素扰动或对模型结论有较大影响 n 2026年上半年PPI或缓慢回升至零轴附近：AR-gap（包含通胀的动量效应和通胀缺口影响）和菲利普斯曲线模型（包含宏观变量影 响），均预测2026 ...

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20251231 (1) 收盘价：大周期环比+0.18%、制造环比-0.02%、科技环比+0.86%、大消费 环比+0.49%、大金融环比-0.76%。 (2) 转股溢价率：大周期环比+0.45pct、制造环比+0.9pct、科技环比-0.7pct、大 消费环比+0.15pct、大金融环比+0.22pct。 市场概况：12 月 31 日转债过半行业上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.02%、上证综指环比上涨 0.09%、深证成 指环比下降 0.58%、创业板指环比下降 1.23%、上证 50 指数环比下降 0.18%、 中证 1000 指数环比下降 0.03%。 市场风格：中盘价值相对占优。大盘成长环比下降 0.82%、大盘价值环比下降 0.13%、中盘成长环比下降 0.42%、中盘价值环比上涨 0.45%、小盘成长环比 上涨 0.14%、小盘价值环比下降 0.17%。 资金表现：转债市场成交情绪减弱。可转债市场成交额为 746.80 亿元，环比 减少 0.50%；万得全 A 总成交额为 20657.88 亿元，环比减少 4 ...

Group 1: New Economic Policies in Vietnam - From January 2026, several important new economic policies will take effect in Vietnam, including the Special Consumption Tax Law, Advertising Law, land use fee reductions, minimum wage increases, and a technology transfer mechanism for railway projects [1] Group 2: Special Consumption Tax Law - The new Special Consumption Tax Law, passed on June 14, 2025, aims to increase fiscal budget revenue, adjust consumption behavior, and guide the market towards sustainable development [2] Group 3: Advertising Law Adjustments - The amended Advertising Law, passed on June 16, 2025, focuses on administrative reform, reducing compliance costs for businesses, and enhancing the efficiency of advertising activities in a digital economy context [3] Group 4: International Financial Center Court Law - The National Assembly has passed the International Financial Center Court Law, establishing the court's functions, structure, and procedures, which is a significant legislative achievement [4] Group 5: ODA and Foreign Loan Regulations - New regulations on Official Development Assistance (ODA) and foreign loan transfer mechanisms have been introduced to enhance flexibility and expand access to preferential funding, supporting development investments [5] Group 6: Price Management Mechanism - The amended Price Law focuses on expanding regulatory scope, protecting consumers, and improving market transparency, which is essential for macroeconomic stability [6] Group 7: Macro-Economic Stability and Sustainable Development - The National Budget Law emphasizes maintaining macroeconomic stability and sustainable development, incorporating transparency and social oversight into the fiscal budget framework [7] Group 8: Railway Investment Prioritization - The Railway Law designates railways as a priority investment area, introducing mechanisms to encourage private sector participation in railway infrastructure development [8] Group 9: Statistical Law Adjustments - The amended Statistical Law aims to improve economic and social governance by reducing compliance costs and enhancing data transparency [10] Group 10: Land Use Fee Reductions - A resolution allows for reduced land use fees when converting agricultural land to residential use, aimed at alleviating financial burdens on families and meeting housing demands [11] Group 11: Agricultural Land Tax Policy - A new policy extends the tax exemption period for agricultural land use, encouraging production scale expansion and enhancing agricultural competitiveness [12] Group 12: Minimum Wage Increase - The minimum wage has been set between 3.7 million and 5.31 million VND per month, aimed at ensuring worker income and purchasing power [12] Group 13: Railway Technology Transfer Mechanism - A new decree establishes a special mechanism for technology development and transfer in the railway sector, promoting local capabilities and reducing reliance on foreign technology [13] Group 14: New Accounting Standards - The new accounting standards issued by the Ministry of Finance aim to align with international standards, enhancing financial transparency and financing capabilities for businesses [14] Group 15: Corporate Tax Incentives for Electronics Manufacturing - New standards for corporate tax incentives for electronics manufacturing companies have been introduced, aimed at reducing costs and encouraging investment in high-tech sectors [15]

沪指本周上涨0.13%，深成指下跌0.58%，创业板指下跌1.25%，沪深300指数下跌0.59%。可交易A股 中，上涨的有2000只，占比36.62%，下跌的3398只。 资金面上，本周主力资金合计净流出1212.93亿元，各交易日资金均为净流出状态。其中，创业板主力 资金净流出331.98亿元；科创板主力资金净流出92.33亿元；沪深300成份股主力资金净流出390.53亿 元。 本周主力资金流向概况（单位：亿元） | 日期 | 深沪两市 | 创业板 | 科创板 | 沪深300 | | --- | --- | --- | --- | --- | | 一周合计 | -1212.93 | -331.98 | -92.33 | -390.53 | | 12月31日 | -322.70 | -102.21 | -35.54 | -191.76 | | 12月30日 | -282.29 | -65.22 | -19.12 | 6.22 | | 12月29日 | -607.95 | -164.55 | -37.67 | -204.99 | 行业来看，申万所属的一级行业中，本周上涨的有12个，涨幅居前的行业为石油石化、 ...

500质量成长ETF(560500)，场外联接(联接A：007593；联接C：007594)。 风险提示："中证500质量成长指数(930939)由中证指数有限公司（"中证"）编制和计算，其所有权归属 中证或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任何明 示或暗示的担保，不因标的指数的任何延迟、缺失或错误对任何人承担责任（无论是否存在过失）。中 证对于跟踪标的指数的产品不作任何担保、背书、销售或推广，中证不承担与此相关的任何责任。"本 基金为被动投资的交易型开放式指数基金，主要采用完全复制策略，跟踪标的指数市场表现，具有与标 的指数所表征的市场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场平均回报 偏离、标的指数波动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、成份股停 牌或退市等潜在风险。本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付 责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构成对 ...

Group 1 - The core view of the report emphasizes that the market is in a phase of stabilization, with expectations for market stability strengthening, but this does not determine the height of the market, indicating a continuation of the oscillating pattern [2][38] - The report notes that the A-share index remains near the levels before the significant drop on November 21, suggesting that there is a buildup of profit-taking pressure at this point [2][38] - The report highlights that the recent market fluctuations have led to a significant net inflow into broad-based ETFs, particularly those tracking the CSI A500, which indicates a positive response to stabilization policies [17][19] Group 2 - The report identifies potential investment opportunities in sectors such as new energy, consumer goods, and dividend stocks, with new energy being a strong sector this year, although it has not fully recovered since the drop on November 21 [3][40] - The technology sector is noted to have a foundation for rebound, as structural risks have eased significantly, with indicators showing a decrease in concentration and high-priced stocks [44][46] - The report discusses the challenges faced by convertible bonds, particularly those nearing maturity, which are experiencing pressure due to time value decay and market aging, suggesting a need for cautious investment strategies [50][54][65]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.16% to close at 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points. The ChiNext Index decreased by 2.17% to 3107.06 points, and the Sci-Tech 50 Index dropped by 1.46% to 1305.97 points. Overall, 2843 stocks rose, 2413 fell, and 199 remained unchanged, with a total trading volume of 16555 billion yuan, down by 1557 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, banking, coal, oil and petrochemicals, national defense and military industry, and light industry manufacturing led the gains, with increases of 1.97%, 1.89%, 1.25%, 0.90%, and 0.86% respectively. Conversely, the power equipment, telecommunications, electronics, comprehensive, machinery equipment, and automotive sectors experienced declines, with decreases of 2.22%, 1.58%, 1.51%, 1.13%, 0.64%, and 0.64% respectively [1][2].

天眼查App显示，近日，成都市新都区鼎森包装材料经营部（个体工商户）成立，法定代表人为邓守 燕，注册资本1万人民币，经营范围为一般项目：包装材料及制品销售；纸制品销售；塑料制品销售； 金属包装容器及材料销售；互联网销售（除销售需要许可的商品）；日用杂品销售；日用品销售；五金 产品批发；五金产品零售；模具销售；建筑材料销售；机械零件、零部件销售；建筑装饰材料销售；计 算机软硬件及辅助设备批发；计算机软硬件及辅助设备零售；电工仪器仪表销售；电子元器件批发；电 力电子元器件销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...