分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 传媒软件行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：航天船舶行业领涨 A 股小幅整 理》 2026-01-08 《市场分析：电网资源行业领涨 A 股小幅上 行》 2026-01-07 《市场分析：金融有色行业领涨 A 股震荡上 行》 2026-01-06 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2026 年 01 月 09 日 投资要点： ◼ A 股市场综述 周五（01 月 09 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 4121 点附近遭遇阻力，午后股指维持震 荡，盘中文化传媒、互联网服务、软件开发以及游戏等行业表现较 好；航空机场、保险、光伏设备以及船舶制造等行业表现较弱，沪 指全天基本呈现小幅上行的运行特征。创业板市场周五震荡上扬， 创业板成分指数全天表现与主板市场基本同步。 ◼ 后市研判及投资建议 周五 A 股市场高开高走、小幅震荡上行，周早盘股指高开后震荡上 行，盘中沪指在 4121 ...

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Market Overview - On December 17, the A-share market opened lower but experienced a slight upward trend, with the Shanghai Composite Index facing resistance around 3834 points[2] - The Shanghai Composite Index closed at 3870.28 points, up 1.19%, while the Shenzhen Component Index rose by 2.40% to 13224.51 points[7] - Total trading volume for both markets reached 18,345 billion yuan, above the median of the past three years[3] Sector Performance - Key sectors showing strong performance included communication equipment, electronic components, energy metals, and finance, while sectors like decoration, aerospace, and brewing lagged behind[3] - Over 70% of stocks in the two markets rose, with energy metals and precious metals leading the gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 15.72 times and 47.69 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The market is expected to consolidate around the 4000-point mark, with cyclical and technology sectors likely to alternate in performance[3] Economic Outlook - The central economic work conference set a tone of "more proactive" economic policies for the coming year, while the Federal Reserve's interest rate cuts have led to fluctuating expectations regarding future easing measures[3] - The domestic economy is in a state of moderate recovery, but the foundation still needs strengthening[3] Investment Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[3] - Short-term investment opportunities are recommended in communication equipment, electronic components, energy metals, and finance sectors[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy and economic recovery delays, and international relations changes affecting the economic environment[4]

从板块来看，商业零售、退税商店、休闲食品、商贸零售、食品饮料行业、多元金融等行业以及概念涨 幅居前；福建国资、有色·锑、超导、贵金属、船舶制造、影视院线、工业金属等行业以及概念跌幅居 前。 据东方财富网消息，12月16日，A股三大指数集体回调。截至收盘，上证指数跌1.11%，收报3824.81 点；深证成指跌1.51%，收报12914.67点；创业板指跌2.10%，收报3071.76点。沪深两市成交额17242 亿，较昨日缩量493亿。 个股方面，全市场超4300只个股下跌，接近1100只股票上涨，近50只股票涨停。其中，商业百货板块逆 市走强，永辉超市、欧亚集团、百大集团、中央商场、广百股份、家家悦、红旗连锁、利群股份涨停。 智能驾驶概念逆势拉升，浙江世宝、索菱股份等股涨停。 ...

Group 1: Market Overview - A-shares showed mixed performance on November 19, with the Shanghai Composite Index rising by 0.18% to close at 3946.74 points, while the Shenzhen Component Index slightly declined to 13080.09 points, and the ChiNext Index increased by 0.25% to 3076.85 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 172.59 billion yuan, a decrease of 20.02 billion yuan compared to the previous day [1] - Despite the overall index closing in the green, a significant number of stocks declined, with 4175 stocks falling and only 1200 stocks rising, indicating a challenging environment for most investors [1] Group 2: Foreign Investment Sentiment - Foreign institutional investors are increasingly optimistic about Chinese assets, with several major firms expressing a positive outlook for Chinese stocks by 2026 [2] - Data shows a significant increase in the number of Chinese assets held by major financial institutions like Bank of America, UBS, and Morgan Stanley as of the end of Q3 compared to the end of Q2 [2] Group 3: Sector Performance - The sectors that performed well on November 19 included water products and military trade concepts, driven by recent developments related to Japan [2] - The insurance, oil, and non-ferrous metals sectors supported the market's rebound, indicating a potential stabilization after a series of declines [2] Group 4: Company Highlights - Hengguang Co., Ltd. specializes in the research, production, and sales of sulfur and chlorine chemical products, with a leading position in sodium chlorate production in China. The company reported a net profit of -1.655 million yuan for Q3 2025, with a year-on-year growth rate of 96.92% [3] - Yaguang Technology focuses on military electronics and smart boats, reporting a net profit of -98.88 million yuan for Q3 2025, with a year-on-year decline of 20.42%. The company secured a 37% increase in new military electronics orders in the first half of the year [3]

Group 1 - The core viewpoint of the articles highlights the increasing trend of delistings in the A-share market, with 25 companies having completed the delisting process this year due to various reasons including financial issues, trading problems, and major legal violations [2][4][5] - Among the delisted companies, *ST Tianmao, AVIC Capital, and Yulong Co. chose to delist voluntarily due to significant uncertainties affecting their business operations [2] - The article notes that trading-related delistings are prevalent, with companies like *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun being delisted for having stock prices below 1 yuan for 20 consecutive trading days [2][4] Group 2 - The new "National Nine Articles" propose reforms to the delisting system, aiming to create a normalized delisting environment where companies that should exit the market do so in a timely manner [3] - Regulatory bodies have emphasized that delisting does not exempt companies from accountability, as seen in the penalties imposed on companies like Yili Energy and Jinzhou Port for their violations [4] - Since the introduction of new delisting regulations last year, the China Securities Regulatory Commission has investigated 67 delisted companies for illegal activities, with 33 cases referred for suspected information disclosure crimes [5]

Core Viewpoint - The press conference highlighted significant achievements in technological innovation by central enterprises, particularly in critical areas such as integrated circuits, industrial mother machines, and industrial software, showcasing China's advancements in key technologies and national pride [1] Group 1: Technological Achievements - Central enterprises have successfully tackled a number of "bottleneck" core technologies, particularly in integrated circuits, industrial mother machines, and industrial software [1] - Major national projects such as Chang'e 6, Dream Chaser, and the "Fighter" and "Deep Earth" missions have reported significant successes, indicating advancements in China's aerospace capabilities [1] Group 2: Manufacturing and National Pride - The C919 large passenger aircraft and domestically produced large cruise ships continue to enhance the reputation of "Made in China" [1] - The recent military parade showcased a series of new operational capabilities, which have greatly boosted national confidence and pride [1]

Group 1: Import and Export Performance - The total import and export value of Yangzhong from January to July reached 4.181 billion RMB, a year-on-year increase of 53.02%, with exports amounting to 3.978 billion RMB, up by 55.82% [1] - Yangzhong has 254 foreign trade enterprises with actual performance, and among the top ten exporters, three companies had no export business last year [2] Group 2: Company Initiatives and Growth - Jiangsu Electric Power Transformer Manufacturing Co., Ltd. has participated in two overseas projects this year, with exports growing by 175.2% year-on-year [2] - Jiangsu Ruike Health Technology Co., Ltd. has shifted its focus to Southeast Asia after facing challenges due to U.S. tariff policies, resulting in continuous export growth [3] - Aiswei Technology Co., Ltd. has achieved an export value of 645 million RMB from January to July, marking a 63.4% increase [4] - Dajin Heavy Industry Co., Ltd. ranked first in export value in Yangzhong with 1.143 billion RMB, benefiting from efficient notarization services [7] Group 3: Technological Advancements and Market Expansion - Daqian Group focuses on core technologies in environmentally friendly electrical equipment and has participated in international projects in Saudi Arabia and Singapore [5] - Tongling Co., Ltd. has 113 patents and saw a 36.4% increase in export value from January to July [5] - Yangzhong encourages key industries such as smart electrical, new energy, and automotive parts to expand internationally, with these sectors accounting for 85% of total exports [5] Group 4: Government Support and Services - Yangzhong's public notary office has increased its service efficiency, with a 25% year-on-year rise in notarization volume, facilitating overseas orders for local companies [7] - The local government emphasizes proactive service and tailored support for the top 30 foreign trade enterprises to enhance export performance [7] - Shifan Energy Technology Co., Ltd. has successfully exported products to Australia, with sales exceeding 20 million RMB in the first half of the year [8]

Core Viewpoint - The A-share market is experiencing a mixed performance, with the Shanghai Composite Index falling below 3,800 points, while the MSCI China A50 Connect Index is undergoing a correction, down approximately 1.7% [1] Market Performance - The market remains active with strong trading volumes, supported by continuous capital inflow and rising policy expectations [1] - Key stocks leading the market include Luxshare Precision (002475) and China Shipbuilding, while Zhongji Xuchuang (300308), Cambricon Technologies, and Haiguang Information are lagging [1] External Environment - The external environment is relatively stable, with a high expectation for a Federal Reserve interest rate cut in September, which is favorable for the equity market [1] - The reshaping of global capital flows is also seen as beneficial for the A-share market [1] Investment Opportunities - The upward trend of the A-share market is expected to continue, with market hotspots likely to remain in a rotation phase, indicating structural allocation opportunities [1] - A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a diversified exposure to 50 leading stocks in the A-share market, making it a preferred choice for both domestic and foreign investors [1] - The MSCI China A50 Connect Index emphasizes liquidity and industry balance during its compilation, showcasing significant large-cap characteristics compared to other indices [1]

Group 1 - The core viewpoint of the articles highlights the increasing trend of companies facing delisting in the A-share market due to major violations, particularly financial fraud, with a significant rise in the number of companies entering delisting procedures in 2025 compared to previous years [2][4] - *ST Gao Hong has been forced to delist due to financial fraud, facing a hefty penalty of 160 million yuan, while *ST Tian Mao has opted for voluntary delisting, offering shareholders a cash option at 1.6 yuan per share [2] - In 2025, 10 companies have entered delisting procedures due to major violations, which is significantly higher than the 3 companies that faced delisting in the first five years following the 2014 regulations [2][4] Group 2 - Since the beginning of 2025, five companies have voluntarily delisted, including *ST Tian Mao, with others like Yulong Co. and AVIC Industry facing operational deterioration, while China Shipbuilding Industry and Haitong Securities delisted due to mergers [3] - The voluntary delisting process has included cash options for shareholders, such as 3.54 yuan per share for AVIC Industry and 13.2 yuan per share for Yulong Co., providing an exit strategy for small investors [3] - The structure of delisting is undergoing a significant transformation, shifting from being primarily finance-driven to a more diversified approach, with various categories of delisting including major violations, trading issues, financial problems, regulatory issues, and voluntary delisting [4]