周度热点事件回顾 本周美国CES展会如期举办，AI板块催化密集；2025年12月中国制造业PMI超预期回暖至50.1%，重回荣枯线上方。A股方面，今年首个交易日交投情绪活 跃，上证指数开门红并再次突破4000点大关，周二、周三涨势持续，周四微幅回撤，周五突破4100点关口，再创十年新高，成交量也明显放大；本周国防 军工、传媒板块表现较好，而银行、交通运输板块相对较弱。 1 2 02 周度行情回顾 本周三大指数悉数上涨。本周（1月5日至9日）上证指数上涨3.82%，深证成指上涨4.4%，创业板指上涨3.89%。 成交额方面，本周A股日均成交额约为2.85万亿元，环比上周均值上升33.7%。 行业方面， 国防军工、传媒、有色金属、计算机、医药领涨，累计收益率分别为14.56%、13.55%、8.66%、8.42%、7.7%；银行、交通运输、石油石化、 农林牧渔、通信的表现相对滞后，累计收益率分别为-1.88%、-0.03%、0.17%、0.99%、1.61%。 图2：近5个交易日，主要宽基及行业类ETF累计净申赎概览 01 3 ETF资金流方面，最近5个交易日（2025年12月31日至2026年1月8日）累计净流 ...

Market Overview - Investors should not overreact to uneventful unemployment data, as it allows for a focus on broader market trends and rallies beyond last year's winners [1] - Money is aggressively rotating into overlooked sectors, particularly data storage stocks, which have seen significant rallies while former market leaders struggle [2] Company Insights - Apple and Nvidia have not performed well despite strong underlying businesses, as they have become sources of funds for investors seeking new opportunities [3] - Upcoming earnings season is expected to start strong with JPMorgan Chase, although caution is advised regarding CEO Jamie Dimon's potential risk emphasis [6] - Delta Air Lines is anticipated to report strong results, with banks like Citigroup, Wells Fargo, Bank of America, Goldman Sachs, and Morgan Stanley also expected to perform well [7] Economic Indicators - The December consumer price index will be more significant than recent labor data, with signs of persistent inflation impacting consumer sentiment and presidential policies [5] - The JPMorgan Healthcare Conference is expected to generate merger-and-acquisition activity, with interviews of pharmaceutical executives planned [4] Sector Focus - Attention is on Taiwan Semiconductor Manufacturing Company, which may influence Nvidia's stock performance [8] - Transport stocks are also in focus, with expectations that a solid report from J.B. Hunt will support a bullish outlook on FedEx [9]

本报讯 记者刘会芳报道 近日，五华区交通运输局组织开展"行业党建引领行业规划发展"宣讲座谈活 动，多家重点交通运输企业代表、行业规划设计专家齐聚一堂，围绕《昆明市五华区"十五五"综合交通 运输发展规划及2035年远景规划》（征求意见稿）深入交流讨论，进一步增强行业党委在新兴领域的号 召力、凝聚力、影响力，推动党建引领与行业发展深度融合。 座谈会上，五华区交通运输局立足区域发展实际，详细解读《昆明市五华区"十五五"综合交通运输发展 规划及2035年远景规划》（以下简称《规划》）的起草背景与核心思路，系统阐释《规划》的前瞻性与 实操性。各企业代表、行业专家结合自身经营实践与行业前沿洞察，踊跃发言、各抒己见，既为《规 划》修订完善提出精准务实的建议，又聚焦交通运输综合行政执法改革痛点，深入梳理行业发展的堵点 难点。 据了解，五华区已形成涵盖高速、国省道及农村公路的综合交通路网，"县—乡—村"三级物流体系基本 成型，行业管理服务不断优化，通过政策赋能、服务保障、行业党建等多项惠企举措，为企业发展搭建 了坚实平台。五华区将培育发展无人机、无人车、数字货运等交通运输领域新质生产力，确保"十五 五"开好局、起好步。 下一步 ...

Kroehler Furniture Co. permanently closed its Conover, North Carolina, manufacturing facility on Dec. 31. The closure will result in the layoff of more than 275 employees, according to a state WARN notice.PCA said the move is part of a restructuring aimed at improving the mill’s long-term viability amid high wood fiber and energy costs that have made the facility less competitive.The layoffs are expected to take effect in February. Other parts of the mill — including a recycled pulping operation and a separ ...

产业项目重点布局制造业、服务业、文旅康养和农业等领域，既包括创盛碳化硅晶体等制造业项目、宁 国运二期1GW光伏等新能源项目，也涵盖图兰朵葡萄酒小镇、元宝湖康养、贺兰万亩零碳现代渔业科 技产业园等特色项目。基础设施领域将重点推进典农河幸福河湖等生态环保项目及南线物流通道等交通 工程建设，社会民生与房地产领域项目则将分别聚焦增进民生福祉、提升城市居住品质两大方向。 1月7日从宁夏银川市发改委获悉，银川市2026年锚定高质量发展目标，践行"项目为王"理念，精心储备 各类项目1236个，总投资达3515亿元(人民币，下同)，年度计划投资1037.6亿元。 此次储备项目覆盖广泛，涵盖产业、基础设施、社会民生、房地产四大核心领域。其中，产业项目数量 达407个，年度计划投资467.6亿元，占年度总投资的45%；基础设施项目共计519个，年度计划投资 277.8亿元，占年度总投资的27%；社会民生领域项目230个，年度计划投资120.4亿元；房地产项目80 个，年度计划投资171.8亿元。 此次储备的项目中，总投资过亿元项目达256个，年度计划投资767.8亿元，占年度总投资的74%。5亿 元以上项目54个，年度计划投资4 ...

Key Takeaways HWM shares are near record highs, up over 92% year over year on strong aerospace market momentum.Commercial and defense aerospace demand lifted revenues, led by engine spares and aircraft backlogs.Elevated valuation and weakness in commercial transportation limit near-term upside for Howmet.Howmet Aerospace Inc. (HWM) has been on a great run on the bourses lately, as the stock was hovering at more than $211 per share in the last three trading sessions. Shares of the advanced engineered solutio ...

A recent article in Barron’s showed the publication’s work in creating a 10-security portfolio that tries to replicate as much as possible the holdings of Berkshire Hathaway (BRK.A) (BRK.B). That’s the conglomerate that Warren Buffett led for decades before departing as CEO last week. But is that all there is to it? Sure, we can see from public disclosure which stocks are owned. And their portfolio includes one ETF that covers the industrial sector, because that fund, the S&P 500 Industrial Sector SPDR ( ...

Core Viewpoint - Warren Buffett's departure as CEO of Berkshire Hathaway does not signify the end for the company's stock, which has more than doubled in the past five years, and the company continues to show strong earnings across various sectors [1][2]. Leadership Transition - Warren Buffett has stepped down as CEO, passing leadership to Greg Abel, who has been with the company since 1999, while Buffett will remain as chairman but will be less involved in daily operations [2][6]. - Buffett has planned for succession for years, identifying Abel as his successor in 2021, which may provide some reassurance to investors [6]. Company Resilience - Berkshire Hathaway is structured to endure without Buffett, as many of its subsidiaries operate in essential industries with stable demand [4]. - The company’s key businesses, particularly in insurance and transportation, continue to grow, although they need to accelerate growth to maintain investor confidence [7]. Financial Performance - In the third quarter, insurance premiums and sales and service revenue increased year over year, but overall revenue growth was modest at 2% [7][9]. - Insurance premiums rose by 1.8% year over year, while sales and service revenue increased by 3.2% [9]. Growth Concerns - The current forward price-to-earnings (P/E) ratio of 22.8 raises concerns about the stock's valuation relative to its growth, as the company must sustain positive growth to justify its stock price [9][10]. - The company is sitting on $381.7 billion in cash, which some view as a missed opportunity for investment, especially given the strong returns of the S&P 500 [11][12]. Future Outlook - There is uncertainty regarding how capital will be deployed under Abel's leadership, which could impact future returns [14]. - While Berkshire Hathaway remains a strong company, its stock may not be the best investment at current levels, particularly with the rise of AI stocks capturing investor interest [10][14].

Core Insights - The iShares Global Infrastructure ETF (IGF) offers global investment exposure in utilities, transportation, and energy infrastructure, indicating a balanced valuation and macroeconomic setup for potential accumulation of investments [1] Group 1: Investment Strategy - Current market conditions suggest that it may be a favorable time to increase investments in infrastructure sectors [1] Group 2: Analyst Background - The analysis is conducted by a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing expertise in equity valuation and market trends [1]

Core Insights - The iShares Global Infrastructure ETF (IGF) offers global investment exposure in utilities, transportation, and energy infrastructure, indicating a balanced valuation and macroeconomic setup for potential accumulation of investments [1]. Group 1: Investment Opportunities - Current valuations and macroeconomic conditions are favorable for accumulating investments in the infrastructure sector [1]. Group 2: Analyst Background - The analysis is conducted by a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing expertise in equity valuation and market trends [1]. - The analyst has a background as a former Vice President at Barclays, leading teams in model validation and stress testing, which contributes to a deep understanding of both fundamental and technical analysis [1]. Group 3: Research Approach - The research approach combines rigorous risk management with a long-term perspective on value creation, focusing on macroeconomic trends, corporate earnings, and financial statement analysis [1]. - The collaboration with a research partner enhances the quality of insights provided, aiming to deliver actionable ideas for investors [1].