证券日报网讯1月8日，泰晶科技（603738）在互动平台回答投资者提问时表示，公司加大汽车电子、光 通信、数据中心、AI算力等高增长领域的产品布局与产线投入，具备承接市场需求的能力。 ...

星标 ★ IPO日报 精彩文章第一时间推送 2025年，A股走出喜人的牛市行情，2026年又将会有什么样的表现？ 在记者的采访中，机构们纷纷预测，A股及全球股市有望延续牛市行情，并乐观预计 2026年可见到10%的指数涨幅，驱动逻辑是从估值修复转向盈利增长。专业人士认为，2026年的市场将更注重盈利兑现，科技与资源品被视为两大投资主 线。不过内需不足、贸易摩擦及房地产等风险因素仍需密切关注。 张力制图 01 / 牛市行情 "2026年A股、港股、美股都将延续当前的牛市行情，共振上行。核心逻辑来自全球流动性宽松周期持续、经济复苏、人工智能（AI）产业高速发展和资 源品价格上涨。"中信建投证券策略资深分析师夏凡捷在接受记者采访时表示，整体而言，支持牛市的核心逻辑预计仍将延续甚至强化。 夏凡捷认为，本 轮牛市以政策转向为起点，以流动性改善为核心，同时受到科技产业景气突破、中美博弈态势变化和全球资产配置调整等多方面因素的共同作用。他认 为，2026年全球流动性宽松格局将进一步深化，弱美元周期下人民币有望持续走强；与此同时，国内金融市场政策红利持续增厚，个人投资者入市的动力 正在增强，A股市场增量资金有望更大。 "20 ...

Core Viewpoint - The A-share market is expected to continue its bullish trend into 2026, with a projected index increase of 10%, driven by a shift from valuation recovery to profit growth [1][4]. Market Outlook - A-shares, Hong Kong stocks, and U.S. stocks are anticipated to maintain their bullish momentum, supported by global liquidity easing, economic recovery, rapid development of the AI industry, and rising resource prices [2]. - The current bull market is characterized by a policy shift, improved liquidity, and various factors including technological breakthroughs and changes in U.S.-China relations [2]. - Analysts predict that the A-share market will see a profit growth of 8% in 2026, following a 6% increase in 2025, aided by macro policies and a shift of household savings into the stock market [3]. Investment Strategies - The market is expected to transition into a "prosperity verification period" in 2026, where the core driver will be fundamental improvements rather than valuation increases [5]. - Key investment areas include technology and resource sectors, with a focus on AI applications, new energy, and industries benefiting from the "anti-involution" policies [6][7]. - Goldman Sachs suggests focusing on four main areas: AI and technology, leading Chinese companies expanding overseas, new consumption sectors, and industries benefiting from supportive policies [6]. Market Dynamics - The market structure is expected to become less extreme compared to 2025, with a broader distribution of economic prosperity across consumption, cyclical, and manufacturing sectors [7]. - The transition from a valuation-driven market to a profit-driven market is anticipated, with a potential for a "bull market 2.0" phase in the latter half of 2026 [4].

2025年，A股市场呈现全面上行格局，主要股指累计涨幅均超10%。成长型板块表现尤为突出，创业板指、 北证50及科创50指数全年涨幅均超过30%。结 构性行情特征明显，科技与资源类板块在全年行情中表现居前，光模块（CPO）指数全年上涨超过180%，光芯片、覆铜板、光通信及光电路交换机等指 数涨幅均超过100%。同时，稀有金属、铜产业及稀土相关指数表现活跃，成为2025全年热门主线。 1.3 A股风格指数表现 市场篇 1.1 A股主要股指表现 2025年度A股主要股指均呈上涨态势。创业板指领涨，累计涨幅达49.57%，北证50、科创50指数累计涨幅分别为38.80%、35.92%，深证成指、万得全A、 中证1000指数累计涨幅均超20%，分别为29.87%、27.65%、27.49%，上证指数、沪深300、上证50指数累计涨幅均超10%。 1.2 A股行业表现 在Wind二级行业分类的35个行业中，2025年度共有31个行业录得上涨。有色金属行业涨幅居首，累计涨幅达92.20%；硬件设备、工业贸易与综合行业涨 幅居前，分别累计上涨62.39%、54.65%。日常消费零售行业表现垫底，累计下跌6.42%；电信服务 ...

AI 成为全球主要市场驱动力，尤其在美股、A 股、港股及日韩股市，AI 产业链如芯片、存储、电力、有色金属等显著推动市场上涨。港股 AI 板 块估值重估提振情绪，但恒生科技指数自高点回调 15%-20%，短期波 动风险犹存。 美国经济增长强劲，三季度 GDP 环比年化增长 4.3%，名义增速超 8%，AI 贡献近一个百分点。消费韧性强劲，但就业市场疲软，失业率 若升至 4.8%将触发衰退担忧。预计美国信用周期将在 2026 年修复， 或走向过热。 特朗普政策通过关税影响市场节奏与情绪。超额关税初期引发恐慌，但 谈判豁免后实际税率较低，对通胀影响小。中期选举结果将影响未来两 年政策执行，共和党或失众议院控制权，影响财政支出与经济增长。 美联储降息过程犹豫不决，但适度降息对受成本压制的地产、制造业等 领域有利，且通胀未急剧上升，不会产生负面影响。新任主席鸽派观点 可能提前反映在长端利率上，为美国经济带来额外需求。 中国市场今年涨幅主要由估值驱动，创业板科技硬件板块盈利贡献较大。 未来抬升空间需盈利补充，目前估值已反映较多预期。信用周期变化是 如何布局跨年行情？20251229 摘要 隐藏主线，消费走弱因高基数效应 ...

Group 1 - The market rebound is primarily driven by enhanced logic of market winning rates both domestically and internationally [2] - Global liquidity concerns have significantly eased, particularly in the US, where the November core CPI rose by 2.6% year-on-year, the lowest since April 2021, boosting optimistic expectations for interest rate cuts [3] - Domestic market support stems from increased expectations for policy-driven liquidity easing and strengthened confidence in industrial development, with the central economic work conference setting clear policy goals for economic growth and price recovery [4] Group 2 - Technology assets are experiencing a contraction and differentiation, driven by "winning rate continuation" and "industrial explosion" logic, with telecommunications and defense industries leading the way [5] - In the cyclical sector, non-ferrous metals have performed well, benefiting from the transmission of technology industry chain prosperity and increased macro risk aversion [6] - The index is expected to show a strong upward trend, with the ChiNext index rising by 5.80% and the Shanghai Composite Index by 1.35% as of December 24 [7] Group 3 - The upcoming spring market is likely to focus on high-prosperity industries, with historical patterns indicating that strong economic conditions paired with strong industries lead to broad market gains [8] - Investment strategies should continue to focus on AI and less crowded technology sectors, global pricing resources, and consumer goods benefiting from moderate price recovery [8] - The January stock selection includes a diverse range of companies across various sectors, such as robotics, consumer goods, and advanced industries, indicating a strategic approach to capitalize on market trends [12][13]

总体市场呈现窄幅波动、震荡上行趋势，看好红利价值、高景气行业和 主题热点。具体包括港股高股息、非银金融、银行、有色金属、AI、新 能源、创新药、海南免税、核电与量子计算。 Q&A 当前 A 股市场的波动特点及未来走势如何？ 岁末年初，A 股投资的三条线索 20251224 摘要 A 股市场近期波动主要受外部因素驱动，如美股 AI 板块及日本央行政策， 但这些负面影响已减弱，为新一轮上涨创造机会。投资者情绪指数回升 至接近 80，预示市场进入窄幅震荡向上时期。 当前行情驱动力主要来自季节效应和春季行情预期，基本面和政策影响 有限。岁末年初可关注补涨品种和主题概念炒作，并提前布局春季行情， 多数投资者对此持乐观态度。 跨年行情预计持续至 1 月，或因业绩预告出现调整，2 月春节后两会前 可能再次迎来行情。市场普遍对春节后行情乐观，有望提前至 2 月启动。 投资首选红利价值方向，基于季节效应和统计规律，推荐港股高股息、 非银金融及银行板块，历史数据显示这些品种在 12 月下旬至 1 月中旬 表现较好。 提前布局春季行情，重点关注高景气行业，包括有色金属（相对于黄金 比价仍低）、AI（液冷、光通信）、新能源（储能、固 ...

Group 1 - The core viewpoint is that the market is beginning to focus on the potential for a sustained appreciation of the RMB, which could influence asset allocation strategies [1] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, leading to increased investor interest in these sectors [1] - Key sectors to watch under a strengthening RMB include aviation, gas, and paper industries driven by short-term muscle memory, as well as upstream resources, consumer goods, and services influenced by profit margin changes [1] Group 2 - The 2026 spring market is anticipated to be active, with a focus on non-mainstream sectors such as policy themes and high-dividend stocks, while the mainline structure (AI industry chain, cyclical stocks) may have limited upward potential [2] - A classic "cross-year-spring" market is forming, with significant institutional investors increasing their holdings in broad-based ETFs, indicating stable incremental capital for the market [3] - The A-share market is expected to resonate upward with global markets, driven by clear mid-term policy and liquidity expectations following the Federal Reserve's interest rate decisions [4] Group 3 - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. AI bubble concerns and Japan's interest rate hikes, with a potential upward trend as investor sentiment improves [4] - The focus for A-share industry allocation includes dividend value, cyclical recovery, and thematic hotspots, particularly in metals, non-bank financials, and AI sectors [4] - The market is entering a critical window for cross-year layout, with attention on potential signals for a small rally around the New Year [5][6] Group 4 - The market is experiencing a structural trend change, with significant discrepancies in expectations for consumption, non-bank finance, and technology sectors as 2026 approaches [10][11] - Key investment themes include AI applications, commercial aerospace, and nuclear power, with a focus on sectors benefiting from domestic demand recovery and structural policy incentives [12] - The upcoming "15th Five-Year Plan" is expected to drive structural opportunities, particularly in AI, renewable energy, and quantum technology sectors [12]

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

眼下正值年底，立足当下展望后市，A股市场将会如何表现？哪些投资方向值得关注？针对这些投资者 关心的问题，我们一起来看长城久祥基金经理刘疆的解读。 刘疆表示，年底临近，市场情绪偏谨慎，一方面部分资金有兑现收益的诉求，另一方面交易量持续收 缩，呈现强势品种不断缩圈、热点轮动过快较难把握的状态。但他倾向于认为，这种状态只是积极市场 下的必要调整，持续时间可能不会太长，市场的前景仍持续值得期待，而科技新兴成长板块将继续保持 引擎的地位。 投资方向上，刘疆认为可重点关注以下几个方面：一是以算力为核心的基础设施领域，当前该赛道景气 度正加速爆发，具体可关注算力芯片、光通信、PCB、液冷技术、存储设备及卫星算力等细分方向的投 资机会；二是AI驱动下的端侧与云端协同领域，随着AI基础设施建设逐步完善、AI技术能力持续迭 代，端侧硬件及云端应用中有望涌现潜出"爆品"，这类"爆品"将带动新生态与新产业链形成，相关投资 机会值得重点挖掘；三是具身智能场景落地领域，人形机器人、无人车、无人机等产品，将显著受益于 AI技术能力的进化，行业有望迎来爆发式发展，具备较高投资价值；四是"十五五"规划重点提及的战略 性新兴产业和未来产业。 责 ...