[Table_Reportdate] 2026年01月28日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260128 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.公募业绩比较基准正式落地，预定利率研究值环比微降1bp——非银金融行业周报 （20260119-20260125） ➢ 2.拓荆科技（688072）：深耕薄膜沉积技术护城河，打造混合键合第二增长极——公司深 度报告 ➢ 3.奶价持续磨底，餐饮边际改善——食品饮料行业周报（2026/1/19-2026/1/25） ➢ 1.新华社：我国将出台促就业文件和劳动保障政策 ➢ 2.国家主席 ...

[Table_Reportdate] 2026年01月27日 超配 业 周 报 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -25% -16% -6% 3% 13% 22% 31% 24-10 25-01 25-04 25-07 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.重视市场交易情绪升温带来的非 银板块配置机遇——非银金融行业 周报（20260105-20260111） 2.公募费改三阶段全面落地，差异化 安排持续优化行业生态——资本市 场聚焦（十二） 3.从规模扩张到功能适配，加速一流 投行差异化建设——资本市场聚焦 （十一） [Table_NewTitle 公募业绩比较基准正式落地，预定利率 ] 研究值环比微降1bp ——非银金融行业周报（20260119-20260125） [table_main] 投资要点： 究 行 乐海证券 donghai securities 正文目录 | 1. 周行情回顾 . | | --- | | 2. 市场数据跟踪 | | 3. 行业新闻 | | 4 ...

Group 1: Non-Banking Financial Sector - The non-banking financial index rose by 2.6%, with brokerage and insurance indices increasing by 1.9% and 3.6% respectively, indicating a synchronized upward trend [6][7] - Daily average A-share trading volume reached 2.85 trillion yuan, a significant increase of 137% year-on-year and 51.6% month-on-month, reflecting heightened market trading enthusiasm [7] - The two financing balance stood at 2.63 trillion yuan, maintaining above the 2 trillion yuan mark for 106 consecutive trading days, suggesting sustained market vitality [7] Group 2: Insurance Sector - The "deposit migration effect" is driving sales in the insurance sector, as banks lower deposit rates and long-term deposits become scarce, leading to increased demand for insurance products [8] - The A-share market is performing well, benefiting from policy support and economic recovery, which has improved the investment returns for insurance funds [8] - Major insurance companies have proactively increased their allocations in high-dividend blue-chip stocks and cyclical sectors, enhancing their profit potential in the current market [8] Group 3: Currency and Exchange Rate - The People's Bank of China has implemented counter-cyclical measures to stabilize the RMB exchange rate, aiming to prevent excessive appreciation [11][12] - The estimated waiting settlement amount for foreign trade is approximately 480 billion USD, indicating potential for RMB appreciation if it surpasses the critical threshold of 6.80 [12] - The swap market reflects a shift in RMB appreciation expectations, with state-owned banks becoming net buyers in the swap market, indicating a bullish sentiment towards the RMB [13] Group 4: Food and Beverage Sector - The Consumer Price Index (CPI) for December showed a year-on-year increase of 0.8%, with food prices improving, particularly fresh vegetables and fruits, which rose by 18.2% and 4.4% respectively [16][17] - The food and beverage sector saw a 2.12% increase, with pre-processed food leading the gains at 6.72% [18] - Major retail players like Sam's Club and Alibaba are expanding aggressively, with Sam's Club sales expected to exceed 200 billion yuan in 2026 [19] Group 5: Machinery and Equipment Sector - The "Artificial Intelligence + Manufacturing" initiative aims to enhance the application of AI in manufacturing, with goals set for 2027 to establish a leading global position in AI technology [23] - Numerous Chinese companies showcased their innovations at the CES exhibition, highlighting advancements in robotics and AI applications in manufacturing [24][25]