（文章来源：每日经济新闻） 消息面，1月7日，在"丁祖昱评楼市"2026年度发布会上，行业资深观察者丁祖昱结合产品创新实践与多 维度数据解析，明确指出2026年中国房地产行业将迎来底部企稳。这一判断与近期中指研究院、亿翰智 库的行业展望高度契合。 截至1月8日13:29，A股三大指数涨跌互现，上证指数涨0.10%，深证成指跌0.29%，创业板指跌0.78%。 房地产ETF基金（515060）上涨2.05%，最新报价0.748元，盘中换手率4.74%。成分股涨跌互现，城建 发展领涨9.78%，世联行上涨6.14%，盈新发展上涨5.71%，新城控股上涨5.51%，苏州高新上涨5.01%。 ...

2026年1月1日，重要刊物《求是》杂志发表了一篇题为《改善和稳定房地产市场预期》的特约评论员文章。 房地产ETF基金（515060.SH）食品饮料ETF（515170.SH）及其联接基金（华夏食品饮料ETFl联接C：013126）可选消费ETF（562580.SH） 该文章之所以引起各方关注，一是肯定了房地产的重要性，称其"带有显著的金融资产属性""仍然是支撑国民经济的基础产业"，更重要的是首次明确提 出"政策要一次性给足，不能采取添油战术"。 各方机构积极解读该文章。华泰证券认为"文章表明中央对于地产预期管理的重视度进一步提升，传递了积极的信号意义，针对预期的对症下药有望加速市 场回稳"；光大证券乐观表示"地产政策持续出台进一步托底需求，后续政策推出节奏亦或加快"；摩根大通则表示："这是一个好的开始。" 此前国海证券指出：房地产市场持续的结构性调整，可能通过资产负债表效应压缩居民财富感知，进而不仅抑制消费意愿，也进一步削弱购房者的加杠杆意 愿。 关注房地产及可选消费、传统消费相关ETF后市表现： ...

CPO板块全线下挫，通信ETF、通信设备ETF和创业板人工智能ETF华宝分别跌3.92%、3.71%和 3.63%。房地产板块回吐昨日涨幅，房地产ETF基金跌3.55%。 今日A股高开低走，截至收盘，上证指数跌0.7%，深证成指跌1.27%，创业板指跌1.41%，北证50涨 3.84%。全市场成交额1.88万亿元，较上日成交额放量936亿元。 板块题材上，风电设备、可控核聚变 板块活跃，AI硬件板块午后跌幅扩大，通信设备、CPO领跌，零售、房地产板块调整。 摩尔线程涨超 28%，股价报941元。 ETF方面，卫星互联网板块全天领涨，卫星ETF易方达、卫星ETF广发和富国基金卫星ETF分别涨 1.48%、1.38%和1.38%。超长期限国债ETF反弹，鹏扬基金30年国债ETF、30年国债ETF博时分别涨 0.82%和0.68%。部分美股ETF上涨，汇添富基金纳指生物科技ETF、景顺长城基金标普消费ETF分别涨 0.8%和0.6%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 ...

Market Overview - The market experienced fluctuations, with the Shanghai Composite Index opening high but closing lower. The commercial aerospace sector showed resilience, while the communication and real estate sectors weakened [1]. ETF Performance - Satellite-related ETFs saw gains, with the following notable performances: - E Fund Satellite ETF (563530.SH) increased by 1.48% to 1.094 - GF Satellite ETF (512630.SH) rose by 1.38% to 1.1 - Satellite Industry ETF (159218.SZ) grew by 1.21% to 1.336 [2]. Sector Insights - Analysts indicated that China is at a pivotal moment similar to SpaceX's network development from 2018 to 2020. The G60 and GW National Grid are entering a phase of intensive launches, transitioning satellite manufacturing from custom lab production to assembly line production. Companies providing standardized power, communication, and attitude control systems are expected to realize performance gains first [3]. Declining Sectors - Communication and artificial intelligence-related ETFs experienced declines, with the following notable performances: - Communication ETF (515880.SH) fell by 3.92% to 2.939 - AI-related ETFs, such as the ChiNext AI ETF (159279.SZ), decreased by 3.63% to 1.09 [4]. Artificial Intelligence Insights - Artificial intelligence is identified as a core driver of the new technological revolution, with its value lying not just in efficiency improvements but in creating new possibilities and driving industries towards intelligence. The development of large model technology is expected to reshape the global industrial landscape, potentially generating trillions in new commercial value for the financial sector. However, challenges such as technical bottlenecks, high investment costs, and regulatory balance must be addressed [5].

截至午盘，上证指数跌0.46%，深证成指跌0.18%，创业板指涨0.3%，北证50跌0.09%。全市场成交 额1.16万亿元，较上日成交额放量195亿元。 板块题材上，风电设备、商业航天板块活跃，次新股、超 导、核聚变、特高压、风电、CRO概念股走强；两岸融合、首发经济、免税店、AI应用、房地产板块 调整。 ETF方面，卫星互联网板块再度领涨，卫星ETF易方达、富国基金卫星ETF和卫星ETF广发涨 1.2%。风电板块表现活跃，申万菱信基金新能源龙头ETF和华夏基金新能源ETF基金分别涨0.89%和 0.88%。 房地产板块回调，房地产ETF基金、房地产ETF分别跌2.7%和2.6%。AI应用板块回调，科创AIETF 和科创人工智能ETF华宝均跌1.5%。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Market Overview - On December 10, both A-shares and Hong Kong stocks experienced a rebound after an initial decline, with the Shenzhen Dividend, CSI 500, and STAR 200 indices rising by 0.64%, 0.49%, and 0.38% respectively [1] - In the sector themes, real estate, retail (consumption), and telecommunications led the gains [1] - In the ETF market, real estate and tourism ETFs showed the highest increases [1] - In Hong Kong, the CSI Hong Kong Stock Connect Technology and Hang Seng Technology indices rose by 0.58% and 0.41% respectively [1] Technology Sector - Alibaba's Qianwen AI application became the fastest-growing AI application globally, surpassing 30 million monthly active users within 23 days of public testing [2] - Xiaomi Group is actively recruiting for AI education-related positions, indicating a strategic move towards a systematic educational content ecosystem [2] - CICC's strategy analyst Liu Gang highlighted the need for new catalysts in the AI industry chain, with hardware visibility being more significant than applications [2] Consumer Sector - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, the highest since March 2024, with the core CPI increasing by 1.2% [3] - Sales revenue in the home appliance and telecommunications retail sectors, supported by the old-for-new consumption policy, grew by 26.5% and 20.3% respectively from January to November [3] - The government plans to maintain a proactive fiscal policy and moderately loose monetary policy in 2024, focusing on new economic investments and enhancing consumer spending [3] Real Estate Sector - Vanke held its first bondholders' meeting regarding the extension of its 22 Vanke MTN004 bonds, which is crucial for the company's financial recovery [4] - Following the announcement, Vanke's A-shares hit the daily limit, and its Hong Kong shares rose by 15%, indicating strong market expectations for fiscal support to stabilize the real estate market [4] - The Vanke-related bonds also showed active trading in the market [4] Related ETFs - The real estate ETF rose by 2.95% on the same day [5] - Other ETFs related to tourism and entertainment also saw price increases of 1.46% and 1.11% respectively [3][5]

除了短期的市场情绪，房地产板块的中长期投资逻辑已经发生了根本性变化，二十届四中全会明确提出"推动房地产高质量发展"，这意味着政策逻辑从短期 托底转向长效机制构建。 今日午后，万科A直线拉升封涨停，封单金额超27亿。此外，港股内房股走高，万科企业涨超17%，融信中国、融创中国涨超12%，世茂集团涨11%，中国 金茂涨逾9%，碧桂园涨超5%。 截至发稿，房地产ETF、地产ETF、房地产ETF、房地产ETF基金分别涨3.61%、3.57%、3.02%、2.67%。 | 序号 | 证券代码 | 证券简称 | 当日涨跌幅% | 年涨跌幅% | 基金管理人 | | --- | --- | --- | --- | --- | --- | | 1 | 159768 | 房地产ETF | 3.61 | 0.70 | 销花直笑 | | 2 | 159707 | 地产ETF | 3.57 | 0.63 | 华宝县等 | | 3 | 512200 | 房地产ETF | 3.02 | 4.86 | 南方县金 | | 4 | 515060 | 房地产ETF基金 | 2.67 | 5.49 | 花童童等 | | 5 | 159542 | ...

中邮证券认为，高层近期强调"深入实施城市更新行动"，将其与稳楼市、消除安全隐患结合，要求2026 年底前完成地市级城市更新专项调查，划定保护底线。同时，"好房子"建设标准进一步明确，要求新供 土地原则上满足绿色建材应用比例不低于70%、智慧社区配套率100%等，重庆、常州等地已出台地方 版"好房子"建设十条，推动产品力升级。此外，多地发放购房补贴，实现需求端松绑与供给端优化并 举，"因城施策"稳楼市预期。 财信证券认为，短期看，基本面进一步下行带来的政策宽松预期有望推动板块估值修复，长期需关注房 企在新模式下的发展机遇。我们建议短期关注政策宽松带来的估值修复机会，中长期聚焦具备核心城市 资源和不动产运营能力的龙头企业。 截至13:39，A股三大指数全线调整，上证指数跌0.46%，深证成指跌0.36%，创业板指跌1.05%。房地产 ETF基金（515060）上涨3.23%，最新报价0.734元，盘中换手率6.25%。成分股涨跌互现，世联行领涨 10.07%，万科A上涨10.06%，海南高速上涨9.97%，财信发展上涨9.94%，华夏幸福上涨9.92%；盈新发 展领跌2.03%，首开股份下跌1.37%，万通发展下 ...

Core Viewpoint - The recent surge in short-selling funds against Pop Mart has led to a significant decline in its stock price, with the short-selling activity reaching a one-year high since September [1][4]. Group 1: Short-Selling Activity - The cumulative funds for short-selling Pop Mart have reached a new high over the past year, contributing to the continuous decline in its stock price [1]. - An increasing number of foreign institutions have published bearish views on Pop Mart, echoing concerns similar to those seen during the AI bubble, indicating a lack of immediate evidence to confirm or refute these views [4]. Group 2: Market Sentiment and Performance - The stock price of Pop Mart is expected to remain stagnant in the short term due to the absence of strong data supporting either bullish or bearish positions, leading to a stalemate [4]. - Concerns have been raised regarding the sustainability of high growth driven by the Labubu product, with fears of a high base effect impacting future performance [6][10]. Group 3: Future Outlook - The ideal time for bottom-fishing in Pop Mart would be when the premium expectations for Labubu diminish and market hopes for new hit products are low [5]. - Pop Mart is currently positioned between the expansion and peak phases of its product cycle, with market fears that it may soon transition into a downturn phase if new hit products are not developed [8][10].

截止下午14点13分，房地产板块多股封板。盈新发展领涨10.06%，首开股份上涨9.98%，合肥城建上涨 9.97%，中国武夷上涨9.93%，华夏幸福上涨9.85%。房地产ETF基金（515060）上涨0.51%，最新报价 0.783元，盘中换手率3.12%，成分股多股涨停。 （文章来源：每日经济新闻） 东莞证券认为，三季度新房与二手房成交面积同比仍为负，但降幅较2024年明显收窄。另一方面，新开 工与开发投资持续下滑，到位资金偏紧，行业整体仍处于去杠杆周期。从房企三季报业绩来看，行业整 体亏损程度相比二季末进一步扩大，基本面仍处于"磨底"阶段。未来一段时间，加码政策出台及行业基 本面站稳回升的进程，将主导板块行情走势。中长期来看，行业发展将从"高杠杆、高周转"转向"品 质、服务、可持续"，并以城市更新释放存量潜力。在行业大洗牌及出清背景下，更看好经营稳健的头 部央国企及聚焦一、二线城市的区域龙头企业，包括保利发展（600048）、滨江集团（002244）、招商 蛇口（001979）等。 ...