证券研究报告 | 2026年01月13日 金融工程日报 沪指震荡下挫止步 17 连阳，成交额 3.7 万亿再创历史新高 核心观点 金融工程日报 市场表现：20260113 大部分指数处于下跌状态，规模指数中上证 50 指数表 现较好，板块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现 较好。石油石化、医药、有色金属、传媒、银行行业表现较好，国防军工、 综合金融、通信、电子、机械行业表现较差。CRO、减肥药、SPD、健康中 国、盐湖提锂等概念表现较好，大飞机、量子材料、军工信息化、毫米波、 卫星互联网等概念表现较差。 市场情绪：20260113 收盘时有 75 只股票涨停，有 58 只股票跌停。昨日涨 停股票今日收盘收益为 0.93%，昨日跌停股票今日收盘收益为-4.42%。今日 封板率 50%，较前日下降 26%，连板率 16%，较前日下降 29%，从封板率 和连板率来看，市场情绪较为低迷，封板率创近一个月新低，连板率创近一 个月新低。 市场资金流向：截至 20260112 两融余额为 26741 亿元，其中融资余额 26560 亿元，融券余额 181 亿元。两融余额占流通市值比重为 2.6%， ...

01 1月13日，A股三大指数集体回调，创业板指跌近2%。全市场1300余只ETF中，超900只收跌。电网、医药、油气、黄金 等板块ETF逆势上涨，多只产品涨超2%。 主投黄金板块的ETF今日也悉数收涨，投向黄金股票的ETF涨幅更为亮眼。挂钩中证沪深港黄金产业股票指数的6只ETF 全部涨超2%，46只成分股中，36只收涨，明牌珠宝（002574）涨停。 医药板块里，涨幅居前的ETF多主投港股通医疗、创新药、生物医药等细分领域。港股通医疗ETF华宝（159137）收盘 涨幅相对靠前，以3.44%涨幅居市场第二。该基金跟踪中证港股通医疗主题指数，截至收盘，50只成分股中，41只收 涨，方舟健客大涨65.82%，药师帮涨12.01%。不过这两只大涨个股均为港股小盘股。 02 电网ETF（561380）以7.37%涨幅居ETF市场首位。该基金在收盘前最后4分钟突然大幅拉升。昨日领涨的科创创业人工 智能ETF摩根（588420）今日大幅回调，截至收盘跌超11%，位居跌幅榜首位。 03 昨日，ETF市场整体净流入额约11.57亿元，较1月9日的约164亿元净流入额明显缩量。其中，传媒、卫星航天、软件、 有色金属、AI等板 ...

1月13日，ETF收盘涨跌不一，电网ETF（561380）领涨7.37%，港股通医疗ETF华宝（159137）涨 3.44%，油气资源ETF（563150）涨2.84%，科创创业人工智能ETF摩根（588420）领跌11.42%，航天 ETF（159267）跌9.36%，航空航天ETF（563380）跌9.17%。 | 代码 | 名称 | 最新 | 涨幅% ↓ | | --- | --- | --- | --- | | 561380 | 电网ETF | 1.909 | 7.37 | | 159137 | 港股通医疗ETF华宝 | 1.083 | 3.44 | | 563150 | 油气资源ETF | 1.193 | 2.84 | | 159326 | 电网设备ETF | 1.636 | 2.83 | | 159320 | 电网ETF | 1.830 | 2.69 | | 517110 | 创新药ETF国泰 | 0.802 | 2.69 | | 159839 | 生物医药ETF汇添富 | 0.395 | 2.60 | 上证报中国证券网讯 1月13日，ETF收盘涨跌不一，电网ETF（561380）领涨7.37%， ...

Core Viewpoint - The A-share market experienced a record trading volume on January 12, with a surge in various industry sectors leading to a significant number of ETFs reaching their daily price limits. Group 1: Market Performance - On January 12, the total trading volume in the A-share market exceeded 3.6 trillion yuan, surpassing the previous record set on October 8, 2024, with 201 individual stocks hitting their daily limit [2] - A total of 27 stock ETFs reached their daily limit, with 20 ETFs rising over 10% in a single day, indicating a rare surge in the ETF market [4][5] - The leading sectors included satellite, media, aviation, artificial intelligence, and software, with notable performances from specific ETFs such as the Morgan Science and Technology Innovation ETF, which surged by 16.59% [3][4] Group 2: Sector Highlights - The commercial aerospace concept has gained significant traction, with six satellite-themed ETFs showing over 30% growth year-to-date, leading the market [6] - Multiple aviation-themed ETFs have also performed well, with some rising over 20% in the same period, reflecting strong investor interest in these sectors [6] - The media and software sectors also saw substantial gains, with several ETFs in these categories achieving over 10% increases [4][5] Group 3: Investor Sentiment and Market Dynamics - Industry experts noted that the surge in ETF prices reflects investor confidence in the Chinese economy and stock market, driven by favorable policies and high industry growth rates [5] - The rapid increase in ETF prices is attributed to a lack of selling pressure from arbitrage opportunities and strong expectations for future net asset value increases [5] - The current market sentiment indicates a shift towards specific industry trends rather than broad market rallies, with investors showing a willingness to pursue high-growth sectors like satellites and media [7]

近年来，我国ETF市场持续扩容，指数化投资理念深入人心。截至2025年末，我国ETF总规模达6.02万 亿元，较2024年底增长2.29万亿元，成为全球第二大ETF市场，产品数量超过1381只，覆盖宽基、行业 主题、跨境、商品、债券等多个资产类别，成为公募基金行业中增长最快、最具活力的赛道之一。 最新数据统计显示，截至2026年1月12日，ETF总规模已达6.19万亿元。其中华夏基金ETF管理规模更是 首次突破万亿元，这一纪录不仅源于先发优势，更依托于公司在指数跟踪精度、流动性管理、做市服务 及投资者教育等方面的系统性能力。 2026年1月12日，A股成交额首次达到3.64万亿元，突破此前"924行情"创下的3.49万亿最高纪录。截至 收盘，沪市成交额144462.3亿元，深市成交额21551.46亿元，北证50成交额435.21亿元。 ETF涨跌幅方面，科创创业人工智能ETF摩根涨超16%，创业板人工智能ETF招商、创业板软件富国、 创业板软件华夏涨超11%紧随其后。 引人注意的是，今日20多只卫星ETF报收涨停。平安基金马浩然最新观点指出，ETF作为工具产品，当 然能够满足投资者的短期波段操作需要。但从产 ...

Market Performance - The A-share market continued its upward trend, with major indices strengthening across the board. The Shanghai Composite Index rose by 1.09% to 4165.29 points, the Shenzhen Component Index increased by 1.75% to 14366.91 points, and the ChiNext Index climbed by 1.82% to 3388.34 points. The STAR Market Composite Index surged by 2.88% to 1855.38 points, while the North 50 Index jumped by 5.35% to 1605.77 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets exceeded 3.64 trillion yuan, marking the second consecutive trading day above 3 trillion yuan, with an increase of 492.2 billion yuan compared to the previous trading day, setting a new historical record for trading volume in 2024 [1] AI Application Sector - The AI application sector experienced a concentrated surge, with various concepts such as Kimi, AI corpus, and Sora becoming active [2] - Recent catalytic events in the AI application field include the strong market performance of two general model companies, Zhiyu and MiniMax, which listed on the Hong Kong Stock Exchange on January 8 and 9, signaling the opening of a "capital closed loop" for domestic large models and the commencement of "commercial value realization" in AI applications [3] - Volcano Engine will become the exclusive AI cloud partner for the 2026 Spring Festival Gala, indicating a new phase for major AI products [3] - DeepSeek plans to launch its latest flagship model V4 around mid-February, which has shown superior performance in code generation compared to existing mainstream models [3] GEO Concept and Market Outlook - The GEO (Generative Engine Optimization) concept is gaining traction, with expectations for rapid market growth as the technology evolves. This could lead to a shift in advertising from one-time traffic payments to long-term AI information operations, enhancing profitability for advertising companies [4] - The AI application sector is anticipated to see advancements in advertising, gaming, and film industries as GEO technology develops [4] Fund Performance - The National AI Application Index rose by 8.92% on January 12, with several related ETFs recording significant gains. For instance, Morgan Fund's AI ETF saw a trading volume of 25.55 million yuan, increasing by 16.59%, the highest among all ETFs [5] - Multiple AI-related ETFs, including those tracking software sectors, reported gains exceeding 10%, with total trading volume surpassing 1 billion yuan [5] - The recent listing of two AI companies has further boosted market enthusiasm, with AI application stocks previously experiencing a correction, now showing lower valuations within the AI industry chain [5] AI Technology Implementation - The current phase emphasizes enterprise services as the core track for AI technology implementation, focusing on simulating work patterns and task processes to optimize business workflows and reduce costs [6]

Core Viewpoint - The A-share market experienced a record trading volume on January 12, with a significant surge in various industry sectors, particularly in ETFs, driven by strong investor sentiment and favorable policies [1][3][8]. Trading Performance - On January 12, the total trading volume in the A-share market exceeded 3.6 trillion yuan, surpassing previous records, with 201 stocks hitting the daily limit [3]. - A total of 27 stock ETFs reached their daily limit, with 20 ETFs rising over 10% in a single day [2][6]. Sector Highlights - The leading sectors included satellite, media, aviation, artificial intelligence, and software, with notable performances from satellite-themed ETFs, which saw an average increase of over 30% year-to-date [1][10]. - The top-performing ETF was the Morgan Science and Technology Innovation ETF, which surged by 16.59% on the same day [5]. Investor Sentiment - Analysts noted that the surge in ETF prices reflects strong investor confidence in the Chinese economy and stock market, with increasing interest from both institutional and individual investors [8]. - The rise in specific industry-themed ETFs indicates a positive shift in market sentiment and a willingness to invest in high-potential sectors like satellite and media [8][10]. Market Dynamics - The commercial aerospace and AI application sectors have emerged as key market drivers, with several ETFs in these categories achieving remarkable short-term gains [10]. - The current phase of the commercial aerospace industry is characterized by initial infrastructure development, with strong policy support and visible order visibility, particularly in rocket launch and satellite manufacturing [10]. Risk Considerations - Despite the positive market trends, analysts caution against potential risks such as valuation overextension, technology validation, and short-term speculative trading [11].

01 1月12日，多只AI、卫星、传媒等板块相关ETF涨幅较大，其中，科创创业人工智能ETF摩根当天涨幅最 大。纳指生物科技ETF、N港股通红利ETF易方达等跨境ETF领跌。6只ETF成交额破百亿元，多只宽基 ETF成交额较大。 02 1月12日，易方达基金公告称，黄金ETF易方达（159934）自1月16日暂停申购，1月19日恢复。 03 前一个交易日（1月9日），多只宽基ETF净流入额居前，行业ETF中，两只卫星ETF和半导体设备ETF吸 引较多资金流入。 AI相关ETF涨幅居前 | 代码 | 简称 | 涨幅 (%) | 个月涨幅 | | --- | --- | --- | --- | | 513290 | 纳指生物科技ETF | -1.16 | -3.29 | | 520810 | N港股通红利ETF易方达 | -1.10 | | | 159143 | 港股通央企红利ETF平安 | -0.99 | | | 159567 | 港股创新药ETF | -0.95 | 1.96 | | 159870 | 化工ETF | -0.94 | 14.63 | | 159945 | 能源ETF广发 | -0.90 | 4 ...

1月12日，多只ETF涨停，其中涉及软件、传媒、卫星等多个领域。据统计，多只ETF年初以来获得20亿元以上资金净流入。机构表示， 在政策支持、技术突破与产业趋势多重因素的共振下，科技成长板块景气度持续提升，2026年有望成为相关领域加速发展的关键一年。 截至1月12日收盘，科创创业人工智能ETF摩根、创业板人工智能ETF招商、创业板软件ETF富国、创业板软件ETF华夏涨幅分别达到 16.59%、13.19%、12.71%、11.29%。另外，软件龙头ETF、软件ETF、通用航空ETF、影视ETF、传媒ETF及卫星板块多只ETF纷纷涨 停。 对于人工智能板块，国泰基金表示，2026年，AI应用正步入从概念验证迈向大规模实用的关键爆发期。随着科技巨头密集催化，各类应 用加速落地，国内市场呈现多点开花的局面。AI应用有望涌现及加速商业化，大模型能力跃迁、推理成本下降带动AI应用渗透率提升， Agent或迎来奇点。 国海富兰克林基金认为，随着国内先进制程技术的突破、国产GPU的量产落地，叠加中国在大模型领域已建立的优势，有理由相信2026 年将是国产AI产业突飞猛进的一年。 谈及商业航天板块，永赢卫星ETF基金经理刘 ...

格隆汇1月12日｜今天，沸腾了！全线爆发！A股17连阳，成交额刷新历史！ | 证券代码 | 证券简称 | 1月12日涨幅% | 管理人 | | --- | --- | --- | --- | | 588420 | 科创创业人工智能ETF摩根 | 16.59% | 摩根基金 | | 159243 | 创业板人工智能ETF招商 | 13.19% | 招商基金 | | 159107 | 创业板软件ETF富国 | 12.71% | 富国县金 | | 159256 | 创业板软件ETF华夏 | 11.29% | 花直甚至 | | 159382 | 创业板人工智能ETF南方 | 10.12% | 南方基金 | | 159899 | 软件龙头ETF | 10.05% | 招商基金 | | 159852 | 软件ETF | 10.04% | 喜实县金 | | 563320 | 通用航空ETF | 10.04% | 华泰柏瑞基金 | | 159392 | 航空ETF | 10.03% | 量国度金 | | 512980 | 传媒ETF | 10.03% | 广发基金 | | 516620 | 影视ETF | 10.03% | ...