【赞！#新疆算力给重庆科技上大分#[点赞]】"东数西算"工程全面启动后，西北凭借适宜气候和丰富绿 电成为全国算力网重要承接地。位于重庆的科技公司，提交的算力需求，通过一条"数据高速路"，穿光 纤越山海，奔向千里之外的新疆伊吾。曾经100小时才能完成的计算任务，如今仅需10小时。在上海做 投资报告、在广东测试自动驾驶……这些互联网时代的数据应用，背后正是大西北的算力在默默支撑。 #东数西算效率10倍速狂飙# @央视新闻 ...

Market Overview - On January 9, the A-share market saw a significant surge, with a total trading volume exceeding 30 trillion yuan, reaching 31,526 billion yuan, an increase of 3,261 billion yuan from the previous trading day, marking a return to the 30 trillion level after 73 trading days [1][2] - The Shanghai Composite Index continued its strong upward trend, achieving a 16-day consecutive rise and breaking the 4,100-point mark, closing at 4,120.43 points, the highest in nearly a decade [1] Market Performance - The A-share market exhibited a broadly positive trend, with the Shanghai Composite Index rising by 0.92%, the Shenzhen Component Index by 1.15% to 14,120.15 points, and the ChiNext Index by 0.77% to 3,327.81 points [1] - The STAR 50 Index led the major indices with a 1.43% increase, closing at 1,475.97 points, while the Northbound 50 Index rose by 1.05% to 1,524.26 points [1] - Over 3,900 stocks in the market were in the green, with more than 110 stocks hitting the daily limit up, indicating a significant expansion of the profit-making effect and heightened investor participation [1] Historical Context - The occurrence of a single-day trading volume exceeding 30 trillion yuan is rare in A-share history, with only six instances recorded as of January 9, 2026 [2] - The previous five instances occurred in October 2024 and from August to September 2025, with the highest record being 34,835.43 billion yuan on October 8, 2024 [2] - The current surge in trading volume is characterized by a synchronous resonance with the continuous rise of the index, reflecting strong market confidence [2] Sector Performance - Key sectors such as AI applications, commercial aerospace, non-ferrous metals, and innovative pharmaceuticals saw collective strength, becoming the core focus of capital inflow [3] - AI-related sectors performed exceptionally well, with stocks like Yidian Tianxia and Kunlun Wanwei hitting the daily limit up of 20%, supported by the Ministry of Industry and Information Technology's policy on computing infrastructure [3] - The commercial aerospace sector also showed remarkable performance, with stocks like China Satellite Communications reaching new highs due to breakthroughs in private aerospace companies' rocket recovery technology [3] Policy and Capital Dynamics - The surge in trading volume is attributed to the resonance of three dimensions: policy, capital, and sentiment [4] - On the policy front, the implementation of "AI + manufacturing" special policies and the central bank's commitment to maintaining liquidity through flexible monetary policy tools have provided solid support for the market [4] - Capital dynamics include accelerated entry of medium to long-term funds, with net inflows from Northbound funds exceeding 200 billion yuan in January [4] Future Market Outlook - Analysts believe that the recent surge in trading volume signifies the emergence of "policy bottom, market bottom, and economic bottom," with the bull market expected to peak in the spring [5] - The sustainability of the market's upward trend will depend on the continuity of trading volume, capital structure, and changes in fundamentals [5] - If trading volume can maintain above 25 trillion yuan, with continued inflows from institutional and foreign capital, the market is likely to deepen; otherwise, a decline below 20 trillion yuan may signal potential risks [5] - The dual breakthroughs of the Shanghai Composite Index at 4,100 points and the 30 trillion trading volume indicate that the A-share market has entered a new operational phase, with structural trends expected to remain the main theme [5]

智通财经APP获悉，中国银河证券发布研报称，由于适配于高性能计算的硬件供给本身技术难度较高， 目前整体上仍处于供不应求的阶段，因此相对于充分供给下的"泡沫化"程度仍然有限，仍然预留有安全 边际。诚然，能够最大程度消除人们对于"AI泡沫"的担忧仍要来自于AI应用端的重大突破，这一时刻尚 未到来。考虑供不应求的状况，该行仍然维持对硬件端的推荐。 中国银河证券主要观点如下： PCB产能扩张仍然理性 本轮PCB上行周期主要体现为HDI和高多层板出货量的增长，预计2024年至2029年全球高阶HDI PCB市 场和14层以上高多层板的市场规模复合增速将分别达到20.3%、11.6%。高阶HDI和高多层板本身技术壁 垒较高，主要是头部企业在扩产，截止2025年前三季度行业资本开支较2024全年+8.4%，产能扩张对比 需求增长仍然有限。 风险提示 AI应用进展不达预期的风险，国际政治环境不确定性的风险。 当前AI发展阶段与互联网泡沫时期不同 自2022年AI技术开始走入大众，引发了一轮对于AI产业规模空前的基础建设投资，由此也造就了半导 体硬件的一轮景气周期。2026年全球几大云厂商的资本开支预计将超过其合计经营性净现金 ...

华泰证券研报表示，12月全行业景气指数拐点初现，与PMI超预期回升相印证。分板块看，上游资源、 公共产业、TMT、必选消费近3个月景气改善幅度居前：1）涨价驱动品种：有色、煤炭、部分化工 品、造纸、普钢等；2）AI链深化：AI应用端进展提速，游戏、软件景气改善，算力端存储、被动元件 等景气爬坡；3）资本品和中间品：电新、自动化设备、工程机械等景气改善，由于26年春节较晚，出 口订单或前置；4）大众消费品：乳制品、啤酒、养殖等景气回升；5）基建链：12月建筑业PMI回升至 荣枯线上方；6）独立景气周期品种，如军工电子等。我们建议继续布局春季行情，成长和周期均衡配 置，月度级别建议关注有色、化工、军工、存储、游戏、新能源（电池/风电）、医药等；此外，短期 主题投资占优，结合交易拥挤度，建议关注人形机器人、脑机接口、国产算力等。 ...

强化政策支持保障，打造赋能主力军。 文件提出鼓励有关地方给予企业"算力券""模型券"等支持，强化赋能中小企业公共服务，降低企业开发应用成本。此 外，建立部门合作、央地联动、产业协同的工作推进机制，鼓励地方因地制宜制定政策措施，引导企业错位发展，防范产业"内卷式"竞争。统筹现有资金渠 道，布局支持"人工智能 + 制造"有关技术研发和赋能应用任务。发挥国家人工智能产业投资基金作用，丰富优质项目储备，吸引带动更多社会资本有序加大 投资 。 我们认为，八部门强化全方面政策支持保障，推动"智能产业化"与"产业智能化"两端发展，制造业 AI 有望迎来发展加速期，建议积极关注：智能制 造等 AI 应用、国产算力。 报告导读： 1 月 7 日八部门印发《"人工智能 + 制造"专项行动实施意见》，重视技术供 给与产业应用，并提出强化政策支持保障，加快推动"智能产业化"与"产业智能化"。建议 积极关注：智能制造等 AI 应用、国产算力。 事件。 1 月 7 日，工业和信息化部、中央网信办、国家发展改革委、教育部、商务部、国务院国资委、市场监管总局、国家数据局 8 部门联合印发《"人工 智能 + 制造"专项行动实施意见》。一端抓技 ...

（编辑 丛可心） 证券日报网讯 1月7日，中兴通讯在互动平台回答投资者提问时表示，公司一直以来都重视研发资源的 投入和研发效率，公司的研发投向及成果围绕连接（CT技术）和算力（IT技术），聚焦底层核心技术 突破，5G及未来演进、光网、算力、终端等核心产品，以及价值专利布局，持续提升核心竞争力。 ...

李求索认为，有较多的成长领域将会延续景气，市场风格有望趋向均衡，可关注三条主线：1.景气成 长：AI(人工智能)领域有望逐步进入应用兑现阶段，算力、光模块、云计算基础设施层面仍有机会，或 更偏国产方向；应用端关注机器人、消费电子、智能驾驶和软件应用等。2.外需突围：结合出海趋势和 对美敞口，关注家电、工程机械、商用客车、电网设备和游戏，以及有色金属等全球定价资源品。3.周 期反转：关注供需问题临近改善拐点或政策支持领域，如化工、养殖业、新能源等。 李求索表示，期待资本市场政策进一步促进市场"长期""稳进"。在国际货币体系重构、全球资金再配置 的背景下，可进一步推动资本市场对外开放，例如增加外资可投资范围、鼓励中资券商国际化发展等。 在支持科创企业融资、提升市场包容度的同时，继续优化中长期资金入市机制，从而更好地配合科创企 业对耐心资本的需求，同时为活跃的市场增加稳定性与韧性。(马静) 中金公司（601995）研究部首席国内策略分析师李求索表示，2026年，国际秩序重构与中国产业创新两 大因素共振，将支持A股表现。从节奏上看，市场或将呈现前升后稳，在资金活跃及估值抬升背景下， 可关注波动率提升及与基本面匹配的节 ...

专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在"AI时代金融行业基础设施建设"圆桌论坛上，中国人民银行参事、清华五道口金 融学院教授张健华分析了AI时代金融基础设施的三个层次：一是传统的金融基础设施，如支付清算、 交易场所等；二是AI自身通用的基础设施，如大模型、算力、数据库等；三是AI时代的金融基础设 施，包括AI赋能传统金融设施，以及为金融行业所用的通用AI基础设施。 目前，金融领域的AI应用仍以"赋能"为主，尚未出现重塑现有金融功能的颠覆性基础设施。关于应对AI 应用风险的建议包括：需防范模型幻觉、算法黑箱、算法共振及数据质量问题；应密切跟踪技术进步， 提升科技监管能力，以应对AI可能加剧的风险传染和系统性风险，在发挥AI积极作用的同时，防控其 负面效应。 责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在"AI时代金融行业基础设施建设"圆桌论坛上，中国人民 ...

Investment Rating - The report maintains a positive outlook for the A-share market, indicating that the market has moved past its bottom phase and is expected to continue its upward trend into 2026 [1][2]. Core Insights - The report emphasizes that the A-share market is likely to experience a shift from valuation recovery to improved earnings expectations, with a projected overall profit growth of approximately 4.7% for 2026 [3][36]. - It highlights the importance of macroeconomic factors, including the restructuring of the global monetary order and the ongoing AI technology revolution, which are expected to support the performance of Chinese assets [2][12]. - The report suggests that the market may experience a balanced style shift, with a focus on sectors benefiting from high growth and innovation, as well as those poised for cyclical recovery [4][38]. Summary by Sections Macroeconomic and Policy Environment - The report discusses the ongoing restructuring of international order and its impact on China's industrial innovation, suggesting that the safety of dollar assets is being questioned, which may benefit Chinese assets [12][16]. - It notes that while domestic demand still needs repair, external demand shows resilience, with exports expected to remain stable due to China's manufacturing advantages [13][14]. Earnings Outlook - The report forecasts a positive earnings growth trajectory for 2026, with non-financial corporate earnings expected to grow by around 8.2%, driven by policy implementation and improvements in supply-demand dynamics [36][37]. - It highlights that the banking sector may see stable earnings, while the brokerage and insurance sectors could benefit from an active capital market, although growth rates may moderate due to high base effects [37][39]. Structural Analysis - The report identifies key investment opportunities in high-growth sectors such as AI technology, innovative pharmaceuticals, and high-end manufacturing, which are expected to contribute positively to overall market performance [38][39]. - It emphasizes the importance of the capacity cycle, noting that many industries are approaching improvement points after a period of capital expenditure reduction, which could lead to enhanced earnings elasticity [39][40]. - The report also points out that overseas expansion remains a significant growth opportunity for companies, with an increasing share of revenue coming from international markets [40].

科技引领，股指后继有力 浙商期货：研究中心股指团队 期货交易咨询号：Z0019474 日期：2025年12月 本报告内容及观点仅供参考，不构成任何投资建议，请务必阅读正文之后的免责声明 投资有风险，入市需谨慎 1. 中期选举前，中美摩擦会持续，但更多是博弈手段，关税大幅上升的概率较小，中美整体会处在阶段性缓和期。 2. 我们预期2026年美国仍有2-3次降息，流动性外溢逻辑延续，但日本加息会影响资本外溢效果，使得外资流入国内效果不及预期。 3. 2026年是"十五五"开局之年，宏观政策层面保持了必要的宽松，但力度未加大。资本市场严监管是常态，市场稳定性依靠保障投资者利益， 推动中长期资金稳固入市，政策总体对资本市场还是友好的。 4. 流动性层面，国内A股市场会保持流动性充裕，但此轮估值抬升过后，流动性叙事边际减弱。 5. 总量经济增速维持稳定，但传统经济（房地产等）的反弹预期仍然较弱，需要更多的政策支持。 结构判断： 结构上更加看好科技成长股机会，还有就是"反内卷"条线的企业利润修复方向（传统制造业、新能源等领域），更加看多IM。若 地产、消费等增量政策落地视角，低估值板块存在盈利及估值修复的双重机会，可配置 ...