市场本周振幅较大，沪指周五下探至4064点附近后迅速反弹收复4100点，全市场日均成交额超3万亿元。从整周维度来 看，贵金属、油气、保险、种业、煤炭、白酒等板块涨幅居前，军工电子、电池、商业航天、电网设备、汽车、人形机器 人等板块跌幅居前；港股表现分化，黄金、海运、能源股走强，科技与医药股下挫，恒生指数一度创下近4年新高。 本周，沪深300指数上涨0.1%，中证A500指数下跌0.6%，创业板指数下跌0.1%，上证科创板50成份指数下跌2.9%，恒生中 国企业指数上涨1.7%。 | | 沪深300指数 / 中证A500指数 | | 创业板 | 上证科创板 | 恒生中国 | | --- | --- | --- | --- | --- | --- | | | | | 指数 | 50成份指数 | 企业指数 | | 指数分类 | A股大盘宽基 | | 创业板 | 科创板 | 港股 | | | | | 大盘宽基 | 大盘宽基 | 大盘宽基 | | 本周涨跌幅 | 0. 1% | -0. 6% | -0. 1% | -2.9% | 1.7% | | 指数滚动 市盈率 | 14. 3倍 | 17.6倍 | 42. 3倍 | ...

1月29日，A股三大指数涨跌不一，沪指窄幅震荡收出三连阳，全市场成交额超3.2万亿元。板块题材上，白酒、贵金属、油气开采及服务、文化传媒、AI应 用、房地产、保险、银行、猪肉、旅游及酒店板块涨幅居前，光刻机、半导体、CPO、铜缆高速连接、电网设备、PEEK材料等泛科技概念股跌幅居前；港 股走势分化，恒生指数再度创下近4年新高，消费股领涨。 截至收盘，中证A500指数上涨0.3%，沪深300指数上涨0.8%，创业板指数下跌0.6%，上证科创板50成份指数下跌3.0%，恒生中国企业指数上涨0.4%。 | 沪深300指数由沪深市场中规 | マ日 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以求 | | 组成,完整覆盖11个中证一级 | | | | | 行业 | 0. 8% | 14.2倍 | 65 | | 中证A500指数由各行业市值较 | マ日 | 该指数 | 该指数 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来信 | | 组成,覆盖93个三级行业中的 ...

1月28日，A股三大指数涨跌不一，沪指震荡上涨0.27%，全市场成交额接近3万亿元，较昨日放量超700亿元。板块题材上，有色金属、石油天然气、煤炭、 化学化工、大豆、半导体、房地产板块涨幅居前，光伏设备、生物疫苗、教育、军工装备、美容护理、PEEK材料概念股跌幅居前；港股爆发，恒生指数创 下近4年新高，有色金属、石油、半导体板块领涨。 截至收盘，中证A500指数上涨0.4%，沪深300指数上涨0.3%，创业板指数下跌0.6%，上证科创板50成份指数下跌0.1%，恒生中国企业指数上涨2.9%。 | 沪深300指数由沪深市场中规 | マ日 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以求 | | 组成,完整覆盖11个中证一级 行业 | 0. 3% | 14.1倍 | 64 | | 中证A500指数由各行业市值较 | ▽日 | 该指数 | 该指数 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来伝 | | 组成,覆盖93个三级行业中的 | | | | | 89 ...

1月27日，市场早盘下探后持续反弹，A股三大指数集体收涨，全市场成交额超2.9万亿元。板块题材上，贵金属、半导体、培育钻石、光伏设备、保 险、军工装备、CPO、AI语料板块涨幅居前，生物疫苗、煤炭开采加工、化学化工、电池、猪肉、白酒、旅游及酒店、电网设备板块跌幅居前；港股震荡上 行，大模型概念股涨幅居前，大型科技股普遍强势。 截至收盘，中证A500指数上涨0.1%，沪深300指数下跌0.03%，创业板指数上涨0.7%，上证科创板50成份指数上涨1.5%，恒生中国企业指数上涨1.1%。 | 沪深300指数由沪深市场中规 | 令日 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来 | | 组成,完整覆盖11个中证一级 行业 | -0. 0% | 14. 1倍 | 64 | | 中证A500指数由各行业市值较 | ▽日 | 该指数 | 该指数 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来伝 | | 组成,覆盖93个三级行业中的 | | | | | 89个 ...

1月26日，市场整体调整，沪指微跌0.09%，大盘权重股表现较强，小盘题材股领跌，全市场成交额连续两日超3万亿元。盘面上，黄金、有色金属、动 物疫苗、保险、油气开采及服务、化工、猪肉板块涨幅居前，商业航天、大飞机、军工装备、光刻机、半导体、机器人、量子科技、AI手机概念股跌幅居 前；港股低位震荡，科技、医药板块持续走弱。 截至收盘，中证A500指数下跌0.2%，沪深300指数上涨0.1%，创业板指数下跌0.9%，上证科创板50成份指数下跌1.4%，恒生中国企业指数下跌0.2%。 | 沪深300指数由沪深市场中规 | 今日 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以求 | | 组成,完整覆盖11个中证一级 行业 | 0. 1% | 14.1倍 | 62 | | 中证A500指数由各行业市值较 | ▽日 | 该指数 | 该指数 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来伝 | | 组成,覆盖93个三级行业中的 | | | | | 89个 | -0. ...

1月22日早盘，A股三大指数集体调整，全市场超3200只个股飘红。板块题材上，天然气、商业航天、军工装备、光伏设备、钢铁、煤炭、培育钻石、化学 化工板块涨幅居前，贵金属、光刻机、半导体、保险、电池板块表现落后。港股震荡调整，科技股涨跌互现，消费股逆势上涨。截至午间收盘，中证A500 指数下跌0.4%，沪深300指数下跌0.5%，创业板指数下跌0.4%，上证科创板50成份指数下跌0.2%，恒生中国企业指数下跌0.3%。 核心大盘宽基指数基本情况跟踪 (2026年1月22日) A股大盘宽基:沪深300ETF易方达/A500ETF易方达 (t费率510310 跟踪沪深300指数/中证A500指数 | 沪深300指数由沪深市场中规 | 截至午间收盘 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以求 | | 组成,完整覆盖11个中证一级 行业 | -0. 5% | 14.2倍 | 64 | | 中证A500指数由各行业市值较 | 截至午间收盘 | 该指数 | 该指数 | | 大、流动性较好的500只证券 ...

Core Viewpoint - The long-term upward trend of A-shares remains unchanged despite short-term declines in major indices, supported by macroeconomic policies and expected recovery in corporate earnings [1] Group 1: Market Performance - As of the midday close, the CSI A500 index fell by 0.7%, the CSI A100 index decreased by 0.6%, and the CSI A50 index dropped by 0.5% [1] Group 2: Macroeconomic Policies - In the medium to long term, the macro policy cycle is expected to create a favorable liquidity environment for the market, particularly with the start of the 14th Five-Year Plan in 2026, which will see multiple departments issuing supporting industrial policies and investment plans [1] Group 3: Capital Inflows - The anticipated inflow of long-term funds, including insurance capital, resident funds, and foreign capital driven by currency appreciation, is expected to bring additional capital into the market [1] Group 4: Corporate Earnings Outlook - It is projected that corporate earnings will enter a mild recovery phase in 2026, and the market will focus on the potential turning point in profitability as a key support for market trends [1]

Market Performance - On January 19, A-shares showed mixed performance with the Shanghai Composite Index performing strongly while the ChiNext Index experienced a pullback [1] - The total market turnover exceeded 2.7 trillion yuan, with over 3,500 stocks rising [1] - The CSI A500 Index increased by 0.3%, the CSI 300 Index rose by 0.1%, while the ChiNext Index fell by 0.7% and the STAR Market 50 Index declined by 0.5% [1] Sector Performance - The top-performing sectors included precious metals, electric grid equipment, chemical industry, tourism and hotels, aviation engines, airport shipping, and paper manufacturing [1] - Conversely, sectors that saw declines included cultural media, AI mobile phones, computing power leasing, brain-computer interfaces, banking, and weight loss drugs [1] Index Composition - The ChiNext Index consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in electric equipment, communication, and electronics, which together account for nearly 60% [3] - The STAR Market 50 Index is composed of 50 stocks from the STAR Market with high market capitalization and liquidity, prominently featuring "hard technology" leaders, with semiconductors making up over 65% and combined with medical devices and software development accounting for nearly 80% [3]

Group 1 - The core viewpoint of the news is the performance of various indices and the trading activity of related ETFs, highlighting the mixed results in the market [1] - The CSI A500 index increased by 0.1%, while the CSI A100 index decreased by 0.2%, and the CSI A50 index fell by 0.4% [1] - The A500 ETF by E Fund (159361) recorded a trading volume exceeding 4 billion yuan during the first half of the trading day [1] Group 2 - According to Wind data, the A500 ETF by E Fund (159361) has a 2025 annualized tracking error of only 0.34% [1] - The relative excess return of the A500 ETF is 2.86%, ranking first among similar products with a scale of over 10 billion yuan [1]

Core Viewpoint - The A-share market is experiencing fluctuations, with the CSI A500 index showing a slight increase while the ChiNext index is declining, reflecting mixed sector performances in the market [1] Group 1: Market Performance - As of 13:50, the CSI A500 index rose by 0.1%, while the ChiNext index fell by 0.9% [1] - Sectors such as precious metals, electric grid equipment, tourism, and controllable nuclear fusion are leading in gains, whereas AI applications, communication equipment, cloud computing, and gaming sectors are facing declines [1] Group 2: Economic Outlook - The National Bureau of Statistics indicates that by 2025, China's economy will exhibit a clear characteristic of "moving towards new," with R&D expenditure intensity reaching 2.8%, an increase of 0.11 percentage points from 2024, surpassing the OECD average for the first time [1] - Significant advancements in artificial intelligence, quantum technology, and brain-computer interfaces are reported, with a notable growth of 9.3% in the added value of large-scale digital product manufacturing compared to 2024 [1] Group 3: Index Composition - The CSI A500 index focuses on representative companies across various industries, covering 89 out of 93 sub-industries, with a higher weight on emerging sectors like information technology and healthcare [1] - The ChiNext index consists of 100 stocks from the ChiNext board, emphasizing high market capitalization and liquidity, with over 90% representation from strategic emerging industries [1] Group 4: Investment Products - The E Fund CSI A500 ETF (159361) and E Fund ChiNext ETF (159915) are among the largest in their categories, offering good liquidity and a low management fee of 0.15% per year, facilitating low-cost investment in quality leading companies in the A-share market [1]