编辑 | 关雪菁 出品 | 妙投APP 头图 | 视觉中国 作者 | 刘国辉 依附于A股的公募基金行业，2021年后因为糟糕的持有体验，成了众矢之的。 为了塑造市场信心，最近一年里，针对A股和基金行业制度上的查漏补缺，以及严格的监管浪潮，可谓 一浪接过一浪。 今年5月，证监会发布了《推动公募基金高质量发展行动方案》，确立了公募行业改革的大 致方向，此后配套性政策频频出台； 9月，针对基金销售渠道，《公开募集证券投资基金销售费用管理规定》开始征求意见； 10月底，针对基金风格漂移等问题，《公开募集证券投资基金业绩比较基准指引（征求意见 稿）》以及具体操作细则开始征求意见。 进入12月，更加接近公募改革核心议程的《基金管理公司绩效考核管理指引（征求意见稿）》，下发到 业界，开始征求意见。 绩效考核方向是决定一个行业、一家公司发展走向以及从业者职业发展的关键因素，这一政策落地渐行 渐近，基金经理这一高大上的职业，将面临职业发展、投资策略、薪酬等方面的多项限制。 基金经理需要在中长周期里稳定战胜业绩基准，不能的话则需要降薪，获取高薪的难度越来越大，薪资 也需要拿出较多比例来持有自己管理的产品，实现事业与身家的绑定。 ...

新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 本篇评级为★★★★，主要围绕以下内容展开： 如有疑问请以音频内容为准，添加妙投小虎哥微信：miaotou515，入群有机会与董小姐进一步交流。 1、总量政策超预期吗？ 1、总量政策超预期吗？ 2、珍惜2026年的市场波动； 3、扩内需指向什么方向？ 4、反内卷行业，政策有新变化 5、文件没提房地产，意味着什么？ 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 今天我们只解读一条重磅级消息：中午，重要会议——政治局会议的通稿对外发布。这场会议讨论研究 了2026年的经济工作方向，文件里出现的大量关键词，基本框定了明年资本市场的打法。我们逐条拆解 这份文件释放的新信号。 首先，最核心的问题是：明年到底有没有大规模经济刺激，或者说增量政策？会前市场期待极高，小作 文满天飞，甚至传言文件会直接点名"12月降准降息"。这些传言把一部分人的胃口吊得很高，此时就要 警惕"预期差"。通稿发布后可见，整体基调平稳：虽然延续"实施更加积极有为的宏观政策"的 ...

Core Points - The three major indices experienced a significant rally driven by strong buying in the non-bank financial sector, with the Shanghai Composite Index recovering above 3900 points and the ChiNext Index rising over 1% for two consecutive days, surpassing the 60-day moving average resistance level [1] - The total trading volume exceeded 1.7 trillion yuan, indicating increased market activity and investor confidence [1] - Nearly 100 stocks in the market saw gains of over 10%, reversing the previous downtrend [1] - The micro-cap stock index ended its four-day decline, closing with a rebound of nearly 2% [1] Market Performance - The Shanghai Composite Index closed at 3902.81, with a gain of 56.71 points, representing an increase of 1.86% [4] - The index reached a high of 3914.46 and a low of 3859.05 during the trading session [4] - The ChiNext Index also showed positive movement, reflecting overall market strength [1][4] Trading Volume and Activity - The total trading amount for the day was reported at 1.7 trillion yuan, with significant participation from investors [1] - The market saw a notable shift from a previous downtrend to a more bullish sentiment, as evidenced by the number of stocks with substantial gains [1]

本篇评级为★★★，主要围绕以下内容展开： 1、证券和保险，"利好政策"含金量有多大？ 上周五，券商板块整体涨幅超过2.5%，同属金融赛道的保险板块涨幅更逾5%。"牛市棋手"突然异动， 通常被视为非同寻常的信号，是否意味着一轮大行情近在咫尺？我们结合当日重要消息逐一拆解。 首先，证监会"一把手"在出席行业协会时提及证券公司，尤其是头部券商未来或享受"差异化监管"政策 松绑：业务表现突出的优质券商，将在资本约束、杠杆空间等方面获得更大余地，并被点名鼓励做大做 强、形成具备国际影响力的标杆企业。 2、外部环境趋暖，等待明年年初配置机会出现 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月7号星期天，我是董小姐。 1、证券和保险，"利好政策" ...

Core Viewpoint - The news highlights the significant market interest in the IPOs of two Chinese GPU companies, Moer Technology and Nuxi, with Moer Technology's stock surging 468.78% on its debut, reflecting strong investor confidence in the AI and GPU sectors [3][26]. Group 1: Moer Technology's IPO - Moer Technology's IPO saw a subscription frenzy, with a final winning rate of only 0.036%, attracting approximately 4.83 million investors [2]. - The company set a record for the fastest registration on the Sci-Tech Innovation Board, completing the process in just 122 days, which is seen as a positive signal from regulators [4]. - The IPO price of 114.28 yuan is considered attractive compared to its projected revenue of 1.4 billion yuan in 2025, resulting in a price-to-sales (PS) ratio of about 38 times, which is lower than competitors like Cambricon [4][25]. Group 2: Nuxi's IPO - Nuxi's initial inquiry showed strong demand, with 288 institutional investors submitting bids for a total of 57.17 billion shares, resulting in a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [6]. - Nuxi aims to quickly commercialize its training and inference products, focusing on a narrower market segment compared to Moer Technology's broader full-stack approach [10][11]. Group 3: Comparison of Business Models - Moer Technology aims to be the "NVIDIA of China," focusing on a full-stack GPU approach, while Nuxi is likened to "AMD," concentrating on training and inference [7][8]. - Moer Technology's full-stack strategy allows it to cater to both AI and consumer gaming markets, enhancing its market appeal [9][12]. - Nuxi's strategy is driven by the need for rapid commercialization due to shareholder pressure, which may limit its long-term growth potential compared to Moer Technology [10][11]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to lose approximately 3.06 billion yuan over three years, while Moer Technology is also expected to face similar losses [19]. - Moer Technology's revenue is forecasted to grow significantly, with estimates of 1.22 billion to 1.50 billion yuan in 2025, while Nuxi is expected to reach 2.84 billion yuan in the same year [25]. - The market is currently valuing these companies based on future potential rather than current earnings, with Moer Technology's market cap expected to reach 856.68 billion yuan based on a PS ratio of 33 times [25][22]. Group 5: Market Sentiment and Future Outlook - The strong debut of Moer Technology is expected to create a positive sentiment for Nuxi's upcoming IPO, potentially leading to a higher valuation for Nuxi [28]. - Investors are advised to focus on the critical years of 2026 and 2027, as the performance of both companies during this period will determine their long-term viability and valuation metrics [28].

12月4日，市场探底回升，创业板指涨超1%，早盘一度跌超0.5%。沪深两市成交额1.55万亿，较上一个交易日缩量1210亿。截至收 盘，沪指跌0.06%，深成指涨0.4%，创业板指涨1.01%。 | 1842,000 | 同花顺全A(沪深京) 883957 | | 微盘股 883418 | | | | --- | --- | --- | --- | --- | --- | | | -15.015 | -0.81% | 2013.818 | -42.551 | -2.07% | | 中证2000ETF 富国 | -0.63% | 买板块 | 中证2000ETF富国 | -0.63% | 买板块 | | 委比 | -49.72% | -152069770 | | | | | 2 201 | 2.29亿总等数 | ATTOTEND SEM | -21.32% | | -832981 | | 7690万 均等量 | | 10 3 2 | 237.0万 总管数 | | 1210837 | | 1842.000 开盘 | | 1855.721 委买 | 153.7万均管 | | 11 | | 涨跌 | -15.015 最 ...

新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月4号星期四，我是董小姐。 本篇评级为★★★，主要围绕以下内容展开： 1、美国政府能点亮"机器人赛道"吗？ 2、成交量持续下降，年底前谨慎为主 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 1、美国政府能点亮"机器人赛道"吗？ 今天，国内科技板块在海外消息带动下集体上扬，前沿方向的机器人表现尤为突出。我们一起看看背后 交易机会究竟有多大、值不值得参与。 机器人板块今日涨幅超过2%，主要受美国消息刺激：市场传言美国政府或将给机器人行业开政策绿 灯，以加速技术迭代；同时，马斯克在社交媒体发布旗下"擎天柱"机器人跑步短视频，步态极似真人， 显示技术再度升级，迅速吸引全球目光。受上述因素提振，美股机器人产业链公司昨夜大涨，部分概念 股单日翻倍。 美国为何如此重视人形机器人？这与国家战略密切相关。美国迫切希望高端制造业回流，解决产业空心 化，但人力资源不足、成本过高，成为制造业回流的"拦路虎"。一旦人形 ...

| 15分 30分 60分 交居期 反营 | | | | 加昌选 均线 窗 预测 | | | --- | --- | --- | --- | --- | --- | | | | | | 00日 10 2 0 0 | 3878.0 | | | | | | | -证指数ETF | | | | | | | 一市成交额(沪深泉) | | | | | | | 预估成交额 | | | | | | | 较上日此时 | | | | | | | 沪股通额度余额 | | | | | | | 是市值 | | | | | | | 流通市信 | | 3702.26-3702.38 | | | | | | | 大涨板块 | 251203 (周3) | 251202 (周2) | 251201 (周1) | 251128 (周5) | 251127 (周4) | | 1 | 培育钻石3 | 福建自贸/海西概念12 | AI手机12 | 航天16 | 有机硅4 | | 2 | 煤炭4 | 航天5 | 玩具4 | 福建自贸/海西概念8 | 国际目池11 | | 3 | 医药6 | AI手机4 | 黄金6 | 锂电池7 | 国产网片8 | | ...

本篇评级为★★★，主要围绕以下内容展开： 1、热点"昙花一现"，市场偏好"防守策略" （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月3号星期三，我是董小姐。 1、热点"昙花一现"，市场偏好"防守策略" 今天国内A股市场整体走势偏弱，资金情绪谨慎，涨幅居前的板块大多属于稳健赛道或安全边际较高的 政策指向型消费赛道。表现最亮眼的是酒店餐饮细分赛道，涨幅超过2%；其余领涨板块则因分红率较 高而受到资金青睐，典型如煤炭和电力，均收红。 市场情绪整体低迷，三大指数全部收跌，成交量1.67万亿元，若与近几周均值相比，处于较低水平。与 上述稳健赛道形成对比的是，此前短期炒作的热门板块今日大幅回落：商业航天及福建等区域概念因行 业利好兑现完毕，纷纷向下回踩。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 2、等待开年长线机会，看海外资金回流信号 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 新闻解读 ...

Market Performance - The three major indices reversed the previous day's upward trend, with the Shanghai Composite Index falling below the 3900-point mark, closing down 0.42% [1] - The Shenzhen Component Index and the ChiNext Index also declined, down 0.68% and 0.69% respectively [1] - Trading volume dropped again, with total turnover falling below 1.6 trillion, approaching the four-month low recorded last Friday [1] Sector Performance - Notable sectors that experienced gains included the Fujian Free Trade Zone and Haixi concept, with a total of 12 stocks rising [2] - Aerospace and AI mobile phone sectors also showed positive performance, with 16 and 4 stocks increasing respectively [2] - The real estate sector saw a rise of 7 stocks, indicating some resilience amidst broader market declines [2]