| | | 沖股通（ 12月17日 ) | | | --- | --- | --- | --- | | 招 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 15.07 | | 2 | 600519 | 贵州茅台 | 14.43 | | 3 | 601138 | 工业富联 | 11.41 | | 4 | 601318 | 中国平安 | 10.59 | | 5 | 601899 | 紫金矿业 | 10.11 | | 6 | 603986 | 兆易创新 | 9.20 | | 7 | 600309 | 万华化学 | 7.93 | | 8 | 600105 | 永鼎股份 | 7.39 | | 9 | 600036 | 招商银行 | 7.35 | | 10 | 688041 | 海光信息 | 7.29 | | | 深股通 ( | 12月17日 ) | | | 担 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 300502 | 新易盛 | 28.78 | | 2 | 300750 | 宇德时代 | 28.50 | | 3 | 300308 | 中际相创 | ...

盘面上，算力硬件概念表现活跃，中瓷电子、环旭电子等多股涨停，"易中天"光模块三巨头大涨。锂电产业链走强，金圆股份4天2 板，天际股份涨停。大金融方向午后发力，华泰证券盘中一度逼近涨停，中国太保涨超4%。 高位人气股集体退潮，通宇通讯、中超控股、四川金顶、平潭发展等跌停。 01 2026年的行业配置脉络 今日市场集体反弹，沪指涨超1%，创业板指涨超3%，市场热点轮番活跃，全市场超3600只个股上涨。 大金融午后发力，华泰证券盘中一度逼近涨停，中国太保涨超4%，中国人寿、新华保险、兴业证券、东方财富等跟涨。 一方面，或是 资金对中金公司复牌进行博弈 。 此前中金公司拟换股吸收合并东兴证券、信达证券，因事项存重大不确定性，三家公司于2025年11月20日起停牌； 此次重组涉及A+H 股及两家A股公司，预计停牌不超25个交易日，三家公司即将复牌 。 另一方面， 多只宽基ETF午后放量异动，反映出增量资金的入场。 不过需注意的是， 市场发动大金融往往需要足够的成交额助力，因此后市量能是否持续放大或决定其延续性。 算力硬件方向再度全线走强，联特科技、弈东电子、光迅科技、中瓷电子、长飞光纤等涨停，生益电子、炬光科技、新易盛 ...

一、沪深股通前十大成交 今日沪股通总成交金额为941.9 8亿，深股通总成交金额为1118.89亿。 | | 沖殿運（ | 12月11日 | 0 | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601899 | 器等处,不 | 20.94 | | 2 | 688256 | 寒武纪 | 11.21 | | 3 | 603993 | 洛阳钼业 | 10.69 | | ব | 601138 | 工业富联 | 10.59 | | 5 | 603259 | 药明康德 | 9.53 | | 6 | 600519 | 贵州茅台 | 9.01 | | 7 | 600036 | 招商银行 | 8.19 | | 8 | 603986 | 兆易创新 | 7.79 | | 9 | 688008 | 澜起科技 | 7.39 | | 10 | 601398 | 工商银行 | 7.38 | | | 一週間 ( | 12月11日 | ) | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 300308 | 中际旭创 | 34.77 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index opening high but closing lower, while the ChiNext Index initially rose over 1% before retreating [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion, an increase of 78.6 billion compared to the previous trading day [1] - Nearly 4,400 stocks in the market declined, indicating a broad sell-off [1] Sector Performance - The commercial aerospace sector showed resilience, with several stocks, including Zengsheng Technology, hitting the daily limit [1] - Retail concepts saw localized activity, with Baida Group quickly reaching the daily limit and Dongbai Group achieving five consecutive limit-ups [1] - The semiconductor equipment sector also performed well, with Yaxiang Integration hitting the daily limit and reaching a historical high [1] - In contrast, several stocks in the Fujian direction weakened, with China Wuyi and Shuhua Sports hitting the daily limit down [1] Hong Kong Market Insights - The Hong Kong stock market has shown weak performance recently, attributed to expectations surrounding the next Federal Reserve chair and the upcoming peak of lock-up stock releases in December [2][4] - The market is sensitive to external factors, including potential changes in U.S. interest rate policies and global trading dynamics [2] Potential Rebound Timing - A potential rebound is anticipated in mid to late December, depending on fiscal policy announcements and the Bank of Japan's interest rate statements [4] - Early January is also highlighted as a critical period, coinciding with the end of the lock-up peak and the release of the latest Federal Reserve meeting minutes [5] VC Additive Market Dynamics - The price for lithium battery VC additives has been locked in at 150,000 to 170,000 per ton for December, significantly exceeding market expectations [7] - Despite concerns over a potential decline in battery production in January, structural demand for VC additives is expected to remain strong, particularly in energy storage batteries [7] - The effective supply of VC is projected to be around 105,000 tons next year, while total demand is expected to reach 120,000 tons, indicating a tight supply situation [7] - The industry is at a critical juncture of high demand growth and cyclical turning points, with leading companies trading at historically low price-to-earnings ratios [7] Future Outlook - By 2026, the demand growth for VC is anticipated to exceed 64%, driven by the expansion of the lithium battery market and technological advancements [8]

一、沪深股通前十大成交 今日沪股通总成交金额为996.4 6亿，深股通总成交金额为1199. 54亿。 沪深股通今日合计成交2196.00亿，其中工业富联和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，商贸零售板块 主力资金净流入居首。ETF成交方面，纳指ETF富国（513870）成交额环比增长13 4%。期指持仓方面，IM合约空头减仓数量大于多 头。 龙虎榜方面，多只福建本地股遭游资抛售，其中海欣食品遭一家一线游资席位（广发证券深圳福华一路）卖出8 672万，榕基软件遭两 家一线游资席位（国盛证券宁波桑田路、国泰海通证券上海新闸路）合计卖出1.06亿，红相股份遭一家一线游资席位（国泰海通证券成 都北一环路）卖出1 .1亿。 算力硬件概念股德科立今日20cm涨停，两家机构买入2.91亿，一家机构卖出1.16亿。 从沪股通前十大成交个股来看，工业富联位居首位；寒武纪和贵州茅台分居二、三位。 从深股通前十大成交个股来看，中际旭创位居首位；胜宏科技和新易盛分居二、三位。 二、板块个股主力大单资金 从板块表现来看，算力硬件、零售、福建等板块涨幅居前，海南、有色金属、煤炭等板块跌幅居前。 | 排名 | 板 ...

信达证券策略认为， 近期市场缩量震荡时间偏长主要原因或在于，年底存量机构行为趋于稳健以及预期扰动下部分止盈资金离场，也 拉长了震荡的时间。 因此， 2 026年大概率还会有跨年行情，202 5年12月或成为布局跨年行情的窗口期。 【产业追踪】 量子计算丨英特尔前CEO预言"量子计算"将在两年内普及 在接受《金融时报》采访时，英特尔前首席执行官帕特·基辛格抛出重磅观点，预言"量子计算"将在两年内普及，并加速戳破AI泡沫， 并断言GPU将在203 0年前被取代。他认为，量子计算将与经典计算、AI计算共同构成未来计算世界的"神圣三位一体"。 在谈及量子计算的发展节奏时，基辛格持更为乐观的态度，坚信相关突破将在极短时间内发生，仅需两年即可进入普及阶段。尽管预测 存在差异，但他强调，无论最终时间表如何，未来十年将是科技领域最具变革意义的时期之一。 但低成交量不是利空信号，事后来看， 成交量低点大多情况下是牛市中较好的买入时点： 如20 05 - 2 007年和2019- 2021年，市场调整或震荡期，成交量往往会快速萎缩； 岁末年初的跨年行情，本身以交易性资金博弈经济和政策预期为主，市场大多会先有一定的调整，调整幅度通 ...

结合当下拥挤度和过往春季躁动胜率（2月）来看，目前拥挤度不高甚至极低、 春季躁动中胜率不错的AI应用（软件、传媒）、机器 人、创新药、储能可能是12月择机布局的重要方向。 02 美国或发布机器人行政命令 01春季躁动前，关注哪些方向？ 国海证券认为，每年2月是常规春季躁动区间，整体胜率最高。结合当下市场环境看，今年春季躁动行情或提前"抢跑"： 整体日历效应前移以及12月下旬美国11月就业、价格数据开始密集发布后，降息预期可能更加清晰， 有可能会出现12月下旬到明年1 月出春季躁动前移、成长风格提前回归的情况。 哪些方向值得关注： 一方面可以按照日历效应继续持有白电和银行，另一方面如果成长风格再度回踩，可以为可能提前的春季躁动做好准备。 美国政府正考虑在明年发布一项关于机器人技术的行政命令。美国商务部发言人回应称："我们致力于推动机器人和先进制造业，因为 它们是让关键生产回流美国的核心。"据一位熟悉计划的人士透露，美国交通部也正准备成立一个机器人工作组，可能在年底前宣布。 除此以外，美国国会议员对机器人技术的兴趣也在上升，共和党人曾提出设立国家机器人委员会。 东方证券汽零团队认为，此次消息反映了美国对人形机器人 ...

沪深股通今日合计成交2297.63亿，其中洛阳钼业和中际旭创分居沪股通和深股通个股成交额首位。 板块主力资金方面，电子板块主力 资金净流入居首。 银行ETF（512800）上周份额大减1 9亿份。上周银行板块冲高回落，板块周线下跌0 .6%。 ②福建板块反复活跃，其中榕基软件涨停， 获两家实力游资席位合计买入1 . 53亿，同时获两家机构买入55 69万。 沪深股通今日合计成交2225 .69亿，其中紫金矿业和中际旭创分居沪股通和深股通个股成交额首位。板块主力资金方面，电子板块主力 资金净流入居首。ETF成交方面，银行ETF（5128 00）上周份额大减19亿份。上周银行板块冲高回落，板块周线下跌0.6%。其中中国 银行11月中下旬创新高后震荡回落，周线跌4.28%。 龙虎榜方面，福建板块反复活跃，其中榕基软件涨停，获两家实力游资席位合计买入1.5 3亿，同时获两家机构买入5569万。 一、沪深股通前十大成交 今日沪股通总成交金额为1019. 13亿，深股通总成交金额为1206 .56亿。 | | 沖殿運（ | 12月8日 | ⎞ | | | --- | --- | --- | --- | --- | | 排 ...

今日机构参与度较昨日有所提升，净买卖额超1000万元个股共2 8只，净买入1 4只，净卖出 1 4只，其中净买入航天发展2 .35亿、晓程科技1.97亿、力星股份1 . 4 6亿，净卖出和而泰 3 . 0 8亿、初灵信息6 6 4 1万、睿能科技6006万。 盘面上，市场热点轮番活跃，全市场近4400只个股上涨。从板块来看，福建板块持续爆 发，海欣食品8天7板，厦门港务、太阳电缆等10余股涨停。大金融板块大幅拉升，瑞达期 货、中银证券涨停，赢时胜2 0cm涨停。商业航天概念反复活跃，顺灏股份6天5板，龙洲股 份3连板。可控核聚变概念表现强势，国机重装、宝胜股份涨停。下跌方面，医药板块表现 疲软，广济药业、粤万年青下挫。板块方面，保险、贵金属、福建、商业航天等板块涨幅居 前，银行、中药、影视院线等板块跌幅居前。 一、机构动向 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1.73万亿，较上一 个交易日放量1 7 6 8亿。 ...

Group 1 - The core viewpoint is that A-shares are expected to experience improvements in fundamental expectations, macro liquidity, policy and industry themes, and chip pressure digestion in December, potentially leading to an early start of the spring rally [1][2] - The spring rally is a significant calendar effect in A-shares, characterized by improvements in fundamental expectations, macro liquidity, and policy/industry themes [2][3] - The observation window for the first two points is from early to mid-December, while the third point is around mid-December [3] Group 2 - In terms of structural performance, small-cap stocks have a higher win rate (75% since 2010), with leading sectors typically being cyclical or growth-oriented, both of which have win rates exceeding 80% since 2010 [3] - The cyclical sector is driven by price increase expectations, while the growth sector is driven by industry themes, with a focus on aviation equipment, AI-related energy storage, and power grid equipment for the former, and chemicals and energy metals for the latter [3] Group 3 - ByteDance has launched the "Doubao Phone Assistant," aiming to integrate AI capabilities at the OS level, indicating a shift from being a standalone app to a more integrated approach [4] - The product is still in the early exploration phase, but the partnership with Nubia for high-frequency iterations shows ByteDance's commitment to capturing the AI native entry point in mobile [4][5] - ByteDance's strategy involves open collaboration to provide its AI models as the "brain" for various hardware brands, avoiding supply chain risks and enabling rapid penetration into the Android ecosystem [4] Group 4 - The next key focus for ByteDance is the "Force Byte Original Power Conference" on December 18-19, where new members of its ecosystem may be announced, potentially involving upgrades to multimodal model capabilities or new hardware partnerships [5] - The integration of AI across devices, such as through the Ola Friend AI earphones, creates a closed-loop experience for users, enhancing the functionality of the phone assistant [5] Group 5 - Newray Energy (300593) is positioned to leverage its existing products and technologies in AIDC power systems, with potential breakthroughs in overseas customer bases [7] - The rapid development of AI technology is driving a significant upgrade in data center power supply systems, presenting opportunities for Chinese power electronics companies to enter overseas supply chains [7] - The company has established a comprehensive power supply solution from AC supply to terminal chip levels, and has a strong foundation in serving major international clients like Samsung and Nokia [7]