Key Points - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 225.178 billion, with Zijin Mining and Sungrow Power ranking first in their respective markets [1] - The banking sector saw the highest net inflow of funds, while several sectors, including new energy and non-ferrous metals, experienced significant outflows [6][7] - The top ten stocks by trading volume included Zijin Mining and Sungrow Power, with respective volumes of 29.05 billion and 33.92 billion [2][4] - The military industry ETFs saw substantial reductions in shares, with the Military Leader ETF losing 2.666 billion shares last week [16] Trading Volume - The total trading volume for the Shanghai Stock Connect was 103.201 billion, while the Shenzhen Stock Connect was 121.977 billion [2] - The top ten stocks by trading volume in the Shanghai market included Zijin Mining, Cambrian, and Industrial Fulian [3] - In the Shenzhen market, Sungrow Power, Zhongji Xuchuang, and Ningde Times were the top three [4] Sector Performance - The banking sector led with a net inflow of 10.66 billion, followed by diversified finance and oil and petrochemicals [6] - The new energy sector experienced the largest net outflow of 122.81 billion, indicating a significant shift in investor sentiment [7][8] Individual Stock Activity - Top net inflow stocks included Tuo Wei Information and Lei Ke Defense, with inflows of 16.59 billion and 10.17 billion, respectively [9] - Conversely, stocks like Zhongji Xuchuang and Sungrow Power faced significant outflows, with net outflows of 15.45 billion and 13.62 billion [10][11] ETF Trading - The A500 ETF Huatai Baichuan led in trading volume with 13.7983 billion, followed by A500 ETF Fund with 13.4182 billion [13] - The top ETFs by share growth last week included Zhongzhi A500 ETF, which saw an increase of 9.024 billion shares [15] - Military-related ETFs experienced the largest share reductions, with the Military Leader ETF losing 2.666 billion shares [16] Market Dynamics - The trading activity on the Longhu List indicated high institutional participation, particularly in stocks like Tianji Shares, which saw significant buying from multiple institutions [18][19] - The market also witnessed aggressive selling in several aerospace concept stocks, highlighting a shift in institutional strategies [19]

01哪些行业受益人民币升值 近期离岸人民币对美元盘中升破7.0关口，为2024年9月以来首次。年末的人民币快速升 值，年末结汇是重要因素，也是针对全球新老秩序交替过程中，中国优势的再评估。 财通证券策略梳理人民币升值受益行业： 从成本端， 进口贸易以及原料进口依赖两类行业有望受益，最终体现为毛利率提升； 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出前瞻布局未来产 业，推动脑机接口等成为新的经济增长点。 这些产业蓄势发力，未来1 0年将再造一个中 国高技术产业。 风险提示：以上内容仅为个人观点，供交流参考使用，所有内容不做买卖操作依据，据此 介入，风险自担，投资有风险，入市需谨慎。 合 作 联 系 02 太空脑机接口首试成功 近日，西北工业大学牵头开发的两套太空专用小鼠无线植入式脑机接口微系统，搭载"迪 迩五号・中国科技城号"空间试验器成功升空并进入预定轨道，目前运行稳定、数据正常 回传。 此次任务是国际首次在太空环境下开展该类设备长期在轨离体验证，核心包含自研多通道 柔性微电极、神经信号采集芯片等关键部件，创新采用"动物舱"与"独立舱"双室协同验证 模式，攻克了太空复杂环境下信号采集、长期 ...

Core Viewpoint - The article highlights the performance of various sectors and stocks in the Hong Kong market during the Christmas holiday, with a focus on capital inflows and outflows, particularly in the mechanical equipment sector and specific stocks like Goldwind Technology and Hainan Development [1][3][4]. Group 1: Market Overview - The Hong Kong stock market was closed for Christmas, and northbound capital was paused during this period [2]. - The mechanical equipment sector saw the highest net capital inflow, amounting to 27.51 billion, with a net inflow rate of 1.41% [4]. Group 2: Sector Performance - Sectors such as robotics, commercial aerospace, semiconductors, and paper manufacturing experienced significant gains, while precious metals, Hainan, and energy metals faced declines [3]. - The electronic sector had the highest net capital outflow [5]. Group 3: Stock Performance - The top stocks by net capital inflow included Aerospace Jiazi with 17.07 billion (14.73%), Goldwind Technology with 8.20 billion (16.46%), and Sunshine Power with 8.04 billion (10.05%) [6]. - The stocks with the highest net capital outflow were Shenghong Technology at -15.89 billion (-15.92%) and Hainan Development at -10.60 billion (-16.56%) [7]. Group 4: ETF Trading - The A500 ETF Huatai Baichuan had the highest trading volume at 143.997 billion, while the Robot ETF E Fund saw a remarkable increase in trading volume by 282% [9][10]. Group 5: Institutional Activity - Institutional activity was notable, with Hainan Development receiving 3.02 billion from four institutions, while Goldwind Technology saw mixed activity with 1.03 billion sold and 547.3 million bought [11][12]. - The trading activity of retail investors was also highlighted, with significant purchases in Goldwind Technology and sales in Hainan Development [13].

因此对20 26年的黄金节奏进行展望： 目前看来所有黄金上涨的叙事逻辑在2026年都看不到确定的反转风险（去美元化叙事、美联储进入 降息周期）。 2026年黄金最大的机会或在2月，一是美国临时拨款法案可能在年初耗尽，届时两党博弈的结果终将指向提高国债规模，二是2月本身是 美国财政部的传统发债高峰， 二者叠加也就意味着长端美债的供给高峰可能出现在2月，黄金受刚性需求盘驱动的行情又有可能上演。 黄金牛市的节奏 中邮证券策略认为， 当前实际主导黄金市场的资金来自私人部门。 传统逻辑下美债是无风险资产，但当美债不再是完美的"无风险压舱石"，必须要配置长久期资产的资金会发现黄金是世界上唯一的替代 品，这也是今年资金以刚性需求盘的姿态涌入黄金ETF，并且在金价停止上涨进入震荡后也没有撤离。 【公司点睛】 ...

Market Overview - The market experienced a strong upward trend with the Shanghai Composite Index rising for six consecutive days, and the Shenzhen Component Index increasing by nearly 1%. Over 4,100 stocks in the market saw gains [1] Spring Market Outlook - The spring market may unfold in two ways: first, capital may rush in to buy on dips, leading to a generally strong market; second, if incremental capital is exhausted and negative news arises, a "deep squat jump" may occur. Currently, there is a strong willingness among A-share investors to capitalize on the spring market, with limited visibility of negative factors [2] - Historical data suggests that sectors with high returns in the first half of the year may see a pullback at the end of the year, while underperforming sectors may experience a rebound. The internal demand sector is highlighted as having sufficient attractiveness and increasing win rates, supported by year-end industry allocation patterns and policies aimed at boosting domestic demand [2] Key Sectors to Watch - Focus on sectors such as insurance, brokerage, non-ferrous metals, AI computing/power semiconductors, retail/personal care/social services/dairy products, aviation, and new energy [3] North American AI Power Supply Issues - North America faces a significant power supply gap, exacerbated by the growing demand for AI Data Centers (AIDC). Traditional rapid energy replenishment methods are limited, making AIDC energy storage solutions more economically viable and quicker to deliver. The demand for AIDC energy storage is projected to increase from 9.6 GWh in 2025 to 21 GWh by 2028, with storage duration extending from 4 hours to 6-8 hours [4] - The global AIDC transformer market is expected to grow significantly, with estimates of 60 billion yuan in 2024 and 264 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 64% [4] Transformer Export Data - According to customs data, China's transformer exports totaled 579 million yuan from January to November, marking a year-on-year increase of 36%, indicating sustained high demand in the transformer export market [5] AIDC Concept Stocks - AIDC concept stocks focus on core areas such as computing infrastructure, liquid cooling, power distribution, and network equipment. Key players include: - **Core Computing and IDC Operations**: Companies like Zhongke Shuguang and Inspur Information are leading in liquid cooling and AI server markets [6] - **Liquid Cooling Technology**: Companies such as Yingweike and Qiu Tianwei are key suppliers in the liquid cooling sector, catering to AI server needs [7] - **Power Distribution and Storage**: Companies like Zhongheng Electric and Kehua Data are positioned to meet AIDC power supply demands [8] - **Network and Server Support**: Companies such as Xinyi Sheng and Zhongji Xuchuang are critical suppliers for AI computing network transmission [8]

沪深股通今日合计成交1671.78亿，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，电子板块主力 资金净流入居首。ETF成交方面，新能源ETF（5161 60）成交额环比增长427%。 龙虎榜方面，多只商业航天概念股获大量机构抢筹， 其中天银机电获五家机构买入4.96亿，通宇通讯获三家机构买入2.14亿， 西部材 料获三家机构买入1 .86亿，神剑股份获三家机构买入1.28亿，超捷股份获三家机构买入7700万。CPO概念股英唐智控今日直线20cm涨 停，获两家实力游资（国泰海通证券成都北一环路、国泰海通证券上海中山东路）分别买入802 7万、4476万，此外一家量化资金（开 源证券西安西大街）买入5986万，三家机构买入8376万。 一、沪深股通前十大成交 今日沪股通总成交金额为743.5 4亿，深股通总成交金额为928.24亿。 | | | 沪股通（ 12月24日 0 | | | --- | --- | --- | --- | | 指 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601138 | 工业富联 | 18.34 | | 2 | 601899 | 紫 ...

Group 1 - The core narrative for incremental capital in A-shares for 2025 includes regulatory and insurance capital mitigating downside risks, while domestic deposit migration and overseas dollar overflow open up upside potential for the index [1] - The outlook for 2026 is expected to be an enhanced version of 2025, with continued support from insurance capital and regulation, alongside anticipated inflows from residents' deposits (especially from high-net-worth individuals) and foreign capital [1] - Factors supporting the resident side include the mitigation of downside risks by insurance capital and regulation, a gradual reduction in the impact on residents' balance sheets, further liquidity of residents' funds in 2026, and limited high-yield assets competing with deposits in this cycle [1] Group 2 - On the foreign capital side, the overall "cake" of global funds is expected to grow, with downward pressure on the dollar and an anticipated bottoming improvement in A-share fundamentals by 2026 [2]

沪深股通今日合计成交1804.38亿，其中寒武纪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，电新行业板块主 力资金净流入居首。ETF成交方面，现金流ETF（15939 9）成交额环比增长147%。 龙虎榜方面，多氟多获一家实力游资（中信证券西安朱雀大街）买入1.2亿；天际股份获两家实力游资（国泰海通证券成都北一环路、 国泰海通证券上海中山东路）合计买入1.77亿。商业航天概念冲高回落，人气股航天机电跌停，遭一家一线游资（国泰海通证券上海江 苏路）大幅卖出5.29亿。 一、沪深股通前十大成交 今日沪股通总成交金额为830亿，深股通总成交金额为974. 37亿。 | | | 沪股通（ 12月23日 ) | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 688256 | 寒武纪 | 20.76 | | 2 | 601138 | 工业富联 | 16.59 | | 3 | 601899 | 紫等鸡,不 | 16.21 | | ব | 601888 | 中国中免 | 16.13 | | 5 | 688041 | 海光信 ...

Core Viewpoint - The article highlights the trading activities in the Shanghai and Shenzhen stock markets, focusing on the top traded stocks, sector performances, and ETF transactions, indicating significant movements in capital flows and investor interest in specific sectors and stocks [1][2][5]. Trading Activity Summary - The total trading volume for the Shanghai and Shenzhen Stock Connect reached 182.16 billion, with Zijin Mining and Zhongji Xuchuang leading in trading volume for the Shanghai and Shenzhen markets respectively [1][2]. - The top ten stocks by trading volume in the Shanghai market included Zijin Mining (14.03 billion), Cambricon (13.68 billion), and Yangtze Power (12.01 billion) [3]. - In the Shenzhen market, Zhongji Xuchuang topped the list with a trading volume of 51.93 billion, followed by CATL (26.68 billion) and Xinyisheng (25.40 billion) [4]. Sector Performance - The communication sector saw the highest net inflow of capital, amounting to 70.98 billion, with a net inflow rate of 4.55% [6]. - Other sectors with notable net inflows included electronics (56.99 billion, 1.78%) and non-ferrous metals (26.31 billion, 2.03%) [6]. - Conversely, the computer sector experienced the largest net outflow of capital at -22.95 billion, with a net outflow rate of -2.01% [7][8]. ETF Trading Summary - The top traded ETFs included A500 ETF Huatai Baichuan with a trading volume of 137.47 billion, followed by A500 ETF Fund (122.69 billion) and Zhongzheng A500 ETF (108.32 billion) [13]. - The Zhongzheng A500 Index ETF saw a remarkable 309% increase in trading volume compared to the previous trading day [14]. - Over the past week, the A500 ETF Southern saw a significant increase in shares by 83.73 billion, leading the share growth among ETFs [15]. Institutional and Retail Activity - The article notes high activity from institutional investors, particularly in the commercial aerospace sector, with Tianyin Electromechanical receiving significant buying interest [19][20]. - Retail investors also showed notable activity, with substantial buying and selling in various stocks, including Haima Automobile and Tongyu Communication [21][23].

Core Viewpoint - The article highlights a bullish outlook for the Chinese stock market, driven by strong performance in various sectors, particularly in the context of the Hainan Free Trade Port and the anticipated growth in corporate earnings and valuations [6][7]. Group 1: Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index returning to 3900 points and the ChiNext Index increasing by over 2%. More than 2900 stocks in the market saw gains, including 105 stocks hitting the daily limit [1]. - The trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion yuan, an increase of 136 billion yuan compared to the previous trading day [1]. Group 2: Hainan Free Trade Port - The Hainan Free Trade Port officially commenced full island closure operations on December 18, with significant media attention on the benefits of "zero tariffs" [3]. - Following the closure, Sanya's duty-free sales exceeded 100 million yuan for three consecutive days, indicating strong consumer demand [3]. - Analysts believe that the duty-free retail operators, high-end consumer goods, and logistics service providers will be the primary beneficiaries of the Hainan policies, with domestic brands gaining access to duty-free sales for the first time [3]. Group 3: Technology Sector - The technology sector is experiencing a rebound, with hardware stocks leading the charge, particularly in semiconductor equipment and storage chips [4]. - Analysts suggest that Chinese tech stocks are in a high-growth phase, benefiting from high valuations and capital inflows, which will drive rapid industry development [4]. Group 4: Future Market Predictions - Goldman Sachs predicts that the Chinese stock market will continue its upward trend into 2026, with an expected increase of 38% by the end of 2027 [6][7]. - The shift from "expectation-driven" to "profit-driven" market dynamics is expected to be a key driver of returns, with corporate earnings projected to grow by 14% in 2024 and 12% in 2027 [6][7]. Group 5: Investment Strategies - Three main investment themes are suggested for year-end and early next year: 1. **Dividend Value**: Focus on high-dividend stocks, particularly in the banking and non-bank financial sectors, due to seasonal effects and investor preferences for profit realization [9]. 2. **Growth Layout**: Positioning in high-growth sectors during market corrections, with a focus on metals, AI, new energy, and innovative pharmaceuticals [9]. 3. **Thematic Hotspots**: Attention to active themes such as Hainan (duty-free), nuclear power, and winter tourism [10].