每日市场观 2025 年 12 月 15 日 【今日关注】 沪深两市开盘后均出现短期震荡局面，随后均逐渐拉升，最终都以上 涨收盘。其中创业板和科创 50 分别上涨 0.97%和 1.74%，明显优于沪 指及深成指表现。板块方面，能源方向的有色金属、核能、储能、电 力相关板块以及科技方向的半导体、通信、电子等板块涨幅居前。消 费、医疗、地产等领域跌幅明显。 中央经济工作会议明确提到了明年的八项重点工作。从市场反应来看， 新质生产力依然是资金较为关注的方向，与"培育壮大新动能"等相 关表述较为贴合。因此相关领域值得持续关注，可重点寻找年报相对 更加优秀的板块。 受政策推动和资金关注双重利好，短期内可继续关注成长风格板块， 同时需注意当前结构性行情带来的博弈特点。长期可关注扩大内需及 新质生产力交叉领域，其中财务数据表现优秀的标的相对更具备竞争 优势。 【市场回顾】 市场概况：12 月 12 日，市场探底回升，三大指数全线收红，创业板指 近 1%。截至收盘，沪指涨 0.41%，深成指涨 0.84%，创业板指涨 0.97%。 【资金面】 主力资金流向：12月12日，上证净流入257.53亿元，深证净流入204.78 ...

每日市场观 2025 年 12 月 12 日 【今日关注】 周四美联储降息政策落地后，其后续中性表态叠加日本央行潜在加息 预期，引发市场情绪趋于谨慎。A 股主要指数高开低走，沪综指跌 0.70%； 深成指跌 1.27%；创业板指跌 1.41%；仅北证 50 指数逆势上行 3.84%。 两市全天成交额 1.89 万亿元，较前一交易日微增，但个股普跌，逾 4300 只个股收跌，做多动能分散。行业层面分化加剧：核电、风电等新能 源板块及可控核聚变等硬科技题材获资金逆势增持；房地产、零售、 文化传媒板块领跌，前期热门的算力硬件与 AI 应用赛道同步回调。 结构性机会集中于两条主线：其一，新能源领域受产业政策催化，风 电、核电板块具备持续配置价值；其二，半导体设备相关 ETF 本周呈 现资金净流入，超跌科技赛道有资金回流迹象，需跟踪其持续性。 短期市场受海外政策扰动主导，美联储议息会议结果及全球加息预期 反复，叠加国内重要经济工作会议政策窗口临近，预计指数维持区间 震荡格局，下行空间有限。操作上宜少动多看，规避弱势板块，静待 政策明朗化带来的方向性机会。 【市场回顾】 市场概况：12 月 11 日，市场震荡调整，沪指高 ...

每日市场观 2025 年 12 月 11 日 【今日关注】 年底资金博弈效应对风险偏好形成压制导致债市和股市流动性趋紧。 此外，海外货币政策预期不确定性也对市场形成扰动。A 股近期缺乏核 心主线，整体交投情绪偏谨慎。不过从本周二开始债市出现积极信号， 价格触底反身向上，收益率小幅回落。今夜若美联储降息，将刺激国 内债市走高，进而在流动性方面利好股市。投资者可关注后续债市与 海外货币政策变动。 近日中国证监会主席吴清在中国证券业协会第八次会员大会上提出对 优质机构适当松绑，适度打开资本空间与杠杆约束，为券商行业"适 度加杠杆"打开政策空间。券商板块年内表现较为平淡，后续若流动 性充裕，行业乘政策春风有望重现"牛市旗手"风采。6G 网络研发如 火如荼，其技术方向包括毫米波与太赫兹技术、星地一体融合组网、 通感一体化、分布式自治网络架构等，近期航空航天、通信设备、新 材料板块较为活跃，投资者可关注相关受益品种。 【市场回顾】 市场概况：12 月 10 日，市场探底回升，三大指数涨跌不一，深成指、 创业板指盘中先后翻红，创业板指此前一度跌超 2%。截至收盘，沪指 跌 0.23%，深成指涨 0.29%，创业板指跌 0. ...

每日市场观 【市场回顾】 市场概况：12 月 9 日，三大指数涨跌不一，沪指、深成指震荡回落， 创业板指冲高回落尾盘拉升。截至收盘，沪指跌 0.37%，深成指跌 0.39%， 创业板指涨 0.61%。 【资金面】 主力资金流向：12 月 9 日，上证净流出 2.04 亿元，深证净流入 27.80 亿元。行业板块方面，主力资金流入前三的板块为元件、通信设备、 军工电子。主力资金流出排名前三的板块为工业金属、证券、白酒。 【消息面】 2025 年 12 月 10 日 【今日关注】 周二 A 股小幅整理，收盘三大股指涨跌互现，上证指数和深证成指小 幅调整，创业板指小幅上涨；沪深两市成交额超过 1.9 万亿元，较前 一个交易日缩量 1300 多亿元。行业板块方面多数下跌，除有色金属板 块下跌幅度超过 3%幅度较大以外，其余板块下跌幅度不大；通信、电 子、商贸、银行等少数行业上涨，两市上涨股票数量 1300 多只，下跌 数量占七成左右。 上证指数自 11 月 21 日探底回升以来，近期走出一波反弹行情，但是 总体反弹的力度并不是很强，技术面看上证指数短线围绕 3900 点区域 整理，20 日均线和 60 日均线均在 3 ...

Market Overview - Major indices closed higher on December 5, with the Shanghai Composite Index rising by 0.7%, the Shenzhen Component Index by 1.08%, and the ChiNext Index by 1.36%[2] - Trading volume reached 1.74 trillion CNY, an increase of approximately 180 billion CNY compared to the previous trading day[1] Sector Performance - Non-bank financials, metals, machinery, and military industries showed significant gains, while the banking sector experienced a slight decline[1] - The communication computing sector surged due to strong performance from newly listed domestic chip companies, although high valuations may pose future risks[1] Capital Flow - On December 5, net inflows into the Shanghai Stock Exchange totaled 36.67 billion CNY, while the Shenzhen Stock Exchange saw net inflows of 19.48 billion CNY[3] - The top three sectors for capital inflow were general equipment, communication equipment, and industrial metals[3] Policy and Economic Measures - The National Development and Reform Commission allocated a total of 35.5 billion CNY for employment support projects, aiming to create over 1.1 million jobs for low-income individuals[4] - The focus is on promoting employment and income growth through targeted investment projects[4] Industry Insights - The second-hand car market in October saw a transaction volume of 1.76 million units, a year-on-year increase of 2.7%[8] - The cumulative transaction volume for second-hand cars from January to October reached 16.49 million units, reflecting a year-on-year growth of 3.5%[8] Technology and Market Trends - The global smart vacuum cleaner market experienced a shipment increase of 18.7% year-on-year in the first three quarters of 2025, with a total of 17.42 million units shipped[9] - The commercial aerospace sector is poised for significant growth, with a potential trillion-level market emerging due to advancements in technology and policy support[10]

2025 年 12 月 05 日 【今日关注】 周四沪深指数涨跌互现，成交额 1.56 万亿，比上一交易日减少约 1300 亿。行业多数下跌，机械、电子、军工等行业小幅上涨，社会服务、 商贸、纺织、综合等行业跌幅居前。 周四开盘后有短暂的下探，但随后出现修复，并在全天保持了大体横 盘整理走势。指数的窄幅震荡和整体量能继续萎缩，以及多数行业都 不算大的涨跌幅，表明当前市场处于一种阶段性的弱平衡状态。市场 也表现出一些积极的现象，科创板和创业板指数涨幅较为明显，权重 的科技龙头出现了初步的企稳信号，这对后面市场情绪的稳定有较大 帮助。 12 月 3 日，朱雀 3 号发射成功，但回收失败，引至盘中相关题材板块 的较大震动。12 月 4 日这一板块波动仍然剧烈，但从个股涨跌幅对比 看，板块仍处在相对强势的阶段。月内仍有新的发射计划，无论短期 还是未来一两年内，商业航天的发射频次都有望显著提高。另外半导 体、机器人、人工智能当中有较多个股表现异动，值得进一步关注。 【市场回顾】 市场概况：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%。截至收盘，沪指跌 0.06%，深成指涨 0.4%，创业 ...

Market Overview - On December 3, the market experienced a decline, with the Shanghai Composite Index falling by 0.51%, the Shenzhen Component down by 0.78%, and the ChiNext Index decreasing by 1.12%[3] - The total trading volume reached 1.68 trillion yuan, an increase of approximately 70 billion yuan compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable increases in transportation, non-ferrous metals, and coal, while media, computing, real estate, commerce, and military industries faced significant declines[1] - Industrial metals showed strong performance, driven by rising copper and aluminum futures prices, with demand expected to increase due to factors like electric vehicles and infrastructure updates[1] Capital Flow - On December 3, net outflows were recorded at 4.05 billion yuan for the Shanghai Stock Exchange and 3.42 billion yuan for the Shenzhen Stock Exchange[4] - The top three sectors for capital inflow were industrial metals, optical electronics, and general equipment, while IT services, software development, and semiconductors saw the largest outflows[4] Economic Indicators - From January to October 2025, China's service trade totaled 65,844.3 billion yuan, reflecting a year-on-year growth of 7.5%, with exports increasing by 14.3% and imports by 2.6%[7] - The service trade deficit decreased by 2,693.9 billion yuan compared to the previous year, indicating improved trade balance[7] Fundraising Trends - Over 60 new funds are set to be issued in December, with 28 funds launched on December 1 alone, marking a significant increase in fundraising activity compared to previous years[14] - Year-to-date, 1,450 new funds have been issued, surpassing last year's total of 1,143 and reaching a three-year high[14] ETF Trading - The total trading volume for ETFs reached 353.39 billion yuan, with stock ETFs accounting for 112.69 billion yuan, bond ETFs for 176.93 billion yuan, and money market ETFs for 22.57 billion yuan[16]

Market Overview - On December 2, the market experienced a decline, with the Shanghai Composite Index falling by 0.42%, the Shenzhen Component Index by 0.68%, and the ChiNext Index by 0.69%[3] - The total trading volume was 1.6 trillion yuan, a decrease of approximately 290 billion yuan compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable increases in oil, light industry, and home appliances, while media, non-ferrous metals, computer, pharmaceuticals, and electric equipment sectors faced significant declines[1] - The main indices rebounded to the 20 or 60-day moving averages, indicating potential technical pressure and a phase of market balance with limited breakout potential[1] Capital Flow - On December 2, net outflows were recorded at 11.665 billion yuan for the Shanghai Stock Exchange and 4.290 billion yuan for the Shenzhen Stock Exchange[4] - The top three sectors for capital inflow were communication equipment, packaging and printing, and military electronics, while semiconductor, software development, and liquor sectors saw the highest outflows[4] New Accounts and Market Sentiment - In November, 2.38 million new A-share accounts were opened, a 3% increase from October, bringing the total for the year to 24.84 million, a year-on-year increase of 7.95%[7] - Compared to November 2024, the new accounts in November 2025 decreased by 12%[7] Industry Dynamics - The PC market in China saw a 2% year-on-year increase in shipments in Q3 2025, reaching 11.3 million units, driven by strong demand in the commercial sector[8] - The total number of medical consultations in 2024 exceeded 10.15 billion, with a 6 million increase from the previous year, indicating a steady growth in healthcare services[10] Investment Insights - The pharmaceutical sector has seen a slowdown in momentum after a strong rise earlier in the year, with a significant reduction in the number of "doubling funds" remaining[13] - The stock private equity position index reached a new high for the year at 82.97% on November 21, indicating a strong bullish sentiment among private equity investors[14]

Market Performance - On December 1, 2025, major A-share indices closed in the green, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index up by 0.85%, and the ChiNext Index increasing by 0.7%[1] - The total trading volume across both markets was 1.6 trillion yuan, slightly down from the previous trading day, with over 4,100 stocks rising, indicating sustained market activity[1] Sector Highlights - Lithium carbonate prices have rebounded over 70% from their year-to-date low, stabilizing above 100,000 yuan/ton, driven by a strong demand growth expectation of 30%-40% globally in 2026[1] - The lithium mining sector saw significant gains due to improved supply-demand dynamics, while banks, vitamins, and traditional Chinese medicine sectors experienced slight pullbacks[1] Policy and Industry Developments - The National Space Administration announced a three-year action plan for commercial aerospace, aiming to launch 156 satellites to build a space perception constellation, which is expected to boost related sectors[2] - The Ministry of Commerce is working to expand foreign investment market access, focusing on service sectors and enhancing the investment environment for foreign enterprises[8] Financial Trends - In November, the Shanghai Composite Index fell by 1.67%, ending a six-month streak of gains, while the ChiNext Index dropped by 4.23%[4] - On November 28, net inflows into the Shanghai and Shenzhen markets were 175.55 billion yuan and 156.54 billion yuan, respectively, with the top sectors for inflows being general equipment, batteries, and optical electronics[5] Fund Dynamics - The number of newly established index funds has surged by over 416% year-on-year, with 160 new products launched this year, driven by policy support and investor demand[15] - The issuance of dividend-themed funds has accelerated, with a total of 66.15 billion yuan raised in November alone, marking a monthly record for the year[16]

Market Performance - The Shanghai Composite Index rose by 0.29%, while the Shenzhen Component Index fell by 0.25% on November 27[2] - The net inflow of funds into the Shanghai market was 110.51 billion CNY, and 29.69 billion CNY into the Shenzhen market[4] Sector Trends - Leading sectors included communication equipment, consumer electronics, and batteries, while software development, IT services, and film and television saw the largest outflows[4] - The technology sector shows a clear long-term upward trend, although short-term fluctuations are expected[1] Policy Impact - The Ministry of Industry and Information Technology emphasized the importance of aligning supply and demand to stimulate consumption potential[5] - The Ministry of Commerce is promoting new consumption models and encouraging businesses to launch new products and stores[8] Consumer Insights - As of mid-2023, the user base for generative AI products in China reached 515 million, indicating a growing market for AI-driven consumer products[10] - The Ministry of Culture and Tourism plans to support the introduction of high-quality cultural and tourism products to meet consumer demand[11] Investment Opportunities - Investors are advised to focus on companies with clear market scale, technological advantages, and favorable policy directions as year-end performance and policies gain attention[1]