招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业展望 全球市场观察 行业展望 2026 年度策略报告：浪涌潮退 2025 年 12 月 19 日 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,498 | 0.12 | 27.11 | | 恒生国企 | 8,842 | -0.02 | 21.28 | | 恒生科技 | 5,418 | -0.73 | 21.27 | | 上证综指 | 3,876 | 0.16 | 15.65 | | 深证综指 | 2,441 | -0.70 | 24.70 | | 深圳创业板 | 3,107 | -2.17 | 45.08 | | 美国道琼斯 | 47,952 | 0.14 | 12.71 | | 美国标普 500 | 6,775 | 0.79 | 15.19 | | 美国纳斯达克 | 23,006 | 1.38 | 19.14 | | 德国 DAX | 24,200 | 1.00 | 21.55 | | 法国 CAC | ...

2026 年度策略报告 浪涌潮退 前言 各位投资人朋友， 大家好，见字如面，欢迎大家透过我们展望报告的视角与我们共同开启全新的一年。 2025 年，关税摩擦持续扰动市场，AI 产业链依旧是热点话题，新消费和医药带来结构 性机会，高股息及红利相关标的也间歇性成为市场关注焦点。过去一年，我们前瞻性地 帮助投资人把握住了成长行业的投资机会，也在市场寻求确定性的时候及时提供了最优 选择。 对于投资而言，2026 年可能是更加挑战的一年，市场整体的估值中枢在震荡中已经持续 修复，如何挖掘更多的 alpha 成为大家关注的重点。尽管观点开始分歧，AI 或仍是最具 确定性的机遇，新消费和传统消费在挑战中寻求破局，医药需要更加精选个股，工业和 资本品可更多关注主题性投资机遇，而高股息和红利尽管已成为较为共识的交易，或仍 旧可以通过挑选基本面边际向好的子板块进行增量挖掘。 尽管面临挑战，令人鼓舞的是，优质的商业模式具备穿越周期的韧性，优秀的企业家拥 有攻坚克难的定力，中国消费企业的品牌影响力正在加速崛起，文化产业的底蕴正在持 续凸显，科技企业取得的突破令人振奋，业务出海有望带来长期增量。 机遇总是与挑战相伴相生，远见总是和实干 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 大家好，不好意思，又来找下跌原因了。 隔夜美股科技板块大跌，泰勒以为这次我们会走出独立行情，没想到还是想多了！ A股下跌 12月18日，A股指数普遍下跌，仅沪指一枝独秀。截至收盘，沪指涨0.16%，深成指跌1.29%，创业板指 跌2.17%。 两市共2845只个股上涨，73只个股涨停，2416只个股下跌。 | 880005 涨跌家数 | | | | --- | --- | --- | | 真中 | 涨停 | 13 | | 涨幅 | > 7% | 108 | | 张帽 | 5-7% 1 | 63 | | 涨幅 | 3-5% | 233 | | 涨幅 | 0-3% | 2441 | | 跌幅 | 0-3% | 2090 | | 跌幅 | 3-5% | 243 | | 跌幅 | 5-7% | 59 | | 跌幅 | > 7% | 24 | | 其中 跌停 | | 8 | | | | 2845 2416 | | 下課家發 下渡南城 新聞 | | | | | | 199 | | | | 5460 | | 总成交额 | | 167 ...

每经AI快讯，12月18日，截至收盘，上证指数涨0.16%，深证成指跌1.29%，创业板指跌2.17%，北证50 跌0.51%。全市场成交额16722亿元，较上日成交额缩量1621亿元。 盘面上，医疗商业板块走强，华人健康（301408）20CM涨停，鹭燕医药（002788）、重药控股 （000950）等数只个股涨停。商业航天板块表现强势，天银机电（300342）、航天环宇、铂力特等数只 个股涨超10%，顺灏股份（002565）、神剑股份（002361）等数只个股涨停。PCB板块调整，沪电股份 （002463）、生益电子、生益科技（600183）跌超5%，东山精密（002384）跌超6%。电池板块调整， 华盛锂电跌超10%，海科新源（301292）、天华新能（300390）跌超5%。 板块题材上，医疗商业、商业航天板块活跃，PCB、电池板块调整。 ...

中欧数字经济混合发起A（018993）成立日期2023年9月12日，最新规模52.74亿。今年以来收益 138.96%，同类排名11/8100；近一年收益137.22%，同类排名14/8065；成立以来收益202.6%。 12月18日，生益科技跌5.37%，截至发稿，报61.50元/股，成交13.88亿元，换手率0.93%，总市值 1493.91亿元。 资料显示，广东生益科技股份有限公司位于广东省东莞市松山湖园区工业西路5号，成立日期1985年6月 27日，上市日期1998年10月28日，公司主营业务涉及设计、生产和销售覆铜板和粘结片、印制线路板、 陶瓷电子元件、液晶产品、电子级玻璃布、环氧树脂、铜箔、电子用挠性材料、显示材料、封装材料、 绝缘材料,自有房屋出租。从事非配额许可证管理、非专营商品的收购出口业务。提供产品服务、技术 服务、咨询服务、加工服务和佣金代理(拍卖除外)。主营业务收入构成为：覆铜板和粘结片65.96%，印 制线路板28.63%，废弃资源综合利用3.37%，其他(补充)2.04%。 从基金十大重仓股角度 数据显示，中欧基金旗下1只基金重仓生益科技。中欧数字经济混合发起A（018993）三季 ...

证券日报网讯12月17日，同宇新材（301630）在互动平台回答投资者提问时表示，公司主要客户包括建 滔集团、生益科技（600183）、南亚新材、华正新材（603186）、金宝电子、超声电子（000823）等全 球覆铜板行业知名厂商。公司母公司产能利用率近年来持续保持较高水平，江西同宇产能仍处于爬坡 期。 ...

以下文章来源于数据宝 ，作者陈见南 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 社保基金持仓科技股市值创历史同期新高。 从资产配置来看，截至今年三季度末，社保基金重仓科技股（TMT四大板块：申万电子、通信、计算机和传媒）期末市值超过469亿元，创出历史同期新高，彰显 出社保基金对科技股的日益青睐。 社保基金持仓 科技股市值创新高 从行业分布来看，社保基金持有电子行业期末市值接近274亿元，在科技板块中持股市值最高。其次是计算机板块，社保基金期末持股市值超过77亿元。另外，社 保基金持有传媒、通信行业期末市值分别为73.22亿元和44.33亿元。 往前看，社保基金持有科技股市值已经创出历史同期新高，同比去年三季度末大幅增长近61%，相比2011年同期大幅增长18倍多。 从个股来看，传音控股有3只社保基金持仓，期末持股市值超过45亿元居首。 开源证券认为，公司手机产品持续向中高端转型并拓展更多市场，非洲地区智能机渗透率提升也有望带来长期增量，公司有 ...

Core Insights - The Social Security Fund's investment in technology stocks has reached a historical high, with a market value exceeding 46.9 billion yuan as of the end of Q3, reflecting a significant increase in preference for technology stocks [1][2]. Group 1: Investment Trends - The Social Security Fund's holdings in the electronics sector reached nearly 27.4 billion yuan, making it the highest among technology sectors, followed by the computer sector with over 7.7 billion yuan [2]. - Year-on-year, the market value of technology stocks held by the Social Security Fund has increased by nearly 61% compared to the end of Q3 last year, and it has grown more than 18 times compared to the same period in 2011 [2]. Group 2: Individual Stock Holdings - Transsion Holdings has the largest holding among the Social Security Fund's investments, with a market value exceeding 4.5 billion yuan [3]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Electronics [4]. Group 3: New Investments - The Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination have newly invested in Unisoc with 20.93 million shares, amounting to nearly 1.9 billion yuan [5]. - Giant Network was also newly added to the portfolio with 27.84 million shares, valued at over 1.258 billion yuan [6]. Group 4: Long-term Holdings - The Social Security Fund has maintained long-term positions in six technology stocks for over 24 quarters, including Zhongnan Media, Zhongyuan Media, Phoenix Media, Yilian Network, Sanhuan Group, and Transsion Holdings, with each having a market value exceeding 1 billion yuan [7]. - Additionally, 11 technology stocks have been held for over three years, with Pengding Holdings having a market value exceeding 3.2 billion yuan [8]. Group 5: Investment Strategy - The long-term holdings of the Social Security Fund primarily consist of industry-leading stocks with generous dividends and high dividend-yielding media stocks [9].

Core Insights - The public fund industry is experiencing intense competition as the year-end ranking battle heats up, with 67 funds achieving over 100% annual returns as of December 12, 2025, including 57 active equity funds entering the "doubling club" [1][2] - Yongying Technology Smart Selection Mixed A Fund has a significant lead with an annual return of approximately 215.58%, almost securing the top position [1][2] Fund Performance - Yongying Technology Smart Selection Mixed A ranks first with a return of 215.58%, while Zhonghang Opportunity Leading A follows in second place with a return of 159.95%, showing a notable gap of about 55 percentage points [2] - The third place, Everbright Baodexin Sunshine Intelligent Manufacturing Mixed D, has a return of 157.46%, only 1.5 percentage points behind the second place [2] - The fourth to sixth places have returns concentrated in the range of 131%-140%, indicating potential volatility in rankings as slight fluctuations in net value could lead to reshuffling [3] Fund Holdings and Strategy - Yongying Technology Smart Selection Mixed A has a high concentration strategy, with its top ten holdings accounting for 73.25% of the fund's net value, featuring stocks like Xinyi Sheng (9.76%) and Zhongji Xuchuang (9.48%) [4][5] - The fund's portfolio is aligned with strong technology themes, including computing power chains and optical modules, which have seen significant growth in 2025, with related indices rising 93.83% and 172.08% respectively [5] - The fund's performance is attributed to its high concentration in key stocks, with the top ten holdings reflecting a strategic focus on high-growth sectors [6] Fund Growth and Investor Interest - Since its establishment on October 30, 2024, Yongying Technology Smart Selection Mixed A has seen its scale expand from 1.166 billion to 11.521 billion yuan by September 30, 2025, marking nearly a tenfold increase [7] - The proportion of individual investors in the fund surged from 21.78% at the end of December 2024 to 87.24% by June 2025, indicating strong retail investor interest [7][10]

Group 1 - The core viewpoint of the articles highlights a significant price surge in the global memory chip market, particularly in DRAM and NAND Flash, with prices increasing over 300% since September 2023, driven by the rise of AI applications [1][2] - The consumption electronics sector is expected to implement a combination of structural price increases and cost-sharing strategies with the supply chain, particularly as the demand for consumer electronics like smartphones and computers is projected to rise through 2026 [1] - The consumption electronics ETF closely tracks the performance of the China Securities Consumption Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2][3] Group 2 - The top ten weighted stocks in the China Securities Consumption Electronics Theme Index account for 56.39% of the index, indicating a concentration of investment in key players such as Luxshare Precision and Cambricon Technologies [3] - AI is enhancing the demand for consumer batteries, as the integration of AI in devices like smartphones and wearables is leading to increased power consumption and a higher demand for lithium batteries [2]