Core Insights - The securities ETF (159841) has shown a turnover of 4.1% with a transaction volume of 426 million yuan, while the CSI All Share Securities Index (399975) increased by 0.67%, marking a three-day consecutive rise [1] - The market is experiencing a "wealth effect" as the stock market strengthens, presenting investment opportunities in the securities industry [1] - The A-share market is entering a critical phase with the Shanghai Composite Index achieving eight consecutive gains, focusing on the 4000-point level as the year-end approaches [1] Product Highlights - The securities ETF (159841) is linked to the off-market connection funds (A: 008590, C: 008591) [1] - The ETF is positioned to capitalize on the ongoing market opportunities as liquidity in the Shenzhen market remains strong [1] Market Trends - The financing balance in the Shanghai and Shenzhen markets has shown a slight upward trend, surpassing 2.5 trillion yuan, indicating a significant increase in risk appetite for leveraged funds [2] - The overall trading volume has consistently remained around 2 trillion yuan, providing ample liquidity support for the market [2] Institutional Perspectives - According to Everbright Securities, the market outlook for 2026 is characterized by a "slow bull pattern" with structural opportunities emerging, driven by policy, industry, and capital [2] - Xiangcai Securities notes that the brokerage industry's performance is recovering, benefiting from long-term capital inflows and international business opportunities, which will support mid-to-long-term performance [2] - The brokerage sector is currently at a low price-to-book (PB) ratio, suggesting a high safety margin and potential for left-side layout opportunities [2]

【12月27日中银证券全球首席学家管涛谈近期人民币汇率走势】12月27日，管涛在管理50人论坛2025年 年会上，就近期人民币汇率走势发表看法。近期人民币加速升值，离岸汇率一度升破7，市场有关"重估 之旅"等讨论升温。管涛认为，短期利好人民币因素占上风，如美元走弱、中国万亿规模贸易顺差及完 成5%增长目标带来信心提振。但后续走势有不确定性，美元是否如预期明年大幅贬值未知，外部环境 也不稳定。他提醒，不要随便说新周期来了，要谨慎看待。对于"人民币汇率重估带动中国资产价值重 估"观点，他指出外汇与其他资产市场逻辑不同，不存在人民币涨股市就一定涨。管涛以日本、美国市 场为例说明。他同时表示，长期看好中国，汇率短期是"吸收内外部冲击的减震器"，长期则是"强则货 币强"。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 和讯财经 和而不同 迅达天下 看好中国,汇率短期是"吸收内外部冲击的减震 器"，长期则是"强则货币强"。 本文由 Al 算法生成，仅作参考,不涉投资建议,使用风险自担 扫码查看原文 ...

- The report tracks the performance of various stock market indices, including A-shares, Hong Kong stocks, and US stocks, highlighting their weekly, monthly, and year-to-date performance[1][16][17] - The report provides a detailed analysis of the performance of different stock market styles, such as growth vs. dividend, small-cap vs. large-cap, and micro-cap vs. CSI 800, including their relative crowding and excess net value[2][60][71] - The report includes a comprehensive analysis of the valuation and equity-bond cost-effectiveness of A-shares, with specific focus on PE_TTM and ERP metrics for various indices and sectors[3][41][49][51] - The report tracks the performance and crowding of different investment styles, such as momentum vs. reversal, and their relative excess returns[2][60][71] - The report provides insights into the impact of US bond yields on the performance of different stock market styles, such as large-cap vs. small-cap and growth vs. dividend[3][82][84] - The report includes a detailed analysis of the main fund indices, including their absolute and relative returns, and tracks the scale of public funds and their impact on the market[3][88][90][94] - The report provides a comprehensive overview of the commodity market, including the performance of various commodity indices in China and the US[3][123][125]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - In the context of interest rates oscillating within a balanced range, there may be two 10BP interest rate cuts in monetary policy in 2026. The central bank is likely to use tools such as reserve requirement ratio cuts, interest rate cuts, and treasury bond trading to maintain interest rates within the 1.6 - 1.9% range for the 10 - year treasury bond yield. Although the Q4 monetary policy meeting did not explicitly mention "reserve requirement ratio cuts and interest rate cuts", it did not rule out the possibility of interest rate cuts in Q1, especially if there is strong upward pressure on interest rates during market operation [2]. - The Q3 GDP data of the United States provided little incremental information, and the recovery of industrial production was limited. The Q3 GDP showed a large quarterly - annualized growth rate, but the year - on - year growth rate increased only slightly. The US economy continued to be uneven, with slow employment growth but decent economic and consumption growth rates [2]. - The decline in upstream price indicators continued to narrow. In the week of December 26, 2025, the average wholesale price of pork increased slightly week - on - week but decreased significantly year - on - year, while the average wholesale price of 28 key monitored vegetables decreased week - on - week but increased year - on - year. Various industrial product prices and indicators also showed different trends [2]. Summary by Relevant Catalogs How to Understand "Financing Costs Operating at a Low Level" - The central bank's recent meetings mentioned "promoting the low - level operation of the overall social financing cost", indicating satisfaction with the current interest rate fluctuation range. The 10 - year treasury bond yield valuation in the 1.6 - 1.9% range may be the central bank's perceived balanced state, and the central bank may use various tools to maintain this range. The reduction of the "prevention of fund idling" statement in the Q4 monetary policy meeting also implies that the current interest rate trend is not likely to induce fund idling. The relatively low credit spread of primary - market credit bond issuance rates compared to treasury bond yields suggests that a further increase in treasury bond yields may affect social financing growth [2]. - Based on the above - mentioned balanced interest rate range, there may be two 10BP interest rate cuts in 2026. Although the Q4 meeting did not clearly mention "reserve requirement ratio cuts and interest rate cuts", the concept of "using various tools" is consistent with the "reserve requirement ratio cuts, interest rate cuts and other monetary policy tools" mentioned in the Central Economic Work Conference, so the possibility of Q1 interest rate cuts is not excluded, especially when there is strong upward pressure on interest rates [2]. US Economic Data Analysis - The Q3 GDP data of the United States showed a large quarterly - annualized growth rate, but the year - on - year growth rate of 2.3% increased only slightly. Personal consumption growth and import decline were the main drivers of GDP. The PCE provided limited incremental information on the current inflation situation. The US economy remained uneven, with slow employment growth but decent economic and consumption growth rates. Despite the impact of tariff hikes, the cumulative import volume in the United States from January to September 2025 still increased by more than 7% year - on - year due to pre - stocking. Industrial production recovered to a post - pandemic high but was still below the historical peak [2]. Upstream Price Indicator Analysis - In the week of December 26, 2025, the average wholesale price of pork increased 0.05% week - on - week and decreased 22.18% year - on - year; the average wholesale price of 28 key monitored vegetables decreased 1.93% week - on - week and increased 13.58% year - on - year. In the week of December 19, the edible agricultural product price index increased 0.20% week - on - week, and the year - on - year decline narrowed to 0.81% [2]. - The domestic cement price index decreased 0.17% week - on - week; the South China Iron Ore Index increased 1.60% on average week - on - week; the operating rate of coking enterprises with a capacity of over 2 million tons decreased 0.05% week - on - week; the rebar inventory index decreased 6.02% week - on - week, and the rebar price index increased 0.08% week - on - week. In the week of December 19, the production material price index remained flat week - on - week and decreased 1.07% year - on - year [2]. - The average prices of Brent and WTI crude oil futures increased 3.24% and 3.08% week - on - week respectively. The average spot price of LME copper increased 2.97% week - on - week; the average spot price of aluminum increased 2.12% week - on - week, and the copper - gold ratio increased 0.19% week - on - week [2]. - From December 1 - 25, 2025, the average daily trading area of commercial housing in 30 large and medium - sized cities was about 331,000 square meters, compared with about 498,000 square meters per day in December 2024 [2].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601066 | 中信建投 | 26.82 | -0.45% | 19.70万 | 5.30亿 | | 600095 | 湘财股份 | 11.28 | -0.27% | 32.81万 | 3.72亿 | | 650109 | 信达证券 | 17.80 | -0.17% | 25.05万 | 4.47亿 | | 6660099 | 招商证券 | 16.74 | -0.12% | 0 58.00万 | 9.76亿 | | 000712 | 锦龙股份 | 12.12 | -0.08% | 14.42万 | 1.75亿 | | 601198 | 东兴证券 | 14.40 | 0.00% | 59.48万 | 8.58亿 | | 601375 | 中原证券 | 4.38 | 0.00% | 27.55万 | 1.21亿 | | 601456 | 国联民生 | 10.37 | 0.00% | 33.02万 | 3.43亿 | | 601136 | 首创证券 | ...

2025年8月19日，国家工信部、中央社会工作部、国家发改委、国务院国资委、市场监管总局、国家能 源局联合召开光伏产业座谈会，相关光伏制造企业及发电企业参加会议。会议提出我国采取四大措施推 动产业健康可持续发展。一是加强产业调控，以市场化法治化方式推动落后产能有序退出；二是遏制低 价无序竞争，打击低于成本价销售、虚假营销等违法违规行为；三是规范产品质量，打击降低质量管 控、虚标产品功率、侵犯知识产权等行为；四是支持行业自律，强化技术创新引领，严守质量安全底 线。在部委号召下，央国企招标、中标价格出现上涨趋势。2025年12月16日，三峡集团公布2026年光伏 组件框架集中采购（第一批次）中标结果，组件中标价格超过0.75元/W。 "反内卷"是光伏产业发展主线，看好高效电池组件溢价 2025年12月，中央经济工作会议在北京召开，会议将"深入整治'内卷式'竞争列为2026年改革攻坚重点 任务之一。2025年12月，在2025中国光伏行业年度大会召开期间，求是网发表题为《深入整治"内卷 式"竞争》的文中，提出光伏等行业主动强化自律，推动产品价格逐渐稳定，综合整治"内卷式"竞争取 得积极成效；同时也提出我国仍将在供给 ...

两融数据显示，该股最新融资余额为21.89亿元，近5日减少6096.53万元，降幅为2.71%。 据天眼查APP显示，中银国际证券股份有限公司成立于2002年02月28日，注册资本277800万人民币。 （数据宝） 12月25日中银证券大宗交易一览 中银证券12月25日大宗交易平台出现一笔成交，成交量68.00万股，成交金额1054.00万元，大宗交易成 交价为15.50元，相对今日收盘价溢价4.38%。该笔交易的买方营业部为长城证券股份有限公司福州五四 路证券营业部，卖方营业部为中国银河证券股份有限公司福州证券营业部。 证券时报·数据宝统计显示，中银证券今日收盘价为14.85元，下跌1.00%，日换手率为3.55%，成交额为 14.78亿元，全天主力资金净流出1.13亿元，近5日该股累计上涨4.28%，近5日资金合计净流出1.31亿 元。 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | ...

| No 324 080 yer 1111 virus | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 奥出营业部 | 是否为专场 | | 025-12-25 | 中银证券 | 601696 | 15.5 1054 | 68 | 茶種植花器品質感 | 我看看到最佳感觉 | KO | 12月25日，中银证券大宗交易成交68万股，成交额1054万元，占当日总成交额的0.71%，成交价15.5 元，较市场收盘价14.85元溢价4.38%。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601696 | 中银证券 | 14.85 | -1.00% | 98.66万 | 14.78亿 | | 601211 | 圆炭海道 | 20.74 | -0.58% | 58.31万 | 12.13亿 | | 000776 | 广发证券 | 22.00 | -0.45% | 34.97万 | 7.72亿 | | 601377 | 兴业证券 | 7.42 | -0.27% | 166.79万 | 12.43亿 | | 002736 | 国信证券 | 13.17 | -0.15% | 27.83万 | 3.68亿 | | 601456 | 国联民生 | 10.37 | -0.10% | 23.63万 | 2.45亿 | | 000750 | 国海证券 | 4.25 | 0.00% | 34.58万 | 1.47 亿 | | 601555 | 东吴证券 | 9.07 | 0.00% | 39.98万 | 3.63亿 | | 002670 | 国盛证券 ...

中国经济网北京12月25日讯 中银证券(601696.SH)今日股价下跌，截至收盘报14.85元，跌幅 1.00%。今日，证券板块涨0.51%，中银证券为该板块跌幅最大的上市公司。 (责任编辑：徐自立) ...