证券之星消息，12月15日证券板块较上一交易日上涨0.37%，华泰证券领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601688 | 华泰证券 | 22.73 | 2.57% | 126.63万 | 28.80亿 | | 601696 | 中银证券 | 14.60 | 2.17% | 141.81万 | 20.74亿 | | 600958 | 东方证券 | 10.81 | 2.08% | 97.34万 | 10.52亿 | | 000776 | 广发证券 | 21.34 | 1.86% | 64.35万 | 13.76亿 | | 601377 | 兴业证券 | 7.26 | 1.26% | 278.10万 | 20.20亿 | | 601211 | 週夢遊間 | 20.55 | 1.08% | 124.91万 | 25.78亿 | | 666009 | 招商证券 | ...

格隆汇12月15日｜中银证券研报指出，深南电路发布限制性股票激励计划（第二期）（草案），彰显定 力决心，公司AI算力及存储下游景气延续，维持公司"买入"评级。本次激励计划拟向激励对象授予 1516.17万股股票，约占本激励计划签署时公司股本总额2.27%，授予价格为114.72元/股，激励对象为董 事、中层管理人员及核心骨干，合计667人。若按授予价格计算，授予对象全部购买限制性股票后，公 司将收到17.39亿现金，股本增加1516.17万元，资本公积增加17.24亿元，实施本激励计划公司应确认的 管理费用预计为11.60亿元，将在有效期内摊销。公司AI+存储景气延续，公司2025前三季度创佳绩；持 续加码高端PCB产能，产能释放打开供给空间。 ...

12月15日早盘，券商板块走势较强，398亿顶流券商ETF（512000）低开高走，场内价格涨逾1%，站上 5日线。个股涨多跌少，龙头券商整体表现领先，华泰证券涨近3%，广发证券、中银证券、华创云信涨 超2%，广发证券、国泰海通等涨幅居前。 券商ETF（512000）最新基金规模超398亿元，年内日均成交额超10亿元，为A股规模、流动性居前的顶 流券业ETF。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险 承受能力理性投资，高度注意仓位和风险管理。 数据来源于沪深交易所、公开资料等。 12月6日，证监会主席吴清发言表示，将着力强化分类监管、"扶优限劣"。对优质机构适当"松绑"，进 一步优化风控指标，适度打开资本空间和杠杆限制，提升资本利用效率；对中小券商、外资券商在分类 评价、业务准入等方面探索实施差异化监管，促进特色化发展。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自身风险承受能力相适应的产品。基金 ...

中信证券：内外兼顾，寻求交集 从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品种 和外需品种的预期和定价与去年存在巨大差异：去年底，投资者对外需普遍谨慎，对内需充满期待，但最终外 需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心。实际上，明年外 需继续超预期的难度在加大，但内需可期待的因素在增多。 从这些角度来看，海外敞口品种业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超 预期修复，估值弹性不小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。 国泰海通：当下是布局春季行情的重要窗口 对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但这存在 谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明确"巩固拓展经济 稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年重提 房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策，继续实施"国补"与靠前实 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The report primarily focuses on market trends, style performance, valuation metrics, and fund flows without detailing quantitative models or factor construction[1][2][3] - Key metrics such as PE_TTM, ERP, and style indices are discussed, but no explicit quantitative model or factor development process is provided[1][2][3]

1. Report Industry Investment Rating - The report does not mention the industry investment rating [1][2] 2. Core Viewpoints of the Report - The domestic bond market may have a relatively insufficient preference for duration. The proportion of bonds held by institutions with a preference for longer - duration, such as commercial banks and insurance institutions, has decreased. To support macro - economic stability and control the upward pressure on yields, monetary policy is expected to provide more long - term liquidity [2] - Trump is considering the candidate for the next Fed Chair. His choice of Hassett or Warsh may be interpreted differently by the market in terms of the controllability and independence of monetary policy [2] - Upstream price indicators have further rebounded, with different trends in various commodity prices and real estate transaction data [2] 3. Summary According to Relevant Catalogs 3.1 High - Frequency Data Scan - **Domestic Bond Market Situation**: The year - on - year growth rate of the domestic social financing stock in November was 8.5%. The growth rate of government bonds slowed but remained at 18.8%. The year - on - year growth rate of household RMB loans dropped to about 1.1%, while enterprise financing (excluding foreign - currency loans) increased by about 7.8%. Since Q4 last year, the proportion of bonds held by commercial banks and insurance institutions in the inter - bank market bond custody volume has decreased. As of October this year, it was about 69.7%, a decrease of about 3 percentage points from the 2024 high [2] - **International Financial Situation**: The Fed meeting in the week of December 12 fulfilled the interest - rate cut expectation. However, the 10 - year government bond yields of major developed economies mainly increased this week (US Treasury bonds by 5BP, German bonds by 6BP, French bonds by 5BP, Italian bonds by 6BP, and Spanish bonds by 4BP). Trump is considering the next Fed Chair, with Hassett and Warsh as candidates [2] - **Price Index Changes**: The average wholesale price of pork decreased by 0.26% week - on - week and 23.73% year - on - year. The average wholesale price of 28 key vegetables increased by 0.71% week - on - week and 18.48% year - on - year. The edible agricultural product price index increased by 1.10% week - on - week in the week of December 5, and the year - on - year decline narrowed to 2.09%. The domestic cement price index increased by 0.56% week - on - week, the Nanhua iron ore index decreased by 1.84% on average week - on - week. Brent and WTI crude oil futures prices decreased by 1.99% and 2.03% on average week - on - week respectively. The LME copper spot price increased by 2.31% on average week - on - week, and the aluminum spot price decreased by 0.32%. The average daily trading area of commercial housing in 30 large - and medium - sized cities from December 1 - 10, 2025, was about 267,000 square meters per day, compared with about 498,000 square meters per day in December 2024 [2] 3.2 High - Frequency Data Panoramic Scan - The report provides a large amount of high - frequency data on various aspects, including food, other consumer goods, bulk commodities, energy, non - ferrous metals, ferrous metals, real estate, and shipping, showing the week - on - week and year - on - year changes in these indicators [17][18] 3.3 Comparison of High - Frequency Data and Important Macroeconomic Indicator Trends - The report presents multiple sets of charts comparing high - frequency data with important macro - economic indicators, such as the year - on - year change in copper spot price and the year - on - year change in industrial added value (+ year - on - year change in PPI), etc., to help analyze the relationship between high - frequency data and macro - economic indicators [21] 3.4 Important High - Frequency Indicators in the US, Europe, and Japan - The report shows high - frequency indicators in the US, Europe, and Japan, including US weekly economic indicators, initial jobless claims, same - store sales growth, and the implied interest - rate hike or cut prospects of central banks in the US, Japan, and the Eurozone [90][95] 3.5 Seasonal Trends of High - Frequency Data - The report shows the seasonal trends of high - frequency data for various indicators, such as the daily average output of crude steel (decadal), production material price index, etc., with all seasonal trend indicators being the month - on - month increase rate [103] 3.6 High - Frequency Traffic Data in Beijing, Shanghai, Guangzhou, and Shenzhen - The report presents the year - on - year changes in subway passenger volumes in Beijing, Shanghai, Guangzhou, and Shenzhen [152][153]

中国经济网北京12月14日讯 宝明科技(002992.SZ)近日披露2025年第三季度报告。前三季度公司实现营业收入9.99亿元，同比下降7.55%；归属于上市公 司股东的净利润为-502.44万元，上年同期为-7345.43万元；归属于上市公司股东的扣非净利润为-549.9万元，上年同期为-8277.20万元；经营活动产生的现金 流量净额为2946.93万元，同比增长69.38%。 宝明科技首次公开发行股票募集资金总额为7.71亿元，扣除不含税发行费用后的募集资金净额为7.07亿元。宝明科技于2020年7月22日披露的招股说明书 显示，该公司拟募集资金7.07亿元，分别用于LED背光源扩产建设项目、电容式触摸屏扩产建设项目、研发技术中心建设项目。 宝明科技首次公开发行股票的发行费用6414.17万元（不含增值税），其中，承销及保荐费用4716.98万元。 宝明科技2020年年度权益分派方案为：以2020年12月31日的公司总股本137,960,950股为基数，按每10股派发现金红利3.7元（含税），共计派发现金红 利人民币51,045,551.50元。同时以资本公积金向全体股东每10股转增3股，共计转增41 ...

"在有效需求不足、物价持续低迷的背景下，明年降准降息可期，结构性货币政策工具有望持续发 力。"管涛表示。此外，通过完善利率自律机制、综合治理金融体系的内卷式竞争、建立健全做好金 融"五篇大文章"的体制机制，能够引导金融资源更多支持科技创新、中小微企业等重点领域，进一步畅 通货币政策传导。 中央经济工作会议还指出，保持人民币汇率在合理均衡水平上的基本稳定。 "在内外部不确定因素综合影响下，明年人民币汇率有望延续双向波动态势。"管涛表示，这是中央经济 工作会议连续第四年强调"保持人民币汇率在合理均衡水平上的基本稳定"，体现了既要防范汇率过度贬 值、也要防范汇率过度升值的政策取向，有助于遏制外汇市场的顺周期单边羊群效应，为明年推动经济 持续回升创造一个平稳的外汇金融环境。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 范子萌）中央经济工作会议指出，要继续实施适度宽松的货币政策。把促 进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保 持流动性充裕，畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重 点领域。 对此，中银证券全球首席经济学家管 ...

中银证券全球首席经济学家管涛接受《每日经济新闻》记者专访时指出，由于各种积极因素不断积累， 人民币汇率或走出了前期单边下行的行情。当前无论从理论还是市场看，人民币都没有出现明显失衡， 故影响汇率涨跌的因素同时存在。只不过，某些时候上涨因素占上风，人民币就升值；某些时候下跌因 素占上风，人民币就贬值。站在今天看，在利多因素主导下，人民币对美元"升破7"是有可能的，但能 否站稳仍不确定。 12月11日，在岸人民币对美元盘中一度升至7.0550，距离"破7"更进一步。 每经讯 美国联邦储备委员会12月10日宣布，将联邦基金利率目标区间下调25个基点到3.5%至3.75%。这 是美联储年内第三次降息。 ...

党的二十届四中全会对金融高质量发展作出重要部署，中国特色金融文化正成为推动金融机构行稳致远 的内在力量。"十五五"规划建议也指出，要扎实推进文化强国建设。今年以来，中银证券（601696） 以"诚实守信的道德观、以义取利的义利观、稳健审慎的风险观、守正创新的发展观、依法合规的治理 观"为核心抓手，将中国特色金融文化深度融入经营管理、业务实践与风险防控全过程，以文化软实力 护航公司高质量发展。 以诚信合规夯实文化根基 中银证券将诚实守信的道德观与依法合规的治理观作为文化建设的基石，构建"考核约束+制度保障+全 流程管控"体系。在员工管理层面，公司将合规诚信执业纳入文化价值观考核指标，与绩效评定、职级 晋升、评优评先直接挂钩，通过常态化职业道德培训、案例警示教育，引导员工将诚信理念内化为职业 自觉，外化为执业行动。 在核心业务环节，中银证券落实全流程诚信合规责任。零售经纪业务执行"双录"制度、精准落实适当性 管理，杜绝误导性宣传与违规推介；投资银行业务建立覆盖立项到持续督导的内控制度，健全集体决策 机制与第三方机构廉洁管控机制，防范利益输送风险；资产管理业务规范投资决策流程，强化信息披露 义务，保障投资者知情权。 ...