一，今日要点 今天一早，A股看上去岌岌可危，又是暴雷，又是重组失败，加上政策不及预期，可以说是三座大山压身，结果午后上演了大奇迹日，那么午后的消息是否 属实，还是说我们再一次被人利用了呢？ 二，炉边漫谈 今天市场同时被三件大事刷屏：美联储降息悬念揭晓、万科股债异动涨停、千亿级芯片合并告吹。表面看是政策、房企、科技三个完全不同的剧本，但拨开 迷雾会发现——所有剧情不过是大资金意图的延伸或障眼法。 先看美联储的「刀尖跳舞」 今晚美联储降息25个基点几乎无悬念（概率87.6%），但华尔街早就不关心「降不降」，而是紧盯鲍威尔会不会说一个关键词——「处于良好位置」。若他 说了，暗示1月可能暂停降息；若不说，明年继续降息的大门就敞开着。 更有意思的是，美联储内部已分裂成两派：一半怕降息引发股市泡沫，另一半怕不降息导致经济衰退。这种分歧让资金有了博弈空间——不管鲍威尔怎么 说，市场都会找到解读角度：若偏鹰，资金会流向防御板块；若偏鸽，成长股又可能狂欢。说到底，利率政策只是道具，真正导演市场的是资金对政策的 「预期差交易」。 再看万科的「秃鹫变白鸽」 万科A午后突然直线涨停，境内债集体暴涨超30%，直接诱因是「22万科MTN ...

（来源：价值研学社） 周三，大盘指数继续震荡调整，尾盘被房地产拉了回来：量能较昨日萎缩1254亿，沪深两市共成交1.78 万亿；个股涨跌家数基本持平 。 短线情绪退朝明显，市场热点快速轮动，轮动行情，冲高回落为主，涨停炸板率高达33%，大幅回撤个 股高达9只，亏钱效应明显。 热点方面，今天涨停个股数量最多的板块分别是：大消费，海南自贸，房地产，AI硬件。 接下来，如果缩量行情，无论情绪还是趋势都只能看抱团。 今天凌晨3点，美联储宣布降息25个基点，符合市场预期的"鹰派降息"判断。不过此次会议罕见出现三 张 "反对票"，暴露出美联储的内部分歧。美联储点阵图显示，2026年利率预测中值还是3.375%，这意 味着市场此前预期的"2026年将有更多次降息"的可能性被大大降低。 鲍师傅的讲话温和偏鸽，表示美联储将逐次会议做出决定，货币政策并不存在预定的路径。国债购买规 模或将在未来数月维持高位。 来源：市场资讯 受鲍师傅"鸽派"发言刺激，美股三大指数集体收涨。其中，道指涨1.05%，纳指涨0.33%，标普500指数 涨0.67%。美国大型科技股多数上涨，中概股多数上涨，黄金白银整体走高，这对大A开盘算是一个小 小的利 ...

1、 今日凌晨，美联储货币政策委员会（ FOMC ）会后公布，降息25个基点，将联邦基金利率目标区间下调至3.50%–3.75%。这是美联储继9月17日、10 月29日降息后年内的第三次降息，幅度均为25个基点。 会议投票为9票赞成、3票反对，部分委员主张维持利率不变或更大降幅。会议声明指出经济温和 扩张，就业增长放缓、失业率小幅上升，通胀仍处高位，委员会关注双重使命的双向风险。为维持银行体系流动性充足，自12月12日起启动每月约400亿 美元的短期国债购买计划。美联储点阵图预测显示在2026年和2027年各有一次25个基点的降息。 2、 美联储主席鲍威尔在新闻发布会上表示，货币政策无预设路径，将逐次会议依据数据决策。 通胀仍偏高，但非关税驱动的核心通胀已显著改善，若无 新关税，商品通胀预计2026年第一季度见顶。利率已处于中性区间上端，政策正从限制性向中性过渡。为缓解市场压力，短期国债购买规模将在未来数月 维持高位，预计2026年4月15日前完成。经济前景稳健，政府停摆结束支撑2026年增长预期。 美国总统特朗普重申对美联储主席鲍威尔的批评。特朗普表 示，降息幅度太小，本可以更大一些；美联储降息幅度本可以加 ...

Key Points - SpaceX plans to go public in mid-2026 with a target valuation of $1.5 trillion, aiming to raise over $30 billion, which would be the largest IPO in history. The funds will be used for developing space data centers and purchasing necessary chips, driven by the growth of Starlink satellite internet services and advancements in Starship rocket development [2] - Oracle's Q2 adjusted revenue was $16.06 billion, slightly below analyst expectations of $16.21 billion, with cloud revenue at $8 billion, also missing the forecast of $8.04 billion [2] - Amazon intends to invest over $35 billion in India by 2030 for business expansion, AI-driven digitalization, export growth, and job creation, aiming for a cumulative e-commerce export of $80 billion from India [2] - Meta is shifting focus to closed-source models, with a new model named Avocado expected to launch in spring 2026, as Zuckerberg becomes more involved in daily R&D to drive the company's strategy towards directly monetizable AI models [2] - CATL plans to issue bonds not exceeding 10 billion RMB, with proceeds aimed at supplementing working capital, repaying debts, and supporting capacity expansion and technology R&D to meet the growing demand in the new energy battery market [2] Greater China Company News - Lens Technology intends to acquire 100% of Peimei Gao International to enhance its core competitiveness in AI computing hardware solutions, expanding its business in smart terminals and new energy [4] - Wuliangye will implement a 10 billion RMB interim dividend next week, reflecting the strong profitability and return capabilities of leading companies in the liquor industry [4] - Century Huatong announced that its subsidiary holds a 7.3121% stake in Guosheng Capital, which owns 19.58869 million shares of Moer Thread, potentially impacting the company's net profit by 640 million RMB in Q4 2025 [4] - JD Industrial's Hong Kong public offering was oversubscribed by 60.5 times, with a final issue price set at HKD 14.10 per share, raising approximately HKD 2.827 billion [4] Americas Company News - Microsoft announced a $17.5 billion investment in India over the next four years for AI and cloud infrastructure, and established an AI safety foundation with partners like Anthropic and OpenAI [7] - NVIDIA received U.S. government approval to sell H200 AI chips to China, subject to security reviews and a 25% sales share [7] - Amazon reached an agreement with Italian tax authorities to pay €723 million in taxes, criticizing the unpredictable regulatory environment in Italy [7] - Brookfield and a Qatari AI company formed a $20 billion AI joint venture to develop AI infrastructure in Qatar and selected international markets [8] Asia-Pacific Company News - Samsung SDI signed a $1.36 billion order for energy storage systems, planning to manufacture lithium iron phosphate batteries in the U.S. to expand its North American market [10] - SK Hynix plans to list on the U.S. stock market to narrow the gap with Micron and enhance its valuation, driven by surging demand for AI storage chips [10] Europe and Oceania Company News - BMW Group's supervisory board appointed Milan Nedeljkovic as the new chairman, effective May 2026, to lead the production of new generation models [13] - Stellantis Group partnered with Bolt to accelerate the deployment of autonomous driving services in Europe, with plans to start testing vehicles in 2026 [13] - Lingbao Gold intends to acquire a 50%+1 share stake in an Australian gold mining company for AUD 370 million, focusing on gold mining and exploration [13]

A股方面，房地产板块也在昨日午后直线拉升，世联行（002285）、财信发展、华夏幸福等多股涨停， 特发服务（300917）、金地集团、保利发展等涨幅居前。 值得注意的是，昨日还有多只万科债盘中大涨，比如"22万科06""22万科04""22万科02"等盘中涨幅均超 过30%，因上述债券盘中成交价较前收盘价首次上涨达到或超过30%，深交所昨日对上述债券实施盘中 临时停牌。 有分析认为，万科股价异动的核心触发点，可能是12月10日召开的"22万科MTN004"债券持有人会议。 据报道，11月26日，该笔债券存续期管理机构上海浦东发展银行股份有限公司在上海清算所发布公告， 拟于12月10日召开万科2022年度第四期中期票据(以下简称"22万科MTN004")2025年第一次持有人会 议，对本期债券展期相关事项进行审议，债权登记日为12月9日。该20亿元中期票据原定于12月15日到 期。其展期方案备受市场关注，也是修复市场信心的决定性因素。 商报讯(记者苗露)昨日午后，房地产板块迎来爆发，多股异动上涨。万科A、H股齐涨，万科A大幅拉升 涨停，截至收盘涨停板上仍有超34万手封单，最新市值为626.36亿元，财信发展（0 ...

万科A日K线图 ◎记者 孙忠 张良 身处债券展期漩涡中的万科再度成为市场焦点。 12月10日，万科A罕见地强势涨停，并带动股指上行。与此同时，万科系债券集体大涨，多只债券触发 盘中临时停牌。 当日，"22万科MTN004"债券持有人会议召开。不过，此次会议三大议案投票截止日期为2025年12月12 日，议案表决的最终信息还要等待。 相对有利的是，市场对于楼市出台相关政策、提振经济的预期较为浓厚。 市场人士表示，债券展期是万科应对债务压力的一个途径，未来债券持有人会议通过何种议案尚需等 待。即便债券展期议案获得通过，万科的债务压力并未消失，未来还将依赖存量资产的盘活及对楼市信 心的恢复。 事实上，近期不少万科系债券已经开始悄然上行。 12月10日，"21万科02"大涨28.36%，至44.8842元，并触发盘中临时停牌。这也是该券连续第三日触发 盘中临时停牌。 "不过，此次大涨与地产行业相关政策预期更有关联，近期万科债务问题尚未出现实质反转迹象，更多 是利好的集聚。"上述券商人士向记者表示。 上海中原地产市场分析师卢文曦对上海证券报记者表示，当前房地产行业持续调整，万科作为行业标杆 企业，其债务处置方案具有显著 ...

◎记者 徐蔚 12月10日，A股市场呈现指数分化的结构性走势。截至收盘，上证指数微跌0.23%，报3900.50点，险守 3900点整数关口；深证成指午后翻红，逆势上涨0.29%，报13316.42点；创业板指微跌0.02%，报 3209.00点。全市场成交额为1.79万亿元，较前一个交易日缩量1260亿元，超2400只个股上涨，板块轮动 特征显著。 中银证券研报表示：基本面承压叠加"十五五"规划建议表态偏向积极，未来地产优化政策落地的空间打 开。对未来地产行业的修复有一定信心。从地产标的来看，一方面，流动性安全、重仓高能级城市、产 品力突出的房企或更具备α属性；另一方面，在新消费时代下，提前布局新业态、新模式、新场景的商 业地产公司，有望率先走出重围。 此外，零售板块延续强势表现，永辉超市、中央商场、茂业商业等多只个股涨停。消息面上，全国零售 业创新发展大会12月9日至10日在北京举行。商务部副部长盛秋平表示，"十五五"时期，要把零售业作 为培育完整内需体系、做强国内大循环的关键着力点，推动行业转向品质驱动、服务驱动，实现高质量 发展。 数据显示，"十四五"以来，零售业对促进消费和投资的贡献巨大。2024年 ...

截至周三收盘，沪指报 3900.50点，跌0.23%； 深证成指报 13316.42点，涨0.29%； 创业板指报 3209.00点，跌0.02%。 三大指数涨跌不一，但最醒目的，是沪指在盘中最低探至 3876点、最高至 3936点之后，几乎"钉"在3900点附近收盘，日K线形成一根典型的 缩量 十字星。 在连续两天成交额跌破 1.8万亿元 的背景下，这种"上不去、下不来、最后严控收点位"的走势，对交易者来说，一个词：控盘。 二、盘中走势拆解：60点窄幅波动与控盘逻辑 波动区间：60点的窄幅震荡 日内高点：3936点 日内低点：3876点 全日波动区间：约 60点，对应点位区间不到 1.6% 形态上，沪指日K呈现典型的 探底回升+十字星： 早盘顺势下砸，跌破3900后，一度下探至3876； 午后资金回流，重新拉回3900上方，尾盘略有回落，最终锁在3900附近。 这不是"市场自然波动"，而是有节奏的拉与压： 接近 3930–3950 区域就有抛压； 跌破 3900 附近就有托盘资金进来。 技术上可以归为：箱体震荡上沿试探失败后的二次确认，配合缩量十字星。 对交易者的含义是：方向未定，指数被人为维持在"均衡点" ...

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Among the bonds with discounted transactions, "25 Yungang Y4" had a large deviation in the valuation price. Among the bonds with rising net prices, "25 Datong C3" had a relatively high deviation in the valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "22 Bank of Communications Tier 2 Capital Bond 02B" had a large deviation in the valuation price; among the commercial financial bonds with rising net prices, "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)" had a relatively high deviation in the valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in the valuation yield of credit bonds were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the highest proportion of discounted transactions for varieties within 0.5 years. The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the highest proportion of discounted transactions for varieties within 1 year. In terms of industries, bonds in the national defense and military industry had the largest average deviation in valuation prices [2]. 3. Summary by Relevant Charts Chart 1: Discounted Transaction Tracking - The table listed 30 bonds with large discounts, including "25 Yungang Y4", "25 Dongfang K1", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included transportation, non - financial finance, and urban investment [4]. Chart 2: Tracking of Bonds with Rising Net Prices - The table showed 43 bonds with large positive deviations, such as "25 Datong C3", "25 Raofa 02", etc. It provided details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries included non - financial finance, comprehensive, and public utilities [6]. Chart 3: Tracking of Tier 2 and Perpetual Bond Transactions - The table presented 40 Tier 2 and perpetual bonds, including "22 Bank of Communications Tier 2 Capital Bond 02B", "22 Industrial and Commercial Bank of China Tier 2 Capital Bond 04B", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [7]. Chart 4: Tracking of Commercial Financial Bond Transactions - The table listed 29 commercial financial bonds, such as "25 Agricultural Bank of China TLAC Non - capital Bond 02C(BC)", "24 Agricultural Bank of China TLAC Non - capital Bond 01B(BC)", etc., providing details on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, bank classification, and transaction scale [8]. Chart 5: Bonds with a Transaction Yield Higher than 5% - The table showed 20 bonds with a high - yield transaction, including "21 Vanke 06", "23 Vanke 01", etc., with information on the remaining term, valuation price deviation, valuation net price, valuation yield deviation, and transaction scale. The industries involved included real estate, steel, and non - financial finance [10]. Chart 6: Distribution of Valuation Deviations in Credit Bond Transactions on the Day - The chart showed the distribution of changes in the valuation yield of credit bonds on the day, with the intervals [-10,-5), [-5,0), (0,5], and (5,10], and the number of bonds and transaction scale in each interval [13]. Chart 7: Distribution of Transaction Terms of Non - financial Credit Bonds on the Day - The chart presented the distribution of transaction terms of non - financial credit bonds on the day, including intervals such as within 0.5 years, 0.5 - 1 year, etc., and the corresponding transaction scale [15]. Chart 8: Distribution of Transaction Terms of Tier 2 and Perpetual Bonds on the Day - The chart showed the distribution of transaction terms of Tier 2 and perpetual bonds on the day, including intervals such as within 1 year, 1 - 1.5 years, etc., and the corresponding transaction scale [18]. Chart 9: Discounted Transaction Ratio and Transaction Scale of Non - financial Credit Bonds in Each Industry - The chart displayed the average valuation price deviation and transaction scale of non - financial credit bonds in various industries, including petroleum and petrochemicals, real estate, etc. The national defense and military industry had the largest average valuation price deviation [20].

多只地产股涨停 《华夏时报》记者注意到，A股房地产服务板块报收1272.25点，涨幅为2.39%。其中，世联行 （002285.SZ）、南都物业（603056.SH）涨停，分别报收3.17元/股和13.51元/股，而特发服务 （300917.SZ）、电子城（600658.SH）、我爱我家（000560.SZ）、皇庭国际（000056.SZ）等股票涨幅 均超过3%。A股房地产开发板块紧随其后，报收15042.96点，涨幅为1.59%。其中万科A、财信发展 （000838.SZ）、华夏幸福（600340.SH）、广宇集团（002133.SZ）涨停，沙河股份（000014.SZ）、金 地集团（600383.SH）、保利发展（600048.SH）涨幅则超过5%。 值得关注的是，万科A在不久之前股价刚刚出现连续下跌，此次涨停之后，万科A报收5.25元/股。除了 股价之外，12月10日，万科A境内债也普遍上涨。其中，"21万科06""23万科01"涨幅超过40%。 港股方面，地产板块报收1202.94点，涨幅为1.36%。其中，鋑联控股（00459.HK）报收0.121港元/股， 涨幅为61.33%。12月10日，鋑联控 ...