2025.12. 24 本文字数：764，阅读时长大约2分钟 资金流向 作者 | 一财阿驴 12月24日，A股三大指数震荡走高，截至收盘，沪指涨0.53%，录得六连阳；深成指涨0.88%，创 业板指涨0.77%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 12 more | 3940.95c | 20.97 | 0.53% | | 399001 | 深证成指 | MW | 13486.42c | 117.43 | 0.88% | | 399006 | 创业板指 | MW | 3229.58c | 24.57 | 0.77% | 盘面上，商业航天概念股再度爆发，福建本地股反复活跃，光伏、锂电池、算力硬件、AI手机、智能 驾驶、化纤题材走强。 具体来看，商业航天概念集体爆发，中国卫星、航天动力、永鼎股份等近30股涨停。 | 代码 | 名称 | 涨幅号 | 现价 | | --- | --- | --- | --- | | 300629 | 新劲刚 | +20.02% | 22.6 ...

12月23日融资客净买入金额排名 | 代码 | 简称 | 12月23日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 688256 | 寒武 纪-U | 3.99 | 87926.75 | 1553699.84 | 2.78 | 电子 | | 002837 | 英维克 | 10.00 | 72980.28 | 452962.02 | 5.13 | 机械设 备 | | 300476 | 胜宏科 技 | 3.44 | 52613.48 | 1756211.36 | 6.67 | 电子 | | 601899 | 紫金矿 业 | -1.35 | 48811.85 | 739590.45 | 1.12 | 有色金 属 | | 300502 | 新易盛 | -1.08 | 46564.77 | 2117870.13 | 5.22 | 通信 | | 300274 | 阳光电 | 0.26 | 38403.02 | 1445064. ...

Core Insights - The total margin financing balance of the ChiNext market reached 548.40 billion yuan as of December 23, 2025, marking an increase of 38.22 billion yuan from the previous trading day, with a cumulative increase of 122.43 billion yuan over five consecutive trading days [1][2] Financing Balance Changes - The margin financing balance increased for 483 stocks, with 36 stocks experiencing an increase of over 20%. The stock with the highest increase was Kema Technology, with a financing balance of 933 million yuan, reflecting a growth of 109.52% [2][3] - Conversely, 466 stocks saw a decrease in financing balance, with 33 stocks declining by more than 10%. The largest decrease was observed in Aike Co., with a financing balance of 165 million yuan, down by 23.30% [2][3] Notable Stocks with Significant Changes - Kema Technology (301611) had a financing balance of 933.97 million yuan, increasing by 109.52% [3] - Yidong Electronics (301123) and Jinzong Co. (301133) also saw significant increases of 102.02% and 73.74%, respectively [3] - Aike Co. (301448) and Kaichuang Electric (301193) experienced the largest declines, with decreases of 23.30% and 20.59%, respectively [3] Market Performance - Stocks with financing balance increases of over 20% averaged a rise of 15.04%, outperforming the ChiNext index. Notable gainers included Yidong Electronics (up 64.92%) and Kaige Precision Machinery (up 47.76%) [5] - The largest increase in financing balance by amount was seen in Zhongji Xuchuang, with a balance of 21.39 billion yuan, increasing by 1.87 billion yuan [5][6] - Other significant increases were recorded for Tianfu Communication (6.22 billion yuan), Yangguang Electric (14.51 billion yuan), and Xinyi Sheng (21.18 billion yuan) [5][6]

Core Insights - The 2025 public fund ranking battle reveals dual answers to the debate between active and passive investment strategies, with significant returns from both types of funds [1][4] - Active funds achieved over 231% annual returns, while passive funds, particularly in the communication and AI sectors, saw returns of 125.7% [1][6] Group 1: Performance of Funds - As of December 22, 2025, 93.44% of the 13,530 public funds reported positive returns, contrasting sharply with the previous three years of market downturns [3] - Active equity funds had an average return of 29.38%, with 95.75% of them showing positive returns, and 66 funds exceeding 100% returns [3][4] - Passive index funds also performed well, with an average return of 23.68% and 91.41% achieving positive returns, including 11 funds with returns over 100% [3][4] Group 2: Investment Strategies - Active funds focused on deep research and concentrated holdings to achieve alpha returns, while passive funds capitalized on high-growth thematic indices [4][5] - The top-performing active funds were heavily invested in the technology sector, particularly in AI and communication industries, with significant concentration in core stocks [5][6] - The communication equipment ETF led passive funds with a 125.7% annual increase, outperforming many actively managed products [6] Group 3: Market Trends and Changes - The ETF market experienced historic growth, with total assets increasing from approximately 3.73 trillion yuan to about 5.88 trillion yuan, marking a 58% growth rate [7] - New regulations in 2025 require performance benchmarks to accurately reflect investment strategies, aiming to enhance transparency and reduce ranking manipulation [7] - The market structure is evolving, pushing active fund managers to focus on in-depth research within their expertise while ETFs serve as efficient tools for expressing specific industry trends [7][8] Group 4: Investor Behavior - Investors are increasingly divided in their choices, with some pursuing high-risk, high-reward active funds while others prefer diversified exposure through ETFs [8][9] - Industry experts suggest a cautious approach for ordinary investors, emphasizing the importance of evaluating funds based on long-term performance and risk metrics rather than short-term gains [10]

Market Overview - The Shanghai Composite Index rose by 0.07% on December 23, with nine sectors experiencing gains, led by the power equipment and building materials sectors, which increased by 1.12% and 0.88% respectively [1] - The social services and beauty care sectors saw the largest declines, with decreases of 2.07% and 1.65% respectively [1] - The communication sector fell by 0.53% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 44.851 billion yuan, with four sectors seeing net inflows [1] - The power equipment sector led the net inflow with 3.793 billion yuan, followed by the basic chemical sector with a net inflow of 1.002 billion yuan and a daily increase of 0.22% [1] - A total of 27 sectors experienced net capital outflows, with the defense and military industry facing the largest outflow of 8.698 billion yuan, followed by the communication sector with an outflow of 5.470 billion yuan [1] Communication Sector Performance - The communication sector had 124 stocks, with 28 stocks rising and 96 stocks declining; three stocks hit the daily limit up [2] - The top three stocks with the highest net inflow in the communication sector were Zhongguang Fang Lei (3.68 billion yuan), Lian Te Ke Ji (2.73 billion yuan), and De Ke Li (2.10 billion yuan) [2] - The stocks with the largest net outflows included Tongyu Communication (7.70 billion yuan), Xin Yisheng (6.78 billion yuan), and Fenghuo Communication (5.42 billion yuan) [2][4] Communication Sector Capital Inflow and Outflow - The top inflow stocks in the communication sector included: - Zhongguang Fang Lei: +20.00%, turnover rate 24.64%, net inflow 368.42 million yuan - Lian Te Ke Ji: +7.68%, turnover rate 30.69%, net inflow 272.82 million yuan - De Ke Li: +2.52%, turnover rate 12.24%, net inflow 210.46 million yuan [2] - The top outflow stocks in the communication sector included: - Tongyu Communication: -7.64%, turnover rate 44.08%, net outflow -770.33 million yuan - Xin Yisheng: -1.08%, turnover rate 3.34%, net outflow -678.16 million yuan - Fenghuo Communication: -4.03%, turnover rate 8.18%, net outflow -542.48 million yuan [4]

Market Overview - The A-share market experienced fluctuations in the afternoon, with all three major indices briefly turning negative. The Shanghai Composite Index rose by 0.07%, the Shenzhen Component increased by 0.27%, and the ChiNext Index gained 0.41%. The total market turnover was approximately 1.92 trillion yuan, an increase of 39.2 billion yuan compared to the previous trading day [1]. Sector Performance - The sectors of photolithography machines, battery, and energy metals were active, while tourism and commercial aerospace sectors saw adjustments. Notably, the liquid cooling server concept remained vibrant, with several high-position stocks experiencing sharp declines [2]. Individual Stock Highlights - Victory Energy achieved an "8 consecutive limit-up" performance. Invech hit a limit-up and reached a historical high, with a total market value surpassing 100 billion yuan. Zhongji Xuchuang had a trading volume exceeding 14 billion yuan, ranking first in A-share individual stock trading volume [2][6]. - Invech, as a pioneer in the full-chain liquid cooling sector, offers a comprehensive range of products and services, ensuring the operational reliability of liquid cooling systems through self-research, production, delivery, and service [4]. Currency Exchange Rates - On December 23, the RMB exchange rate continued to strengthen, with both offshore and onshore RMB against the US dollar breaking through the 7.02 and 7.03 thresholds, respectively. The central parity rate of the RMB against the US dollar was adjusted up by 49 basis points to 7.0523, marking the highest level since October 2024. Year-to-date, the RMB has appreciated by 1.89% against the US dollar [2]. Future Market Projections - According to a report from Western Securities, the liquid cooling market for Google's TPU v7 and above is expected to reach a scale of 2.4 billion to 2.9 billion USD by 2026, driven by high growth in domestic chip shipments and the rapid adoption of AI supernode systems [5]. - Franklin Templeton Investments believes that technology stocks will outperform the market in 2026, supported by three factors: the evolution of AI, innovation pipelines, and valuation support through strong profit growth [8].

Market Overview - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up over 1% and the ChiNext Index up over 3%, with a total trading volume of 1.81 trillion yuan, an increase of 87 billion yuan from the previous day [1] - The market surge is attributed to three main factors: strong performance of brokerage stocks, significant trading activity in broad-based ETFs, and comments from a former Japanese central bank official opposing early interest rate hikes, easing global liquidity concerns [1] Sector Performance - The optical module sector experienced a strong breakout, with New Yi Sheng and Zhong Ji Xu Chuang topping the A-share capital inflow rankings. The ChiNext AI ETF (159363) surged 5% with a net subscription of 162 million units [1][6] - The "anti-involution" theme also performed well, with lithium carbonate futures seeing a sudden spike, leading to a 3.48% increase in the Chemical ETF (516020) and a 3.27% rise in the Nonferrous Metals ETF (159876) [2] Institutional Insights - Investment institutions are optimistic about the A-share market transitioning from a structural bull market to a more comprehensive bull market by 2026, with expectations of a gradual recovery in earnings [3][4] - J.P. Morgan highlighted that earnings will be key to the upward momentum of Chinese assets next year, with over one-third of sub-sectors currently in the revenue expansion quadrant [4] Key Stocks and ETFs - The top-performing stocks included Lian Te Technology, New Yi Sheng, and Tian Fu Communication, with significant price increases [6][7] - The Chemical ETF (516020) and Nonferrous Metals ETF (159876) have seen substantial inflows, indicating strong market interest in these sectors [13][19] Lithium Market Dynamics - The lithium carbonate futures market saw a dramatic increase, with prices nearing 109,860 yuan per ton, driven by supply-demand dynamics and regulatory changes affecting mining licenses [23] - The storage industry in China is expected to grow significantly over the next 3-5 years, driven by AI and data center demands, which will boost lithium demand [15] Future Outlook - Looking ahead to 2026, the chemical industry is expected to see improved profitability and dividend capabilities, with a focus on the "anti-involution" and global AI demand cycles [17] - The nonferrous metals sector is anticipated to benefit from supply-demand imbalances and geopolitical tensions, making it a core asset allocation target for the medium to long term [24]

Group 1 - The main capital inflow is observed in sectors such as power equipment, basic chemicals, electronics, non-ferrous metals, and machinery equipment [1] - Notable individual stocks with significant net inflows include Shenjian Co., Ltd. with 1.614 billion, Duofluoride with 1.485 billion, and Cambrian Biologics-U with 1.437 billion [1] - Conversely, sectors experiencing net outflows include defense and military, computers, commercial retail, home appliances, and communications [1] Group 2 - Stocks facing the highest net outflows include Xinyi Sheng with 798 million, Aerospace Electronics with 738 million, and Aerospace Machinery with 730 million [1]

Core Insights - The total trading volume of A-shares in 2025 has exceeded 406 trillion yuan, marking a historical high for the market [2][6] - The average daily trading volume reached 1.72 trillion yuan, also a record for the year [5][6] - Notable trading days included August 25, 27, 28, and September 18, where trading volumes surpassed 3 trillion yuan on four separate occasions, setting an annual record [5] Trading Volume Data - As of December 22, 2025, the total trading volume was 405.55 trillion yuan, with a daily trading volume of 18.82 billion shares and 188.22 billion yuan [3][7] - The trading volume for December 19 was 17.49 billion yuan, and for December 18, it was 16.77 billion yuan [3][7] - A total of 19 stocks have recorded trading volumes exceeding 1 trillion yuan this year, with companies like Zhongji Xuchuang, Dongfang Caifu, and Xinyisheng surpassing 2 trillion yuan [3][7] Individual Stock Performance - Zhongji Xuchuang (300308.SZ) recorded a trading volume of approximately 24.18 trillion yuan with a price increase of 402.48% [4][8] - Dongfang Caifu (300059.SZ) had a trading volume of about 23.40 trillion yuan but experienced a decline of 10.35% [4][8] - Xinyisheng (300502.SZ) achieved a trading volume of around 22.26 trillion yuan with a significant increase of 463.08% [4][8] - Other notable stocks include Hanwujing-U (688256.SH) with 19.04 trillion yuan and a 95.25% increase, and Ningde Times (300750.SZ) with 18.92 trillion yuan and a 43.79% increase [4][8]

Group 1 - The article highlights the behavior of margin traders, indicating that investors are looking to capture investment opportunities from their activities [1] - On December 22, a total of 3,746 stocks received margin buying funds, with the top three stocks being Zhongji Xuchuang at 4.78 billion yuan, Xinyi Sheng at 3.35 billion yuan, and Tianfu Communication at 2.28 billion yuan [1] - Among the stocks with significant margin buying, 14 stocks had a margin buying amount that accounted for over 30% of their total trading volume on that day [1] Group 2 - The article provides a detailed table of stocks with high margin buying, including their stock codes, names, margin buying amounts, total trading amounts, margin buying ratios, and price changes [2] - Notable stocks include Jianyan Design with a margin buying ratio of 43.56%, Mingde Biology at 34.19%, and Fanwei Network at 34.07% [2] - The data indicates that margin buying is concentrated in specific stocks, reflecting investor confidence or speculative interest in those companies [2]