午评：创业板指涨1.07% 算力硬件概念涨幅居前

Market Performance - A-shares showed mixed performance with the Shanghai Composite Index slightly down by 0.13% to 3918.83 points, while the Shenzhen Component Index rose by 0.09% to 13341.62 points, and the ChiNext Index increased by 1.07% to 3224.38 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.26 trillion yuan, a decrease of 34.7 billion yuan compared to the previous trading day [1] Sector Performance - The computing hardware, retail, and Fujian sectors saw significant gains, while the non-ferrous metals, Hainan, and coal sectors experienced notable declines [1][2] - Notable stocks included Shenghong Technology, which rose nearly 9%, and Dekeli, which hit the daily limit [2] Institutional Insights - Furuong Fund anticipates that regulatory adjustments to insurance fund risk factors will lead to potential incremental capital inflows in the medium to long term, with a focus on high-growth sectors such as AI computing, semiconductors, and pharmaceuticals [3] - The market is expected to respond positively to upcoming events, including potential interest rate cuts from the Federal Reserve and policy expectations from the Central Economic Work Conference [3] Economic Policy Outlook - The Central Political Bureau emphasized a focus on "stability while seeking progress" for economic work in 2026, with a commitment to more proactive macro policies aimed at expanding domestic demand and optimizing supply [4] - The anticipated policies may include both expansionary and contractionary measures to improve policy efficiency and achieve reasonable growth [4] Fund Performance - Over 60% of actively managed equity funds have underperformed their benchmarks over the past three years, prompting many public funds to conduct internal reviews of performance metrics [5] - A total of 3708 actively managed equity funds failed to outperform their benchmarks, representing 60.5% of the total analyzed funds [5] Company Developments - Galaxy General, a domestic humanoid robot unicorn, is preparing for a Hong Kong IPO, with expectations to submit its application as early as January [6] - The company's valuation is among the top tier in the domestic market, second only to Yushutech and Zhiyuan Robotics [6]