A股开盘速递 | A股集体低开 沪指跌0.21% 贵金属板块表现活跃

Group 1 - The A-share market opened lower, with the Shanghai Composite Index down 0.21% and the ChiNext Index down 0.26%. The precious metals sector showed strong performance, with Hunan Silver rising over 4%, while sectors like consumer electronics and large financials experienced the largest declines [1] - Zhongyin Securities anticipates that the "spring excitement" preheating market may begin earlier, supported by funds and policies, with the A-share market expected to continue its bull market next year due to valuation support and stabilizing profits [1] - The easing of geopolitical risks and the renewed expectations of interest rate cuts by the Federal Reserve are expected to contribute to the spring market excitement, with the gradual realization of Sino-US policy expectations being a key factor for the market's upward movement [1] Group 2 - Xinda Securities suggests that December 2025 may serve as a window for positioning in the cross-year market, with expectations of a cross-year market likely in 2026 [2] - The macroeconomic outlook is perceived as weak, providing space for more substantial growth-stabilizing policies, although the timing for the cross-year market may not be early due to current high A-share valuations [2] - The low interest rate environment continues to drive residents to allocate more funds to the stock market, but short-term factors affecting incremental capital include the limited spread of the "profit-making effect" and market risk aversion due to year-end expectations [2] Group 3 - Dongfang Securities believes the market will primarily experience a period of consolidation, but the long-term positive outlook remains unchanged due to supportive consumption policies and new consumption scenarios driving positive changes in the consumer market [3] - Many listed companies reported quarter-on-quarter net profit growth in Q3, indicating emerging investment opportunities, particularly in leading commercial stocks towards the end of the year [3] - Overall, the market is still in an adjustment phase with structural trends dominating, and while there are market hotspots, short-term upward momentum for stock indices is insufficient, leading to a focus on consolidation [3]