智通财经网·2025-12-18 02:00Core Viewpoint - The A-share market is experiencing a weak fluctuation, with significant movements in the photolithography machine sector and the IP economy, while the outlook for next year suggests a potential early start to the cross-year allocation market driven by easing geopolitical risks and the gradual realization of China-US policy expectations [1][4][7]. Group 1: Market Performance - As of 9:40 AM, the Shanghai Composite Index fell by 1.13%, the Shenzhen Component Index decreased by 0.68%, and the ChiNext Index dropped by 1.31% [1]. - The photolithography machine concept saw a surge, with companies like KaiMet Technology and Opal Optoelectronics hitting the daily limit, while Newray Material and Blue Eagle Equipment also experienced gains [1][2]. Group 2: Sector Analysis - The photolithography machine sector is gaining traction due to the rapid growth of the semiconductor industry in China, with increasing domestic demand and government support through policies aimed at overcoming key technological challenges [2]. - The market for domestic photolithography machines is expanding, supported by funding and tax incentives from the government [2]. Group 3: Institutional Perspectives - Everbright Securities anticipates a favorable cross-year market for A-shares, driven by sustained economic policy efforts and the release of policy dividends that could boost market confidence and attract various types of capital [4]. - Huachuang Securities suggests that the spring market rally may need to wait for the resolution of real estate risks, as the current downturn is primarily influenced by real estate and domestic demand issues [5]. - Zhongyin Securities views the A-share market as being in a "bull market continuation" phase, with a focus on technology and "anti-involution" themes as key investment lines for the upcoming year [7].