Zheng Quan Shi Bao·2025-12-24 08:41Market Overview - A-shares continue to rise slightly, with the Shanghai Composite Index recording six consecutive days of gains, while the Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 Index have also seen four days of increases [1] - Over 4,100 stocks rose, with market turnover slightly decreasing to 1.9 trillion yuan [1] Capital Inflows - The electronics sector saw a net inflow of over 22.3 billion yuan, followed by defense and military industry with over 15.9 billion yuan, and power equipment with over 12.5 billion yuan [1] - Other sectors such as machinery, computers, and automobiles also experienced net inflows exceeding 8.1 billion yuan, 7.6 billion yuan, and 3 billion yuan respectively [1] - The banking sector faced a net outflow of over 1 billion yuan, along with non-ferrous metals, food and beverage, and agriculture sectors [1] Future Market Outlook - Pacific Securities predicts that the ChiNext Index will continue to perform strongly, nearing new highs, with expectations for a broad market rally as the year-end approaches [1] - The upcoming year-end rally is anticipated to start with widespread gains, supported by low volatility in major stock index options [1] - Technology and non-ferrous metals are expected to remain key sectors for potential excess returns, while the consumer sector may become a new target for recovery as policies deepen [1] Sector Highlights - The defense and military industry chain experienced a significant rally, with the sector index reaching a new 10-year high [1] - Stocks such as Xin Jing Gang, You Yan Powder, and Xin Lei Neng saw a surge of 20% limit up, with nearly 30 stocks also hitting limit up or rising over 10% [1][2] - The commercial aerospace and military-civilian integration sectors also set historical highs, with satellite navigation, military electronics, and drones reaching multi-year highs [2] New Energy Vehicle Sector - The new energy vehicle sector is witnessing a surge, with the sector index approaching historical peaks [3] - Stocks like Ying Tang Zhi Kong saw a 20% limit up, with over 30 stocks in the sector rising by more than 10% [3] - The Ministry of Industry and Information Technology has approved the first batch of L3-level autonomous driving vehicles for conditional road testing, with companies like Xiaopeng Motors and Li Auto receiving local testing licenses [4] Industry Sentiment - Huaxin Securities believes that the new energy vehicle supply chain is at a low price point, with strong demand resilience, presenting a good opportunity for investment [5] - The core companies within the supply chain are viewed as undervalued historically, indicating potential for future growth [5]