收盘丨沪指录得11连阳，全年收涨超18%创10年新高

Market Overview - The total trading volume of the Shanghai and Shenzhen stock markets reached 2.05 trillion, a decrease of 97.2 billion compared to the previous trading day [1][7] - The Shanghai Composite Index rose by 0.09%, marking an 11-day winning streak and a yearly increase of 18.41%, the highest in 10 years [1] - The Shenzhen Component Index fell by 0.58% but recorded a yearly gain of 29.87% [1] - The ChiNext Index decreased by 1.23% but saw a significant annual increase of 49.57% [1] - The Sci-Tech Innovation 50 Index and the Northern Stock 50 Index rose by 35.92% and 38.8% respectively over the year [1] Sector Performance - The commercial aerospace sector continued to show strength, with stocks like Beidou Xingtong, Fenghuo Communication, and Leike Defense hitting the daily limit [3] - AI application sectors remained strong, with notable gains in education, aviation, and cultural media [3][5] - Conversely, sectors such as pharmaceuticals, shipbuilding, batteries, oil, and semiconductors experienced declines [3] Notable Stocks - The top gainers included: - Jiuzhiyang (+20.00% at 80.70) - Feiwo Technology (+17.91% at 168.37) - Xinwei Communication (+16.98% at 62.00) [4] - BlueFocus Media reached a 20% limit up, while Desheng Technology and Kevin Education also hit the limit [5][6] Capital Flow - Main capital inflows were observed in aerospace, media, and computer sectors, with net inflows of 2.746 billion for BlueFocus, 2.300 billion for Liou Shares, and 1.810 billion for Aerospace Electronics [10] - Significant net outflows were noted in Industrial Fulian, Tianfu Communication, and Sunshine Power, with outflows of 2.099 billion, 1.564 billion, and 1.440 billion respectively [10] Institutional Insights - Everbright Securities noted a clear divergence in market funds, suggesting that structural market conditions are likely to continue [11] - CICC indicated that the structural differentiation observed on the last trading day is expected to persist into 2026, with a bullish outlook [11] - CITIC Securities projected a low-volatility slow bull market for A-shares in 2026, driven by policy support and long-term capital inflow, with expectations for continued improvement in listed companies' net profits [11]