博时市场点评12月31日：2025交易收官，沪指收涨0.09%
Xin Lang Cai Jing·2025-12-31 08:01

Economic Indicators - The official manufacturing PMI for December is reported at 50.1, an increase of 0.9 percentage points from the previous month, indicating a return to the expansion zone [2][8] - The non-manufacturing business activity index stands at 50.2%, up 0.7 percentage points from last month, also returning to the expansion zone [2][8] - The comprehensive PMI output index is at 50.7%, reflecting a 1.0 percentage point increase from the previous month, signaling overall economic recovery [2][8] Policy Developments - The National Development and Reform Commission and the Ministry of Finance announced a large-scale equipment update and consumption upgrade policy for 2026, with an initial funding of 62.5 billion yuan to support the replacement of old consumer goods [2][3] - The subsidy for purchasing new cars is set at 12% or 10% of the car price, with a maximum subsidy of 20,000 yuan or 15,000 yuan, maintaining the 2025 standards [2][3] - The scope of household appliance subsidies has been narrowed to six categories, with the subsidy rate for first-level energy-efficient appliances reduced from 20% to 15%, and the maximum subsidy per appliance decreased from 2,000 yuan to 1,500 yuan [2][3] Market Performance - On the last trading day of 2025, the Shanghai Composite Index rose by 0.09% to 3,968.84 points, while the Shenzhen Component Index fell by 0.58% to 13,525.02 points, and the ChiNext Index decreased by 1.23% to 3,203.17 points [5][11] - The market turnover was reported at 20,659.23 billion yuan, a decrease from the previous trading day [6][12] - The two-margin balance was recorded at 25,552.84 billion yuan, showing an increase from the previous day [6][12] Sector Analysis - The defense, media, and real estate sectors showed strong performance, with increases of 2.13%, 1.54%, and 1.13% respectively [5][11] - Conversely, the telecommunications, agriculture, forestry, animal husbandry, and electronics sectors experienced declines of 1.35%, 1.10%, and 1.02% respectively [5][11]