HHTG(SH:600095) Xiangcai Securities·2025-11-25 09:30Group 1 - The A-share market is expected to present a narrow range of fluctuations upward in December 2025, following a trend of oscillation since the beginning of the year [2][3][30] - The overall performance of A-share indices has shown an upward trend in 2025, with significant increases in indices such as the ChiNext Index, which rose by 36.77% [8][11] - The macroeconomic environment indicates a likely continuation of a relatively loose monetary policy, with expectations of further interest rate cuts by the Federal Reserve, which may enhance capital inflows into the market [4][29] Group 2 - The "14th Five-Year Plan" is expected to drive the development of new productive forces, particularly in technology and environmental sectors, which will support the A-share market's slow bull trend in 2026 [6][36] - The report highlights the importance of long-term capital entering the market, particularly in dividend-related sectors such as securities and insurance, as well as traditional sectors related to "anti-involution" [6][36] - The performance of various sectors has varied, with notable gains in non-ferrous metals and communication sectors, while industries like food and beverage have seen declines [16][19]