财达证券每日市场观-20251210

Market Overview - On December 9, the Shanghai Composite Index fell by 0.37%, and the Shenzhen Component Index decreased by 0.39%, while the ChiNext Index rose by 0.61%[3] - The trading volume in the Shanghai and Shenzhen markets exceeded 1.9 trillion yuan, a decrease of over 130 billion yuan compared to the previous trading day[1] Sector Performance - The majority of industry sectors experienced declines, with the non-ferrous metals sector dropping more than 3%[1] - The top three sectors for capital inflow were components, communication equipment, and military electronics, while industrial metals, securities, and liquor saw the largest outflows[3] Investment Opportunities - The optical communication and consumer electronics sectors remain hot, driven by the global AI computing race and government policies aiming to create a trillion-level consumer electronics market[2] - New products like AI glasses and AI phones are expected to boost performance in the industry chain[2] Policy and Economic Outlook - The Central Political Bureau emphasized a more proactive fiscal policy to stimulate consumption, focusing on public service investments and targeted measures to enhance consumer spending[4] - The China Investment Corporation reported total assets of $1.57 trillion and net assets of $1.37 trillion as of December 31, 2024, with a 6.92% annualized net return on foreign investments over the past decade[6] Fund Market Dynamics - The public fund issuance market remains active, with 38 new funds expected to launch in the week of December 8 to 14, 2025, maintaining a high level of activity[11] - Over 60% of actively managed equity funds underperformed their benchmarks over the past three years, prompting many fund companies to tighten internal reviews[12]