渤海证券研究所晨会纪要（2025.12.23）-20251223

Group 1: Fund Research - The market review for the week of December 15 to December 19, 2025, indicates that most major equity indices declined, with the largest drop being 2.99% for the Sci-Tech 50 index. Among 31 first-level industries, 19 saw an increase, with the top five performing sectors being commercial trade, non-bank financials, beauty care, leisure services, and chemicals [2] - The public fund market saw a private fund management scale reaching 22.09 trillion yuan, and the China Securities Index Co., Ltd. released the China ASEAN Digital Economy Theme Index [2] - Bond funds performed well, with fixed income plus funds showing the largest average increase of 0.10%, and 76.57% of them achieving positive returns. In contrast, equity funds averaged a decline of 0.57%, with only 39.09% showing positive returns [3] - The ETF market experienced a net inflow of 871.36 billion yuan, with stock ETFs accounting for the largest inflow of 552.23 billion yuan. The average daily trading volume reached 4,596.24 billion yuan [3][4] Group 2: Industry Research - The report highlights the emergence of the "reward economy," which refers to consumers purchasing non-essential goods or services to gain immediate pleasure and psychological relief in response to work and life pressures. This new consumption model is rapidly developing among younger demographics and is expected to drive domestic demand and consumption [5][7] - The light industry manufacturing sector outperformed the CSI 300 index by 2.08 percentage points, while the textile and apparel sector outperformed by 2.46 percentage points during the same period [7] - The report suggests continued attention to sectors benefiting from the "reward economy," such as trendy toys, pet consumption, and domestic fashion brands, as they are expected to thrive in the evolving consumer landscape [5][7]