Tebon Securities·2025-12-26 13:34Market Analysis - The A-share market continues to rise, with the Shanghai Composite Index achieving an eight-day winning streak and total market turnover exceeding 2 trillion yuan, indicating increased market activity [3][4] - The Shanghai Composite Index closed at 3963.68 points, up 0.10%, while the Shenzhen Component Index rose 0.54% to 13603.89 points, marking a six-day winning streak [4] - The overall market turnover reached 2.18 trillion yuan, a significant increase of 12.2% from the previous trading day, reflecting heightened liquidity [4][6] Industry Trends - The market is led by the non-ferrous metals sector, with notable performances from companies like Jiangxi Copper and Zijin Mining, which reached historical highs [7] - The launch of the National Venture Capital Guidance Fund aims to attract social capital into key sectors such as integrated circuits, quantum technology, and aerospace, enhancing market enthusiasm for emerging industries [7] - The hard technology sector experienced a pullback, indicating a potential shift in market focus as funds rotate towards sectors with better growth prospects [9] Bond Market - The bond market saw a broad increase, with long-term contracts showing significant gains; the 30-year main contract rose by 0.36% to close at 112.96 yuan [12] - The People's Bank of China conducted a net injection of 368 billion yuan, maintaining a loose monetary environment despite a reduction in the scale of net injections compared to previous days [12] Commodity Market - The commodity index increased, with notable rebounds in aluminum and lithium carbonate prices, reflecting strong market demand and supply constraints [12][16] - The lithium carbonate futures price surpassed 130,520 yuan per ton, reaching a new high for the year, driven by low inventory levels and tight supply expectations [16] Trading Hotspots - Key investment themes include precious metals, commercial aerospace, nuclear fusion, AI applications, and consumer sectors, driven by favorable policies and market dynamics [13][15] - The commercial aerospace sector is gaining traction due to government support and the establishment of new companies, while AI applications are accelerating with advancements from major tech firms [13][15]