股指周报：沪指呈现8连阳，把握慢牛机会-20251229

Report Industry Investment Rating - Not provided in the report Core Viewpoints - In 2025, the A-share market will end the year, with 528 double - digit stocks, four times more than in 2024. The top - performing stocks are either AI concept stocks or merger concept stocks, and most of the high - performing stocks are small and medium - cap stocks. The total market value of the A - share market increased by nearly 25% from the beginning to the end of the year. The four major indices continued to rise, and the trading volume decreased slightly. The balance of margin trading increased, and the RMB exchange rate against the US dollar rose above the 7.0 mark. The market is in a slow - bull trend, and investors should not chase the rise but moderately increase their positions on opportunities [2] Summary by Directory 01. Market Review - Weekly Market Review: The Shanghai Composite Index rose 1.88%, the Shanghai 50 rose 1.37%, the CSI 300 rose 1.95%, the STAR 50 rose 2.85%, the CSI 500 rose 4.03%, the Shenzhen Component Index rose 3.53%, the ChiNext Index rose 3.90%, and the CSI 1000 rose 3.76%. The trading volume of the four major indices decreased moderately compared with the previous week [8] - Domestic Data: The valuation levels of the four major indices are presented. Volatility declined and basis remained stable for the four major stock index options. The overseas European and American indices strengthened, and their volatility declined [11][14][19] 02. Macroeconomic Analysis - Domestic Macroeconomy: GDP growth, the profit growth of state - owned industrial enterprises, social consumer goods retail, industrial added - value, fixed - asset investment, real estate development investment, and other data are shown. The manufacturing PMI index stabilized, and price indices rebounded. High - frequency data such as excavator sales, steel production, and real - estate - related data are also presented [24][39][44] - Overseas Macroeconomy: Data on the US non - farm payrolls, unemployment rate, inflation, and manufacturing PMI, as well as the eurozone's inflation and manufacturing PMI, are provided [55][59][62] 03. Market Sentiment - Funding Aspect: The short - and long - term funding costs remained stable. The net currency injection from open - market operations is shown. The SHIBOR interest rates are presented [65][66] - Sentiment Aspect: The buying interest of domestic funds stabilized and rebounded. The margin trading balance, trading volume and turnover of the two markets, and public - fund - related data are shown [68][70] This Week's Important Market Information - The National Finance Work Conference was held from December 27th to 28th, summarizing the 2025 finance work and arranging the key tasks for 2026. During the New Year's Day holiday, multiple markets will be closed. Key events include the release of Sino - US PMI data, the Fed's meeting minutes, and possible changes in leadership. Some companies are about to be listed, and there is a "price - hike wave" in the industrial sector [72][74]