Zhongyuan Securities·2025-12-30 11:28Market Overview - On December 30, the A-share market opened lower but experienced a slight upward adjustment, with the Shanghai Composite Index facing resistance around 3979 points[2] - The total trading volume for both markets reached 21,617 billion yuan, above the median of the past three years[3] - The Shanghai Composite Index closed at 3965.12 points, unchanged, while the Shenzhen Component Index rose by 0.49% to 13,604.07 points[7] Sector Performance - Key sectors such as robotics, consumer electronics, cultural media, and energy metals performed well, while commercial retail, photovoltaic equipment, wind power equipment, and jewelry sectors lagged[3] - Over 60% of stocks in the two markets declined, with notable gains in industries like electric machinery and energy metals[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.28 times and 50.13 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3] - The report emphasizes the importance of monitoring macroeconomic data, changes in overseas liquidity, and policy developments[3] Future Outlook - The central economic work conference has maintained a positive macro policy tone, shifting focus from total expansion to quality and sustainability[3] - The market anticipates that the Federal Reserve will continue its interest rate cut cycle in 2026, contributing to a more accommodative global liquidity environment[3] - The strengthening of the RMB is expected to enhance the attractiveness of RMB-denominated assets, facilitating capital inflows[3]