【光大研究每日速递】20251231

Group 1 - The core viewpoint of the article emphasizes the significant acceleration of southbound capital, which has become an important support for the liquidity and pricing of Hong Kong stocks. The shift from emotion and arbitrage-driven investments to a focus on fundamentals for long-term allocation is highlighted, with southbound capital playing a "pricing anchor" role in industry rotation and valuation formation [5]. - The structural industry allocation has evolved from a focus on financial real estate to a diversified pattern of "finance + technology + consumption." Since 2025, southbound capital has shown characteristics of "core allocation stability and flexible marginal industry rotation," with incremental investments concentrated in high-quality leading stocks, indicating a continuous enhancement of long-term pricing power for Hong Kong stocks [5]. Group 2 - In December, major A-share indices experienced a general increase, with the ChiNext Index showing the largest rise of 6.3%, while the STAR 50 Index had the smallest increase of 1.4%. The market's positive response was attributed to policy benefits and a recovery in risk appetite [5]. - The Hong Kong stock market exhibited a volatile performance in December, influenced by fluctuations in U.S. Federal Reserve interest rate expectations and movements in U.S. stocks [5]. Group 3 - The net value of defense and military-themed funds has significantly increased, while the net value of medical and consumer-themed funds has seen a pullback. In the week, stock-type ETFs continued to experience substantial inflows, with large-cap broad-based ETFs seeing a notable net inflow of 43.784 billion yuan, while passive funds reduced their positions in TMT and military-themed ETFs [6]. Group 4 - Acoor (603722.SH) announced that its developed and produced cyclic olefin copolymer ACOC3030 has passed the molding verification tests for optical lens clients and has received bulk orders. This marks the achievement of mass sales for COC products in the optical lens field, with expectations for rapid growth in the future [7].