1、 国家主席习近平对中央企业工作作出重要指示强调，新征程上，中央企业要聚焦主责主业，持续优化国有经济布局，切实增强核心功能、提升核心竞 争力。 要立足实体经济，强化关键核心技术攻关，推动科技创新和产业创新深度融合。要进一步深化改革，完善中国特色现代企业制度，健全公司治理 结构，着力解决制约企业发展的深层次问题，努力建设世界一流企业。 2、 交通运输部预计，今年我国将完成交通固定资产投资超3.6万亿元，新增高速铁路超2000公里、高速公路约8000公里。 跨区域人员流动量超660亿人 次，营业性货运量和港口外贸集装箱吞吐量预计同比增长分别为3.5%和9.6%左右。 1、 近期人民币汇率不断走强。12月23日，离岸人民币对美元率先升破7.02关口，为2024年10月以来首次，距离收复7.0整数关口仅"一步之遥"。 与此同 时，在岸人民币对美元升破7.03关口，上涨近百点。分析人士认为，美元指数走势趋弱与岁末结汇需求不断释放，构成本轮人民币上涨的主要动力。 2、 今年A股总成交额已超过400万亿元，为历史首次。 年内平均换手率接近1.74%，有望创出2016年来新高。多达19只个股今年成交额超过万亿元，中际 旭创 ...

如今，绝大多数投资者不再盲目跟风炒作，而是更加注重企业的基本面分析，关注企业的业绩、行业前 景、核心竞争力等因素。投资理念的转变，使得资金更加倾向于流向那些具有长期发展潜力的优质企 业，推动这些企业的股价合理上涨，进一步提升A股市场的投资价值。 从每日的成交资金流向来看，绩优蓝筹股的成交集中度相比以往更高。这意味着资金对于业绩优秀、高 分红等核心资产更感兴趣，在市场化选择之下，绩优股的投资价值持续被发掘，对于A股市场整体的价 值提升具有重大意义。 价值投资理念的普及，对于A股市场的长期发展具有深远影响。它有助于引导市场资源向优质企业集 中，促进产业结构的优化升级，推动经济高质量发展。同时，稳定的投资回报也能吸引更多的长期资金 入市，如养老金、保险资金等，为A股市场提供稳定的资金来源，增强市场的抗风险能力。 A股成交金额的突破是市场活跃度提升的直观体现。400万亿元的年成交额，意味着市场交易频繁，资 金流动活跃，众多投资者积极参与其中。无论是个人投资者还是机构投资者，都在这个市场中寻找着投 资机会。 A股历史上首次年成交额超过400万亿元。2025年，A股市场实现了指数与成交额双增长，指数走出慢 牛，成交量创出 ...

Group 1 - The core issue is the rise of false information in the capital market, particularly through social media, which undermines market integrity and investor trust [1][2] - Regulatory bodies, including the National Internet Information Office and the China Securities Regulatory Commission, are actively addressing the spread of false information by taking action against specific accounts [1][3] - The proliferation of misleading "small essays" has led to significant market distortions, causing sudden stock price fluctuations and impacting investor decision-making [2] Group 2 - Some false information is generated using AI technology, making it more deceptive and harder for ordinary investors to discern the truth [2] - The motivations behind creating false narratives include seeking fame and profit, with some individuals manipulating stock prices for illegal gains [2] - The ongoing regulatory efforts aim to reduce the prevalence of false information and protect the interests of investors and the overall market [3]

股指期货全景日报 2025/12/22 电话：0595-86778969 免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2603） IH主力合约（2603） IC主力合约（2603） | 4564.8 3018.4 7123.2 | +40.0↑ IF次主力合约（2601） +16.2↑ IH次主力合约（2601） +72.4↑ IC次主力合约（2601） | 45 ...

Market Performance - The Shanghai Composite Index increased by 0.03%, closing at 3890.45 points, while the Shenzhen Component Index decreased by 0.89%, closing at 13140.21 points, and the ChiNext Index fell by 2.26%, closing at 3122.24 points[5] - The average daily trading volume of A-shares was 17,605 billion yuan, a decrease of 9.86% compared to the previous week[17] Sector Performance - The top-performing sectors included retail trade (6.66%), non-bank financials (2.90%), beauty and personal care (2.87%), social services (2.66%), and basic chemicals (2.58%)[14] - The sectors with the largest declines were electronics (-3.28%), electric equipment (-3.12%), machinery (-1.56%), comprehensive (-1.53%), and telecommunications (-0.89%) [14] Margin Trading - As of December 19, the total margin balance in the market was 25,038.28 billion yuan, an increase of 0.10% from the previous week, accounting for 2.60% of the A-share market capitalization, up by 0.15%[19] - The total margin trading volume for the week was 8,914.71 billion yuan, a decrease of 10.41%, representing 10.13% of the A-share trading volume, down by 0.61%[18] Market Breakdown - The margin balances for the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange were 12,687.40 billion yuan, 12,273.34 billion yuan, and 77.54 billion yuan, with changes of 0.36%, -0.17%, and 0.51% respectively[22] - The top five industries with increased margin balances were utilities (1.81 billion yuan), commercial trade (1.49 billion yuan), non-bank financials (1.33 billion yuan), defense and military (1.12 billion yuan), and electronics (0.98 billion yuan)[25]

Group 1 - The A-share market showed strong performance with all three major indices rising, with the Shanghai Composite Index increasing by 0.64% to surpass 3900 points, and nearly 3500 stocks in the market gaining [1] - The active sectors included Hainan, storage chips, and precious metals, while the pharmaceutical and film sectors experienced adjustments [1] - The Hong Kong stock market exhibited mixed performance, with semiconductor stocks leading gains, while automotive, robotics, and software sectors also saw significant increases, and the pharmaceutical and high-dividend sectors weakened [1] Group 2 - The CSI A500 index rose by 1.1%, the CSI 300 index increased by 0.8%, the ChiNext index climbed by 1.8%, and the STAR Market 50 index surged by 2.0% by midday [1] - The Hang Seng China Enterprises Index saw a modest increase of 0.3% [1] Group 3 - The STAR Market 50 ETF tracks the STAR Market 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, predominantly in the semiconductor sector, accounting for over 65% [4] - The rolling price-to-earnings ratio of the STAR Market 50 Index is 155.4 times, with a valuation percentile of 95.7% since its inception in 2020 [4] Group 4 - The Hang Seng China Enterprises ETF tracks the Hang Seng China Enterprises Index, which includes 50 large-cap and actively traded stocks listed in Hong Kong, covering a wide range of industries [5] - The index's sector distribution includes consumer discretionary, information technology, finance, and energy, which together account for nearly 85% [5] - The rolling price-to-earnings ratio of the Hang Seng China Enterprises Index is 10.4 times, with a valuation percentile of 63.0% since its inception in 2002 [5]

A股市场板块涨跌幅排行 | (责任编辑：马欣) | | --- | 中国经济网北京12月22日讯 A股三大指数今日早盘集体上涨，截至午间收盘，上证综指报3915.20点，涨 幅0.64%；深证成指报13318.80点，涨幅1.36%；创业板指报3178.51点，涨幅1.80%。 板块方面，贵金属、小金属、元件等板块涨幅居前，医药商业、教育、影视院线等板块跌幅居前。 ...

格隆汇12月22日｜A股主要指数走强，创业板指涨超2%，沪指涨0.38%，深成指涨1.32%。算力硬件、 海南、贵金属等方向涨幅居前，沪深京三市上涨个股近3200只。 ...

中信建投认为，当前A股市场仍处于窄幅震荡格局当中，随着美联储12月延续降息，市场中期政策和流 动性预期已经明确。短期A股波动主要受外部环境影响，如美股AI泡沫疑虑和日本央行加息，目前美股 AI核心公司股价已经企稳，日本央行加息落地后续影响有限，A股有望和全球股市一起共振上行。从市 场情绪角度进行分析，投资者情绪指数近期降至70以下水平，在本轮牛市中处于区间下沿，这也反映出 当前投资者悲观情绪已经得到了一轮较为充分的反应，考虑到仍然偏高的杠杆资金情绪，预计投资者情 绪也将小幅回升，带动市场波动上行。 东莞证券认为，上周五，A股市场放量上行，沪指收获三连阳，赚钱效应偏好。随着外围不确定因素陆 续明朗，短期影响A股的外部压力趋于消退。近期一系列重要会议所释放的国内外政策利好，共同营造 了有利于风险资产表现的环境，跨年行情或将在市场共识凝聚中徐徐展开。 财信证券认为，随着11月份经济数据公布以及海外三大央行利率决议落地，宏观经济数据对市场影响消 退，流动性及风险偏好对市场影响将增加，叠加国内政策利好预期，市场有望逐步演绎"春季躁动"行 情，指数放量突破均线将是观察"春季躁动"行情开启的关键信号。从技术形态来看，11月 ...

Group 1 - The core viewpoint of the articles highlights that the CSI A500 index has surpassed the CSI 300 index in terms of net inflow of funds, reaching over 46 billion yuan, indicating a shift in investor interest towards broader market indices [1] - The total scale of public funds has exceeded 300 billion yuan, with the number of newly established public funds reaching 1,468, marking a four-year high [1] - The market dynamics have shifted, with equity funds gaining prominence over bond funds, which were previously considered the market's stabilizing force [1] Group 2 - The A-share market is currently experiencing a high-level fluctuation, with concerns about weak economic growth potentially impacting corporate profits [1] - Some investors anticipate government intervention to support economic growth, which could bolster market sentiment and investment returns, particularly in innovative technology sectors [3] - The A-share market is viewed as entering a critical window for year-end positioning, with structural opportunities expected to align with policy guidance and industry prosperity [3]