中原证券认为，周一，A股市场冲高遇阻。盘中银行、石油化纤、风电设备以及软件开发等行业表现较 好；能源金属、医药商业、电池以及电力等行业表现较弱。国内货币政策预计将延续"适度宽松"的立 场。市场普遍预期美联储2026年将延续降息周期，全球流动性环境趋于宽松。近期人民币汇率走强，进 一步提升了人民币资产的吸引力，有利于吸引资金回流。预计上证指数围绕4000点附近蓄势整固的可能 性较大，建议投资者密切关注宏观经济数据、海外流动性变化以及政策动向。 财信证券认为，周一，A股大盘冲高回落，上证指数实现九连阳。盘面上，商业航天板块延续活跃，机 器人板块走强，而贵金属、锂电等板块表现靠后。全市场已经连续两个交易日超3000家个股下跌，反映 出当前A股大盘仍以结构性行情为主，投资者需重点关注热点题材的持续性以及板块间的轮动节奏。因 此短期内，尽管当前指数层面震荡上行趋势未发生明显转变，但需警惕连续上涨后技术性震荡调整的风 险，不过随着"春季躁动"行情逐步开启，市场上不缺乏主题投资机会，可继续积极参与近期热点题材板 块的短线机会。中期来看，随着近期国内外宏观事件落地，宏观因素对市场影响将逐步消退，估值及流 动性将成为市场主导因 ...

【财经日历】 2025中国绿氢产业大会(北京) | (ス) 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 称 | 现价 | 涨跌 | 温暖 | | 镇琼斯工业平均 | 48461.93 -249.04 | | -0.5 | | LAFF Leader Control Concession Come Comparis Comparis Compares | | | | 当地时间周一，美股三大股指全线下跌。截至收盘，道指跌0.51%，纳指跌0.50%，标普500指数跌0.35%。 个股方面，特斯拉跌3.2%。据报道，凯茜·伍德（Cathie Wood）旗下的ARK Invest基金继续减持价值3000万美元的特斯拉股票。 明星科技股跌多涨少，苹果涨0.1%，微软跌0.1%，亚马逊和谷歌跌0.2%，Meta跌0.7%，英伟达跌1.2%，甲骨文跌1.3%。 机构认为，春节前行情整体仍具备上行空间。 纳斯达克中国金龙指数跌0.67%，百度涨1.6%，网易涨0.9%，京东跌0.4%，拼多多跌0.7%，阿里巴巴跌2.4%。 国际油价走高，WTI原油近月合约涨2.3 ...

投资者可关注相关产品：A500ETF基金（512050）【场外联接（A类：022430；C类：022431；Y 类：022979）】、A500增强ETF基金（512370）。 每日经济新闻 12月29日，A股三大指数午后有所回落。板块上，商业航天延续强势，人形机器人、能源金属概念 股涨幅靠前。截至13:35，A500ETF基金（512050）下跌0.34 %，持仓股迈为股份、光威复材涨超10%， 海格通信、金风科技、航天发展等多股涨停。截至发文，该ETF盘中换手28.89%，成交额超114亿元， 排名可比基金第一。 华西证券表示，多路资金抢跑"春季躁动"行情，逢低布局为主。一方面，海外货币政策不确定性消 退，后续国内春节与两会召开时间较为接近，节前对两会的政策预期有望支撑风险偏好；另一方面，年 初通常是保险、年金等绝对收益资金进行新一轮配置的窗口期，在政策预期向好的背景下，增量资金入 场意愿较强，近期国内机构资金、融资资金等已出现"抢跑"迹象。春季行情或接续演绎，且更多呈 现"结构性、板块轮动较快"的特征。 展望后市，中泰证券指出：当前阶段，制约市场的主要风险因素已较前期明显弱化，风险偏好有望 维持较高水平。 ...

报告导读： 结合历史与现实，一季度债市可能先承压，后反弹。 回顾最近几年一季度的债市行情，行情逻辑和驱动各有不同。 梳理来看： 2020 年是疫情突发避险和央行大力度宽松驱动利率快速下行； 2021 年是春节 前"小钱荒"带动利率上行，随后货币政策定调"不急转弯"，利率再度回落； 2022 年是年初降息和信贷开门红带动利率先下后上； 2023 年是疫后复苏的"强 预期"被阶段性证伪，利率先上后下； 2024 年是资产荒极致演绎，利率单边下行； 2025 年是央行引导资金收紧与股市冲高，利率上行。 我们预计 2026 年一季度债市行情或有以下几点与之前相似的特征：一是基本面现实难有"黑天鹅"，债市的核心关注点在政策预期和债券发行节奏 ： 结合 12 月中央经济工作会议对财政偏稳健的表述，"两会"政策力度整体超预期的概率不大，对政策和复苏预期的定价或告一段落；二是 政府债发行进度可能会慢 于大幅前置的 2025 年，一季度净融资占比或在全年 25% 左右。 2026 年，政府债净融资规模可能会在 2025 年的基础上略有提升（预计广义赤字规模将 从 14.4 万亿微升至 14.8 万亿，提升 2% ），供给节奏可 ...

01 12月29日，A股三大股指宽幅震荡，航空板块逆市上涨，相关ETF普涨。 02 中证A500ETF成交依旧火热，3只中证A500ETF成交额超过百亿元。上周，国泰、南方、华夏旗下中证A500ETF均吸引了上百 亿元资金净流入。卫星、新能源、游戏、机器人、有色金属等行业主题ETF也吸引较多资金加仓。 03 12月29日，国投白银LOF发布A类基金份额二级市场交易价格溢价风险提示及停复牌公告。为保护投资者利益，该基金将于12 月30日开市起至当日10:30停牌，自12月30日10:30复牌。 航空ETF普遍上涨 今日，PEEK材料、碳纤维概念涨幅居前。A股ETF中，航空、军工龙头等ETF涨幅居前。截至收盘，航空ETF、通用航空ETF 南方、军工龙头ETF等涨超2%。 | 基金代码 | 基金简称 | 今日成交额(亿元) | | --- | --- | --- | | 511360.SH | 短融ETF | 250.73 | | 511880.SH | 银华日利ETF | 182.59 | | 563360.SH | A500ETF华泰柏瑞 | 137.98 | | 512050.SH | A500ETF基金 | ...

2025.12. 29 个股普跌,盘面上,碳纤维概念股表现强势,商 业航天、人形机器人题材反复活跃。锂电池产 业链下挫,零售股大幅回调,海南自贸区、 SPD、跨境电商、贵金属题材跌幅靠前。 两市成交额 -万亿元 ▼0.97% 两市成交额缩量,资金观望情绪升温,早盘放 量、午后持续萎缩,尾盘后加速回落,增量资金 入场意愿不强,投资者多以观望为主,市场主 要由存量资金博弈驱动。 A股三大指数分化加剧, 沪指实现九连阳, 创2025年最长连阳记录, 盘中最高触及3983.98 点, 距4000点整数关口仅一步之遥, KDJ指标连续4天处于超买区域, RSl逼近80警戒线, 技 术回调压力累积。 1993家上涨 涨跌停比 90-26 资金情绪 主力资金净流出 散户资金净流入 机构防御中布局,瞄准"春季躁动",资金倾向于布局低估值、高股息板块,将其作为防御底仓和指数稳定 器, 同时, 对于商业航天、人形机器人等具有明确产业趋势和政策支持的成长主线, 进行中长期布局; 散户 更趋谨慎, 观望为主, 短线资金聚焦商业航天、碳纤维等涨停板块, 参与度高但快进快出,中线资金减仓成 长,增配金融、医药等防御性板块,规避高位风险。 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Views - The report emphasizes that the construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches its start, with significant government support and infrastructure investment anticipated [3][4][10] - The report highlights that the investment pace in the early stages of the "14th Five-Year Plan" is likely to follow historical patterns, with a concentration of project launches and higher investment growth expected [4][10] - The construction sector is advised to focus on three core investment themes for 2026: major national projects, high-dividend state-owned enterprises, and private construction companies leveraging cash flow for new opportunities [5][19] Summary by Sections Policy Developments - The government is actively releasing positive signals regarding the "14th Five-Year Plan," focusing on high-quality development and major infrastructure projects [3][20] - The National Housing and Urban-Rural Development Conference has emphasized stabilizing the real estate market and accelerating the renovation of old urban areas [3][20] Market Performance - The report notes that the construction and decoration index rose by 2.26% during the week, with significant gains in sectors such as decoration and specialized engineering [6] - A total of 101 stocks in the construction sector saw price increases, with notable performers including Hainan Development (+56.46%) and Shanghai Bay (+44.35%) [6] Future Outlook - The report anticipates that the construction sector will see a resurgence in investment activity, particularly in traditional infrastructure such as railways and highways, as well as new infrastructure projects [4][10][14] - The focus on water conservancy and transportation infrastructure is expected to increase, with several provinces already initiating planning for these projects [13][14] - The report suggests that the construction sector will benefit from a shift towards new infrastructure and low-altitude economy projects, which are gaining traction in local planning [14][19]

Group 1 - The core viewpoint of the article emphasizes the positive performance of the equity market, with the Shanghai Composite Index achieving an "eight consecutive days" rebound, driven by expectations of a "spring market" and increased trading volumes [3][7] - The macroeconomic environment is characterized by global liquidity easing, particularly in the U.S., which is expected to support financial asset prices. Domestic monetary policy aims for cross-cycle adjustments, with a long-term easing bias remaining intact [3][8] - The bond market showed signs of stabilization, with short-term yields declining while long-term yields remained volatile. The current economic recovery is still uncertain, limiting the potential for significant adjustments in the bond market [4][9] Group 2 - The public fund market is witnessing significant interest, as evidenced by the successful subscription of the 华夏中核清洁能源 REIT, which attracted over 160 billion yuan in subscriptions, indicating strong investor confidence [11][12] - The REITs market is experiencing a broad increase, with the 中证 REITs total return index rising by 1.56%, driven by sectors such as affordable housing and industrial parks [10] - The article highlights the performance of various fund indices, with the growth stock fund index showing a notable increase of 4.20% for the week, reflecting strong investor interest in growth-oriented investments [14][22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The equity market rebounded last week, with the Shanghai Composite Index achieving an "eight - consecutive - yang" pattern. The rebound was due to the pulse of incremental funds in A500ETF and the pre - emptive action under high expectations for the "Spring Rally." Mid - term, global liquidity is expected to be loose, and there are opportunities for the undervalued pro - cyclical style to make up for losses. [2][3][12] - The bond market continued to recover last week. In the current environment, the space for a deep adjustment in the bond market is limited, and the 10 - year Treasury yield may maintain a narrow - range oscillation pattern in the future. [3][13] - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, indicating strong investor recognition. [4][17] Summary According to the Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week, the CSI 300 index rose 1.95%, the Shanghai Composite Index rose 1.88%, and the CSI 500 index rose 4.03%. The average daily trading volume of the whole A - share market was 1,956.9 billion, showing an increase compared to the previous week. The rebound was due to A500ETF incremental funds and the pre - emptive action for the "Spring Rally." [2][10] - The mid - term US monetary policy is expected to be loose. Short - term market focus is on US inflation and employment data. If the data shows economic cooling, the stock market may continue to rise; otherwise, it may affect the domestic growth style. [11] - At the end of the year, the focus of the market has shifted to commercial aerospace. Overseas, SpaceX signaled an IPO, and Google made related investments; domestically, many commercial aerospace companies are queuing up for IPOs on the Science and Technology Innovation Board. [12] 1.2. Fixed - Income Market Review and Observation - Last week, the bond market continued to recover. The 1 - year Treasury yield decreased by 6.75BP to 1.29%, the 10 - year Treasury yield increased by 0.68BP to 1.84%, and the 30 - year Treasury yield decreased by 0.19BP to 2.22%. The 10 - year Treasury yield may maintain a narrow - range oscillation pattern. [3][13] - Last week, the US Treasury yield oscillated downward. The 1 - year, 2 - year, and 10 - year US Treasury yields all decreased by 2BP. The GDP data initially pushed up the yield, but it later declined due to the consumer confidence index. [14] - Last week, the CSI REITs Total Return Index rose 1.56%. In the primary market, 4 new public REITs made progress, and Huaxia Zhonghe Clean Energy REIT was established. [15][16] 1.3. Public Fund Market Dynamics - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, with the public investor effective subscription multiple about 392 times and the offline investor effective subscription multiple exceeding 340 times. [4][17] 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability, and balances the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index. [20][21] 2.2. Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index. [23] - **Balanced Stock Fund Selection**: It selects 10 funds with relatively balanced and value - growth styles. The performance benchmark is the CSI 800. [25][26] - **Growth Stock Fund Selection**: It selects 10 funds with active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index. [28] 2.3. Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds based on the intersection market value of fund equity holdings and the representative index, and constructs an evaluation system. The performance benchmark is the pharmaceutical theme fund index. [32][33] - **Consumption Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the consumption theme fund index. [33][34] - **Technology Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the technology theme fund index. [37] - **High - end Manufacturing Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the high - end manufacturing theme fund index. [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the cyclical theme fund index. [45][46] 2.4. Money - Market Enhanced Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management and a smooth - upward curve. It mainly invests in money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index. [49] 2.5. Pure - Bond Index - **Short - Term Bond Fund Selection**: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index + 50% * General Money - Market Fund Index. [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure - bond funds, balancing coupon strategies and band - trading operations. It adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to the market. [54] 2.6. Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: It selects 10 funds with an equity central position of 10%. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index. [56] - **Medium - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 20%. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index. [60] - **High - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 30%. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index. [63] 2.7. Other Fixed - Income - Related Indices - **Convertible Bond Fund Selection**: It selects 5 funds based on the proportion of convertible - bond investment and constructs an evaluation system. [66] - **QDII Bond Fund Selection**: It selects 6 funds with stable returns and good risk control based on credit and duration. [69] - **REITs Fund Selection**: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type. [70]

由天天基金主办的" 超省指数 "专区现已正式上线！即日起至2026年1月12日，凡购买专区入选的超省指 数A份额产品，均可享 限时0折免申购费 。 赶紧 上天天基金APP，搜索"超省指数" ，把握省钱布局好机会！ 当下如何布局？ "春季躁动"预期不断升温，市场持续火热，机会频现。指数基金跟踪市场走势，分散投资风险，是长期 资产配置的优质工具，A类份额尤其适合长期持有。 专区 优选全市场指数基金 ，涵盖宽基、行业、港股、策略等不同方向，满足不同投资者的多样化需 求。 超省能省多少？ 超省指数限时0折，让您的投资成本更低、起步更轻松。假设买卖净值不变，与关联C份额产品相比， 每 购买10万元 超省指数产品，平均买卖和销服费用可以 节省290元 。 | 交易金额 | 普通C类 | 超省指数 | 费用节省 | | --- | --- | --- | --- | | 10万元 | 720元 | 430元 | 290元 | | 50万元 | 3600元 | 2150元 | 1450元 | | 100万元 | 7200元 | 4300元 | 2900元 | 机会难得，时间有限，快来看看吧！ 活动时间：2025年12月11日 ...