Core Viewpoint - The report from CITIC Securities indicates that the A-share and H-share markets have undergone a prolonged adjustment period from early September to early December, with investor sentiment becoming cautious. However, recent key events and data releases have met or slightly exceeded market expectations, suggesting that the underlying logic for a bull market remains intact, driven by structural trends and capital market reform policies [1] Market Adjustment and Outlook - The market has largely completed its adjustment phase, and with fund rankings being finalized, there is potential for a new wave of market activity as the year-end approaches [1] Sector Focus - Mid-term industry allocation should focus on sectors with certain growth catalysts, particularly non-ferrous metals and AI computing power. Thematic investments should prioritize commercial aerospace, with additional attention to controllable nuclear fusion and humanoid robots [1] Investment Opportunities - The Hong Kong stock market also presents investment opportunities, with potential hot sectors including internet giants and innovative pharmaceuticals. Key areas of focus include non-ferrous metals, commercial aerospace, AI, humanoid robots, controllable nuclear fusion, innovative pharmaceuticals, and non-bank financials [1]

展望后市，牛市的脚步并未停下，市场存在继续上攻的潜力和动能。政策面角度，中央经济工作会议客 观、准确、务实地回应了市场对消费、投资、科技等多方面问题的关切，增量配套政策值得期待。基本 面角度，经济数据对短线的压力反而构成了长期的预期差修复空间，市场或将在震荡整固的过程中等待 实体经济的企稳回升。技术面角度，调整以来A股多次下挫均顽强拉回，体现了场外资金的进场热情， 多空双方对下方支撑区域逐渐形成共识。 今日A股探底回升，下方存在阶段性支撑。板块层面多数上涨，半导体设备、电网等科技成长板块领 涨，创新药、化工、煤炭等少数板块表现偏弱。截至收盘，上证指数放量上涨，报3889.35点，上涨 0.41%，深证成指涨0.84%，创业板指涨0.97%。个股层面涨跌互现，约2700家上涨，2600余家下跌，小 微盘股受情绪影响表现较弱。成交方面，沪深两市成交额约2.1万亿元，较昨日放量超两千亿元，交投 情绪有所回暖。 本周市场主要呈现冲高回落后的震荡走势，但跌势并不流畅，盘中多有承接。周一指数高开高走，回补 前期跳空缺口，但做多情绪略显不足。周二周三，市场在迷茫和怀疑中震荡下跌，逼近反弹通道下沿后 获得日内短暂支撑。周四在 ...

市场解读： 12月12日，在全球经济不确定性笼罩下，黄金作为传统避险资产再次闪耀光芒。周四（12月11日），随 着美联储连续第三次降息25个基点，黄金价格强势反弹，现货黄金上涨1.2%，触及每盎司4285.75美元 的逾一个月高点，而白银更是创下每盎司64.31美元的历史新高。这一轮贵金属行情的爆发，不仅源于 美元走软和通胀压力持续，还受到了即将公布的非农就业报告以及全球地缘政治动荡的推动。投资者们 正密切关注这些因素如何交织影响黄金的未来走势。通过这些分析，我们可以看到，黄金市场正处于一 个关键位置，若能顶破4300关口，或许预示着新一轮牛市的开启。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：陈平 市场解读： 12月12日，在全球经济不确定性笼罩下，黄金作为传统避险资产再次闪耀光芒。周四（12月11日），随 着美联储连续第三次降息25个基点，黄金价格强势反弹，现货黄金上涨1.2%，触及每盎司4285.75美元 的逾一个月高点，而白银更是创下每盎司64.31美元的历史新 ...

周四随着美联储连续第三次降息25个基点，黄金日内震荡来回洗盘，美盘后强势反弹，凌晨直接触及4286，白银也是跟着黄金继续创下新高。我们昨日实时 公开给出的4232多和4210多都大赚，实战更是在4206接近日内最低点的多！ 美联储宣布从12月12日起购买约400亿$短期国债，管理市场流动性，进一步扩大了资产负债表，结束了2022年以来量化紧缩的进程。这种流动性注入对风险 资产构成利好，但对美元等避险资产形成压力，所以就对黄金形成了支撑。美指疲软、通胀持续、美债收益率下滑以及地缘政治风险，共同驱动黄金上涨。 黄金如果能顶破4300关口，或许预示着新一轮牛市的开启，今日短线顺势回落多为主。下方支撑4265，接近不破多。下方强支撑4250，假设黄金继续震荡关 注4235支撑。上方阻力关注4308，这里如果强势突破上方可以看向4330，甚至4350。 本轮预测在12月21日，也就是冬至附近，黄金可能会有新的转折! 【汇金趋势掌乾坤，每日思路见真章】 【操作思路】 回落4265附近短多，进一步关注4250支撑 反弹4308不破轻仓短空，强势冲高关注4330压制 更多实时关注李槿后续 昨日一路做多一路胜！成功五连胜收尾！ ...

20255年科技成长板块独领风骚的结构性行情已筑牢基础，而随着政策红利持续释放、经济基本面稳步 修复，市场共识逐步凝聚，本轮牛市将从局部领涨走向全域共振，演绎更具包容性的全面上涨行情。 40000点之后，不少券商预计将会有更多的板块轮动起来，出现轮番上涨。也就是说，20266年有望从结 构性牛市转向全面牛市。 ...

中证1000ETF（159845）紧密跟踪中证1000指数。中证1000指数由全部A股中剔除中证800指数成分股后，规模 偏小且流动性好的1000只股票组成，综合反映中国A股市场中一批小市值公司的股票价格表现。 资金面来看，中证1000ETF（159845）近五个交易日资金净流入7.26亿元，近十个交易日净流出6.18亿元。最新 规模达457.53亿元，近一个月规模增长9.65亿元。今日盘中成交额3.92亿元，近一周日均成交高达10.79亿元，流 动性较好。 国内方面，11月PMI显示价格景气持续改善，保险新政加力支持长线资金入市。经济方面，11月制造业PMI小幅 回升，价格景气进一步上行。 平安证券表示，当前A股仍处于牛市上行中继阶段，短期或保持区间震荡格局，待12月美联储议息会议以及国内 重要经济会议落地后，市场预期有望进一步明晰。 12月9日上午，A股三大指数走势分化，其中沪指下跌0.11%。截至10:45，中证1000ETF（159845）下跌0.13%。 其他宽基指数中，上证50跌0.37%，沪深300跌0.09%，中证500跌0.26%。 个股表现来看，中证1000ETF前50只权重股中，涨幅靠前 ...

Our next guests say 2026 will be another bullish year, but see more bumps in the road. Joining me now, Victoria Green from G Squared Private Wealth and Kevin M from Hen and Walsh. Guys, welcome.Kevin, are there any more major catalysts left for the market this year. Should we just sort of count on these minor moves uh back and forth. Yeah, as I understand this, there may be a hawkish cut coming up on Wednesday, and that could bode well for the markets, believe it or not, John, as going back to 1950, the Fed ...

Group 1 - The real estate market has entered a new phase focused on "living in good houses," indicating that real estate will remain a pillar industry in the country [1] - The stock market has also entered a new phase characterized by "a great era of quality equity investment," driven by unprecedented low interest rates and a shift towards net worth transformation, making certain sectors more attractive compared to other asset classes [1] - Wealth disparity is expected to accelerate, and the era of quality equity investment does not guarantee a consistently rising stock market; rational investment posture and the ability to endure short-term volatility are crucial for long-term returns [3][4] Group 2 - The market's trading volume has surpassed 2 trillion, marking the first occurrence in 16 trading days, indicating positive market sentiment following recent favorable news [7][8] - The technology sector, particularly the optical module industry, has seen significant growth, with major companies experiencing substantial stock price increases and a combined market capitalization exceeding 1.2 trillion [13][14] - The stock price of Pop Mart has reached a six-month low due to negative foreign investment reports, highlighting the disparity in performance between A-shares and Hong Kong stocks [19][20] Group 3 - The new product launched by Guotai Junan, focusing on the ChiNext Composite Index, is noteworthy as it includes a diversified selection of stocks from over 1,300 companies, aiming for higher potential excess returns [24][27] - The ChiNext Composite Index has been historically overlooked, with limited investment products linked to it, despite its broad stock pool offering significant selection opportunities [31][33] - The internal variance among ChiNext stocks is high, suggesting that with appropriate strategy selection, significant alpha can be achieved, although competing with established indices poses challenges [33]

Group 1 - The market is experiencing a rebound, with the index stabilizing above 3900, indicating a potential reversal in the upward trend [1] - The recent recovery has been attributed to the adjustment in expectations regarding the Federal Reserve's interest rate cuts, which have shifted back to a 100% probability [1] - The market gap that was previously created has been filled, suggesting that the resistance level is relatively low [1] Group 2 - Trading volume today exceeded 2 trillion, with a peak of 340 billion at the opening and a closing volume of 310 billion, indicating significant market activity [2] - There is a sentiment that selling may offer better value compared to buying at this stage, as those who bought during the peak may face difficulties in exiting their positions [2] - The allure of T+1 trading is highlighted, where missed buying opportunities can lead to regret, but caution is advised as chasing high prices may result in being trapped in losing positions [2]

Core Viewpoint - Morgan Stanley predicts a strong economic growth effect from the "One Big Beautiful Bill" (OBBBA) passed by the Trump administration in 2025, starting in 2026, leading to a "Goldilocks" macroeconomic environment in the U.S. with moderate growth and inflation [1][8]. Economic Outlook - The U.S. stock market has transitioned from a three-year "rolling recession" to a "rolling recovery," characterized by improved cost structures, strong earnings revisions, and released pent-up demand, creating a typical early-cycle environment [2]. - The Federal Reserve's anticipated interest rate cuts are expected to initiate a new capital expenditure cycle, with corporate investments, particularly in AI and manufacturing, becoming new growth engines [2]. Market Dynamics - The "Magnificent Seven" tech giants, including Nvidia and Google, will continue to lead earnings revisions in 2025, with expectations spreading to the S&P 493 constituents, particularly in industrial and financial sectors [6]. - Morgan Stanley defines the current situation as a "second phase bull market under rolling recovery," emphasizing a return of market risk appetite and broadening investment opportunities across various sectors [6][15]. Investment Strategy - Morgan Stanley recommends an "overweight" position in cyclical sectors such as financials, industrials, healthcare, and consumer discretionary goods, while suggesting a "low weight" in staples and real estate [13][14]. - The firm anticipates that the S&P 500 index could reach 9,000 points by 2026, driven by strong corporate earnings growth and AI-related capital expenditures [11]. Broader Market Trends - The market is expected to shift focus from defensive to offensive strategies, with AI remaining a key investment theme but not the sole driver of the upcoming bull market [9]. - The anticipated "risk reboot year" in 2026 will see a significant focus on microeconomic factors, with a unique combination of fiscal, monetary, and regulatory policies providing a strong boost to risk markets [11][14].