Market Overview - The Shanghai Composite Index fell by 0.72%, the Shenzhen Component Index decreased by 0.56%, and the ChiNext Index dropped by 1.23% [1] - The total market turnover was 1.15 trillion yuan, a decrease of 118.4 billion yuan compared to the previous day [1] Sector Performance - The computing hardware industry chain experienced a decline, with servers and storage leading the losses [1] - Sectors such as photovoltaic, superhard materials, AI applications, and consumer electronics saw significant declines [1] - Conversely, sectors like Hainan Free Trade Zone, outbound tax refunds, lithium mining, and retail concepts performed well against the trend [1] ETF Performance - In the ETF market, Invesco Great Wall Fund's S&P Consumer ETF and Invesco Great Wall Fund's NASDAQ Technology ETF rose by 2.07% and 1.97%, respectively [1] - The engineering machinery sector saw gains, with Da Cheng Fund's Engineering Machinery ETF increasing by 1.44% [1] - The satellite sector also rose, with China Merchants Fund's Satellite Industry ETF up by 1.16% [1] - Gold-related ETFs, including Yongying Fund's Gold Stock ETF and Huaxia Fund's Gold Stock ETF, both increased by 1% [1] Declining Sectors - The photovoltaic sector led the declines, with leading photovoltaic ETFs such as E Fund's Photovoltaic ETF and others falling by 2.84%, 2.71%, and 2.67% respectively [1] - The big data sector weakened, with Big Data ETF and Data ETF both declining by 2.5% [1]

Market Overview - The A-share market showed a downward trend with the Shanghai Composite Index down 0.72%, Shenzhen Component Index down 0.56%, and ChiNext Index down 1.23% at midday [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.14 trillion yuan, a decrease of 118.4 billion yuan compared to the previous trading day, with over 3,800 stocks declining [5]. Sector Performance - The computing hardware industry chain experienced a decline, particularly in server and storage sectors, while sectors such as photovoltaic, ultra-hard materials, AI applications, and consumer electronics also saw significant drops [4]. - Conversely, sectors like Hainan Free Trade Zone, duty-free shopping, lithium mining, and retail concepts performed well, with Hainan Free Trade Zone rising by 3.51% [5]. Notable Stocks - Precious metals stocks surged, with companies like Xiaocheng Technology rising over 9%, and Hunan Silver, Shandong Gold, and Zhaojin Mining also seeing gains [6]. - Small metal stocks strengthened, with Yunnan Zhenye increasing over 6% [7]. - In the Hong Kong market, lithium battery stocks showed strength, with Ganfeng Lithium up 5.17% and Tianqi Lithium up 3.31% [9]. Trading Dynamics - The market saw a significant drop in trading volume, with the total exceeding 5 trillion yuan but down over 200 billion yuan compared to the same time the previous day [12]. - The A-share indices opened lower, with the Shanghai Composite down 0.21%, Shenzhen Component down 0.20%, and ChiNext down 0.26% [15][16]. Economic Indicators - The People's Bank of China conducted a 1,898 billion yuan reverse repurchase operation with a rate of 1.40%, while 793 billion yuan of reverse repos matured today [19]. - The central bank adjusted the RMB to USD exchange rate to 7.0753, an increase of 20 basis points from the previous day [20].

光大期货金融期货日报 光大期货金融期货日报（2025 年 12 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 股指 | 市场全天震荡分化，三大指数涨跌互现。个股跌多涨少，沪深京三市超 4000 | 震荡 | | | 股飘绿，今日成交逾 1.91 万亿。截止收盘沪指跌 0.37%，深成指跌 0.39%， | | | | 创业板指涨 0.61%。随着 6 月以来的流动性行情告一段落，市场重新聚焦基 | | | | 本面逻辑，目前以 AI 为首的新质生产力题材普遍对未来三年的增长水平存 | | | | 在乐观预期，尤其是科技领域的上游硬件制造环节，供需错配下涨价预期明 | | | | 显，中期盈利能力可观。但是，对应题材自 6 月以来涨幅均较大，临近年底 | | | | 缺乏进一步事件性催化，自 11 月逐渐进入震荡行情。另一方面，以消费和 | | | | 周期题材为首的传统经济领域仍然处在震荡复苏的过程中，尽管存在一些补 | | | | 涨的逻辑，但短期很难进入基本面牛市。海外科技股同样存在预期分化，英 | | | | 伟达业绩指引继续强劲，谷歌也发布 ...

证券研究报告 2025 年 12 月 10 日 星期三 【A 股市场大势研判】 大盘震荡分化，创业板指收涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3909.52 | -0.37% | -14.56 | | | 深证成指 | 13277.36 | -0.39% | -52.63 | | | 沪深 300 | 4598.22 | -0.51% | -23.53 | | | 创业板 | 3209.60 | 0.61% | 19.33 | | | 科创 50 | 1347.11 | -0.27% | -3.69 | | | 北证 50 | 1401.73 | -1.72% | -24.51 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 综合 | 3.45% | ...

Market Performance - The Hainan Free Trade Zone concept declined by 3.33%, ranking among the top declines in concept sectors, with New Dazhou A hitting the limit down, and Kangzhi Pharmaceutical, Hainan Haiyao, and Xinlong Holdings also experiencing significant declines [1] - Among the stocks in the Hainan Free Trade Zone concept, only four stocks saw price increases, with Zhongtung High-tech, Hainan Development, and *ST Yedao rising by 2.86%, 2.41%, and 1.56% respectively [1] Capital Flow - The Hainan Free Trade Zone concept experienced a net outflow of 1.318 billion yuan, with 26 stocks seeing net outflows, and 12 stocks having net outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Haima Automobile, with a net outflow of 185 million yuan, followed by Hainan Haiyao and Shennong Seed Industry with net outflows of 184 million yuan and 146 million yuan respectively [2] - Stocks with the highest net inflows included Zhongtung High-tech, *ST Yedao, and *ST Shuangcheng, with net inflows of 122 million yuan, 1.288 million yuan, and 1.159 million yuan respectively [2] Stock Performance - The top decliners in the Hainan Free Trade Zone concept included Haima Automobile (-6.09%), Hainan Haiyao (-7.67%), and Shennong Seed Industry (-6.83%) [3] - The stock with the highest turnover rate was Haima Automobile at 14.27%, while Hainan Haiyao had a turnover rate of 17.29% [3] - Stocks like Zhongtung High-tech and *ST Yedao showed positive performance with increases of 2.86% and 1.56% respectively, despite the overall decline in the sector [3]

Core Viewpoint - The three major stock indices showed mixed performance, with a decline in indices during the afternoon session, while the ChiNext index rebounded towards the end of trading [1] Market Performance - The Shanghai Composite Index closed at 3909.52 points, down 0.37% - The Shenzhen Component Index closed at 13277.36 points, down 0.39% - The ChiNext Index closed at 3209.60 points, up 0.61% [1] Sector Performance - The CPO sector continued its strong performance, with Dekeli and Shaanxi Huada hitting the daily limit up of 20% - The Fujian sector remained active, benefiting from recent positive news, with Zhongchuang Environmental hitting the daily limit up of 20% - The photovoltaic equipment sector saw a late-session surge, with Aerospace Machinery hitting the daily limit up of 20% - Conversely, the non-ferrous metals sector experienced a collective adjustment, with China Metallurgical Group hitting the daily limit down - Local stocks in Hainan collectively fell, with New Dazhou A hitting the daily limit down [1] Overall Market Sentiment - The overall market sentiment was bearish, with over 4000 stocks declining [1]

截至12月8日收盘，海南自贸区概念上涨3.00%，位居概念板块涨幅第7，板块内，25股上涨，新大洲 A、海南发展等涨停，康芝药业、海峡股份、凯撒旅业等涨幅居前，分别上涨5.59%、5.53%、5.19%。 跌幅居前的有*ST椰岛、ST葫芦娃、*ST双成等，分别下跌1.84%、0.45%、0.43%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 共封装光学(CPO) | 4.72 | 天津自贸区 | -0.99 | | F5G概念 | 4.30 | 草甘膦 | -0.86 | | 光纤概念 | 3.67 | 青蒿素 | -0.51 | | 铜缆高速连接 | 3.57 | 煤炭概念 | -0.51 | | 福建自贸区 | 3.44 | 高股息精选 | -0.38 | | PET铜箔 | 3.02 | 超级品牌 | -0.34 | | 海南自贸区 | 3.00 | 金属锌 | -0.32 | | WiFi 6 | 3.00 | 大豆 | -0.31 | | 光刻机 | 3.00 | 啤酒概念 | -0.31 | ...

业绩方面，2025年1月-9月，海南发展实现营业收入24.99亿元，同比减少10.12%；归属净利润-3.65亿 元，同比减少56.65%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 12月8日，海南发展收盘首板涨停，沪深京交易所数据显示，截至当日收盘，海南发展报15.33元/股， 成交额14.28亿元，总市值129.53亿元，封板资金5546.32万元。 异动原因 该股票涨跌停原因可能涉及：公司实际控制人为海南省国资委，属国企；涉及海南自贸区、幕墙工程、 BIPV概念；控股股东及其一致行动人完成增持计划，合计增持金额约1亿元；控股股东承诺两年内注入 免税相关资产。 ...

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.06% at 3,875.79 points, while the Shenzhen Component Index rose by 0.40% to 13,006.72 points, and the ChiNext Index increased by 1.01% to 3,067.48 points [2][8] - The total trading volume in the A-share market reached 1.55 trillion RMB, with net purchases from southbound funds amounting to 1.48 billion HKD [2][8] - Over 3,600 stocks in the A-share market declined, with the machinery, electronics, and defense industries leading the gains, while the comprehensive and beauty care sectors lagged [2][8] - The Hang Seng Index rose by 0.68%, and the Hang Seng Technology Index increased by 1.45%, while U.S. indices showed mixed results with the Dow Jones down by 0.07% at 47,850.94 points, the S&P 500 up by 0.11% at 6,857.12 points, and the Nasdaq up by 0.22% at 23,505.14 points [2][8] Domestic Market Performance - The closing figures for major domestic indices include: - Shanghai Composite Index: 3,875.79 (-0.06%) - Shenzhen Component Index: 13,006.72 (+0.40%) - CSI 300: 4,546.57 (+0.34%) - STAR 50: 1,326.16 (+1.36%) - ChiNext Index: 3,067.48 (+1.01%) - SSE 50: 2,974.34 (+0.38%) - SSE 180: 9,862.77 (+0.30%) - SSE Fund: 7,111.30 (+0.05%) - Government Bond Index: 224.64 (-0.19%) [4] International Market Performance - The closing figures for major international indices include: - Dow Jones: 47,850.94 (-0.07%) - S&P 500: 6,857.12 (+0.11%) - Nasdaq: 23,505.14 (+0.22%) - Nikkei 225: 51,028.42 (+2.33%) - Hang Seng Index: 25,935.90 (+0.68%) - U.S. Dollar Index: 99.06 (+0.20%) [4]

Core Viewpoint - Hainan Strait Shipping Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 96.31%, but a recent decline of 17.01% over the past 20 days [1][2]. Group 1: Stock Performance - On December 3, the stock price fell by 2.14% to 12.78 CNY per share, with a trading volume of 5.03 billion CNY and a turnover rate of 1.73%, resulting in a total market capitalization of 285.58 billion CNY [1]. - The stock has seen a net outflow of 26.90 million CNY from main funds, with large orders showing a buy of 119 million CNY (23.68%) and a sell of 124 million CNY (24.71%) [1]. - The stock has appeared on the daily trading list five times this year, with the most recent occurrence on November 6, where it recorded a net buy of -55.32 million CNY [1]. Group 2: Company Overview - Hainan Strait Shipping Co., Ltd. was established on December 6, 2002, and listed on December 16, 2009, focusing on shipping and ferry port services [2]. - The company's revenue composition includes 72.21% from the Hai'an route, 10.48% from the Yan-Da route, 6.17% from the Xisha route, 5.40% from port services, and 3.72% from other routes [2]. - As of November 20, the number of shareholders decreased by 7.48% to 99,000, while the average circulating shares per person increased by 8.08% to 22,570 shares [2]. Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 3.923 billion CNY, reflecting a year-on-year growth of 21.84%, while the net profit attributable to shareholders decreased by 24.99% to 190 million CNY [2]. - The company has distributed a total of 1.740 billion CNY in dividends since its A-share listing, with 448 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 17.6967 million shares, an increase of 1.7003 million shares from the previous period [3]. - The Southern CSI 1000 ETF and Huaxia CSI 1000 ETF are also among the top shareholders, with the former holding 6.1152 million shares (a decrease of 68,500 shares) and the latter holding 3.6344 million shares as a new shareholder [3].