炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ MACD金叉信号形成，这些股涨势不错！ 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：刘万里 SF014 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 人民财讯12月30日电，沪指全天弱势震荡，深证成指、创业板指午后震荡走强，截至收盘，沪指收平， 日K线10连阳；深证成指涨0.49%，创业板指涨0.63%。盘面上，人形机器人概念走强，步科股份20%涨 停，华菱线缆、北特科技等涨停；短剧游戏概念活跃，百纳千成20%涨停。此外，电机、能源金属、石 油、汽车零部件、消费电子、文化传媒、半导体、工业母机、减速器概念等板块涨幅居前；商业百货、 光伏、风电、航空机场、保险、房地产服务、海南自贸概念等板块跌幅居前。全市场超1800只个股上 涨，成交额突破2万亿元。 MACD金叉信号形成，这些股涨势不错！ 人民财讯12月30日电，沪指全天弱势震荡，深证成指、创业板指午后震荡走强，截至收盘， ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting fluctuations in major indices and sector performances, with a focus on the impact of specific themes such as digital currency and commercial aerospace on stock movements [3][4][5]. Market Performance - As of the midday session, the Shanghai Composite Index fell by 0.1% to 3961.21, while the Shenzhen Component Index rose by 0.23% to 13568.09, and the ChiNext Index decreased by 0.06% to 3220.56 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.29 trillion yuan, a decrease of 101.9 billion yuan compared to the previous trading day, with over 2700 stocks declining [5]. Sector Highlights - The film and television sector saw a rebound, with notable stocks like Baidu and Huayi Brothers experiencing significant gains, driven by a total box office of 5.245 billion yuan for the 2025 New Year’s season [7]. - The commercial aerospace sector showed resilience, with stocks like China Satellite and China Satcom rising over 5%, continuing to set historical highs [9]. - Digital currency and cross-border payment sectors were active, with stocks like Cuiwei Co. and Feitian Chengxin hitting the daily limit, reflecting positive sentiment around the upcoming implementation of the new digital RMB design [10]. Commodity Market - Nickel futures on the Shanghai exchange rose by 4% to 132,580 yuan per ton, while London nickel also increased by 4% to 16,384.20 USD per ton [6]. - Lithium carbonate futures saw a significant drop of 8% to 115,780 yuan per ton, indicating volatility in the energy metals market [17]. Currency and Economic Indicators - The central bank conducted a reverse repurchase operation of 312.5 billion yuan with a rate of 1.40%, with 59.3 billion yuan maturing today [13]. - The RMB to USD exchange rate was reported at 7.0348, depreciating by 17 basis points from the previous trading day [15].

（文章来源：每日经济新闻） 每经AI快讯，12月30日，短剧游戏指数盘中涨超2%，成分股呈现普涨态势，百纳千成涨停，幸福蓝 海、横店影视、三七互娱、昆仑万维等多股涨幅居前。 ...

Core Viewpoint - The film sector is experiencing a rebound, driven by the upcoming release of "Avatar 3," which has already generated over 60 million in pre-sales and point screenings [1][4]. Group 1: Company Performance - Bona Film Group has faced significant challenges, reporting a net loss of 11.10 million for the first three quarters of the year, marking a 213.11% decline year-on-year [9]. - Despite a slight revenue increase of 1.29% to 97.2 million, the company has accumulated a total loss of 2.602 billion over the past four years [9][6]. - The stock price of Bona Film has seen a dramatic rise of 230% since April, despite its ongoing financial struggles [6][10]. Group 2: Market Context - The overall film market in China has been recovering, with major companies like Light Media reporting a 406.78% increase in net profit, while Wanda Film has turned a profit of 70.8 million after previous losses [6][9]. - The domestic film industry faced a downturn in 2022, with total box office revenue dropping to 42.5 billion, but is expected to approach 50 billion this year due to several blockbuster releases [19][20]. Group 3: Future Prospects - Bona Film's partnership with TSG Entertainment allows it to share in the global box office revenue of major films, including "Avatar 3," which could potentially yield significant income if the film performs well [11][17]. - The company has invested approximately 40 million in "Avatar 3," which could result in a revenue share of up to 600 million if the film reaches its predecessor's box office levels [17]. - The future of Bona Film may hinge on its ability to adapt to market changes and diversify its project portfolio, potentially incorporating AI technology to reduce production costs [40][42].

Core Viewpoint - The recent surge in the stock price of Bona Film Group is driven by the anticipation of upcoming Hollywood blockbusters, particularly "Avatar 3," despite the company facing significant financial losses over the past four years [1][3][5]. Group 1: Company Performance - Bona Film Group's stock has increased by 230% since April, despite reporting a net loss of 11.10 billion yuan in the first three quarters of this year, marking a 213.11% decline year-on-year [3][5]. - The company has accumulated a total loss of 26.02 billion yuan over the past four years, making it the only major film company still in the red this year [5][10]. - In contrast, other major film companies have shown signs of recovery, with Light Media reporting a net profit of 2.336 billion yuan, a 406.78% increase year-on-year [3][5]. Group 2: Market Context - The domestic film market has been recovering, with total box office revenue expected to approach 500 billion yuan this year, compared to 425 billion yuan last year [12][14]. - However, excluding the success of "Nezha 2," the overall market remains weak, with many films underperforming [15][16]. - The film industry has faced challenges, with significant fluctuations in box office performance across different periods, leading to a difficult environment for film companies [17][18]. Group 3: Future Prospects - Bona's recent stock performance is linked to its partnership with TSG Entertainment, which grants it a share of the global box office for films like "Avatar 3" [6][10]. - The company has invested approximately 40 million USD for a 5% stake in "Avatar 3," which could yield significant returns if the film performs well [10]. - Despite the potential revenue from "Avatar 3," Bona's ongoing losses and reliance on high-budget films pose risks to its financial stability [10][32]. Group 4: Strategic Challenges - Bona Film Group's historical reliance on high-budget productions has led to vulnerabilities, as seen with the underperformance of "Jiaolong Action," which resulted in substantial losses [27][32]. - The company is exploring new avenues, including the establishment of an AI subsidiary to reduce production costs and enhance efficiency [28][29]. - Moving forward, Bona may need to balance its portfolio by incorporating lower-cost projects and innovative content to mitigate risks associated with blockbuster investments [32].

Core Viewpoint - The article discusses the recent surge in the stock price of Bona Film Group despite its ongoing financial losses, highlighting the impact of upcoming Hollywood blockbusters like "Avatar 3" on investor sentiment and market dynamics [5][9][25]. Group 1: Company Performance - Bona Film Group has experienced a stock price increase of 230% since April, despite reporting a net loss of 11.10 million yuan in the first three quarters of this year, marking its fourth consecutive year of losses [8][14][15]. - In contrast, other major film companies have shown profit recovery, with Light Media reporting a net profit of 2.336 billion yuan, a 406.78% increase year-on-year [10]. - Bona's revenue for the first three quarters was 97.2 million yuan, a slight increase of 1.29% year-on-year, but the company has accumulated losses of 2.602 billion yuan to date [14][15]. Group 2: Market Dynamics - The recent stock surge for Bona is attributed to market speculation around the "short drama game" concept and its rights to global box office revenue from major films like "Avatar 3" [16][17]. - Despite the potential revenue from "Avatar 3," which could yield up to 600 million yuan if the film performs well, this amount is insufficient to cover Bona's significant losses [25][26]. - The overall film market in China has been recovering, with total box office revenue expected to approach 50 billion yuan this year, although many films outside of major hits like "Nezha 2" have underperformed [30][31][34]. Group 3: Future Outlook - Bona Film Group is at a critical juncture, needing to adapt its business model to the changing market environment, as its traditional high-investment strategy has proven vulnerable [56][49]. - The company has initiated an AI subsidiary to explore cost-effective production methods, which may help address its high-cost issues in the future [53]. - With a significant portion of its shares set to be unlocked in the coming year, there is potential for selling pressure, raising concerns about investor confidence [58].

Market Overview - The Shanghai Composite Index closed at 3875.26 points, with an increase of 0.29% and a trading volume of 698.519 billion [1] - The Shenzhen Component Index closed at 12875.20 points, down by 0.25% with a trading volume of 1011.275 billion [1] - The ChiNext Index closed at 3031.30 points, decreasing by 0.44% and a trading volume of 494.735 billion [1] Sector Performance - The consumer electronics sector showed strength, with stocks like Yunzhong Technology and Liande Equipment hitting the daily limit [1] - The lithium battery sector was active, with companies such as Haike New Source and Shida Shenghua also reaching the daily limit [1] - Chip stocks performed well, with multiple stocks including Electronic Science and Technology Chip hitting the daily limit [1] - The short drama game sector weakened, with Huanrui Century hitting the daily limit down [1] - Other sectors with notable performance included organic silicon, CPO, and robotics, while cultivated diamonds and Hainan Free Trade Zone concepts saw declines [1]

Group 1 - The core viewpoint of the article is that Hubei Broadcasting (000665.SZ) is currently in the trial operation phase for its short drama business, with plans for future expansion into various internet application markets [2] - The short drama business is available in two formats: a large screen APK and a WeChat mini-program, with the large screen APK currently operating on an internal network [2] - The company is considering integrating its short drama offerings with the rights of the 192 card, aiming for platform-based operations in various models [2] Group 2 - Currently, the company does not have any related business for short drama games [2]

Core Insights - The A-share market saw a total of 79 stocks hitting the daily limit up on November 24, with notable performances in various sectors, particularly aquaculture, photolithography, and 3D printing [1][2]. Group 1: Stock Performance - Guofeng New Materials achieved a four-day consecutive limit up in the photolithography sector [1][2]. - Changjiang Materials, associated with 3D printing, recorded a two-day consecutive limit up [1][2]. - The aquaculture sector, specifically Shuiyu Industry, experienced a remarkable seven-day consecutive limit up [1][2]. Group 2: Conceptual Breakdown of Stocks - The following stocks have notable consecutive limit up days: - Sansi Mingchu: 7 days, related to aquaculture [2]. - Guofeng New Materials: 4 days, related to photolithography [2]. - *ST Suwu: 4 days, related to innovative pharmaceuticals [2]. - Meng Tian Home: 4 days, related to home furnishings [2]. - Shida Group: 3 days, related to intelligent computing centers [2]. - Other stocks with 2 days of consecutive limit up include *ST Wanfang (automotive), Te Fa Information (optical communication), and Changjiang Materials (3D printing) [2].

Content: --------- <doc id='1'>金融工程日报 A 股单边下行，AI 应用逆势走强、锂电池产业链全线下挫</doc> <doc id='2'>核心观点 金融工程日报 市场表现：20251121 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中上证综指表现较好，风格指数中沪深 300 价值指数表现较好。行业 指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好，综 合、有色金属、基础化工、通信、电子行业表现较差。中船系、水产、小红 书平台、拼多多合作商、短剧游戏等概念表现较好，锂矿、锂电正极、锂电 隔膜、盐湖提锂、锂电电解液等概念表现较差。 市场情绪：20251121 收盘时有 33 只股票涨停，有 107 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-0.55%，昨日 跌停股票今日收盘收益为-5.58%。今日封板率 61%，较前日提升 10%，连板 率 24%，较前日下降 0%。 市场资金流向：截至 20251120 两融余额为 24917 亿元，其中融资余额 24744 亿元，融券余额 173 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.1%。</doc> <doc id='3'>折溢价：20251120 当日 ETF 溢价较多的是创科技 ETF，ETF 折价较多的是芯 片 ETF 景顺。近半年以来大宗交易日均成交金额达到 20 亿元，20251120 当 日大宗交易成交金额为 19 亿元，近半年以来平均折价率 6.36%，当日折价率 为 7.71%。近一年以来上证 50、沪深 300、中证 500、中证 1000 股指期货主 力合约的年化贴水率中位数分别为 0.48%、3.39%、10.86%、13.39%，当日上 证 50 股指期货主力合约年化贴水率为 4.00%，处于近一年来 29%分位点，当 日沪深 300 股指期货主力合约年化贴水率为 7.08%，处于近一年来 25%分位 点；当日中证 500 股指期货主力合约年化贴水率为 8.69%，处于近一年来 69% 分位点；当日中证 1000 股指期货主力合约年化贴水率为 8.76%，处于近一年 来 80%分位点。</doc> <doc id='4'>机构关注与龙虎榜：近一周内调研机构较多的股票是九号公司-WD、蓝思科 技、泰恩康、中航重机、沃尔德、超颖电子、宏昌科技、斯菱股份等，九号 公司-WD 被 179 家机构调研。20251121 披露龙虎榜数据中，机构专用席位净 流入前十的股票是天华新能、易点天下、安妮股份、久其软件、榕基软件、 古麒绒材、江龙船艇、荃银高科、华瓷股份、神农种业等，机构专用席位净 流出前十的股票是西藏城投、视觉中国、浪潮软件、德力佳、禾信仪器、中 水渔业、梦天家居、亚通精工、南侨食品、北方长龙等。陆股通净流入前十 的股票是天华新能、江龙船艇、英利汽车、国风新材、久其软件、久之洋、 荃银高科、西藏城投、南侨食品等，陆股通净流出前十的股票是华胜天成、 视觉中国、方大炭素、诺德股份、浪潮软件、易点天下、禾信仪器等。 风险提示：市场环境变动风险；本报告基于历史客观数据统计，不构成投资 建议。</doc> <doc id='5'> | 金融工程·数量化投资 | | | --- | --- | | 证券分析师：张欣慰 | 联系人：李子靖 | | 021-60933159 | 021-60875177 | 021-60933159 021-60875177 zhangxinwei1@guosen.com.cn lizijing1@guosen.com.cn S0980520060001 相关研究报告 《金融工程日报-A 股高开低走，封板率创近一个月新低》 —— 2025-11-20 《金融工程日报-沪指震荡收红，水产股集体大涨、黄金股午后 拉升》 ——2025-11-19 《金融工程日报-沪指震荡走低，锂电产业链回调、互联网电商 概念逆势走强》 ——2025-11-18 《金融工程日报-沪指震荡下跌，锂矿题材逆势爆发》 —— 2025-11-17 《金融工程日报-沪指冲高回落，算力、半导体产业链领跌》 — —2025-11-14</doc> <doc id='6'>市场表现 宽基与风格指数表现 今日(20251121，下同) 市场全线下跌，规模指数中，上证 50 指数表现较好，上 证 50 指数下跌 1.74%，沪深 300 指数下跌 2.44%，中证 500 指数下跌 3.46%，中 证 1000 指数下跌 3.72%，中证 2000 指数下跌 3.99%。 板块指数中，上证综指表现较好，上证综指下跌 2.45%，深证综指下跌 3.43%，中 小 100 指数下跌 3.25%，创业板指下跌 4.02%，科创 50 指数下跌 3.19%，科创 100 指数下跌 4.04%，北证 50 指数下跌 4.71%。 风格指数中，沪深 300 价值指数表现较好，沪深 300 价值指数下跌 1.70%，沪深 300 成长指数下跌 2.47%，中证 500 价值指数下跌 3.30%，中证 500 成长指数下跌 3.16%。主要宽基、板块及风格指数今日表现如下图所示。</doc> <doc id='7'>图1：今日宽基、板块与风格指数表现 行业指数表现 今日行业指数全线下跌，家电、传媒、食品饮料、银行、农林牧渔行业表现较好， 收益分别为-0.27%、-0.50%、-0.89%、-1.00%、-1.58%，综合、有色金属、基础 化工、通信、电子行业表现较差，收益分别为-5.41%、-5.30%、-5.26%、-4.59%、 -4.41%，中信一级行业指数今日表现如下图所示。</doc> <doc id='8'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='9'>图2：今日中信一级行业指数表现 概念主题表现 今日中船系、水产、小红书平台、拼多多合作商、短剧游戏等概念表现较好，收 益分别为 3.51%、0.65%、0.47%、0.42%、0.22%，锂矿、锂电正极、锂电隔膜、 盐湖提锂、锂电电解液等概念表现较差，收益分别为-9.67%、-8.66%、-8.18%、 -8.08%、-7.99%，今日收益较高与较低的前十个概念指数表现如下图所示。</doc> <doc id='10'>资料来源：Wind，国信证券经济研究所整理</doc> <doc id='11'>图3：今日收益较高与较低的前十个概念指数 资料来源：Wind，国信证券经济研究所整理</doc> <doc id='12'>市场情绪 日内涨跌停家数 我们统计上市满 3 个月以上的股票在今日盘中的实时涨跌停家数情况。今日盘中 最高有 33 只股票