记者丨 江佩佩 李益文 见习记者张嘉钰 编辑丨谢珍 12月23日，A股 早盘震荡拉升， 截至收盘，沪指涨0.34%，深成指涨0.65%，创业板指涨0.78%。沪深两市半日成交额1.25万亿，较上个交易 日放量523亿。盘面上热点快速轮动，全市场超3300只个股下跌。 | 内地股票 L | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3930.87 | 13419.60 | 1451.34 | | +13.50 +0.34% +86.87 +0.65% +2.05 +0.14% | | | | 科创50 | 创业板指 | 万得全A | | 1342.37 | 3217.02 | 6339.53 | | +7.12 +0.53% +25.04 +0.78% +20.44 +0.32% | | | | 沪深300 | 中证500 | 中证A500 | | 4635.13 | 7285.43 | 5610.22 | | +23.51 +0.51% +29.77 +0.41% +29.94 +0.54% | | | | 中 ...

2025.12. 17 A股三大指数V型反转,创业板领涨,市场在上午呈现窄幅震荡、分化明显的态势,但午后出 现直线拉升,涨幅迅速扩大,上证指数形成"双底"结构,技术上获得支撑。 3623家上涨 涨跌停比 个股呈普涨格局,赚钱效应显著提升,盘面上, 能源金属全天强势, 锂矿方向领涨; 算力硬件概 念股午后崛起,CPO、服务器方向反复活跃;券 商、保险、航空板块涨幅居前。商业航天、海南 自贸区题材回调明显 两市成交额 万亿元 ▲5.05% 散户资金净流入 机构谨慎乐观. 布局侧重防御与长期. 资金重点聚焦科技成长与政策受益赛道,通过宽基ETF和行业主题 ETF逆势布局,AI算力、锂电池产业链等领域成为加仓核心,同时保留部分低估值消费、金融资产作为组合 安全垫; 散户理性回暖, 结构性参与, 散户资金主要跟随机构主线, 聚焦算力、消费复苏等确定性较强的 板块,以小仓位试错为主,对高波动新股和高位题材保持谨慎,展现出对市场波动的理性适配。 75.85% = 25 1:35 55.22% 上 证 指 数 3870.28 6月1日 7月7日 10月10日 12月3日 2月21日 3月21日 4月8日 5月14日 6月19 ...

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 1% on December 17, with a total trading volume of 1.04 trillion yuan, a decrease of 103.9 billion yuan compared to the previous trading day [1] - A total of 3,724 stocks declined, while 1,578 stocks increased in value [1] Index Performance - Shanghai Composite Index: 3,831.43 (+6.61, +0.17%) - Shenzhen Component Index: 13,021.35 (+106.68, +0.83%) - ChiNext Index: 3,108.80 (+37.04, +1.21%) - CSI 300: 4,523.58 (+26.02, +0.58%) [2] Lithium Battery Sector - The lithium battery industry chain led the market, with Tianhua New Energy rising over 13%, and other companies like Jinyuan Co. and Shengxin Lithium Energy also showing significant gains [2] - Lithium carbonate futures surged over 7%, reaching a new high since May 2024, with prices increasing over 70% from the year's low [3] Rare Metals Sector - Rare metal stocks saw a strong rally, with Zhongtung High-tech nearing a trading limit, and other companies like Xiamen Tungsten and Rongjie Co. rising over 6% [4] - Tungsten powder prices increased by 10,000 yuan/ton, reaching 100,000 yuan/ton, a 216.5% increase since the beginning of the year [4] New Stock Performance - Muxi Co., known as the "second domestic GPU stock," saw its stock price soar over 700%, with a market capitalization nearing 335 billion yuan, outperforming other new stocks [6] - The stock's significant rise resulted in a profit of nearly 300,000 yuan per share, making it one of the most profitable new stocks since the implementation of the full registration system [6] Precious Metals - Silver prices reached a historical high, with spot silver increasing over 3% to $65.86 per ounce, while gold prices also surged, touching $4,320 [6]

截至午盘，上证指数涨0.17%，深证成指涨0.83%，创业板指涨1.21%，北证50跌0.83%。全市场成 交额10402亿元，较上日成交额缩量993亿元。 锂电池产业链领涨，CPO概念股反复活跃，航空、有色 金属涨幅居前。稳定币、商业航天、海南自贸区题材调整。新股沐曦股份半日大涨近700%，总市值一 度超摩尔线程。 ETF方面， 南方基金长江保护主题ETF异动上涨9.94%，最新溢折率为9.71%。锂矿金属延续涨势， 广发基金稀有金属ETF、工银瑞信基金稀有金属ETF基金和嘉实基金稀有金属ETF分别涨3.33%、3.24% 和3.23%。CPO板块反弹，国泰基金通信ETF、富国基金通信设备ETF和创业板人工智能ETF国泰涨 2%。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 两只巴西ETF跌3%。卫星互联网板块回调，通用航空ETF基金、航空ETF基金跌2%。原油期货 ...

Market Performance - A-share indices showed mixed performance, with the Shanghai Composite Index down 0.2% and the ChiNext Index up 0.25% [1] - The Hang Seng Index opened lower and fell by 0.44%, while the Hang Seng Tech Index dropped over 1% [1][6] - Major tech stocks like Tencent, Alibaba, and JD.com experienced minor declines, with losses under 0.8% [1] - NIO and XPeng Motors continued to decline, with drops exceeding 4% [1][6] Sector Performance - The shipbuilding sector, liquid-cooled servers, AI smartphones, photolithography machines, and 6G concept stocks weakened [1] - The lithium battery supply chain showed strength, indicating potential investment opportunities [1] - Nuclear power stocks, building materials, cement, and new consumption concept stocks mostly rose [1] Commodity and Bond Market - Commodity futures opened mostly lower, with coking coal down 1.60%, low-sulfur fuel oil down 1.35%, and industrial silicon down 1.10% [1][7] - Silver futures rose by 1.62%, and the shipping index (European line) increased by 0.73% [1] - Government bond futures mostly increased, with the 30-year main contract up 0.07% and the 10-year main contract up 0.05% [1][2] New Listings - New stock Jin Yan Gao Ling New Materials opened over 27% higher, indicating strong market interest [1]

Market Overview - The A-share market opened with mixed results, with the Shanghai Composite Index down 0.09% at 3894.16, while the Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.25% respectively [4][5]. - The Hong Kong market also opened lower, with the Hang Seng Index down 0.44% and the Hang Seng Tech Index down 0.51%, particularly affected by declines in real estate and new energy vehicle stocks [6][7]. Sector Performance - The food sector showed strong performance with stocks like Hai Xin Food and An Ji Food hitting the daily limit, while other stocks such as Yi Ke Food and Nan Qiao Food also saw gains [3]. - In contrast, sectors such as shipbuilding, liquid cooling servers, AI smartphones, photolithography machines, and 6G concept stocks experienced weakness, while the lithium battery supply chain showed strength [5].

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index down by 0.09% at 3894.16, while the Shenzhen Component Index rose by 0.11% to 13071.16, and the ChiNext Index increased by 0.25% to 3078.86 [1][2] - The Hong Kong market also opened lower, with the Hang Seng Index down by 0.44% at 25980.89 and the Hang Seng Tech Index declining by 0.51% to 5595.53 [3][4] Sector Performance - The food sector showed strong performance at the opening, with companies like Hai Xin Food and An Ji Food hitting the daily limit up, while others like Yi Ke Food and Nan Qiao Food also saw gains [1] - Conversely, sectors such as the shipbuilding industry, liquid cooling servers, AI mobile phones, photolithography machines, and 6G concept stocks experienced weakness [1][2] - The lithium battery supply chain demonstrated strength in the market [2] Monetary Policy - The central bank conducted a 793 billion yuan reverse repurchase operation with a 7-day term at an interest rate of 1.40%, while 2133 billion yuan of reverse repos were set to mature today [4] - The central bank adjusted the RMB to USD middle rate to 7.0754, an increase of 40 basis points from the previous day's rate of 7.0794 [4]

Core Viewpoint - The article discusses the acquisition plan of Enjie Co., a leading company in the lithium battery separator industry, which is planning to acquire 100% equity of Zhongke Hualian and raise matching funds, leading to a temporary suspension of its stock trading due to uncertainties surrounding the transaction [1][3]. Company Summary - Enjie Co. is recognized as a global leader in the lithium battery separator industry, maintaining the largest market share for seven consecutive years, with a projected market share retention into the first half of 2025 [4]. - The company reported a revenue of 3.78 billion yuan for Q3 2025, marking a year-on-year increase of 40.98%, while the net profit attributable to shareholders saw a significant decline of 95.55% [4]. - Enjie Co. has a robust order book and high capacity utilization, with stable growth in demand and orders from downstream customers, particularly in the energy storage sector [6]. Industry Summary - The lithium battery sector has seen a surge in activity, with the lithium battery index rising over 60% since April 9, driven by explosive energy storage demand and accelerated solid-state battery industrialization [1]. - The Ministry of Industry and Information Technology (MIIT) held a meeting to discuss the competitive order in the power and energy storage battery industry, emphasizing the need for high-quality development and addressing challenges such as irrational competition [7]. - Analysts predict that targeted policies may emerge to stabilize prices within the lithium battery supply chain, with expectations of a return to a "reasonable range" for prices [2][8]. - The demand for lithium batteries is projected to grow by 30% in 2026, while supply growth is expected to lag behind, potentially leading to continued supply-demand tightness across various segments of the industry [8].

Market Overview - On November 21, 2025, the A-share market experienced a significant decline, with the Shanghai Composite Index dropping 2.45% and falling below the 3900-point mark, while the Shenzhen Component Index and ChiNext Index fell 3.41% and 4.02%, respectively [1][2] Market Performance - Over 5000 stocks in the market declined, with only around 300 stocks rising. Nearly 2500 stocks saw declines exceeding 3%, and trading volume surged to 1.78 trillion yuan, marking the largest single-day drop since April 7 [2][4] - The technology sector was particularly hard hit, with an average decline of 7.5% among ChiNext constituents, and major stocks like CATL, SMIC, and Industrial Fulian contributing significantly to the index's drop [5][10] Capital Flow - There was a net outflow of 645.1 billion yuan from major funds, the highest in three months, with significant outflows from the semiconductor and power equipment sectors [6][7] - Retail investors also saw a net outflow of 218.5 billion yuan, indicating a synchronized sell-off with institutional investors [7] Sector Analysis - The lithium battery sector faced a collective collapse, with lithium carbonate futures hitting the limit down and spot prices dropping 5% to 178,000 yuan per ton [9] - Defensive sectors like banking and public utilities showed resilience, with blue-chip stocks like Industrial and Construction Bank experiencing slight increases [11] Structural Issues - The extreme concentration of public funds in the technology sector, particularly in AI, semiconductors, and lithium batteries, was identified as a core internal factor for the market crash, with some funds exceeding their industry holding limits [13] - The valuation and performance divergence in the technology sector was highlighted, with average P/E ratios significantly higher than the growth rates of earnings [13] External Influences - The decline in the U.S. stock market, particularly the Nasdaq's drop of 2.15%, was a direct trigger for the A-share market's fall, exacerbated by concerns over the sustainability of AI profits [18][20] - The market's reaction to U.S. economic data, which indicated a higher-than-expected job growth but also a rising unemployment rate, led to a shift in expectations regarding Federal Reserve interest rate cuts [18] Historical Context - Goldman Sachs noted historical parallels with previous market bottoms, suggesting that similar panic events occurred on April 7, 2020, and April 7, 2025, both of which were followed by significant market recoveries [22][26] Investment Opportunities - Despite the overall market decline, certain sectors showed resilience, such as the photolithography sector benefiting from export restrictions and some AI application stocks that performed well [29] - Defensive sectors, including banking and public utilities, attracted capital due to their low valuations and high dividend yields [29]

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