Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [2][3][4][5] 2. Core Viewpoints - On December 26, the market showed a volatile trend with increased trading volume. The Shanghai Composite Index recorded an eight - consecutive - day gain despite two intraday dips. The short - term sentiment deviated from the rise - fall ratio, with nearly 3,400 stocks falling but nearly 100 stocks hitting the daily limit. The electrolyte, lithium ore, and industrial metal concepts led the gains, while the lithography machine, optical chip, and OCS concepts led the losses [5] 3. Summary by Relevant Catalogs 3.1 Market Review - **Index Performance**: The closing prices of the Shanghai 50, CSI 300, and CSI 1000 were 3045.4036, 4604.27, and 4736.66 respectively. The turnovers were 34.10 billion yuan, 175.40 billion yuan, and the trading volumes were 0.41 billion and 266.26 billion respectively. The price - to - earnings ratios were not provided in a straightforward way, but the relevant data shows the market performance of these indices [3] - **Options Trading**: For the Shanghai 50 index options, the trading volume of call options was 3.54 million contracts, put options was 2.47 million contracts, and the open interest was 5.10 million contracts. For the CSI 300 index options, the trading volume of call options was 13.58 million contracts, put options was 9.03 million contracts, and the open interest was 16.10 million contracts. For the CSI 1000 index options, the trading volume of call options was 32.12 million contracts, put options was 19.53 million contracts, and the open interest was 27.04 million contracts. The PCR (put - call ratio) for each index was also provided, with values of 0.68, 0.71, and 0.98 respectively [3] 3.2 Volatility Analysis - **Historical Volatility and Volatility Cone**: The historical volatility and volatility cones of the Shanghai 50, CSI 300, and CSI 1000 were presented, including the minimum, maximum, 10%, 30%, 60%, 90% percentile values, and the current values. The historical volatility was analyzed for different time periods such as 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day [3][4] - **Volatility Smile Curve**: The volatility smile curves of the Shanghai 50, CSI 300, and CSI 1000 for the next - month at - the - money implied volatility were also shown, with different strike prices and corresponding implied volatility values [3][4]

人民财讯12月30日电，12月30日，三大指数集体低开，上证指数低开0.44%，深证成指低开0.52%，创 业板指低开0.44%。盘面上，化纤、半导体等板块开盘活跃；有色金属、电池、水泥建材、锂矿概念等 板块开盘走低。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On December 26, the broader market showed a volatile trend with increased trading volume. The Shanghai Composite Index recorded an eight - consecutive - day gain after two intraday dips were recovered. The commercial space concept attracted capital inflows in the afternoon, while other sectors faced significant long - short divergence. The short - term sentiment deviated from the gain - loss ratio, with nearly 3,400 stocks falling but nearly 100 stocks hitting the daily limit. The electrolyte, lithium ore, and industrial metal concepts led the gains, while the lithography machine, optical chip, and OCS concepts led the losses [5] 3. Summary by Relevant Catalogs 3.1 Market Review - Index Performance - The closing price of the Shanghai 50 Index was 3,045.4036 with a turnover of 34.1 billion yuan, a trading volume of 0.41 billion, and a daily change of 0.32%. The closing price of the CSI 300 Index was 4,604.27 with a turnover of 175.4 billion yuan, a trading volume of 0.35 billion, and a daily change of 266.26. The closing price of the CSI 1000 Index was 4,736.66, and its specific turnover and trading volume were not clearly stated [3] 3.2 CFFEX Stock Index Options Trading Situation - For the Shanghai 50 Index options, the trading volume of call options was 3.54 million contracts, and that of put options was 2.47 million contracts. The open interest of call options was 5.10 million contracts, and that of put options was 3.03 million contracts. The trading volume PCR was 0.68, and the open interest PCR was 1.07. For the CSI 300 Index options, the trading volume of call options was 13.58 million contracts, and that of put options was 9.03 million contracts. The open interest of call options was 4.55 million contracts, and that of put options was 0.50 million contracts. The trading volume PCR was 0.71, and the open interest PCR was 9.42. For the CSI 1000 Index options, the trading volume of call options was 32.12 million contracts, and that of put options was 19.53 million contracts. The open interest of call options was 27.04 million contracts, and that of put options was 12.58 million contracts. The trading volume PCR was 0.64, and the open interest PCR was 0.98 [3] 3.3 Volatility Analysis - **Shanghai 50 Volatility Analysis**: The historical volatility chart and volatility cone of the Shanghai 50 Index were presented, including data such as the 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day historical volatilities, as well as the minimum, 10%, 30%, 60%, 90%, and maximum values. The volatility smile curve and the next - month at - the - money implied volatility were also shown [3][4] - **CSI 300 Volatility Analysis**: Similar to the Shanghai 50 Index, the historical volatility chart, volatility cone, volatility smile curve, and the next - month at - the - money implied volatility of the CSI 300 Index were provided [4] - **CSI 1000 Volatility Analysis**: The report included the historical volatility chart, volatility cone, volatility smile curve, and the next - month at - the - money implied volatility of the CSI 1000 Index [4]

| 上证指数 深证成指 | 北证50 | | --- | --- | | 3965.28 13537.10 1456.45 | | | +1.60 +0.04% -66.80 -0.49% -6.59 -0.45% | | | 科创50 创业板指 | 万得全A | | 1346.32 3222.61 | 6413.01 | | +0.49 +0.04% -21.26 -0.66% -18.53 -0.29% | | | 沪深300 中证500 中证A500 | | | 4639.37 1 7430.61 5640.76 | | | -17.87 -0.38% -28.22 -0.38% -27.06 -0.48% | | | 中证1000 中证2000 中证红利 | | | 7594.16 3205.93 | 5501.74 | | -11.37 -0.15% -0.58 -0.02% -12.01 -0.22% | | | 行业板块 它 | | | 涨幅榜 资金净流入 | 5日涨幅榜 | | 化纤行业 林木 | 石油天然气 | | +3.93% +3.64% | +2.51% | | 燃气 多元金融 | 发 ...

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.04% to close at 3965.28 points, marking a "nine consecutive days" increase, breaking the previous "eight consecutive days" record for the year [1] - The Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66%, closing at 13537.1 points and 3222.61 points respectively [1] Sector Performance - Sectors such as carbon fiber, noise control, and PEEK materials saw significant gains, while energy metals, lithium mining concepts, and JD Finance experienced notable declines [1] Stock Performance - A total of 1995 stocks in the A-share market were in the green, with 87 stocks hitting the daily limit up, while 3332 stocks were in the red, with 25 stocks hitting the daily limit down [1] Trading Volume - The trading volume for the Shanghai Stock Exchange reached approximately 903.82 billion yuan, while the Shenzhen Stock Exchange recorded about 1.235518 trillion yuan, leading to a combined trading volume of around 2.14 trillion yuan [1]

Market Overview - The A-share market indices collectively weakened today, with the Shanghai Composite Index closing slightly up by 0.04% at 3965 points, marking a nine-day winning streak [1] - The Shenzhen Component Index fell by 0.49%, and the ChiNext Index decreased by 0.66% [1] - Total market turnover was 2.16 trillion yuan, a decrease of 234 billion yuan compared to the previous trading day, with over 3300 stocks declining [1] Sector Performance - The carbon fiber and chemical fiber sectors saw gains, with Shenjian Co. and Huading Co. hitting the daily limit [1] - The commercial aerospace concept continued to perform strongly, with China Satellite also reaching the daily limit [1] - The robotics sector was active, with Wuzhou New Spring hitting the daily limit [1] - The PEEK materials sector rose, with Hengbo Co. increasing by 20% [1] - Other sectors with notable gains included digital currency, oil, diversified finance, and wind power equipment [1] - Conversely, the lithium mining concept declined, with XWANDA dropping over 11% [1] - The pharmaceutical commercial sector weakened, with Shuyapingmin falling over 18% [1] - The fluorochemical sector also retreated, with Shuyapingmin down over 8% [1] - Other sectors with significant declines included dairy, batteries, and electricity [1] Top Gainers and Fund Inflows - The chemical fiber industry led the gainers with an increase of 3.93% [2] - The diversified finance sector followed with a rise of 2.20% [2] - The top sectors for net capital inflow included forestry and gas, with respective increases of 3.64% and 1.57% [2]

人民财讯12月29日电，指数走弱，创业板指跌逾1%，沪指跌0.15%，深证成指跌0.79%；锂矿概念、电 力板块等跌幅居前。 ...

Market Analysis - The A-share market continues to rise, with the Shanghai Composite Index achieving an eight-day winning streak and total market turnover exceeding 2 trillion yuan, indicating increased market activity [3][4] - The Shanghai Composite Index closed at 3963.68 points, up 0.10%, while the Shenzhen Component Index rose 0.54% to 13603.89 points, marking a six-day winning streak [4] - The overall market turnover reached 2.18 trillion yuan, a significant increase of 12.2% from the previous trading day, reflecting heightened liquidity [4][6] Industry Trends - The market is led by the non-ferrous metals sector, with notable performances from companies like Jiangxi Copper and Zijin Mining, which reached historical highs [7] - The launch of the National Venture Capital Guidance Fund aims to attract social capital into key sectors such as integrated circuits, quantum technology, and aerospace, enhancing market enthusiasm for emerging industries [7] - The hard technology sector experienced a pullback, indicating a potential shift in market focus as funds rotate towards sectors with better growth prospects [9] Bond Market - The bond market saw a broad increase, with long-term contracts showing significant gains; the 30-year main contract rose by 0.36% to close at 112.96 yuan [12] - The People's Bank of China conducted a net injection of 368 billion yuan, maintaining a loose monetary environment despite a reduction in the scale of net injections compared to previous days [12] Commodity Market - The commodity index increased, with notable rebounds in aluminum and lithium carbonate prices, reflecting strong market demand and supply constraints [12][16] - The lithium carbonate futures price surpassed 130,520 yuan per ton, reaching a new high for the year, driven by low inventory levels and tight supply expectations [16] Trading Hotspots - Key investment themes include precious metals, commercial aerospace, nuclear fusion, AI applications, and consumer sectors, driven by favorable policies and market dynamics [13][15] - The commercial aerospace sector is gaining traction due to government support and the establishment of new companies, while AI applications are accelerating with advancements from major tech firms [13][15]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing up 0.1% at 3963.68 points, the Shenzhen Component Index up 0.54% at 13603.89 points, and the ChiNext Index up 0.14% at 3243.88 points, while the STAR Market 50 Index fell 0.24% to 1345.83 points [1] - The total market turnover reached 2.18 trillion yuan, with over 3400 stocks declining [1] Sector Performance - The commercial aerospace sector saw a significant surge, with companies like Shenjian Co. achieving a seven-day consecutive rise, and China Satellite and others hitting the daily limit [1][7] - The lithium mining sector also performed well, with Tianji Co. achieving three gains in four days, and several stocks including Fulu Technology and Yongxing Materials hitting the daily limit [1][6] - The Hainan Free Trade Zone concept showed strong activity, with Hainan Development achieving five gains in six days [1][4] - The precious metals and non-ferrous metals sectors rose due to increasing international prices, with companies like Xiaocheng Technology and Jiangxi Copper hitting the daily limit [1][2][3] Institutional Insights - Debon Securities predicts a "slow bull" market for A-shares in 2026, supported by stable indices and ongoing capital market development [8] - Dongwu Securities suggests that while the commercial aerospace sector has shown strong performance, future participation may become challenging, recommending focus on AI applications and key industries related to the 14th Five-Year Plan [9][10] - Huafu Securities anticipates a wave-like market progression, emphasizing technology and transformation as key themes in the ongoing bull market [11] - UBS Wealth Management expects continued upward momentum in the Chinese stock market, driven by advanced manufacturing and technology, with a focus on AI and digital infrastructure [12]

| 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3963.68 | 13603.89 | 1463.0 | | +4.06 +0.10% +72.48 +0.54% +5.07 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1345.83 | 3243.88 | 6431.5 | | -3.23 -0.24% +4.53 +0.14% +21.65 +0 | | | | 沪深300 | 中证500 | 中证A5( | | 4657.24 | 7458.84 | 5667.8 | | +14.70 +0.32% +48.13 +0.65% +31.08 +0 | | | | 中证1000 | 中证2000 | 中证红和 | | 7605.53 | 3206.51 | 5513.7 | | +26.15 +0.35% | -1.63 -0.05% +27.31 +0 | | 涨幅榜 资金净流入 5日涨幅* 林木 贵金属 基本金) +3.70% +3.159 +3.50% 化纤行业 工程机械 贸易 +2.71% +3.02% +2.189 A股三大指数 ...