MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨红卜 +0.07% +0.27% +0.41% 上证指数 创业板指 深让成指 两市成交额1.9万亿元 较上一日+379亿元 全市场个股涨跌数 1512 deta 3856 =1 上涨 ull 持平 叫下跌 资金净流入TOP3行业(申万一级) 建筑材料 基础化工 电力设备 +12.78亿元 +3.58亿元 +36.567元 机构观点 II 中金公司: 股市短期回调有望为2026年上半年行情提供较好的布局机 是。 华安证券: 历史上,A股大涨的次年1月均呈高波动状态,春季躁动行 情是否启动仍需观察。 光大证券:指数预计或还將延续区间震荡的格局。 3A齐聚 · 龙耀东方 华宝基金集结中证"A系列"三大宽基ETF,为投资者提供了一键做多 中国的多样选择。 跟踪中证A50指数 A50ETF华宝 159596 华宝县金 vabao WP Fund THE THE WATER 2025年12月 | 3A系列ETF当日场内行情 ■ 中证A100ETF基金 A50ETF华宝 A500ETF华宝 563500 159596 562000 +0.63% +0.34% +0.16% ...

格隆汇12月23日｜中信证券发布报告，展望2026年，预计我国宏观经济将呈现结构分化下的温和修复态势，经济增速或前低后高，出口保持韧性，投 资逐步回暖，商品消费短期承压。A股市场：展望2026年，A股全球营收敞口企业已不局限于少数公司，而足以推动整个A股的行情，未来A股的基本面 要放在全球市场需求去看。中美签署协议后到美国中期选举前，预计中美格局相对最稳定，这个阶段是做多权益市场的黄金期。从市场流动性来看， 追求稳健回报的绝对收益资金持续入市，一定程度上将推动A股宽基指数波动率步入长期下行通道。建议重视三大线索：①资源/传统制造产业提质升 级；②中企出海与全球化；③新应用打开AI商业化空间。 全球市场：2026年全球经济或进入更柔和而明朗的增长基调，美国经济应能温和增长、欧元区内需有望修复、日本表现或不温不火，财政扩张料将支 持经济动能。美联储独立性与美元信用是资产配置的核心影响因素。 MACD金叉信号形成，这些股涨势不错！ 债券市场：利率债方面，预计2026年10年国债收益率或在1.6%~1.9%区间震荡，呈"先下后上"节奏；信用债方面，科创债的扩容发行或重塑2026年的信 用主线；可转债挑战重重，机遇仍存 ...

本来走得好好的A股，午后突然快速反攻。什么原因呢？ 是证券的大幅反攻带来的效果，如果不是证券从水逆到快速反攻，今天的走势不会如此快速。 知道了原因，你想下场吗？ 坦率来说，这个走势跟我昨天直播间说到完全相反，我认为既然继续选择向下，这次会更加彻底，连续多跌几个交易日。 没想到今天一个下午就给逆转了局势。我没看懂，还是不玩儿。 期货上锂矿涨幅超7%，稳稳站在了10万块上方，终于达到这个关键的价格关口。 不过我没有动手，之前认为锂矿的性价比不合适，现在依旧没有考虑下场。 第二：白酒再度走低 虽然今天午后三市大涨反攻，但似乎没有白酒什么事情，白酒依旧自顾自下跌。 我上周尝试了点，然后持续等待，有更合适的机会，继续上车即可。 第三：证券快速反攻 今天的反攻，是证券给的，从下跌超0.6%，到涨幅超2%，证券用时不足半小时。可见这波反攻之猛烈。 确实太突然了，我只是浅尝辄止，没有考虑增加，当然也没有时间来考虑增加。 不知道有没有朋友斩获颇丰的？恭喜了。开心享受炒股带来的乐趣吧。 我是李聪，10年读书会主理人，活到老、学到老，关注我，一起向上成长！ 以上仅为个人看法，不作为任何建议！ 板块上： 第一：锂矿大涨 ...

想来想去，还是有必要对上个周末的两大利好进行解读，免得大家出现误解，从而对行情的判断出现偏差。 先做个简单的背景分析，因为上周五早上的时候市场成交萎缩的很明显，如果下午不是券商保险这些发力，全天的成交金额存在破1.5万亿的可能性，因为 成交的萎缩事关重大，会对市场信心带来不利的引导，并且很容易形成空头信号，这种情形下，出现周末的两大利好，大家心知肚明，存在维护市场稳定的 意图。 周一开盘怎么走？ 我感觉周末出的利好似乎已经在周五的盘面上体现了，所以今天会适当的高开，但是要想出现比较突出的表现比较难，目前依然还是震荡市，大家不要因为 上个周末的利好而迷失了方向，短期内反弹的多了，就要注意可能回落的节奏。 免责声明：文中内容仅供参考，不构成任何操作建议或提示，股市有风险，投资请谨慎！ 其二，对优质机构适当的优化风控指标，打开资本空间和杠杆限制，也是属于制度建设层面，现在这是这么一个说法，具体的细则还没有出来，所以影响有 多大现在难以评估，对券商行业来说，为什么股价跑不赢银行和保险，主要还是回报率的问题，银行的股息率有优势，保险的业绩是没问题，券商最大的问 题是行业内卷明显，竞争格局对预期形成了干扰，最关键的一点券 ...

Core Viewpoint - The A-share market is currently experiencing a consolidation phase, with rapid rotation among sectors, particularly in technology and consumer sectors, as investors prepare for year-end allocations and future market trends [2]. Group 1: Market Performance - The A50ETF Huabao, launched on March 18, 2024, tracks the CSI A50 Index, while the CSI A100 ETF Fund was launched on August 1, 2022, and the CSI A500 ETF Huabao will be launched on December 2, 2024 [1]. - The overall market performance shows a decline, with the Shanghai Composite Index down by 0.4%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.12% [1]. - The total trading volume in the two markets reached 1.71 trillion yuan, a decrease of 177 billion yuan compared to the previous day [1]. Group 2: Sector Insights - The technology sector is currently in a consolidation phase, while funds are rotating towards themes such as lithium batteries and electrolytes, benefiting from policy support in the consumer sector [2]. - Institutional investors are expected to balance their allocations as they prepare for the market outlook for the upcoming year, indicating a continued focus on sector rotation [2]. Group 3: Investment Products - Huabao Fund has launched three major broad-based ETFs under the CSI "A Series," providing investors with diverse options to invest in China's market [2]. - The A50ETF focuses on the top 50 core leading companies, while the CSI A100 ETF encompasses the top 100 industry leaders, and the CSI A500 ETF targets the top 500 companies in the A-share market [2].

Group 1: Market Review - Index closing prices, daily changes, trading volumes, and turnovers are presented for the Shanghai 50, CSI 300, and CSI 1000. The Shanghai 50 closed at 3073.6656 with a turnover of 1324.81 billion yuan and a volume of 0.96 billion, and the CSI 300 closed at 4702.0738 with a turnover of 5100.61 billion yuan and a volume of 7590.5763 million. The CSI 1000 had a daily change of 1.39% and a turnover of 4205.96 billion yuan [3]. - On November 13th, the A - share market opened lower and closed higher. The Shanghai Composite Index rose 0.73% to 4029.5 points, hitting a ten - year high. The Shenzhen Component Index rose 1.78%, the ChiNext Index rose 2.55%, the Beijing Stock Exchange 50 rose 2.62%, the STAR 50 rose 1.44%, the Wind All - A rose 1.33%, the Wind A500 rose 1.49%, and the CSI A500 rose 1.43%. The total A - share trading volume was 2.07 trillion yuan, up from 1.96 trillion yuan the previous day [5]. Group 2: CFFEX Stock Index Options Trading - Options trading volumes and open interests, including those of call and put options, as well as the Put - Call Ratio (PCR) for the Shanghai 50, CSI 300, and CSI 1000 are provided. For example, the Shanghai 50 had a call option trading volume of 2.55 million, a put option trading volume of 0.61 million, a call option open interest of 7.18 million, and a put option open interest of 3.16 million [3]. Group 3: Volatility Analysis - Historical volatility and volatility cone data, along with volatility smile curves and next - month at - the - money implied volatility for the Shanghai 50, CSI 300, and CSI 1000 are analyzed [3][4].

Group 1 - The 2026 Capital Market Annual Conference by CITIC Securities will focus on global macroeconomic trends and investment strategies under the theme "Striving for a New Journey" [1] - CITIC Securities' Chief Economist Mingming forecasts a 5.0% growth for China's economy in 2025 and around 4.9% in 2026, with a more proactive fiscal policy expected [1] - The fiscal deficit rate is anticipated to remain around 4%, with an increase in special bond quotas directed towards project construction [1] Group 2 - The "14th Five-Year Plan" period is expected to see an ideal economic growth rate of approximately 4.8%, with a focus on balancing demand-side policies [2] - The expansion of service consumption is identified as key to improving consumption rates, with policies expected to target income distribution reform and enhance the "wealth effect" of the capital market [2] - A-share companies are transitioning into multinational corporations, with the potential for Chinese enterprises to gain pricing power in the global value chain during the "14th Five-Year Plan" [2] Group 3 - The market liquidity is characterized by the influx of absolute return funds, contributing to a long-term decline in the volatility of broad-based A-share indices [3] - Three key industry trends are highlighted: upgrading traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [3] - The cyclical support for the Chinese economy is increasing, which may help mitigate downward pressures, while the focus remains on expanding consumption and nurturing new growth sectors [3]

Core Viewpoint - The A-share market is currently experiencing a tug-of-war around the 4000-point mark, with a critical trading volume threshold of 2.5 trillion yuan that needs to be surpassed for a sustained upward movement [1][3]. Market Conditions - The A-share market has been in a "vacuum period" with a lack of strong catalysts, as the third-quarter reports have just been released and the annual reports are still pending [3]. - There has been a significant net outflow of 236.9 billion yuan from the A-share market, indicating a retreat of existing funds despite a year-on-year revenue growth of 58.27% and net profit growth of 53.58% for listed companies [3][5]. - Foreign capital has shown a cautious attitude, with recent net outflows from northbound funds despite the optimization of the Qualified Foreign Institutional Investor (QFII) system [3][8]. Technical Analysis - The market is showing signs of a potential top, with all three major indices exhibiting a divergence pattern, where the indices are rising while key technical indicators like MACD are not reaching new highs [3][5]. - The current trading volume is around 2 trillion yuan, which is approximately 20% lower than the peak in August, indicating a volume-price divergence that could hinder a breakout [5]. Sector Performance - There is a noticeable rotation among sectors, with recent leaders like pharmaceuticals and AI applications experiencing adjustments, while sectors such as power generation and chemicals have taken the lead [5][6]. - The technology sector is showing significant differentiation, with high valuations in AI-related stocks, while leading companies maintain stability due to their technological advantages [6]. Policy Support - Recent policy measures from the central bank and the China Securities Regulatory Commission (CSRC) have provided a supportive environment for the market, including a 700 billion yuan reverse repurchase operation to ensure liquidity [8]. - The market sentiment has cooled compared to previous bullish trends, with a more rational investor mindset reflected in the changes in trading volume [8]. Investment Strategies - Institutional funds are quietly adjusting their portfolios, with social security and public funds showing significant overlap in holdings, particularly in technology innovation sectors [8]. - The current A-share market valuation is significantly lower compared to 2015, with a healthier market structure as hard tech companies have risen in prominence [10]. Upcoming Events - The market is expected to face critical tests in the coming week, focusing on trading volume expansion, sustainability of leading sectors, and the movement of northbound funds [11]. - Key economic data will be released on November 14, which may provide new directional guidance for the market [13].

Core Insights - The number of new A-share accounts opened in October was 2.3099 million, a decrease of 21% from September and a 66% decline year-on-year [1][3] - In the first ten months of 2025, a total of 22.4588 million new accounts were opened, representing a year-on-year growth of 10.57% [1][6] - The decline in new accounts in October reflects short-term market sentiment and structural dynamics, with regulatory measures impacting speculative investments [1][6] Summary by Category New Account Openings - October saw 2.3099 million new A-share accounts, down from 2.9372 million in September, marking a 21.36% decrease [3] - Year-on-year, October's new accounts fell by 66.26% from 6.8468 million in the previous year [3] - The cumulative new accounts for the first ten months of 2025 reached 22.4588 million, with a total account count of 39.245 million [6] Market Sentiment and Trends - The decline in new accounts is attributed to weaker-than-expected economic data and increased market volatility, which dampened investor enthusiasm [1][6] - Analysts suggest that the market may enter a period of consolidation with a lack of clear catalysts, leading to a predominantly oscillating market in the short term [7][8] Investor Composition - Individual investors accounted for 2.3022 million of the new accounts in October, while institutional investors contributed only 0.077 million, falling below 1,000 [1][6] - In the first ten months, individual investors opened 22.3751 million accounts, while institutional investors totaled 0.0838 million [6] Future Outlook - Analysts predict that the A-share market may experience short-term fluctuations but could gradually recover in the medium to long term, especially if economic conditions improve and foreign capital returns [6][8] - The market is expected to remain in a narrow trading range, with potential for upward movement depending on technological growth and policy support [7][8]

Summary of Key Points Core Viewpoint - The number of new A-share accounts opened in October decreased significantly, reflecting a struggle between short-term market sentiment and long-term structural momentum, with a notable decline in investor enthusiasm due to weaker economic data and increased market volatility [1][5]. Group 1: New Account Data - In October, 2.3099 million new A-share accounts were opened, a decrease of 21% from September and a 66% decline year-on-year [2][4]. - For the first ten months of 2025, a total of 22.4588 million new accounts were opened, representing a year-on-year growth of 10.57% [1][5]. - The majority of new accounts in October were from individual investors, totaling 2.3022 million, while institutional accounts fell to 0.077 million [1][5]. Group 2: Market Trends and Analysis - The trend of new account openings has shown fluctuations, with a peak in March at 3.0655 million accounts, followed by a decline in subsequent months [4]. - Analysts suggest that the A-share market is likely to enter a period of consolidation with a lack of clear directional catalysts, leading to a predominantly oscillating market in the short term [6][8]. - The current market environment is characterized by a balance between growth and value styles, with a focus on technology and cyclical sectors [7][8]. Group 3: Future Outlook - Short-term market performance is expected to remain volatile, but there is potential for recovery in the medium to long term if economic conditions improve and foreign capital returns [5][6]. - Analysts predict that the market may face challenges in spring 2026, including demand verification and valuation pressures in the technology sector [8].