热门板块方面 盘面上，大型科技股悉数飘红，百度劲升近9%，阿里巴巴涨0.84%，腾讯涨0.59%。市场预热特斯拉 Optimus发包，机器人概念股拉升走强，三花智控大涨超12%；半导体股亮眼，中芯国际涨超4%；俄乌 局势动荡扰动油价，石油股上扬；有色股、汽车股等表现活跃。另一边，医药股继续走弱，风电股、航 空股等普遍承压。 1. 机器人概念午后拉升。截至收盘，越疆(02432)涨13.45%，报38.46港元；三花智控(02050)涨12.53%， 报38.44港元；优必选(09880)涨8.28%，报129.4港元；蓝思科技(06613)涨5.06%，报25.34港元。 据券商中国报道，有传闻指出，供应链公司近期陆续赴北美拜访客户，市场预期特斯拉Optimus项目发 包在即；另有消息称特朗普政府正考虑2026年发布一项关于机器人的行政命令。值得关注的是，近期国 内人形机器人领域也催化频频。京东与宇树科技两家公司合作的线下体验店首店将于12月31日开业，推 动人形机器人商业落地与消费者触达。此前12月26日，工信部成立人形机器人标准化技术委员会。 智通财经APP获悉，港股三大指数集体走高，午后涨幅进一步扩大。 ...

Market Overview - The A-share market experienced a strong upward trend, with the Shanghai Composite Index closing with a 10-day winning streak, while the Shenzhen Component Index and the ChiNext Index rose by 0.49% and 0.63% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the third consecutive trading day, increasing by 3.8 billion yuan compared to the previous trading day [2] Sector Performance - The robotics sector saw significant gains, with multiple stocks hitting the daily limit, including Fenglong Co. with five consecutive limit-ups and Tianqi Co. with four consecutive limit-ups [3] - The AI glasses concept also showed strong performance, with stocks like New Xiang Micro rising nearly 10% and Yingpais rising over 7% [3] - AI-related stocks collectively surged, with over ten stocks in the AI, AI agents, and AIGC sectors hitting the daily limit, including Kute Intelligent and Baijia Qiancheng [3] Hong Kong Market - The Hong Kong stock market also showed strength, with the Hang Seng Index rising over 1% and the Hang Seng Tech Index increasing by more than 2% [5] International Markets - The Japanese and South Korean stock markets closed early due to the New Year's holiday, with the Nikkei 225 Index down 0.37% but showing a strong annual performance, gaining over 10,000 points and up 26.18% for the year [7]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - On December 29, all four major stock index futures contracts for the current month declined. IF dropped by 0.5%, IH by 0.41%, IC by 0.46%, and IM by 0.32% [1] - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 22,687 lots, IH by 11,586 lots, IC by 36,757 lots, and IM by 53,242 lots. In terms of positions, the total positions of IF decreased by 12,050 lots, IH by 5,602 lots, IC by 17,385 lots, and IM by 19,963 lots [2] - The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **CSI 300 and Related Futures**: The closing price of CSI 300 is 4,639.4, down 0.38%. The closing prices of IF2601, IF2602, IF2603, and IF2606 are 4,630.8, 4,620.8, 4,610.2, and 4,567.4 respectively, with declines of 0.50%, 0.43%, 0.56%, and 0.47%. Their trading volumes decreased by 6,620, 289, 12,369, and 3,409 respectively, and their positions decreased by 3,726, increased by 261, decreased by 8,066, and decreased by 519 respectively [1] - **SSE 50 and Related Futures**: The closing price of SSE 50 is 3,034.6, down 0.35%. The closing prices of IH2601, IH2602, IH2603, and IH2606 are 3,036, 3,036.8, 3,038, and 3,033.2 respectively, with declines of 0.41%, 0.36%, 0.48%, and 0.39%. Their trading volumes decreased by 2,169, 66, 7,117, and 2,234 respectively, and their positions decreased by 2,404, decreased by 110, decreased by 2,558, and decreased by 530 respectively [1] - **CSI 500 and Related Futures**: The closing price of CSI 500 is 7,430.6, down 0.38%. The closing prices of IC2601, IC2602, IC2603, and IC2606 are 7,421.6, 7,379, 7,336.6, and 7,157.6 respectively, with declines of 0.46%, 0.51%, 0.67%, and 0.76%. Their trading volumes decreased by 10,673, increased by 763, decreased by 20,731, and decreased by 6,116 respectively, and their positions decreased by 6,224, increased by 1,008, decreased by 10,791, and decreased by 1,378 respectively [1] - **CSI 1000 and Related Futures**: The closing price of CSI 1000 is 7,594.2, down 0.15%. The closing prices of IM2601, IM2602, IM2603, and IM2606 are 7,572.2, 7,500.2, 7,439, and 7,206 respectively, with declines of 0.32%, 0.48%, 0.51%, and 0.59%. Their trading volumes decreased by 15,720, increased by 639, decreased by 29,817, and decreased by 8,344 respectively, and their positions decreased by 7,157, increased by 4,723, decreased by 12,285, and decreased by 975 respectively [1] 2. Top 20 Member Positions in Stock Index Futures - For IF2601, long positions decreased by 2,419, and short positions decreased by 2,639. For IF2602, long positions decreased by 9,611. For IF2603, long positions decreased by 6,158, and short positions decreased by 6,771. For IF2606, long positions decreased by 1,034, and short positions decreased by 742 [5] - For IH2601, long positions decreased by 1,714 with a net change of -4,414, and short positions decreased by 1,956 with a net change of -4,742. For IH2603, long positions decreased by 2,168, and short positions decreased by 2,270. For IH2606, long positions decreased by 532, and short positions decreased by 516 [5] - For IC2601, long positions decreased by 4,226, and short positions decreased by 5,047. For IC2603, long positions decreased by 7,318 with a net change of -13,116, and short positions decreased by 8,625 with a net change of -14,790. For IC2606, long positions decreased by 1,572 [5] - For IM2601, long positions decreased by 5,380 with a net change of -13,183, and short positions decreased by 6,072. For IM2602, long positions increased by 83, and short positions increased by 747 with a net change of -15,394. For IM2603, long positions decreased by 7,886, and short positions decreased by 10,069 [5] 3. Market Conditions - **Precious Metals Market**: On Monday, the spot silver price in the Asian market hit a record high of over $80 per ounce and approached $84, with a nearly 6% increase. However, the market then reversed sharply, and in the New York market, it dropped by over 11%. The decline in silver also dragged down other precious metals, with spot palladium dropping by 17%, spot platinum by 15%, and spot gold by over 5%. In the domestic market, platinum and palladium hit the daily limit down, and the Shanghai silver futures price dropped at the end of the session, erasing all the 10% intraday gains and further dropping by 8.74% at night. The Shanghai gold futures price closed down nearly 1% and further dropped by 4% at night. COMEX gold futures closed down 4.45% at $4,350.2 per ounce, and COMEX silver futures closed down 7.2% at $71.64 per ounce [6] - **A - Share Market**: The A - share market showed a divergence between large and small - cap indices. The Shanghai Composite Index recorded nine consecutive positive days, while the ChiNext Index declined. The commercial aerospace and humanoid robot sectors performed well. The Shanghai Composite Index closed up 0.04% at 3,965.28 points, the Shenzhen Component Index down 0.49%, the ChiNext Index down 0.66%, the Northbound 50 down 0.45%, the STAR 50 up 0.04%, the Wind All - A down 0.29%, the Wind A500 down 0.46%, and the CSI A500 down 0.48%. The total A - share trading volume was 2.16 trillion yuan, compared with 2.18 trillion yuan the previous day. The carbon fiber concept rose as Toray Industries announced a price increase for carbon fiber products. The brain - computer interface concept was active, the commercial aerospace concept remained strong, the humanoid robot concept continued to heat up, and the stablecoin index rose in the afternoon. The lithium - battery industrial chain adjusted significantly, and the Hainan Free Trade Zone concept declined [6] - **Hong Kong Stock Market**: The Hong Kong stock market rose first and then fell. The Hang Seng Index closed down 0.71% at 25,635.23 points, the Hang Seng Tech Index down 0.30% at 5,483.01 points, and the Hang Seng China Enterprises Index down 0.26% at 8,891.71 points. The market trading volume was HK$224.508 billion. Among the Hang Seng Index constituents, JD Health fell 3.42%, Cheung Kong Holdings fell 3.35%, BYD Co., Ltd. rose 3.74%, and Geely Automobile rose 3.43%. Among the Hang Seng Tech Index constituents, Horizon Robotics - W fell 3.20%, Midea Group fell 3.05%, NIO - SW rose 4.89%, and XPeng Motors - W rose 3.88% [7] - **US Stock Market**: The three major US stock indices closed down. The Dow Jones Industrial Average fell 0.51% to 48,461.93 points, the S&P 500 Index fell 0.35% to 6,905.74 points, and the Nasdaq Composite fell 0.5% to 23,474.35 points. Goldman Sachs Group and American Express fell by over 1%, leading the decline in the Dow. Profit - taking put pressure on AI - related stocks. The Wind US Tech Giants Index fell 0.6%, Tesla fell by over 3%, and NVIDIA fell by over 1%. Most Chinese concept stocks declined, with Dingdong Maicai falling by over 7% and Hecla Mining falling by nearly 7% [7] 4. Automobile Market - Cui Dongshu, the secretary - general of the Passenger Car Association, said that the growth of the auto market in 2026 is complex. The most important factor at the beginning of the year is the late Spring Festival, and this year, combined with the early implementation of national subsidies, the effect will be significant. It should achieve positive growth in January, but there will be more pressure in February [8]

沪指呈现8连阳 把握慢牛机会 ——股指周报2025.12.29 数字金融部：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询编号：Z0017812 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | 股指 | | 操作上，周五盘 | | | | 1、2025年的A股市场就将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是 | 中指数出现跳水 | | | | 2024年的4倍多。其中，124只个股涨幅超2倍，6只个股超5倍。区间涨幅最高的2只个 | 下跌，是大盘在 | | | | 股为上纬新材（688585.SH）和天普股份（605255.SH），是按收盘价计算年内唯二的 | 连阳之后出现的 | | | | 十倍股。高居涨幅榜的"牛股"呈现出两大特点：或是AI概念股，或是并购概念股。 | 正常现象，伴随 | | | | 2024年9月，证监会发布了《关于深化上市公司并购重组市场改革的意见》，旨在进一 | 着沪指逼近4000 | | | | 步激活并购重组市场活力。在政策推动下，今年以 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告资讯信息来源于万得资讯和金十数据，冠通研究整理编辑 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 发布日期： 2025/12/29 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.31%报 4562.00 美元/盎司， 周涨 3.98%。COMEX 白银期货涨 11.15%报 79.68 美元/盎司，周涨 18.06%。 2. 美油主力合约收跌 2.43%，报 56.93 美元/桶，周 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 财政部布置明年重点工作：扩大财政支出盘子 12月27日至28日，全国财政工作会议在北京召开。此次会议一大重点是布置2026年财政工作重点任务。而如何落实早 前中央经济工作会议部署的明年实施"更加积极的财政政策"，是市场关注的焦点。上述会议指出，2026年继续实施更 加积极的财政政策。一是扩大财政支出盘子，确保必要支出力度。二是优化政府债券工具组合，更好发挥债券效益。 三是提高转移支付资金效能，增强地方自主可用财力。四是持续优化支出结构，强化重点领域保障。五是加强财政金 融协同，放大政策效能。 特朗普称俄乌"接近达成协议" 不排除三方会晤 当地时间12月28日，美国总统特朗普在佛罗里达州海湖庄园会见乌克兰总统泽连斯基后表示，美方在会谈结束后已同 英国、德国、北约及欧盟等多位欧洲领导人进行沟通，并称相关交流"非常顺利"。特朗普称，各方就结束俄乌冲突取 得"非常大的进展"，相关讨论已覆盖"接近95%的关键议题"，并形容当前进展已达到"非常接近达成协议"的阶段。特 朗普表示，在合适时机不排除举行其本人、俄罗斯总统普京和乌克兰总统泽连斯基参加的三方 ...

Wind数据显示，从区间涨幅来看，2025年，在统计的5176只个股（扣除年内上市新股、退市及其他风 险警示股，下同）中，有4153只个股年内股价收涨，占比80%，而2024年这个比例仅为53%，牛市之 中，上市公司股价实现了普涨。 2025年的A股市场就将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是2024年的4倍多。其 中，124只个股涨幅超2倍，6只个股超5倍。 区间涨幅最高的2只个股为上纬新材（688585.SH）和天普股份（605255.SH），是按收盘价计算年内唯 二的十倍股。高居涨幅榜的"牛股"呈现出两大特点：或是AI概念股，或是并购概念股。 要么AI、要么并购 2025.12.28 本文字数：2761，阅读时长大约4.5分钟 作者 |第一财经 安卓 2025年7月，智元机器人收购上纬新材的交易，通过"协议转让+放弃表决权+部分要约收购"的形式打开 了一个"一级收二级"的并购样本，后续包括胜通能源（001331.SZ）、嘉美包装（002969.SZ）等均复刻 了这一模式。 投中信息副总经理、研究咨询事业部总经理吴浠对记者分析说，智元的交易通过"放弃表决权"在形式上 使其持股比例低于3 ...

年内，528只个股年内涨幅超过1倍，翻倍股数量是去年（125只）的4倍多。其中，124只个股涨幅超2倍，6只个股超5倍。 2025.12. 28 本文字数：2761，阅读时长大约4.5分钟 作者 | 第一财经 安卓 2025年的A股市场就将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是2024年的4倍多。其中，124只个股涨幅超2倍，6只个股超5倍。 区间涨幅最高的2只个股为上纬新材（688585.SH）和天普股份（605255.SH），是按收盘价计算年内唯二的十倍股。高居涨幅榜的"牛股"呈现出两大 特点：或是AI概念股，或是并购概念股。 要么AI、要么并购 Wind数据显示，从区间涨幅来看，2025年，在统计的5176只个股（扣除年内上市新股、退市及其他风险警示股，下同）中，有4153只个股年内股价收 涨，占比80%，而2024年这个比例仅为53%，牛市之中，上市公司股价实现了普涨。 2025年区间涨幅最高的2只个股为上纬新材和天普股份，区间涨幅分别达到15.6倍和13.42倍，是按收盘价计算年内唯二的十倍股。另外，胜宏科技 （300476.SZ）、鼎泰高科（301377.SZ）、菲林格尔（603 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：小讯 2025年的A股市场即将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是2024年的4倍多。其 中，124只个股涨幅超2倍，6只个股超5倍。区间涨幅最高的2只个股为上纬新材（688585.SH）和天普 股份（605255.SH），是按收盘价计算年内唯二的十倍股。高居涨幅榜的"牛股"呈现出两大特点：或是 AI概念股，或是并购概念股。 ...

2025年的A股市场就将迎来收官，回首全年，A股市场产生了528只翻倍股，数量是2024年的4倍多。其 中，124只个股涨幅超2倍，6只个股超5倍。 区间涨幅最高的2只个股为上纬新材（688585.SH）和天普股份（605255.SH），是按收盘价计算年内唯 二的十倍股。高居涨幅榜的"牛股"呈现出两大特点：或是AI概念股，或是并购概念股。 要么AI、要么并购 Wind数据显示，从区间涨幅来看，2025年，在统计的5176只个股（扣除年内上市新股、退市及其他风 险警示股，下同）中，有4153只个股年内股价收涨，占比80%，而2024年这个比例仅为53%，牛市之 中，上市公司股价实现了普涨。 年内，528只个股年内涨幅超过1倍，翻倍股数量是去年（125只）的4倍多。其中，124只个股涨幅超2 倍，6只个股超5倍。 2025年区间涨幅最高的2只个股为上纬新材和天普股份，区间涨幅分别达到15.6倍和13.42倍，是按收盘 价计算年内唯二的十倍股。另外，胜宏科技（300476.SZ）、鼎泰高科（301377.SZ）、菲林格尔 （603226.SH）、品茗科技（688109.SH）成为今年的5倍股，分别涨596.54%、 ...