市场研究部证券研究报告 2025 年 12 月 30 日 国内市场综述 震荡整理 小幅上涨 周一（12 月 29 日）大盘震荡整理，小幅上涨。截至 收盘，上证综指收于 3965.28 点，上涨 0.04%；深成 指收于 13537.10 点，下跌 0.49%；科创 50 上涨 0.04%； 创业板指下跌 0.66%，万得全 A 成交额共 2.16 万亿元， 较前一日小幅下降。 行业方面，30 个中信一级行业有 10 个行业收涨，其 中石油石化、国防军工和银行涨幅居前。概念方面， 化学纤维、稳定币及 PEEK 材料等指数表现活跃。 海外市场综述 欧美股市多数收跌 周一（12 月 29 日），欧美股市多数收跌，美国三大 股指全线走低。道指跌 0.51%报 48461.93 点，标普 500 指数跌 0.35%报 6905.74 点，纳指跌 0.5%报 23474.35 点。高盛集团、美国运通跌超 1%，领跌道指。万得美 国科技七巨头指数跌 0.6%，特斯拉跌超 3%，英伟达跌 逾 1%。中概股多数下跌，叮咚买菜跌超 7%，希尔威金 属矿业跌近 7%。 新闻精要 1. 东部战区开展"正义使命—2025"演习 2. ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 30 日 沪指九连阳后或有惯性上冲，获利盘了结需求也在积累 观点： 总量视角 【A 股大势研判】 周一 A 股市场震荡分化，沪指险守 9 连阳。早盘三大指数涨跌不一，沪指震 荡上扬，创业板指翻红后再度回落；午后沪指一度回升，但深成指与创业板指走 低翻绿带动市场承压，三大指数随小幅下行，不过尾盘略有回升，最终沪指顽强 收红险守 9 连阳。两市全天成交额突破 2 万亿。 近期市场缓步上行得益于全球流动性担忧的缓解、政策利好及汇率改善的多 重驱动。另外，成交额实现温和释放，市场活跃度提升。根据历史经验，出现类 似连阳走势后，市场往往仍有惯性上冲的余力。不过结合当前市场表现，还是需 要警惕风险：其一，连阳之后，获利盘了结需求逐步累积，大概率会引发阶段性 调整；其二，上周五至周一，市场盘中多次出现跳水波动，这一信号表明短期上 行后，上方抛压已有所加大，市场短期承压明显。 对于市场而言，政策面的刺激无疑是重要的期待点，但结合此前重要会议释 放的信号来看，增量政策的出台大概率集中在春节前后，短期内政策面难以出现 超预期的利好支撑，这也在一定程度上限 ...

Core Insights - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index rising by 0.04% while the Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 21,392.07 billion yuan [2][7] - In terms of industry performance, sectors such as oil and petrochemicals, national defense and military industry, and banking led the gains, while non-ferrous metals, public utilities, and electric equipment lagged behind [2][7] - Concept sectors that performed well included PEEK materials, carbon fiber, and military equipment restructuring, whereas dairy, lithium from salt lake, and DRG/DIP concepts faced declines [2][7] Domestic Market Performance - The closing figures for major indices are as follows: Shanghai Composite Index at 3,965.28 (up 0.04%), Shenzhen Component Index at 13,537.10 (down 0.49%), CSI 300 at 4,639.37 (down 0.38%), and ChiNext Index at 3,222.61 (down 0.66%) [4] - The Shanghai 50 Index closed at 3,034.63 (down 0.35%), while the Shanghai 180 Index ended at 10,018.94 (down 0.38%) [4] International Market Performance - The international market saw declines across major indices, with the Dow Jones Industrial Average falling by 0.51% to close at 48,461.93, the S&P 500 down by 0.35% to 6,905.74, and the Nasdaq Composite down by 0.5% to 23,474.35 [4][7] - The Nikkei 225 index closed at 50,526.92 (down 0.44%), and the Hang Seng Index ended at 25,635.23 (down 0.71%) [4]

截至12月29日收盘，减速器概念上涨1.32%，位居概念板块涨幅第9，板块内，89股上涨，步科股份20% 涨停，东安动力、五洲新春、*ST海华等涨停，昊志机电、斯菱智驱、力星股份等涨幅居前，分别上涨 15.15%、14.23%、9.68%。跌幅居前的有奥联电子、创元科技、宇环数控等，分别下跌12.21%、 10.02%、5.08%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 3.23 | 乳业 | -1.90 | | 碳纤维 | 2.52 | 盐湖提锂 | -1.89 | | 兵装重组概念 | 1.94 | DRG/DIP | -1.71 | | 数字货币 | 1.73 | PVDF概念 | -1.68 | | 航空发动机 | 1.65 | 氟化工概念 | -1.61 | | 脑机接口 | 1.62 | 中芯国际概念 | -1.47 | | 跨境支付(CIPS) | 1.57 | 自由贸易港 | -1.46 | | 大飞机 | 1.34 | 磷化工 | -1.45 | | 减速器 | ...

Group 1 - The PVDF concept sector experienced a decline of 1.68%, ranking among the top losers in the concept sector, with companies like Duofuduo, Shenzhen Xinxing, and Putailai showing significant declines [1] - Among the PVDF concept stocks, three companies saw price increases, with Jinming Precision Machinery rising by 0.63%, Zhejiang Zhongcheng by 0.18%, and ST Lianchuang by 0.17% [1] - The main capital outflow from the PVDF concept sector today was 1.457 billion yuan, with 17 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2] Group 2 - Duofuduo had the highest net capital outflow of 1.114 billion yuan, followed by Juhua Co., Shenzhen Xinxing, and Dongyangguang with net outflows of 148 million yuan, 62.397 million yuan, and 40.527 million yuan respectively [2] - The top stocks in terms of capital outflow within the PVDF concept included Duofuduo (-8.06%), Shenzhen Xinxing (-7.66%), and Putailai (-3.17%) [3] - The trading volume for Duofuduo was 20.47%, indicating significant trading activity despite the price drop [3]

今日，上证指数延续上涨行情，日线迎来"9连阳"，刷新今年最长连阳纪录。 12月29日，A股三大指数涨跌不一，沪指微涨迎来"9连阳"。数据显示，截至收盘，上证指数上涨0.04%，收报3965.28点；深证成指下跌0.49%，收报 13537.10点；创业板指下跌0.66%，收报3222.61点。沪深两市合计成交额21393亿元，较上一交易日小幅缩量。 沪指此次"9连阳"，打破了年内此前两次"8连阳"的纪录。今年以来，截至12月26日，上证指数最长的连阳纪录是8连阳，一共有两次，一次发生在4月11日 至22日，另一次在8月4日至13日。 上周(12月22日至12月26日)，A股市场在指数层面延续强势，从主要指数表现来看，上周万得全A、沪深300和中证2000指数分别上涨2.78%、1.95%和 3.06%。从成交额层面来看，万得全A日均成交额放量至1.97万亿元，在12月26日突破2万亿元大关。 | | 还原 板块名称 | | 涨幅 ÷ | 涨速 | 涨停数 | 電化 | | --- | --- | --- | --- | --- | --- | --- | | 1 | PEEK材料 | 9 | +3.23% | ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.04% to close at 3965.28 points, while the Shenzhen Component Index fell by 0.49% to 13537.10 points. The ChiNext Index decreased by 0.66% to 3222.61 points. Overall, there were 1993 stocks that rose and 3325 stocks that fell across the market, with a total trading volume of 21393 billion yuan, a decrease of 209 billion yuan from the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the top gainers included Petroleum & Petrochemicals (up 1.48%), National Defense & Military Industry (up 1.43%), Banking (up 1.03%), Agriculture, Forestry, Animal Husbandry & Fishery (up 0.71%), and Automotive (up 0.41%). Conversely, the sectors that experienced the largest declines were Nonferrous Metals (down 1.95%), Utilities (down 1.24%), Electric Equipment (down 1.13%), Building Materials (down 1.11%), Food & Beverage (down 1.06%) [1][10]. Concept Sector Performance - The concept sectors that performed well today included Chemical Fiber Selection, Stablecoins, PEEK Materials, Cryptocurrencies, Cross-Border Payments, Perovskite Batteries, Satellite Internet, Circuit Boards, Gear Reducers, Large Aircraft, Central State-Owned Banks, Selected Aviation Transport, Photovoltaic Glass, Commercial Aerospace, and Low-altitude Economy [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 转自：证券时报 A股市场今天（12月29日）上午整体上行，上证指数盘中创今年12月以来新高，石油石化、国防军工、电子等多个板 块大涨。 其他热点方面，国投白银LOF上午剧烈波动，振幅接近20%。与此同时，今日上午，国际白银期现市场亦出现巨震。 上证指数盘中创12月以来新高 多个板块大涨 A股市场今天上午整体上行，主要指数不同程度上涨，上证指数盘中突破3980点，创出今年12月以来新高。 | 标记 +自选 返回 指标 登加 争件 统计 世宗 | | | G = 上证指数 999999 | | | --- | --- | --- | --- | --- | | > ■ | | | | | | | | 3975.92 | ▲12.24 | 0.31% | | | 4000 | 今日开盘 | | 3964.65 | | | | 昨日收盘 | | 3963.68 | | | 3950 | 指数振幅 | | 24.85/0.63% | | | | 总成交额 | | 5882.45 亿 | | | 3900 ...

巨震。 A股市场今天上午整体上行，主要指数不同程度上涨，上证指数盘中突破3980点，创出今年12月以来新高。 | 指标 登加 事件 统计 圆线 标记 +自选 返回 | | G = 上证指数 999999 | | | | --- | --- | --- | --- | --- | | > ■ | | | | | | | | 3975.92 | ▲12.24 | 0.31% | | | 4000 | 今日开盘 | | 3964.65 | | | | 昨日收盘 | | 3963.68 | | | 3950 | 指数振幅 | | 24.85/0.63% | | | | 总成交额 | | 5882.45亿 | | | 3900 | 总成交量 | | 36316.5万 | | | 3850 | 指数量比 | | 1.43 | | | | 上证换手 | | 0.76% | | | 3800 | A股 涨停 | | 67 | | | | 涨幅 > 7% | | 114 | | | 3750 | 涨幅5-7% | | 91 | | | | 涨幅 3-5% | | 177 | | | 3700 | 涨幅 0-3% | | 147 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index rising by 0.3%, aiming for a nine-day winning streak, and the total market turnover exceeding 1.4 trillion yuan in half a day [1] - Active sectors included chemical fibers, PEEK materials, servers, and CPO, while lithium battery electrolytes, batteries, and dairy sectors experienced adjustments [1] - The ChiNext Index decreased by 0.3%, while the STAR Market 50 Index increased by 0.9%, and the Hang Seng China Enterprises Index rose by 0.8% [1] Group 2 - The ChiNext ETF tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, particularly in equipment, communication, and electronics, accounting for nearly 60% [3] - The STAR Market 50 ETF tracks the STAR Market 50 Index, composed of 50 stocks with high market capitalization and liquidity, featuring a significant focus on technology leaders, with semiconductors making up over 65% and combined with medical devices and software development, accounting for nearly 80% [3] Group 3 - The Hang Seng China Enterprises Index serves as a broad-based index for the Hong Kong market, reflecting the performance of major Chinese enterprises listed in Hong Kong [3]