Market Overview - The market experienced fluctuations with both the Shanghai Composite Index and Shenzhen Component Index dropping over 1%, while the ChiNext Index fell more than 2%. Retail and consumer stocks showed resilience, with companies like Yonghui Supermarket and Anji Food hitting the daily limit. The autonomous driving sector was active, with stocks like Zhejiang Shibao and BAIC Blue Valley also reaching the limit. Conversely, the photovoltaic sector faced corrections, with Zhongli Group hitting the limit down, and the controllable nuclear fusion concept saw declines, with Guoji Heavy Industry also hitting the limit down. Overall, more than 4,300 stocks declined across the Shanghai and Shenzhen markets, with a total transaction volume of 1.75 trillion yuan [1]. Hot Topics Autonomous Driving - The autonomous driving sector saw significant gains, with stocks like Sanyangma and Zhejiang Shibao hitting the daily limit. The Ministry of Industry and Information Technology announced the first batch of L3-level conditional autonomous driving vehicle permits, allowing models from Changan and Arcfox to conduct road tests in designated areas in Chongqing and Beijing, marking a shift from testing to commercial application [4][5]. - Tesla initiated a no-safety-driver Robotaxi test in Austin, USA, with plans to expand its fleet to 500 vehicles by the end of the year [4]. - Investment perspectives highlight two key areas: market demand driven by policy compliance, including driver monitoring systems and data recording systems, and industry opportunities led by technological upgrades, such as smart driving domain controllers and automotive-grade chips [6]. Consumer Sector - The consumer sector remained active, with stocks like Baida Group achieving four consecutive limits. The article in the latest issue of "Qiushi" magazine emphasized the strategic importance of expanding domestic demand [8][10]. - Analysts suggest that the consumer market is likely to benefit from policy support and economic recovery, particularly in sectors like travel and duty-free shopping [10]. Digital Currency - The digital yuan concept saw notable activity, with stocks like Aerospace Information and Cuiwei Co. hitting the daily limit. The Ministry of Commerce encouraged the use of digital yuan smart contract red envelopes to enhance consumption policies [11][12]. - Analysts believe that the external conditions for promoting the digital yuan are now in place, with potential upgrades in its positioning and infrastructure, which could create market demand for IT system upgrades [13].

创业板指低开低走跌2.1%、沪指跌1.11%，下跌个股超4300家，无人驾驶、消费股逆势走强。华菱线缆、百大集团、法尔胜4连板，一图看懂>> I T T A \ U.LH \ 直他 博菲电气 公司的主营业务为电气绝缘材料等高分子复合材料的研发、生产与销售，相关绝缘材料 可以应用于核电发电机组上 中公教育 国内领先的全品类职业教育机构，公考培训龙头 公司位于福建厦门市,是国内男裤龙头 欧亚集团 "中华老字号"的零售企业,公司从事商业40年,全渠道营销,以实体零售经营为主 红旗连锁 2天2板 公司深耕四川,主营便利超市连锁经营 利群股份 公司为国内知名商业零售连锁企业，主要从事以百货、超市及电器全品类经营为核心主 业的零售连锁业务,和以城市物流中心为支撑的品牌代理及商业物流配送业务 黑芝麻 1、我国糊类食品龙头企业;旗下拥有京和米业,主要生产的香米富硒米,年生产大米 能力20万吨； 2、公司拟对天臣新能源增资5亿，标的主要从事锂电池生产和销售 广百股份 2天2板 公司是广州地区最大百货连锁零售企业,积极开发钻石DIY等定制商品,推出品牌IP盲 官 永辉超市 7天4板 国内大型连锁超市,总部位于福建省福州市 安记食 ...

Group 1 - The China Securities Financial Technology Theme Index (930986) has seen a strong increase of 1.55%, with constituent stocks such as New Morning Technology (300542) rising by 12.21%, Win Times (300377) by 10.43%, and Cuiwei Co. (603123) by 10.03% [1] - The Financial Technology ETF Index (563670) has also risen by 1.28%, with the latest price reported at 0.87 yuan [1] - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau have issued a notice to enhance the synergy between commerce and finance, encouraging the use of digital RMB smart contract red envelopes to improve the effectiveness of consumption promotion policies [1] Group 2 - China Galaxy Securities believes that the national policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to guide the future direction of the sector [1] - The current environment features a moderately loose liquidity, an ongoing optimization of the capital market environment, and a restoration of investor confidence, all contributing to an upward trend in the securities sector [1] - The mid-to-long-term capital is accelerating into the market, maintaining high market activity, and the capital market is exhibiting a "healthy bull" trend, with wealth management transformation, international business expansion, and financial technology empowerment expected to drive improvements in ROE [1] Group 3 - The Financial Technology ETF Index closely tracks the China Securities Financial Technology Theme Index, which selects listed companies involved in financial technology-related products and services as sample securities to reflect the overall performance of financial technology theme listed companies [2] - As of November 28, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index include Tonghuashun (300033), Dongfang Wealth (300059), and Hengsheng Electronics (600570), with the top ten stocks accounting for 53.31% of the total weight [2]

晨会纪要 中原期货研究咨询部 2025 第（227）期 发布日期：2025-12-15 | 中原期货研究咨询部 | | --- | | 0371-58620083 | | 0371-58620081 公司官方微信 | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2025/12/15 | 2025/12/14 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,062.50 | 1,016.50 | 46.0 | 4.525 | | | 焦炭 | 1,508.50 | 1,475.00 | 33.50 | 2.271 | | | 天然橡胶 | 15,265.00 | 15,230.00 | 35.0 | 0.230 | | | 20号胶 | 12,440.00 | 12,330.00 | 110.0 | 0.892 | | | 塑料 | 6,602.00 | 6,486.00 | 116.0 | 1.788 | | | 聚丙烯PP | 6,294.00 | 6,12 ...

商务部+央行+金融监管局三部门，发布关于加强商务和金融协同，更大力度提振消费的通知。其中提 到，强化政策合力。鼓励地方商务主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持 形成合力，更好激发消费潜力。鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质 效。结合地方实际探索运用融资担保、贷款贴息、风险补偿等多种方式，加强财政、商务、金融政策协 同配合，引导信贷资金加大向消费重点领域投放。鼓励有条件的地方通过多种方式支持参与康养、文旅 等消费重点项目和数字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥各自特点，加强优势互 补，协同参与促消费活动，促进消费提质升级。 三部门：鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效 【大势展望】 【今日头条】 隔夜美股道琼斯工业平均指数比前一交易日下跌245.96点，收于48458.05点，跌幅为0.51%，上周累计 上涨1.05%；标准普尔500种股票指数下跌73.59点，收于6827.41点，跌幅为1.07%，上周累计下跌 0.63%；纳斯达克综合指数下跌398.69点，收于23195.17点，跌幅为1.69%，上周累计下跌1 ...

Market Overview - Concerns over AI have led to a significant decline in U.S. stock markets, with the Nasdaq dropping nearly 2% and the S&P 500 falling over 1%, although the Dow Jones still managed to gain over 1% for the week [1] - Semiconductor and AI stocks faced heavy losses, with Nvidia down over 3% and Broadcom dropping 11% after its earnings call, while Oracle's stock fell nearly 15% over two days following reports of data center delays [1][2] - Tesla saw a counter-trend rebound of nearly 3%, while cannabis stocks surged, with Canopy Growth rising 54% [1] Economic Indicators - The Nasdaq Golden Dragon China Index fell by 0.30%, with notable declines in Chinese companies such as JinkoSolar down over 52% and Canadian Solar down 10% [2] - Long-term U.S. Treasury bonds declined, with the 10-year yield approaching a three-month high, while the U.S. dollar index ended a three-week losing streak [2] - Offshore RMB fell below 7.05, moving away from a 14-month high, but still gained over 100 points for the week [2] AI and Energy Sector - Oracle's CDS rose to its highest level since 2009 due to concerns over data center delays, although Oracle denied any delays in its contracts [2] - Nvidia is set to hold a closed-door summit focused on power issues related to data centers in the AI era, highlighting the energy crisis as a critical bottleneck for AI business expansion in the U.S. [10] Domestic Policy and Economic Measures - Multiple Chinese ministries responded to the Central Economic Work Conference, with the central bank emphasizing flexible monetary policy tools to stimulate consumption and investment [3][4] - In November, China saw new social financing of 2.49 trillion yuan and new RMB loans of 390 billion yuan, with the central bank continuing to implement a moderately loose monetary policy [5] Industry Developments - The China Photovoltaic Industry Association announced the establishment of a "polysilicon production capacity integration acquisition platform" to address excessive competition in the photovoltaic industry [12] - The platform aims to resolve debt crises and stabilize polysilicon prices through a dual-track model of "debt acquisition + flexible capacity reduction" [12][13] Consumer Sector Initiatives - The Ministry of Commerce and the People's Bank of China issued a notice to enhance business and financial collaboration to boost consumption, particularly in rural areas [14] - The notice includes measures to support durable consumer goods and digital product financing, indicating a focus on rural consumption growth [14]

Group 1 - The Ministry of Commerce issued a notice on December 14 to strengthen the collaboration between commerce and finance, proposing 11 policy measures to boost consumption [1] - The notice emphasizes enhancing financial services for durable consumer goods and digital products, aiming to tap into the potential for upgrading consumer goods [1] - The notice encourages the use of digital RMB smart contract red envelopes to improve the effectiveness of consumption promotion policies [1] Group 2 - Huachuang Securities believes that the external conditions for promoting the use of digital RMB are now in place, which will lead to upgrades in its positioning and infrastructure [2] - The demand for downstream development is creating a market need for related IT system upgrades, while the exit of clearing institutions and wallet-side institutions in the "payment upon settlement" process of digital RMB is expected to expand profit margins in acquiring businesses [2] Group 3 - Cuiwei Co., Ltd. has connected with the designated operating banks of the Central Bank Digital Currency Research Institute to support digital RMB payment collection in various commercial scenarios [3] - Zhongke Jiangnan is deeply involved in the application construction of digital RMB in the fiscal treasury fund payment scenarios [4]

机构认为，临近年底，市场震荡结构特征或将延续。 深证成指、创业板指、深证100、创业板50等深市指数定期调整正式实施 北证指数样本股定期调整生效 2025中国汽车软件大会(上海，12/15-12/16) 世界旅游经济论坛2025年峰会(哈尔滨，12/15-12/17) 新股申购：健信超导 | 名称 | 现价 涨跌 涨跌幅 | | --- | --- | | 道琼斯工业平均 48458.05c -245.96 -0.51% | | | 纳斯达克指数 | 23195.17c -398.69 - -1.69% | | 标普500 | 6827.41c -73.59 - -1.07% | 【财经日历】 国家统计局发布11月国民经济运行数据 国家统计局公布70城住宅销售价格月度报告 央行开展6000亿元买断式逆回购操作，期限为6个月 当地时间上周五，美股主要指数全线走低。截至收盘，道指跌0.51%；纳指跌1.69%，创两周新低，标普500指数跌1.07%。 热门股方面，博通跌11.4%，市值蒸发约2300亿美元。此前该芯片制造商表示，公司第一财季综合毛利率将出现环比下滑。 甲骨文下跌4.8%，尽管公司否认关于其为人工智 ...

商务部网站12月14日消息，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布《关于加强 商务和金融协同 更大力度提振消费的通知》，针对深化商务和金融系统协作、加大消费重点领域金融 支持、扩大政金企对接合作三个方面，提出11项具体举措。 要 点 速 览 鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效 适当减免汽车以旧换新过程中提前结清贷款产生的违约金 培育新型消费。因地制宜推动新型消费发展，按照风险可控、商业可持续原则，积极探索金融支持首发 经济、绿色消费、健康消费、数字消费、"人工智能+消费"、"IP+消费"等消费新业态新模式的有效举 措，提供更具多样性、差异化的金融服务。引导金融机构与社交电商、直播电商等开展合作，开发适应 互联网特点的业务模式。支持金融机构加强与实体零售、电商平台合作，扩大"一站式"金融服务。在依 法合规、风险可控的前提下，合理适度扩大客户范围，下沉服务"长尾"客户，增强可获得性和便利度。 支持金融机构、大型企业在依法合规的前提下，探索扩大消费积分应用。 用好用足服务消费与养老再贷款 扩大知识产权、科技成果等无形资产质押融资服务 积极探索金融支持首发经济、绿色消费 ...

商务部网站12月14日消息，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅发布《关于加强 商务和金融协同更大力度提振消费的通知》，针对深化商务和金融系统协作、加大消费重点领域金融支 持、扩大政金企对接合作三个方面，提出11项具体举措。 要 点速览 鼓励有条件的地方运用数字人民币智能合约红包提升促消费政策实施质效 加快推动个人消费贷款业务发展 培育新型消费。因地制宜推动新型消费发展，按照风险可控、商业可持续原则，积极探索金融支持首发 经济、绿色消费、健康消费、数字消费、"人工智能+消费"、"IP+消费"等消费新业态新模式的有效举 措，提供更具多样性、差异化的金融服务。引导金融机构与社交电商、直播电商等开展合作，开发适应 互联网特点的业务模式。支持金融机构加强与实体零售、电商平台合作，扩大"一站式"金融服务。在依 法合规、风险可控的前提下，合理适度扩大客户范围，下沉服务"长尾"客户，增强可获得性和便利度。 支持金融机构、大型企业在依法合规的前提下，探索扩大消费积分应用。 适当减免汽车以旧换新过程中提前结清贷款产生的违约金 用好用足服务消费与养老再贷款 扩大知识产权、科技成果等无形资产质押融资服务 鼓励商家、 ...