【导读】电子、化工获集中推荐，机构对年末行情现分歧 中国基金报记者 舍梨 | 巨星科技 | 机械设备 | | | --- | --- | --- | | 古井贡酒 | 食品饮料 | | | 牧原股份 | 农林牧渔 | | | 巨人网络 | 传媒 | | | 信达生物 | 医药生物 | | | 恒立液压 | 机械设备 | 国金证券 | | 中国国航 | 交通运输 | | | 李宁 | 纺织服饰 | | | 古茗 | 食品饮料 | | | 高德红外 | 国防军工 | | | 国泰海通 | 非银金融 | | | 蓝特光学 | 甲子 | | | 海康威视 | 计算机 | | | 新易盛 | 通信 | | | 日李药业 | 医药生物 | | | 港股红利低波ETF | | | | 人工智能ETF富国 | | | | 华锐精密 | 机械设备 | | | 冠盛股份 | 汽车 | | | 首旅酒店 | 社会服务 | | | 锦江酒店 | 社会服务 | | | 上海沿浦 | 汽车 | | | 美湖股份 | 汽车 | 中泰证券 | | 中国东航 | 交通运输 | | | 兆易创新 | 电子 | | | 华鲁恒升 | 基础化工 | ...

【 导读 】电子、化工获集中推荐，机构对年末行情现分歧 中国基金报记者 舍梨 12月券商"金股"正式出炉。截至12月1日，超40家券商研究所发布当月金股组合，行业分布显示，电子行业个股最受青睐，基础化工、有 色金属、电力设备等板块也获得重点配置。回顾11月"战绩"，国联民生证券、中信建投、中邮证券的金股组合收益率位列前三。 对于2025年最后一个月的行情，机构观点出现分歧。部分机构态度偏谨慎，认为市场短期可能缺乏强力催化剂，叠加年末投资者行为趋于 稳健，A股或进入震荡蓄势阶段。另一部分机构则认为，前期扰动因素正逐步缓解，在流动性环境支撑下，跨年乃至春季行情有望提前布 局。 券商12月金股聚焦电子、化工等板块 截至2025年12月1日，共有41家券商发布12月金股。在对券商金股股票池进行去重后，总共有264只A股。从绝对占比来看，券商12月金 股在电子、基础化工、有色金属、电力设备及新能源等行业配置比例较高。 （部分券商金股名单 数据来源：每市App） 11月券商金股收益排名出炉 回顾券商金股11月的市场表现，每市App数据显示，国联民生证券金股组合以3.31%的月度收益率摘得第一，中信建投金股组合以1.05% ...

Core Viewpoint - The article highlights a significant outflow of funds from stock ETFs, totaling over 8.32 billion yuan, despite a general rise in A-share indices, indicating a potential shift in investor sentiment and sector focus [2][3][5]. Fund Flow Summary - On December 1, the total net outflow from stock ETFs (including cross-border ETFs) was 8.32 billion yuan [5]. - The top five sectors with net inflows were: - Gold: 740 million yuan - Media: 370 million yuan - Pharmaceuticals: 270 million yuan - New Energy: 260 million yuan - Consumer Electronics: 220 million yuan [5]. - The top five sectors with net outflows included: - CSI 300 Index: 2 billion yuan - SSE 50 Index: 1.75 billion yuan - CSI A500 Index: 1.48 billion yuan - ChiNext: 1.18 billion yuan - CSI 1000 Index: 640 million yuan [5][10]. ETF Performance - The leading ETFs by net inflow on December 1 included: - ChiNext ETF: 2.58 billion yuan - CSI 500 ETF: 2.58 billion yuan - Game ETF: 2.58 billion yuan - Consumer Electronics ETF: 1.99 billion yuan - Broker ETF: 1.86 billion yuan [9][10]. - Conversely, the ETFs with the highest net outflows were: - SSE 50 ETF: -1.539 billion yuan - CSI 300 ETF: -1.415 billion yuan - ChiNext ETF: -757 million yuan - Broker ETF: -592 million yuan - CSI 1000 ETF: -447 million yuan [10]. Investment Outlook - The article suggests that the current market conditions may present a suitable opportunity for positioning in the upcoming spring market, with a focus on emerging technologies and undervalued consumer sectors [7][11]. - Key areas of interest include: - Technology Growth: Emphasis on sectors like internet, semiconductors, media, power equipment, and innovative pharmaceuticals [11]. - Consumer Sector: Noting that the fundamentals may have bottomed out, with valuations at historical lows, particularly in consumer goods, hotels, airlines, and retail [11]. - Non-ferrous Metals: Anticipated improvements in commodity performance due to easing expectations, with non-ferrous metals still offering valuation advantages [11].

Market Strategy - The report expresses cautious optimism regarding the market outlook for December, anticipating a potential rebound due to improving economic fundamentals and macro liquidity conditions, including expectations of interest rate cuts by the Federal Reserve [3][7] - It emphasizes the importance of adjusting portfolios based on style and trading factors, suggesting a focus on mid-cap blue-chip stocks while being prepared for potential volatility [3][7] Industry Strategy - In the home appliance sector, the report identifies three main investment themes: capitalizing on the interest rate cut cycle, structural upgrades, and the competitive advantages of leading companies amid rising costs and slowing domestic sales [5][7] - The report notes that while the overall market for white goods is under pressure, leading brands are gaining market share due to improved operational efficiency and better end-market adaptability [5][7] Theme Strategy - The establishment of a dedicated regulatory body for commercial aerospace by the National Space Administration is highlighted as a significant development, expected to foster high-quality growth in the industry [6][7] - The report outlines the acceleration of collaborative development between rockets and satellites, with advancements in reusable rocket technology and increased satellite production capabilities [6][7]

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net profit for the last quarter [4] - It emphasizes the company's strategic investments in research and development, which are expected to drive future growth [4] Financial Performance - The company reported a revenue of $10 billion for the last quarter, representing a 15% increase year-over-year [4] - Net profit reached $2 billion, marking a 20% increase compared to the same period last year [4] Strategic Initiatives - The company has increased its R&D spending by 25% to $1 billion, focusing on innovative technologies and product development [4] - Plans to expand into emerging markets are underway, with an estimated investment of $500 million over the next two years [4] Market Position - The company maintains a strong market share of 30% in its primary sector, positioning itself as a leader among competitors [4] - Customer satisfaction ratings have improved, with a reported 90% satisfaction rate in recent surveys [4]

Group 1 - *ST Lifan's stock faced a one-word limit drop upon resuming trading, closing at 2.69 yuan per share, nearing historical lows, with over 1.45 million sell orders on the limit down board [1][3] - The company was found to have inflated revenues by 638 million yuan and costs by 628 million yuan from 2021 to 2023 through various deceptive practices, leading to a proposed fine of 10 million yuan and market bans for key individuals [3] - Due to serious violations, the Shenzhen Stock Exchange initiated delisting procedures for *ST Lifan, changing its stock name to "*ST Lifan" from "ST Lifan" [3] Group 2 - December is viewed as a critical month for positioning in the upcoming market trends, with several brokerages optimistic about the potential for a cross-year rally [4] - Analysts from various firms suggest that the current market phase is a healthy adjustment within a bull market, with expectations for a supportive liquidity environment as year-end approaches [5] - A total of 197 stocks have been identified as potential "gold stocks" for December, with 41 stocks making the list multiple times, predominantly in the electronics, food and beverage, and power equipment sectors [6][7] Group 3 - Among the top-performing stocks, Zhongji Xuchuang has been highlighted for its significant profit growth, achieving a net profit of 7.132 billion yuan in the first three quarters, a 90.05% increase year-on-year [6] - Midea Group also performed well, reporting a net profit of 37.9 billion yuan for the same period, reflecting a 19.51% year-on-year growth [6] - The average increase for the identified "gold stocks" this year is 67.12%, significantly outperforming the Shanghai Composite Index [9]

Core Viewpoint - The news highlights the recent developments regarding *ST立方, including its stock performance, regulatory actions, and the overall market sentiment towards potential investment opportunities in December. Group 1: *ST立方 Developments - On December 2, *ST立方 resumed trading with a one-word drop limit, closing at 2.69 yuan per share, nearing historical lows [2][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission (CSRC), revealing that from 2021 to 2023, it inflated revenue by 638 million yuan and costs by 628 million yuan through various deceptive practices [3] - The CSRC plans to impose a fine of 10 million yuan on *ST立方 and a total of 30 million yuan on 10 responsible individuals, with three key individuals facing a 10-year market ban [3] Group 2: Market Outlook and Investment Opportunities - December is viewed as a critical month for positioning in the year-end market, with several brokerages expressing optimism about potential gains [4][5] - Shenwan Hongyuan Securities suggests that the current phase is a transitional period in a "two-stage bull market," with expectations for policy support to boost economic growth in 2026 [4] - Dongwu Securities anticipates that the end-of-year macro liquidity will remain favorable, creating a conducive environment for capital inflow into the market [5] Group 3: Monthly Gold Stocks - A total of 197 stocks have been included in the December gold stock list, with 41 stocks appearing more than twice, primarily in the electronics, food and beverage, and power equipment sectors [6][7] - Zhongji Xuchuang leads with 8 appearances, reporting a net profit of 7.132 billion yuan for the first three quarters, a 90.05% increase year-on-year [6] - Midea Group follows with 6 appearances, achieving a net profit of 37.9 billion yuan, a 19.51% increase year-on-year [6] Group 4: Performance of Gold Stocks - The average increase of the 41 monthly gold stocks is 67.12% year-to-date, significantly outperforming the Shanghai Composite Index [9] - Among these stocks, 23 have a rolling P/E ratio below 30, with five stocks, including Jiangsu Bank and China Life, having a P/E ratio below 10 [9] - Notably, Ningde Times has seen the highest net buy of 4.037 billion yuan since November, supported by its leading position in the global electric vehicle and energy storage markets [10]

A股放量突破3900点，增量资金入场，明日或加速上涨？ 2025年12月的A股一开场就燃爆全场！咱们股民打开行情软件的瞬间，大概率都被满屏的红色晃了眼——上证指数踩着昂扬的节奏一举站上3900点关 口，深成指、创业板指也同步跟涨，两市近3700只个股飘红，消费电子板块更是掀起涨停潮，中兴通讯这样的巨头半日成交额就逼近140亿元。 更让人振奋的是，市场交投彻底热了起来，成交额直接冲到1.87万亿元，比前一天多了2882亿元，实打实的放量上涨让不少人直呼"跨年行情要提前启动 了"。这波3900点的突破到底是昙花一现，还是新一轮上涨的信号？增量资金都从哪来？明日市场真能加速冲高吗？ 一、3900点稳稳拿下！成交放量超1.8万亿 12月1日的A股走出了"高开高走"的强势行情，截至收盘，上证指数报收3914.01点，上涨0.65%，稳稳站在3900点上方；深证成指涨1.25%报13146.72 点，创业板指涨1.31%报3092.50点，科创50指数也同步上涨0.72%。智通财经统计的数据显示，当天沪深两市成交总额达到18740亿元，其中沪市成交 7857亿元，深市成交10883亿元，相比前一交易日的15858亿元大幅 ...

Core Insights - The S&P Dividend ETF (562060) has seen a slight increase of 0.16%, with the latest price at 0.614 yuan and a record trading volume of 1.68 billion yuan, leading its category with a turnover rate of 8.76% [1][4] - Over the past five trading days, the ETF has experienced net inflows on four occasions, totaling 20.2 million yuan, and over the last 20 days, it has attracted more than 160 million yuan [1][4] - The recent volatility in the technology growth sector has heightened the necessity for investors to allocate funds into dividend assets as a stabilizing force in their portfolios [1][4] Fund Performance - The S&P Dividend ETF and its linked funds (Class A 501029, Class C 005125) passively track the S&P China A-Share Dividend Opportunities Index (CSPSADRP), focusing on dividend stability and sustainable earnings [1][4] - The index is optimized semi-annually and is characterized as a rare "offensive" dividend strategy with low valuations, small market capitalization, and high dividends [1][4] - From 2005 to September 2025, the cumulative return of the S&P A-Share Dividend Total Return Index reached 2469.11%, with an annualized return of 17.73% [1][4]

Core Viewpoint - The market is experiencing a potential upward breakout in December, driven by positive economic policy expectations and strong inflows into cash flow ETFs, indicating a favorable investment environment [1]. Group 1: Market Performance - On December 2, the Guozheng Free Cash Flow Index opened lower but showed an upward trend, with a narrowed decline of approximately 0.15% [1]. - Leading stocks include Yaxiang Integration, Huaren Health, and Yifeng Pharmacy, which are driving the index performance [1]. Group 2: ETF Inflows - The largest free cash flow ETF (159210) has seen continuous net inflows over the past 17 days, totaling 1.981 billion yuan, reaching a new high of 7.466 billion yuan in total assets [1]. - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, focusing on stocks with positive and high cash flow [1]. Group 3: Investment Strategy - The index is characterized by high quality and strong risk resistance, making it suitable for long-term investment and core portfolio allocation [1]. - The annual management fee for the funds is 0.15%, and the custody fee is 0.05%, both of which are the lowest in the market, maximizing benefits for investors [1]. Group 4: Economic Outlook - According to招商证券, after three months of market consolidation, the probability of a December breakout leading to a year-end rally is high [1]. - The upcoming 2026 is seen as a critical year ahead of the 20th National Congress, with expectations for more proactive economic policies from the December Politburo meeting and Central Economic Work Conference, which could enhance confidence in economic recovery and corporate profitability [1].