炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 突然熄火了！ 今天早上，日韩股市一度高开高走，但随后不久，双双跳水，日经指数跌幅迅速扩大。新加坡、马来西 亚、越南、菲律宾等股市也全线走弱。或受此影响，A50快速跳水，跌幅一度达1%，A股和港股表现亦 受到明显拖累。 外汇市场，美元指数最近走势较强。而国债市场，日本6个月国债继续暴跌，多个期限国债走势较弱。 分析人士认为，日本央行行长强烈暗示12月加息，短期日元和日债收益率快速上行，鹰派信号引发市场 波动。另外，中国11月CPI同比涨幅创2024年3月份以来最高，这一向好数据可能给政策预期带来了一 丝扰动。 集体跳水 最近，全球市场波动明显加大。今早，日韩股市再度跳水，日经指数由涨近1%到跌超0.5%，韩股冲高 之后也是显著回落。澳大利亚股指表现也比较弱。A股开盘后，A50快速跳水超1%，带动市场情绪走 低。 早盘，创业板指一度跌超2%，沪指一度跌近30点，培育钻石、创新药、电池等方向跌幅居前，沪深京 三市下跌个股一度超3600只。近期港股更是持续处于弱势状态。 分析人士认为，市场调整一方面可能与全球流动性有关。2025年12月议息会议 ...

| 2025年12月10日星期三 | 12月9日，中国再保险发布公告，公司于近日收到国家金融监督管理总局关于庄乾志先生任职资格的批 复。根据该批复，国家金融监督管理总局于2025年12月8日正式核准庄乾志先生担任董事会董事长的任 职资格，庄乾志先生自该日起正式履行董事长职务，任期至第五届董事会任期届满为止，任期届满可以 连选连任。 NO.4区域性银行加入消费贷贴息阵营 据证券日报，12月份以来，个人消费贷款财政贴息政策在四川、贵州、重庆加速落地。川黔渝三地相继 发布省级贴息实施细则，贵阳银行、贵州银行、成都银行、成都农商行等区域头部城商行、农商行同步 启动业务受理。这标志着此前未被纳入"国补"经办体系的区域性银行，正式加入消费贷补贴阵营，"国 补+地补"的协同发力格局初步形成。 NO.1央行开展1173亿元7天期逆回购操作 12月9日，央行公开市场开展1173亿元7天期逆回购操作，操作利率1.40%。Wind数据显示,当日有1563亿 元逆回购到期。 点评：央行今日开展1173亿元7天期逆回购操作的举措显示出其维持市场流动性稳定的意图。逆回购作 为短期的市场操作工具，能够有效缓解市场资金紧张状况，降低市场利率 ...

Core Viewpoint - The recent performance of the A-share market contrasts with the sluggishness of the Hong Kong stock market, particularly the Hang Seng Index and the Hang Seng Tech Index, which have seen declines amid concerns over liquidity and external economic factors [1][4]. Group 1: Market Performance - The Hang Seng Index and Hang Seng Tech Index have experienced notable declines, with the Hang Seng Tech Index dropping by 1.9% recently, undermining previous rebound efforts [1]. - The Hang Seng Index has risen from 20,000 to 27,000 points this year, marking a 35% increase, but faces resistance at the 30,000-point level, indicating potential challenges for further upward movement without strong support [4]. Group 2: Liquidity Concerns - The primary issue affecting the market is liquidity, influenced by external factors such as the ongoing decline in the bond market and uncertainties regarding the Federal Reserve's interest rate decisions [1][3]. - The influx of IPOs in the Hong Kong market, following a tightening of IPOs in the A-share market, has significantly impacted liquidity, contributing to the current market dynamics [4]. Group 3: Sector Analysis - The Hang Seng Tech Index has underperformed compared to the Hang Seng Index, primarily due to structural issues, with significant declines in new consumption stocks and pressures from competition in the internet sector [5]. - The Hang Seng Index benefits from a substantial presence of banks and high-dividend stocks, which have attracted institutional investors, providing effective support [5]. Group 4: Market Outlook - The current adjustments in the Hong Kong market should be viewed as a necessary correction to create space for future growth, reflecting both external influences and market demand [4]. - The Hang Seng Tech Index appears to have reached a relatively low valuation, with the potential for upward movement contingent on market sentiment and capital inflow [5].

责任编辑：陈平 12月9日，近期市场数据显示，比特币价格徘徊在90000美元附近。RadexMarkets瑞德克斯认为，年底流 动性偏薄导致市场波动加剧，同时交易活动明显减弱，使得比特币短期内呈现区间震荡格局。投资者普 遍预计美联储将采取温和的宽松政策路径，因此更多关注未来指引而非即将实施的利率调整本身。 RadexMarkets瑞德克斯认为，跨央行政策分歧和全球宏观经济信号的变化正在成为市场波动的重要驱动 因素，这意味着未来行情可能更多依赖于政策解读而非单次利率决策。 根据QCP的数据显示，比特币和以太坊的永续合约未平仓合约量自10月以来下降近一半，这表明市场吸 收大额方向性交易的能力明显减弱。RadexMarkets瑞德克斯认为，这也是比特币短期内难以突破区间的 重要原因。与此同时，Polymarket的交易数据显示，本周市場已将25个基点的降息完全计入，并普遍预 计明年1月将暂停降息，这显示市场预期宽松节奏将非常缓慢，投资者更关注政策指引和宏观环境的变 化。 12月9日，近期市场数据显示，比特币价格徘徊在90000美元附近。RadexMarkets瑞德克斯认为，年底流 动性偏薄导致市场波动加剧，同时交易 ...

北向资金：月度日均成交额回落。成交方面，11月北向月度日均成交额为2212.42亿，较上月的2583.08 亿环比下降14.35%，北向成交额占全A总成交额比回落至11.56%，较前月下降0.38pcts。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 天风研究 11月市场在创下阶段新高后出现波动，整体维持高位震荡蓄力。中美两国领导人再度通电话且特朗普称 明年将访华，双方关系或进一步缓和。另外，12月美联储降息预期再度扭转，多位官员发表鸽派言论， 市场流动性或将改善，静待年底中央经济工作会议以及下一任美联储主席人选。微观流动性层面，公募 偏股新发份额回升，机构新增开户数也大幅提升，险资权益类资产资金占整体余额比例大幅增加，交易 脉冲指标降幅明显收窄，酝酿新一轮交易脉冲。 公募基金：偏股新发份额回升。11月新成立偏股型公募基金份额716.44亿份，较前月新发548.23亿份增 加168.21亿份，处于近3年来94.44%分位，11月权益新基发行量环比上升。分结构来看，主动型偏股11 月新发份额255.00亿，较上月环比上升96.12亿；被动型偏股新发份额288.92亿，较上月环比上升 ...

Market Liquidity Overview - R007 decreased from 1.5222% to 1.4963%, a reduction of 2.59 basis points, while DR007 fell from 1.4668% to 1.4380%, down 2.88 basis points. The spread between R007 and DR007 increased by 0.29 basis points [9][11] - The net outflow of funds this week was 22.775 billion yuan, with net inflow increasing by 16.769 billion yuan compared to last week. Fund supply was 27.093 billion yuan, while demand was 49.867 billion yuan [11][12] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose, with the non-ferrous metals sector showing the strongest performance, gaining 5.07%. Communication and defense industries also saw slight increases. The media and real estate sectors led the declines, falling by 3.59% and 2.13% respectively [16][18] - The defense industry had the highest overall congestion score as of the last trading day of the week [29] Style Sector Liquidity Tracking - Most style indices increased, with cyclical and growth styles leading, rising by 2.17% and 0.66% respectively. The consumer style declined by 0.66% [31] - The average daily trading volume for the growth style was the highest at 57.39%, while its turnover rate was also the highest at 2.73% [31]

流动性日报 | 2025-12-08 市场流动性概况 2025-12-05，股指板块成交7195.21亿元，较上一交易日变动+32.70%；持仓金额13711.25亿元，较上一交易日变动 +7.81%；成交持仓比为52.68%。 国债板块成交4594.65亿元，较上一交易日变动-27.52%；持仓金额7330.28亿元，较上一交易日变动-1.75%；成交持 仓比为63.76%。 基本金属板块成交5695.72亿元，较上一交易日变动-9.43%；持仓金额6923.72亿元，较上一交易日变动+2.82%；成 交持仓比为76.04%。 贵金属板块成交7950.46亿元，较上一交易日变动-23.83%；持仓金额4836.52亿元，较上一交易日变动-0.54%；成交 持仓比为252.49%。 能源化工板块成交3754.22亿元，较上一交易日变动-2.03%；持仓金额4635.84亿元，较上一交易日变动-0.21%；成 交持仓比为74.93%。 农产品板块成交2775.10亿元，较上一交易日变动-12.65%；持仓金额6086.99亿元，较上一交易日变动+0.08%；成 交持仓比为44.97%。 黑色建材板块成交2081 ...

12月4日（周四），伦敦金属交易所（LME）铜价周四从历史高位回落，交易商表示，导致本周铜价飙 升的供应紧张恐慌情绪已经开始缓解。 伦敦时间12月4日17:00(北京时间12月5日01:00)，三个月期铜收盘下跌37.50美元，或0.33%，报每吨 11,450.00美元，盘中稍早一度触及11,529美元，距离周三创下的每吨11,540美元历史高点仅一步之遥。 LME公布的数据显示，韩国仓库的新净注销量再增50,725吨，此前亚洲地区仓单注销量已于前日突破 50,725吨。 周三LME现货铜合约与三个月合约价差因此一度升至每吨88美元左右，为10月中以来最高，表明市场 对即期金属的需求强劲。周四该溢价回落至62美元左右。 Sucden Financial指出，2025年铜市供需仍维持微弱盈余，但当前任何轻微扰动都可能导致缺口。该经纪 商认为每吨10,830美元是铜价年底前的关键支撑位。 "预计节假日期间流动性将持续恶化。叠加整个金属板块投机参与度居高不下，这将加剧市场出现异常 波动或无序波动的风险，尤其在价差本已收窄的薄弱市场中。" 与此同时，高盛将2026年上半年伦铜均价预测自每吨10,415美元上调至每吨 ...

Report Rating - No information provided on the industry investment rating Core View - The report presents the trading liquidity data of various market sectors on December 3, 2025, including trading volume, holding amount, and trading - holding ratio, along with their changes compared to the previous trading day [1][2] Summary by Directory I. Board Liquidity - The liquidity of different market sectors is analyzed, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2] II. Stock Index Board - On December 3, 2025, the stock index board had a trading volume of 560.771 billion yuan, a +22.06% change from the previous trading day; the holding amount was 1307.145 billion yuan, a +4.64% change; the trading - holding ratio was 42.50% [1] III. Treasury Bond Board - On December 3, 2025, the treasury bond board had a trading volume of 347.233 billion yuan, a -2.08% change from the previous trading day; the holding amount was 752.001 billion yuan, a +2.70% change; the trading - holding ratio was 46.48% [1] IV. Base Metals and Precious Metals (Metal Board) - Base metals: On December 3, 2025, the trading volume was 443.560 billion yuan, a +7.65% change from the previous trading day; the holding amount was 647.715 billion yuan, a +1.22% change; the trading - holding ratio was 66.90% - Precious metals: On December 3, 2025, the trading volume was 1103.452 billion yuan, a +3.57% change from the previous trading day; the holding amount was 486.283 billion yuan, a -0.67% change; the trading - holding ratio was 357.37% [1] V. Energy and Chemicals Board - On December 3, 2025, the energy and chemicals board had a trading volume of 399.981 billion yuan, a +4.47% change from the previous trading day; the holding amount was 465.694 billion yuan, a +0.51% change; the trading - holding ratio was 74.15% [1] VI. Agricultural Products Board - On December 3, 2025, the agricultural products board had a trading volume of 276.631 billion yuan, a -5.39% change from the previous trading day; the holding amount was 606.869 billion yuan, a -0.57% change; the trading - holding ratio was 45.93% [1] VII. Black Building Materials Board - On December 3, 2025, the black building materials board had a trading volume of 213.907 billion yuan, a +12.99% change from the previous trading day; the holding amount was 355.697 billion yuan, a -0.23% change; the trading - holding ratio was 60.87% [2]

流动性日报 | 2025-12-03 市场流动性概况 2025-12-02，股指板块成交4594.06亿元，较上一交易日变动-12.06%；持仓金额12492.16亿元，较上一交易日变动 -2.55%；成交持仓比为36.64%。 国债板块成交3546.25亿元，较上一交易日变动+10.35%；持仓金额7321.96亿元，较上一交易日变动+0.43%；成交 持仓比为48.03%。 基本金属板块成交4120.38亿元，较上一交易日变动-25.45%；持仓金额6399.35亿元，较上一交易日变动+0.19%； 成交持仓比为63.73%。 贵金属板块成交10654.04亿元，较上一交易日变动-4.58%；持仓金额4895.88亿元，较上一交易日变动+0.43%；成 交持仓比为336.55%。 能源化工板块成交3828.59亿元，较上一交易日变动-11.77%；持仓金额4633.38亿元，较上一交易日变动+0.68%； 成交持仓比为74.19%。 农产品板块成交2924.01亿元，较上一交易日变动-0.61%；持仓金额6103.69亿元，较上一交易日变动+0.53%；成交 持仓比为45.19%。 黑色建材板块成交189 ...