Market Overview - The A-share market opened with all three major indices rising: Shanghai Composite Index up 0.09% to 3903.89, Shenzhen Component Index up 0.13% to 13333.29, and ChiNext Index up 0.05% to 3210.55 [2][3] - The Hang Seng Index opened up 0.66% at 25710.61, while the Hang Seng Tech Index rose 0.55% to 5611.93 [4][5] Sector Performance - Active sectors included precious metals, Hainan Free Trade Zone, and commercial aerospace, while server-related stocks, first-release economy, and cross-strait integration concepts showed weakness [3] - Notable individual stock movements included Lens Technology, which opened over 7% higher following the announcement of its plan to acquire 100% of Peimei Gao International Co., Ltd. to expand into AI computing power infrastructure [3] Individual Stock Highlights - Lens Technology's stock price increased by 7.27% to 31.00, with significant trading volume and a net inflow of capital [4] - The stock's trading volume reached 3.08 billion, indicating strong investor interest [4]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index down 0.46% to 3882.72 points, the Shenzhen Component Index down 0.18% to 13292.61 points, and the ChiNext Index up 0.3% to 3218.55 points, as of midday trading [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.16 trillion yuan, with over 4200 stocks declining [1] Sector Performance - The commercial aerospace sector continued to perform strongly, with stocks like Zai Sheng Technology achieving a four-day consecutive rise, and Sichuan Jinding and others hitting the daily limit [1] - The wind power equipment sector led the gains, with Goldwind Technology hitting the daily limit and other companies like Shuangyi Technology and Tai Sheng Wind Power also rising [1] - The computing hardware sector was active, with Fuxin Technology hitting a 20% limit up and Saiwei Electronics reaching a historical high [1] - Conversely, the retail sector saw significant declines, with companies like Maoye Commercial and Zhongbai Group dropping nearly 9% [1] Industry Insights - The precious metals sector maintained its strength, with companies like Shanjin International and Zhongjin Gold showing notable gains [2] - Wind power stocks showed resilience, with companies like Goldwind Technology and Dongfang Electric leading the rise, supported by a report indicating a 34 billion yuan operating cash flow for the wind power industry in Q3, an increase of 700 million yuan year-on-year [3] - The commercial aerospace sector remained active, with Blue Arrow Aerospace's supply chain covering over 600 suppliers across more than 90 cities, indicating strong growth potential [4] Institutional Perspectives - Shenwan Hongyuan suggested that the upcoming spring market may be a rebound within a high-level consolidation phase, with potential policy triggers expected in mid-December [5] - Zhongtai Securities indicated that the market is likely to maintain a consolidation pattern in early December, with a focus on fiscal policy expectations from the Central Economic Work Conference [6] -招商证券 highlighted that December to the end of the first quarter is a traditional important allocation window for insurance funds, recommending attention to policies promoting domestic demand and new industries [7]

| 11/1 | 国际期货 | | 责金属日报 | | | --- | --- | --- | --- | --- | | | | 操作评级 | 2025年12月10日 | | | 黄金 | 白银 女女女 | ☆☆☆ | 刘冬博 高级分析师 | | | 销 | 文文文 | ☆☆☆ | F3062795 Z0015311 | | | | | | | 吴江 高级分析师 | | | | | | F3085524 Z0016394 | | | | | | 孙芳芳 中级分析师 | | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | | | gtaxinstitute@essence.com.cn | 隔夜美国公布10月职位空缺数增至767万高于市场预期的715万为五个月来的最高水平，就业数据继续体观喜 忧参半。白银刷新历史新高,体现金融属性和现货偏紧的共振,金银比继续回落,黄金突破前高阻力前贵金 属整体不宜追高。市场聚焦明日凌晨美联储会议,利率期货隐含降息概率维持80%以上，重点关注鲍威尔表 态。 ★特朗普:可能降低部分价格过高的商品关税;立即降息 ...

盘面上，海南板块全天强势，神农种业20%涨停，罗牛山等多股涨停；房地产板块午后爆发，世联 行、万科A等涨停；教育板块午后异动，中公教育涨停。此外，免税店、贵金属、零售、影视院线、工 程机械、多元金融等概念涨幅居前，贸易、银行、消费电子、培育钻石等板块跌幅居前。 中国经济周刊-经济网讯 截至收盘，上证综指报3900.50点，跌幅0.23%，成交额7303.60亿元；深证 成指报13316.42点，涨幅0.29%，成交额10481.45亿元；创业板指报3209.00点，跌幅0.02%，成交额 4890.59亿元。 编辑：何颖曦 ...

1. Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Last week (2025.12.01 - 2025.12.05), the A - share market continued to rise with shrinking volume, and the market was waiting for a new leading line. The release of the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" will promote the transformation of the public - fund industry from scale expansion to value creation and high - quality development [3][13][16]. 3. Summary by Directory 3.1. Weekly Market Observation 3.1.1. Equity Market Review and Observation - The A - share market continued to rise with shrinking volume last week. The Shanghai Composite Index rose 0.37%, the CSI 300 rose 1.28%, the CSI 500 rose 0.94%, and the ChiNext Index rose 1.86%. Growth styles outperformed value styles. The average daily trading volume of the whole A - share market was 1,687 billion yuan, a decrease from the previous week. The market is waiting for new leading lines. Multiple important policy time - windows are approaching in mid - December [13]. - In the non - banking financial sector, on December 5th, the financial regulatory authority issued a notice to adjust risk factors for insurance companies, which increased the investment space for insurance funds in equities and encouraged long - term holding. There is also strong momentum for incremental insurance funds to enter the market across the year [14]. - In the commercial aerospace sector, affected by short - term events, it was active last week. The investment in this sector may follow the "emotion first, logic follow - up" path, and the current market may be in the transition period from "emotion" to "logic" [14]. - In the precious metals sector, the rapid rise in silver prices is due to the expected recovery of global liquidity, the tight global silver spot market, and the change in the supply - demand structure. In the long run, the contraction of the US dollar credit will continue to drive the upward trend of precious metals [15]. 3.1.2. Public - Fund Market Dynamics - On December 6, 2025, the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" was issued. It further refines and implements previous action plans, aiming to correct the short - term incentives and weak responsibility constraints in the public - fund industry and promote high - quality development. Balancing scale, product excess returns, and investors' account returns will be crucial for the public - fund industry in the future [16][17]. 3.2. Active Equity Fund Index Performance Tracking | Index Category | Last Week (2025.12.01 - 2025.12.05) | Last Month (2025.11.05 - 2025.12.05) | Since the Beginning of This Year (2025.01.02 - 2025.12.05) | Since Inception | | --- | --- | --- | --- | --- | | Strategy Theme - based | Active stock - fund preferred | 1.64% | 0.78% | 38.23% | 39.35% (since 2023.05.11) | | Investment Style - based | Value stock - fund preferred | 1.62% | 1.98% | 20.24% | 20.34% (since 2023.05.11) | | | Balanced stock - fund preferred | 1.00% | - 0.57% | 30.38% | 27.53% (since 2023.05.11) | | | Growth stock - fund preferred | 0.64% | - 0.16% | 52.11% | 38.44% (since 2023.05.11) | | Industry Theme - based | Pharmaceutical stock - fund preferred | - 1.73% | - 0.71% | 37.80% | 19.37% (since 2023.05.11) | | | Consumption stock - fund preferred | - 0.31% | - 0.85% | 11.70% | 4.51% (since 2023.05.11) | | | Technology stock - fund preferred | 0.56% | - 1.80% | 44.60% | 46.87% (since 2023.05.11) | | | High - end manufacturing stock - fund preferred | - 0.53% | - 2.72% | 31.07% | 24.75% (since 2023.05.11) | | | Cyclical stock - fund preferred | 1.95% | 3.19% | 27.38% | 18.39% (since 2024.11.08) | 3.2.1. Active Stock - Fund Preferred - The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balances the style allocation according to the CSI Active Stock - type Fund Index [19]. - The performance comparison benchmark is the active stock - type fund index (930980.CSI) [20]. 3.2.2. Value Stock - Fund Preferred - The index includes deep - value and quality - value styles, and selects 10 funds based on multi - period style division [23]. - The performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [23]. 3.2.3. Balanced Stock - Fund Preferred - The index selects 10 relatively balanced and value - growth style funds based on multi - period style division. The fund managers in this style balance the valuation and growth of stocks and consider cost - effectiveness in both stock - selection and industry - selection [25]. - The performance comparison benchmark is the CSI 800 (000906.SH) [25]. 3.2.4. Growth Stock - Fund Preferred - The index aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 active - growth, quality - growth, and balanced - growth style funds based on multi - period style division [27]. - The performance comparison benchmark is the 800 Growth Index (H30355.CSI) [27]. 3.2.5. Pharmaceutical Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 15 funds are included [27]. - The performance comparison benchmark is the pharmaceutical theme fund index (fitted by Huabao Fund Research Platform) [27]. 3.2.6. Consumption Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [31]. - The performance comparison benchmark is the consumption theme fund index (fitted by Huabao Fund Research Platform) [33]. 3.2.7. Technology Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [35]. - The performance comparison benchmark is the technology theme fund index (fitted by Huabao Fund Research Platform) [35]. 3.2.8. High - end Manufacturing Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [38]. - The performance comparison benchmark is the high - end manufacturing theme fund index (fitted by Huabao Fund Research Platform) [38]. 3.2.9. Cyclical Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 5 funds are included [41]. - The performance comparison benchmark is the cyclical theme fund index (fitted by Huabao Fund Research Platform) [41].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 | | | 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 COMEX 黄金期货跌 0.36%报 4227.7 美元/盎司；COMEX 白银期货涨 2.28%报 58.8 美 | | | | | 元/盎司。沪金收涨 0.15%报 958.72 元/克，沪银涨 2.67%报 13788 元/千克。 | | | | | 【重要资讯】 | | | | | 1、截至 12 月 5 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日减少 0.33 吨， | | | | | 当前持仓量为 1050.25 吨。全球最大黄金 ETF--SPDR Gold Trust 持仓较上日减少 | | | | | 0.33 吨，当前持仓量为 1050.25 吨。 | | | | | 2、据 CME"美联储观察"数据显示，美联储 12 月降息 25 个基点的可能性约为 87%。 | ...

说完昨天晚上的消息面，接下来我们继续聊市场，那今天市场到底会怎么走？首先在这里面说一下我的 看法，我认为在周末利好的影响之下，今天市场出现高开的概率比较高，但是注意一点，如果今天市场 出现明显大幅高开的话，那么要注意点大幅高开之后呢市场会有回踩动作，只有扛住早盘半小时到一小 时的回踩，那么市场才算真正稳得住，才有机会走出新的上涨行情。而且也不能因为周末两天给很多的 利好消息，大家情绪上就太乐观。我这里面不是看空市场，我强调一点是在于一方面利好消息出来之后 情绪上会有反馈，但是最终决定于市场的是资金到底认可不认可，资金真正认可了，市场才能够走出新 的上涨走势，所以这才是核心点。所以早盘大家要注意几个信号，第一个大幅高开之后回踩动作回踩幅 度不能超过50%，最好是在50%以上，如果超过50%的话就有一点走弱了，这就要注意了。另外第二点 回踩完成之后，第二次上攻的时候成交量也要放大市场，这里面要给出强势状态，一旦这种符合的话， 那么就代表着已经确认了新的上涨行情已经开启了，这个时候就是我们进考虑呢继续加仓的这种动作。 所以综合来看的话，今天实际上要看这些细节，但不管怎么说，周末交易出来之后，包括在上周五我们 也讲了 ...

证券研究报告 | 2025年12月07日 估值周观察(12月第1期) 韩国股市领涨，A股结构分化 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.12.1-2025.12.5）海外市场涨多跌少，估值随股价小幅变动。韩国显著领跑；美小幅走高；欧元区分化；香港涨幅居中。 估值随股价小幅变动。韩国综合指数PE扩张3.5x，日经225的PE扩张1.59x，其余主要指数PE变动均低于0.5x。从估值分位数看，标普 500和法国CAC40位于历史较高水平，印度SENSEX30和道琼斯工业指数处于较低区间。 • 近一周(2025.12.1-2025.12.5)，A股核心宽基温和上涨，估值微幅扩张。具体来看，规模上，仅中证100（+1.61%）和上证50 （+1.09%）涨幅超过 ...

当地时间12月5日，美股三大指数均小幅收涨，道指涨0.22%；纳指涨0.31%；标普500指数涨0.19%。 大型科技股多数上涨，博通涨超2%，谷歌、Meta涨超1%，苹果、英伟达跌幅不足1%。存储概念、零 售百货涨幅居前，SanDisk涨超7%，美光科技涨超4%，梅西百货、迪拉德百货涨超2%。加密货币概 念、综合油气跌幅居前，Strive跌超7%，英国石油跌超3%，道达尔、埃尼石油、Circle跌超2%。 纳斯达克中国金龙指数收涨1.29%，热门中概股多数上涨，百度涨超5%，万国数据涨超4%，小鹏汽 车、爱奇艺、好未来涨超2%。 富时A50期指连续夜盘收涨0.41%，报15248点。 贵金属市场出现剧烈波动，现货黄金一度涨超1.2%、随后转跌失守4200美元。 Coinglass数据显示，24小时，加密货币全网共有133381人被爆仓，爆仓总金额为4.25亿美元（约合人民 币30亿元）。 | 5 5 3 0 | | | | | --- | --- | --- | --- | | 1小时爆仓 | 4小时爆仓 | $4192.95万 | $486.15万 | | 多車 | 多車 | $393.48万 | $32 ...

| 国技期货 | | | 责金属日报 | | --- | --- | --- | --- | | | | 操作评级 | 2025年12月05日 | | 黄金 | ななな 白银 | 甘女女 | 刘冬博 高级分析师 | | 销 | 文文文 | ☆☆☆ | F3062795 Z0015311 | | | | | 吴江 高级分析师 | | | | | F3085524 Z0016394 | | | | | 孙芳芳 中级分析师 | | | | | F03111330 Z0018905 | | | | | 010-58747784 | | | | | gtaxinstitute@essence.com.cn | ★★☆ 两颗星代表持多/空,不仅判断较为明晰的上涨/下跌趋势,且行情正在盘面发酵 隔夜美国公布周度初请失业金人数降至19.1万人远低于预期，创2022年9月以来新低，缓解劳动力市场急剧 恶化担忧。12月降息已基本定价，贵金属震荡为主，黄金突破前高阻力前贵金属整体不宜追高。铂年内供应 存缺口，兜供需预期紧平衡，走势上铂强于兜。今晚关注美国9月PCE数据。 ★白宫国家经济委员会主任凯文 • 哈塞特表示，美联储应该在下 ...