中金公司指出，电网行业2025年整体表现稳健向上，提示投资者重点关注结构性机遇。国内电网投资景 气延续，特高压项目自下半年进入核准招标加速期，我们认为电网是新能源投资的后周期，仍有较大的 投资缺口有待补齐，看好电网投资景气延续。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。智能电网权重占比高达88%，特高压权重占比高达65%，均为全市场最高。 （文章来源：每日经济新闻） 12月18日，A股三大指数涨跌不一，电网设备板块全天走低，截止14点14分，全市场唯一的电网设备 ETF（159326）跌幅1.44%，成交额达2.28亿元，持仓股红相股份涨超9%，通光线缆、平安电工、亨通 光电、中天科技等股跟涨。 电网设备ETF已连续15个交易日获资金净流入，合计"吸金"超11亿元，最新规模达30.75亿元，创成立以 来新高。 ...

12月18日，科林电气盘中下跌2.03%，截至13:49，报17.38元/股，成交4601.81万元，换手率0.65%，总 市值70.10亿元。 资金流向方面，主力资金净流出359.55万元，特大单买入0.00元，占比0.00%，卖出445.84万元，占比 9.69%；大单买入1158.31万元，占比25.17%，卖出1072.02万元，占比23.30%。 机构持仓方面，截止2025年9月30日，科林电气十大流通股东中，香港中央结算有限公司位居第十大流 通股东，持股329.11万股，为新进股东。 科林电气今年以来股价涨25.84%，近5个交易日跌2.47%，近20日跌0.63%，近60日涨1.34%。 责任编辑：小浪快报 资料显示，石家庄科林电气股份有限公司位于河北省石家庄市鹿泉区红旗大街南降壁路段，成立日期 2000年2月12日，上市日期2017年4月14日，公司主营业务涉及智能电网业务领域,专业从事智能电网配 电、变电、用电和高低压开关及成套设备等产品的研发、生产、销售和技术服务。主营业务收入构成 为：高低压开关及成套设备51.78%，智能电网变电设备18.62%，智能电网配电设备10.45%，智能电网 ...

AI算力引发的电力缺口、电网升级的刚性需求，这些核心逻辑没有改变，且大概率会持续5-10年，短期 回调获迎中长期布局窗口。高盛预计：未来10年，AI推动的全球数字基础设施+能源体系的投资规模将 高达5万亿美元，其中，电网设备将是这场投资浪潮中最直接的受益者。 12月17日，A股三大指数集体反弹，电网设备板块盘中触底后强势拉升，截至14:00，全市场唯一的电网 设备ETF（159326）涨幅1.05%，成交额已达2.38亿元，持仓股平安电工涨停，亨通光电涨超9%，东材 科技涨超8%，中天科技、精达股份、远东股份、中国西电等股跟涨。 电网设备ETF（159326）已连续14个交易日获资金净流入，最高单日获得1.51亿元净流入，合计"吸 金"10.91亿元。最新规模30.1亿元，创成立以来新高。 （文章来源：每日经济新闻） 华泰证券表示，以变压器为代表的一次设备出海逻辑仍然强势，无论主网、配网，从订单及收入来看仍 然呈现高速增长态势。展望后续，高电压等级电网设备的紧缺更具备持续性。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备 ...

Macro Economic Group - The U.S. non-farm payrolls increased by 64,000 in November, exceeding the expected increase of 50,000, while October saw a decrease of 105,000 [4] - The unemployment rate in November was 4.6%, higher than the expected 4.4%, marking a four-year high [4] - Average hourly wages in November rose by 3.5% year-on-year, slightly below the expected 3.6% [4] Industry Comprehensive Group - Apple plans to significantly expand its smartphone product line, potentially releasing at least seven new flagship models by fall 2027, including the first foldable iPhone expected in fall 2026 [9] - The investment in new energy sources is expected to maintain strong levels next year, with a focus on building smart grids and microgrids [9] - The investment opportunities in the power grid equipment industry are anticipated to grow due to increased investment in energy infrastructure [9] Advanced Manufacturing Group - The largest grid-type lithium-sodium hybrid energy storage station in China has been officially put into operation, with a total installed capacity of 400,000 kW and a green electricity ratio of 98% [12] - This energy storage system can respond to grid load fluctuations and changes in renewable energy output, marking a shift from optional to essential infrastructure for grid resilience [12] - The industry is expected to see improved profitability as the focus shifts from price competition to system service fees [12] Consumer Group - The light manufacturing sector is experiencing structural opportunities, with companies that have established overseas production capacity expected to perform well in 2025 [14] - The U.S. housing market is at a historical low, and the anticipated interest rate cuts are expected to boost housing demand, positively impacting home-related consumption [14] - The outdoor sports category is expected to benefit from the recovery of the real estate chain and consumer upgrade trends, providing growth support for related companies [14]

Core Insights - The total electricity consumption in China is projected to exceed 10 trillion kilowatt-hours for the first time in 2025, marking a significant increase compared to 2015 levels, which were approximately double [1] - By 2030, the proportion of renewable energy generation capacity in China's total installed capacity is expected to surpass 50%, establishing renewable energy as the main source of electricity generation [1] Group 1: Electricity Consumption - National electricity consumption is expected to exceed 10 trillion kilowatt-hours in 2025, which is higher than the combined annual electricity consumption of the EU, Russia, India, and Japan [1] - This represents a growth of 14% year-on-year in total installed generation capacity, projected to exceed 3.8 billion kilowatts [1] Group 2: Renewable Energy Development - By the end of the 14th Five-Year Plan in 2030, renewable energy generation capacity will become the dominant source of electricity generation in China [1] - The country aims to promote higher quality development of clean energy, emphasizing a multi-energy approach including wind, solar, hydro, and nuclear power [1] - There will be a focus on accelerating the construction of smart grids and microgrids, improving the green energy consumption system, and implementing minimum renewable energy consumption targets [1]

电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。智能电网权重占比高达88%，特高压权重占比高达65%，均为全市场最高。 （文章来源：每日经济新闻） 12月16日，A股三大指数大幅回调，电网设备板块午后触底回升，截至13:55，全市场唯一的电网设备 ETF（159326）跌幅2.91%，成交额达2.96亿元，持仓股通光线缆涨超6%，红相股份涨超5%，威腾电 气、新亚电缆、双杰电气等股跟涨。 AI算力引发全球数据中心缺电已成共识，电网设备ETF近期持续获资金关注。截至12月15日，已连续13 日净流入，合计"吸金"超10亿元，最新规模突破30亿元，创成立以来新高。 AI算力引发的电力缺口、电网升级的刚性需求，这些核心逻辑没有改变，且大概率会持续5-10年，短期 回调获迎中长期布局窗口。高盛预计：未来10年，AI推动的全球数字基础设施+能源体系的投资规模将 高达5万亿美元，其中，电网设备将是这场投资浪潮中最直接的受益者。 ...

摘要 政策风向：中央经济工作会议明确"巩固拓展经济稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年 重提房地产"去库存" 境内宏观：11月CPI同比回升至0.7%，PPI同比回落至-2.2%，CPI主要受到食品、消费补贴政策及金价上涨推动，国际油价下行对PPI价格形成拖累，下游 耐用品消费价格仍然偏弱。11月美元计价的中国出口增速5.9%（前值-1.1%），进口增速1.9%（前值1.0%），非美非转口地和设备类资本品的出口动能较 强。 境外宏观：12月美联储降息25bp至3.50%-3.75%，美联储降息25bp基本符合预期，对美国经济和通胀边际上更加乐观，开启技术性扩表，在货币政策表述 上更谨慎。 债券市场：综合来看，债券市场在年内出现趋势性反转的概率不大，大概率维持区间震荡格局，需重点关注通胀数据、政策工具落地节奏及长债供给节奏 等关键变量的变化。 权益市场：考虑近期经济活动转淡与房地产销售面积下滑加快，政策预期有望上修。在交易层面，保收益降仓位已经步入尾声，岁末年初的再配置与机构 资金回流有望改善市场流动性和活跃成交，跨年攻势或逐渐开始。 投资策略：我们 ...

海外方面，美联储于当地时间12月10日宣布降息，将联邦基金利率目标区间下调25个基点至 3.50%~3.75%之间，基本符合预期但内部分歧加大，对美国经济和通胀边际上更加乐观，开启技术性扩 表，在货币政策表述上更谨慎。预计2026年由于劳动力市场的走弱，叠加美联储换届，仍有降息可能， 美联储主席换届或将对降息节奏形成影响。 上周市场风格延续科技成长占优，周期与消费回调。AI相关的光模块/光芯片进一步走强，可控核聚变 与数据中心电力大涨，智能电网等绿电消纳相关热度提升，商业航天延续高热度；炭黑/磷化工/甲醇和 地产/家纺等表现落后。 宏观分析：国内政策会议落地， 海外美联储如期降息 国内方面，上周中央经济工作会议举行，中央提出做好新形势下经济工作的五点新的认识和体会，确定 了八项重点任务。会议明确"不断巩固拓展经济稳中向好势头"，并提出财政政策"更加积极"与"内需主 导"，"推动投资止跌回稳"，房地产"去库存"。中财办副主任表示将根据形势变化出台实施增量政策， 继续实施"国补"与靠前实施"十五五"重点项目，实现"十五五"良好开局。 从宏观数据来看，11月国内核心CPI同比维持高位，PPI同比降幅扩大；社融数据延 ...

各位投资者，大家好。 涨跌停板数据，不仅是反映板块和个股强弱的重要指标，更是体现市场情绪与资金流向的重要参考。那 么，今日的涨停个股有哪些特点呢？哪些涨停股又值得重点关注？ 今日，上证指数收盘下跌0.55%，深证成指下跌1.10%，沪深A股涨跌幅的中位数为下跌0.27%。 涨停板方面，今日市场资金打板情绪有所消退。航天板块则延续涨停热度，有9只航天概念股涨停，涨 停数量位居前列。主力资金净流入金额排名前5的涨停股中，有4只属于航天板块。不过，今日涨停最多 的是大消费板块，有18只个股涨停，涨停人气明显增加。 消息面上，12月14日，商务部办公厅、中国人民银行办公厅、金融监管总局办公厅联合印发《关于加强 商务和金融协同更大力度提振消费的通知》，指导地方相关部门和金融机构加强协同，精准施策推动惠 民生和促消费紧密结合，形成提振和扩大消费的更大工作合力。 12月15日，国家统计局发布的数据显示，今年1月份至11月份，社会消费品零售总额456067亿元，同比 增长4.0%。其中，除汽车以外的消费品零售额411637亿元，同比增长4.6%。 一、市场总览及板块特征 从概念特征来看，今日涨停板个股中，大消费、航天、智能电 ...

Core Viewpoints - The A-share market saw collective gains last Friday, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.97%. The total trading volume in the Shanghai and Shenzhen markets reached 20,920.64 billion yuan [1][7] - In terms of industry performance, non-ferrous metals, electronics, and power equipment led the gains, while retail, comprehensive, and building materials sectors lagged behind. Concept sectors such as smart grids, the Internet of Things, and mobile payments showed significant increases, whereas horse racing, newly listed tech stocks, and duty-free shop concepts experienced declines [1][7] Important News - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau issued a notice to strengthen the collaboration between commerce and finance to boost consumption. The notice includes 11 specific measures aimed at enhancing financial support in key consumption areas, promoting personal consumption loans, and encouraging the issuance of consumption vouchers by merchants and platforms [2][8] Research Highlights - The Central Economic Work Conference held on December 11, 2025, analyzed the current economic situation and systematically deployed economic work for 2026. The policy focuses on both demand and supply, acknowledging the coexistence of favorable and unfavorable external factors. The emphasis is on continuously expanding domestic demand and optimizing supply, with expectations for a gradual adjustment in key industry capacities [9][10] - Fiscal policy is expected to remain proactive, with a fiscal deficit rate likely to stay around 4%. The focus will be on optimizing the structure of fiscal expenditures and addressing local government financial difficulties [10][11] - Monetary policy will be adjusted flexibly in response to economic changes, aiming to support stable economic growth and reasonable price recovery. Structural tools are expected to be enhanced, with a focus on supporting small and medium-sized financial institutions [11][12] - The role of domestic demand is set to strengthen, with more policies anticipated to promote the construction of a large domestic market. This includes plans to increase urban and rural residents' income, which will help boost consumer confidence and sustainable consumption growth [11][12]