12月9日，逾4000只个股飘绿，英伟达产业链等热门概念却逆势上涨。 据央视新闻消息，12月9日，外交部发言人郭嘉昆主持例行记者会。据报道，美国总统特朗普8日表示， 美国将允许英伟达向中国"经批准的客户"出售H200人工智能芯片。对此，郭嘉昆表示，注意到有关报 道，中方一贯主张中美通过合作实现互利共赢。 据了解，H200比英伟达当前最先进的Blackwell系列AI芯片落后一代。业内人士告诉贝壳财经记者，尽 管H200是英伟达的上一代产品，其整体性能较强，相比多数自研芯片仍具优势。然而，能否放开采购 目前仍未确定。此外，情绪面上，这一进展落地可能对国产GPU企业带来一定压力。 跨年行情可期，多家机构看好AI与科技 近期，AI产业链催化不断，其中，谷歌新模型性能大幅提升及TPU表现出较强能力、亚马逊发布 Trainium3；国内DeepSeek V3.2发布、摩尔线程上市市场展现出高参与热情。与此同时，包括英伟达、 阿里、AMD等公司均否认AI泡沫并看好AI长远发展，进一步夯实了产业信心。 据新华社消息，美国媒体报道称，H200芯片性能高于H20，但并非英伟达目前的最高端产品。英伟达及 超威半导体公司8月同意， ...

Group 1 - The overall A-share market experienced wide fluctuations, with major indices showing slight weekly gains and increased trading volume [5] - The short-term pullback pressure may have been released, indicating a return to a consolidation phase, with a positive outlook for market rebounds [5] - The investment strategy suggested focuses on "dividend + technology" as the main allocation theme, with dividends expected to perform better in terms of volatility [5] Group 2 - The electrolytic aluminum spot price reached its highest level since May 2022, indicating potential recovery in the steel sector's profitability [6] - The copper industry reported a 1% month-on-month increase in China's electrolytic copper production for November, with cable enterprise operating rates rising for five consecutive weeks [6] - The supply-demand dynamics in the copper market are expected to remain tight, supporting a bullish outlook for copper prices [6] Group 3 - China National Petroleum Corporation is recognized as a significant state-owned enterprise and a major global oil and gas producer, benefiting from its integrated operations across various energy sectors [7] - The energy sector is seeing a focus on investment opportunities in hydrogen, ammonia, and energy storage, with expectations for stable domestic bidding levels in 2026 [7] - The lithium battery sector is highlighted for potential investment opportunities, particularly in lithium mines and production processes that are currently under pressure [7] Group 4 - The first commercial insurance innovative drug directory was released, including 24 drugs, with 19 successfully negotiated for pricing, expanding market opportunities for innovative drugs in China [8] - The implementation of this directory is expected to create a broader market space for innovative pharmaceuticals amid the continuous emergence of new global drugs [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周市场核心观点： 本周（2025.12.01-2025.12.05，下同）A股整体宽幅震荡，主要宽基指数周度小幅收涨。量能表现方面， 主要宽基指数量能均回升。资金面方面，本周股票型ETF小幅净流入，中小盘主题ETF为净流入主力；融 资增加额维持正值，环比上周略有下降。 从本周市场表现来看，短线回调压力或已释放，市场再度进入震荡区间。资金面较市场交易量能更为积 极，反弹或将延续。建议以"红利+科技"作为配置主线，红利或在波动方面占优。 本周市场各指数全线上涨，上证综指上涨0.37%，上证50上涨1.09%，沪深300上涨1.28%，中证500上涨 0.94%，中证1000上涨0.11%，创业板指上涨1.86%，北证50指数上涨 ...

记者：赵玉和 刘雨田 新华社音视频部制作 0:00 12月2日晚，一场以"智启未来·共绘新章"为主题的无人机表演点亮海南博鳌夜空，2025架无人机以夜空 为"幕"、科技作"笔"，描绘致敬企业家博鳌论坛10年耕耘的光影画卷。 ...

该基金拟任基金经理为李响，现任财通资管总经理助理、权益投资总监、权益研究部总经理，拥有17年 证券从业经验、12年证券投资经验，秉持质量价值风格，深度覆盖消费、制造业、周期、科技等领域， 以及港股互联网及大消费等领域。针对该基金后续布局，她表示将重点关注四大领域：一是把握科技创 新浪潮，聚焦国内算力产业链与AI应用等长期驱动领域；二是配置供给刚性凸显的工业金属资源，把 握价格中枢上移机遇；三是挖掘竞争格局优化、现金流改善的细分行业龙头，重点关注航空、化工等领 域的价值重估机会；四是布局处于历史估值底部的消费板块，捕捉基本面复苏带来的修复弹性。 财通资管作为券商资管公募管理人，其权益投研理念为"深度研究、价值投资、绝对收益、长线考核"， 多年来扎实推进投研一体化建设，已发行权益基金涵盖全市场投资、行业主题投资等品类，本次拟发行 的财通资管优质研选混合型发起式基金为全市场投资策略，而行业主题基金在科技、消费、医药、制造 等方向上都有多只口碑产品。 本报讯 （记者周尚伃）近日，财通资管公告显示，其首只浮动费率基金——财通资管优质研选混合型 发起式基金于12月3日至12月23日首发募集。该产品采用与持有期和业绩挂钩的 ...

Core Viewpoint - Luoyang Molybdenum (03993) announced an investment of RMB 500 million by its wholly-owned subsidiary, Tibet Shimo Ke, into a fund focused on technology, healthcare, consumer goods, and retail sectors, with a target size of RMB 8-10 billion [1] Investment Details - The fund is established in partnership with Boyu Tian Shu as the general partner and other limited partners [1] - The investment aims to leverage the expertise of professional investment institutions to enhance investment returns for the company and its shareholders [1] Financial Impact - The investment will be funded from the company's own resources and is not expected to significantly impact the company's financial status or operational results [1] - The company emphasizes that this investment will not affect its daily operational cash flow needs [1]

Core Viewpoint - UBS Securities predicts that the A-share market in China will see significant growth by 2026, with total A-share profit growth expected to rise to 8% from 6% this year [1]. Group 1: Market Outlook - The anticipated increase in profit growth is driven by an improvement in nominal GDP growth and a narrowing decline in the Producer Price Index (PPI), which will boost corporate revenue growth [1]. - Supportive policies and the promotion of "anti-involution" are expected to contribute to a recovery in profit margins [1]. - UBS believes that macro policies, accelerated A-share profit growth, declining risk-free interest rates, continuous net inflow of long-term capital into the stock market, and ongoing market capitalization management reforms will further enhance A-share market valuations [1]. Group 2: Short-term Market Dynamics - Recent short-term factors have led to a pullback in the A-share market; however, this does not alter the medium-term trend of valuation improvement [1]. - The UBS global strategy team anticipates that global technology stocks are likely to rise further next year [1]. - The trading proportion of the technology sector has recently returned to below the average level for the year, and the scale of financing has decreased, indicating that concerns about overcrowding in technology sector trading have eased [1]. Group 3: Investment Themes - Key investment themes to watch in 2026 include technology, consumption, "anti-involution," and the international expansion of Chinese enterprises [2].

Market Overview - A-shares experienced a decline last week, with major indices showing reduced trading volume during the adjustment phase [2] - Among the 31 Shenwan first-level industries, banking, media, and food and beverage sectors performed relatively well [2] Macroeconomic Data Analysis - In September, the U.S. added 119,000 non-farm jobs, exceeding expectations of 51,000, although August's data was revised down from 22,000 to -4,000 [3] - The unemployment rate rose to 4.4%, slightly above expectations and previous values [3] - The strong non-farm data had already been factored into the market, leading to a slight increase in the probability of a rate cut in December to around 40% [3] - Future inflation data, such as PCE prices, will be critical for the Federal Reserve's December decision [3] Stock Market Strategy Outlook - The market showed wide fluctuations last week, with low trading volume and weak technical indicators [4] - The market's downward trend was anticipated, with several short-term negative macro factors, including geopolitical risks and concerns over AI giants' profitability [4] - Defensive dividend and cyclical sectors performed better in the short term, while the overall market is expected to remain volatile [4] - The long-term market structure is unlikely to change significantly, as the economic fundamentals and technology narratives remain stable [5] Long-term Perspective - The ongoing U.S.-China competition has established a clear baseline, with increasing skepticism about the U.S. government's governance and institutional credibility [6] - The RMB has appreciated against the USD amid uncertainties in the U.S. economic outlook and Fed rate cuts, potentially supporting China's equity market [6] - The trend towards long-term capital from public funds and insurance companies is expected to strengthen, with significant excess deposits in the market [6] - A focus on defensive dividend sectors is recommended, with attention to catalysts in certain industries [6]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference aims to create an efficient financing service platform for cultural enterprises and investment institutions, promoting deep integration of culture, technology, and finance [1][7] - The conference features a series of activities including a main conference, specialized financing roadshows, and various supporting services, with over 300 cultural enterprises participating [1][4] - The event recognizes exemplary cultural enterprises, parks, and investment institutions, with 10 cultural enterprises, 9 cultural parks, and 24 investment institutions selected for their significant cultural representation and investment success [1][4][7] Summary by Category Cultural Enterprises - The conference selected 10 innovative cultural enterprises for the "Greater Bay Area Golden Cultural Investment 2025 Annual Recommended Cultural Enterprises" based on their cultural representation, technological advancement, and development potential [1] Cultural Parks - A total of 52 cultural parks with significant cultural industry attributes and over 30,000 square meters in area were evaluated, resulting in 9 parks being recognized as "Greater Bay Area Golden Cultural Investment 2025 Annual Recommended Cultural Parks" [4] Investment Institutions - Over 100 renowned financial investment institutions participated, with 24 selected as "Greater Bay Area Golden Cultural Investment 2025 Annual Recommended Investment Institutions" based on criteria such as fund size, number of investment projects, and successful cultural industry investment cases [7][9]

Core Points - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference is being held in Guangzhou, focusing on cultural enterprises and investment institutions [1] - The conference aims to create an efficient platform for financing services, promoting the deep integration of culture, technology, and finance [1] Summary by Categories Recommended Cultural Enterprises - A total of 10 innovative cultural enterprises were selected as "Recommended Cultural Enterprises for 2025" based on their cultural representation, technological advancement, and development potential [1] Recommended Cultural Parks - Out of 52 cultural industry parks that applied, 9 were selected as "Recommended Cultural Parks for 2025," with a focus on those with significant cultural industry attributes and a minimum area of 30,000 square meters [1] Recommended Investment Institutions - The conference attracted over 100 well-known financial investment institutions, with 200 investors attending. A total of 24 investment institutions were selected as "Recommended Investment Institutions for 2025," based on criteria such as fund size, number of investment projects, and successful cases in cultural industry investments [1]