一、交易提示 年末指数震荡，商业航天、可控核聚变、无人驾驶、海南自贸港、新零售等概念却批量创新高，呈现"一半是海水，一半是 火焰"的极端分化。资金调仓叠加产业事件催化造就主题狂欢，策略上有的顺势追趋势，有的坚守低估值，共识在于以AI为 核心的产业机遇值得多层次提前布局，等待盈利与估值的再平衡。 12月24日,A股三大股指早盘窄幅震荡,午后有所回升,截止收盘,沪指涨0.53%报3940.95点,深成指涨0.88%报13486.42点,创业板 指涨0.77%报3229.58点,科创50指数涨0.9%报1352.13点;沪深两市成交额1.88万亿,全市场超4100只个股上涨。 二、基金要闻 （1）12月24日新发基金共有5只，主要为股票型基金和ETF联接基金基金，其中易方达中证800指数增强A募集目标金额达 80.00亿元；基金分红28只，多为债券型，派发红利最多的基金是景顺长城中证500指数增强型证券投资基金，每10份基金 份额派发红利2.5760元。 （4）全球配置需求升温，跨境ETF继续"一马当先"。截至12月18日，全市场跨境ETF总规模9241亿元，较年初翻至1.18 倍，占被动权益产品增量首位。火热申购 ...

Group 1 - The People's Bank of China (PBOC) proposed to continue implementing a moderately loose monetary policy and enhance counter-cyclical and cross-cyclical adjustments to promote stable economic growth and reasonable price recovery [1][11][34] - The PBOC emphasized the dual function of monetary policy tools in terms of both quantity and structure, and the need for better coordination between monetary and fiscal policies [1][11][34] Group 2 - The National Development and Reform Commission (NDRC) and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)" to attract more foreign investment into advanced manufacturing, modern services, high-tech, and energy-saving and environmental protection sectors [2][20][25] - The new directory will take effect on February 1, 2026, and aims to optimize the regional layout of foreign investment, particularly in the central and western regions and Northeast China [2][20][25] Group 3 - Beijing has implemented adjustments to its housing purchase policies, including relaxing purchase conditions for non-Beijing residents and supporting housing needs for families with multiple children [3][21][32] - The adjustments are part of efforts to stabilize the real estate market and are expected to release housing demand [3][21][32] Group 4 - The A-share market is experiencing increased volatility and stock differentiation, with certain thematic sectors like commercial aerospace, controllable nuclear fusion, and new retail showing significant growth [4][22] - This trend of "stock differentiation and thematic peaks" is becoming a prominent feature of the market as the year ends [4][22] Group 5 - As of December 24, 1866 companies in the Shanghai Stock Exchange held performance briefings, representing over 99% of scheduled companies and more than 80% of the total number of companies listed [5][23] Group 6 - The precious metals market saw unprecedented growth in 2025, with gold outperforming most asset classes, silver surpassing $72 per ounce, and platinum achieving significant gains [6][24] Group 7 - Eight departments, including the PBOC and NDRC, released 21 financial support measures to enhance the financial service system for the Western Land-Sea New Corridor [9][26][30] - The measures include increasing financial resource coordination, optimizing fund settlement systems, and expanding the use of the Renminbi in cross-border transactions [9][26][30] Group 8 - The State-owned Assets Supervision and Administration Commission (SASAC) outlined five key tasks for central enterprises in 2026, focusing on strategic restructuring, professional integration, and high-quality mergers and acquisitions [10][27][33] - The meeting emphasized the importance of stabilizing operations, improving quality and efficiency, and ensuring a good start for the 14th Five-Year Plan [10][27][33]

市场昨日震荡拉升，沪指高开高走收出六连阳，沪深两市成交额1.88万亿，较上一个交易日缩量196 亿。从板块来看，商业航天概念持续爆发，算力硬件概念、福建板块走强。下跌方面，贵金属、保险、 乳业等板块跌幅居前。截至昨日收盘，沪指涨0.53%，深成指涨0.88%，创业板指涨0.77%。 在今天的券商晨会上，华泰证券认为，产品力或将成为2026年房企穿越周期的核心竞争力之一，有望重 3.两轮车板块：当前最大的特点是预期低、估值低，看是否能触底反弹。市场认为新新国标和国补退坡 极大地影响明年行业增长。但新新国标产品与消费者需求差异略大，新新国标影响程度可能弱于市场预 期。增量在于：①行业是"规模为王"，两次国标的出台减少玩家，预计份额持续提升;②三轮车单台利 润高;③出海逻辑。 4.扫地机板块。投资建议：重点关注红利逻辑+品牌出海的大家电;有机会触底反弹的标的。 中信建投：技术突破与资本赋能助力核聚变产业化提速 聚焦中上游投资机会 重点推荐：1、兼具"好信用、好城市、好产品"的"三好"地产股；2、依靠运营能力在市场调整中掌握现 金流生命线的房企；3、受益于香港市场复苏的香港本地房企；4、受益于稳健现金流、具备分红优势 ...

临近年末，A股市场持续震荡，个股分化加剧。然而，与指数跌宕起伏形成鲜明对比的是，商业航天、 可控核聚变、无人驾驶、海南自贸港、新零售等主题概念板块却如火如荼，部分板块指数更在近期创出 历史新高。这种"个股分化、主题高潮"的分化格局，正成为年末市场最显著的特征，也考验着每一位市 场参与者的智慧。 多家受访的私募机构表示，这一现象是年末资金调仓与产业事件催化共振的结果。面对分化加剧的市 场，有的私募机构"拥抱趋势"，有的"坚守价值"。机构的共识是，要对以AI为核心的产业机遇提前展开 多层次布局。 年末市场分化加剧 "现在市场就像一幅地图，指数区域是'温带'，而几个热门主题板块简直是'热带'。"上海一家中型股票 私募的负责人李枫（化名）向中国证券报记者如此形容他近期的交易感受。其团队在11月降低了部分前 期涨幅过大的科技权重股仓位，将部分资金转向了事件密集催化的商业航天与可控核聚变主题板块，这 次主动的风格切换在年末为其组合带来了显著的阿尔法收益。 李枫的感受是年末市场结构性行情的缩影。多位接受采访的私募人士表示，这种"冰火两重天"的格局， 是资金面、政策面与时间节点多重因素共振的结果。 涌津投资董事长、投资总监谢 ...

Core Viewpoint - The A-share market is experiencing increased volatility and stock differentiation as year-end approaches, with certain thematic sectors like commercial aerospace, controllable nuclear fusion, and AI gaining significant attention and even reaching historical highs, contrasting sharply with the overall index performance [1][2] Market Dynamics - The current market is characterized by a structural divergence, where some sectors are thriving while others are under pressure, driven by a combination of funding adjustments and industry events [1][2] - Private equity firms are observing a shift in capital from overvalued sectors like AI computing to those with strong policy catalysts and lower valuations, indicating a defensive thematic investment approach [2][3] - The market's liquidity remains abundant, actively seeking opportunities in sectors that combine technological innovation with strong event catalysts, such as advancements in nuclear fusion and commercial aerospace [2][3] Investment Strategies - Different private equity firms are adopting varied strategies in response to the thematic market, with some focusing on trend-following while others emphasize value preservation [3][4] - A cautious approach is being taken by firms that prioritize deep research into industry trends and policy directions, aiming to invest in quality stocks that will benefit from industry developments [3][4] - The investment community is wary of pure speculative plays, recognizing the potential for rapid shifts in market sentiment as year-end approaches [4][5] Focus on AI and Emerging Industries - AI is recognized as a central investment theme, with firms planning to explore both upstream and downstream opportunities within the AI ecosystem, including critical applications and foundational technologies [5][6] - Other emerging sectors such as technology, scarce resources, and new consumption patterns are also gaining traction among private equity firms, reflecting a diversified investment approach [5][6] - The construction of industrial ecosystems, particularly in new industries like controllable nuclear fusion, is highlighted as a key area for investment opportunities [6]

Group 1 - The core viewpoint is that there is significant room for the revaluation of Chinese assets, with the stock market expected to enter a slow bull market in 2025, reflecting a process of asset revaluation in China [3][17] - Since 2021, China has entered a real estate downturn, leading to increased downward pressure on the asset side of government and household balance sheets, indicating a transition period for Chinese assets [3][19] - The structure of China's economy is changing, with the tertiary industry increasing its share, and low-end manufacturing gradually moving overseas, indicating a shift towards high value-added services [3][21][25] Group 2 - Liquidity is expected to support the upward trend of the stock market, with the US remaining in a rate-cutting cycle and China having limited room for rate cuts, projected to implement 1-2 cuts in 2026 [4][47] - There are signs of domestic residents' deposits migrating towards the stock market, with a trend of "savings migration" expected to continue as the stock market enters a long-term slow bull phase [4][55] - Institutional investment from long-term entities like insurance and securities firms is gradually increasing, which will further release investment space in the stock market [4][59] Group 3 - A turning point in performance is anticipated, with the overall ROE of A-shares entering a downward cycle since Q2 2021, showing signs of bottoming out in 2025 and expected to rebound in 2026 [5][63] - The profit structure of the A-share market is uneven, with non-bank sectors contributing nearly 60% of total profits, while sectors like real estate and coal show negative contributions [5][65] - The expected profit growth rate for the A-share market in 2026 is around 12%, with significant contributions from sectors like power equipment and electronics [5][69] Group 4 - The year 2026 marks the first year of the 14th Five-Year Plan, emphasizing the importance of technological innovation and the establishment of a modern industrial system, which will guide economic development [6][79] - There is an increasing likelihood of transitioning from a passive destocking cycle to an active restocking cycle, which will support both the economy and the stock market [6][18] - The relationship between PPI and industrial enterprise profits indicates that PPI typically leads profit growth by 1-2 quarters, suggesting a potential upward trend in profits as PPI rises [6][20] Group 5 - Investment styles are expected to shift from structural to balanced, with a recovery in consumption likely as the economy enters a phase of restorative growth [7][21] - The investment strategy for 2026 should focus on maintaining confidence in the bull market and leveraging the narrative of long-term investment opportunities [7][23] - Key sectors to watch include technology and overseas expansion opportunities, particularly in areas like artificial intelligence, commercial aerospace, and renewable energy [7][24][8]

军工今日（12月24日）强势回归，再度领跑全市场！主力开启爆买模式，全天净买入国防军工行业近 160亿元，在31个申万一级行业中高居第二位。 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 主力净流入额 | | --- | --- | --- | --- | --- | | 801740 | 国防军工(申万) | 1849.35 c | 2.88% | 159.59亿 | | 801080 | 电子(申万) | 6592.48 c | 2.12% | 223.63亿 | | 801710 | 建筑材料(申万) | 5395.44 c | 1.72% | 14.83亿 | 高人气军工ETF华宝（512810）低开高走，盘中再创9月4日以来新高，放量收涨2.63%，全天成交8378 万元，日线强势"阳包阴"，多头动能十足。 与此同时，中国火箭发射正进入高度密集期。截至12月23日，中国航天已完成近90次发射，刷新历史纪 录，其中商业发射占比显著提升，海南、山东等发射场实现常态化高密度发射。 数据显示，我国商业航天市场规模从2015年的约0.38万亿元增长至2024年的2.3万亿元，年均复合增长率 约22%，预计 ...

Group 1: Artificial Intelligence Developments - The State Council issued opinions on the implementation of the "Artificial Intelligence+" initiative, focusing on six key areas including scientific technology and industrial development, while promoting the construction of eight foundational support systems such as models, data, and computing power [3] - China's DeepSeek AI model has gained global attention for its low-cost and open-source characteristics, marking a significant breakthrough in the field of AI foundational models [8][9] Group 2: Space Exploration and Technology - The successful launch of the Tianwen-2 probe marks China's first mission to explore and sample an asteroid, aimed at deepening the understanding of the solar system's origins [4] - The Shenzhou-22 spacecraft achieved a historic milestone with its fully automated operation during an emergency launch, demonstrating advanced capabilities in space launch and control technology [13] Group 3: Energy and Quantum Computing - China's "artificial sun" EAST device achieved a record temperature of 100 million degrees Celsius for 1000 seconds, advancing the pursuit of controlled nuclear fusion [6] - The "Zuchongzhi-3" quantum computing prototype demonstrated processing speeds that are 10 trillion times faster than the fastest supercomputers, showcasing the immense potential of quantum computing in solving complex problems [11] Group 4: Renewable Energy Leadership - In 2025, China produced approximately 80% of the world's solar batteries, 70% of wind turbines, and 70% of lithium batteries, solidifying its position as a key player in the renewable energy sector [20][21] Group 5: Robotics and AI in Healthcare - The humanoid robotics sector in China has gained global attention with multiple competitions showcasing advancements in hardware, algorithms, and data [17] - An international team developed a microelectronic chip that provides "form vision" to blind patients, successfully restoring sight to individuals suffering from late-stage age-related macular degeneration [25]

Core Viewpoint - The article highlights the journey and achievements of Wang Yuzhong, a welding expert in China's nuclear power industry, emphasizing the importance of skilled labor and innovation in welding technology, particularly in the context of international nuclear projects like the ITER program [2][5][10]. Group 1: Career Development - Wang Yuzhong began his career in welding 28 years ago and has progressed from a regular welder to a leading figure in automatic TIG welding within the nuclear power sector [2][3]. - He joined Dongfang Heavy Machinery Company in 2010 and quickly adapted to automatic welding, mastering the necessary skills and obtaining nuclear qualifications within two years [4][6]. Group 2: Involvement in International Projects - Wang played a significant role in the ITER project, which is a major international nuclear fusion collaboration involving multiple countries, including China [5][6]. - The project aims to explore the feasibility of fusion energy, which is seen as a clean and sustainable energy source [5][6]. Group 3: Technical Challenges and Innovations - The welding processes for the ITER project involved high precision and quality control due to the extreme conditions of nuclear equipment, requiring rigorous monitoring at every stage [6][7]. - Wang's team faced significant challenges in welding complex components, such as the blanket shielding module and magnetic support structures, which required innovative solutions to ensure structural integrity [7][8]. Group 4: Craftsmanship and Knowledge Transfer - The article emphasizes the importance of craftsmanship in welding, highlighting the physical demands and risks associated with the profession [9][10]. - Wang is committed to passing on his knowledge to younger technicians through structured training programs, focusing on both traditional skills and modern innovations in welding technology [11][10].

Core Viewpoint - The company acknowledges the potential of nuclear fusion as a future energy technology and highlights the application of ion exchange resins in water treatment and wastewater treatment systems related to nuclear fusion [1] Company Insights - Currently, the company does not have direct business involvement in the controllable nuclear fusion sector [1] - The company plans to evaluate product layout based on market demand and other comprehensive factors [1]