Core Viewpoint - The A-share market experienced a collective pullback, with major indices declining, while the new energy sector, particularly wind power and controlled nuclear fusion, showed strong performance [1] Market Performance - The Shanghai Composite Index fell by 0.7% - The Shenzhen Component Index decreased by 1.27% - The ChiNext Index dropped by 1.41% - The North Stock 50 Index increased by 3.84% - Total market turnover was approximately 1.88 trillion yuan, with nearly 4,400 stocks declining [1] Sector Highlights - New energy concept stocks were active, with the wind power equipment sector leading in gains - Companies such as Goldwind Technology (002202), Tianli Composite, Yongding Co. (600105), and Hezhu Intelligent (603011) reached their daily limit up [1] Industry Insights - According to Everbright Securities, fusion energy is regarded as "the ultimate energy for humanity" and holds significant strategic value - Major AI companies are increasingly investing in fusion energy - The controlled nuclear fusion industry is expected to have long-term growth potential due to the restructuring of electricity consumption driven by future AI industry developments - As the controlled nuclear fusion industry progresses, related companies are likely to continue benefiting [1]

Group 1: Market Overview - The market experienced a decline with major indices closing lower: Shanghai Composite Index down 0.70%, Shenzhen Component Index down 1.27%, and ChiNext Index down 1.41% [1] - Sectors showing gains included superconductors, controllable nuclear fusion, and non-metallic materials, while real estate services, real estate development, and commercial retail sectors faced declines [1] - Main capital inflows were observed in controllable nuclear fusion, superconductors, and wind power equipment industries [1] Group 2: Commercial Aerospace Investment - Guojin Securities noted that China is at a pivotal moment similar to SpaceX's network formation phase from 2018 to 2020, with a shift from custom satellite manufacturing to mass production [1] - The upcoming launch of the Wenchang Super Satellite Factory and SpaceX's planned IPO next year indicate a significant acceleration in global commercial aerospace investment and industrialization [1] - Key investment areas include commercial aerospace, low-altitude economy, and military trade, with advancements in reusable rocket technology expected to lower launch costs and accelerate satellite constellation deployment [1] Group 3: Consumer Market Trends - Multiple regions have introduced policies to boost consumption, with Jiangsu's "14th Five-Year Plan" focusing on expanding and upgrading consumer goods, particularly in automobiles and home appliances [2] - Haitong Securities highlighted a structural growth opportunity in the consumer sector driven by technological advancements and the emergence of new consumption trends, such as trendy toys and beauty products [2] - The outlook for 2026 suggests that ongoing consumption policies will stimulate supply and demand, leading to a steady recovery in domestic demand [2] Group 4: Innovation in Pharmaceuticals - Aijian Securities expressed optimism about the trend of Chinese innovative drugs entering international markets, noting that A/H innovative drug companies' valuations have returned to reasonable levels after adjustments [2] - The focus for 2026 will be on investment opportunities in key areas such as antibody-drug conjugates (ADC), bispecific antibodies, small nucleic acids, and weight-loss drugs [2] - CITIC Securities indicated that innovative drugs are expected to be a major upward trend in the cross-year market, supported by China's pharmaceutical industry's transition to "innovation realization + global layout" [3]

景顺长城基金黎海威现任基金资产总规模为82.07亿元，管理过的基金多为股票型和指数型基金，任职期间回报最高的产品 是景顺长城沪深300指数增强A（000311），为指数型基金，在任职的12年又46天时间内获得207.86%的回报，至今仍在管 理该基金。 12月11日，A股三大指数截至收盘，沪指跌0.7%报3873.32点，深成指跌1.27%报13147.39点，创业板指跌1.41%报3163.67 点。从板块行情上来看，今日表现较好的是超导概念、可控核聚变和麒麟电池，而F5G概念、CPO概念和算力概念等板块 下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。12月11日共有23位基金经理发生任职变动。 根据巨灵统计的数据，近30天（11.11-12.11）共有701只基金产品的基金经理发生离职。其中今天（12.11）有24只基金产品 发布基金经理离职公告，涉及9名基金经理。从变动 ...

| 002533 | 金杯电 | 1.84 | 3.13 | 2358.47 | 9.63 | | --- | --- | --- | --- | --- | --- | | | 工 | | | | | | 600468 | 百利电 | 2.24 | 4.73 | 1301.84 | 3.95 | | | 气 | | | | | | 301266 | 宇邦新 | -4.27 | 5.81 | 1294.37 | 5.86 | | | 材 | | | | | | 600363 | 联创光 | 0.30 | 2.02 | 1213.65 | 2.33 | | | 电 | | | | | | 301289 | 国缆检 | 1.04 | 2.73 | 804.97 | 6.44 | | | 测 | | | | | | 001255 | 博菲电 | -2.93 | 2.07 | -28.60 | -0.61 | | | 气 | | | | | | 688096 | 京源环 保 | -3.41 | 1.78 | -179.32 | -5.72 | | 600307 | 酒钢宏 兴 | -1.23 | 0.44 | -41 ...

Core Points - The internet celebrity economy sector experienced a decline of 3.07%, ranking among the top declines in concept sectors, with significant drops in stocks like Xinhua Du (down 9.99%) and Guangbai Co. (down 8.95%) [1][2] - The sector saw a net outflow of 2.862 billion yuan from major funds, with 89 stocks experiencing net outflows, and BlueFocus being the most affected with a net outflow of 799.84 million yuan [2][3] Sector Performance - The internet celebrity economy sector was one of the worst-performing sectors today, with a decline of 3.07% [1][2] - Other sectors with notable declines included the horse racing concept (-4.70%) and the Xiaohongshu concept (-3.33%) [2] Fund Flow Analysis - Major funds saw a net outflow of 2.862 billion yuan from the internet celebrity economy sector, indicating a lack of investor confidence [2][3] - The top three stocks with the highest net outflows were BlueFocus, Kunlun Wanwei, and Gongxiao Daji, with outflows of 799.84 million yuan, 182.62 million yuan, and 169.62 million yuan respectively [2][3]

截至12月11日收盘，柔性直流输电概念上涨0.22%，位居概念板块涨幅第4，板块内，18股上涨，通光 线缆20%涨停，中超控股涨停，电科院、旭光电子、长缆科技等涨幅居前，分别上涨7.79%、5.56%、 5.19%。跌幅居前的有高澜股份、远东股份、台基股份等，分别下跌3.74%、3.40%、3.22%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 可控核聚变 | 1.12 | 赛马概念 | -4.70 | | 商业航天 | 0.29 | 小红书概念 | -3.33 | | 超导概念 | 0.22 | 租售同权 | -3.19 | | 柔性直流输电 | 0.22 | 快手概念 | -3.09 | | 核电 | -0.04 | 网红经济 | -3.07 | | 特高压 | -0.09 | 福建自贸区 | -3.03 | | 减肥药 | -0.12 | 海南自贸区 | -3.01 | | 航空发动机 | -0.21 | 乳业 | -2.91 | | 军民融合 | -0.26 | 广东自贸区 | -2.86 | ...

今日，A股三大指数集体回调，上证指数跌0.7%，深证成指跌1.27%，创业板指跌1.41%，北证50涨3.84%。全市场成交额约1.88万亿元。 风电设备、非金属材料板块逆势上涨，可控核聚变、超导概念、商业航天板块个股表现活跃。福建板块、房地产、大消费赛道等方向回调。 零售板块部分个股尾盘异动。14:09，此前走出3连板的永辉超市（601933）直线拉升，盘中大涨近9%，收盘涨超6%，最新市值为503.66亿元；茂业商业 （600828）盘中上演"地天板"，百大集团（600865）直线拉升涨停。 收盘集合竞价阶段，多只权重股放量异动，竞价涨超1%，农业银行、中国人寿（601628）、工商银行、中国银行、中国石油等不同程度冲高。 今日午后，摩尔线程继续大涨，股价突破900元，收盘涨超28%报941.08元/股，最新市值达到4423.3亿元，总市值一日内陆续超过新易盛（300502）、立 讯精密（002475）等科技股龙头。 C 摩尔-U 688795新成 LT 科 941.08 市值 4423.3亿 量比 1.01 島 941.08 701.33 流通 276.51亿 换 51.44% (H 206.08 28 ...

Market Overview - The A-share market experienced a decline with the Shanghai Composite Index falling by 0.7% to 3873.32 points, the Shenzhen Component Index down by 1.27% to 13147.39 points, and the ChiNext Index decreasing by 1.41% to 3163.67 points. In contrast, the North Star 50 Index rose by 3.84% to 1443.17 points [1][2]. Sector Performance - The real estate sector weakened significantly, with China Wuyi hitting the daily limit down, and several other stocks like Huaxia Happiness and Tiandi Source dropping over 7% [3][4]. - The Fujian sector also faced a downturn, with stocks such as Huaying Technology and Xiamen Xinda hitting the daily limit down [4][5]. - The duty-free concept stocks declined, with Guangbai Co. dropping nearly 9% [3][7]. - The aquaculture sector weakened, with Tianma Technology hitting the daily limit down [3]. - Conversely, the controllable nuclear fusion sector surged, with stocks like Hualing Cable and Xue Ren Co. hitting the daily limit up [3][11]. - The wind power equipment sector saw gains, with Jin Feng Technology hitting the daily limit up [3][14]. - The superconducting concept stocks also rose, with Yongding Co. hitting the daily limit up [3][11]. Notable Stocks - China Wuyi's stock price fell to 4.01, down by 10.09% [4]. - Huaxia Happiness and Tiandi Source saw declines of 7.52% and 7.42%, respectively [4]. - Guangbai Co. and Zhongbai Group experienced drops of over 8% [7][9]. - Jin Feng Technology's stock price increased by 9.97% to 16.98 [14]. Future Outlook - The market is expected to continue its oscillating recovery pattern, with a focus on two main directions: the sustainability of the technology trend represented by computing hardware and the potential for the Hainan sector to maintain momentum following divergences in the Fujian sector [18].

Core Viewpoint - The A-share market experienced a decline today, with major indices falling, while the North Exchange 50 index saw an increase, indicating mixed market sentiment [1]. Market Performance - The Shanghai Composite Index closed at 3873.32, down 0.70% [2] - The Shenzhen Component Index fell by 1.27% to 13147.39 [2] - The ChiNext Index decreased by 1.41% to 3163.67 [2] - The North Exchange 50 Index rose by 3.84% to 1443.1 [2] - Total market turnover reached 1.89 trillion yuan, an increase of 936 billion yuan from the previous trading day, with over 4300 stocks declining [1]. Sector Performance - The real estate sector declined, with China Wuyi hitting the daily limit down [5] - The Fujian sector also retreated, with multiple stocks like Huaying Technology and Xiamen Xinda hitting the daily limit down [5] - The duty-free concept saw a drop, with Guangbai shares falling nearly 9% [5] - The aquaculture sector weakened, with Tianma Technology hitting the daily limit down [5] - Other sectors with significant declines included the small red book concept, commercial retail, and prepared dishes [5]. Gaining Sectors - The controllable nuclear fusion sector surged, with Tianli Composite hitting the daily limit up, along with Huazhong Cable and Xue Ren shares [5] - The wind power equipment sector rose, with Goldwind Technology hitting the daily limit up [5] - The superconducting concept also saw gains, with Yongding shares hitting the daily limit up [5] - Other sectors with notable increases included commercial aerospace and instrumentation [5].

Market Performance - The three major A-share indices opened high but experienced a downward trend, with the Shanghai Composite Index closing down 0.7% at 3873 points, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.41% [1] - The North Exchange 50 Index, however, rose 3.84% [1] - The total market turnover reached 1.89 trillion yuan, an increase of 93.6 billion yuan compared to the previous trading day, with over 4300 stocks declining [1] Sector Performance - The real estate sector declined, with China Wuyi hitting the daily limit down [1] - The Fujian sector also retreated, with companies like Huaying Technology and Xiamen Xinda hitting the daily limit down [1] - The duty-free concept saw a drop, with Guangbai shares falling nearly 9% [1] - The aquaculture sector weakened, with Tianma Technology hitting the daily limit down [1] - Other sectors with significant declines included the Xiaohongshu concept, commercial retail, and prepared dishes [1] Gaining Sectors - The controllable nuclear fusion sector surged, with Tianli Composite hitting the daily limit up, along with Huazhong Cable and Xue Ren shares also reaching the daily limit up [1] - The wind power equipment sector rose, with Goldwind Technology hitting the daily limit up [1] - The superconducting concept saw a rally, with Yongding shares hitting the daily limit up [1] - Other sectors with notable gains included commercial aerospace and instrumentation [1] Additional Insights - The top gainers included the power generation equipment sector (+2.54%) and aerospace military industry (+0.20%) [2] - The precious metals sector experienced a net inflow of funds, while the banking sector showed a slight increase [2]