| 零售 分时 最新: 2157.181 | | --- | | 2154 | | 2150 | | 2147 | | 2143 | | 2140 | | 2136 | | 2132 | | 2129 | | 2125 | | 2121 | | 2117 | | 2114 | | 2110 | | 2106 里: 521112 J 8994 128994 | | 87071 | | 43535 | | X10 | 盘面上，摩尔线程、CPO、存储器、锂矿、算力、消费电子、半导体概念跌幅靠前。 09:34 零售板块直线拉升，百大集团涨停，茂业商业、东百集团、赫美集团、爱婴室、永辉超市等纷纷走高。 09:30 存储芯片板块多股低开，香农芯创跌超8%，江波龙跌超6%，迈为股份、德明利等跟跌。 | | 761.00 -53.88 -6.61% | | | 警不线程-U① 立即 | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 688795 交易 | | | | | SSE CNY 9:25:02 交易中 查看L2全景 | | | 疑似减持受限 成 融 ...

Market Overview - The three major indices opened lower, with the Shanghai Composite Index down 0.62%, the Shenzhen Component Index down 0.81%, and the ChiNext Index down 1.16% [1] - Key sectors such as CPO, energy metals, and lithium mining saw significant declines [1] Index Performance - Shanghai Composite Index: 3865.40, down 0.62%, with a trading volume of 81.74 billion [2] - Shenzhen Component Index: 13150.43, down 0.81%, with a trading volume of 120.77 billion [2] - ChiNext Index: 3157.32, down 1.16%, with a trading volume of 55.12 billion [2] Institutional Insights - CITIC Securities suggests that copper should be the next major commodity following gold and silver, highlighting the strong performance of precious metals and the complex economic factors influencing the U.S. economy [3] - China Galaxy Securities emphasizes the importance of policy dividends and economic trends for investment opportunities, focusing on sectors like AI, new energy, and aerospace [4] - Open Source Securities believes the recent market correction has ended, recommending early positioning for spring trading, with a focus on technology and cyclical sectors [5] - Huatai Securities advises attention to AI computing power and other sectors, suggesting a shift towards seasonal and policy-driven themes while reducing exposure to cyclical consumer sectors [6] - Industrial growth in technology is expected to lead the market, with a focus on AI applications and semiconductor industries as key areas for investment [7]

Group 1 - The International Energy Agency predicts that the global nuclear fusion market size is expected to approach $500 billion (3.5 trillion RMB) by 2030 [1] - Significant advancements have been made in controlled nuclear fusion research, including both Tokamak for "steady-state operation" and laser devices for "fast ignition" [1] - China is intensifying efforts to develop the controlled nuclear fusion industry, with policies emphasizing support for early-stage research and the establishment of a comprehensive future energy equipment system [1] Group 2 - By July 2025, China National Nuclear Corporation will lead the establishment of China Fusion Energy Co., focusing on major scientific experiments and key material development for fusion reactors [1] - A strategic cooperation agreement was signed between Lianchuang Optoelectronics and China Energy Construction to collaborate on cutting-edge fields including controlled nuclear fusion [1] - Since 2025, the primary market financing for China's nuclear fusion sector has exceeded 10 billion RMB [1] Group 3 - The controlled nuclear fusion sector is expected to unlock a trillion-dollar blue ocean market, with key materials and components identified as high-temperature superconductors, first wall materials, low-temperature systems, heat exchangers, and vacuum chambers [2] - The bidding and construction by leading domestic nuclear fusion companies will drive growth for upstream material suppliers and midstream processing firms, benefiting the "shovel sellers" in the industry [2] - The commercialization path for nuclear fusion technology is becoming clearer, with an anticipated acceleration in capital expenditure during the 14th Five-Year Plan period, leading to sustained order releases in related component sectors [2]

3. 中信建投：跨年行情蓄势待发 A股上涨的底层逻辑并未改变，目前市场已经基本完成调整，跨年有望迎来新一波行情。中期行业配置 方面，重点关注具有一定景气催化的有色金属和AI算力板块;主题投资方面，商业航天为主线，可控核 聚变和人形机器人也可适当关注。此外，港股市场中的潜在热点主要集中在互联网巨头、创新药两大方 向。 上周A股市场风格分化，成长风格整体走强。主要指数中，沪指累跌0.34%，深证成指累涨0.84%，创业 板指累涨2.74%。通信、军工、电子、机械设备领涨;煤炭、石油石化、钢铁、房地产板块下跌。 后市市场将如何演绎?且看最新十大券商策略汇总。 1. 中信证券：内外兼顾，寻求交集 从中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品 种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨慎，对内需充满期待，但 最终外需的表现大超预期;今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心;实际 上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这些角度来看，海外敞口品种 业绩兑现力强，但估值继续提升难度大;内需敞口品种景气度一般 ...

Core Viewpoint - The market is expected to continue its volatile structure as the year-end approaches, with a focus on policy dividends and economic trends for the upcoming year [1] Group 1: Investment Opportunities - Main Line 1: The unprecedented global changes are accelerating, shifting the domestic economic logic towards new productive forces, with key areas of interest including artificial intelligence, embodied intelligence, new energy, controllable nuclear fusion, quantum technology, and aerospace as highlighted in the "14th Five-Year Plan" [1] - Main Line 2: The gradual implementation of anti-involution policies, combined with an optimized supply-demand structure and expectations of price recovery, indicates a clear path for profit recovery in the manufacturing and resource sectors [1] - Auxiliary Line 1: Under the guidance of policies aimed at expanding domestic demand, the consumer sector is entering a favorable window for investment [1] - Auxiliary Line 2: The trend of going global is expected to further enhance corporate profit margins [1]

Group 1: Policy and Economic Measures - The Ministry of Commerce, People's Bank of China, and Financial Regulatory Bureau issued a notice to enhance collaboration between commerce and finance to boost consumption, proposing 11 specific measures [1] - Measures include encouraging the use of digital RMB smart contract red packets, promoting personal consumption loans, and reducing penalties for early loan settlements in vehicle trade-ins [2] Group 2: Industry Developments - The China Academy of Information and Communications Technology reported that the AI industry in China is accelerating, with the core industry scale expected to exceed 1 trillion yuan by 2025, driven by significant growth in large model applications in manufacturing [2] - China National Offshore Oil Corporation announced the full production of the country's first deepwater oil field, Liuhua Oilfield, marking a significant advancement in deepwater complex reservoir development [2] Group 3: Company News - Xiangsheng Medical announced a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares to all shareholders based on the total share capital [4] - Anbo Tong plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to enhance its brand image and capital strength [5] - Jiaze New Energy intends to invest in two wind power projects with a total estimated investment of approximately 2.366 billion yuan [5] - Saiyi Information received approval for a major national science and technology project focused on intelligent manufacturing systems and robotics [6]

证券研究报告 2025 年 12 月 15 日 星期一 【A 股市场大势研判】 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3889.35 | 0.41% | 16.03 | | | 深证成指 | 13258.33 | 0.84% | 110.94 | | | 沪深 300 | 4580.95 | 0.63% | 28.77 | | | 创业板 | 3194.36 | 0.97% | 30.68 | | | 科创 50 | 1348.88 | 1.74% | 23.05 | | | 北证 50 | 1447.69 | 0.31% | 4.52 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 有色金属 | 1.50% | 商贸零售 | -1.28% | 可控核聚 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 12 月 15 日 星期一 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 在中央经济工作会议利好下，周五两市主要指数先抑后扬，半导体设备板块领涨。 | | | | | 两市成交额 2.09 万亿元，上涨放量。沪深 300 指数收 4580 点，涨 28 点，涨幅 0.63%； | | | | | 上证 50 指数收 2994 点，涨 17 点，涨幅 0.59%；中证 500 指数收 7169 点，涨 86 | | | | | 点，涨幅 1.23%；中证 1000 指数收 7370 点，涨 58 点，涨幅 0.81%。行业与主题 ETF | | | | | 中涨幅居前的是科创半导体 ETF、半导体设备 ETF、电网设 ...

Market Overview - The market showed signs of recovery with all three major indices closing in the green, and the ChiNext Index rising nearly 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.09 trillion, an increase of 235.1 billion compared to the previous trading day [1] - Key sectors that performed well included controllable nuclear fusion, precious metals, power grid equipment, and commercial aerospace [1] Company Announcements - Enjie Co., Ltd. plans to acquire 100% of Zhongke Hualian's shares through a share issuance and will resume trading on December 15 [2] - Chipone Technology announced the termination of its major asset restructuring plan and will hold an investor briefing on December 18 to discuss this decision [3] - Yongding Co., Ltd. clarified that it does not directly manufacture controllable nuclear fusion devices and reported a minor revenue impact from this sector [4] - Hua Ying Technology received a final court ruling requiring a compensation payment of 3.029 billion from a related party, which is expected to positively impact the company's operations [5] New Stock Offerings - A new stock, Jianxin Superconductor, is available for subscription on December 15, with an issue price of 18.58 and listed on the Shanghai Stock Exchange [7] External Market - U.S. stock markets experienced a collective decline, with the Dow Jones falling by 0.51% and the Nasdaq dropping by 1.69% [9] - Notable declines were observed in major tech stocks, including Broadcom, which fell over 11%, and Nvidia, which dropped over 3% [9] - The automotive manufacturing sector saw gains, with Polestar rising over 19% and Rivian increasing by over 12% [9]

Group 1: Commercial Aerospace - SpaceX plans to IPO in mid to late 2026, aiming to raise over $30 billion with an estimated valuation of approximately $1.5 trillion [1] Group 2: Retail Industry - The National Retail Industry Innovation Development Conference emphasizes retail as a key focus for cultivating a complete domestic demand system and strengthening the domestic circulation [1] Group 3: Cable Industry - Hualing Cable's research announcement reveals the value of cables in rockets, large satellites, and low-orbit satellites, boosting the cable sector [1] Group 4: Gas Turbines - GE raises its fiscal year 2028 revenue guidance from $45 billion to $52 billion, expecting to sign contracts for 80 gigawatts of combined cycle gas turbines by year-end [1] Group 5: Energy Sector - The "14th Five-Year Plan" initiates a new phase for energy power, with hydrogen energy and nuclear power becoming key components [1] Group 6: Coal-to-Gas Project - The coal-to-gas project in Xinjiang shows promising growth potential, with production costs potentially reduced to 1 yuan per cubic meter, leading to a profit increase of 2 billion yuan [2] Group 7: Stable Growth and Dividends - The company commits to a fixed dividend mechanism with a projected 5% dividend yield for the next year, ensuring stable growth in its main business [2] Group 8: Controlled Nuclear Fusion - Shenghui Technology's subsidiary successfully develops a helium refrigeration system, marking a significant breakthrough in China's nuclear fusion field [3][4][6] Group 9: New Energy Infrastructure - Shenghui Technology's subsidiary wins a major contract for the construction of a comprehensive energy station, marking a significant advancement in new energy infrastructure [8][9] Group 10: Integrated Energy Station - The comprehensive energy station in Foshan integrates photovoltaic power generation, hydrogen production, refueling, and charging, achieving a one-stop energy service [11]