晨报讯（南京晨报/爱南京记者 许崇静）近期A股市场表现如何？南京证券研究员周正峰表示，上周 （12月15日至19日），市场整体转为小幅调整，此前表现偏强的成长风格受到外围市场的影响而有所走 弱，沪指同样二次探底创近一个多月以来的新低后震荡回升，最终还录得周度小幅上扬，凸显当前市场 向下的风险整体可控，但向上也的确缺乏有效的催化和领涨主线。市场风格方面，行业风格涨跌分化， 金融、消费及周期风格收涨，成长及稳定风格出现一定的调整，而成长风格领跌两市。 投资策略上，尽管成长板块的行情持续性不足且存在内部分化的情况，但无疑市场关注的焦点仍在科技 成长板块上，不过近期海外市场相关科技龙头企业的走势相对疲弱，以及在融资层面遇到的一些阻碍也 的确放大了国内市场相关映射板块的波动，若海外市场能够企稳或者国内AI或半导体自主可控产业链 出现积极的信号，相关板块的修复又将卷土重来，在此之前市场可能还是不会大举介入相关的科技板 块，但从业绩确定性优势来看，相关板块若能有所调整，后续的配置性价比将明显增加，且有望成为明 年春季躁动行情的关键主线。市场整体走势延续震荡盘整的概率较大，或需等待更为明确的增量政策出 台或产业层面的利好催化 ...

证券研究报告 A股策略周报: ETF放量回流稳定市场预期 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 2025年12月21日 请务必阅读正文后免责条款 ※ 核心观点|ETF放量回流稳定市场预期 2 • 上周A股先抑后扬，红利和微盘占优。海外方面，美欧日货币政策差异加剧市场波动，美国11月非农和CPI数据均放缓支持联储宽松预 期，但日央行继续加息、欧央行按兵不动，上周标普500微涨0.1%、日经225下跌2.6%。国内方面，新旧动能增长延续分化，宽基ETF 大额净流入提振市场情绪，A股先抑后扬，上证指数收涨0.03%，万得微盘股指数上涨3.0%，中证红利指数上涨1.0%，成长风格有所调 整；行业方面，商贸零售领涨（涨幅约6.7%），非银金融、美容护理、社会服务、基础化工、纺织服饰等行业涨幅在2%-3%左右。 • 海外方面，美欧日货币政策分化持续，美国非农和CPI数据均支持联储宽松预期，欧央行继续按兵不动，日央行如期加息25bp。一是美 国经济数据支持宽松预期，11月失业率上行，CPI通胀降温。就业方面，美国10、11月私人部门新增就 ...

Core Insights - The Tianhong ChiNext ETF (159977) has seen significant trading activity, with a transaction volume of 153 million yuan and a recent net inflow of 35.78 million yuan, indicating strong investor interest [1] - The ChiNext index (399006) has increased by 0.63%, with notable gains in constituent stocks such as XinNuoWei (300765) up 11.56% and Anke Innovation (300866) up 5.73% [1] - The Shenzhen Municipal Financial Office is actively supporting reforms in the ChiNext market, aiming to enhance the capital market's vitality and competitiveness through various initiatives [3] Product Highlights - The Tianhong ChiNext ETF (159977) focuses on new productivity sectors, with the top three industries being power equipment (27.4%), telecommunications (17.4%), and electronics (14.3%), featuring leading tech stocks [2] - The ETF aligns with the current economic transformation and industrial upgrade trends, emphasizing a growth-oriented investment style [2] Institutional Perspectives - Industrial analysts from Industrial Securities highlight that technological innovation and the development of new growth drivers will be crucial for China's high-quality transformation in the context of global competition [4]

【编者按】2025年，A股市场迎来里程碑式发展：总市值站上100万亿元的高峰，上证指数涨破4000点创下近十年新高。站在"十五五"规划的开局之年， 2026年A股市场又将如何演绎？哪些行业将孕育新的投资机遇？ 搜狐财经《基金佳问》栏目特别推出"基遇2026"专题系列报道，复盘A股市场细分领域年内行情，展望及预测2026年各热门赛道的投资机遇，把握后市资产 配置的主逻辑，寻找具有投资潜力的基金产品。 12月17日，永赢基金权益研究部总经理、基金经理王乾做客搜狐财经直播间，对2025年A股市场进行复盘，并展望了2026年的投资机遇与挑战。 政策效应最直接的体现是市场流动性的极大改善。"早期国家队的入市，在市场比较底部的时候，给市场注入了非常多的信心。"王乾表示。后续随着行情演 绎，居民存款向非银机构转移等带来的增量资金入市迹象明显。 进入2026年，市场风格是否会发生变化？王乾认为，风格再平衡是2026年值得关注、研究和布局的重要方向。 过去一年，A股在政策转向与流动性改善的双重驱动下，走出了一轮显著的行情。王乾回顾称，此轮行情的起点可追溯至2024年"924"政策的转向，而2025 年的走势是去年四季度以来行情 ...

- The report primarily focuses on analyzing the investment system and representative products of Liu Yuanhai from Dongwu Fund, providing research references for FOF investors[1][6] - Liu Yuanhai's investment system emphasizes industry trend-driven investment, closely tracking technological innovation and industry penetration changes, and mainly participating in the growth stage of industries[8] - The Dongwu Mobile Internet A fund (001323) is a flexible allocation fund focusing on the mobile internet theme, with significant long-term performance outperforming the CSI 300 Index[12][13] - The fund's performance attribution analysis using the Fama-French five-factor model shows that its returns are mainly derived from market factor exposure and significant alpha, while value and investment factors contribute negatively[34][37] - The fund maintains a high equity position and high stock concentration, reflecting the fund manager's confidence in core holdings[42][43] - The fund's heavy positions are mainly in the TMT sector, with significant contributions from leading stocks in sub-sectors, although this also brings certain volatility risks[47][52][53]

那么，是谁导演了这场逆转？在我看来，这并非单一力量所为，而是市场内在动能与外部催化剂共振的 结果。一方面，以能源金属和CPO为代表的板块，本身已经调整了一段时间，技术上存在反弹需求，这 是"内因"；另一方面，可能有一些积极的宏观信号或产业消息（比如关于AI算力投入、新能源需求预期 的边际变化）在午后被市场捕捉并放大，点燃了做多情绪，这是"外因"。两者结合，最终促成了这场酣 畅淋漓的反攻。 我的核心观点是：今天的放量普涨，很可能标志着市场短期调整压力的充分释放和情绪的低点修复。 它最大的意义，不在于一天涨了多少，而在于重新凝聚了场内外的信心，为后续行情的发展打开了更积 极的空间。创业板指的强势领涨，尤其对提振成长股的风险偏好至关重要。 基于此，我给大家的明日操作策略，可以围绕 "积极但不冒进，聚焦主线顺势而为" 来展开。 朋友们，收盘了！今天这行情，上午和下午简直是两副面孔。如果说上午的市场还在小心翼翼地试探水 温，那么午后创业板指那根"旱地拔葱"般的直线拉升，就是资金用真金白银投出的最直白一票。3.39% 的涨幅，超过3600只个股上涨，再配上明显放大的成交量，这一系列组合拳，让市场情绪从早盘的分 化，直接切 ...

｜2025年12月17日星期三｜ NO.1 公募年内自购规模同比增长超163% 据公募排排网统计数据，截至12月14日，今年以来公募基金净申购金额已达98.76亿元（剔除货币基 金），涉及基金产品1561只，净申购规模同比大幅增长163.08%。 公募业绩比较基准改革第一轮摸排在12月15日截止，基金公司向监管上报了摸排情况。 10月31日，证监会下发了《公开募集证券投资基金业绩比较基准指引》征求意见稿。据悉，征求意见稿 下发后，监管开启了第一轮摸排。此次摸排涵盖：有哪些产品要修改业绩比较基准、变更情况如何、需 要变更标准的产品规模及占比、基准变更是否与原基准差距较大、需要开持有人大会的产品占比等多方 面。 NO.3 QDII密集限购 据不完全统计，12月以来不到半个月时间，已有25只QDII基金宣布暂停申购或下调申购额度，部分产 品溢价率持续走高，溢价风险提示公告数量达到240条。 其中，富国纳斯达克指数ETF、华泰柏瑞纳斯达克100ETF等4只QDII基金，月内已提示风险高达16次。 从全市场来看，截至12月11日，全市场697只QDII基金（份额分开计算）中，共有437只基金处于限购 状态，占比超过六成 ...

Market Overview - In 2025, A-shares experienced significant growth, with the total market capitalization exceeding 100 trillion yuan and the Shanghai Composite Index reaching a nearly ten-year high[1] - The ChiNext Index saw an annual increase of nearly 50%, with the technology sector surpassing the banking sector to become the largest industry by market capitalization[1] Economic Outlook for 2026 - The A-share market is expected to enter a "slow bull" phase in 2026, driven by macroeconomic policies, industrial transformation, and capital market reforms[2] - The core logic supporting the bull market remains solid, with expectations of continued inflows of capital and reduced overseas disturbances[2] Key Drivers of the Bull Market - Continuous macro policy support is anticipated to improve the economic fundamentals, with a focus on domestic demand and investment stabilization[3] - Rapid industrial transformation is expected to release new growth momentum, particularly in emerging sectors like renewable energy, aerospace, and biotechnology[3] - Deepening capital market reforms will enhance investor returns and improve market stability, with a focus on better resource allocation[3] Capital Inflows - Insurance funds are projected to increase their equity investments, with direct investments in stocks reaching 3.6 trillion yuan, accounting for 9.7% of their total assets[3] - There is a notable shift of household assets towards equity markets, with a significant reduction in new bank deposits and increased investments in ETFs and private equity[3] Sector Opportunities - The technology sector, particularly AI, is expected to be a primary investment focus in 2026, with significant growth in AI-related hardware and applications[3] - The energy storage sector is projected to grow substantially, with global demand for storage batteries expected to increase nearly 20 times from 15 GWh to over 300 GWh by 2030[3] - The commercial aerospace industry is entering a rapid development phase, supported by favorable policies and growing market demand for satellite internet and space tourism[3] Metal Sector Insights - The A-share metal sector has seen a 73.7% increase in 2025, with industrial metals like copper and aluminum expected to continue their upward trend due to supply-demand imbalances[3] - Copper demand is driven by AI infrastructure and energy transition, with a projected global shortage of 150,000 tons in 2026[3] - Precious metals like gold and silver have seen significant price increases, with silver prices rising 121.7% year-to-date, although future growth may slow[3]

本报（chinatimes.net.cn）记者胡金华 上海报道 临近年末，可转债市场迎来新一波发行小高潮。 据Wind数据显示，2025年可转债市场规模萎缩超过1700亿元，创下退出规模历史新高，目前整个市场 规模仅有5606亿元，低于今年初的7337亿元。 对此，可转债私募广东嗣盈总经理张晓东指出，尽管年末新券发行扎堆，但是投资者仍要珍惜新券的机 会，可参与打新，毕竟目前新券储备并不丰厚。 从12月8日到12月15日，普联转债、神宇转债、澳弘转债、天准转债、鼎捷转债、鼎捷转债多只新券扎 堆网上申购。而11月以来上市的新可转债，首日打新收益让参与资金获利颇丰，最高涨幅达到78%。 "年末新券发行扎堆，而且均系科技类品种。临近年底企业存在补充资本、优化财务结构的客观需求， 监管层面也在推动直接融资，发行端因此较为活跃。从交易端看，近期权益市场企稳回升，带动了转债 市场的风险偏好。更重要的是，资产荒的宏观背景依然存在，市场对兼具债性保护和股性弹性的资产需 求旺盛。不过，新债供应虽增，但优质资产依然稀缺，导致上市后备受追捧。"上海澜成私募基金总经 理许佳莹对《华夏时报》记者分析表示。 新券密集发行，打新收入可观 业 ...

Group 1: Mechanical Equipment Industry Overview - The mechanical equipment industry rose by 1.79% during the week of December 8-12, 2025, ranking 5th among 31 primary industries [1][2] - Sub-industries performance: specialized equipment (+3.34%), general equipment (+2.72%), rail transit equipment (+0.37%), engineering machinery (+0.19%), and automation equipment (-0.12%) [1][2] Group 2: Investment Recommendations - The market risk appetite is expected to improve following the completion of the third-quarter report disclosures, suggesting a focus on technology growth and cyclical recovery [2] - Recommended sectors include technology areas such as PCB equipment, controllable nuclear fusion, humanoid robots, and semiconductor equipment, as well as cyclical sectors like engineering machinery and general equipment recovery [2] Group 3: Semiconductor Industry Developments - The global competition in computing power is intensifying, accelerating the process of self-sufficiency in the semiconductor industry chain [3] - Domestic GPU companies like Moore Threads and Muxi are advancing towards IPOs, while international cloud computing giants like Amazon are iterating advanced self-developed AI chips [3] - The listing of Naxin Micro indicates a rapid push towards domestic replacement across the entire semiconductor industry chain [3] Group 4: Humanoid Robot Industry Progress - The humanoid robot industry is maturing, with clearer commercialization paths as evidenced by competitions and conferences [4] - Companies like Zhiyuan Robot and Galaxy General Robot are completing shareholding reforms, indicating increased industry maturity and the initiation of capital cycles [4] - The industry is entering a critical phase focused on genuine advancements, with 2026 seen as a potential starting point for mass production [4] Group 5: Machine Tool Industry Insights - Japan's machine tool orders have seen continuous growth for five months, with overseas orders increasing by 23.2% year-on-year, driven by capital expenditures in markets like North America, China, and India [5] - Domestic policies are supporting the high-end machine tool sector, with a focus on core component self-research capabilities [5] Group 6: Controlled Nuclear Fusion Developments - The industrialization of controllable nuclear fusion is advancing from research to engineering validation, with significant projects underway [6] - Companies like Hangyang Co. have successfully entered the core systems of fusion devices, indicating structural opportunities in the industry [6] Group 7: Excavator Sales Performance - Excavator sales in November 2025 reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [7] - The industry is benefiting from a new round of concentrated replacement cycles and large project initiations, with strong growth potential for leading companies [7] Group 8: Industrial Robot Production Trends - In October 2025, industrial robot production increased by 17.9% year-on-year, driven by government policies encouraging equipment upgrades [8] - The industry may see a reversal of difficulties, with opportunities arising from structural adjustments and diversification of application scenarios [8] Group 9: Forklift Industry Outlook - The Asia International Logistics Technology and Transportation Systems Exhibition showcased advancements in smart equipment and low-carbon technologies, which are expected to positively impact the forklift sector [9] - The forklift industry is experiencing significant sales growth, with ongoing upgrades towards automation and intelligence [9]