证券研究报告 | 策略点评 2026 年 01 月 07 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指涨 0.05%，收报 4085.77点；深证成指涨0.06%，报14030.56点；科创50涨0.99%，收报1443.39 点；创业板指涨 0.31%，收报 3329.69 点。总体上，全天个股涨少跌多，Wind 数据显示，全市场 2164 只个股上涨，3188 只个股下跌，107 只个股收平。沪 深两市今日成交额合计 28541 亿元，较上个交易日放量 476 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，综合、煤炭、电子、通信等行 业涨幅靠前，涨幅分别为 3.86%、2.47%、1.25%、1.24%，石油石化、非银金 融、美容护理、计算机、银行等行业跌幅靠前，跌幅分别为 1.73%、1.13%、 1.03 %、0.81%、0.72%。 概念板块涨跌情况：今日涨幅居前概念板块为半导体设备、光刻机、中芯国 际产业链、半导体材料、工业气体、稀土、半导体硅片、CR ...

2025年A股顺利收官，创业板指以全年49.57%的涨幅位居市场主要指数的首位，北证50涨38.8%，科创 50涨35.92%紧随其后，上证指数也上涨18.41%，深证成指涨29.87%。全年成交逾420万亿元，创历史新 高，较2024年激增逾63%。 近八成个股2025年上涨 行业涨幅方面，受益黄金、白银、铜等品种的大幅上涨，有色金属以97.48%的年度涨幅居于申万一级 行业之首。通信行业涨63.64%、电子行业涨57.68%，分别位列行业涨幅榜第二、第三。此外，综合、 电力设备、机械设备、国防军工等行业也均上涨超40%。受白酒子行业下滑拖累，食品饮料指数全年下 跌5.6%，连续第5年收阴，煤炭行业也微幅下挫。 从概念指数来看，芯片产业链最为活跃。根据Wind数据统计，年度涨幅前八位的概念指数有六家与芯 片行业相关。光模块(CPO)指数以175%的涨幅位居榜首，锂电电解液指数、玻璃纤维指数、光通信指 数、光芯片指数等全年涨幅也超过100%。白酒指数则下跌17.86%，近端次新股指数、中药精选指数、 华为鸿蒙指数等也略有下跌。 2025年，共有4235只个股上涨，占全部A股的逾79%。其中，629只个股年度涨 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index slightly up by 0.09% closing at 3968.84 points, while the Shenzhen Component Index fell by 0.58% to 13525.02 points. The ChiNext Index decreased by 1.23% to 3203.17 points, and the STAR 50 Index dropped by 1.15% to 1344.20 points. Overall, 2470 stocks rose while 2768 stocks fell, with a total trading volume of 204.51 billion yuan, down by 9.72 billion yuan from the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, sectors such as defense and military, media, real estate, non-ferrous metals, and social services led the gains, with increases of 2.13%, 1.54%, 1.13%, 1.09%, and 1.04% respectively. Conversely, industries like telecommunications, agriculture, forestry, animal husbandry and fishery, electronics, comprehensive, and power equipment experienced declines, with drops of 1.35%, 1.10%, 1.02%, 0.93%, and 0.90% respectively [1]. Concept Sector Performance - The top-performing concept sectors today included satellite navigation, Xiaohongshu platform, commercial aerospace, Pinduoduo partners, satellite internet, Kimi, large aircraft, selected air transport, top ten military industrial groups, Douyin Doubao, virtual humans, military information technology, internet celebrity economy, 6G, and WEB3.0. In contrast, sectors such as cross-strait integration, GPU, high send and transfer, consumer electronics OEM, optical modules (CPO), and copper-clad laminates saw corrections [2].

【导读】机器人概念股表现活跃，航天信息（600271）等直线拉涨停，有色金属板块开盘大跌 一起来看下最新的市场情况及资讯。 12月30日开盘，A股三大指数集体低开，深证成指、创业板指盘初双双翻红。截至发稿，沪指跌0.22%，深成指涨0.48%，创业板指涨0.73%。 从板块来看，半导体、电子元器件、机器人等板块表现活跃；而贵金属、锂电、消费等板块跌幅居前。 消息面上，宇树科技宣布，京东与宇树科技推出的首家线下门店将于12月31日在北京正式开业。该店将集中展示宇树Go2四足机器狗、G1人形机器人等多 款明星产品。 此外，电子元器件板块震荡拉升，凯盛科技（600552）、航天信息等直线拉涨停。 | 名称 | 现价 | 涨跌幅 | 成交量 | 神手姿 | 市智學 | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | Ne | 241.40 | 183.70% | 681万 | 27.96% | 88.9 | 3131Z | | 鼎通科技 | 137.84 | 17.28% | 751万 | 5.39% | 92.0 | 192亿 | | 致尚科技 | 133.8 ...

策略定期研究 2025 年 12 月 29 日 国内宏观和产业政策周观察（1222-1228） 住建会议定调 2026 房地产 投资要点： 本周行业政策聚焦多领域协同推进，全国工业和信息化工作会议部署培 育集成电路、低空经济等新兴产业及加强6G研发，住房城乡建设工作会议强 调稳定房地产市场、构建以现房销售为特点的发展新模式，交通运输部预测 游艇游轮消费将向大众化、规模化发展。金融监管总局统一规范资管产品信 息披露以保护投资者权益，商务部统筹岁末年初消费促进与市场保供工作， 能源部门推动光热发电规模化发展并出台全球首个电动汽车电耗限值强制性 标准，科技领域实现超高速磁悬浮试验速度突破，标志我国在该技术领域迈 入国际领先行列。 本周A股各大板块涨跌不一。其中，涨幅排名前五的是工业贸易与综合 (+7.34%)、有色金属 (+6.55%)、化工 (+5.86%)、国防军工 (+5.81%)、硬 件设备 (+4.99%)。跌幅前五的是日常消费零售 (-4.24%)、消费者服务 (- 2.40%)、耐用消费品 (-1.74%)、家庭用品 (-1.37%)、电信服务 (-1.17%)。 本周热门概念中，涨幅排名前五的为锂电 ...

（文章来源：每日经济新闻） 每经AI快讯，12月22日，光模块(CPO)指数盘中涨超2%，成分股多数上扬。长光华芯、长芯博创、通宇 通讯、联特科技、新易盛等涨幅居前。 ...

$\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}$ $\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}$ 证券研究报告 | 2025年12月19日 2025年12月20日 市场表现：20251219 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 价值指 数表现较好。消费者服务、商贸零售、轻工制造、综合、纺织服装行业表现 较好，银行、煤炭、电子、石油石化、家电行业表现较差。海南自贸港、土 地流转、钒钛、汽车胎压监测、乳业等概念表现较好，光模块(CPO)、光刻 机、半导体硅片、存储器、磁电存储等概念表现较差。 市场情绪：20251219 收盘时有 84 只股票涨停，有 7 只股票跌停。昨日涨停 股票今日高开高走，收盘收益为 3.21%，昨日跌停股票今日收盘收益为 -3.35%。今日封板率 73%，较前日提升 4%，连板率 2 ...

Market Overview - The A-share market showed an overall increase today, with the Shanghai Composite Index rising by 0.36% to close at 3890.45 points, the Shenzhen Component Index increasing by 0.66% to 13140.21 points, and the ChiNext Index up by 0.49% to 3122.24 points. The total trading volume in the Shanghai and Shenzhen markets reached 17259 billion, an increase of 704 billion compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, retail, comprehensive services, light manufacturing, environmental protection, social services, and real estate sectors led the gains, with increases of 3.66%, 2.22%, 2.17%, 2.06%, 2.03%, and 2.01% respectively. Conversely, the banking, coal, and electronics sectors experienced declines of 0.44%, 0.29%, and 0.29% respectively [1][2]. Concept Sector Performance - The concept sectors that saw the highest gains today included Hainan Free Trade Port, dairy industry, nuclear fusion, three-child policy, cross-strait integration, rare earth permanent magnets, nuclear power, initial public offerings, lithium mining, cross-border e-commerce, duty-free shops, anti-tariff, superconductors, minimum market value, and primary real estate developers. In contrast, sectors such as optical modules, photolithography machines, GPUs, semiconductor silicon wafers, memory, copper-clad laminates, and optical chips experienced pullbacks [2].

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 1.19% to close at 3870.28 points, the Shenzhen Component Index increasing by 2.4% to 13224.51 points, the ChiNext Index up by 3.39% to 3175.91 points, and the STAR 50 Index gaining 2.47% to 1325.33 points [1] - Overall, 3623 stocks rose while 1634 stocks fell, with 198 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 181.11 billion yuan, an increase of 87 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, non-ferrous metals, electronics, basic chemicals, and power equipment, with respective gains of 5.07%, 3.03%, 2.48%, 2.15%, and 2.09%. The only sectors that experienced declines were agriculture, forestry, animal husbandry, and fishery, national defense and military industry, and coal, with losses of 0.54%, 0.20%, and 0.11% respectively [1] Concept Sector Performance - The top-performing concept sectors today included optical modules (CPO), lithium mining, lithium battery electrolytes, optical communication, liquid cooling servers, optical chips, lithium extraction from salt lakes, selected rare metals, copper-clad laminates, copper industry, high-speed copper connections, selected industrial metals, stock trading software, and circuit boards. In contrast, sectors such as Hainan Free Trade Port, cross-strait integration, satellite internet, commercial aerospace, and satellite navigation experienced pullbacks [2]

证券研究报告 | 2025年12月15日 金融工程日报 A 股缩量下挫，算力产业链回调、大消费走强 市场表现：20251215 大部分指数处于下跌状态，规模指数中中证 2000 指数 表现较好，板块指数中上证综指表现较好，风格指数中沪深 300 价值指数表 现较好。商贸零售、非银、农林牧渔、国防军工、钢铁行业表现较好，电子、 通信、计算机、传媒、机械行业表现较差。乳业、保险精选、聚碳酸酯、黄 金精选、聚酰亚胺等概念表现较好，光模块(CPO)、光通信、培育钻石、ASIC 芯片、光芯片等概念表现较差。 市场情绪：20251215 收盘时有 64 只股票涨停，有 27 只股票跌停。昨日涨停 股票今日收盘收益为 1.56%，昨日跌停股票今日收盘收益为-3.24%。今日封 板率 65%，较前日下降 18%，连板率 20%，较前日下降 19%。 《金融工程日报-沪指探底回升，封板率创近一个月新高》 —— 市场资金流向：截至 20251212 两融余额为 25014 亿元，其中融资余额 24837 亿元，融券余额 177 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 9.2%。 折溢价：20251 ...