市场早盘窄幅震荡，三大指数集体翻红，中证A500指数上涨0.07%。从板块来看，商业航天概念持续走强，半导体板块表现活跃；下跌方面，贵金属概念高 开低走。 有券商表示，综合近期成交量的有效放大来看，上证指数3900点平台筹码正在进行有序交换，前期观望资金有进行入场的动作，A股市场人气处于逐渐复苏 的状态。 | 代码 | 名称 | 现价 | 涨跌幅 | IOPV 溢折率 换手率 成交金额 ▼ | | | --- | --- | --- | --- | --- | --- | | 563360 | A500ETF华泰柏瑞 | 1.251 | 0.08% | 1.2504 0.05% 20.62% 89.90亿 | | | 512050 | A500ETF基金 | 1.177 | 0.17% | 1.1777 -0.06% 24.28% | 84.28亿 | | 159338 | 中证A500ETF | 1.185 | 0.00% | 1.1860 -0.08% 19.79% | 69.33亿 | | 159352 | A500ETF南方 | 1.232 | 0.16% | 1.2319 0.01% 15.09% ...

封板率 74.00% 封板 54 触及 19 昨涨停今表现 12月24日，市场早盘窄幅震荡，三大指数集体翻红。黄白两线严重分化，中小盘股表现较强。 沪深两市半日成交额1.15万亿，较上个交易日缩量895亿。盘面上热点快速轮动，全市场超3800只个股上涨。截至收盘，沪指涨0.24%，深成指涨0.31%，创 业板指涨0.08%。 从板块来看，商业航天概念持续走强，近20只成分股涨停，其中超捷股份20cm涨停，神剑股份5连板，九鼎新材、合众思壮、再升科技涨停。福建板块再度 走强，安记食品7天4板，合兴包装3连板。半导体板块表现活跃，圣晖集成3连板。下跌方面，贵金属概念高开低走，山金国际、西部黄金下挫。乳业概念回 调，庄园牧场触及跌停。 涨停表现 3.06% 高开率 54% 获利率 ...

Core Viewpoint - The performance of ordinary stock funds in China has been predominantly positive in 2023, with 97% of comparable funds reporting gains, largely driven by the semiconductor sector's strong performance. Group 1: Fund Performance - As of November 30, 2023, out of 970 comparable ordinary stock funds, 941 funds achieved positive performance, representing a 97% success rate, while only 29 funds experienced declines [1] - The top-performing funds include E Fund Strategic Emerging Industries Stock A and C, both of which saw gains exceeding 90%, primarily due to the semiconductor sector's robust growth [1] - E Fund Information Industry Select Stock A ranked third with a 89.71% increase, benefiting from similar sector trends [1] Group 2: Fund Managers and Holdings - The fund manager of E Fund Strategic Emerging Industries, Ouyang Liangqi, has a background as an industry researcher and has been managing the fund since 2023 [1] - E Fund Information Industry Select Stock A's manager, Zheng Xi, has 13 years of management experience and oversees a portfolio heavily invested in semiconductor stocks [2] - The top holdings of these funds include major companies like Tencent, Alibaba, and various semiconductor firms, indicating a concentrated investment strategy in high-growth sectors [1][2] Group 3: Underperforming Funds - Only 14 ordinary stock funds reported declines exceeding 5% in the same period, with the largest losses seen in Taikang Medical Health Stock A and C, which fell by -10.56% and -10.14% respectively [3] - The underperforming funds primarily focused on healthcare and biopharmaceutical sectors, which have not matched the growth seen in technology and semiconductor sectors [3] - The cumulative returns of some underperforming funds, such as the Shenwan Lixin Medical Pioneer Stock, showed significant losses of up to 51.99% [3]

Core Viewpoint - The U.S. stock market continues its upward trend, supported by positive signals from high-level communications and the ongoing favorable effects of potential Federal Reserve interest rate cuts, despite a slight decline in the Philadelphia Semiconductor Index [1][1][1] Group 1: Market Performance - The U.S. stock market experienced a high opening and continued to rise, avoiding a low opening that could trigger selling pressure, particularly on a significant options expiration day [1][1] - The Philadelphia Semiconductor Index's decline indicates potential pressure on technology stocks, with Micron and TSMC ADR both closing lower [1][1][1] Group 2: Company-Specific Insights - Micron's stock ended a 12-day winning streak ahead of its earnings report, suggesting that some investors are taking profits before the announcement [1][1] - The upcoming earnings report on September 23 will be crucial for Micron, as its current stock price reflects optimistic expectations; disappointing results could lead to significant volatility not only for Micron but also for the semiconductor sector and the broader U.S. stock market [1][1][1] Group 3: Upcoming Economic Indicators - Key economic events are approaching, including the PMI data release on September 23, Jerome Powell's economic outlook on September 24, and the August PCE data on September 26, which will be important variables influencing the future direction of the U.S. stock market [1][1][1]

Market Performance - The Shanghai Composite Index closed at 3875.53 points, with an increase of 0.46% and a trading volume of 1,208.348 billion yuan [1] - The Shenzhen Component Index closed at 12828.95 points, rising by 1.05% with a trading volume of 1,541.613 billion yuan [1] - The ChiNext Index closed at 2956.37 points, up by 2.29% and a trading volume of 727.002 billion yuan [1] Sector Performance - Gold concept stocks experienced a surge, with multiple stocks such as Zhongjin Gold and Hunan Gold hitting the daily limit [1] - The innovative drug sector saw significant gains, with stocks like Changchun High-tech and Kelong Pharmaceutical also reaching the daily limit [1] - The semiconductor sector strengthened, with stocks like Yuanjie Technology and Zhaoyi Innovation hitting the daily limit [1] - Other sectors with notable increases included solid-state battery concepts, brain engineering concepts, real estate, media, and commercial chains [1] - Conversely, sectors that faced declines included marine economy concepts, national defense and military industry, insurance, and securities [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Tin prices rose slightly and then fell recently. Domestic smelter production cuts briefly pushed up tin prices this week, but the impact was limited, and prices returned to the trading range. In the short term, tin prices may remain range - bound. The Fed Chairman's speech at the Global Central Bank Annual Meeting lifted the valuation of the non - ferrous metals sector, and the over - rise may be corrected within the next 1 trading day. Fundamentally, the continuous two - week decline in tin ingot social inventory may provide upward momentum for tin prices. The production start - up of tin solder enterprises on the demand side is okay, and they still have the willingness to take delivery when the price is not higher than 270,000 yuan per ton [3]. - There are both positive and negative factors. Positive factors include the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's resumption of production falling short of expectations. Negative factors include the recurrence of tariff policies, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from the expansion cycle to the contraction cycle [4]. 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 265,930 yuan, with a monthly price range forecast of 245,000 - 263,000 yuan. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan and sell 25% of the SN2511C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan and sell 25% of the SN2511P260000 put option when the volatility is appropriate [2]. 3.2 Tin Futures and Spot Data - **Futures Data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 265,930 yuan/ton, 266,130 yuan/ton, and 266,510 yuan/ton respectively, with no daily change. The price of LME Tin 3M is 33,845 dollars/ton, up 370 dollars with a daily increase of 1.11%. The Shanghai - London ratio is 7.97, up 0.05 with a daily increase of 0.63% [5]. - **Spot Data**: The latest prices of Shanghai Non - ferrous tin ingot, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 266,000 yuan/ton, 400 yuan/ton, 254,000 yuan/ton, 258,000 yuan/ton, 172,750 yuan/ton, 180,250 yuan/ton, and 272,250 yuan/ton respectively. The 1 tin premium increased by 100 yuan/ton with a weekly increase of 33.33%, while other spot prices had no weekly change [11]. 3.3 Tin Import and Processing - The latest tin import profit and loss is - 16,622.23 yuan/ton, up 1,109.34 yuan with a daily decrease of 6.26%. The processing fees for 40% and 60% tin ore are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [15]. 3.4 Tin Inventory - The latest total tin warehouse receipt quantity on the Shanghai Futures Exchange is 7,053 tons, down 205 tons with a daily decrease of 2.82%. The warehouse receipt quantities in Guangdong and Shanghai are 4,925 tons and 1,267 tons respectively, down 121 tons (- 2.4%) and 84 tons (- 6.22%) respectively. The total LME tin inventory is 1,740 tons, up 25 tons with a daily increase of 1.46% [17].

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a ten-year high, closing up 1.51% [1] - The total trading volume of the Shanghai and Shenzhen markets surpassed 30 trillion for the second time in history, reaching 31,411 billion, an increase of 5,944 billion from the previous trading day [1] Sector Highlights - The Rare Earth ETF from E Fund (159715) rose nearly 8%, with several other ETFs in the rare earth sector also showing significant gains, exceeding 7% [2] - The Ministry of Industry and Information Technology, along with other regulatory bodies, released interim measures for the total quantity control of rare earth mining and separation, allowing more companies to obtain rare earth quotas [2] - Global demand for praseodymium and neodymium oxide is projected to reach approximately 119,700 tons and 129,000 tons in 2025 and 2026, respectively, with year-on-year increases of 10.7% and 7.8% [2] ETF Performance - The Short-term Bond ETF (511360) had the highest trading volume today, reaching 34.282 billion [5] - The top ten ETFs by trading volume included the Hong Kong Securities ETF (513090) and the Hua Bao Tian Yi ETF (511990), with volumes of 23.213 billion and 21.739 billion, respectively [5] - The turnover rate for the Korea-China Semiconductor ETF (513310) was the highest at 551% [6] New ETF Launch - The Fuguo Satellite ETF (563230) will begin fundraising tomorrow, tracking the China Satellite Industry Index, which focuses on the entire satellite industry chain [7]