正启新程——平安基金2026年投资策略会于1月7日举行。平安策略先锋基金经理兼权益部投资总监神爱 前做《平安基金权益投研"平台化"介绍及2026年权益投资展望》主旨分享时指出，在政策持续发力、经 济温和复苏以及流动性保持充裕、海外环境偏暖等内外环境共振下，市场自2025年启动的慢牛行情有望 在2026年得到延续，重点把握科技创新与泛周期等领域的结构性机会。 神爱前表示，当前市场风险偏好已明显修复，投资者信心稳步提升，场外资金有序入市， 为市场提供了坚实的支撑。随着"十五五"规划开局之年宏观政策更加积极有为，宏观回升将驱动上市企 业盈利进一步改善。此外，神爱前指出，外部环境同样呈现改善迹象。美联储降息周期开启，主要经济 体财政政策趋向扩张，全球流动性环境偏暖。关税扰动减弱，而美国中期选举临近使其政策焦点更多转 向国内经济问题，外部环境摩擦可能性减少。 相较2025年，2026年预计上涨驱动力将更多来自于盈利驱动与行业催化。基于宏观环境和产业趋势分 析，看好业绩驱动的泛科技+泛周期两条线索投资机会。 周期领域，从供给侧的变化来看，当下上市公司已主动收缩资本支出，产能扩张的步伐明显放缓，这一 调整正在逐步改善行业的 ...

红利国企ETF（510720）收红，市场热议周期与红利风格前景。 开源证券指出，红利风格在2026年的表现或优于2025年，主要基于三大维度：一是赔率层面，红利与成 长的相对估值处于2016年以来28.2%分位数，吸引力显著改善；二是盈利维度，预计A股盈利底将在 2025年底或2026年初到达，盈利端对周期品的压制将缓和；三是资金维度，增量资金如保险、固收+、 二级债基等风险偏好较低的配置型资金更倾向布局高股息资产。此外，PPI边际修复预期叠加"广谱反内 卷"政策，有色金属、化工、电力等周期品或迎来结构性机会，而稳定型红利资产仍可作为中长期底仓 配置。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股息企 业的整体市场表现。根据基金公告，红利国企ETF可月月评估分红，在上市后的每个月都做到了分红， 已连续分红20个月。 注：分红情况具体详见基金分红公告，基金分红规则以基金法律文 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文/新浪财经上海站 时行工作室 12月18日，疑似东方财富证券研究员辛泽熙在朋友圈的最新表态，引发业内强烈关注。 据流传截图显示，辛泽熙在朋友圈转发了中钨在线发布的文章《钨粉价格突破百万大关！》，并写 道："钨粉1000元/公斤，行业巨变即将到来。" 该文显示，2025年12月17日钨市场行情出现罕见强势上涨：钨精矿报价升至42万元/吨；仲钨酸铵价格 涨至62万元/吨；钨粉价格突破百万大关。 | | | | 截至2025年12月17日售制品价格涨幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商品名称 | 黑钨精矿(65%) | 白鹤墙矿(65%) | 仲仍酸铵(APT) | 鹤粉 | 碳化钨粉 | 70 约钱 | 备注 | | | 万元 标吨 | 万元 标吨 | 万元/吨 | 元 千克 | 元 千克 | 万元 吨 | | | 2025/12/17 | 42.00 | 41.90 | 62.00 | 1000.00 | 960.00 | 57.00 | 最新 ...

Market Strategy - The market is experiencing increased adjustment pressure, with participants adopting a more conservative mindset as trading willingness decreases due to limited rebound heights and accelerated sector rotation [6] - It is suggested to wait for better layout opportunities rather than frequent trial and error in timing [6] Style Strategy - Defensive strategies are emphasized as year-end approaches, with a focus on mid-cap blue-chip stocks for medium-term timing [3] - The gold sector is expected to benefit from a decline in dollar credit, leading to potential price increases [3] Theme Strategy - The special steel industry is anticipated to undergo high-quality development due to expected cost declines and new import-export management regulations [4] - The implementation of export license management for certain steel products is expected to optimize the export structure and enhance domestic profitability [6] Investment Opportunities - Investment targets include Chifeng Gold (600988, Buy) and Nanjing Steel (600282, Buy) as they are positioned to benefit from the current market dynamics [6]

Market Performance - Major stock indices in the two markets showed weakness, with the Shanghai Composite Index falling below the 4000-point mark again, and the ChiNext and Sci-Tech 50 indices dropping over 1% [1] - As of the midday close, the Shanghai Composite Index decreased by 0.24% to 3993.35 points, the Shenzhen Component Index fell by 1.07%, the ChiNext Index dropped by 1.58%, and the Sci-Tech 50 Index declined by 1.65% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12,704 billion yuan [1] Sector Performance - Sectors such as semiconductors, chemicals, automobiles, non-ferrous metals, brokerages, and steel experienced declines, while insurance, banking, oil, and pharmaceuticals saw gains [1] - Concepts related to brain engineering and innovative pharmaceuticals were active in the market [1] Investment Outlook - Long-term trends for technology growth stocks show insufficient cost-effectiveness, with increasing short-term fundamental concerns [2] - There is a lack of established structures to lead the market breakout, suggesting that the A-share market may continue to experience a volatile phase [2] - The spring of 2026 is projected to be a potential peak, but it is unlikely to represent the peak for the entire year or the current bull market [2] - Three areas of mid-term returns are anticipated: cyclical improvement in fundamentals, asset allocation shifts towards equities leading to valuation reassessment, and increased global influence of China enhancing economic conditions and valuation [2] - The effective return of the framework of "policy bottom, market bottom, economic bottom" is expected by mid-2026, coinciding with a potential start of a new bull market phase [2]

Core Views - A-shares demonstrated resilience despite underlying concerns, with a strong rebound led by heavyweight sectors such as banks, precious metals, and rare earths, which helped stabilize the market and boost overall sentiment [1][11] Market Overview - On Monday, the three major indices opened significantly lower but rebounded strongly, with the market showing resilience overall. The precious metals, rare earths, and energy metals sectors performed well, while automotive parts, consumer electronics, and gaming sectors faced declines [5][6] - The overall market sentiment was subdued, with more stocks declining than advancing, indicating a concentration of upward momentum in a few heavyweight stocks [2][12] Sector Analysis - **Rare Earths**: The rare earth sector saw significant gains due to recent government policies on export controls and production management, with China holding over 60% of global production. The strategic value of the rare earth industry is expected to increase, especially if trade negotiations improve [7] - **Precious Metals**: The precious metals sector surged following a notable increase in international gold prices, driven by the Federal Reserve's interest rate cuts and rising geopolitical tensions. The outlook for gold remains bullish, but caution is advised against chasing prices after significant gains [8] - **Cyclical Sectors**: Cyclical sectors, including non-ferrous metals, are expected to strengthen due to anticipated policy support and improving economic conditions. Key areas to watch include solar energy, batteries, and construction machinery [9] - **High Dividend Stocks**: Bank stocks performed well, supporting the index. The dividend yield of state-owned enterprises is becoming attractive again, suggesting a potential recovery in dividend-focused investment strategies [10] Investment Opportunities - Investors are advised to remain patient and consider opportunities in technology stocks, cyclical sectors, and consumer demand-driven areas, particularly those showing improved performance in Q3 reports [3][13]

Group 1 - The core viewpoint of the article highlights the balanced inflow of funds into the market, particularly into the CSI A500 ETF, indicating a positive sentiment towards broad-based investments [1] - In September, the manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from the previous month, aligning with the average of the past three years for the same period, suggesting seasonal growth [1] - The market is expected to continue its upward trajectory, with A/H stock indices likely to reach new highs, presenting opportunities for investors despite current market adjustments [1] Group 2 - Structural investment opportunities remain focused on emerging technology, which is seen as a key driver, while new capital expenditure cycles in emerging industries are anticipated [1] - The financial sector, after experiencing adjustments, has returned to its mid-year levels, with potential for increased dividend returns, making it valuable for allocation-focused investors [1] - The increasing number of accounts in the CSI A500 ETF, which is three times that of its closest competitor, indicates a growing preference among investors for this broad-based product [1]

Market Overview - On September 16, the three major stock indices collectively rose, with the Shanghai Composite Index closing at 3861.87 points, up 0.04%, the Shenzhen Component Index at 13063.97 points, up 0.45%, and the ChiNext Index at 3087.04 points, up 0.68% [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion yuan, an increase of 64 billion yuan compared to the previous trading day, with over 3600 stocks rising and more than 1600 stocks falling [2] Sector Performance - The internet e-commerce sector led the gains, with a rise of 4.33%, contributing a net inflow of 1.26 billion yuan, while the breeding industry and small metals sectors showed weakness [5][6] - Notable performers in the internet e-commerce sector included Li Ren Li Zhuang, which hit the daily limit, and other companies like Qingmu Technology and Kuaijingtong, which rose over 7% [6] - The humanoid robot sector also performed actively, with companies like Hengshuai Co., Anpeilong, and Hongchang Technology reaching daily limits of 20% [7] Individual Stock Highlights - North Rare Earth saw a decline of 4% with a trading volume of 12 billion yuan, while Cambrian's stock price fluctuated, closing at 1440 yuan with a trading volume of 20 billion yuan [8] - Several stocks, including Weike Technology and Jinghua New Materials, reached new highs [8] Capital Flow - Main capital inflows were observed in the computer, machinery equipment, and electronics sectors, while net outflows were noted in non-ferrous metals, electric power equipment, and basic chemicals [9] - Specific stocks with significant net inflows included Huasheng Tiancai, Zhongke Shuguang, and Gongxiao Daji, with inflows of 1.856 billion yuan, 1.325 billion yuan, and 1.124 billion yuan respectively [9] Institutional Insights - Guotai Junan noted that multiple factors are likely to support the continued performance of Chinese assets, emphasizing the acceleration of China's transformation and the demand for asset management [10] - Open Source Securities highlighted the importance of focusing on leading companies that align with the theme of "emotional consumption" amid a consumer recovery [11] - Guorong Securities pointed out the index fluctuations and the need to pay attention to structural risks [12]