6 g 05/5 alon Province of the states 197 (s 6 15 70 . 26 -11-0 x 1133 李大霄 深圳商报记者 钟国斌 2025年，沪指一度站上4000点大关，A股总市值首次突破100万亿元，全年累计成交额突破400万亿元，日均 成交额超万亿元。 2026年市场主流热点：一个是高科技，一个是高股息，消费板块有望成为第三条主线。 2025年收官之际，前券商首席经济学家李大霄接受了深圳商报记者专访，畅谈2025年中国资本市场特点，展 望2026年中国资本市场投资热点。他认为，高股息为代表的蓝筹股或是2026年一条投资主线。 2025年，A股主要指数大幅上涨。其中沪指一度突破4000点，多次刷新10年新高，年内涨幅超过18%；深证 成指年内涨幅超过30%，创业板指年内涨幅超过50%。 2025年，A股成交额迎来历史天量，全年累计成交额突破400万亿元，日均成交额超万亿元，刷新历史新高。 2025年，A股总市值突破100万亿元，为A股市场历史上首次；最高总市值突破110万亿元，创历史新高。 2025年，沪指年末9连阳，创出一个新的纪录。A股共有3次8连阳以上，年末创下 ...

2025年，沪指一度站上4000点大关，A股总市值首次突破100万亿元，全年累计成交额突破400万亿元，日均 成交额超万亿元。 2026年市场主流热点：一个是高科技，一个是高股息，消费板块有望成为第三条主线。 6 ado Prov a chor e P (8 . . . . - 0 -11-2 x 100 1 il a 李大霄 深圳商报记者钟国斌 2025年，A股总市值突破100万亿元，为A股市场历史上首次；最高总市值突破110万亿元，创历史新高。 2025年，沪指年末9连阳，创出一个新的纪录。A股共有3次8连阳以上，年末创下9连阳。 2025年收官之际，前券商首席经济学家李大霄接受了深圳商报记者专访，畅谈2025年中国资本市场特点，展 望2026年中国资本市场投资热点。他认为，高股息为代表的蓝筹股或是2026年一条投资主线。 李大霄曾为英大证券研究所所长、首席经济学家。他曾兼任中国证券业协会证券分析师专业委员会委员、投 资顾问专业委员会委员、首席经济学家委员会委员。 2025年，市场在稳步前行中突破4000点 "2025年，中国资本市场在稳步前行中突破重要关口！"李大霄表示，沪指一度站上4000点大关，A股 ...

天眼查商业履历信息显示，中青旅控股股份有限公司，成立于1997年，位于北京市，是一家以从事商务 服务业为主的企业。企业注册资本72384万人民币，实缴资本72384万人民币。公司法定代表人为倪阳 平。 通过天眼查大数据分析，中青旅控股股份有限公司共对外投资了39家企业，参与招投标项目538次，知 识产权方面有商标信息253条，此外企业还拥有行政许可58个。 来源：市场资讯 12月22日，沪深两融数据显示，中青旅上周累计获融资净买入额3997.65万元，居两市第151位，上周融 资买入额1.70亿元，偿还额1.30亿元。 中青旅所属概念板块包括：旅游酒店、北京板块、标准普尔、富时罗素、沪股通、参股新三板、融资融 券、中字头、冰雪经济、体育产业、旅游概念、央国企改革、彩票概念、电商概念。 资金流方面，中青旅近5日主力资金流入3808.85万元，区间涨幅3.85%；近10日主力资金流入6126.56万 元，区间涨幅4.21%。 ...

当前经济景气总体平稳，2025年11月制造业PMI小幅回升至49.2%，反映出产需两端边际改善与高技术 制造业的持续活力，也为持续深化的央国企改革提供了有利的宏观环境。在此背景下，相关企业更注重 提升股东回报，通过制定稳定、可持续的分红政策，积极提高分红水平与频率，向市场传递长期价值信 号，不断强化"价值创造"能力。因此，在近期市场波动加剧的环境中，分红确定性较高的央企红利类资 产正受到更多关注。（数据来源：国家统计局，发布于25/11/30） 从资金流向看，作为市场首只（成立于23/5/18）央企红利类主题ETF——央企红利ETF（561580）自 2025年四季度以来资金净流入态势明显，连续22个交易日（25/11/19-12/18）实现资金净流入，区间累 计吸金3.69亿元；与此同时，交投活跃度同步提升，昨日（25/12/18）1.08亿元的单日成交额更是刷新 成立以来新高。在增量资金的积极布局下，央企红利ETF（561580）最新规模已增长至10.34亿元。 （数据来源：交易所、Wind，截至25/12/18） 值得一提的是，即便在今年以来波动明显加剧的市场环境中，以中证央企红利指数为代表的红利类资产 ...

Investment Rating - The report gives a "Buy" rating for the covered company, with a target market value of 12.6 billion yuan, indicating a potential upside of 22% [6]. Core Views - The report suggests that the robotics industry chain companies have seen stock price adjustments, and recent breakthroughs by leading domestic companies could ignite market sentiment. It recommends focusing on technology-leading companies like Tesla and related robotics industry chain companies [2]. - The report highlights the importance of the domestic automotive market, with a notable increase in average daily retail sales of passenger cars in November, up 2% year-on-year and 19% month-on-month [2]. - The report emphasizes the potential growth in the PEEK market for humanoid robots, with significant advantages over metals, and the company's strategic partnerships to enhance its competitive position [5][6]. Industry Situation Update - The report notes that the average daily retail sales of passenger cars in the last week of November reached 126,000 units, a 2% increase year-on-year and a 19% increase compared to the previous month [2]. - The report indicates that traditional and new energy raw material price indices have risen recently, with increases of 0.9% and 2.1% for traditional car materials, and 0.9% and 2.8% for new energy vehicle materials [2]. - The total transaction value of the automotive industry for the week was 421.314 billion yuan, reflecting a 4.56% increase week-on-week [2]. Investment Analysis - The report recommends focusing on domestic strong alpha manufacturers such as NIO, Xiaomi, Xpeng, and Li Auto, as well as companies with strong performance growth and robotics layout capabilities [2]. - It highlights the importance of the central state-owned enterprise reform, suggesting continued attention to companies like SAIC and Dongfeng [2]. - The report identifies key companies in the robotics and automotive parts sectors, recommending companies like Xingyu, Fuyao Glass, and others for their strong performance growth and overseas expansion capabilities [2]. Key Events - The report reviews significant events, including the potential introduction of a U.S. government administrative order to support the robotics industry, which could accelerate development in the sector [10][11]. - It mentions the adjustment of the new energy vehicle purchase tax policy, which will be halved starting in 2026, prompting various car manufacturers to introduce compensatory measures for consumers [12][13]. - The report highlights the establishment of a joint research center between Tsinghua University and a company to focus on next-generation battery technology [32].

近来，实力央企"五矿系"资本动作频繁。这是主动顺应市场，还是为市场所倒逼？ 昨晚（12月8日），中国中冶突然公告披露了其出售中冶置业等多家附属公司股权予中国五矿或 其指定主体，总交易价格606.76亿元。 要知道，早在10年前的"12月8日"，中国冶金科工集团（简称"中冶集团"）经国家批准整体并入 中国五矿集团，进而成为其全资子企业。 这一年，曾被市场称为央国企改革"落地年"。从此前的平行关系变成上下级关系，五矿整体合 并中冶被市场期望"双方在组织架构、业务及资产等将无缝衔接与整合，以实现"1+1大于2"的效 果"，但真正做起来也并非易事，毕竟这两家央企块头都很大，各自内部也较为复杂。 时隔10年，如今算是到了"动真格"的时刻。 据中国中冶详细披露，其拟将所持中冶置业100%股权及股东债权一并出售给五矿地产，股债合 计作价312.36亿元。 与此同时，中国中冶还将其直接或间接所持的有色院、中冶铜锌、瑞木管理、华冶杜达这4家公 司100%股权及中冶金吉67.02%股权一并售给中国五矿集团，作价294.39亿元。 此次交易完成后，中国中冶强调说，通过剥离非核心业务资产将实现人力、资金、管理等资源 重新归集与高效配 ...

Core Insights - Postal Savings Bank of China (PSBC) recorded a net financing inflow of 89.86 million yuan last week, ranking 59th in the market [1] - The bank's financing purchase amounted to 588 million yuan, while repayments totaled 498 million yuan [1] Financing and Market Performance - Over the past 5 days, PSBC experienced a net outflow of 398 million yuan, with a price drop of 7.04% [1] - In the last 10 days, the net outflow reached 552 million yuan, with a price decline of 4.75% [1] Company Overview - PSBC was established in 2007 and is headquartered in Beijing, primarily engaged in monetary financial services [1] - The registered capital of PSBC is approximately 99.16 billion yuan, with paid-in capital of about 62.26 billion yuan [1] - The legal representative of the company is Zheng Guoyu [1] Investment and Intellectual Property - PSBC has invested in 29 enterprises and participated in 5,000 bidding projects [1] - The bank holds 1,214 trademark registrations and 1,005 patent registrations, along with 99 administrative licenses [1]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has seen a decline of 0.57% as of October 29, 2025, with significant movements in constituent stocks, indicating a mixed performance in the state-owned enterprise sector [1][2]. Group 1: Market Performance - The leading gainers in the index include COFCO Sugar (600737) with an increase of 5.38%, Shenzhen Properties A (000011) up by 2.44%, and Shenhuo Co. (000933) rising by 1.88% [1]. - Conversely, Chengdu Bank (601838) led the declines, followed by Xiamen Bank (601187) and Xiamen International Trade (600755) [1]. - The trading volume for the State-Owned Enterprises Dividend ETF (159515) was recorded at 72.64 million yuan with a turnover rate of 1.59% [1]. Group 2: Economic Context - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, focusing on the formulation of the 15th Five-Year Plan, which will outline China's development blueprint for the next five years [1]. - The current year marks the conclusion of the 14th Five-Year Plan, leading into a new planning cycle [1]. - Analysts highlight that the ongoing global complexities and domestic economic structural contradictions necessitate the pivotal role of central and state-owned enterprises in addressing major issues such as local debt and the transition of economic drivers [1]. Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and significant liquidity [2]. - As of September 30, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 17.15% of the index [2].

Overall Market Outlook - The A-share market may continue its upward trend into the fourth quarter of 2025, but the momentum is expected to weaken, leading to increased volatility and a gradual rise within a wide range [1][13][14] - The investment style in the fourth quarter is likely to be more balanced compared to the third quarter, with a focus on technology growth, cyclical sectors, domestic consumption, dividend stocks, and sectors with improving economic conditions [1][14] Technology Sector Insights - The technology sector remains a key focus, particularly in areas such as semiconductors, AI, robotics, digital economy, communication equipment, and defense industries [2][15] - There is an expectation of internal differentiation within the technology sector, with a need for investors to be cautious and prepared for potential risks associated with crowded trades [2][15] - Performance factors will be crucial for capital allocation, with a preference for technology stocks that demonstrate structural performance highlights or growth expectations [2][15] Cyclical and Consumption Sectors - The cyclical sectors are expected to benefit from policy support and improving economic conditions, particularly in areas like construction materials, coal, and metals [8][15] - Domestic consumption is highlighted as a potential area for investment, especially in sectors catering to the aging population and younger consumers [15] - High-dividend stocks may see renewed interest as their yield becomes attractive again, making the fourth quarter a potential window for positioning in dividend-paying assets [8][15] Market Dynamics and Investment Strategy - The report emphasizes a cautious and conservative investment approach, suggesting that investors should take profits when appropriate and avoid chasing high prices [3][14] - Structural opportunities should be prioritized, with a focus on stocks that have actual performance or future earnings support, while avoiding purely speculative stocks [3][15] - The overall market sentiment is expected to be influenced by macroeconomic factors, including U.S. tariff policies and domestic economic recovery efforts [12][13]

Group 1 - The company is a key unit in the central and state-owned enterprise reform, focusing on medical surgical robots [2] - Currently, the company mainly engages in distribution activities for surgical robot products and does not conduct research and development or manufacturing [2] - There are no recorded research and development expenses for medical brain-machine interfaces and humanoid robots [2] Group 2 - The existing research and development funds are primarily invested in the digitalization of medical device distribution, including business systems, data platforms, and SPD information systems [2]