Saxo Markets首席投资策略师Charu Chanana：2026年开局强劲后，市场正喘息调整，在周五美国就业报 告公布前，无人愿意增添新的风险。 美联储政策争论尚未落幕，地区安全事件持续令市场保持谨慎布局。 ...

加上今天，仅仅剩余三天2025年就彻底划上句号了。也可以将最后这三个交易日当成收官之战，毕竟沪指相差不到40点就到4000点了，以之前市场连续收出 的8根阳线看，到4000点之上估计是没啥问题了。 现在的核心就在于，最终会不会在12月31日收市的时候到4000点呢，虽然说这是一个整数关口，但是到了4000点之上，和最终收在4000点之下还是很有讲究 的，坦率的说，最终如果在今年能收在4000点之上，市场的体验会好一点，大家最起码会对明年的行情，尤其是春季行情有好的期待。 但是如果最终没能站上4000点，市场情绪多少会受到一些影响，也会对明年的预期，从心理层面上多少有点不及预期的想法，我觉得这都很正常，毕竟大家 重视的，往往是短期的，而对时间周期稍长点的走势，好像并不是那么特别上心，这是多数人的想法。 以我目前的想法看，最后这三天，其实市场最好的方式先不要上去，利用节前这三天来一次相对充分的调整，比如说沪指能回踩一下3900点，等元旦之后来 一个开门红，最起码1月份和2月份行情是可以期待的，简单说，短暂的调整是为了更长周期的上涨。 为什么这么说呢？元旦节前站上4000点虽然表面上很好，但这却为元旦之后的调整埋下 ...

最近这段时间，茅台价格的持续走低的话题越闹越大，让不少曾经的坚定持有者都心慌意乱，甚至有人认为飞天茅台明年价格可能要跌破1000元。 还有人说，如今连茅台都跌了，另一种收藏市场硬通货籽料肯定也得跟着崩塌了。那么，如今籽料行情，它的价格到底崩塌没有？我们回顾了一下今年的 整体行情，发现了一个让人意外的结果。 籽料市场真的崩盘了么？ 最近网上总有人在说"新疆和田玉籽料崩盘了"、"价格暴跌50%"，其实有相当一部分是从不玩玉的人在说，当然也有不少玉商私下都在吐槽"有货卖不 动"，中低端籽料腰斩甩卖的情况一抓一大把。 但真去市场里转一圈就知道，说"全面崩盘"有点太夸张了。 这更像是市场在"挤泡沫"，把之前的虚高价格打回原形，重新梳理清楚什么料子才真的值高价。 搞明白这背后的门道，才能看清现在籽料市场到底是怎么回事。 大家感觉的"崩盘"，其实主要集中在中低端籽料上，这也是讨论最多的地方。 一方面，价格确实是跌了。之前价格虚高的普通料子首当其冲。 前几年不少人跟风炒籽料，哪怕是玉质粗糙、皮色一般的料子，价格也被抬得老高，如今这些料子就成了降价主力。 比如有些商家急着回笼资金，降价30%甚至原价一半的价格甩卖。 另一方面， ...

甚至，上午沪指还新高了一个点，创了12月8日3936点分时线高点共振以来的新高，但也仅仅新高一个 点，让空转多的人坚信要突破大涨了，但技术上同步出现3937点的分时线高点确认，我们不得不佩服， 主力的耐心和步步设套的精心布局！技术上午后或分时线高点再确认一下，或直接就调整了！除非市场 出现突发利空，让黄线翻红，让两市个股超过并维持4000股以上普涨格局，那么才有机会去突破，否则 大概率午后将冲高回落休整了，因为两市个股不会骗人，投资者且行且珍惜吧，手中明显放量异动个股 注意高抛和控制仓位，然后耐心等待回踩不错以后再去低吸，或换入其他低位个股；低位绩优动静不大 的个股，那就锁仓等待契机吧！更多的，午后盘中文字直播实时分析和讲解！ 周二上午市场呈现高开高走的格局，投资者可以看到，早盘沪指高开1点于3919点，创业板高开4点于 3196点，两市1854股上涨，2554股下跌，开盘以后市场震荡反弹，盘中大金融板块和大科技板块，加上 有色、海南和军工板块异动拉升，拉起盘面冲击前高3936点，新高一点到3937点，同步出现分时线高 点，之后小幅回落，各大指数均收于上午相对高位区域！最终沪指收涨13点于3930点，创业板收 ...

Group 1 - The market continues to experience a sideways adjustment, with the CSI 300 index down 0.28%, the Shanghai Composite index up 0.03%, and the CSI 500 index unchanged for the week, indicating an ongoing mid-term adjustment trend [3] - Both domestic and U.S. economic data have shown signs of weakness, with China's production, consumption, and real estate sales data in November continuing the previous adjustment trend, reflecting a lack of clear upward momentum since March [3] - The U.S. unemployment rate rose to 4.6% in November, suggesting the economy is "very close" to recession, while retail data and inflation indicators also declined, indicating a need for cautious adjustments to earnings expectations for U.S. stocks [3] Group 2 - The main board is recommended to maintain a low position due to structural differences in external and internal demand, despite a record trade surplus this year [4] - The small and mid-cap sector has shown volatility, but the overall mid-term trend remains cautious, suggesting a continued low position similar to the main board [4] - No specific industries are recommended for short-term momentum focus [4]

山海：维持黄金的强势看法，但也要注意调整的空间！ 目前市场缺乏有效的刺激，但市面暗流汹涌，日元加息消息还没落地，导致黄金的涨跌没有延续性。山海在强调强调黄金保持多头趋势看震荡上行不变的前 提下，注意随时会出现回落的风险，经过周一的大涨回落，周二的宽幅震荡，周三的阶段性上涨，目前黄金依旧在前期4350双顶压制下震荡。那么，今周 四，周五同样要关注在强势下的调整力度，要谨慎固执的对待单一方向走势。说白了，山海比较看好，周四，周五黄金有一波下跌空间，短期来看下方关注 4280，力度大可以看到4250，大家注意一下策略的转换。白银很强，但也会走出调整，下方关注64.5低点得失！今晚关注美盘CPI数据的影响！ 上个交易日对黄金涨跌的空间判断不太好，计划是高点做空，低点做多，但是高低点很难给的比较准确，实际黄金在周三最高在4348，最低在4315，亚欧盘 先涨，美盘则在高位震荡中反复试探高点形成回落，可以看出，目前的这种行情是比较符合山海对近期行情变化的解读。山海强调，近期黄金的多头趋势不 变，但要注意两点，第一，现在是震荡上行走势，不要过分的看多空的延续性，第二，要注意随时出现的市场变化，可能会在近期出现深度调整空间， ...

Report Industry Investment Ratings - **Macro Finance**: Bullish on stock index, bullish on treasury bonds [1] - **Non - ferrous Metals**: Aluminum - high - level wide - range shock; Alumina - weak fundamentals, limited upward drive; Zinc - expected to be shock - strong; Nickel - shock - weak; Stainless steel - shock; Tin - bullish in the long - term; Gold - shock in the short - term, upward space in the long - term; Silver - wide - range shock in the short - term; Platinum - shock - strong in the short - term, long - term long - position allocation; Palladium - shock in the short - term; Industrial silicon - bearish; Polysilicon - shock; Lithium carbonate - affected by multiple factors, facing pressure at 100,000 yuan [1] - **Black Metals**: Rebar - shock; Hot - rolled coil - shock; Iron ore - shock; Manganese silicon - shock; Silicomanganese - shock; Glass - price fluctuates strongly; Soda ash - shock; Coke - shock; Coking coal - shock [1] - **Agricultural Products**: Palm oil - wait - and - see; Rapeseed oil - expected to rebound; Cotton - "supported, no drive" in the short - term; Sugar - bearish consensus, cost - supported below; Corn - limited short - term decline; Imported soybeans - shock, different expectations for different contracts; Pulp - wait - and - see for single - side, consider 1 - 5 reverse spread; Logs - shock - weak [1] - **Energy and Chemicals**: Fuel oil - bearish; Bitumen - affected by multiple factors; Natural rubber - supported by raw material cost; BR rubber - shock, pay attention to export; PTA - affected by multiple factors; Ethylene glycol - price decline; Short - fiber - follow cost; Styrene - narrow - range shock; PP - limited upward space; PE - shock; Urea - shock; Propylene - shock; PVC - bearish; Caustic soda - affected by multiple factors; LPG - shock [1][2] Core Viewpoints - In the short term, be vigilant against the "buy - the - rumor, sell - the - news" adjustment after the policy implementation of the central economic work conference, but the market adjustment since mid - November has opened up space for the upward movement of the stock index next year [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently reminded of interest - rate risks, suppressing the upward space [1] - Different non - ferrous metals are affected by factors such as industry fundamentals, macro - sentiment, and overseas policies, showing different price trends [1] - Black metals are affected by factors such as macro - drive, supply - demand relationship, and inventory, with prices mainly in a shock state [1] - Agricultural products are affected by factors such as supply - demand, policies, and weather, and their prices show different trends and need to pay attention to different influencing factors [1] - Energy and chemical products are affected by factors such as international oil prices, supply - demand relationships, and geopolitical situations, with complex price trends [1][2] Summary by Related Catalogs Macro Finance - **Stock Index**: In the short term, be vigilant against post - policy adjustment, but in the long term, the market adjustment since mid - November provides a layout window. Investors can gradually establish long positions during the adjustment period and use the discount structure of stock - index futures to optimize investment costs and winning probabilities [1] - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank's reminder of interest - rate risks suppresses the upward space. Pay attention to low - level layout opportunities for long positions [1] Non - ferrous Metals - **Aluminum**: High - level wide - range shock due to limited industrial drive and fluctuating risk preference [1] - **Alumina**: Domestic production and inventory are increasing, with a weak fundamental pattern. Although some short - positions leave the market and the price rebounds, the upward drive is limited [1] - **Zinc**: After the short - term digestion of macro - benefits, the fundamentals improve, the cost center moves up, and it is expected to be shock - strong in the short term. Pay attention to macro - sentiment and domestic policies [1] - **Nickel**: Affected by factors such as overseas policies and high global inventory, the price may be shock - weak in the short term. The long - term pattern of primary nickel is one of surplus [1] - **Stainless Steel**: Affected by factors such as raw - material prices, inventory, and production reduction of steel mills, the futures price fluctuates. Short - term operation is recommended, and pay attention to short - selling hedging opportunities at high prices [1] - **Tin**: Bullish in the long - term due to the tense situation in the Congo. Pay attention to low - level long - position opportunities during corrections [1] - **Precious Metals**: Gold and silver are in a shock state in the short - term, while platinum has upward potential in the short - term and long - term long - position allocation is recommended. The "long - platinum, short - palladium" arbitrage strategy can be continued [1] - **Industrial Silicon**: Bearish due to increased production in the northwest and decreased production in the southwest, as well as reduced production schedules of polysilicon and organic silicon in December [1] - **Polysilicon**: In the medium - long term, there is an expectation of capacity reduction. In the fourth quarter, terminal installation increases marginally, and large manufacturers have strong price - support and low delivery willingness. The number of delivery brands increases [1] - **Lithium Carbonate**: Affected by the peak season of new - energy vehicles, strong energy - storage demand, increased supply - side resumption, and pressure at the 100,000 - yuan level [1] Black Metals - **Rebar and Hot - rolled Coil**: In December, macro - drive strengthens, providing some rebound momentum. After the futures price rises, it is beneficial for basis positive - spread positions to enter the market. Do not chase high for single - side positions [1] - **Iron Ore**: Near - month contracts are restricted by production cuts, but the far - month has upward opportunities due to good commodity sentiment [1] - **Manganese Silicon and Silicomanganese**: Direct demand weakens, supply is high, and inventory accumulates, putting pressure on prices [1] - **Glass and Soda Ash**: Supply - demand provides support, and the valuation is low. However, short - term sentiment dominates, and the price fluctuates strongly [1] - **Coke and Coking Coal**: From a valuation perspective, the decline is close to the end. From a driving perspective, downstream restocking may start around mid - December. Single - side positions should be treated with a short - term approach, and long - term positions should wait and see [1] Agricultural Products - **Palm Oil**: Affected by the MPOB report and German policies, wait - and - see [1] - **Rapeseed Oil**: Expected to rebound due to the news of returned imported non - genetically modified rapeseed oil [1] - **Cotton**: In the short - term, it is "supported, no drive". Pay attention to policies, planting intentions, weather, and demand in the future [1] - **Sugar**: There is a global surplus and an increase in domestic supply. The bearish consensus is strong, and pay attention to the cost support below [1] - **Corn**: Short - term decline is limited, and pay attention to farmers' selling attitudes and inventory changes [1] - **Imported Soybeans**: Domestic auction results are positive for near - month and positive - spread positions. The M05 contract is expected to be relatively weak [1] - **Pulp**: Affected by "weak demand" and "strong supply" expectations, single - side wait - and - see, consider 1 - 5 reverse spread for month - spread [1] - **Logs**: Affected by external quotes and spot - price declines, the 01 contract is under pressure and is expected to be shock - weak [1] Energy and Chemicals - **Fuel Oil**: Bearish due to factors such as OPEC+ policies, the Russia - Ukraine situation, and US sanctions [1] - **Bitumen**: Short - term supply - demand contradiction is not prominent, following crude oil. The "14th Five - Year Plan" construction demand may be falsified, and the supply of Ma Rui crude oil is sufficient, with high profits [1] - **Natural Rubber**: Supported by raw - material cost, the basis is low, and the mid - stream inventory may return to the accumulation trend [1] - **BR Rubber**: Transaction improves, but high -开工 and high - inventory are still pressures. Pay attention to synthetic - rubber exports [1] - **PTA, Ethylene Glycol, Short - fiber**: Affected by factors such as gasoline cracking profit, PX cost, and new - device production [1] - **Styrene**: Mainly in a narrow - range shock, affected by export discussions and polymer - market sales [1] - **PP, PE**: Limited upward space due to insufficient domestic demand, with support below [1] - **Urea**: High - level operation of production, increased supply, and weak downstream demand [2] - **Propylene**: High - level cost support, but downstream improvement is less than expected [2] - **PVC**: Supply pressure increases, and demand weakens [2] - **Caustic Soda**: Affected by factors such as alumina production, production load, and inventory [2] - **LPG**: International oil and gas return to the fundamental - relaxation logic, and the price is in a range - shock state [2]

Core Insights - The Beijing real estate market is showing a clear trend where luxury homes and entry-level properties are performing well, while mid-range improvement housing is struggling to find its footing [1][4][13] - The market is characterized by a "two extremes hot, middle cold" phenomenon, indicating a significant divide in buyer interest and sales performance [4][5][13] Luxury Market - High-end properties are thriving, with unique resources and quality allowing them to maintain a separate market dynamic [6][8] - In November, luxury properties priced above 100,000 yuan per square meter frequently appeared on sales charts, with notable sales such as Jianfa Haiyan in Haidian district achieving a price of 137,036 yuan per square meter and generating over 600 million yuan in sales [7][9] - Buyers in the luxury segment are less sensitive to price changes, focusing instead on scarcity and exclusive resources [7][8] Entry-Level Market - Entry-level properties are gaining traction due to their affordability, with several units priced below 60,000 yuan per square meter making it to the top sales rankings [11] - Key factors driving the success of entry-level homes include proximity to subway lines, low total prices, and high usable area ratios [12] - For instance, the Zhongjian Yunhe Jiuyuan in Tongzhou sold nearly 70 units at just over 60,000 yuan per square meter, highlighting the appeal of affordable housing options [11][12] Mid-Range Market - The mid-range improvement housing market is facing challenges, caught in a difficult position without the allure of luxury or the price appeal of entry-level homes [13][14] - Properties priced between 6 million to just over 10 million yuan are struggling, with some previously popular projects now seeing price declines in the secondary market [13][14] - The disparity in costs within the same project could pose risks for future transactions, as buyers who purchased at higher prices may face losses if market conditions worsen [14] Market Outlook - The real estate market is expected to continue seeking balance between policy support and self-correction, with a persistent trend of "two extremes stable, middle fluctuating" likely to endure [15][16]

证券日报网讯 12月8日，万泰生物（603392）在互动平台回答投资者提问时表示，公司现阶段的亏损主 要由于公司疫苗、IVD板块受市场调整、政府集采等影响。公司将不断提升管理水平，通过内生增长、 外延扩大等方式不断扩大公司业务规模，提升公司效益，促进公司的可持续发展，为股东创造更大的价 值，给予投资者更好的回报。 ...

Core Insights - Recent market movements have led to significant price changes for several companies, reflecting various underlying factors influencing their stock performance [1] Company Summaries - Agroz Inc. (NASDAQ:AGRZ) has seen a 37.50% drop in stock price to $2.28, with a trading volume of 988,912, indicating market skepticism or operational challenges despite launching Agroz Robotics [2] - Cresud S.A. Warrant (CRESW) experienced a 31.37% decrease in stock price to $0.7, suggesting possible market adjustments or operational issues affecting investor confidence [3] - CIMG Inc. (NASDAQ:IMG) faced a 35.08% decline in stock price to $0.12, with a 20-for-1 reverse stock split announced, reflecting potential concerns about its market position [4] - Nutriband Inc. (NASDAQ:NTRBW) saw a 42.86% decrease in stock price to $0.8, indicating regulatory challenges or market competition despite preparing for a conference presentation [5] - ScanTech AI Systems Inc. (NASDAQ:STAI) experienced a 42.79% drop in stock price to $0.21, with a delisting determination from Nasdaq contributing to its decline, highlighting challenges in the security technology sector [6] Market Dynamics - The stock market is dynamic, with companies across various sectors facing challenges that significantly impact their stock performance, influenced by operational challenges, market competition, investor sentiment, and external economic conditions [7]