机构分析认为，上证指数连阳背后是市场中线行情的明朗，但需注意的是，市场在连创新高后，技术性 整理的信号也逐渐显现，深证成指和创业板指数连续收出两连阴；短线在市场连续反弹后，需注意回避 个股的风险，尤其是临近1月中旬后，上市公司年报业绩不及预期的风险是最需要警惕的，整体市场中 线行情依然乐观，投资者应顺应市场风格切换，从题材炒作转向业绩驱动，避开无业绩支撑的高估值题 材股。 （莫谨榕） 编辑：邬嘉宏 1月9日，A股市场延续跨年上涨态势，三大指数开盘后震荡走高，上证指数时隔十年再度站上4100点关 口，创下自2015年7月以来的十年新高。在上证指数收获"十六连阳"的同时，创业板指与深证成指同步 走强，A股全市超3900只个股飘红，成交额连续放量至3.15万亿元，交投活跃度持续刷新近期纪录，是 历史上第5次突破3万亿元。 截至当日收盘，上证指数报4120.43点，涨0.92%；深证成指报14120.15点，涨1.15%；创业板指报 3327.81点，涨0.77%。 ...

智通财经APP获悉，中信证券发布研报称，保险资金配置股票的规模正在趋势性上升，截至2025Q3已 经达到3.6万亿元，占保险资金的比例为10%，预期未来保险资金行为将会越来越影响A股市场风格特 征。该行分析了保险资管权益类产品收益与市场风格的历史相关性，发现当两者相关性达到极值时，市 场的风格切换即将发生。截至目前，策略显示成长相对价值风格占优，保险资金配置红利低波风格在下 降区间，配置科技研发风格在上升区间，且均未达到历史极值，成长风格或将延续。 3)2024年下半年以来，政策引导支持险资稳定、持续入市，政策整体呈现系统性、组合式推进特征。 股票型保险资管产品数量持续上升，总体偏向价值风格，2025年后风格明显转向成长 1)2019年以来，保险资管权益类产品数量扩张趋势明显，产品数量由2019年110只稳步增长至2025年超 过260只，期间基本逐年抬升; 中信证券主要观点如下： 2025年保险增量资金超过6000亿元，政策支持下未来增量可期 1)保险资金配置股票的规模呈"先稳后升、加速上行"的特征，截至2025Q3保险资金运用在股票上的余额 快速攀升至约3.6万亿元左右的高位，同时配置股票比例上行至10% ...

《星岛》记者 叶紫 上海报道 12月30日，一则令人意外的消息在金融圈传开：鹏华基金前基金经理王宗合于前一日因病逝世。 很多基民可能还记得2020年夏天那个"炸翻"全市场的新闻——一只新基金，一天之内被疯抢1300多亿元，创下单 只公募基金发行认购的历史新纪录。而那只基金，就是王宗合管理的鹏华匠心精选。 他因此也被捧上神坛，成为行业内公认的"国民基金经理"。然而，仅三年后，他就在业绩压力与病痛中悄然卸 任，直至今天传来噩耗。 鹏华匠心精选业绩迅速下滑，一度在同类1300多只基金中排名垫底。那只被千亿资金追捧的"爆款"，成了让持有 人"心痛"的产品之一。 从"顶流"到"消失" 业绩的压力，最先反映在口碑上。基金讨论区从最初的追捧，变成了铺天盖地的质疑和抱怨："为什么一直跌还不 调仓？" 但这一次，王宗合选择了沉默。鹏华基金的营销资源，也悄然转向了其他基金经理和风口赛道。 时间拨回到2020年7月。A股牛市氛围火热，消费股是绝对王者。凭借前期重仓消费股连拿金牛奖的王宗合，被公 司推到台前。 铺天盖地的宣传下，"鹏华匠心精选"横空出世。一天认购1371亿元。这个数字让整个行业目瞪口呆。王宗合被无 数基民称为"消费股 ...

Group 1 - The core point of the article is the successful listing of Shuangxin Environmental Protection, which raised nearly 2 billion yuan for the expansion and technological upgrade of high value-added products, targeting the vast potential of domestic substitution in the polyvinyl alcohol industry [1][19] - Shuangxin Environmental Protection is a leading company in the domestic polyvinyl alcohol industry, possessing a complete circular economy industrial chain [1] - The company received over 286,000 winning numbers in its online issuance, indicating strong investor interest [1] Group 2 - The article discusses the changing market dynamics, emphasizing the shift in funding styles, with institutional funds increasingly influencing market trends [3][6] - It highlights the importance of understanding the behavior of institutional funds, as they can provide clearer investment opportunities compared to retail investors' focus on price fluctuations [12][19] - The article suggests that ordinary investors should focus on whether companies like Shuangxin Environmental Protection attract sustained institutional interest, rather than getting caught up in short-term price movements [19][20]

Core Viewpoint - Several Wall Street institutions believe that the market style may shift towards cyclical sectors due to changes in the macro environment [1] Group 1: Market Performance - Goldman Sachs reports that cyclical stocks have outperformed defensive stocks for 14 consecutive trading days, marking the longest winning streak in over 15 years [1] - Goldman Sachs' economists expect U.S. real GDP growth to accelerate to 2.5% in 2026, surpassing the market consensus of nearly 2% [1] Group 2: Investment Strategies - Piper Sandler's Chief Investment Strategist, Michael Kantrowitz, indicates that investors are beginning to sense signs of a recovery in cyclical sectors [1] - Multiple institutions forecast that financials, industrials, and consumer discretionary sectors are likely to perform well in 2026 [1] - Citigroup strategists recommend investors to increase holdings in financial stocks while underweighting consumer staples [1] - The Citigroup team, led by Adam Pickett, notes that industrial stocks also have potential for rating upgrades [1]

Core Viewpoint - The banking sector is expected to present new investment opportunities as market styles shift, with a high probability of a resurgence in bank stocks in Q4 2025, particularly favoring quality regional banks and high-dividend large banks [1][2][5] Market Style Shift - The current market exhibits a "technology strong, weight weak" seesaw effect, with the technology sector showing significant volatility and growth, while the banking sector has lagged behind, indicating a potential for recovery [8][10] - The banking sector's price-to-book (PB) ratio remains at historical lows of 0.6-0.8, contrasting with the high valuations of the technology sector [1][8] Policy Environment - The banking sector benefits from favorable policies, including a significant reduction in deposit rates, which lowers banks' funding costs and supports their interest margins [2][24] - As of September 30, 2025, the dividend yield for bank stocks reached 4.40%, significantly higher than the 2.79% yield of the CSI 300 index, indicating a strong income advantage for investors [2][24] Funding Environment - There is a structural shift in funding flows, with increased allocation of risk-averse and long-term funds towards bank stocks, enhancing their funding advantages [2][26] - The asset quality of banks is steadily improving, with non-performing loan ratios decreasing from 1.59% to 1.49% between Q1 2024 and Q2 2025, and the provision coverage ratio increasing from 204.54% to 211.97% [2][29] Performance Analysis - The banking sector has shown strong performance from the end of 2024 to mid-2025, with the Shenwan Banking Index rising by 13.10% in the first half of 2025, outperforming the broader market [16][19] - Quality regional banks like Jiangsu Bank have demonstrated significant profit growth, with a 8.84% increase in net profit year-on-year in Q3 2025, highlighting their operational resilience [5][59] Investment Strategy - The fourth quarter is expected to see a "performance differentiation and valuation rebalancing" pattern, with banks positioned as core investment targets due to their low valuations, improving fundamentals, and attractive dividend yields [74] - Large state-owned banks such as ICBC and CCB are recommended for conservative investors due to their stable high dividends and strong financial positions [63][74] - Regional banks like Chengdu Bank and Suzhou Bank are also highlighted for their growth potential and solid asset quality, benefiting from regional economic advantages [70][74]

全球资本市场的目光正聚焦于本周即将召开的美联储议息会议，与此同时，美股小盘股指数近期已率先 创下历史新高。罗素2000指数在12月4日收盘时的表现打破了10月27日的前高纪录，显示出市场资金流 向正在发生微妙变化。在这一背景下，部分华尔街机构开始重新审视明年的投资主线，认为市场风格或 将迎来切换。 作者：观察君 盈利增速与估值缺口的双重驱动 支撑小盘股走强的核心逻辑在于基本面的改善以及相对估值的吸引力。丰业银行策略师雨果·斯特-玛丽 发布的研究报告显示，标普600指数成分公司"第三季度利润有望增长14%"，这一增速预计将超过标普 500指数近12%的增长水平。 除了盈利预期的好转，估值差异也为资金轮动提供了空间。经过长时间的调整，小盘股相对于大盘股的 估值折价已达到历史极值。丰业银行策略师将这种估值差距描述为"过去40年来'最陡峭'的水平"。 Acuitas Investments首席投资官克里斯·特辛则认为，对于寻求2026年超额回报的投资者而言，"小盘股可 能蓄势待发"。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 非主流板块的潜力重估 ...

证券研究报告 2025 年 12 月 1 日 湘财证券研究所 行业研究 家电行业周报 估值洼地，龙头业绩确定性强 相关研究： 核心要点： ❑ 板块持续跑输大盘，在市场风格切换时有望受益 行业评级：增持（首次覆盖） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.5% 12.8% 5.0% 绝对收益 -3.5% 18.0% 14.7% 注：相对收益与沪深 300 相比 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 年初至今家电行业涨幅较低，仅为+7.82%，在 31 个申万一级行业中仅仅 排名第 21 名，未能跑赢同期沪深 300 指数（+15.04%）。板块内部来看， 年初以来的主要上涨来自家电零部件子行业，空调（+0.15%）、冰洗（-3.98%） 等子行业基本停滞不前。而板块内部部分龙头公司市场份额稳步提升，现 ...

Core Viewpoint - The consumption industry should focus on the medium to long-term goals outlined in the "14th Five-Year Plan" and pay attention to consumption-related policies for 2026 [1] Group 1: Industry Outlook - The company holds an optimistic view on the development of overseas business in the consumption industry by 2026 [1] - There is a need to monitor the market style shift from high to low during this period [1] Group 2: Stock Recommendations - The focus should be on high dividend yield quality companies during the market style transition [1] - Companies with alpha in various sub-sectors of the consumption industry are also recommended for attention [1]

Core Viewpoint - The A-share market is at a critical point of style rebalancing by the end of 2025, with the ongoing "anti-involution" policy reshaping investment logic in cyclical industries [1][4] Group 1: Market Dynamics - Since Q3 2025, the A-share market has shown a significant "technology + cyclical" dual-driven pattern, indicating a transition from a single growth line to a balanced allocation of "growth + value" [1] - The technology sector has experienced a substantial cumulative increase, with the electronics industry rising by 45% and the communication equipment sector by over 38%, significantly outperforming the CSI 300 index's 14.7% [4] - The concentration of institutional holdings in the technology sector has reached nearly historical peaks, with TMT sector holdings exceeding 40.16%, indicating a risk of overcrowding [4] Group 2: Policy Impact - The Ministry of Industry and Information Technology has proposed three major measures for the chemical industry in 2026, signaling a shift from mere advocacy to substantial implementation of the "anti-involution" policy [4] - The "anti-involution" policy has extended to industry self-discipline, with products like long silk, PTA, and urea achieving industry collaboration through "production limits to maintain prices + price alliances + punitive agreements" [10] Group 3: Chemical Industry Insights - The chemical industry is experiencing a supply-side improvement driven by "downward capacity cycles + policy-guided elimination," with fixed asset investments in the chemical raw materials and products manufacturing sector decreasing by 5.6% year-on-year from January to September 2025 [5][6] - The demand side is supported by both domestic recovery and overseas improvement, with textile and apparel exports increasing by 8.7% year-on-year from January to October 2025 [12] Group 4: Investment Opportunities - Investment opportunities in the chemical industry under the "anti-involution" wave include selecting leading companies with strong management systems and cost advantages [14] - Specific sectors to focus on include: 1. Petrochemicals: Expected to see a turning point due to supply contraction and demand upgrades [15] 2. Coal chemicals: Benefiting from policy catalysts and cost advantages, with potential for profit recovery [16] 3. Polyester filament and PTA: Leading sectors in the implementation of the "anti-involution" policy, currently entering an inventory digestion phase [17]