截至午间收盘，创业板中盘200指数上涨2.4%，创业板指数、创业板成长指数均上涨2.2%，创业板ETF易方达（159915）半日成交额超20亿元。 国泰海通证券表示，随着经济转型加快、无风险收益下沉与资本市场改革，中国"转型牛"内在趋势确定。A股市场有望迎接春季"开门红"。AI与新兴市场工 业化趋势下，中国新兴科技与资本品出海景气强势且确定性较高。 | 创业板ETF易方达 低费率 | | | | | --- | --- | --- | --- | | 跟踪创业板指数 | | | | | 该指数由创业板中市值大、流 | 截至午间收盘 | 该指数 | 该指数自2 | | 动性好的100只股票组成,战 | 该指数涨跌 | 滚动市盈率 | 发布以来估 | | 略新兴产业占比较高,电力设 | | | | | 备、通信、电子行业合计占比 | 2. 2% | 40. 8倍 | 35. 1 | | 近60% | | | | | 创业板200ETF易方达 低费率 | | | | | 跟踪创业板中盘200指数 | | | | | 该指数由创业板中市值中等、 | 截至午间收盘 | 该指数 | 该指 | | 流动性较好的200只股票 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - It is recommended to adopt a balanced and growth - oriented style allocation, emphasizing the technology mainline while taking into account pro - cyclical and large - finance sectors. For equity - hybrid funds, emerging technology remains the mainline in 2026, with a focus on the transformation of cyclical and consumer sectors and continued optimism about large - finance. For bond funds, the pressure in the first quarter of 2026 is relatively limited, with a "weak - first - then - strong" rhythm [1][4][14]. Summary by Relevant Catalogs 1. Last Week's Market Review A - Share Market - The A - share market was volatile and structurally differentiated. The petrochemical, national defense and military industry, and media sectors led the gains. The Shanghai Composite Index had an 11 - day consecutive rise. The Shanghai Composite Index rose 0.13% to 3968.84 points, while the Shenzhen Component Index fell 0.58% to 13525.02 points. Among the major indices, the Shanghai 50 Index fell 0.47%, the CSI 300 Index fell 0.59%, the CSI 500 Index rose 0.09%, the ChiNext Index fell 1.25%, and the STAR 50 Index fell 0.12%. The total trading volume of the two A - share markets was 6.33 trillion yuan, with the average daily trading volume increasing by about 163.6 billion yuan compared to the previous week. In the industry aspect, 12 out of 31 Shenwan primary industries rose, and 19 fell. The top - performing industries were petrochemical, national defense and military industry, media, automobile, and machinery and equipment, rising 3.92%, 3.05%, 2.13%, 1.44%, and 1.32% respectively; the bottom - performing industries were public utilities, food and beverages, power equipment, pharmaceutical biology, and non - bank finance, falling 2.72%, 2.26%, 2.18%, 2.06%, and 1.84% respectively [6]. Bond Market - The bond market declined, with both short - and long - term interest rates rising. The central bank's net open - market operation injection of 1.17 trillion yuan to maintain cross - year liquidity was offset by high cross - year capital demand, pushing up capital interest rates. The 1 - year Treasury bond yield rose 5BP to 1.34%, the 10 - year Treasury bond yield rose 1BP to 1.85%; the 1 - year CDB bond yield rose 2BP to 1.55%, and the 10 - year CDB bond yield rose 2BP to 2%. In the credit bond market, the grade spread widened, and the term spread was differentiated. The AAA - rated corporate bond yield rose 1BP, the AA - rated corporate bond yield rose 2BP, and the urban investment bond yield rose 1BP. The ChinaBond Total Net Price Index fell 0.23%, the ChinaBond Treasury Bond Total Net Price Index fell 0.31%, the ChinaBond Financial Bond Total Net Price Index fell 0.12%, and the ChinaBond Corporate Bond Total Net Price Index fell 0.04%. The CSI Convertible Bond Index fell 0.27% [7]. Global Market - Global stock markets showed mixed performance, with oil prices rising and gold prices falling. The US stock market declined due to reduced interest - rate cut expectations and increased concerns about AI valuation bubbles. The Dow Jones Industrial Average fell 1.33%, the S&P 500 Index fell 1.03%, and the Nasdaq Index fell 1.52%. European stock markets generally rose, with the French CAC40 Index rising 1.13%, the German DAX Index rising 0.82%, and the British FTSE 100 Index rising 0.82%. The Asia - Pacific markets were also differentiated, with the Nikkei 225 Index falling 0.81%, the Taiwan Weighted Index rising 2.78%, the South Korean Composite Index rising 4.36%, and the Hang Seng Index rising 2.01%. The US Dollar Index rose 0.43%. In the commodity market, global oil prices rose, and the precious metal market experienced a sharp correction after the CME Group raised trading margins, with the precious metal index falling 5.20%, COMEX gold falling 4.63%, and COMEX silver falling 6.39% [8]. 2. Last Week's Fund Market Review - Stock - type funds fell 0.45%, with index stock - type funds falling 0.38% and active stock open - type funds falling 0.76%. Active hybrid open - type funds fell 0.48%. Funds heavily invested in humanoid robots and commercial aerospace sectors performed well. Among index funds, aerospace, robot, and media theme funds were among the top performers [10]. - Bond - type funds fell 0.06%. Partial - debt bond funds and convertible - bond funds with equity allocations in non - ferrous metals, TMT, or military industries performed well. The annualized yield of money market funds was 1.25%. Among QDII funds, equity QDII funds fell 0.68%, with funds heavily invested in Asia - Pacific technology sectors and crude - oil theme funds performing better. QDII bond - type funds rose 0.04%. Gold ETFs and their linked funds fell 3.18%, and commodity - type funds fell 2.76% [10][11][12]. 3. Future Investment Strategies Macroeconomy - The macro policy in 2026 will be more proactive and front - loaded. The new local government debt quota for 2026 has been pre - allocated. The National Development and Reform Commission has issued the list of the first - batch of "two major" construction projects and the central budgetary investment plan for 2026, totaling about 295 billion yuan, and will accelerate the allocation and use of funds. The first - batch of 62.5 billion yuan of ultra - long - term special Treasury bond funds for consumer goods trade - in has been pre - allocated [13]. Stock Market - The Chinese stock market is expected to cross and stabilize at important levels. Emerging technology remains the mainline, and there is a focus on the transformation of cyclical and consumer sectors. Large - finance is still favored. Recommended sectors include technology growth (such as Hong Kong - listed internet, media, computer, and computing power, as well as globally competitive manufacturing going overseas in power equipment and machinery), large - finance (securities and insurance), and pro - cyclical sectors (consumer stocks in food and beverages, agriculture, forestry, animal husbandry, and fishery, hotels, and tourism services, as well as cyclical sectors like non - ferrous metals and chemicals) [14][15]. Bond Market - In the first quarter of 2026, the bond market's core concerns are policy expectations and bond issuance rhythm. The government bond issuance progress may be slower than in 2025, with the net financing in the first quarter accounting for about 25% of the whole year. The bond market may be under pressure due to the potential spring rally in the stock market. The probability of a reserve - requirement ratio cut is higher than an interest - rate cut. In 2026, there will be new features in the bond market, such as more timely support from MLF, repurchase, and Treasury bond trading, possible lower funds volatility and lower certificate - of - deposit interest rates, a possible change in the bond - market configuration power around the Spring Festival, and a lower and more short - term impact of equity and commodity markets on the bond market, with a possibility of "double - bull" in stocks and bonds [15][16]. Fund Investment - For equity - hybrid funds, a balanced and growth - oriented style allocation is recommended. Long - term attention should be paid to technology - themed funds, and products mainly investing in pro - cyclical and financial sectors should also be considered. For bond funds, given the expected volatility in early 2026, interest - rate bond funds with flexible duration adjustments or products heavily invested in high - liquidity credit bonds are recommended. Money market funds have no trend - based investment opportunities, and gold ETFs can be appropriately allocated for long - term and hedging investments [17]. 4. Latest Fund Market Developments Impact of New Fund Fee Regulations on Bond Funds - The new regulations partially exempt the redemption fees of bond funds and index funds. For individual investors holding index funds and bond funds for more than 7 days and institutional investors holding bond funds for more than 30 days, the fund managers can negotiate the redemption fee standards. The transition period for non - compliant existing funds is set at 12 months. Short - term bond funds may face challenges as the exemption threshold for institutional investors is raised, and funds may flow to money market funds or bond ETFs. Bond ETFs may expand in scale but shorten their duration [18][19]. Total Public - Offering Fund Assets Exceed 37 Trillion Yuan - As of the end of November 2025, the total net asset value of public - offering funds in China reached 37.02 trillion yuan for the first time, with continuous growth since the end of April. Compared with the end of October, the scale of bond funds, money market funds, FOF, and other funds increased, while the scale of stock funds and hybrid funds decreased. However, investors' subscriptions for equity - type funds were still active, and equity - type funds were the main focus of public - offering institutions in November [20][21]. New Fund Launches Last Week - A total of 33 new funds were established last week, including 12 passive index funds, 7 enhanced index funds, 6 partial - stock hybrid funds, 3 hybrid bond - type secondary funds, 2 ordinary stock funds, 2 hybrid FOFs, and 1 passive index bond fund. The average subscription period was about 15 days, and the average raised share was 361 million shares, with a total of 11.916 billion shares [22]. Fund Dividends Next Week - There will be 30 fund share ex - rights registrations next week. The most notable is the Zhongjin Shanjiao Group Expressway REIT, which will distribute a dividend of 1.24 yuan per 10 shares [23].

从二级市场表现来看，小米近期股价震荡下行。截止发稿，小米报39.64港元/股，市值约1万亿港元， 较9月底的高点下跌超30%。但依托年初股价的强势拉升，小米年内股价仍有近15%的涨幅。 业绩方面，小米前三季度营收与利润均实现高增，营收3403.70亿元，同比增长32.5%；经调整净利润 328.17亿元，同比增长73.5%。第三季度单季营收1131.21亿元，同比增长22.28%；经调整净利润再创新 高，达到113.11亿元，同比增长80.92%。 12月28日晚，小米在港交所发布公告，公司联合创始人、执行董事、副董事长林斌计划自2026年12月开 始，每12个月出售金额不超过5亿美元的公司B类普通股，累计出售总金额不超过20亿美元。 根据公告，林斌本次减持所得资金将主要用于成立投资基金公司，据证券时报报道，该基金聚焦新兴科 技、体育等产业的投资。 作为外界公认的小米"二号人物"，林斌的地位仅次于雷军。其自2010年与雷军共同创办小米，出任公司 总裁直至2019年。目前担任小米集团联合创始人、执行董事、副董事长、小米香港基金会理事长。 从过往持股动作来看，林斌曾多次减持小米。2019年林斌连续三日减持小米股票 ...

每周 一 景 ： 云南长江第一湾 金沙江 点击右上角菜单，收听朗读版 【 宏观 】金银铜续创新高，人民币汇率破7 全球大类资产表现： 上周（2025.12.22-2025.12.26），全球大类资产价格中，主要经济体股市上涨。其中，日经225指数上涨2.5%，上证指数上涨1.9%，新兴市场股票指数上涨 1.7%，标普500指数上涨1.4%，发达市场股票指数上涨1.1%，恒生指数上涨0.5%。 大宗商品普遍上涨。其中，COMEX铜上涨6.7%，伦敦金现上涨4.4%，南华商品指数上涨4.0%，标普-高盛商品指数上涨1.6%，IPE布油期货上涨0.4%。 债市方面，10年期美债收益率及中债总全价指数较前一周维持不变，国内10Y国债期货价格上涨0.14%。 外汇市场方面，美元指数较前一周回落0.7%，人民币兑美元升值0.5%，日元兑美元升值0.7%。 美国经济： 三季度GDP强劲增长。美国第三季度GDP同比增长2.33%，环比增长4.30%。工业总产值超预期。美国11月工业总产值同比增长2.29%，环比增长 0.22%。核心资本品订单回升。美国剔除飞机的非国防资本品订单10月环比增长0.52%。产能利用率微升。美国产 ...

12月28日，小米集团在港交所公告，公司联合创始人、执行董事、副董事长林斌计划自2026年12月开始， 每12个月出售金额不超过5亿美元的公司B类普 通股，累计出售总金额不超过20亿美元。林斌表示对集团业务前景充满信心并将长期服务于集团。 据证券时报·e公司从接近小米集团的人士处获悉，林斌是想成立一个投资基金，对新兴科技、体育等产业进行投资，所以拟减持一些小米股份。 值得注意的是，这并非林斌首次减持小米股票。 去年6月，林斌曾连续减持小米股票约1.79亿港元，一度引发其违反减持承诺的讨论。林斌当时澄清称，其基金会2019年设立，基金会的全部资产只能用 于慈善公益和教育科研相关的捐赠项目，不得用于任何个人享受。2020年，林斌把1.2亿股小米股票捐赠到基金会（其中6000万股后来捐给了小米基金 会）。当时，其承诺5年不再减持小米股票。截至目前，2020年9月所作的5年不减持承诺期已到。 小米集团官网显示，林斌于2010年和雷军共同创办公司，出任公司总裁直至2019年，之后出任副董事长。在小米集团管理层排名中，林斌位居第二位，仅 次于创始人、董事长兼CEO雷军。 在2025胡润全球富豪榜上，林斌以800亿元的财富 ...

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 十里 近日，疑似国泰海通首席分析师方奕在转发《跨年攻势已经开始|国泰海通策略周报》，并配发个人观 点称，其此前关于A股年内冲击并站稳4000点的判断已逐步兑现。方奕回顾表示，在11月23日市场情绪 偏悲观时，国泰海通即提出"进入击球区，要敢于步出先手棋"，并明确看好12月至次年2月的跨年行 情。他指出，10月站上4000点、年末站稳4000点、春节前走向新高度的路径正在被市场验证，当下不宜 犹豫。 从结构上看，方奕重点看好科技、券商与消费板块。他同时重申中长期判断称，2026年中国"转型牛"空 间广阔，对后市保持相对乐观。 在资产配置建议上，方奕回顾其于2024年底给出的2025年判断，即"新兴科技为主线、周期金融为黑 马"，并重点推荐创业板与恒生科技。展望2026年，他认为新兴科技主线逻辑延续，周期与消费关注转 型机会，大金融仍具配置价值，具体推荐方向包括A500与创业板50指数。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构 ...

眼下正值年底，立足当下展望后市，A股市场将会如何表现？哪些投资方向值得关注？针对这些投资者 关心的问题，我们一起来看长城久祥基金经理刘疆的解读。 刘疆表示，年底临近，市场情绪偏谨慎，一方面部分资金有兑现收益的诉求，另一方面交易量持续收 缩，呈现强势品种不断缩圈、热点轮动过快较难把握的状态。但他倾向于认为，这种状态只是积极市场 下的必要调整，持续时间可能不会太长，市场的前景仍持续值得期待，而科技新兴成长板块将继续保持 引擎的地位。 投资方向上，刘疆认为可重点关注以下几个方面：一是以算力为核心的基础设施领域，当前该赛道景气 度正加速爆发，具体可关注算力芯片、光通信、PCB、液冷技术、存储设备及卫星算力等细分方向的投 资机会；二是AI驱动下的端侧与云端协同领域，随着AI基础设施建设逐步完善、AI技术能力持续迭 代，端侧硬件及云端应用中有望涌现潜出"爆品"，这类"爆品"将带动新生态与新产业链形成，相关投资 机会值得重点挖掘；三是具身智能场景落地领域，人形机器人、无人车、无人机等产品，将显著受益于 AI技术能力的进化，行业有望迎来爆发式发展，具备较高投资价值；四是"十五五"规划重点提及的战略 性新兴产业和未来产业。 责 ...

上周主要指数大多收涨。行业层面，通信延续强势，主要受益于AI产业催化持续。GPT-5.2在多项高难 度推理基准测试中刷新纪录，知识推理能力显著增强，如在AIME 2025数学竞赛中实现无工具满分，展 现出在专业决策与复杂任务中的高实用性。另有海外光通信企业业绩超预期，800G产品加速量产，行 业维持高景气。 展望后市，短期我们认为跨年行情能见度有望提升。近期市场表现更多沿着产业催化的脉络，后续应该 着重关注具有产业催化的板块。经过11月的震荡蓄力后，A股市场的风险得到一定释放，因此存在一定 的反弹动力。短期内美股走势和A股具有较强相关性，海外映射方面值得持续关注，仍维持新兴科技有 望是主线的判断。 上周主要指数大多收涨。行业层面，通信延续强势，主要受益于AI产业催化持续。GPT-5.2在多项高难 度推理基准测试中刷新纪录，知识推理能力显著增强，如在AIME 2025数学竞赛中实现无工具满分，展 现出在专业决策与复杂任务中的高实用性。另有海外光通信企业业绩超预期，800G产品加速量产，行 业维持高景气。 军工行业部分细分主题表现活跃，主要集中在两大方向：一是可控核聚变，近期相关项目招标进入密集 落地阶段，多项核 ...

上游资源：煤价环比回落，工业金属价格上涨。 1 ）煤炭： 煤价环比 -2.2% ，尽管供给仍偏紧，但需求端短期难有明显超预期空间，煤价回吐部分涨幅 ； 2 ）有色： 降息预期升温，工业金属价格上涨。 报告导读： 中观景气延续分化的增长格局，新兴科技景气仍强，高性能存储价格延续快速 上涨，游戏供给偏宽松；服务消费景气明显提升，地产周期和耐用品需求仍承压。 服务消费景气提升，科技硬件延续涨价。 上周（ 11.24-11.30 ）中观景气表现分化，值得关注： 1 ）内需景气线索有所增多，冰雪出行和电影市场景气度 显著提升，或反映地产和耐用品消费收缩之余，"吃喝玩乐"相关的服务型和大众品消费复苏趋势持续显现。 2 ）新兴科技行业延续高景气，但短期 AI 泡沫叙 事影响下， TMT 硬件景气增长的持续性有赖于 AI 应用取得积极进展。后续重点关注 AI 应用商业化进展。 3 ）建工需求偏弱，内需资源品大多偏弱震荡， 海外降息预期再度升温，国际金属价格大幅上涨；受铁矿增产影响，干散运价格环比延续提升。 下游消费：服务消费景气显著提升，地产耐用品仍承压。 1 ）服务消费： 国内冰雪游景气度显著提升，根据同程旅行，广州 - ...

进入12月，"跨年行情"、"春季躁动"等成为了多家券商策略的重要关键词。展望后市，年末行情将如何 演绎？投资又该如何前瞻布局？对此，长城基金高级宏观策略研究员汪立表示，自10月市场回调以来， 融资买入额与成交占比整体均显著回落，但上周随着整体市场风险偏好趋稳，两融活跃度有所回升。随 着一系列风险因素逐步进入落地期，整体市场进入情绪修复阶段，预计后续融资买入额与融资买入成交 占比有望稳中回升。 汪立认为，随着逐渐进入风险落地期，行业配置再平衡需求提升，资金再配置需求有望回归。原因包括 以下三个方面：一是美联储降息预期回升，随着议息会议临近，全球流动性预期或将改善；二是10月国 内经济和企业盈利数据走弱，政策进一步发力提振增长的必要性抬升，"逆周期与跨周期调节"有望加 码；三是从交易上来看，当前A股热门赛道与宽基指数调整幅度已接近历次科技行情情绪性调整的均值 水平，A股两融成交占比、行业RSI超卖指标接近年内极值位置，叠加存款端5年期定存停售、双创主题 ETF获批等因素，短期阶段反转信号或逐步显现。 投资思路上，汪立认为，当前或是布局春季行情的合适时机，新兴科技有望重回主线，并适度关注低估 值消费与券商。汪立表示 ...