市场研究部证券研究报告 2025 年 12 月 11 日 国内市场综述 探底回升 走势分化 周三（12 月 10 日）大盘探底回升，走势分化。截至 收盘，上证综指收于 3900.5 点，下跌 0.23%；深成指 收于 13316.42 点，上涨 0.29%；科创 50 下跌 0.03%； 创业板指下跌 0.02%，万得全 A 成交额共 17916 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 24 个上涨，其中房 地产、消费者服务及商贸零售涨幅居前，而银行、计 算机、电力设备及新能源跌幅较大。概念方面，海南 自贸港、水泥制造精选及房地产精选等指数表现活跃。 海外市场综述 美股三大指数全线收涨，耐克涨近 4% 周三（12 月 10 日），美国三大股指全线收涨，道指 涨 1.05%，标普 500 指数涨 0.67%，纳指涨 0.33%。耐 克涨近 4%，卡特彼勒涨超 3%，领涨道指。万得美国科 技七巨头指数跌 0.13%，微软跌近 3%，脸书跌超 1%。 中概股多数上涨，阿特斯太阳能涨超 5%，晶科能源涨 逾 3%。 新闻精要 1. 何立峰在京会见世界贸易组织总干事伊维拉 2. 港交所确认与香港证 ...

证券研究报告 | 策略点评 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20251210 今日关注 2025 年 12 月 10 日 投资要点 指数涨跌情况：今日 A 股主要指数多数微跌。截止收盘，沪指跌 0.23%，收报 3900.50点；深证成指涨0.29%，报13316.42点；科创50跌0.03%，收报1346.70 点；创业板指跌 0.02%，收报 3209.00 点。总体上，全天个股涨少跌多，Wind 数据显示，全市场 2433 只个股上涨，2841 只个股下跌，178 只个股收平。沪 深两市今日成交额合计 17785 亿元，较上个交易日缩量 1254 亿元。 行业涨跌情况：今日申万一级行业多数收涨，房地产、商贸零售、社会服务、 通信、有色金属涨幅靠前，涨幅分别为 2.53%、1.97%、1.22%、1.21%、1.04%， 银行、电力设备、计算机等行业跌幅靠前，跌幅分别为 1.58%、0.87%、0.63%。 概念板块涨跌情况：今日涨幅居前概念板块为海南自贸港、水泥制造精选、 房地产精选、免税店、半导体硅 ...

Group 1: Core Insights - The report highlights a focus on deepening information infrastructure, AI integration, and regulatory adjustments in key sectors [8][9][12] - The Ministry of Industry and Information Technology emphasizes the advancement of 5G-A, ten-gigabit optical networks, and computing power facilities, while promoting the integration of AI with service-oriented manufacturing [9][12] - The automotive sector has updated energy-saving and new energy vehicle technology standards, along with a revised vehicle and vessel tax exemption directory, effective from January 1, 2026 [13] Group 2: Industry Policies - The report outlines the implementation of export controls on certain rare earth items by the Ministry of Commerce and the General Administration of Customs, effective from November 8, 2025 [7] - The transportation sector will impose special port fees on certain U.S.-related vessels starting October 14, 2025, as part of regulatory measures [14] - The financial sector is set to standardize the identification management of beneficial owners by financial institutions, aligning with international anti-money laundering standards [17] Group 3: Market Performance - The report tracks the performance of various sectors in the A-share market, with notable increases in sectors such as non-ferrous metals (+4.25%) and coal (+4.24%) [20][21] - The top ten concepts with the highest gains this week include nuclear power (+6.90%) and industrial gases (+6.07%), while the largest declines were seen in power batteries (-6.38%) and optical modules (-5.20%) [23][24]