来源：@华夏时报微博 华夏时报记者 帅可聪 北京报道 2025年12月17日，A股三大指数平开高走，午后盘中大幅拉升，上证指数收涨逾1%，创业板指大涨超3%。全市场 逾3600只个股收涨，沐曦股份（688802.SH）上市首日股价暴涨693%。 多只宽基ETF午后突然放量，成为市场一大焦点。Wind数据显示，17日多只宽基ETF成交额显著增长，如 A500ETF华泰柏瑞（563360）全天成交141亿元，较前一日放量逾30亿元；中证A500ETF（159338）成交73亿元， 较前一日放量约10亿元；沪深300ETF（510330）成交50亿元，较前一日放量约15亿元。 巨丰投顾投资顾问总监郭一鸣向《华夏时报》记者分析表示，宽基ETF的放量成交具有特殊意义，这类产品通常 是机构资金进行中长期配置或短期护盘的重要工具，其成交量骤增不仅为市场注入了直接的流动性，更向市场传 递了积极的信号。在机构资金的带动下，部分场外资金开始跟风入场，这也是午后指数能够快速拉升的核心动 力。 深证成指创近三个月最大涨幅 12月17日，继前一天大幅下挫后，A股三大指数基本平开。早盘时段，上证指数维持弱势震荡，深证成指、创业 板指表现 ...

本报（chinatimes.net.cn）记者帅可聪 北京报道 2025年12月17日，A股三大指数平开高走，午后盘中大幅拉升，上证指数收涨逾1%，创业板指大涨超 3%。全市场逾3600只个股收涨，沐曦股份（688802.SH）上市首日股价暴涨693%。 深证成指创近三个月最大涨幅 12月17日，继前一天大幅下挫后，A股三大指数基本平开。早盘时段，上证指数维持弱势震荡，深证成 指、创业板指表现相对较强。午后，三大指数盘中大幅拉升，最终集体收于全天高位。 截至当天收盘，上证指数涨1.19%，报3870.28点；深证成指涨2.4%，报13224.51点；创业板指涨 3.39%，报3175.91点。此外，沪深300指数涨1.83%，北证50指数微跌0.04%，科创50指数涨2.47%。 其中，上证指数创10月21日以来最大单日涨幅，深证成指创9月11日以来最大涨幅，创业板指创10月24 日以来最大涨幅。 A股沪、深、京三市全天总成交额约1.83万亿元，较前一日放量逾860亿元，为连续第三个交易日成交额 不及2万亿元。 盘面上，31个申万一级行业板块多数上涨，仅农林牧渔、国防军工、煤炭板块下跌，跌幅分别为 0.54% ...

Group 1 - The A500 index (000510) has shown a slight increase of 0.26% as of November 19, 2025, with notable gainers including Aerospace Development (000547) up 10.01% and Spring Wind Power (603129) up 8.14% [1] - The A500 ETF fund (512050) has experienced a trading volume of 12.23 billion yuan with a turnover rate of 6.34%, and its average daily trading volume over the past month is 51.22 billion yuan [1] - The A500 ETF fund has seen a net inflow of 24.31 million yuan recently, with a total of 206 million yuan net inflow over the past five trading days, averaging 4.12 million yuan per day [1] Group 2 - Dongguan Securities suggests that profit-taking may lead to short-term volatility in the A-share market, but the long-term upward trend is expected to continue [2] - Debon Securities believes that despite short-term adjustments, the medium to long-term bull market pattern will persist, emphasizing the importance of policy support for economic data [2] - The A500 index includes 500 securities selected from various industries based on market capitalization and liquidity, reflecting the overall performance of representative listed companies [2] Group 3 - The A500 ETF fund (512050) has several related funds, including the 华夏中证A500ETF联接 A (022430), C (022431), Y (022979), and the 华夏中证A500指数增强 A (023619), C (023620) [3]

Market Overview - The A-share market experienced a low opening but rose to surpass the 4000-point mark on the Shanghai Composite Index, which was last seen on August 18, 2015, marking a gap of 3723 days [1][4] - The index closed at 3988.22 points after a period of fluctuations [1] Market Sentiment - Market sentiment was optimistic, with the 4000-point level seen as a significant psychological barrier that could attract more retail investment [4] - However, there were cautious voices suggesting that after reaching 4000 points, short-term policy adjustments might occur to prevent overheating in the market [4] Fund Managers' Perspectives - Fund managers expressed a consensus that the overall bullish market framework would continue, despite potential short-term corrections due to profit-taking and high valuations in some sectors [5][10] - Key sectors to watch include leading companies in anti-involution industries such as photovoltaics, new energy vehicles, and chemicals, as well as consumer sectors like meat and dairy products [5] Economic Outlook - The macroeconomic environment is characterized by a transition from rapid growth to structural adjustments, with CPI remaining below 1% and PPI showing negative growth in several months [7] - The focus is on domestic circulation, with high-end manufacturing emerging as a structural highlight amid ongoing global trade tensions [7] Investment Strategy - The equity market is viewed as the optimal allocation direction, with a focus on technology growth sectors and a selective approach to undervalued companies [6][8] - The investment strategy emphasizes identifying companies with strong earnings growth and reasonable valuations, aiming for stable operations and enhanced returns [5][8] Future Market Trends - The market is expected to experience continued volatility after briefly surpassing the 4000-point mark, with divergent views on future trends [15] - Long-term optimism is supported by the "15th Five-Year Plan," which aims to optimize China's economic transformation and enhance market dynamics [15]

Group 1 - The market showed signs of recovery after initial fears were alleviated by statements from U.S. trade representatives and the Vice President, leading to a rebound from significant losses [2] - The opening of the market marked the lowest point, followed by a rapid recovery, particularly in the KC50 index, which shifted from a decline of 3.77% to a slight gain [2] - Despite the recovery, there was a notable decrease in trading volume, with a reduction of 1.599 trillion and a net outflow of nearly 60 billion, indicating some investors chose to exit and observe [6][9] Group 2 - The simultaneous rise of gold, the U.S. dollar, and U.S. stocks has been a recurring theme since late September, suggesting underlying market volatility [6] - Upcoming events, including the U.S. government shutdown, potential interest rate cuts by the Federal Reserve, and significant meetings in October, are expected to influence market dynamics [7][8] - The Hong Kong market experienced a decline of 1.52%, reflecting a lack of supportive funds compared to the mainland market, which managed to stabilize [9] Group 3 - The Shanghai Composite Index found support around the 3800 level, with the lowest point recorded at 3800.11, indicating a critical support zone [11] - The Shenzhen Index closed just below the 13260 mark, which is significant as it aligns with historical price points, suggesting a pivotal area for future price movements [11] - The market's ability to maintain positions above these critical levels will determine whether bullish momentum can be regained or if a downward trend may emerge [11]

Group 1 - The A-share market showed a low opening followed by a rebound, with brokerage stocks becoming the market focus on August 15 [1] - The brokerage sector performed exceptionally well, with Changcheng Securities achieving a three-day consecutive rise, closing at 12.03 yuan, up 9.76% [1] - Other brokerage stocks such as Zhongyin Securities, Jinlong Co., Tianfeng Securities, Dongwu Securities, Xiangcai Securities, and Huaxi Securities also saw significant gains [1] Group 2 - The strong performance of brokerage stocks is attributed to favorable policies and the continuous deepening of capital market reforms, which have opened up greater opportunities for brokerage investment banking and asset management businesses [2] - Among 31 listed brokerages, all reported year-on-year profit growth in their mid-term results, with 13 doubling their profits, indicating a comprehensive recovery in brokerage, margin financing, and proprietary trading businesses [2] - The rise in brokerage stocks reflects market optimism and has contributed to a broader market rally, acting as a "bull market flag bearer" [2] Group 3 - The Shanghai Composite Index broke through the previous high of 3674 points, marking a significant milestone since December 2021, as noted by a leading brokerage economist [2][3] - The economist indicated that institutional investors are shifting from a "heavy debt, light equity" allocation to a more equity-focused approach, with over 480 billion yuan in margin financing indicating a positive return of leveraged funds to the stock market [2] - The index's movement towards 3700 points is seen as a necessary process to eliminate trapped retail investors, with expectations of a gradual breakthrough above this level [3]