| 000959 | 首钢股 | -0.82 | 0.64 | 307.47 | 1.31 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | 600983 | 惠而浦 | 2.41 | 0.42 | 127.33 | 4.08 | | 002010 | 传化智 | 4.65 | 3.05 | 74.39 | 0.15 | | | 联 | | | | | | 688796 | 百奥赛 | 4.66 | 17.73 | -244.72 | -0.70 | | | 图 | | | | | | 300620 | 光库科 | 3.15 | 5.54 | -5119.47 | -2.48 | | | 技 | | | | | 资金面上看，今日2025年报预增概念板块获主力资金净流入16.28亿元，其中，10股获主力资金净流 入，5股主力资金净流入超3000万元，净流入资金居首的是紫金矿业，今日主力资金净流入9.02亿元， 净流入资金居前的还有盐湖股份、C强一、大洋生物等，主力资金分别净流入5.08亿元、1.27亿元、 8189.03万元。 资金流入比率方面， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 25 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大指数集体收涨，截止收盘，沪指收涨 0.53%，深成指收 涨 0.88%，创业板指收涨 0.77%。沪深两市成交额 18801.29 亿元。申 万行业方面，国防军工、电子、建筑材料领涨，农林牧渔、煤炭、食 品饮料领跌；概念板块方面，太赫兹、商业航天、同花顺果指数概念 涨幅居前，乳业、动物疫苗、猪肉概念跌幅居前。港股方面，恒生指 数收涨 0.17%，恒生科技指数收涨 0.19%；海外方面，美国三大指数 集体收涨，道指收涨 0.6%，标普 500 收涨 0.32%，纳指收涨 0.22%。 【重要新闻】 证 券 研 究 报 告 晨 会 纪 要 万千财富，与您相连 【国务院国资委：中央企业要加强上市公司质量和市值管理】中央企 业负责人会议 12 月 22 日至 23 日在京召开。国务院国资委党委书记、 主任张玉卓在会上表示，中央企业要坚持向内挖潜，做好全面预算管 理，加强全员、全要素、全生命周期成本管控 ...

Group 1 - The Tonghuashun Fruit Index concept fell by 4.64%, ranking among the top declines in concept sectors, with stocks like GoerTek, Changying Precision, and Huaxin Electronics leading the declines [1] - The main capital outflow from the Tonghuashun Fruit Index concept was 8.627 billion yuan, with 13 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 1 billion yuan [1] - The stock with the highest net outflow was Luxshare Precision, with a net outflow of 2.803 billion yuan, followed by Changying Precision and Lingyi iTech with net outflows of 1.151 billion yuan and 1.113 billion yuan respectively [1] Group 2 - The top inflow stocks included Zhongshi Technology, Dongshan Precision, and BOE A, with net inflows of 73.6559 million yuan, 60.1587 million yuan, and 57.2405 million yuan respectively [2] - The stocks with the highest capital outflow included Luxshare Precision (-6.89%), Changying Precision (-9.22%), and Lingyi iTech (-6.64%) [2] - The overall market sentiment reflected a significant outflow of funds from the Tonghuashun Fruit Index concept, indicating potential investor caution in this sector [1][2]

Group 1 - The core viewpoint of the news is that the military equipment restructuring concept has seen a significant increase of 4.83%, leading the concept sector in terms of growth, with seven stocks rising, including Changcheng Military Industry which hit the daily limit [1][2] - Among the stocks in the military equipment restructuring concept, Changcheng Military Industry experienced a net inflow of 8.68 billion yuan, making it the top stock in terms of capital inflow [2][3] - Other notable stocks in the sector include Hunan Tianyan, Construction Industry, and Huqiang Technology, which saw increases of 7.80%, 5.70%, and 4.24% respectively [1][2] Group 2 - The military equipment restructuring concept received a net capital inflow of 12.46 billion yuan today, with seven stocks attracting over 10 million yuan in net inflow [2][3] - The top three stocks by net inflow ratio are Changcheng Military Industry at 21.41%, Chang'an Automobile at 11.15%, and Dong'an Power at 10.02% [3]

Market Performance - The three major A-share indices collectively rose on September 29, with the ChiNext Index increasing by 2.74% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,781.43 billion yuan, an increase of over 12 billion yuan compared to the previous trading day [1] - More than 3,500 stocks closed higher, with 68 stocks hitting the daily limit up [1] Sector Performance - The leading sectors included metals such as zinc, nickel, and lead, while sectors like pork and military equipment restructuring saw significant declines [2] Institutional Ratings - A total of 21 buy ratings were issued by institutions today, covering 20 stocks, with three stocks receiving target price forecasts [3] - Stocks with buy ratings from institutions averaged a rise of 2.34%, outperforming the Shanghai Composite Index [4] Stock Highlights - Notable stocks that rose today included Lingyi Zhi Manufacturing and New Australia Holdings, with significant gains [5] - The top gainers included Feilihua, Luzhou Laojiao, and Huhua Electric, with increases of 5.24%, 4.3%, and 3.18% respectively [5] Institutional Buying and Selling - In the Dragon and Tiger list, 12 stocks saw net buying from institutions, with Tianqi Materials and Chuling Information receiving over 100 million yuan in net purchases [6] - The top net buying amounts included Tianqi Materials at 1 billion yuan and Lingyi Zhi Manufacturing at 987.78 million yuan [6] - Among the stocks sold by institutions, New Light Optoelectronics faced the highest net selling at 144 million yuan [7] Northbound Capital - Northbound funds saw net buying in 11 stocks, with Lingyi Zhi Manufacturing and Tianqi Materials leading the way [7] - Three stocks experienced net selling from northbound funds, with Wanxiang Qianchao facing a net sell of 105 million yuan [8] Company Announcements - Jingye Intelligent plans to acquire a 51% stake in Hefei Shengwen Information Technology for 1.08 billion yuan, aiming to enhance its military industry strategy [9] - Walton Technology is in the proposal stage for a project to enhance membrane materials and components, subject to internal approvals and market conditions [9] - ST Mingjiahui has received a court ruling for restructuring, which may lead to delisting risks if the restructuring fails [10] - Huayou Cobalt's subsidiary signed a supply agreement with LG Energy Solution for 76,000 tons of ternary precursor products from 2026 to 2030 [11] - China CRRC announced several major contracts totaling approximately 543.4 billion yuan, representing 22% of its projected 2024 revenue [11] - ST Mubang's actual controller is under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions [11]

Group 1 - The military equipment restructuring concept declined by 0.52%, ranking among the top declines in the concept sector, with companies like Changcheng Military Industry, Hunan Tianyan, and Zhongguang Optical leading the declines [1][1][1] - The top gainers in today's concept sectors included zinc metal (+3.68%), nickel metal (+3.65%), and lead metal (+3.61%), while the pork sector saw a decline of -0.54% [1][1][1] - The military equipment restructuring sector experienced a net outflow of 263 million yuan, with Changcheng Military Industry seeing the largest outflow of 117 million yuan [1][1][1] Group 2 - The top stocks with net outflows in the military equipment restructuring sector included Changcheng Military Industry (-1.20%), Chang'an Automobile (-0.81%), and Construction Industry (-0.51%) [1][1][1] - Conversely, Hunan Tianyan and Huqiang Technology were among the stocks with net inflows, receiving 2.47 million yuan and 222,100 yuan respectively [1][1][1] - The trading volume for Changcheng Military Industry was 4.97%, while Hunan Tianyan had a turnover rate of 2.32% [1][1][1]

Market Performance - On September 17, 2025, the market opened low and closed high, with the ChiNext Index reaching a new high for the period. The Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.16%, and the ChiNext Index gained 1.95%[3] - The total market turnover was 24,029.16 billion CNY, an increase of 358.68 billion CNY compared to the previous trading day[3] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors saw gains, with the top performers being Comprehensive Finance (3.93%), Electric Equipment and New Energy (2.90%), and Automotive (2.13%). The laggards included Consumer Services (-1.07%), Agriculture, Forestry, Animal Husbandry, and Fishery (-0.98%), and Retail (-0.95%)[21] - In terms of investment style, growth stocks outperformed value stocks, with large-cap growth leading small-cap value, and fund-heavy stocks performing better than the CSI All Share Index[21] Capital Flow - On September 17, 2025, the net outflow of main funds was 383.06 billion CNY, with large orders contributing to the outflow of 212.53 billion CNY and super large orders accounting for 170.53 billion CNY. Small orders saw a continuous net inflow of 473.14 billion CNY[26] - Southbound funds recorded a net inflow of 94.41 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 21.56 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 72.85 billion HKD[5] Global Market Overview - On September 17, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index rising by 1.78% to 26,388.16 points and the Nikkei 225 Index declining by 0.25% to 44,790.38 points[33] - European indices generally fell on September 16, 2025, with the DAX Index down 1.77% and the FTSE 100 Index down 0.88%[34]

Group 1 - The A-share market experienced a slight decline in the morning session on September 16, with the Shanghai Composite Index down by 0.1%, the Shenzhen Component Index down by 0.26%, and the ChiNext Index down by 0.32% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.48 trillion yuan during the half-day session [2] Group 2 - Sectors such as robotics, internet commerce, and unified market concepts showed the highest gains, while sectors like rare earth permanent magnets, pork, and batteries faced the largest declines [2]

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index closing at 3860.50, down by 0.26%, while the ChiNext Index rose by 1.51% to 3066.18 [1][3] - The market experienced structural differentiation, with the Shanghai index declining while the Shenzhen Component and ChiNext indices gained [3][4] Sector Performance - The top-performing sectors included Electric Power Equipment (up 2.22%), Media (up 1.94%), Agriculture, Forestry, Animal Husbandry, and Fishery (up 1.79%), Automotive (up 1.44%), and Coal (up 1.32%) [2] - Conversely, the sectors with the poorest performance were Comprehensive (-1.80%), Communication (-1.52%), National Defense and Military Industry (-1.05%), Banking (-0.90%), and Non-ferrous Metals (-0.81%) [2] Concept Index Performance - The leading concept indices were Pork (up 2.82%), Cloud Gaming (up 2.63%), E-sports (up 2.53%), Mobile Games (up 1.88%), and Poultry Farming (up 1.80%) [2] - The lagging concept indices included Military Informationization (-1.35%), Terahertz (-1.34%), Copper Cable High-Speed Connection (-1.30%), Domestic Aircraft Carrier (-1.29%), and Data Certification (-1.26%) [2] Economic Data Insights - In August, China's fixed asset investment (excluding rural households) grew by 0.5% year-on-year, while the retail sales of consumer goods increased by 3.4% [3][4] - The industrial sector saw a real growth of 5.2% in value-added output for large-scale industries in August [4] Future Outlook - The report suggests that the A-share market is likely to continue its upward trend in the medium term, supported by ongoing policy support, liquidity easing, and profit recovery [4] - Recommended sectors for investment include Non-ferrous Metals, Automotive, Food and Beverage, Financials, and TMT (Technology, Media, and Telecommunications) [4]

Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth as of September 15, 2025, highlighting the top and bottom performers in the fund market [2][4][6]. Fund Performance Summary - The top 10 funds with the highest net value growth include: 1. Tongtai Huili Mixed A (1.3930) 2. Tongtai Huili Mixed C (1.3615) 3. Huaxia CSI Animation Game ETF (1.5951) 4. Guotai CSI Animation Game ETF (1.5828) 5. Huatai Bairui CSI Animation Game ETF (1.6473) 6. Jiashi Clean Energy Stock Initiation C (0.9610) 7. Jiashi Clean Energy Stock Initiation A (0.9775) 8. Huaxia CSI Animation Game ETF Initiation Link D (1.6523) 9. Huaxia CSI Animation Game ETF Initiation Link A (1.6714) 10. Huaxia CSI Animation Game ETF Initiation Link C (1.6514) [2][4]. - The bottom 10 funds with the lowest net value growth include: 1. Nuode New Trend C (1.0593) 2. E Fund Pioneer Growth Mixed C (1.9476) 3. E Fund Pioneer Growth Mixed A (1.9790) 4. Nuode New Trend A (1.0770) 5. Nuode New Life C (1.9832) 6. Nuode New Life A (1.9877) 7. Fortune Interconnected Technology Stock C (3.7812) 8. Fortune Interconnected Technology Stock A (3.8876) 9. Xingzheng Asset Management Golden Qilin Enjoy Preferred One-Year Holding C (1.5721) 10. Xingzheng Asset Management Golden Qilin Enjoy Preferred One-Year Holding B (1.5582) [4][6]. Market Analysis - The Shanghai Composite Index opened high and then experienced horizontal fluctuations, while the ChiNext Index opened high and then retreated, closing with a medium rise. The total transaction volume reached 2.30 trillion, with a stock rise and fall ratio of 1916:3375 [6]. - Leading sectors included electrical equipment and the internet, both with gains exceeding 2%, while the telecommunications equipment sector saw a decline of over 2% [6]. Fund Holdings Overview - The top holdings of the best-performing fund, Tongtai Huili Mixed A, show a concentration of 54.73% in its top ten stocks, with significant gains in stocks like Xinghui Entertainment (20% increase) and Happiness Blue Sea (over 10% increase) [7]. - The bottom-performing fund, Nuode New Trend C, has a lower concentration of 43.27% in its top ten holdings, with mixed performance among its stocks [7].