今日市场震荡分化，银行、煤炭等红利风格强势，支撑沪指走势，新能源、算力等赛道股调整，拖累创 业板。市场全天成交1.6万亿，较上个交易日缩量超千亿，两市上涨个股总体涨多跌少。 盘面上，医药商业概念强势爆发，漱玉平民、华人健康等多股涨停。消息面上，近期，蚂蚁集团正式推 出AI健康应用"蚂蚁阿福"，月活跃用户规模超1500万。市场人士认为，AI技术与健康管理场景的深度融 合有望开启新增长空间，提振板块整体情绪。 其他热点方面，银行板块午后拉升，上海银行、渝农商行等股涨超3%；煤炭板块走高，安泰集团、陕 西煤业等股领涨；存储芯片板块午后拉升，万润科技一度涨停；券商板块高开低走，中金公司涨停价开 盘，最终收涨3.7%；CPO、锂电等板块走低。 展望后市，中银证券认为，随着地缘政治风险的缓和以及中美政策预期的逐步落地，明年A股的跨年配 置行情有望提前启动，围绕"春躁"布局，可重点关注科技+"反内卷"两条主线。 从个股看，两市上涨2845家，下跌2416家，199家涨幅持平。两市共72股涨停，共8股跌停。 截至收盘，沪指涨0.16%报3876.37点，成交7049亿元；深成指跌1.29%报13053.97点，成交9506亿 ...

盘面上，光刻机概念异动拉升，凯美特气、奥普光电涨停，新莱应材、蓝英装备等跟涨；IP经济概念活 跃，广博股份、三湘印象双双涨停，德艺文创、创源股份等跟涨。下跌方面，海南、电网设备等板块跌 幅靠前。 展望后市，中银证券认为，随着地缘政治风险的缓和以及中美政策预期的逐步落地，明年A股的跨年配 置行情有望提前启动，围绕"春躁"布局，可重点关注科技+"反内卷"两条主线。 热门板块 1、光刻机概念异动拉升 光刻机概念异动拉升，凯美特气、奥普光电涨停，新莱应材、蓝英装备、波长光电、京华激光等冲高 12月18日，指数弱势震荡。截至9:40，上证指数跌1.13%，深证成指跌0.68%，创业板指跌1.31%。 机构观点 1、光大证券：新一轮政策部署护航，A股跨年行情可期 点评：消息面上，华源证券认为，近几年随着半导体产业的加速崛起，我国光刻机应用需求迅速激增。 同时，我国政府正在加快努力推动半导体产业发展，光刻机是中央政策指明要重点突破发展"卡脖子"技 术及装备，因此，国内光刻机行业得到了资金支持、税收优惠等一系列国家政策倾斜，持续助力了国产 光刻机生产能力提升，推动了国内光刻机市场规模上涨。 | | | 光刻机(0210131 ...

Core Insights - The report highlights a focus on investment opportunities in various sectors, particularly in the context of market fluctuations and sector performance [1][2][3] Stock Recommendations - The report lists a selection of stocks recommended for December, including Poly Real Estate Group (0119.HK), Jitu Express (1519.HK), and Wanhua Chemical (600309.SH) among others [1] Market Index Performance - The report provides closing prices and percentage changes for major market indices, indicating a downward trend with the Shanghai Composite Index at 3873.32 (-0.70%) and the Shenzhen Component Index at 13147.39 (-1.27%) [1] Industry Performance - The report details the performance of various industries, with banking showing a slight increase of 0.17%, while sectors like real estate and food & beverage experienced declines of -3.06% and -0.42% respectively [2] Silver Market Insights - The report discusses the recent surge in silver prices, which have increased over 100% this year, with a notable breakout above $60 per ounce, driven by strong industrial demand and supply shortages [6][7] - It emphasizes the shift in silver's investment narrative, moving away from being viewed merely as a gold substitute to a standalone asset with unique value propositions [6][7] Fund Management Regulations - The report outlines new performance evaluation guidelines for fund management companies, emphasizing long-term performance metrics and aligning compensation with investor interests, which is expected to enhance the industry's overall health [11][12][13] - It suggests that these changes will lead to a more stable influx of long-term capital into the market, benefiting both the fund management sector and the broader capital market [14][15] Agricultural Sector Insights - The report highlights Longping High-Tech (隆平高科) as a leading player in the seed industry, showcasing its robust product portfolio and resilience in performance despite industry challenges [22][24] - It notes the company's strategic advantages in transgenic crops and its strong market position, projecting continued growth in revenue and profitability over the coming years [25][26]

Group 1 - The report emphasizes the importance of focusing on technology and anti-involution themes, with a specific attention on China's anti-dumping investigation into American analog chips [2][14] - The report anticipates a significant inflow of funds into index funds and thematic public offerings in Q4, driven by the sustained performance of certain sectors and the recovery of institutional strength [2][14] - The North Exchange 50 Index officially takes effect on September 15, 2025, with stocks like Ge Bi Jia being removed, which may lead to a rebound after the selling pressure from index funds subsides [2][14] Group 2 - The North Exchange 50 Index fell by 1.07% this week, with trading volume decreasing by 11.21% [6][12] - The report notes that 47 stocks rose while 228 stocks fell, resulting in a decline in the strong stock ratio to 62.5% [6][36] - The average PE ratio for the North Exchange is 88.40 times, with a median of 51.37 times, indicating a decrease in valuation [7][24] Group 3 - The North Exchange will switch to a new 920 code starting October 9, 2025, which is expected to enhance the identification and trading of stocks on the exchange [12][47] - The report reiterates the view of a structural market in Q4, with alternating focus on technology and anti-involution themes, suggesting investors should capture core assets related to the North Exchange [13][14] Group 4 - This week, one new stock, Sanxie Electric, was listed, with a first-day increase of 785.62% and a turnover rate of 95.95% [28][36] - The report indicates that the new three-board market saw six new listings and three delistings, with a total planned financing of 161 million yuan and completed financing of 160 million yuan [4][48]