2025年A股顺利收官，创业板指以全年49.57%的涨幅位居市场主要指数的首位，北证50涨38.8%，科创 50涨35.92%紧随其后，上证指数也上涨18.41%，深证成指涨29.87%。全年成交逾420万亿元，创历史新 高，较2024年激增逾63%。 近八成个股2025年上涨 行业涨幅方面，受益黄金、白银、铜等品种的大幅上涨，有色金属以97.48%的年度涨幅居于申万一级 行业之首。通信行业涨63.64%、电子行业涨57.68%，分别位列行业涨幅榜第二、第三。此外，综合、 电力设备、机械设备、国防军工等行业也均上涨超40%。受白酒子行业下滑拖累，食品饮料指数全年下 跌5.6%，连续第5年收阴，煤炭行业也微幅下挫。 从概念指数来看，芯片产业链最为活跃。根据Wind数据统计，年度涨幅前八位的概念指数有六家与芯 片行业相关。光模块(CPO)指数以175%的涨幅位居榜首，锂电电解液指数、玻璃纤维指数、光通信指 数、光芯片指数等全年涨幅也超过100%。白酒指数则下跌17.86%，近端次新股指数、中药精选指数、 华为鸿蒙指数等也略有下跌。 2025年，共有4235只个股上涨，占全部A股的逾79%。其中，629只个股年度涨 ...

国金证券指出，2026年医疗器械板块投资策略将聚焦在出海和创新两条线，重点关注海外拓展加速确定 性较强、产品创新研发能力领先、国内市场价格压力已逐步出清的细分赛道优质器械公司。建议关注： 1)海外成熟市场拓展领先、国内集采影响逐步见底的消化内镜耗材龙头；2)国内品牌力优秀、可穿戴创 新品种及海外市场加速拓展的家用医疗器械龙头；3)心血管介入领域产品差异化创新的港股器械公司 等。 沪指昨日低开高走录得7连阳，深成指、创业板指探底回升。沪深两市成交额1.92万亿，较上一个交易 日放量443亿。从板块来看，商业航天概念持续活跃，机器人概念、芯片产业链概念、造纸概念走强。 下跌方面，贵金属、海南、能源金属等板块跌幅居前。截至昨日收盘，沪指涨0.47%，深成指涨 0.33%，创业板指涨0.3%。 在今天的券商晨会上，华泰证券指出，看好矿服及设备商向矿山开发转型趋势；国金证券表示，2026年 医疗器械板块投资策略将聚焦在出海和创新两条线；中金公司认为，2026年光伏各环节龙头有望扭亏为 盈。 华泰证券：看好矿服及设备商向矿山开发转型趋势 华泰证券表示，当前金属高价下或催生较多勘探、矿服及设备制造商向矿业开发转型，此类转型 ...

Monetary Policy - The People's Bank of China (PBOC) will continue to implement a moderately loose monetary policy, emphasizing counter-cyclical and cross-cyclical adjustments to support stable economic growth and reasonable price recovery [2] - The PBOC aims to maintain ample liquidity and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [2] - The focus may shift towards improving the transmission mechanism of interest rates to reduce idle capital in the financial system [2][3] U.S.-China Trade Relations - The U.S. government announced it will not impose additional tariffs on Chinese chips for at least 18 months, with a planned tariff increase set for June 2027 [4] - This decision is seen as a temporary measure to avoid escalating trade tensions, especially as the U.S. seeks to attract global chip production back to its shores [5] Foreign Investment - The new "Encouraged Foreign Investment Industries Directory" will take effect on February 1, 2026, with a total of 1,679 entries, an increase of 205 from the previous version [6] - The directory emphasizes advanced manufacturing and modern service industries, particularly in central and western regions of China [6][7] Currency Exchange Rates - The offshore RMB has risen above the 7 mark against the USD for the first time since October, with a year-to-date appreciation of 4.6% [8] - The recent strengthening of the RMB is attributed to a weakening dollar and expectations of continued interest rate cuts by the Federal Reserve [8][9] Real Estate Policy - Beijing has relaxed housing purchase restrictions for non-local families, reducing the required social security or tax payment period for purchasing homes [10] - The policy aims to stimulate housing demand, particularly for families with multiple children, and aligns with the current market conditions [11] Chip Industry Developments - NVIDIA has reached a non-exclusive licensing agreement with Groq, acquiring its chip technology while allowing Groq to operate independently [12] - This move is seen as a strategy to enhance NVIDIA's AI chip capabilities without triggering antitrust concerns [12][13] Fund Manager Changes - A record 453 fund managers have left their positions this year, indicating significant changes within the industry amid regulatory reforms [14] - The reforms are aimed at linking fund performance to manager compensation, promoting a more competitive environment [15]

【收评：#沪指涨0.47%录得7连阳##机器人商业航天概念全线走强#】沪指低开高走录得7连阳，深成 指、创业板指探底回升。沪深两市成交额1.92万亿，较上一个交易日放量443亿。盘面上，市场热点快 速轮动，全市场超3700只个股上涨，其中有93只个股涨停。从板块来看，商业航天概念持续活跃，20余 只成分股涨停，神剑股份6连板，再升科技、九鼎新材、中国卫星、隆基机械涨停。机器人概念快速拉 升，首开股份、香山股份、昊志机电等十余股涨停芯片产业链概念走强，圣晖集成4连板，国风新材、 扬子新材涨停。造纸概念大涨，博汇纸业、宜宾纸业、五洲特纸涨停。下跌方面，贵金属、海南、能源 金属等板块跌幅居前。其中海南自贸概念集体下挫，海南瑞泽跌近7%。截至收盘，沪指涨0.47%，深成 指涨0.33%，创业板指涨0.3%。(智通财经） ...

（文章来源：每日经济新闻） 每经AI快讯，12月25日，沪指低开高走录得7连阳，深成指、创业板指探底回升。沪深两市成交额1.92 万亿元，较上一个交易日放量443亿元。盘面上，市场热点快速轮动，全市场超3700只个股上涨，其中 有93只个股涨停。从板块来看，商业航天概念持续活跃，20余只成分股涨停，神剑股份6连板，再升科 技、九鼎新材、中国卫星、隆基机械涨停。机器人概念快速拉升，首开股份、香山股份、昊志机电等十 余股涨停芯片产业链概念走强，圣晖集成4连板，国风新材、扬子新材涨停。造纸概念大涨，博汇纸 业、宜宾纸业、五洲特纸涨停。下跌方面，贵金属、海南、能源金属等板块跌幅居前。其中海南自贸概 念集体下挫，海南瑞泽跌近7%。截至收盘，沪指涨0.47%，深成指涨0.33%，创业板指涨0.3%。 ...

凤凰网财经讯 12月25日，沪指低开高走录得7连阳，深成指、创业板指探底回升。沪深两市成交额1.92万亿，较上一个交易日放量443亿。 盘面上，市场热点快速轮动，全市场超3700只个股上涨，其中有93只个股涨停。截至收盘，沪指涨0.47%，深成指涨0.33%，创业板指涨0.3%。 从板块来看，商业航天概念持续活跃，20余只成分股涨停，神剑股份6连板，再升科技、九鼎新材、中国卫星、隆基机械涨停。机器人概念快速拉升，首开 股份、香山股份、昊志机电等十余股涨停芯片产业链概念走强，圣晖集成4连板，国风新材、扬子新材涨停。造纸概念大涨，博汇纸业、宜宾纸业、五洲特 纸涨停。 | U | 50 | .IUU | フロJ火/約里 。 | | --- | --- | --- | --- | | | | | 1.92万亿 +443亿 | | 涨停表现 | | | | | | 封板率 | | 昨涨停今表现 | | | 77.00% | | 3.75% | 封板 79 触及 24 高开率 70% 获利率 下跌方面，贵金属、海南、能源金属等板块跌幅居前。其中海南自贸概念集体下挫，海南瑞泽跌近7%。 ...

港股通创新药ETF 520880 联接A 025220 联接c 025221 港股"科技+红和"一手抓 香港大盘30ETF 520560 联接A (LOF) 501301 联接C 006355 兼具高股息+低波动贝重优势 港股通红利低波ETF华宝 159220 联接A 022887 联接C 022888 全面覆盖港股医疗频域龙头 港股通医疗ETF华宝 159137 12月15日起发行 重合港股稀缺龙头车企 港股通汽车ETF华宝 520780 即将上市 港股中川盘资产 香港中小LOF 501021 c类 006127 具备红利特性的A+H价值股 价值基金LOF 501310 年宝基金 聚焦"港股芯片"产业链 全市场首只 港股信息技术ETF 159131 就要闪耀 重合港股互联网巨头 百亿规模 **** 港股互联网ETF 513770 联接A 017125 联接c 017126 100%纯正创新药 两融标的 责任编辑：杨红卜 聚焦"港股芯片"产业链 金市场首只 港股信息技术ETF 159131 就要闪耀 重合港股互联网巨头 面融标的 巷股互联网ETF 513770 联接A 017125 联接c 017126 10 ...

Core Viewpoint - The article discusses a significant confrontation between a Chinese company, Anshi Semiconductor, and the Dutch government, highlighting the resilience of Chinese enterprises in the face of geopolitical pressures and the implications for global supply chains in the semiconductor industry [1][5][10]. Group 1: Company Response - Anshi Semiconductor, after the Dutch government's takeover, declared its independence and shifted all transactions from USD to RMB, showcasing its strategic maneuvering in the semiconductor market [3][7]. - The company issued a letter to clients and employees, emphasizing the stability of its supply chain and asserting its rights against any illegal directives from the Dutch government [5][8]. - Anshi's actions have led to significant concern among European automakers, as they rely heavily on the company's chips, particularly in the automotive sector [7][8]. Group 2: Geopolitical Context - The Dutch government's actions were influenced by the United States, which has been wary of China's rise in the semiconductor industry, indicating a broader geopolitical struggle [5][10]. - The situation revealed that the core production capabilities of Anshi are primarily located in China, particularly in Dongguan, which is critical for the assembly and testing of automotive chips [8][10]. - The Dutch government’s realization that it had underestimated the importance of the Chinese operations led to urgent attempts to mitigate the fallout from its actions [10][11]. Group 3: Market Implications - Anshi's decision to reject USD transactions is seen as a significant move towards financial independence from Western systems, potentially influencing other companies to follow suit [7][11]. - The article suggests that if more Chinese companies adopt RMB for transactions, it could challenge the dominance of the USD in global trade [11][13]. - The semiconductor industry is highlighted as a critical battleground, with the article emphasizing that control over core production processes is essential for maintaining influence in the market [8][13].

Market Overview - The A-share market saw all three major indices open higher today, with the Shanghai Composite Index reaching a ten-year high, closing at 3950.31 points, up 0.71% [1] - The Shenzhen Component rose by 2.02%, and the ChiNext Index increased by 3.57% [1] - Trading volume in the Shanghai and Shenzhen markets was approximately 2 trillion yuan, an increase of over 300 billion yuan compared to the previous day, although still lower than previous levels [1] Sector Performance - The semiconductor industry chain experienced a strong resurgence, with storage chips and GPU concepts leading the gains, while sectors like coal, gas, real estate, and liquor saw declines [1] - The coal sector showed weak performance, but there is still optimism regarding its investment value, with coal ETFs recording net inflows exceeding 500 million yuan over the past ten days [7] [8] Policy and Economic Factors - The "15th Five-Year Plan" emphasizes structural opportunities, supporting cyclical industries like real estate and home improvement under policies aimed at stabilizing the market [5] - The "anti-involution" policies are expected to stabilize profits in sectors such as steel, coal, and chemicals, providing solid support for the market [5] - The upcoming third-quarter earnings reports are anticipated to influence market sentiment, with potential risks related to performance expectations [4][6] Investment Strategy - The current market sentiment suggests a cautious approach, with recommendations for a "core position + satellite rotation" strategy rather than aggressive trading [6] - Investors are advised to focus on sectors with clear policy support, particularly in technology and anti-involution areas, which are likely to gain consensus among investors [9] Commodity Insights - The coal industry is expected to see marginal recovery due to rising spot prices and decreasing social inventory, with significant support from winter storage demand [8][13] - The gold market is experiencing a pullback after reaching historical highs, but long-term support remains strong due to macroeconomic factors and geopolitical tensions [12][15][16]

Group 1 - The chip industry chain is experiencing a significant rise, particularly in the storage and advanced packaging sectors [1] - Wen Tai Technology has reached its daily limit up, while Dawei Co., Ltd. also hit the limit up [1] - Other companies such as Canxin Technology, Zhongwei Semiconductor, Yachuang Electronics, and Yunhan Chip City have all seen their stock prices increase by over 10% [1]