本周三大指数，上证指数跌0.34%，深证成指涨0.84%，创业板指涨2.74%。后市将如何发展？看看机构 怎么说。 中信证券：内外兼顾，寻求交集 招商证券：2025年中央经济工作会议如何指引A股？ 中央经济工作会议12 月10 日至11 日在北京举行。会议整体延续政治局会议相对积极的表态。短期来 看，过去10 年间，会后7 天大盘风格往往相对占优。行业表现上，从平均超额收益水平来看，近5 年， 社会服务、公用事业、煤炭、传媒这五个行业会后7 天平均超额水平相对更高。中长期来看，建议重点 关注会议"推动投资止跌回稳"下，明年重大项目的安排。 申万宏源：宏观环境"还原" A股向上空间受限未变 春季行情是小级别行情的判断不变。光连接将Alpha 逻辑反映到位后（短期性价比指示行情仍有空 间），可能会有新的高位震荡波段。其他科技成长重点还是做超跌反弹机会。春季政策和产业主题活 跃，是主要的赚钱效应来源，其中关注商业航天、机器人。这次中央经济工作会议，和主题相关的线索 包括：海洋经济、服务对外开放、能源强国、北方防洪基建、好房子等等。另外基于供给侧逻辑的涨价 周期，在2026 年中PPI 由负转正预期掩护下，仍会有不错 ...

Market Overview - The average daily trading volume for the entire A-share market was 1.87 trillion CNY, a decrease of over 178.8 billion CNY compared to the previous week[8] - The Shanghai Composite Index experienced a weekly decline of 3.0%[12] Market Style Performance - Large-cap value stocks showed relative resilience, with a weekly decline of only 1.73%[12] - Small-cap growth stocks faced a more significant decline of 5.54%[12] Participant Performance - The active capital holding index led the decline with a drop of 7.0%[21] - The national team index decreased by 2.81%, while the social security heavy index fell by 4.0%[21] Market Sentiment - The margin trading balance increased to 2.5 trillion CNY before retracting[25] - The number of stocks hitting the daily limit up was 100, while 13 stocks hit the limit down during the week[25] Sector Performance - The report highlights strong sectors such as AI and energy security, while sectors like chemicals and steel are expected to see improved fundamentals[44] - The focus for 2026 will be on technology and security, as well as reform and growth strategies[44]

Core Points - The new National Security Law, implemented on July 1, 2015, serves as a foundational and comprehensive legal framework guiding various aspects of national security, including political, territorial, military, cultural, technological security, and more [1][3] - Over the past decade, the National Security Law has led to the establishment of a legal system with over 40 laws related to national security, including the Anti-espionage Law, National Intelligence Law, and Cybersecurity Law, among others [5] - The law has played a crucial role in ensuring food security, energy resource security, and the stability of supply chains, thereby supporting high-quality economic development and providing legal tools to counter external pressures and internal risks [8][9] Industry Impacts - The National Security Law has been instrumental in addressing threats to food security, particularly in light of increased espionage activities targeting China's agricultural sector, leading to significant legal actions against individuals and companies involved in such activities [11][13] - The law also emphasizes the importance of protecting strategic resources like rare earth elements, which are vital for high-end manufacturing and national defense, highlighting the need for vigilance against foreign exploitation [15][17] - Citizens are encouraged to actively participate in maintaining national security by reporting suspicious activities, with a structured reward system in place for those who contribute to national security efforts [22][24]