银河证券研报表示，12月，A股市场或将仍处于向上态势，短期行情预计呈现震荡结构特征。首先，建 议关注12月的中央经济工作会议，2026是"十五五"开局之年，预计会议将重点部署2026年经济政策，在 财政货币政策、扩内需、稳地产、"反内卷"等方面或将做出重点部署。其次，美联储在12月议息会议 上，可能采取"降息+鹰派指引"的组合。 12月1日，三大股指早盘小幅拉升，其中中证A500指数同样小幅上涨。截至上午10:30，A500ETF南方 (159352)涨0.50%。相关成分股中，紫金矿业涨4.79%、中际旭创涨3.70%、新易盛涨1.45%，宁德时代、 长江电力、招商银行等小幅跟涨。(以上所列股票仅为指数成份股，无特定推荐之意) 过去一周，A股市场呈现震荡修复走势，核心驱动力源于外部流动性宽松预期(市场对美联储12月降息 形成较高共识)、外资对中国资产的认可(比如摩根大通将中国股票评级上调至"超配")，以及国内宏观政 策的持续托底(11月央行MLF净投放1000亿元，已连续9个月加量操作)，三大力量形成共振支撑市场情 绪回暖。展望12月，机构普遍预期A股市场将进入政策密集落地与外部流动性变量兑现的窗口期，整体 ...

Group 1: Foreign Exchange Reserves and Gold Holdings - As of the end of August 2025, China's foreign exchange reserves reached $332.22 billion, an increase of $29.9 billion from the end of July, marking a rise of 0.91% [1] - The central bank has increased its gold reserves for the tenth consecutive month, with a balance of $253.843 billion as of the end of August, up by $9.858 billion, and the proportion of gold reserves to total foreign exchange reserves rose by 0.23 percentage points to 7.64%, a historical high [1] Group 2: Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to support the decision of the Central Commission for Discipline Inspection regarding the investigation of former CSRC Chairman Yi Huiman for serious violations of discipline and law [2] Group 3: Real Estate Policy Changes - Shenzhen has announced new real estate policies to better meet residents' housing needs, including adjustments to purchasing policies for individuals and enterprises, effective from September 6, 2025 [3] Group 4: Fund Management Regulations - New regulations on public fund sales fees were released, which are expected to reduce annual sales fees by approximately $30 billion, a decrease of 34% [4] Group 5: Corporate Actions - Kweichow Moutai's controlling shareholder has received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans, with a planned repurchase amount between 3 billion and 3.3 billion yuan [4] - Tonghuashun announced that its controlling shareholder plans to reduce its stake by up to 0.26% due to personal financial needs [5] - Huada Jiutian's shareholder plans to transfer 2.64% of the company's shares through an inquiry transfer due to personal funding requirements [6] Group 6: Market Developments - Hesai Group has initiated a global offering of 17 million Class B shares, with a maximum price of HK$228 per share, aiming to raise funds for R&D and business development [7] - Tesla has unveiled a 10-year compensation plan for CEO Elon Musk, potentially worth $1 trillion in stock if all performance targets are met [8] Group 7: Economic Indicators - The U.S. non-farm payroll report for August showed an increase of only 22,000 jobs, significantly below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since the end of 2021 [11]