[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 04 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三 A 股三大股指全线收跌，上证指数下跌 0.51%，报 3878.00 点； 深证成指下跌 0.78%，报 12,955.25 点；创业板指下跌 1.12%，报 3036.79 点。A 股两市全天成交额 1.67 万亿元人民币，南向资金净买 入 22.79 亿港元。A 股两市个股超 3600 只个股下跌。申万行业方面， 交通运输、有色金属及煤炭行业涨幅居前，传媒及计算机行业领跌； 概念板块方面，培育钻石及高压氧舱概念指数涨幅居前，快手概念及 MLOps 概念指数跌幅居前。恒生指数下跌 1.28%，恒生科技指数下跌 1.58%；美国三大股指集体收涨，道指上涨 0.86%，报 47,882.90 点， 标普 500 指数上涨 0.30%，报 6849.72 点，纳指上涨 0.17%，报 23,454.09 点。欧洲股市主要股指涨跌不一、亚太股市主要股指普遍 上涨。 【重要新闻】 市 场 研 究 【我国自主研制的可重复使用运载 ...

Market Overview - The market experienced a significant adjustment with the ChiNext index leading the decline, as all major indices closed in the red [1][4] - The Shanghai Composite Index closed at 3384.82, down 0.44%, while the ChiNext index fell by 1.17% to 2037.27 [2][4] Sector Performance - The top-performing sectors included Beauty Care (up 1.10%), Banking (up 0.48%), and Pharmaceutical Biology (up 0.33%), while the worst performers were Defense Industry (down 1.97%) and Computer (down 1.87%) [3][4] - Concept sectors such as Genetically Modified Organisms (up 3.15%) and Sino-Korean Free Trade Zone (up 2.30%) showed strong performance, whereas EDR Concept (down 2.63%) and MLOps Concept (down 2.56%) lagged [3][4] Future Outlook - The market is expected to maintain a volatile trend, with potential structural opportunities arising from positive policy implementations and breakthroughs in technology [7] - The report suggests a focus on sectors such as Finance, Public Utilities, Non-ferrous Metals, Pharmaceutical Biology, and TMT for potential investment opportunities [7]