炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 国内方面，最新公布的11月经济数据显示外需呈现修复迹象，价格水平亦有所回升，但内需动能仍显不 足。在总量政策"稳"的基调下，针对性、结构性的政策仍需加快落地。后续需重点关注以下三个方面： 一是地方两会等对明年政策方向的预示；二是政策性金融工具及存量限额所对应的实物工作量可能更多 体现在明年，且存在进一步加码的预期；三是房地产、服务消费补贴等潜在政策的推出节奏。四季度的 政策蓄力，既是为明年储备"弹药"，也可能旨在为明年四季度创造更有利 ...

国药集团入主正在推进 鲁中投资成立于2016年7月，注册资本3亿元，法定代表人冯加友，系淄博市沂源县属国企山东鲁中控股集团有限公司（下称"鲁中控股"）全资子公司，实 控人为沂源县财政局。 经济导报记者 初磊 12月19日，山东鲁中投资有限责任公司（下称"鲁中投资"）披露2025年度第二期中期票据发行材料。 募集说明书显示，本期债务融资工具采用发行金额动态调整机制，基础发行金额0亿元，发行金额上限3.5亿元，期限3年，面值100元，债券发行日为2025 年12月23日，起息日为2025年12月24日，主承销商及簿记管理人为青岛银行股份有限公司，全部用于偿还发行人金融机构借款。 截至募集说明书签署之日，鲁中投资待偿还直接债务融资余额共计42.65亿元，其中待偿还MTN（中期）债券余额5亿元，待偿还PPN（非公开募集）债券 余额21亿元，待偿还公司债券余额14.8亿元，待偿还境外债1.85亿元。 01 同时，鲁中投资还从事能源业务，2022年度、2023年度、2024年度和2025年1—9月，该业务板块收入分别为1619.68万元、3682.48万元、2260.39万元和 1594.08万元，占营业收入的比例分别为 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 长期行业主题基金指数表现来看，本周金融地产主题基金表现占优，TMT主题基金净值回调。截至2025 年12月19日，金融地产、国防军工、周期、消费、行业轮动、行业均衡、新能源、医药、TMT主题基金 本周净值涨跌幅分别为2.17%、1.75%、1.68%、0.92%、-0.32%、-0.65%、-1.66%、-1.85%、-2.02%。 ETF市场跟踪： 本周股票型ETF资金逆势大幅流入，各类宽基ETF资金均受到加仓，被动资金主要加仓大盘宽基ETF、港 股ETF、TMT主题ETF。 股票型ETF本周收益中位数为-0.33%，资金净流入552.32亿元。港股ETF本周收益中位数为-2.06%，资金 净流入123.73亿元。跨境ETF ...

证券之星消息，12月22日，深证国企股东回报R（470064）指数报收于2239.32点，涨0.05%，成交251.8 亿元，换手率1.05%。当日该指数成份股中，上涨的有26家，北部湾港以4.39%的涨幅领涨，下跌的有21 家，徐工机械以2.67%的跌幅领跌。 深证国企股东回报R（470064）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz000725 | 京东方A | 9.18% | 4.04 | -1.22% | | 1511.52 | 电子 | | sz000858 | 五粮液 | 7.93% | 110.33 | -0.18% | | 4282.58 | 食品饮料 | | sz002415 | 海康威视 | 7.56% | 29.15 | -0.14% | ﮯ | 2671.56 | 计算机 | | sz000568 | 泸州老窖 | 6.91% | 121.33 | -0.62% | | 1785.91 | ...

1、上周市场回顾 关键词：波动盘整 上周权益市场震荡，上证指数上涨0.02%，深证指数下跌0.9%，沪深300下跌0.3%，创业板指下跌 2.3%，科创50下跌3%。 债市上涨，10年国债收益率收于1.83%左右，下行约1.8bp，7年国债收益下行3bp左右，1年国债收益率 下行约3.3bp，3年期中债企业债收益率下行约4.6bp。 | 廈号 让莽代码 | | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [区间首日] 2025-12-15 区间尾日 2025-12-20 [単位] % ↓ | | | 801200.SI | 1 | 商贸零售(申万) | | 6.6572 | | 2 801790.SI | | 非银金融(申万) | | 2.8961 | | 3 801980.SI | | 美容护理(申万) | | 2.8666 | | 4 801210.Sl | | 社会服务(申万) | | 2.6559 | 行业涨跌榜 | 庭号 证券代码 | | 证券简称 区间涨跌幅 | | | --- | --- | --- | --- | | | | ...

Market Performance - The Shanghai Composite Index increased by 0.03%, closing at 3890.45 points, while the Shenzhen Component Index decreased by 0.89%, closing at 13140.21 points, and the ChiNext Index fell by 2.26%, closing at 3122.24 points[5] - The average daily trading volume of A-shares was 17,605 billion yuan, a decrease of 9.86% compared to the previous week[17] Sector Performance - The top-performing sectors included retail trade (6.66%), non-bank financials (2.90%), beauty and personal care (2.87%), social services (2.66%), and basic chemicals (2.58%)[14] - The sectors with the largest declines were electronics (-3.28%), electric equipment (-3.12%), machinery (-1.56%), comprehensive (-1.53%), and telecommunications (-0.89%) [14] Margin Trading - As of December 19, the total margin balance in the market was 25,038.28 billion yuan, an increase of 0.10% from the previous week, accounting for 2.60% of the A-share market capitalization, up by 0.15%[19] - The total margin trading volume for the week was 8,914.71 billion yuan, a decrease of 10.41%, representing 10.13% of the A-share trading volume, down by 0.61%[18] Market Breakdown - The margin balances for the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange were 12,687.40 billion yuan, 12,273.34 billion yuan, and 77.54 billion yuan, with changes of 0.36%, -0.17%, and 0.51% respectively[22] - The top five industries with increased margin balances were utilities (1.81 billion yuan), commercial trade (1.49 billion yuan), non-bank financials (1.33 billion yuan), defense and military (1.12 billion yuan), and electronics (0.98 billion yuan)[25]

Group 1 - The market sentiment score has slightly decreased to 1.1 as of December 21, down from 1.35 the previous week, indicating a neutral outlook despite a recent rebound on Friday [1][6] - The overall sentiment index has shown significant improvement this week, with signs of a rebound in market trading activity [1][6] - The price-volume consistency indicator has improved, suggesting a better correlation between capital attention and stock price increases, although the risk appetite remains insufficient as indicated by the declining proportion of the STAR 50 index's trading volume [1][9] Group 2 - The total trading volume for the entire A-share market decreased by 9.86% week-on-week, with an average daily trading volume of 17,604.84 billion yuan, reflecting a decline in market activity compared to the previous week [1][12] - The short-term scores for industries such as beauty care, pharmaceuticals, non-bank financials, agriculture, and retail have shown upward trends, with the communication sector having the highest short-term score of 79.66 [1][33] - The correlation between trading congestion and weekly price changes is strong, with high congestion sectors like retail and light manufacturing leading in gains, while sectors with lower congestion such as power equipment and computers lag behind [1][38] Group 3 - The current model indicates a preference for small-cap and growth styles, with the 5-day RSI showing a decline relative to the 20-day RSI, suggesting potential weakening of signals [1][42] - The financing balance ratio continues to rise, reaching a new high for the phase, indicating increased risk appetite and active capital utilization in the market [1][22] - The main capital inflow has broken through the fluctuation range, reflecting a stronger willingness of institutional funds to enter the market, which supports a bullish momentum [1][28]

（文章来源：每日经济新闻） 信达证券指出，非银金融板块当前估值水平处于长期趋势以下偏低位置，2021-2023年PB下降速度远快 于ROE下降速度，与银行类似存在较大估值修复空间。2024年行业基本面触底后已明显修复，股价弹性 正在增加。在公募新规下，主动型基金持仓风格可能向基准回归，银行、非银作为公募低配幅度最大的 板块有望迎来资金回流。非银更受益于稳定资本市场的政策红利，弹性可能更大。券商板块方面，虽然 过去1年超额收益偏弱，但当前估值仍处低位，若指数突破可能带动β行情，叠加行业并购重组主题性 机会，本轮牛市中券商或有不俗表现。保险板块ROE大幅回升但PB仅小幅修复，政策催化下有望率先 表现弹性。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取具有代表性的上市证 券公司作为指数样本，以反映证券行业相关上市公司证券的整体表现。证券公司指数覆盖了证券行业的 主要企业，具有较高的行业集中度和市场代表性，是衡量证券板块走势的重要指标之一。 ...

Group 1 - Investors are shifting focus from overseas central bank monetary policies to domestic policies aimed at promoting consumption and boosting internal demand, leading to strong performance in sectors such as retail, beauty care, and social services [1] - The market experienced volatility with a decrease in trading volume, averaging around 17,000 billion yuan, which is a decline from the previous week [1] - The Shanghai Composite Index showed a pattern of consolidation below the 60-day moving average, indicating market pressure with support levels, and is expected to maintain a fluctuating pattern in the short term [1] Group 2 - The technology sector faced significant declines due to global investor divergence on AI development trends, contributing to overall market volatility [1] - The market's investment enthusiasm has slightly decreased, with a rapid rotation of industry focus observed as the year-end approaches [1] - Major market hotspots were concentrated in the consumer and non-bank financial sectors, while technology stocks led the decline [1]

Group 1: Macroeconomic Insights - The unexpected decline in the US CPI for November is attributed to statistical "distortion" due to government shutdown disruptions, with a shorter data collection period and promotional season affecting price statistics [1] - The market's reaction to this "distorted" data is limited, with a high probability of maintaining interest rate pauses at 72.3% until further data is released in December [1] Group 2: Market Strategy - Historical trends indicate a "spring rally" in the A-share market, driven by monetary policy adjustments and significant economic data releases, suggesting a potential upward market movement [2] - The recent strong market performance may signal the beginning of the 2026 cross-year rally, with a focus on growth and consumer sectors for industry allocation [2] Group 3: Bond Market Observations - The secondary market for publicly listed REITs has seen a continuous decline, with a weighted REITs index return of -2.74% for the week [3] - The issuance of credit bonds has decreased, with industrial bonds accounting for 44.07% of the total issuance, reflecting a 12.44% week-on-week decline [4] Group 4: Industry Research - Computer Sector - The global tech investment enthusiasm remains strong, with a structural differentiation between "strong computing power" and "weak applications," suggesting a focus on AI applications in 2026 [7] - Three main investment lines are recommended: industry empowerment, overseas application, and edge AI, highlighting companies with strong industry know-how and high overseas revenue [7] Group 5: Non-Banking Sector Insights - In a low-interest-rate environment, equity assets have become crucial for insurance companies to enhance investment returns, with a record high of 9.3% equity asset ratio among five listed insurers [8] - The proposed regulatory framework aims to improve asset-liability management in insurance companies, enhancing long-term operational resilience [9] Group 6: Energy Sector Developments - In November, power generation increased by 2.7% year-on-year, with improvements in nuclear, solar, and wind energy growth rates [10] - The storage and hydrogen sectors are expected to see continued investment opportunities, driven by ongoing demand and new project launches [11] Group 7: Metal Industry Analysis - The copper market is expected to see price increases, supported by a tight supply-demand balance and rising commercial net long positions [12] - Investment recommendations include companies like Zijin Mining and Luoyang Molybdenum, with a focus on potential risks from economic conditions and supply releases [12] Group 8: Chemical Industry Insights - The semiconductor materials sector is experiencing accelerated growth due to AI and data center demands, with a focus on high-purity materials [14] - Companies with technological advantages and strong customer ties in high-end materials are recommended for investment [14] Group 9: Medical Sector Developments - Ant Group's AI health assistant has rapidly gained popularity, transforming healthcare management through a digitalized approach [15] - Investment focus includes AI and home medical devices, offline health check-ups, and pharmaceutical retail [15] Group 10: Company-Specific Research - Taihe Co., Ltd. is recognized for its leading technology and capacity in core products, with significant profit growth expected from new product registrations [16] - The company is projected to achieve net profits of 4.55 billion, 5.64 billion, and 6.83 billion yuan from 2025 to 2027, with a target price of 33.67 yuan [16] Group 11: Media Sector Insights - The advertising demand from internet clients remains strong, with potential revenue growth from new business initiatives [17] - Profit forecasts for 2025 and 2026 have been slightly adjusted downwards, reflecting cautious optimism amid macroeconomic conditions [17] Group 12: TMT Sector Developments - Xiaomi's long-term AI strategy emphasizes substantial R&D investments, indicating a commitment to sustainable growth in AI applications [18] - The company is projected to achieve non-IFRS net profits of 426 billion, 438 billion, and 510 billion yuan from 2025 to 2027 [18] Group 13: Medical Device Sector Insights - The company is a leader in the interventional field, with significant revenue growth from overseas and peripheral products [19] - Profit forecasts have been adjusted due to potential policy impacts, with expected net profits of 6.33 billion, 7.05 billion, and 8.48 billion yuan from 2025 to 2027 [19]