Market Overview - The Shanghai Composite Index experienced a narrow fluctuation, closing down 0.13% at 3918.83 points, while the ChiNext Index rose over 1% during the session [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 12,641 billion [1] Sector Performance - Sectors such as coal, non-ferrous metals, real estate, insurance, brokerage, and pharmaceuticals saw declines, while food and beverage, retail, CPO concepts, and PCB concepts showed strength [1] Policy Insights - Recent policies have focused on capital market and consumption, with a recommendation to pay attention to domestic demand policies, emerging industry policies, and major project developments [1] - The implementation plan released in January aims for large state-owned insurance companies to allocate 30% of new premiums to A-shares annually, indicating a potential influx of long-term capital [1] - Historically, the period from late December to the end of the first quarter is a significant allocation window for insurance funds, suggesting that previously adjusted dividend sectors may regain attention, with a preference for large-cap stocks [1]

三大指数涨幅很好，不过很多股民对牛市的体感不好，今年主要是2条主线拉升了，与场内的股民关系很有限，一个是汇金、险资它们拉升红利股，一个是 机构、量化抱团炒作科技权重股。 2025年，已经余额不足了，只有10多个交易日就结束全年的行情了。无论是亏损还是盈利都要翻篇了，一个很魔幻的一年。 事实上，科技指数涨幅很好，不过参与科技的股民盈利并不佳，很多科技股没有上涨，只是指数好看，从年初到年末都只是炒作AI硬件…… A股跨年行情来了 无论您信或者不信，跨年行情都要开启了，目前的市场已经没有什么多聊的地方，最后的10多个交易日，学会享受行情就行。 仓位，不要太激进了，可以开始谋划2026年的布局了，今年涨幅好的未必明年继续涨，反之亦然。不过，像白酒这种纯纯的大消费筹码大概率要等到熊市才 有行情了。 接下来，关键的行业就是证券、地产走势了，如果地产没有复苏，传统的消费蓝筹股都不会有行情，不接受反驳。 一天天刺激内需，实际上效果很有限，只有房地产复苏了，大家收入增加才会有消费复苏。用李迅雷的观点是AI取代不了房地产，毕竟太多行业依赖它 了，太多人依赖它创造的就业了。 AI只能让少数人变富，满足少数人的狂欢，因为科技行业是有 ...

Policy Trends - Some leading brokerages are expected to benefit from the appropriate easing of capital space and leverage restrictions, which may strengthen the brokerage sector and further boost market sentiment [5][4] - The insurance sector is rebounding due to the adjustment of related business risk factors, with the non-bank sector likely to lead the market sentiment recovery during the year-end period [5][4] - The National Financial Regulatory Administration has announced adjustments to the risk factors for insurance companies' stock investments and overseas investment insurance, aiming to enhance long-term investment management capabilities [4][5] Overseas Macro - The U.S. job market is currently in a state of mild slowdown, with the ADP employment figure for November dropping significantly to -32,000, far below the expected 10,000 [6] - The likelihood of a rate cut by the Federal Reserve in December is approximately 87%, as high interest rates are suppressing employment in interest-sensitive sectors [6] Bond Market - After a rapid rise in long-term yields, the 30-10Y government bond yield spread has gradually returned to a historically reasonable range, indicating initial signs of value for allocation after a significant drop [7][15] - The central bank has continued to net withdraw funds, with a total net withdrawal of 848 billion yuan through reverse repos during the first week of December [7][9] Equity Market - The market style continues to favor resource products and AI, with non-bank sectors gaining momentum, particularly in commercial aerospace and robotics, which have strengthened the military and machinery sectors [16][21] - The Shanghai Composite Index rose by 0.37%, while the Shenzhen Component Index and the ChiNext Index increased by 1.26% and 1.86%, respectively [16] Investment Strategy - The company is optimistic about technology, brokerages, and consumer sectors as the market approaches the year-end offensive [2][22] - The upcoming Central Economic Work Conference is expected to lead to more proactive economic policies, with a focus on stabilizing the short-term macro economy and further easing monetary policy [22][24]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华创证券指出，红利资产在交运公用、金融、能源化工、食饮、家电、地产、金属、出版等多个行业展 现出配置价值。在交运公用领域，公路、港口、铁路等长久期资产具备防御稳健性，其中公路行业推荐 具备成长潜力的优质高速资产；港口行业海外布局及分红比例提升推升估值弹性；铁路行业受益改革红 利，黄金线路资产具备价格弹性潜力。金融板块中，银行股息率高且资产质量安全边际充足，中长期投 资价值持续。能源化工行业方面，油气作为能源安全基石，长期现金流有保障，资本开支趋势性下修； 煤炭行业反内卷政策超预期，供给约束下行业盈利稳定性增强。金属行业中电解铝企业进入现金流修复 阶段，供需紧平衡支撑铝价，行业吨铝利润有望维持高位。出版行业教育出版主业稳健，稳定高分红叠 加AI教育等新方向布局，配置价值突出。整体来看，红利 ...

回顾11月，全球市场在中美贸易会晤预期升温、美联储降息预期反复、AI泡沫担忧加剧等多重扰动下 震荡加剧。 这些信号，让不少朋友开始疑惑：当前市场是在酝酿风险，还是在积蓄动能？ 今天，局长就带大家拆解这些"矛盾"背后的逻辑，并聊聊如何在震荡中保持定力。 一、市场为何总要"蹲下"震荡？ 市场并非总是一路上扬，"蹲下"震荡实属常态，是消化浮筹、积蓄新动能的过程。 回顾历史，无论是2014年还是2019年，在大的趋势行情启动前，市场都经历过类似的"中场休息"。 2014年7月至11月，沪指在2000-2200点区间横盘近三个月。期间经济数据低迷与改革预期交织，直至11 月21日央行降息为市场注入强心针，开启了一轮波澜壮阔的牛市。 2019年初，市场在中美贸易摩擦与资本市场改革预期中震荡两个月，最终在政策支持与外部缓和下走出 震荡，迎来科技主线崛起。 当前，上证指数在关键点位反复博弈，可视为四中全会后"政策真空期"的蓄势。许多投资者感觉"热点 轮动比翻书还快"，这恰恰是震荡市的典型特征——缺乏清晰单一的主线，资金在各板块间试探。从历 史经验看，这种震荡往往在为下一次风格选择做准备。 但需注意，当前经济修复路径与产业格局 ...

Core Viewpoint - Zhejiang Xiangyuan Cultural Tourism Co., Ltd. clarifies that it is not responsible for the overdue payment of financial products related to its indirect controlling shareholder, Xiangyuan Holding Group, which is currently addressing the situation with relevant parties [1] Group 1 - The announcement states that there are overdue payments on financial products issued on a platform related to real estate projects in cooperation with Xiangyuan Holding [1] - Xiangyuan Holding and the actual controller of the company are taking joint guarantee responsibility for the overdue payment obligations [1] - The financial products in question are unrelated to Xiangyuan Cultural Tourism and its subsidiaries, and the company does not bear any payment or guarantee obligations [1] Group 2 - The company's operations are currently running normally, and the management has committed to adhering to the "Guidelines for the Governance of Listed Companies" to ensure independence from the controlling shareholder in various aspects [1]

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial and manufacturing sectors, including Green City China, Jianfa International Group, New China Life Insurance, and Bank of Communications [12][42][44]. Core Views - The report highlights the increasing pressure on corporate earnings in the short term, with a focus on the potential for export recovery in the coming year [9][10]. - The real estate sector is facing downward pressure, but there are expectations for policy support to alleviate burdens on homebuyers [11]. - The non-bank financial sector is experiencing an optimized market structure, with high growth potential in the securities industry [15]. - The banking sector is expected to see accelerated valuation reassessment driven by strong allocation forces [17]. - The new energy sector is at a bottoming phase, with attention on marginal changes in new technologies [20]. - The machinery sector is approaching mass production of humanoid robots, focusing on core supply chain targets [25]. - The military industry is expected to improve, with a focus on military trade, internal installations, and military-to-civilian transitions [27]. - The light industry is emphasizing opportunities in overseas manufacturing and high-quality domestic consumption [30]. Summary by Sections Real Estate - The real estate sector is under increasing downward pressure, particularly in core cities, with expectations for policy measures to lower home purchase thresholds [11]. - Key companies like Green City China and Jianfa International Group are highlighted for their strong land acquisition and sales performance, with projected net profits for 2025-2027 [12][14]. Non-Bank Financial - The securities industry is expected to maintain high growth, with significant improvements in insurance companies' performance [15][16]. - New China Life Insurance is noted for its leading elasticity and potential for growth in the equity market [16]. Banking - The report emphasizes the ongoing valuation repair in the banking sector, particularly for large state-owned banks and city commercial banks [17][19]. - Bank of Communications is highlighted for its low PB valuation compared to peers, indicating potential for significant upside [19]. New Energy - The new energy sector is identified as having established a bottom, with a focus on solar, storage, and lithium battery technologies [20][21]. - Companies like Sunshine Power and Siling Co. are recommended for their growth potential in the energy storage market [22][23]. Machinery - The humanoid robot sector is approaching mass production, with companies like Hengli Hydraulic expected to benefit from this trend [25][26]. Military - The military sector is projected to see upward trends in military trade and civilian applications of military technology [27][28]. Light Industry - The report emphasizes the importance of overseas manufacturing and high-quality domestic consumption opportunities, with companies like Simor International and Aorijin highlighted for their growth potential [30][32][34]. Environmental - The environmental sector is expected to benefit from carbon reduction policies and overseas expansion opportunities, with companies like Huanlan Environment and Ice Wheel Environment noted for their growth prospects [35][40][41].

Core Points - The A-share market saw all three major indices rise in the morning session, with the Shanghai Composite Index up 0.08%, the Shenzhen Component Index up 0.39%, and the ChiNext Index up 0.47% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 999.6 billion yuan, a decrease of 40.6 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains, indicating a broad-based rally [1] Sector Performance - CPO concept stocks surged, while local stocks in Fujian remained active; sectors such as superconductors, ultra-high voltage, 6G, and photovoltaic indices showed significant gains [1] - The banking, real estate, and pharmaceutical sectors faced declines, with the real estate sector leading the losses [1] - ETFs related to industrial and non-ferrous metals led the gains, with the Wanjia Fund's industrial non-ferrous ETF rising by 2.5% [1] - The electric grid equipment sector performed well, with multiple ETFs in this category rising by 2% [1] - The photovoltaic sector also saw a rise, with leading ETFs in this space increasing by 2% [1] - Real estate ETFs declined by 1.4%, reflecting the struggles in the real estate sector [1] - Japanese stocks fell, with the Tokyo Stock Exchange Index ETF down by 1.2% [1] - The innovative drug sector showed weakness, with ETFs in this category declining by 1% [1]

每经AI快讯，12月5日，上证指数午盘涨0.08%，创业板指涨0.47%。CPO概念股爆发，福建本地股反复 活跃，超导、特高压、6G、光伏指数涨幅居前。摩尔线程大涨416.79%；银行、地产、医药行业跌幅靠 前。 ...

本轮牛市，终于迎来了中期调整，大盘指数跌幅不多，个股的跌幅很明显，非常标准的中期回调，不是牛市末期行情，市场没有完成诱多拉升的过程，大家 还没有亢奋。 在924行情之前踏空的人，都是预判正确的人，大家看空很对，不进场也很对，不过没有挣利润啊。大涨的时候，都是偷袭式拉升，大家还有勇气重新进场 吗？ 不说以前，今年的双创指数也是大幅快速拉升，大家真的有勇气追涨进场？上涨的过程里面天天等回调，各种犹豫不决，等你鼓起勇气进场的时候又是山顶 了。 能够挣到大利润的人，都是无论大跌还是大涨都在场内的人，不需要大家质疑，只有没有挣到利润的人，才会理想化，理论化的"马后炮"思维。 大资金也没有离场，汇金、险资的持仓几乎没有离场，场内只有游资、量化的狂欢了。大家想过没有，牛市的主角不是它们，大资金还没有浓墨登场呢！ 中期调整，让大家的利润大幅回撤 说白了，只有让大家的持仓成本都到4000点附近了，才算站稳4000点了，后面拉升到5000点以上，就相当于之前反弹一样的行情，只是大家的筹码都归集到 同一起跑线了。 股市，就是这样一浪又一浪的上涨，大家必须有接受波动的心理预期，这种回调可以躲，也可以不躲，因为各有利弊，如果你躲了下跌 ...