行业配置方面，该机构预计，在日历效应及美联储降息周期叠加影响下，12月科技成长、部分周期和消 费可能相对占优，建议继续均衡配置：一是政策和产业趋势向上的电子（半导体、AI硬件）、通信 （AI硬件）、传媒（AI应用、游戏）、计算机（AI应用）、电新（储能、锂电）、创新药、机械设备 （机器人）等行业；二是可能补涨和基本面可能边际改善的消费（食品、商贸零售等）、大金融、军工 （商业航天）等行业。 华金证券发布研报称，12月A股可能震荡偏强，上行趋势不变。理由在于，12月政策和外部事件可能偏 积极，流动性可能进一步宽松，且经济和企业盈利可能延续弱修复趋势。 上证报中国证券网讯（记者 严晓菲）华金证券发布研报称，12月A股可能震荡偏强，上行趋势不变。理 由在于，12月政策和外部事件可能偏积极，流动性可能进一步宽松，且经济和企业盈利可能延续弱修复 趋势。 ...

Core Insights - Fang Xinxia is recognized as a leading figure in international capital, transitioning from a Hong Kong youth to a global investment leader, achieving significant wealth accumulation and market influence [1][4] - The article highlights Fang's strategic focus on A-shares since 2019, emphasizing trend analysis and policy benefits, while accurately predicting market movements in Hong Kong [1][9] Education Background - Doctorate in Business Administration from Atlanta University, focusing on global capital flows and emerging market opportunities [1][2] - MBA from California International University, specializing in cross-cultural enterprise management [2] - Bachelor's degrees in hotel, gaming, and beverage management from the University of Nevada, Las Vegas, providing insights into consumer psychology [3] Investment Journey - **Initial Wealth Accumulation (2002–2009)**: Achieved significant earnings through sneaker trading and eBay, with a peak monthly profit of 7 million HKD in 2005 [6] - **Business Empire Development (2013–2018)**: Founded FSH CLUB and established a reputation as a "young stock god," generating substantial profits [7][8] - **A-share Focus and Market Predictions (2019–2025)**: Shifted to A-shares, predicting systemic risks in Hong Kong's retail and tourism sectors, and achieving notable returns in sectors like AI and renewable energy [9][10] Recognition and Honors - Featured multiple times in media, recognized as a significant figure in the investment community, and awarded titles such as "Annual Influential Figure in China's Capital Market" [11] Philanthropy and Publications - Engaged in charitable activities, including building schools and initiating a public donation program, raising over 30 million HKD [14] - Authored several influential investment books, with notable sales and impact on investment education [15] Investment Philosophy - Emphasizes the importance of cognitive understanding over capital, prioritizing macroeconomic data for market direction, and maintaining a disciplined risk management approach [16]

FICC日报 | 2025-12-03 盘面轮动，股指缩量 市场分析 关注"十五五"主线。宏观方面，国家发改委主任郑栅洁发表署名文章指出，"十五五"规划建议将建设现代化产业 体系这一任务摆在12个领域首位，关键是优化提升传统产业，培育壮大新兴产业和未来产业，加快新能源、新材 料、航空航天、低空经济等战略性新兴产业集群发展。对外方面，中俄举行战略安全磋商，就涉及两国战略安全 利益的重大问题全面、深入沟通，达成新的共识，增进了战略互信。双方就涉日本问题进行战略对表，达成高度 共识。海外方面，特朗普表示，他计划在2026年初公布下一任美联储主席人选。 股指震荡。现货市场，A股三大指数震荡收低，沪指跌0.42%收于3897.71点，创业板指跌0.69%。行业方面，板块 指数跌多涨少，石油石化、轻工制造、家用电器行业领涨，传媒、有色金属、计算机、医药生物行业跌幅居前。 当日沪深两市成交额为1.6万亿元。海外方面，美国三大股指小幅收涨，纳指涨0.59%报23413.67点。 期指减仓。期货市场，基差方面，股指期货贴水程度修复。成交持仓方面，四大期指的成交量和持仓量同步下降。 策略 海外方面，特朗普近期公开表示拟于2026 ...

今日各行业表现（截至上午10:28） （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指跌0.14%，A股成交量539.74亿股，成交金额7748.81亿 元，比上一个交易日减少5.87%。个股方面，1222只个股上涨，其中涨停29只，4087只个股下跌，其中 跌停8只。从申万行业来看，家用电器、有色金属、煤炭等涨幅最大，涨幅分别为0.72%、0.70%、 0.47%；传媒、计算机、国防军工等跌幅最大，跌幅分别为2.29%、1.68%、1.54%。（数据宝） | 综合 | | | | 三木集团 | | | --- | --- | --- | --- | --- | --- | | 国防军工 | -1.54 | 382.92 | -8.97 | 航天环宇 | -6.62 | | 计算机 | -1.68 | 534.12 | -0.78 | *ST立方 | -20.07 | | 传媒 | -2.29 | 279.04 | -10.83 | 福石控股 | -10.85 | | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | - ...

【导读】超硬材料板块表现活跃，AI应用方向走低 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月3日早盘，A股三大指数震荡调整。截至发稿，沪指跌0.15%，深成指跌0.16%，创业板指跌0.16%。 | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3891.78 | 13035.53 | 1405.55 | | -5.93 -0.15% | -21.17 -0.16% | +7.42 +0.53% | | 科创50 | 创业板指 | 万得全A | | 1315.20 | 3066.16 | 6201.90 | | -4.95 -0.38% | -4.99 -0.16% | -22.46 -0.36% | | 沪深300 | 中证500 | 中证A500 | | 4557.26 | 7022.34 | 5469.41 | | +2.93 +0.06% -17.96 -0.26% -1.77 -0.03% | | | | 中证1000 | 深证100 | 中证红利 | | 7258.65 | 5743.89 | 5597.60 | | -54.53 -0.7 ...

【导读】超硬材料板块表现活跃，AI应用方向走低 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月3日早盘，A股三大指数震荡调整。截至发稿，沪指跌0.15%，深成指跌0.16%，创业板指跌0.16%。 | 上证指数 | 深证成指 | | 北证50 | | --- | --- | --- | --- | | 3891.78 | 13035.53 | | 1405.55 | | -5.93 -0.15% | -21.17 -0.16% | | +7.42 +0.53% | | 科创50 | 创业板指 | | 万得全A | | 1315.20 | 3066.16 | | 6201.90 | | -4.95 -0.38% | -4.99 -0.16% | | -22.46 -0.36% | | 沪深300 | 中证500 | | 中证A500 | | 4557.26 | 7022.34 | | 5469.41 | | +2.93 +0.06% -17.96 -0.26% -1.77 -0.03% | | | | | 中证1000 | 深证100 | | 中证红利 | | 7258.65 | 5743.89 ...

Core Viewpoint - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index dropping over 1% and the Hong Kong Internet ETF (513770) down by 0.9%. However, companies like Meituan-W and Xiaomi Group-W show resilience with minor declines of 0.2% [1][7]. Market Performance - The Hong Kong Internet ETF (513770) has a recent scale exceeding 100 billion, with an average daily trading volume of over 600 million. It supports T+0 trading and is not restricted by QDII quotas, indicating good liquidity [10]. - The index that the ETF tracks has shown significant volatility over the past five years, with annual returns of 109.31% in 2020, -36.61% in 2021, -23.01% in 2022, -24.74% in 2023, and a projected 23.04% in 2024 [5][12]. Company Updates - Xiaomi Auto announced that it has delivered over 500,000 units since April 3, 2024, exceeding its annual target of 350,000 units [9]. - Meituan has reported that its food delivery losses peaked in the third quarter, indicating challenges in the competitive landscape of the food delivery market [9]. Investment Insights - Analysts suggest that the market is nearing a "bad news fully priced in" state, with previous risks such as US-China trade tensions and the impact of the food delivery competition on internet sector profitability being sufficiently reflected in the current market adjustments [3][9]. - The top three holdings in the Hong Kong Internet ETF are Alibaba-W (18.89%), Tencent Holdings (17.01%), and Xiaomi Group-W (10.05%), with the top ten holdings focusing on AI cloud computing and applications, collectively accounting for over 73% of the ETF [3][9].

有券商表示，从中长期来看，随着内容供给逐步恢复，AI等技术赋能持续深化，叠加政策支持及消费回 暖预期，传媒行业景气度有望得到修复。建议关注影视院线、游戏、广告营销等领域业绩表现亮眼的公 司，并关注布局数字资产、应用AIGC相关技术的公司。 传媒概念股走低，恺英网络、昆仑万维跌超2%。 （文章来源：每日经济新闻） 受盘面影响，传媒ETF跌约2%。 ...

Group 1 - The event "Bingqing Kaijiang Ba" is a new theoretical presentation platform tailored for the youth, organized by the High-tech Zone (Bingjiang) Party Committee Propaganda Department [3] - The innovative format of the event includes outdoor settings and popular forms such as open mic and cross-talk, aiming to integrate the Party's innovative theories into youth stories [3] - The first event was held in a community activity square, emphasizing the importance of technology and community engagement in high-quality urban development [1][2] Group 2 - Youth representatives from diverse cultural backgrounds shared their experiences of integrating into life and work in Bingjiang, highlighting the community's supportive environment [2] - The event featured interactive storytelling, showcasing how community services help young people pursue their dreams and foster a sense of belonging [2] - The activities will continue in December at various locations, including Starlight Reception Hall and Puyang Fishing Wharf, indicating ongoing community engagement efforts [3]

Group 1: Automotive Sales Data - The sales data for November shows significant growth for several automotive brands, with CAR's sales reaching 81,864 units, a 20.0% month-on-month increase and an impressive 89.6% year-on-year increase [1] - LD (Leap Motor) sold 70,327 units in November, reflecting a slight increase of 0.1% month-on-month and a substantial 75.1% year-on-year growth [1] - The sales figures for Xiaomi Auto indicate over 473 units sold, with a cumulative total exceeding 357,000 units, although specific month-on-month data is not provided [1] - 方程豹 (Fangchengbao) reported 37,405 units sold in November, marking a 20.5% month-on-month increase and a staggering 339.0% year-on-year growth [1] - 理想汽车 (Li Auto) experienced a decline in sales, with 33,181 units sold, representing a 4.5% month-on-month increase but an 18.1% year-on-year decrease [1] Group 2: Cumulative Sales Performance - Cumulative sales from January to November show that CAR has sold 376,668 units, reflecting a year-on-year increase of 4.9% [1] - LD's cumulative sales reached 536,132 units, with a remarkable year-on-year growth of 113.4% [1] - 方程豹's cumulative sales for the year stand at 183,769 units, showing a year-on-year increase of 308.6% [1] - 蔚来汽车 (NIO) has sold 277,893 units cumulatively, which is a 45.6% year-on-year increase [1] - The cumulative sales for 理想汽车 (Li Auto) are 362,097 units, reflecting a year-on-year decrease of 18.1% [1] Group 3: Market Trends and Insights - The automotive market is witnessing a shift with brands like 小米汽车 (Xiaomi Auto) and 方程豹 (Fangchengbao) showing strong growth, indicating a competitive landscape [1][2] - The data suggests a trend towards increased consumer interest in electric vehicles, as evidenced by the significant year-on-year growth rates for many brands [1] - The overall performance of the automotive sector in November indicates resilience despite economic fluctuations, with several brands achieving record sales figures [1][2]