Group 1: Market Performance - The A-share market saw significant gains in the oil and petrochemical, home appliance, and coal sectors, with increases of 0.71%, 0.43%, and 0.21% respectively as of December 2, 2025 [1][7] - The coal industry is experiencing stable profitability due to a stable average daily production of over 12 million tons since October and a recent price increase of 8 yuan per ton for long-term contracts [2] Group 2: Policy Impact - Recent national policies have injected strong momentum into the oil and petrochemical, coal, and home appliance sectors, including a meeting by the National Development and Reform Commission to ensure stable coal production and transportation [2] - The home appliance sector benefits from a new policy in Shanghai that expands the scope of subsidies for old-for-new exchanges to 12 product categories, with a maximum subsidy of 2,000 yuan [2][3] Group 3: Industry Outlook - The oil and petrochemical sector is benefiting from the implementation of green electricity direct supply policies, which are reducing energy costs and meeting carbon reduction demands [2] - The home appliance industry is showing clear signs of recovery, supported by both domestic policies and an optimized export tax rebate policy [3] Group 4: Investment Opportunities - Analysts suggest that coal companies are expected to see stable profits as coal prices are projected to bottom out in the second quarter of 2025, leading to improved performance for listed coal companies [4] - The home appliance ETF has shown positive growth in market share, indicating a strong recovery trend in the sector [4]

Market Performance - Major stock indices in the two markets experienced fluctuations, with the Shenzhen Component Index and the ChiNext Index dropping over 1% at one point, and more than 3700 stocks declining [1] - As of the market close, the Shanghai Composite Index fell by 0.42% to 3897.71 points, the Shenzhen Component Index decreased by 0.68%, the ChiNext Index dropped by 0.69%, and the STAR 50 Index declined by 1.24% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.6073 trillion yuan [1] Sector Performance - Sectors such as non-ferrous metals, media, pharmaceuticals, semiconductors, brokerages, automobiles, and liquor saw declines, while retail, coal, insurance, and real estate sectors experienced gains [1] - Concepts related to cross-strait integration and Hainan Free Trade Zone were active [1] Investment Outlook - According to Industrial Securities, the easing of overseas disturbances, rising expectations for global liquidity, and improved risk appetite have laid a solid foundation for the current year-end market trend [1] - Following previous fluctuations and digestion, clearer economic and industrial development plans from year-end meetings are expected to further consolidate market consensus and guide mainline directions [1] - A bullish mindset is recommended, with continued investment in the recovery of Chinese assets [1] - Focus should be on sectors with policy support and positive economic outlook for next year, including "anti-involution" and price-increasing resource products (chemicals, building materials, steel, energy metals, precious metals), agriculture, and new consumption & service consumption (leisure food, education, travel chain, etc.) [1] - Technology growth is anticipated to be a key driver in breaking through the current market volatility [1]

今日各行业表现（截至下午13:58） （文章来源：证券时报网） 证券时报·数据宝统计，截至下午13:58，今日沪指跌0.51%，A股成交量900.44亿股，成交金额13087.67 亿元，比上一个交易日减少14.35%。个股方面，1478只个股上涨，其中涨停49只，3812只个股下跌， 其中跌停6只。从申万行业来看，石油石化、轻工制造、家用电器等涨幅最大，涨幅分别为0.63%、 0.41%、0.19%；传媒、有色金属、电力设备等跌幅最大，跌幅分别为1.62%、1.58%、1.41%。（数据 宝） | 计算机 | -1.33 | 870.90 | -12.38 | *ST立方 | -19.94 | | --- | --- | --- | --- | --- | --- | | 电力设备 | -1.41 | 1146.66 | -24.07 | ST合纵 | -8.73 | | 有色金属 | -1.58 | 610.96 | -43.52 | 华锡有色 | -6.82 | | 传媒 | -1.62 | 487.16 | -6.13 | 幸福蓝海 | -7.16 | | 申万行业 | 行业涨跌（%） | 成交额（亿 ...

Group 1: Market Overview - In November, the A-share market exhibited a volatile pattern, with the Shanghai Composite Index declining by 1.67%, while the ChiNext Index and the STAR Market Index fell by 4.23% and 6.24% respectively [1][7] - There was a significant shift in market structure as funds sought to rebalance their portfolios, with banking, petrochemical, textile, and light industry sectors showing the highest gains, while electronics, computers, and automotive sectors experienced notable pullbacks [1][7] Group 2: Macro Analysis - In October, the profits of industrial enterprises above designated size weakened, with a cumulative year-on-year growth rate of 1.9% from January to October, down from 2.4% in the previous period, and a significant drop to -5.5% in October compared to 21.6% in September [2][8] - The increase in raw material prices under the "anti-involution" policy, combined with weak demand, has narrowed corporate profit margins, although sectors like non-ferrous metals, electronic equipment, food, beverages, and automotive still maintained positive year-on-year growth [2][8] - The expectation of a Federal Reserve interest rate cut has risen, with indications from Fed officials suggesting a need for significant rate reductions to support economic growth, despite a recent increase in the unemployment rate to 4.4% [2][8] Group 3: Investment Strategy - Following the market correction since October, there has been a notable decline in margin trading activity, but recent stabilization in market risk appetite has led to a rebound in margin trading volumes [4][10] - The anticipated recovery in global liquidity due to the Fed's rate cut expectations, alongside the need for further policy measures to stimulate domestic growth, suggests a potential rebalancing of industry allocations [4][10] - Current market conditions may present an opportune moment to position for a spring rally, with a focus on emerging technologies, undervalued consumer stocks, and brokerage firms [5][11] - Specific sectors to watch include technology growth (internet, semiconductors, media, power equipment, innovative pharmaceuticals), consumer goods (mass products, hotels, airlines, retail), and non-ferrous metals, which are expected to benefit from easing monetary policies [5][11]

盘面上看，有色、传媒、半导体、券商、医药、汽车等板块走低，零售、煤炭、保险板块上扬，福建本 地股、海南自贸概念等活跃。 华西证券指出，展望12月，A股市场将步入国内外重要政策观察窗口，市场风险偏好或逐渐抬升，跨年 行情迎来布局期。海外方面，美联储降息概率较大，美元流动性担忧缓解和人民币汇率偏强运行，有利 于外资增配中国资产；国内方面，12月中上旬将召开中央政治局会议和中央经济工作会议，确定2026年 经济发展目标和宏观政策基调，反内卷、促消费、新质生产力等有望受益政策催化。行业配置上，建议 关注：产业趋势聚焦"十五五"相关主题投资，如商业航天、AI应用、储能、军工、创新药等；受益海外 流动性改善的有色金属等；前期调整幅度居前的港股科技等。 2日早盘，两市主要股指盘中震荡下探，科创50指数跌超1%，场内近4000股飘绿。 截至午间收盘，沪指跌0.55%报3892.55点，深证成指跌0.77%，创业板指跌0.88%，科创50指数跌 1.18%，沪深北三市合计成交10562亿元。 ...

Group 1 - Media concept stocks weakened in early trading, with Kunlun Wanwei down over 3%, and both 37 Interactive Entertainment and Mango Excellent Media down over 2% [1] - The Media ETF fell nearly 2% due to market influences [1] Group 2 - According to a brokerage, the media industry is expected to recover in terms of prosperity in the medium to long term, driven by gradual recovery in content supply, deepening AI technology empowerment, policy support, and expectations of consumer recovery [2] - Companies with strong performance in sectors such as film and television, gaming, and advertising marketing are recommended for attention, along with those involved in digital assets and AIGC-related technologies [2]

港股通50ETF（159712）领涨超1.2%，科技消费板块获资金关注。 国泰海通指出，科技制造板块中，电子行业获外资和融资资金显著流入，机械设备则出现明显流 出；TMT板块表现活跃，传媒行业外资小幅流入，计算机和通信行业融资资金流入居前。消费板块整 体承压，食品饮料行业外资持续流出，但ETF资金逆势流入。从全球资金流向看，外资边际流入新兴市 场，中国和韩国市场获外资增配，港股市场外资流入规模居前。 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 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 港股通50E ...

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds, showcasing the analytical capabilities of brokerage firms [2][9]. - In November 2025, the top-performing stocks in the brokerage golden stock pool included Blue Cursor, Yanjiang Co., and Suzhou Tianmai, with significant monthly increases [1][4]. - The top three brokerages in terms of monthly returns were Guolian Minsheng Securities, Guoyuan Securities, and Huaxin Securities, with returns of 4.48%, 3.40%, and 0.64% respectively, while the mixed equity fund index and the CSI 300 index both saw negative returns [6][8]. Group 2 - As of December 1, 2025, a total of 41 brokerages released their golden stocks for the month, resulting in 264 unique A-shares after deduplication [21][28]. - The current allocation of brokerage golden stocks is heavily weighted in the electronics (15.38%), basic chemicals (7.96%), and machinery (7.43%) sectors, with notable increases in food and beverage, media, and consumer services sectors [28][21]. - The performance of the brokerage golden stock performance enhancement portfolio showed an absolute return of -1.06% for the month and a return of 33.65% year-to-date, outperforming the mixed equity fund index by 1.39% and 4.42% respectively [36][32]. Group 3 - The article highlights the performance of various selection factors within the brokerage golden stock pool, noting that total market capitalization and quarterly revenue growth rates performed well recently, while analyst net adjustment ratios showed weaker performance [20][16]. - The brokerage golden stock index has been able to track the mixed equity fund index effectively, indicating a strong correlation between the two [9][14]. - The article also discusses the importance of analyst recommendations in increasing market attention for lesser-known stocks within the brokerage golden stock pool [24][22].

Market Overview - In November, major A-share indices experienced varying degrees of adjustment, with the Shanghai Composite Index down 1.67%, the ChiNext Index down 4.23%, and the STAR 50 Index down 6.24% [1] - The overall market activity has cooled, with the average daily trading volume across A-shares decreasing by 249.2 billion compared to the previous month [1] - The primary reason for the market adjustment is attributed to changes in overseas expectations leading to increased risk aversion, rather than an actual deterioration in liquidity conditions [1] Sector Performance - Sectors such as banking, oil and petrochemicals, and textiles performed well, while electronics, automotive, and computer industries lagged behind [1] - The adjustment in the A-share market aligns with global market trends, primarily due to concerns that expectations for overseas liquidity easing may not materialize in December, alongside fears of a bubble and risks in the AI sector [2] Investment Sentiment - The fluctuating expectations regarding the Federal Reserve's policies have become a key variable affecting market sentiment, with recent comments from Fed officials increasing uncertainty [2] - The market has shown signs of recovery as expectations for a rate cut by the Fed in December have been somewhat restored, leading to a gradual warming of global capital markets [2] Future Outlook - The short-term market is characterized by a "waiting for profit-driven" pattern, with the potential for upward movement still present [3] - The current valuation levels are constraining upward momentum, with the median PE ratio for A-shares at the 84th percentile and the median PB ratio at the 85.5th percentile over the past three years [3] - Investment strategies should focus on three main areas: low-crowding sectors within technology, opportunities in global pricing resources like gold and copper, and manufacturing sectors benefiting from a restart in overseas credit cycles [3]

Quantitative Models and Construction Methods - **Model Name**: Securities Firm Golden Stock Performance Enhancement Portfolio **Model Construction Idea**: The model aims to optimize the selection of stocks from the securities firm's golden stock pool to outperform the benchmark index, specifically the actively managed equity fund index. It leverages a multi-factor approach and portfolio optimization techniques to control deviations in individual stocks and styles while aligning with the industry distribution of public funds[37][42]. **Model Construction Process**: 1. Use the securities firm's golden stock pool as the stock selection space and constraint benchmark. 2. Apply a multi-factor model to further refine the stock selection within the pool. 3. Optimize the portfolio to control deviations in individual stocks and styles relative to the golden stock pool. 4. Use the industry distribution of all public funds as the industry allocation benchmark. 5. Adjust the portfolio at the beginning of each month based on the latest recommendations and market data[37][42]. **Model Evaluation**: The model demonstrates strong alpha generation potential and consistently outperforms the benchmark index, reflecting the research strength of securities firms[42]. Model Backtesting Results - **Securities Firm Golden Stock Performance Enhancement Portfolio**: - **Absolute Return (Monthly)**: -1.06% (20251103-20251128)[41] - **Excess Return (Monthly)**: +1.39% relative to the actively managed equity fund index[41] - **Absolute Return (Year-to-Date)**: +33.65% (20250102-20251128)[41] - **Excess Return (Year-to-Date)**: +4.42% relative to the actively managed equity fund index[41] - **Ranking in Actively Managed Equity Funds (Year-to-Date)**: 35.37th percentile (1227/3469)[41] - **Annualized Return (2018-2025)**: +19.34%[43] - **Annualized Excess Return (2018-2025)**: +14.38% relative to the actively managed equity fund index[43] - **Performance Ranking (2018-2025)**: Top 30% of actively managed equity funds every year[43] Quantitative Factors and Construction Methods - **Factor Name**: Total Market Capitalization **Factor Construction Idea**: Reflects the size of a company, often used to capture the size effect in stock returns[26][27]. **Factor Construction Process**: Calculate the total market capitalization of each stock in the golden stock pool. Group stocks into quintiles based on their market capitalization and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Demonstrates strong performance in both the recent month and year-to-date periods[26][27]. - **Factor Name**: Single-Quarter Revenue Growth **Factor Construction Idea**: Measures the growth in revenue over a single quarter, capturing the growth potential of a company[26][27]. **Factor Construction Process**: Compute the quarter-over-quarter revenue growth for each stock. Group stocks into quintiles based on their growth rates and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Exhibits strong performance year-to-date[26][27]. - **Factor Name**: SUR (Surprise) **Factor Construction Idea**: Captures the degree to which a company's earnings or revenue exceed market expectations[26][27]. **Factor Construction Process**: Calculate the difference between actual and expected earnings or revenue for each stock. Group stocks into quintiles based on their surprise levels and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Performs well in both the recent month and year-to-date periods[26][27]. - **Factor Name**: EPTTM (Earnings to Price Trailing Twelve Months) **Factor Construction Idea**: A valuation factor that measures the earnings yield of a stock[26][27]. **Factor Construction Process**: Compute the ratio of trailing twelve-month earnings to the current stock price for each stock. Group stocks into quintiles based on their EPTTM values and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Underperforms year-to-date[26][27]. - **Factor Name**: Expected Dividend Yield **Factor Construction Idea**: Reflects the expected return from dividends, often used as a value factor[26][27]. **Factor Construction Process**: Calculate the expected dividend yield for each stock. Group stocks into quintiles based on their yields and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Underperforms year-to-date[26][27]. - **Factor Name**: BP (Book-to-Price Ratio) **Factor Construction Idea**: A valuation factor that measures the book value relative to the stock price[26][27]. **Factor Construction Process**: Compute the ratio of book value to stock price for each stock. Group stocks into quintiles based on their BP values and calculate the long-short portfolio returns for each group[26][27]. **Factor Evaluation**: Underperforms year-to-date[26][27]. Factor Backtesting Results - **Total Market Capitalization**: Strong performance in the recent month and year-to-date[26][27] - **Single-Quarter Revenue Growth**: Strong performance year-to-date[26][27] - **SUR (Surprise)**: Strong performance in the recent month and year-to-date[26][27] - **EPTTM (Earnings to Price Trailing Twelve Months)**: Weak performance year-to-date[26][27] - **Expected Dividend Yield**: Weak performance year-to-date[26][27] - **BP (Book-to-Price Ratio)**: Weak performance year-to-date[26][27]