热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 汪雅航 市场分析 联储如期降息。宏观方面，国家统计局公布数据显示，中国11月CPI同比上涨0.7%，创2024年3月以来 最高；核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。11月PPI环比上涨0.1%，连续两个月上 涨，高基数下同比降幅扩大至2.2%。海外方面，美联储货币政策委员会会后公布，降息25个基点，将 联邦基金利率目标区间下调至3.50%–3.75%。为维持银行体系流动性充足，自12月12日起启动每月约 400亿美元的短期国债购买计划。美联储点阵图预测显示在2026年和2027年各有一次25个基点的降息。 鲍威尔在新闻发布会上表示，货币政策无预设路径，将逐次会议依据数据决策。 股指探底回升。现货市场，A股三大指数探底回升，沪指跌0.23%收于3900.50点，创业板指跌0.02%。 行业方面，板块指数涨多跌少，房地产、商贸零售、社会服务、通信行业领涨，银行、电力设备、计算 机行业跌幅居前。当日沪深两市成交额继续回落至1.78万亿元。海外方面，美国三大股指全线收涨，道 指涨1.05%报48057.75 ...

数据来源：Morningstar Direct； 截至日期：2025年11月30日 图表2：31个申万一级行业指数11月涨跌幅 图表1：11月A股市场主要股指涨跌幅 01 市场洞察 宏观经济偏弱修复，股债承压 11月，反映国内经济先行指标的制造业PMI录得49.2%，在10月份49.0%的基础上小幅回升了 0.2个百分点，主要受到生产指数、新订单指数、从业人员指数和供应商配送时间指数等多个 分项出现改善的提振。制造业PMI连续8个月位于收缩区间，但景气水平在11月呈现弱修复的 态势。10月份CPI同比上涨0.2%，PPI同比下降2.1%。相比于9月份CPI和PPI同比分别下降 0.3%和2.3%而言，服务价格的涨幅扩大带动CPI由降转升，而PPI同比降幅收窄主要是受到生 产资料价格降幅缩小的影响。 11月，A股走势整体先涨后跌。ETF注册流程改革措施的落地完善了资本市场指数化投资产品 体系；另外，十五五规划确立的科技自立自强等长期主线，以及优化外资投资相关制度、推动 中长期资金入市细化方案的发布等资本市场改革相关政策，提振了市场对股市长期发展的信 心。在诸多利好政策的带动下，A股在上半月走势上行，13日盘中最 ...

Core Insights - The report indicates mixed performance in the A-share market, with the Shanghai Composite Index down by 0.23% and the Shenzhen Component Index up by 0.29% as of the close on Wednesday. The total trading volume in the Shanghai and Shenzhen markets reached 1,778.358 billion yuan [2][7] - In terms of sector performance, real estate, retail, and social services led the gains, while banking, electric equipment, and computing sectors faced declines. Concept sectors such as Hainan Free Trade Zone and duty-free shops showed significant increases, while cultivated diamonds and AI PC concepts experienced notable declines [2][7] Market Performance - The Shanghai Composite Index closed at 3,900.50, down 0.23% - The Shenzhen Component Index closed at 13,316.42, up 0.29% - The CSI 300 Index closed at 4,591.83, down 0.14% - The ChiNext Index closed at 3,209.00, down 0.02% - The Hang Seng Index in Hong Kong closed at 25,540.78, up 0.42% [4][7] Important News - The Federal Open Market Committee (FOMC) of the Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 3.50%–3.75%. This marks the third rate cut of the year, with a vote of 9 in favor and 3 against. The committee noted moderate economic expansion and ongoing high inflation [3][8] - China's National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.7% year-on-year in November, the highest since March 2024. The core CPI increased by 1.2%, maintaining a growth rate above 1% for three consecutive months. The Producer Price Index (PPI) rose by 0.1% month-on-month, with a year-on-year decline of 2.2% [3][8]

Group 1 - The core viewpoint is that despite increased volatility in the A-share market in November, fund advisors are increasing their allocation to A-share assets, indicating a preparation for the year-end market rally [1] - In November, 131 fund advisor portfolios adjusted their allocations, with A-share assets receiving the largest increase compared to other asset types, as many fund managers begin to position for the year-end market trend [1] - The "year-end market rally" typically occurs from November to March, driven by positive expectations for policies, economy, and earnings for the following year, with historical data suggesting a high probability of such rallies [1] Group 2 - The Yingmi Fund's strategy for December indicates that the market is preparing for a spring rally in 2026, with a neutral short-term allocation value for domestic stocks but a potential for medium to long-term recovery [2] - Industry consensus suggests that despite short-term volatility in A-shares, declines present better buying opportunities, with optimism regarding overseas risk appetite and domestic liquidity expectations [2] Group 3 - Fund advisors are accelerating their adjustment pace, with cyclical industries such as coal, electric equipment, basic chemicals, and food and beverage receiving increased allocations in November, while some technology assets saw reduced allocations [3] - In December, fund advisors are refocusing on technology growth assets, anticipating early market speculation on improving economic conditions for the coming year [3] - Specific fund portfolios, such as Wanji Fund's "Wanji Extraordinary New Quality Drive," increased their mixed fund allocation from 54.6% to 64.1%, optimizing holdings in AI computing and innovative pharmaceuticals [3] Group 4 - Recent positive signals in the broader technology sector include improvements in lithium battery supply and sustained high demand in the optical module industry, which are areas of mid-term focus [4] - However, short-term trading in popular areas like AI computing chips and energy storage remains crowded, requiring time for market digestion, while lower-crowded areas like AI applications and robotics lack incremental funding and fundamental catalysts [4]

Market Overview - A-shares experienced a mixed performance today, with the Shanghai Composite Index down by 0.23%, the Shenzhen Component Index up by 0.29%, and the ChiNext Index down by 0.02% [1] - The total trading volume of A-shares was 1.78 trillion yuan, a decrease of approximately 125.45 billion yuan compared to the previous trading day, indicating continued consolidation with reduced trading volume [1] - The net outflow of major funds from the market amounted to 33.568 billion yuan [1] Index Valuation - The overall valuation metrics for major indices as of December 10, 2025, are as follows: - CSI All Share Index: PE ratio of 20.47, PB ratio of 1.61 [1] - The risk-free rate is represented by the yield on China's 10-year government bonds at 1.86% [1] Major Index Valuations - Key valuations for major indices include: - Sci-Tech Innovation 50: PE of 152.29, PB of 6.04 [1] - CSI 500: PE of 32.12, PB of 2.12 [1] - CSI 300: PE of 13.33, PB of 1.28 [1] - ChiNext Index: PE of 40.88, PB of 5.25 [1] Industry Index Valuations - Valuations for major industry indices are as follows: - Retail: PE of 110.74, PB of 2.00 [2] - Computer: PE of 206.37, PB of 4.48 [2] - Defense: PE of 131.84, PB of 3.75 [2] - Banking: PE of 8.92, PB of 0.76 [2] - Real Estate: PE of 59.59, PB of 0.87 [2]

Core Viewpoint - The A-share market has shown strong performance this year, with major indices experiencing varying degrees of increase, reflecting an enhancement in market risk appetite and active structural opportunities [1][18] Index Overview - The ChiNext Composite Index (399102.SZ) covers over 1,300 listed companies on the ChiNext board, with a total market capitalization coverage of 98% [1][19] - The index has a base point of 1,000 and was established on May 31, 2010 [1] | | ChiNext Composite Index | ChiNext | Coverage Rate | | --- | --- | --- | --- | | Number of Stocks | 1344 | 1389 | 96.76% | | Total Market Value | 173,496.65 billion | 175,139.87 billion | 99.06% | Historical Performance - Since its inception on May 31, 2010, the ChiNext Composite Index has increased by 285.29%, significantly outperforming the Shanghai Composite Index and Shenzhen Component Index during the same period [2][19] Industry Distribution - The ChiNext Composite Index has a high concentration in technology sectors, covering industries such as power equipment, electronics, biomedicine, communications, and computers, which helps capture investment opportunities in various high-tech fields [4][21] - The top five industries by weight are: - Power Equipment (23.5%) - Electronics (13.7%) - Biomedicine (10.4%) - Communications (9.7%) - Computers (9.5%) - These five industries collectively account for approximately 66.8% of the index [4][21] Valuation - The current Price-to-Earnings (PE) ratio (TTM) of the ChiNext Composite Index is 66.75, which is within a reasonable range of around 57% over the past decade, indicating potential for upward adjustment compared to other major A-share indices [7][24] | | PE (TTM) | PE Percentile | | --- | --- | --- | | ChiNext Composite | 66.75 | 57.04% | | Shanghai Composite | 16.64 | 97.53% | | Shenzhen Component | 30.56 | 80.70% | | Wind All A | 22.20 | 89.96% | Investment Strategy - The enhanced strategy ETF aims to outperform the benchmark index by closely tracking the ChiNext Composite Index while employing quantitative management strategies to optimize portfolio holdings [8][25] - The investment model emphasizes consistent performance and aims to adapt to different market conditions to achieve better investment outcomes [10][27] Management Expertise - The management team at Jianxin Fund has extensive experience in index product investment management, with members possessing diverse academic backgrounds in mathematics, computer science, and finance [11][28]

12月9日晚，海光信息、中科曙光（603019）分别公告，宣布终止交易规模超千亿元的换股合并。12月 10日，中科曙光股价跌停，海光信息下跌0.36%。 12月10日下午，海光信息、中科曙光分别召开终止重大资产重组投资者说明会，就终止本次交易事项回 答了投资者提问。 8月中旬以来市场发生较大变化 在12月9日晚的公告中，双方均表示，由于目前市场环境较交易筹划之初发生较大变化，实施重大资产 重组的条件尚不成熟，基于审慎性考虑，决定终止本次交易事项。 在10日的投资者说明会上，海光信息总经理沙超群进一步解释了市场环境变化的具体体现。沙超群介 绍，交易双方的二级市场股价相比预案披露时发生了较大变化，自今年6月10日重组预案披露至8月中 旬，吸并双方的股价走势基本平稳，表明重组方案本身并未对双方股价产生重大影响。自8月中旬以 来，受国内国际环境变化、A股市场整体走势、AI产业热度变化及市场预期等复杂因素的影响，吸并双 方股价开始了整体上涨，并呈现较大波动的态势。两家公司股价的走势并非单独个体现象，而是与同期 A股芯片、人工智能、算力等行业概念股票的走势呈现较大的相关性。 投资者提问，为什么11月29日上市公司披露重组 ...

Group 1: Company Developments - Haiguang Information and Zhongke Shuguang have terminated their major asset restructuring due to the large scale of the transaction and significant changes in the market environment, but they will continue to deepen their cooperation [2] - Vanke A shares saw a surge, with a limit up and a single order amount exceeding 2.7 billion yuan, as the real estate sector showed signs of recovery [2] - Renowned investor Lin Yuan affirmed his long-term investment in Pian Zai Huang, citing its irreplaceable value and potential for significant growth over the next decade [2] Group 2: Market Trends - Silver prices have surged to a historic high of $60 per ounce, with a year-to-date increase of over 108%, significantly outperforming gold [3] - The establishment of a polysilicon acquisition platform with a registered capital of 3 billion yuan is expected to optimize industry capacity amid weak supply and demand [3] - The wholesale price of Feitian Moutai has dropped by 43% over two years, prompting distributors to seek transformation strategies [4] Group 3: Economic Indicators - The Consumer Price Index (CPI) rose by 0.7% year-on-year in November, marking the highest level since March 2024, driven by rising food prices [5] - The Producer Price Index (PPI) increased by 0.1% month-on-month but decreased by 2.2% year-on-year, influenced by seasonal demand and external factors [5]

Market Overview - The A-share market showed mixed results on December 10, with the Shanghai Composite Index closing at 3900.5 points, down 0.23%, while the Shenzhen Component Index rose 0.29% to 13316.42 points. The ChiNext Index fell slightly by 0.02% to 3209 points, and the North Star 50 Index decreased by 0.85% [1] - Total trading volume in the A-share market was 17917.81 billion, a decrease of 1260.88 billion compared to the previous trading day [1] Capital Flow - The main capital in the A-share market experienced a net outflow of 199.82 billion, with an opening net outflow of 158.52 billion and a tail-end net inflow of 25.51 billion [2] - The CSI 300 index saw a net outflow of 86.93 billion, while the ChiNext and Sci-Tech Innovation Board recorded net outflows of 97.02 billion and 15.68 billion, respectively [4] Sector Performance - Among the 9 sectors that saw capital inflows, the automotive industry led with a net inflow of 15.45 billion, followed by real estate with 14.56 billion and transportation with 11.08 billion [6][7] - The sectors with the largest capital outflows included power equipment, which saw a decrease of 113.74 billion, and banking, which experienced an outflow of 85.43 billion [7] Individual Stock Highlights - Yonghui Supermarket recorded the highest net inflow of 7.37 billion in main capital [8] - Institutional investors showed significant interest in several stocks, with Shennong Agriculture seeing a net institutional buy of 265.37 million, while Yonghui Supermarket faced a net sell of 456.90 million [10][11] Institutional Focus - Recent institutional attention has been directed towards stocks such as Guizhou Tire, China Software, and Yingke Rebirth, all receiving "Buy" ratings with notable upside potential [13]

3.汽车行业净流入15.45亿元居首 申万一级行业中，9个行业实现资金净流入，其中汽车行业净流入15.45亿元居首。 盘后数据出炉。 12月10日，A股市场整体涨跌互现。截至收盘，上证指数报3900.5点，下跌0.23%；深证成指报13316.42点，上 涨0.29%；创业板指报3209点，下跌0.02%；北证50指数下跌0.85%。A股市场合计成交17917.81亿元，较上一 交易日减少1260.88亿元。 1.A股市场主力资金净流出199.82亿元 今日A股市场主力资金开盘净流出158.52亿元，尾盘净流入25.51亿元，A股市场全天主力资金净流出199.82亿 元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2025-12-10 | -199.82 | -158. 52 | 25. 51 | -58. 52 | | 2025-12-9 | -359.69 | -111.87 | -14.73 | -156. 68 | | 2025-12 ...