Core Insights - The market is experiencing a range-bound fluctuation, with major indices showing mixed performance, indicating a "three changes in direction over three days" characteristic [1][56] - Future trading strategies are shifting from "defensive volatility and reduced elasticity" to "finding entry points and waiting for opportunities" as the market adjustment becomes more sufficient [1][58] - The report suggests a cautious approach to timing, advising against chasing prices and increasing costs, while setting "strike zones" based on previous index lows [1][58] Market Overview - Major indices showed mixed results this week, with the Shanghai Composite Index and the Shanghai 50 rising by 0.03% and 0.32% respectively, while the CSI 300 fell by 0.28% [12][56] - The consumer sector showed signs of recovery, with significant gains in retail and consumer services, while technology-related sectors experienced adjustments [15][57] - Average daily trading volume in the Shanghai and Shenzhen markets decreased to 1.74 trillion yuan, down from 1.94 trillion yuan the previous week [17][28] Sector Analysis - The consumer sector saw notable recovery, with retail and consumer services rising by 6.58% and 4.40% respectively, while non-bank financials increased by 2.99% [15][57] - Conversely, technology-related sectors such as electrical equipment and electronics saw declines, with drops of 3.09% and 3.02% respectively [15][57] Investment Strategy - The report recommends focusing on the brokerage sector, which is showing signs of underperformance but expanding market share, and suggests monitoring the home appliance sector, which historically performs well in December [1][58] - Individual stocks in the pharmaceutical, consumer, and AI application sectors that are relatively low in price should be considered, along with low-performing stocks above the annual line [1][58]

$\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}$ $\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}\mathbf{k}_{i}$ 证券研究报告 | 2025年12月19日 2025年12月20日 市场表现：20251219 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中北证 50 指数表现较好，风格指数中中证 500 价值指 数表现较好。消费者服务、商贸零售、轻工制造、综合、纺织服装行业表现 较好，银行、煤炭、电子、石油石化、家电行业表现较差。海南自贸港、土 地流转、钒钛、汽车胎压监测、乳业等概念表现较好，光模块(CPO)、光刻 机、半导体硅片、存储器、磁电存储等概念表现较差。 市场情绪：20251219 收盘时有 84 只股票涨停，有 7 只股票跌停。昨日涨停 股票今日高开高走，收盘收益为 3.21%，昨日跌停股票今日收盘收益为 -3.35%。今日封板率 73%，较前日提升 4%，连板率 2 ...

（原标题：春节倒计时 大消费起舞年味渐浓） 本周，A股探底回升，上证指数、上证50周线微幅飘红，深证成指、科创50、北证50等周线微幅飘绿， 周成交减少至8.8万亿元。 机构：跨年攻势已开始 杠杆资金本周小幅净卖出逾11亿元，其中基础化工行业被融资净卖出逾19亿元，有色金属行业、食品饮 料行业也被净卖出逾10亿元，传媒、银行、交通运输等行业亦被净卖出超亿元；电子行业获得逾28亿元 融资净买入，国防军工行业获得逾18亿元净买入，非银金融行业获得逾12亿元净买入，商贸零售、机械 设备、建筑材料、公用事业等行业也获得超亿元净买入。 免税概念、网红经济、新零售、供销社等相关板块也均强势上攻，顺灏股份16日8涨停，南京商旅10日5 涨停，九牧王6日4涨停，美凯龙、皮阿诺等亦多次涨停。 消息面上，近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作 的通知》，在北京等50个城市开展消费新业态、新模式、新场景试点。 农业农村部也部署开展2026年元旦、春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促进 农产品消费实施方案》，抓住"两节"消费旺季，谋划出台促消费务实举措，推动供需精准适配 ...

本周超2900股上涨，24股涨幅超30%。其中，涨幅最大的是胜通能源，本周累计上涨61.06%；华人健 康、百大集团、西测测试本周累计涨幅均超50%。本周涨超30%的个股中，按所属行业统计，商贸零 售、医药生物行业均有3股上榜。本周累计下跌的个股中，14股跌幅在20%以上，广道退累计跌超 40%，中源家居、*ST立方跌幅均在25%以上。（证券时报） ...

本周，A股探底回升，上证指数、上证50周线微幅飘红，深证成指、科创50、北证50等周线微幅飘绿，周成交减少至8.8万亿元。 消息面，近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》，在北京等50个城市开展消费新业态、新模 式、新场景试点。 农业农村部也部署开展2026年元旦、春节"品特产 寻年味"消费促进活动，要求各地进一步落实《促进农产品消费实施方案》，抓住"两节"消费旺季，谋 划出台促消费务实举措，推动供需精准适配、创新消费场景、拓展消费空间，有力有效扩大农产品消费，更好满足城乡居民节日消费需求。 杠杆资金本方面，本周小幅净卖出逾11亿元。其中基础化工被融资净卖出逾19亿元，有色金属、食品饮料也被净卖出逾10亿元，传媒、银行、交通运输等 亦被净卖出超亿元。不过，电子行业获得逾28亿元融资净买入，国防军工获得逾18亿元净买入，非银金融获得逾12亿元净买入，商贸零售、机械设备、建 筑材料、公用事业等也获得超亿元净买入。 另据Wind数据统计，商贸零售连续5日获得主力资金净流入，全周合计净流入逾225亿元，有色金属也获得逾201亿元净流入，国防军工、汽车、机械设 备、通信 ...

人民财讯12月19日电，据证券时报·数据宝统计，今日沪深两市主力资金净流出44.44亿元。从行业来 看，申万一级行业中有12个行业主力资金净流入，其中汽车、机械设备行业主力资金净流入均超20亿 元，居前；有色金属、传媒、商贸零售、基础化工等行业主力资金净流入金额均超3亿元。 19个主力资金净流出的行业中，电子、医药生物、交通运输行业主力资金净流出金额居前，分别为 29.79亿元、25.45亿元、10.31亿元；食品饮料、国防军工、轻工制造、非银金融、通信行业主力资金净 流出金额均超5亿元。 （原标题：汽车、机械设备行业主力资金净流入均超20亿元） ...

12月19日，A股市场整体上涨。 1.两市主力资金净流出超40亿元 4.主力资金净流入居前20股 今日沪深两市主力资金开盘净流出61.71亿元，尾盘净流出12.83亿元，两市全天主力资金净流出44.44亿元。 | | | 沪深两市最近五个交易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 | | 2025-12-19 | -44.44 | -61. 71 | -12. 83 | 55. 22 | | 2025-12-18 | -291. 67 | -91. 88 | -53. 32 | -112. 97 | | 2025-12-17 | -67. 30 | -64. 62 | 33. 23 | 47. 03 | | 2025-12-16 | -520. 66 | -188. 21 | -55.16 | -268. 81 | | 2025-12-15 | -360. 27 | -151.41 | -55. 63 | -167.99 | 2.沪深300今日主力资金净流入近10亿元 沪 ...

12月19日，A股市场整体上涨。 截至收盘，上证指数收报3890.45点，上涨0.36%；深证成指收报13140.21点，上涨0.66%；创业板指收报3122.24点，上涨0.49%。两市合计成交 17259.15亿元，较上一交易日增加704.32亿元。 1. 两市主力资金净流出超40亿元 今日沪深两市主力资金开盘净流出61.71亿元，尾盘净流出12.83亿元，两市全天主力资金净流出44.44亿元。 | | | 沪深两市最近五个交易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 | | 2025-12-19 | -44 44 | -61.71 | -12. 83 | 55. 22 | | 2025-12-18 | -291. 67 | -91.88 | -53. 32 | -112. 97 | | 2025-12-17 | -67. 30 | -64. 62 | 33. 23 | 47.03 | | 2025-12-16 | -520. 66 | -188. 21 | -55.1 ...

Market Overview - On December 19, the Shanghai Composite Index closed at 3890.45 points, up 0.36%, with a trading volume of 738.1 billion yuan. The Shenzhen Component Index closed at 13140.21 points, up 0.66%, with a trading volume of 987.849 billion yuan. The ChiNext Index closed at 3122.24 points, up 0.49%, with a trading volume of 444.704 billion yuan. The total trading volume of both markets was 1.725949 trillion yuan, an increase of 70.462 billion yuan compared to the previous trading day [1]. Sector Performance - Various sectors showed positive performance, with retail, real estate, light industry manufacturing, environmental protection, education, steel, textile and apparel, and automotive sectors leading the gains. Concepts such as duty-free, Hainan Free Trade Zone, rental and sale rights, dairy, beer, community group buying, superconductors, and controllable nuclear fusion were notably active. Conversely, banking, precious metals, and electronics sectors experienced declines [2]. Fund Flow Analysis - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 4.444 billion yuan, with the ChiNext seeing a net outflow of 3.881 billion yuan. However, the CSI 300 index saw a net inflow of 0.988 billion yuan, and the Sci-Tech Innovation Board had a net inflow of 0.925 billion yuan. Among the 31 primary industries, 12 sectors had net inflows, with the automotive sector leading at 2.348 billion yuan [3]. Individual Stock Performance - A total of 2077 stocks saw net inflows, with 83 stocks receiving over 1 billion yuan in net inflows. The stock with the highest net inflow was Xue Ren Group, with 1.379 billion yuan, followed by Shan Zi Gao Ke, Aerospace Development, N You Xun, Gan Feng Lithium, and Salt Lake Co., with net inflows of 1.059 billion yuan, 0.928 billion yuan, 0.748 billion yuan, 0.641 billion yuan, and 0.473 billion yuan respectively [5]. Major Sell-offs - There were 3085 stocks that experienced net sell-offs, with 72 stocks seeing over 1 billion yuan in net outflows. The stock with the highest net outflow was Meinian Health, with 0.942 billion yuan, followed by Saiwei Electronics, Shunhao Co., Shenghong Technology, and Xiangnan Chip, with net outflows of 0.719 billion yuan, 0.545 billion yuan, 0.500 billion yuan, and 0.481 billion yuan respectively [7]. Institutional Activity - According to the post-market data, institutional investors had a net sell of approximately 27.7851 million yuan, with 11 stocks seeing net purchases and 12 stocks experiencing net sales. The stock with the highest net purchase was Aerospace Intelligence, with 90.6183 million yuan, followed by Shan Zi Gao Ke, West Materials, and Hua Ren Health [9][10].

Economic Indicators - The cumulative increase in social financing scale for the first eleven months of 2025 reached 33.39 trillion yuan, an increase of 3.99 trillion yuan compared to the same period last year [1][8] - The increase in RMB loans for the first eleven months was 15.36 trillion yuan [1][6] - As of the end of November, the broad money supply (M2) stood at 336.99 trillion yuan, reflecting a year-on-year growth of 8% [1][6] - The narrow money supply (M1) was 112.89 trillion yuan, with a year-on-year increase of 4.9% [1][6] - The cash in circulation (M0) amounted to 13.74 trillion yuan, showing a year-on-year growth of 10.6% [1][6] Policy Initiatives - A joint notice was issued by the Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau to enhance collaboration between commerce and finance to boost consumption [1][14] - The notice emphasizes support for key areas of consumption, including goods, services, and new consumption models, proposing 11 policy measures to stimulate demand [14][46] Real Estate Market - In November, the new residential sales prices in first-tier cities decreased by 0.4% month-on-month, with a year-on-year decline of 1.2% [1][16] - The decline in new residential prices in second and third-tier cities was 0.3% and 0.4% respectively, indicating a slight narrowing of the decline [16][48] International Developments - The Bank of Japan raised its policy interest rate by 0.25 percentage points to 0.75%, marking the highest level since September 1995 [19][20] - In the U.S., the Consumer Price Index (CPI) for November rose by 2.7% year-on-year, lower than expected, leading to increased market expectations for a potential interest rate cut by the Federal Reserve in January [21][21]