■ 苏诗钰 日前，A股市场年成交额首破400万亿元。截至12月23日收盘，A股市场年内累计成交额达407.82万亿 元，较去年同期增长58.49%。超过98%的交易日成交额维持在万亿元以上，其中成交额突破2万亿元的 交易日占比23.6%。这份沉甸甸的数据，折射出资本市场的旺盛活力。 笔者认为，成交额的历史性突破，是政策赋能、资金集聚与产业升级协同共振的必然结果。 一方面，今年以来，资本市场改革持续深化，释放制度红利。监管部门推出一系列改革举措，服务科技 创新和新质生产力发展，激发多层次资本市场活力；推动多元常态化退市机制持续显效，形成"优胜劣 汰"的良性生态；同时，持续推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组 等市值管理工具，持续提升公司投资价值。从资金端看，险资、社保基金等长期资金稳步入市，中国资 产因估值优势持续吸引外资流入，这为成交额的稳步攀升提供了坚实支撑。 当然，在市场活跃度提升的同时，更要坚守"稳"与"进"的辩证统一。日前召开的中央经济工作会议提 出"持续深化资本市场投融资综合改革"，彰显了党中央对资本市场发展的高度重视。未来，需要进一步 优化市场环境，强化风险防控，引导成 ...

Core Insights - The main market saw a net inflow of 1.042 billion yuan as of December 19, with significant capital flowing into various sectors [1] Group 1: Sector Performance - The top sectors by net inflow were: - Automotive Parts with 3.279 billion yuan and a price increase of 2.56% [2] - General Equipment with 1.841 billion yuan and a price increase of 1.75% [2] - Commercial Retail with 1.030 billion yuan and a price increase of 3.83% [2] - Communication Equipment with 0.874 billion yuan and a price increase of 1.28% [2] - Specialized Equipment with 0.710 billion yuan and a price increase of 1.41% [2] - Software Development with 0.541 billion yuan and a price increase of 1.19% [2] - Tourism and Hotels with 0.517 billion yuan and a price increase of 1.45% [3] - Power Equipment with 0.395 billion yuan and a price increase of 1.46% [3] - Insurance with 0.337 billion yuan and a slight decrease of 0.17% [3] - Professional Services with 0.310 billion yuan and a price increase of 1.89% [3] Group 2: Notable Companies - Leading companies by net inflow in their respective sectors included: - Shanzi Gaoke in Automotive Parts [2] - Xue Ren Group in General Equipment [2] - Yonghui Supermarket in Commercial Retail [2] - Xinye Sheng in Communication Equipment [2] - Aerospace Power in Specialized Equipment [2] - Yingshisheng in Software Development [2] - China Duty Free in Tourism and Hotels [3] - Hailu Heavy Industry in Power Equipment [3] - Ping An Insurance in Insurance [3] - Aerospace Engineering in Professional Services [3]

再来看个股层面的资金集聚现象，年内19只个股成交额突破万亿元，中际旭创以日均超100亿元成交额成为市场焦点，东 方财富、新易盛等龙头股跻身前列，这种"向优质标的集中"的趋势，是市场成熟度提升的重要标志。优质企业凭借扎实的业绩 支撑与清晰的成长逻辑，成为资金追逐的核心标的，"产业景气—业绩增长—资金集聚"的正向循环加速形成，不仅提升了市场 资源配置效率，更引导资本向实体经济关键领域集中，为产业升级提供了有力支撑。 日前，A股市场年成交额首破400万亿元。截至12月23日收盘，A股市场年内累计成交额达407.82万亿元，较去年同期增长 58.49%。超过98%的交易日成交额维持在万亿元以上，其中成交额突破2万亿元的交易日占比23.6%。这份沉甸甸的数据，折射 出资本市场的旺盛活力。 笔者认为，成交额的历史性突破，是政策赋能、资金集聚与产业升级协同共振的必然结果。 一方面，今年以来，资本市场改革持续深化，释放制度红利。监管部门推出一系列改革举措，服务科技创新和新质生产力 发展，激发多层次资本市场活力；推动多元常态化退市机制持续显效，形成"优胜劣汰"的良性生态；同时，持续推动上市公司 进一步加大分红力度，增加分红频次 ...

要继续实施适度宽松的货币政策，加大逆周期和跨周期调节力度。 用好证券、基金、保险公司互换便利和股票回购增持再贷款，探索常态化的制度安排，维护资本市场稳定。 建议发挥增量政策和存量政策集成效应，把握好政策实施的力度、节奏和时机。 防范汇率超调风险，保持人民币汇率在合理均衡水平上的基本稳定。 统筹好总供给和总需求的关系，增强宏观政策前瞻性针对性协同性。 着力扩大内需、优化供给，做优增量、盘活存量，不断巩固拓展经济稳中向好势头。 加强对扩大内需、科技创新、中小微企业等重点领域的金融支持。 1、央行：要继续实施适度宽松的货币政策 加大逆周期和跨周期调节力度 重要程度：★★★★★ 据央行12月24日消息，中国人民银行货币政策委员会2025年第四季度(总第111次)例会于12月18日召开。会议分析了国内外经济金融形势，研究了下阶段货 币政策主要思路。要点如下： 持续做好支持民营经济发展壮大的金融服务。 2、楼市大消息!北京调整限购政策 机构：地产板块这些标的暗藏修复机会 重要程度：★★★★ 12月24日，北京市住房和城乡建设委员会等4部门联合印发《关于进一步优化调整本市房地产相关政策的通知》，自2025年12月24日起施 ...

12月24日，A股午后发力，指数、板块和个股普遍收高，超4000只个股飘红。机构"去弱留强"调仓，军工、电子板块 领涨，消费与周期板块承压。成交额微降至1.9万亿元。 受访人士表示，市场对跨年行情仍观望，多头共识尚待形成。若明日站稳3936点，春季行情或有望开启。投资者不宜 盲目追高，建议"成长为主、消费为辅"配置。 A股午后拉升 今日早盘指数窄幅震荡，午后震荡走高。最终沪指收涨0.53%报3940.95点，创业板指收涨0.77%报3229.58点，深证成 指收涨0.88%。科创50、沪深300、北证50微涨，上证50微跌。 今日成交额1.9万亿元，较前一个交易日缩量约242亿元。杠杆资金热度增加，沪深京两融余额增至2.53万亿元。 盘面上，商业航天、航空航天、电子设备制造、电子元件、被动元件、天基互联均大涨，但煤炭、畜牧业、猪肉概念 领跌。 | 名称 | . | **** | 涨停家数 | 跌停家数 | 成交额 | 年初至今涨幅% | 5日涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 国防军工(中万) | | 2.88 | 7 | 0 | ...

Core Viewpoint - On December 24, the Shanghai Composite Index rose by 0.53%, with institutional investors appearing on the trading lists of 31 stocks, net buying 22 and net selling 9 [1]. Institutional Trading Summary - Institutional special seats were present in 31 stocks, with a total net purchase amount of 1.47 billion yuan, marking the fourth consecutive day of net buying [1]. - The stock with the highest net purchase by institutional seats was Tianyin Electric, which closed up 17.21% with a turnover rate of 36.00% and a transaction volume of 4.31 billion yuan. The net buying from institutional seats totaled 496 million yuan [2]. - Tongyu Communication also saw significant activity, closing up 6.31% with a turnover rate of 42.86% and a transaction volume of 4.72 billion yuan, resulting in a net institutional purchase of 213.61 million yuan [2]. - Western Materials closed up 8.47% with a turnover rate of 29.92% and a transaction volume of 5.78 billion yuan, leading to a net institutional purchase of 185.52 million yuan [3]. Market Performance - The average increase of stocks with net institutional purchases was 9.48%, outperforming the Shanghai Composite Index. Stocks like Xin Jinggang and Ying Tang Zhikong showed strong performance, closing at the daily limit [3]. - A backtest of stocks with net institutional purchases over the past month revealed a 48.55% probability of an increase the next day, with a similar probability of outperforming the Shanghai Composite Index [3]. Net Selling Summary - The stock with the highest net selling by institutions was Zhangyuan Tungsten, which saw a decline of 8.79%, with a net selling amount of 164.07 million yuan [3]. - Other notable net selling stocks included Delixi Co., which had a net outflow of 3.87 million yuan, and Chuhuan Technology, which experienced a net outflow of 3.96 million yuan [4]. Deep and Shanghai Stock Connect Activity - On December 24, 25 stocks on the trading list had appearances from Deep and Shanghai Stock Connect, with net purchases including Tianji Shares and Tongyu Communication, amounting to 64.91 million yuan and 63.02 million yuan respectively [5][6]. - Stocks with net selling included Aerospace Power and Western Materials, with net selling amounts of 1.86 billion yuan and 1.28 billion yuan respectively [5].

每经AI快讯，通宇通讯（SZ 002792，收盘价：34.71元）12月24日晚间发布公告称，公司第五届第二十 九次董事会会议于2025年12月24日在公司会议室召开。会议审议了《关于第六届董事会董事薪酬方案的 议案》等文件。 （记者 张明双） 截至发稿，通宇通讯市值为182亿元。 每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 2025年1至6月份，通宇通讯的营业收入构成为：通信天线及射频器件占比97.15%，其他占比1.17%，新 能源电柜占比1.01%，光通信占比0.67%。 ...

通宇通讯今日上涨6.31%，全天换手率42.86%，成交额47.24亿元，振幅16.55%。龙虎榜数据显示，机构 净买入2.14亿元，深股通净买入6302.21万元，营业部席位合计净卖出1497.27万元。 深交所公开信息显示，当日该股因日振幅值达16.55%、日换手率达42.86%上榜，机构专用席位净买入 2.14亿元，深股通净买入6302.21万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交10.30亿元，其中，买入成交额为6.46亿 元，卖出成交额为3.84亿元，合计净买入2.62亿元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买一、买二、买三、卖一、卖二、卖 三，合计买入金额4.34亿元，卖出金额2.20亿元，合计净买入2.14亿元，深股通为第四大买入营业部， 买入金额为9756.85万元，卖出金额为3454.64万元，合计净买入6302.21万元。 近半年该股累计上榜龙虎榜15次，上榜次日股价平均涨2.92%，上榜后5日平均涨7.96%。 资金流向方面，今日该股主力资金净流入1.05亿元，其中，特大单净流入3586.80万元，大单资金净流入 6892.78万元。近5 ...

Core Viewpoint - Chinese enterprises are entering a new era of globalization, focusing on high-end segments of the global value chain, driven by the need for economic transformation and high-quality development [1][2]. Group 1: Industry Trends - The trend of Chinese companies going global is characterized by a systematic approach, moving from product exports to a model that includes "capacity + brand + channel" [2]. - China's trade competitiveness has significantly improved, especially in capital and technology-intensive sectors such as power equipment, engineering machinery, and motorcycles, with notable gains in passenger vehicles, machine tools, new materials, optical communications, and medical devices [2]. - The overseas gross profit margins of non-financial listed Chinese companies have surpassed domestic margins in the first half of 2023, indicating a shift towards higher value-added segments [2]. Group 2: Global Economic Context - The global industrial and infrastructure capital expenditure is entering an upward cycle, with emerging markets accelerating their capital spending due to previous high-interest rate constraints [3]. - Southeast Asian countries, with GDP per capita between $3,000 and $10,000, are experiencing explosive demand for electricity, infrastructure, production equipment, and durable consumer goods [3]. - Developed markets are also seeing a surge in demand for energy infrastructure updates driven by green transitions and AI-related needs, which is expected to boost demand for Chinese power equipment [3]. Group 3: Investment Recommendations - Recommended sectors include power equipment, machinery, automotive, new materials, innovative pharmaceuticals, and gaming, driven by industrialization in emerging markets and infrastructure updates in developed countries [4]. - High-value components are highlighted due to China's significant technological and cost advantages, with recommendations for communication equipment, automotive parts, innovative pharmaceuticals, and new materials [4]. - Consumer exports are expected to grow due to urbanization in emerging markets and the enhancement of China's cultural soft power, with recommendations for motorcycles, passenger vehicles, and gaming content [4].

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting various factors influencing market trends and potential investment opportunities, particularly in the insurance and AI sectors. Group 1: Market Influences - The offshore RMB exchange rate is approaching 7, with recent strength attributed to a 10-point drop in the US dollar index and a 4.5% depreciation against the RMB, indicating a "stagnation" of the RMB [2][4]. - The strengthening of the RMB enhances the cost-effectiveness of RMB-denominated assets, leading to a bullish outlook from foreign investment banks like Goldman Sachs on the A-share market [5]. - The S&P 500 recently reached a historical closing high, with the Philadelphia Semiconductor Index rebounding, indicating a direct influence on the A-share AI hardware sector [7][8]. Group 2: Sector Performance - Precious metals have reached new highs, with gold surpassing $4,500, copper exceeding $12,000, and silver also performing well, contributing to the rebound in the A-share materials sector [10]. - The A500 ETF has seen significant inflows, totaling 74.5 billion RMB this month, indicating strong investor interest and a shift in market dynamics [12][13]. - The financing balance in the A-share market has surpassed 2.5 trillion RMB, reflecting a strong speculative atmosphere, with a notable increase of 650 billion RMB since the beginning of the year [25][28]. Group 3: Investment Strategies - The article emphasizes the growing importance of strategy ETFs, which have seen a net inflow of over 30% this year, indicating a shift in investor preferences towards more structured investment approaches [35][39]. - The domestic strategy ETF market is still developing, with limited product offerings, but is expected to grow as investors seek more sustainable investment options [40][45]. - The article highlights two specific value strategy indices, indicating their potential for future growth and investor interest [41][42].