评级调高方面，12月22日，券商调高上市公司评级达到1家次，最新数据包括了东吴证券对华盛锂电的 评级从"增持"调高至"买入"。 首次覆盖方面，12月22日券商共给出了13次首次覆盖，其中神开股份、鑫铂股份获得爱建证券分别给 予"买入"评级，天振股份获得天风证券给予"增持"评级，合锻智能获得东北证券给予"增持"评级，神火 股份获得信达证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风 险，入市需谨慎。 南财投研通数据显示，12月22日，券商给予上市公司目标价共5次，按最新收盘价计算，目标价涨幅排 名居前的公司有五粮液、华友钴业、天振股份，目标价涨幅分别为94.87%、20.38%、20.27%，分别属 于白酒、能源金属、家居用品行业。 从券商推荐家数来看，12月22日有21家上市公司得到券商推荐，其中皖新传媒、神开股份、鑫铂股份均 获得1家推荐。 ...

12月22日，大盘延续第三次冲顶节奏：指数在均线密集区与趋势线密集区内"边走边换手"，以相对克制 的方式向上推进。日线连续四根小阳线说明修复在延续。 一、月线：4018目标位之后，用时间消化过热 10月30日与11月14日两次触及月线目标位4018附近后，我们反复强调：牛市里到达目标位之后，常见的 不是立刻加速，而是进入日线级别的消化周期——正常55天、至少34天，用换手与震荡把过热降下来， 让趋势重新变得有序。趋势行情里最怕"情绪抢跑"，最稳的做法是等待确认点出现后再跟随。目前月线 依旧是"慢牛框架内的区间震荡"，核心任务仍是消化与换手，而不是追求直线拉升。 二、周线：洗盘周期延续，支撑有效不等于立刻反转 大盘连续三个小时在233小时均线3915与144小时均线3920之间徘徊。因为横盘之前是上涨，遇阻之后没 有撤退，而且小时级别macd和kdj保持双金叉状态，所以12月23日有望向上突破。只不过，小时级别kdj 处于高位区，意味着短线更可能用横盘或小幅回踩来消化指标，而不是持续硬拉。 这正符合《tyj均线的使用》的要点：压力位前的强势横盘，本质是"攻而未破、以换手吸收抛压"。 周线涨满89周之后的洗盘，虽 ...

报告导读： 在供需紧平衡的状况下，供需平衡表很重要，但更需关注宏观对金属价格走势 的核心影响，货币政策、宏观预期、地缘博弈与供给扰动将成为胜负手。工业金属是流动 性 + 传统复苏 +AI 需求的三击。 贵金属：库存扰动持续，白银价格持续上行。 上周欧洲央行保持利率不变，日本央行加息 25 个基点，但对国际市场流动性冲击有限，此外，美国通胀数据 走低、失业率数据走高。上周黄金价格温和上涨，伦敦现货白银价格突破 66 美元 / 盎司，铂钯价格稳步上行。展望 2026 年，我们认为央行购金和黄金 ETF 持仓份额上升，美联储仍有降息预期，且日本加息的背景下，美元指数走弱或将持续，多因素支撑黄金价格。短期关注俄乌谈判带来的地缘政治风险下 行，另外白银库存短缺持续存在，价格或将偏强运行。 铜：长单零加工费敲定，铜供给脆弱性加大，铜价或偏强运行。 美就业数据喜忧参半、通胀超预期放缓，市场对美 2026 年降息预期上升，随着日本加息利 空落地，铜价周五震荡走强。铜矿偏紧延续， 2026 年铜矿长单加工费 Benchmark 敲定，分别为 0 美元 / 吨与 0 美分 / 磅（同比下降 21.25 美元 / 吨与 2.125 ...

12月17日中午，科技硬件带动一颗反包大阳线，把上证指数重新推回"21天节点的第三次冲顶"节奏。随 后两天，大盘右侧突破21日均线并站上3888，短线结构出现升级信号。结合《天赢居》体系的方法，我 们把多周期结构、趋势线密集区、时间节点与操作纪律串起来，给天友们一套更清晰、可执行的应对框 架。 一、月线：黄金目标位4018在前，55天消化在后 到了月线级别，4018属于"黄金目标位"一带，虽然对应55天的消化周期，但慢牛框架并未改变。此处的 核心不是"立刻加速"，而是用时间消化过热，让节奏回归有序。对天友们来说，月线给出的不是追涨理 由，而是"方向未坏、节奏要等"的定力来源。 二、周线：涨满89周后的消化段，21周均线有效但需确认 周线层面，涨满89周之后进入消化周期，本周在21周均线附近反复整理，说明该区域具备阶段性支撑效 力；但周线指标仍需要时间修复，震荡段大概率延续。支撑有效不等于趋势立刻转强，趋势要靠"确 认"，而不是靠"猜"，这也是《天赢居操作标准》反复强调的纪律：只在确定性出现时提高进攻强度。 三、日线：3888是分界线，3918是闸门位 日线目前最重要的结构特征是：趋势线密集区叠加均线密集区—— ...

证券之星消息，12月22日能源金属板块较上一交易日上涨1.83%，博迁新材领涨。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。能源金属板块个股涨跌见下表： 从资金流向上来看，当日能源金属板块主力资金净流入4.8亿元，游资资金净流出7930.91万元，散户资 金净流出4.0亿元。能源金属板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - Tibet Mining's stock price has shown significant growth, with a year-to-date increase of 25.03%, indicating strong market interest and potential investment opportunities in the company [1]. Group 1: Stock Performance - As of December 22, Tibet Mining's stock price reached 26.82 CNY per share, with a trading volume of 4.59 billion CNY and a turnover rate of 3.32%, resulting in a total market capitalization of 139.68 billion CNY [1]. - The stock has increased by 8.41% over the last five trading days, 4.36% over the last twenty days, and 19.52% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tibet Mining reported an operating income of 203 million CNY, a year-on-year decrease of 65.45%, and a net profit attributable to shareholders of -7.22 million CNY, reflecting a year-on-year decrease of 104.74% [2]. Group 3: Shareholder Information - As of December 10, the number of shareholders for Tibet Mining reached 111,300, an increase of 3.75% from the previous period, while the average number of circulating shares per person decreased by 3.62% to 4,680 shares [2]. - The company has distributed a total of 414 million CNY in dividends since its A-share listing, with 329 million CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 5.33 million shares, an increase of 1.69 million shares from the previous period [3]. - Southern CSI 1000 ETF and Huaxia CSI 1000 ETF have seen changes in their holdings, with the former holding 3.81 million shares (a decrease of 32,500 shares) and the latter holding 2.27 million shares (a decrease of 5,200 shares) [3].

Summary of Key Points from Conference Call Records Industry Overview - **Metals Sector Performance**: The metals sector has shown strong performance recently, both in commodities and stocks, supported by lower-than-expected inflation data and expectations of interest rate cuts by the Federal Reserve in 2026 [2][21]. - **Liquidity Expectations**: Enhanced liquidity expectations due to central bank gold purchases and rising ETF holdings are supporting gold prices, with a favorable outlook for precious metals like silver, platinum, and palladium [1][4]. Precious Metals - **Silver Price Surge**: Silver prices have surpassed $66 due to inventory disruptions, positively impacting gold, platinum, and palladium prices [3][10]. - **Market Dynamics**: The European Central Bank's decision to maintain interest rates and Japan's recent rate hike have contributed to price increases in tungsten, which is crucial for military and aerospace applications [3][13]. Industrial Metals - **Copper and Tin Outlook**: Copper prices are expected to remain strong due to macroeconomic factors and seasonal influences, with a tightening supply situation anticipated in the long term. Tin prices are also projected to rise despite current pressures from high prices and increased inventories [12][16]. - **Steel Industry Positioning**: Leading companies in the steel sector are well-positioned for a potential upward trend, with high potential for stock investments as the industry enters a strategic layout phase [6][20]. Energy Metals - **Lithium Market Dynamics**: Lithium prices are influenced by supply disruptions, particularly from key mines in Jiangxi. If production resumes quickly, prices may decline; otherwise, they could remain elevated due to inventory pressures [5][11]. - **Nickel and Cobalt Trends**: Nickel prices are under pressure from anticipated policy changes in Indonesia, while cobalt prices remain strong due to robust downstream demand and supply disruptions [8][9]. Rare Earths - **Price Trends**: The rare earth market is experiencing a decline in prices, particularly in medium and heavy rare earths, due to seasonal demand drops. However, long-term demand from emerging industries like electric vehicles is expected to support price increases [16][18]. - **Supply Constraints**: Domestic quotas for rare earth mining and separation are expected to grow at a slower pace, indicating tighter supply in the future [17]. Recommendations - **Investment Opportunities**: Recommended stocks include Zijin Mining, Jiangxi Copper, and leading steel companies like Baosteel and CITIC Special Steel, which are expected to perform well in the current market environment [12][22]. - **Focus on Strategic Resources**: Emphasis on investing in companies involved in tungsten and rare earths due to their strategic importance and expected demand growth in high-tech applications [13][18]. Conclusion - **Positive Outlook for Metals Sector**: The overall outlook for the metals sector remains optimistic, driven by improving liquidity, demand recovery, and strategic investments in industrial metals, precious metals, and energy metals [21].

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

华西证券发布研究报告称，复盘历史，A股"春季躁动"行情启动通常需满足以下条件：合理的估值水 平、宽松的流动性环境以及有效提振风险偏好的催化剂，如国内政策、产业事件催化或外部风险缓释 等。当前来看，海外美联储降息和日本央行加息均已落地，市场对套利交易逆转担忧缓解，后续人民币 汇率升值带动的外资增配、年初保费收入"开门红"带来的增量保险资金入市亦可以期待。近期股票型 ETF再度大规模净申购，多只宽基ETF成交放量，指向增量资金倾向于逢低布局。行业配置上，建议关 注：1)受益产业政策支持的成长方向，如国产替代、机器人、航空航天、创新药、储能等;2)受益于"反 内卷"政策的周期方向，如化工、能源金属、资源品等;3)促消费政策的深化或带来消费板块的阶段性催 化机会。 ...

Market Review - Global stock indices mostly declined this week, with the Korean Composite Index, Hang Seng Tech, and Nikkei 225 leading the losses. A-shares saw a decrease in trading volume, with the average daily turnover of the Wind All A Index falling to approximately 1.76 trillion yuan. Market sentiment has turned cautious, with the ChiNext 50 and ChiNext Index leading the declines, while funds rotated into dividend sectors. In terms of styles, the financial and consumer sectors rose, while growth styles fell, with the electronics and power equipment indices dropping over 3%. In the commodity market, COMEX silver surged by 8.7%, and copper and aluminum prices fluctuated upward, while coking coal rebounded from the bottom. In the foreign exchange market, after the Bank of Japan's interest rate hike, the yen depreciated against the dollar, while the renminbi continued to appreciate against the dollar [1][2]. Market Outlook - The "Spring Rally" is accumulating positive factors, with a focus on buying on dips. Historically, the initiation of the A-share "Spring Rally" typically requires reasonable valuation levels, a loose liquidity environment, and effective catalysts to boost risk appetite, such as domestic policies, industrial events, or external risk alleviation. Currently, the Federal Reserve's interest rate cuts and the Bank of Japan's interest rate hike have been implemented, easing concerns about the reversal of arbitrage trades. The subsequent appreciation of the renminbi is expected to attract foreign capital, and the "good start" of insurance premium income at the beginning of the year is also anticipated to bring incremental insurance funds into the market. Recently, stock ETFs have seen large-scale net subscriptions, with multiple broad-based ETFs experiencing increased trading volume, indicating that incremental funds are inclined to buy on dips [2][5]. Historical Review - A review of history shows that, except for 2021 and 2022, the A-share market has often exhibited a "Spring Rally" calendar effect over the past decade. At the end of the year and the beginning of the year, the A-share market is in a "vacuum period" for economic data and corporate earnings reports, making it easier for the market to engage in thematic investments based on policy expectations and industrial trends. Since 2016, there have been 8 instances of "Spring Rally" in the A-share market. The timing of these rallies typically starts between December and January and lasts for 20 to 60 trading days [3][4]. Necessary Conditions for "Spring Rally" - The initiation of the "Spring Rally" requires several necessary conditions: 1) A reasonable market valuation range, as the elasticity of the rally is highly correlated with market valuation levels. In the years with the largest index gains during the past decade's Spring Rallies, the market had generally undergone sufficient adjustments beforehand. For instance, at the beginning of 2016, the "circuit breaker" triggered a liquidity feedback shock, leading to a sharp decline in major A-share indices; at the beginning of 2019, after previous declines, the price-to-earnings ratio of the CSI 300 Index was only 10 times; and in early February 2024, liquidity shocks from products like Xueqiu and quantitative funds brought the CSI 300 Index's price-to-earnings ratio back to around 10 times [4]. 2) A sustained loose liquidity environment with inflows of incremental funds. For example, in early 2018, the central bank implemented targeted reserve requirement ratio cuts, and in early 2019 and 2020, the central bank conducted comprehensive reserve requirement ratio cuts to maintain macro liquidity. In early 2023, there was a significant inflow of foreign capital, and in early 2025, regulatory authorities are expected to promote the entry of medium- and long-term funds into the market [4]. 3) Domestic policies, industrial event catalysts, or external risk alleviation that drive risk appetite upward. For example, in early 2016, supply-side reforms; in early 2019, progress in China-U.S. trade negotiations; in January 2020, the signing of the first-phase trade agreement between China and the U.S.; at the end of 2022, the optimization of epidemic prevention policies and the "three arrows" for real estate; in February 2024, an unexpected reduction in the Loan Prime Rate (LPR); and in early 2025, catalysts from trends in industries like DeepSeek and robotics [4][5]. Accumulating Positive Conditions - Positive conditions for the "Spring Rally" are accumulating, with a focus on buying on dips: 1) In terms of overseas liquidity, the dovish interest rate hike by the Bank of Japan has been implemented, leading to a weaker yen against the dollar and easing pressures from arbitrage trades. The Federal Reserve's expected dovish rate cuts in December are closely tied to the leadership transition, with the overall market expectation for the Fed's policy direction remaining loose [5]. 2) Domestically, the Central Economic Work Conference has set the tone for "continuing to implement an appropriately loose monetary policy," indicating that there is still room for reserve requirement ratio cuts and interest rate reductions [5]. 3) On the micro liquidity front, this week saw large-scale net subscriptions for stock ETFs, with multiple broad-based ETFs experiencing increased trading volume, boosting market sentiment. The anticipated inflow of foreign capital driven by the appreciation of the renminbi and the incremental insurance funds from the "good start" of premium income at the beginning of the year can also be expected [5]. 4) In terms of valuation, the current price-to-earnings ratio of the CSI 300 Index is 14 times, which is at the 76th percentile since 2010, below the historical median plus one standard deviation [5]. 5) From a policy perspective, the Central Economic Work Conference has laid a positive foundation, with 2026 marking the start of the "14th Five-Year Plan," and incremental policies in areas such as technological innovation, anti-involution, and expanding domestic demand are expected to continue to be introduced [5]. Industry Allocation Recommendations - It is recommended to focus on: 1) Growth directions benefiting from industrial policy support, such as domestic substitution, robotics, aerospace, innovative pharmaceuticals, and energy storage [5]. 2) Cyclical directions benefiting from "anti-involution" policies, such as chemicals, energy metals, and resource products [5]. 3) The deepening of consumption-promoting policies may bring short-term catalytic opportunities for the consumer sector [5].