跌幅居前的是云顶新加坡和DFI零售集团，分别下跌0.69％和0.25％。 新华财经新加坡12月12日电 新加坡海峡时报指数12日涨1.45%，收于4586.45点。 股市成交量达12.5亿股，总交易额达16.9亿新元。其中，301只股票上涨，236只股票下跌。 成份股方面，怡和控股（Jardine Matheson）和香港置地（Hongkong Land）涨幅居前，分别上涨3.60％ 和3.03％。 （文章来源：新华财经） ...

证券研究报告 | 年度策略 2025 12 12 年 月 日 A股2026年策略展望： 牛市从估值驱动到业绩驱动 分析师：杨柳 执业证书编号：S0680524010002 邮箱：yangliu3@gszq.com 分析师：王浩 执业证书编号：S0680524020001 邮箱：wanghao5@gszq.com 核心观点 打造极致专业与效率 2 • 回看2025年，A股市场于4月回踩至全年最低点后一路向上，沪指一举突破10年新高，背后是叙事的变化逐渐吸引增量资金入市，估 值驱动成为行情向上的主导力量：国内基本面预期改善叠加低利率"资产荒"驱动险资加码配置权益；AI发展进入全球共振阶段吸引 基金对AI算力与新能源加码配置、游资跟随买入助推行情；而大国博弈作为地缘方面最重要的叙事，引发了国家资本入市维稳市场以 及对资源品、国产替代投资情绪的高涨。 • 展望2026年，估值可能继续产生正向驱动，但强度边际弱化。海内外货币宽松的基调仍将延续，但外部降息与内部货币扩张的节奏尚 存变数，预计股市流动性的险资增量贡献仍有较强确定性，居民财富入市能否延续、强度如何都难以明确，同时宏观可见度不足，中 美、政策、地产、 AI均面 ...

12月11日，市场震荡调整，沪指高开低走，创业板指冲高回落，此前一度涨超1%。沪深两市成交额1.86万亿，较上一个交易日放量 786亿。全市场近4400只个股下跌。摩尔线程拉升涨近30%，总市值超4400亿元。截至收盘，沪指跌0.7%，深成指跌1.27%，创业板 指跌1.41%。 | 大涨板块 | 251210 (周3) | 251210 (周3) | 251209 (周2) | 251208 (周1) | 251205 (周5) | 251204 (周4) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 航天11 | 海南自由贸易港11 | PCB板7 | 光通信19 | 福建自贸/海西概念16 | 机器人13 | | 2 | 核聚变3 | 房地产8 | 光通信7 | 福建自贸/海西概念21 | In 2 16 | 17559 | | 3 | 光通信4 | 大消费13 | 福建自贸/海西概念18 | In 2517 | 光通信9 | 国产芯片7 | | ব | 智能电网3 | 光通信6 | 航天10 | DRAM (内存) 5 | 有色金属8 | 福建 ...

Market Overview - On Thursday, the Shanghai Composite Index fell by 0.7%, the CSI 300 decreased by 0.9%, the STAR 50 dropped by 1.6%, the CSI 1000 declined by 1.3%, and the ChiNext Index decreased by 1.4%. The Hang Seng Index closed nearly unchanged from the previous trading day [2][3] - The best-performing sectors on Thursday were banking (+0.2%), national defense and military industry (-0.2%), electrical equipment (-0.3%), food and beverage (-0.4%), and public utilities (-0.5%). The worst-performing sectors were comprehensive (-4.3%), telecommunications (-3.1%), real estate (-3.1%), textiles and apparel (-2.5%), and retail (-2.4%) [2][3] - The total trading volume of the Shanghai and Shenzhen markets on Thursday was 1,857.1 billion yuan, with a net inflow of southbound funds amounting to 0.791 billion Hong Kong dollars [2] Key Insights Inflation Analysis - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year (previous value: 0.2%), while the Producer Price Index (PPI) recorded a year-on-year decline of 2.2% (previous value: -2.1%). This was primarily influenced by short-term supply and demand rebalancing in industrial products, indicating that actual inventory digestion still requires observation [3] - Market expectations suggest a rapid rebound in prices [3] Monetary Policy Outlook - The monetary policy is expected to rely on quantitative measures for easing [5] - There is a possibility of interest rate cuts next year, with the Federal Open Market Committee (FOMC) being a driving factor [5]

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down by 0.70% closing at 3873.32 points, while the Shenzhen Component Index increased by 1.27% to 13147.39 points. The ChiNext Index fell by 1.41% to 3163.67 points [1][9] - Overall, there were 1030 stocks that rose and 4377 stocks that fell, with a total trading volume of 185.71 billion yuan, an increase of 78.6 billion yuan compared to the previous trading day [1][9] Industry Performance - Among the Shenwan first-level industries, only the banking sector saw an increase of 0.17%, while sectors such as comprehensive, communication, real estate, textile and apparel, commercial retail, and media experienced significant declines, with drops of 4.31%, 3.14%, 3.06%, 2.46%, 2.44%, and 2.12% respectively [1][9] - The concept sectors that performed well included near-term new stocks, nuclear fusion, nuclear power, superconductors, and wind power generation, while sectors like cross-strait integration and primary real estate developers faced declines [1][10]

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手）▼ 总成交额（亿元）▼ | 净流入 (亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 风电设备 | 1.36 | 556.51 | 92.90 | 4.68 | 20 | 8 | | 2 | 电网设备 | 0.43 | 2215.90 | 250.22 | -8.63 | ਦਰੇ | 75 | | 3 | 银行 | 0.20 | 1689.76 | 134.71 | -6.22 | 21 | 14 | | ন | 非金属材料 | 0.14 | 49.61 | 16.29 | -0.89 | র্ম | ਰੇ | | 5 | 金属新材料 | 0.06 | 373.49 | 61.52 | -0.52 | 10 | 21 | | e | 军工电子 | -0.10 | 1508.95 | 279.87 | -1.48 | 26 | 36 | | 7 | 幸工装备 | -0.17 | 1260.95 | 334.03 | -7.02 | 29 | ...

Core Viewpoint - Yunnan Fengjun Service Management Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various transportation and consulting services [1] Company Overview - The legal representative of Yunnan Fengjun Service Management Co., Ltd. is He Yihong [1] - The company has a registered capital of 1 million RMB [1] Business Scope - The company is authorized to operate network booking taxi services and cruising taxi services, subject to approval from relevant authorities [1] - General business activities include: - Enterprise management consulting - Computer system services - Sales of computing equipment - Information system integration and maintenance services - Manufacturing of computing hardware and peripherals - Cloud computing equipment manufacturing - Technical services, development, consulting, and promotion [1] - Additional services offered include: - Software development - Intelligent control system integration - Information technology consulting - Market and corporate image planning - Real estate consulting and evaluation - Automotive sales and parts manufacturing [1]

| 申万期货品种策略日报——股指 | | | | | --- | --- | --- | --- | | 2025/12/9 星期二 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | | | | | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 IF当月 | IF下月 | IF下季 | IF隔季 | | 前两日收盘价 4574.40 | 4557.00 | 4535.80 | 4487.80 | | 前日收盘价 4613.20 | 4597.40 | 4576.00 | 4529.00 | | 涨跌 35.00 沪深300 | 38.20 | 36.40 | 37.40 | | 涨跌幅 0.76 | 0.84 | 0.80 | 0.83 | | 成交量 76082.00 | 7171.00 | 31206.00 | 6069.00 | | 持仓量 1328 ...

Market Liquidity Overview - R007 decreased from 1.5222% to 1.4963%, a reduction of 2.59 basis points, while DR007 fell from 1.4668% to 1.4380%, down 2.88 basis points. The spread between R007 and DR007 increased by 0.29 basis points [9][11] - The net outflow of funds this week was 22.775 billion yuan, with net inflow increasing by 16.769 billion yuan compared to last week. Fund supply was 27.093 billion yuan, while demand was 49.867 billion yuan [11][12] Industry Sector Liquidity Tracking - Most sectors in the CITIC first-level industry index rose, with the non-ferrous metals sector showing the strongest performance, gaining 5.07%. Communication and defense industries also saw slight increases. The media and real estate sectors led the declines, falling by 3.59% and 2.13% respectively [16][18] - The defense industry had the highest overall congestion score as of the last trading day of the week [29] Style Sector Liquidity Tracking - Most style indices increased, with cyclical and growth styles leading, rising by 2.17% and 0.66% respectively. The consumer style declined by 0.66% [31] - The average daily trading volume for the growth style was the highest at 57.39%, while its turnover rate was also the highest at 2.73% [31]

证 券 研 究 报 告 【华创策略】 躁动行情何时至——策略周聚焦 从量、价、高低切看，本轮指数调整或已到位 11/21 上证指数跌破 MA60，为近半年首次。历史数据显示牛市中跌破 MA60 前 10 日平均跌幅达 5%，跌破后 10 日仅跌 2%，且 30 日内多收复失地。当前 指数自跌破 MA60 仅微跌 1%，显示调整或已到位。量能方面，全 A 成交额与 换手率分别回落至 16962 亿元和 3.19%，低于历史跌破后 10 日均值（测算成 交额 17147 亿元、换手率 3.38%），显示缩量基本完成。此外，行业分化指标 （前 5-后 5 行业涨幅差）从 10/9 的 69pct 高位回落至 11/21 的 47pct，目前已 回升至 60pct，叠加通信、有色、电新等前期领跌板块反弹，高低切或已结束。 当下需重点关注万科债务展期或在短期内加剧地产风险 尽管万科展期暂避违约，但若融资环境恶化，或引发房企信用连锁反应。当下 核心风险在于可能触发金融机构对国有房企的系统性信任危机，影响已超个体 流动性困境，或重塑国企地产信用评估逻辑，并对宏观流动性构成潜在冲击。 本轮春季躁动的启动可能受内外关键事件所驱 ...