炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 国内方面，最新公布的11月经济数据显示外需呈现修复迹象，价格水平亦有所回升，但内需动能仍显不 足。在总量政策"稳"的基调下，针对性、结构性的政策仍需加快落地。后续需重点关注以下三个方面： 一是地方两会等对明年政策方向的预示；二是政策性金融工具及存量限额所对应的实物工作量可能更多 体现在明年，且存在进一步加码的预期；三是房地产、服务消费补贴等潜在政策的推出节奏。四季度的 政策蓄力，既是为明年储备"弹药"，也可能旨在为明年四季度创造更有利 ...

Group 1 - The A-share market opened higher, with the Shanghai Composite Index rising by 0.26% and the ChiNext Index increasing by 1.01%. Key sectors showing gains include commercial aerospace, optical modules, and Hainan free trade, while new retail, liquor, and weight loss drug sectors experienced declines [1] - Citic Securities highlights increasing factors for RMB appreciation, suggesting investors adapt asset allocation in a strengthening RMB environment. Key focus areas include sectors benefiting from short-term memory effects, profit margin changes, and policy shifts, such as aviation, gas, and paper industries [1] - Citic Securities identifies three lines of focus for investment: short-term memory-driven sectors, industries with high import dependency on raw materials and low export dependency, and sectors benefiting from potential monetary policy easing or relaxed foreign investment restrictions [1] Group 2 - Citic Jiantou reports that the A-share market is expected to resonate upward with global markets, influenced by external factors like US AI bubble concerns and Japan's interest rate hikes. Key investment themes include dividend value, cyclical layouts, and thematic hotspots [2] - Key sectors to focus on include non-ferrous metals (silver, copper, tin, tungsten), high-dividend Hong Kong stocks, non-bank financials, AI (liquid cooling, optical communication), new energy (energy storage, solid-state batteries), innovative pharmaceuticals, and banks [2] - Thematic hotspots include Hainan (duty-free), nuclear power, and winter tourism [2] Group 3 -招商证券 anticipates the onset of a cross-year market trend leading into spring, with signals indicating a classic "cross-year-spring" market is developing. Increased central budget investments are expected to accelerate, providing stable incremental capital to the market [3] - The focus is on cyclical sectors, particularly industrial metals, non-bank financials, and hotel aviation. Key areas of interest include domestic computing power, commercial aerospace, and controllable nuclear fusion [3]

一、【提纲】 1.近期消息面复杂多变，盘面风格纠结，跨年布局防守还是进攻？(试听部分) 2.离岸人民币兑美元汇率升至7.03，逼近7整数关口，会有哪些影响？ 3.A股大消费板块集体拉升，新零售、食品饮料、网红经济等方向会成为行情新主线吗？ 听收看不再受限！ 栏目全新升级后，将推出加长完整问答版音频及文字稿，每周六下午5点准时推送，让大家饱耳福并看文字重点，立体接收投资智慧。 紧跟栏目组动态，关注【投资传媒】-左下方【财富讲堂】-选择【程大爷论市】系列，订阅每周的及时更新吧！ 专业深刻 麻辣点评 《程大爷论市》 本期对话：主持人 梁欣 x 嘉宾 程大爷 4.12月以来，保险板块估值修复行情持续升温，中国平安股价更是创出四年新高。大金融板块估值仍具吸引力？ 以下为试听版文字整理： 跨年布局该防守还是进攻？ 主持人：近期消息面复杂多变，盘面风格纠结，跨年布局防守还是进攻？ 程大爷：年底市场消息面繁杂、资金流向多变，投资者普遍面临焦虑与纠结，但保持平常心是投资成功的关键——若投资让你寝食难安，往往难以获得理 想结果。此时更需总结过往投资、规划未来布局，结合市场特征，跨年行情布局可重点关注五大核心方向，策略上以"稳健防 ...

Group 1 - The core driver of the recent surge in the A-share consumer sector is the continuous release of supportive policy signals aimed at boosting domestic consumption [1][2] - The Ministry of Commerce and the Ministry of Finance have jointly issued a notice to implement "three new" pilot projects in 50 cities, emphasizing the importance of reform and innovation to stimulate market vitality [1][2] - The recent policy initiatives align with the central economic work conference's focus on expanding domestic demand and implementing actions to boost consumption [2] Group 2 - Analysts believe that the policy support for the consumer sector is likely to be sustained and may exceed expectations, with a focus on supply and demand policies by 2026 [4] - Specific sectors such as e-commerce integrated with AI, travel industry chains benefiting from policy stimulus, and new retail sectors advancing digital reforms are highlighted as promising investment opportunities [4][5] - The recent collective surge in the consumer sector is seen as a positive market response to the implementation of these policies, indicating a potential deep-seated change driven by policy guidance, technological advancement, and innovative business models [5]

Core Viewpoint - The consumer sector in A-shares has experienced a significant rally, driven by favorable policies and market sentiment, with over 10 stocks hitting the daily limit up on December 19 [1][2]. Policy Support - The Ministry of Commerce and the Ministry of Finance have issued a notice to implement pilot programs for new consumption formats in 50 cities, aiming to boost consumption and enhance the supply of quality goods and services [2][3]. - The central economic work conference emphasized the importance of expanding domestic demand and implementing actions to stimulate consumption, including a plan for increasing residents' income and optimizing consumption policies [4][5]. Investment Opportunities - Analysts predict that the consumer sector will see significant policy support through 2026, with potential for unexpected growth in both supply and demand [5]. - The focus on new consumption areas is expected to shift towards sustainable business models and profitability, with trends in health, practicality, and emotional consumption emerging [5][6]. - Investment opportunities are identified in sectors such as e-commerce, instant retail, travel, and health-focused food products, which are likely to benefit from ongoing policy support and economic recovery [6].

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 大消费板块，集体走强！ 今日（12月19日），A股大消费板块集体拉升，新零售、食品饮料、网红经济等方向领涨。截至券商中国记 者发稿时，大消费板块涨停的个股超过10只。 从消息面来看，近期，大消费板块迎来密集政策利好。有券商指出，2026年，消费在供给端和需求端的政策 空间存在超预期可能。 大消费板块上演涨停潮 12月19日，A股三大指数集体上涨，个股涨多跌少。 大消费板块掀起涨停潮，东百集团、浙江美大、上海九 百、天创时尚、中央商场、庄园牧场等10多只相关股票涨停。 其中，东百集团近11个交易日已收获7个涨停 板。 据商务部网站12月18日下午消息，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（简称"三新"试点）。12 月17日，商务部会同财政部召开"三新"试点工作部署推进会，贯彻落实党的二十届四中全会和中央经济工作 会议精神，推动地方扎实推进试点工作。 会议指出，开展"三新"试点工作是落实《提振消费专项行动方案》、扩大优质 ...

Core Viewpoint - The consumer sector in A-shares is experiencing a significant rally, driven by favorable policies and market sentiment, with over 10 stocks hitting the daily limit up on December 19 [1][2]. Policy Support - The Ministry of Commerce and the Ministry of Finance have initiated a pilot program for new consumption formats in 50 cities, aiming to stimulate consumption and enhance the supply of quality goods and services [2][3]. - The central economic work conference emphasized the importance of expanding domestic demand and implementing actions to boost consumption, indicating a strong policy support for the consumer sector through 2026 [4]. Investment Trends - Analysts predict that the new consumption sector will gain attention, with a focus on sustainable business models and profitability as key investment criteria [5]. - The consumer market is expected to benefit from policy support and economic recovery, with specific sectors like e-commerce, service consumption, and new retail being highlighted as potential investment opportunities [6]. Future Outlook - The consumer sector is projected to evolve towards health-oriented products, practical consumption, and emotional spending, with a focus on smart and overseas consumption [5]. - The food and beverage sector is identified as a core investment theme for 2025, with a long-term outlook extending into 2026, particularly in the area of health-focused food products [6].

Core Viewpoint - The consumer sector in A-shares has shown significant strength, with over 10 stocks hitting the daily limit up, driven by favorable policies and market sentiment [1][2]. Policy Support - The Ministry of Commerce and the Ministry of Finance have issued a notice to implement pilot projects for new consumption formats in 50 cities, aiming to stimulate consumption and enhance the supply of quality goods and services [2][3]. - The central economic work conference emphasized expanding domestic demand and implementing actions to boost consumption, indicating a strong policy support for the consumer sector [5]. Investment Trends - Analysts predict that by 2026, there will be unexpected policy space for consumption on both the supply and demand sides, suggesting a positive outlook for investment in the consumer sector [5][6]. - New consumption trends are expected to focus on health, practicality, and emotional spending, with a shift towards intelligent and overseas consumption [6]. Market Performance - The consumer market has shown a mixed performance, with some sectors experiencing growth while others face challenges due to high base effects from the previous year [7]. - The e-commerce and instant retail sectors are expected to benefit from policy support and economic recovery, alongside the travel industry and premium consumer goods [7].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The digital home appliance industry is experiencing a transformation driven by AI technology, with significant developments in various sectors including education, retail, and robotics [1][2][3][4][6][9][10] Industry Trends - The education sector is leveraging generative AI to enhance personalized services, with companies like Fenbi exploring AI-driven products despite facing competition and the need for continuous investment [1] - New retail is shifting from supply-driven to demand-driven management through AI, addressing issues like inventory backlog and customer loyalty [2] - The "human-vehicle-home" ecosystem is evolving with 5G, AI, and IoT technologies, enhancing user experience and creating new business models [3] - AI video content is becoming longer and more sophisticated, democratizing the creative process in the film industry [4] - The AI terminal ecosystem is developing rapidly, with significant growth in AI smartphones and smart wearables, driven by advancements in domestic computing chips [4] - The humanoid robot market is projected to grow significantly, driven by labor shortages and technological advancements, although challenges remain [4][6] - AI entrepreneurship is transitioning from model competition to scenario-based applications, as showcased at the World Internet Conference [6] - The home appliance market is shifting towards quality and innovation, with air conditioners performing well despite price wars, while the black appliance sector faces challenges [9] - The coffee machine market is experiencing growth due to consumer demand for high-quality coffee experiences, reflecting a shift towards premium products [9] - The "Double 11" shopping festival highlighted the significant role of AI in driving sales and transforming consumer decision-making in the home appliance sector [10] Top Brand News - Soul App is preparing for an IPO, focusing on AI-driven emotional value services, with a strong user base among Generation Z [13] - Alibaba is launching new AI products aimed at the consumer market, seeking to enhance its ecosystem and address internal strategic challenges [14] - Yushun Technology is on the verge of going public, having established itself as a leader in the humanoid robot sector [14] - Rokid is gaining traction in the smart glasses market, collaborating with various partners to enhance product functionality and user experience [16] - Kuaishou reported strong revenue growth, attributing part of its success to AI technology that enhances online marketing [17] - Black Sesame Intelligence is addressing challenges in robot mass production with a new intelligent computing platform [18]

智通财经记者 | 贾璐 智通财经编辑 | 崔宇 史国伟 在商业世界的风云变幻中，总有一些领军人物，以其卓越的远见、无畏的勇气和超凡的智慧，带领企业穿过风暴、穿越周期、稳步向前。他们不仅为股东创 造丰厚回报，更为社会经济发展注入稳定向上动能。他们，就是智通财经定义的超级 CEO。在全球经济复苏与产业变革交织的背景下，这一榜单旨在发掘 各行业中兼具战略眼光与执行魄力、带领企业实现高质量发展的卓越管理者。今年，除主榜单「年度超级CEO」外，系列榜单覆盖年度金融行业CEO、年度 新能源行业CEO、年度汽车行业CEO、年度医疗健康行业CEO、年度科技行业CEO、年度跨国公司中国区CEO，全面映射中国经济发展多元动能。 科技领域，中国在6G通信、AI大模型、量子计算等前沿技术持续突破。2024年7月，我国成功搭建了国际首个通信与智能融合的6G外场试验网，并验证了 4G、5G通信链路有望具备6G的传输能力。在AI大模型行业，中国已跻身国际第一阵营，近两年来各式多元、多模态的大模型百花齐放，其中DeepSeek凭借 其高性能、低成本和开源的模式，迅速吸引全球关注。工信部数据显示，目前中国已成为全球开源参与者数量排名第二、增长 ...