截至12月11日，市场最新融资余额为24901.46亿元，较上个交易日环比减少62.60亿元，分行业统计，申 万所属一级行业有10个行业融资余额增加，农林牧渔行业融资余额增加最多，较上一日增加4.59亿元； 融资余额增加居前的行业还有商贸零售、轻工制造、房地产等，融资余额分别增加3.88亿元、1.92亿 元、1.70亿元；融资余额减少的行业有21个，通信、有色金属、汽车等行业融资余额减少较多，分别减 少16.52亿元、13.26亿元、8.93亿元。 | 非银金融 | 1861.05 | -5.17 | -0.28 | | --- | --- | --- | --- | | 电子 | 3687.08 | -5.45 | -0.15 | | 计算机 | 1779.10 | -6.52 | -0.37 | | 电力设备 | 2166.60 | -7.96 | -0.37 | | 汽车 | 1184.14 | -8.93 | -0.75 | | 有色金属 | 1213.02 | -13.26 | -1.08 | | 通信 | 1163.46 | -16.52 | -1.40 | （文章来源：证券时报网） 12月11日 ...

2026 年转债投资策略 稳中求变，顺势而为 glmszqdatemark [Table_Author] | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | | 研究助理 | 黄涵静 | | 执业证书： S0590125110075 | | | 邮箱： | huanghanjing@glms.com.cn | 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 2025 年 12 月 11 日 2026 年转债市场预计维持震荡向上的趋势；权益市场"慢牛"行情下，股性/平 衡转债或持续活跃；供需端均有结构性演化，市场对高估值环境预计逐渐适应。 供需-方兴未艾：2026 年转债供需预计将呈现紧平衡的局面，当部分转债强赎或 者到期后，新券上市将满足对应的配置需求。基于供给端的角度，预计高景气高 预期行业的转债仍将持续上市，并 ...

值得注意的是，深交所将迎来H股回A首家企业。港股龙头公司光大环境宣布启动"回A"计划，拟在深 交所上市。 今年11月14日，光大环境公告称，拟发行不超过8亿股A股，计划登陆深交所。这是中办、国办印发 《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》后，首家宣布回A的粤港澳大湾区港 股企业。 后续还有哪些港股公司回A？以深交所为例，按照深交所红筹企业回A条件，已在境外上市的红筹企业 在深市主板二次上市的标准为：市值不低于2000亿元；市值200亿元以上，拥有自主研发、国际领先技 术，科技创新能力较强，在同行业竞争中处于相对优势地位。 百奥赛图今日登陆科创板，深交所也将迎来H股回A首家企业 【深圳商报讯】（记者 钟国斌）H股回A迎来年内首家公司。百奥赛图12月10日登陆科创板，这意味着 继2022年在港交所上市后，百奥赛图正式迈入H+A双上市通道，后续还有哪些港股公司回A呢？ 过去很长一段时间内，已在港交所上市的红筹企业"回A"，主要途径是先完成私有化再重新申报A股上 市，或分拆子公司在A股上市，或CDR模式（中国存托凭证）回A。直至2019年科创板开板，注册制改 革拉开序幕，红筹企业在A股二次上市才迎 ...

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证券时报·数据宝统计，截至上午收盘，今日沪指涨0.04%，A股成交量722.34亿股，成交金额10401.76 亿元，比上一个交易日减少3.17%。个股方面，1795只个股上涨，其中涨停31只，3493只个股下跌，其 中跌停8只。从申万行业来看，机械设备、有色金属、国防军工等涨幅最大，涨幅分别为1.05%、 0.86%、0.57%；美容护理、社会服务、综合等跌幅最大，跌幅分别为1.55%、1.27%、1.21%。 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 机械设备 | 1.05 | 857.09 | 24.81 | 海昌新材 | 19.99 | | 有色金属 | 0.86 | 755.32 | 12.14 | 电工合金 | 6.15 | | 国防军工 | 0.57 | 576.99 | 6.39 | 航天环宇 | 11.69 | | 汽车 | 0.57 | 499.34 | 20.34 | 斯菱股份 | 9.21 | | 家用电器 ...

Group 1: Core Views - The article discusses the favorable factors for the Chinese stock market from both the asset and funding sides, emphasizing the importance of stable profit growth and elevated valuation levels during economic transformation and upgrading [3][4]. - Historical experiences from developed countries indicate that a stable profit growth rate and rising valuation levels can sustain a long-term bull market, even when economic growth rates decline [6][10]. Group 2: Transformation and Growth - Since the "924" event last year, the A-share market has diverged from the economic fundamentals, with A-shares rising over 50% while domestic demand remains under pressure [6]. - The current financial cycle's downward trend is expected to enhance overall efficiency in the Chinese economy, transitioning from a focus on real estate to innovation and technology [18][21]. Group 3: High-Quality Global Expansion - China is actively expanding through trade and investment, with high-tech and high-growth companies increasingly exposed to overseas markets, leading to better revenue growth and profitability compared to traditional sectors [28][30]. - The share of overseas revenue for specialized and innovative companies is projected to rise significantly, indicating a shift towards global market engagement [32][33]. Group 4: Corporate Governance Improvement - Recent policies aimed at improving corporate governance are expected to enhance transparency and shareholder returns, transitioning the capital market towards a balance between financing and investment [45]. - The contribution of dividends to total returns in the A-share market has been relatively low, but recent reforms are likely to improve this situation, with dividend rates increasing from 35% in 2020 to nearly 45% [49][51]. Group 5: Long-Term Capital Inflows - Stable inflows of long-term capital, particularly from insurance and pension funds, are anticipated to support a structural bull market in A-shares [56][59]. - Global capital rebalancing is expected to attract more foreign investment into the Chinese market, which has been undervalued in recent years [60][62].

Core Insights - The total retail sales value in Hong Kong for October 2025 is estimated at HKD 35.2 billion, representing a year-on-year increase of 6.9%, indicating a continued recovery in retail sales momentum [1] Retail Sales Performance - Online sales accounted for 14.6% of the total retail sales value in October, with an estimated value of HKD 5.2 billion, showing a year-on-year increase of 27.2% [1] - The cumulative online sales value for the first ten months of the year is estimated to have increased by 9.5% year-on-year [1] Category Analysis - The sales value of electrical and other unclassified durable consumer goods increased by 24.6% year-on-year [1] - The sales value of jewelry, watches, and luxury gifts rose by 9.5% year-on-year [1] - Conversely, the sales value of supermarket goods decreased by 1.8% year-on-year, and the sales value of automobiles and auto parts fell by 20.1% year-on-year [1] Seasonal Adjustments - The seasonally adjusted total retail sales value for the three months ending in October increased by 3.0% compared to the previous three months [1] - The seasonally adjusted total retail sales volume for the same period rose by 1.4% [1] Future Outlook - The spokesperson for the Hong Kong government indicated that the year-on-year increase in total retail sales value has accelerated further, with most major retail categories continuing to see growth [1] - Future improvements in consumer sentiment and a significant increase in visitor numbers to Hong Kong are expected to provide ongoing support for the retail sector [1]

Summary of Key Points Core Viewpoint - Several cities in China, including Jinan, Zhengzhou, Weihai, Fuzhou, and Hefei, have announced the suspension of various subsidy programs related to the replacement of old consumer goods, such as home appliances and electric bicycles, due to funding constraints and policy adjustments [1][2]. Group 1: Jinan City Announcement - Jinan's Commerce Bureau announced that starting from December 3, 2025, at 24:00, the city will suspend the implementation of the 2025 subsidy program for replacing old home appliances and purchasing new mobile devices, including smartphones and smartwatches [1]. - Consumers who apply for the subsidy before the deadline must redeem their qualifications within the validity period at participating merchants [1]. Group 2: Other Cities' Announcements - Zhengzhou's Commerce Bureau stated that as of November 30, 2025, at 24:00, the city will suspend the 2025 electric bicycle replacement subsidy program due to funding usage and overall arrangement of the consumer goods replacement activities [2]. - Weihai's Civil Affairs Bureau announced the suspension of the home adaptation subsidy program for elderly care starting from December 1, 2025, at 0:00, with similar requirements for consumers to redeem their qualifications before the deadline [1]. - Fuzhou and Hefei have also issued notices regarding the suspension of subsidies for electric bicycles, automobiles, and home appliances, following similar funding constraints and policy guidelines [2].

天眼查App显示，近日，长沙七维智联通讯设备有限公司成立，法定代表人为谢建军，注册资本300万 人民币，经营范围为一般项目：通讯设备销售；计算机及通讯设备租赁；租赁服务（不含许可类租赁服 务）；通信设备销售；通讯设备修理；照相机及器材销售；音响设备销售；文化用品设备出租；计算机 软硬件及辅助设备批发；电子产品销售；计算机及办公设备维修；专用设备修理；企业管理；企业管理 咨询；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；安防设备销售；安全技术防 范系统设计施工服务；第二类医疗设备租赁；第一类医疗器械销售；医用口罩批发；医护人员防护用品 批发；农副产品销售；新鲜水果批发；体育用品及器材制造；国内贸易代理；日用品批发；市场营销策 划；新能源汽车整车销售；新能源汽车电附件销售；新能源汽车换电设施销售；智能输配电及控制设备 销售；电车销售；汽车零配件批发；汽车装饰用品销售；电池销售；充电桩销售；销售代理；移动通信 设备制造；家用电器销售；旧货销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...

Revenue Performance - In October, industrial enterprises' cumulative revenue growth year-on-year was 1.8%, down from 2.4% in the previous month[6] - The actual revenue growth rate, excluding price factors, fell significantly by 6.8 percentage points to -1.4%[14] - Revenue from the petrochemical, metallurgy, and consumer chains decreased by 6.3, 6.6, and 6.3 percentage points respectively, resulting in year-on-year growth rates of -3.4%, -1.7%, and 1.8%[14] Profitability Analysis - Industrial enterprises' profits saw a substantial year-on-year decline of 31.3 percentage points to -8.8% in October[7] - The operating profit margin dropped by 20.9 percentage points to -6.1% compared to the previous month[34] - Profitability was negatively impacted by rising costs and other losses, with the cost rate for industrial enterprises at 85.6%, remaining at a relatively high level historically[24] Cost Structure - The cost rate for the metallurgy and consumer chains was 86.1% and 85.1%, respectively, indicating a year-on-year increase of 0.6% and stable compared to the previous year[24] - The overall cost pressure on profits remained negative, contributing -3.2% to profit year-on-year[24] Industry-Specific Insights - Industries such as non-metallic products, rubber and plastics, and general equipment experienced significant profit declines, with respective profit growth rates falling by 2, 1.4, and 1.9 percentage points[16] - The automotive, electrical machinery, and computer communication sectors also saw notable profit declines, with contributions to overall profit dropping by 3, 2.7, and 1.5 percentage points[16] Inventory Trends - By the end of October, finished goods inventory increased by 3.7% year-on-year, up from 2.8% in the previous month[6] - Actual inventory growth, excluding price factors, was 8.2% year-on-year, indicating stability in mid and downstream inventories[45]