投资要点 风险提示：历史经验未来不一定适用、政策超预期变化、经济修复不及预期。 2025 年 12 月 20 日 策略类●证券研究报告 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 相关报告 局部人气聚集推升新股板块交投意愿，但活 跃周期开启可能仍待观察-华金证券新股周 报 2025.12.14 春季行情中行业如何轮动？ 2025.12.13 春季行情开启中，聚焦成长 定期报告 美 联 储 降 息 进 一 步 催 化 春 季 行 情 开 启 2025.12.11 定 调 积 极 ， 进 一 步 强 化 春 季 行 情 开 启 2025.12.9 http://www.huajinsc.cn/ 1 / 27 请务必阅读正文之后的免责条款部分 当前市场对经济偏弱和日央行加息的担忧过度。（1）经济中长期韧性仍在，且当 前股价已对悲观预期反映较充分。一是 11 月经济数据偏弱，但股价已较充分反映 了悲观预期。二是中长期经济和盈利韧性仍在： ...

Core Viewpoint - The central economic work meeting emphasizes a positive outlook for China's economy, projecting a growth rate of around 5% for 2025, with the total economic output expected to reach approximately 140 trillion yuan [1] Group 1: Macroeconomic Policies - China will continue to implement more proactive fiscal and monetary policies in 2026, maintaining necessary fiscal deficits and debt levels while optimizing fiscal expenditure structures [2] - The total government bond issuance for 2025 is projected to be 11.86 trillion yuan, with a deficit rate expected to rise to around 4% [2][3] - Monetary policy will focus on maintaining liquidity and supporting economic growth, with tools such as interest rate cuts and reserve requirement ratio adjustments being utilized flexibly [3][4] Group 2: Income and Employment - A series of measures to promote income growth and stabilize employment are expected in 2026, including the implementation of a plan to increase urban and rural residents' income [5][6] - The government aims to enhance the basic pension for residents and improve consumption capacity, with a focus on ensuring that income growth aligns with economic growth [6][8] Group 3: Consumption and Investment - Expanding domestic demand is a top priority for 2026, with a shift from goods consumption to a balanced focus on both goods and service consumption [9] - Investment is expected to stabilize, with a focus on infrastructure and social welfare projects, while also encouraging private investment in high-tech and service sectors [10][11][12] - The government plans to enhance investment in areas such as urban renewal, healthcare, and childcare, while also leveraging government funds to stimulate private sector investment [11][12]

今天分享的是：TOP100CFOs：上市公司CFO薪酬白皮书（2025版） 报告共计：35页 2025年上市公司CFO薪酬白皮书核心总结 《上市公司CFO薪酬白皮书（2025版）》聚焦港股与A股市场，基于海量样本数据，系统分析了CFO薪酬水平、影响因素及发展 趋势，核心内容如下： 港股与A股CFO薪酬存在显著梯度，港股CFO 2024年平均年薪160.20万元、中位数107.70万元，A股平均年薪85.76万元、中位数 68.42万元，港股平均薪酬约为A股的1.9倍。两地薪酬分布均呈现"中部高台+高薪长尾"特征，多数CFO薪酬围绕中位数集中，少 数头部CFO年薪可达数百万甚至千万元，显著拉升整体均值。 个体特征对薪酬影响明显。性别上，两地CFO均以男性为主，港股男女比例约7:3，A股男性占比61%，男性整体薪酬高于女 性，但头部女性CFO薪酬可与男性持平甚至超越。年龄方面，40-55岁中生代是主力，薪酬随年龄和资历阶梯式上升，港股50岁 以上、A股50岁左右CFO薪酬达到高位。学历与海外背景也显著影响薪酬，学历越高薪酬越高，有海外背景的CFO平均薪酬远超 无海外背景者。 行业与公司特征是薪酬差异的关键因素。港 ...

来源：贝壳财经 【#三部门联手放大招促消费#，引导#信贷资金加大向消费重点领域投放#】近日，商务部办公厅、中国人民银行办公厅、 金融监管总局办公厅发布关于加强商务和金融协同，更大力度提振消费的通知。其中提到，强化政策合力。鼓励地方商务 主管部门充分利用现有资金渠道，积极开展促消费活动，与金融支持形成合力，更好激发消费潜力。鼓励有条件的地方运 用数字人民币智能合约红包提升促消费政策实施质效。结合地方实际探索运用融资担保、贷款贴息、风险补偿等多种方 式，加强财政、商务、金融政策协同配合，引导信贷资金加大向消费重点领域投放。鼓励有条件的地方通过多种方式支持 参与康养、文旅等消费重点项目和数字、绿色等新型消费领域。鼓励银行和非银行金融机构发挥各自特点，加强优势互 补，协同参与促消费活动，促进消费提质升级。 ...

央广网北京12月12日消息（记者张棉棉 李思默 王泽华）据中央广播电视总台中国之声报道，中央 经济工作会议12月10日至11日在北京举行。会议指出，今年是很不平凡的一年，经济社会发展主要目标 将顺利完成。我国经济顶压前行、向新向优发展，现代化产业体系建设持续推进，改革开放迈出新步 伐，重点领域风险化解取得积极进展，民生保障更加有力。 会议认为，通过实践，我们对做好新形势下经济工作又有了新的认识和体会：必须充分挖掘经济潜 能，必须坚持政策支持和改革创新并举，必须做到既"放得活"又"管得好"，必须坚持投资于物和投资于 人紧密结合，必须以苦练内功来应对外部挑战。 会议强调，做好明年经济工作，要坚持稳中求进工作总基调，更好统筹国内经济工作和国际经贸斗 争，更好统筹发展和安全，实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内 需、优化供给，做优增量、盘活存量，因地制宜发展新质生产力。 明年将纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市 场、稳预期，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开 局。2026年中国经济怎么干？ 会议认为， ...

新京报贝壳财经记者对比往年内容发现，本次会议在政策取向上突出"稳中求进、提质增效"，并提出"发挥存量政策和增量政策集成效应"。会议强调，要 着力稳就业、稳企业、稳市场、稳预期，传递出明年经济工作将更注重结构优化、风险化解与民生实质改善的新信号。 新京报记者 任娇 董怡楠 任婉晴 编辑 陈莉 中央经济工作会议12月10日至11日在北京举行。会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出， 重点领域风险隐患较多。这些大多是发展中、转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和基本趋势没有改变。要坚定信心、 用好优势、应对挑战，不断巩固拓展经济稳中向好势头。 | | 财政与金融的配合,以政府投资 央预算内投资规模,优化实施 | | | --- | --- | --- | | 台湾 | 有效带动社会投资。及早谋划 | "两重"项目,优化地方政府专 | | | "十五五"重大项目。大力实施 | 项债券用途管理,继续发挥新型 | | | 城市更新。实施降低全社会物流 | 政策性金融工具作用,有效激发 | | | 成本专项行动。 | 民间投资活力。高质量推进城市 ...

21世纪经济报道记者周潇枭 北京报道 12月10日至11日，中央经济工作会议在北京举行，总结2025年经济工作，分析当前经济形势，部署2026 年经济工作。 会议强调，做好明年经济工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做优增量、盘活 存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动 经济实现质的有效提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 会议明确了2026年经济工作中的八大重点任务，包括坚持内需主导，建设强大国内市场；坚持创新驱动，加紧培育壮大新动能等。 经济长期向好的基本趋势没有变 会议指出，今年是很不平凡的一年。党中央团结带领全党全国各族人民迎难而上、奋力拼搏，坚定不移贯彻新发展理念、推动高质量发展，统 筹国内国际两个大局，实施更加积极有为的宏观政策，经济社会发展主要目标将顺利完成。 会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深，国内供强需弱矛盾突出，重点领域风险隐患较多。这些大多是 发展中、转型中的问题，经过努力是可以解决的，我国经 ...

Group 1: Market Overview - The market experienced a decline with major indices closing lower: Shanghai Composite Index down 0.70%, Shenzhen Component Index down 1.27%, and ChiNext Index down 1.41% [1] - Sectors showing gains included superconductors, controllable nuclear fusion, and non-metallic materials, while real estate services, real estate development, and commercial retail sectors faced declines [1] - Main capital inflows were observed in controllable nuclear fusion, superconductors, and wind power equipment industries [1] Group 2: Commercial Aerospace Investment - Guojin Securities noted that China is at a pivotal moment similar to SpaceX's network formation phase from 2018 to 2020, with a shift from custom satellite manufacturing to mass production [1] - The upcoming launch of the Wenchang Super Satellite Factory and SpaceX's planned IPO next year indicate a significant acceleration in global commercial aerospace investment and industrialization [1] - Key investment areas include commercial aerospace, low-altitude economy, and military trade, with advancements in reusable rocket technology expected to lower launch costs and accelerate satellite constellation deployment [1] Group 3: Consumer Market Trends - Multiple regions have introduced policies to boost consumption, with Jiangsu's "14th Five-Year Plan" focusing on expanding and upgrading consumer goods, particularly in automobiles and home appliances [2] - Haitong Securities highlighted a structural growth opportunity in the consumer sector driven by technological advancements and the emergence of new consumption trends, such as trendy toys and beauty products [2] - The outlook for 2026 suggests that ongoing consumption policies will stimulate supply and demand, leading to a steady recovery in domestic demand [2] Group 4: Innovation in Pharmaceuticals - Aijian Securities expressed optimism about the trend of Chinese innovative drugs entering international markets, noting that A/H innovative drug companies' valuations have returned to reasonable levels after adjustments [2] - The focus for 2026 will be on investment opportunities in key areas such as antibody-drug conjugates (ADC), bispecific antibodies, small nucleic acids, and weight-loss drugs [2] - CITIC Securities indicated that innovative drugs are expected to be a major upward trend in the cross-year market, supported by China's pharmaceutical industry's transition to "innovation realization + global layout" [3]

证 券 研 究 报 告 弱美元下流动性修复，权益商品普涨 全球资产配置每周聚焦 (20251128-20251205) 证券分析师：金倩婧 A0230513070004 冯晓宇 A0230521080005 林遵东 A0230524100005 涂锦文 A0230525070006 王胜 A0230511060001 2025.12.08 报告摘要 www.swsresearch.com 证券研究报告 2 ◼ 全球资本市场回顾：本周(20251128-20251205)本周美国ADP就业和PMI数据双双不及预期，其中美国11月PMI录得48.2，预期49，前值48.7，ADP新增就业减少3.2万人， 预期增加1万人。景气度数据的不及预期巩固了美联储年内降息预期，本周全球流动性有所修复，全球权益和商品均多数上涨。1）固收方面，10Y美债收益率录得4.14%，本周上 升12BPs，美元指数下行0.46%，当前点位为99.0，弱美元交易持续；2）权益方面，本周A股指数除科创50指数外其余指数均收涨，创业板指领涨市场；全球市场中韩国综合股价 200领涨全球，巴西股市跌幅明显，总体上新兴市场好于发达市场；3）商品方面， ...

Core Viewpoint - The year-end market dynamics reveal a split among institutional investors, with some adopting a cautious approach to lock in gains while others see market fluctuations as a buying opportunity [3][4][7]. Group 1: Market Performance and Fund Strategies - As of December 3, the average return of 4,686 active equity funds since November has been -2.67%, indicating a significant reduction in performance volatility compared to previous months [3]. - Notably, several high-performing funds with over 50% annual returns have shown reduced monthly volatility, suggesting that fund managers have likely made adjustments to their portfolios [4]. - A significant number of funds, 223, have implemented purchase limits to manage scale and protect existing investors, with some funds limiting daily purchases to as low as 1,000 yuan [5]. Group 2: Investment Outlook and Strategies - Analysts expect that the A-share market will experience a positive trend despite short-term fluctuations, with a potential opening for cross-year investment opportunities [7][8]. - The technology sector is highlighted as a key area for investment, with expectations of continued growth driven by AI and other technological advancements [8][9]. - There is a focus on sectors with high economic vitality, such as technology manufacturing and materials, as well as consumer goods that have already priced in pessimistic forecasts [9].