12月15日，深证成指、创业板指、深证100、创业板50等深市核心指数的样本股定期调整正式生效。这是继上周沪深300、上证50、科创50等沪 市及跨市场主要指数调整后，A股市场年内又一次大规模的指数"新陈代谢"。 根据深圳证券交易所及深圳证券信息有限公司公告，深证成指更换17只样本股，创业板指更换8只样本股，深证100更换7只样本股，创业板50更 换5只样本股。 格上基金数据显示，跟踪深证成指、创业板指、深证100及创业板50的指数基金规模合计为2507.28亿元。而此前已生效的上交所系列指数调整， 涉及调整的指数跟踪资金规模超万亿元。 业内人士认为，近期A股重要指数样本调整正引发庞大的被动资金调仓。不过，业内人士提醒，市场通常将指数调入视为一次性交易事件，相关 预期可能在生效前已部分兑现，并在调仓完成后引发获利了结。然而，更值得关注的是，此次调整集中指向"新质生产力"方向，这不仅会带来 持续的被动资金配置，更可能引导主动资金的中长期布局，从而对相关板块形成结构性影响。 "新质生产力"是调整核心逻辑 深圳证券交易所及深圳证券信息有限公司11月28日曾发布公告称，12月15日起实施对深证成指、创业板指、深证10 ...

Market Overview - A-shares experienced a collective decline, with major indices such as the ChiNext and Sci-Tech 50 Index seeing significant drops, while the Hang Seng Index fell over 1% [1] - The Shanghai Composite Index closed down 0.55% at 3867.92 points, with the Shenzhen Component down 1.1%, and the ChiNext down 1.77% [1] - Total trading volume in the Shanghai and Shenzhen markets was 1.7945 trillion yuan, a decrease of over 320 billion yuan from the previous day [1] Sector Performance Semiconductor Sector - The semiconductor sector faced a pullback, with stocks like Chipone Technology dropping nearly 12% and Jiangbo Technology down over 8% [1] AI Industry Chain - AI-related stocks saw a significant decline, with companies like Tengjing Technology and Shijia Photon down over 10% [12] Insurance Sector - The insurance sector showed strength, with China Ping An rising approximately 5%, reaching a four-year high, and other major insurers like China Pacific Insurance and China Life Insurance also posting gains [4][5] - Analysts suggest that the insurance sector is entering a recovery phase, supported by regulatory policies and improving fundamentals [5] Retail Sector - The retail sector was notably active, with stocks such as Hongqi Chain and Baida Group hitting the daily limit up, and Baida Group achieving three consecutive days of limit-up trading [7][9] - The retail sales total for January to November increased by 4% year-on-year, indicating a positive trend in consumer spending [9] Dairy Industry - The dairy sector performed well, with stocks like Huanlejia and Huangshi Group reaching the daily limit up, driven by policy support and improving demand [10] - The industry is expected to benefit from a recovery in consumer confidence and demand, particularly in the infant formula segment [10] Conclusion - Overall, the market showed mixed performance across sectors, with notable declines in technology and AI stocks, while insurance and retail sectors demonstrated resilience and growth potential [1][5][9]

Market Overview - A-shares experienced a collective decline on the 15th, with major indices such as the ChiNext and Sci-Tech 50 Index falling sharply. The Shanghai Composite Index closed down 0.55% at 3867.92 points, while the Shenzhen Component Index fell 1.1%, and the ChiNext Index dropped 1.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 17,945 billion yuan, a decrease of over 3,200 billion yuan compared to the previous day [1] Sector Performance Insurance Sector - The insurance sector showed strong performance, with China Ping An rising approximately 5%, reaching a new high not seen in over four years. Other companies like China Pacific Insurance and China Life Insurance also saw gains of around 3% [4][5] - Analysts suggest that the insurance sector is entering a recovery phase, supported by regulatory policies that alleviate pressure on profit margins and improve asset performance. The sector is expected to see a positive growth cycle in new policies and profitability [5] Retail Sector - The retail sector was notably active, with several companies such as Hongqi Chain and Dongbai Group hitting the daily limit up. Dongbai Group achieved six consecutive limit-up days [7][9] - The retail sales total for January to November showed a year-on-year growth of 4%, indicating a faster pace than the previous year [9] - The Ministry of Commerce plans to enhance support for the retail industry, focusing on quality-driven and service-driven development during the 14th Five-Year Plan period [10] Dairy Industry - The dairy sector also performed well, with companies like Huanlejia and Huangshi Group reaching their daily limit up. The overall dairy industry is expected to benefit from policy stimuli aimed at improving population issues and increasing demand [11][12] AI Industry - The AI industry saw a significant pullback, with companies like Tengjing Technology and Shijia Photon dropping over 10%. The overall sentiment in the AI sector remains cautious despite ongoing demand for computing power [13][14] - Analysts from CITIC Securities remain optimistic about the AI computing power sector, highlighting the potential for domestic companies to enhance their capabilities and infrastructure [16]

2026 年 A 股投资策略 - 破晓：从预期到盈利的切换 20251209 摘要 2026 年中国实际 GDP 增速预计放缓至 4.7%，但名义 GDP 有望提升至 5.5%，主要受益于价格数据改善，这将带动企业盈利增长，利好股市。 投资方面，制造业投资有望回升至 4%左右，基建投资小幅回升至 3%左 右，地产投资降幅预计收窄至-8%至-9%。出口增速预计与全球平均贸 易增速相当，约为 3%左右。 消费增速预计与今年持平，约为 4%左右，通胀率预计在 0.9%至 1%之 间波动。政策资金逐步从商品补贴转向服务业，有望带动核心 CPI 改善。 优先推荐科技板块，尤其是 AI 产业链，包括上游算力及配套板块，下游 机器人、游戏和软件。同时关注与价格改善相关行业如存储、储能尤其 是锂电链条，以及外需带动机会如工程机械和国防军工。 预计 2026 年全部 A 股盈利增速约为 10.3%，剔除金融后的全部 A 股盈 利增速为 7.7%。创业板和科创板表现尤为亮眼，创业板预计增长 31.7%，科创板预计增长 34.3%。 Q&A 2026 年 A 股市场的总体判断是什么？ 2026 年 A 股市场的重点将从预期和估值驱 ...

每日经济新闻 今日早盘，AI产业链题材局部活跃，CPO、消费电子等板块涨幅居前，指数层面，创业板成长指数上涨1.9%，创业板指数上涨1.1%，创业板中盘200指数下 跌0.01%，创业板ETF（159915）半日成交额约23亿元。Wind数据显示，该ETF最新规模超1000亿元，位居创业板相关ETF第一。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力 与电力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。流动性预期 及风险偏好修复下，科技成长或最为受益，创业板有望率先迎来修复。 创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创 业板市场中选取日均成交额较大的50只证券作为指数样本，集中反映具有较高知名度、较大市值且流动 性优良的上市公司证券整体表现。指数成分股主要分布于电力设备、医药生物等高成长性行业，充分体 现科技创新驱动与持续成长潜力相结合的板块特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何 ...

今年6月底开始，A股以科技为主线掀起一波较大的上涨行情，沪指也冲上了4000点，创出10年新高。 但是10月份以后，受海外对AI泡沫担忧以及美联储可能暂缓降息的影响，外围市场陷入调整，A股指数也震荡走低，很多投资者账户 经历了牛市中的大幅回撤。 沪深300指数近期回调明显 这个时候，很多投资者就会心生彷徨，牛还在不在？科技板块是否不会再创新高了？ 但是很快，市场就给了答案，本周部分AI产业链相关个股大幅反弹，继续创出历史新高。多家国际投行指出，由于明年人工智能的更 广泛应用，以及更多刺激消费措施的出台，多重增量驱动因素正在转向积极，将A股评级上调至"超配"。 其实在牛市途中，近期这样的调整还算不上剧烈，但还是有很多投资者扛不住。那么，如何在牛市中熬过痛苦的调整期，握紧优质资 产？在长江资管基金经理诸勤秒看来，秘诀就是要"聪明地承担风险"，展开讲，就是在充满不确定性的市场中，通过承担那些经过深 度研究后计算的、胜率较高的风险，持续稳健地获取超额回报。 诸勤秒表示，"聪明"的前提是认知，特别是在新一轮科技革命和产业变革的历史机遇期，对任何新事物、新知识都应保持开放的心 态，不盲从也不轻易拒之门外。而秉持"不押注单 ...

（文章来源：每日经济新闻） 中银国际指出，AI产业链景气趋势仍向好，下游需求旺盛，AI基础设施建设短期面临供应端存力与电 力短缺，资源紧缺带来存力与电力投资机会，算力特别是国产算力仍有广阔成长空间。流动性预期及风 险偏好修复下，科技成长或最为受益，宽基指数上，科创50、创业板指有望率先迎来修复。AI产业链 有望成为市场主线，适宜择机配置，可重点关注AI行情"硬切软"（尤其是"谷歌链"）配置机会。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅达20%，该指数从上海证券交 易所科创板市场中选取涵盖新一代信息技术、高端装备制造和新材料、新能源及节能环保、生物医药等 高新技术产业和战略性新兴产业的上市公司证券作为指数样本，以反映科创板市场科技创新型企业的整 体表现。 ...

Market Overview - Major Asia-Pacific stock indices mostly rose, with Japan's Nikkei 225 up 1.85% to 49,559.07 points and South Korea's Composite Index up 2.67% to 3,960.87 points [1] - A-shares showed strength, with the ChiNext Index surging over 3% at one point; however, the Shanghai Composite Index closed down 0.15% at 3,864.18 points [1] Retail Sector - Retail stocks experienced a significant surge, with companies like Kai Chun Co. and Huaren Health hitting the 20% limit up, and Huanle Jia rising over 15% [3][4] - The Ministry of Industry and Information Technology and other departments released a plan to enhance consumer goods supply and demand adaptability, aiming for a noticeable optimization of supply structure by 2027 [5] AI Industry - AI-related stocks were active, with companies like Changguang Huaxin and Saiwei Electronics seeing gains of 20% and over 16% respectively [7][8] - Alibaba reported a 34% year-on-year increase in cloud revenue for Q2 FY2026, with AI-related product revenue growing for nine consecutive quarters [9] Pharmaceutical Sector - The pharmaceutical sector saw strong performance, particularly in innovative drugs and vaccines, with companies like Yue Wannianqing and Huaren Health reaching the 20% limit up [11][12] - The small nucleic acid drug field is gaining attention due to recent advancements, indicating a potential golden development period driven by technological breakthroughs and commercial validation [13]

Group 1 - In 2025, global markets are influenced by several macro narratives, including the long-term weakening of dollar credit, restructuring of global supply chains, gold as a new anchor for the monetary system, AI as the infrastructure for a new industrial transformation, and non-ferrous metals as the new oil [1][8][36] - Domestic assets in 2025 are driven by fundamentals such as external demand and new industries, while high-yield assets are concentrated in non-ferrous metals and AI-related sectors [1][9][10] - The existence of a "temperature difference" in the economy indicates that new industrial investments are concentrated in emerging sectors, while traditional sectors show weaker performance [1][10] Group 2 - In 2026, a "mirror" relationship may form, with global narratives expected to converge, leading to reduced uncertainty in the global trade environment [2][11] - The expected recovery in investment gaps during the first year of the 14th Five-Year Plan may stabilize the real estate sector and improve consumption rates [2][13] - The profitability of large-scale industrial enterprises is projected to improve, with an expected increase in profit growth from approximately 3% to 6.6% [3][14] Group 3 - The transition of macroeconomic policy from "counter-cyclical" to "expanding domestic demand" is expected to enhance fundamental pricing power [3][15][16] - The combination of converging narratives and reduced temperature differences will impact asset pricing characteristics, with a shift from forward pricing to a combination of near and far pricing for commodities [4][17] - The normalization of risk preferences among residents will lead to an increase in rental yield pricing power in the real estate sector [4][18] Group 4 - The next round of narratives may include themes such as industrialization in southern countries, the second wave of globalization for Chinese enterprises, AI scenario applications, and a new quality of consumption [5][20] - The traditional investment research framework faces challenges from these narratives, necessitating an optimization of the investment research framework to incorporate narrative analysis [5][21] Group 5 - Key assumptions for economic judgment in 2026 include a moderate recovery in investment gaps, improvement in consumption, stable export fundamentals, and a reduction in downward pressure on the real estate sector [6][22][23][26] - The projected economic growth for 2026 is approximately 4.9% in real terms and 5.1% in nominal terms, indicating a stable growth outlook [6][28]