Core Viewpoint - The ChiNext Medical Index (970082) closed at 3662.68 points on December 5, with a 1.16% increase and a trading volume of 7.133 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - On the day, 46 out of the index's constituent stocks rose, with Furuide (福瑞股份) leading the gains at 7.09%, while 4 stocks declined, with Ruimaite (瑞迈特) experiencing the largest drop at 0.59% [1]. - The index's turnover rate was 1.0%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - Yuaner Eye Hospital (爰尔眼科) with a weight of 8.87% and a latest price of 11.30 yuan [1]. - Mindray Medical (迈瑞医疗) with a weight of 8.02% and a latest price of 202.39 yuan [1]. - Kanglong Chemical (康龙化成) with a weight of 7.41% and a latest price of 29.21 yuan [1]. - Other notable constituents include Taige Medical (泰格医药), Lepu Medical (乐普医疗), and Aimeike (爱美客) [1]. Group 3: Capital Flow - On the same day, the net outflow of main funds from the index's constituents totaled 256 million yuan, while retail investors saw a net inflow of 279 million yuan [1]. - The detailed capital flow for specific stocks shows that Furuide had a main fund net inflow of 27.11 million yuan, despite a net outflow from retail and speculative funds [2]. Group 4: Index Adjustments - Recent adjustments to the ChiNext Medical Index included the addition of two stocks: Chaoyan Co. (超研股份) and Hualan Co. (华兰股份), while Lanwei Medical (兰卫医学) and Meikang Bio (美康生物) were removed [3].

证券之星消息，12月5日，中证医疗（399989）指数报收于6861.88点，涨0.97%，成交126.93亿元，换手 率0.95%。当日该指数成份股中，上涨的有41家，福瑞股份以7.09%的涨幅领涨，下跌的有9家，海尔生 物以1.56%的跌幅领跌。 中证医疗（399989）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh603259 | 药明康德 | 13.57% | 90.40 | 0.90% | | 2697.32 | r 医药生物 | | sz300760 | 迈瑞医疗 | 8.35% | 202.39 | 1.20% | | 2453.86 | 医药生物 | | sh688271 | 联影医疗 | 8.07% | 130.61 | 1.35% | | 1076.43 | 医药生物 | | sz300015 | 爰尔眼科 | 6.58% | 11.30 | 0.62% | | 1053.77 | 医药生物 | | ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Overseas: Before the release of PCE data, market optimism has subsided, and the three major U.S. stock indexes showed mixed results [2]. - Domestic: The market remains in a state of shrinking volume and is in a volatile market with relatively low overall risks [2]. 3. Summary by Relevant Catalogs Market Analysis - Macro: China's Ministry of Commerce announced that the Chinese government is conducting export controls on rare - earth - related items in accordance with laws and regulations. Applications for civilian and compliant exports are approved in a timely manner. President Xi Jinping held talks with French President Macron, emphasizing mutual understanding and support on core interests and major concerns [1]. - Overseas: The number of initial jobless claims in the U.S. last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. The three major U.S. stock indexes closed with mixed results, with the Nasdaq rising 0.22% to 23,505.14 points [1]. - Stock Indexes: The three major A - share indexes showed divergent trends. The Shanghai Composite Index fell 0.51% to 3878 points, and the ChiNext Index fell 1.12%. Most sector indexes declined. The machinery, electronics, and national defense and military industries led the gains, while the beauty care, social services, commercial retail, and textile and apparel industries led the declines. The trading volume of the Shanghai and Shenzhen stock markets was less than 1.6 trillion yuan [1]. - Futures Market: In the futures market, the basis of IC and IM continued to repair, and the trading volume and open interest of the four major stock index futures decreased simultaneously [1]. Strategy The overseas market's optimism has subsided before the PCE data release. The domestic market maintains a shrinking volume and is in a volatile state with low risks [2]. Macro Economic Charts - The report includes charts showing the relationship between the U.S. dollar index and A - share trends, the U.S. Treasury yield and A - share trends, the RMB exchange rate and A - share trends, and the U.S. Treasury yield and A - share style trends [6][7]. Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on December 4 and 3, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. For example, the Shanghai Composite Index decreased by 0.06% from 3878.00 to 3875.79 [12]. - Charts include the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [13]. Stock Index Futures Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures (IF, IH, IC, IM). For example, the trading volume of IF decreased by 5184 to 92574, and the open interest decreased by 3942 to 261904 [16]. - Table 3 shows the basis (futures - spot) of stock index futures for different contracts (current month, next month, current quarter, next quarter). For example, the current - month contract basis of IF is - 15.97 with a change of - 3.12 [40]. - Table 4 shows the inter - delivery spread of stock index futures, including spreads such as next month - current month, next quarter - current month, etc. For example, the next - month - current - month spread of IF is - 18.40 with a change of - 2.40 [46][47]. - Charts include the open interest of different contracts, the latest open - interest ratio, foreign - funded net open - interest quantity, basis, and inter - delivery spread of different stock index futures [17][20][28][30][31][38][41][43][51].

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.06% at 3,875.79 points, while the Shenzhen Component Index rose by 0.40% to 13,006.72 points, and the ChiNext Index increased by 1.01% to 3,067.48 points [2][8] - The total trading volume in the A-share market reached 1.55 trillion RMB, with net purchases from southbound funds amounting to 1.48 billion HKD [2][8] - Over 3,600 stocks in the A-share market declined, with the machinery, electronics, and defense industries leading the gains, while the comprehensive and beauty care sectors lagged [2][8] - The Hang Seng Index rose by 0.68%, and the Hang Seng Technology Index increased by 1.45%, while U.S. indices showed mixed results with the Dow Jones down by 0.07% at 47,850.94 points, the S&P 500 up by 0.11% at 6,857.12 points, and the Nasdaq up by 0.22% at 23,505.14 points [2][8] Domestic Market Performance - The closing figures for major domestic indices include: - Shanghai Composite Index: 3,875.79 (-0.06%) - Shenzhen Component Index: 13,006.72 (+0.40%) - CSI 300: 4,546.57 (+0.34%) - STAR 50: 1,326.16 (+1.36%) - ChiNext Index: 3,067.48 (+1.01%) - SSE 50: 2,974.34 (+0.38%) - SSE 180: 9,862.77 (+0.30%) - SSE Fund: 7,111.30 (+0.05%) - Government Bond Index: 224.64 (-0.19%) [4] International Market Performance - The closing figures for major international indices include: - Dow Jones: 47,850.94 (-0.07%) - S&P 500: 6,857.12 (+0.11%) - Nasdaq: 23,505.14 (+0.22%) - Nikkei 225: 51,028.42 (+2.33%) - Hang Seng Index: 25,935.90 (+0.68%) - U.S. Dollar Index: 99.06 (+0.20%) [4]

Market Overview - The three major indices in the Shanghai and Shenzhen markets showed mixed performance, with total trading volume decreasing to 1.56 trillion yuan [1][7] - The ADP employment report for November indicated a decrease of 32,000 jobs, marking the largest decline in two and a half years, which was significantly below the expected increase of 10,000 jobs [2][8] - The probability of the Federal Reserve cutting interest rates by 25 basis points in December is close to 90%, as indicated by CME's FedWatch tool, further reinforcing market expectations for a dovish stance [2][8] Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting to promote value creation actions among state-owned enterprises, emphasizing the importance of strategic safety, industry leadership, and comprehensive support [2][3][9] - The approval of the Yangtze River Delta Spatial Planning (2023-2035) marks a new phase in regional integration, focusing on urban agglomeration and enhancing Shanghai's leading role [3][9] Market Performance - As of December 4, the Shanghai Composite Index closed at 3,875.79 points, down 0.06%, while the Shenzhen Component Index rose by 0.40% to 13,006.72 points, and the ChiNext Index increased by 1.01% to 3,067.48 points [4][10] - The market saw 1,446 stocks rise and 3,667 stocks fall, indicating a challenging environment for many equities [10] Capital Flow - The market turnover was reported at 15,617.68 billion yuan, showing a decline compared to the previous trading day [5][11] - The margin trading balance was recorded at 24,825.92 billion yuan, also down from the previous day [11]

证券之星消息，12月4日，深港通医疗（983035）指数报收于4472.99点，跌0.53%，成交59.38亿元，换 手率0.69%。当日该指数成份股中，上涨的有18家，微创机器人-B以5.48%的涨幅领涨，下跌的有38家， 一脉阳光以7.29%的跌幅领跌。 深港通医疗（983035）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 200.00 | 0.25% | | 2424.88 | 一 医药生物 | | sz300015 | 爰尔眼科 | 11.62% | 11.23 | -1.06% | | 1047.24 | 医药生物 | | sz300003 | 乐普医疗 | 4.85% | 15.66 | -0.89% | | 288.68 | 医药生物 | | sz300896 | 爱美客 | 4.80% | 140.41 | -2.29% | S | 424.87 | 美 ...

资金流向方面，深港通医疗(港币)（983036）指数成份股当日主力资金净流出合计3.3亿元，游资资金净 流入合计979.64万元，散户资金净流入合计3.2亿元。成份股资金流向详情见下表： 证券之星消息，12月4日，深港通医疗(港币)（983036）指数报收于4382.53点，跌0.57%，成交65.4亿 元，换手率0.69%。当日该指数成份股中，上涨的有18家，微创机器人-B以5.48%的涨幅领涨，下跌的有 38家，一脉阳光以7.29%的跌幅领跌。 深港通医疗(港币)（983036）指数十大成份股详情如下： | 深港通医疗(港币)指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 200.00 | 0.25% | 2424.88 | 医药生物 | | sz300015 | 爰尔眼科 | 11.62% | 11.23 | -1.06% | 1047.24 | 医药生物 | | sz3 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 航天机器人领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股震荡整 固》 2025-12-03 《市场分析：船舶医药行业领涨 A 股震荡整 固》 2025-12-02 《市场分析：通信半导体领涨 A 股震荡上行》 2025-12-01 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 12 月 04 日 投资要点： ◼ A 股市场综述 周四（12 月 04 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中沪指在 3885 点附近遭遇阻力，随后股指震荡回 落，盘中机器人、航天航空、半导体以及汽车零部件等行业表现较 好；船舶制造、旅游酒店、食品饮料以及美容护理等行业表现较 弱，沪指全天基本呈现小幅整理的运行特征。创业板市场周四震荡 上扬，创业板成分指数全天表现强于主板市场。 ◼ 后市研判及 ...

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4495.04 points, down 0.66%, with a trading volume of 6.607 billion yuan and a turnover rate of 0.76% [1] - Among the index constituents, 11 stocks rose while 46 fell, with Xianjian Technology leading the gainers at 5.38% and Health Road leading the decliners at 5.3% [1] Index Constituents - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (14.56% weight) at 199.50 yuan, down 0.56% [1] - Aier Eye Hospital (11.62% weight) at 11.35 yuan, down 1.30% [1] - Lejin Medical (4.85% weight) at 15.80 yuan, up 0.38% [1] - Aimeike (4.80% weight) at 143.70 yuan, down 0.94% [1] - Yuyue Medical (4.66% weight) at 36.03 yuan, up 0.59% [1] - Yingke Medical (3.64% weight) at 43.22 yuan, up 1.93% [1] - Furuishi (3.59% weight) at 66.98 yuan, down 0.56% [1] - Meinian Health (3.58% weight) at 5.13 yuan, down 1.54% [1] - Sinopharm (3.35% weight) at 18.52 yuan, down 0.59% [1] - Ping An Good Doctor (2.63% weight) at 13.20 yuan, down 1.43% [1] Capital Flow - The index constituents experienced a net outflow of 301 million yuan from institutional investors, while retail investors saw a net inflow of 174 million yuan [3] - Notable capital flows include: - Meihua Medical with a net inflow of 21.18 million yuan from institutional investors [3] - Kefu Medical with a net inflow of 14.75 million yuan from institutional investors [3] - Yuyue Medical with a net inflow of 6.16 million yuan from institutional investors [3] Recent Adjustments - The Shenzhen-Hong Kong Medical Index has undergone adjustments, with one new stock added in the last ten days [3]

证券之星消息，12月3日，深港通医疗(港币)（983036）指数报收于4406.01点，跌0.65%，成交72.8亿 元，换手率0.76%。当日该指数成份股中，上涨的有11家，先健科技以5.38%的涨幅领涨，下跌的有46 家，健康之路以5.3%的跌幅领跌。 深港通医疗(港币)（983036）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 199.50 | -0.56% | 2418.82 | 医药生物 | | sz300015 | 爰尔眼科 | 11.62% | 11.35 | -1.30% | 1058.43 | 医药生物 | | sz300003 | 乐晋医疗 | 4.85% | 15.80 | 0.38% | 291.26 | 医药生物 | | sz300896 | 爱美客 | 4.80% | 143.70 | -0.94% | 434.82 | 美容护理 | | sz002223 ...