Core Points - The Shanghai Composite Index fell by 0.70% on December 11, with only one industry, banking, showing a slight increase of 0.17% [1] - The comprehensive and communication industries experienced the largest declines, with drops of 4.31% and 3.14% respectively [1] - Overall, there was a net outflow of 74.467 billion yuan in the main funds across the two markets, with only the banking sector seeing a net inflow of 67.4893 million yuan [1] Industry Summary - The comprehensive industry ranked first in terms of decline, with a drop of 4.31% and a net outflow of 21.5 million yuan in main funds. Out of 15 stocks in this sector, only one rose while 14 fell, including one hitting the daily limit down [1] - The electronic industry had the largest net outflow of main funds, totaling 13.586 billion yuan, followed by the communication industry with a net outflow of 11.340 billion yuan. Other sectors with significant outflows included computer, media, and retail [1] Company Summary - The top three companies with the largest net outflows in the comprehensive industry were: - Sanmu Group (code: 000632) with a decline of 10.01% and a net outflow of 55.2721 million yuan [1] - Dongyangguang (code: 600673) with a decline of 5.47% and a net outflow of 48.4336 million yuan [1] - Nanjing Xinbai (code: 600682) with a decline of 4.86% and a net outflow of 33.6248 million yuan [1]

Market Overview - The Shanghai Composite Index decreased by 0.68% as of 13:58, with a trading volume of 973.31 million shares and a transaction amount of 14,790.26 billion yuan, representing an increase of 3.91% compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - **Electric Power Equipment**: Increased by 0.49% with a transaction amount of 1,477.48 billion yuan, up 15.34% from the previous day, led by Tongguang Cable, which rose by 19.98% [1]. - **National Defense and Military Industry**: Increased by 0.12% with a transaction amount of 762.79 billion yuan, up 5.60%, led by Galaxy Electronics, which rose by 10.08% [1]. - The worst-performing industries included: - **Comprehensive**: Decreased by 3.77% with a transaction amount of 37.58 billion yuan, down 24.39%, led by Sanmu Group, which fell by 8.64% [2]. - **Retail Trade**: Decreased by 2.67% with a transaction amount of 352.07 billion yuan, up 19.35%, led by Zhongbai Group, which fell by 10.01% [2]. - **Real Estate**: Decreased by 2.46% with a transaction amount of 226.83 billion yuan, down 12.24%, led by China Wuyi, which fell by 10.09% [2].

Domestic Market Overview - The domestic market showed a mixed performance with the Shanghai Composite Index closing at 3900.5 points, down 0.23%, while the Shenzhen Component Index rose 0.29% to 13316.42 points [1][7] - Among 30 first-level industries, 24 experienced gains, with real estate, consumer services, and retail leading the increases, while banking, computer, electric equipment, and new energy sectors saw significant declines [1][7] - The total trading volume of the A-share market was 1791.6 billion, a decrease from the previous day [1][7] Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) in November increased by 0.7% year-on-year, the highest since March 2024, while the core CPI rose by 1.2% [8][12] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, with a year-on-year decline of 2.2% due to a high base effect [8] - A total of 2435 stocks rose, while 2844 fell, indicating a broad market fluctuation [8] International Market Overview - The U.S. stock market indices all closed higher, with the Dow Jones rising by 1.05% and the S&P 500 increasing by 0.67% [2] - Notable gains were seen in Nike, which rose nearly 4%, and Caterpillar, which increased over 3% [2] - Chinese concept stocks mostly rose, with Canadian Solar gaining over 5% and JinkoSolar increasing by more than 3% [2] Key News - The International Monetary Fund (IMF) raised its forecast for China's economic growth to 5% for 2025, up by 0.2 percentage points from previous estimates [11][12] - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 3.5% to 3.75% [14][15] - The Hong Kong Stock Exchange confirmed a joint letter with the Hong Kong Securities and Futures Commission to IPO sponsors regarding concerns over the quality of recent listing applications [10]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 汪雅航 市场分析 联储如期降息。宏观方面，国家统计局公布数据显示，中国11月CPI同比上涨0.7%，创2024年3月以来 最高；核心CPI同比上涨1.2%，涨幅连续3个月保持在1%以上。11月PPI环比上涨0.1%，连续两个月上 涨，高基数下同比降幅扩大至2.2%。海外方面，美联储货币政策委员会会后公布，降息25个基点，将 联邦基金利率目标区间下调至3.50%–3.75%。为维持银行体系流动性充足，自12月12日起启动每月约 400亿美元的短期国债购买计划。美联储点阵图预测显示在2026年和2027年各有一次25个基点的降息。 鲍威尔在新闻发布会上表示，货币政策无预设路径，将逐次会议依据数据决策。 股指探底回升。现货市场，A股三大指数探底回升，沪指跌0.23%收于3900.50点，创业板指跌0.02%。 行业方面，板块指数涨多跌少，房地产、商贸零售、社会服务、通信行业领涨，银行、电力设备、计算 机行业跌幅居前。当日沪深两市成交额继续回落至1.78万亿元。海外方面，美国三大股指全线收涨，道 指涨1.05%报48057.75 ...

降至1.8万亿元下方 指数全天偏弱，午后震荡回升，跌幅收窄。沪指收跌0.23%报3900.5点，创业板指收跌0.02%报3209点， 深证成指收涨0.29%。科创50、沪深300、上证50均微跌，北证50跌近1%。 本周一成交额重上2万亿元后，连续两日缩量，今日缩至1.79万亿元。杠杆资金却持续升温，截至12月9 日，沪深京两融余额增至2.51万亿元。 12月10日，A股缩量走弱，午后虽有所回升，但市场缺乏明显主线。受政策预期提振，房地产板块抬 头，光模块通信延续强势，整体呈现典型的"事前观望"特征。 受访人士告诉记者，在12月中旬关键事件落地前，市场大概率维持震荡筑底、结构分化的格局，防御性 板块和事件驱动型题材或交替活跃，但整体赚钱效应有限。投资者需警惕：若政策力度不及预期，或美 联储释放偏鹰信号，可能触发短期情绪性下探。 | 东财概念捐款 | | | 东财行业指数 | | | | | A股市场接心指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 上证指数 | A股指数 | 沪深300 ...

Market Overview - A-shares experienced a mixed performance today, with the Shanghai Composite Index down by 0.23%, the Shenzhen Component Index up by 0.29%, and the ChiNext Index down by 0.02% [1] - The total trading volume of A-shares was 1.78 trillion yuan, a decrease of approximately 125.45 billion yuan compared to the previous trading day, indicating continued consolidation with reduced trading volume [1] - The net outflow of major funds from the market amounted to 33.568 billion yuan [1] Index Valuation - The overall valuation metrics for major indices as of December 10, 2025, are as follows: - CSI All Share Index: PE ratio of 20.47, PB ratio of 1.61 [1] - The risk-free rate is represented by the yield on China's 10-year government bonds at 1.86% [1] Major Index Valuations - Key valuations for major indices include: - Sci-Tech Innovation 50: PE of 152.29, PB of 6.04 [1] - CSI 500: PE of 32.12, PB of 2.12 [1] - CSI 300: PE of 13.33, PB of 1.28 [1] - ChiNext Index: PE of 40.88, PB of 5.25 [1] Industry Index Valuations - Valuations for major industry indices are as follows: - Retail: PE of 110.74, PB of 2.00 [2] - Computer: PE of 206.37, PB of 4.48 [2] - Defense: PE of 131.84, PB of 3.75 [2] - Banking: PE of 8.92, PB of 0.76 [2] - Real Estate: PE of 59.59, PB of 0.87 [2]

- The report does not contain any quantitative models or factors for analysis[1][2][3]

2025.12. 10 力度,深证成指表现主要受益于科技板块和消费板块的走强,创业板指"探底回升"特征,反 映出科技成长板块的韧性。 433家 HK 2841 家下跌 涨跌停比 :12 市场呈现涨跌互现、分化加剧格局。政策驱动 (海南封关、消费复苏) 与事件驱动 (国际银价 上涨)是核心逻辑,海南板块、零售板块、贵金 属板块、算力硬件领涨,银行板块、培育钻石、 有机硅、光伏设备有所回调。 两市成交额 ○万亿元▼ 6.56% 两市成交缩量,市场交投情绪有所降温。一方面 市场可能处于短期冲高后的调整期,资金获利 了结意愿增强;另一方面市场热点分散(如海南 板块、零售概念、算力硬件等板块轮动),缺乏 持续性主线,资金难以形成集中流入,交投活 跃度下降。 餐金情绪 主力资金净流出 3 3.68 Zizz 散户资金净流入 机构谨慎调仓,资金流出方向主要集中于科技、周期及消费电子等板块,商贸零售、汽车等板块吸引主力 资金布局,科技板块内部分化,AI应用端仍有资金承接,算力基础设施遭抛售,显示资金向业绩确定性更 高的方向迁移。散户短期投机与长期观望并存,资金活跃于零售、汽车等消费板块,黄金股吸引部分资金 流入,对算力、芯片 ...

Core Insights - The real estate sector experienced the highest net inflow of capital today, amounting to 1.965 billion, with a price change of 2.53% and a turnover rate of 3.10% [1] - The electronics sector faced the largest net outflow of capital, totaling -12.574 billion, with a price change of -0.39% and a turnover rate of 3.52% [2] Industry Summary - **Real Estate**: - Trading volume: 6.805 billion - Change in trading volume: +43.48% - Turnover rate: 3.10% - Price change: +2.53% - Net capital inflow: 1.965 billion [1] - **Retail**: - Trading volume: 4.712 billion - Change in trading volume: +5.43% - Turnover rate: 3.91% - Price change: +1.97% - Net capital inflow: 1.307 billion [1] - **Automobile**: - Trading volume: 5.022 billion - Change in trading volume: +12.22% - Turnover rate: 2.25% - Price change: +0.90% - Net capital inflow: 0.949 billion [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: - Trading volume: 3.110 billion - Change in trading volume: +11.51% - Turnover rate: 3.24% - Price change: +0.90% - Net capital inflow: 0.757 billion [1] - **Building Materials**: - Trading volume: 1.471 billion - Change in trading volume: -16.21% - Turnover rate: 1.96% - Price change: +0.67% - Net capital inflow: 0.432 billion [1] - **Steel**: - Trading volume: 1.760 billion - Change in trading volume: -16.98% - Turnover rate: 0.89% - Price change: +0.52% - Net capital inflow: 0.143 billion [1] - **Electronics**: - Trading volume: 9.838 billion - Change in trading volume: -11.74% - Turnover rate: 3.52% - Price change: -0.39% - Net capital outflow: -12.574 billion [2] - **Banking**: - Trading volume: 3.832 billion - Change in trading volume: +21.53% - Turnover rate: 0.29% - Price change: -1.58% - Net capital outflow: -3.390 billion [2] - **Telecommunications**: - Trading volume: 3.703 billion - Change in trading volume: -12.59% - Turnover rate: 2.12% - Price change: +1.21% - Net capital outflow: -13.100 billion [2]

12月10日，沪指下跌0.23%，深成指上涨0.29%，创业板指下跌0.02%，沪深300指数下跌0.14%。可交易 A股中，上涨的有2434只，占比44.77%，下跌的2844只。 资金面上，今日主力资金全天净流出275.47亿元。其中，创业板主力资金净流出87.67亿元；科创板主力 资金净流出31.96亿元；沪深300成份股主力资金净流出158.75亿元。 分行业来看，申万所属的一级行业中，今日上涨的有26个，涨幅居前的行业为房地产、商贸零售，涨幅 为2.53%、1.97%。跌幅居前的行业为银行、电力设备，跌幅为1.58%、0.87%。 行业资金流向方面，今日有10个行业主力资金净流入，房地产行业主力资金净流入规模居首，该行业今 日上涨2.53%，全天净流入资金19.65亿元，其次是商贸零售行业，日涨幅为1.97%，净流入资金为13.07 亿元。 主力资金净流出的行业有21个，电子行业主力资金净流出规模居首，今日下跌0.39%，全天净流出资金 125.74亿元，其次是电力设备行业，今日跌幅为0.87%，净流出资金为55.71亿元，净流出资金较多的还 有计算机、银行、通信等行业。 今日各行业资金流向 | 行 ...