Group 1 - The core viewpoint is that a classic "cross-year-spring" market trend is brewing, with significant signals indicating its commencement [3] - Factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation accordingly, focusing on industries that may benefit from this trend [1] - The market is expected to see a structural shift with a focus on cyclical sectors, particularly industrial metals, non-bank financials, and sectors related to domestic consumption [3][4] Group 2 - The investment strategy should consider three key clues: dividend value, layout of prosperous industries, and thematic hotspots [4] - The anticipated spring market in 2026 is expected to be driven by a combination of fundamental cyclical improvements and new technological trends [2] - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. monetary policy and investor sentiment [4][6] Group 3 - The focus on AI and advanced manufacturing is expected to dominate the market, with a potential shift towards value and cyclical styles in the first half of 2026 [2] - The market is likely to experience a "value on stage, growth in action" dynamic, particularly as the Lunar New Year approaches [9] - There is a notable expectation for structural opportunities in sectors like AI, new energy, and controlled nuclear fusion, which are aligned with the "14th Five-Year Plan" [6][10]

Core Viewpoint - The brokerage strategy analysts remain optimistic about the spring market rally, awaiting an effective signal to initiate the movement [1] Group 1: Market Signals and Economic Indicators - Analysts from Xingzheng Strategy highlight that the liquidity expectations are shifting positively due to recent overseas events and a supportive domestic policy environment, indicating a transition from cautious behavior to actively seeking opportunities [1] - Key signals to watch for the potential market rally include the possibility of interest rate cuts and reserve requirement ratio reductions at the end of the year and early next year, with observation windows in early next week and January [1][2] - Important economic indicators such as PPI, PMI, M1, social financing, and annual reports from listed companies are expected to uplift the basic economic outlook [1][2] Group 2: Investment Trends and Sector Focus - The Guangfa Strategy team anticipates that 2026 will resemble an enhanced version of 2025, with continued support from insurance capital and regulation, alongside an acceleration in the migration of deposits from residents, particularly among high-net-worth individuals [1][2] - The trend of high-net-worth residents moving their deposits has already begun to accelerate, with new private equity fund registrations reaching 386 billion yuan from January to October 2025, with monthly registration sizes nearing levels seen in 2021 [1][2] - The Xinda Strategy team emphasizes the increasing elasticity of non-bank financial sectors, suggesting a potential rotation of market focus from banks to non-bank financials, with insurance valuations appearing more attractive [1][3] Group 3: Sectoral Opportunities and Predictions - Analysts suggest that sectors benefiting from policy support, such as AI, advanced manufacturing, and consumer services, are likely to see significant growth, with a projected net profit growth rate exceeding 30% in 2026 [2] - The market is expected to experience structural opportunities driven by policy guidance and industrial momentum, particularly in the context of the upcoming "14th Five-Year Plan" [3] - The spring market rally is anticipated to be influenced by the performance of cyclical sectors, with a focus on commodities and consumer sectors benefiting from increased consumption and fiscal stimulus [3]

Core Viewpoint - Short-term fluctuations in A-shares are primarily influenced by external factors such as concerns over the AI bubble in the US stock market and interest rate hikes by the Bank of Japan, but A-shares are expected to resonate upward with global markets as US AI core company stock prices stabilize and the impact of the Bank of Japan's rate hike is limited [1] Industry Focus - Key industry focus areas include non-ferrous metals (silver, copper, tin, tungsten), high dividend stocks in Hong Kong, non-bank financials, AI (liquid cooling, optical communication), new energy (energy storage, solid-state batteries), innovative pharmaceuticals, and banking [1] Thematic Focus - Thematic investment areas to pay attention to are Hainan (duty-free), nuclear power, and ice and snow tourism [1]

[Table_Tag] [Table_Summary] 观点 ◼ 泛 AI 分支低位方向：AI 医疗、端侧、智能驾驶、具身智能 ➢ AI 医疗 AI 大模型在病理检测、制药等医药领域具备深度应用潜力。AI+病理检测 有助于提升诊疗效率、减少漏诊误诊，核心痛点在于医疗高质量数据集的 建立与数据壁垒的打通。11 月国家卫健委发布《关于促进和规范"人工智 能+医疗卫生"应用发展的实施意见》，提出到 2027 年建立一批行业高质 量数据集和可信数据空间，形成一批优秀的专病专科垂直大模型和应用， 加强 AI 模型在智能诊疗、智能康复、传染病监测等领域的应用。近期阿里 系医疗模型蚂蚁阿福冲上 IOS 应用商店排行前三，体现出 C 端对于借助专 业模型实现"普惠医疗"与即时健康服务的核心诉求，后续医疗大模型端 伴随数据集深化与应用模式创新有望出现更多爆款。此外，AI 模型在制药 领域的渗透有望显著降低药物发现的成本与时间周期，加速靶点开发与验 证过程，同时通过模拟临床试验降低失败风险，亦是 AI 医疗中长期重要 产业趋势。 ➢ AI 端侧 证券研究报告·策略报告·策略周评 策略周评 20251221 商业航天与核聚变之后， ...

2025年12月21日 星期日 农历乙巳年 十一月初二 ●今天夜间到明天白天，全省晴有时多云。 ＝＝本期热点＝＝ ●2025年吉林"冰雪消费季"启幕 ●长春新区三佳湖4000平方米冰场免费开放 ●1—10月，吉林省规模以上农产品加工业产值达2370.99亿元 ●雪战长春！2025雪仗嘉年华喊你组队"开干" ●2025年"吉林省最美科技工作者"名单发布 ●12月19日，长春新区第二家免费公益冰场——三佳湖公园公益冰场正式对外开放。冰场位于长春新区 高新开发区博才路与学海街交汇处（毗邻吉林大学前卫校区南区），占地4000平方米，配备标准200米 速滑道，与北湖开发区宁溪公园公益冰场形成南北联动，持续推动冰雪运动走向大众，融入生活，助力 群众上冰雪。 ●"天时人事日相催，冬至阳生春又来。"12月21日，我们迎来冬至节气。冬至，古称"亚岁"或"小年"。 《月令七十二候集解》载："冬至，十一月中。终藏之气，至此而极也。"这一天，北半球白昼最短，黑 夜最长，标志着"数九寒天"正式启幕，也意味着天地间阴气至盛而阳气始生，新春的脚步已悄然临近。 长春 晴 -9℃/-15℃ 吉林 晴 -8℃/-13℃ 四平 晴转多云 -10℃ ...

Core Insights - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with an expected completion of 3.54 trillion yuan in key energy projects, representing an 11% year-on-year increase [1] Investment Trends - Significant investments are noted in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging and swapping infrastructure, and hydrogen [1] - Private enterprise investment has increased by 15% year-on-year, indicating a robust participation from various investment entities [1] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private sector participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [1] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market-oriented principles, along with the approval of four large private coal mine projects [1]

2025年12月19日下午1点30分，亚太股市突然同步拉升。 A股上证指数在20分钟内上涨0.36%，深证成指翻红0.66%，创业板指一度冲高 1.5%。 日本日经225指数收盘上涨1.03%，韩国KOSPI指数上涨0.98%。 同一时间，现货黄金从4340美元快速跌至4319美元附近，白银则逆 势拉升逼近66美元/盎司。 这种同步异动的背后，是日本央行在当天上午公布的货币政策决议。 日本央行将政策利率从0.5%上调至0.75%，创下30年来最高水平。 央 行行长植田和男在发布会上表示，如果经济和物价按预期发展，未来将继续提高利率。 令人意外的是，这次加息并未引发市场恐慌。 相反，亚太股市出现集体飘红。 全市场超过4400只个股上涨，沪深两市成交额达到1.75万亿 元，较前一日放量719亿元。 可控核聚变板块成为最大赢家。 王子新材开盘一字涨停，连续第2日封板；百利电气在7分钟内直线涨停；宏微科技20%涨停，常辅股份涨 超16%。 板块指数盘初一度大涨逾3%，创历史新高。 引爆行情的是特朗普媒体与科技集团的一则公告。 该集团同意以全股票交易方式与核聚变能源企业TAE科技公司合并，交易总价值超过60 亿美元。 ...

南方财经12月19日电，中国铀业12月19日在互动平台表示，公司已同中国核电签署了长贸协议，约定向 中国核电下属核电公司供应天然铀。 ...

Core Viewpoint - The energy supply situation in China is stable, with sufficient resources to meet the demands of winter heating and power generation, supported by both traditional and clean energy sources [1][2][3] Traditional Energy Supply - Coal remains a critical component of China's energy security, with daily coal production reaching 75,000 tons and a maximum coal stockpile exceeding 350,000 tons, ensuring supply stability during extreme winter weather [1] - The National Energy Group has implemented an emergency supply mechanism, delivering over 11 million tons of coal and generating over 21 billion kilowatt-hours of electricity since December [2] Clean Energy Projects - Significant clean energy projects are being launched, including the 800 MW offshore wind project in Jiangsu, which is expected to power 1.4 million households and reduce carbon emissions by approximately 2.37 million tons [2] - The successful grid connection of the second unit of the Zhangzhou Nuclear Power Plant marks a milestone in nuclear energy development, contributing to the overall energy supply [3] Power Grid Enhancements - The completion of the ±800 kV UHVDC transmission project in Hubei will enable the transmission of approximately 40 billion kilowatt-hours of clean electricity annually, equivalent to replacing 12 million tons of standard coal and reducing carbon emissions by 30 million tons [3] - The State Grid has 82 key projects aimed at enhancing power supply capacity by over 30 million kilowatts, ensuring reliable electricity supply during peak winter demand [4] Resilience in Power Supply - To improve the resilience of the power supply system, it is essential to enhance the accuracy of renewable energy forecasting, apply digital technologies across various sectors, and optimize the efficiency of UHV transmission channels [5]

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure marks a significant milestone in China's commitment to opening up its economy, enhancing its role in global economic integration and cooperation [2][23][25]. Group 1: Policy and Economic Impact - The full closure of the Hainan Free Trade Port introduces a new regulatory framework, transforming the entire island into a customs supervision special area, which allows for "first-line" liberalization and "second-line" regulation [3][10]. - The "zero tariff" policy has significantly increased the proportion of zero-tariff goods to 74%, covering most production equipment and raw materials, which is expected to provide substantial financial benefits to enterprises [6][22]. - The new policies are designed to lower production costs for companies, facilitating the transformation and upgrading of the processing and manufacturing industries in Hainan [8][9]. Group 2: Development Opportunities - The Hainan Free Trade Port is positioned as a key player in promoting high-quality development and contributing to the national development framework, with a focus on innovative industries such as deep-sea, aerospace, and seed industries [18][19]. - The port's policies are expected to attract high-end manufacturing, biomedicine, and digital economy sectors, enhancing the region's economic vitality and production capabilities [19][27]. - Hainan has already seen significant foreign investment, with actual foreign capital utilization reaching 102.5 billion yuan over the past five years, indicating a growing interest from global investors [27]. Group 3: Regional and Global Integration - The Hainan Free Trade Port serves as a crucial hub for regional cooperation, facilitating cross-province industrial parks and enhancing collaboration with major economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area [20][26]. - The port's strategic location and improved logistics are expected to strengthen trade links with ASEAN, South Asia, and the Pacific regions, positioning Hainan as a vital platform for regional cooperation [26][27]. - The launch of the "Coconut Express" from Indonesia to Hainan is set to significantly reduce shipping times, further integrating Hainan into global supply chains [26].