Market Overview - The Shanghai Composite Index increased by 0.11% today, with a trading volume of 1,004.34 million shares and a transaction value of 17,424.85 billion yuan, representing a 0.72% increase compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Oil and Petrochemicals: Up by 2.43%, with a transaction value of 162.59 billion yuan, led by Tongyi Co., which rose by 10.01% [1]. - Machinery Equipment: Increased by 1.38%, with a transaction value of 1,591.32 billion yuan, led by Buke Co., which surged by 20.00% [1]. - Automotive: Gained 1.35%, with a transaction value of 949.77 billion yuan, led by Tsinghua Technology, which rose by 30.00% [1]. - The worst-performing industries included: - Commercial Retail: Decreased by 1.66%, with a transaction value of 298.04 billion yuan, led by Baida Group, which fell by 10.00% [2]. - Social Services: Down by 1.13%, with a transaction value of 104.28 billion yuan, led by Tian Su Measurement, which dropped by 15.65% [2]. - Real Estate: Fell by 1.02%, with a transaction value of 180.88 billion yuan, led by Suzhou High-tech, which declined by 6.88% [2].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook based on recent developments in the duty-free retail sector and domestic dairy industry [1]. Core Insights - The duty-free retail sales in Hainan have significantly increased following the implementation of the duty-free policy, with sales amounting to 1.1 billion yuan during the first week of operation, reflecting a year-on-year increase of 54.9% [3][15]. - The EU's preliminary anti-subsidy investigation into dairy products has led to the imposition of temporary anti-subsidy tax measures, which are expected to increase the import costs of EU dairy products, thereby benefiting domestic dairy producers [3][15]. - The consumer sector showed mixed performance in the last week of December, with textile and apparel, home appliances, and retail sectors showing positive growth, while food and beverage, social services, and beauty care sectors experienced declines [3][13]. Summary by Sections Market Weekly Review - The consumer sector exhibited varied performance, with textile and apparel (+0.61%), home appliances (+0.54%), and retail (+0.16%) showing gains, while food and beverage (-0.56%), social services (-1.05%), and beauty care (-1.08%) faced declines [3][5]. - Notable stock performances included Anji Food (+29.65%), Feike Electric (+24.57%), and Jujie Microfiber (+35.46%) leading the gains, while Huanle Home (-16.35%) and China High-Tech (-26.02%) were among the biggest losers [3][13]. Industry News and Key Company Announcements - The duty-free shopping in Hainan has shown a robust growth trend, with significant increases in shopping amounts and visitor numbers following the policy implementation [15][16]. - The report highlights the launch of the first Pop Mart store in the Philippines, indicating expansion into international markets [18]. - The report also notes various company announcements, including changes in housing policies in Beijing aimed at easing home purchase conditions for non-local families [18].

【深圳商报讯】（记者 钟国斌）今年以来，南下资金大举加仓港股，年内净买入额突破1.4万亿港元， 远超去年全年净买入额。据同花顺数据统计，今年1月1日至12月28日，南下资金净买入额达14086.54亿 元，刷新历史纪录。自互联互通机制开通以来，南下资金通过港股通累计净买入额超5.1万亿港元。 记者统计发现，今年以来，南下资金单日净买入超百亿港元的交易日超60天，其中11个交易日南下资金 单日净买入超200亿港元。8月5日南下资金净买入358.76亿港元，为史上单日净买入最高金额。 从净买入股票来看，近一年来，南下资金净买入前十名分别为阿里巴巴、美团-W、建设银行、腾讯控 股、小米集团、中国移动（600941）、中芯国际、快手-W、南方恒生科技、中国海油（600938），净 买入额介于1795.11亿港元至101.74亿港元之间。其中，前三名净买入额分别为1795.11亿港元、726.49亿 港元、323.19亿港元。 从净卖出股票来看，近一年来，南下资金净卖出前十名分别为华虹半导体、舜宇光学科技、新华保险 （601336）、潍柴动力（000338）、ASMPT、比亚迪（002594）电子、中国石油、汇量科技、 ...

市场分析 企业利润下滑。宏观方面，全国政协十四届四次会议将于2026年3月4日在北京召开，十四届全国人大四 次会议将于3月5日召开，审查"十五五"规划纲要草案列入2026年全国人代会建议议程。数据方面，1-11 月份，全国规模以上工业企业实现利润总额66268.6亿元，同比增长0.1%；11月份，规模以上工业企业 利润同比下降13.1%。海外方面，美国第三季度实际GDP初值年化季环比大幅增长4.3%，远超市场预期 的增长3.3%，增速创两年来最快。 作者： 汪雅航 来源：华泰期货 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 股指上行。现货市场，A股三大指数连续上行，上证指数收盘涨1.88%收于3963.68点，创业板指涨 3.90%。行业方面，板块指数涨多跌少，有色金属、国防军工、电力设备、电子行业领涨，美容护理、 社会服务、银行行业跌幅居前。日均成交额回升至1.95万亿元，两融余额增加超400亿元。央行发布 《中国金融稳定报告（2025）》指出，下一步，证监会等相关部门将着力健全有利于"长钱长投"的制度 政策环境，显著提高各类中长期资金实际投资A股的规模和比例；多措并举推动上市公司质量 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周A股表现亮眼 本周A股主要宽基指数普遍收涨。从主要宽基指数来看，本周A股主要宽基指数普遍收涨，中证500、创业 板指、中小100涨幅相对较大，上证50、上证指数、沪深300涨幅相对较小。从估值来看，当前科创50、万 得全A等指数估值分位数相对偏高，截至2025年12月26日，其2010年以来PE(TTM)分位数均高于85%。 本周小盘成长风格占优，申万一级行业走势分化，有色金属、国防军工等行业涨幅靠前，而美容护理、社 会服务等行业跌幅居前。从市场风格来看，本周仅大盘价值小幅收跌，其余风格指数均收涨，小盘成长涨 幅靠前。行业方面，本周申万一级行业走势分化，有色金属、国防军工、电力设备、电子涨幅居前，美容 护理、社会服务、银行 ...

转自：南京晨报 晨报讯（南京晨报/爱南京记者 许崇静）各行业板块表现如何？南京证券研究员周正峰指出，行业层面 来看，申万一级行业涨多跌少，其中有色、军工、电力设备及电子板块涨幅居前，有色板块表现强势， 军工板块整体走强，储能及电池产业链走强带动电力设备板块的表现较优，半导体、PCB及光模块等细 分子行业再度上行；美容护理、社会服务、银行及煤炭等消费和稳定类板块跌幅靠前，不过整体跌幅并 不大。题材方面，近期玻纤、锂电电解液、覆铜板、海南自贸港、光伏玻璃、射频天线以及卫星互联网 等相关概念表现较为强势。 具体操作和配置上，建议保持一定的仓位参与做多，直到上方压力证真，而配置方向上优先关注景气确 定性较强的成长板块，如AI算力建设相关的硬件、电源和液冷等，国产半导体设备及材料以及处于相 对低位的创新药、人形机器人等板块，而题材类也要注意后期的风险，等待更安全的位置介入。有色等 周期板块继续关注明年产业逻辑顺畅、供需格局好转的工业金属、能源金属等，贵金属板块短期商品价 格和股价开始出现回归，关注商品价格过于拥挤后的风险释放，不宜过度追高。贝塔属性较强的非银金 融板块可适当关注，消费板块仍主要关注可选消费细分板块。（以 ...

消费复苏态势延续；把握景气及顺周期 --商社行业2026年度投资策略 证券分析师 姓名：丁一 S1350524040003 行业评级：看好（维持） 证券研究报告|行业专题报告 商贸零售 2025年12月28日 主要内容 1. 2025年行业发展回顾 2. 2026年行业机会展望 3. 重点标的 4. 风险提示 请务必仔细阅读正文之后的评级说明和重要声明 n 2025年行业发展回顾 n 风险提示 Ø 经济环境表现不及预期；行业竞争加剧风险；出海政策风险；品牌力下降风险。 2 dingyi@huayuanstock.com Ø 社服、零售板块涨跌幅表现弱于沪深300指数，社服板块涨跌幅好于零售板块 Ø 黄金珠宝：金银珠宝零售总额高增，或主要受益于金价高涨；消费趋势看，黄金珠宝情绪价值驱动消费，珠宝品牌出海进行时 Ø 餐饮行业：餐饮供给端或进入理性增长阶段；消费趋势看，餐饮连锁化率预计持续提升，性价比消费趋势凸显 Ø 出行链：出行端持续复苏，节假日出行需求旺盛；细分表现看，海南离岛免税额9-10月增速转正；博彩端景气度较高 n 2026年行业机会展望 Ø 方向一——消费复苏态势延续：1）关注高端消费中免税、博彩、酒 ...

01 主题：茶饮板块更新&茶饮龙头新动作背后的思考 时间： 12月29日（周一）15 : 00 主讲：郭梦婕 食饮首席分析师 林叙希 食饮分析师 参会密码：882583 02 主 题：新能源龙头的新机会系列之5 时间：12月30日（周二）15 : 30 主讲： 刘强 院长助理&电新首席分析师 参会密码： 781535 03 主 题：电子行业1月投资观点更新 时间： 12月31日（周三）15 : 00 主讲： 张世杰 电子首席分析师 参会密码： 181319 04 主题： 行业配置模型回顾与更新系列（十九） 时间： 1月4日（周日）9 : 00 主讲： 刘晓锋 金工首席分析师 参会密码： 951676 05 主题：人形机器人飞轮启动，2026爆款时刻元年 时间： 1月7日（周三）15 : 30 主讲：刘虹辰 汽车首席分析师 参会密码：713893 ER 17 梦 設 nx 婷 行业首席分析 上分析 IIT 识别二维码立即参会 06 主题： 社服行业近况更新 时间：1月9日（周五）15:00 主讲： 王湛 社服分析师 参会密码： 981559 会议号码: +86-4001888938 (中国) +86-01053 ...

Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Group 1: Macro Retail and Service Consumption - Retail data shows that essential goods maintain resilience while optional goods exhibit differentiated performance, with social retail growth slightly slowing down due to high base effects from government subsidies [10][16] - Service retail continues to show strong growth, with a year-on-year increase of 5.4% from January to November 2025, outpacing overall social retail growth [10][18] - Travel demand is steadily releasing, with domestic tourism numbers reaching 4.85 trillion yuan, a year-on-year increase of 11.5% [18][20] Group 2: E-commerce Sector - E-commerce maintains a steady growth rate, with online retail sales of physical goods increasing by 5.7% year-on-year, surpassing the overall social retail growth [13][25] - The penetration rate of e-commerce continues to rise, reaching 25.9% of total social retail sales by November 2025, an increase of 3.6 percentage points since the beginning of the year [13][25] - The competitive landscape in e-commerce is easing, with platforms like Taobao and JD.com focusing on maintaining stable growth rather than aggressive price competition [28][36] Group 3: Retail Focus on Downstream Markets - The focus is on the resilience of consumption in lower-tier markets, with recommendations for bulk snack retailers and the "锅圈" brand, which excels in the home dining sector [5][31] - The bulk snack market is characterized by low prices and high turnover, effectively meeting consumer demand for snacks [5][31] - "锅圈" is positioned as a leader in the home dining market, leveraging its multi-channel advantages and strong supply chain [5][31] Group 4: Service Sector Recovery - The hotel industry is stabilizing with a recovery in demand, and recommendations include Huazhu Group and Atour Hotel [5][31] - The OTA sector is experiencing stronger leisure demand compared to business travel, with international business continuing to grow rapidly [5][31] - Policies aimed at boosting service consumption are expected to further stimulate demand in the travel and hospitality sectors [23][24] Group 5: Investment Recommendations - Recommended companies include Alibaba, Meituan, Pinduoduo, JD.com, and Didi Chuxing for their strong fundamentals and low valuations [2][3] - The report highlights the potential for growth in the e-commerce and service sectors, driven by favorable policies and market dynamics [5][23]