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2.3亿元，游资资金净 流出合计3883.43万元，散户资金净流入合计2.68亿元。成份股资金流向详情见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300049 | 福瑞股份 | | 873.23万 | 2.82% | -535.97万 | -1.73% | -337.26万 | -1.09% | | 300633 开立医疗 | | | 665.36万 | 9.27% | -657.32万 | -9.16% | -8.04万 | -0.11% | | 002044 | 美年健康 | | 542.62万 | 2.25% | -187.12万 | -0.78% | -355.50万 | -1.48% | | 301367 | 瑞迈特 | | 377.16万 | 4.70% | -304.43万 | -3.79% ...

| 汽车 | 1186.87 | -3.03 | -0.25 | | --- | --- | --- | --- | | 建筑装饰 | 388.40 | -3.17 | -0.81 | | 家用电器 | 364.23 | -4.21 | -1.14 | | 电力设备 | 2154.34 | -4.91 | -0.23 | | 医药生物 | 1640.85 | -5.1 1 | -0.31 | | 电子 | 3600.48 | -6.81 | -0.19 | | 基础化工 | 988.44 | -9.1 1 | -0.91 | （文章来源：证券时报网） 12月5日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 计算机 | 1785.70 | 9.99 | 0.56 | | 国防军工 | 828.78 | 5.19 | 0.63 | | 机械设备 | 1302.23 | 4.38 | 0.34 | | 银行 | 758.49 | 3.25 | 0.43 | | 非银金融 | 1856.60 | 3 ...

权益守成待机，债券缘何下跌？ 2025 2025年年1212月月11日日-2025 -2025年年1212月月55日日 基金投顾观点 本周A股市场略有回升，债市走弱，黄金高位震荡，美股小幅上涨。具体来看，市场有以下几个重要方面： 本周A股市场略有回升，但沪深两市日均成交金额延续回落，上证指数仍未修复11月21日的跳空 缺口，A股市场处于10月高点与11月低点间进行震荡整理。申万一级行业上，有色金属、通信、 国防军工行业涨幅居前，传媒、房地产、美容护理跌幅居前。本周国证价值上涨1.19%，国证成 长上涨1.62%，成长风格占优。恒生指数上涨0.87%，万得全A上涨0.72%，港股表现略强于A 股。 债市方面，本周适逢月初资金面整体均衡偏松，债市下跌为主，利率债表现弱于信用债，超长 债大幅走弱，国债期货同步走弱，预计纯债基金收负。基本面上，从目前披露的经济数据来 看，基本面修复动能仍然偏弱。资金面上，本周适逢月初，资金面整体均衡偏松。情绪面上， 市场对于十五五规划及财政发力有一定预期，进而延伸到对于长债供给的担忧，叠加公募新规 仍尚未定论，市场情绪较为脆弱。 商品方面，COMEX黄金本周高位震荡，外盘和沪金呈现" ...

Core Viewpoints - The report indicates a strengthened expectation for a market style shift towards mid-cap blue chips, with investment opportunities identified in the consumer, cyclical, and manufacturing sectors of mid-cap blue chips [3][13]. Market Analysis - The market continues its rebound, with recent news regarding adjustments to insurance companies' stock investment risk factors and comments from Chairman Wu Qing reinforcing the trend of index fluctuations. This combination of lower risk assessments, a slight increase in risk-free rates, and a convergence of risk preferences towards the middle suggests ongoing investment opportunities in companies with moderate risk profiles [4][14]. - The risk assessment is expected to decline as Chairman Wu's remarks paint a more stable and predictable long-term development outlook, alleviating investor concerns about the long-term prospects of the Chinese capital market. Additionally, the adjustment of risk factors for insurance companies reduces the capital occupation cost for investing in A-shares, encouraging greater equity asset allocation [4][14]. - There is a potential slight increase in risk-free rates as insurance companies may shift more funds from fixed-income assets to stocks, which could support the risk-free rate due to improved expectations for the capital market's efficiency in serving the real economy and new productive forces [4][14]. Industry Comparison - From March 2023 to the present, the market has consistently anticipated a trend towards technology and dividends. The report suggests that the current market style of extreme risk is nearing its end, with future investment opportunities likely to be found in stocks with moderate risk characteristics. The mid-cap blue chip market, which has been dormant for four years, is expected to rise again [6][16]. Industry Allocation - Investment opportunities are identified in mid-cap blue chips across three main lines: 1. The consumer sector, which has been underperforming for years, is approaching a turning point. Many consumer stocks are undervalued, and supply constraints may lead to price increases. Focus areas include mid-sized liquor companies, restaurant supply chains, snacks and beverages, home appliances, hotels, human resources, and beauty care [7][17]. 2. The cyclical sector is experiencing a revaluation driven by technological empowerment and supply constraints. Attention is drawn to new materials and strategic metals (such as antimony and rare earths), industrial metals (copper and aluminum), and traditional commodities like live pigs and rubber, which are seeing improved supply-demand dynamics [7][17]. 3. The manufacturing sector is shifting from "dream narratives" to "reality verification." Investment in this sector should focus on validating orders and revenues rather than speculative stories. Key areas include communications, electronics, power equipment, and machinery, which are expected to show consistent performance [7][17]. Thematic Investments - The report highlights several thematic investment areas: 1. Aerospace satellites: There is market divergence regarding the progress of the satellite industry next year, with expectations for continuous event catalysts related to reusable rockets, which could significantly boost industry development. The pace of industry IPOs is expected to accelerate, with opportunities in satellite constellation networking, satellite bidding, commercial rockets, and terminal applications [8][18]. 2. Upstream price increases: Supply constraints and structural demand growth are expected to provide price elasticity for related products, particularly in the upstream of the new energy industry, chemicals, and non-ferrous metals [8][20]. 3. Semiconductor expansion and domestic substitution: Domestic wafer fabs are anticipated to expand next year, and the capitalization processes of domestic memory chip leaders are progressing. Attention should be given to domestic chip manufacturers, equipment suppliers, and semiconductor materials for domestic substitution [8][20]. 4. Artificial intelligence: Recent market divergences have been digested, and expectations for industry development are likely to continue rising, with a focus on robotics and computing power [8][20].

Investment Rating - Investment rating: Positive (maintained) [3][4] Core Viewpoints - The report highlights that online spending on Black Friday in the U.S. reached a record $11.8 billion, a year-on-year increase of 9.1%, although the number of items purchased decreased due to rising prices [4] - The report suggests focusing on emerging consumer brands that resonate with the new consumption concepts of younger generations, emphasizing the importance of understanding these narratives for investment opportunities [4][15] - The report notes that "Yujian Xiaomian," a Chinese noodle restaurant chain, has expanded its product offerings and achieved a revenue of 703 million yuan in the first half of 2025, representing a year-on-year growth of 33.8% [4] Summary by Sections Industry Performance - The new consumption sector saw a weekly performance decline, with the beauty care sector down 2.00%, the retail sector down 0.83%, and the social services sector down 0.65% during the week of December 1 to December 5, 2025 [7] Key Industry Data - In October, retail sales for clothing and textiles in China increased by 6.3% year-on-year, while cosmetics retail sales rose by 9.6% [10][17] - Jewelry retail sales saw a significant increase of 37.6% year-on-year in October [17] - Beverage retail sales also grew by 7.1% year-on-year in October [17]

Group 1 - The article emphasizes the importance of boosting consumer spending as a key macroeconomic policy direction for 2026 and beyond, with specific policy spaces identified for short, medium, and long-term strategies [1][4][5] - Short-term policy measures include extending and expanding direct subsidies, consumer loan interest subsidies, and implementing paid staggered vacations to enhance consumer experience and demand [1][2][3] - Medium-term strategies focus on accelerating consumption tax reform, upgrading consumption infrastructure, leveraging new technologies for product and scene development, and promoting employment-friendly development [4][5] - Long-term perspectives involve improving income distribution systems, enhancing social security, and optimizing consumption through population growth and international demand activation [5][6] Group 2 - The article discusses the impact of the anticipated U.S. interest rate cuts on global markets, leading to a risk-on sentiment and a recovery in stock prices, particularly in technology and materials sectors [6][7][8] - Despite a mixed U.S. economic data landscape, market sentiment remains optimistic, with expectations of a 25 basis point rate cut by the Federal Reserve in December [7][15] - The article highlights the performance of various asset classes, noting a significant rise in copper prices and a stable demand for gold, while U.S. Treasury yields have shown volatility [9][10][12] Group 3 - The article outlines recent policy changes in housing provident fund regulations aimed at supporting housing consumption, including increased withdrawal limits and expanded usage scenarios [27][28][29] - It notes that various regions are implementing measures to optimize housing fund policies, aligning them with population policies and enhancing support for high-quality housing [27][28][29] - The article also mentions the broader context of economic recovery efforts, including the promotion of durable goods consumption and the integration of artificial intelligence in consumer sectors [35][36]

来源：光大证券 本周A 股市场出现回暖 受市场风险偏好抬升影响，本周A 股市场出现上涨。受市场情绪好转、风险偏好抬升影响，本周A 股市 场出现上涨，主要宽基指数大多上涨。在主要宽基指数中，创业板指表现最好，涨跌幅为1.9%，而科 创50 表现最差，涨跌幅为-0.1%。 目前万得全A 估值处于2010 年以来85.7%分位数。 行业方面，有色金属、通信、国防军工表现相对较好。分行业来看，本周申万一级行业涨跌互现。有色 金属、通信、国防军工等行业表现相对较好，涨跌幅分别达到了5.3%、3.7%、2.8%。相比之下，传 媒、房地产、美容护理等行业表现相对靠后，涨跌幅分别达到了-3.9%、-2.2%、-2.0%。 本周重要事件 政策及会议方面，国家航天局设立商业航天司、特朗普或于明年初公布新任美联储主席提名人选等。国 家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管机 构；美国总统特朗普12 月2 日在白宫举行的内阁会议上说，他很可能在2026 年初公布下任美国联邦储 备委员会主席提名人选。 经济数据方面，国内11 月PMI 数据公布、美国11 月"小非农"数据公布。11月份我 ...

本周，全球主要金融市场在宽松预期与风险偏好同步修复的背景下普遍上涨。A股市场走出结构性震荡 上行行情，成长风格显著领跑。美股三大指数集体收高，纳斯达克指数以0.91%的涨幅领先。亚太市场 同步回暖，日经225指数上涨0.47%。港股表现亮眼，恒生指数与恒生科技指数分别上涨0.87%和 1.13%，南向资金持续流入，反映出资金对港股核心资产的配置意愿。 聚焦A股，市场本周呈现震荡上行与结构分化并存的格局。主要指数虽全线收涨，但内部分化显著。 截至12月5日，创业板指以1.86%的周涨幅领跑，深证成指、万得全A和上证指数分别上涨1.26%、 0.72%和0.37%。 市场情绪在周五迎来关键转折，全天超4300只个股上涨，成交额显著放量至1.74万亿元，创下近期高 位。非银金融与有色金属板块强势发力，带动上证指数重返3900点上方。 驱动本周行情演变的逻辑清晰可辨：一是政策预期构成核心支撑，市场对即将召开的中央经济工作会议 抱有"稳增长"期待；二是产业与事件催化提供方向，全球铜价大涨强化了资源股逻辑，险资新政则利好 金融板块；三是市场情绪在周五显著回暖，主力资金结束连续四日净流出，转为净流入。 展望下周，市场将进入 ...

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]

证券之星消息，12月5日，深港通医疗（983035）指数报收于4509.21点，涨0.83%，成交69.36亿元，换 手率0.85%。当日该指数成份股中，上涨的有39家，健康之路以7.52%的涨幅领涨，下跌的有16家，一脉 阳光以13.68%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% | 202.39 | 1.20% | | 2453.86 | 医药生物 | | sz300015 | 爱尔眼科 | 11.62% | 11.30 | 0.62% | | 1053.77 | 医药生物 | | sz300003 | 乐普医疗 | 4.85% | 15.83 | 1.09% | | 291.81 | 医药生物 | | sz300896 | 爱美客 | 4.80% | 142.97 | 1.82% | 1 | 432.62 | 美容护理 | | ...