Market Overview - On December 15, the A-share market experienced a slight consolidation after reaching resistance, with the Shanghai Composite Index encountering resistance around 3896 points[2][3] - The Shanghai Composite Index closed at 3867.92 points, down 0.55%, while the Shenzhen Component Index fell 1.10% to 13112.09 points[7][8] - Total trading volume for both markets was 17,945 billion yuan, above the median of the past three years[3][14] Sector Performance - Strong performers included insurance, securities, food and beverage, and aerospace industries, while shipbuilding, energy metals, semiconductors, and consumer electronics lagged[3][7] - Over 50% of stocks in the two markets declined, with notable gains in insurance, commercial retail, and food and beverage sectors[7][9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices were 15.97 times and 49.26 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][14] Economic Outlook - The central economic work conference set a tone of "more proactive" economic policies for the upcoming year, while the Federal Reserve's interest rate cuts have led to fluctuating expectations for future easing[3][14] - The domestic economy is in a state of moderate recovery, but the foundation still needs strengthening, supporting the current upward trend in A-shares[3][14] Investment Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy directions[3][14] - Short-term investment opportunities are suggested in aerospace, food and beverage, insurance, and securities sectors[3][14]

Economic Overview - Domestic consumption remains weak, with overall commodity consumption showing poor performance and automotive sales cooling down[4] - Infrastructure investment continues to slow, with new housing transactions marginally declining[4] - M1 growth rate fell to 4.9% in November, down from 6.2% in the previous month, indicating a tightening liquidity environment[11] Market Trends - Global risk appetite is cooling, with precious metals outperforming other asset classes; gold prices increased by 2.2%[5] - Emerging market stocks rose by 1.0%, while developed market stocks saw a slight decline of 0.3%[5] - The Shanghai Composite Index rose by 0.3%, while the Hang Seng Index increased by 0.2%[5] Sector Insights - The automotive sector is expected to see heavy truck sales reach 720,000 units in 2026, with overall wholesale sales projected at 1.09 million units, a year-on-year decrease of 3%[39] - Steel production decreased to 8.06 million tons, down 2.83% week-on-week, while total inventory fell by 33.5% to 13.32 million tons[41] Policy and Strategy - The central government emphasizes the need for proactive fiscal policies to stabilize investment and consumption, with a focus on boosting domestic demand[30] - The upcoming economic policies are expected to support sectors like technology, energy, and consumption, with a particular focus on AI applications and green energy initiatives[19]

盘面上，官方称力争明年实现生娃基本"不花钱"，乳业股走高，皇氏集团(002329)、阳光乳业等多股涨 停；保险板块走强，中国平安(601318)涨近5%；商业百货板块拉升，东百集团(600693)涨停；钢铁出口 许可证新政发布，钢铁板块活跃，抚顺特钢、太钢不锈(000825)双双涨停；工业气体、贵金属及空间站 概念等涨幅居前。另外，CPO概念下挫，跃岭股份(002725)跌停；船舶制造板块走低，江龙船艇 (300589)跌近9%；激光雷达板块走弱，仕佳光子跌逾10%；AI手机、重组蛋白、汽车芯片及培育钻石等 板块跌幅居前。(格隆汇) | 上证指数 | 深证成指 | 北证50 | | --- | --- | --- | | 3867.92 | 13112.09 | 1431.95 | | -21.42 -0.55% -146.24 -1.10% -15.74 -1.09% | | | | 科创50 | 创业板指 | 万得全A | | 1318.91 3137.80 6227.42 | | | | -29.97 -2.22% -56.56 -1.77% -39.64 -0.63% | | | | 沪深300 中证 ...

12月15日，A股三大股指低开高走冲高回落，全天整体呈现倒"V"型走势，截止收盘，沪指跌0.55%报 3867.92点，深成指跌1.1%报13112.09点，创业板指跌1.77%报3137.8点，科创50指数跌2.22%报1318.91 点，全市场成交额1.79万亿元，较前一交易日缩量3246亿元，超2900股下跌。 盘面热点快速轮动，大消费方向大涨，其中白酒概念活跃，中锐股份2连板；乳业概念快速拉升，皇氏 集团、阳光乳业涨停；零售表现强势，百大集团、广百股份涨停。保险板块走强，中国平安涨近5%创4 年多新高；钢铁板块活跃，抚顺特钢、太钢不锈双双涨停；商业航天概念延续活跃，华菱线缆、中超控 股双双3连板；CPO概念下挫，跃岭股份跌停；船舶制造板块走低，江龙船艇跌近9%；激光雷达板块走 弱，仕佳光子跌逾10%；影视院线概念下挫，博纳影业跌停；算力硬件概念走弱，长飞光纤触及跌停。 热点板块 白酒板块反弹 白酒板块反弹，皇台酒业领涨，酒鬼酒、古井贡酒、舍得酒业等跟涨。 消息面上，12日晚间，有消息人士称，贵州茅台近期将推出一个涵盖短期和中长期的控量政策。短期方 面，贵州茅台在12月内停止向经销商发放所有茅台产品；中 ...

A股三大指数今日集体走低，截至收盘，沪指跌0.55%报3867.92点，深证成指跌1.1%，创业板指跌1.77%，科创50指数跌2.22%。全市场成交额1.79万亿元， 较前一交易日缩量3246亿元，超2900股下跌。 涨幅榜 资金净流入 5日涨幅ł 保险 林木 软饮紫 +2.229 +4.31% +4.24% 石油化: 化纤行业 零售 +1.56° +1.79% +1.86% 盘面上，官方称力争明年实现生娃基本"不花钱"，乳业股走高，皇氏集团、阳光乳业等多股涨停；保险板块走强，中国平安涨近5%；商业百货板块拉升， 东百集团涨停；钢铁出口许可证新政发布，钢铁板块活跃，抚顺特钢、太钢不锈双双涨停；工业气体、贵金属、食品饮料及空间站概念等涨幅居前。另外， CPO概念下挫，跃岭股份跌停；船舶制造板块走低，江龙船艇跌近9%；激光雷达板块走弱，仕佳光子跌逾10%；AI手机、重组蛋白、汽车芯片及培育钻石 等板块跌幅居前。(格隆汇) | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3867.92 | 13112.09 | 1431.9 | | -21.42 -0.55% -146. ...

2025.12.15 本文字数：2655，阅读时长大约4分钟 作者 |第一财经 黄思瑜 "并购六条"落地以来，A股并购重组活跃度提升了多少？ 行至年末，"并购六条"也即将走过第一个完整自然年度。以沪市为观测窗口，全年新增各类资产并购超 800单，同比增加11%，其中重大资产重组90单，同比增长55%。 产业并购和股东注资型交易，成为最主要方向。 上交所数据显示，2025年沪市新增的重大资产重组中，产业并购超五成、大股东注资占两成。同时，六 成标的属于新质生产力行业、硬科技属性较强，集中在半导体行业、汽车产业链等行业。 各类标志性、创新型、示范性案例也渐次落地：多个"首单"落地，包括首单跨界并购实现并表、首单收 购未盈利资产、首单多元化支付等；大规模吸收合并交易方兴未艾，A吸A、港吸A频现；创新型跨境 并购交易不断涌现。 "这一轮并购呈现出做优存量的态势，包括地方政府、标的公司、各类企业等各方都开始转变思路，更 注重质量提升和长期价值，这是我们观测到的一个生态的改变。"有业内人士称，并购的产业整合和转 型升级逻辑被不断强化，成为高质量发展的"硬抓手"；价值聚焦重于规模优先的市场共识不断凝聚，成 为良好并购生态的 ...

新闻聚焦 ◐ 国家能源局：能源行业重要数据、能源行业核心数据的处理者应建立数据安全工作体系。 12月12日，国家能源局发布的《能源 行业数据安全管理办法（试行）》指出，能源数据处理者开展数据处理活动，应建立健全数据安全管理制度，明确数据全生命周期 各环节的管理要求；定期组织开展能源行业数据安全知识和技能教育培训。能源行业重要数据、能源行业核心数据的处理者应建立 数据安全工作体系，加强人员和经费保障，并配合有关部门开展监督检查工作。 【更多详情】 ◐两部门：用好绿色金融政策支持绿色工厂建设。 12月12日，工信部、中国人民银行发布的《关于用好绿色金融政策支持绿色工 厂建设的通知》指出，重点支持国家绿色工厂采用中国人民银行等三部门《绿色金融支持项目目录（2025年版）》以及国家有关部 门政策规划、技术目录中载明的绿色低碳技术实施的投资项目，旨在提高企业能源低碳化、资源高效化、生产洁净化、产品绿色 化、用地集约化等绿色发展水平。 【更多详情】 国内新闻 ◐ 2030年我国天然气产量将达3000亿立方米。 据央视新闻12月14日报道，《中国油气行业"十四五"发展成就报告》显示，中国正 加速迈向现代油气产业发展新阶段， ...

年末"订单潮"的背后，是客户对恒力重工技术实力与交付能力的高度认可。此次签约的订单中，既有长期合作客户的再次复购，也有新客户的首次签约。这 不仅印证了恒力重工在船型研发上的前瞻性，也体现了其在"集、散、油、气"多类型船舶批量化建造上的成熟体系。恒力重工依托强大的产业链优势，已实 现船用主机等核心部件的自主加工建造，手持订单排期已至2029年，强大的交付保障成为客户选择的核心原因。 近日，恒力重工凭借精准的市场洞察和敏锐的判断力，成功与希腊船东CAPITAL、AEGEAN BULK、挪威船东UTHALDEN等新老客户集中签约，一举拿 下8艘新造船订单，其中涵盖2艘LRII型成品油轮、5艘卡萨姆型散货船及1艘18万吨级好望角型散货船。这一成果不仅为恒力重工的年末"订单潮"再添重磅实 绩，也进一步巩固了其在全球航运市场的领先地位。 随着几内亚西芒杜铁矿进入规模化开采阶段，全球铁矿石等大宗商品的运输需求迎来爆发式增长。同时，油运市场也持续升温，两大趋势共同催生了航运业 对高品质船舶的迫切需求。恒力重工凭借对市场趋势的敏锐洞察，提前布局，盘活存量，成功锁定这一波全球贸易增量。 半岛晨报、39度视频首席记者张锡明 此次8 ...

Xml [Table_Title] 国防军工行业 两机和商业航天高景气持续，新兴赛道筑牢新增长极 [Table_Summary] 核心观点： [Table_Page] 投资策略周报|国防军工 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-12-14 | 识别风险，发现价值 请务必阅读末页的免责声明 1 / 18 972918116公共联系人2025-12-14 19:20:38 ⚫ 两机高景气持续，数据中心电力短缺问题突出，客机交付速率提升，看 好需求向上背景下的产能外溢机会。据科创板日报，英伟达将于下周举 办数据中心电力短缺问题峰会。据燃气轮机聚焦，GE Vernova 在年度 投资者更新会上披露，受益于燃气轮机市场的强劲需求，公司电力业务 板块订单积压持续扩大，预计 2025 年底订单积压总量将达 80 吉瓦， 交付周期延伸至 2029 年。据安徽应流集团公众号，12 月 9 日，应流股 份全资子公司应流航源与意大利安萨尔多能源公司（Ansaldo Energia） 签署《长期供应协议》，双方合作从 ...

Core Insights - The mechanical industry is showing signs of recovery after three years of stagnation, with nominal GDP growth beginning to rise since Q4 2024, positively impacting the mechanical sector [17] - Domestic demand is weak while external demand is strong, particularly in the engineering machinery sector, where exports are gradually increasing due to improvements in the European and American markets [17][19] - The investment landscape is shifting towards overseas expansion and new industries, with a focus on automation and sectors supported by government subsidies [17][19] Industry Overview - The mechanical industry is experiencing a dual trend of weak domestic demand and strong external demand, with engineering machinery showing signs of recovery but still facing a fragile foundation [17] - Domestic investment in real estate continues to decline, with a 14.7% year-on-year drop in real estate development investment from January to October 2025, while infrastructure investment growth has also slowed significantly [19][23] - The overall investment environment is expected to stabilize as the gap between domestic and foreign demand narrows, with structural opportunities in infrastructure projects like water conservancy and high-standard farmland construction [23] 2026 Domestic Outlook - The investment gap is expected to narrow, with infrastructure investment declining from high levels and real estate investment under pressure, leading to a focus on structural opportunities [19][23] - Manufacturing investment is crucial, with the core focus on PPI and inventory levels, as domestic manufacturing orders remain sluggish [26][28] - The expectation is that PPI will improve in 2026, driven by factors such as reduced internal competition and improved domestic demand [28] 2026 Overseas Outlook - The downward trend in interest rates is a significant macro narrative, with the U.S. and Europe entering a phase of fiscal expansion, which is expected to benefit Chinese manufacturing [29][38] - The global inventory levels are at historical lows, which could lead to a new investment cycle as demand recovers [35] - The second wave of globalization for Chinese manufacturing is anticipated, driven by fiscal expansion in the U.S. and Europe, and a recovery in industrial product demand [38][40] Stock Selection Strategy - The stock selection strategy for 2026 focuses on two main themes: benefiting from overseas expansion and new industries, particularly in sectors like engineering machinery and specialized equipment [44] - Key sectors include engineering machinery, shipbuilding, and high-tech equipment, with a focus on companies that are expected to maintain stable performance and low valuations [44] - Emerging industries such as AI equipment, lithium battery production, and semiconductor manufacturing are highlighted as areas of significant opportunity [44][45] Investment Recommendations - Recommended stocks include SANY Heavy Industry, XCMG, and China Shipbuilding, which are expected to perform well in the current market environment [7] - Companies in the AI and semiconductor sectors, such as Longchuan Technology and Zhongwei Company, are also recommended due to their growth potential [7] - Future-oriented assets like humanoid robots and controllable nuclear fusion are noted as areas to watch for significant industry changes [7][45]