证券时报记者 许盈 2025年收官在即，券商金股也在一波三折的年度长阳行情中脱颖而出。 数据显示，截至12月29日，今年有10家券商的金股组合取得了超过50%的亮眼收益。提早在低位挖掘相关个股并 持续向市场推荐，是不少券商斩获超额战绩的秘诀。比如，某券商自低位起连续4个月推荐新易盛，完整地吃到了 该股超4倍的涨幅。 值得一提的是，腾讯控股以每月获7家左右券商推荐的超高人气，荣登年度最热门金股。 10家券商金股收益率超50% 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规则：将券商 推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以67.47%、67%的 收益率分列第二、三名；东兴证券、华鑫证券、招商证券的金股组合也都取得了超过60%的收益率。此外，光大 证券、东莞证券、国泰海通、长城证券的金股组合，收益率均在50%以上。 近几年，经过加码发展，券商金股已成为多家券商研究所一项成熟的金牌业务——以每月一期（通常为10只股 票），展示券商最为看好的标的。作为券商月度策略 ...

Group 1 - The Beijing Future Pharmaceutical Industry Chain Research Institute has been established in Changping District, aiming to create a high-level think tank and service platform for the pharmaceutical industry, supporting collaborative innovation across the industry chain and promoting high-quality development of the pharmaceutical industry [1][3] - The establishment of the research institute is a significant measure to implement the State Council's "Action Plan for High-Quality Development of the Pharmaceutical Industry" and is a key part of supporting the development of China's pharmaceutical and health industry [1][2] - The research institute will conduct analysis of the pharmaceutical industry chain, research on industry policies, and coordinate cooperation among "industry, academia, research, medicine, and finance," providing strategic support for industry development and government decision-making [1][2][3] Group 2 - Beijing has been actively promoting the continuous enhancement of its pharmaceutical industry capabilities, focusing on major product launches, attracting significant projects, and accelerating the development of innovative drugs, aiming to create a globally influential pharmaceutical health industry innovation hub [2] - Changping District is positioned as an important area for Beijing's international science and technology innovation center, with plans to build a "Life Valley" and establish a comprehensive industrial ecosystem that includes investment, clinical trials, incubation, and parks [2] - The district currently hosts over 2,800 pharmaceutical and health enterprises, with an average annual revenue growth of 9.3% over the past three years, forming a trillion-yuan industry cluster and becoming a main battlefield for the development of Beijing's pharmaceutical health industry [2]

Core Viewpoint - The article discusses the performance of A-shares and Hong Kong stocks over the past year, indicating that they have experienced significant growth and are currently in a bull market phase, although signs suggest it may be in the later stages [3][4][8]. Group 1: Market Performance - Over the past year, A-shares and Hong Kong stocks have seen substantial increases, with the Hang Seng Index rising by 52.52% and the CSI All Share Index increasing by 60.43% [6]. - From the lowest point in September 2024 to the highest point in October 2025, the CSI All Share Index rose by 61.93%, indicating a technical bull market [8]. - As of December 26, 2025, the market has experienced a correction of approximately -6.47%, which is less severe than previous corrections in 2024 and early 2025, suggesting that A-shares remain in a bull market [8]. Group 2: Market Characteristics - The current bull market has been characterized by significant gains in small-cap and growth stocks, with some reaching overvaluation levels, indicating that the latter part of the bull market may have been reached [10]. - Dividend stocks have not seen substantial gains and may have potential for future rallies, as they have underperformed compared to broader indices [12]. - By the end of December 2025, many stocks are considered not cheap, with the market rating around 4.1 stars, indicating that while some undervalued stocks exist, many are at or above normal valuation levels [14][23]. Group 3: Market Signals - Key signals to watch in the later stages of a bull market include market valuations, with the valuation table updated daily indicating the overall market's status [16][18]. - The "Screw Star Rating" system is used to assess whether the market is cheap or expensive, with a rating of 4 stars indicating a late bull market phase where most stocks are overvalued [20][23]. - As of December 2025, the market is rated at 4.1 stars, with most stocks returning to normal valuations and very few considered overvalued [23].

Group 1 - The core objective of the price regulation is to maintain market price order during the holiday season and protect consumer rights [1] - The focus of the inspections is on essential consumer goods, particularly in the areas of rice, oil, meat, dairy, and fresh fruits and vegetables, monitoring price fluctuations comprehensively [3] - Regulatory efforts will also target high-demand holiday items such as New Year's Eve dinner reservations, premium alcoholic beverages, and cultural entertainment services, as well as tourism-related sectors like dining, accommodation, and transportation [3] Group 2 - The market regulatory authority plans to enhance price supervision during the holiday season, increase inspection efforts, and ensure effective complaint channels for consumers [5] - The aim is to respond promptly to public concerns and address any illegal pricing issues to maintain a stable market environment during the "Double Festival" period [5] - The initiative seeks to create a safe and reassuring consumption environment for the citizens of Chifeng [5]

Core Viewpoint - The Hong Kong capital market is experiencing a record-breaking IPO boom in 2025, surpassing both the New York Stock Exchange and NASDAQ, with total fundraising exceeding HKD 200 billion, driven primarily by the return of ten A-share companies with market capitalizations exceeding RMB 100 billion [3][4]. Group 1: IPO Market Dynamics - In 2025, Hong Kong is expected to complete 114 new stock listings, raising approximately HKD 286.3 billion, marking a 63% increase in the number of new listings and more than doubling the fundraising amount compared to 2023 [4]. - The IPO boom in 2025 contrasts sharply with the low activity in 2023, where the total IPO fundraising was only about HKD 46 billion, the lowest in 20 years [4]. - The resurgence began in the second half of 2024, driven by regulatory changes and a rebound in market sentiment, including a significant increase in the Hang Seng Index and the Hang Seng Tech Index [4][8]. Group 2: Sector Focus and Key Players - The IPO wave is characterized by a focus on leading companies in sectors such as new energy, biomedicine, semiconductors, and intelligent driving, with the top ten IPOs raising a total of HKD 108.6 billion, accounting for 75% of the total fundraising [4][5]. - A-share hard technology companies are the main force behind the listings, with electric equipment, electronics, and biomedicine accounting for 50% of the sector distribution [5]. - Notable IPOs include CATL, which raised HKD 41 billion, and Hengrui Medicine, which achieved a pricing premium of about 3% compared to its A-share counterpart [5]. Group 3: Market Sentiment and Investment Trends - The average oversubscription rate for Hong Kong IPOs in 2025 reached 1,675.24 times, a significant increase from the previous year, indicating strong market enthusiasm [6]. - Despite the excitement, there are concerns about the rising first-day loss rate for new stocks, which has increased to 29%, higher than the previous year's 21% [6]. - The influx of southbound funds through the Hong Kong Stock Connect reached a record net inflow of approximately HKD 1.4 trillion in 2025, reflecting renewed confidence in Chinese assets [8]. Group 4: Regulatory Environment and Future Outlook - The China Securities Regulatory Commission has introduced a five-year plan to support leading companies in raising funds in Hong Kong, streamlining the overseas listing process [8][9]. - The Hong Kong Stock Exchange has implemented significant reforms, including a new IPO pricing mechanism and reduced listing thresholds for specialized technology companies [9]. - Looking ahead to 2026, several financial institutions predict that Hong Kong's IPO fundraising could reach HKD 300 billion, with continued strong inflows of domestic and international capital [10].

回顾今年以来市场表现，有观点指出科创板有望复制创业板牛。科创板自2019年推出以来，从首批企业 上市，到板块指数新发，再到企业盈利增速见到开启板块调整，各类重要事件发生节点和背景，与当年 创业板成立后的表现极为相似。2012年随着国内经济触底回升，并购和新产业趋势发展的共振之下，创 业板在智能手机开始普及的引领下盈利增速进入上行周期。在移动互联网浪潮的带动下，创业板开启了 长达2年多的单边牛市。 在现行的制度设计下，科创板走牛的条件同样较为充分。2022年以来，全球经济下行叠加海外加息周 期，国内科技创新行业受到巨大冲击，科创板块的调整幅度周期也更深更久。进入2024下半年，伴随国 内经济筑底企稳，三中全会再次重申"新质生产力"战略发展的大方向。来到当下，"十五五"规划将"科 技自立自强水平大幅提高"列入"十五五"时期经济社会发展的主要目标，并将"加快高水平科技自立自 强，引领发展新质生产力"作为战略任务进行专章部署。 Wind数据显示，截至2025年12月26日，目前共有13只ETF追踪科创100指数，其中鹏华科创100ETF(基 金代码：588220)优势尤为凸显。从近1年来看，该基金日均成交额3.26亿 ...

Core Viewpoint - The performance of the Huafu Medical Innovation Mixed Fund A has significantly declined since its inception, primarily due to poor market timing and management decisions, leading to a net value drop of over 22% within four months of establishment [1][4]. Group 1: Fund Performance - The Huafu Medical Innovation Mixed Fund A has a net value of 0.745 yuan as of December 29, with a cumulative decline of 25.5% since its inception [1]. - The fund's performance is notably weaker than its benchmark, indicating a potential deviation in investment strategy [2]. - The fund was launched at a time when the pharmaceutical sector was entering a downturn, which contributed to its poor performance [4]. Group 2: Management and Strategy - The fund manager, Liao Qingyang, has only four years of experience and manages a relatively small fund size of 276 million yuan, which is considered insufficient for effective risk management [5][6]. - The fund's aggressive investment strategy during a market downturn led to significant losses, as the manager failed to accurately assess market conditions [4][6]. - The fund's heavy concentration in high-volatility pharmaceutical stocks exacerbated its risk exposure, resulting in substantial declines in value [7]. Group 3: Company Issues - Huafu Fund has experienced significant talent turnover, with key personnel leaving, which negatively impacts its research and investment capabilities [8]. - The average tenure of fund managers at Huafu Fund is only 2 years and 225 days, indicating high staff turnover and potential instability in investment strategies [9]. - The combination of poor market timing, inexperienced management, and inadequate company support has collectively contributed to the fund's underperformance [9].

Group 1 - The core point of the article is that the company Renmin Tongtai (600829.SH) has stated that its internet hospital project is still in the construction phase and has not yet officially commenced operations [1]

文 | 张阳阳 值得一提的是，值得注意的是，安泰集团从9月30日每股2.26元，11月17日涨至每股6.89元，实现翻倍上 涨。近日，已连续6个交易日下跌，累计跌幅达到12.91%，后续是否会继续下跌，投资者还需企业动态 及相关行业政策。 12月30日收盘，上证指数平收，深证成指涨0.49%，创业板指涨0.63%，北证50指数跌0.4%，沪深京三 市成交额21612亿元，较上日放量36亿元。 上涨个股涨幅均低于5%，其中仟源医药上涨2.16%，科达自控上涨1.43%，广誉远上涨0.61%，永东股 份上涨0.14%。 下跌个股中，领跌股锦波生物跌幅为6.06%。此外，科新发展、华阳新材、壶化股份和跨境通跌逾2%； 华阳股份、安泰集团、潞化科技等14只个股跌超1%；山西高速、晋控煤业、通宝能源等17只个股跌幅 在1%以下。 山西板块30日下跌1%，跑输上证指数，成交额81.99亿元，反映区域市场活跃度不足。 涨跌情况方面，山西板块41只个股，4只上涨，36只下跌，1只平盘，上涨个股仅占比不到一成。 ...

Market Performance - The Hong Kong stock market showed a positive trend on December 30, with the Hang Seng Index rising by 0.86% to 25,854.6 points, the Hang Seng Tech Index increasing by 1.74% to 5,578.38 points, and the National Enterprises Index up by 1.12% to 8,991.02 points [1] - Major technology stocks experienced gains, with Alibaba up by 0.84%, Tencent Holdings by 0.59%, JD Group by 1.43%, Xiaomi by 2.02%, NetEase by 2.59%, Meituan by 0.1%, Kuaishou by 1.1%, and Bilibili by 0.68% [1] - Semiconductor stocks also saw an increase, with InnoCare rising over 15%, SMIC up over 4%, and Hua Hong Semiconductor increasing nearly 4% [1] - The gold sector faced declines, with Zhu Feng Gold dropping over 6% and Lao Pu Gold down over 5% [1] - The "three oil giants" saw gains, with CNOOC rising nearly 4% [1] - Wind power stocks declined, with leading company Goldwind Technology falling nearly 11% [1] Corporate News - China Energy Construction (03996.HK) announced that its subsidiary won a bid for an ecological comprehensive governance project in Shaanxi Province, with a total contract value of 6.864 billion RMB, covering various construction aspects with a total duration of 36 months [2] - China Shenhua (01088.HK) reported that its second phase of the Qingyuan power plant's Unit 3 has completed a 168-hour trial run and is now in commercial operation, while Unit 4 is on track for commissioning in February 2026 [2] - Bay Area Development (00737.HK) signed a construction contract with Poly Longda for a total price of 775 million RMB [3] - China Railway Construction (01186.HK) completed the issuance of 4.45 billion RMB in corporate bonds [4] - Sichuan Energy Investment Development (01713.HK) entered into a strategic cooperation agreement with Mengsheng Electronics to deepen collaboration in the power industry [5] - China Supply Chain Industry (03708.HK) signed a "Test Version Data Center Agreement" with Shuwi Technology [6] - Stone Pharmaceutical Group (01093.HK) received clinical trial approval for its GLP-1/GIP receptor dual agonist injection in China [6] - Hutchison China MediTech (00013.HK) announced that its application for the new drug listing of HMPL-453 for second-line treatment of intrahepatic cholangiocarcinoma has been accepted and prioritized for review [6] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase I clinical study of HLX37 for advanced/metastatic solid tumors in China [6] - Henxin Technology (01085.HK) announced that its planned 350MW solar thermal power station is ready to commence construction [7] - Runhua Services (02455.HK) expanded its property management services to multiple provinces in western China [8] - Hong Kong International Industries (00480.HK) plans to sell its entire issued share capital of Yue Shan Limited for 452 million HKD [9] - Yimei International Holdings (01870.HK) received formal approval for its 218MW/436MWh electrochemical independent energy storage project in Shaoguan City [9] Institutional Insights - Huatai Securities noted that the volatility of asset performance and frequent style and industry rotations have led to a decrease in clarity regarding market themes, with two main consensus points: solid logic for bulk commodity sectors and a left-side bias in consumer sector allocations due to weak domestic recovery [10] - CITIC Securities highlighted the recent appreciation of the RMB, which benefits RMB-denominated equity assets, and indicated that the central bank's policy tools will be used more flexibly, focusing on domestic demand targets [11] - The outlook for 2026 suggests stable macro-financial conditions pointing to a stable banking operating environment, with expectations for bank interest margins to bottom out and income and profit recovery in the real sector [11]