【《互联网平台价格行为规则》印发】近日，国家发展改革委、市场 监管总局、国家网信办印发《互联网平台价格行为规则》。规则自 2026 年 4 月 10 日起施行，有效期为 5 年。《规则》明确，平台内经营者在 不同平台销售商品或者提供服务的，依法自主定价，平台经营者不得 采取提高收费标准、增加收费项目、扣除保证金、削减补贴或者优惠、 限制流量、搜索降序、算法降权、屏蔽店铺、下架商品或者服务等措 施，对平台内经营者的价格行为进行不合理限制或者附加不合理条 件。平台经营者不得以低于成本的价格销售商品或者提供服务，扰乱 市场竞争秩序。 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 22 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五 A 股三大指数集体收涨，截止收盘，沪指收涨 0.36%，深成指 收涨 0.66%，创业板指收涨 0.49%。沪深两市成交额 17257.19 亿元。 申万行业方面，商贸零售、综合、轻工制造领涨，银行、电子、煤炭 领跌；概念板块方面，海南自贸区、乳业、免税店概念涨幅居前，科 创次 ...

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

从资金流向上来看，当日影视院线板块主力资金净流出5.56亿元，游资资金净流入4336.92万元，散户资 金净流入5.13亿元。影视院线板块个股资金流向见下表： 证券之星消息，12月19日影视院线板块较上一交易日下跌0.05%，博纳影业领跌。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。影视院线板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Market Overview - The A-share market showed a strong upward trend in the morning session, with the Shanghai Composite Index rising significantly and the ChiNext Index increasing by over 1.5%. The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, an increase of 42.1 billion yuan compared to the previous trading day. Nearly 4,700 stocks in the market experienced gains [1]. Sector Performance - The consumer sector continued to rise, with retail and dairy industries leading the gains. Stocks such as Central Plaza, Shanghai Jiubai, and Zhuangyuan Pasture reached their daily limit. The Ministry of Commerce and the Ministry of Finance recently issued a notice to implement pilot programs for new consumption formats in 50 cities, emphasizing the importance of these initiatives in boosting consumption and improving the quality of goods and services [3]. - Dongwu Securities indicated that 2025 will be a significant year for retail reform, with traditional retail companies enhancing product and service quality through adjustments. The policy encourages the retail industry to improve the quality of goods and services, making this a key development direction for the sector [3]. Notable Trends - The commercial aerospace concept remained active, with Huati Technology achieving two consecutive trading limits. The controllable nuclear fusion concept also performed strongly, with Wangzi New Materials achieving two trading limits in three days. Conversely, the film and cinema sector weakened, with Bona Film Group experiencing a significant decline. Sectors such as retail, nuclear power, and dairy saw the largest gains, while precious metals and film sectors faced the most significant losses [4].

转自：新华财经 日本央行加息25个基点 政策利率达30年来最高水平 盘面上，大消费板块持续拉升，零售、乳业方向领涨，中央商场、上海九百、庄园牧场等多股涨停。智 能驾驶概念走强，浙江世宝4连板。路畅科技4天2板。商业航天概念反复活跃，华体科技2连板。可控核 聚变概念开盘表现强势，王子新材3天2板。下跌方面，影视院线概念走弱，博纳影业大跌。 机构观点 恒生前海基金：从资金动向来看，近期多只宽基ETF获得资金大额净流入，但其结构性特征显著，难以 支撑全面反转，当前行情更多由短期流动性与政策预期驱动，后续仍需等待宏观数据与企业盈利面的验 证。A股整体大概率将震荡上行，中国资产正处于重估的长期趋势中，短期震荡不改长期向好趋势，后 续市场预计仍将走出慢牛行情，建议持续关注科技、消费、高端制造、医药的产业趋势机会。 富荣基金：展望未来半年，A股市场在"十五五"规划开局之年的政策预期下，结构性投资机会或依然丰 富。首先，科技创新与高端制造或仍是核心主线。人工智能产业链的演进将从算力硬件向应用端扩散， AI Agent、具身智能等领域潜力巨大。同时，伴随政策对"新质生产力"的持续支持，智能驾驶、半导 体、国防军工等关键领域的国 ...

盘面上热点快速轮动，全市场近4700只个股上涨。从板块来看，大消费板块持续拉升，零售、乳业方向 领涨，中央商场、上海九百、庄园牧场等多股涨停。智能驾驶概念走强，浙江世宝4连板。路畅科技4天 2板。商业航天概念反复活跃，华体科技2连板。可控核聚变概念开盘表现强势，王子新材3天2板。下跌 方面，影视院线概念走弱，博纳影业大跌。 板块方面，零售、核电、乳业等板块涨幅居前，贵金属、影视院线等板块跌幅居前。 凤凰网财经讯 12月19日，市场早盘震荡走强，沪指高开高走，创业板指一度涨超1.5%。截至午间收 盘，沪指涨0.59%，深成指涨0.93%，创业板指涨0.99%。沪深两市半日成交额1.09万亿，较上个交易日 放量421亿。 两市成交额: 1.09万亿 市场热度:78 0 较上一日: +421亿 今日预测量能: 100 0 50 1.75万亿 | +993亿 | | | | | 沪深京重要指数 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 最新 | 张幅% | | 涨跌 | | | 现手 金额 | | 上证指数 | 3899.3 ...

转自：智通财经 【午评：创业板指、深成指均涨近1% 大消费板块集体爆发】智通财经12月19日电，市场早盘震荡走 强，沪指高开高走，创业板指一度涨超1.5%。沪深两市半日成交额1.09万亿，较上个交易日放量421 亿。盘面上热点快速轮动，全市场近4700只个股上涨。从板块来看，大消费板块持续拉升，零售、乳业 方向领涨，中央商场、上海九百、庄园牧场等多股涨停。智能驾驶概念走强，浙江世宝4连板。路畅科 技4天2板。商业航天概念反复活跃，华体科技2连板。可控核聚变概念开盘表现强势，王子新材3天2 板。下跌方面，影视院线概念走弱，博纳影业大跌。板块方面，零售、核电、乳业等板块涨幅居前，贵 金属、影视院线等板块跌幅居前。截至收盘，沪指涨0.59%，深成指涨0.93%，创业板指涨0.99%。 ...

Group 1 - The film industry sector opened weakly on December 19, with Bona Film Group falling over 7% [1] - Other companies such as China Film, Beijing Culture, Huace Film & TV, and Happiness Blue Sea also experienced declines [1]

Core Viewpoint - The market is experiencing a narrow fluctuation with positive momentum in sectors like controllable nuclear fusion and commercial aerospace, while precious metals and film sectors are declining. The outlook for the market is optimistic due to favorable policy combinations established in recent significant meetings, suggesting a gradual unfolding of the year-end market rally [1]. Group 1: Sector Performance - The controllable nuclear fusion sector is showing strength, with companies like Wangzi New Materials and Xue Ren Group hitting the daily limit up, while Changfu Co. is also performing well. Other companies such as Aikesaibo and Hahan Huaton are following suit [2]. - The commercial aerospace concept is gaining traction, with Huati Technology achieving two consecutive limit ups, and companies like Xinke Mobile and Guanglian Aviation also seeing gains [1]. Group 2: Institutional Perspectives - Industrial Securities believes that the year-end market rally is likely to gradually unfold as consensus is sought, supported by a favorable environment for risk assets due to recent positive policy combinations [3]. - Guotai Junan is optimistic about the market's recovery, expecting active trading and a potential upward trend in the "transformation bull" market, particularly in technology, brokerage insurance, and consumer sectors [4]. - CITIC Securities indicates that the underlying logic of the bull market remains intact, with a new wave of market activity anticipated as adjustments have been largely completed, focusing on sectors like non-ferrous metals, AI computing power, and commercial aerospace [5].

Group 1 - The film industry sector opened weakly, with Bona Film Group falling over 7% [1] - Other companies such as China Film, Beijing Culture, Huace Film, and Happiness Blue Sea also experienced declines [1]