国瓷材料今日涨停，全天换手率13.75%，成交额31.16亿元，振幅13.54%。龙虎榜数据显示，机构净买 入1.53亿元，深股通净买入8327.84万元，营业部席位合计净卖出1.32亿元。 深交所公开信息显示，当日该股因日收盘价涨幅达20.00%上榜，机构专用席位净买入1.53亿元，深股通 净买入8327.84万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7.02亿元，其中，买入成交额为4.03亿 元，卖出成交额为2.99亿元，合计净买入1.04亿元。 国瓷材料12月12日交易公开信息 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 深股通专用 | 14777.99 | 6450.15 | | 买二 | 机构专用 | 7889.16 | 1719.97 | | 买三 | 机构专用 | 6733.40 | 953.44 | | 买四 | 机构专用 | 5572.73 | 2746.81 | | 买五 | 机构专用 | 3889.81 | 0.00 | | 卖一 | 深股通专用 | 14777.9 ...

Group 1: US Macro Strategy - The US job market shows marginal signs of recovery, with initial jobless claims unexpectedly declining to 191,000, significantly below seasonal levels, while continuing claims fell to 1.939 million, indicating a peak and subsequent decline in trends [2] - The S&P 500 index rose by 0.3% last week, reflecting a calmer market ahead of the Federal Reserve's meeting, with expectations that the Fed will gradually lower the federal funds rate to a range of 3.0%-3.5% over the next year [2] - Short-term market support is driven by strong earnings and loose monetary policy, while mid-term concerns include high valuations and AI monetization pressures [2] Group 2: US Treasury Bonds - Short-term interest rates are expected to fluctuate around 4.1%, while long-term expectations remain pessimistic regarding the job market, likely leading to a rise in unemployment and a downward shift in Treasury yields [3] - Investors are advised to maintain positions in 2-5 year Treasury bonds, while long-term bonds should be considered only after a rebound in rates [3] Group 3: Currency and Gold - The US dollar faces downward pressure due to potential increases in unemployment and expectations of faster rate cuts if Hassett is nominated as Fed Chair, although the dollar's decline is expected to be limited within the 96-101 range [3] - The Chinese yuan is anticipated to appreciate, supported by narrowing interest rate differentials and increased market settlement intentions [3] - Gold is currently in a consolidation phase but is expected to maintain an upward trend in the medium to long term, supported by the resumption of the Fed's rate-cutting cycle and ongoing central bank gold purchases [4] Group 4: China Macro Strategy - Domestic demand is under pressure, with new home sales in 30 major cities down 34.2% year-on-year, and average prices in 33 cities falling by 17.2% year-to-date [6] - External demand remains resilient, with cargo throughput increasing by 8.4% week-on-week, while container throughput slightly declined by 0.3% [6] - The People's Bank of China is expected to maintain a stable liquidity environment through various monetary policy tools, including reverse repos and MLF [7] Group 5: A-shares and Hong Kong Market - The Shanghai Composite Index rose by 0.37% and the ChiNext Index by 1.86%, driven by improved domestic policy expectations and a recovery in overseas markets [9] - The outlook for A-shares remains positive, with liquidity being a key driver, despite current economic data showing weakness [9] - The Hong Kong market is expected to benefit from liquidity easing and profit improvements, with a high probability of rebound in the Hang Seng Index and technology sector [10]

Core Viewpoint - Zhongwei New Materials (02579.HK) has seen a significant decline in its stock price, currently trading at 26.70 HKD, marking a drop of 4.23% and reaching its lowest price since listing, indicating a state of underperformance since its IPO [1] Group 1: Stock Performance - The stock has experienced a cumulative decline of 21.47% since its listing on November 17, 2025 [1] - The lowest intraday price recorded today was 26.64 HKD, which is the lowest since the company went public [1] Group 2: IPO Details - Zhongwei New Materials issued a total of 104,225,400 shares during its IPO, with 10,422,600 shares allocated for public offering in Hong Kong and 93,802,800 shares for international offering [1] - The final offer price was set at 34.00 HKD, raising a total of 3,543,663,600 HKD, with net proceeds amounting to 3,432,609,775 HKD after deducting estimated listing expenses [1] Group 3: Underwriters and Investors - The joint sponsors and coordinators for the IPO included Morgan Stanley Asia Limited and Huatai Financial Holdings (Hong Kong) Limited, among others [2] - Key cornerstone investors involved in the IPO included Guizhou New Industrialization Development Equity Investment Fund, Baoda Investment (Hong Kong) Limited, and several others [3]

资本搭桥"蜀道"变"通途"，四川充分发挥资本市场功能作用，让曾经的"蜀道难"跃迁为资本融通、产业升级的"蜀 道通"。 四川证监局相关负责人表示，"十四五"时期，该局坚决贯彻落实证监会和省委、省政府决策部署，助力四川经济 社会高质量发展。 截至2025年第三季度末，四川省境内上市公司总数达179家，较2020年底增长32%，总市值达3.4万亿元，形成规 模可观、结构多元的上市公司群体，成为区域经济发展的支柱性力量。 "十四五"时期，四川全省各类市场主体通过资本市场直接融资超2.1万亿元，有效满足实体经济多元化融资需求。 全省新增46家境内上市公司，首发募集资金超360亿元，资金主要投向先进制造、医药健康、绿色能源等实体领 域。 通过五年深耕，四川资本市场实现规模与质量双飞跃，形成多层次、广覆盖、差异化的资本服务体系，成为西部 资本市场发展的"标杆样本"。 站在"十五五"规划的新起点，四川资本市场正锚定科技创新与产业融合核心方向，向着打造西部金融中心、赋能 新质生产力发展的目标奋勇前行。 政策驱动铺就"通途"基石 "十四五"时期，四川将资本市场发展纳入全省经济社会发展大局，以政策创新破除制度障碍，以机制协同破解服 ...

"真科技、真创新" 发生在哪里？ 「科技创新债全景透视」Agent，用真实的资金流向为你揭秘。 区域格局：北京领跑，多地结构性跃升 前 20 大发行区域高度集中于经济强区与科创资源密集区。 北京一骑绝尘达5,724.06 亿元，上海、深圳稳居高能级城市梯队，保定、济南、济宁等地凭借 "专精特新" 实现快速上升。 整体呈现 "核心城市带动、次级城市跟进、区域协同发力" 的结构。 | | | 上海市 1167.7亿 | 成都 260.725 | 武汉 517.79亿 | | 广州 414.1亿 | | --- | --- | --- | --- | --- | --- | --- | | 北京市 | 5684.06亿 | 深圳 833.83亿 | 天津市 362.06亿 | 长沙 267.0亿 | 苏州 266.3亿 | 西安 259.0亿 | | | | 保定 26.079 | 济南 238.0亿 | 济宁 | 園明 | 烟台 | | | | | 合肥 | 208.6/2 | 194.0亿 | 20.681 | | | | 杭州 | 217.58亿 | | | | | | | 644.28亿 | 南京 | 太原 ...

市场言论和投资者焦点往往会随着时间转变。在当前美国政策多变和科技创新加速的环境下，这种现象尤为明显。 年初至今，关税不明朗因素、通胀压力和美国债务攀升曾是市场的主要忧虑，但经济表现强韧和人工智能推动的强劲盈利克服了这些挑战，支持风险资产在 年初至今表现出色，多项股票指数创下历史新高。 展望未来，我们认为风险资产或仍有进一步上行的空间，但个中原因已有所不同。最大的变化在于市场观望美国降息的日子即将结束：美联储对通胀压力可 能温和且逐步的降温更有信心，决策者的焦点正转向经济增长温和放缓。在此背景下，债券市场有望受惠于降息，我们最近已再次上调投资级别债券的观点 至偏高，对冲基金则下调至中性观点。股债相关度下降，令债券的分散风险效益有所提升。此外，随着美元现金利率下降，原本倾向持有现金资产的投资者 或会考虑布局债市。 来源：汇丰 =丰私人银行 目录 04 欢迎辞 05 投资组合策略 10 五大投资趋势和精选主题 20 股票 つつ 24 外汇和大宗商品 26 对冲基金 28 房地产行业 30 私募市场 32 撰稿人 亚洲应对世界新秩序 10 科技颠覆 12 气候行动 14 社会演进 16 把握盈利和降息顺风时机 18 ...

Core Viewpoint - Guangzhou Haojing Industrial and Trade Co., Ltd. has been established with a registered capital of 1 million RMB, focusing on various manufacturing and sales activities in non-metallic minerals, synthetic materials, high-performance fibers, and composite materials [1] Company Overview - The company is legally represented by Huang Zhiyong [1] - The registered capital is 1 million RMB [1] Business Scope - The business activities include sales of non-metallic minerals and products, manufacturing of synthetic materials (excluding hazardous chemicals), and production of high-performance fibers and composite materials [1] - Additional activities encompass the sales of rubber products, paper and cardboard containers, plastic products, and chemical products (excluding licensed chemicals) [1] - The company also engages in the manufacturing of basic chemical raw materials (excluding hazardous chemicals), textile products, construction materials, lubricants, and new material technology promotion services [1] Technical and Consulting Services - The company offers a range of technical services including research and development, consulting, and technology transfer related to new materials [1] - Marketing planning, enterprise management, and brand management are also part of the service offerings [1] Trade and Import/Export Activities - The company is involved in the wholesale of jewelry, professional design services, cultural and artistic exchange activities, and the sale of electronic products [1] - It also engages in import and export activities [1]

Core Insights - The investment market is showing strong performance for 2025, but investors face a complex environment as 2026 approaches, with increasing risks from overpaying for high expectations [1] - Schroders emphasizes three main strategies: income, capital growth, and convertible bonds, to capture global capital growth and income opportunities while addressing market uncertainties [2][4] Group 1: Market Overview - The U.S. stock market currently represents nearly two-thirds of the MSCI All Country World Index, raising concerns about concentration [1] - Recent estimates indicate that capital expenditures related to business model transformations in the U.S. have risen from $3 trillion to a concerning $5 trillion, equivalent to one-sixth of the U.S. economy [2] Group 2: Fixed Income Market - By early 2030, U.S. debt as a percentage of GDP is expected to surpass that of Italy, indicating a significant trend that could impact market dynamics [2] - The anticipated trajectory of U.S. short-term interest rates, influenced by fiscal stimulus and rapid advancements in artificial intelligence, may heighten inflation risks and lead to a steeper yield curve [2] Group 3: Investment Strategies - In the "income" pillar, Schroders has shifted away from U.S. credit, investing instead in securitized debt, Australian investment-grade bonds, and selectively high-quality emerging market bonds [3] - The "capital growth" strategy involves a broad equity market allocation, with a focus on banking, industrial, and materials sectors, while maintaining a lower allocation to tech giants and U.S. stocks [3] - The allocation to convertible bonds has been increased, focusing on capturing asset allocation opportunities that traditional markets may not provide, with an emphasis on international markets and cyclical value companies [3] Group 4: Future Outlook - The focus for 2026 is on a diversified mixed investment strategy that prioritizes income while avoiding overpaying for capital growth, aiming to build a robust portfolio capable of achieving capital growth and stable returns in any market condition [4]

Group 1 - Wall Street enters a challenging year-end with optimism after experiencing its best week in nearly six months, reversing one of the worst November performances in over a decade [1] - The S&P 500 index has recorded a double-digit increase year-to-date, driven by the rise of "seven giants" in the tech sector, a strong U.S. economy, and expectations of continued interest rate cuts by the Federal Reserve [1][2] - The market's rebound after a 19% decline over seven weeks ending April 9 is seen as a strong signal for investors, with historical patterns suggesting that mid-year double-digit declines often lead to full-year gains [1] Group 2 - The probability of a 25 basis point rate cut in December is approximately 87%, as indicated by futures prices, with the labor market becoming the Federal Reserve's primary focus [2] - The Republican tax and spending bill, effective January 1, is expected to increase spending and provide a strong combination of tax cuts and accounting changes, contributing to market optimism [2] - Recent volatility in tech stocks is viewed positively, as companies with clear AI profit paths are being rewarded, while those with weak balance sheets are losing ground [3] Group 3 - Historical data suggests that the second half of December is typically one of the strongest periods for U.S. stocks, with an average return of 1% and approximately 70% of the time showing gains [4] - The market is currently experiencing a shift, with tech stocks giving way to sectors like healthcare, materials, and consumer discretionary, indicating a broader market rally [3] Group 4 - Investor sentiment among retail investors has turned cautious, with a net bearish sentiment of 42.7%, up from 36.3% at the beginning of the month, reflecting concerns over recent market volatility [5] - Seasonal factors suggest a slightly favorable market outlook at year-end, rewarding those already invested rather than those waiting for perfect entry points [5]

运载火箭能实现高频率、低成本、"航班化"往返太空吗？西北工业大学科技成果转化企业——陕西 天回航天技术有限公司，用自主研发的"红龙二号"发动机给出了肯定答案。 天回航天董事长、西北工业大学教授刘红军介绍，这款150吨级混合循环液氧甲烷发动机，创新采 用在线智能检测与航班化可重复使用设计，预计重复使用次数不少于50次，这意味着未来真正迈向太空 运输的"航班时代"。 天回航天的技术突破，正是陕西推动科技创新和产业创新深度融合的生动体现。在科技成果转 化"三项改革"等一系列政策的推动下，陕西有很多像刘红军这样的科研人员，带着科技成果走向市场， 实现技术价值与市场需求的精准对接，为培育新质生产力、实现高水平科技自立自强注入强劲动能。 改革破冰，为高效转化"护航" "过去，我们手里握着技术专利，却因为'不敢转、不愿转、缺钱转'，只能让成果'躺'在实验室 里。"11月30日，陕西科技大学教授牛育华回忆起曾经的困境，感慨万千。 这样的困境，在陕西高校和科研院所中并不少见。陕西高校、科研机构众多，但长期以来，不少科 研人员手握专利技术，却被转化难题挡在市场大门外。 2022年，陕西以体制机制改革为突破口，在全省高校院所开展职 ...