具体来看，融资余额增长的创业板股有403只，其中，18股融资余额增幅超过10%。增幅最大的是邵阳 液压，该股最新融资余额1.19亿元，环比上一交易日增幅为34.17%；股价表现上，该股当日上涨 19.98%，表现强于创业板指；融资余额增幅较多的还有晶雪节能、哈焊华通等，分别增长26.82%、 21.86%。 融资余额增幅10%以上的个股中，从市场表现来看，当日平均上涨4.25%，上涨的有11只，涨停的有邵 阳液压、国瓷材料等2只，涨幅居前的有汇成真空、新迅达、哈焊华通，涨幅分别为8.44%、8.08%、 8.00%。跌幅居前的有南王科技、嘉曼服饰、东箭科技，跌幅分别为4.20%、3.00%、2.24%。 资金流向方面，融资余额环比增幅居前个股中，12月12日主力资金净流入的有17只，净流入资金居前的 有国瓷材料、邵阳液压、东方日升等，净流入资金分别为2.23亿元、1.85亿元、8220.62万元。 融资余额增幅居前个股 创业板股最新融资余额为5356.95亿元，环比减少8.36亿元，18只股融资余额环比增长超10%，融资余额 环比降幅超5%的有50只。 证券时报·数据宝统计显示，12月12日创业板指上涨0.9 ...

雪人集团股价创出历史新高，截至9:31，该股上涨10.02%，股价报19.98元，成交量1492.71万股，成交 金额2.98亿元，换手率2.29%，该股最新A股总市值达154.37亿元，该股A股流通市值129.99亿元。 公司发布的三季报数据显示，前三季度公司共实现营业收入16.31亿元，同比增长24.26%，实现净利润 3916.52万元，同比增长16.63%，基本每股收益为0.0507元，加权平均净资产收益率1.58%。（数据宝） 证券时报·数据宝统计显示，雪人集团所属的机械设备行业，目前整体跌幅为0.44%，行业内，目前股价 上涨的有152只，涨幅居前的有国机重装、雪人集团、宁波东力等，涨幅分别为10.04%、10.02%、 6.05%。股价下跌的有427只，跌幅居前的有驰诚股份、中坚科技、中南文化等，跌幅分别为7.45%、 6.97%、3.87%。 两融数据显示，该股最新（12月12日）两融余额为7.55亿元，其中，融资余额为7.54亿元，近10日增加 2.09亿元，环比增长38.27%。 （文章来源：证券时报网） ...

创业板股最新融资余额为5356.95亿元，环比减少8.36亿元，18只股融资余额环比增长超10%，融资余额 环比降幅超5%的有50只。 证券时报·数据宝统计显示，12月12日创业板指上涨0.97%，创业板股两融余额合计5375.76亿元，较上 一交易日减少8.21亿元，其中，融资余额合计5356.95亿元，环比上一日减少8.36亿元；融券余额18.81亿 元，环比增加1548.28万元。 具体来看，融资余额增长的创业板股有403只，其中，18股融资余额增幅超过10%。增幅最大的是邵阳 液压，该股最新融资余额1.19亿元，环比上一交易日增幅为34.17%；股价表现上，该股当日上涨 19.98%，表现强于创业板指；融资余额增幅较多的还有晶雪节能、哈焊华通等，分别增长26.82%、 21.86%。 融资余额增幅10%以上的个股中，从市场表现来看，当日平均上涨4.25%，上涨的有11只，涨停的有邵 阳液压、国瓷材料等2只，涨幅居前的有汇成真空、新迅达、哈焊华通，涨幅分别为8.44%、8.08%、 8.00%。跌幅居前的有南王科技、嘉曼服饰、东箭科技，跌幅分别为4.20%、3.00%、2.24%。 资金流向方面，融资余 ...

随着大宗商品价格波动加剧，A股上市公司对风险管理的意识不断提升，参与期货套期保值的数量大幅增 长。 券商中国记者发现，近日佛燃能源、新奥股份、隆基股份、三一重工等多家上市公司陆续发布拟开展套期保值 的公告，并且套保额度都不小。数据显示，今年前11个月累计共有1782家上市公司发布了套期保值相关公告， 较去年全年增加279家。 此外，保险资金也在加速布局期货市场，积极运用国债期货、股指期货等工具开展套期保值，有效管理利率风 险与权益市场波动。 大额套保公告频现 越来越多的上市公司将衍生品套期保值作为公司稳健经营的重要手段。 券商中国记者发现，包括佛燃能源、新奥股份、隆基股份、三一重工在内的多家行业龙头企业，近期均审议通 过了高额度的套期保值业务计划。 12月10日，佛燃能源公告，其2026年度商品及外汇套期保值业务的最高合约价值不超过120亿元人民币，保证 金上限达41.7亿元。交易品种包括天然气、油品、化工产品、有色金属等商品。 同一天，新奥股份也通过了《关于2026 年度大宗商品套期保值额度预计的议案》，预计动用的交易保证金和 权利金上限为47亿美元，该额度在授权期限内可循环使用，交易的商品主要包括BREN ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - Last week (December 8 - December 12), the A - share market was volatile. Two important meetings boosted market risk appetite, and trading volume increased. AI hardware and commercial aerospace led the gains, while coal and petroleum and petrochemical sectors lagged. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week. The convertible bond market had most individual bonds closing lower, with the CSI Convertible Bond Index up 0.20% for the week, the median price up 0.10%, and the calculated arithmetic average parity down 0.35%. The overall conversion premium rate increased by 2.20% compared to the previous week [1][6][7]. - Some issuers showed a strong willingness to convert. The convertible bond market followed the stock market's volatility last week. Despite the significant adjustment of the micro - cap stock index, the CSI Convertible Bond Index closed slightly higher, showing strong resilience and improved trading volume. Several issuers of near - maturing convertible bonds proposed downward revisions, and the pricing after the proposed downward revisions varied based on the remaining term and industry fundamentals [2][15]. - Looking ahead, with the end - of - year important meetings and the Fed's rate cut settled, the market will enter a policy vacuum period. Relative return investors are advised to make small - position balanced allocations of non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, semiconductor equipment and materials for domestic substitution, commercial aerospace, and humanoid robots. Absolute return investors should focus on high - volatility stocks under 130 yuan or industry leaders with historically low valuations in sectors like two - wheeled vehicles, cosmetics, and breeding [2][15]. 3. Summaries by Related Catalogs Market Focus (December 8 - December 12) Stock Market - A - shares were volatile. The trading volume exceeded 2 trillion on Monday and Friday. The Shanghai Composite Index rose 0.54% on Monday, fell 0.37% on Tuesday, fell 0.23% on Wednesday, fell 0.7% on Thursday, and rose 0.41% on Friday. The Shenzhen Component Index rose 1.39% on Monday, fell 0.39% on Tuesday, rose 0.29% on Wednesday, fell 1.27% on Thursday, and rose 0.84% on Friday. The ChiNext Index rose 2.6% on Monday, rose 0.61% on Tuesday, fell 0.02% on Wednesday, fell 1.41% on Thursday, and rose 0.97% on Friday [1][6]. - Most Shenwan primary industries closed lower. Communication (6.27%), national defense and military industry (2.80%), electronics (2.63%), machinery and equipment (1.38%), and power equipment (1.19%) led the gains, while coal (-3.64%), petroleum and petrochemical (-3.52%), steel (-2.89%), and real estate (-2.62%) lagged [7]. Bond Market - After the Politburo meeting and the Central Economic Work Conference, the moderately loose monetary policy remained unchanged, and inflation data showed a continued price improvement trend. The bond market slightly recovered, with the 10 - year Treasury bond yield at 1.84% on Friday, down 0.84bp from the previous week [1][7]. Convertible Bond Market - Most individual convertible bonds closed lower. The CSI Convertible Bond Index rose 0.20% for the week, the median price rose 0.10%, and the arithmetic average parity fell 0.35%. The overall conversion premium rate increased by 2.20%. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.09%, -1.73%, and +0.20%, respectively, and were at the 94%, 96%, and 89% quantiles since 2023 [1][7]. - Most convertible bond industries closed lower. Building materials (+6.14%), national defense and military industry (+4.27%), power equipment (+1.25%), and beauty care (+0.94%) led the gains, while social services (-2.32%), coal (-2.12%), commercial and retail (-1.52%), and basic chemicals (-1.31%) lagged [8]. - The top - rising individual convertible bonds were Zai 22 (commercial aerospace), Huamao (computing power), Weidao (semiconductor equipment), Jize (green alcohol), and Hangyu (commercial aerospace). The top - falling individual convertible bonds were Yingbo (low - altitude economy & announced strong redemption), Hongtu (satellite application), Huarui (CNC cutting tools), Sanfang (polyester chips), and Yake (automobile aluminum) [1][10]. - The total trading volume of the convertible bond market last week was 285.692 billion yuan, with an average daily trading volume of 57.138 billion yuan, an increase from the previous week [13]. Valuation - As of December 12, 2025, for equity - biased convertible bonds, the average conversion premium rates for parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 45.18%, 34.97%, 27.88%, 20.1%, 10.88%, and 13.62%, respectively, at the 94%/90%, 94%/95%, 94%/95%, 91%/90%, 70%/53%, and 97%/98% quantiles since 2010/2021. - For debt - biased convertible bonds, the average YTM for parities below 70 yuan was -3.48%, at the 2%/6% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.46%, at the 88%/91% quantiles since 2010/2021. The difference between the convertible bond's implied volatility and the stock's long - term actual volatility was 2.31%, at the 84%/85% quantiles since 2010/2021 [16]. Primary Market Tracking New Issuance and Listing - Last week (December 8 - December 12), Aohong, Shenyu, Tianzhun, and Dingjie convertible bonds announced issuance, while Maolai and Ruike convertible bonds were listed. - Aohong Convertible Bond (111024.SH): The underlying stock is Aohong Electronics (605058.SH), in the electronics industry. The issuance scale is 580 million yuan, with a credit rating of AA -. The funds will be used for the construction of a production base in Thailand [23]. - Shenyu Convertible Bond (123262.SZ): The underlying stock is Shenyu Co., Ltd. (300563.SZ), in the communication industry. The issuance scale is 500 million yuan, with a credit rating of AA -. The funds will be used for the construction of data lines in the intelligent field [24]. - Tianzhun Convertible Bond (118062.SH): The underlying stock is Tianzhun Technology (688003.SH), in the machinery and equipment industry. The issuance scale is 872 million yuan, with a credit rating of AA -. The funds will be used for R & D and industrialization projects in industrial vision equipment, semiconductor metrology equipment, and intelligent driving and embodied intelligent controllers [25][26]. - Dingjie Convertible Bond (123263.SZ): The underlying stock is Dingjie Digital Intelligence (300378.SZ), in the computer industry. The issuance scale is 828 million yuan, with a credit rating of AA. The funds will be used for the Dingjie Digital Intelligence Ecological Empowerment Platform project and to supplement working capital [27]. - Maolai Convertible Bond (118061.SH): The underlying stock is Maolai Optics (688502.SH), in the electronics industry. The issuance scale is 563 million yuan, with a credit rating of A+. The funds will be used for ultra - precision optical production and processing projects, ultra - precision optical technology R & D centers, and to supplement working capital [28]. - Ruike Convertible Bond (118060.SH): The underlying stock is Ruike Da (688800.SH), in the electronics industry. The issuance scale is 1 billion yuan, with a credit rating of AA -. The funds will be used for the renovation and upgrade of high - frequency and high - speed connection systems, intelligent energy connection systems, and to supplement working capital [29]. Future Issuance and Listing - As of December 12, there were no announcements of convertible bond issuances or listings for the next week (December 15 - December 19). - Last week, one company (Shuangle Co., Ltd.) was approved for registration, two companies (Tonglian Precision and Xianghe Industry) passed the listing committee review, three companies (Suzhou Tianmai, Baoti Co., Ltd., and Zhongqi Co., Ltd.) were accepted by the exchange, and two companies (Hubei Yihua and Zhaomin Technology) passed the shareholders' meeting. There were no new board - proposed enterprises. - As of now, there are 92 convertible bonds waiting to be issued, with a total scale of 146.43 billion yuan, including 3 approved for registration with a total scale of 2.5 billion yuan and 9 that have passed the listing committee review with a total scale of 9.99 billion yuan [30].

本文来自格隆汇专栏：国泰海通策略方奕，作者：方奕、张逸飞、陶前陈、苏徽 摘要 在较长时间的横盘震荡后，中国"转型牛"将重振旗鼓，拾级而上。11月24日上证指数跌至3800点悲观之际，国泰海通策略团队判断"关键位置：进入击球 区，布出先手棋"，近两周以来创业板指已基本收复失地。对于后市，国泰海通比市场共识更乐观：部分投资者以"跨周期"解读政策不积极存在谬误， 2025年超常规是相较以2024年尾部风险暴露。面向2026年，中央经济工作会议明确"巩固拓展经济稳中向好势头"，并要求财政政策"更加积极"与"内需主 导"，首次提出"推动投资止跌回稳"（2025年负增长），并时隔十年重提房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策， 继续实施"国补"与靠前实施"十五五"重点项目，隐含了实现"十五五"良好开局的开门红重要性。考虑近期经济活动转淡与房地产销售面积下滑加快，政策 预期有望上修。在人民币稳定的前提下，2026年初中国央行降息预期有望提高。在交易层面，保收益降仓位已经步入尾声，岁末年初的再配置与机构资金 回流有望改善市场流动性和活跃成交，跨年攻势已经开始了。 春季行情规律：大盘搭台小盘唱戏 ...

3. 中信建投：跨年行情蓄势待发 A股上涨的底层逻辑并未改变，目前市场已经基本完成调整，跨年有望迎来新一波行情。中期行业配置 方面，重点关注具有一定景气催化的有色金属和AI算力板块;主题投资方面，商业航天为主线，可控核 聚变和人形机器人也可适当关注。此外，港股市场中的潜在热点主要集中在互联网巨头、创新药两大方 向。 上周A股市场风格分化，成长风格整体走强。主要指数中，沪指累跌0.34%，深证成指累涨0.84%，创业 板指累涨2.74%。通信、军工、电子、机械设备领涨;煤炭、石油石化、钢铁、房地产板块下跌。 后市市场将如何演绎?且看最新十大券商策略汇总。 1. 中信证券：内外兼顾，寻求交集 从中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品 种和外需品种的预期和定价与去年存在巨大差异：去年底投资者对外需普遍谨慎，对内需充满期待，但 最终外需的表现大超预期;今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心;实际 上，明年外需继续超预期的难度在加大，但内需可期待的因素在增多。从这些角度来看，海外敞口品种 业绩兑现力强，但估值继续提升难度大;内需敞口品种景气度一般 ...

格隆汇12月14日丨招商证券研报指出，展望2026年作为中国"十五五"规划开局之年与美国中期选举年， 将形成关键的政策共振，推动PPI上行，A股从牛市II阶段向以盈利改善为驱动力的"牛市III阶段"过渡。 在过往两年赚钱效应不错和中高回报率资产荒的背景下，A股资金供需有望延续较大规模净流入，为实 现慢牛带来流动性支持。投资策略应把握"风格切换觅周期，双轮驱动看长远"的核心思路，投资机会围 绕"内需复苏"与"科技自立"两大主轴展开。风格方面，大小盘均衡，顺周期风格有望持续占优，行业层 面，关注顺周期与产能出清、科技创新与优势制造、扩内需三条线索，重点关注有色金属、机械设备、 电力设备、电子、传媒、社会服务等行业。 ...

证券研究报告|点评研究 25年12月14日 华福证券 主题形态学三板斧 证券分析师： 研究助理： 杨逸帆 S0210124110046 请务必阅读报告末页的重要声明 华福证券 投资要点 2 华福证券 华福证券 周浦寒 S0210524040007 主题形态学，希望打造一把针对主题投资的利器。1）识别主题机会：对主题指数进行全面、客观的 前期筛选，帮助投资经理更专注于逻辑分析、空间判断、投资决策等主动研究。2）实现主题"指数 "的可投资：映射股票、转债，构建可投资的权益+组合。而且提供主题指数的板块分类、机构持仓 等辅助指标。 主题样本即时纳入新增主题指数。而且，主题指数数量繁多，为增加其可视性，我们参考指数成分 股，对其进行行业、板块2重划分。 捕捉"右侧突破"信号。1）对应主题行情启动快的特征，我们构建"右侧突破"的形态：当主题出 现右侧突破信号，如果判断逻辑没问题，就考虑第一时间参与。2）专注参与第一波行情："区间无 绝对高点"设置下，我们排除前期存在"绝对高点"的主题指数。3）让高频信号更适用投资窗口： 我们新增了"缓和器"的概念，即持有至图形失效。4）回测结果显示，样本内外，右侧突破形态的 超额收益均 ...

策 略 研 究 ——A 股策略周报 本报告导读： 政策预期有望上修，市场交投有望活跃，在较长时间的横盘震荡后，中国"转型牛" 将重振旗鼓，拾级而上并站上新高度。跨年攻势已经开始，看好科技/券商保险/消费。 投资要点： | 跨年攻势已经开始 | | [Table_Authors] | 方奕(分析师) | | --- | --- | --- | --- | | | | | 021-38031658 | | | 股策略周报 ——A | | fangyi2@gtht.com | | | 本报告导读： | 登记编号 | S0880520120005 | | | 政策预期有望上修，市场交投有望活跃，在较长时间的横盘震荡后，中国"转型牛" | | | | | 将重振旗鼓，拾级而上并站上新高度。跨年攻势已经开始，看好科技/券商保险/消费。 | | 张逸飞(分析师) | | | | | 021-38038662 | | 投资要点： | | | zhangyifei@gtht.com | | | [Table_Summary] 在较长时间的横盘震荡后，中国"转型牛"将重振旗鼓，拾级而上。 | 登记编号 | S0880524080 ...