Core Viewpoint - The continuous improvement of China's manufacturing industry's global pricing power and economic profit share is expected to lead to a sustained appreciation of the Renminbi, with predictions of reaching 6.8 against the US dollar by 2026. To mitigate the potential negative impact of rapid Renminbi appreciation on export-oriented manufacturing, proactive monetary easing is deemed necessary [1]. Group 1: Economic Outlook - The anticipated monetary easing may lower real interest rates and stimulate domestic demand, which is essential for breaking the current market stagnation and achieving further growth by 2026 [1]. - Prior to this, market fluctuations and structural opportunities are expected to be the norm in the A-share market, with a focus on sectors that have global exposure and profit growth potential [1]. Group 2: Sector Recommendations - In the resources and traditional manufacturing sectors, there is optimism for leading companies in industries where China holds a competitive advantage, particularly in non-ferrous metals, chemicals, and new energy, emphasizing the narrative of "supply internalization and external demand for profit" [1]. - Companies expanding overseas remain a crucial avenue for profit and market capitalization growth, as A-shares transition from a domestic emerging market focus to a global mature market perspective, despite the increased resonance with overseas risk assets and economic environments [1]. - From a high-to-low perspective, less crowded sectors such as cinema, securities, aviation, liquor, and hotels, along with direct increment stocks like banks, thermal power, and oil & petrochemicals, are also viable options [1]. - Close attention is advised for policy changes during the upcoming Political Bureau meeting and economic work conference at the end of the year [1].

南财智讯12月5日电，广东宏大公告，公司于2025年12月5日召开第六届董事会2025年第十二次会议，审 议通过《关于回购注销部分限制性股票的议案》。因2名激励对象离职、1名退休、1名去世及1名不再符 合激励资格，公司拟回购注销上述人员未解除限售的限制性股票合计117,184股，占公司总股本的 0.02%。本次回购价格为13.98元/股，回购资金来源于公司自有资金，回购金额共计163.82万元。本次回 购注销事项尚需提交公司股东大会审议，并履行减资程序及工商变更登记手续。 ...

Group 1 - The A-share market is experiencing a rebound with reduced trading volume as expectations for a Federal Reserve rate cut in December rise, indicating a short-term recovery in market sentiment [1] - The main sectors attracting net inflows include military industry, photovoltaic, non-ferrous metals, new energy vehicles, and brokerage firms, suggesting a shift in investor focus towards these areas [1] - The AI sector shows a relatively low risk of crowding, with long-term opportunities still present, while short-term value styles may have an advantage due to institutional investors adopting defensive strategies as year-end approaches [3] Group 2 - The rapid development of AI large models and applications is driving the need for advanced computing infrastructure, with high-performance, high-bandwidth, and low-latency networks being crucial for performance upgrades [3][4] - The transition to "super-node" architecture in computing infrastructure is essential for domestic players to catch up with international standards, with significant growth opportunities in high-speed connectivity modules and related manufacturers [6][4] - The number of newly established index-enhanced funds has surged in 2023, driven by policy support and increasing investor demand, indicating a competitive landscape for public fund institutions [10]

Core Insights - The event "Starry Shine in Pengcheng" focused on the transformation of the consumer market from "scale expansion" to "value co-creation" [1] - The event aimed to create an efficient platform for industry-finance connections to promote high-quality development in Shenzhen's large consumer industry [1] Group 1: Event Overview - The event was held on December 5 at the Shenzhen Futian International Innovation Center, gathering over 80 representatives from leading listed companies, investment institutions, and innovative enterprises in the consumer sector [1] - The Shenzhen Listed Companies Association and Xiangmi Lake CVC Innovation Service Center have organized 12 series salons throughout the year, aligning with the Shenzhen municipal government's "20+8" industrial cluster strategy [1] Group 2: Participation and Impact - The series of salons have attracted nearly 300 listed companies, over 220 investment institutions, and more than 230 innovative enterprises, with total participation exceeding 1,000 individuals [1] - The events cover over ten cutting-edge fields, including artificial intelligence, robotics, medical devices, computing chips, new materials, intelligent connected vehicles, military industry, high-end equipment and instruments, marine technology, new energy storage, and large consumption [1]

近日，俄罗斯总统普京在俄罗斯在召唤投资论坛上的一番表态，令本已紧张的俄乌冲突局势再添变数。 当普京被问及是否会与欧盟直接对抗时，他明确表示俄罗斯无意主动挑起战争。但如果欧洲坚持发动战 争，俄罗斯已经做好了充分的准备，并且俄军对待欧洲的作战方式将与在乌克兰的不同，冲突将以没有 谈判空间的方式迅速结束。 普京的这一强硬言辞不仅让市场对地缘政治冲突加剧感到更加担忧，也使得A股军工板块成为了资本关 注的焦点。地缘政治局势一直以来都是军工板块的催化剂，而普京关于与欧洲开战的表态，背后有着强 大的军事力量做支撑，并非仅仅是外交上的空洞言辞。 俄罗斯已经完成了两大专属军区的组建，专门应对与欧洲的潜在冲突。到2025年，俄罗斯将接收四架先 进的战略轰炸机和一艘新型战略核潜艇，且其无人机的月产量已突破5000架，具备了覆盖欧洲主要地区 的远程打击能力与饱和作战能力。同时，欧洲多个国家也在不断增加对乌克兰的军事援助，并且扩充自 身的军备，这使得全球安全格局的脆弱性愈加凸显。这种对冲突升级的预期推动了军事投入的加大，也 为军工板块提供了强劲的上涨动力。 从产业基本面来看，A股军工板块的业绩支撑已经愈加稳固。中国的国防预算持续增长， ...

Core Points - The visit of Russian President Putin to India on December 4 marks the first visit since the outbreak of the Russia-Ukraine conflict, aiming to strengthen the "special and privileged strategic partnership" between Russia and India [1][5] - The 23rd India-Russia summit is expected to result in the signing of approximately 10 intergovernmental and departmental documents, along with over 15 commercial agreements and memorandums [1][4] Energy Cooperation - Energy cooperation is anticipated to be a prominent topic at the summit, including Indian investments in Russia's Far East and the expansion of civil nuclear cooperation [5][6] - For Russia, expanding energy cooperation with India demonstrates its substantial market presence despite Western sanctions, while India benefits from purchasing oil at favorable prices and potentially reselling processed oil for profit [2][5] - Following U.S. sanctions on Russian oil, India's imports of Russian oil are expected to drop to a three-month low in December [2][5] Defense Cooperation - Defense cooperation is another key area of focus, with India expected to push for the expedited delivery of two additional S-400 air defense systems, following the receipt of three systems under a $5.4 billion agreement from 2018 [6][7] - Discussions may also include collaboration on the S-500 air defense system, joint production of Su-30MKI fighter jets and T-90 tanks, and upgrades to the BrahMos missile project [7] - Despite diversifying military hardware procurement, Russia remains India's largest supplier, with ongoing interest in selling the Su-57 stealth fighter to India [7]

Core Views - The report suggests that 2026 may witness a structural recovery in earnings, leading to a slow bull market in A-shares, driven by technology and cyclical sectors, despite high valuations [5][17] - The main theme for 2026 is expected to be a continuation of loose liquidity and a structural recovery in earnings, with potential for strong performance in technology and cyclical industries [6][37] Macroeconomic Environment - The macroeconomic outlook for 2026 indicates that the Federal Reserve may continue to lower interest rates, maintaining a loose liquidity environment domestically [19][24] - Exports are anticipated to face high base pressure but may still show resilience, particularly in high-tech products and emerging markets [26][27] - Infrastructure investment growth is expected to stabilize and recover, supported by proactive fiscal policies and increased issuance of special bonds [28] - Real estate investment growth is likely to remain weak, although policies may ease, leading to a gradual stabilization in housing prices and sales [30] - Manufacturing investment growth is projected to stabilize and recover, driven by policies promoting new productive forces and equipment upgrades [32] Industry Allocation - The report recommends focusing on technology growth and cyclical growth as the main allocation themes for 2026, with specific attention to sectors such as TMT (Technology, Media, and Telecommunications), electric new energy, machinery, pharmaceuticals, non-ferrous metals, chemicals, military industry, and non-bank financials [7] - Large-cap and small-cap stocks are expected to perform relatively well, with a tilt towards cyclical styles [7] Earnings Recovery - Earnings in the technology and cyclical sectors are expected to continue rising, contributing positively to overall A-share performance [37][39] - The report highlights that fiscal policy support may enhance corporate earnings growth, similar to past instances of fiscal stimulus [39]

Market Overview - A-shares continue to maintain a low-volume consolidation pattern after failing to break through the 3900-point mark, with trading volume shrinking to below 1.6 trillion [1] - As the year-end approaches, investor enthusiasm for trading has decreased, leading to a general trend of low-volume fluctuations in the market [1] - The market is expected to remain in this state for the next few weeks, with a focus on the 4000-point level as a potential preparation for upward movement [1] Future Outlook - The market is currently in a cautious atmosphere as year-end approaches, but the repeated fluctuations around the 4000-point mark may indicate preparation for a new upward phase [1] - The manufacturing sector is expected to see improved supply and demand conditions in the second half of 2026, which could lead to a significant rebound in the earnings growth of A-share listed companies [1] - Key focus areas for November include the impact of the 14th Five-Year Plan on industries, event-driven factors in the technology sector, and price increases driven by anti-involution trends, which may catalyze multiple sectors and support a continued upward trend in the market [1] Sector Highlights - In December, sectors benefiting from dividends and price increases are expected to outperform, with short-term attention on banks, public utilities, coal, and non-ferrous metals [2] - Technology remains the main focus for 2026, with particular attention on AI, lithium batteries, military industry, and robotics after a phase of adjustment [2] - The trend of AI hardware continues to solidify, with increasing token usage for major AI models indicating a peak in AI applications by 2026, presenting opportunities for high growth in AI hardware [2] - The domestic production of robots and their integration into daily life is a confirmed trend for 2026, with opportunities arising in sensors, controllers, and dexterous hands as robot products evolve [2] - The semiconductor industry is expected to continue its domestic production trend, with a focus on semiconductor equipment, wafer manufacturing, materials, and IC design [2] - The military industry is anticipated to see a recovery in orders by 2026, with many sub-sectors showing signs of bottoming out as third-quarter earnings declines continue to narrow [2] - The innovative drug sector is entering a harvest period after nearly four years of adjustment, with positive net profit growth expected to continue into 2026 [2]

Group 1 - The core issue is the growing rift between the US and the EU regarding defense cooperation, with the US accusing the EU of "bullying" American defense companies and attempting to exclude them from the European rearmament plans [1][8] - US Deputy Secretary of State Christopher Landau emphasized the need for Europe to convert defense spending commitments into actual capabilities and warned against protectionist policies that could weaken collective defense [3][10] - The EU is pushing for defense autonomy, with plans like the "Rearm Europe" initiative, which includes a €150 billion loan program aimed at purchasing products from European manufacturers [4][11] Group 2 - European countries face challenges in achieving defense autonomy, with leaders expressing concerns over increased military spending impacting public debt [5][12] - A significant reliance on US arms persists, with 64% of weapons for NATO European members being imported from the US between 2020 and 2024, up from 52% in the previous period [13] - Recent funding announcements by Germany and Poland to support NATO's procurement of US weapons for Ukraine highlight the ongoing dependence on American military support [6][13]

（责任编辑：董萍萍 ） 军工ETF（512660）跟踪的是中证军工指数（399967），该指数从A股市场中选取涉及航空、航 天、兵器、电子等国防领域的上市公司证券作为指数样本，以反映军工行业相关上市公司证券的整体表 现。中证军工指数覆盖了国防领域的79只成分股，能够全面展现军工板块的市场走势。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华福证券指出，11月27日，北京宣布拟在700-800公里晨昏轨道建设超千兆瓦功率的太空数据中心 系统，分三个阶段推进，2025-2027年将突破能源与散热等关键技术。11月25日，国家航天局发布《商 业航天高质量安全发展行动计划（2025-2027年）》，标志中国商业航天进入高质量发展期；11月29日 设立商业航天司，推动产业链全线受益。资金层面，考虑到2026年行业强需求恢复预期，看好后续资金 面持续向好。 每日经济新闻 注：如提及个股仅供参考，不代表投资建议。指 ...