Core Insights - The 2025 industry scoring report identified the top five sectors as Electric New Energy, Military Industry, Nonferrous Metals, Machinery, and Chemicals, which showed a strong correlation with actual annual performance [1][3][18] - A simulated equal-weighted portfolio of the top five sectors yielded a cumulative return of 44.8% by December 23, 2025, outperforming the CSI 300 by 22.2%, with a monthly success rate exceeding 90% [1][3][12] - The report emphasizes that in a bullish market, focusing on industry fundamentals is more effective than trading strategies, advocating for a buy-and-hold approach based on economic cycles [1][5][21] 2025 Industry Review - The Shanghai Composite Index rose over 16% in 2025, marking the largest increase since 2020, with Nonferrous Metals and Communication sectors leading the gains at 89.9% and 89% respectively [2][13] - The report highlights that the performance of Nonferrous Metals and Communication significantly outpaced the CSI 300's 17.4% increase [12][13] 2025 Annual Industry Scoring Conclusions and Performance Review - The annual scoring report, published in November 2024, ranked Electric New Energy, Military Industry, Nonferrous Metals, Machinery, and Chemicals as the top five sectors, correlating well with actual performance [3][18] - The top five sectors' simulated portfolio achieved a cumulative return of 44.8%, with 11 out of 12 months showing positive excess returns [3][20] 2025 Monthly Industry Scoring Conclusions and Performance Review - The monthly scoring report indicated a sample return of 34.7% since 2025, outperforming the CSI 300 by 14.8%, although this was lower than the annual scoring report's performance [4][12] - Key insights from the monthly performance include successful allocations in Communication and Nonferrous Metals, while frequent trading led to missed opportunities [4][5] Summary and Reflections - The analysis suggests that in a bullish market, prioritizing industry fundamentals over trading strategies is crucial, with a focus on tracking industry prosperity differences [5][21] - For 2026, sectors that should receive higher fundamental scores include those aligned with cyclical and technological trends, particularly in areas like Electronics, Communication, Military, Consumer Services, Agriculture, Trade, Pharmaceuticals, Electric New Energy, Chemicals, and Automotive [5][21]

今日，A股继续小幅上扬，上证指数连续6日收阳，深证成指、创业板指、科创50等也连续4日上涨。超 4100只个股上涨，市场成交微幅减少至1.9万亿元。 Wind实时监测数据显示，电子行业获得逾223亿元主力资金净流入，国防军工获得逾159亿元净流入， 电力设备获得逾125亿元净流入，机械设备获得逾81亿元净流入，计算机获得逾76亿元净流入，汽车、 基础化工、通信等板块均获得超30亿元净流入。银行遭主力资金净流出逾10亿元，有色金属、食品饮 料、农林牧渔等也净流出超亿元。 展望后市，太平洋证券指出，A股中创业板指表现最强，距离新高一步之遥，预计强者恒强的风格将持 续，跨年行情即将展开。预计此次跨年行情将以普涨的方式拉开帷幕，且考虑到各大股指期权的波动率 处于极低的位置，行情后续预计上涨的斜率将趋陡。板块选择上，科技和有色仍是主线有望获得超额收 益，弹性更大；大消费板块则随着政策定位的深化，有望成为新的补涨标的。 市场热点方面，国防军工产业链今日全面上攻，板块指数单边上扬，再创10年来新高。新劲刚、有研粉 材、新雷能等批量20%涨停，博云新材、直真科技等近30股也强势涨停或涨超10%。 | 复权 叠加 多股 统计 ...

- The report does not contain any specific quantitative models or factors for analysis. It primarily focuses on macroeconomic trends, asset allocation strategies, and market observations[1][2][4]. - The report discusses the performance of various asset classes, including equities, bonds, commodities, and currencies, but does not provide detailed quantitative factor construction or modeling processes[10][11][12]. - It highlights the seasonal effects and market trends, such as the spring rally in Hong Kong and A-shares markets, but does not delve into quantitative factor testing or modeling[38][39][63]. - The report mentions a rotation timing model for high-growth and dividend strategies, which uses indicators like term spreads, social financing growth, CPI, PPI, U.S. bond rates, and fund flows. However, it does not provide detailed formulas or construction processes for these indicators[59]. - The rotation strategy achieved an annualized return of +17.54%, outperforming the benchmark by +11.77%, with a current allocation recommendation of 60% dividend and 40% growth[59]. - Seasonal effects are noted, such as small-cap stocks outperforming in February and March, while large-cap stocks dominate in April and December[63]. - The report provides market sentiment analysis, including institutional buying intentions and external capital flows, but does not include quantitative factor testing or modeling[51][54]. - Industry performance is discussed, with a focus on sectors like TMT, AI, and industrial metals, but no quantitative models or factors are detailed[64][67]. - The report includes valuation metrics for indices like the S&P 500, Nasdaq, and Shanghai Composite, but does not provide quantitative factor construction or testing[26][47][48]. - The report does not contain specific quantitative models or factors for analysis, nor does it provide formulas or detailed construction processes for any mentioned strategies or observations[1][2][4].

Choice统计显示，12月24日，沪深两市可交易A股中，上涨个股有3989只，下跌个股有1004只，平盘个 股有173只。不含当日上市新股，共有86只个股涨停，6只个股跌停。从所属行业来看，涨停个股主要集 中在电力设备、化工、国防军工、电子、机械设备、轻工制造等行业。 （文章来源：证券时报网） ...

Market Overview - The Shanghai Composite Index increased by 0.24% as of the morning close, with a trading volume of 677.93 million shares and a total transaction value of 1,159.189 billion yuan, representing a decrease of 7.38% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Defense and Military Industry: Increased by 2.39%, with a transaction value of 800.46 billion yuan, led by Xin Jing Gang, which rose by 20.02% [1] - Environmental Protection: Increased by 1.35%, with a transaction value of 99.35 billion yuan, led by Zhenghe Ecology, which rose by 10.02% [1] - Machinery Equipment: Increased by 1.18%, with a transaction value of 890.59 billion yuan, led by *ST Xin Yan, which rose by 17.71% [1] - The worst-performing industries included: - Coal: Decreased by 1.36%, with a transaction value of 47.63 billion yuan, led by Yun Wei Shares, which fell by 3.10% [2] - Agriculture, Forestry, Animal Husbandry, and Fishery: Decreased by 0.87%, with a transaction value of 177.67 billion yuan, led by Biological Shares, which fell by 5.92% [2] - Media: Decreased by 0.40%, with a transaction value of 190.78 billion yuan, led by Kaiying Network, which fell by 4.27% [2]

Market Overview - The A-share market experienced narrow fluctuations on the morning of December 24, with major indices showing mixed results but limited volatility [1][3] - The defense and military industry sector saw significant gains, with the sector's intraday increase exceeding 2% [3] Defense and Military Sector - Notable stocks in the defense sector included Xin Jing Gang, which hit the daily limit with a 20.02% increase, and Huo Lai Wo, which rose by over 12% [3][4] - Other stocks such as Xing Wang Yu Da, Bo Yun Xin Cai, and He Zhong Si Zhuang also reached their daily limits, with multiple stocks increasing by over 5% [3] GPU Sector - Two leading domestic GPU stocks, Mo Er Tui Xian and Mu Xi Co., saw declines, with both experiencing drops exceeding 7% [1][5] - Mu Xi Co. reached a new low since its listing, down over 20% from its initial closing price [5] New Listings - A new stock, Jian Xin Chao Dao, was listed on December 24, with its price surging by over 290% during the morning session [7] - The company focuses on the research, production, and sales of core components for MRI equipment, aiming to make MRI accessible for the general public [7][8] Other Market Movements - The coal, agriculture, forestry, animal husbandry, and media sectors were among the biggest decliners [5] - In the Hong Kong market, the Hang Seng Index showed slight increases, with notable gains in stocks like SMIC and Xinyi Solar [10] - Bai Ao Sai Tu - B saw a significant rise of over 24% due to its inclusion in the Hong Kong Stock Connect program [10]

Market Overview - The A-share market experienced narrow fluctuations on the morning of December 24, with major indices showing mixed results and limited volatility [3] - The defense and military industry sector saw significant gains, with the sector's intraday increase exceeding 2% [3] Defense and Military Sector - Notable stocks in the defense and military sector included: - New Jingang, which hit the daily limit with a price increase of 20.02% [4] - Hualaiwo, which saw an intraday increase of over 12% [3] - Other stocks like Xingwang Yuda, Boyun New Materials, and Hezhong Shizhuang also reached their daily limits or had increases exceeding 5% [3] GPU Sector - Two leading domestic GPU stocks, Moer Thread and Muxi Co., experienced declines, with both stocks dropping over 7% at one point [1][5] - Muxi Co. reached a new low since its listing, down more than 20% from its initial closing price [5] New Stock Listing - A new stock, Jianxin Superconductor, was listed on December 24, with an intraday surge exceeding 290% [7] - Jianxin Superconductor focuses on the research, production, and sales of core components for MRI equipment, aiming to make MRI accessible for the general public [7] - The company has developed a comprehensive product matrix in the superconducting field, becoming the leading independent supplier of superconducting magnets globally [8] Hong Kong Market - In the Hong Kong market, the stock Bai'ao Saitou-B saw a significant increase, with an intraday rise of over 24% due to its inclusion in the Hong Kong Stock Connect program [10]

另外，两大国产GPU龙头股摩尔线程和沐曦股份股价走低，跌幅均一度超过7%。 A股国防军工概念大涨 A股市场今天（12月24日）上午整体窄幅波动。国防军工板块大幅上涨，成为上午市场主线之一。 新股健信超导盘中一度大涨超过290% 今天（12月24日）A股市场有一只新股上市，为健信超导，上午盘中该股涨幅一度超过290%。 招股资料显示，健信超导主要从事医用磁共振成像（MRI）设备核心部件的研发、生产和销售，主要产 品包括超导磁体、永磁体和梯度线圈，占 MRI 设备核心部件成本的比例在 50%左右。公司以"让磁共振 成为老百姓用得起的日常诊查手段"为使命，通过自主研发和持续创新推动磁共振的迭代进步及推广普 及。公司在超导磁体、永磁体和梯度线圈上突破核心技术并实现规模化制造，保障了国产磁共振产业核 心部件自主可控，支撑并推动了国产超导磁共振产业的快速发展，降低医院磁共振检查的价格，有效改 善老百姓"看病难看病贵"民生问题。 招股资料称， 在超导领域，公司已形成包括 1.5T 零挥发超导磁体、1.5T 无液氦超导磁体、3.0T 零挥发 超导磁体和开放式零挥发超导磁体在内的丰富产品矩阵，成为全球磁共振行业内排名第一的超导 ...

A股市场今天（12月24日）上午整体窄幅波动。国防军工板块大幅上涨，成为上午市场主线之一。 另外，两大国产GPU龙头股摩尔线程和沐曦股份股价走低，跌幅均一度超过7%。 A股国防军工概念大涨 A股市场今天上午整体窄幅波动，主要指数涨跌互现，但波动幅度不大。 行业板块和赛道方面，若按照申万一级行业划分，国防军工板块大涨，板块盘中涨幅超过2%。新劲刚盘中"20cm"涨停，霍莱沃盘中涨幅一度超 过12%，星网宇达、博云新材、合众思壮等股票盘中触及涨停，另有多股盘中涨幅超过5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 300629 | 新劲刚 | 22.66 | 3.78 | 20.02% | | 688682 | 霍莱沃 | 53.96 | 5.02 | 10.26% | | 600118 | 中国 星 | 66.12 | 6.01 | 10.00% | | 002829 | 星网宇达 | 30.06 | 2.73 | 9.99% | | 002297 | 博云新材 | 11.26 | 1.02 | 9.96% | | 002383 ...

Market Overview - The Shanghai Composite Index decreased by 0.08% as of 10:27 AM, with a trading volume of 488.67 million shares and a total transaction value of 834.43 billion yuan, representing a 13.87% decrease compared to the previous trading day [1]. Industry Performance - The top-performing industries included: - Defense and Military Industry: Increased by 1.39% with a transaction value of 51.03 billion yuan, down 17.97% from the previous day, led by Xin Jingang with a rise of 11.12% [1]. - Environmental Protection: Increased by 1.08% with a transaction value of 7.35 billion yuan, down 16.60%, led by Chuangyuan Technology with a rise of 10.01% [1]. - Light Industry Manufacturing: Increased by 0.80% with a transaction value of 12.07 billion yuan, down 19.58%, led by Hongyu Packaging with a rise of 11.28% [1]. - The worst-performing industries included: - Coal: Decreased by 1.73% with a transaction value of 3.23 billion yuan, down 0.83%, led by Yunwei Co. with a decline of 4.77% [2]. - Agriculture, Forestry, Animal Husbandry, and Fishery: Decreased by 1.24% with a transaction value of 13.50 billion yuan, down 22.21%, led by Biological Co. with a decline of 8.82% [2]. - Oil and Petrochemicals: Decreased by 0.73% with a transaction value of 3.28 billion yuan, down 41.19%, led by Bohai Chemical with a decline of 9.02% [2].