Market Performance - On December 23, A-shares experienced a volatile rise, with the Shanghai Composite Index increasing by 0.34%, the Shenzhen Component Index by 0.65%, and the ChiNext Index by 0.78% [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.25 trillion yuan, an increase of 52.3 billion yuan compared to the previous trading day [1] Sector Highlights - The lithium battery industry chain saw a significant surge, with stocks like Xianglu Tungsten (002842) and Zhangyuan Tungsten (002378) hitting the daily limit [4] - The semiconductor equipment sector continued its strong performance, with Shenghui Integration (603163) achieving a historical high [4] - The chemical sector also experienced a notable rise, with companies such as Wanrun Shares (002643) and Dongcai Technology (601208) reaching the daily limit [4] Lithium Market Insights - The lithium carbonate futures price has been rising, with the lithium mining index showing strong performance. Major stocks like Dazhong Mining (001203) and Tianhua New Energy (300390) saw increases of nearly 10% and over 8%, respectively [6][8] - The China Nonferrous Metals Industry Association reported that lithium companies' Q3 performance improved, and market expectations for future lithium prices are optimistic [8][9] Cybersecurity Sector Activity - On December 23, the A-share cybersecurity sector showed significant movement, with stocks like Jida Zhengyuan (003029) and Qiming Star (002439) rising by over 3% and 2%, respectively [11][15] - The sector's activity was triggered by a large-scale attack on Kuaishou, leading to a temporary drop in its stock price [15] Investment Outlook - Goldman Sachs is bullish on Chinese stocks, predicting a continued upward trend through 2026, driven by a shift from expectation-driven to profit-driven market dynamics [17] - The firm anticipates a 14% growth in corporate earnings next year, with a potential 38% increase in the stock market by the end of 2027 [17]

战略布局与市场选择 清陶能源董事长冯玉川分享了企业落地成都的加速度：2022年落户，2023年5月一期1GWh固态电池集成线投产，二期项目已开工，预计2026 年建成。他表示，成都作为全国先进制造业基地，其人才储备与市场腹地优势，是吸引这家由院士领衔的全球固态电池领跑者在此建立西南研 发与产业化基地的关键。 江阴南工锻造董事长高欣则将目光投向德阳，投资建设高端装备精密零部件生产基地，打造覆盖"高端材料精密锻造—可控热处理—成品加 工"的全流程自主产业链。他坦言，投资决策既源于德阳"重装之都"成熟的产业生态，也看重成渝地区双城经济圈等国家战略叠加带来的"确定 性"机遇。 长三角资本"西进"为何锁定成都都市圈？ 成都都市圈"天府好礼"特色产品展示展销活动现场。 12月22日，上海。一场以"携手都市圈 共享新机遇"为主题的成都都市圈投资合作推介会在此举行。成都、德阳、眉山、资阳四市以"现场展示 +集中推介+清单发布"的立体化矩阵，向长三角企业发出了"集体邀请函"。多家已投资企业现场"代言"，以亲身经历解码这个中西部领先都市 圈的吸引力。 当长三角资本西望，成都都市圈成为高频落点。企业的足迹，勾勒出区域协同的价值轨迹 ...

每经记者｜温雅兰 每经编辑｜唐元 "这是我第一次参加成都都市圈在长三角的推介，但今天现场的氛围让我确信，我们三年前的选择没做 错。"上海莒纳新材料科技有限公司（以下简称"莒纳科技"）首席执行官周振声在成都都市圈走进长三 角投资推介会现场感慨道。 2022年，莒纳科技落户成都彭州市，如今，周振声的话，道出了众多长三角企业家的共同心声——成都 都市圈正以开放姿态，推动东西部资本与产业深度融合。 当经济进入高质量发展的新阶段，区域间的协同与共振便会成为驱动增长的关键引擎。地处西部的成都 都市圈，凭借其独特的区位优势、产业基础与政策红利，日益成为长三角企业眼中充满活力与确定性的 投资热土。 建设五年来，成都都市圈同城化水平跃居全国16个主要都市圈之首。2024年四市地区生产总值达 29756.8亿元，较2020年增长33.1%；而处于"长江尾"的长三角三省一市，2025年前三季度地区生产总值 合计达25.18万亿元，占全国GDP总量的24.81%。 一条长江水，连接两头发展极。成都都市圈与长三角城市群，将碰撞出怎样的产业火花？ 12月20日至26日，成都联动德阳、眉山、资阳三市，以"成都都市圈"整体形象主动"走进"长 ...

明日主题前瞻 1、乳业 | 据商务部网站消息，经过一年多审慎调查，初步证据显示，欧盟通过共同农业政策等补贴计划向乳及乳制品产业等涉农领域提供了大量补贴。调 查期内，中国国内产业受进口欧盟补贴产品影响，生产经营出现困难。调查机关初步认为，欧盟相关乳制品产品存在补贴，中国国内产业受到实质损害，且 两者之间的因果关系成立。据此，商务部于2025年12月22日发布初裁公告，裁定欧盟公司的从价补贴率为21.9%-42.7%，并决定实施临时反补贴措施。 点评：中证报指出，中国乳制品产业正从"量增"向"质变"转型，未来将保持稳健增长，健康化、功能化、数字化成为核心驱动力，低温鲜奶、功能性乳品和 奶酪等细分赛道将引领行业新增长。2025年市场规模预计达7092亿元，2030年市场规模将突破1.2万亿元，主要受益于消费升级、健康意识提升及政策支 持。 2、电网设备 | 据美国太平洋天然气和电力公司网站消息,加利福尼亚州旧金山市20日发生大规模停电事故,影响约13万家庭和商户,约占该公司在该市客户总数 的三分之一。目前大部分区域停电原因暂不明确。据旧金山消防局消息,太平洋天然气和电力公司位于该市的一处变电站内部当天下午发生火灾, ...

Group 1 - The core view of the report indicates that the convertible bond market in 2025 is expected to experience a "double hit" of parity and premium rates, transitioning from "equity replacement" to "debt market supplementary income" in 2026 [1][2] - The report anticipates that the supply of convertible bonds will continue to shrink by 5.3% to 27.6% in 2026, with a notable increase in the issuance of convertible bonds from the ChiNext board, which may provide quality supply in the next two years [1][8] - Demand for convertible bonds is driven by the pursuit of elastic products, with significant growth in the scale of secondary bond funds and the potential for primary bond funds to increase their positions [1][19] Group 2 - The valuation outlook suggests that the premium rate for convertible bonds may not significantly rise, as the current 30% premium rate implies expectations of at least a 30% increase in the underlying stock [1][36] - The report highlights that the convertible bond market may see localized profit opportunities, particularly if the underlying stock market maintains a slow bull trend, with a focus on sectors such as technology and new energy [1][42] - The strategy for 2026 emphasizes the importance of focusing on industry rotation and individual bond marginal changes, recommending a concentrated position in core alpha opportunities [1][48]

专题：2025基金行业年终大盘点：公募规模近36万亿元，主动权益重夺主场，"冠军基"揭榜倒计时 上周A股市场呈现先抑后扬的震荡修复格局，指数表现分化，结构上"沪强深弱"。在"扩大内需"政策预 期及高股息避险属性驱动下，消费、非银金融成为领涨主线，而此前活跃的AI应用、AI硬件有所回 调。周内A股交投活跃度有所下降，日均成交额降至1.76万亿元。市场风格方面，消费行业领涨而科技 板块有所回调，整体表现为：消费>金融>周期>成长。 金鹰基金表示，在国内年末资金调仓与政策催化背景下，资金在市场调整期向防御性与政策支持方向迁 移。数据方面，11月消费受高基数和政策透支影响明显放缓，固定资产投资延续负增长，房地产市场持 续低迷，外需则是少数亮点。但往明年年初看，货币发力和财政前置有望带动国内经济环比改善，两会 窗口亦会明确"十五五"规划重点工程项目和远期经济动能抓手。 本资料所引用的观点、分析及预测仅为个人观点，是其在目前特定市场情况下并基于一定的假设条件下 的分析和判断，并不意味着适合今后所有的市场状况，相关指数、行业等的过往表现不代表未来表现， 也不代表本公司旗下基金的业绩表现，不构成对阅读者的投资建议。基金过往业 ...

光伏反内卷引领创新治理，新格局重塑产业逻辑 20251221 多晶硅收储平台由主要企业持股，旨在通过协同控产稳定价格，已见期 货价格上涨，现货价格维持在 5 万元以上，但成交量有限，预计平台落 地后价格将明确修复，增强市场信心，并带动产业链价格修复。 海外市场缺电逻辑驱动光伏需求强劲，预计 2026 年需求良好；国内市 场明年装机量或下滑，但可能筑底，为后续复苏奠定基础。建议关注光 伏板块及其供给侧改革带来的盈利修复趋势。 数据中心领域关注 800 伏架构落地，以满足 AIGC 供电需求，该架构提 高功率密度并减少铜用量。重点关注固态变压器、固态断路器、高功率 PSU 等环节。 人形机器人领域，宇树科技发布应用商店，华为与纽泰格达成采购协议， 标志着应用端迈出步伐。供应链方面，关注新能源端精密加工企业和固 态电池方向。 固态电池方面，上汽全新 MG4 搭载固态电池完成首批交付，QS 与全球 前十大汽车制造商签署联合开发协议，产业链稳步推进，应关注新增设 备、新增材料及干法电极等技术环节。 摘要 固态电池也是我们坚定看好的方向。今年（2025 年）上汽全新 MG4 搭载固态 电池完成首批交付，而全球固态锂金属技 ...

Core Viewpoint - Recent fluctuations in A-shares have led to divergent expectations among investors during the "cross-year" phase, but the short-term impact of internal and external factors on A-shares may be nearing its end, with a relatively loose liquidity environment expected to persist into the first quarter of next year [1] Group 1: Market Environment - The current low-interest-rate environment is likely to continue driving the trend of "deposit migration" among residents, providing a favorable opportunity for investors to position themselves for the "cross-year" market [1] - The recent pullback in indices has created a good entry point for investors looking to capitalize on upcoming market trends [1] Group 2: Investment Strategy - Investors are advised to focus on growth styles during market dips, while dividend styles should emphasize phase-specific and structural opportunities [1] - Three main investment themes are recommended: 1. **Growth in Prosperous Sectors**: The AI technology sector is expected to transition into an application phase next year, with opportunities in computing power, optical modules, and cloud computing infrastructure, particularly in domestic markets. Key application areas include robotics, consumer electronics, intelligent driving, and software applications. Additionally, innovative pharmaceuticals, energy storage, and solid-state batteries are entering a prosperous cycle [1] 2. **External Demand Breakthrough**: The trend of going overseas presents a relatively certain growth opportunity. Sectors to focus on include home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources such as non-ferrous metals [1] 3. **Cyclical Reversal**: Attention should be given to sectors nearing improvement points in supply-demand dynamics or benefiting from policy support, such as chemicals, aquaculture, and new energy [1] - Dividend sectors possess defensive attributes but may still be more phase-specific and structural in nature, suggesting a bottom-up stock selection approach based on quality free cash flow [1]

中信建投研报称，短期A股波动主要受外部环境影响，如美股AI泡沫疑虑和日本央行加息，目前美股AI 核心公司股价已经企稳，日本央行加息落地后续影响有限，A股有望和全球股市一起共振上行。岁末年 初，A股行业配置关注三条线索：红利价值、布局景气、主题热点。行业重点关注：有色（银、铜、 锡、钨）、港股高股息、非银、AI（液冷、光通信）、新能源（储能、固态电池）、创新药、银行 等。主题重点关注：海南（免税）、核电、冰雪旅游。 ...

Core Viewpoint - The Chinese stock market is expected to experience a structural bull market in 2026, driven by factors such as policy support, domestic demand stabilization, and industrial upgrades [4][8][11]. Group 1: Market Performance in 2025 - The A-share market showed a volatile upward trend in 2025, with significant contributions from the technology sector and companies expanding overseas [4][5]. - Key sectors that exceeded expectations included Chinese companies going global and the commercialization of AI, with notable growth in overseas AI demand [4][5]. - The overall market sentiment was influenced by improved liquidity and a shift in policy, leading to a bullish outlook for the A-share market [5][6]. Group 2: Outlook for 2026 - A-share earnings growth is anticipated to show a pattern of low-to-high progression, while the Hong Kong market may see a style shift towards core assets [8][11]. - The "New Four Bulls" logic is expected to drive the market, focusing on capital inflows, technological innovation, institutional reforms, and consumption upgrades [8][11]. - The overall economic growth is projected to remain within a reasonable range, with a gradual reduction in the negative impact of real estate on the economy [11][12]. Group 3: Investment Opportunities - The primary investment themes for 2026 include "Technology + Going Global," with a focus on AI applications and companies expanding overseas [12][13]. - Key sectors to watch include high-end manufacturing, new energy, and industries benefiting from global market growth, such as machinery and electronics [13][14]. - The market is expected to transition from a liquidity-driven bull market to one driven by earnings improvement, with a more balanced sector performance anticipated [19][20]. Group 4: Market Dynamics and Trends - The market is likely to see a convergence of performance across sectors, moving from a phase of significant differentiation to a more balanced approach [18][19]. - The focus will shift towards sectors with high growth potential, as the market transitions from a "淘汰赛" (elimination race) to a "竞速赛" (speed race) [18][19]. - The structural characteristics of the market will continue to be influenced by technological advancements and policy support, with a gradual reduction in the impact of traditional sectors [19][20].