| 青岛50宿致 十大成份版 | | | | | --- | --- | --- | --- | | 证券代码 | 股票简称 | 板直 | 最新价 | | -LC03107 11-4-14 114 | | | 1 4 7 0 | 青岛50（989011）指数十大成份股详情如下： | | | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh603187 | 出於御史 | | 14.73 | -2.77% | | 56.92 机械设备 | | sz002498 | 汉缆股份 | -- | 3.77 | -2.33% | | 125.42 电力设备 | | sh688501 | 青达环保 | -- | 26.18 | -1.87% | | 32.52 环保 | | sz001219 | 青岛食品 | -- | 14.67 | -1.74% | C | 28.60 食品饮料 | | sh600060 | 海信视像 | | 25.46 | -1.66% | | 332.25 ...

（来源：肥猫财经） 板块A股获得的融资净买入额位列前五,而交通运输、 非银金融、建筑、公用事业 II、化工板块A股的融资净 买入额排名末五位。 数据来源：Wind，截止日为2025年12月5日 市场概况 1271 以 | 以出\ 2025年以来两融余额走势图 8,000 25 000 6 000 .000 2025年以来融资余额与每日融资净买入额走势图 30.000 2025年以来融券余额与每日融券卖出额走势图 200 14 12 150 10 8 100 50 秀余额(乙元)(左轴) 期间实出额亿元 交易数据 近一周融资净买入额排名前五的行业 ■融资净买入额(亿元) ■近一周涨跌幅(%) 30 25 20 15 10 5 0 半导体 有色金属 硬件设备 国防军工 机械 12.65 27.62 22.53 18.03 17.03 2.11 3.35 2.11 4.31 1 . 12 单位:亿元 近一周融资净买入额排名后五的行业 ■融资净买入额(亿元) ■近一周涨跌幅 (%) 0 - | IV -15 -20 -30 | | | | | | | --- | --- | --- | --- | --- | --- ...

"十四五"时期，广州GDP增量预计7000亿元，社会消费品零售总额、外贸进出口总值连年保持"双万 亿、双增长"势头，成为全国第三个消费、外贸"双万亿"城市……12月8日，"'十四五'广东成就"广州专 场新闻发布会召开，广州市委副书记、市长孙志洋在会上指出，广州"自然指数—科研城市"全球排名今 年升至第6位，"广深港"科技创新集群指数今年首次跃居全球第一，GaWC排名广州提升到第22位、进 入全球一线城市行列。 孙志洋介绍，广州积极谋划建设"12218"现代化产业体系，推动工业投资从2020年的1030亿元增长到 2024年的1711亿元，增幅达66%。6个先进制造业集群产值超千亿、10个服务业增加值超千亿元，先进 制造业增加值占规上工业比重提升至60%，生产性服务业增加值占服务业比重提升至59%，特别是新型 显示、生物医药、低空产业、自动驾驶等一批战略性新兴产业稳居全国第一方阵。 超3500家港澳企业扎根南沙 广州市发展和改革委员会主任吴萨表示，"十四五"期间，国务院印发《南沙方案》，省层面设置南沙工 委并出台《南沙条例》和支持南沙发展的若干措施，高规格推进南沙开发建设工作。南沙地区生产总值 突破2300亿元 ...

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - In 2026, the overall supply of credit bonds is expected to increase, with a total net financing of 3.13 trillion yuan, up 330.5 billion yuan from 2025. Industrial bonds will be the main contributor, with a net financing of 2.5 trillion yuan [1][9]. - The regulatory tightening on urban investment platforms will continue in 2026, and the net financing of urban investment bonds is expected to shrink further to -416.3 billion yuan. The net financing of non - bank institutional bonds is expected to increase to 44.29 billion yuan. The net financing of commercial bank financial bonds is expected to be close to 2025, at 24.43 billion yuan, and the net financing of bank secondary and perpetual bonds may drop to 36.44 billion yuan [1][10][19]. - In the week of 2025/12/1 - 12/5, the yields of credit bonds increased across the board. Non - financial credit bonds performed better than financial bonds, and among financial bonds, 10 - year brokerage sub - bonds performed best. Looking ahead, credit bonds may show a volatile trend, and a coupon strategy is recommended [2][24]. 3. Summary by Relevant Catalogs 3.1 2026 Credit Bond Supply Estimation - Overall, in 2026, driven by the growth of industrial bond net financing, the supply of credit bonds is expected to increase. Industrial bonds are the main contributor to supply, with a net financing of 2.5 trillion yuan, an increase of 468.6 billion yuan from 2025 [9][15]. - Urban investment bonds: Due to continued strict supervision, the net financing is expected to shrink to -416.3 billion yuan, a decrease of 212.4 billion yuan from 2025 [10]. - Non - bank institutional bonds: With the expected recovery of the equity market, the full implementation of the I9 standard, and high refinancing pressure, the net financing is expected to reach 44.29 billion yuan, an increase of 11.97 billion yuan from 2025 [10]. - Commercial bank financial bonds: Under the policy guidance of淡化 "scale concept", the net financing is expected to be 24.43 billion yuan, close to 2025 [19]. - Bank secondary and perpetual bonds: Affected by factors such as state - owned bank capital injection, debt replacement, and the substitution of TLAC bonds, the net financing is expected to be 36.44 billion yuan, a decrease of 46.3 billion yuan from 2025 [19]. 3.2 Credit Bond Yield Overview - In the week of 2025/12/1 - 12/5, credit bond yields increased across the board. Non - financial credit bonds outperformed financial bonds, and among financial bonds, 10 - year brokerage sub - bonds performed best [24]. - Urban investment bonds generally showed a feature that the longer the duration, the greater the increase in yield. The 10 - year bonds had the largest average increase of 7bp [24]. - Industrial bonds: High - rating and short - duration bonds had a significantly lower average increase in yield than other types of bonds [24]. - Financial bonds: The increase in yield was generally greater than that of general credit bonds of the same term, and short - duration bonds had a smaller increase than medium - and long - duration bonds [25]. 3.3 Primary Market 3.3.1 Issuance Volume - In the week of December 1 - 5, 2025, the issuance scale of credit bonds decreased both month - on - month and year - on - year. The net financing decreased month - on - month and increased year - on - year. The net financing of urban investment bonds, industrial bonds, and financial bonds decreased by 4 billion yuan, 74.2 billion yuan, and 37.9 billion yuan respectively month - on - month [35]. 3.3.2 Issuance Cost - The average issuance interest rate of credit bonds increased. The average issuance interest rate of urban investment bonds decreased by 1.4bp month - on - month, while that of industrial and financial bonds increased by 15.8bp and 4.6bp respectively [41]. 3.3.3 Issuance Term - The average issuance term of credit bonds decreased month - on - month. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds decreased by 0.13 years, 0.02 years, and 0.19 years respectively [45]. 3.3.4 Cancellation of Issuance - In the week of December 1 - 5, 2025, the number of credit bond cancellations increased month - on - month, while the scale decreased. Nine bonds were cancelled, an increase of 2 from the previous week, and the total cancellation scale was 3.738 billion yuan, a decrease of 0.479 billion yuan [47]. 3.4 Secondary Market 3.4.1 Trading Volume - The trading volume of all types of credit bonds decreased compared with the previous week, and the trading volume of industrial bonds decreased by more than 50 billion yuan [53]. - In terms of remaining term, the trading terms of urban investment and industrial bonds extended, while the trading term of bank secondary capital bonds shortened [53]. 3.4.2 Trading Liquidity - This week, the turnover rates of industrial and financial bonds decreased, while that of urban investment bonds remained flat. Among different terms, the turnover rates of different types of bonds showed different trends [56]. 3.4.3 Spread Tracking - This week, the spreads of urban investment bonds narrowed for most bond types, except for 1 - year, 10 - year, and 5 - year AA + and AA(2) bonds. The spreads of bank secondary and perpetual bonds widened across the board, and the spreads of brokerage sub - bonds mostly widened, while those of insurance sub - bonds widened across the board [64][70][72]. 3.5 Weekly Hot Bonds Overview - Based on qeubee's bond liquidity scores, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity are selected for investors' reference [74]. 3.6 Credit Rating Adjustment Review - According to domestic rating agencies, this week, the debt rating of 1 bond was upgraded, and there was no downgrade of debt ratings [80].

研究所 证券研究报告：固定收益报告 发布时间：2025-12-08 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《货币政策重心转移————2026 年 展望系列四》 - 2025.12.03 固收周报 物价持续上行，房地产季节性改善 ——高频数据跟踪 20251207 核心观点 高频经济数据关注点：第一，生产端热度有所分化，螺纹钢产量、 高炉开工率下降，焦炉开工率持续回升；沥青、汽车轮胎开工率升高， PX 开工率高位回落，PTA 开工率持平。第二，房地产市场季节性改善， 商品房成交面积连续三周增长，百城土地供应面积高位回落。第三， 物价持续回升，原油、焦煤、金属、农产品价格均上涨，其中 LME 铜 期货价格再创历史新高，猪肉价格表现偏弱。第四，波罗的海干散货 指数延续快速上行趋势。短期重点关注消费与投资端增量政策落地及 房地产市场恢复情况。 生产：钢铁产量下降，沥青开工率处于低位 12 月 5 日当周，焦炉 ...

其他具备最佳相对上涨潜力的交易方向包括与实体经济周期紧密相关的主线板块，如住宅建筑商 (XHB.US)、零售业(XRT.US)、造纸、交通运输(XTN.US)以及房地产投资信托基金(XLRE.US)。 相关中型股ETF包括：标普中型股400指数ETF-SPDR(MDY.US)、SPDR S&P400Mid Cap Growth ETF(MDYG.US)、iShares安硕罗素中盘ETF(IWR.US)、标普中型股指数ETF-iShares(IJH.US)。 他还指出，"美股七巨头"可能会"吞噬"整个小盘股600指数(SPSM.US)和中盘股400指数(MDY.US)的市 值。 美银证券指出，美国总统特朗普对经济的干预可能使当前估值偏低的中盘股受益。策略师迈克尔.哈特 尼特认为，特朗普很可能会采取干预措施以遏制其支持率的下滑。他表示，白宫将出手干预，以免消费 者价格指数(CPI)年通胀率达到4%、失业率飙至5%。在此环境下，哈特尼特建议在2026年前做多估值低 廉的中盘股。 ...

| 汽车 | 1186.87 | -3.03 | -0.25 | | --- | --- | --- | --- | | 建筑装饰 | 388.40 | -3.17 | -0.81 | | 家用电器 | 364.23 | -4.21 | -1.14 | | 电力设备 | 2154.34 | -4.91 | -0.23 | | 医药生物 | 1640.85 | -5.1 1 | -0.31 | | 电子 | 3600.48 | -6.81 | -0.19 | | 基础化工 | 988.44 | -9.1 1 | -0.91 | （文章来源：证券时报网） 12月5日各行业融资余额环比变动 | 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 计算机 | 1785.70 | 9.99 | 0.56 | | 国防军工 | 828.78 | 5.19 | 0.63 | | 机械设备 | 1302.23 | 4.38 | 0.34 | | 银行 | 758.49 | 3.25 | 0.43 | | 非银金融 | 1856.60 | 3 ...

财政政策。上周合计政府债（包括国债和地方债）净增加160亿元（高于计划的净减少733亿元），按计划下周政府债净减少5102亿元，2025年10月末政府 负债增速为13.9%，前值14.5%，预计11月继续下行至13.1%附近，后续趋于下行，按照目前的数据，我们预计年底政府部门负债增速将下降至12.0%附 近。 货币政策。按周均计算，上周资金成交量环比上升，资金价格环比下降，期限利差小幅走扩，剔除掉季节效应，整体上看资金面边际上继续松弛。上周一 年期国债收益率窄幅震荡，周末收至1.40%，按照2025年5月降息后的情况估计，我们预计一年期国债收益率的下沿约为1.3%，中枢在1.4%附近；十年国 债和一年国债的期限利差微升至45个基点。我们目前倾向于判断，十年国债和一年国债以及三十年国债和十年国债的利差区间在20-50个基点，十年国债 和三十年国债收益率未来的波动区间或在1.6%-1.9%和1.8%-2.3%附近。 资产端，10月物量数据较9月继续走弱，重点关注后续经济何时再现企稳甚至边际上行。两会给出2025年全年实际经济增速目标在5%左右，按照赤字和赤 字率（4%）倒推，全年名义经济增速目标在4.9%。需要进 ...

盛阅春强调，要强化要素保障，做好融资、用地、审批等工作，为推进重点项目落地建 设提供保障。要加强市、区工作统筹，市级层面建立定期研究工作机制，各部门各单位各司 其职、各负其责，做好协调配合，形成工作合力，及时协调解决项目推进中的难点堵点问 题，加快把项目"规划图"变成"实景图"。 市领导刘子清、陈劲超、曾晟、张斐参加会议。 编辑：胡之澜 12月7日，市委召开专题会议研究"十五五"时期水网、电网、路网"三网"建设工作，省 委常委、市委书记盛阅春主持会议并强调，要深入贯彻落实党的二十届四中全会精神和习近 平总书记考察湖北重要讲话精神，认真落实省委决策部署，按照"补短、联网、提能、安 全、生态"要求，推动我市"三网"规划建设提速提质，加快构建现代化基础设施体系，为全 力打造"五个中心"、全面建设现代化大武汉打下坚实基础。市委副书记、代市长熊征宇出席 会议。 会上，市发改委、市水务局、市交通运输局、市自然资源和城建局、国网武汉供电公司 汇报了水网、电网、高速公路网、铁路枢纽及客货运环线、轨道交通等建设谋划有关情况， 相关单位讨论交流发言。 认真听取发言后，盛阅春指出，"三网"建设既是提升城市安全韧性、支撑经济社会发展 ...

Group 1 - WeChat Pay has officially launched in Qatar, with QNB becoming the first bank in the GCC to support it, providing a new digital payment tool for retailers to connect with Chinese consumers [5][6] - Meituan Keeta has officially launched in eight cities in São Paulo, Brazil, as part of a five-year investment plan of 5.6 billion Brazilian Reais [5][6] - Shopee and Shein are the preferred overseas platforms for Brazilian consumers, with 96% of consumers engaging in international shopping in the past year [6][7] Group 2 - JD.com has acquired over 85% of CECONOMY in Germany, aiming to accelerate localization in the European market [7] - Cainiao's Hong Kong eHub has launched an automated stacking system, achieving 80% process automation and improving efficiency by 20% compared to traditional methods [7] - MAISEAT has launched a global app to enhance the cross-border ticket purchasing experience, supporting multiple languages and payment methods [8] Group 3 - WuXi Biologics is establishing the first integrated CRDMO center in the Middle East, collaborating with Qatar Free Zones Authority to enhance the biopharmaceutical industry [8] - Changan Automobile plans to launch electric vehicle brands Avatr and Nevo in Europe within two years, focusing on pure electric models [8] - China Power Construction has signed multiple overseas projects in renewable energy and infrastructure across various countries [9] Group 4 - UniXAI has completed a total of 300 million yuan in financing, achieving monthly deliveries of over 100 units of service robots [10] - Daimeng Robotics has secured new strategic financing to accelerate its development in tactile sensing technology and global market expansion [10] - Suisheng Technology has raised millions in angel funding to develop AI recording hardware, with plans to launch its first product in 2026 [11] Group 5 - The AI glasses market is experiencing a surge, with major players like Li Auto and Alibaba launching new products and forming industry alliances [12] - Over one-third of mobile marketers are currently investing in short drama advertisements, indicating a shift in global strategies for Chinese app developers [12]