日本股市的PER多年来一直难以突破16倍这一"天花板"。迄今为止，PER从未成为推高日本股市的因 素。有经济师分析了雷曼危机后日美欧股价指数的上涨动因，结果显示美欧的PER变化占比超过3成以 上，而日本仅为1成…… 日经平均股指在5万点左右的历史性高位迎来了2025年底。股市持续上涨的焦点在于能否进 一步提高市场的"预期值"。仍有很多个股的PER（市盈率，反映投资者对企业的增长预期） 偏低。2026年的课题是企业能否就业绩和资本效率提出改善路径，激发市场对股价进一步上 涨的期待。 不过，如果后续的复苏前景更加明朗，其估值偏低的优势将更加突出。SCREEN将在截至 2026财年（截至2027年3月）的三年内，将营业现金流和手头资金等3600亿日元总资金的8 成用于增长性投资。以2032财年（截至2033年3月）实现销售额超过1万亿日元、营业利润 率超过20%为目标，在加快投资步伐的同时，根据投资的进展情况等，灵活实施股票回购。 日本股市的PER多年来一直难以突破16倍这一"天花板"。PER以东证股价指数（TOPIX）未 来12个月利润预期为基础计算得出，2008年发生雷曼危机以后，除了新冠疫情导致利润骤降 的特 ...

Group 1 - The revised Public Security Administration Punishment Law will take effect on January 1, 2026, with a focus on sealing records of minor offenses, particularly for minors [2][3] - The law aims to prevent the lifelong consequences of a single punishment, providing a framework for sealing minor offense records, which will still be recorded but not publicly accessible [4][5] - The law clarifies the relationship between the Public Security Administration Punishment Law and the Criminal Law, stating that criminal acts must be prosecuted under criminal law, while non-criminal acts are subject to administrative penalties [6][7] Group 2 - The sealing of drug-related records is included in the law, emphasizing that drug use is treated as a violation rather than a crime, with a strong focus on rehabilitation and prevention of drug abuse [8][9] - The government has established a comprehensive system for drug rehabilitation, including voluntary and mandatory rehabilitation measures, and emphasizes the importance of confidentiality regarding the personal information of drug users [9][10] Group 3 - The law has received no objections since its announcement on June 27, 2025, indicating broad acceptance and support from the public [3][4] - The law's provisions are designed to ensure that all citizens are treated equally under the law, reinforcing the principle of equality before the law [2][5]

Core Viewpoint - A recent court ruling revealed a bribery case involving analysts from a brokerage firm, highlighting ethical concerns in the financial analysis industry and its potential impact on stock valuations [1][2]. Group 1: Legal Proceedings - The Shanghai Pudong New District People's Court sentenced two analysts from a brokerage firm for accepting bribes, with one receiving a ten-month prison sentence (suspended for one year) and the other receiving an eight-month prison sentence (also suspended for one year), along with fines of 100,000 yuan each [1][2]. - The analysts were found guilty of accepting bribes to enhance the market visibility of Jiangsu Litong Electronics Co., Ltd. through research reports [2]. Group 2: Company Performance - Jiangsu Litong Electronics' stock price experienced a significant increase, starting from May 2023 and reaching a historical high of 40.51 yuan per share in November 2023, representing an annual growth of over 155% [4]. - As of the latest closing price, the stock is reported at 26.87 yuan per share [4].

证券研究报告 | 2025年12月24日 金融工程日报 沪指震荡攀升录得六连阳，商业航天概念再度爆发 核心观点 金融工程日报 市场表现：20251224 大部分指数处于上涨状态，规模指数中中证 2000 指数 表现较好，板块指数中科创 100 指数表现较好，风格指数中中证 500 成长指 数表现较好。国防军工、电子、建材、轻工制造、计算机行业表现较好，农 林牧渔、煤炭、食品饮料、银行、家电行业表现较差。毫米波、玻璃纤维、 卫星互联网、商业航天、MLCC 等概念表现较好，钨矿、黄金精选、动物保健 精选、乳业、猪瘟疫苗等概念表现较差。 市场情绪：20251224 收盘时有 86 只股票涨停，有 6 只股票跌停。昨日涨停 股票今日收盘收益为 2.54%，昨日跌停股票今日收盘收益为-1.12%。今日封 板率 75%，较前日提升 6%，连板率 28%，较前日提升 2%。 市场资金流向：截至 20251223 两融余额为 25316 亿元，其中融资余额 25146 亿元，融券余额 170 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 11.3%。 折溢价：20251223 当日 ETF 溢价较多 ...

Economic Overview - The national economy in November 2025 showed characteristics of "stable production, differentiated consumption, and pressured investment" with industrial production recovering to normal levels after holiday disruptions[2] - Emerging industries continue to be the main support for production and investment, although industrial growth has slightly slowed down, indicating significant industry differentiation[6] Production Insights - The industrial added value in November increased by 4.8% year-on-year, a slight decrease of 0.1 percentage points from the previous month, while month-on-month growth improved by 0.44 percentage points[8] - The production-sales rate for industrial enterprises was 96.5%, showing a month-on-month increase of 0.1 percentage points, with the export delivery value decline narrowing from 2.1% to 0.1%[8] Consumption Trends - Retail sales growth in November was 1.3% year-on-year, marking a continuous decline for six months, with large-scale retail sales dropping by 2.0%[20] - The promotional season had limited impact on consumer spending, with online retail growth decreasing from 8.1% to 5.4%[22] Investment Analysis - Fixed asset investment from January to November decreased by 2.6% year-on-year, with November showing a month-on-month decline of 12.0%[26] - Manufacturing, broad infrastructure, and real estate investments saw declines of -4.5%, -11.9%, and -30.3% respectively, indicating a challenging investment environment[26] Risk Factors - There is an increasing uncertainty in external trade and a potential unexpected decline in domestic demand, which could further pressure economic growth[37]

Group 1 - The number of initial jobless claims in the U.S. decreased by 10,000 to 214,000 for the week ending December 20, which is below the economists' median forecast of 224,000 [5] - The number of individuals continuing to claim unemployment benefits rose to 1.92 million in the previous week [5] - The recent fluctuations in new claims are typical for this time of year, especially around the holiday season, with claims having spiked earlier in the month from a three-year low during Thanksgiving [5] Group 2 - The four-week moving average of new claims, which helps smooth out volatility, also showed a decline last week [5] - The layoff rate in the labor market remains relatively low, maintaining stability throughout the year despite increasing economic uncertainty [5] - Major companies like PepsiCo and HP have announced layoff plans, but these have not yet translated into a significant increase in actual layoffs [5]

Group 1 - The A500ETF fund (512050) has seen a continuous net inflow of funds for nearly 15 trading days, with a single-day net inflow of 2.878 billion yuan, bringing its total scale to 31.926 billion yuan, indicating strong market recognition of the long-term investment value of the CSI A500 index [1] - Goldman Sachs predicts that the Chinese stock market bull run will continue into next year, transitioning from an "expectation-driven" phase to a "profit-driven" phase, with corporate earnings expected to grow by 14% next year and 12% by 2027, while valuation expansion may reach around 10% [1] - China Galaxy Securities notes that the A-share market is entering a critical window for cross-year layout as 2026 approaches, with structural opportunities expected to concentrate on policy guidance and industry prosperity, making the upcoming spring market rally worth anticipating [1] Group 2 - The A500ETF fund (512050) offers investors a convenient way to invest in core A-share assets, featuring low fees (only 0.2%), good liquidity (average daily trading volume exceeding 5 billion yuan), and a large scale (over 30 billion yuan) [2] - The fund tracks the CSI A500 index and employs a dual strategy of industry balanced allocation and leading stock selection, covering all 35 sub-industries, and has a natural "dumbbell" investment attribute by overweighting new productivity sectors such as AI, pharmaceuticals, and renewable energy compared to the CSI 300 [2]

■中央军委晋升上将军衔仪式22日在北京八一大楼举行。中央军委主席习近平出席晋衔仪式。 ■22日，国家主席习近平致电卡斯特，祝贺他当选智利共和国总统。 ■近日，中共中央办公厅 国务院办公厅印发《关于做好2026年元旦春节期间有关工作的通知》。 ■据国家发展改革委消息，"十四五"规划102项重大工程如期完成规划目标任务：白鹤滩水电站、中老铁 路、"梦想"号大洋钻探船等重大项目建成投运。 ■22日起，中国人民银行陆续发行2026年贺岁纪念币和纪念钞，其中纪念钞1张、双色铜合金纪念币1 枚、金质纪念币1枚、银质纪念币1枚，均为中华人民共和国法定货币。2026年贺岁双色铜合金纪念币和 纪念钞每人只能各预约一次。 ■22日，由我国自主设计、建造的全球首艘甲醇双燃料动力智能超大型油轮在辽宁大连交付。 ■2024年度审计整改报告显示，截至2025年9月底，对2024年度审计工作报告查出的问题，有关地方、 部门和单位共整改问题金额1.04万亿元，制定完善制度1090多项。 ■市场监管总局发布《网络销售重点工业产品质量安全监督管理规定》，对纳入管理的产品，电商平台 内商家应当在销售页面如实展示产品相关信息（生产许可证编号、3C证 ...

前11月广州对共建"一带一路"国家进出口同比增24% 广州海关统计分析处副处长杨凡表示，共建"一带一路"国家已成为广州重要的贸易伙伴，经贸合作呈现 持续向好态势。今年以来，广州对共建"一带一路"国家进出口连续11个月保持两位数增长。 此外，今年以来，广州对共建"一带一路"国家出口纺织品、通用机械设备、汽车零配件分别同比增长 18.1%、10.6%、34.8%，进口共建"一带一路"国家农产品、服装分别同比增长11.9%、12.3%。(完) 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 中新社广州12月22日电 (记者 许青青)据广州海关22日消息，今年前11个月，广州市外贸进出口总值超 1.1万亿元(人民币，下同)，同比增长12.1%。其中，广州对共建"一带一路"国家进出口5312.4亿元，同 比增长24%。 "我们根据共建'一带一路'国家在电力供应方面的需求，新研发了一种背接触式电池组件， ...

Core Viewpoint - The recent implementation of the "zero tariff" policy for imported vehicles in Hainan has generated significant public interest, particularly regarding its implications for consumers and businesses [3][5][10]. Group 1: Zero Tariff Policy for Imported Vehicles - The "zero tariff" policy allows eligible imported vehicles to be exempt from customs duties, value-added tax, and consumption tax, significantly reducing vehicle prices [3][5]. - For example, a Toyota Hiace valued at 227,000 yuan had tax exemptions of approximately 84,000 yuan, resulting in a price reduction of nearly 40% [3][5]. - However, this policy is limited to enterprises engaged in transportation and tourism in Hainan, and personal purchases are not permitted [5][6]. Group 2: Conditions for Eligibility - Vehicles must be used for operations and equipped with satellite positioning systems connected to regulatory networks [6]. - The vehicle's origin and destination must include at least one location within the Hainan Free Trade Port, and it must not stay in mainland China for more than 120 days annually [6][8]. - Enterprises must meet specific criteria, such as operating for over three years with a fleet of at least 15 vehicles or importing more than ten "zero tariff" vehicles at once [6][8]. Group 3: Consumer Impact and Market Response - The introduction of the "zero tariff" policy has led to a surge in consumer interest, with many looking to book flights to Hainan [10][15]. - The Hainan government is also distributing consumer vouchers, which can further reduce prices on various products, including gold and electronics [10][12]. - For instance, a 40-gram gold ornament can save consumers over 8,000 yuan when combined with government vouchers [10][12]. Group 4: Tourism and Travel Trends - Flight bookings to Hainan have increased significantly, with over 720,000 tickets sold for the upcoming New Year holiday, marking a 10% year-on-year growth [15][17]. - Popular routes include flights from Beijing, Chengdu, and Shanghai, with some tickets exceeding 2,000 yuan [17][47]. - The international flight bookings to Hainan have also seen a notable increase, with a 40% rise in international ticket reservations for the holiday period [17][47]. Group 5: Broader Implications of Hainan's Free Trade Port - The full closure of Hainan's Free Trade Port aims to create a special customs area, enhancing trade and travel convenience [20][52]. - The policy allows for a broader range of zero-tariff goods, expanding from 21% to 74%, covering over 6,600 products [53][54]. - The initiative is expected to boost economic opportunities and attract international resources, positioning Hainan as a significant hub for trade and tourism [28][60].