证券时报·数据宝统计，截至下午13:58，今日沪指跌0.22%，A股成交量873.97亿股，成交金额12598.06 亿元，比上一个交易日减少6.49%。个股方面，1391只个股上涨，其中涨停34只，3941只个股下跌，其 中跌停13只。从申万行业来看，国防军工、机械设备、汽车等涨幅最大，涨幅分别为0.67%、0.64%、 0.25%；综合、美容护理、社会服务等跌幅最大，跌幅分别为2.06%、1.89%、1.75%。（数据宝） 今日各行业表现（截至下午13:58） （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 国防军工 | 0.67 | 701.39 | 0.05 | 航天环宇 | 12.81 | | 机械设备 | 0.64 | 1024.19 | 17.87 | 海昌新材 | 19.99 | | 汽车 | 0.25 | 591.41 | 13.04 | 斯菱股份 | 7.10 | | 非银金融 | 0.25 | 212.74 | -4.7 ...

Market Overview - The Shanghai Composite Index decreased by 0.17% as of 10:29 AM, with a trading volume of 53.528 billion shares and a turnover of 754.986 billion yuan, representing an 8.28% decrease compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Non-ferrous Metals: Increased by 0.95% with a turnover of 58.75 billion yuan, up 19.13% from the previous day, led by Electric Alloy, which rose by 7.09% [1] - Machinery Equipment: Increased by 0.89% with a turnover of 61.747 billion yuan, up 21.19%, led by Heng'erda, which surged by 20.01% [1] - National Defense and Military Industry: Increased by 0.62% with a turnover of 43.894 billion yuan, up 8.86%, led by Aerospace Huanyu, which rose by 15.43% [1] - The worst-performing industries included: - Beauty and Personal Care: Decreased by 1.71% with a turnover of 1.797 billion yuan, up 31.16%, led by Fulejia, which fell by 4.55% [2] - Social Services: Decreased by 1.67% with a turnover of 6.344 billion yuan, down 16.02%, led by Tongqinglou, which dropped by 9.22% [2] - Comprehensive: Decreased by 1.48% with a turnover of 1.744 billion yuan, down 26.66%, led by Yuegui Co., which fell by 3.74% [2]

证券时报·数据宝统计，截至上午收盘，今日沪指涨0.04%，A股成交量722.34亿股，成交金额10401.76 亿元，比上一个交易日减少3.17%。个股方面，1795只个股上涨，其中涨停31只，3493只个股下跌，其 中跌停8只。从申万行业来看，机械设备、有色金属、国防军工等涨幅最大，涨幅分别为1.05%、 0.86%、0.57%；美容护理、社会服务、综合等跌幅最大，跌幅分别为1.55%、1.27%、1.21%。 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 机械设备 | 1.05 | 857.09 | 24.81 | 海昌新材 | 19.99 | | 有色金属 | 0.86 | 755.32 | 12.14 | 电工合金 | 6.15 | | 国防军工 | 0.57 | 576.99 | 6.39 | 航天环宇 | 11.69 | | 汽车 | 0.57 | 499.34 | 20.34 | 斯菱股份 | 9.21 | | 家用电器 ...

资金流向方面，融资余额环比增幅居前个股中，12月3日主力资金净流入的有12只，净流入资金居前的 有上海瀚讯、达嘉维康、华兰疫苗等，净流入资金分别为3.91亿元、4195.85万元、3597.35万元，主力 资金净流出的有7只，净流出资金较多的有爱克股份、清水源、华人健康等，净流出资金分别为7509.11 万元、3215.20万元、3081.93万元。 融资余额增幅居前个股 | 代码 | 简称 | 最新融资余额(万 | 融资余额环比增减 | 收盘价 | 当日涨跌幅 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | （元） | （%） | 业 | | 301073 | 君亭酒 | 18778.75 | 42.23 | 27.45 | -2.31 | 社会服 | | | 店 | | | | | 务 | | 301148 | 嘉戎技 | 15189.09 | 30.93 | 51.20 | 7.63 | 环保 | | | 术 | | | | | | | 300762 | 上海瀚 | 159332.28 | 21.68 | 30.5 ...

12 月 A 股策略观点 - "策略周中谈"20251203 摘要 美联储降息预期波动和美元流动性收紧对市场产生影响，A 股受中美股 市联动影响，但强度偏弱，60 日均线构成阻力，市场情绪和量能指标显 示短期调整压力。 尽管短期市场面临调整，但长期慢牛格局判断不变，回调被视为布局机 会，半年线附近存在支撑，人民币强势和美元偏弱为 A 股长期走强奠定 基础。 12 月策略为择机布局，为跨年行情做准备，关注关键政策会议前市场调 整带来的介入时机，成交量缩至 1.3~1.6 万亿时是较好机会。 看好跨年行情，原因包括牛市状态下行情易发、机构对春季行情预期一 致、美联储大概率降息并停止缩表、十五开局之年政策期待增加等。 跨年行情中，看好电力设备、生物医药等科技成长板块，以及经济复苏 预期下的社服、食品饮料等消费板块，和有色、石油石化等顺周期板块， 以及国防军工等主题。 市场关注科技成长和资源品，科技成长领域关注 AI 应用、新能源（储能、 固态电池、核电）、创新药、机械设备、化工等板块，以及港股互联网 和商业航天。 新能源领域重点看好储能投资，包括正极、负极、电解液、隔膜、铜铝 箔等材料，以及六氟磷酸锂和 VC 等添 ...

Group 1 - The report maintains a bullish outlook on physical gold and CTA strategies while suggesting a wait-and-see approach for equities until the next cycle [3] - The absolute returns for global multi-asset allocation strategies in November were -0.16% for low-risk, -1.04% for medium-high risk, and -2.94% for A-share sector and style rotation, with year-to-date returns of 3.49%, 22.12%, and 27.88% respectively [3][10] - The forecast for the ROE of the Wind All A and Wind All A non-financial indices for Q4 2025 is 7.50% and 6.60%, respectively, with a downward adjustment compared to the previous month [3][40] Group 2 - The report indicates a downtrend in A-share sentiment index from historical highs, with a similar decline in the Hong Kong stock sentiment index [3] - The report suggests a bullish stance on large-cap and value styles in A-shares, particularly in sectors such as home appliances, utilities, defense, electronics, computers, and insurance [3] - The report highlights that the current institutional focus is shifting towards basic chemicals, defense, textiles, non-bank financials, and media, while attention on the telecommunications sector is decreasing [3] Group 3 - The report predicts that gold priced in USD will continue to strengthen, supported by a weak economic outlook and increased market volatility [3][70] - The report notes that the A-share market is experiencing a rotation in sector performance, with a focus on industries with higher financial health indicators [3] - The report emphasizes the importance of monitoring liquidity, stock dispersion, and volatility as many sectors are approaching crowded indicator thresholds [3]

Core Viewpoint - The end of the year and the beginning of the new year serve as a significant window for market volatility, driven by a vacuum in fundamental data, upcoming important meetings, and expectations of policy changes, alongside historical trends of liquidity and risk appetite improvements [1][2]. Historical Trends - Since 2008, the A-share market has experienced various upward trends during the end of the year and the beginning of the new year, with different starting points and catalysts for these movements [2]. - The table outlines specific years, their start and end dates, reasons for the market movements, leading styles, and sectors that outperformed during these periods, indicating a pattern of cyclical behavior in the market [2]. Catalysts for Market Movements - Market movements can be categorized into three main types of catalysts: 1. Economic fundamentals improving, leading to a cyclical style dominance [3]. 2. Macro policies exceeding expectations or reversing, benefiting high-elasticity sectors [3]. 3. Risk disturbances easing and liquidity improving, favoring sectors with favorable trends [3]. Delayed Market Movements - Factors contributing to delayed market movements include tightening domestic and international policies, poor domestic fundamental expectations, and liquidity pressures [3].

雷科防务今日下跌5.50%，全天换手率47.08%，成交额55.49亿元，振幅11.51%。龙虎榜数据显示，机构 净卖出1907.97万元，深股通净买入753.54万元，营业部席位合计净卖出7202.09万元。 深交所公开信息显示，当日该股因日换手率达47.08%上榜，机构专用席位净卖出1907.97万元，深股通 净买入753.54万元。 融资融券数据显示，该股最新（12月2日）两融余额为5.72亿元，其中，融资余额为5.71亿元，融券余额 为113.19万元。近5日融资余额合计增加8763.58万元，增幅为18.12%，融券余额合计增加23.60万元，增 幅26.34%。（数据宝） 雷科防务12月3日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 机构专用 | 12902.61 | 12235.41 | | 买二 | 深股通专用 | 11073.26 | 10319.72 | | 买三 | 国信证券股份有限公司浙江互联网分公司 | 8123.84 | 4791.78 | | 买四 | 机构专用 ...

Market Review - The A-share market is gradually forming a slow bull trend, with technology growth as the main driver. As of November 28, 2025, the Shanghai Composite Index, ChiNext Index, and Sci-Tech 50 Index have increased by 16.0%, 42.5%, and 34.2% respectively, with sectors such as non-ferrous metals, telecommunications, and power equipment leading the gains [10][15][18]. Market Environment - The external economic environment is expected to recover moderately, with the U.S. potentially entering a phase of "loose monetary + loose fiscal" policies. This is likely to sustain technology investment and maintain resilient consumer spending [23][24]. - Domestic new growth drivers continue to strengthen, with corporate profit expectations improving. The "14th Five-Year Plan" emphasizes economic construction, and fiscal policies are expected to support technology innovation, livelihood security, and infrastructure investment [23][31]. - A-share corporate profitability is anticipated to continue improving, with certain industries such as military industry, power equipment, TMT (Technology, Media, and Telecommunications), pharmaceuticals, non-ferrous metals, and steel expected to see upward trends in profitability [23][26]. Structural Opportunities - The "14th Five-Year Plan" outlines four major industrial directions, with technology and manufacturing as dual cores leading the way. Key areas include: 1. **Technology Innovation**: Focus on high-level technological self-reliance and nurturing emerging industries, with AI as a core investment theme. Global AI capital expenditure is expected to grow significantly, supporting high prosperity in related industries [23][31]. 2. **Advanced Manufacturing**: Strengthening the global leading position in advantageous manufacturing sectors, particularly in new energy and defense industries, which are expected to benefit from national security demands and military trade upgrades [23][31]. 3. **Domestic Circulation**: Building a strong domestic market to boost consumption and address internal competition issues. Policy support is expected to release new consumer demand potential [23][31]. 4. **Resource Security**: Enhancing the protection and utilization of strategic resources, with macroeconomic and fundamental resonance likely to drive up non-ferrous metal prices [23][31]. Market Outlook - The report suggests focusing on four main lines for investment opportunities: 1. **Technology Innovation**: Emphasizing the AI industry chain, including semiconductors, communications, PCB, applications, and robotics [23][31]. 2. **Advanced Manufacturing**: Paying attention to new energy and defense industries [23][31]. 3. **Upstream Cycles**: Monitoring price signals in non-ferrous metals and chemicals [23][31]. 4. **Domestic Consumption**: Focusing on new consumption trends [23][31].

今日各行业表现（截至上午10:28） （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指跌0.14%，A股成交量539.74亿股，成交金额7748.81亿 元，比上一个交易日减少5.87%。个股方面，1222只个股上涨，其中涨停29只，4087只个股下跌，其中 跌停8只。从申万行业来看，家用电器、有色金属、煤炭等涨幅最大，涨幅分别为0.72%、0.70%、 0.47%；传媒、计算机、国防军工等跌幅最大，跌幅分别为2.29%、1.68%、1.54%。（数据宝） | 综合 | | | | 三木集团 | | | --- | --- | --- | --- | --- | --- | | 国防军工 | -1.54 | 382.92 | -8.97 | 航天环宇 | -6.62 | | 计算机 | -1.68 | 534.12 | -0.78 | *ST立方 | -20.07 | | 传媒 | -2.29 | 279.04 | -10.83 | 福石控股 | -10.85 | | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | - ...