Market Performance - The Shanghai Composite Index increased by 1.88% this week, while the Shenzhen Component Index rose by 3.53%, and the ChiNext Index climbed by 3.90%. The CSI 300 Index saw a gain of 1.95% [1] - Among the tradable A-shares, 3,408 stocks rose, accounting for 62.44%, while 1,975 stocks declined [1] Capital Flow - The total net outflow of main funds this week was 69.289 billion yuan. The ChiNext saw a net outflow of 20.343 billion yuan, the Sci-Tech Innovation Board had a net outflow of 10.193 billion yuan, and the CSI 300 components experienced a net outflow of 19.686 billion yuan [1][2] - Daily capital flow data indicates significant outflows on December 23, with a total of 44.851 billion yuan leaving the market [2] Industry Performance - Out of the 28 primary industries classified by Shenwan, 24 industries saw an increase this week. The top-performing sectors were non-ferrous metals and defense industry, with increases of 6.43% and 6.00%, respectively [3] - Only three industries experienced net inflows: the electric equipment sector increased by 5.37% with a net inflow of 19.647 billion yuan, the basic chemical sector rose by 4.23% with a net inflow of 0.065 billion yuan, and the building materials sector increased by 4.56% with a net inflow of 4.1249 million yuan [3][4] Individual Stock Performance - A total of 1,751 stocks saw net inflows this week, with 253 stocks having inflows exceeding 100 million yuan. The stock with the highest net inflow was Sungrow Power Supply, which rose by 10.38% with a net inflow of 3.776 billion yuan [5] - Conversely, 422 stocks experienced net outflows exceeding 100 million yuan, with the largest outflows from companies like Saiwei Electronics, NewEase, and Yonghui Superstores, which saw outflows of 2.683 billion yuan, 2.559 billion yuan, and 2.402 billion yuan, respectively [5]

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 有色金属 | 2.68 | 641.88 | 25.16 | 深圳新星 | 9.99 | | 电力设备 | 1.25 | 1234.90 | 24.87 | 东方日升 | 13.00 | | 商贸零售 | 1.21 | 212.29 | -6.89 | 银座股份 | 10.03 | | 钢铁 | 1.17 | 47.91 | 9.25 | 海南矿业 | 10.02 | | 国防军工 | 1.04 | 766.64 | 2.85 | 西测测试 | 19.03 | | 汽车 | 0.94 | 565.03 | 16.37 | 标榜股份 | 20.01 | | 计算机 | 0.88 | 527.93 | 4.98 | 佳缘科技 | 20.00 | | 非银金融 | 0.84 | 255.66 | 4.67 | 中银证券 | 7.68 | | 房地产 | 0.71 | 105.70 | -12.39 | 华联控股 | 10.00 ...

每日经济新闻 12月26日（周五），商贸零售、汽车、免税等可选消费板块高开高走。ETF方面，可选消费ETF （562580.SH）二级市场价格涨超1%，成分股百大集团涨停，比亚迪涨超6%，中国中免涨超4%，赛力 斯涨超2%。 西部证券指出：近期各种重磅政策反复强调消费"扩内需"的战略定位，在岁末年初各类经济数据"青黄 不接"的时候，消费"扩内需"政策高屋建瓴，能够明显提升消费板块的风险偏好。跨境资本外流以及房 价大跌，是最近5年消费行情持续偏弱的重要约束，当前这两道"封印"正在相继解除。 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 26 日 浙商早知道 2025 年 12 月 26 日 市场总览 重要观点 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 大势：周四上证指数上涨 0.47%，沪深 300 上涨 0.18%，科创 50 下跌 0.23%，中证 1000 上涨 0.97%，创业板指上 0.30%，恒生指数上涨 0.17%。 行业：周四表现最好的行业分别是国防军工（+2.91%)、轻工制造（+1.59%)、机械设备（+1.51%)、汽车（+1.46%)、 非银金融（+1.08%)，表现最差的行业分别是综合（-1.12%)、有色金属（-0.77%)、商贸零售（-0.47%)、煤炭（-0.24%)、 通信（-0.18%)。 资金：周四沪深两市总成交额为 19245 亿元，南下资金净流出 11.75 亿港元。 【浙商大制造中观策略 邱世梁/王华君/周向昉】机械设备 年度行业策略报告：可控核聚变：招标提速，设备先行 ——20251224 【浙商大消费中观策略 钟烨晨】酒店餐饮 年度行业策略报告：2026 年餐饮行业风险排雷手册—— ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The convertible bond market generally rose today, with increased valuations, trading sentiment, and a shift towards small - cap value stocks [1]. - The central price of convertible bonds increased, and the proportion of high - price bonds rose [2]. - Most underlying stock industries rose, with different performance in different industries in the convertible bond market [3]. Summaries According to Relevant Catalogs Market Overview - Index performance: The CSI Convertible Bond Index rose 0.38% month - on - month, the Shanghai Composite Index rose 0.36%, the Shenzhen Component Index rose 0.66%, the ChiNext Index rose 0.49%, the SSE 50 Index rose 0.19%, and the CSI 1000 Index rose 0.79% [1]. - Market style: Small - cap value stocks were relatively dominant. Large - cap growth rose 0.40%, large - cap value fell 0.17%, mid - cap growth rose 1.05%, mid - cap value rose 0.91%, small - cap growth rose 0.97%, and small - cap value rose 1.07% [1]. - Fund performance: Trading sentiment in the convertible bond market increased. The trading volume of the convertible bond market was 71.204 billion yuan, a 11.42% month - on - month increase; the total trading volume of the Wind All - A was 1.748742 trillion yuan, a 4.29% month - on - month increase; the net out - flow of main funds in the Shanghai and Shenzhen stock markets was 4.444 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.48bp to 1.83% [1]. Convertible Bond Price - The central price of convertible bonds increased. The weighted average closing price of all convertible bonds was 135.01 yuan, a 0.61% increase from yesterday. Among them, the closing price of equity - biased convertible bonds was 201.30 yuan, a 0.71% increase; the closing price of bond - biased convertible bonds was 119.74 yuan, a 0.37% increase; the closing price of balanced convertible bonds was 130.05 yuan, a 0.17% increase [2]. - The proportion of high - price bonds (above 130 yuan) increased to 60.89%, a 1.84pct increase from yesterday. The largest change in proportion was in the 110 - 120 (including 120) range, with a proportion of 7.61%, a 1.05pct decrease from yesterday. There were 0 bonds with a closing price below 100 yuan. The median price was 133.64 yuan, a 0.48% increase from yesterday [2]. Convertible Bond Valuation - Valuations increased. The fitted conversion premium rate for 100 - yuan par value was 32.51%, a 0.14pct increase from yesterday. The overall weighted par value was 99.53 yuan, a 0.86% increase from yesterday. The premium rate of equity - biased convertible bonds was 15.45%, a 0.27pct decrease; the premium rate of bond - biased convertible bonds was 84.79%, a 0.38pct decrease; the premium rate of balanced convertible bonds was 26.39%, a 0.10pct decrease [2]. Industry Performance - Underlying stock industries: 27 industries rose. The top three rising industries were commerce and retail (+3.66%), light industry manufacturing (+2.17%), and environmental protection (+2.06%); the top three falling industries were banking (-0.44%), electronics (-0.29%), and coal (-0.29%) [3]. - Convertible bond market: 23 industries rose. The top three rising industries were environmental protection (+4.16%), building materials (+2.40%), and building decoration (+1.65%); the top three falling industries were non - bank finance (-1.26%), national defense and military industry (-0.16%), and pharmaceutical biology (-0.15%) [3]. - Different indicators for different sectors: - Closing price: The large - cycle sector rose 1.53%, the manufacturing sector rose 0.49%, the technology sector rose 0.21%, the large - consumption sector rose 0.46%, and the large - finance sector fell 0.68% [3]. - Conversion premium rate: The large - cycle sector decreased 1.5pct, the manufacturing sector decreased 0.33pct, the technology sector decreased 0.96pct, the large - consumption sector decreased 1.8pct, and the large - finance sector decreased 0.86pct [3]. - Conversion value: The large - cycle sector rose 2.65%, the manufacturing sector rose 0.69%, the technology sector rose 0.99%, the large - consumption sector rose 1.19%, and the large - finance sector fell 0.47% [3]. - Pure bond premium rate: The large - cycle sector rose 2.1pct, the manufacturing sector rose 0.75pct, the technology sector rose 0.27pct, the large - consumption sector rose 0.56pct, and the large - finance sector fell 0.79pct [4]. Other Data - Main index performance: Different indices showed different price levels and growth rates, such as the CSI Convertible Bond Index closing at 493.46, with a daily increase of 0.63%, a one - week increase of 2.13%, a one - month increase of 1.96%, and a year - to - date increase of 19.03% [6]. - Style index performance: Small - cap indices generally had better performance than large - cap indices [9]. - Convertible bond valuation: The fitted premium rate for 100 - yuan par value was 33.71%, a 0.08pct increase; the valuation repair index was 3.29%, a 0.13pct decrease; the overall weighted average par value was 101.53, a 0.84% increase; the median price was 133.64, a 0.48% increase [16][17]. - Industry rotation: Industries such as national defense and military industry, light industry manufacturing, and mechanical equipment led the rise, with detailed data on stock price changes, valuation quantiles, etc. [54].

12月25日，A股市场整体上涨。 截至收盘，上证指数收报3959.62点，上涨0.47%，深证成指收报13531.41点，上涨0.33%，创业板指数 收报3239.34点，上涨0.3%，北证50指数上涨0.86%。A股市场合计成交19440.6亿元，较上一交易日增加 466.79亿元。 1.A股市场全天主力资金净流出204.39亿元 今日A股市场主力资金开盘净流出128.96亿元，尾盘净流出22.58亿元，全天净流出204.39亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-12-25 | -204. 39 | -128.96 | -22.58 | -57.03 | | 2025-12-24 | 3. 81 | -16.46 | 1.29 | 113.60 | | 2025-12-23 | -322. 18 | -129.26 | -57.12 | -159.60 | | 2025-12-22 | 17.43 | 22. 16 | ...

| 图1、2016年以来股价与美元兑人民币汇率负相关性居前的细分行业 | | --- | 智通财经APP获悉，兴业证券发布研究报告称，综合各行业2016年以来股价与美元兑人民币汇率的全时段相关性和滚动三个月相关性中位数，股价与美元 兑人民币汇率负相关性靠前(即人民币升值驱动股价上行)的细分行业，核心逻辑可归纳为三类：原材料进口依赖度较高、人民币升值驱动进口成本下降： 包括焦炭、钢铁、部分化工品(塑料、化学原料、农化制品、橡胶)、能源金属、造纸、航空机场、农产品加工等。 美元负债成本较高、人民币升值驱动美元负债成本下降：典型如通过海外融资降低融资成本、拓宽融资渠道的建筑地产链(房地产开发、房地产服务、专 业工程)、出于跨境业务货币匹配需求持有较高美元负债的物流、光学光电子、贸易、多元金融。人民币购买力提升带动内需/跨境消费需求：主要集中在 服务消费和高端消费领域，包括跨境电商、酒店餐饮、饰品等。 | 人民币升值受益逻辑 | 一级行业 | 二级行业 | | 股价与美元兑人民币汇率相关性 | | | --- | --- | --- | --- | --- | --- | | | | | 2016年以来-整体 | 2 ...

Market Performance - The Shanghai Composite Index closed at 3959.62 points, up 0.47%, with a trading volume of 785 billion yuan [1] - The Shenzhen Component Index closed at 13531.41 points, up 0.33%, with a trading volume of 1139.5 billion yuan [1] - The ChiNext Index closed at 3239.34 points, up 0.3%, with a trading volume of 532.66 billion yuan [1] - The STAR 50 Index closed at 1349.06 points, down 0.23%, with a trading volume of 44.8 billion yuan [1] - Total trading volume for both markets reached 1924.5 billion yuan, an increase of 44.26 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included defense and military, light industry manufacturing, machinery equipment, insurance, automotive, textiles and apparel, computing, and food and beverage [3] - Active concepts included satellite internet, space stations, commercial aerospace, synchronous reluctance motors, humanoid robots, antibacterial fabrics, industrial mother machines, and PEEK materials [3] - Weak sectors included non-ferrous metals, precious metals, commercial retail, coal, and telecommunications [3] Fund Flow - The net outflow of main funds from the Shanghai and Shenzhen markets was 20.439 billion yuan [4] - The automotive sector saw the highest net inflow of main funds, amounting to 1.158 billion yuan [5] - Other sectors with significant net inflows included machinery equipment and food and beverage, with net inflows of 504 million yuan and 228 million yuan, respectively [5] - The electronics sector experienced the largest net outflow, totaling 5.068 billion yuan [5] Individual Stock Performance - A total of 1969 stocks saw net inflows, with 93 stocks receiving over 100 million yuan in net inflows [6] - Jin Feng Technology had the highest net inflow at 829 million yuan, followed by Yangguang Electric, Sanhua Intelligent Control, and others [7] - Conversely, 3196 stocks experienced net outflows, with 105 stocks seeing over 100 million yuan in net outflows [8] - Shenghong Technology had the largest net outflow at 1.651 billion yuan [9] Institutional Activity - Institutions had a net sell of approximately 108 million yuan, with 12 stocks seeing net purchases and 17 stocks net sold [10] - The stock with the highest net purchase by institutions was Hainan Development, with a net purchase amount of approximately 289 million yuan [10]

| 600858 | 银座股份 | -4.24 | 13.88 | -2310.07 | | --- | --- | --- | --- | --- | | 002183 | 怡亚通 | 0.21 | 2.10 | -1771.81 | | 002277 | 友阿股份 | -1.24 | 2.23 | -1758.53 | | 000829 | 天音控股 | -0.56 | 1.59 | -1606.02 | | 600859 | 王府井 | -0.85 | 3.84 | -1569.84 | | 601061 | 中信金属 | -2.44 | 5.45 | -1537.69 | | 600981 | 苏豪汇鸿 | -0.30 | 1.74 | -1307.84 | | 300022 | 吉峰科技 | 1.42 | 2.07 | -1267.01 | | 000715 | 中兴商业 | -1.50 | 4.60 | -1153.30 | | 605136 | 丽人丽妆 | -0.61 | 5.69 | -1144.99 | | 600327 | 大东方 | -0.18 | 5.03 | -1091.23 | ...

过去一周，市场风格出现显著切换。偏防守的价值因子以及代表交易博弈的量价类因子（波动率、技术）表现强势。 而此前表现优异的成长因子和一致预期因子则有所回撤。这反映出在震荡环境下，资金暂时脱离了业绩驱逻辑，转而 寻求低估值防御。展望未来一周，考虑到年末资金避险情绪，我们预期价值因子的防御属性仍将受捧，同时量价类因 子有望延续活跃态势，而成长风格短期或需等待拥挤度消化后的企稳。 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险。 过去一周，国内主要市场指数平稳，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为 0.61%、-0.15%、 0.01%和-0.56%。 微盘股指标监控：综合来看，当前轮动模型由于微盘股滚动 20 天斜率收负，茅指数为正斜率，当前轮动模型发出切 换至茅指数信号，中期配置茅指数的预期能有更高相对收益。从中期微盘股择时角度来看，目前风控信号还没触发， 但能看到波动率拥挤率正在快速上行，风险有明显聚集。对于持有微盘板块投资者建议做好风险控制，以及密切跟踪 相对净值、动量及中期风险指标的动态。 过去一周，政策端进入了高频落地的执行期， ...