Group 1 - The A-share market is currently in a phase of "pressure above and support below," with overall trading volume continuing to shrink, while only certain thematic sectors remain active [1] - The performance of the Shenwan first-level industries shows significant divergence, with non-ferrous metals and communications being the top performers, each with a year-to-date increase exceeding 85% as of December 23 [1] - In contrast, the food and beverage, coal, and beauty care sectors are underperforming, with the food and beverage sector experiencing a year-to-date decline of over 7%, potentially facing five consecutive years of negative returns if the trend does not reverse in the remaining trading days [1] Group 2 - Looking ahead to 2026, institutions are optimistic about a potential turnaround in the food and beverage sector, noting that stock price turning points often precede fundamental turning points [2] - Guosen Securities highlights that the food and beverage sector has characteristics of "low base, low institutional holdings, and low valuation," and expects investment opportunities in this sector due to its relative valuation reaching a new low since 2011 [2] - Investment options include the food and beverage ETF (515170.SH) and its linked funds, as well as a food ETF that excludes liquor, which is currently being launched [2]

Core Viewpoint - The A-share market is experiencing a phase of "top and bottom" competition, with reduced trading volume and localized thematic activity as it approaches the end of 2025 [1] Industry Performance Summary - In 2025, the performance of the 31 Shenwan primary industry stocks varied significantly, with the non-ferrous metals and communications sectors leading with cumulative gains exceeding 85% [1] - Conversely, the food and beverage, coal, and beauty care industries are linked to weak domestic demand, with the food and beverage sector performing the worst, showing a decline of over 7% year-to-date, potentially marking its fifth consecutive year of negative returns if not recovered in the remaining trading days [1] - The beauty care industry has seen a minimal decline of less than -1%, nearing a return to positive performance [1] Outlook for 2026 - Many institutions are optimistic about a potential turnaround for the consumer sector, including food and beverage, in 2026 after five years of adjustment from 2021 to 2025 [1] - Shenwan Hongyuan highlights the systemic repair opportunities for the food and beverage industry in 2026, with key external indicators being the Consumer Price Index (CPI) and a focus on the cyclical attributes of the liquor and restaurant supply chains [1] - Long-term investors are encouraged to start pricing high-quality companies within the food and beverage sector [1]

Market Overview - The Shanghai Composite Index increased by 0.07% as of 13:57, with a trading volume of 970.42 million shares and a transaction value of 15,565.73 billion yuan, representing a 2.51% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Building Materials: +1.30% with a transaction value of 186.70 billion yuan, led by Hainan Ruize (+10.02%) [1] - Electric Equipment: +1.04% with a transaction value of 1,722.10 billion yuan, led by N Xihua (+139.41%) [1] - Electronics: +0.92% with a transaction value of 2,589.22 billion yuan, led by Yidong Electronics (+20.00%) [1] - The sectors with the largest declines included: - Social Services: -1.88% with a transaction value of 124.28 billion yuan, led by Qujiang Cultural Tourism (-10.03%) [2] - National Defense and Military Industry: -1.69% with a transaction value of 1,003.03 billion yuan, led by Shaanxi Huada (-11.50%) [2] - Beauty and Personal Care: -1.48% with a transaction value of 26.74 billion yuan, led by Kesi Co. (-5.07%) [2] Detailed Industry Data - The following table summarizes the performance of various industries: | Industry | Change (%) | Transaction Value (billion yuan) | Change from Previous Day (%) | Leading Stock | Change (%) | | --- | --- | --- | --- | --- | --- | | Building Materials | 1.30 | 186.70 | 29.48 | Hainan Ruize | 10.02 | | Electric Equipment | 1.04 | 1,722.10 | 20.26 | N Xihua | 139.41 | | Electronics | 0.92 | 2,589.22 | -1.22 | Yidong Electronics | 20.00 | | Social Services | -1.88 | 124.28 | 2.75 | Qujiang Cultural Tourism | -10.03 | | National Defense and Military Industry | -1.69 | 1,003.03 | 12.76 | Shaanxi Huada | -11.50 | | Beauty and Personal Care | -1.48 | 26.74 | -9.70 | Kesi Co. | -5.07 | [1][2]

FICC日报 | 2025-12-23 通信板块领涨，股指走强 市场分析 关注十五五规划。宏观方面，国务院总理李强主持召开国务院"十五五"规划《纲要草案》编制工作领导小组会议， 深入研究《纲要草案》编制工作。李强指出，要谋划一批能够带动全局的重大工程、重大项目、重大载体，既为 未来发展积聚新动能、培育竞争力，又为当前扩大内需、稳定经济运行提供支撑。海外方面，美联储理事米兰表 示，如果美联储明年不继续降息，可能面临引发经济衰退的风险。他还表示，预计短期内不会出现经济下行，但 失业率上升应促使美联储官员继续降息。 若国内政策落地不及预期、海外货币政策超预期、地缘风险升级，股指有下行风险 股指收涨。现货市场，A股三大指数高开高走，沪指涨0.69%收于3917.36点，创业板指涨2.23%。行业方面，板块 指数涨多跌少，通信、电子、有色金属、商贸零售行业涨幅居前，传媒、银行、美容护理、轻工制造行业跌幅居 前。当日沪深两市成交额超1.8万亿元。海外方面，美国三大股指全线收涨，纳指涨0.52%报23428.83点。 期指活跃度下降。期货市场，基差方面，股指期货均为贴水。成交持仓方面，四大期指成交量和持仓量同步下降。 策略 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 责任编辑：宋雅芳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上周A股市场在震荡中整体上行，以商贸零售（受"犒赏经济"概念推动）、美容护理、非银金融为代表 的周期及消费板块表现强势，新零售、氨纶、乳业等表现较好，前期热门题材核聚变、海南自贸区等回 调，科技成长出现调整。 国内方面，最新公布的11月经济数据显示外需呈现修复迹象，价格水平亦有所回升，但内需动能仍显不 足。在总量政策"稳"的基调下，针对性、结构性的政策仍需加快落地。后续需重点关注以下三个方面： 一是地方两会等对明年政策方向的预示；二是政策性金融工具及存量限额所对应的实物工作量可能更多 体现在明年，且存在进一步加码的预期；三是房地产、服务消费补贴等潜在政策的推出节奏。四季度的 政策蓄力，既是为明年储备"弹药"，也可能旨在为明年四季度创造更有利 ...

Market Overview - The three major indices in the A-share market opened higher and closed positively, with the ChiNext Index rising over 2% [1][2] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.86 trillion, an increase of 136 billion compared to the previous trading day [4] Sector Performance - The top-performing sectors included Communication, which rose by 4.28%, and Comprehensive, which increased by 2.63% [1] - Conversely, sectors such as Media and Banking experienced declines, with drops of 0.61% and 0.52% respectively [1] - Notable concept indices that performed well included Hainan Free Trade Zone and Commercial Aerospace, while sectors like Hair Medical and Family Doctors lagged behind [2] Policy Impact - The People's Bank of China announced a one-time credit repair policy that will remove certain overdue credit information from the financial credit information database for eligible individuals [3] - The Loan Market Quote Rate (LPR) remained unchanged for the seventh consecutive month, with the one-year LPR at 3.00% and the five-year LPR at 3.50% [3] Future Outlook - The market is expected to maintain a loose liquidity environment until the first quarter of the following year, influenced by the Federal Reserve's interest rate decisions and domestic economic policies [4] - The report suggests that the recent market pullback provides a good opportunity for investors to position themselves ahead of the upcoming spring market [4] - Recommended sectors for investment include dividends, TMT (Technology, Media, and Telecommunications), and consumer sectors [4]

Market Performance Overview - In the week of December 15-19, 2025, gold prices increased while domestic equity market indices experienced fluctuations, with the ChiNext index showing a significant decline [4] - The retail trade, non-bank financial, and beauty care sectors saw the highest gains, while the electronics, power equipment, and machinery sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 18.321 billion units. This includes 8 bond funds, 14 equity funds, 11 mixed funds, 3 FOF funds, and 4 money market funds [5] Fund Product Performance Tracking - The financial and real estate theme funds outperformed this week, while TMT theme funds experienced a net value decline. As of December 19, 2025, the net value changes for various theme funds were as follows: financial and real estate (2.17%), national defense and military industry (1.75%), cyclical (1.68%), consumption (0.92%), industry rotation (-0.32%), industry balance (-0.65%), new energy (-1.66%), pharmaceuticals (-1.85%), and TMT (-2.02%) [6] ETF Market Tracking - This week, there was a significant inflow of funds into equity ETFs, with a net inflow of 55.232 billion yuan. The median return for equity ETFs was -0.33%, while the median return for Hong Kong stock ETFs was -2.06% with a net inflow of 12.373 billion yuan [7][8] ESG Financial Products Tracking - 31 new green bonds were issued this week, with a total issuance scale of 18.530 billion yuan. The cumulative issuance scale of the domestic green bond market reached 5.15 trillion yuan, with a total of 4,427 bonds issued [9] - As of December 19, 2025, there were 211 ESG funds in the domestic market, with a total scale of 149.677 billion yuan. The median net value changes for various ESG fund types were: active equity (-1.35%), passive equity index (-0.54%), and bond ESG funds (0.06%) [9]

深港通医疗(港币)（983036）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 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 15.23% | 199.70 | 0.76% | 2421.25 | 医药生物 | | sz300015 | 爰尔眼科 | 11.39% | 11.34 | -0.18% | 1057.50 | 医药生物 | | sz002223 | 鱼跃医疗 | 4.82% | 37.76 | -0.66% | 378.54 | 医药生物 | | sz300896 | 爱美客 | 4.55% | 144.40 | -0.96% | 436.94 C | 美容护理 | | sz300003 | 乐普医疗 | 4.30% | 15.82 | -0.44% | 291.63 | 医药生物 | | sz300677 | 英科医疗 | 4.14% | 44.38 | 1.65% | 290.76 | 医药生物 | | hk01099 | 国药控股 ...

美容护理行业今日下跌0.45%，全天主力资金净流出9633.21万元，该行业所属的个股共29只，今日上涨 的有10只；下跌的有19只。以资金流向数据进行统计，该行业资金净流入的个股有14只，净流入资金居 首的是珀莱雅，今日净流入资金1369.12万元，紧随其后的是倍加洁、华熙生物，净流入资金分别为 1011.49万元、796.37万元。美容护理行业资金净流出个股中，净流出资金居前的有爱美客、水羊股份、 科思股份，净流出资金分别为6501.56万元、3070.82万元、1674.12万元。（数据宝） 美容护理行业资金流向排名 沪指12月22日上涨0.69%，申万所属行业中，今日上涨的有22个，涨幅居前的行业为通信、综合，涨幅 分别为4.28%、2.63%。跌幅居前的行业为传媒、银行，跌幅分别为0.61%、0.52%。美容护理行业位居 今日跌幅榜第三。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300896 | 爱美客 | -0.96 | 1.43 | -6501.56 | | 300740 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on sectors with relatively low valuations such as liquor, hotels, catering, and duty-free segments, indicating a positive outlook for these areas [3]. Core Insights - The consumer sector faced a decline in the week of December 15-19, with various sub-sectors experiencing different levels of downturn, including retail and food and beverage [3]. - The launch of the Hainan Free Trade Port on December 18, 2025, is expected to significantly boost the duty-free industry, with the proportion of zero-tariff goods increasing from approximately 21% to 74%, enhancing product availability [3]. - Retail sales growth slowed in November, with total retail sales increasing by only 1.3% year-on-year, while policies aimed at expanding domestic demand are anticipated to aid recovery [3]. Summary by Sections Market Weekly Review - The consumer sector saw a broad decline, with specific weekly changes in various segments such as retail and food and beverage [3]. Industry News and Key Company Announcements - Hainan's duty-free shopping saw a significant increase in sales growth rates in September, October, and November, with respective year-on-year increases of 3.4%, 13.1%, and 27.1% [3]. - The report highlights the importance of expanding domestic demand as a strategic focus for the upcoming year, with the central economic work conference prioritizing this initiative [3]. - Key announcements include the IPO of Lin Qingxuan, which is expected to grow its revenue from 690 million yuan in 2022 to 1.21 billion yuan by 2024, reflecting a compound annual growth rate of 32.7% [15].