| 互联网服务 | -1.33 | -12.12亿元 | 神州信息 | | --- | --- | --- | --- | | 航空机场 | -0.96 | -11.06亿元 | 海控B股 | | 航天航空 | -0.39 | -10.93亿元 | 中天火箭 | | 汽车整车 | -1 | -10.67亿元 | 比亚迪 | *数据仅供参考，不构成投资建议 据交易所数据显示，截至12月23日开盘一小时，大盘主力资金净流出287.46亿元。主力资金流出前十大板块分别为： 通信设备（-35.06亿元）、 汽车零部件 （-17.22亿元）、商业百货（-15.80亿元）、 半导体（-15.34亿元）、旅游酒店（-14.85亿元）、 通用设备（-12.47亿元）、互联网服务（-12.12亿元）、航空 机场（-11.06亿元）、航天航空（-10.93亿元）、 汽车整车（-10.67亿元）。 | 板块名称 | | 涨跌幅(%) 板块资金流向 | 净流出最大 | | --- | --- | --- | --- | | 通信设备 | -0.47 | -35.06亿元 | 中光防雷 | | 汽车零部件 | -0.82 | -17. ...

从资金流向上来看，当日航空机场板块主力资金净流入2.18亿元，游资资金净流出5.78亿元，散户资金 净流入3.6亿元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月22日航空机场板块较上一交易日上涨0.45%，海航控股领涨。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。航空机场板块个股涨跌见下表： ...

Group 1 - The market is entering a critical window for cross-year layout, with expectations for A-shares to resonate upward with global markets by 2026, focusing on "technology + overseas expansion" as a continuing theme [1][2] - Current market conditions are characterized by narrow fluctuations, influenced by external factors such as concerns over the AI bubble in the US and interest rate hikes by the Bank of Japan [2][3] - Investor sentiment has recently dropped below 70, indicating a pessimistic outlook that may lead to a slight recovery in sentiment and upward market fluctuations [2] Group 2 - Industry allocation strategies include focusing on high dividend stocks, cyclical sectors, and thematic hotspots such as Hainan's duty-free shopping and nuclear power [2][4] - The anticipated "cross-year-spring" market rally is supported by early policy implementation and increased institutional investment in broad-based ETFs [4][5] - The potential for a structural outperformance in sectors like brokerage and technology is expected, driven by upcoming monetary policy changes and market liquidity improvements [7][8] Group 3 - The ongoing appreciation of the RMB is expected to influence asset allocation, with approximately 19% of industries likely to see profit margin improvements due to currency appreciation [3] - Key sectors benefiting from policy support include AI, aerospace, and innovative pharmaceuticals, while cyclical sectors like chemicals and energy metals may also see positive impacts [6][9] - The market is expected to experience a "spring rally" driven by favorable valuation levels, liquidity conditions, and catalysts that enhance risk appetite [6][12] Group 4 - The outlook for 2026 suggests a shift from a single narrative to a broader focus on physical demand and domestic policy benefits, with sectors like AI and consumer services poised for recovery [10][13] - Non-bank financials are highlighted as having significant earnings elasticity, while sectors like electric equipment and machinery are expected to benefit from AI investments and export demand [13][14] - The market is currently in a phase of adjustment before the anticipated cross-year rally, with a focus on structural opportunities aligned with policy directions and industry trends [11][14]

Investment Rating - The report recommends "Buy" for the logistics sector, specifically highlighting companies such as SF Holding and ZTO Express due to their valuation and operational resilience [2][4]. Core Insights - The express delivery sector saw a 5% year-on-year increase in business volume in November, with some companies benefiting from price increases amid reduced competition. The total express delivery volume reached 18.06 billion pieces, with revenue at 137.65 billion yuan, a 3.7% decline year-on-year [2]. - The logistics sector is focusing on smart logistics, with Hai Chen Co. recommended due to improved demand. The chemical product price index decreased by 11.5% year-on-year, indicating a challenging pricing environment [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,421 flights per day, a 2.34% increase year-on-year. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector's container transport index increased by 0.6% week-on-week, while the shipping rates remain under pressure due to fluctuating demand. The report notes a significant year-on-year decline in shipping rates [5]. - The road and rail sector showed a decline in truck traffic on highways, with a 2% decrease week-on-week. However, the Daqin Railway reported a 1.75% increase in freight volume year-on-year [6]. Summary by Sections 1. Market Review - The transportation index rose by 2.0% from December 13 to December 19, outperforming the Shanghai Composite Index, which fell by 0.3% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The shipping sector is experiencing a slowdown in container shipping rates, with the CCFI index at 1124.73 points, down 24.6% year-on-year. The report highlights the need to monitor demand and pricing trends closely [22][23]. 2.2 Aviation and Airports - The aviation sector is seeing a positive trend in passenger traffic, with a year-on-year increase of 8% in October. The report expects significant profit growth in Q4 due to high load factors and rising ticket prices [58][80]. 2.3 Rail and Road - The rail sector reported a year-on-year increase in passenger traffic of 8.94% in November, while road freight volume increased by 3.57% year-on-year. The report indicates a stable outlook for both sectors [85][90].

证券之星消息，12月18日航空机场板块较上一交易日上涨1.47%，上海机场领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出2527.48万元，游资资金净流出1.14亿元，散户资 金净流入1.39亿元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The Shanghai Composite Index (000010) experienced a slight decline of 0.01% as of December 18, 2025, with mixed performance among constituent stocks [1] - Shanghai Airport (600009) led the gains with an increase of 6.70%, while Shengyi Technology (600183) saw the largest decline at 4.86% [1] - The industrial added value for November showed a year-on-year growth of 4.8%, with the equipment manufacturing sector growing by 7.7%, contributing 56.4% to industrial growth [1] Group 2 - The outlook for 2026 indicates a key policy resonance due to the start of China's 14th Five-Year Plan and the U.S. midterm elections, which is expected to drive PPI upward and transition the A-share market into a profit improvement-driven bull market phase [2] - A significant net inflow of funds into the A-share market is anticipated, supported by a favorable liquidity environment and a focus on "domestic demand recovery" and "technological self-reliance" as investment themes [2] - The top ten weighted stocks in the Shanghai 180 Index (000010) account for 26.13% of the index, with notable companies including Kweichow Moutai (600519) and China Ping An (601318) [2]

证券之星消息，12月17日航空机场板块较上一交易日上涨3.19%，南方航空领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.05亿元，游资资金净流出5714.62万元，散户资 金净流入1.62亿元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Industry Overview - The International Air Transport Association (IATA) forecasts that global airlines will achieve a total net profit of $41 billion by 2026, marking a historical high, although the net profit margin will remain at 3.9%, unchanged from 2025 [3] - The Asia-Pacific region is expected to generate a net profit of $6.6 billion in 2026, with China and India leading regional growth, but the profit per passenger is low at only $3.20 [3] - Supply chain bottlenecks continue to hinder the growth of the aviation industry, with aircraft availability being a significant constraint [3] Express Logistics - Emerging market logistics demand is robust, with J&T Express in Brazil achieving record daily collection volumes during Black Friday, with non-platform customer orders increasing nearly 40% month-on-month [1] - The Mexican and Egyptian markets are also experiencing stable year-on-year growth of around 20% due to Black Friday demand overflow [1] Shipping and Ports - The U.S. has intensified pressure on Venezuelan oil tankers, which may lead to increased demand for compliant oil transportation [6] - The Shanghai Containerized Freight Index (SCFI) rose by 7.8% week-on-week, indicating a positive trend in shipping rates [6] - The BDTI index for crude oil tankers decreased by 1.9% week-on-week, while the BCTI index for product tankers fell by 6.5% [7] Airports - Multiple airports are experiencing significant growth in international passenger volumes, with Guangzhou Baiyun Airport seeing a 19.01% year-on-year increase [4][5] - The end of the 26-year operation of Duty Free Shoppers at Shanghai airports marks a significant change in the airport retail landscape [4] Road and Rail - National logistics operations are running smoothly, with rail freight down 2.35% and highway truck traffic down 1.75% week-on-week [9] - The Central Plains Expressway reported a 3.8% year-on-year increase in toll revenue for November 2025, indicating stable traffic growth [10] Investment Recommendations - The express delivery sector is expected to benefit from resilient e-commerce demand, with companies like SF Express and JD Logistics poised for growth [11] - The shipping sector is anticipated to see improved demand due to increased oil production and favorable economic conditions, with companies like China Merchants Energy and COSCO Shipping being highlighted [12] - The aviation sector is advised to be monitored for potential long-term growth signals, with companies such as China Eastern Airlines and Hainan Airlines recommended for investment [13]

Group 1: Construction Materials Industry - The central economic work conference emphasizes "internal strength" and highlights the contradiction of "strong supply and weak demand" in the construction materials industry, indicating a shift towards supply-side reforms and potential investment opportunities in the cement sector [2][6][9] - The policy focus has shifted from "extraordinary counter-cyclical adjustments" to "increasing counter-cyclical and cross-cyclical adjustment efforts," suggesting a more gradual adjustment in demand-side policies for the upcoming year [2][6] - The cement sector remains the most valuable investment area within the construction materials industry, with expectations for a new round of supply-side reform [2][6] Group 2: Cosmetics Raw Materials Industry - The Chinese cosmetics raw materials market is projected to grow from CNY 1147.80 billion in 2019 to CNY 1603.90 billion by 2024, with a compound annual growth rate (CAGR) of 6.9% [10] - The peptide raw materials market is expected to grow from CNY 11.2 billion in 2019 to CNY 21.7 billion by 2024, with a CAGR of 14.1% [10] - Leading companies in the industry include Weiqi Technology and Jiakai Biological, with Weiqi holding a 6.6% market share in the peptide raw materials sector [10][11] Group 3: Transportation Industry - The logistics demand in emerging markets is showing robust growth, with Jitu Express achieving record daily collection volumes in Brazil [15][16] - The international air transport association (IATA) forecasts a stable profit outlook for airlines, with a projected total net profit of USD 41 billion in 2026 [18] - The supply chain bottlenecks continue to restrict the growth of the aviation industry, with a structural mismatch between demand and available aircraft [18] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery Industry - The pig price is expected to remain weak, with a recent increase to CNY 11.54/kg, but overall industry losses persist [31][32] - The central economic work conference has introduced policies aimed at stabilizing pig prices and enhancing farmers' income, indicating a shift towards protecting farmers' rights and promoting innovation [32] - The chicken industry faces a "high capacity, weak consumption" dilemma, with leading companies likely to gain market share as they adapt to changing conditions [33]

证券之星消息，12月16日航空机场板块较上一交易日上涨0.94%，中国东航领涨。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。航空机场板块个股涨跌见下表： 从资金流向上来看，当日航空机场板块主力资金净流出1.86亿元，游资资金净流入1.23亿元，散户资金 净流入6272.28万元。航空机场板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...