随着城市化加速推进与人口持续增长，巴基斯坦房地产行业正面临着供需失衡加剧的巨大压力。据2025 年12月发布的行业分析，该国住房短缺量已达1000万至1200万套，且随着人口增长与城乡迁移规模扩 大，这一缺口每年还在持续扩大。 融资渠道不畅是巴房地产业最突出的问题之一，该国按揭贷款占GDP比例仅为0.2%，缺乏广泛的按揭 贷款体系。即便政府在2025年7月推出了720亿巴基斯坦卢比(简称"卢比"，约合2.6亿美元)的首套房补贴 贷款计划，但在主要城市，土地和建筑成本已飙升至极高水平，该计划仅适用于有限群体，而非更广泛 的中低收入群体。 监管改革层面，2025年10月，巴基斯坦证券交易委员会(SECP)恢复了房地产项目预付款监管框架，要 求房地产公司在广告宣传或收取公众预付款前必须获得开发证书，并将所有存款存入专用托管账户，确 保资金用于项目建设。这一措施被专家视为恢复市场纪律和投资者信心的关键一步，有望遏制投机行 为，减少欺诈和停滞项目。同时，政府计划激活房地产监管局，对提供虚假房产估值的个人和中介处以 包括监禁和罚款在内的严厉处罚。 总体而言，巴基斯坦房地产行业正处于转型关键期，住房短缺与市场潜力并存。巴政 ...

1 | | 项 目 | | | 数 额 比上年同期增长 | | --- | --- | --- | --- | --- | | | 二、地产业务情况 | | | | | 1. | 合约销售额（亿元 | RMB） | | 3,246 -9.9% | | 2. | 合约销售面积（万 m | 2） | | 1,215 -4.1% | | 3. | 期末土地储备（万 m | 2） | | 7,190 | | 4. | 新购置土地储备（万 | m | 2） | 831 | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能 存在差异，因此相关数据为阶段性数据，仅供参考。 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-079 2025 年 1-11 月经营情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将本公司 2025 年 1-11 月主要经营情况公布如下，供各位投资者参阅。 | 项 目 | 数 额 比上年同期增长 | | --- | --- | | 新签合同总额（亿元 RMB） | ...

新华财经北京12月19日电 （胡晨曦）A股三大指数12月19日集体收涨，沪指震荡回升录得三连阳；创业 板指冲高回落，盘中一度涨超1.5%。沪深两市成交额1.73万亿，较上一个交易日放量704亿，上涨股票 数量接近4500只，逾80只股票涨停。 盘面上，大消费板块掀涨停潮，上海九百、西王食品、庄园牧场等多股涨停；海南板块午后拉升，海汽 集团涨停，中国中免触及涨停；房地产板块活跃，中天服务、广宇集团、三湘印象涨停；商业航天概念 反复活跃，西部材料、腾达科技等涨停。下跌方面，存储芯片概念集体下挫，神工股份、德明利大跌； 高位股尾盘大幅跳水，平潭发展跌超7%，东百集团炸板收跌1%，海峡创新收涨0.91%。 截至收盘，沪指报3890.45点，涨幅0.36%，成交7381亿元；深证成指报13140.21点，涨幅0.66%，成交 9878亿元；创业板指报3122.24点，涨幅0.49%，成交4447亿元。 热点板块 盘面上，零售、种植业与林业、房地产、海南自贸区、租售同权、可控核聚变等板块和概念股涨幅居 前；半导体、贵金属、银行、光刻机、存储芯片、CPO等板块和概念股跌幅居前。 中金公司：预计2026年煤价将呈现前低后高走 ...

Market Overview - The A-share market experienced a high-level fluctuation in the afternoon, with the Shanghai Composite Index rising by 0.36% to close at 3890.45, the Shenzhen Component Index increasing by 0.66% to 13140.21, and the ChiNext Index gaining 0.49% to 3122.24 [2][3] Sector Performance - The consumer sector saw significant gains, particularly in retail and duty-free stores, while concepts related to the Hainan Free Trade Zone, nuclear fusion, rare earth permanent magnets, and intelligent driving were active [2][3] - The Hainan Free Trade Zone concept stocks performed strongly, with Hainan Ruize, Hainan Haiyao, and Haikou Group hitting the daily limit [4] Notable Stocks - Top gainers included: - Kangzhi Pharmaceutical (+11.43% to 11.02) - Hainan Ruize (+10.08% to 5.35) - Hainan Haiyao (+10.03% to 7.24) - Haikou Group (+10.00% to 23.86) [5] - Real estate stocks also saw gains, with Guangyu Group, Zhongtian Service, and Sanxiang Impression hitting the daily limit [6] Market Activity - The total trading volume in the Shanghai and Shenzhen markets reached 1.73 trillion, an increase of 704 billion compared to the previous trading day, with over 4400 stocks rising [6] Capital Flow - Main capital inflows were observed in sectors such as general equipment, automotive, and retail, while semiconductor, aerospace, and electronics sectors experienced net outflows [9] - Notable individual stocks with net inflows included Xue Ren Group, N Youxun, and Shanzi Gaoke, with inflows of 1.299 billion, 1.295 billion, and 1.053 billion respectively [10] - Conversely, Meinian Health, C Muxi-U, and Saiwei Electronics faced net outflows of 830 million, 729 million, and 699 million respectively [11] Institutional Insights - Dongguan Securities indicated that the market is expected to gradually return to an upward channel after a period of consolidation [12] - Everbright Securities suggested that the index may experience a primary trend of oscillation and differentiation, with a likelihood of continued rotation in hot sectors [13] - Dexun Securities expressed optimism about a market-wide rebound and the potential for a year-end rally [14]

Core Insights - Goldman Sachs predicts a shift in investment opportunities from AI giants to cyclical sectors as the U.S. economy is expected to accelerate growth in 2026 [1][2] - The report indicates that stock correlations in the U.S. market will drop to historical lows in 2026, suggesting a market driven by stock-picking strategies [1][4] Economic Outlook - The S&P 500 index's earnings per share (EPS) is projected to grow by 12% next year, driven by easing tariff pressures and overall economic acceleration [2] - Cyclical sectors, including industrials, materials, and consumer discretionary, are expected to lead in EPS growth in 2026, with significant rebounds anticipated [3] Sector Performance - Real estate sector EPS growth is forecasted to rise from 5% this year to 15% next year, while consumer discretionary is expected to increase from 3% to 7% [3] - Industrial companies are projected to see EPS growth accelerate from 4% to 15%, contrasting with a slowdown in technology sector EPS growth from 26% in 2025 to 24% in 2026 [3] Market Dynamics - The expected low correlation of 23% among S&P 500 constituents in 2026 indicates a highly differentiated market, where traditional index-buying strategies may underperform [4] - The divergence in stock performance suggests that precise stock selection will be crucial for profitability [4] Seasonal Trends - Historical data indicates that the last two weeks of December typically present a favorable seasonal window for stock performance, with an average return of 1.77% during this period [5][6] - Despite recent declines in the S&P 500 index, there is potential for upward movement as the market enters this historically positive timeframe [5][6]

| 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | s | 3890.45c | 14.08 | 0.36% | | 399001 | 深证成指 | rify | 13140.21 c | 86.24 | 0.66% | | 399006 | 创业板指 | with | 3122.24c | 15.17 | 0.49% | 盘面上，大消费爆发，零售、免税店方向领涨；海南自贸区、核聚变、稀土永磁、两岸融合、智能驾驶概念股活跃。算力硬件产业链调 整，CPO、存储区方向跌幅靠前。 具体来看，海南自贸区概念走强，海南瑞泽、海南海药、海汽集团等多股涨停。 12月19日，A股三大指数午后高位震荡。截至收盘，沪指涨0.36%，深成指涨0.66%，创业板指涨0.49%。 沪深两市成交额1.73万亿，较上一个交易日放量704亿。 | 代码 | 名称 | 涨幅号 | 现价 | | --- | --- | --- | --- | | 300086 | 康芝药业 | +11.43% | 11.02 | | ...

Market Overview - On December 19, the A-share market experienced a significant upward trend, with major indices closing in the green: Shanghai Composite Index rose by 0.59%, Shenzhen Component Index increased by 0.93%, and ChiNext Index gained 0.99% [1] - The total trading volume across the market reached 1.1 trillion yuan, with over 4,600 stocks rising [2] Sector Performance - The retail sector led the market gains, with notable performances from concepts such as cross-strait integration, duty-free shops, nuclear fusion, and vehicle-road cloud [2][5] - The two major indices for popular concepts showed significant increases: cross-strait integration up by 4.83%, duty-free shops up by 3.51%, and nuclear fusion up by 3.15% [3] Individual Stock Highlights - In the retail sector, several stocks hit their daily limit, including Debi Group with a 19.99% increase, Central Plaza up by 10.04%, and Shanghai Jiubai up by 10.02% [5][6] - In the Hong Kong market, the Hang Seng Technology Index rose over 1%, with Horizon Robotics leading the gains at over 7% [4] Automotive Sector - The automotive sector showed strong activity, particularly in areas like vehicle-road cloud and intelligent driving, with stocks such as Road畅科技 and 威帝股份 hitting their daily limit [9] - The approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology marks a significant step towards commercial application in China, with Changan Automobile and BAIC Arcfox being the first approved companies [13] Consumer Market Insights - In November, the total retail sales of consumer goods reached 4.39 trillion yuan, reflecting a year-on-year growth of 1.3%. For the first 11 months, the total reached 45.6 trillion yuan, growing by 4.0% [8] - Online retail sales grew by 9.1% in the same period, with physical goods online retail sales increasing by 5.7% [8] Free Trade Zone Developments - The Hainan Free Trade Port has initiated a full island closure, expanding the range of zero-tariff goods from 1,900 to approximately 6,600 tax items, covering 74% of all goods [8]

大消费板块爆发。 A股市场今天（12月19日）上午整体上行，上证指数一度重回3900点之上。商贸零售板块大涨，板块内个股掀起涨停潮，成为上午市场主要 亮点之一。 其他行业板块方面，轻工制造、房地产、综合等板块涨幅居前，板块涨幅均超过2%。汽车、社会服务、钢铁、环保等板块跟涨。银行、煤 炭板块整体走弱。 新股优迅股份盘中大涨超450% 新股方面，今天A股市场有一只新股上市，为优迅股份，盘中涨幅一度超过450%。 大消费板块掀起涨停潮 A股市场今天（12月19日）上午整体上行，主要指数不同程度上涨。截至上午收盘，上证指数报3899.31点，上涨0.59%，盘中一度重回3900 点之上；其他几个主要指数中，深证成指涨0.93%，创业板指涨0.99%，科创50指数涨0.69%。 从行业板块和赛道来看，若按照申万一级行业划分，商贸零售板块大涨，板块盘中涨幅一度接近4%，板块内个股掀起涨停潮。德必集 团"20cm"涨停，中央商场、上海九百、大连友谊、东百集团等股票涨停，百大集团涨9.25%，永辉超市涨8.20%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | ...

Core Insights - The report highlights that the macroeconomic environment in 2026 will be influenced by U.S. midterm election pressures, defense demands in Europe and Japan, and China's focus on stable growth, leading to continued policy easing in the first half of the year [2] - The AI boom is expected to enhance efficiency and stock valuations but may also exacerbate job losses and economic K-shaped divergence [2] - The report suggests that the second half of 2026 may see a rebound in inflation due to global liquidity easing, a weaker dollar, and China's anti-involution efforts, potentially causing volatility in high-valuation assets [2] Industry Outlook Chinese Internet Software - 2026 is seen as a critical year for competing for user attention in the AI era, with a focus on lowering usage barriers, enhancing decision-making efficiency, and creating real value [2] - Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [5] Semiconductor - The report maintains four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive allocations, and industry consolidation [7] - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [7] Technology - The global tech industry is expected to experience demand differentiation and accelerated AI innovation, with a focus on AI computing infrastructure and end-user AI products [8] - Key companies to watch include Apple, which is anticipated to have a year of innovation with new AI products [8] Consumer Sectors Essential Consumption - The report identifies three main investment themes: deepening consumption stratification, focusing on essential survival needs, and leveraging overseas expansion to hedge against domestic uncertainties [10][20] - Companies in the food and beverage sector, such as Nongfu Spring and China Resources Beverages, are recommended due to their stable demand and attractive valuations [21] Discretionary Consumption - The outlook for the discretionary consumption sector is cautious, with expected retail sales growth of about 3.5% in 2026, slightly down from 4% in 2025 [11] - The report suggests a focus on survival-type consumption and low-cost emotional comfort products, with recommendations for companies like Luckin Coffee and Bosideng [11][21] Automotive - The Chinese automotive industry is expected to show resilience despite pressures from subsidy reductions and tax incentives, with retail sales of passenger vehicles projected to remain stable [12] - Key trends include intensified competition and the introduction of new models, particularly in the new energy vehicle segment [12] Pharmaceuticals - The innovative drug sector has seen significant growth driven by overseas licensing deals, but future catalysts are expected to shift from upfront payments to milestone achievements [13] - The CXO industry is anticipated to continue its recovery in 2026, supported by a rebound in domestic R&D demand [13] Real Estate - The report forecasts a continued contraction in the real estate market, with total residential sales expected to decline by 8% in 2026 [16][17] - Investment themes include focusing on stock market service providers and companies with strong operational capabilities in commercial assets [18][19]

Core Viewpoint - The A-share market showed a strong upward trend in early trading, with significant gains in various sectors, particularly retail and education, while some sectors like precious metals and insurance experienced declines [1] Market Performance - The Shanghai Composite Index closed at 3899.31 points, up by 0.59% - The Shenzhen Component Index closed at 13175.13 points, up by 0.93% - The ChiNext Index closed at 3137.73 points, up by 0.99% [1] Sector Performance Top Gaining Sectors - Retail sector increased by 6.68%, with a total trading volume of 5,079.38 million hands and a total transaction amount of 387.38 billion - Packaging and printing sector rose by 2.92%, with a trading volume of 864.04 million hands and a transaction amount of 98.72 billion - Kitchen and bathroom appliances sector grew by 2.72%, with a trading volume of 75.01 million hands and a transaction amount of 7.71 billion - Education sector saw an increase of 2.66%, with a trading volume of 378.87 million hands and a transaction amount of 21.62 billion [2] Top Declining Sectors - Real estate sector decreased by 1.06%, with a trading volume of 240.59 million hands and a transaction amount of 48.07 billion - Insurance sector fell by 0.17%, with a trading volume of 117.86 million hands and a transaction amount of 48.96 billion - Film and television sector declined by 0.10%, with a trading volume of 572.94 million hands and a transaction amount of 49.62 billion [2]