Market Overview - The Shanghai Composite Index increased by 0.60% as of 10:27 AM, with a trading volume of 51.76 billion shares and a transaction value of 806.79 billion yuan, a decrease of 5.07% compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Retail: Increased by 2.11% with a transaction value of 27.66 billion yuan, led by Debi Group which rose by 16.20% [1] - Automotive: Increased by 2.02% with a transaction value of 48.54 billion yuan, led by Haon Automotive which rose by 18.44% [1] - Real Estate: Increased by 1.79% with a transaction value of 9.04 billion yuan, led by Sanxiang Impression which rose by 10.10% [1] - The sectors with the largest declines included: - Food & Beverage: Decreased by 0.30% with a transaction value of 12.71 billion yuan, led by *ST Yanshi which fell by 4.34% [2] - Coal: Decreased by 0.26% with a transaction value of 2.97 billion yuan, led by Antai Group which fell by 3.34% [2] - Banking: Decreased by 0.22% with a transaction value of 8.77 billion yuan, led by Shanghai Bank which fell by 0.98% [2] Summary of Key Stocks - Notable gainers included: - Debi Group in the retail sector with a rise of 16.20% [1] - Haon Automotive in the automotive sector with a rise of 18.44% [1] - Sanxiang Impression in the real estate sector with a rise of 10.10% [1] - Notable decliners included: - *ST Yanshi in the food & beverage sector with a decline of 4.34% [2] - Antai Group in the coal sector with a decline of 3.34% [2] - Shanghai Bank in the banking sector with a decline of 0.98% [2]

港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），偏向大盘价值风格， 前三大行业分别为房地产、公用事业和银行，前十大成份股涵盖多行业高股息标的，助力投资者低费率 （管理费+托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低波。 12月19日早盘，港股通红利低波ETF基金（159118）震荡上行，盘中涨约0.72%，持仓股江西铜业股 份、恒隆地产、中国电信、长江基建集团等领涨。 近期港股三大指数延续震荡走势，华泰证券指出，当前市场下行空间有限但上行动能尚未充分释放，呈 现典型磨底特征，与2024年11月走势相似。历史经验显示，情绪触底后市场往往迎来反弹机会，值得投 资者提前布局。展望未来，华泰证券认为，人民币升值共识若形成，将带动资本流动格局变化，参考今 年欧洲市场表现；其次，市场过度担忧汇率升值与出口高基数影响，而明年上半年中美关系维持温和态 势，出口韧性存在超预期可能。 ...

Group 1 - The A-share and Hong Kong stock markets are experiencing a recovery with noticeable differences in leading sectors, with A-shares led by retail, real estate, and automotive sectors, while Hong Kong stocks are driven by biotechnology and new energy vehicles [1] - The market is characterized by a return to a volatile pattern, lacking sustainability across trends, styles, and sectors, primarily driven by a rebound sentiment [1] - Long-term supportive factors for A-share valuation, such as low interest rates, long-term capital inflows, policy support, and industrial development, remain unchanged, but short-term volatility is expected to persist [1] Group 2 - The resilience of the domestic capital market is highlighted, as the A-share technology sector shows recovery tendencies even amid declines in overseas tech stocks, indicating a supportive risk appetite [1] - In a volatile market, the strategy should focus on low-cost positioning, with attention on dividend assets that have recently adjusted and low-expectation Hong Kong tech stocks, while also identifying trading opportunities in sectors like brokerage and aerospace that have catalytic factors [1] - Individual investors may find it challenging to select stocks and are encouraged to consider relevant ETFs for investment, including the Hong Kong Stock Connect Technology ETF, Aerospace ETF, Brokerage ETF, and Hong Kong Dividend Low Volatility ETF [2]

宏观日报 | 2025-12-19 关注下游消费新业态试点运行 中观事件总览 服务行业：1）近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》， 在北京等50个城市开展消费新业态新模式新场景试点。12月17日，商务部会同财政部召开"三新"试点工作部署推 进会。会议强调，各试点城市要进一步完善实施方案，建立健全工作推进和保障机制，抓紧出台试点资金（项目） 管理办法，紧扣"三新"试点支持方向，精心筛选支持项目，强化项目动态管理。试点城市商务主管部门要发挥好 牵头协调作用，推动解决试点面临的堵点痛点问题，确保试点工作取得实效。 数据来源：iFind，华泰期货研究院 行业总览 上游：1）有色：镍、铅价格小幅回落。2）农业：棕榈油价格小幅回落。3）能源：国际原油，液化天然气价格持 续回落。 中游：1）化工：PX、PTA开工率持续回落。2）能源：电厂耗煤量提高。3）基建：沥青开工低位。 下游：1）地产：一、二、三线城市商品房销售持续回暖。2）服务：国内、国际航班班次回落。影视票房回落。 风险 经济政策超预期，全球地缘政治冲突 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一 ...

12月19日早盘，港股通红利低波ETF基金（159118）小幅上行，现涨约0.3%，持仓股长江基建集团、中 国电信、恒隆地产、太古地产等领涨。 中信建投证券表示，港股在经历了9月的单边上涨后，10月以来经历了震荡调整。当前AH两地正同步完 成中期调整，港股部分优质资产重新进入高性价比区间。多重因素促成港股中期交易窗口打开，包括市 场调整增厚了安全边际、南向资金保持净流入、宏观基本面改善等。配置选择上，需聚焦分红可持续性 强、盈利稳定的优质标的，前期因风格切换而深度调整的成长板块也将成为引领市场的核心主线。 港股通红利低波ETF基金（159118）紧密跟踪标普港股通低波红利指数（港币），该指数历史长期业绩 突出，偏向大盘价值风格，前三大行业分别为房地产、公用事业和银行，前十大成份股涵盖了多行业高 股息标的，助力投资者低费率（管理费+托管费仅0.2%）、高效率（T+0交易）一键布局港股+红利+低 波。 ...

智通财经APP获悉，香港联交所最新资料显示，12月18日，时代中国控股(01233)股东将股票存入花旗银 行，存仓市值4104.07万港元，占比10.64%。 12月15日，时代中国控股发布公告称，有关针对公司的清盘呈请及押后呈请聆讯的相关事宜。于各方以 同意传票方式提出联合申请后，高等法院已于2025年12月15日颁令撤销呈请。于公告日期，概无针对公 司的待决清盘呈请。 于12月17日，时代中国控股股东将股票存入香港上海汇丰银行，存仓市值2264.4万港元，占比8.17%。 ...

12月15日，时代中国控股发布公告称，有关针对公司的清盘呈请及押后呈请聆讯的相关事宜。于各方以 同意传票方式提出联合申请后，高等法院已于2025年12月15日颁令撤销呈请。于公告日期，概无针对公 司的待决清盘呈请。 香港联交所最新资料显示，12月18日，时代中国控股(01233)股东将股票存入花旗银行，存仓市值 4104.07万港元，占比10.64%。 于12月17日，时代中国控股股东将股票存入香港上海汇丰银行，存仓市值2264.4万港元，占比8.17%。 ...

周四，亿万富翁Bill Ackman宣布，旗下公司Howard Hughes将以21亿美元收购保险公司Vantage Risk。 Ackman在声明中表示： 自2020年以来，私募巨头Apollo Global和KKR已全资收购人寿保险关联公司，利用退休产品的保费收入 为数千亿美元的投资提供资金。 激进投资者Daniel Loeb今年早些时候也克服部分股东反对，成功推动其伦敦上市公司转型为再保险业 务。 激进投资者Bill Ackman正试图打造"新版伯克希尔哈撒韦"。 收购Vantage是Howard Hughes转型为多元化控股公司的里程碑事件。 根据协议，Howard Hughes将通过现金及Ackman旗下对冲基金Pershing Square至多10亿美元的股权投 资完成这笔收购。Pershing Square是Howard Hughes的最大股东，后者在公开市场已沉寂十年。 这笔交易标志着Ackman在仿效沃伦·巴菲特的投资模式上迈出关键一步。伯克希尔哈撒韦是最早利用保 险浮存金，即收取的保费、用于支付索赔和投资的资金，作为多元化投资组合低成本资金来源的先驱之 一。 该收购也使Ackman加入日益 ...

Group 1: Education and Talent Development - The latest "China Statistical Yearbook 2025" indicates that Zhengzhou ranks second in the number of college students, with over 1.432 million, following Guangzhou [1] - The total number of college students in the top 20 cities increased from 17.0392 million in 2023 to 17.3746 million in 2024, a growth of 1.97%, representing 44.65% of all college students in China [1] - Zhejiang province, particularly Hangzhou, faces challenges in educational resources despite having Zhejiang University, with plans to establish new universities to enhance talent supply [2][3] Group 2: Policy Initiatives - Guangzhou is set to introduce its first special policy to support the gaming and esports industry, which will be announced soon [4] - The establishment of the first "Emerging Industries Bureau" in Wenzhou aims to promote investment and development in emerging industries [5][6] Group 3: Economic Development Strategies - Jiangxi's provincial leadership emphasizes the importance of county-level economic development, advocating for focused resource allocation to develop key industries [7] - Hangzhou has become the first city in China to legislate for public health promotion, indicating a proactive approach to health and wellness [8] Group 4: Manufacturing and Urban Development - The "2025 Research Report on High-Quality Development of Urban Manufacturing" identifies ten cities with strong manufacturing capabilities, with new entrants like Binzhou and Huizhou [13] - The report highlights that eastern regions continue to lead in manufacturing, with cities in Jiangsu, Shandong, Zhejiang, and Guangdong remaining at the forefront [13]

Open Market Operations - The central bank announced a fixed-rate reverse repurchase operation of 883 billion yuan for 7 days at an interest rate of 1.40% on December 18. Additionally, a fixed quantity, interest rate tendering, and multi-price bidding reverse repurchase operation of 1000 billion yuan for 14 days was conducted. On the same day, 1186 billion yuan of reverse repos matured, resulting in a net injection of 697 billion yuan [1][3]. Funding Conditions - The interbank market remains generally loose, with the D R001 weighted average interest rate slightly decreasing to around 1.27%. Overnight quotes in the anonymous click (X-repo) system remain at 1.25%, with supply near the 100 billion yuan level. Market sentiment is stable, with overnight and seven-day repo rates maintaining low levels [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.65%, down more than 1 basis point from the previous day [6]. Government Bond Futures - The closing prices for government bond futures show a 0.23% increase for the 30-year main contract, while the 10-year main contract remained flat. The 5-year and 2-year main contracts saw slight increases of 0.02% and 0.01%, respectively [11]. Regulatory and Economic Developments - The Ministry of Commerce's spokesperson criticized the European Commission's investigations into Chinese companies under the Foreign Subsidies Regulation, emphasizing China's strong opposition and commitment to protecting the rights of Chinese enterprises. Ongoing discussions regarding electric vehicles and rare earth export controls were also highlighted [12]. - The National Development and Reform Commission emphasized the need to expand effective investment, particularly in emerging industries and technology sectors, to address the downward pressure on investment since 2025 [13]. - The State Administration for Market Regulation stressed the importance of promoting a unified national market and enhancing fair competition governance to stimulate economic activity [13]. Bond Market Events - Vanke proposed a 3.7 billion yuan medium-term note extension, while Sunac China expects to finalize its overseas debt restructuring by December 23, involving approximately 9.6 billion USD. Additionally, Baolong Real Estate's domestic debt restructuring plans have been approved [20].