Core Insights - The report highlights the positive performance of various sectors in the A-share market, particularly in financial, petrochemical, and aerospace industries, indicating a slight upward trend in the market [5][9][10] - The central economic work conference emphasizes a shift in policy focus from total expansion to quality and sustainability, with a strong emphasis on technology and industry [8][12][14] - The report suggests that the average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are above their three-year median levels, indicating a favorable environment for medium to long-term investments [9][10][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,965.28 with a slight increase of 0.04%, while the Shenzhen Component Index decreased by 0.49% to 13,537.10 [3] - The A-share market has shown resilience with a trading volume of 21,578 billion, indicating strong investor interest [8][10] - The report notes that various sectors such as banking, petrochemical, and software development have performed well, while sectors like energy metals and pharmaceuticals have lagged [5][9] Industry Analysis - The humanoid robot sector is expected to become a key focus in the U.S. technology strategy, with recommendations to continue monitoring humanoid robots and AIDC supporting equipment [14] - The power sector is experiencing a collaboration between the largest power company and Google for AI initiatives, although the sector's performance has been below market expectations [16] - The solar industry is witnessing significant price increases in silicon wafers and batteries, with a focus on leading companies in the segment [18][19] Investment Recommendations - The report suggests focusing on companies with stable fundamentals, high dividends, and strong growth potential in sectors such as engineering machinery and high-speed rail equipment [15] - In the animation film industry, the report recommends attention to companies like Light Chaser Animation, which have a strong project pipeline and IP management capabilities [26][28] - The automotive sector is advised to focus on companies with innovative driving technologies and those positioned for growth in the intelligent and connected vehicle market [31]

Market Overview - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to close at 3965.28, marking a "nine consecutive days" upward trend [1][4] - The Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66%, respectively, indicating mixed performance across major indices [2][4] Sector Performance - The top-performing sectors included Oil & Petrochemicals (1.48%), Defense & Military (1.43%), and Banks (1.03%), while the worst-performing sectors were Nonferrous Metals (-1.95%) and Utilities (-1.24%) [3][4] - Concept indices showed strong performance in PEEK Materials (3.23%) and Carbon Fiber (2.52%), while Dairy (-1.90%) and Lithium Extraction (-1.89%) lagged behind [3][4] Future Outlook - The market is expected to continue its upward trend following a phase of adjustment, with a focus on improving liquidity and trading activity as year-end institutional reallocation occurs [6] - Key factors influencing the market include the selection of the new Federal Reserve chair and the implementation of domestic monetary and fiscal policies [6] - A balanced allocation strategy is recommended, with attention to sectors such as Nonferrous Metals, Technology Growth, New Energy, and Dividend Stocks [6] Fiscal Policy Insights - The Ministry of Finance announced a continuation of a more proactive fiscal policy in 2026, emphasizing the need to boost consumption through increased fiscal spending and optimized government bond tools [5] - Specific actions include enhancing the effectiveness of transfer payment funds and improving expenditure structures to support key areas [5]

Market Overview - The A-share market saw a majority of indices decline, with the Shanghai Composite Index closing at 3965.28 points, up 0.04%, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points. The total trading volume for both markets was 21,393.38 billion yuan, a decrease of 208.54 billion yuan from the previous trading day [1]. Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 48 billion yuan, with a net outflow of 221.26 billion yuan at the opening and 77.92 billion yuan at the close, totaling 482.76 billion yuan for the day [2]. - The CSI 300 index experienced a net outflow of 142.73 billion yuan, while the ChiNext saw a net outflow of 183.32 billion yuan [3]. Sector Performance - The banking sector recorded a net inflow of 29.83 billion yuan, with a growth of 0.53%, led by Agricultural Bank of China. The oil and petrochemical sector also saw a net inflow of 9.63 billion yuan, increasing by 0.74% [5]. - Conversely, the power equipment sector faced a significant net outflow of 156.07 billion yuan, decreasing by 0.62%, followed by non-ferrous metals with a net outflow of 97.25 billion yuan, down 0.82% [5]. Institutional Activity - The top stocks with institutional net purchases included Tianji Co., with a net buy of 168.29 million yuan, and Yingfeite, which saw a 20% increase in its stock price [8]. - Notable stocks with significant institutional net selling included Haige Communication, with a net sell of 71.20 million yuan, and Jin Feng Technology, which experienced a 10.01% increase but still faced substantial selling pressure [8]. Analyst Recommendations - Analysts have given a "Buy" rating to stocks such as Jingpin Special Equipment with a target price of 114 yuan, representing a potential upside of 43.02% from its latest closing price of 79.71 yuan. Other recommended stocks include Bailong Chuangyuan and Huanxu Electronics, with target prices indicating significant upside potential [10].

Group 1: Market Overview - The A-share market showed a strong upward trend last week, with major indices generally rising. The market style continued to favor resource products and technology growth, while consumer sectors experienced a pullback [1] - In terms of industry performance, sectors such as non-ferrous metals (precious metals + industrial resources), military industry (commercial aerospace), and power equipment (data center power) led the gains, while consumer, banking, and coal sectors turned downward [1] Group 2: Macroeconomic Analysis - The national fiscal work conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending and ensuring necessary expenditure. Key tasks include boosting domestic demand, increasing investment in new productive forces, and promoting employment and income growth [2] - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1%. The manufacturing sector's profit totaled 50,317.9 billion yuan, growing by 5.0%. Notable growth was seen in the computer, communication, and other electronic equipment manufacturing sectors, while the oil and gas extraction sector saw a decline of 13.6% [2] Group 3: International Economic Context - In the U.S., third-quarter economic data exceeded expectations, leading to a cooling of interest rate cut expectations. The GDP growth rate for Q3 was 4.3%, surpassing the expected 3.3% and the previous 3.8%. The resilience of the U.S. economy is attributed to strong personal consumption, increased public spending, and improved export contributions [3] - Structural weaknesses in the labor market and the upcoming Federal Reserve leadership change may influence future interest rate decisions [3] Group 4: Investment Strategy - The market is expected to take a significant step forward as the year ends, supported by factors such as a systemic decline in risk-free interest rates and an anticipated surge in asset management demand [4] - Capital market reforms are enhancing the investability of Chinese assets and improving market resilience to risks, suggesting a potential shift from a volatile market to a more stable one [4] Group 5: Investment Directions - The focus is on technology, financial services, and consumer sectors. Specific areas of interest include technology growth driven by advancements in AI and computing infrastructure, as well as financial sectors like brokerage and insurance benefiting from capital market reforms [5] - The domestic policy to expand internal demand is expected to strengthen, making it a key theme alongside technology. Emerging consumption trends and events like sports and winter tourism are highlighted as potential investment opportunities [5]

| | 行业 涨跌 | | | | | | --- | --- | --- | --- | --- | --- | | 申万行业 | | 成交额 | 比上日 | 领涨（跌）股 | 涨跌幅 | | | | （亿元） | （%） | | （%） | | | （%） | | | | | | 石油石化 | 2.24 | 72.40 | 48.59 | 洲际油气 | 10.16 | | 农林牧渔 | 0.99 | 157.47 | 23.98 | 京基智农 | 8.99 | | 钢铁 | 0.88 | 58.59 | 11.33 | 海南矿业 | 10.03 | | 美容护理 | 0.88 | 13.61 | 1.99 | *ST美谷 | 5.10 | | 煤炭 | 0.80 | 42.29 | 26.31 | 华阳股份 | 3.79 | | 国防军工 | 0.74 | 842.77 | 2.01 | 光威复材 | 12.50 | | 电子 | 0.68 | 1601.86 | -0.54 | 东微半导 | 10.20 | | 汽车 | 0.68 | 495.93 | -20.19 | 超捷股份 | 12.78 | | ...

Group 1 - The core viewpoint of the article emphasizes that the "cross-year market" period is characterized by significant industry rotation and style switching rather than a straightforward market trend, with historical patterns indicating mixed performance across indices [2][4]. - Over the past decade, major broad-based indices have shown an average decline during the cross-year period, with the average returns for the CSI 500, CSI 1000, and National 2000 indices in January being -4.71%, -6.67%, and -6.68% respectively, indicating a win rate below 50% [2][4]. - The Shanghai Composite 50 and CSI 300 indices have shown average returns of -0.72% and -1.54% in January, with a win rate of 50% over the last ten years, suggesting a relatively stronger performance compared to smaller indices [2][4]. Group 2 - The article highlights that the characteristics of the cross-year market are not indicative of a general beta market trend, but rather a "defensive December and strong differentiation in January" structure, with defensive sectors performing better in December [7][12]. - In January, the banking sector has consistently outperformed other sectors, maintaining a position among the top five in terms of monthly returns, except for 2020 and 2023 [7][12]. - The average returns for most sectors in January have been negative, with many sectors showing win rates of only 30-40%, indicating a lack of broad-based gains and a tendency for performance differentiation [7][12]. Group 3 - Historical statistics suggest that the cross-year phase is not a favorable period for quantitative long strategies to achieve excess returns, but rather exposes differences in strategy concentration, drawdown control, and volatility adaptation [12]. - For investors holding quantitative long private equity funds, the focus during the cross-year period should be on assessing the ability of their products to maintain net value stability in a volatile and differentiated environment [12]. - From an asset allocation perspective, it is advisable to consider complementary configurations of styles and assets to smooth out portfolio volatility, particularly given the banking sector's relative strength in January [12].

Market Overview - The A-share market showed mixed performance on December 26, with the Shanghai Composite Index closing at 3963.68 points, up 0.1%, and the Shenzhen Component Index at 13603.89 points, up 0.54% [1] - Total market turnover reached 21812.64 billion, an increase of 2372.04 billion compared to the previous trading day [1] Capital Flow - The main capital in the A-share market experienced a net outflow of 242.43 billion, with an opening net outflow of 96.61 billion and a closing net outflow of 6.56 billion [2] - The CSI 300 index saw a net outflow of 54.39 billion, while the ChiNext index had a net outflow of 133.96 billion and the STAR Market a net outflow of 20.89 billion [4] Sector Performance - The non-ferrous metals sector led with a net inflow of 183.35 billion, showing a rise of 2.35% [6][7] - Other sectors with net inflows included non-bank financials (40.67 billion) and electric power equipment (16.91 billion) [7] - The electronics sector faced the largest net outflow at -173.32 billion, followed by machinery equipment at -86.84 billion and pharmaceuticals at -39.51 billion [7] Notable Stocks - Yangguang Electric Power saw the highest net inflow of 23.72 billion [8] - Institutional buying was noted in several stocks, including Aerospace Development with a net purchase of 481.76 million [11][12]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The "broad fiscal + broad monetary" policy in the US promotes economic prosperity. The ECB maintained interest rates unchanged in December and raised GDP forecasts for this year and next. Japan's interest rate hike was implemented as expected without radical tightening, and it raised the 2025 GDP growth forecast while maintaining the 2026 forecast [6]. - In China, the National Housing and Urban - Rural Development Work Conference was held on December 23, deploying work for 2026 such as urban renewal, stabilizing the real estate market, and upgrading the construction industry. The renovation of underground pipe networks is a highlight, and it is expected that capital investment will increase slightly next year. In November, the year - on - year growth rate of social retail sales was 1.3%, falling short of expectations and the previous value. Investment in manufacturing, infrastructure, and real estate continued to weaken, while exports remained a significant support [6]. - In asset allocation, the macro - environment is favorable for the precious metals and non - ferrous metals sectors. In the precious metals sector, the logic of gold's rise is clear and it has a high safety margin, while silver has increased volatility risk after a sharp rally. In the non - ferrous metals sector, there are opportunities to buy on dips for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be mainly defensive during the year - end and policy - free window period [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures closed at 4610.6, with a daily increase of 0.344, a weekly increase of 1.85%, a monthly increase of 3.09%, a quarterly decrease of 0.16%, and a year - to - date increase of 11.729%. The Shanghai 50 futures, CSI 500 futures, and CSI 1000 futures also showed different degrees of increase. The market is boosted by dual factors, but continuous offensive still needs to wait. The short - term judgment is a volatile upward trend, and attention should be paid to the situation of incremental funds [2][7]. - **Stock Index Options**: Options are used for covered call writing to increase returns. The short - term judgment is a volatile trend, and attention should be paid to the liquidity of the options market [7]. - **Treasury Bond Futures**: The long - end sentiment is still weak. The short - term judgment is a volatile trend, and attention should be paid to the implementation of monetary policy [7]. - **Foreign Exchange**: The US dollar index was at 97.9535, with a daily change of 0%, a weekly decrease of 0.77%, a monthly decrease of 1.49%, a quarterly increase of 0.13%, and a year - to - date decrease of 9.70%. The euro - US dollar, US dollar - yen, and other exchange rates also had corresponding changes [2]. - **Interest Rates**: The 7 - day inter - bank deposit - based pledge rate was 1.4, with no change on the day, a weekly decrease of 4 bp, a monthly decrease of 10 bp, a quarterly decrease of 5 bp, and a year - to - date decrease of 35 bp. The 10Y Chinese government bond yield, 10Y US Treasury yield, and other interest rates also changed [2]. 3.2 Precious Metals - Gold was at 1008.76, with a daily decrease of 0.58%, a weekly increase of 2.95%, a monthly increase of 5.75%, a quarterly increase of 15.05%, and a year - to - date increase of 63.34%. Silver and other precious metals also had corresponding changes. The short - term judgment is a volatile upward trend, driven by the expectation of loose liquidity and the tight supply of silver in the spot market. Attention should be paid to the US fundamentals, Fed monetary policy, and global equity market trends [2][7]. 3.3 Shipping - The container shipping price on the European line was 1799.7, with a weekly increase of 0.22%, a daily increase of 4.65%, a monthly increase of 22.27%, and a year - to - date decrease of 20.26%. The near - term demand is supported by pre - Spring Festival shipments, and attention should be paid to the resumption of shipping in the far - term. The short - term judgment is a volatile trend, and attention should be paid to the 2026 shipping company's resumption plan, year - end long - term contract signing prices, and the support of pre - Spring Festival cargo owner shipments to prices [2][7]. 3.4 Black Building Materials - **Steel**: The cost support is strong, and the futures price continues to rebound. The short - term judgment is a volatile trend, and attention should be paid to the issuance progress of special bonds, steel exports, and pig iron production [7]. - **Iron Ore**: The shipment and arrival decreased slightly, and port inventories continued to accumulate. The short - term judgment is a volatile trend, and attention should be paid to overseas mine production and shipment, domestic pig iron production, weather conditions, port ore inventory changes, and policy dynamics [7]. - **Coke**: After the third round of price cuts, coke enterprise profits turned negative. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coking costs, and macro - sentiment [7]. - **Coking Coal**: After the earthquake in Shanxi, the sentiment of going long is high. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment [7]. - **Silicon Iron**: The supply pressure has been alleviated, and the futures price is mainly running at a low level. The short - term judgment is a volatile trend, and attention should be paid to raw material costs and steel procurement [7]. - **Manganese Silicon**: The supply - demand situation remains loose, and the upside space is expected to be limited. The short - term judgment is a volatile trend, and attention should be paid to cost prices and overseas quotes [7]. - **Glass**: The spot market is still weak, and the futures price is volatile. The short - term judgment is a volatile trend, and attention should be paid to spot sales [7]. - **Soda Ash**: The supply - demand situation is still in surplus, and the spot price is under pressure. The short - term judgment is a volatile trend, and attention should be paid to soda ash inventories [7]. 3.5 Non - ferrous Metals and New Materials - **Copper**: Inventories continue to accumulate, and copper prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to supply disruptions, unexpected domestic policies, the Fed being less dovish than expected, and the recovery of domestic demand falling short of expectations [7]. - **Alumina**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure. The short - term judgment is a volatile trend, and attention should be paid to the failure of ore production to resume as expected, the over - recovery of electrolytic aluminum production, and extreme sector trends [7]. - **Aluminum**: The Mozal aluminum plant is facing shutdown, and aluminum prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to macro - risks, supply disruptions, and demand falling short of expectations [7]. - **Zinc**: LME zinc inventories continue to increase, and the upside space for zinc prices is limited. The short - term judgment is a volatile trend, and attention should be paid to the risk of macro - turnarounds and the unexpected recovery of zinc ore supply [7]. - **Lead**: The downstream's willingness to take delivery has improved, and lead prices may stop falling and stabilize. The short - term judgment is a volatile trend, and attention should be paid to supply - side disruptions and the slowdown of battery exports [7]. - **Nickel**: Indonesia plans to significantly reduce the RKAB of nickel ore, and nickel prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to unexpected macro - and geopolitical changes, Indonesian policy risks, and the failure of supply to be released as expected [7]. - **Stainless Steel**: The rebound of nickel prices has driven the stainless - steel futures price to rise. The short - term judgment is a volatile trend, and attention should be paid to Indonesian policy risks and unexpected demand growth [7]. - **Tin**: The downstream's rigid demand is resilient, and tin prices are oscillating strongly. The short - term judgment is a volatile upward trend, and attention should be paid to the expected复产 in Wa State and changes in demand improvement expectations [7]. - **Industrial Silicon**: Market sentiment fluctuates, and silicon prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and policy changes [7]. - **Polysilicon**: The expectation of state - reserve purchases is still fermenting, and polysilicon prices continue to be highly volatile. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and domestic photovoltaic policy changes [7]. 3.6 Energy and Chemicals - **Crude Oil**: The geopolitical situation remains unresolved, and oil prices have risen for five consecutive days. The short - term judgment is a volatile trend, and attention should be paid to OPEC+ production policies and geopolitical situations [10]. - **LPG**: The strong - reality situation is facing a loosening, and attention should be paid to the implementation of downstream production cuts. The short - term judgment is a volatile trend, and attention should be paid to cost - side developments such as crude oil and overseas propane [10]. - **Asphalt**: The raw material benefits have been realized, and asphalt futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to sanctions and supply disruptions [10]. - **High - Sulfur Fuel Oil**: High - sulfur fuel oil futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to geopolitical situations and crude oil prices [10]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil follows crude oil in oscillation. The short - term judgment is a volatile downward trend, and attention should be paid to crude oil prices [10]. - **Methanol**: The coastal and inland markets are in a stalemate, and methanol is seen as oscillating. The short - term judgment is a volatile trend, and attention should be paid to macro - energy and overseas actual shutdown dynamics [10]. - **Urea**: Both supply and demand are weak, and the futures price is oscillating. The short - term judgment is a volatile trend, and attention should be paid to the coal market and the progress of commercial storage [10]. - **Ethylene Glycol**: Polyester production cuts have dampened market sentiment, and ethylene glycol has entered a low - valuation range again. The short - term judgment is a volatile downward trend, and attention should be paid to coal and oil price fluctuations and port inventory rhythms [10]. - **PX**: Bullish funds continue to bet, and the negative news of polyester production cuts has been quickly digested. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and refining and chemical plant disruptions [10]. - **PTA**: Cost and sentiment jointly drive the price, and polyester production cuts have emerged. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and insufficient support from downstream polyester loads [10]. - **Short - Fiber**: The pattern of strong upstream and weak downstream is prominent, with serious differentiation and passive profit compression. The short - term judgment is a volatile upward trend, and attention should be paid to the downstream yarn factory's purchasing rhythm and the conversion rhythm between peak and off - peak seasons [10]. - **Bottle Chips**: The cost of upstream raw materials supports the price. The short - term judgment is a volatile upward trend, and attention should be paid to the implementation of bottle - chip enterprise production - cut targets and the commissioning of new plants [10]. - **Propylene**: The spot market is strong, and there is an expectation of a decrease in PDH operating rates. The short - term judgment is a volatile trend, and attention should be paid to oil prices and the domestic macro - situation [10]. - **PP**: The expectation of maintenance boosts the market. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Plastic**: The support of maintenance is limited. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Styrene**: There are constraints on both rising and falling. The short - term judgment is a volatile trend, and attention should be paid to oil prices, macro - policies, and plant dynamics [10]. - **PVC**: Market sentiment is positive, and the short - term futures price is strong. The short - term judgment is a volatile trend, and attention should be paid to expectations, costs, and supply [10]. - **Caustic Soda**: Low - valuation support leads to a rebound at a low level. The short - term judgment is a volatile trend, and attention should be paid to market sentiment, operating rates, and demand [10]. 3.7 Agriculture - **Oils and Fats**: Rapeseed oil was relatively strong yesterday. The short - term judgment is a volatile trend, and attention should be paid to the expected changes in domestic and foreign oil and fat production and demand [10]. - **Protein Meal**: The inventory pressure continues, and the prices of soybean meal and rapeseed meal are oscillating at a low level. The short - term judgment is a volatile trend, and attention should be paid to downstream demand, South American weather, the macro - situation, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: Snowy weather has a phased impact on the supply in the production area. The short - term judgment is a volatile downward trend, and attention should be paid to demand, the macro - situation, and weather [10]. - **Pigs**: Both supply and demand are increasing, and pig prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to breeding sentiment, epidemics, and policies [10]. - **Natural Rubber**: The price maintains a narrow - range oscillation. The short - term judgment is a volatile trend, and attention should be paid to production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: The futures price trend continues to be strong. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil [10]. - **Cotton**: The rebound continues. The short - term judgment is a volatile upward trend, and attention should be paid to production and demand [10]. - **Sugar**: Short - sellers taking profits drives the sugar price to rebound. The short - term judgment is a volatile downward trend, and attention should be paid to imports and Northern Hemisphere production [10]. - **Pulp**: The price is fluctuating in a recent high - level range, and the futures price trend is dominated by funds. The short - term judgment is a volatile upward trend, and attention should be paid to macro - economic changes and fluctuations in US - dollar - denominated quotes [10].

Market Overview - The A-share market experienced an overall increase on December 25, with the Shanghai Composite Index closing at 3959.62 points, up 0.47%, the Shenzhen Component Index at 13531.41 points, up 0.33%, and the ChiNext Index at 3239.34 points, up 0.3% [1] - The total trading volume in the A-share market reached 19440.6 billion yuan, an increase of 466.79 billion yuan compared to the previous trading day [1] Capital Flow - The main capital in the A-share market saw a net outflow of 204.39 billion yuan for the day, with an opening net outflow of 128.96 billion yuan and a closing net outflow of 22.58 billion yuan [2] - The CSI 300 index recorded a net outflow of 79.88 billion yuan, while the ChiNext saw a net outflow of 51.51 billion yuan and the STAR Market a net outflow of 16.01 billion yuan [4] Sector Performance - The defense and military industry led the sectors with a net inflow of 61.72 billion yuan, followed by machinery equipment with 60.79 billion yuan and the automotive sector with 39.51 billion yuan [6][7] - The electronic sector experienced the largest net outflow of 81.47 billion yuan, followed by retail with 50.64 billion yuan and telecommunications with 44.44 billion yuan [7] Individual Stocks - Goldwind Technology saw the highest net inflow of 8.29 billion yuan among individual stocks [8] - Institutions actively participated in several stocks, with Hainan Development showing a net institutional buy of 288.69 million yuan, while Tianji Co. had a net institutional sell of 21.35 million yuan [10][11]

| 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 ...