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！ 来源：重阳投资 摘 要 2025年，中国股票市场强势回升，上证指数创下十年新高，同时结构上是高度分化的。展望2026年，如 何把握新的机遇？我们从未来之辩、配置之辩、当下之辩和策略之辩四个角度试着给出回答。 首先，中日两国股市最大的差异是起始估值的差异。日本股市在泡沫高点市盈率估值在60倍左右，泡沫 破裂后由于企业盈利大幅下滑，市场用了很长的时间来消化估值。中国股市在2021年高点确实定价了很 多乐观预期，但程度远不及日本泡沫高点，且估值早已回到了合理甚至低估的水平。 未来之辩：中国是否会重现日本失落的轨迹？我们的答案——"不会"。中国经济不同于日本，最大的区 别是中国的创新能力远超日本，另一个优势则在于中国的不可替代性。日本经济在20世纪90年代以后失 去发展动能，一个很重要的历史背景是中国经济的迅速崛起，从而不断削弱日本的产业优势。然而对于 中国而言，在中国之后"下一个还是中国"。云开雾散，中国市场已经从部分投资者此前认为的"不可投 资"（uninvestable）转向为具有"战略配置价值"（value of strategic a ...

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11] Core Insights - The report highlights that the real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.53% and 1.04% respectively on December 24, 2025 [3] - The report notes significant individual stock performances, with top gainers including Hualian Holdings (up 9.95%) and Daming City (up 5.78%), while notable decliners include Zhongtian Services (down 3.06%) and Sanxiang Impression (down 2.05%) [4] - Recent policy adjustments in Beijing aim to optimize housing purchase conditions, including reduced social security or tax payment requirements for non-local families and support for multi-child families in purchasing additional properties [7][8] Market Performance - On December 24, 2025, the real estate sector index rose by 0.67%, indicating a positive sentiment in the market [3] - Chengdu successfully sold seven residential land parcels for a total of 1.494 billion yuan, while Zhengzhou sold three residential plots for a total of 1.025 billion yuan, reflecting active land transaction activities [5][6] Policy Changes - The Beijing government has implemented new housing purchase policies effective December 24, 2025, which include easing restrictions for non-local families and enhancing support for families with multiple children [7][8]

证券之星消息，截至2025年12月24日收盘，皇庭国际(000056)报收于2.06元，上涨0.98%，换手率 2.45%，成交量22.17万手，成交额4547.78万元。 12月24日的资金流向数据方面，主力资金净流出92.1万元，占总成交额2.03%，游资资金净流入80.67万 元，占总成交额1.77%，散户资金净流入11.43万元，占总成交额0.25%。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 该股主要指标及行业内排名如下： | 指标 | 皇庭国际 | 房地产服务行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 24.36亿元 | 48.88亿元 | 18 20 | | 净资产 | -21.3亿元 | 29.28亿元 | 20 20 | | 净利润 | -24.44亿元 | -2.46亿元 | 20 20 | | 市盈率(动) | -0.75 | 48.27 | - 20 | | 市净率 | -1.17 | 3.65 | 20 20 | | 毛利率 | 26.81% | 17.92% | 5 20 | | 净利率 | -73.99% | ...

Market Overview - Global stock markets are trading moderately, with European stocks mostly flat and US stocks hovering near historical highs ahead of the Christmas holiday [2][19] - The S&P 500 index futures are flat, while the Dow Jones and Nasdaq futures show slight declines [3][20] - The European Stoxx 600 index remains stable, boosted by Novo Nordisk's stock surge after FDA approval of its first GLP-1 pill, which contributed to a record closing high [3][20] Economic Indicators - Investor confidence is supported by the US economy's continued outperformance, which bolsters corporate profit outlooks for the coming year [3][20] - The market anticipates at least two rate cuts by the Federal Reserve by 2026, which could further support broader stock sectors despite concerns over high valuations in leading tech stocks [3][20] Precious Metals - Gold prices surged above $4,500 per ounce, driven by heightened geopolitical tensions in Venezuela and expectations of interest rate cuts, although some gains were later retraced [5][22] - Platinum also reached a historical high before pulling back, reflecting similar trends in the precious metals market [5][22] Oil Market - Oil prices continue to rise due to escalating tensions surrounding Venezuela, marking the largest five-day increase since October 27 and the longest consecutive rise since March 27 [6][22] - Brent crude oil increased by 0.4% to $62.14 per barrel, while WTI crude rose by 0.6% to $58.71 per barrel, with a cumulative increase of 5.87% over the past five days [6][22] Currency and Debt Markets - The US dollar has fallen for three consecutive days, expanding its year-to-date decline to 8.4%, as it approaches an 11-week low [7][24] - The 10-year US Treasury yield is stable around 4.16%, with recent economic data showing a 4.3% annualized growth rate for Q3, which initially supported yields [8][26] Corporate Highlights - Intel shares dropped over 5% in pre-market trading due to news that Nvidia has paused testing its 18A process technology [29] - Nike shares rose 2.4% after Apple CEO Tim Cook purchased 50,000 shares [30] - UiPath shares increased by 6.6% after being added to the S&P MidCap 400 index [31] - Sanofi's acquisition of Denali Therapeutics for approximately $2.2 billion led to a surge of over 37% in Denali's stock [31]

Group 1 - The Hong Kong property market has seen a significant increase in both registration volume and value, with a total of 78,948 registrations recorded as of December 23, 2023, representing a 16.1% increase from last year's 67,979 registrations [1] - The total registration value for properties reached HKD 600.66 billion, up 12.5% from last year's HKD 534.14 billion, marking a four-year high for both registration numbers and values [1] - Analysts attribute the recovery in the property market to several favorable factors, including rising rents, declining interest rates, and government measures to lower stamp duty on low-priced properties, which have stimulated residential transactions [4] Group 2 - The second half of the year showed even stronger market performance, with registration volume and value reaching 42,100 and approximately HKD 323.63 billion, respectively, representing increases of 14.3% and 16.8% compared to the first half of the year [5] - In the residential market, excluding public housing, the total registrations for private residential units and second-hand homes reached 65,677, a 14% increase from last year's 57,602 registrations, with a total value of HKD 523.19 billion, up 12% from HKD 467.09 billion last year [7]

东吴证券认为，周二，虽然指数方面保持红盘，但大部分个股出现了调整，领先指数整体震荡走低，本 轮调整目前看为连续上涨后的良性调整，大部分品种的回调幅度较小，综合近期成交量的有效放大来 看，在上证指数3900点左右平台筹码正在进行有序交换，前期观望资金正在进行入场的动作，A股市场 人气处于逐渐复苏的状态。 （文章来源：证券时报网） 财信证券认为，周二（12月23日），A股大盘冲高回落，个股跌多涨少。指数层面维持着震荡反弹趋 势，不过市场分化特征仍较明显，当日"二八"分化行情主要缘于前期强势题材商业航天和消费板块有所 走弱，导致市场短线情绪受到一定影响，资金选择中大盘股进行承接。因此短期内，大盘或维持震荡反 弹势头，不过在全市场成交额暂未稳定在2万亿元以上的情况下，仍以板块轮动思维参与市场，把握好 结构性机会。展望后续，随着11月份经济数据公布以及海外三大央行利率决议落地，宏观经济数据对市 场影响消退，流动性及风险偏好对市场影响将增加，叠加国内政策利好预期，市场有望逐步演绎"春季 躁动"行情，指数放量突破均线将是观察"春季躁动"行情开启的关键信号。 中原证券认为，周二，A股市场冲高遇阻、小幅震荡上行。盘中电池、能源 ...

格隆汇12月24日丨世联行(002285.SZ)公布，公司于近日收到公司董事朱江提交的书面辞任报告，朱江 因个人原因请求辞去公司董事及董事会专门委员会职务，辞职后仍担任公司总经理职务，朱江原定的董 事任职日期为 2024 年 6 月 11 日至 2025 年 12 月 28 日。截至公告披露日，朱江持有公司 122,600 股股 票，辞去相关职务后，朱江先生将继续严格遵守国家相关法律、法规及部门规章等关于减持或股份变动 的相关规定。朱江不存在应当履行而未履行的承诺事项。 ...

证券日报网讯12月23日，世联行（002285）发布公告称，公司将于2026年1月9日召开2026年第一次临时 股东会。 ...

证券之星消息，12月23日房地产服务板块较上一交易日下跌2.34%，珠江股份领跌。当日上证指数报收 于3919.98，上涨0.07%。深证成指报收于13368.99，上涨0.27%。房地产服务板块个股涨跌见下表： 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。 从资金流向上来看，当日房地产服务板块主力资金净流出2.37亿元，游资资金净流入6236.4万元，散户 资金净流入1.75亿元。房地产服务板块个股资金流向见下表： ...

各地正在密集优化公积金政策。 近日，石家庄出台公积金新政，提高租房提取额度，年度累计提取金额最高2.4万元/人；增加支付物业 费的提取项目，每人每年最高提取2000元；取消"商转公"不动产权证"两年"的限制条件，并优化房屋套 数认定标准。 根据中指研究院不完全统计，截至12月22日，2025年以来各地公积金优化政策约270条。该机构预计， 2026年政策优化的趋势将延续。 与之前相比，各地公积金贷款政策更加精细化。如云南针对性上浮多子女家庭公积金贷款额度，二孩、 三孩家庭购置首套房和二套房，公积金贷款额度分别上浮20%、30%；黄冈购买新房现房的，公积金贷 最高贷款额度上浮20%；上海购买符合条件的新建绿色建筑住房的，公积金最高贷款额度上浮15%。另 外，多地继续优化公积金贷款住房套数认定标准。 除了购房之外，多地也在加大公积金对居民租房的支持力度。如近日石家庄提高租房提取额度，将年度 租房提取上限从1.5万元/人上调至1.8万元/人，符合备案要求的，其提取额度进一步升至2.1万元/人，两 个以上子女家庭年度提取额可进一步提至2.4万元/人。今年以来，佛山、六安、杭州、安阳等地也有类 似政策出台。 除了直接提 ...