Core Insights - The report indicates that significant institutional investors are continuously increasing their holdings in A500 ETF and other broad-based products, providing stable incremental capital to the market. This trend is expected to lead to a "cross-year + spring" market rally as the market's profitability improves and financing capital accelerates its net inflow [1][4][22] - The report emphasizes that the main focus of the market is likely to be on blue-chip indices represented by CSI 300 and SSE 50, while cyclical sectors should be prioritized for investment [1][5][22] Group 1: Recent Capital Flow and ETF Trends - Since the beginning of 2025, the capital flow in stock ETFs has shown distinct phase characteristics and structural differentiation, with significant net subscriptions in A500 ETF since December, reflecting institutional investors' entry into the capital market [6][9][12] - The A500 ETF has seen a substantial net subscription of 810 billion yuan in December, indicating a strong interest from institutional investors, particularly in the context of the upcoming launch of A500 ETF options in 2026 [12][13][17] Group 2: Price Trends in Key Commodities - Recent price increases have been concentrated in sectors such as non-ferrous metals, crude oil, chemicals, and the new energy industry chain, with notable price rises in platinum (+32.92%), silver (+14.38%), and nickel (+9.25%) driven by global liquidity easing and geopolitical tensions [23][24] - The report highlights that the holding volumes of various commodities are at historically high levels, indicating potential supply constraints and speculative exposure in metals like aluminum, lead, and tin [26][27] Group 3: Market Sentiment and Economic Indicators - The report notes that the overall A-share market has shown a positive trend, with major indices breaking through key moving averages, supported by a favorable monetary policy environment and improved market liquidity [30][31] - The report also points out that sectors such as non-ferrous metals and defense have performed well due to improved economic expectations and specific market events, while consumer sectors have faced challenges [31][32]

后市展望： 周三，市场三大指数震荡拉升，沪指六连阳。三大指数集体高开，沪指高开 0.01%， 深成指高开 0.07%，创业板指高开 0.07%。随后指数震荡走弱，三大指数一度翻绿。截至 午盘收盘，三大指数窄幅震荡，三大指数集体翻红。盘面上，商业航天概念持续走强；福 建板块再度走强；半导体板块表现活跃。午后，指数震荡走强，最终三大指数均收红。总 体上个股涨多跌少，国防军工、电子、建筑材料、轻工制造和机械设备等行业表现靠前； 农林牧渔、煤炭、食品饮料、银行和传媒等行业表现靠后。概念指数方面，太赫兹、商业 航天、同花顺果指数、卫星导航和大飞机等板块表现靠前；乳业、动物疫苗、猪肉、养鸡 和芬太尼等板块表现靠后。 证券研究报告 2025 年 12 月 25 日 星期四 【A 股市场大势研判】 沪指六连阳 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3940.95 | 0.53% | 20.97 | | | 深证成指 | 13486.42 | 0.88% | 117.43 | | | 沪深 300 ...

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 0.69% to close at 3917.36 points, the Shenzhen Component Index rising by 1.47% to 13332.73 points, the Sci-Tech 50 Index up by 2.04% to 1335.25 points, and the ChiNext Index gaining 2.23% to 3191.98 points [1][10] - Overall, 2983 stocks rose while 2261 stocks fell, with 212 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 18619 billion yuan, an increase from the previous trading day's volume of 17360 billion yuan [1][10] Industry Performance - Among the Shenwan first-level industries, the leading sectors included telecommunications, comprehensive, electronics, non-ferrous metals, and retail, with respective gains of 4.28%, 2.63%, 2.62%, 2.38%, and 1.37%. Conversely, the sectors that experienced declines included media, banking, beauty care, light industry manufacturing, and textile and apparel, with losses of 0.61%, 0.52%, 0.45%, 0.45%, and 0.40% respectively [1][12] Concept Sector Performance - The top-performing concept sectors today included Hainan Free Trade Port, semiconductor equipment, optical communication, optical modules (CPO), copper-clad laminates, HBM, semiconductor silicon wafers, high-speed copper connections, 6G, circuit boards, wafer industry, semiconductor materials, advanced packaging, fiberglass, and the SMIC industry chain [2][13]

（文章来源：证券时报网） 证券时报·数据宝统计，截至上午收盘，今日沪指涨0.19%，A股成交量655.82亿股，成交金额10593.16 亿元，比上一个交易日增加2.05%。个股方面，3619只个股上涨，其中涨停68只，1661只个股下跌，其 中跌停3只。从申万行业来看，国防军工、石油石化、传媒等涨幅最大，涨幅分别为1.62%、1.25%、 1.06%；电力设备、电子、通信等跌幅最大，跌幅分别为1.45%、1.39%、0.88%。（数据宝） | 家用电器 | | | | 小崧股份 | | | --- | --- | --- | --- | --- | --- | | 通信 | -0.88 | 953.80 | 10.24 | 线上线下 | -5.43 | | 电子 | -1.39 | 1765.92 | 3.26 | C昂瑞-UW | -5.59 | | 电力设备 | -1.45 | 967.20 | -7.04 | 科士达 | -6.52 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 今日各行业表现（截至上午收盘） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） ...

今年迎发行热潮 公募FOF年内发行规模创近4年新高 2025年，基金中的基金（FOF）迎来发行热潮。Wind数据显示，以基金成立日统计，截至12月7日，年 内新成立公募FOF达74只，发行总规模776.06亿元，创下近4年新高。同期，8家公募管理人的FOF业务 管理规模突破百亿元，行业发展迈上新台阶。（智通财经） AI热潮下 存储产业迎来"超级周期" 11月，闪存龙头闪迪宣布大幅调涨NAND闪存合约价格，涨幅高达50%，这已是其今年至少第三次涨 价。在闪迪4月宣布全系涨价10%、9月初又执行10%普涨后，此次单月50%的涨幅打破市场预期。相关 机构预测，12月合约价仍将维持涨势。业内普遍认为，此轮存储涨价潮与以往不同，将开启"超级周 期"。在供需剧烈变动和产业链力量对比调整的驱动下，深层次的变革正在上演。记者梳理发现，存储 龙头频繁涨价的核心原因是供需失衡。AI革命正以前所未有的力量重塑存储行业的市场需求格局。 （科技日报） 沪铜期价创上市以来新高 年内沉淀资金增加284亿元 今年以来，沪铜期价整体维持走强格局。近日，主力2601合约创出上市以来新高，持稳于9.2万元/吨一 线上方，年内最大涨幅达到31%。上 ...

Core Viewpoint - The market is currently experiencing a recovery phase, led by technology growth sectors, but with low trading volumes indicating high investor caution. Key macro events in December, including the Federal Reserve's interest rate decision and the Central Economic Work Conference, are expected to be the main focus for the market [1][3][5]. Market Performance and Trends - The market has shown a rapid rotation among sectors in November, with technology and defensive sectors alternating in performance. The leading sectors for the month included banking, light industry, telecommunications, and media, while computing, automotive, electronics, non-banking financials, and pharmaceuticals lagged [5][6]. - Historical patterns suggest that accelerated sector rotation does not necessarily lead to systemic market adjustments, as market performance is more influenced by valuation levels and the ability of leading sectors to maintain momentum [6][8]. Currency and Foreign Investment - The Chinese yuan has shown a stable and slightly strong trend against the US dollar since November, driven by expectations of a Federal Reserve rate cut, stable China-US relations, and increased demand for currency settlement from export companies. This appreciation is expected to lower costs for import-dependent industries and improve conditions for companies with dollar-denominated debt [2][16]. - The appreciation of the yuan enhances the relative attractiveness of RMB-denominated assets, potentially accelerating foreign capital inflows into the A-share market. Recent data indicates a significant increase in foreign investment in technology growth sectors, reflecting a growing recognition of China's technological capabilities [2][18]. Policy and Economic Outlook - The upcoming Central Economic Work Conference in December is anticipated to provide critical guidance for the market, particularly if it introduces new policy directions related to specific industries. The last five years of cross-year market trends indicate that macro policy is a key driver of market movements, often leading to a shift from value to growth styles [3][15]. - The market is currently positioned for a potential cross-year/spring rally, with expectations of policy support for economic growth. However, the timing of this rally may be delayed due to the need for consensus building among investors [12][15]. Sector Focus - Key sectors to watch include semiconductors, energy storage, robotics, AI applications, and pharmaceuticals, as these areas are likely to benefit from policy support and market interest [3][15].

Core Viewpoint - The A-share market showed a positive trend with the Shanghai Composite Index rising by 1.13%, and trading volume increased by 14.77% compared to the previous trading day [1]. Industry Performance Summary - **Communication**: Increased by 3.70%, with a transaction amount of 883.26 billion, up 31.33% from the previous day. Leading stock: Guangku Technology, up 20.00% [1]. - **Non-ferrous Metals**: Rose by 3.01%, with a transaction amount of 617.09 billion, up 10.67%. Leading stock: Placo New Materials, up 13.63% [1]. - **Electronics**: Gained 2.89%, with a transaction amount of 1999.62 billion, up 26.53%. Leading stock: Changguang Huaxin, up 20.00% [1]. - **Media**: Increased by 2.67%, with a transaction amount of 745.22 billion, up 44.19%. Leading stock: Zhidema, up 13.89% [1]. - **Comprehensive**: Rose by 2.43%, with a transaction amount of 30.23 billion, up 4.00%. Leading stock: Dongyangguang, up 5.56% [1]. - **Power Equipment**: Increased by 2.06%, with a transaction amount of 1142.41 billion, up 8.91%. Leading stock: Oulu Tong, up 20.00% [1]. - **Computer**: Gained 2.06%, with a transaction amount of 1093.81 billion, up 26.48%. Leading stock: Tianrun Technology, up 22.32% [1]. - **Social Services**: Increased by 1.96%, with a transaction amount of 117.62 billion, up 33.02%. Leading stock: Kede Education, up 19.99% [1]. - **Building Materials**: Rose by 1.92%, with a transaction amount of 79.59 billion, up 1.07%. Leading stock: Lezhi Group, up 10.07% [1]. - **Machinery Equipment**: Increased by 1.58%, with a transaction amount of 705.10 billion, up 16.99%. Leading stock: Hexin Instruments, up 20.00% [1]. - **Pharmaceuticals and Biology**: Gained 1.52%, with a transaction amount of 586.69 billion, up 19.94%. Leading stock: Jindike, up 19.99% [1]. - **Non-bank Financials**: Increased by 1.44%, with a transaction amount of 202.39 billion, up 8.49%. Leading stock: Sichuan Shuangma, up 6.17% [1]. - **Light Industry Manufacturing**: Rose by 1.40%, with a transaction amount of 136.42 billion, up 7.79%. Leading stock: Shengxing Co., up 10.08% [1]. - **Basic Chemicals**: Increased by 1.34%, with a transaction amount of 559.87 billion, down 9.93%. Leading stock: Keqiang Co., up 11.44% [1]. - **Automotive**: Gained 1.32%, with a transaction amount of 415.35 billion, up 17.88%. Leading stock: N Haian, up 90.52% [1]. - **Retail**: Increased by 1.32%, with a transaction amount of 142.52 billion, up 11.12%. Leading stock: Maoye Commercial, up 10.00% [1]. - **Real Estate**: Rose by 1.22%, with a transaction amount of 171.54 billion, down 3.05%. Leading stock: Yingxin Development, up 10.17% [1]. - **Environmental Protection**: Increased by 1.21%, with a transaction amount of 104.42 billion, down 2.72%. Leading stock: Aibulu, up 15.27% [1]. - **Textiles and Apparel**: Gained 0.99%, with a transaction amount of 100.81 billion, up 17.87%. Leading stock: Xunxing Co., up 10.04% [1]. - **Construction Decoration**: Increased by 0.88%, with a transaction amount of 198.60 billion, up 11.06%. Leading stock: Guosheng Technology, up 10.01% [1]. - **Home Appliances**: Rose by 0.63%, with a transaction amount of 146.32 billion, down 1.17%. Leading stock: Qingshang Co., up 9.75% [1]. - **Steel**: Increased by 0.59%, with a transaction amount of 70.42 billion, up 4.56%. Leading stock: Fangda Carbon, up 6.42% [1]. - **Banking**: Rose by 0.54%, with a transaction amount of 173.67 billion, down 11.11%. Leading stock: Xiamen Bank, up 2.02% [1]. - **Coal**: Increased by 0.53%, with a transaction amount of 51.44 billion, down 17.26%. Leading stock: Dayou Energy, up 2.66% [1]. - **Beauty and Personal Care**: Rose by 0.47%, with a transaction amount of 22.79 billion, down 11.72%. Leading stock: Jiaheng Home Care, up 6.63% [1]. - **Public Utilities**: Increased by 0.44%, with a transaction amount of 155.35 billion, down 15.00%. Leading stock: Dazhong Public Utilities, up 10.06% [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Rose by 0.43%, with a transaction amount of 205.98 billion, down 10.53%. Leading stock: *ST Green Kang, up 5.00% [1][2].

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.99%，A股成交量526.25亿股，成交金额8369.49亿 元，比上一个交易日增加4.90%。个股方面，4897只个股上涨，其中涨停62只，460只个股下跌，其中 跌停7只。从申万行业来看，通信、电子、传媒等涨幅最大，涨幅分别为3.89%、3.26%、2.90%；石油 石化等跌幅最大，跌幅分别为0.30%。（数据宝） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 通信 | 3.89 | 657.68 | 34.48 | 德科立 | 20.00 | | 电子 | 3.26 | 1441.27 | 17.87 | 长光华芯 | 17.13 | | 传媒 | 2.90 | 573.66 | 47.01 | 易点天下 | 11.40 | | 综合 | 2.43 | 21.60 | -10.95 | 东阳光 | 5.56 | | 有色金属 | 2.36 | 413.71 | -1.62 | 铂科新材 | 10.50 | ...

今日A股市场主力资金开盘净流出107.71亿元，尾盘主力资金净流入14亿元，A股市场全天主力资金净流出130.24亿元。 11月24日，A股市场整体小幅上涨。截至收盘，上证指数收报3836.77点，上涨0.05%，深证成指收报12585.08点，上涨0.37%，创业板指收报2929.04点，上涨 0.31%，北证50指数上涨0.63%。A股市场合计成交17405.74亿元，较上一交易日减少2433.32亿元。 1.A股市场全天主力资金净流出130.24亿元 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 人说史趣片 舞台人娱地 | | 尾盘净流入 超大单净买入 | | 2025-11-24 | -130. 24 | -107. 71 | 14. 00 | -22. 38 | | 2025-11-21 | -985. 55 | -392. 77 | -143. 68 | -521.53 | | 2025-11-20 | -366. 03 | -48. 79 | -67.73 | -155.72 | | 2025-1 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.18% to close at 3946.74 points, while the Shenzhen Component Index remained flat at 13080.09 points. The ChiNext Index fell by 0.97% to 1344.80 points, and the Growth Enterprise Market Index increased by 0.25% to 3076.85 points. Overall, there were 1196 stocks that rose and 4173 that fell, with a total trading volume of 17259 billion yuan, a decrease of 2001 billion yuan compared to the previous trading day [1][10]. Industry Performance - Among the primary industries, non-ferrous metals, petroleum and petrochemicals, national defense and military industry, beauty care, and banking sectors led the gains, with increases of 2.39%, 1.67%, 1.11%, 1.09%, and 0.92% respectively. Conversely, the real estate, media, construction materials, retail, computer, and pharmaceutical sectors experienced declines, with drops of 2.09%, 1.72%, 1.71%, 1.70%, 1.41%, and 1.28% respectively [1][10]. Concept Sector Performance - The concept sectors that performed well today included aquaculture, China Shipbuilding Industry Corporation, deep-sea technology, lithium mining, gold and jewelry, selected insurance, aircraft carriers, lithium extraction from salt lakes, and industrial metals. These sectors showed significant gains, while sectors like Hainan Free Trade Port, primary real estate companies, and photovoltaic glass faced declines [2][12].