证券研究报告 2026 年 01 月 05 日 湘财证券研究所 债券研究 可转债研究 把握行业轮动，精选弹性个券 相关研究： 核心要点： ❑ 12 月权益市场持续回暖，大幅跑赢中证转债指数 根据 Wind 数据，12 月中证转债指数上涨 2.13%，中证全指上涨 3.25%；全 年来看，2025 年中证转债指数、中证全指分别上涨 18.66%、24.6%。12 月 中证转债指数跑输沪深 300 指数 0.15pct，跑输中证 500 指数 4pct。按价格 分类看，12 月万得高价转债指数大幅上涨 5.14%，中价、低价转债指数分 别上涨 1.92%、0.34%。在权益市场上涨背景下，高价转债表现强势，具有 债性的低价转债明显跑输。全年来看，2025 年高价、中价、低价转债指数 累计涨幅分别为 28%、16%、17%，可以看出高价转债在牛市中更具弹性， 而低价转债在大盘调整的月份中更加抗跌。 ❑ 12 月能源转债指数大幅调整，材料、可选消费及工业转债指数显著上涨 根据 Wind 一级行业分类，12 月仅有能源（-2.05%）、金融（-0.39%）转债 指数下跌，但相对应的正股指数分别上涨 1.6%、2.37% ...

盘后数据出炉。 12月30日，A股窄幅整理，板块轮动较快。截至收盘，上证指数微跌报3965.12点，深证成指涨0.49%，创业板指涨0.63%，A股全 天成交2.16万亿元。 1.两市主力资金净流出超230亿元 今日沪深两市主力资金开盘净流出116.17亿元，尾盘净流出40.17亿元，两市全天主力资金净流出238.28亿元。 | | | 资金净流入居前的行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金(亿元) | 资金流入较多个股 | | 有色金属 | -0.41% | 84.32 | 云铝股份 | | 汽车 | 1.02% | 39.40 | 山子高科 | | 电子 | 0.39% | 37.63 | 硕贝德 | | 机械设备 | 0.67% | 30.49 | 巨力索具 | | 石油石化 | 1.26% | 16.25 | 恒逸石化 | | | | 资金净流出居前的行业 | | | --- | --- | --- | --- | | 行业 | 涨跌幅 | 净流入资金(亿元) | 资金流出较多个股 | | 公用事业 | -0.92% | -52.19 | ...

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.10%，A股成交量772.05亿股，成交金额13041.63 亿元，比上一个交易日减少7.12%。个股方面，2478只个股上涨，其中涨停59只，2719只个股下跌，其 中跌停11只。从申万行业来看，石油石化、传媒、有色金属等涨幅最大，涨幅分别为1.61%、1.37%、 1.17%；商贸零售、房地产、交通运输等跌幅最大，跌幅分别为0.97%、0.78%、0.78%。（数据宝） 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（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 石油石化 | 1.61 | 116.95 | 11.74 | 康普顿 | 10.01 | | 传媒 | 1.37 | 373.93 | 56.63 | 百纳千成 | 19.94 | | 有色金属 | 1.17 | 859.41 | -16.90 | 云铝股份 | 5.97 | | 农林牧渔 | 1.11 | 180.49 | -11.51 | 华绿生物 | 7.54 | ...

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.10% to close at 3963.68 points, while the Shenzhen Component Index increased by 0.54% to 13603.89 points. The ChiNext Index fell by 0.24% to 1345.83 points, and the Growth Enterprise Market Index rose by 0.14% to 3243.88 points. Overall, 1865 stocks rose, 3406 stocks fell, and 186 stocks remained unchanged, with a total trading volume of 21602 billion yuan, an increase of 2357 billion yuan compared to the previous trading day [1][14]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included non-ferrous metals, electric equipment, steel, national defense and military industry, and commercial retail, with respective increases of 3.69%, 1.40%, 1.34%, 0.99%, and 0.86%. Conversely, the electronic, light industry manufacturing, communication, comprehensive, and food and beverage sectors experienced declines, with decreases of 0.71%, 0.61%, 0.60%, 0.46%, and 0.42% respectively [1][14]. Concept Sectors - The top-performing concept sectors today included lithium battery electrolyte, high transfer, lithium mines, selected industrial metals, Hainan Free Trade Port, aluminum industry, photovoltaic glass, lithium extraction from salt lakes, copper industry, lithium iron phosphate batteries, lithium battery cathodes, small metals, satellite internet, power batteries, and selected rare metals [2][11].

Market Overview - The A-share market showed a positive trend today, with the Shanghai Composite Index rising by 0.47% to close at 3959.62 points, and the Shenzhen Component Index increasing by 0.33% to 13531.41 points. The ChiNext Index, however, fell by 0.23% to 1349.06 points, while the Growth Enterprise Market Index rose by 0.30% to 3239.34 points. Overall, 3768 stocks increased, 1469 decreased, and 220 remained unchanged, with a total trading volume of 19245 billion yuan, an increase of 443 billion yuan from the previous trading day [1][12]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included defense and military industry (up 2.91%), light industry manufacturing (up 1.59%), machinery and equipment (up 1.51%), automotive (up 1.46%), and non-bank financials (up 1.08%). Conversely, the sectors that experienced declines were comprehensive (down 1.12%), non-ferrous metals (down 0.77%), commercial retail (down 0.47%), coal (down 0.24%), and banking (down 0.18%) [1][12]. Concept Sector Performance - The top-performing concept sectors today included commercial aerospace, large aircraft, satellite navigation, satellite internet, low-altitude economy, aircraft carriers, decelerators, military information technology, general aviation, the top ten military industrial groups, humanoid robots, the AVIC system, military-civilian integration, Yushu robots, and new industrialization [2].

证券时报·数据宝统计，截至上午10:28，今日沪指涨0.22%，A股成交量500.66亿股，成交金额8863.29亿 元，比上一个交易日减少2.32%。个股方面，2470只个股上涨，其中涨停50只，2737只个股下跌，其中 跌停2只。从申万行业来看，国防军工、非银金融、机械设备等涨幅最大，涨幅分别为2.06%、1.27%、 0.86%；有色金属、综合、商贸零售等跌幅最大，跌幅分别为1.60%、1.24%、0.86%。（数据宝） | 通信 | | | | 亨通光电 | | | --- | --- | --- | --- | --- | --- | | 商贸零售 | -0.86 | 209.89 | -10.74 | 中央商场 | -3.94 | | 综合 | -1.24 | 17.74 | -19.65 | 三木集团 | -3.23 | | 有色金属 | -1.60 | 476.82 | -25.82 | 浩通科技 | -7.96 | （文章来源：证券时报网） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | ...

（原标题：【盘中播报】沪指涨0.68% 通信行业涨幅最大） | 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 通信 | 3.41 | 1283.84 | 22.76 | 鼎通科技 | 20.00 | | 电子 | 2.73 | 2621.14 | 27.82 | 珂玛科技 | 20.00 | | 综合 | 2.71 | 38.25 | 41.79 | 漳州发展 | 10.05 | | 有色金属 | 1.88 | 1039.15 | 22.94 | 白银有色 | 10.04 | | 商贸零售 | 1.44 | 482.69 | -8.63 | 上海九百 | 10.01 | | 机械设备 | 1.36 | 1142.97 | 12.21 | 安达智能 | 20.00 | | 建筑材料 | 1.12 | 144.20 | 16.17 | 海南瑞泽 | 10.09 | | 基础化工 | 1.10 | 686.99 ...

证券研究报告 2025 年 12 月 16 日 星期二 【A 股市场大势研判】 指数集体收绿 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 | 3867.92 | -0.55% | -21.42 | | | 深证成指 | 13112.09 | -1.10% | -146.24 | | | 沪深 300 | 4552.06 | -0.63% | -28.89 | | | 创业板 | 3137.80 | -1.77% | -56.56 | | | 科创 50 | 1318.91 | -2.22% | -29.97 | | | 北证 50 | 1431.95 | -1.09% | -15.74 | | 资料来源：东莞证券研究所，iFinD 数据 消息方面，1-11 月固定资产投资（不含农户）同比下降 2.6%，前值降 1.7%；11 月社 会消费品零售同比增 1.3%，前值增 2.9%；11 月规模以上工业增加值同比增 4.8%，前值增 4.9%。总的来看，11 月份国民经济运行总体平稳，延续稳中有 ...

Market Overview - The Shanghai Composite Index ended a six-month streak of gains, closing at 3888.60 with a slight increase of 0.34% [1][4] - The Shenzhen Component Index and the ChiNext Index also saw gains of 0.85% and 0.70%, respectively, indicating a generally positive market sentiment [2][4] Sector Performance - The top-performing sectors included Steel and Agriculture, Forestry, Animal Husbandry, and Fishery, both rising by 1.59% [3][4] - Conversely, the Banking sector experienced a decline of 0.83%, while the Coal sector fell by 0.14% [3][4] - Notable concept indices that performed well included Titanium Dioxide and Hainan Free Trade Zone, with increases of 4.31% and 3.54%, respectively [3][4] Future Outlook - The market is expected to gradually recover and trend upwards after a phase of consolidation, with a focus on sectors with strong earnings growth and high visibility of future orders [4] - The report emphasizes the importance of domestic demand expansion as a strategic focus, which is expected to enhance the domestic economic cycle [5] - Investors are advised to consider sectors such as dividends, TMT (Technology, Media, and Telecommunications), and New Energy for potential investment opportunities [5]

Core Points - The Shanghai Composite Index fell by 0.16% today, with a trading volume of 82.505 billion shares and a turnover of 1,266.157 billion yuan, a decrease of 5.33% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Basic Chemicals: Increased by 2.13%, with a transaction amount of 96.996 billion yuan, up 44.46% from the previous day, led by Dongyue Silicon Materials, which rose by 20.04% [1] - Retail: Increased by 1.42%, with a transaction amount of 14.657 billion yuan, up 5.48%, led by Jiangsu Guotai, which rose by 10.01% [1] - Comprehensive: Increased by 1.26%, with a transaction amount of 3.410 billion yuan, down 13.41%, led by Sanmu Group, which rose by 5.35% [1] - The worst-performing industries included: - Computers: Decreased by 1.37%, with a transaction amount of 75.400 billion yuan, down 16.02%, led by Shenzhou Information, which fell by 7.37% [2] - Electronics: Decreased by 1.08%, with a transaction amount of 187.589 billion yuan, down 15.52%, led by Zhongrong Electric, which fell by 7.01% [2] - Automotive: Decreased by 0.91%, with a transaction amount of 68.247 billion yuan, up 6.94%, led by Biao Bang Co., which fell by 20.00% [2]