2026年1月5日 A股迎来新年首个交易日 三大指数集体高开高走 记者从无锡市上市公司协会获悉，A股"无锡板块"方面，截至收盘，127只无锡A股中88只实现上涨，其中，卓易信息、三房巷、柏诚股份、振江股份4只 股票强势涨停，喜迎市场开门红。 | 排名 | 证券简称 | 涨幅 | 行业 | | --- | --- | --- | --- | | 1 | 卓易信息 | 19.99% | 计算机 | | 2 | 隆达股份 | 11.15% | 有色金属 | | 3 | 采纳股份 | 11.05% | 医药生物 | | 4 | 灵鸽科技 | 10.31% | 机械设备 | MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ "无锡板块今天表现非常亮眼，尽显区域产业韧性与成长活力。"国联民生证券研究所研究员表示，无锡股今日整体表现强劲，主力资金大幅流入科技与新 能源相关领域。从行业分布看，表现突出的个股主要集中在电力设备、电子、医药生物等板块，与当前市场热点高度契合。 卓易信息全天封死涨停，报收91.88元，涨幅19.99%，换手率6.9%，成交额7.24亿元。市场分析认为，公司主要受AI编 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 12 月 30 日 星期二 市 场 研 究 [Table_Summary] 概览 核心观点 【市场回顾】 周一 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.04%，深成指收 跌 0.49%，创业板指收跌 0.66%。沪深两市成交额 21392.07 亿元。申 万行业方面，石油石化、国防军工、银行领涨，有色金属、公用事业、 电力设备领跌；概念板块方面，PEEK 材料、碳纤维、兵装重组概念领 涨，乳业、盐湖堤锂、DRG/DIP 领跌。港股方面，恒生指数收跌 0.71%， 恒生科技指数收跌 0.3%；海外方面，美国三大指数集体收跌，道指收 跌 0.51%，标普 500 收跌 0.35%，纳指收跌 0.5%。 【重要新闻】 【我国明年将调整部分商品关税税率税目】国务院关税税则委员会12 月 29 日对外发布《2026 年关税调整方案》，将自 2026 年 1 月 1 日起 实施。根据方案，为增强国内国际两个市场两种资源的联动效应，扩 大优质商品供给，明年我国将对 935 项商品实施低于最惠国税率的进 口暂定税率。优化 ...

A股最近有点猛！ 上证已经连涨9个交易日，一口气升破3900点还不止，距离4000点，也仅一步之遥！ 资金面也活跃起来，正从各方涌入。 其中，中证A500指数通过在各个行业内优选龙头上市企业、行业配置均衡，成为资金年末入市的核心通道之一。 缘何走强？ 梳理近期A股走强，主要有以下几大逻辑： 第一，是宏观流动性与政策预期。 A500ETF南方(159352)成为本月ETF"吸金王"。Wind数据显示，截至12月26日，12月以来净买入248.25亿元，位居全市场ETF之首；最新规模达473.24亿 元，在深市同标的中排名第一。 2026年是"十五五"开局之年，宏观政策将保持连续性和支持力度，财政与货币政策有望协同发力，为经济提供支撑。 这种"预期在前"的思维，加上央行维持的"适度宽松"基调确保了市场整体资金面充裕，驱动了市场风险偏好的整体提升。 近期，随着美元指数走弱及市场对美联储货币政策转向的预期，人民币兑美元汇率持续走强，突破了"7"这个重要心理关口，大幅缓解了外资流出压力， 增强人民币资产吸引力，提升了国内投资者的信心。 第二，是对明年经济新动能的预期。 经济数据方面，虽然整体仍处于温和修复，但不乏结构性 ...

证券时报·数据宝统计，截至上午收盘，今日沪指跌0.19%，A股成交量868.39亿股，成交金额14651.85 亿元，比上一个交易日增加20.94%。个股方面，1386只个股上涨，其中涨停59只，3906只个股下跌， 其中跌停2只。从申万行业来看，有色金属、电力设备、钢铁等涨幅最大，涨幅分别为2.88%、1.02%、 0.96%；电子、通信、轻工制造等跌幅最大，跌幅分别为1.31%、1.16%、1.04%。（数据宝） | 医药生物 | | | | 向日葵 | | | --- | --- | --- | --- | --- | --- | | 轻工制造 | -1.04 | 248.67 | 0.57 | 江天科技 | -12.32 | | 通信 | -1.16 | 785.50 | -11.65 | 联特科技 | -5.12 | | 电子 | -1.31 | 2243.83 | 4.16 | 长光华芯 | -10.21 | （文章来源：证券时报网） 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（%） | | --- | -- ...

Market Overview - In the week of December 15-19, 2025, gold prices increased while domestic equity market indices experienced fluctuations, with the ChiNext index showing a significant decline [4] - The retail trade, non-bank financial, and beauty care sectors saw the highest gains, while the electronics, power equipment, and machinery sectors faced the largest declines [4] Fund Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 18.321 billion units. This includes 8 bond funds, 14 equity funds, 11 mixed funds, 3 FOF funds, and 4 money market funds [5] Fund Performance Tracking - The long-term thematic fund indices showed that financial and real estate theme funds performed well, while TMT theme funds experienced a net value decline. As of December 19, 2025, the net value changes for various thematic funds were as follows: financial and real estate (2.17%), national defense and military industry (1.75%), cyclical (1.68%), consumption (0.92%), industry rotation (-0.32%), industry balance (-0.65%), new energy (-1.66%), pharmaceuticals (-1.85%), and TMT (-2.02%) [6] ETF Market Tracking - This week, stock ETFs saw significant inflows, with various broad-based ETFs receiving increased investments. The median return for stock ETFs was -0.33%, with a net inflow of 55.232 billion yuan. Hong Kong stock ETFs had a median return of -2.06% and a net inflow of 12.373 billion yuan [7][8] - Broad-based ETFs experienced a total inflow of 33.739 billion yuan, while TMT theme ETFs saw an inflow of 6.652 billion yuan [8] ESG Financial Products Tracking - This week, 31 new green bonds were issued, totaling 18.530 billion yuan. The cumulative issuance of green bonds in the domestic market reached 5.15 trillion yuan, with 4,427 bonds issued [9] - The domestic market currently has 211 ESG funds with a total scale of 149.677 billion yuan. The median net value changes for various ESG fund types were: active equity (-1.35%), passive equity index (-0.54%), and bond ESG funds (0.06%) [9]

Market Style Characteristics - The market style during the year-end and beginning of the year shows a clear defensive characteristic, with large-cap value style prevailing while the small-cap style represented by the CSI 1000 is under pressure [1][3][8] - Institutional investors tend to adopt a conservative investment behavior due to annual performance assessments and settlements, leading to a significant reduction in risk appetite [3][8] - As the market enters the peak period for annual performance forecasts in January, uncertainty regarding earnings becomes a major concern, causing funds to flow towards more stable large-cap blue-chip stocks [3][8] Monetary Policy and Interest Rates - The central bank conducted a net injection of 219 billion yuan in the open market during the week of December 15-19, with upcoming reverse repos and MLF totaling 8.775 billion yuan [3][17] - Money market interest rates are declining, with the R007 rising by 0.7 basis points and the DR007 falling by 2.8 basis points, indicating a widening interest rate spread [3][17] Supply and Demand of Funds - The net inflow of funds in the secondary market has expanded, with a net buy of 34.2 billion yuan in financing and a net inflow of 560.8 billion yuan in ETFs [3][30] - The issuance of new equity public funds increased by 68.5 million units, while the net reduction by major shareholders rose to 121.9 billion yuan [3][30][34] Market Sentiment - The trading activity of financing funds has weakened, with the proportion of financing transactions in the A-share market decreasing to 11.3% [3][39] - The VIX index has declined, indicating an improvement in market risk appetite, while the focus on style indices and major industries has shifted towards consumer staples and discretionary sectors [3][41][45] Industry Preferences - The electronic, communication, and power equipment sectors received significant net inflows, with net inflows of 121.5 billion yuan, 67.2 billion yuan, and 47.6 billion yuan respectively [3][49] - The defense industry experienced net outflows, while the financing funds showed a net buy of 34.2 billion yuan, with the electronic sector leading the net buy [3][49]

Market Performance - The Shanghai Composite Index increased by 0.03%, closing at 3890.45 points, while the Shenzhen Component Index decreased by 0.89%, closing at 13140.21 points, and the ChiNext Index fell by 2.26%, closing at 3122.24 points[5] - The average daily trading volume of A-shares was 17,605 billion yuan, a decrease of 9.86% compared to the previous week[17] Sector Performance - The top-performing sectors included retail trade (6.66%), non-bank financials (2.90%), beauty and personal care (2.87%), social services (2.66%), and basic chemicals (2.58%)[14] - The sectors with the largest declines were electronics (-3.28%), electric equipment (-3.12%), machinery (-1.56%), comprehensive (-1.53%), and telecommunications (-0.89%) [14] Margin Trading - As of December 19, the total margin balance in the market was 25,038.28 billion yuan, an increase of 0.10% from the previous week, accounting for 2.60% of the A-share market capitalization, up by 0.15%[19] - The total margin trading volume for the week was 8,914.71 billion yuan, a decrease of 10.41%, representing 10.13% of the A-share trading volume, down by 0.61%[18] Market Breakdown - The margin balances for the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange were 12,687.40 billion yuan, 12,273.34 billion yuan, and 77.54 billion yuan, with changes of 0.36%, -0.17%, and 0.51% respectively[22] - The top five industries with increased margin balances were utilities (1.81 billion yuan), commercial trade (1.49 billion yuan), non-bank financials (1.33 billion yuan), defense and military (1.12 billion yuan), and electronics (0.98 billion yuan)[25]

证券研究报告 2025 年 12 月 17 日 星期三 【A 股市场大势研判】 三大指数跌超 1% 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 | 3824.81 | -1.11% | -43.11 | | | 深证成指 | 12914.67 | -1.51% | -197.42 | | | 沪深 300 | 4497.55 | -1.20% | -54.51 | | | 创业板 | 3071.76 | -2.10% | -66.04 | | | 科创 50 | 1293.38 | -1.94% | -25.52 | | | 北证 50 | 1439.65 | 0.54% | 7.70 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概念板块表现前五 ◼ | | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 商贸零售 | 1.32% | ...

截至12月15日，市场最新融资余额为24885.74亿元，较上个交易日环比增加48.42亿元，分行业统计，申 万所属一级行业有11个行业融资余额增加，电子行业融资余额增加最多，较上一日增加24.33亿元；融 资余额增加居前的行业还有国防军工、电力设备、机械设备等，融资余额分别增加15.33亿元、12.18亿 元、8.75亿元；融资余额减少的行业有20个，石油石化、银行、基础化工等行业融资余额减少较多，分 别减少5.49亿元、4.62亿元、4.07亿元。 以幅度进行统计，国防军工行业融资余额增幅最高，最新融资余额为863.12亿元，环比增长1.81%，其 次是建筑材料、美容护理、机械设备行业，环比增幅分别为1.32%、0.76%、0.67%；融资余额环比降幅 居前的行业有石油石化、轻工制造、社会服务等，最新融资余额分别有234.47亿元、151.48亿元、 128.81亿元，分别下降2.29%、0.78%、0.68%。（数据宝） 12月15日各行业融资余额环比变动 | 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） ...

12月9日，沪指下跌0.37%，深成指下跌0.39%，创业板指上涨0.61%，沪深300指数下跌0.51%。可交易 A股中，上涨的有1308只，占比24.04%，下跌的4058只。 资金面上，今日主力资金全天净流出529.92亿元。其中，创业板主力资金净流出119.30亿元；科创板主 力资金净流出45.97亿元；沪深300成份股主力资金净流出172.00亿元。 分行业来看，申万所属的一级行业中，今日上涨的有5个，涨幅居前的行业为综合、通信，涨幅为 3.45%、2.23%。跌幅居前的行业为有色金属、钢铁，跌幅为3.03%、2.47%。 行业资金流向方面，今日仅有3个行业主力资金出现净流入，商贸零售行业上涨0.36%，全天净流入资 金11.43亿元；综合行业上涨3.45%，全天净流入资金4.32亿元；银行行业下跌0.06%，全天净流入资金 7057.87万元。 个股方面，全天资金净流入的个股共有1681只，净流入在1000万元以上的有518只，其中，净流入资金 超亿元的有85只，净流入资金最多的是胜宏科技，今日上涨10.81%，全天资金净流入13.06亿元，其次 是工业富联、雷科防务等，净流入资金分别为11.67 ...