| 代码 | 最新融资余额（亿元） | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | 有色金属 | 1273.97 | 24.49 | 1.96 | | 国防军工 | 922.41 | 22.19 | 2.46 | | 电力设备 | 2281.31 | 19.54 | 0.86 | | 计算机 | 1762.24 | 10.63 | 0.61 | | 公用事业 | 525.28 | 9.60 | 1.86 | | 机械设备 | 1367.79 | 7.61 | 0.56 | | 基础化工 | 1007.41 | 6.13 | 0.61 | | 房地产 | 374.10 | 3.63 | 0.98 | | 家用电器 | 374.06 | 3.29 | 0.89 | | 食品饮料 | 513.51 | 2.30 | 0.45 | | 农林牧渔 | 305.42 | 1.13 | 0.37 | | 钢铁 | 161.53 | 1.02 | 0.63 | | 社会服务 | 127.59 | 0.89 | 0.70 | | 交通运输 | 418.35 | 0.85 ...

编者荐语： 转载自申万宏源上海分公司，仅供参考。行业方面：当前申万一级行业指数中食品饮料和非银金融的PE估值（TTM）低于近十年20%分位水平，PE （TTM）估值分别处于近十年10.99%和13.19%的分位水平，可作为重点关注。 以下文章来源于申万宏源证券上海分公司 ，作者李金玲 申万宏源证券上海分公司 . 申万宏源证券上海分公司官微，能为您提供账户开立、软件下载、研究所及投顾资讯等综合服务，为您的财富保驾护航。 数据速看： 1、巴菲特指标： 当前A股巴菲特指标为90.48%，处于相对较高区间，高于安全区间。 2、估值历史百分位水平： 宽基指数方面： 重点关注指数估值表现 1、重点关注指数PE估值水平 重点关注指数PE估值水平 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 中证500 15.58 · - ● 55.29 1 33.83 (↑3.56%) 科创50 35.26 · 35.26 · - 196.95 160.72 (↑5.55%) 中证1000 18.94 · - · 101.10 46.37 (↓ 0.57%) 半导体 - ▲ · 219.12 33 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、 一级市场 截至 2025 年 12 月 26 日，2025 年以来狭义信用债累计发行 1.57 万只，规模合计 13.91 万亿元，在剔除 Wind 和 YY 口径城投债后，产业债累计发行 7440 只，规模合计 8.60 万亿元，涵盖 29 个申万一级行业， 共计 16 个行业全年发行规模突破 1000 亿元，其中公用事业（1.95 万亿元/1060 只）、非银金融（1.38 万 亿元/1407 只）、交通运输（1.00 万亿元/805 只）等行业发行规模居前。（注：本文所指信用债的统计口 径均为狭义口径信用债，仅包括企业债、公司债、中期票据、短期融资券和定向工具。） 2、二级市场 走势复盘：年初以来，在政策、资金、市 ...

12月29日，中国人民银行副行长陆磊在《金融时报》发文称，中国人民银行将出台《关于进一步加强数 字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字人民币计量框架、管理体 系、运行机制和生态体系将于2026年1月1日正式启动实施。数字人民币将从数字现金时代迈入数字存款 货币时代。这意味着数字人民币迎来"升级"。 数据显示，境内和跨境数字人民币试验推广取得积极成效。截至2025年11月末，数字人民币累计处理交 易34.8亿笔，累计交易金额16.7万亿元。通过数字人民币APP开立个人钱包2.3亿个，数字人民币单位钱 包已开立1884万个。多边央行数字货币桥(mBridge)累计处理跨境支付业务4047笔，累计交易金额折合 人民币3872亿元，其中数字人民币在各币种交易额中占比约95.3%。 受此消息影响，12月29日，数字人民币概念股集体上涨，恒宝股份（002104）盘中涨停，收盘上涨 8.31%，翠微股份（603123）、*ST仁东（002647）收盘涨停，拉卡拉（300773）、*ST天喻（300205） 涨幅居前，分别上涨12.57%、11.4%。 资金流向方面，7只概念股12月29日获得主力 ...

Liquidity - Leverage funds net inflow has returned to historical highs, with net inflow of 397 billion CNY, ranking in the 91st percentile over the past three years[7] - The new issuance of equity public funds increased to 94.4 billion CNY, up from 43 billion CNY, ranking in the 76th percentile[8] - Stock buybacks amounted to 9 billion CNY, up from 7 billion CNY, ranking in the 18th percentile[26] Demand - Equity financing reached 221 billion CNY, ranking in the 84th percentile, while net reduction in industrial capital was 126 billion CNY, ranking in the 92nd percentile[29] - Southbound capital net inflow dropped to 23 billion CNY, ranking in the 16th percentile[42] - The total market value of restricted shares released was 1921.3 billion CNY, significantly up from 349.2 billion CNY, ranking in the 98th percentile[39] Trading Congestion - The trading heat for central enterprises increased by 17 percentage points to 44%, while the construction materials sector rose by 10 percentage points to 71%[60] - The media sector saw a decline of 33 percentage points to 36%, and the computer sector decreased by 11 percentage points to 18%[68] Investor Sentiment - Retail investor net inflow decreased to 1034.2 billion CNY, down by 397.3 billion CNY from the previous value, ranking in the 51.3 percentile over the past five years[2] - Overall market strength was observed with major indices achieving eight consecutive days of gains, indicating a positive market sentiment[74]

Group 1 - The overall macro liquidity environment is balanced and slightly loose, with the central bank conducting a net withdrawal of 34.8 billion yuan through 7-day reverse repos and a net injection of 100 billion yuan via medium-term lending facilities, resulting in a total net injection of 65.2 billion yuan for the week [4][10][11] - The stock market's funding supply is generally recovering, with a significant increase in equity fund issuance and a slight recovery in financing balances, indicating an uptick in leveraged capital participation [5][12] - The stock ETF saw a net inflow of 35.441 billion yuan, with significant inflows into broad-based ETFs like the CSI A500 and CSI 500, while the CSI 300 experienced net outflows [14][18] Group 2 - The stock market's funding demand has shown significant pressure from capital outflows, with equity financing rising to 20.752 billion yuan, driven by a substantial increase in private placements [20][21] - The scale of locked-up shares being released has surged to 192.836 billion yuan, indicating increased market pressure, particularly in sectors like power equipment and non-bank financials [21][26] - The net reduction in holdings by major shareholders has increased to 14.661 billion yuan, with notable reductions in the electronics and power equipment sectors [21][27]

数字人民币应用场景持续丰富。"十五五"规划建议提及，要稳步发展数字人民币。近年来，我国数字人 民币的应用场景正在从个人消费端快速扩展至产业金融、跨境贸易、公共服务等更广阔的领域。据证券 时报·数据宝统计，A股中布局数字人民币相关业务的个股达到64只，以计算机行业个股数量最多，达到 43只；其次是通信行业，共6只；非银金融、电子行业各有3只。部分数字人民币概念股备受机构资金青 睐，统计显示，截至三季度末，共有8只概念股获社保基金或养老金重仓持股，合计持股市值达到29.39 亿元，其中紫光国微、新国都、星网锐捷、中科金财为新进重仓，新大陆、国投智能持股数量环比实现 增长。 ...

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core Viewpoints of the Report - The report conducts a comprehensive analysis of the primary and secondary markets of industrial bonds in 2025, as well as a financial analysis of different industries, aiming to provide investors with a reference for investment decisions [1][34][61] Group 3: Summary by Directory 1. Primary Market - As of December 26, 2025, a total of 15,700 narrow - caliber credit bonds have been issued in 2025, with a total scale of 13.91 trillion yuan. After excluding urban investment bonds, 7,440 industrial bonds have been issued, with a total scale of 8.60 trillion yuan, covering 29 Shenwan primary industries [1][10] - 16 industries have an annual issuance scale exceeding 100 billion yuan, with the top - ranked industries in terms of issuance scale being public utilities (1.95 trillion yuan/1,060 bonds), non - bank finance (1.38 trillion yuan/1,407 bonds), and transportation (1.00 trillion yuan/805 bonds) [1][13] - In terms of bond types, medium - term notes, short - term financing bills, and corporate bonds have relatively high issuance amounts, accounting for 41.3%, 34.6%, and 23.0% respectively. Among special varieties, the annual issuance scale of science and technology innovation bonds accounts for over 20%, and that of green bonds accounts for 4% [16] - The scale of industrial bonds issued by central and local state - owned enterprises accounts for over 90%, and the issuers' credit ratings are mainly concentrated at the AAA level. Geographically, Beijing has the largest issuance scale, followed by Guangdong, Shanghai, and Jiangsu [20] - In terms of issuance term, the issuance scale of industrial bonds with a term of 1 year or less is the largest, accounting for 35.7%, followed by 1 - 3 years (35.1%) and 3 - 5 years (19.8%) [28] - In terms of issuance interest rate, the proportion of industrial bonds with a coupon rate of 2% or less is the highest, reaching 57%, followed by 2% - 3% (40%), and the average annual issuance coupon rate is 2.15% [31] 2. Secondary Market 2.1 Trend Review - Since the beginning of the year, affected by policies, funds, and market preferences, the yield of credit bonds has experienced two rounds of first rising and then falling, showing an M - shaped trend, which can be divided into four stages [34] - From the beginning of the year to mid - March, the yield rose rapidly, and the credit spread widened to the highest level of the year. From late March to early July, the yield declined continuously, and the credit spread narrowed. From mid - July to the end of September, the yield rose again, and the credit spread widened. From October to now, the yield has declined fluctuantly, and the credit spread first narrowed and then widened [34][35][36] 2.2 Overview of Outstanding Industrial Bonds - As of December 26, 2025, there are 13,625 outstanding industrial bonds in the narrow - caliber credit bond market, with a total scale of 15.39 trillion yuan, covering 29 Shenwan primary industries [39] - The public utilities and non - bank finance industries have an outstanding industrial bond scale of over 2 trillion yuan, significantly leading other industries. The issuers of outstanding industrial bonds are mainly concentrated in high - grade central and local state - owned enterprises [39][41] - The weighted average remaining term of outstanding industrial bonds is 3.08 years. Industries with a longer weighted average remaining term include comprehensive, communication, and coal, while industries with a shorter term include media, light manufacturing, and national defense and military industry [46][49] - In terms of implicit ratings, AA(2) and AA - rated industrial bonds account for 25% in total, ranking first, followed by AA+ (24%) and AAA (19%) [52] - Taking AAA - rated industrial bonds as an example, industries such as real estate, coal, and pharmaceutical biology have relatively high spreads, with certain yield - mining potential [58] 3. Industry - Specific Financial Analysis 3.1 Profitability - In the first three quarters of 2025, the total revenue of industrial bond issuers reached 53.88 trillion yuan, a year - on - year decrease of 3.50%. Among the 29 industries, 11 industries achieved year - on - year positive growth in total revenue, with machinery and equipment and computer industries leading in revenue growth [62] - The total net profit of industrial bond issuers reached 2.43 trillion yuan, a year - on - year decrease of 3.32%. 16 industries achieved year - on - year positive growth in total net profit, with textile and apparel and steel industries leading in growth [62] - The non - bank finance industry has a net profit margin of over 30%, far higher than other industries, followed by environmental protection and public utilities industries, with a net profit margin of over 10% [62] 3.2 Debt Situation - As of the end of the third quarter of 2025, industries such as building decoration and real estate have relatively high debt pressure, with an asset - liability ratio of over 70%, while industries such as national defense and military industry and media have relatively low debt pressure, with an asset - liability ratio of less than 50% [64] - The total interest - bearing debt of industrial bonds reached 86.35 trillion yuan, a year - on - year increase of 8.58%. Only 4 industries, including communication, textile and apparel, electronics, and real estate, saw a year - on - year decrease in total interest - bearing debt [64] - Industries such as non - bank finance, public utilities, and social services have a relatively high proportion of interest - bearing debt to total liabilities, over 70%, while industries such as automobile and national defense and military industry have a relatively low proportion, less than 45%, with relatively low debt - repayment pressure [64] 3.3 Debt - Repayment Ability - As of the end of the third quarter of 2025, industries with strong short - term debt - repayment ability include textile and apparel, national defense and military industry, media, and light manufacturing, with a coverage ratio of monetary funds to short - term debt of over 100%, while industries such as non - bank finance, steel, and petroleum and petrochemical have relatively weak short - term debt - repayment ability, with a coverage ratio of less than 50% [66] 3.4 Cash Flow Situation - In the first three quarters of 2025, the net inflow of operating cash flow of industrial bond issuers increased by 18.40% year - on - year. Among the industries with positive operating cash flow, 12 industries, including comprehensive and real estate, achieved year - on - year positive growth [68] - The net inflow of financing cash flow of industrial bond issuers increased by 145.37% year - on - year. Among the industries with positive financing cash flow, 6 industries, including electronics and environmental protection, achieved year - on - year positive growth [68] - The net outflow of investment cash flow of industrial bond issuers increased by 14.33% year - on - year, with an overall increase in investment expenditure. All 29 industries had a net outflow of investment cash flow, and 19 industries, including comprehensive and computer, saw an increase in investment expenditure [68]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market's continuous rise last week was due to the phased repair of risk appetite driven by cyclical sectors. The main driving force of the market came from internal structural changes, with cyclical sectors led by non - ferrous metals driving the index up. The repair of risk appetite was also supported by the external environment such as the phased appreciation of the RMB exchange rate and the marginal improvement of overseas liquidity expectations [5]. - The Spring Festival - before market still has upward space, and there are short - term opportunities for bottom - fishing. The main risk factors restricting the market have weakened, and risk appetite is expected to remain high. The market is in a stage of preparing for the Spring Festival - before market, and the short - term market is likely to rise gradually with internal structural adjustments [8]. - The technology theme is the most elastic main line in the Spring Festival market, focusing on sub - sectors such as robotics, commercial aerospace, and nuclear power. Overseas computing power and semiconductor - related sectors can be configured with a medium - term holding strategy. The non - banking financial sector has certain allocation value. In the consumer sector, it is more appropriate to grasp thematic trading opportunities, focusing on sports consumption, medical devices, and traditional Chinese medicine [7]. Group 3: Summary by Directory Market Review - **Market Performance**: Most major market indices rose last week, with the ChiNext 50 having the largest increase of 4.07%. Among the major industry indices, the Materials Index and the Information Technology Index performed relatively well, with weekly increases of 5.85% and 4.36% respectively, while the Daily Consumption Index and the Telecommunication Services Index performed weakly, with decreases of - 0.65% and - 0.34% respectively. Among the 30 Shenwan primary industries, 23 industries rose, with non - ferrous metals, national defense and military industry, and power equipment having larger increases of 6.43%, 6.00%, and 5.37% respectively, and beauty care, social services, and banks having larger decreases of - 1.08%, - 1.05%, and - 1.01% respectively [9][14][17]. - **Trading Heat**: The average daily trading volume of the Wind All - A Index last week was 1,965.166 billion yuan (the previous value was 1,760.484 billion yuan), at a relatively high historical level (87.50% of the three - year historical quantile) [19]. - **Valuation Tracking**: As of December 26, 2025, the valuation (PE_TTM) of the Wind All - A Index was 22.27, an increase of 0.48 from the previous week, at the 94.00% quantile of the past five - year history. Among the 30 Shenwan primary industries, 23 industries' valuations (PE_TTM) were repaired [24]. Market Observation - **Reasons for the Market Rise**: The continuous rise of the market last week was mainly due to the phased repair of risk appetite driven by cyclical sectors. There were no new direct positive factors from policies and news, and the driving force came from internal structural changes. The rise of the index was led by cyclical sectors such as non - ferrous metals, and the external environment also supported the repair of risk appetite [5]. - **Investment Recommendations**: Focus on the technology theme, overseas computing power and semiconductor - related sectors, the non - banking financial sector, and thematic trading opportunities in the consumer sector, especially sports consumption, medical devices, and traditional Chinese medicine [7]. Economic Calendar - The report mentions to pay attention to global economic data, but specific data details are not provided [26].

【深圳商报讯】（记者 钟国斌）今年以来，南下资金大举加仓港股，年内净买入额突破1.4万亿港元， 远超去年全年净买入额。据同花顺数据统计，今年1月1日至12月28日，南下资金净买入额达14086.54亿 元，刷新历史纪录。自互联互通机制开通以来，南下资金通过港股通累计净买入额超5.1万亿港元。 记者统计发现，今年以来，南下资金单日净买入超百亿港元的交易日超60天，其中11个交易日南下资金 单日净买入超200亿港元。8月5日南下资金净买入358.76亿港元，为史上单日净买入最高金额。 从净买入股票来看，近一年来，南下资金净买入前十名分别为阿里巴巴、美团-W、建设银行、腾讯控 股、小米集团、中国移动（600941）、中芯国际、快手-W、南方恒生科技、中国海油（600938），净 买入额介于1795.11亿港元至101.74亿港元之间。其中，前三名净买入额分别为1795.11亿港元、726.49亿 港元、323.19亿港元。 从净卖出股票来看，近一年来，南下资金净卖出前十名分别为华虹半导体、舜宇光学科技、新华保险 （601336）、潍柴动力（000338）、ASMPT、比亚迪（002594）电子、中国石油、汇量科技、 ...