今日各行业表现（截至上午10:27） 证券时报·数据宝统计，截至上午10:27，今日沪指涨0.82%，A股成交量740.89亿股，成交金额12880.17 亿元，比上一个交易日减少1.00%。个股方面，3910只个股上涨，其中涨停90只，1407只个股下跌。从 申万行业来看，有色金属、非银金融、综合等涨幅最大，涨幅分别为3.90%、3.12%、1.99%；通信、银 行、食品饮料等跌幅最大，跌幅分别为2.00%、0.53%、0.11%。（数据宝） | 建筑材料 | | | | 友邦吊顶 | | | --- | --- | --- | --- | --- | --- | | 食品饮料 | -0.11 | 108.59 | -23.75 | 巴比食品 | -1.13 | | 银行 | -0.53 | 108.31 | -23.04 | 上海银行 | -2.48 | | 通信 | -2.00 | 757.37 | 3.76 | 蘅东光 | -8.88 | （文章来源：证券时报网） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | ...

Macro Economic Overview - The report indicates a downward trend in the Shanghai Composite Index, which fell by 0.59% this week, while the CSI 300 index futures decreased by 0.06% [1][11] - The report highlights a mixed performance in commodity futures, with coking coal futures down by 0.76% and iron ore futures up by 2.00% [1][11] - The yield on ten-year government bonds increased by 1 basis point to 1.85%, while active ten-year government bond futures dropped by 0.36% [1][11] Asset Allocation Recommendations - The recommended order for asset allocation is equities > commodities > bonds > currency, reflecting a positive outlook on A-shares and stable bond yields [2][4] - The report suggests that the U.S. dollar's safe-haven status is weakening, prompting international capital to seek alternatives, with RMB assets being a top choice due to their stability and growth potential [2][4] - The report anticipates that commodity prices will be influenced by supply pressures in oil and demand dynamics in cyclical goods, while agricultural products will be affected by supply factors [2][4] Key Economic Indicators - The manufacturing PMI for December was reported at 50.1, indicating a slight expansion, while the non-manufacturing PMI was at 50.2, returning to the expansion zone [18] - The report notes that the upcoming National People's Congress will convene on March 4, 2026, which may influence economic policies [18][19] Market Performance Insights - The report details a significant decline in the real estate market, with a notable drop in transaction volumes for new homes in major cities, indicating potential market stabilization due to recent policy changes [36][41] - The automotive sector is experiencing a downturn, with wholesale and retail sales of passenger vehicles showing negative growth for four consecutive weeks [36][41] Bond Market Analysis - The yield on ten-year government bonds has risen to 1.85%, with a noted increase in the yield of ten-year policy bank bonds to 2.00% [46] - The report highlights a significant rise in yields for low-rated credit bonds, indicating a shift in market sentiment [46]

Core Viewpoint - The current PE valuation (TTM) for the food and beverage and non-bank financial sectors is below the 20% percentile level of the past decade, indicating potential investment opportunities in these areas [1][6]. Valuation Historical Percentile Levels - The PE valuations (TTM) for major indices are relatively high, with the following percentile levels: - CSI 500: 82.43% - CSI 300: 84.36% - SSE 50: 86.91% - SZSE Component Index: 88.11% - SSE Composite Index: 96.05% - STAR 50: 96.69% - CSI A100: 100.00% - The food and beverage sector has a PE valuation (TTM) at the 10.99% percentile, while the non-bank financial sector is at 13.19% [6][11]. - Other sectors such as steel, defense, light industry, building materials, coal, communication, electronics, computers, real estate, and retail have PE valuations at the 80.70% to 99.96% percentile levels, indicating higher investment risks [6][11]. Market Overview - The total market capitalization for the Shanghai market is approximately 647,034.05 billion, with an average PE ratio of 16.28 [18]. - The total market capitalization for the Shenzhen market is approximately 606,435.34 billion, with an average PE ratio of 31.72 [24]. Industry Valuation Levels - The PE valuation levels for various industries are as follows: - Agriculture, Forestry, Animal Husbandry, and Fishery: 14.95 - Basic Chemicals: 12.52 - Steel: 5.69 - Non-ferrous Metals: 12.53 - Electronics: 20.00 - Food and Beverage: 16.52 - Real Estate: 6.80 - Non-bank Financial: 10.80 [30][36]. Industry PB Valuation Levels - The PB valuation levels for various industries are as follows: - Agriculture, Forestry, Animal Husbandry, and Fishery: 2.02 - Basic Chemicals: 1.41 - Steel: 0.73 - Non-ferrous Metals: 1.68 - Electronics: 1.92 - Food and Beverage: 3.32 - Real Estate: 0.54 - Non-bank Financial: 0.91 [35][41].

华宝基金这家"千亿ETF大厂"年内布局的第二只指数增强型ETF，沪深300指增ETF（562070）今日（12 月25日）正式在上海证券交易所上市交易。 当前宏观经济展现韧性、边际改善，鼓励"长钱长投"的资本市场改革政策直接利好沪深300指数代表的 核心资产， A股市场有望迎来"春季躁动"，慢牛的市场预期正在强化。在此背景下，关注大盘指数增强 策略的投资者，或可继续关注沪深300指增ETF（562070）上市后的表现，静候春季花开。 深300 - FFFF 华宝沪深300增强策略交易型开放式指数证券投资基金 562070 交易代码 VP上市 ▽可交易 更好的指数增强? 指数优质+超额突出+实力管理 指数优质 沪深300:大盘竞争力·核心资产代表 规模与盈利具代表性·流动性优秀 > 沪深300指数较A股市场占比《《 总归母净利润 过去一年日均 总市值 TTM 总成交金额 55% 23% 86% 蓝筹云集·核心龙头 》 沪深300指数前十大成份股及权重 《 A CATH www 中国平安 O REAM PING AN - 费用男主 超直 倡 行 4.16% 3.64% 2.52% 2.05% 2.03% Mide ...

Wind数据显示，今日(12月24日)A股共88只个股发生大宗交易，总成交27.74亿元，其中奥瑞金、圆通速 递、五粮液成交额居前，成交额依次为3.64亿元、2.73亿元、2.22亿元。 成交价方面，共8只股票平价成交，2只股票溢价成交，78只股票折价成交；航天信息、奥瑞金溢价率居 前，溢价率依次为5%、0.48%；天银机电、拉普拉斯、超捷股份折价率居前，折价率依次为24.92%、 24.28%、22.5%。 机构专用席位买入额排名：奥瑞金(3.64亿元)、圆通速递(2.7亿元)、拓荆科技(1.08亿元)、中电电机 (5207.33万元)、无线传媒(4305.82万元)、康龙化成(3953.63万元)、中粮科工(3560万元)、立讯精密 (3379.54万元)、联芸科技(2604.55万元)、江苏国信(2313万元)、达利凯普(1972万元)、金天钛业(1909万 元)、超捷股份(1870.9万元)、家联科技(1594.91万元)、宝胜股份(1340万元)、智微智能(1223.88万元)、 天银机电(1217.9万元)、德龙激光(1200.6万元)、广立微(849.24万元)、中矿资源(702.54万元)、中 ...

Core Viewpoint - The high dividend sector in the A-share market has seen significant capital inflow, indicating a growing demand for stable cash return assets in a low-interest-rate environment [1][9]. Group 1: ETF Market Performance - The high dividend sector attracted the most capital inflow among industry and thematic ETFs, totaling 3.558 billion yuan last week [1]. - As of December 17, 2025, the tracking scale of dividend index ETFs is approaching 200 billion yuan [1]. - The CSI Dividend Quality ETF (159209) has recorded a net inflow of 0.67 million yuan over six consecutive trading days, with a current scale of 6.1 million yuan [1]. Group 2: Index Performance - The CSI Dividend Quality Total Return Index has an annualized return of 17.89% since its base date [1]. - The latest dividend yield of the CSI Dividend Quality Index is 4.15%, compared to a 10-year government bond yield of 1.83% [4][9]. Group 3: Investment Trends - In the context of low interest rates and asset scarcity, the value of high dividend and strong cash flow assets is increasingly recognized [1][9]. - The demand for these assets is expected to be further solidified by the active entry of long-term funds, such as insurance capital, into the market [1][9]. Group 4: Index Composition - The CSI Dividend Quality Index covers 50 stocks that are stable in dividends, have high dividend yields, and strong earnings sustainability [1]. - The industry distribution of the index is balanced, with no single industry exceeding 20% and excluding bank stocks, focusing instead on stable and growth-oriented sectors [6][8].

（文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:27，今日沪指涨0.60%，A股成交量517.60亿股，成交金额8067.85亿 元，比上一个交易日减少5.07%。个股方面，4496只个股上涨，其中涨停42只，850只个股下跌，其中 跌停4只。从申万行业来看，商贸零售、汽车、房地产等涨幅最大，涨幅分别为2.11%、2.02%、 1.79%；食品饮料、煤炭、银行等跌幅最大，跌幅分别为0.30%、0.26%、0.22%。（数据宝） 今日各行业表现（截至上午10:27） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 商贸零售 | 2.11 | 276.63 | 4.41 | 德必集团 | 16.20 | | 汽车 | 2.02 | 485.41 | 25.23 | 豪恩汽电 | 18.44 | | 房地产 | 1.79 | 90.37 | 9.70 | 三湘印象 | 10.10 | | 通信 | 1.61 | 661.67 | -14.30 | 万隆光电 | ...

12月15日，沪指下跌0.55%，深成指下跌1.10%，创业板指下跌1.77%，沪深300指数下跌0.63%。可交易 A股中，上涨的有2314只，占比42.51%，下跌的2968只。 资金面上，今日主力资金全天净流出471.84亿元，已连续5个交易日资金呈净流出状态。其中，创业板 主力资金净流出139.53亿元；科创板主力资金净流出59.39亿元；沪深300成份股主力资金净流出188.07 亿元。 分行业来看，申万所属的一级行业中，今日上涨的有13个，涨幅居前的行业为非银金融、商贸零售，涨 幅为1.59%、1.49%。跌幅居前的行业为电子、通信，跌幅为2.42%、1.89%。 行业资金流向方面，今日有8个行业主力资金净流入，国防军工行业主力资金净流入规模居首，该行业 今日上涨0.83%，全天净流入资金22.87亿元，其次是食品饮料行业，日涨幅为0.67%，净流入资金为 11.24亿元。 主力资金净流出的行业有23个，电子行业主力资金净流出规模居首，今日下跌2.42%，全天净流出资金 163.31亿元，其次是电力设备行业，今日跌幅为1.15%，净流出资金为59.19亿元，净流出资金较多的还 有有色金属、机械设备 ...

Market Overview - On December 11, the A-share market opened high but closed lower, with the Shanghai Composite Index finding support around 3897 points before retreating again[2] - The Shanghai Composite Index closed at 3873.32 points, down 0.70%, while the Shenzhen Component Index fell 1.27% to 13147.39 points[7] - Total trading volume for both markets was 18854 billion yuan, above the median of the last three years[3] Sector Performance - Wind power equipment, grid equipment, aerospace, and medical services sectors performed well, while real estate, textiles, pharmaceuticals, and shipbuilding sectors lagged[3] - Over 80% of stocks in the two markets declined, with notable gains in non-metal materials and wind power equipment[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.00 times and 49.52 times, respectively, above the median levels of the past three years[3] - The current macroeconomic environment is in a mild recovery phase, but the foundation still needs consolidation[3] Future Outlook - The market is expected to consolidate around the 4000-point level, with cyclical and technology sectors likely to perform in rotation[3] - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and international relations affecting the economic environment[4]

Overview - The report highlights that the convertible bond market experienced significant growth in 2025, with the China Convertible Bond Index rising by 17.87%, driven primarily by price parity and valuation support [2][12] - The current environment presents challenges for convertible bonds, with overall cost-effectiveness declining and valuation at historical highs, leading to increased investment difficulty [2][12] Section 1: 2025 Convertible Bond Review - The convertible bond market saw a strong performance in early 2025 due to ample liquidity and moderate economic recovery, with price parity being the main driver [12] - The market faced a pullback in March-April due to negative CPI and external disturbances, but recovered from May to September as fundamental expectations improved [12] - The overall market for convertible bonds is now in a "deep water zone," with a significant decline in supply and an increase in the median price to 132 yuan, indicating a high premium environment [2][12][27] Section 2: 2026 Stock Market Outlook - The report anticipates a turning point in the stock market, with corporate earnings expected to recover and long-term capital inflows continuing to support the equity market [41][45] - The M1 money supply has shown a significant turning point since September 2024, indicating improved liquidity conditions that are expected to benefit the stock market [46][52] Section 3: 2026 Convertible Bond Outlook and Allocation Strategy - The report suggests a dynamic adjustment of positions in convertible bonds based on market cycles, emphasizing a focus on index-based allocations [2][56] - The strategy indicates that the best accumulation window for convertible bonds is during the latter half of a market downturn and the early half of an uptrend [2][56] - The report highlights the importance of sector rotation, suggesting that constructing an equal-weighted index can effectively capture rotation opportunities [2][67]