12月18日，A股三大股指走势分化，沪指低开高走高位震荡，深成指及创业板指低开小幅回升后震荡走低，截止收盘，沪指涨0.16%报3876.37点，深成指 跌1.29%报13053.97点，创业板指跌2.17%报3107.06点，科创50指数跌1.46%报1305.97点；沪深两市成交额1.66万亿，全市场近2900只个股上涨。 一、板块异动 二、涨跌停温度 从板块来看，银行板块震荡拉升，上海银行涨超3%。零售概念走强，中央商场、上海九百涨停。商业航天概念走势活跃，盛洋科技2连板，顺灏股份涨 停。医药商业延续强势，鹭燕医药2连板，重药控股7天4板。IP经济概念表现活跃，广博股份、三湘印象涨停。 今日全市场共61股涨停，连板股总数17只，19股封板未遂，封板率为76%（不含ST股、退市股）。 三、涨跌家数 | 00261 | 座住化 | 10:50 | 1 AI按摩机器人 | | --- | --- | --- | --- | | 688246 | 嘉和美康 | 13:38 | 1 智能医疗 | | 002727 | 心堂 | 14:03 | 1 云南连锁药店 | | 301017 | 激玉平民 | 14:21 | ...

Core Viewpoint - The article introduces the concept of "Reward Economy," which refers to consumers purchasing non-essential goods or experiential services within their financial means to achieve immediate pleasure, self-affirmation, and psychological healing in response to work and life pressures [2] Group 1: Reward Economy - The concept of "Reward Economy" has led to a surge in stock prices for companies like Guangbo Co., Aojiahua, Ruibeika, and Deyi Culture, with several stocks hitting the daily limit [2] - The Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index and the ChiNext Index fell by 0.85% and 1.81%, respectively, indicating mixed market reactions [2] Group 2: Consumer Sector Performance - The consumer sector saw significant gains, particularly in film and television, IP economy, and beer industries, with these sectors leading in percentage increases [4] - Specific stocks such as Deyi Culture and Guangbo Co. experienced notable price increases of 20.05% and 10.04%, respectively, reflecting strong investor interest [5] Group 3: Film Industry Impact - The release of "Zootopia 2" has generated considerable market attention, with its box office surpassing 3.6 billion yuan, while "Avatar 3" is set to release soon, with pre-sales already exceeding 65 million yuan [6] - Collaborations between various brands and "Zootopia 2" span multiple sectors, including toys, dining, apparel, and jewelry, indicating a broad impact on consumer spending [6] Group 4: Pharmaceutical Sector Activity - The pharmaceutical sector showed active performance, with significant gains in medical commerce, family doctor services, and dental care, highlighted by stocks like Huaren Health and Shuyupingmin [8] - Huaren Health's stock surged by 20% to 21.84 yuan, while Shuyupingmin increased by 11.18% to 16.71 yuan, showcasing strong investor confidence in the sector [9] Group 5: Innovations in Healthcare - Ant Group announced an upgrade to its AI health application, now named "Ant Aifu," focusing on comprehensive health management services [10] - Baidu's "Wenxin Health Steward" was also upgraded, positioning itself as a 24-hour family doctor service, indicating a trend towards AI-driven healthcare solutions [10] Group 6: Trends in Pharmaceutical Industry - The Chinese pharmaceutical industry is experiencing strong innovation and international collaboration, with significant partnerships like the one between Yaoyou Pharmaceutical and Pfizer, valued at over 2 billion USD [11] - Recommendations for investment focus on companies involved in major business development transactions and those with robust R&D pipelines, indicating a shift towards high-quality growth in the sector [11]

凤凰网财经讯 12月18日，三大指数涨跌不一，沪指拉升翻红，创业板指跌近2%。黄白线明显分化，微 盘股指数涨超2%。截至午间收盘，沪指涨0.16%，深成指跌0.85%，创业板指跌1.81%。沪深两市半日 成交额1.05万亿，较上个交易日放量212亿。 | | | | | 沪深京重要指数 | | | | --- | --- | --- | --- | --- | --- | --- | | 名称 *● | 咸新 | 涨幅% | | 涨跌 涨跌家数 涨速% | 总手 现手 | 金额 | | 上证指数 | 3876.40 | 0.16 | 6.12 | 1484/763 | -0.02 2.79 7. | 1.76万 4345.11亿 | | 深证成指 | 13111.78 | -0.85 | -112.73 | 2010/815 | -0.08 3.71 亿 | 556 6115.88 Z | | 北证50 | 1448.29 | 0.64 | 9.27 | 136/142 | 0.05 5867 | 1255 134.76 Z | | 创业板指 | 3118.30 | -1.81 | -57.61 | 975/ ...

每经AI快讯，12月18日，三大指数涨跌不一，沪指拉升翻红，创业板指跌近2%。黄白线明显分化，微 盘股指数涨超2%。沪深两市半日成交额1.05万亿元，较上个交易日放量212亿元。盘面上热点快速轮 动，全市场超3600只个股上涨。从板块来看，商业航天概念再度爆发，盛洋科技（603703）2连板，顺 灏股份（002565）、天银机电（300342）、中国卫星（600118）等多股涨停。大消费板块走强，零售方 向领涨，中央商场（600280）、上海九百（600838）涨停。IP经济概念表现活跃，广博股份 （002103）、三湘印象（000863）涨停。AI医疗概念震荡拉升，华人健康（301408）20cm涨停。下跌 方面，锂电池板块回落，海科新源（301292）、宁德时代（300750）下挫。板块方面，医药商业、商业 航天、等板块涨幅居前，电池、证券等板块跌幅居前。截至收盘，沪指涨0.16%，深成指跌0.85%，创 业板指跌1.81%。 ...

策略研究 | 证券研究报告 — 总量深度 2025 年 12 月 16 日 策略深度报告 风格与趋势共振：新消费投资图景 消费具备轮动补涨配置机会，新消费兼具产业趋势与中期景气双重共振。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师: 王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：高天然 (8610)66229064 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 2025 年 Q2 新消费行情演绎的三重逻辑：1）基本面层面：中美贸易摩 擦下，提振内需政策预期强化；2）资金面层面：全球资金再配置，港 股估值修复，A 股和港股消费共振；3）风格轮动：科技与消费呈现"跷 跷板"效应。从宏观背景与风格轮动逻辑来看，当前市场环境与 2025 年 Q2 有一定相似之处，消费风格具备轮动补涨配置机会：1）基本面层 面：CPI 回暖趋势初现，必选消费市场表现与 CPI 同比有较高相关度， 盈利-估值对比，消费风格具有明确优势；2）资金 ...

Core Insights - The rise of Generation Z as a consumer group and the emphasis on emotional value are driving the rapid development of the IP economy in the media industry [1] - The market for IP derivatives is experiencing explosive growth, with products like cards, blind boxes, and collectibles becoming increasingly popular among younger consumers [4] Group 1: Consumer Trends - The shift in consumer demographics and the highlighting of emotional value are propelling the rapid growth of the IP economy [1] - Generation Z, as the new main consumer force, shows strong emotional attachment and active consumption of IP products due to their scale, media habits, and value preferences [1] - The transition from "functional" to "emotional value" in consumer attitudes is creating broader conversion space for the commercialization of IP content and derivatives [1] Group 2: IP Development Strategies - Cross-media development of content-type IP is becoming a norm, with frequent transformations between literary and film IP, particularly with web literature leading the ecosystem [2] - Game IP serves dual roles as both a source and a carrier, with strong commercial potential and the ability to create diverse content matrices for comprehensive user engagement [2] - Anime IP focuses on long-term viability by transforming characters into emotional carriers through visualization, scenario-based engagement, and social interaction [2] Group 3: IP Derivatives - IP derivatives are key to materializing and commercializing the influence of IP, serving as emotional carriers for fans and crucial for monetizing content value [4] - The market for IP derivatives has seen explosive growth, with products evolving from simple items to complex collectibles, effectively meeting the social, entertainment, and identity needs of younger consumers [4] - Core categories like cards, blind boxes, and collectibles are identified as the most dynamic growth areas in IP commercialization, driven by their unique gameplay mechanisms and collectible attributes [4]

Group 1 - The IP economy sector is experiencing a downturn, with Hongxing Co. hitting the daily limit down [1] - Other companies such as Jishi Media, Mankalon, *ST Mubang, Quanjude, Sudawige, and Yuanlong Yatu are also seeing declines [1]

Core Insights - The performance of the new consumption sector shows significant divergence, with companies like Pop Mart achieving impressive growth, while the capital market reacts with valuation adjustments [1] - The pet economy continues to attract capital attention, with companies like Zhongchong and Guai Bao Pet reporting steady growth, yet facing valuation declines [1] - The beauty economy, represented by companies like Aimeike and Huaxi Biological, is experiencing notable declines in performance [1] IP Economy Performance - Pop Mart reported a substantial revenue increase of 245%-250% year-on-year for Q3 2025, continuing its high growth trend from the first half of the year [2] - In the Chinese market, revenue grew by 185%-190%, with online channels surging by 300%-305% and offline channels by 130%-135% [2] - Overseas revenue skyrocketed by 365%-370%, with the Americas showing an extraordinary growth of 1265%-1270% [2] - Light Media also saw significant growth, with Q3 revenue reaching 3.616 billion yuan, a 150.81% increase, and net profit soaring by 406.78% [2][3] Pet Economy Trends - Zhongchong reported Q3 revenue of 3.860 billion yuan, up 21.05%, and net profit of 333 million yuan, up 18.21% [4] - Guai Bao Pet achieved Q3 revenue of 4.737 billion yuan, a 29.03% increase, with net profit growing by 9.05% [4] - Despite high market demand, the pet economy faces challenges from homogenization and increased competition [5] Beauty Economy Challenges - Aimeike's Q3 revenue fell by 21.49% to 1.865 billion yuan, with net profit down 31.05% [6] - Huaxi Biological reported a revenue decline of 18.36% to 3.163 billion yuan, with net profit decreasing by 30.29% [6] - Beitaini's revenue dropped by 13.78% to 3.464 billion yuan, with net profit down 34.45% [6] - The medical beauty industry is undergoing a strategic transformation, with a focus on high-end markets and new materials gaining attention [6][7]

Group 1 - The report anticipates increased market volatility due to uncertainties surrounding US-China negotiations, suggesting a focus on controlling positions and highlighting the strong support level at 3700 points for the Shanghai Composite Index [3][6][12] - The report emphasizes that the A-share market is expected to remain bullish in the fourth quarter, driven by policies against "involution," increased household savings entering the market, potential Fed rate cuts, and a reversal in technical trends [3][6][12] - Key investment directions to watch include the "15th Five-Year Plan" focusing on clean energy, environmental protection, and aging population issues, as well as high-dividend sectors like banking and utilities [3][12][13] Group 2 - The report notes that the A-share market experienced significant fluctuations recently, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [13] - It highlights that the average daily trading volume in the A-share market has decreased to around 2 trillion yuan, indicating increased cautiousness among investors [6][13] - The report also points out that the upcoming macroeconomic data releases and the 20th Central Committee meeting are expected to influence market trends significantly [7][12][13] Group 3 - The report indicates that the September consumer price index (CPI) showed a year-on-year decline of 0.30%, with food prices being a major contributor to this drop [7][8] - It mentions that the total social financing (TSF) in September was 35,296 billion yuan, exceeding expectations, but the structure of financing still requires improvement [8][9] - The report observes a rebound in exports in September, with a year-on-year growth of 8.30%, although future trends remain uncertain due to potential tariff impacts [10][12]

Group 1 - The core viewpoint is that the A-share market is experiencing a "slow bull" trend, with high-growth sectors being the preferred choice for investment [1][2] - Policy support is expected to strengthen with the upcoming Fourth Plenary Session in October, particularly in hard technology and new productivity sectors [1][2] - Recent increases in overseas AI industry capital expenditure are positively influencing market sentiment [1][2] Group 2 - A total of 12 out of the 15 leading companies with the highest gains since June are linked to overseas expansion, particularly in the AI supply chain and innovative pharmaceuticals [2][3] - The market consensus has been strong since August, but the intensity of sector rotation has decreased to a new low since April of the previous year [2][3] - The focus should be on high-growth sectors such as solid-state batteries, energy storage, and innovative pharmaceuticals, while also considering new consumption trends [1][2] Group 3 - The current market sentiment is characterized by a high degree of volatility, with a potential for a significant upward trend if new catalysts emerge [3][4] - The upcoming October meeting is anticipated to clarify the direction of the "14th Five-Year Plan," likely emphasizing technological innovation and new productivity [3][4] - The market is expected to see a shift towards cyclical trades as the economy transitions from service to manufacturing sectors [4]