大盘股集中的上证50指数、沪深300指数分别上涨1.90%、1.55%，小微盘股集中的中证1000指数、中证 2000指数、微盘股指数分别上涨1.43%、1.22%、0.30%，大盘股表现更为强势。 1月6日，A股市场继续放量走强，三大指数全线上涨，上证指数实现日线"十三连阳"，突破前期高点创 逾十年新高。炒股软件、稀有金属、卫星互联网、脑机接口等板块爆发，整个A股市场超4100只股票上 涨，超140只股票涨停。市场成交额为2.83万亿元。A股总市值突破122万亿元，再创历史新高。 资金面上，1月5日A股市场融资余额增加超190亿元，两融余额和融资余额再创历史新高。 分析人士认为，上证指数"十三连阳"展现了投资者对未来行情的期待和信心。宏观政策接续发力、建筑 业PMI大幅改善、人民币升值等积极因素持续增加，后续更多潜在催化剂值得期待，春季行情有望逐步 展开。 ● 本报记者 吴玉华 市场放量走强 1月6日，A股市场放量走强，上证指数突破2025年11月14日的高点——4034.08点，创逾十年新高。截至 收盘，上证指数、深证成指、创业板指、科创综指、北证50指数分别上涨1.50%、1.40%、0.75%、 1. ...

1月6日，A股市场继续放量走强，三大指数全线上涨，上证指数实现日线"十三连阳"，突破前期高点创 逾十年新高。炒股软件、稀有金属、卫星互联网、脑机接口等板块爆发，整个A股市场超4100只股票上 涨，超140只股票涨停。市场成交额为2.83万亿元。A股总市值突破122万亿元，再创历史新高。 资金面上，1月5日A股市场融资余额增加超190亿元，两融余额和融资余额再创历史新高。 分析人士认为，上证指数"十三连阳"展现了投资者对未来行情的期待和信心。宏观政策接续发力、建筑 业PMI大幅改善、人民币升值等积极因素持续增加，后续更多潜在催化剂值得期待，春季行情有望逐步 展开。 ● 本报记者 吴玉华 市场放量走强 1月6日，A股市场放量走强，上证指数突破2025年11月14日的高点——4034.08点，创逾十年新高。截至 收盘，上证指数、深证成指、创业板指、科创综指、北证50指数分别上涨1.50%、1.40%、0.75%、 1.45%、1.82%，上证指数报收4083.67点。 大盘股集中的上证50指数、沪深300指数分别上涨1.90%、1.55%，小微盘股集中的中证1000指数、中证 2000指数、万得微盘股指数分别上涨1 ...

（原标题：主力资金丨尾盘主力资金大幅出逃2股） 13个行业主力资金净流入。 A股三大指数今日（1月6日）延续强势表现，沪指日K线13连阳，指数创2015年7月以来的逾十年新高。 行业板块几乎全线上扬，保险、能源金属、化肥行业、证券、小金属等涨幅居前，仅美容护理板块逆市翻绿。 从主力资金情况来看，沪深两市全天主力资金净流出176.68亿元。有13个行业主力资金净流入，有色金属、非银金融、汽车、计算机行业净流入 金额分别为34.23亿元、21.85亿元、14.77亿元、10.64亿元；银行、石油石化、电子、公用事业等行业净流入金额均超1亿元。 18个主力资金净流出行业中，通信、传媒、机械设备行业净流出金额居前，均超40亿元；医药生物、电力设备、国防军工行业净流出金额均超10 亿元。 10股获主力资金净流入超6亿元 从个股看，54股主力资金净流入超2亿元，10股获主力资金净流入超6亿元。 东方财富主力资金净流入26.58亿元，今日炒股软件股涨幅进一步扩大，其中，大智慧涨停，同花顺大涨超12%，指南针涨超9%，东方财富涨超 5%。 山子高科主力资金净流入14.55亿元。该股今日涨停，龙虎榜数据显示，上榜营业部席位全天 ...

行业板块几乎全线上扬，保险、能源金属、化肥行业、证券、小金属等涨幅居前，仅美容护理板块逆市 翻绿。 A股三大指数今日（1月6日）延续强势表现，沪指日K线13连阳，指数创2015年7月以来的逾十年新高。 13个行业主力资金净流入。 18个主力资金净流出行业中，通信、传媒、机械设备行业净流出金额居前，均超40亿元；医药生物、电 力设备、国防军工行业净流出金额均超10亿元。 10股获主力资金净流入超6亿元 从个股看，54股主力资金净流入超2亿元，10股获主力资金净流入超6亿元。 东方财富主力资金净流入26.58亿元，今日炒股软件股涨幅进一步扩大，其中，大智慧涨停，同花顺大 涨超12%，指南针涨超9%，东方财富涨超5%。 山子高科主力资金净流入14.55亿元。该股今日涨停，龙虎榜数据显示，上榜营业部席位全天成交13.21 亿元，合计净买入6.66亿元。具体来看，深股通专用、开源证券西安西大街证券营业部分别净买入1.51 亿元、2.16亿元。 | 代码 | 简称 | 今日涨跌幅 | 净流入资金 | | --- | --- | --- | --- | | | | (%) | (177) | | 300059 | 东方财富 ...

| 石油化工 | 基本金属 | 保障 | | 券商 | | --- | --- | --- | --- | --- | | 4.48% | 3.42% | 3.41% | | 3.39% | | | 化工原料 | 工程机械 | 能源设备 | 多元金融 | | 贵金属 | 2.99% | 1.92% | 1.90% | 1.87% | | 4.46% | | 煤炭 | 综合类 | 包装 | | | 六合体 | 1.76% | 1.56% | 1.41% | | | 2.22% | | 精细化工 | 医疗保健 | | 化肥农药 | | 房地产 | 1.41% | 1.31% | | 3.65% | 石油天然气 | 1.62% | 贸易 | 互联网 | | | 1.93% | | 1.39% | 1.25% | | 环保 零售 0.40% | 工业机械 0.26% | 日用化工 0.10% | 通信设备 | | | | | | -1.08% | | | 制药 水务 | 银行 | 燃气 | | | | 0.34% | 0.25% | 0.05% | | | | 公路 | 办公用品 | 休闲用品 | 林木 -1.33% ...

| 上证指数突破前期高点（4034.08点），刷新十年来新高。 | | --- | 盘面上，贵金属、非银金融、半导体等板块陆续发力，脑机接口、炒股软件、小金属等概念股火热；光模块、光通信等概念股回调。 | | | Wind热门概念指数 | | | --- | --- | --- | --- | | 炒股软件 5.12% | 脑机接口 4.58% | 钻矿 4.28% | 半导体设备 3.62% | | 镇矿 3.41% | 小受属 2.94% | 中芯国际产业链 2.93% | 稀有金属 2.88% | | 半导体材料 2.87% | 钢电池 2.79% | 玻璃纤维 -0.50% | 银行 -0.54% | | 高速铜连接 -0.55% | CRO -0.64% | 覆铜板 -0.76% | 光电路交换机(OCS -0.81% | | 央企银行 | 射频及天线 | 光通信 | 光模块(CPO) | | -0.86% | -1.35% | -1.62% | -1.87% | 来看详情—— 脑机接口概念股持续活跃 1月6日，A股三大指数开盘分化：沪指微涨0.06%，深成指涨0.01%，创业板指跌0.45%。随后 ...

光大证券表示，2025年12月下旬的上涨或许就是本轮春季行情的起点，消费与成长有望成为春季行情的 两条主线。 1月6日早盘，A股市场走强。数据显示，截至11：10，上证指数、深证成指分别上涨0.91%、0.62%。上 证指数突破2025年11月14日的阶段高点——4034.08点，创逾十年新高，最新报4060.17点。A股市场超 3400只股票上涨。 从盘面上来看，炒股软件、钛白粉、脑机接口等板块表现活跃。申万一级行业中，有色金属、非银金 融、石油石化行业领涨。 ...

[Table_Main] 证券研究报告 | 策略点评 2025 年 12 月 05 日 策略点评 证券分析师 程强 资格编号：S0120524010005 邮箱：chengqiang＠tebon.com.cn 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 高嘉麒 资格编号：S0120523070003 邮箱：gaojq＠tebon.com.cn 研究助理 相关研究 大金融强势领涨 [Table_Summary] 投资要点： 摘要。2025 年 12 月 5 日周五，A 股市场午后在大金融带领下强势上涨，成交额 放量至 1.7 万亿以上；国债期货市场震荡回暖；商品指数微涨，工业品延续偏弱。 一、市场行情分析 1）股票市场：放量上涨，大金融领涨 午后拉升，主要指数全线上行。今日 A 股核心指数集体走强，金融、成长与周期 板块形成合力，推动市场情绪持续回暖。上证指数低开高走后震荡回升，午后在金 融带动下突破 3900 点整数关口，收盘报 3902.81 点，涨幅 0.70%；深证成指表现 更强，全天维持上行态势，收报 13147.68 点，涨幅 1.08%；创业板指收 ...

Core Points - A police operation in Quzhou, Zhejiang Province intercepted a package containing 10 million yuan worth of gold bars and pearls disguised as chili sauce, linked to an online investment scam [1][3][5] - The victim, Mr. Wang, was lured by a "guaranteed profit" investment advertisement and ended up sending gold to scammers after being manipulated into believing he could recover his investment through a fraudulent trading platform [3][5] Group 1: Scam Details - Mr. Wang was attracted to a stock investment advertisement on WeChat and joined a stock trading group, where he was encouraged to download a purportedly profitable trading app [3] - After initial small withdrawals were successful, Mr. Wang was convinced to invest larger sums, leading to a request for him to send gold as collateral for a loan to facilitate his investment [3][5] Group 2: Police Intervention - Upon realizing the potential scam, Mr. Wang sought help from the police, who identified the situation as a typical online investment fraud involving offline gold transactions [5] - The police quickly acted to intercept the package at a courier station in Guangdong before the scammers could retrieve it, successfully recovering the gold bars and pearls [5] Group 3: Warnings and Advice - Authorities issued warnings about online investment schemes that require physical transactions or the purchase of gold, emphasizing that such practices are indicative of fraud [7]

Summary of Financial Technology Conference Call Industry Overview - The financial technology sector is experiencing positive policy guidance aimed at promoting high-quality development and technological investment across banking, insurance, and brokerage industries, providing long-term investment value assurance for related companies [1][18] Key Insights and Arguments - Financial IT investment continues to grow, although the growth rate is slowing down. The B-end of the securities IT sector is dominated by companies like Hang Seng, Vertex, and Jinzheng, while the C-end is led by Tonghuashun and Wealth Trend. Tonghuashun has begun to develop AI systems, but the revenue contribution is still small [1][4][5] - The financial technology index has outperformed the broader market, with Tonghuashun, Wealth Trend, and Oriental Fortune showing significant price increases. Stock prices are highly correlated with market trading activity, necessitating attention to new account openings and average daily transaction volume [1][8] - Short-term focus should be on changes in market share for Oriental Fortune's brokerage and margin financing businesses, while long-term attention should be on AI product development. The impact of fee policy adjustments on fund distribution business is limited, with overall adverse factors largely eliminated [1][9] Company-Specific Highlights - **Oriental Fortune**: Achieved significant results through a multi-license and multi-traffic ecosystem model. Short-term focus on market share changes in brokerage and margin financing, and long-term focus on AI product development [6][9] - **Tonghuashun**: Short-term performance elasticity is mainly reflected in C-end advertising and internet promotion, with significant year-on-year growth. The company assists financial institutions in generating revenue [6][10][12] - **Wealth Trend**: Relies on historical high-quality traffic and license acquisitions for monetization [6] - **Vertex and Ninefang**: Both depend on market activity for product sales growth, with a long-term focus on license monetization [12] Market Performance and Valuation - As of November 13, 2025, the financial technology index has increased by 74%, significantly outperforming the Wind All A Index (42%) and the CSI 300 Index (39%). Notable stock price increases were observed in Tonghuashun (27%), Wealth Trend (38%), and Oriental Fortune (approximately 5%) [8] - The financial technology sector's PE valuation is approximately 66 times, higher than the historical percentile of 14%. Leading companies like Oriental Fortune and Hang Seng have lower volatility in valuations, while others like Wealth Trend and Vertex show mixed valuation percentiles [16] Recommendations - Recommended companies for investment include Oriental Fortune, Wealth Trend, Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng. These companies have strong fundamentals and configuration value, with steady growth opportunities from the ongoing promotion of Xinchuang [2][17] - Long-term investment opportunities in B-end IT companies include Hang Seng, Vertex, Changliang Technology, Yuxin Technology, and Jinzheng, all showing improving fundamentals and growth potential [21] Policy Impact - Financial technology policies from 2021 to 2025 cover multiple sectors, promoting high-quality development and encouraging investment in financial technology, which is expected to positively influence the industry's development [18] Development Directions for Financial IT Companies - Broker IT focuses on production system construction and AI system updates for new revenue. Internet finance should prioritize traffic acquisition and product license monetization, while bank IT needs to meet diverse customer service demands and focus on overseas orders [19]