2025年已步入尾声，回顾2025年以来的债市发展，在政策"组合拳"支持下，债券市场"科技板"的落地无 疑是业界关注焦点。 自2025年5月债市"科技板"推出后，全新的科技创新债券（简称"科创债"）市场快速扩张，截至目前的 发行规模接近1.87万亿元。金融类主体提供重要增量，地方产投发行增多，民企发行占比有所提升，推 动科创债市场多元化发展。 债市"科技板"不仅发行规模快速放量，同时科创债的生态也在渐趋完善。不仅有科创债ETF横空出世， 提升市场流动性和参与度，同时信用风险缓释工具及信用违约互换等风险管理工具也不断创新，更好地 为投资者保驾护航。 发行规模近1.87万亿元 2025年以来，科技创新领域支持政策密集出台，债市明确将科技创新作为融资支持的重点方向之一，从 政策层面强化预期引导。 2025年5月，人民银行联合证监会发布公告，建立了债券市场"科技板"，重点支持金融机构、科技型企 业和股权投资机构三类主体发行科技创新债券，并在债券发行上给予了差异化的灵活安排。 政策发布以来，市场反响热烈，科创债发行明显放量。数据显示，今年5月—10月发行规模达1.36万亿 元，超过2024年全年科创债发行总量。截至12 ...

Group 1 - The core idea of the "Quality and Return Dual Improvement" initiative is to guide listed companies to focus on their core businesses and enhance operational performance, thereby solidifying the foundation for capital market development [2] - As of November 2025, 471 companies in the Shenzhen market have actively responded to the initiative, proposing practical measures to enhance core business awareness, innovation capabilities, and investor return levels [1][2] - In the first three quarters of 2025, the 471 "Dual Improvement" companies achieved a total operating revenue of 7.5 trillion yuan, a year-on-year increase of 6.9%, and a net profit of 651.3 billion yuan, up 10.8% year-on-year [2] Group 2 - The companies involved in the initiative have significantly increased their R&D investments, with a total of 430.93 billion yuan in R&D spending in the first half of 2025, representing a year-on-year growth of 6.3% [3] - The proportion of R&D investment relative to operating revenue increased to 4.3%, up 0.1 percentage points year-on-year, indicating a stronger focus on innovation [3] - Notable companies like Mindray Medical and Inovance Technology have made substantial advancements in their respective fields, showcasing the innovation capabilities of Shenzhen enterprises [3] Group 3 - The "Dual Improvement" initiative emphasizes investor returns, with companies implementing a combination of dividends, buybacks, and shareholdings to enhance investor confidence [4] - From 2022 to 2024, the annual dividend amount for the 471 companies grew at a compound annual growth rate of 10.0%, with 433 companies distributing a total of 324.47 billion yuan in cash dividends in 2024 [4] - A total of 378 companies have achieved continuous dividends for three consecutive years, enhancing the predictability and sustainability of shareholder returns [4] Group 4 - The market has shown strong recognition of the "Dual Improvement" initiative, with an average stock price increase of 77.2% for the participating companies from February 2024 to November 2025, significantly outperforming the Shenzhen Composite Index [6] - This initiative has created a virtuous cycle of quality improvement, optimized returns, and market recognition, contributing to the high-quality development of the capital market [7] - The ongoing deepening of the initiative is expected to encourage more listed companies to focus on their core businesses, strengthen innovation, and optimize returns, fostering a sustainable capital market ecosystem [7]

Market Overview - The A-share market saw a majority of indices decline, with the Shanghai Composite Index closing at 3965.28 points, up 0.04%, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points. The total trading volume for both markets was 21,393.38 billion yuan, a decrease of 208.54 billion yuan from the previous trading day [1]. Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 48 billion yuan, with a net outflow of 221.26 billion yuan at the opening and 77.92 billion yuan at the close, totaling 482.76 billion yuan for the day [2]. - The CSI 300 index experienced a net outflow of 142.73 billion yuan, while the ChiNext saw a net outflow of 183.32 billion yuan [3]. Sector Performance - The banking sector recorded a net inflow of 29.83 billion yuan, with a growth of 0.53%, led by Agricultural Bank of China. The oil and petrochemical sector also saw a net inflow of 9.63 billion yuan, increasing by 0.74% [5]. - Conversely, the power equipment sector faced a significant net outflow of 156.07 billion yuan, decreasing by 0.62%, followed by non-ferrous metals with a net outflow of 97.25 billion yuan, down 0.82% [5]. Institutional Activity - The top stocks with institutional net purchases included Tianji Co., with a net buy of 168.29 million yuan, and Yingfeite, which saw a 20% increase in its stock price [8]. - Notable stocks with significant institutional net selling included Haige Communication, with a net sell of 71.20 million yuan, and Jin Feng Technology, which experienced a 10.01% increase but still faced substantial selling pressure [8]. Analyst Recommendations - Analysts have given a "Buy" rating to stocks such as Jingpin Special Equipment with a target price of 114 yuan, representing a potential upside of 43.02% from its latest closing price of 79.71 yuan. Other recommended stocks include Bailong Chuangyuan and Huanxu Electronics, with target prices indicating significant upside potential [10].

截至今日（12月29日）收盘，上证指数报收3965.28点，上涨0.04%；深证成指收于13537.10点，下跌 0.49%。创业板指下跌0.66%；科创50指数上涨0.04%。 声明： 不含未开板新股，今日可交易A股中，上涨个股有1995只，占比36.57%，下跌个股有3332只。其中，收 盘封死涨停的有88只，跌停股有26只。另外，30股封板未遂，整体封板率为74.58%。 责编：周莎 据证券时报·数据宝统计，以所属行业来看，涨停个股居前的行业有基础化工、机械设备、建筑装饰， 分别为12股、11股、8股。 从封单力度来看，锋龙股份、恒大高新、冀凯股份力度较大，分别为49.73%、13.06%、11%。 | | | | 12月29日涨停封单资金居前的个股 | | | --- | --- | --- | --- | --- | | 代码 | 名称 | 涨停封单额 | 涨停板 | 涨停原因 | | | | (亿元) | 情況 | | | 002931 | 锋龙股份 | 26.22 | 3连板 | 优必选拟入主+机器人 | | 002202 | 全风科技 | 5.33 | 首板 | 储能突破+风电龙头+绿氢氨醇 ...

Group 1 - High-quality stocks have shown strong performance since October, with low P/E index rising over 8% and performance stocks index increasing over 6% [1] - Tianfeng Securities suggests focusing on three investment themes for the upcoming spring market: AI technology breakthroughs, economic recovery driven by internal and external resonance, and the rise of undervalued dividend stocks [1] - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced over 30% from their yearly highs, excluding ST stocks [1] Group 2 - Aima Technology and Lianmei Holdings have reported significant year-on-year net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% [2] - Lianmei Holdings is positioned as a comprehensive energy service provider with significant growth potential, supported by its strategic location and successful investment ventures [2] - Institutions have shown interest in stocks like Transsion Holdings and Huali Group, with insurance funds holding over 100 million yuan in these stocks as of the end of Q3 [2] Group 3 - Companies like Ousheng Electric, Transsion Holdings, and Lianmei Holdings have demonstrated substantial dividend payouts over the past three years, with cumulative dividend rates exceeding 190% [3] - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually [3] - Lianmei Holdings has announced multiple shareholder return plans, highlighting its commitment to investor returns [3] Group 4 - The table lists high dividend yield stocks with significant cumulative dividends over three years, including Ousheng Electric (4.58% yield, 249.05% cumulative dividend), Transsion Holdings (4.46% yield, 214.61% cumulative dividend), and Lianmei Holdings (4.54% yield, 199.10% cumulative dividend) [4] - Other notable stocks include Ganyuan Food (5.02% yield), Huali Group (4.48% yield), and Aima Technology (3.09% yield) [4]

Core Viewpoint - Yunding Technology is enhancing its collaboration with Huawei by leveraging the Ascend computing platform to address real business scenarios and industry application needs in artificial intelligence [1] Group 1: Collaboration and Technology Empowerment - Yunding Technology has invited Huawei's Ascend ecosystem core expert team to conduct a specialized event focused on full-stack technology empowerment [1] - The company has established a deep partnership with Huawei in the AI sector, resulting in joint services for over 120 clients in industries such as mining, chemicals, and oil and gas [1] - Significant achievements have been made in key areas such as intelligent safety control upgrades and production process optimization [1] Group 2: Future Directions - Yunding Technology aims to use this collaboration as a new starting point to further deepen its strategic partnership with Huawei's Ascend ecosystem [1]

盘面上，机器人概念走强，上纬新材（688585）等近20股涨停；商业航天概念延续强势，神剑股份8连板，中国卫星4连板，此外还有十余股涨停；数字货 币概念活跃，御银股份、翠微股份涨停，拉卡拉涨超12%；碳纤维概念拉升，和顺科技20%涨停，吉林化纤涨停。此外，石油、多元金融、风电、光伏等 板块涨幅居前；能源金属、电池、医药商业、商业百货、酿酒、锂矿概念等板块跌幅居前。全市场约2000只个股上涨，今日成交2.16万亿元。 中信建投日前发布研报认为，经历了此前中期调整，近期上证指数八连阳传递了积极信号，A股跨年行情已经启动。在机构投资者的一致乐观预期下，明 年春季躁动行情有望提前；海外AI模型调整结束，美国战略重心西迁，海外流动性和风险持续改善；近期"十五五"产业政策与事件密集发布，投资者政策 预期高涨；以上三大预期共同推动市场跨年行情启动。 机器人概念股掀涨停潮 机器人概念午后拉升，个股掀涨停潮。截至收盘，上纬新材、瑞松科技、步科股份20%涨停，中超控股、冀凯股份、海格通信、川润股份等十余股涨停。 | 斯菱智驱 | 124.30 +14.23% -6532.63万 | | --- | --- | | 创 30155 ...

两大板块个股掀涨停潮。 12月29日，上证指数微涨实现九连阳，刷新今年以来的最长连阳纪录。截至收盘，上证指数上涨0.04%，深证成指下跌0.49%，创业板指下跌0.66%。 盘面上，机器人概念走强，上纬新材(688585)等近20股涨停；商业航天概念延续强势，神剑股份（002361）8连板，中国卫星（600118）4连板，此外还有 十余股涨停；数字货币概念活跃，御银股份（002177）、翠微股份（603123）涨停，拉卡拉（300773）涨超12%；碳纤维概念拉升，和顺科技（301237） 20%涨停，吉林化纤（000420）涨停。此外，石油、多元金融、风电、光伏等板块涨幅居前；能源金属、电池、医药商业、商业百货、酿酒、锂矿概念等 板块跌幅居前。全市场约2000只个股上涨，今日成交2.16万亿元。 中信建投（601066）日前发布研报认为，经历了此前中期调整，近期上证指数八连阳传递了积极信号，A股跨年行情已经启动。在机构投资者的一致乐观 预期下，明年春季躁动行情有望提前；海外AI模型调整结束，美国战略重心西迁，海外流动性和风险持续改善；近期"十五五"产业政策与事件密集发布， 投资者政策预期高涨；以上三大预期共 ...

MACD金叉信号形成，这些股涨势不错！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 人民财讯12月29日电，12月29日，A股市场整体成交额再度超过2万亿元。其中，中际旭创、寒武纪- U、中国卫星、阳光电源、工业富联、紫金矿业、航天电子、胜宏科技、新易盛、航天发展等10只A股 成交额超过100亿元。 MACD金叉信号形成，这些股涨势不错！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 人民财讯12月29日电，12月29日，A股市场整体成交额再度超过2万亿元。其中，中际旭创、寒武纪- U、中国卫星、阳光电源、工业富联、紫金矿业、航天电子、胜宏科技、新易盛、航天发展等10只A股 成交额超过100亿元。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：刘 ...

Group 1 - The core viewpoint of the articles highlights that a group of fund managers focusing on core technology assets in the A-share market have achieved impressive performance, with returns ranging from 125% to 236% for the top 20 funds in the market [1][2] - These top-performing funds have maintained low exposure to Hong Kong stocks, often below 10% or even zero, allowing them to concentrate on A-share core assets [1][2] - The strategy of focusing on familiar markets rather than diversifying into less understood areas is seen as a prudent approach for achieving performance breakthroughs [1][3] Group 2 - The performance of leading A-share funds reflects a deep understanding of the pricing efficiency in the A-share market, which is influenced heavily by local investor sentiment [4] - Fund managers have noted that maintaining a high allocation to A-share core assets allows for better capture of market opportunities, particularly in sectors like AI chips and semiconductors [3][4] - The differences in market characteristics between A-shares and Hong Kong stocks necessitate distinct investment strategies, as A-share funds often struggle when applying their strategies to the Hong Kong market without proper adjustments [4][5] Group 3 - The divergence in performance between A-share funds and professional Hong Kong QDII funds stems from differences in stock selection logic and investment philosophies [5][6] - A-share fund managers tend to prioritize growth potential, while professional Hong Kong investors focus more on financial quality and valuation matching [5][6] - The contrasting investment approaches highlight the need for A-share fund managers to adapt their strategies when entering the Hong Kong market, emphasizing the importance of understanding local market dynamics [6][7]