大家早上壕！ 先看海外要闻： 上周五美股反弹，道指收涨0.38%，纳指收涨1.31%，标普500收涨0.88%；甲骨文收涨6.63%、博通收涨3.18%、英伟达收涨3.93%、谷歌A涨 1.55%、特斯拉则收跌0.45%，Meta跌0.85%。 此外，美光科技收涨涨约7%，CoreWeave涨超22%，超威半导体、超微电脑涨超6%。 摩根士丹利有望牵头SpaceX IPO。 美军宣布35亿美元采购72颗导弹预警和跟踪卫星，是迄今为止美军低地球轨道星座最大一笔交易。 美国"星链"一颗卫星或爆炸失联。 高盛在最新报告中重申看涨黄金，预测金价将在2026年12月冲击每盎司4900美元历史新高。 国内重大事件汇总： 5、《互联网平台价格行为规则》印发，不得强制或者变相强制平台内经营者开通自动跟价、自动降价或者类似系统，平台经营者、平台内经营 者不得以低于成本的价格销售商品或者提供服务。 一周券商策略前瞻： 本周券商策略分析师对春季躁动依旧看好，随时或到来，只缺一个有效信号。 点评：国盛证券表示，商业航天是太空算力成立的核心成本变量，太空算力是商业航天释放价值弹性的关键应用场景，当前低轨与深空应用场景 正从"可行性验证 ...

Group 1 - The U.S. is advancing the largest scale of space militarization since the Cold War, with President Trump signing an executive order prioritizing manned lunar missions, establishing a lunar base, and developing space weapon defenses [1] - The Pentagon has issued military satellite orders worth $3.5 billion, indicating a rapid integration of civilian space exploration with military strategy [1] - The global space computing industry is accelerating, with Starcloud receiving investment from NVIDIA and successfully launching H100-powered computing nodes into orbit, marking a significant step in real-load engineering for space computing [1] Group 2 - Commercial space is identified as a core cost variable for space computing, which is crucial for unlocking value in commercial aerospace applications [2] - The demand for on-orbit data processing is increasing due to the growth of satellites in remote sensing and communication, leading to the functional integration of space computing into overall computing architecture [2] - Space computing is seen as having disruptive advantages in energy efficiency and scalability, potentially overcoming the physical expansion bottlenecks of terrestrial computing [2] Group 3 - Su Shi Testing has developed a thermal vacuum testing device capable of simulating vacuum conditions from 10⁻³Pa to 10⁻⁵Pa, suitable for aerospace materials [3] - Putian Technology focuses on the research and development of communication and computing-related technologies and products, with business layouts in aerospace communication and satellite navigation [4]

Group 1 - The first L3 level autonomous driving dedicated license plate "渝AD0001Z" was issued in Chongqing, marking a significant step towards commercial application of L3 autonomous vehicles [1] - The Ministry of Industry and Information Technology granted conditional approval for the first batch of L3 conditional autonomous driving models, indicating a transition from testing to commercial use [1] - The emergence of L3 blurs the lines between L2 and L4 levels of autonomous driving, suggesting that consumer vehicles may soon operate as Robotaxis during idle times, leading to a convergence of personal and commercial vehicle usage [1][2] Group 2 - The rollout of L3 will significantly increase the demand for high-performance driving chips and sensors such as LiDAR and millimeter-wave radar, benefiting the entire industry chain [2][3] - Companies like Ruiming Technology and Maolai Optics are positioned to benefit from the growth in the commercial vehicle AI solutions and precision optical components sectors, with established market presence and strong customer relationships [4]

Group 1: Industry Insights - The introduction of humanoid robots in commercial concerts marks a shift from "technology showcase" to "normalized tool" in performance settings, indicating a growing integration of robotics in public events [1] - IDC predicts that the shipment volume of commercial humanoid robots in China will reach approximately 5,000 units by 2025, increasing to nearly 60,000 units by 2030, with a compound annual growth rate exceeding 95% [1] Group 2: Company Developments - Junsheng Electronics has established a comprehensive layout for key components in robotics, advancing into the automotive and Tier 1 robotics sectors, with plans to release various robotic solutions by 2025 [2] - Mould Technology has signed a framework agreement for parts procurement with a domestic robotics company and has received a small batch order for humanoid robot outer covers, marking its official entry into the humanoid robotics industry [2]

Core Insights - Shanghai Jiao Tong University researchers have achieved a breakthrough in the field of next-generation optical computing chips, realizing the first all-optical computing chip that supports large-scale semantic media generation models [1] - The LightGen chip demonstrates a performance leap by overcoming three key bottlenecks: integration of millions of optical neurons on a single chip, all-optical dimensional transformation, and a light-based generative model training algorithm that does not rely on truth values [1] - Optical computing chips utilize photons instead of electrons for information processing, offering three core advantages: ultra-high speed, ultra-low energy consumption, and high parallelism [1] Industry Implications - The development of optical computing chips represents a transformative shift akin to the transition from fuel vehicles to electric vehicles, moving competition from process technology to energy efficiency, parallelism, and optimization for specific scenarios [1] - This technological revolution presents a historic opportunity for China to "overtake" in the high-end AI computing chip sector [1] Related Companies - Relevant A-share concept stocks include Huagong Technology and Guangxun Technology [2]

Group 1 - The world's first commercial supercritical carbon dioxide power generation unit, "Super Carbon No. 1," was officially launched in Liupanshui, Guizhou, showcasing a revolutionary thermal power conversion technology [1] - "Super Carbon No. 1" achieves over 85% improvement in power generation efficiency and over 50% increase in net power output compared to existing waste heat steam power generation technologies [1] - The system is simplified with reduced equipment, easier operation and maintenance, and a 50% reduction in space requirements, significantly enhancing the depth of industrial waste heat utilization [1] Group 2 - The demonstration project of "Super Carbon No. 1" opens a new avenue for deep energy utilization, supporting the future engineering applications of advanced energy conversion technologies in thermal power generation and solar power generation [1] - Hai Lian Xun has absorbed and merged with Hangzhou Turbine to conduct research on the supercritical carbon dioxide Brayton cycle power generation system [1] - Zhongmi Holdings has been developing a supercritical carbon dioxide energy storage system since 2017, focusing on high-speed, high-temperature, and complex medium dry gas seals, and has established a testing platform for supercritical carbon dioxide dry gas seals [1]

Group 1: Supercritical CO2 Power Generation - The world's first commercial supercritical CO2 power generation unit has successfully commenced operation in Guizhou, marking a significant milestone in the application of this technology [1] - The "Super Carbon No. 1" project enhances power generation efficiency by over 85% and net power output by more than 50% compared to existing steam power generation technologies [1] - This technology is expected to create a market worth trillions by efficiently utilizing industrial waste heat and contributing to carbon neutrality goals [1] Group 2: Optical Computing Chips - Researchers at Shanghai Jiao Tong University have achieved a breakthrough in optical computing chips, developing the LightGen chip that supports large-scale semantic media generation models [2] - LightGen demonstrates a performance improvement of two orders of magnitude in computing power and energy efficiency compared to top digital chips, even with less advanced input devices [2] - The development of optical computing chips represents a transformative opportunity for China in the high-end AI computing chip sector, shifting competition from traditional metrics to energy efficiency and parallel processing [2] Group 3: AI Smartphones - ByteDance is collaborating with hardware manufacturers like Vivo, Lenovo, and Transsion to pre-install AIGC plugins on their devices, aiming to enhance user engagement and shift AI from a passive to an active role [3] - The partnership with these manufacturers, which collectively have a potential user base exceeding 1 billion, is expected to accelerate the commercialization of AI smartphones, with a projected penetration rate of over 50% by 2026 [3] Group 4: Robotics in Entertainment - The introduction of humanoid robots by Yushu Technology at a concert in Chengdu marks the first instance of robots performing on stage in a commercial concert setting [4] - This event signifies a shift in the application of humanoid robots from mere technological showcases to integral components of entertainment, with potential market growth as technology advances and costs decrease [4] - IDC forecasts that the shipment of commercial humanoid robots in China will reach approximately 50,000 units by 2030, with a compound annual growth rate exceeding 95% [4]

Core Viewpoint - The brokerage strategy analysts remain optimistic about the spring market rally, awaiting an effective signal to initiate the movement [1] Group 1: Market Signals and Economic Indicators - Analysts from Xingzheng Strategy highlight that the liquidity expectations are shifting positively due to recent overseas events and a supportive domestic policy environment, indicating a transition from cautious behavior to actively seeking opportunities [1] - Key signals to watch for the potential market rally include the possibility of interest rate cuts and reserve requirement ratio reductions at the end of the year and early next year, with observation windows in early next week and January [1][2] - Important economic indicators such as PPI, PMI, M1, social financing, and annual reports from listed companies are expected to uplift the basic economic outlook [1][2] Group 2: Investment Trends and Sector Focus - The Guangfa Strategy team anticipates that 2026 will resemble an enhanced version of 2025, with continued support from insurance capital and regulation, alongside an acceleration in the migration of deposits from residents, particularly among high-net-worth individuals [1][2] - The trend of high-net-worth residents moving their deposits has already begun to accelerate, with new private equity fund registrations reaching 386 billion yuan from January to October 2025, with monthly registration sizes nearing levels seen in 2021 [1][2] - The Xinda Strategy team emphasizes the increasing elasticity of non-bank financial sectors, suggesting a potential rotation of market focus from banks to non-bank financials, with insurance valuations appearing more attractive [1][3] Group 3: Sectoral Opportunities and Predictions - Analysts suggest that sectors benefiting from policy support, such as AI, advanced manufacturing, and consumer services, are likely to see significant growth, with a projected net profit growth rate exceeding 30% in 2026 [2] - The market is expected to experience structural opportunities driven by policy guidance and industrial momentum, particularly in the context of the upcoming "14th Five-Year Plan" [3] - The spring market rally is anticipated to be influenced by the performance of cyclical sectors, with a focus on commodities and consumer sectors benefiting from increased consumption and fiscal stimulus [3]

一、停牌 1、东方智造：实控人将变更为广西国资委，股票复牌。 2、天创时尚：筹划控制权变更事项，股票停牌。 3、观想科技：筹划发行股份购买锦州辽晶电子科技并配套募集资金事项，股票停牌；后者专业从事半 导体集成电路、分立器件科研。 二、定增、并购 1、中国神华：拟定增收购控股股东国家能源集团旗下12家核心企业股权，业务覆盖煤炭、坑口煤电、 煤化工等多个领域，调整后最终整体交易对价为1335.98亿元。 2、博力威：拟定增募资不超过6.5亿元，用于全极耳大圆柱多场景轻型动力电池智能制造项目、AI驱动 的新能源电池可靠性分析与研发能力提升项目、补充流动资金项目。 三、对外投资、日常经营 4、创耀科技：拟参股旋极星源，后者专注卫星导航等领域。 5、四川九洲：拟设立全资子公司以现金方式购买四川九洲电器集团旗下的射频业务相关的资产、负 债、业务以及人员等，射频业务资产组的评估值为7.57亿元。 6、天齐锂业：泰利森第三期化学级锂精矿扩产项目己经建设完成并正式投料试车。 7、继峰股份：获得乘用车座椅总成项目定点，生命周期总金额预计为98亿元。 8、氯碱化工：拟对全资子公司增资8.93亿元用于"先进材料配套废盐综合利用项目" ...

Group 1: Market Status - The correlation between A-shares and U.S. stocks has increased, with the 20-day rolling correlation of the CSI 300 and S&P 500 rising above the 90th percentile for the year, indicating a new normal of "overnight alignment, intraday reversal" [1][5][38] - Both the U.S. and China are in a phase characterized by limited upward elasticity and reduced downward risk, akin to a "Goldilocks" scenario, with the U.S. core CPI dropping to 2.6%, the lowest in three and a half years [1][8][9] - In China, corporate profitability has bottomed out, and the weakening of domestic demand creates a favorable environment for subsequent policy support [1][8] Group 2: AI Industry Chain - The investment in the AI industry chain is showing two key characteristics: broader macro effects benefiting "pan-AI" assets (copper, lithium, aluminum, energy storage, and electrical equipment) outperforming core AI assets (computing chips, optical modules, PCB) [2][17] - Investors are becoming less tolerant of the contradiction between aggressive capital expenditures and the lack of revenue growth in companies within the AI industry chain, leading to a negative correlation between stock performance and capital expenditure as a percentage of revenue [2][17][18] Group 3: Understanding "Expanding Domestic Demand" - The "income increase" plan aims to enhance net transfer payments to residents by 2025, with a focus on improving initial distribution through wage reforms, particularly in state-owned enterprises [3][25] - The expansion of consumption tax and adjustments in corporate income tax rates are expected to be seen in 2026, which may further stimulate domestic consumption [3][25][28] Group 4: Investment Strategy for 2026 - The current market conditions suggest a shift from a single industry narrative to a dual focus on "physical demand stimulation" and "domestic policy benefits," with recommendations to invest in industrial resource products (copper, aluminum, lithium, oil) and sectors benefiting from consumer recovery (airlines, hotels, food and beverages) [4][38] - Non-bank financial institutions (insurance, brokerage) are expected to benefit from capital market expansion and a bottoming out of long-term asset returns [4][38] - Opportunities are identified in China's equipment export chain and sectors showing signs of recovery in domestic manufacturing [4][38]