本篇评级为★★★，主要围绕以下内容展开： 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月10号星期三，我是董小姐。 1、房地产传闻，水分有多大？ 今天，A股上演"大反转"，早盘开盘两眼一抹黑，明显回撤；下午一开盘却大反攻，最终三大指数几乎 收平。背后推力是什么？这股反转力量是否意味着市场要进入新阶段？先看消息层面。 最大的一股反转力量来自地产龙头万科。此前万科一笔债务将于12月中旬到期，面临违约风险，一直是 市场的心腹大患。今天中午，万科召开债权人大会，给出三套方案： 第一，最保障万科权益——债务延期一年； 第二，同样延期一年，但需增加新增信条款； 第三，债权人最乐见的——由深圳国资或现大股东提供无限连带责任担保。 第三种方案最让债权人安心，即使延期也有兜底。然而，官方放风称将"按市场化方式处理"，不会由国 资或国企额外担保，双方仍存巨大博弈空间，一次性解决的概率不高。但市场抢跑，直接按"皆 ...

本篇评级为★★★，主要围绕以下内容展开： 1、政策兑现，12月压力较大 2、警惕年底"资金抬轿子" 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月9号星期二，我是董小姐。 除此之外，其余赛道表现平庸，多数收跌；首当其冲的是"反内卷"相关板块——工业金属、钢铁、煤 炭，以及昨日解读中提到的"政策文件缺席"的房地产，跌幅均超2%。这种短期压力信号不会在一两个 交易日内结束。毕竟，除了国内信息外，海外仍有新增变量。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 1、政策兑现，12月压力较大 今天，市场明显感受到政策压力——三大指数中有两只被按到水下，最终仅创业板指独涨0.6%。而这 0.6%的涨幅仍集中在为数不多的热门板块：人工智能、光模块等，以及零星消费赛道如零售、饮料制 造。 ...

Core Viewpoint - The article discusses the recent surge in the A-share market related to AI and optical modules, driven by companies like Google and their TPU technology, which has positively impacted the valuation logic of optical module firms in China. Group 1: Market Dynamics - The A-share AI frenzy is focused on two main themes: chip manufacturing and connectivity, with companies like 中际旭创 (Inspur) and 天孚通信 (Tianfu Communication) leading the charge in optical modules [1][2] - 中际旭创, 天孚通信, and 新易盛 (NewEase) have market capitalizations of 633.3 billion, 184.2 billion, and 402.1 billion respectively as of December 8 [1] - The historical average PE ratio for the communication industry is around 15-20, raising concerns about the high valuations of optical module companies, which have seen PE ratios of 40-80 [1][2] Group 2: Google's Impact - Google's TPU technology is reshaping the AI computing landscape and is expected to drive demand for optical modules, which are essential for data transmission [2][3] - The introduction of TPU v7, which can integrate up to 9,216 chips, necessitates a significant increase in optical module deployment to maintain low latency and high bandwidth [6][10] - The demand for 1.6T optical modules is expected to rise due to Google's aggressive expansion plans, with projections indicating that 1.6T module shipments could exceed 25 million by 2026 [8][10] Group 3: Capital Expenditure Trends - Major cloud companies, including Alibaba, Tencent, and the "Big Four" in the U.S. (Google, Microsoft, Meta, Amazon), are significantly increasing their capital expenditures, which is a key indicator of optical module demand [12][14] - The total capital expenditure for the "Big Four" is projected to reach $230 billion in 2024, a 55% increase year-over-year, further supporting the growth of the optical module market [12][13] - Forecasts suggest that capital expenditures will continue to rise, with a projected 35% increase in 2026, indicating sustained demand for optical modules [15] Group 4: Company Performance and Valuation - 中际旭创 reported a Q3 revenue of 10.22 billion yuan, with a year-over-year growth of 56.83%, while 天孚通信 and 新易盛 showed lower-than-expected performance [22][23] - Despite mixed Q3 results, 中际旭创 is expected to receive a higher valuation due to its strong performance and the positive outlook driven by Google's TPU [24][25] - Analysts predict that 中际旭创's net profit will grow at a compound annual growth rate of 59% from 2025 to 2028, leading to a target price increase of 62% to 762 yuan [25][26]

Group 1 - The article highlights significant increases in various sectors, with optical communication leading the gains at 19 [1] - The Fujian Free Trade and Haixi concept also showed strong performance, with a rise of 21 [1] - Robotics sector experienced a notable increase of 13, indicating growing interest and investment [1] Group 2 - Aerospace sector saw a rise of 16, reflecting advancements and potential in the industry [1] - The coal sector had a modest increase of 4, suggesting stable demand [1] - The DRAM (memory) sector recorded a growth of 5, indicating a positive trend in memory technology [1] Group 3 - The large financial sector experienced a growth of 3, showing resilience in financial services [1] - The large consumer sector had a consistent performance with increases of 11, 8, 4, and 6 across different days, indicating steady consumer demand [1] - The lithium battery sector saw a rise of 3, reflecting ongoing developments in energy storage solutions [1]

编辑 | 关雪菁 出品 | 妙投APP 头图 | 视觉中国 作者 | 刘国辉 依附于A股的公募基金行业，2021年后因为糟糕的持有体验，成了众矢之的。 为了塑造市场信心，最近一年里，针对A股和基金行业制度上的查漏补缺，以及严格的监管浪潮，可谓 一浪接过一浪。 今年5月，证监会发布了《推动公募基金高质量发展行动方案》，确立了公募行业改革的大 致方向，此后配套性政策频频出台； 9月，针对基金销售渠道，《公开募集证券投资基金销售费用管理规定》开始征求意见； 10月底，针对基金风格漂移等问题，《公开募集证券投资基金业绩比较基准指引（征求意见 稿）》以及具体操作细则开始征求意见。 进入12月，更加接近公募改革核心议程的《基金管理公司绩效考核管理指引（征求意见稿）》，下发到 业界，开始征求意见。 绩效考核方向是决定一个行业、一家公司发展走向以及从业者职业发展的关键因素，这一政策落地渐行 渐近，基金经理这一高大上的职业，将面临职业发展、投资策略、薪酬等方面的多项限制。 基金经理需要在中长周期里稳定战胜业绩基准，不能的话则需要降薪，获取高薪的难度越来越大，薪资 也需要拿出较多比例来持有自己管理的产品，实现事业与身家的绑定。 ...

Group 1 - The core issue discussed is whether there will be large-scale economic stimulus or incremental policies in 2026, with the overall tone being stable and slightly less aggressive than previous communications [3][4] - The document emphasizes the integration of existing policies with new ones, indicating that the market's focus should not solely be on new policies but also on effectively implementing existing ones [3] - There is a shift in focus from absolute GDP growth to quality and efficiency, suggesting a need for a balanced approach to economic growth rather than just aiming for high growth rates [4] Group 2 - The document highlights the importance of balancing domestic economic work with international trade dynamics, indicating that policies may need to be adjusted based on external factors [4][5] - The absence of specific mentions of the real estate sector in the document suggests a potential shift in focus or priorities regarding this industry [5]

Core Points - The three major indices experienced a significant rally driven by strong buying in the non-bank financial sector, with the Shanghai Composite Index recovering above 3900 points and the ChiNext Index rising over 1% for two consecutive days, surpassing the 60-day moving average resistance level [1] - The total trading volume exceeded 1.7 trillion yuan, indicating increased market activity and investor confidence [1] - Nearly 100 stocks in the market saw gains of over 10%, reversing the previous downtrend [1] - The micro-cap stock index ended its four-day decline, closing with a rebound of nearly 2% [1] Market Performance - The Shanghai Composite Index closed at 3902.81, with a gain of 56.71 points, representing an increase of 1.86% [4] - The index reached a high of 3914.46 and a low of 3859.05 during the trading session [4] - The ChiNext Index also showed positive movement, reflecting overall market strength [1][4] Trading Volume and Activity - The total trading amount for the day was reported at 1.7 trillion yuan, with significant participation from investors [1] - The market saw a notable shift from a previous downtrend to a more bullish sentiment, as evidenced by the number of stocks with substantial gains [1]

本篇评级为★★★，主要围绕以下内容展开： 1、证券和保险，"利好政策"含金量有多大？ 上周五，券商板块整体涨幅超过2.5%，同属金融赛道的保险板块涨幅更逾5%。"牛市棋手"突然异动， 通常被视为非同寻常的信号，是否意味着一轮大行情近在咫尺？我们结合当日重要消息逐一拆解。 首先，证监会"一把手"在出席行业协会时提及证券公司，尤其是头部券商未来或享受"差异化监管"政策 松绑：业务表现突出的优质券商，将在资本约束、杠杆空间等方面获得更大余地，并被点名鼓励做大做 强、形成具备国际影响力的标杆企业。 2、外部环境趋暖，等待明年年初配置机会出现 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 如有疑问请以音频内容为准，添加妙投小虎哥微信miaotou515，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 （文稿为机器转录，如有出入，请以音频为准） 每天10分钟拆解新闻背后的逻辑。大家好，今天是2025年的12月7号星期天，我是董小姐。 1、证券和保险，"利好政策" ...

Core Viewpoint - The news highlights the significant market interest in the IPOs of two Chinese GPU companies, Moer Technology and Nuxi, with Moer Technology's stock surging 468.78% on its debut, reflecting strong investor confidence in the AI and GPU sectors [3][26]. Group 1: Moer Technology's IPO - Moer Technology's IPO saw a subscription frenzy, with a final winning rate of only 0.036%, attracting approximately 4.83 million investors [2]. - The company set a record for the fastest registration on the Sci-Tech Innovation Board, completing the process in just 122 days, which is seen as a positive signal from regulators [4]. - The IPO price of 114.28 yuan is considered attractive compared to its projected revenue of 1.4 billion yuan in 2025, resulting in a price-to-sales (PS) ratio of about 38 times, which is lower than competitors like Cambricon [4][25]. Group 2: Nuxi's IPO - Nuxi's initial inquiry showed strong demand, with 288 institutional investors submitting bids for a total of 57.17 billion shares, resulting in a subscription multiple of 2227.6 times, surpassing Moer Technology's 1600 times [6]. - Nuxi aims to quickly commercialize its training and inference products, focusing on a narrower market segment compared to Moer Technology's broader full-stack approach [10][11]. Group 3: Comparison of Business Models - Moer Technology aims to be the "NVIDIA of China," focusing on a full-stack GPU approach, while Nuxi is likened to "AMD," concentrating on training and inference [7][8]. - Moer Technology's full-stack strategy allows it to cater to both AI and consumer gaming markets, enhancing its market appeal [9][12]. - Nuxi's strategy is driven by the need for rapid commercialization due to shareholder pressure, which may limit its long-term growth potential compared to Moer Technology [10][11]. Group 4: Financial Performance and Valuation - Both companies are currently unprofitable, with Nuxi projected to lose approximately 3.06 billion yuan over three years, while Moer Technology is also expected to face similar losses [19]. - Moer Technology's revenue is forecasted to grow significantly, with estimates of 1.22 billion to 1.50 billion yuan in 2025, while Nuxi is expected to reach 2.84 billion yuan in the same year [25]. - The market is currently valuing these companies based on future potential rather than current earnings, with Moer Technology's market cap expected to reach 856.68 billion yuan based on a PS ratio of 33 times [25][22]. Group 5: Market Sentiment and Future Outlook - The strong debut of Moer Technology is expected to create a positive sentiment for Nuxi's upcoming IPO, potentially leading to a higher valuation for Nuxi [28]. - Investors are advised to focus on the critical years of 2026 and 2027, as the performance of both companies during this period will determine their long-term viability and valuation metrics [28].

12月4日，市场探底回升，创业板指涨超1%，早盘一度跌超0.5%。沪深两市成交额1.55万亿，较上一个交易日缩量1210亿。截至收 盘，沪指跌0.06%，深成指涨0.4%，创业板指涨1.01%。 | 1842,000 | 同花顺全A(沪深京) 883957 | | 微盘股 883418 | | | | --- | --- | --- | --- | --- | --- | | | -15.015 | -0.81% | 2013.818 | -42.551 | -2.07% | | 中证2000ETF 富国 | -0.63% | 买板块 | 中证2000ETF富国 | -0.63% | 买板块 | | 委比 | -49.72% | -152069770 | | | | | 2 201 | 2.29亿总等数 | ATTOTEND SEM | -21.32% | | -832981 | | 7690万 均等量 | | 10 3 2 | 237.0万 总管数 | | 1210837 | | 1842.000 开盘 | | 1855.721 委买 | 153.7万均管 | | 11 | | 涨跌 | -15.015 最 ...