中国卫星"跻身"千亿市值俱乐部。 12月29日，中国卫星收获第四个涨停，截至收盘股价报88元，总市值上升至1041亿元。 纵观2025年以来，中国卫星累计涨幅为222%，下半年表现明显强势，累计涨幅达208%。进一步拆解可 以发现，该股上涨走势与商业航天产业的政策、事件节奏完全同步，且每逢催化必率先领涨，堪称此轮 商业航天行情"中军"。 回到今年8月25日，彼时有媒体报道称相关部门即将发放卫星互联网牌照，结果在消息发布当日及次 日，中国卫星实现"两连板"，开启了此轮大涨的序幕。 A股千亿军团，再添新成员。 12月29日，中国卫星再涨停，股价创出历史新高，市值已经来到1041亿元。整个2025年，该公司共录得 超222%的涨幅，这其中最近5个月便飙涨了200%。 中国卫星的上涨不难理解，从名字来看，便能知晓其与商业航天概念密切相关。值得注意的是，由于中 国卫星拥有"国家队"背景，因此也被市场资金选作为本轮商业航天行情的"中军"标的。 伴随着中国卫星上涨，不少资本玩家也获益良多。譬如，与方大系"掌门人"同名的方威便在三季度新进 成为中国卫星前十大股东，手握384.4万股。假如方威到现在仍持有这些数量的股份，那么其 ...

每一个成功的男人背后都有一位能力超群的合作伙伴，雷军的背后就是小米的"2号人物"林斌。 12月28日，小米集团在港交所公告，公司联合创始人、执行董事、副董事长林斌，计划自2026年12月开 始，每12个月出售金额不超过5亿美元的公司B类普通股，累计出售总金额不超过20亿美元。 此消息一出，立即引起资本市场关注，12月29日，小米集团盘中跌超3%，收跌1.63%，报38.58港元/ 股，最新市值为10049亿港元。 而除了减持事件本身的影响外，还有一层原因是林斌的特殊身份。他是小米的2号员工，更是毋庸置疑 的"2号人物"，与雷军共同打下小米的"江山"。 时间回溯到20年前，彼时程序员出身的林斌已是"技术大拿"，曾先后在微软、谷歌任职，2009年，因工 作交集，林斌与雷军相识，在雷军的游说下，林斌很快决定与雷军共同创业。 而梳理小米的关键发展节点，林斌均起到了不小的作用。在创业初期，林斌便为小米"招兵买马"，众所 周知的小米"七剑客"中，周光平、黄江吉、洪锋三位都是由他引荐而来。 团队成型后，林斌负责小米的供应商战略合作、运营商业务、海外销售等工作。2014年前后，小米正大 力发展线上销售，林斌接手小米的电商业务 ...

从订单结构来看，第四季度新签订单金额中绝大部分为一站式芯片定制业务订单，AI算力相关订单占 比超84%，数据处理领域订单占比近76%。 而芯原股份订单的逐季攀升是全球AI算力需求爆发的必然结果。当前，市场对高算力芯片尤其是专用 AI ASIC芯片的需求激增。 同时，这一增长也离不开芯原股份自身的先进技术积淀。目前，其手握六类处理器IP及1600余个数模混 合IP、射频IP。据IPnest统计，芯原股份还是2024年中国大陆半导体IP授权服务提供商首位、全球第八 位。 12月26日晚，芯原股份披露订单公告称，在今年10月1日至12月25日，公司新签订单24.94亿元，较去年 第四季度全期大幅增长129.94%，较今年第三季度全期进一步增长56.54%。至此，芯原股份单季度新签 订单已连续三个季度创历史新高。 据其此前披露数据，今年前三季度芯原股份新签订单已达32.49亿元，叠加此次披露的数量，年内新签 订单已近60亿元。将为公司未来营业收入增长提供有力的保障。 受消息提振，芯原股份29日早盘一度涨超13%，收盘市值711亿。 在订单井喷式背景下，芯原股份的盈利能力也在持续改善。今年前三季度，芯原股份实现营收22 ...

Group 1 - The core viewpoint of the news is the internal leadership changes at China Taiping Insurance Group, with Wang Xuze appointed as the Party Secretary and proposed General Manager of Taiping Life, and Peng Yunping appointed as the Party Secretary and proposed General Manager of Taiping Property Insurance [1][2] - Both newly appointed executives are internal promotions within the Taiping system, with Wang Xuze having extensive experience in various leadership roles within Taiping Life, and Peng Yunping having a strong background in insurance technology and innovation [2] - The leadership changes come amid broader personnel adjustments at the group level, including the upcoming retirement of the current Chairman Wang Sidong and the appointment of Yin Zhaojun as the new Chairman [3] Group 2 - Taiping Life, as the core profit source for China Taiping, has shown steady growth, with insurance business revenue reaching 158.04 billion yuan, a year-on-year increase of 6.6%, and a net profit of 18.13 billion yuan [3] - Taiping Property Insurance has also seen significant improvement in profitability, with insurance business revenue of 25.865 billion yuan, a year-on-year increase of 4.24%, and a net profit of 974 million yuan, reflecting an 82.3% increase [3] - The combined cost ratio for Taiping Property Insurance has improved to 98.18%, a 1.43 percentage point improvement compared to the same period last year [3]

Core Viewpoint - State Grid Yingda announced the sale of its wholly-owned subsidiary Yingda Futures to China Oil Capital for approximately 1.129 billion yuan, aiming to focus on its core business and optimize its business structure [1][2] Group 1: Transaction Details - The transaction has received approval from the State-owned Assets Supervision and Administration Commission of the State Council [1] - Yingda Futures, established in 1996, has a registered capital of 658 million yuan and is primarily engaged in securities brokerage, investment consulting, and futures IB business [1] - The sale is expected to enhance cash flow for State Grid Yingda and support its strategic transformation [1] Group 2: Financial Performance - Yingda Futures reported a revenue of 101 million yuan and a net profit of 1.23 million yuan for 2024, indicating ongoing operational pressure [1] - In the first quarter of the current year, Yingda Futures achieved a revenue of 19.22 million yuan but incurred a net loss of 1.043 million yuan [1] - The company's net asset value was recorded at 1.043 billion yuan as of the end of March [1] Group 3: Market Context and Future Implications - The transaction allows China Oil Capital to directly hold a futures license, enhancing its financial service capabilities in the energy and chemical sectors [2] - The deal is part of a broader strategy to deepen collaboration between the two state-owned enterprises, with a planned transfer of shares from China National Petroleum Corporation to State Grid Yingda [2] - This share transfer will establish a more stable equity relationship and cooperation foundation between the two companies [2]

Group 1 - Xiaomi's co-founder and vice chairman, Lin Bin, plans to sell up to $5 billion of Class B shares annually starting December 2026, with a total cap of $20 billion [1] - The proceeds from Lin's share sales will primarily fund the establishment of an investment fund focusing on emerging technologies and sports [1] - Lin Bin has a history of share reductions, including a significant sale in 2020 that raised nearly 8 billion HKD, which previously caused a notable drop in Xiaomi's stock price [1] Group 2 - Xiaomi's stock price has recently experienced a downward trend, currently at 39.64 HKD per share, representing a market capitalization of approximately 1 trillion HKD, down over 30% from its peak in September [2] - Despite the recent decline, Xiaomi's stock has seen a year-to-date increase of nearly 15% due to strong performance earlier in the year [2] - For the first three quarters, Xiaomi reported a revenue of 340.37 billion CNY, a year-on-year increase of 32.5%, and an adjusted net profit of 32.82 billion CNY, up 73.5% [2] - In Q3 alone, Xiaomi achieved a revenue of 113.12 billion CNY, a 22.28% increase year-on-year, with an adjusted net profit reaching a record high of 11.31 billion CNY, up 80.92% [2] - The company's new business segments, including smart electric vehicles and AI, turned profitable in Q3, generating an operating income of 700 million CNY and revenue of 29 billion CNY, a growth of over 199% [2] - However, Xiaomi faces challenges, with Q3 global smartphone shipments at 43.3 million units, a slight increase of 0.5%, but revenue from this segment fell by 3.1% to 45.97 billion CNY [2] - The average selling price (ASP) of smartphones decreased from 1102.2 CNY to 1062.8 CNY year-on-year, impacting overall performance [2]

商业航天板块热度持续攀升。 12月25日，高华科技盘中涨超19%，12月26日，公司盘中股价达52.23元/股，创历史新高，后股价回 调，收跌2.02%，报50.85元/股，最新市值94.54亿元，但仍站稳历史高位。 资料显示，高华科技的主营业务为高可靠性传感器及传感器网络系统的研发、设计、生产及销售。公司 的产品在航天领域有应用，中科宇航、蓝箭航天、天兵科技等均是公司的合作伙伴，因商业航天概念的 催化，公司受到资本市场热捧。 而在商业航天概念带动高华科技股价大幅上涨的同时，不少资金已经提前布局。截至2025年三季度末， 赵建平与赵吉父女分别持有公司542万股、300万股流通股份。若至今未减持，二人的持仓市值分别为 2.75、1.53亿元。要知道二人在2023年二季度便进入高华科技前十大流通股东席，彼时高华科技的股票 均价为39.93元/股，粗略估算，二人合计浮盈超1.8亿元。 此外，不仅赵建平和赵吉在商业航天概念股中收获颇丰，谢仁国、徐开东、方威等知名牛散也在这 波"商业航天热"中斩获了可观的收益。 高华科技搭上商业航天快车 实际上，最近一段时间商业航天板块十分活跃，一方面，政策密集加码，国家航天局近期已设 ...

Core Viewpoint - Unisoc announced the establishment of a new subsidiary, Unisoc Tongxin Technology, to independently operate its automotive domain control chip business, aiming to enhance market competitiveness and optimize capital structure [1][2] Group 1: Company Structure and Investment - Unisoc Tongxin Technology will be jointly funded by Unisoc's wholly-owned subsidiary and five related parties, including a subsidiary of CATL, with a total registered capital of RMB 300 million [1] - The asset group for the automotive domain control chip business is valued at RMB 193 million, reflecting a significant appraisal increase of 3723.15% [1] - The ownership structure includes Unisoc holding 51%, while the other five related parties hold varying stakes, with CATL's subsidiary contributing 5% [1] Group 2: Strategic Objectives - The introduction of CATL's investment platform is intended to enhance collaboration with key customers, improve product definition, and boost technological innovation and competitiveness [2] - CATL's investment focus includes the entire new energy industry chain, covering areas such as electric vehicles, lithium batteries, autonomous driving, chips, and semiconductors [2] Group 3: Financial Performance - Unisoc has experienced revenue fluctuations, with projected revenues of RMB 71.20 billion, RMB 75.65 billion, and RMB 55.11 billion for 2022 to 2024, indicating a 27.15% decline in 2024 [2] - Net profits for the same period are projected at RMB 26.32 billion, RMB 25.31 billion, and RMB 11.79 billion, showing a significant decline of 53.40% in 2024 [2] - In the first three quarters of 2025, the company reported a revenue of RMB 49.04 billion, a year-on-year increase of 15.05%, and a net profit of RMB 12.63 billion, up 25.04% [3]

12月25日，国内铜业龙头江西铜业发布公告称，公司拟通过全资子公司江西铜业（香港）投资有限公 司，以每股28便士现金价格，向英国上市公司SolGold plc（索尔黄金）全部已发行及将发行股本（不含 公司已持股份）发出正式要约收购。公告显示，此次要约对索尔黄金全部普通股股本估值约为8.67亿英 镑（约合人民币82亿元）。 据公告，每股28便士的价格较2025年11月19日（首次接洽前最后一个交易日）索尔黄金收盘价19.6便士 溢价约42.9%，较此前三个月成交量加权平均股价溢价58.5%。 公司还表示，江铜香港投资已收到索尔黄金股东必和必拓、纽蒙特、Maxit Capital LP及其关联公司的不 可撤销承诺函，对应持股比例25.7%；同时获得索尔黄金董事所持2.8%股份的支持承诺。 公开信息显示，索尔黄金是一家注册在英国的矿产勘探及开发公司，核心资产为厄瓜多尔Cascabel项目 100%股权，该项目是全球最重要的未开发斑岩铜金矿床之一。项目核心的Alpala矿床已完成预可研，探 明、控制及推断资源量包括铜1220万吨、金3050万盎司、银10230万盎司，其中证实和概略储量为铜320 万吨、金940万盎司 ...

Group 1 - The A-share commercial aerospace sector experienced a strong rally, with 32 stocks hitting the daily limit or rising over 10% by market close [1] - Key drivers for this surge include favorable policies, technological breakthroughs, and increased industry demand [1] - The National Space Administration of China released an action plan for the high-quality and safe development of commercial aerospace from 2025 to 2027, incorporating low-orbit satellite internet into national strategy [1] Group 2 - Significant technological advancements have been achieved, including successful launches of various rockets and accelerated domestic production of key technologies like satellite chips and laser communication [1] - The demand side is witnessing a surge, with projects like China Star Network and G60 low-orbit constellation entering mass networking phases, and an increase in domestic rocket launch frequency [1] - Global market sentiment is also positive, with SpaceX planning an IPO in 2026 and Blue Arrow Aerospace completing IPO guidance, boosting investment expectations in the industry [2] Group 3 - The commercial aerospace industry is expected to enter a new phase of rapid development, with over 600 companies and 25 launch sites in operation or under construction in China [3] - The industry is transitioning from technology validation to large-scale commercialization, with a notable increase in launch activities and advancements in reusable rocket technology [3] - Analysts suggest that the commercial aerospace sector is at a turning point, with potential for significant growth and investment opportunities [3]