- The report tracks stocks, industries, and sectors that have reached new highs, which are considered market indicators[11] - The report uses a 250-day high distance metric to represent new highs, calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price over the past 250 trading days[11] - As of December 26, 2025, the 250-day high distances for major indices are: Shanghai Composite Index 1.63%, Shenzhen Component Index 0.89%, CSI 300 1.91%, CSI 500 1.19%, CSI 1000 0.56%, CSI 2000 0.05%, ChiNext Index 2.42%, STAR 50 Index 12.56%[12] - The 250-day high distances for CITIC Level 1 industry indices are: National Defense and Military Industry 0.00%, Nonferrous Metals 0.00%, Building Materials 0.00%, Machinery 0.00%, Light Manufacturing 0.44%[13] - The 250-day high distances for some concept indices are: Forestry, Aerospace and Military Industry, Wind Power, Top Ten Military Groups, HJT Battery, Metals and Nonmetals, Gold[15] - As of December 26, 2025, 726 stocks reached new 250-day highs in the past 20 trading days, with the most in the Machinery, Electronics, and Basic Chemicals industries[19] - The highest proportions of new high stocks are in the National Defense and Military Industry, Petroleum and Petrochemicals, and Nonferrous Metals industries[19] - By sector, the most new high stocks are in Manufacturing and Technology, with 261 and 176 stocks respectively[20] - By index, the proportions of new high stocks are: CSI 2000 14.65%, CSI 1000 11.50%, CSI 500 15.20%, CSI 300 15.33%, ChiNext Index 15.00%, STAR 50 Index 6.00%[20] - The report identifies 50 "stable new high" stocks based on analyst attention, relative strength, trend continuity, price path stability, and new high persistence[24][27] - The most stable new high stocks are in the Cyclical and Technology sectors, with 21 and 15 stocks respectively[28]

**Acknowledgement** **The authors thank the anonymous referee for the help and comments on the manuscript.** 证券研究报告 | 2025年12月26日 乘势而起：市场新高趋势追踪：截至 2025 年 12 月 26 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 1.63%、0.89%、1.91%、1.19%、0.56%、 0.05%、2.42%、12.56%。中信一级行业指数中国防军工、有色金属、建 材、机械、轻工制造行业指数距离 250 日新高较近，食品饮料、银行、 医药、综合金融、房地产行业指数距离 250 日新高较远。概念指数中， 林木、航天军工、万得风电、十大军工集团、HJT 电池、金属非金属、 黄金等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 12 月 26 日，共 726 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 ...

Investment Rating - The report gives an "Outperform the Market" rating for the company [5][40]. Core Insights - The company is a leader in touch display modules and is positioned to benefit from the growth in automotive electronics and the adoption of new technologies such as foldable screens [3][32]. - The company has a strong market presence, being the largest manufacturer of ITO conductive glass globally and holding a 50% market share in TFT LCD substrate thinning [1][7]. - The automotive electronics segment is highlighted as a key growth area, with the company providing integrated touch display modules for over 70% of global vehicle brands [2][32]. Summary by Sections Company Overview - Founded in 2000 and listed on the Shenzhen Stock Exchange in 2010, the company specializes in the research, production, and sales of key components for flat panel displays, including ITO conductive glass and touch sensors [1][7]. - The company has established itself as a significant player in the automotive touch display market, with a comprehensive product range that includes 3D curved automotive cover plates and display modules [2][3]. Financial Projections - The company is expected to achieve revenues of 88.89 billion, 110.58 billion, and 119.43 billion CNY for the years 2023, 2024, and 2025 respectively, with year-on-year growth rates of 27.2%, 24.4%, and 8.0% [4][35]. - Net profit projections for 2025, 2026, and 2027 are 3.92 billion, 5.17 billion, and 7.12 billion CNY, reflecting growth rates of 10.0%, 31.8%, and 37.6% [3][35]. Valuation - The report estimates a reasonable valuation range for the company's stock between 6.95 and 7.37 CNY, indicating a potential upside of 17.42% to 24.54% from the current price of 6.07 CNY [5][40]. - The valuation is based on a relative valuation method, comparing the company to similar firms in the industry [38][40]. Market Position and Competitive Advantage - The company is the only supplier in mainland China certified for thinning business by a major North American client, which enhances its competitive edge [1][2]. - The company has a robust client base, including major brands like Huawei, OPPO, and VIVO, which positions it well for future growth in high-end markets [1][2].

Investment Rating - The investment rating for the cleanroom engineering sector is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major companies in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the increasing demand for cleanroom construction driven by the urgent expansion needs of leading firms like Micron [5][28]. - The cleanroom engineering segment is critical for the AI computing industry, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, major cleanroom sector stocks have seen significant increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The cleanroom engineering industry is experiencing explosive growth in demand due to the global AI capacity expansion, which is currently constrained by limited construction capabilities [22][23]. - The complexity and customization of cleanroom projects create high entry barriers, resulting in strong customer loyalty and long-term relationships between clients and engineering service providers [25][27]. Future Outlook - As AI infrastructure transitions from procurement to construction, the proportion of capital expenditure directed towards engineering will significantly increase, making cleanroom engineering a central component of this evolution [6][28]. - The cleanroom engineering market is expected to continue its upward trajectory, driven by the urgent needs of major clients and the limited supply of qualified engineering resources [23][28].

Investment Rating - The investment rating for the cleanroom engineering industry is "Outperform the Market" (maintained) [2][3]. Core Insights - The cleanroom engineering sector is becoming a key focus in AI infrastructure as capital expenditures shift towards engineering investments, with cleanroom projects representing a significant portion of this trend [5][6]. - Major players in the cleanroom sector, such as Yaxiang Integration and Shenghui Integration, are positioned to benefit from the urgent expansion needs of leading companies like Micron, which are willing to pay a premium for expedited construction [5][28]. - The cleanroom engineering segment is critical for the AI computing supply chain, accounting for approximately 60% of engineering investments related to chip production [16][18]. Summary by Sections Market Performance - From December to the present, key cleanroom stocks have seen significant price increases, with Yaxiang Integration rising by 74%, Shenghui Integration by 60%, and Meiyai Technology by 52% [4]. Industry Dynamics - The transition from procurement to construction in AI infrastructure is leading to structural changes in capital expenditures, with a notable increase in engineering investment proportions [5][6]. - The cleanroom construction capacity is currently a bottleneck for global AI production expansion, driven by surging demand and limited supply of qualified engineers [22][23]. Client Relationships - High customer loyalty creates significant entry barriers in the cleanroom engineering industry, as clients are sensitive to quality and timelines, leading to strong binding relationships with a few trusted suppliers [25][27]. Investment Recommendations - The report recommends investing in Shenghui Integration and Yaxiang Integration, as they are uniquely positioned to leverage their parent companies' resources and technology in overseas markets [28].

证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 行业与公司 | 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股指期货主力合约贴水幅度收窄 金融工程日报:沪指震荡攀升录得六连阳，商业 ...

| 数据日期:2025-12-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3959.62 | 13531.41 | 4642.53 | 14517.25 | 3938.41 | 1349.05 | | 涨跌幅度（%） | 0.47 | 0.33 | 0.18 | 0.70 | 0.69 | -0.22 | | 成交金额（亿元） | 7850.18 | 11395.04 | 3853.56 | 4151.46 | 5262.93 | 448.28 | 【常规内容】 行业与公司 医药生物行业 2025 年 12 月投资策略：推荐关注 CXO 板块 证券研究报告 | 2025年12月26日 | 晨会纪要 | | --- | 中国神华(601088.SH) 公司快评:千亿规模收购助力未来发展，龙头行稳 致远 中国海油(600938.SH) 公司快评:渤海海域获得亿吨级油田发现，国内油 气持续上产 金融工程 金融工程周报:股指分红点位监控周报-股 ...

事项： 事件：云天化参股子公司取得云南镇雄碗厂 24.38 亿吨磷矿采矿权。云天化于 2025 年 12 月 25 日发布公 告披露其参股子公司云南云天化聚磷新材料有限公司（简称"聚磷新材"）已于 12 月 23 日取得云南省镇 雄县碗厂磷矿的《不动产权证书（采矿权）》与《采矿许可证》。该矿区面积达 23.1564 平方公里，开采 期限至 2040 年 12 月，资源量约 24.38 亿吨、平均品位 22.54%，主采矿种为磷矿，共伴生氟矿。云天化目 前持有聚磷新材 35%股权，其控股股东云天化集团承诺 3 年内将聚磷新材控制权优先注入上市公司；此次 采矿权落地后，聚磷新材将打造磷基新材料产业园区，助力云天化实现磷资源高值高效利用，推动产业结 构升级与核心竞争力提升。 国信化工观点：1）此次聚磷新材取得的镇雄碗厂磷矿是国内少有的大型优质磷矿资源，公司磷矿资源储 备大幅增厚，筑牢成本与竞争壁垒；2）磷矿石稀缺属性持续强化，储能及动力电池驱动磷矿石需求上行； 3）磷矿石价格预期高位运行，矿增贡献的利润增量可期。 投资建议：公司作为化肥及磷化工龙头，资源与产业规模优势显著，我们维持公司 2025-2027 年归母净 ...

出海范式全面升级，从产品输出迈向体系出海成为核心主线。2026 年 A 股公 司出海已告别单纯的商品出口阶段，进入产能、品牌、管理体系协同输出的 质变期。量化数据显示，2723 家涉出海业务的 A 股公司中，60.96%持积极态 度，12393 条相关公告中 45.38%为积极类表述，反映出出海已从可选战略转 为必选动作。龙头企业通过海外建厂、本地化运营、全产业链配套，实现从 中国制造到全球制造的跨越。 "双高"行业成出海主力，技术壁垒与产业集聚度决定长期价值。行业选择 的核心逻辑聚焦高技术护城河与强产业集聚度，这两类行业既具备不可替代 性，又拥有成本与效率优势。三大黄金赛道：化工新材料（聚氨酯、玻纤） 凭借全球定价权与海外基地布局规避贸易壁垒；高端装备（客车、工程机械、 半导体设备）依托技术外溢抢占"连接器国家"市场；电子元器件（服务器、 MLCC）受益于全球 AI 算力基建与汽车电子化需求。从数据看，机械设备、 电力设备、医药生物、计算机、汽车五大行业积极类公司数占比超七成，成 为出海核心载体。 证券研究报告 | 2025年12月25日 资配跨年展望(二) 大国出海下的"新核心资产" 区域机会呈现差异化， ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]