| 新股发行及今日交易提示 | 2025/12/17 | 星期三 | 2025/12/17 | 新股上市 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 发行价格 | 688802 | 沐曦股份 | 104.66 | | | | 2025/12/17 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300087&announcementId=122486854 | 要约申报期：2025年12月4日至2026年1月5日 | 300087 | 荃银高科 | 0&orgId=9900010589&announcementTime=2025 | -12-11 | 要约收购 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605255&announcementId=12248 ...

New Stock Issuance - Jiangtian Technology (920121) issued at a price of 21.21[1] - Angrui Micro (688790) issued at a price of 83.06[1] Tender Offer Periods - Tender offer for Quanyin High-Tech (300087) from December 4, 2025, to January 5, 2026[1] - Tender offer for Tianpu Co., Ltd. (605255) from November 20, 2025, to December 19, 2025[1] Delisting and Trading Reminders - Guandao Tui (920680) has 11 trading days remaining until the last trading day[1] - Delisting period for Suwu (600200) has 9 trading days remaining[1] Abnormal Fluctuations - Severe abnormal fluctuations reported for *ST Lifang (300344)[1] - Abnormal fluctuations noted for *ST Yaping (600678)[2]

2025 年 12 月 15 日 证券研究报告 | 公募基金周报 情绪稍有回暖，等待配置机会 公募基金泛固收指数跟踪周报（2025.12.08-2025.12.12） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 1、《年末扰动仍存，静等配置时 机—公募基金泛固收指数跟踪周报 （2025.12.01-2025.12.05）》2025- 12-08 2、《市场缩量上涨，宏观博弈临 近 — 公 募 基 金 权 益 指 数 跟 踪 周 报 （2025.12.01-2025.12.05）》2025- 12-08 3 、 《 ETF 策 略 指 数 跟 踪 周 报 — 2025/12/8》2025-12-08 4、《市场震荡因素缓解，关注短期 低位布局机会 —公募基金量化遴选 类 策 略 指 数 跟 踪 周 报 （2025.11.30）》2025-12-02 5、《 ...

2025 年 12 月 15 日 证券研究报告 | 公募基金周报 政策预期兑现，把握结构机会 公募基金权益指数跟踪周报（2025.12.08-2025.12.12） 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 5、《市场震荡因素缓解，关注短期低 位布局机会 —公募基金量化遴选类 策略指数跟踪周报（2025.11.30）》 2025-12-02 投资要点 分析师：宋逸菲 权益市场回顾：上周（2025.12.08-2025.12.12）市场呈现高开低走态势。当前市场仍缺 乏强劲主线，结构上外需（如 AI、有色金属）强于内需（如地产、消费）。但外需板块股价 已处高位、博弈加剧，内需板块则未见数据持续改善，反转动能不足。在多项宏观事件落地 后，市场可能进入震荡盘整阶段，指数层面机会有限。 权益市场观察： 销售服务电话： 中央经济工作会议：中央经济工作会议于 12 月 10 日至 11 日在北 ...

| | 2025/12/15 | 星期一 | | 新股发行及今日交易提示 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/12/15 | 新股发行 | | | | | | | | | | 证券代码 | | 证券简称 | | 发行价格 | | | | | | | 787805 | | 健信超导 | | 18.58 | | | | | | | 2025/12/15 | 新股上市 | | | | | | | | | | 证券代码 | | 证券简称 | | 发行价格 | | | | | | | 688790 | | 昂瑞微 | | 83.06 | | | | | | | 2025/12/15 | | 内地市场权益提示 | | | | | | | | | 类别 | 证券代码 | 证券简称 | | 权益日期 | | | | | 最新公告链接 | | | 300087 | 荃银高科 | | 要约申报期：2025年12月4日至2026年1月5日 | | | http://www.cninfo.com.cn/new ...

Group 1 - The report emphasizes a strategic focus on growth sectors, particularly technology, as the market sentiment remains bullish despite potential short-term adjustments [3][15]. - The central economic work conference has set a tone of "seeking progress while maintaining stability," indicating a commitment to proactive fiscal policies and moderately loose monetary policies, which stabilizes medium to long-term expectations [3][15]. - The bond market is expected to experience reduced pressure due to easing supply-demand dynamics and potential for interest rate cuts, leading to a stabilization of market sentiment [3][14]. Group 2 - Recent market adjustments in the A-share market are attributed to seasonal tightening of liquidity as investors lock in annual gains, resulting in a "stock game" characteristic where funds chase short-term opportunities [11]. - The U.S. Federal Reserve's recent decision to lower interest rates by 25 basis points and initiate a monthly purchase of $40 billion in government bonds is seen as a preventive measure to support the economy, which may positively impact risk assets [12][15]. - The report highlights the importance of monitoring key economic indicators, such as fixed asset investment and retail sales, to gauge future market trends [32].

Economic Outlook - The assessment of external conditions has improved compared to last year, indicating a reduction in adverse impacts from external changes[7] - The macro policy tone has shifted from "extraordinary" to "normal," reflecting a return to conventional policy measures[8] - Fiscal policy is expected to focus more on quality rather than quantity, with a marginal reduction in the intensity of fiscal measures[9] Monetary Policy - Monetary policy remains supportive, with a new emphasis on the goal of reasonable price recovery alongside economic stability[10] - There is still room for interest rate cuts, but the extent may be less certain than in previous years[11] Supply and Demand Dynamics - The focus has shifted from "demand insufficiency" to "strong supply and weak demand," indicating a dual approach to address supply-demand imbalances[12] - Policies will emphasize increasing residents' income and enhancing service consumption to stimulate demand[12] Risk Management - The approach to risk has transitioned from "preventing risks" to "managing risks," reflecting progress in controlling major risks in real estate and local government debt[13] Market Implications - Short-term market adjustments are anticipated following the Central Economic Work Conference, but the prevailing bull market sentiment may provide opportunities for investment[14] - High-growth sectors such as AI, new energy, and semiconductors are expected to outperform in the near term, while high-dividend stocks will gain attention later in the year[15]

New Stock Issuance - Tian Su Measurement (证券代码: 301449) issued at a price of 36.80[1] - Xi Hua Technology (证券代码: 732248) issued at a price of 10.10[1] Tender Offer Periods - Tender offer for Quan Yin Gao Ke (证券代码: 300087) from December 4, 2025, to January 5, 2026[1] - Tender offer for Tian Pu Shares (证券代码: 605255) from November 20, 2025, to December 19, 2025[1] Trading Alerts - *ST Guang Dao (证券代码: 920680) has 13 trading days remaining until the last trading day[1] - *ST Su Wu (证券代码: 600200) has 11 trading days remaining until the last trading day[1] Abnormal Fluctuations - Sai Wei Electronics (证券代码: 300456) reported severe abnormal fluctuations[1] - Other stocks with abnormal fluctuations include *ST Li Fang (证券代码: 300344) and *ST Zheng Ping (证券代码: 603843)[1]

Group 1: New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Group 2: Delisting and Trading Alerts - *ST广道 (920680) has 14 trading days remaining until the last trading day[1] - 退市苏吴 (600200) has 12 trading days remaining until the last trading day[1] Group 3: Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 梦天家居 (603216) has an announcement dated December 3, 2025, regarding stock performance[1] Group 4: Other Notable Stocks - 海欣食品 (002702) has an announcement dated December 10, 2025[1] - 海王生物 (000078) has an announcement dated December 8, 2025[1]

New Stock Listings - Baiaosaitu (688796) listed at an issue price of 26.68 on December 10, 2025[1] - Quanyin Gaoke (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - Tiangong Co. (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - ST Guangdao (920680) enters the delisting arrangement period starting December 11, 2025[1] - ST Suwu (600200) has 13 trading days remaining until the last trading day[1] Market Volatility - Hai Xin Food (002702) reported severe abnormal fluctuations[1] - Anji Food (603696) and other companies are under observation for abnormal trading activities[2] Additional Announcements - Multiple companies including Dongbai Group (600693) and Nanjing Business Travel (600250) have recent announcements linked to their stock codes[1] - Various companies are linked to announcements regarding abnormal fluctuations and trading activities[3]