Group 1 - The new stock and newly listed sector continues to exhibit a speculative trend, with localized highlights becoming more pronounced. The current adjustment cycle has lasted nearly four months, and the negative impact from the failure to reach a bottom in early December is expected to have been digested over the past few weeks. A turning point for this adjustment cycle may be approaching [1][2][13] - The average increase in the new stock sector since the beginning of 2024 is approximately 1.2%, with about 60.1% of stocks achieving positive returns, indicating a recovery from the previous week’s average decline of -2.0% [1][13][28] - External catalysts are increasing, including the central bank's encouragement to raise long-term capital investment in A-shares, which may boost overall market risk appetite. Additionally, the Shanghai Stock Exchange's new listing standards for commercial aerospace companies may enhance trading enthusiasm in current popular themes [2][13] Group 2 - The focus remains on technology sectors, particularly in areas such as AI computing power, robotics, and commercial aerospace, which have significant long-term growth potential. Continuous attention and active search for emerging hotspots within these sectors are recommended [3][13] - For sectors that are currently popular, it is advised to manage the rhythm of adjustments and consider rotational investments, including innovative pharmaceuticals, new energy, new consumption, and non-ferrous chemicals [3][13] Group 3 - Upcoming new stocks include Qiangyi Co., Yufan Technology, Shuangxin Environmental Protection, and Hengdong Light [4][33] - Last week, three new stocks were available for online subscription, with an average issuance price-earnings ratio of 18.7X and an average subscription success rate of 0.0210% [5][21] - The average first-day increase for newly listed stocks last week was approximately 265%, indicating sustained high trading enthusiasm, although this was a slight decrease from the previous week’s average of 343% [5][25][26]

Core Viewpoint - Tian Gong Co., Ltd. (stock code: 920068) experienced significant trading activity on December 25, 2025, with a turnover rate of 31.41% and a trading volume of 19.698 million shares, amounting to a total transaction value of 413 million yuan [1]. Trading Activity Summary - The stock reached a closing price of 21.08 yuan on the day of trading [1]. - The top buying seat was from Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a purchase amount of approximately 6.97 million yuan [2]. - The top selling seat was also from Guosen Securities Co., Ltd. Shenzhen Internet Branch, with a selling amount of approximately 20.32 million yuan [2]. Detailed Trading Data - The trading data includes various securities firms with notable buy and sell amounts: - Guosen Securities Shenzhen Hongling Middle Road: Buy 6.97 million yuan, Sell 5.11 million yuan [2]. - Dongfang Caifu Securities Lhasa Tuanjie Road Second Securities Business Department: Buy 6.51 million yuan, Sell 4.24 million yuan [2]. - Dongfang Caifu Securities Lhasa Tuanjie Road First Securities Business Department: Buy 6.40 million yuan, Sell 4.00 million yuan [2]. - Guosen Securities Shenzhen Internet Branch: Buy 6.16 million yuan, Sell 20.32 million yuan [2].

Group 1 - Tian Gong Co., Ltd. (stock code: 920068) experienced a price increase of 1.05% today, with a turnover rate of 31.41% and a total transaction amount of 413 million yuan, showing a volatility of 10.69% [1][2] - The stock was listed on the trading board due to its turnover rate reaching 31.41%, with a net selling amount of 28.52 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 97.44 million yuan, with a buying amount of 34.46 million yuan and a selling amount of 62.98 million yuan, resulting in a net selling of 28.52 million yuan [2] Group 2 - The largest buying brokerage was Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a buying amount of 6.97 million yuan, while the largest selling brokerage was Guosen Securities Co., Ltd. Shenzhen Internet Branch, with a selling amount of 20.32 million yuan [2] - Detailed trading information shows that the top buying and selling brokerages had significant transactions, with the first buying brokerage also being involved in selling, indicating active trading behavior [2]

Core Insights - As of December 24, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.959 billion yuan, an increase of 71.38 million yuan from the previous trading day, marking a continuous increase for four consecutive trading days [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest balances of 399 million yuan, 370 million yuan, and 339 million yuan respectively [1] - A total of 182 stocks on the Beijing Stock Exchange received net margin purchases on December 24, with 44 stocks having net purchases exceeding 1 million yuan, led by Tianli Composite with a net purchase of 9.5846 million yuan [1][2] Margin Financing Overview - The margin financing balance increased for the following stocks on December 24: - Tianli Composite: 572.73 million yuan, up by 9.5846 million yuan, with a market value ratio of 0.67% [2] - Tiangong Co.: 321.16 million yuan, up by 6.5918 million yuan, with a market value ratio of 2.46% [2] - Hongyu Packaging: 254.18 million yuan, up by 6.407 million yuan, with a market value ratio of 0.83% [2] Industry Performance - The industries with the highest concentration of stocks receiving net margin purchases over 1 million yuan include machinery equipment, automotive, and basic chemicals, with 6, 5, and 4 stocks respectively [2] - On December 24, stocks with net margin purchases exceeding 1 million yuan had an average increase of 0.98%, with notable gainers including Tiangong Co. (up 16.15%), Jiahe Technology (up 9.60%), and Litong Technology (up 6.73%) [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 4.60%, with the highest turnover rates seen in Tiangong Co. (38.53%), Xingchen Technology (21.24%), and Knight Dairy (18.00%) [2]

Core Viewpoint - Tian Gong Co., Ltd. (stock code: 920068) experienced a significant increase of 16.15% in its stock price, with a trading volume of 5.07 billion yuan and a turnover rate of 38.53% on the day of reporting [2] Trading Activity - The stock was listed on the North Exchange due to its turnover rate reaching 38.53%, with a net buying amount of 24.91 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction volume of 109 million yuan, with a buying amount of 66.90 million yuan and a selling amount of 41.99 million yuan, resulting in a net buying of 24.91 million yuan [2] - The largest buying and selling brokerage seat was Guosen Securities Co., Ltd. Shenzhen Internet Branch, with a buying amount of 26.11 million yuan and a selling amount of 12.28 million yuan [2] Detailed Brokerage Activity - The detailed trading information for Tian Gong Co., Ltd. on December 24 includes: - Buy 1: Guosen Securities Shenzhen Internet Branch - Buy: 26.11 million yuan, Sell: 12.28 million yuan - Buy 2: Guojin Securities Shenzhen Branch - Buy: 11.68 million yuan, Sell: 5.94 million yuan - Buy 3: Dongfang Securities Chongqing Jinzhu Avenue Branch - Buy: 7.98 million yuan, Sell: 0.27 million yuan - Buy 4: Dongfang Fortune Securities Lhasa East Ring Road Branch - Buy: 6.20 million yuan, Sell: 4.99 million yuan - Buy 5: Dongfang Fortune Securities Lhasa Tuanjie Road Branch - Buy: 5.77 million yuan, Sell: 3.49 million yuan - Sell 1: Guosen Securities Shenzhen Internet Branch - Buy: 26.11 million yuan, Sell: 12.28 million yuan - Sell 2: Guosen Securities Shenzhen Hongling Middle Road Branch - Buy: 5.51 million yuan, Sell: 10.24 million yuan - Sell 3: Guojin Securities Shenzhen Branch - Buy: 11.68 million yuan, Sell: 5.94 million yuan - Sell 4: CITIC Securities Beijing Dongcheng Branch - Buy: 3.66 million yuan, Sell: 5.01 million yuan - Sell 5: Dongfang Fortune Securities Lhasa East Ring Road Branch - Buy: 6.20 million yuan, Sell: 4.99 million yuan [2]

Group 1 - The small metal sector experienced a short-term surge, with Tian Gong Co., Ltd. rising over 10% [1] - Other companies that followed the upward trend include Guiyan Platinum Industry, BaoTi Co., Ltd., Haotong Technology, Xingye Silver Tin, and Western Materials [1]

天工国际港股市值82.02亿港元，在钢铁行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 机构评级详情见下表： 天工国际(00826.HK)发布公告，本公司的附属公司江苏天工科技股份有限公司(天工股份)聘任张祺先生 为公司证券事务代表，任职期限至第四届董事会任期届满之日止，自2025年12月12日起生效。该人员持 有公司股份0股，占公司股本的0%，不是失信联合惩戒对象。 截至2025年12月12日收盘，天工国际(00826.HK)报收于3.15港元，上涨4.65%，成交量1898.6万股，成交 额5887.44万港元。投行对该股的评级以买入为主，近90天内共有3家投行给出买入评级，近90天的目标 均价为4.38港元。东吴证券最新一份研报给予天工国际买入评级。 ...

天工国际(00826)发布公告，本公司的附属公司江苏天工科技股份有限公司(天工股份)聘任张祺先生为公 司证券事务代表，任职期限至第四届董事会任期届满之日止，自2025年12月12日起生效。该人员持有公 司股份0股，占公司股本的0%，不是失信联合惩戒对象。 ...

Core Viewpoint - Tian Gong International (00826) announced the appointment of Mr. Zhang Qi as the securities affairs representative of its subsidiary, Jiangsu Tian Gong Technology Co., Ltd., effective from December 12, 2025, until the end of the fourth board term [1] Group 1 - The appointed representative holds 0 shares of the company, representing 0% of the company's equity [1] - Mr. Zhang Qi is not listed as a subject of joint disciplinary action for dishonesty [1]

（上述人员简历详见附件） 证券代码：920068 证券简称：天工股份 公告编号：2025-125 江苏天工科技股份有限公司证券事务代表变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、证券事务代表任命的基本情况 鉴于江苏天工科技股份有限公司（以下简称"公司"）原证券事务代表褚明凡女士 于近日向公司提交了辞职申请，申请辞去公司证券事务代表职务。公司于 2025 年 12 月 12 日召开了第四届董事会第十六次会议，审议通过了《关于聘任公司证券事务代表 的议案》。 聘任张祺先生为公司证券事务代表，任职期限至第四届董事会任期届满之日止，自 2025 年 12 月 12 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联 合惩戒对象。 《江苏天工科技股份有限公司第四届董事会第十六次会议决议》 江苏天工科技股份有限公司 董事会 二、证券事务代表离任的基本情况 本公司褚明凡女士，因个人原因辞任，自 2025 年 12 月 12 日起不再担任证券事务 代表。该人员持有公司股份 0 股，占公 ...