12月24日，中光防雷涨5.08%，截至发稿，报16.33元/股，成交9.79亿元，换手率20.50%，总市值53.24 亿元。中光防雷股价已经连续4天上涨，区间累计涨幅25.73%。 资料显示，四川中光防雷科技股份有限公司位于四川省成都高新区西部园区天宇路19号，成立日期2004 年2月18日，上市日期2015年5月13日，公司主营业务涉及防雷产品的研发、生产和销售,防雷工程的设 计和安装,提供防雷产品和防雷工程一体化的整体解决方案。铁路行业防雷领域的业务。主营业务收入 构成为：防雷系列产品68.02%，非防雷产品27.30%，防雷工程及服务4.68%。 从中光防雷十大流通股东角度 数据显示，国泰海通资管旗下1只基金位居中光防雷十大流通股东。国泰海通中证500指数增强A （014155）三季度新进十大流通股东，持有股数67.02万股，占流通股的比例为0.21%。根据测算，今日 浮盈赚取约52.95万元。连续4天上涨期间浮盈赚取213.12万元。 国泰海通中证500指数增强A（014155）成立日期2021年12月15日，最新规模23.16亿。今年以来收益 31.38%，同类排名1501/4197；近一年收益 ...

智通财经APP获悉，国泰海通发布研报称，首次覆盖极智嘉-W(02590)，给予"增持"评级。公司为全球 最大的仓储履约类机器人解决方案提供商，2025H1实现营业收入10.3亿元，同比+31.0%。该行预计 2025-2027年归母净利润1.37/3.32/6.06亿元，收入分别为31.3/40.3/51.2亿元。公司主营业务结构清晰，技 术优势显著，该行采用PS估值最终给予公司2026年10.0倍PS估值，对应合理市值为403亿人民币，对应 公司目标价32.76港元(按1港元=0.92元换算)。 国泰海通主要观点如下： 加大具身智能方向研发投入，进一步提升行业领导地位 公司于2025年7月30日设立北京极智嘉具身智能科技有限公司，公司将通过"AI+机器人技术"，颠覆传 统的仓储自动化逻辑，实现通过软件算法层对机器人的柔性调度，以更低部署成本、更快响应速度，为 终端客户提供用户友好、技术先进的智能机器人解决方案。同时在"人工智能+仓储"的场景中，公司将 加大对机械手拣货、通用机器人等具身智能技术研发和相关产品业务投入，与公司现有仓储机器人业务 实现紧密协同，借助现有的品牌和业务网络，有望快速推进技术和产品的广 ...

国泰海通发布研报称，首次覆盖极智嘉-W(02590)，给予"增持"评级。公司为全球最大的仓储履约类机 器人解决方案提供商，2025H1实现营业收入10.3亿元，同比+31.0%。该行预计2025-2027年归母净利润 1.37/3.32/6.06亿元，收入分别为31.3/40.3/51.2亿元。公司主营业务结构清晰，技术优势显著，该行采用 PS估值最终给予公司2026年10.0倍PS估值，对应合理市值为403亿人民币，对应公司目标价32.76港元 (按1港元=0.92元换算)。 国泰海通主要观点如下： 25H1分业务看，公司机器人解决方案销售收入10.24亿元，同比+31.5%，占公司总收入99.9%;RaaS服务 业务收入0.01亿元。公司的技术创新、产品质量的承诺和长期可靠的服务吸引了全球超850家终端客户 的广泛认可和接受，公司已向全球40多个国家和地区交付了超66,000台机器人，其中服务全球超65家福 布斯世界500强企业，客户复购率超80%。2025年上半年，公司录得订单人民币17.6亿元，较2024年同 期增加30.1%。 加大具身智能方向研发投入，进一步提升行业领导地位 公司于2025年7月3 ...

广州新济医药股份有限公司-B向港交所提交上市申请书，独家保荐人为国泰海通。 ...

智通财经APP获悉，国泰海通发布研报称，滔搏(06110)Q3销售金额跌高单，基本延续H1趋势，预计26 财年关店大幅减少，维持全年指引不变。NIKE与公司加强合作，回收老旧库存、减少促销力度，考虑 到短期终端零售仍面临压力，该行小幅下调公司盈利预测。该行预计FY2026/27/28公司归母净利润分别 为12.5/14.5/17.2亿元，给予FY2027PE15X，按照1港元=0.92人民币换算，对应目标价3.81港元/股，维 持"增持"评级。 国泰海通主要观点如下： Q3销售金额跌高单，基本延续H1趋势 FY26Q3(25.9-11)滔搏零售及批发总销售金额同比下降高单位数，跌幅环比Q2持平，去年同期下降中单 位数。零售表现好于批发，趋势与上半财年基本一致。受去年基数影响，线下零售略有改善、线上零售 略有放缓。由于线上渠道收入占比提升，零售折扣同比有所加深，但加深幅度环比收窄，主因线上线下 分化幅度收窄。本季度末库存同比下降，库龄结构环比改善。 本季度末公司直营门店毛销售面积环比下降1.3%，同比下降13.4%。Q3虽仍净关店但幅度较Q2放缓， 预计26财年关店数目相比25财年大幅减少。公司维持26财年指引 ...

Q3销售金额跌高单，基本延续H1趋势 FY26Q3(25.9-11)滔搏零售及批发总销售金额同比下降高单位数，跌幅环比Q2持平，去年同期下降中单 位数。零售表现好于批发，趋势与上半财年基本一致。受去年基数影响，线下零售略有改善、线上零售 略有放缓。由于线上渠道收入占比提升，零售折扣同比有所加深，但加深幅度环比收窄，主因线上线下 （300959）分化幅度收窄。本季度末库存同比下降，库龄结构环比改善。 国泰海通发布研报称，滔搏(06110)Q3销售金额跌高单，基本延续H1趋势，预计26财年关店大幅减少， 维持全年指引不变。NIKE与公司加强合作，回收老旧库存、减少促销力度，考虑到短期终端零售仍面 临压力，该行小幅下调公司盈利预测。该行预计FY2026/27/28公司归母净利润分别为12.5/14.5/17.2亿 元，给予FY2027PE15X，按照1港元=0.92人民币换算，对应目标价3.81港元/股，维持"增持"评级。 NIKE与公司加强合作，回收老旧库存、减少促销力度 国泰海通主要观点如下： 公司主要品牌合作伙伴NIKE此前公布FY26Q2(25.9-11)业绩，大中华区收入中性下降16%，预计26财年 均属 ...

当前，证券行业正深入践行中国特色金融文化，将"五要五不"要求融入行业高质量发展中。国泰海通党 委副书记、总裁李俊杰日前在接受中国证券报记者专访时表示，中国特色金融文化为证券行业文化建设 提供了根本遵循、指明了前进方向，国泰海通多年来坚持党对文化建设的全面领导，积极培育中国特色 金融文化，将"五要五不"的要求贯穿经营管理全过程，系统构建以"金融报国""金融向善"等为特色的新 文化理念体系。 据李俊杰介绍，国泰海通在文化融合焕新过程中，已基本形成了"国泰海通共识"，未来将为助力文化建 设与高质量发展同频共振、相互促进，为客户提供一站式全生命周期金融服务，为进一步构建各具特色 的证券企业文化、共塑"各美其美、美美与共"的行业文化新风貌，贡献国泰海通力量。 培育中国特色金融文化 助力金融强国建设 中国特色金融文化是金融强国建设的重要精神支撑。李俊杰认为，中国特色金融文化"五要五不"的核心 要义是"两个结合"在金融领域的生动体现，吸收了中华优秀传统文化和红色金融文化中的精华，体现了 中国特色金融文化的本质要求，夯实了金融发展的文化根基，为证券行业文化建设提供了根本遵循，并 指明了前进方向。 对于证券行业积极培育中国特色 ...

Group 1 - The core viewpoint of the article emphasizes the importance of cultivating a distinctive financial culture in the securities industry to support high-quality development and align with the "14th Five-Year Plan" [1][3] - The "Five Musts and Five Must Nots" principle is integrated into the industry's development, providing a framework for cultural construction and guiding operational management [2][3] - The securities industry is recognized as a key player in direct financing and economic service, necessitating a balance between functional service and profitability [3][4] Group 2 - The cultivation of a distinctive financial culture is seen as essential for enhancing the industry's social reputation and addressing risks, thereby contributing to the resilience of the capital market [3][4] - The article highlights the role of party leadership in guiding cultural development within the securities industry, ensuring alignment with political directions [5][6] - Future trends in cultural construction within the securities industry include strengthening party leadership, focusing on economic service, and enhancing the cultural influence and cohesion of the industry [6][11] Group 3 - The merger of Guotai Junan and Haitong Securities is noted as a significant event in the industry, emphasizing the importance of cultural integration during this process [8][9] - The company has achieved high ratings in cultural construction assessments and has received multiple awards for its contributions to cultural and social responsibility [6][7] - The company aims to provide comprehensive financial services while fostering a culture of collaboration, innovation, and compliance to enhance operational efficiency and customer service [10][11]

Group 1: Tesla and Autonomous Driving - Tesla's CEO Elon Musk confirmed the company has begun testing autonomous taxis without safety drivers, indicating a breakthrough in embodied intelligence technology [1][2] - The investment landscape in the embodied intelligence sector is shifting towards leading companies and addressing supply chain gaps, with 35 financing deals reported in November 2025 [2] Group 2: Space Policy and Commercial Launches - On December 18, former President Trump signed an executive order outlining a vision for a "America First" space policy, aiming for a return to the Moon by 2028 and establishing initial facilities for a permanent lunar outpost by 2030 [3] - The Long March 12 rocket successfully launched from Hainan on December 12, delivering 16 low-orbit satellite internet satellites, marking a significant advancement in China's commercial space efforts [3] Group 3: Engineering Machinery Exports - In October 2025, China's engineering machinery trade reached $4.844 billion, with exports totaling $4.668 billion, reflecting a year-on-year increase of 1.29% [4] - November saw strong sales in key engineering machinery products, with excavator sales at 20,027 units (up 13.9% year-on-year) and loader sales at 11,419 units (up 32.1% year-on-year), indicating robust growth in overseas expansion for domestic companies [4]

Core Insights - The media industry is at a critical juncture with the accelerated development of AI applications and an upward cycle in the entertainment sector, with strong performance expected in 2025 and continued strength in 2026 due to product and policy resonance [1][2] AI Applications - The issuance of the "Opinions on Deepening the Implementation of 'Artificial Intelligence+'" by the State Council in August 2025 marks AI's elevation to a national strategic level, potentially creating new ecosystems, scenarios, and businesses similar to the "Internet+" trend [3] - Domestic IPs like "Nezha" and "Black Myth: Wukong" are not only popular in China but are also gaining global traction, showcasing the vitality of entertainment content from the internet era [3] Industry Performance - The media index saw a maximum increase of over 40% within the year, with the gaming sector leading the charge, achieving a maximum increase of 98.45% [2] - In the first three quarters of 2025, the media industry reported a robust total operating income, with net profit attributable to shareholders growing nearly 40% year-on-year, driven primarily by the gaming sector, which saw a net profit increase of nearly 90% [2] Policy Impact - The introduction of new policies by the National Radio and Television Administration in August aims to promote innovation in the entertainment industry, injecting new vitality into content creation [3] - Following several years of a "cold winter" in the film and television sector, the gradual removal or adjustment of existing regulatory policies is expected to lead to a reversal in both policy and performance for the entertainment industry [4] Future Outlook - The launch of multiple new games in 2025 has shown high traffic and revenue, which is expected to continue into 2026, with upcoming titles like "Honor of Kings World," "Yihuan," and "Famous Generals Kill" generating anticipation in the gaming market [4] - The company recommends focusing on sectors such as gaming, film, AI applications, and IPs based on the development of AI and the upward cycle of the cultural entertainment sector [5]