2025.12. 22 作者 | 一财阿驴 12月22日，A股三大指数集体走强，截至收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨 2.23%。 | 代码 | 名称 | | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | man | 1 | 3917.36c | 26.92 | 0.69% | | 399001 | 深证成指 | Jun | 3 | 13332.73c | 192.52 | 1.47% | | 399006 | 创业板指 | Vm | S | 3191.98c | 69.75 | 2.23% | 盘面上，海南自贸港概念股掀涨停潮；半导体产业链爆发，CPO、先进封装、硅片方向领涨；AI手 机、宇树机器人、智能驾驶题材活跃；医药商业指数回调明显。 具体来看，海南板块集体爆发，海南矿业、海南瑞泽、海南发展等超20股涨停。 | 代码 | 名称 | 涨幅4 | 现价 | | --- | --- | --- | --- | | 300189 | 神农种业 | +20.03% | ...

中信建投证券研报指出，迈瑞医疗是国内医疗器械领域龙头公司，多个产品领域市占率国内领先。短期 来看，公司迎来长周期拐点，25Q3收入同比增速转正，25Q4增速有望进一步提升，2026年有望回归稳 健增长，在业绩修复、港股上市、战略转型背景下实现估值重塑。中长期来看，数智化、流水化、国际 化三大战略布局清晰，业务结构由设备销售为主向可持续、复购型收入模式升级，将打开更大的成长天 花板；公司研发创新、销售管理、国际化和并购能力已得到充分验证，全球市场份额将持续提升、加速 迈向全球医疗器械Top10，2026年港股上市将进一步提升全球影响力、优化股东结构。维持"买入"评 级。 ...

Core Viewpoint - The report from CITIC Securities indicates that fiber optic prices in the Chinese market have been rising since the third quarter of this year, reflecting strong demand and tight overall supply [1] Group 1: Market Demand and Supply - There is robust overseas demand, with strong export performance indicating a thriving global fiber optic cable market [1] - The current demand recovery, combined with rising prices, suggests that leading companies in the industry may experience both profit and valuation increases [1] Group 2: Industry Dynamics - Following the supply-demand imbalance and price drop in 2019, manufacturers are expected to expand production more rationally this time [1] - The expansion cycle for components like optical preforms is relatively long, which may impact the speed of supply adjustments [1]

Group 1 - The establishment of the investor education base in Hangzhou marks a significant step for the company in enhancing its educational services and deepening its market presence since its inception in 2013 [1] - The company emphasizes the importance of investor education as a foundational aspect of the futures industry, with previous successful initiatives such as the public investor education base in Chongqing [1] - Hangzhou, as a core city in the Yangtze River Delta, has a strong industrial foundation and active trade, leading to a pressing demand for professional futures knowledge and risk management services [1] Group 2 - Following the awarding ceremony, the Hangzhou branch's lecturer team provided insights into the commodity market outlook for 2026, discussing supply and demand dynamics influenced by growth stabilization and "anti-involution" policies [2] - The company aims to continue serving the Yangtze River Delta region with a commitment to its "finance for the people" mission, enhancing its professional capabilities and innovative service models [2] - The focus will be on providing continuous financial support for the high-quality development of the regional economy [2]

Core Viewpoint - The domestic G652D fiber optic prices have been steadily increasing since Q3 2023, indicating strong industry demand and tight overall supply, with robust overseas demand and export performance [1] Group 1: Export Performance - China's optical fiber rod exports from January to November 2025 saw a year-on-year increase of 87.78% in volume and 77.36% in value; optical fiber exports increased by 48.74% in volume and 63.37% in value [1] - The growth rate has notably accelerated since October 2023, reflecting strong global demand for optical fibers and cables [1] Group 2: Market Demand Drivers - Strong growth in exports is attributed to robust global demand, particularly from the AI sector, with Corning's Enterprise Network business in North America experiencing year-on-year growth of 106%, 81%, and 58% from Q1 to Q3 2025 [1] - The demand for G657 fiber is also driven by applications such as battlefield drones, which consume significant amounts of this type of fiber [1] Group 3: Future Demand Projections - The demand for optical fibers is expected to continue growing due to the anticipated increase in global optical module demand, projected to rise significantly through 2026 [1] - There is an expectation that the demand for optical fibers will scale up by 2027, with Data Center Interconnect (DCI) also contributing to substantial demand [1] Group 4: Industry Outlook - Concerns about the supply-demand balance in the optical fiber and cable market persist, but it is believed that manufacturers will approach capacity expansion more rationally compared to the imbalances seen in 2019 [1] - The current demand recovery, coupled with rising prices, may lead to both profit and valuation increases for leading companies in the industry [1]

Core Viewpoint - The A-share market is expected to stabilize and recover in risk appetite, with a spring rally anticipated in 2026 as the overseas environment becomes more stable and liquidity expectations are clarified [1][4][7]. Group 1: Market Outlook - Multiple brokerages indicate that a classic "cross-year-spring" rally is brewing, with significant institutional investors increasing their holdings in broad-based ETFs, providing stable incremental capital to the market [1][10][11]. - The spring market is characterized by a favorable liquidity environment, with historical patterns suggesting a high probability of a rebound before the Spring Festival [7][10]. - The market is currently experiencing a narrow range of fluctuations, influenced by external factors such as U.S. Federal Reserve policies and Japanese central bank actions, but is expected to resonate upward with global markets [8]. Group 2: Investment Strategies - Investors are advised to adopt a strategy of finding buying points and waiting for opportunities, rather than chasing prices, as the market adjustment appears to be sufficient [2][12]. - Focus areas for investment include sectors benefiting from domestic demand, such as AI applications, commercial aerospace, and tourism, as well as cyclical recovery sectors [4][11][13]. - The spring rally is seen as an opportunity to invest in high-growth sectors, with recommendations to pay attention to industries like industrial metals, non-bank financials, and tourism-related services [11][14]. Group 3: Currency and Asset Allocation - Investors are encouraged to adapt to a continuously appreciating RMB environment, with certain industries expected to benefit from improved profit margins due to currency appreciation [3]. - Approximately 19% of industries may see profit margin improvements due to the RMB's appreciation, which could attract investor attention [3].

Group 1: Market Overview - The Shanghai Composite Index experienced a rebound last Friday, with a trading volume of 1.73 trillion yuan, an increase of 70.4 billion yuan compared to the previous trading day [1] - By the close of last Friday, the Shanghai Composite Index rose by 0.36%, the Shenzhen Component Index increased by 0.66%, and the ChiNext Index gained 0.49% [1] Group 2: Insurance Industry Outlook - Zhongtai Securities forecasts that the core premium income and value growth of listed insurance companies are expected to maintain double-digit growth by 2026, driven by asset reallocation and a favorable equity market [2] - The insurance sector is anticipated to benefit from the growth in the number of cooperative outlets and improved production capacity, with individual insurance channels supported by a strong workforce structure [2] Group 3: Fiber Optic Industry Insights - CITIC Construction Investment reports that since Q3 of this year, fiber optic prices in the Chinese market have been rising, indicating strong demand and tight overall supply [3] - The strong overseas demand and robust export performance reflect a thriving global fiber optic market, with leading companies in the industry likely to see both profit and valuation increases [3] Group 4: Real Estate Market Trends - Guojin Securities notes that the new housing market is experiencing a year-end surge, with an increase in quality projects in key cities contributing to an overall market recovery [4] - This week, new housing sales area significantly rebounded, with 434,000 square meters sold across 47 cities, marking a new weekly high since October [4]

Core Insights - Ant Group's AI health application "Ant Aifu" has rapidly climbed to the 3rd position in the Apple App Store download rankings following its new version release [1] - The domestic AI healthcare sector has seen continuous advancements in policy, technology, products, and applications this year [1] - Technological breakthroughs are expected to transition from individual products to a full-chain scenario, with application scenarios moving from large hospitals to grassroots and individual levels [1] Industry Trends - AI healthcare demonstrates significant application value in enhancing medical device functionality, interpreting test results, assisting clinical decision-making, and health management [1] - Medical enterprises and hospitals must prioritize AI healthcare as an innovative direction and competitive trend [1] - With ongoing national policies and industry technology catalyzing developments, the application scenarios for AI healthcare are expected to accelerate [1]

人民财讯12月22日电，中信建投研报称，蚂蚁集团旗下AI健康应用"蚂蚁阿福"新版App发布后，下载量 迅速攀升，位居苹果应用商店下载总榜的第3位。今年以来，国内AI医疗在政策、技术、产品及应用等 方面均有持续进展，技术突破有望从单个产品走向场景全链条，应用场景从大医院下沉到基层和个体。 AI医疗在提升医疗器械功能、检查检验结果解读、辅助临床医生决策、健康管理等多个领域的应用价 值较大，是医疗企业和医院必须重视的创新方向和竞争趋势。在国家政策和行业技术的持续催化下， AI医疗应用场景有望加速落地，建议关注行业投资机会。 转自：证券时报 ...

Core Viewpoint - The article highlights the potential investment opportunities in the Hong Kong stock market as it approaches a year-end trading window, with favorable policy support for the consumer sector and low valuation levels in various sub-sectors [1][5][11]. Group 1: Market Insights - Hong Kong stocks are experiencing a year-end trading window, with quality assets entering a high cost-performance zone due to macroeconomic improvements and profit expectations [5]. - The Japanese central bank's recent interest rate hike to 0.75% is expected to improve overseas liquidity expectations, which may positively impact global markets [3]. - The U.S. stock market is anticipated to remain volatile, particularly high-valuation assets, as it navigates between revaluation and sentiment recovery [7]. Group 2: Sector Analysis - The consumer sector is positioned for recovery, with multiple sub-sectors currently at historically low valuation levels, benefiting from policy support aimed at enhancing corporate profitability [11]. - Strong cyclical sectors such as non-ferrous metals, aluminum, chemicals, and machinery are expected to be key trading catalysts in the first quarter of 2026 [6]. - Industrial metals are projected to maintain a long-term positive trend despite short-term price pressures due to uncertainties in interest rates and the dollar [12]. Group 3: Economic Outlook - The overall economic growth in 2026 is expected to remain under pressure, but investment may stabilize at low levels, with gradual improvements in consumption and resilient exports [10]. - The market is likely to transition from a valuation-driven rally to one supported by corporate earnings, with a focus on modernization and capacity expansion as key trends [10]. - The trust in the U.S. dollar is declining, which may influence global economic dynamics and investment strategies [15].