在此，公司提醒广大投资者，公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力， 不传播、不采信来源不明或未经核实的虚假信息。此外，对于任何捏造、散布传播不实信息的行为，公 司将保留追究相关人员法律责任的权利。 人民财讯12月4日电，寒武纪发布严正声明，公司关注到今日媒体及网络传播的关于公司产品、客户、 供应及产能预测等相关信息，均为误导市场的不实信息。 ...

寒武纪发布严正声明称，公司关注到今日媒体及网络传播的关于公司产品、客户、供应及产能预测等相关信息，均为误导市场的不实信息。 在此，公司提醒广大投资者，我公司相关事项均以公开披露信息为准，请各位投资者提高信息辨别能力，不传播、不采信来源不明或未经核实的虚 假信息。 此外，对于任何捏造、散布传播不实信息的行为，公司将保留追究相关人员法律责任的权利。 ...

Bernstein将寒武纪评级上调至跑赢大盘，目标价2000元。 ...

Bernstein将寒武纪评级上调至跑赢大盘，目标价2,000元人民币。 ...

A股复盘 | 干就完了 / 2025.12.04 现在的票，有量化上天入地死去活来，没量化无人问津半死不活！ 这是漫漫游资路公众号写的，太形象了吧！ 给你们看个图，资金已经慢慢撤退了！正如网友评论的，一点牛市的样子也没了，反而是流动性枯竭的xiongshi特征。 如果按照往年经验，一些大资金回归，那可能迎来跨年行情，如果不按照往年经验，那就不好说了！ 股东减持，量化收割，游资狙击，散户空仓为妙！ | | | | .. 图: 2008年以来历轮岁末年初躁动行情复盘 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年份 1 | 起始日 | 结束日 | 启动原因 | | | 躁动行情期间 | | | | | | | | | 区间领涨风格 | | 区间领涨行业 | | | 2008 年 | 2008/11/5 | 2009/2/16 | "四万亿"政策 | 先进制 | 科技 | 建筑材科 | 有色金属 | 国防军工 | | | | | | 道 | | (119%) | (107%) | (103%) | | | | | 国内企 ...

Market Overview - The average stock price of A-shares is 13.53 yuan, with 149 stocks priced over 100 yuan, a decrease of 3 from the previous trading day [1] - The Shanghai Composite Index closed at 3875.79 points, down 0.06% [1] High-Value Stocks - Among the stocks priced over 100 yuan, Kweichow Moutai has the highest closing price at 1423.98 yuan, down 0.36% [1] - The average price of stocks over 100 yuan increased by 0.72%, outperforming the Shanghai Composite Index by 0.77 percentage points [1] Performance Trends - In the past month, the average price of stocks over 100 yuan has decreased by 0.80%, while the Shanghai Composite Index fell by 2.53% [2] - Top performers in the past month include Tianpu Co., Changguang Huaxin, and Tengjing Technology, with increases of 74.66%, 53.75%, and 44.94% respectively [2] Industry Distribution - The electronics industry has the highest concentration among high-value stocks, with 55 stocks, accounting for 36.91% of the total [2] - The main board has 30 stocks, the ChiNext board has 51, and the Sci-Tech Innovation Board has 65, making up 43.62% of the high-value stocks [2] Institutional Ratings - Two stocks, Shanxi Fenjiu and Dongpeng Beverage, received buy ratings from institutions today [2]

Core Points - The Tonghuashun New Quality 50 concept index rose by 0.98%, ranking third among concept sectors, with 29 stocks increasing in value [1] - Notable gainers included Tianfu Communication, Sanhua Intelligent Control, and Green Harmony, which rose by 7.88%, 7.51%, and 5.34% respectively [1] - The sector experienced a net inflow of 4.885 billion yuan, with 27 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflow [2] Market Performance - The top-performing concept sectors included Reducers (1.17%), National Big Fund Holdings (0.99%), and Tonghuashun New Quality 50 (0.98%) [2] - The worst-performing sectors included Hainan Free Trade Zone (-3.35%), Dairy Industry (-3.13%), and China Shipbuilding System (-2.42%) [2] Fund Flow Analysis - The leading stocks in terms of net inflow ratio were Sanhua Intelligent Control (18.31%), China Satellite Communications (10.70%), and Aerospace Electric (10.07%) [3] - Sanhua Intelligent Control led the net inflow with 2.652 billion yuan, followed by Tianfu Communication (700 million yuan) and Cambrian (631 million yuan) [2] Stock Performance - The top gainers in the Tonghuashun New Quality 50 concept included: - Sanhua Intelligent Control: 7.51% increase, 8.86% turnover rate, 2.65189 billion yuan net inflow [3] - Tianfu Communication: 7.88% increase, 8.38% turnover rate, 700.3665 million yuan net inflow [3] - Cambrian: 2.75% increase, 1.69% turnover rate, 630.7565 million yuan net inflow [3] - The top losers included: - Inspur Software: 8.70% decrease, 19.07% turnover rate, -438.958 million yuan net outflow [5] - Worth Buying: 2.55% decrease, 10.47% turnover rate, -513.395 million yuan net outflow [5]

Market Overview - The Shanghai Composite Index fell by 0.06% on December 4, with 9 out of the 28 sectors rising, led by machinery and electronics, which increased by 0.90% and 0.78% respectively [1] - The total net outflow of funds from the two markets was 24.304 billion yuan, with 5 sectors experiencing net inflows, primarily in the machinery sector, which saw a net inflow of 2.911 billion yuan [1] Electronics Sector Performance - The electronics sector rose by 0.78% despite a net outflow of 3.866 billion yuan, with 471 stocks in the sector, of which 181 rose and 282 fell [2] - Notable stocks with significant net inflows included Cambrian Technologies (6.31 billion yuan), Changchuan Technology (5.23 billion yuan), and Shenghong Technology (4.79 billion yuan) [2] - The sector also had 23 stocks with net outflows exceeding 100 million yuan, with the largest outflows from Xiangnong Chip (759 million yuan), Huaying Technology (446 million yuan), and Jiangbolong (315 million yuan) [2][3] Fund Flow Analysis - The top gainers in the electronics sector included Cambrian Technologies (2.75%), Changchuan Technology (6.96%), and Shenghong Technology (2.19%), with respective main fund flows of 630.76 million yuan, 522.88 million yuan, and 479.37 million yuan [2] - Conversely, the largest losers included Xiangnong Chip (-3.56%), Huaying Technology (-2.76%), and Jiangbolong (-1.30%), with main fund outflows of 758.92 million yuan, 446.47 million yuan, and 314.74 million yuan [3]

Core Insights - The average stock price on the STAR Market is 38.94 yuan, with 65 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1369.00 yuan, which increased by 2.75% [1][2] - Among the stocks priced over 100 yuan, 231 stocks rose while 349 stocks fell today, with an average increase of 1.12% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 503.08%, with the highest premiums seen in companies like Shunwei New Materials and Cambrian-U [1][2] Stock Performance - Cambrian-U, the highest priced stock, closed at 1369.00 yuan, followed by Yuanjie Technology at 578.78 yuan and GuoDun Quantum at 443.90 yuan [1][2] - The stocks with the highest increase today include Zhongke Lanyun, Huahong Company, and Tuojing Technology, while the largest declines were seen in Kaipu Cloud, Baiwei Storage, and XGIMI Technology [1][2] Capital Flow - The net inflow of main funds into the hundred-yuan stocks today was 1.182 billion yuan, with Cambrian-U, SMIC, and Zhongwei Company leading in net inflows [2] - The total margin balance for hundred-yuan stocks is 91.988 billion yuan, with Cambrian-U and SMIC having the highest margin balances [2] Industry Distribution - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical, and computer industries, with 34, 9, and 8 stocks respectively [1]

新力量 New Force 第一上海研究部 research@firstshanghai.com 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 总第 4917 期 2025 年 12 月 4 日 星期四 研究观点 【公司评论】 亚马逊（AMZN，买入）：AI 驱动云计算和电商业务双引擎 Meta Platforms（META，买入）：持续优化 AI 算法推动增长飞轮，资本开支增 速将显著提升 寒武纪-U(688256，买入）：推理应用加速落地，算力缺口亟待缓解 速腾聚创（2498，买入）:ADAS 业务收入承压，机器人业务需求强劲 评级变化 | 公司 | 代码 | 评级 | | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 | ...