1、摩尔线程上周五登陆A股股价大涨，盘中市值一度超3000亿元。有市场观点认为，这打开了国产算 力概念股的估值空间。沐曦股份也即将登陆A股。 12月9日，A股市场算力概念股表现亮眼，其中，中创环保、恒信东方20CM涨停，鸿博股份10CM涨 停，合力泰、雷科防务逼近涨停，中际旭创再创历史新高，工业富联也一度大涨近8%。消息面上，算 力产业链最近多个利好催化剂： | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300056 | 中创环保 | 1 | 20.05 | 39.71亿 | -22.44 | | 300081 | 恒信东方 | 1 | 20.04 | 39.49亿 | -9.05 | | 002229 | 鸿博股份 | 1 | 10.01 | 91.10亿 | 53.13 | | 002217 | 合力泰 | 兼 | 9.88 | 283亿 | 58.16 | | 002413 | 雷科防务 | 1 | 9.45 | 128亿 | 123.17 | | 301396 | 宏景科技 | 1 | 7.6 ...

Core Insights - The consumer electronics manufacturing index experienced a strong rally on December 9, with significant gains among constituent stocks [1] Group 1: Stock Performance - Industrial Fulian saw an increase of over 6% [1] - Other notable performers included: - Ranke Electronics with a rise of 4.72% [1] - Lingyi iTech with a gain of 2.98% [1] - Furi Electronics increasing by 2.63% [1] - Wentai Technology up by 2.40% [1]

一、公司股票期权处于自主行权期的期权行权情况如下： ■ 二、本次限制行权期为：2025年12月12日至2025年12月31日，在此期间内全部激励对象将限制行权。 特此公告。 关于2019年股票期权与限制性股票激励计划限制行权期间的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指南第2号一业务办理》（第 八号一股权激励计划股票期权自主行权）《富士康工业互联网股份有限公司2019年股票期权与限制性股 票激励计划（草案修订稿）》及中国证券登记结算有限责任公司上海分公司关于股票期权自主行权的相 关规定，结合富士康工业互联网股份有限公司（以下简称"公司"）2025年半年度利润分配事项，现对 2019年股票期权与限制性股票激励计划处于自主行权期间的股票期权进行行权限制，具体情况公告如 下： 证券代码：601138 证券简称：工业富联 公告编号：临2025-087号 富士康工业互联网股份有限公司 富士康工业互联网股份有限公司 二〇二五年十二月九日 董事会 ...

Core Viewpoint - The AI industry chain stocks experienced a significant rally, with companies like Zhongchuang Environmental Protection and Hengxin Oriental hitting the 20% limit up, indicating strong market enthusiasm for AI-related investments [1] Industry Summary - Recent catalysts in the AI industry include major advancements such as Google's new model performance improvements, the strong capabilities demonstrated by TPU, the release of DeepSeek V3.2, Amazon's launch of Trainium 3, and the enthusiastic market response to the listing of Moore Thread [1] - Companies like NVIDIA, Alibaba, and AMD have denied the existence of an AI bubble, reinforcing the positive outlook for AI development [1] - CITIC Construction Investment Securities emphasizes that the world is currently undergoing an AI industrial revolution, comparable to the industrial revolution, and suggests that the impact is profound and should be observed from a long-term perspective [1] - The firm maintains an optimistic view on the demand for computing power driven by AI and continues to recommend investments in the AI computing power sector [1]

Summary of Stock Buybacks and Sell-offs on December 8 Core Insights - On December 8, several A-share listed companies disclosed their stock buyback and sell-off activities, indicating varying levels of confidence among shareholders and management regarding their companies' future performance [1][2]. Buyback Activities - Midea Group completed a share repurchase plan worth 10 billion yuan, intending to cancel 1.24% of the total share capital [2][4]. - Jingji Zhino plans to repurchase shares worth between 100 million to 200 million yuan, with a maximum buyback price of 23.7 yuan per share [2][4]. - Hailun Zhe intends to repurchase shares valued between 50 million to 100 million yuan [2][4]. - Changjiang Electric Power's controlling shareholder, China Three Gorges Group, increased its stake by 2.884 billion yuan [2][4]. - Suzhou Bank saw its major shareholder, Guofang Group, along with its concerted party Dongwu Securities, increase their holdings by 1% [2][4]. Sell-off Activities - Wentai Technology's second-largest shareholder reduced its holdings by 11.845 million shares from November 27 to December 8 [2][4]. - Tianji Shares' controlling shareholder, Shantou Tianji, sold off 3.5199 million shares [2][4]. - Jinchuan Group's major shareholder, holding over 5% of shares, sold a total of 5.3 million shares from December 3 to December 8 [2][4]. - Yonghui Supermarket's major shareholder's concerted party recently reduced its holdings by 9.075 million shares [2][4]. - Other companies, including Zhuozhou Development, Bojie Shares, and others, also reported various levels of share reductions, with some shareholders planning to sell up to 3% of their holdings [2][4].

Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

今年7月以来，工业富联开启一波强势上涨行情。截至11月底，公司仅完成2.47亿元回购，不足拟回购 金额下限的一半。11月27日，公司宣布将回购价格上限调整为75元/股，上调幅度达287.4%。 根据公开数据，截至11月底，A股市场已有1400余家上市公司实施股份回购，累计回购金额突破1300亿 元大关。这一规模已达到A股历史上年度回购金额的第二高水平，仅次于2024年(1658.77亿元)，彰显当 前回购潮的强劲动能。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 根据公开数据，截至11月底，A股市场已有1400余家上市公司实施股份回购，累计回购金额突破1300亿 元大关。这一规模已达到A股历史上年度回购金额的第二高水平，仅次于2024年(1658.77亿元)，彰显当 前回购潮的强劲动能。 每经资本眼研究员发现，从11月单月表现看，共有22家公司披露新的回购方案，贵州茅台、节能国祯等 前期承诺公司终于兑现回购动作却境遇迥异，世纪华通（维权）则以"两日顶格回购10亿元"上演"闪电 战"。 每经资本眼研究员发现，从11月单月表现看，共有22家公司披露新的回购方案，贵州茅台、节能国 ...

Group 1 - The Cross-Strait concept index rose by 2.98%, ranking 10th among concept sectors, with 213 stocks increasing in value [1][2] - Notable gainers included Hongxiang Co., which hit the 20% limit up, along with Minfa Aluminum, Fengzhu Textile, and Xiamen Xinda, which also reached the limit up [1] - Leading stocks in terms of percentage increase included Guangpu Co. (up 10.53%), Zhongneng Electric (up 9.27%), and Yaxiang Integration (up 8.79%) [1] Group 2 - The Cross-Strait concept sector saw a net inflow of 1.954 billion yuan, with 105 stocks receiving net inflows and 21 stocks exceeding 100 million yuan in net inflows [2] - The top stock for net inflow was Industrial Securities, with a net inflow of 802 million yuan, followed by Fulongma (693 million yuan), Yonghui Supermarket (482 million yuan), and Industrial Fulian (474 million yuan) [2][3] Group 3 - Stocks with the highest net inflow ratios included Annie Co. (87.29%), Longzhou Co. (79.54%), and Anji Food (69.93%) [3] - The top stocks in the Cross-Strait concept sector based on net inflow included Industrial Securities (up 6.94%), Fulongma (up 10.00%), and Yonghui Supermarket (up 9.92%) [3][4]

今年7月以来，工业富联开启一波强势上涨行情。截至11月底，公司仅完成2.47亿元回购，不足拟回购 金额下限的一半。11月27日，公司宣布将回购价格上限调整为75元/股，上调幅度达287.4%。 （文章来源：每日经济新闻） 每经资本眼研究员发现，从11月单月表现看，共有22家公司披露新的回购方案，贵州茅台、节能国祯等 前期承诺公司终于兑现回购动作却境遇迥异，世纪华通则以"两日顶格回购10亿元"上演"闪电战"。 根据公开数据，截至11月底，A股市场已有1400余家上市公司实施股份回购，累计回购金额突破1300亿 元大关。这一规模已达到A股历史上年度回购金额的第二高水平，仅次于2024年（1658.77亿元），彰显 当前回购潮的强劲动能。 ...

每经记者｜吴永久 张宛 每经编辑｜何建川 今年以来，在政策赋能与市场生态优化双重驱动下，A股上市公司回购意愿与实施力度保持高位运行态势，成为稳定市场预期、推动价值回归的核心积极信 号。根据公开数据，截至11月底，A股市场已有1400余家上市公司实施股份回购，累计回购金额突破1300亿元大关。这一规模已达到A股历史上年度回购金 额的第二高水平，仅次于2024年（1658.77亿元），彰显当前回购潮的强劲动能。 从11月单月表现看，共有22家公司披露新的回购方案，贵州茅台、节能国祯等前期承诺公司终于兑现回购动作却境遇迥异，世纪华通则以"两日顶格回购10 亿元"上演"闪电战"。而在实施回购的公司中，美的集团继续领跑回购金额总榜和单月榜；工业富联、景兴纸业等多家公司则因股价变动密集调整方案，柘 中股份更直接终止回购，折射出市场变化对回购实施的深刻影响。 新方案分化：央企节能国祯回购方案遭否决，游戏龙头两天"闪电"回购10亿元 据同花顺iFinD数据统计，11月共有22家公司发布新的回购预案公告（其中2家为董事长提议回购公告），数量与10月的24家基本持平。以公告数据为准，这 22家公司的拟回购金额上限合计约68.1亿 ...