格隆汇12月8日丨苏州银行(002966.SZ)公布，收到大股东苏州国际发展集团有限公司（简称"国发集 团"）出具的《关于权益变动的告知函》。国发集团及其一致行动人东吴证券股份有限公司（简称"东吴 证券"）于2025年7月1日至2025年12月5日期间通过深圳证券交易所交易系统集中竞价交易合计增持本行 股份4,470.6654万股，占总股本的1.00%。本次增持后，大股东国发集团及其一致行动人东吴证券合计 持有本行股份71,530.5978万股，占本行总股本的16.00%，权益变动触及1%整数倍。 ...

Core Viewpoint - Dongwu Securities (Hong Kong) initiates coverage on Junsheng Electronics (00699) with a "Buy" rating, highlighting its transition from the "Takata integration shadow" to a new phase of "global safety cash cow + smart automotive Tier 1 + robotics second curve" [1] Group 1: Automotive Safety Business - Junsheng Electronics has become one of the few suppliers capable of providing a complete passive safety system to multinational automakers, following the acquisition of KSS and Takata assets, with stable safety business revenue in the hundreds of billions [2] - The company is expected to achieve mid-to-high single-digit revenue growth in the safety business over the next three years, with steadily improving gross margins contributing to stable cash flow [2] Group 2: Smart Automotive Tier 1 - The automotive electronics segment focuses on smart cockpits, connected vehicles, ADAS/domain control, and new energy management systems, establishing a comprehensive product line and platform-based R&D system [3] - The company is continuously securing mid-to-high-end model projects due to its local responsiveness and global project experience, with breakthroughs in key domain control products like the Central Computing Unit (CCU) [3] Group 3: Robotics Business Development - Junsheng Electronics is extending its automotive safety and electronic technology capabilities into robotics, launching integrated solutions for robotic control and collaborating with leading robotics players [4] - Although the robotics business is currently in an early investment phase, it is expected to generate meaningful revenue within 3-5 years, providing valuation premiums [4] Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 62.6 billion, 67 billion, and 71.9 billion yuan, with year-on-year growth rates of 12%, 7%, and 7% respectively [5] - Net profit attributable to the parent company is projected to be 1.6 billion, 1.8 billion, and 2 billion yuan for the same period, with year-on-year growth rates of 67%, 12%, and 11% respectively [5]

从资金流向上来看，当日江苏国企改革板块主力资金净流出1.11亿元，游资资金净流出6038.8万元，散户 资金净流入1.71亿元。江苏国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600250 南京商旅 | | 1.04 Z | 35.21% | -4145.79万 | -14.07% | -6233.04万 | -21.15% | | 601555 | 东吴证券 | 4879.07万 | 6.69% | -3536.22万 | -4.85% | -1342.85万 | -1.84% | | 601688 华泰证券 | | 3750.00万 | 1.04% | -1.56 Z | -4.34% | 1.19 Z | 3.30% | | 002077 | 大港股份 | 2131.41万 | 6.45% | -833.37万 | -2.52% | -1298.03万 | -3.93% | ...

东吴证券研报指出，高能环境持续积极推进H股发行上市，深化国际化战略布局。融资就位，进军矿业 与海外拓展值得持续期待。董事、高管增持股份彰显信心。公司公告，公司董事、副总裁、财务总监孙 敏先生基于对公司未来发展的信心及公司长期投资价值的认可，以集中竞价的方式增持公司股份10万 股，累计增持金额70.2万元（不含交易费用）。董事、高管增持彰显信心。公司战略进军矿业，协同资 源化打开第二成长曲线；持续拓展海外业务，海外空间可期。维持"买入"评级。 ...

该行测算2025Q4至2026Q4潜在新增有效产能约为246.1万吨，在扣除因电力合同困境或电气设备故障预 计减产20-70万吨后，全球2026年实际贡献新增产量仅86-125万吨，较经该行预测的2025年全球产量增 长仅1.2%至1.7%;在逆全球化背景下，该行认为区域性的供需错配将进一步加快全球铝产业链重塑，海 外铝锭库存或在近几年或稳步走高，这将成为"新的需求"，而当下(2025.11)的铜铝比价(3.8)意味着铝价 更多受到铜价上涨的牵引，铝行业有望享受"铝代铜"带来的需求增量，以及自身电力成本刚性所形成的 利润壁垒这双重红利。 观点四：我国电解铝企业正在经历从周期股向红利资产转变的关键节点 电解铝板块自2021年以来进入去杠杆周期，行业从"增量竞争"转向"存量优化"。企业无法再通过扩张规 模来竞争，资本开支逐年回落。供需格局在产能受限和需求(如新能源汽车、光伏)支撑下趋于紧平衡， 行业利润维持在较高水平，为企业改善资产负债表提供了充足的现金流，随着企业资本开支率 (CAPEX/EBITA)的下行，财务结构更为健康，持续分红具备了有利条件，整体电解铝行业股息率有望 进一步提升。 观点二：我国电解铝供给 ...

Core Viewpoint - Dongwu Securities maintains a "buy" rating for XPeng Motors (09868), emphasizing its strategy of "range extension + overseas expansion" in the C-end market and leveraging its mass production capabilities to accelerate globalization [1] C-end Market - XPeng's core competitiveness lies in its ability to create mass-market hit products, focusing on range extension with large batteries and efficient range extenders to achieve long pure electric range and leading fuel-to-electric conversion rates [1] - The company plans to launch seven new models by 2026, covering both pure electric and range-extended vehicles, while globalization is seen as the second growth curve through localized production, R&D centers, and channel expansion [1] B-end Market (Robotaxi) - The Robotaxi segment is positioned to benefit from policy catalysts and technological breakthroughs, with predictions that the market will reach 83.1 billion yuan by 2030, potentially replacing private car travel [2] - XPeng's Robotaxi project is set to launch in the second half of 2026, with pre-production vehicles expected to begin trial operations [2] - The company aims to reshape the billion-dollar mobility market through its self-developed VLA2.0 model, mass production capabilities, and innovative business models [2] Collaboration with Volkswagen - XPeng has successfully upgraded its positioning to that of a smart technology solution provider, deepening its collaboration with Volkswagen from joint development of the G9 platform to co-developing electronic and electrical architectures and core AI chips [3] - Volkswagen's sales in China are projected to exceed 2.6 million units by 2026, with a new energy penetration rate of over 10% [3] - The collaboration will see the launch of two full-size pure electric models in 2026, alongside deep cooperation in EE architecture and charging networks [3] Robotics - XPeng's core competitiveness in robotics stems from deep synergy with its smart vehicle business, with the IRON robot integrating "bionic body" and "AI brain" technologies [4] - The IRON robot features a human-like spine, bionic muscles, 82 degrees of freedom, and a dexterous hand with 22 degrees of freedom, enabling advanced environmental perception, decision-making, and interaction capabilities [4] - Commercial trials for IRON are set to begin in 2026, focusing on services such as guiding, shopping assistance, and patrol [4] Flying Cars - XPeng's next-generation vertical take-off and landing flying car, A868, has entered the test flight phase, achieving over 500 km of range [5] - As of October 2025, XPeng has received 7,000 pre-orders and plans to deliver the A868 globally in the second half of 2026 [5]

智通财经APP获悉，东吴证券发布研报称，维持小鹏汽车-W(09868)"买入"评级，在C端以"增程+出 海"为核心，依托批量爆款能力加速全球化;在B端，以前装量产优势和全栈自研技术切入Robotaxi千亿 级市场，此外机器人IRON实现"仿生+AI"融合,2026年启动商业化试点，飞行汽车A868也计划2026年下 半年开启交付。公司正从智能电动车企业，向多场景智能出行生态平台加速演进。 合作层面，双方关系持续深化，范围从最初的G9平台车型联合开发，逐步扩展至电子电气架构联合开 发、核心图灵AI芯片的定点等。随着大众在中国市场开启新产品周期，我们预计大众2026年在华销量 或达260+万辆，新能源渗透率超过10%。小鹏与大众将在2026年合作SOP两款全尺寸纯电车型，并与大 众在EE架构、充电网络达成深度合作。 机器人部分，小鹏的核心竞争力源于与智能汽车业务的深度协同 IRON将"仿生身体"与"AI大脑"深度融合。在机械本体层面，IRON具备仿人脊椎、仿生肌肉、82个全身 自由度及具备22个自由度的灵巧手。在智能层面，IRON搭载"VLT+VLA+VLM"高阶大小脑组合，实现 强大的环境感知、决策与交互能力。 ...

中证500价值ETF（562330）业绩比较基准为中证500价值指数收益率，管理人为银华基金管理股份有限 公司，基金经理为马君，成立（2023-04-07）以来回报为17.33%，近一个月回报为0.19%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 12月8日，中证500价值ETF（562330）开盘涨3.58%，报1.215元。中证500价值ETF（562330）重仓股方 面，东吴证券开盘涨1.55%，西部矿业涨0.69%，苏州银行涨0.00%，永泰能源跌0.60%，杰瑞股份涨 0.06%，均胜电子涨0.00%，云天化涨0.48%，天山铝业涨0.78%，神火股份涨0.18%，上海电力跌 0.35%。 ...

来源：东吴证券 十五五规划相对十四五规划的调整核心是三方面：第一，建议稿表示"抓住新一轮科技革命和产业变革 历史机遇"。面对全球AI 科技竞争，我国需加快高水平科技自立自强，加大关键核心技术攻关力度，统 筹教育强国、科技强国、人才强国建设，提升国家创新体系整体效能。我国在AI领域的先发优势为抢 占科技制高点提供支撑，通过推动科技创新与产业创新深度融合，新质生产力将成为经济增长的重要驱 动力。第二，建议稿将"建设现代化产业体系"、"扩大高水平对外开放"、"加大保障和改善民生力度， 扎实推进全体人民共同富裕"三项任务位次提前。其中，"建设现代化产业体系"被列为首要任务，要求 坚持智能化、绿色化、融合化方向，巩固壮大实体经济根基；"扩大高水平对外开放"强调稳步扩大制度 型开放，以开放促改革促发展；"保障和改善民生"则聚焦就业、收入分配、公共服务等领域，推动共同 富裕取得实质性进展。第三，本次建议稿首次将"航天强国"纳入现代化产业体系建设目标，提出"加快 建设制造强国、质量强国、航天强国、交通强国、网络强国"的系统布局。新时代以来，我国航天事业 已取得显著成就，后续将通过体系化部署推动空间科学、技术和应用的全面发展。 ...

本周三大指数，上证指数涨0.37%，深证成指涨1.26%，创业板指涨1.86%。后市将如何发展？看看机构 怎么说。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券：当前市场震荡可能是基本面超预期变化出现前的常态 当前的市场震荡可能是基本面超预期变化出现前的常态，债市的调整导致股债平衡型策略在当下遭遇一 定挑战，对控制持仓波动率可能有更高的要求，也间接影响到股票配置策略。未来人民币的潜在升值压 力可能会带来超预期的货币宽松，这可能是超预期变化的来源并打破震荡格局，在此之前，配置上延续 资源/传统制造业定价权的重估和企业出海两个方向。 光大证券：国内外利好共振 市场有所回暖 市场大方向或仍处在牛市中，不过短期或进入宽幅震荡阶段。与往年牛市相比，当前指数仍然有相当大 的上涨空间，但是在国家对于"慢牛"的政策指引之下，牛市持续的时间或许要比涨幅更加重要。不过短 期来看，市场可能缺乏强力催化，叠加年末部分投资者在行为上可能趋于稳健，股市短期或以震荡蓄势 为主。 华金证券：春季行情开启了吗？ 当前来看，明年春季行情可能于今年12 月中下旬提前开启。（1）短期政策和外部事件可能偏积极。一 ...