新华财经上海12月15日电（林郑宏） 临近年末，公募机构积极展开调研，为布局明年行情做准备。据 公募排排网统计数据显示，上周（2025年12月8日-12月14日）共有127家公募机构参与调研，涉及105只 个股，覆盖21个申万一级行业，合计调研次数达648次，较前一周的520次增长24.62%。 个股来看，海光信息与中科曙光均被调研69次并列首位，吸引了超过40%的公募机构参与，包括华夏基 金、博时基金、易方达基金等头部公募机构。这两家公司股权与产业链关系密切，曾于2025年5月披露 筹划重大资产重组，并在6月公布交易预案，核心内容为海光信息拟换股吸收合并中科曙光。然而， 2025年12月9日，双方同时公告终止该重组事项，此事也成为了调研中市场关注的焦点。 从行业分布看，电子和机械设备行业有多只个股进入前十。电子行业中，除海光信息外，胜宏科技和致 尚科技分别被调研23次和22次。机械设备行业方面，伟创电气和沃尔德也受到公募机构关注，被调研次 数分别为38次和13次。 从具体机构来看，上周博时基金以19次调研次数位居榜首，其调研方向明显偏向电子行业，共覆盖该行 业5只个股，包括海光信息、胜宏科技、致尚科技、鼎龙 ...

Core Viewpoint - The digital economy ETF managed by ICBC (561220) opened with a slight decline of 0.51%, indicating a challenging market environment for the digital economy sector [1] Group 1: ETF Performance - The digital economy ETF ICBC (561220) opened at 1.360 yuan, reflecting a decrease of 0.51% [1] - Since its establishment on May 21, 2025, the fund has achieved a return of 36.79%, while the return over the past month has been -0.25% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.41% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Zhongke Shuguang (中科曙光) down 1.14% - Zhongwei Company (中微公司) up 0.16% - Inspur Information (浪潮信息) down 1.20% - Shengyi Technology (生益科技) down 3.00% - Chipone (芯原股份) down 5.06% - ZTE (中兴通讯) down 1.09% - Shenzhen South Circuit (深南电路) down 0.66% [1]

深夜突发！四大公司齐发重要公告，涉及长江电力、五粮液等 半夜刷手机突然弹出一堆公告推送，持仓长江电力、五粮液的股民瞬间清醒，没持股的也赶紧围观——2025年12月中下旬，A股深夜接连迎来"公告潮"，长 江电力、五粮液、海光信息、中科曙光四大行业龙头扎堆发布重磅消息，既有控股股东真金白银增持，也有百亿重组搁浅、业绩下滑+大额扩能的反差操 作。每一份公告都能在巨潮资讯网、上海证券交易所等官方平台查到原文，关键数据、决策依据一目了然。 公告明确终止原因：交易规模大、涉及相关方多，论证历时较长，且当前市场环境较筹划之初变化较大，重组条件不成熟 。双方都强调，终止不会影响日 常生产经营，后续仍保持产业协同，且至少1个月内不再筹划重大资产重组。受此影响，12月10日中科曙光跌停，海光信息一度跌超5%，两家公司的投资者 说明会记录可在交易所官网查询，详细回应了股价波动、后续合作等问题 。 四、股民避坑指南：3个关键点，跟着官方信息走 增持后，三峡集团及其一致行动人合计持股从128.65亿股增至129.68亿股，持股比例从52.58%提升至53.00%，刚好触及1%的权益变动刻度 。更关键的是， 这只是增持计划的一部分——三 ...

Group 1: Central State-Owned Enterprises (SOEs) Restructuring - China Metallurgical Group is divesting non-core assets worth approximately RMB 606.76 billion to refocus on its core engineering business[8] - The merger between Haiguang Information and Zhongke Shuguang was terminated due to market volatility, maintaining independent operations[14] - Hubei's state-owned assets have acquired around 15 listed companies, with over 50% of these being newly added through mergers in the past five years[16] Group 2: Asset Activation Strategies - The "14th Five-Year Plan" emphasizes asset activation as part of industrial upgrading strategies across various provinces[22] - Sichuan has introduced a three-year action plan to support enterprises in listing and mergers, focusing on a full lifecycle service[26] - Hubei's mergers are strategically aligned with the "51020" modern industrial cluster, targeting sectors like new energy and high-end equipment manufacturing[18] Group 3: Market Performance of Central SOEs - As of December 12, 2025, the total market capitalization of A-share listed central SOEs is RMB 35.1 trillion, accounting for 30.3% of the A-share market[32] - The National New SOE small-cap index has risen by 2.5% over the past two weeks, outperforming the Shanghai and Shenzhen 300 index by 1.3 percentage points[32] - The average price-to-earnings (P/E) ratio for central SOEs is 45.1 times, which is relatively high compared to the overall A-share market[32]

2025 年 12 月 15 日 总量研究 交易信心有所提振，后市仍将震荡上行 ——金融工程市场跟踪周报 20251215 要点 本周市场核心观点与市场复盘： 本周（2025.12.08-2025.12.12，下同）A 股震荡上行，市场量能有所提振。截 至周五（2025.12.12，下同），主要宽基指数量能择时指标均转为看多信号。沪 深 300、中证 500 指数时序波动率、横截面波动率均有提升，Alpha 环境好转。 资金面方面，融资增加额环比提升，资金交易情绪积极。 12 月中央经济工作会议进一步提振市场信心，资金面叠加情绪指标改善下，市 场或进一步震荡上行。风格方面，本周市场大市值风格显著、基本面因子表现相 对占优，市场或逐步实现资金面驱动向基本面驱动的过渡。中长线持续看好"红 利+科技"配置主线。 本周上证综指下跌 0.34%，上证 50 下跌 0.25%，沪深 300 下跌 0.08%，中证 500 上涨 1.01%，中证 1000 上涨 0.39%，创业板指上涨 2.74%，北证 50 指数 上涨 2.79%。 截至 2025 年 12 月 12 日，宽基指数来看，上证指数和上证 50 指数处于估 ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Core Viewpoint - The Chinese blade server industry is experiencing a critical development phase driven by technological upgrades, deepening market applications, and supply chain localization, characterized by simultaneous expansion of market size and acceleration of domestic production processes [1] Industry Overview - Blade servers are a high-density server platform designed for specific application industries and high-density computing environments, allowing multiple "blade" modules to be inserted into a unified chassis, providing optimal space efficiency and energy efficiency for large data centers [4][6] - The evolution of the blade server industry in China has transitioned from early architectural exploration to market maturity, showcasing a trajectory from single functionality to multi-fusion [6] Market Size - The market size of the Chinese blade server industry is projected to reach approximately 15.07 billion yuan in 2024, reflecting a year-on-year growth of 2.8%, driven by strong demand from cloud computing and artificial intelligence [1][8] Key Enterprises - Unisplendour Corporation, through its subsidiary H3C, leads the blade server market, leveraging its unique position as the exclusive provider of HPE servers in China and its "plastic architecture" for resource pooling [10] - Inspur Information maintains a strong market share through continuous innovation in liquid cooling technology, while Huawei excels in AI computing scenarios with its self-developed Kunpeng chips [10] - Sugon focuses on high-performance computing and liquid cooling technology, establishing a competitive edge in the research and supercomputing sectors [10] Industry Development Trends 1. **Liquid Cooling Technology and AI Integration** - The industry is accelerating towards green and intelligent infrastructure, with liquid cooling technology expected to penetrate over 30% of the market by 2025, significantly improving energy efficiency [13] 2. **Market Concentration and Localization** - The competition is becoming increasingly oligopolistic, with domestic CPUs gaining traction in government and military sectors, while the supply chain is reducing reliance on imports [14] 3. **Edge Computing Expansion** - The blade server architecture is evolving towards a dual-mode of "centralized large clusters + distributed micro-clusters," adapting to the demands of edge computing driven by 5G and IoT applications [16]

Core Viewpoint - The periodic sample adjustment of various indices, including the Shanghai Stock Exchange 50 and ChiNext indices, is set to take effect, reflecting a shift towards including more emerging industry leaders and enhancing the technology attributes of these indices [1][9]. Index Adjustments - The Shanghai Stock Exchange 50 Index will replace 4 samples, while the Shanghai 180 Index will replace 7 samples, and the Shanghai 380 Index will replace 38 samples [1]. - The ChiNext Index will see 8 samples replaced, with notable additions including companies like Aosheng Technology and Shenghong Technology [1][3]. - The CSI 500 Index will replace 50 samples, and the CSI 1000 Index will replace 100 samples, indicating a significant overhaul [1]. Emerging Industry Focus - The adjustments will increase the representation of strategic emerging industries, with the ChiNext Index's strategic emerging industry weight reaching 93% [9]. - The new sample companies have shown a 13% year-on-year increase in R&D expenses, with 30 companies having an R&D intensity exceeding 10% [9]. - The weight of strategic emerging industries in the ChiNext 50 Index is now at 98%, with new generation information technology industries, such as artificial intelligence and chips, accounting for 45% [9]. ETF Rebalancing - Following the index adjustments, ETFs tracking these indices will also undergo rebalancing to align with the new sample compositions [8].

Core Viewpoint - A significant wave of merger and acquisition (M&A) terminations is occurring in the A-share market as the end of 2025 approaches, with at least 20 listed companies announcing the cessation of major asset restructuring plans within a month [1] Group 1: Industry Trends - The terminated M&A activities involve prominent sectors such as semiconductors, pharmaceuticals, chemicals, and information technology [1] - Notably, several semiconductor companies have recently halted their acquisition plans, indicating a trend within the industry [1] Group 2: Company-Specific Actions - Chipmaker Xinyuan Co. (688521.SH) announced on December 12 the termination of its acquisition of a 97.0070% stake in Xinlai Zhihong, citing discrepancies between the core demands of the target company's management and market conditions, policy requirements, and the interests of the company and its shareholders [1] - Haiguang Information (688041.SH) and Zhongke Shuguang (603019.SH) both announced on December 10 the termination of their absorption merger plan, stating that they could not reach an agreement on related transaction matters within the expected timeframe [1] - Other semiconductor firms, including SIRUI (688536.SH) and Diaomicro (688381.SH), have also recently declared the termination of their M&A restructuring efforts [1]

Core Viewpoint - A wave of merger and acquisition (M&A) terminations has emerged in the A-share market, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation discrepancies [2][3][5] Group 1: M&A Termination Overview - From November 13 to December 13, at least 20 listed companies announced the termination or suspension of significant asset restructuring plans, including notable firms in the semiconductor, pharmaceutical, chemical, and information technology sectors [2][3] - The semiconductor industry has been particularly affected, with companies like Chipone Technology (688521.SH) and Haiguang Information (688041.SH) announcing terminations of major acquisition plans, citing misalignment of core demands and market conditions [2][3][4] Group 2: Specific Cases and Impacts - Haiguang Information and Zhongke Shuguang (603019.SH) announced the termination of a merger plan valued at approximately 100 billion, leading to a significant drop in Zhongke Shuguang's stock price [3][6] - Chipone Technology terminated its acquisition of 97.0070% equity in Chipwise Technology due to discrepancies between the management's core demands and market conditions [3][4] - Other semiconductor firms, such as Sierpo (688536.SH) and Diaowei (688381.SH), have also recently announced the termination of their M&A plans [2][4] Group 3: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [5][6] - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers prefer premium offers, leading to difficulties in negotiations [5][6] - The volatility in the A-share market has resulted in a "short-term pulse, long-term differentiation" effect on stock prices following M&A announcements, heavily influenced by the quality of the transactions and the realization of synergies [5][6]