Core Viewpoint - The company, Zai Sheng Technology (603601.SH), has acknowledged market discussions regarding its supply relationship with SpaceX, but its revenue from aerospace-related products is minimal and does not significantly impact overall performance [1] Group 1: Company Overview - Zai Sheng Technology primarily focuses on microfiber glass wool as core material, developing "clean air materials," "high-efficiency energy-saving materials," and "dust-free air conditioning products" for industrial, mobile, and living spaces [1] - The revenue from high-efficiency energy-saving materials used in the aerospace sector is projected to account for approximately 0.5% of the company's total revenue in 2024 [1] Group 2: Business Operations - Since 2020, the company has been supplying "high-silica fiber products" to a well-known international aerospace company, but the revenue from this segment remains very low in relation to total revenue [1] - Currently, there are no existing orders for "high-silica fiber products," and future order acquisition is subject to significant uncertainty [1]

Core Viewpoint - The stock of Zai Sheng Technology experienced a significant price fluctuation, with a cumulative increase of over 20% in two consecutive trading days, prompting an announcement regarding abnormal trading activity [1] Group 1: Company Overview - Zai Sheng Technology's main business focuses on microfiber glass wool as core material, developing "clean air materials," "high-efficiency energy-saving materials," and "dust-free air conditioning products" for three application spaces: industrial, mobile, and living [1] - The company has been supplying "high silica fiber products" to a well-known international aerospace company since 2020, but the revenue from this segment is minimal, accounting for approximately 0.5% of total revenue in 2024 [1] Group 2: Financial Impact - The revenue from high-efficiency energy-saving materials used in the aerospace sector is expected to have a negligible impact on the company's overall performance, with no significant orders currently on hand and considerable uncertainty regarding future orders [1]

再升科技(603601)今日涨停，全天换手率35.29%，成交额32.88亿元，振幅9.06%。龙虎榜数据显示，营 业部席位合计净卖出5995.94万元。 上交所公开信息显示，当日该股因日换手率达35.29%上榜，营业部席位合计净卖出5995.94万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交5.91亿元，其中，买入成交额为2.65亿 元，卖出成交额为3.25亿元，合计净卖出5995.94万元。 10月29日公司发布的三季报数据显示，前三季度公司共实现营业收入9.85亿元，同比下降10.11%，实现 净利润8125.43万元，同比下降10.59%。（数据宝） 再升科技12月15日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 国泰海通证券股份有限公司余姚舜水南路证券营业部 | 7418.52 | | | 买二 | 中信证券股份有限公司浙江分公司 | 5785.53 | | | 买三 | 甬兴证券有限公司天津解放北路证券营业部 | 5083.75 | | | ...

New Stock Issuance - The new stock "健信超导" (code: 787805) is issued at a price of 18.58[1] - The new stock "昂瑞微" (code: 688790) is listed at a price of 83.06[1] Rights Issues and Offers - "荃银高科" (code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - "天普股份" (code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - "退市苏吴" (code: 600200) has 10 trading days remaining until the last trading day[1] - "ST广道" (code: 920680) has 12 trading days remaining until the last trading day[1] Stock Performance Alerts - "赛微电子" (code: 300456) has reported severe abnormal fluctuations[1] - "ST立方" (code: 300344) has also reported severe abnormal fluctuations[1]

从资金流向上来看，当日玻璃玻纤板块主力资金净流出8625.95万元，游资资金净流入6689.41万元，散 户资金净流入1936.54万元。玻璃玻纤板块个股资金流向见下表： 证券之星消息，12月15日玻璃玻纤板块较上一交易日上涨0.3%，再升科技领涨。当日上证指数报收于 3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。玻璃玻纤板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Group 1 - The core point of the news is the significant performance of stocks in the commercial aerospace sector, with multiple stocks achieving consecutive limit-up days, indicating strong investor interest and market momentum [1] - A total of 66 stocks in the A-share market reached their daily limit, showcasing a broad market rally [1] - Notable stocks include Zai Sheng Technology with 6 consecutive limit-up days, and *ST Lingchang with 4 consecutive limit-up days, both belonging to the commercial aerospace sector [1] Group 2 - Retail stock Baida Group achieved 3 consecutive limit-up days, reflecting positive market sentiment in the retail sector [1] - Other stocks with 3 consecutive limit-up days include Faer Sheng in metal products, Huamon Cable, and Xue Ren Group in the commercial aerospace sector [1] - Stocks with 2 consecutive limit-up days include Hangtian Jidian in aerospace and Sheng Tong Energy in natural gas, indicating varied interest across different sectors [1]

Market Overview - On December 15, the A-share market experienced fluctuations, with the Shanghai 50 index losing and regaining the 3000-point mark, while the Sci-Tech 50 index fell over 2%. Other indices such as the Shenzhen Component, ChiNext, and North 50 also dropped more than 1%. Market turnover decreased to 1.79 trillion yuan [1]. Index Performance - The Shenzhen Component Index closed at 13,112.09, down 1.10% - The Shanghai Composite Index closed at 3,867.92, down 0.55% - The ChiNext Index closed at 3,137.80, down 1.77% - The Sci-Tech 50 Index closed at 1,318.91, down 2.22% - The North 50 Index closed at 1,431.95, down 1.09% [2]. Sector Performance - The aerospace equipment, insurance, glass fiber, and consumer sectors showed the highest gains, while components, high-priced stocks, motor manufacturing, and communication equipment faced the largest declines [2]. Capital Flow - Defense and military industry saw a net inflow of over 6.1 billion yuan, while non-bank financials and basic chemicals each received over 4 billion yuan. Retail, non-ferrous metals, and other sectors also gained over 2 billion yuan. Conversely, the electronics sector experienced a net outflow of over 12.7 billion yuan, and the power equipment sector saw a net outflow of over 2.6 billion yuan [3]. Market Outlook - According to Zhonghang Securities, the "spring market" often extends beyond the Spring Festival, with a median duration of 35 trading days and a median return of 11% over the past decade. The pre-Spring Festival period typically sees a median return of 6.87%, while the post-Festival period averages a return of 7.10% [3]. - Haitong International believes that the overall space for future corrections is limited, suggesting that it remains a window for bargain hunting. Recent support for domestic consumption is expected to yield relative returns in a volatile environment. The brokerage sector, with low valuations, may provide market support [3]. Sector Highlights - The glass fiber sector saw significant activity, with stocks like Zhaosheng Technology hitting a new four-year high after a six-day consecutive rise. Other companies in the sector also experienced notable upward movements [4]. - Glass fiber is identified as a core reinforcement material for wind turbine blades, with demand projected to reach 800,000 tons in 2024 and 1.55 million tons by 2030 in the wind power sector [6]. - CITIC Securities anticipates continued growth in the glass fiber industry, particularly for high-end products, with leading companies expected to see profit increases due to favorable product structure and market positioning [6]. Consumer Sector Developments - Recent favorable policies in the consumer sector include a joint notification from several government departments aimed at boosting consumption through financial support and innovative consumption models [7]. - The notification encourages financial institutions to enhance services for various consumption sectors, including upgrading goods and expanding service consumption [7]. - Century Securities highlights the integration of AI technology in enhancing consumer experiences and suggests focusing on leading companies in the elderly products and consumer electronics sectors [7].

| 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.12.12 | 10.05 | 19.81 | 5972.49 | | 2025.12.11 | 10.06 | 8.59 | 12386.65 | | 2025.12.10 | 9.95 | 2.96 | 9034.04 | | 2025.12.09 | 10.09 | 10.88 | 6139.46 | | 2025.12.08 | 9.94 | 2.98 | 11930.54 | | 2025.12.05 | 2.95 | 3.75 | 2110.04 | | 2025.12.04 | -0.97 | 2.50 | -596.97 | | 2025.12.03 | -2.29 | 3.18 | -1136.23 | | 2025.12.02 | 0.38 | 4.97 | 1321.50 | | 2025.12.01 | 3.36 | 6.27 | 867.70 | 再升科技盘中涨停，已连收6个涨停板，截至10:00，该股报9.27元，换手率20.86%，成 ...

数据宝统计，截至10:00，再升科技成交额19.20亿元，创2020年3月13日以来新高。最新股价上涨 9.96%，换手率20.86%。上一交易日该股全天成交额为16.78亿元。（数据宝） （文章来源：证券时报网） ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, both the convertible bond market and the equity market rose. Currently, some individual bonds fluctuate greatly, and their future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] 3. Summary by Relevant Catalogs Market行情 - From December 8 to December 12, 2025 (a total of 5 trading days), the CSI Convertible Bond Index rose by +0.20% (last week's increase was +0.08%), and the CSI All - Share Index changed by +0.19% (last week's increase was +0.77%). Since 2025, the CSI Convertible Bond Index has risen by +16.50%, and the CSI All - Share Index has risen by +21.83% [1] - By bond rating, high - rated bonds (AAA), medium - high - rated bonds (AA+), medium - rated bonds (AA), medium - low - rated bonds (AA -), and low - rated bonds (AA - and below) rose by - 0.13%, - 0.61%, +0.17%, +0.25%, and - 0.42% respectively this week. Medium - rated and medium - low - rated bonds rose [1] - By convertible bond scale, large - scale convertible bonds (bond balance > 2 billion yuan), medium - large - scale convertible bonds (balance between 1.5 and 2 billion yuan), medium - scale convertible bonds (balance between 1 and 1.5 billion yuan), small - medium - scale convertible bonds (balance between 0.5 and 1 billion yuan), and small - scale convertible bonds (balance < 0.5 billion yuan) rose by - 0.51%, - 0.45%, +1.04%, - 0.29%, and - 0.24% respectively this week. Except for medium - scale convertible bonds, all others declined [2] - By conversion parity, ultra - high - parity bonds (conversion value > 130 yuan), high - parity bonds (conversion value between 120 and 130 yuan), medium - high - parity bonds (conversion value between 110 and 120 yuan), medium - parity bonds (conversion value between 100 and 110 yuan), medium - low - parity bonds (conversion value between 90 and 100 yuan), low - parity bonds (conversion value between 80 and 90 yuan), and ultra - low - parity bonds (conversion value < 80 yuan) rose by +5.15%, - 1.39%, - 1.03%, +0.57%, - 2.16%, +2.22%, and - 0.60% respectively this week, showing divergent trends [2] Convertible Bond Price, Parity, and Conversion Premium Rate - As of December 12, 2025, there were 408 outstanding convertible bonds (407 at the end of last week), with a balance of 556.12 billion yuan (556.996 billion yuan at the end of last week) [3] - The average convertible bond price was 130.13 yuan (129.94 yuan at the end of last week), with a percentile of 91.57% (from the beginning of 2023 to December 12, 2025) [3] - The average convertible bond parity was 99.99 yuan (100.82 yuan at the end of last week), with a percentile of 86.66% [3] - The average convertible bond conversion premium rate was 31.41% (30.76% at the end of last week), with a percentile of 37.36% [3] Convertible Bond Performance and Allocation Direction - This week, both the convertible bond market and the equity market rose. Some individual bonds fluctuate greatly, and future trends may further diverge. The overall trading difficulty in the market remains high. It is recommended to comprehensively judge based on convertible bond terms and the situation of the underlying stocks, select bonds carefully, and focus on new bond opportunities in industries catalyzed by policies and industries with high prosperity [4] Convertible Bond Increase Situation - The top 15 convertible bonds in terms of increase this week include "Zai22 Convertible Bond" with an increase of 50.01%, "Huamao Convertible Bond" with an increase of 22.56%, "Weidao Convertible Bond" with an increase of 21.09%, etc. [21]