Choice数据显示，本周（12月15日至19日）共有70只个股股价创历史新高（不含近一年上市的次新股，按前复权价、涨跌幅复权算法统计，下同）。从 板块看，随着利好消息持续催化，商业航天板块表现最为强势，本周20只相关个股股价创历史新高。亚翔集成近期股价大涨，近30个交易日16次创历史 新高，今年以来上涨247.88%。 本轮商业航天板块行情与此前有何不同？机构认为，一是太空算力有望成为新应用场景，是地面算力的补充。考虑到在地面大规模建设智算中心需要解 决巨大的电力消耗、土地资源以及冷却等多个问题，而太空算力的优点恰好解决上述痛点，具有商业化、经济性可能。 上述70只个股中，按照申万一级行业进行划分，电子、机械设备、有色金属行业创新高的个股较为集中，分别有11只、9只、8只。从上市板块看，主板 股票35只、科创板股票12只、创业板股票18只、北交所股票5只。 二是2025年底至2026年初，国内火箭可回收试验密集，任一公司成功均会提速产业节奏。 从成交额看，上述70只个股中，航天电子、赛微电子、英维克、雪人集团、顺灏股份本周成交额居前，分别为496.68亿元、375.28亿元、345.46亿元、 269.38 ...

证券之星消息，12月18日专业工程板块较上一交易日上涨1.22%，亚翔集成领涨。当日上证指数报收于 3876.37，上涨0.16%。深证成指报收于13053.98，下跌1.29%。专业工程板块个股涨跌见下表： 从资金流向上来看，当日专业工程板块主力资金净流出8659.85万元，游资资金净流入6208.71万元，散 户资金净流入2451.15万元。专业工程板块个股资金流向见下表： 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。 ...

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]

Investment Rating - The industry investment rating is "Overweight" [2][25]. Core Insights - Fixed asset investment in China showed a cumulative year-on-year decline of 2.6% from January to November 2025, with manufacturing investment increasing by 1.9% [2][3]. - Traditional infrastructure investment has seen a widening decline, necessitating a stabilization of investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, a decrease of 1.4 percentage points compared to the previous month [4][3]. - Real estate investment remains low, with a year-on-year decline of 15.9% from January to November 2025, indicating a weak recovery trajectory [11][3]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year decline in fixed asset investment is 2.6%, with a decrease of 0.9 percentage points from the previous month [3]. - Manufacturing investment has increased by 1.9%, but this is still a decline of 0.8 percentage points compared to the previous month [2]. Infrastructure Investment - Infrastructure investment (excluding electricity) has a year-on-year decline of 1.1%, with a decrease of 1.0 percentage points from the previous month [4]. - Specific sectors such as transportation, storage, and postal services saw a decline of 0.1%, while water, environment, and public facilities management experienced a decline of 6.3% [4]. Regional Investment Trends - Eastern regions reported a year-on-year decline of 6.6%, while central and western regions saw declines of 1.7% and 0.2%, respectively. The northeastern region faced a significant decline of 14.0% [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The current cycle is characterized by excessive clearing of supply entities and difficulties in inventory replenishment, leading to a slow recovery in investment [11]. Investment Recommendations - For 2026, the industry is expected to stabilize, with emerging sectors likely to benefit from major national strategies. Key companies to watch include Sichuan Road and Bridge, China Chemical, and others in new infrastructure and overseas markets [16].

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Fixed asset investment growth in China has further declined, with a cumulative year-on-year decrease of 2.6% for January to November 2025, a drop of 0.9 percentage points compared to the previous period [2][3]. - Traditional infrastructure investment has seen an expanded decline, necessitating measures to stabilize investment. Infrastructure investment (including all categories) grew by only 0.1% year-on-year, down 1.4 percentage points from the previous month [4]. - Real estate investment remains low, with a year-on-year decrease of 15.9% for January to November 2025, indicating a weak recovery trajectory [11]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is -2.6%, with manufacturing investment showing a slight increase of 1.9% [2][3]. - The decline in traditional infrastructure investment has intensified, with significant drops in various sectors, including transportation and public facilities [4]. Infrastructure Investment - Infrastructure investment (excluding electricity) has decreased by 1.1% year-on-year, with notable declines in transportation and environmental management sectors [4]. - Regional investment disparities are evident, with the eastern region experiencing a 6.6% decline year-on-year [4]. Real Estate Investment - Real estate investment has decreased by 15.9% year-on-year, with construction starts down by 20.5% and completions down by 18.0% [11]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and supply chain issues [11]. Investment Recommendations - The report suggests that in 2026, industry investment is expected to stabilize, with emerging sectors likely to benefit from national strategic initiatives [15]. - Specific companies are highlighted for potential investment, including Sichuan Road and Bridge, China Chemical, and others in the new infrastructure and overseas markets [15].

亚翔集成股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有13个交易日股价刷新历史 纪录。截至09:32，该股目前上涨3.08%，股价报91.94元，成交56.61万股，成交金额5112.04万元，换手 率0.27%，该股最新A股总市值达196.16亿元，该股A股流通市值196.16亿元。 公司12月11日在交易所互动平台披露，截至最新（12月10日）股东户数为14569户，较上期（11月30 日）增加434户，环比增长3.07%。这是该股股东户数连续第2期增长，也就是说筹码呈持续分散趋势。 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31.09亿元，同比下降29.63%，实现净利润 4.42亿元，同比增长0.78%，基本每股收益为2.0700元，加权平均净资产收益率23.06%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，亚翔集成所属的建筑装饰行业，目前整体跌幅为0.21%，行业内，目前股价 上涨的有52只，涨幅居前的有北新路桥、华图山鼎、*ST交投等，涨幅分别为7.07%、6.70%、4.94%。 股价下跌的有96只，跌幅居前的有国晟科技、*ST正平、*ST建艺等，跌 ...

Core Insights - The report emphasizes the acceleration of bidding for nuclear fusion projects and the operational launch of the Liebherr Nantong base, focusing on nuclear power and marine engineering modules [6][15][28] - The report highlights the structural recovery of infrastructure investment, particularly in Sichuan and Xinjiang, and recommends investments in low-valuation central state-owned enterprises [6][34] - The report tracks the development of cleanroom technology and the increasing capital expenditure of Taiwanese electronics companies in the U.S., indicating a trend of the Taiwanese supply chain moving to the U.S. [6][34] Group 1: Nuclear Fusion and Power Projects - The signing of a joint statement between China and France on December 4, 2025, promotes the development of nuclear power, recognizing nuclear fusion energy as a significant direction for future energy development [6][15] - The Liebherr Nantong base is expected to achieve an annual output value of CNY 560 million for nuclear modules and CNY 640 million for oil and gas energy modules, addressing the decline in traditional chemical business demand [6][28] - The report notes that the modular construction method in nuclear power can significantly shorten construction periods, with the Liebherr Nantong base now operational [6][28] Group 2: Cleanroom and Coal Chemical Industry - The report tracks the cleanroom sector, noting that TSMC plans to invest USD 165 billion in capital expenditures in the U.S., with Foxconn and Wistron also planning significant investments [6][34] - In the coal chemical sector, projects are progressing steadily, with Xinjiang remaining a primary investment area, including a 1.5 million tons/year coal-to-ethylene project [6][34] - The average price of medium and heavy plates in 13 regions decreased by 0.9%, while rebar prices fell by 1.0%, indicating a slight decline in steel prices [6][34] Group 3: Financial Tracking and Investment Recommendations - The report indicates that special bonds issued for refinancing have reached CNY 2.01 trillion, with a cumulative issuance of CNY 4.5 trillion in special bonds for the year, reflecting a 13.8% year-on-year increase [6][34] - The report recommends focusing on four main investment lines: infrastructure recovery, safety resources, technology in high-end manufacturing, and overseas business opportunities [6][34] - The funding availability rate for construction sites is reported at 59.74%, showing a slight increase from the previous week [6][34]

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" investment rating, suggesting that the industry is expected to outperform the overall market [4][25]. Core Insights - The report highlights the need to stabilize investment and manage local government debt risks, as emphasized by the central government's recent economic work conference [4][12]. - It notes that the construction industry experienced a weekly decline of 1.59%, underperforming compared to major indices, with the best-performing sub-industry being professional engineering, which saw a slight increase of 0.73% [5][6]. - The report identifies key companies that are expected to benefit from new investment opportunities, particularly in emerging sectors aligned with national strategies [4][12]. Industry Performance Summary - The construction sector's weekly performance showed a decline of 1.59%, with the SW Construction Decoration Index underperforming against the Shanghai Composite Index [5][6]. - The best-performing sub-industries for the week included professional engineering (+0.73%), while the largest annual gainers were private infrastructure companies (+51.98%) and ecological landscaping (+50.53%) [4][6]. - Notable individual stock performances included Yaxiang Integration (+25.20%) and Hainan Development (+20.37%), while stocks like Jiaojian Co. (-30.30%) and Zhengping Co. (-22.61%) faced significant declines [10][11]. Key Company Developments - Chongqing Construction won a joint bid for a major engineering project valued at 1.714 billion yuan, representing 6.29% of its projected 2024 revenue [14]. - Wenkai Co. secured a contract for an environmental improvement project worth 91 million yuan, accounting for 13.08% of its expected 2024 revenue [14]. - The report emphasizes the importance of focusing on undervalued companies, suggesting that firms like China Railway and Shanghai Construction may see valuation recovery [4][12].

今日焦点 恒瑞医药：HRS9531注射液临床试验获批准，针对MASH适应症全球暂无同类药物获批上市 恒瑞医药公告称，子公司福建盛迪医药有限公司收到国家药监局核准签发的HRS9531注射液的《药物临 床试验批准通知书》，将于近期开展临床试验。HRS9531注射液是具有全球自主知识产权的新型靶向抑 胃肽受体（GIPR）和胰高血糖素样肽-1受体（GLP-1R）的双激动剂，可在体内调节糖脂代谢、抑制食 欲和增强胰岛素敏感性，从而起到改善血糖和减轻体重的效果。对于代谢功能障碍相关脂肪性肝炎 （MASH）患者，HRS9531注射液有望通过改善肝脏脂质堆积、减轻炎症反应及潜在改善肝纤维化带来 综合获益。针对MASH适应症，全球范围内暂无同类药物获批上市。截至目前，HRS9531相关项目累计 研发投入约5.19亿元。 青岛港：终止现金收购油品公司100%股权及日照实华50%股权 2连板亚翔集成：股东EVER CREATIVE于12月11日减持41.4万股 亚翔集成公告称，公司股票于2025年12月11日、12月12日连续两个交易日内日收盘价格涨幅偏离值累计 超过20%，属于股票交易异常波动情形。公司于2025年9月2日披露了 ...

Group 1: Industry Overview - The overall economic environment is expected to remain stable in 2026, supported by policies aimed at counter-cyclical and cross-cyclical adjustments, with a projected growth rate of fixed asset investment (FAI) at 3% for the year [1][12][17] - Infrastructure investment is anticipated to grow by approximately 5% in 2026, driven by key projects and policy support, while real estate investment is expected to decline by 10% after a significant drop in 2025 [1][17][25] - Manufacturing investment is projected to recover slightly, with a growth rate of 6% in 2026, benefiting from domestic demand and supportive policies [1][18] Group 2: Overseas Expansion - There is a strong demand for overseas investment, particularly in regions like Southeast Asia, Africa, and the Middle East, which are experiencing rapid economic growth and urbanization [2][4] - Chinese engineering firms have competitive advantages such as shorter construction periods, higher efficiency, and lower costs, positioning them well for overseas projects [2][4] - The share of overseas income for leading companies is expected to increase, driving improvements in profitability and business models [2][4] Group 3: Regional Opportunities - The "Five Five Five" strategy is expected to create abundant investment opportunities in the western regions of China, particularly in Sichuan and Xinjiang, which are set to benefit from national strategic support [2][4][3] - Sichuan is identified as a core area for national strategic development, with significant investments anticipated in transportation infrastructure, manufacturing, and technology [2][4][3] - Xinjiang's development is crucial for national energy security and unity, with expected increases in investment in infrastructure and coal chemical industries [2][4][3] Group 4: Cleanroom Investment - The demand for cleanroom facilities is projected to grow due to the increasing need for computing power driven by AI applications, with global semiconductor cleanroom investment expected to reach approximately 168 billion yuan in 2025 [3][4] - The semiconductor industry is forecasted to see a capital expenditure of around 160 billion USD in 2025, reflecting a 3% year-on-year increase [3][4] - Leading companies in the cleanroom sector are expected to maintain high levels of capital expenditure, driven by the demand for AI and data center infrastructure [3][4] Group 5: Investment Recommendations - The report recommends focusing on companies with strong overseas expansion capabilities, such as China Chemical, Precision Steel Structure, Jianghe Group, China National Materials, and China Steel International [4][8] - In the context of regional development, companies like Sichuan Road and Bridge, Xinjiang Communications Construction, and China Chemical are highlighted as key players [4][8] - For cleanroom investments, leading firms such as Yaxin Integration, Shenghui Integration, and Bocheng Co. are recommended for their growth potential [4][8]