| 代码 | 简称 | 最新融资余额 | 融资余额环比增 | 最新融券余额 | 融券余额环比增 | 当日涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | | (万元） | 减（%） | (万元） | 减（%） | （%） | | 688239 | 航宇 | 41076.10 | 63.50 | 84.34 | 19.85 | 19.85 | | | 科技 | | | | | | | 688119 | 中钢 | 12715.03 | 42.75 | 0.00 | | 2.23 | | | 洛耐 | | | | | | | 688361 | 中科 | 50896.57 | 26.81 | 2087.59 | 6.56 | 10.63 | | | 飞测 | | | | | | | 688682 | 霍莱 | 17086.10 | 25.49 | 0.00 | | 10.21 | | | 沃 | | | | | | | 688719 | 爱科 | 21901.57 | 22.12 | 0.00 | | 12.76 | | | 赛博 | | | | | | | ...

（文章来源：每日经济新闻） 每经AI快讯，数据显示，12月8日至12月14日，券商给予上市公司目标价共62次，按最新收盘价计算， 目标价涨幅排名居前的公司有东华能源、甬矽电子、法拉电子，目标价涨幅分别为83.73%、52.36%、 50.02%。从券商推荐家数来看，12月8日至12月14日有153家上市公司得到券商推荐，其中安井食品、 北方华创均获得3家券商推荐。 ...

南方财经12月15日电，南财投研通数据显示，12月8日至12月14日，券商给予上市公司目标价共62次， 按最新收盘价计算，目标价涨幅排名居前的公司有东华能源、甬矽电子、法拉电子，目标价涨幅分别为 83.73%、52.36%、50.02%。从券商推荐家数来看，12月8日至12月14日有153家上市公司得到券商推 荐，其中安井食品、北方华创均获得3家券商推荐，海光信息、中油工程等均获得2家券商推荐。查看原 文：海光信息等153股获推荐，东华能源目标价涨幅超80%丨券商评级观察刚刚 ...

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

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]

2025.12．14 作者 |第一财经魏中原 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司管理层及交易对方提出的核心 诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wi ...

Core Viewpoint - The A-share market is experiencing a significant wave of merger and acquisition (M&A) terminations, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation disagreements [4][6]. Group 1: M&A Termination Overview - From November 13 to December 13, 2025, at least 20 listed companies announced the termination or suspension of major asset restructuring plans, with notable companies in the semiconductor, pharmaceutical, chemical, and information technology sectors [3][6]. - Semiconductor companies have been particularly affected, with significant terminations including the halted acquisition of 97.0070% of Chip Origin's shares by Chip Origin Co., which cited misalignment of core demands with market conditions [6][7]. Group 2: 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 [9][10]. - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers demand premiums, leading to difficulties in negotiations [10][11]. Group 3: Market Impact and Reactions - The termination of major deals has led to significant stock price movements, with companies like Huaguang Information and Zhongke Shuguang experiencing stock price drops following their termination announcements [6][10]. - The market has shown volatility, with stock prices of companies involved in M&A often fluctuating significantly before and after announcements, indicating a complex interplay between market conditions and M&A activities [11].

Investment Rating - The industry investment rating is "Outperform the Market" [18] Core Viewpoints - The launch of AutoGLM by Zhiyu is expected to accelerate the development of the AI Agent mobile ecosystem, providing a public foundation for the industry to collaboratively enhance AI capabilities [3][4] - The Central Economic Work Conference emphasizes the need for innovation-driven growth and the urgent cultivation of new economic drivers, highlighting the importance of AI and technology innovation [7] - The competition in the global AI large model sector remains intense, which is likely to drive the widespread application of large models and sustain high demand in the AI computing market [14] Summary by Sections Industry News and Commentary - Zhiyu announced the open-source release of AutoGLM on December 9, which includes a trained core model, Phone Use capability framework, demo covering over 50 high-frequency Chinese apps, and documentation for quick onboarding [3][5] - The Central Economic Work Conference held on December 10-11 highlighted the urgency of fostering new economic drivers, with specific tasks including enhancing education and technology talent development, establishing international technology innovation centers, and improving AI governance [7] Company Announcements - Boshi Software announced the acquisition of a 38% stake in Fujian Shucun Technology Development Co., Ltd. for a total price of 17.77 million yuan [8] - Haiguang Information announced the termination of a major asset restructuring plan due to unfavorable market conditions [8] - Zhiyuan Huitong elected a new chairman and appointed senior management [8] Weekly Market Review - The computer industry index fell by 1.14% this week, underperforming the CSI 300 index, which decreased by 0.08% [9] - The overall P/E ratio for the computer industry is 53.2 times, with 107 out of 360 A-share component stocks rising, 250 falling, and 2 suspended [11] Investment Recommendations - The report recommends focusing on AI computing stocks such as Haiguang Information, Industrial Fulian, and Inspur Information, and strongly recommends AI algorithm and application companies like Hengsheng Electronics and Zhongke Chuangda [14]

估值定价成并购"拦路虎" 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司管理层及交易对方提出的核心 诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wind数据及相关公司公 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - Recent developments in the AI industry show significant progress in both specialization and terminalization, exemplified by OpenAI's breakthrough with the GPT-5.2 model and Zhipu AI's promotion of mobile AI [2][4]. - The U.S. has conditionally approved the export of Nvidia's H200 chips to China, but this comes with stringent restrictions that may impact supply chain stability [4]. - The commercial aerospace sector is witnessing efficient deployment, highlighted by the successful high-frequency launches of the Long March 12 rocket and the establishment of the "Space Computing Joint Laboratory" [4]. Summary by Sections AI Technology Developments - AI technology has made notable advancements in specialization and terminalization, with OpenAI's GPT-5.2 achieving human expert-level performance in key benchmarks and Zhipu AI's Open-AutoGLM enabling mobile AI capabilities [2][4]. U.S.-China Technology Relations - The U.S. has conditionally relaxed export controls on AI chips to China, allowing Nvidia to sell its H200 chips, but with dual constraints including generational technology locks and a 25% sales commission to the U.S. Treasury [4]. Commercial Aerospace Progress - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, demonstrating high-efficiency deployment capabilities, while the "Space Computing Joint Laboratory" aims to enhance domestic autonomous capabilities [4]. Recommended Stocks - The report recommends stocks such as Hand Information, Sunlink Technology, Kingsoft Office, Hehe Information, Hikvision, Newland, Daotong Technology, and Haiguang Information, with a focus on their projected earnings and market performance [5].