一，今日要点 今天一早，A股看上去岌岌可危，又是暴雷，又是重组失败，加上政策不及预期，可以说是三座大山压身，结果午后上演了大奇迹日，那么午后的消息是否 属实，还是说我们再一次被人利用了呢？ 二，炉边漫谈 今天市场同时被三件大事刷屏：美联储降息悬念揭晓、万科股债异动涨停、千亿级芯片合并告吹。表面看是政策、房企、科技三个完全不同的剧本，但拨开 迷雾会发现——所有剧情不过是大资金意图的延伸或障眼法。 先看美联储的「刀尖跳舞」 今晚美联储降息25个基点几乎无悬念（概率87.6%），但华尔街早就不关心「降不降」，而是紧盯鲍威尔会不会说一个关键词——「处于良好位置」。若他 说了，暗示1月可能暂停降息；若不说，明年继续降息的大门就敞开着。 更有意思的是，美联储内部已分裂成两派：一半怕降息引发股市泡沫，另一半怕不降息导致经济衰退。这种分歧让资金有了博弈空间——不管鲍威尔怎么 说，市场都会找到解读角度：若偏鹰，资金会流向防御板块；若偏鸽，成长股又可能狂欢。说到底，利率政策只是道具，真正导演市场的是资金对政策的 「预期差交易」。 再看万科的「秃鹫变白鸽」 万科A午后突然直线涨停，境内债集体暴涨超30%，直接诱因是「22万科MTN ...

Core Viewpoint - The semiconductor ETF (159813) opened with a slight increase of 0.45%, indicating a stable market performance for semiconductor stocks [1] Group 1: ETF Performance - The semiconductor ETF (159813) opened at 1.105 yuan [1] - The ETF's performance benchmark is the National Securities Semiconductor Chip Index return rate [1] - Since its establishment on April 17, 2020, the ETF has achieved a return of 65.12%, while its return over the past month has been -2.33% [1] Group 2: Major Holdings Performance - Key stocks within the semiconductor ETF include: - Cambrian (寒武纪) down 0.77% - SMIC (中芯国际) up 0.19% - Haiguang Information (海光信息) up 0.01% - Northern Huachuang (北方华创) up 0.22% - Lattice Semiconductor (澜起科技) up 2.75% - GigaDevice (兆易创新) up 1.46% - Zhongwei Company (中微公司) down 0.08% - OmniVision (豪威集团) up 0.23% - Changdian Technology (长电科技) down 0.08% - Unisoc (紫光国微) up 0.22% [1]

Core Viewpoint - The Chip 50 ETF (516920) opened with a slight increase of 0.10%, indicating a stable market performance for the semiconductor sector [1] Group 1: ETF Performance - The Chip 50 ETF (516920) opened at 1.021 yuan, reflecting a modest gain [1] - Since its establishment on July 27, 2021, the fund has achieved a return of 2.15% [1] - The fund's performance over the past month has seen a decline of 1.83% [1] Group 2: Major Holdings Performance - Among the major holdings, SMIC opened with a gain of 0.19% [1] - Cambrian fell by 0.77%, while Haiguang Information saw a slight increase of 0.01% [1] - Northern Huachuang rose by 0.22%, and Lanke Technology increased by 2.75% [1] - Zhaoyi Innovation gained 1.46%, while Zhongwei Company decreased by 0.08% [1] - OmniVision Technologies rose by 0.23%, and Chipone Technology increased by 0.18% [1] - Changdian Technology experienced a decline of 0.08% [1]

海光信息在投资者互动平台回答称，深算三号已经投入市场，受到客户认可。新一代产品深算四号研发 进展顺利。 （文章来源：第一财经） ...

Core Insights - The total margin financing balance on the STAR Market decreased by 8.63 billion yuan, with a notable reduction in both financing and securities lending balances [1][2] Financing Balance Summary - As of December 10, the total financing balance on the STAR Market was 2598.90 billion yuan, down by 8.42 billion yuan from the previous trading day [1] - The highest financing balance was recorded for Cambrian (寒武纪) at 14.78 billion yuan, followed by SMIC (中芯国际) at 13.02 billion yuan and Haiguang Information (海光信息) at 7.95 billion yuan [1] - A total of 268 stocks saw an increase in financing balance, while 320 stocks experienced a decrease [1] - The stocks with the largest increases in financing balance were Changguang Huaxin (长光华芯) at 17.32%, Holley (霍莱沃) at 13.47%, and Shijia Photon (仕佳光子) at 12.87% [1][2] Securities Lending Balance Summary - The total securities lending balance was 8.88 billion yuan, a decrease of 21.61 million yuan from the previous trading day [1] - Cambrian also led in securities lending balance at 4.2 million yuan, followed by Haiguang Information and SMIC at 2.6 million yuan and 2.6 million yuan respectively [2] - 112 stocks saw an increase in securities lending balance, while 164 stocks experienced a decrease [2] - The stocks with the largest increases in securities lending balance were Medisi (美迪西) at 248.28%, Tiancheng Technology (天承科技) at 68.29%, and Jucheng Co. (聚辰股份) at 59.42% [2]

国产算力产业上下游巨头中科曙光与海光信息之间的吸收合并大戏宣告终止。中科曙光股价随即跌停， 海光信息微跌。在人工智能热潮下，这场曾经被寄予打造垂直一体化"算力航母"的交易，如今宣布各自 扬帆起航，也为上市公司资产重组敲响风险警钟：即便风头无两的龙头股，重组整合也难保万无一失。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追究相关行为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 诚然，市场变化具有不可预测性，上市公司在重大重组事件中信息披露的及时性、准确性、完整性是否 还有进一步完善空间，值得商榷。另外，今年以来上市公司并购数量、规模均大幅提升，不乏热门题 材，投资者也应该打破"重组必涨"的思维惯性，全面、客观看待重组风险。 责编：万健祎 校对：祝甜婷 版权声明 本次交易中，海光信息深耕高端芯片设计领域，在CPU、GPU等核心芯片研发上具备技术优势；中科曙 光则在服务器制造、存储设备、云计算解决方案等硬件及服务领域拥有广泛的市场布局和成熟的渠道体 系，都属于当下热门人工智能题材。双方原计划通过合并打通"芯片设计—硬件制造—软件及服 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 专题：四大证券报精华 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！ 12月11日（星期四），今日报刊头条主要内容精华如下： 中国证券报 大消费迎"催化剂"！这些方向被看好 近期，与促进消费、提振内需相关的政策密集出台，在提振居民消费预期同时，也给大消费板块行情向 好提供了助力。业内人士认为，延续并扩大直接补贴及消费贷贴息、改善物价等，有望成为短期内值得 期待的扩消费政策；从投资角度出发，消费行业呈现底部特征，基本面触底修复构成股价"催化剂"，具 备规模效应且业绩弹性突出的连锁餐饮与新茶饮企业、赛事运营与相关服务领域的体育公司、具备稀缺 IP价值并能持续转化粉丝经济的演艺运营商等细分标的值得关注。 "宁王"大动作！拟注册发行不超过100亿元债券 募集资金用于项目建设等 12月10日晚，宁德时代发布公告称，为满足公司生产经营和业务发展需求，优化债务结构，降低融资成 本，公司拟注册发行不超过100亿元（含100亿元）的债券。 两大龙头缘何终止重组？海光信息、中科曙光回应 12月9日晚，海光信息、中科曙光分别公告，宣布终止交易规模超千亿元的 ...

【财经要闻】 1、据新华社，中共中央政治局委员、国务院副总理何立峰12月9日晚在京会见世界贸易组织总干事伊维 拉。何立峰表示，中方坚定支持以世界贸易组织为核心的多边贸易体制，反对单边主义、保护主义。中 国将积极参与世界贸易组织改革，持续推动贸易和投资自由化便利化，与各方一道维护开放、稳定、可 预期的国际贸易环境。 2、据智通财经，12月10日，财政部官网公布《关于2025年到期续作特别国债（一期和二期）发行工作 有关事宜的通知》（《通知》）。《通知》明确，财政部拟发行2025年到期续作特别国债（一期）、 （二期）（以下分别称第一期、第二期，统称两期国债），发行日期为2025年12月12日，其中，第一期 为10年期固定利率附息债，第二期为15年期固定利率附息债，第一期发行面值4000亿元，第二期发行面 值3500亿元。"2025年到期续作的7500亿元特别国债将在全国银行间债券市场面向有关银行定向发行， 期限品种包括10年期4000亿元、15年期3500亿元。"财政部有关负责人表示，发行过程不涉及社会投资 者，个人投资者不能购买。2025年到期续作特别国债是原特别国债的等额滚动发行，仍与原有资产负债 相对应，不 ...

Core Viewpoint - The merger between domestic computing power giants Zhongke Shuguang and Haiguang Information has been terminated, signaling risks in asset restructuring for listed companies, even among leading stocks in the booming AI sector [1][2]. Group 1: Merger Details - The merger aimed to create a vertically integrated "computing power aircraft carrier" by combining Haiguang's strengths in high-end chip design (CPU, GPU) with Zhongke's extensive market presence in server manufacturing, storage devices, and cloud computing solutions [1]. - The initial plan was to streamline the entire industry chain from chip design to hardware manufacturing and software services, enhancing core competitiveness in AI and high-performance computing [1]. Group 2: Market Reactions - Following the announcement of the merger termination, Zhongke Shuguang's stock price hit the daily limit down, while Haiguang Information experienced a slight decline [1]. - Investors had mixed reactions, with some expressing confidence and others questioning the valuation of Haiguang's shares held by Zhongke, especially as Zhongke's stock price had previously doubled, leading to concerns about valuation discrepancies [1][2]. Group 3: Company Statements and Market Environment - Despite the termination, both companies' executives denied any abrupt changes, stating they were still working towards the merger until the last moment, citing the complexity and scale of the transaction as factors for the lengthy evaluation process [2]. - The market environment has changed significantly since the merger was first proposed, indicating that conditions for executing major asset restructurings were not mature [2].

Focus Events - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to between 3.5% and 3.75%, marking the third consecutive rate cut this year and the sixth since the rate cut cycle began in September 2024 [1] Macro News - The Ministry of Agriculture and Rural Affairs is launching a consumption promotion activity titled "Special Products for the New Year" to boost agricultural product consumption during the upcoming holiday season [3] - The International Monetary Fund (IMF) has raised China's economic growth forecast for 2025 to 5%, an increase of 0.2 percentage points from its previous report [5] Industry Dynamics - The National Medical Products Administration is supporting companies in enhancing the research and development of innovative drugs and medical devices, with a focus on original products and breakthrough technologies [6] - China's AI industry has surpassed 900 billion yuan, with applications reaching 657, a year-on-year increase of 61.8% [9] Company Focus - Muxi Co., Ltd. reported that online investors abandoned the subscription of 20,349 shares, with a total subscription amount of 10.09 billion yuan [12] - Wuliangye and Kweichow Moutai announced significant mid-year cash dividends, with Wuliangye distributing 100.07 billion yuan and Kweichow Moutai distributing 300.01 billion yuan [14] - Century Huatong disclosed an indirect holding in Moer Thread, estimating a profit impact of approximately 640 million yuan for the fourth quarter of 2025 [16] - Huayi Brothers announced overdue debts totaling 52.5 million yuan, exceeding 10% of its audited net assets for 2024 [23] - CATL plans to register bonds not exceeding 10 billion yuan for project construction and working capital [24] - JD.com is acquiring a property in Hong Kong for approximately 3.473 billion HKD [25]