Market Performance - On December 15, the A-share market saw a collective decline, with the Shanghai Composite Index falling by 0.55% to 3867.92 points, the Shenzhen Component Index dropping by 1.1% to 13112.09 points, and the ChiNext Index decreasing by 1.77% to 3137.8 points [1] Fund Manager Changes - From December 13 to December 15, a total of 43 fund managers experienced changes in their positions, with 659 fund products seeing manager departures in the past 30 days [3] - The reasons for the changes included 9 managers leaving due to job changes, 1 due to personal reasons, 1 due to resignation, and 8 due to product expiration [3] - During the same period, 44 fund products announced new fund manager appointments, involving 25 fund managers [5] Fund Manager Performance - Fund manager Zheng Xi currently manages assets totaling 19.213 billion yuan, with the highest return product being E Fund Information Industry Mixed A, which achieved a return of 442.40% over 9 years and 81 days [4] - Fund manager Zhang Qian manages assets of 36.199 billion yuan, with the highest return product being GF Juxin Bond A, which gained 184.69% over 12 years and 159 days [5] Fund Research Activity - In the past month (November 15 to December 15), Bosera Fund conducted the most company research, engaging with 42 listed companies, followed by Guotai Fund and Huaxia Fund with 37 and 36 companies respectively [6] - The most researched industry was specialized equipment, with 208 instances, followed by consumer electronics with 189 instances [6] - In the last week (December 8 to December 15), Zhongke Shuguang was the most researched company, receiving attention from 116 fund institutions [8]

Investment Rating - The report maintains a positive outlook on the computer industry, with key targets including Hand Enterprise, Wuxi Unicomp Technology Co., Ltd., Beijing Kingsoft Office Software, Hehe Information, Hikvision, Newland Digital Technology, Autel, and Hygon, with Dawning Information Industry as a related target [3][8]. Core Insights - Recent developments in the tech sector indicate that AI is advancing in both specialization and terminalization, exemplified by OpenAI's breakthroughs with the GPT-5.2 series and Zhipu's efforts to popularize cellphone AI [3][8]. - The USA has conditionally approved the export of NVIDIA's H200 AI chips to China, but this comes with significant restrictions, including generational locks and a requirement for a 25% sales commission to the US Treasury [3][8]. - In the commercial space sector, the Long March 12 rocket's frequent launches demonstrate efficient deployment capabilities, and the establishment of the "Space Computing Joint Laboratory" enhances domestic capabilities in space technology [3][8]. Summary by Sections AI Technology Developments - AI technology has made significant strides, with OpenAI's GPT-5.2 achieving expert-level performance in GDPval benchmarks, enhancing capabilities in long document reasoning and complex tool usage [3][8]. - Zhipu AI has open-sourced its cellphone project Open-AutoGLM, allowing AI to interact with mobile screens for cross-application tasks, significantly lowering development barriers for high-performance AI assistants [3][8]. Geopolitical and Supply Chain Considerations - The conditional approval for NVIDIA's chip exports reflects a complex geopolitical landscape, with the US aiming to protect national security while providing limited options for Chinese markets [3][8]. - The stringent conditions attached to the chip exports are expected to accelerate China's pursuit of domestic alternatives, fostering the growth of local AI computing capabilities [3][8]. Commercial Space Advancements - The Long March 12 rocket successfully launched 16 low-orbit satellites within 32 days, showcasing China's efficient deployment capabilities for large satellite constellations [3][8]. - The "Space Computing Joint Laboratory," established in collaboration with Shanghai Jiao Tong University and Guoxing Aerospace, focuses on developing autonomous space computing chips and in-orbit maintenance technologies [3][8].

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 ...

Core Viewpoint - The chip ETF Tianhong (159310) opened with a decline of 1.08%, indicating a negative market sentiment towards the semiconductor sector [1] Group 1: ETF Performance - The Tianhong chip ETF (159310) opened at 2.018 yuan, reflecting a decrease of 1.08% [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 104.32%, with a monthly return of 0.75% [1] Group 2: Major Holdings Performance - Major holdings within the Tianhong chip ETF include: - SMIC (中芯国际) down 1.41% - Cambrian (寒武纪) down 2.08% - Haiguang Information (海光信息) down 1.05% - Northern Huachuang (北方华创) up 1.25% - Lanke Technology (澜起科技) down 2.02% - Zhaoyi Innovation (兆易创新) down 2.32% - Zhongwei Company (中微公司) up 0.16% - OmniVision (豪威集团) down 0.85% - Chipone (芯原股份) down 5.06% - Changdian Technology (长电科技) down 0.92% [1]

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]

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！ 近日，一张在业内流传的东北证券TMT大群聊天截图，引发卖方圈关注。对话双方为电子组分析师李 玖与计算机&AI方向分析师赵宇阳，两人因研究覆盖边界重叠，在群内爆发了罕见的公开争执。 | | SAC' | 中国 北 不 北 7 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 登记基本信息 | | | | | | 农 姓名 | 李玖 | 性别 | ਜੇਤੇ | | | | | 执业机构 | 隆芬股份有限公司 | 登记编号 | S0550522030001 | | | | | 执业岗位 | 证券投资咨询(分析师) | 学历 | 博士研究生 | | | | | 登记日期 | 2022-03-03 | | | | | | | | | | | | - 17-2 | | 350 | | | 登记变更记录 | | | | | | 登记编号 | 登记日期 | 执业机构 | 登记类别 | 记状态 | 注销登记日 | | | S0550119110009 | 2019-11-09 | ...

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 ...

Core Points - The Sci-Tech ETF (588050) opened down 1.01% at 1.369 yuan on December 15 [1] - Major holdings in the ETF include companies like SMIC, Haiguang Information, and Cambrian, with varying performance; SMIC down 1.41%, Haiguang down 1.05%, and Cambrian down 2.08% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech 50 Index, managed by ICBC Credit Suisse Asset Management, with a fund manager named Zhao Xu [1] - Since its establishment on September 28, 2020, the ETF has returned -3.35%, with a one-month return of -2.02% [1] Company Performance - SMIC opened down 1.41% [1] - Haiguang Information opened down 1.05% [1] - Cambrian opened down 2.08% [1] - Lanke Technology opened down 2.02% [1] - Zhongwei Company opened up 0.16% [1] - United Imaging opened down 0.14% [1] - Kingsoft Office opened down 1.27% [1] - Chipone Technology opened down 5.06% [1] - Stone Technology opened down 0.99% [1] - Transsion Holdings opened down 0.45% [1]

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]