Group 1: Market Outlook - The equity market is expected to continue its upward trend due to clear domestic policy, strong economic growth momentum, and relatively loose market liquidity[3] - Investors are advised to actively position for the spring market, focusing on sectors with improving performance and benefiting from policies[3] Group 2: Recommended Stocks - BeiGene (688235.SH): Global sales of its core product, Zanubrutinib, reached $2.78 billion in the first three quarters of 2025, a year-on-year increase of 53.2%[4] - Beijing Junzheng (300223.SZ): The storage cycle is on the rise, and the company is expected to benefit from the L3 autonomous driving market[11] - Haiguang Information (688041.SH): The company is a leading domestic computing power provider, with revenue maintaining rapid growth in the first three quarters of 2025[18] - Daotong Technology (688208.SH): The company has seen rapid revenue growth and is advancing its AI strategy[26] - Penghui Energy (300438.SZ): The company ranks among the top three globally in household storage cell shipments in the first three quarters of 2025[32] - Goldwind Technology (002202.SZ): The gross margin for wind turbine and component business reached 7.97% in the first half of 2025, showing significant improvement[39] - Chifeng Gold (600988.SH): The company is expected to benefit from rising gold prices and increased production from new mining projects[46] - Luoyang Molybdenum (603993.SH): The company is positioned to benefit from rising copper prices and increased production[52] - Huaxin Cement (600801.SH): The company reported a 120.7% year-on-year increase in net profit attributable to shareholders in Q3 2025[57] - China Pacific Insurance (601601.SH): The company has maintained a high dividend yield, exceeding 3% since 2018[65]

中信证券股份有限公司 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》《监管规则适用指引——上市 类第 1 号》《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》 等相关规定，中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"） 作为海光信息技术股份有限公司（以下简称"海光信息"）换股吸收合并曙光信 息产业股份有限公司（以下简称"中科曙光"）并募集配套资金暨关联交易（以 下简称"本次交易"）的合并方独立财务顾问，对终止本次重大资产重组事项相 关内幕信息知情人买卖海光信息和中科曙光股票的情况进行了核查，具体情况如 下： 一、本次交易内幕信息知情人自查期间 本次交易的自查期间为自《海光信息技术股份有限公司换股吸收合并曙光信 息产业股份有限公司并募集配套资金暨关联交易预案》披露日至终止重大资产重 组期间，即 2025 年 6 月 10 日至 2025 年 12 月 9 日（以下简称"自查期间"）。 关于海光信息技术股份有限公司终止重大资产重组事项 相关内幕信息知情人自查期间买卖股票情况的自查报告的 专项核查意见 二、本次交 ...

北京市朝阳区余和东路 20号院正- 22-24/F & 27-31/F. South Tower of CP Center. 20 Jin He East Avenue. 电话/Tel : +86 10 5957 2288 传直/Fax · +86 10 6568 1022/1838 北京市中伦律师事务所 关于海光信息技术股份有限公司终止重大资产重组事项 相关内部信息知情人自查期间买卖股票情况的自查报告的 专项核查意见书 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号 -- 上市公司重大资产重组》《监管规则适用指引 -- 上 市类第1号》《上海证券交易所上市公司自律监管指引第6号 -- 重大资产重组》 等相关规定,北京市中伦律师事务所(以下简称"中伦"或"本所")为海光信 息技术股份有限公司换股吸收合并曙光信息产业股份有限公司并募集配套资金 暨关联交易(以下简称"本次重组"或"本次交易")的专项法律顾问,对终止 本次重组事项相关内幕信息知情人买卖海光信息和中科曙光股票的情况进行核 查,具体如下: 一、本次交易内幕信息知情人自查期间 本次交易的自查期间为自《海光信息 ...

证券代码：688041 证券简称：海光信息 公告编号：2025-055 海光信息技术股份有限公司 关于终止重大资产重组事项相关内幕信息知情人自 查期间买卖股票情况的自查报告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担个别及连带责任。 海光信息技术股份有限公司（以下简称"公司"或"海光信息"）于 2025 年 12 月 9 日召开公司第二届董事会第十七次会议审议通过了《关于终止换股吸 收合并曙光信息产业股份有限公司并募集配套资金暨关联交易的议案》，同意公 司终止通过向曙光信息产业股份有限公司（以下简称"中科曙光"）全体 A 股 换股股东发行 A 股股票的方式换股吸收合并中科曙光并募集配套资金（以下简 称"本次交易"），并授权公司管理层办理本次终止相关事宜。具体内容详见公 司于 2025 年 12 月 10 日在上海证券交易所网站（www.sse.com.cn）披露的《海 光信息技术股份有限公司关于终止重大资产重组的公告》（公告编号：2025-050）。 根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则 ...

北京市中伦律师事务所 关于海光信息技术股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十二月 北京市中伦律师事务所 关于海光信息技术股份有限公司 2025 年第三次临时股东会的 法律意见书 致：海光信息技术股份有限公司 北京市中伦律师事务所（下称"本所"）接受海光信息技术股份有限公司（下 称"公司"）委托，指派本所律师对公司 2025 年第三次临时股东会进行见证， 并出具本法律意见书。 为出具本法律意见书，本所律师见证了公司 2025 年第三次临时股东会，并 根据《中华人民共和国证券法》（下称《证券法》）、《中华人民共和国公司法》 （下称《公司法》）、《上市公司股东会规则》（下称《股东会规则》）、《律 师事务所从事证券法律业务管理办法》等法律、法规和规范性文件的要求以及《海 光信息技术股份有限公司章程》（下称《公司章程》），按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，查阅了本所律师认为出具法律意见所必须查 阅的文件，对公司本次股东会的召集和召开程序、出席会议人员资格、表决方式、 表决程序的合法性、有效性进行了认真核查。 公司已向本所保证其提供为出具本法律意见书所需的文件、资料，是 ...

证券代码：688041 证券简称：海光信息 公告编号：2025-056 海光信息技术股份有限公司 （一） 股东会召开的时间：2025 年 12 月 29 日 （二） 股东会召开的地点：北京市海淀区东北旺西路 8 号中关村软件园 27 号楼 C 座 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 1,395 | | --- | --- | | 普通股股东人数 | 1,395 | | 2、出席会议的股东所持有的表决权数量 | 1,602,568,093 | | 普通股股东所持有表决权数量 | 1,602,568,093 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 68.9473 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 68.9473 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完 ...

格隆汇12月29日｜海光信息公告，公司对终止重大资产重组事项相关内幕信息知情人买卖股票情况进行 自查。自查期间为2025年6月10日至2025年12月9日。自查期间，纳入核查范围的自然人及法人在自查期 间内买卖海光信息和中科曙光股票的情况为：中信证券自营业务股票账户累计买入海光信息股票898.33 万股，累计卖出936.01万股，自查期末持股数51.16万股；资产管理业务股票账户累计买入34817股，累 计卖出44万股，自查期末持股数34817股；做市账户累计买入65413股，累计卖出62679股，自查期末持 股数32334股。 ...

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

Core Viewpoint - The AI sector remains active, with significant movements in related ETFs, particularly the AI-focused ETF from Huatai-PineBridge, which has seen a notable increase in trading volume and price [1][6]. Group 1: Market Performance - The AI-focused ETF from Huatai-PineBridge (589560) surged by 2.05%, marking its sixth consecutive increase, with trading volume surpassing the previous day's total [1]. - The Sci-Tech Chip 50 ETF (588750) rose by 1%, recovering from the previous day's decline [1]. - Key stocks in the sector, such as Yuanjie Technology and Chip Origin, saw increases exceeding 7%, while others like Cambricon and SMIC also posted gains [4][5]. Group 2: Industry Trends - Semiconductor companies, including SMIC and World Advanced, have issued price increase notices to downstream clients, particularly for the 8-inch BCD process, with price hikes around 10% [6]. - The National Venture Capital Guidance Fund was launched on December 26, emphasizing a long-term investment strategy in hard technology, aiming to leverage significant fiscal resources to attract social capital [6]. - The recent National Financial Work Conference highlighted the importance of supporting technological innovation and the integration of industry innovation, aiming to cultivate new growth drivers by 2026 [6]. Group 3: Semiconductor Cycle - The semiconductor industry is entering a new upward cycle, driven by sustained demand for AI computing power, with high demand for GPUs, HBM, and advanced packaging [7]. - The current cycle differs from previous ones, as AI has introduced a high-growth demand that raises the ceiling for industry needs and extends the duration of the cycle [7]. - The semiconductor sector is expected to transition from "repairing expectations" to "verifying prosperity," with a focus on AI core beneficiaries [7]. Group 4: AI Chip Market - The global AI computing chip market is projected to exceed $370 billion by 2026 and $460 billion by 2027, driven by significant capital expenditures from major tech companies [11]. - The shortage of chips continues, particularly in memory and optical chips, with supply-demand imbalances expected to persist into 2026 and beyond [16]. - Domestic AI chip manufacturers are making significant progress, with a notable increase in self-sufficiency expected by 2028 [17]. Group 5: Investment Opportunities - The Sci-Tech Chip 50 ETF (588750) is highlighted for its strong growth potential, with a projected net profit growth rate of 97% for the full year of 2025, significantly outpacing peers [25]. - The ETF's index focuses on high-tech upstream and midstream segments of the chip industry, indicating a higher "chip content" and growth elasticity compared to other indices [22][25]. - Investors are encouraged to consider the Sci-Tech Chip 50 ETF for exposure to the core segments of the semiconductor industry, benefiting from the ongoing AI-driven market dynamics [26][27].

招商证券也指出，AI需求增长带动全球存储及先进制程产能扩张，展望2026-2027年，国内存储及先进制程扩产有望提速，国内设备厂商订单持续向好，国 产化率进入快速提升阶段，卡位良好及份额较高的存储设备公司有望受益。 【从成熟制程向先进制程，半导体设备是国产替代关键】 上证指数低开高走冲击9连阳，算力芯片方向再度走强。上游半导体设备ETF（561980）盘中上涨0.29%，成份股寒武纪、联动科技涨超4%，天岳先进涨超 3%，中芯国际、海光信息、长川科技涨超1%，华峰测控、富创精密等多股跟涨。 资金面数据显示，半导体设备ETF（561980）今日持续吸金，连续两个交易日获资金净流入超4700万元。 诚通证券发表最新研报认为，当前AI驱动下的半导体投资或应聚焦于两大主线：一是直接受益于算力需求爆发的高端逻辑芯片、存储器（HBM）；二是半 导体设备领域持续突破的国产替代机会。 【存储、晶圆涨价持续，AI驱动超级周期】 开源证券指出，据电子元件技术官网，12月份存储市场NAND闪存晶圆价格较上月上涨超过10%，固态硬盘（SSD）等成品的价格也上涨了15%至20%。据 报道，目前三星电子、SK海力士等存储供应商已上调20 ...