Core Viewpoint - The market showed strong performance in the morning session, with the Shanghai Composite Index recovering the 3900-point mark and the ChiNext Index rising over 2% at one point [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 97.7 billion yuan compared to the previous trading day [1] - Nearly 3500 stocks in the market experienced gains [1] Sector Highlights - The Hainan Free Trade Zone concept stocks saw a collective surge, with companies like Hainan Airlines and Hainan Ruize hitting the daily limit [1] - The commercial aerospace sector showed repeated strength, with stocks such as Shenjian Co. and Beidou Xingtong reaching the daily limit [1] - The computing hardware sector was active, with the "Yizhongtian" optical module trio all rising [1] - Semiconductor equipment stocks rallied, with companies like Tuojing Technology reaching historical highs [1] Declining Sectors - The AI medical concept experienced fluctuations, with Huaren Health seeing a significant drop [1] - Sectors with notable declines included pharmaceuticals, film and television, and banking [1] Closing Summary - At the close, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 1.8% [1]

Group 1 - The A-share market saw all three major indices open higher on December 22, with the Sci-Tech 50 ETF (588000) experiencing a maximum increase of 1.47% during early trading [1] - The top-performing stocks included Tuojing Technology, which rose by 8.50% to reach a historical high, benefiting directly from increased demand for optical computing chips and advanced process equipment [1] - The Sci-Tech 50 ETF has attracted significant capital inflow, with a net inflow of 1.787 billion over the past five days and 2.644 billion over the past ten days, indicating strong investor interest [1] Group 2 - According to招商证券, the growth in AI demand is expected to drive global storage and advanced process capacity expansion, with domestic storage and advanced process expansion likely to accelerate by 2026-2027 [2] - The report highlights that domestic equipment manufacturers are seeing a positive trend in orders, and companies with strong market positions in storage equipment are expected to benefit from increasing domestic production rates [2] - The Sci-Tech 50 ETF tracks the Sci-Tech 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, aligning well with the development of cutting-edge industries such as AI and robotics [2]

截至2025年12月22日 09:56，上证180指数(000010)上涨0.65%，成分股拓荆科技(688072)上涨6.39%，中 国中免(601888)上涨6.27%，紫金矿业(601899)上涨4.95%，山东黄金(600547)上涨4.20%，中金黄金 (600489)上涨4.11%。上证180ETF指数基金(530280)上涨0.58%，最新价报1.21元。 数据显示，截至2025年11月28日，上证180指数(000010)前十大权重股分别为贵州茅台(600519)、紫金矿 业(601899)、恒瑞医药(600276)、中国平安(601318)、寒武纪(688256)、药明康德(603259)、招商银行 (600036)、工业富联(601138)、中芯国际(688981)、长江电力(600900)，前十大权重股合计占比26.13%。 上证180ETF指数基金(530280)，场外联接(平安上证180ETF联接A：023547；平安上证180ETF联接C： 023548；平安上证180ETF联接E：024609)。 中金公司研报称，指数前期回调为投资者提供了较好的逢低布局"跨年"行情时机。配置上， ...

Company Overview -拓荆科技 is located in Shenyang, Liaoning Province, and was established on April 28, 2010. The company went public on April 20, 2022. Its main business involves the research, production, sales, and technical services of high-end semiconductor equipment [1]. Financial Performance - As of December 22, the stock price of 拓荆科技 increased by 5.29%, reaching 345.00 CNY per share, with a trading volume of 535 million CNY and a turnover rate of 0.56%. The total market capitalization is 97.002 billion CNY [1]. - The main revenue composition of the company is 96.47% from semiconductor equipment and 3.53% from other supplementary services [1]. Fund Holdings - According to data, one fund under Dongcai has a significant holding in 拓荆科技. The Dongcai Times Preferred Mixed Fund A (017857) held 3,000 shares in the third quarter, accounting for 4.12% of the fund's net value, making it the sixth-largest holding [2]. - The Dongcai Times Preferred Mixed Fund A was established on February 24, 2023, with a latest scale of 14.2786 million CNY. Year-to-date returns are 37.77%, ranking 1842 out of 8170 in its category [2]. - The fund manager, 冯杰波, has a tenure of 1 year and 40 days, with total assets under management of 370 million CNY. The best fund return during his tenure is 87.58%, while the worst is -8.4% [2].

| 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 30.00 | 9736.50 | 324.55 | -0.95 | 机构专 | 华泰证券股份有限公司北 | | | | | | 用 | 京分公司 | （文章来源：证券时报网） 证券时报·数据宝统计显示，拓荆科技今日收盘价为327.66元，下跌0.69%，日换手率为1.18%，成交额 为10.84亿元，全天主力资金净流出3356.13万元，近5日该股累计下跌4.54%，近5日资金合计净流出1.15 亿元。 两融数据显示，该股最新融资余额为10.87亿元，近5日增加1.35亿元，增幅为14.12%。（数据宝） 12月19日拓荆科技大宗交易一览 拓荆科技12月19日大宗交易平台出现一笔成交，成交量30.00万股，成交金额9736.50万元，大宗交易成 交价为324.55元，相对今日收盘价折价0.95%。该笔交易的买方营业部为机构专用，卖方营业部为华泰 证券股份有限公司北京 ...

Core Viewpoint - On December 18, 2023, a block trade of 300,000 shares of Tuojing Technology was executed at a transaction value of 98.115 million yuan, with a transaction price of 327.05 yuan, reflecting a discount of 0.88% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade involved a total volume of 300,000 shares and a transaction amount of 98.115 million yuan [2] - The buyer's brokerage was an institutional proprietary trading department, while the seller was Huatai Securities Co., Ltd. Beijing Branch [2] - In the last three months, Tuojing Technology has recorded a total of four block trades, amounting to 201 million yuan [2] Group 2: Stock Performance - The closing price of Tuojing Technology on the day of the trade was 329.95 yuan, which represented a decline of 2.09% [2] - The stock had a turnover rate of 1.49% and a total trading volume of 1.402 billion yuan for the day [2] - Over the past five days, the stock has increased by 4.41%, with a total net outflow of funds amounting to 10.7 million yuan [2] Group 3: Margin Financing Data - The latest margin financing balance for Tuojing Technology is 1.061 billion yuan, which has increased by 37.3002 million yuan over the past five days, reflecting a growth rate of 3.65% [2]

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为2.01亿元。该股近5个交易日累计 上涨4.41%，主力资金合计净流出9749.65万元。 责任编辑：小浪快报 12月18日，拓荆科技收跌2.09%，收盘价为329.95元，发生1笔大宗交易，合计成交量30万股，成交金额 9811.5万元。 第1笔成交价格为327.05元，成交30.00万股，成交金额9,811.50万元，溢价率为-0.88%，买方营业部为机 构专用，卖方营业部为华泰证券股份有限公司北京分公司。 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！ ...

Group 1 - A total of 78 stocks in the A-share market experienced block trading today, with a total transaction value of 3.755 billion yuan [1] - The top three stocks by transaction value were Minsheng Bank (2.149 billion yuan), WuXi AppTec (430 million yuan), and Luxin Technology (119 million yuan) [1] - Among the stocks, 8 were traded at par, 3 at a premium, and 67 at a discount; the highest premium rates were for AVIC Optoelectronics (8.04%), Zhongke Shuguang (7.92%), and Haowei Group (2.07%) [1] Group 2 - The top buying amounts from institutional special seats were led by WuXi AppTec (251 million yuan) and Minsheng Bank (108 million yuan) [2] - The top selling amounts from institutional special seats included Jintian Titanium Industry (18.74 million yuan) and Huilong New Materials (9.97 million yuan) [2]

Group 1 - The core viewpoint of the article highlights that Tuojing Technology is a leading manufacturer of front-end thin film deposition equipment in China, with core products covering various processes such as PECVD, ALD, Flowable CVD, and HDPCVD, achieving large-scale delivery in advanced logic and memory production lines [1] - The company is strategically advancing into hybrid bonding and supporting measurement equipment, entering critical areas of heterogeneous integration and 3D integration, evolving its business from a single deposition equipment focus to a dual-engine platform of "deposition + bonding" [1] - The Chinese market is expected to remain the largest semiconductor equipment market globally, driven by wafer fab expansions and domestic substitution, with the demand for deposition and bonding processes becoming increasingly important due to the rising requirements for interconnect density and interface quality in HBM, Chiplet, and 3D stacking technologies [1] Group 2 - From a PEG perspective, the company's projected PEG ratios for 2025E-2027E are 1.3, 0.8, and 0.9, respectively, indicating a favorable valuation [1] - Considering the technological barriers in thin film deposition and hybrid bonding processes, along with the medium to long-term profit elasticity, the company is deemed to have a high medium to long-term configuration cost-effectiveness [1] - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth potential and market positioning [1]

Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].