来源：证券市场周刊市场号 文 |牛犇 本周，A股市场持续调整，沪指仅在周五小幅反转。 但从技术面看，市场已频频出现止跌反弹信号，这或意味着下周将有不错的表现，而最新的重要会议同 样释放了积极信号。 机会方面，业内人士指出，可关注重要会议的指引方向，而AI、消费和新能源三大主线已成明牌。 止跌反弹信号出现 近期，A股止跌反弹信号不断出现，如沪指在近三个交易日已出现三根较长的下影线（见附图）。 在K线图中，下影线是从实体向下延伸的细线，与上影线一起长期被看作趋势反转的信号。在阳线中， 它是当日开盘价与最低价之差；在阴线中，它是当日收盘价与最低价之差。一般说，产生下影线的原因 是多方力量大于空方力量而形成的，股票开盘后，股价由于空方的打压一度下落，但由于买盘旺盛，使 股价回升，收于低点之上，产生下影线。这种形态表明，个股或大盘有可能结束弱势行情，将转入强势 行情，且下影线越长，表示反转力量越强。 上影线则与之相反，通常由个股或大盘冲高后回落形成，位于阶段性低位可能预示见底反转，上升途中 多为洗盘结果，而高位出现则提示见顶风险，11月14日的出现长上影线，市场即见顶调整就印证了这个 逻辑。 在技术面之外，A股市场也迎 ...

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].

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].

Core Viewpoint - The software development sector experienced a 1.4% increase on December 12, with Hehe Information leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3889.35, up 0.41% [1] - The Shenzhen Component Index closed at 13258.33, up 0.84% [1] Group 2: Individual Stock Performance - Hehe Information (688615) closed at 222.00, up 13.80% with a trading volume of 85,800 shares and a transaction value of 1.802 billion [1] - Shengbang Security (688651) closed at 44.55, up 6.58% with a trading volume of 54,800 shares [1] - Xinghuan Technology (688031) closed at 75.05, up 5.70% with a trading volume of 73,900 shares and a transaction value of 541 million [1] - Yingshisheng (300377) closed at 21.82, up 5.16% with a trading volume of 1,358,600 shares and a transaction value of 2.946 billion [1] - Dameng Data (688692) closed at 270.00, up 4.92% with a trading volume of 33,400 shares and a transaction value of 880 million [1] - Desay SV (002920) closed at 113.51, up 4.80% with a trading volume of 126,000 shares and a transaction value of 1.412 billion [1] - Foxit Software (688095) closed at 91.34, up 4.59% with a trading volume of 33,200 shares [1] - Kingsoft Office (688111) closed at 307.90, up 4.02% with a trading volume of 77,100 shares and a transaction value of 2.333 billion [1] - Gallen Electronics (688206) closed at 35.58, up 3.85% with a trading volume of 58,000 shares [1] - Jingwei Hengrun (688326) closed at 93.66, up 3.77% with a trading volume of 12,600 shares [1] Group 3: Capital Flow - The software development sector saw a net inflow of 320 million from main funds, while retail funds experienced a net outflow of 119 million [1] - Speculative funds had a net outflow of 201 million [1]

Group 1 - The core index of artificial intelligence, the CSI Artificial Intelligence Theme Index (930713), has seen an increase of 0.78% as of December 12, 2025, with notable gains in constituent stocks such as Chipone Technology (688521) up 5.73% and Beijing Junzheng (300223) up 5.26% [1] - JD.com is actively recruiting talent in the edge AI chip sector, focusing on integrated storage and computing AI chips intended for use in robotics and smart home appliances [1] - The "Shandong Province Artificial Intelligence Industry High-Quality Development Action Plan (2025-2027)" aims for the core AI industry in the province to exceed 200 billion yuan by 2027, with an average annual growth rate of over 30% [1] Group 2 - Dongfang Caifu Securities anticipates that next year will be a significant year for the expansion of domestic storage, recommending attention to the overall opportunities in the domestic storage industry chain, including NAND & DRAM semiconductor equipment and HBM storage chips [2] - The CSI Artificial Intelligence Theme Index tracks 50 listed companies involved in providing foundational resources, technology, and application support for artificial intelligence, reflecting the overall performance of AI-related stocks [2] - As of November 28, 2025, the top ten weighted stocks in the CSI Artificial Intelligence Theme Index account for 63.92% of the index, including companies like Zhongji Xuchuang (300308) and Hikvision (002415) [2]

Group 1 - The core point of the news is the significant rise in the stock price of domestic GPU company Moer Technology, which surpassed 800 yuan, leading to a market capitalization exceeding 400 billion yuan [1] - The artificial intelligence (AI) industry chain showed a mixed performance, with AI ETF (515070) holdings such as Jingjia Microelectronics rising over 3%, while other stocks like Xinyi Technology, Zhongke Xintu, and Xiechuang Data also performed well [1] - The National Space Administration has established a Commercial Space Administration and is promoting the launch of the first "Space Computing Power Experimental Satellite" within the year, aimed at alleviating energy consumption and heat dissipation bottlenecks of ground data centers, providing space-level computing power support for AI supercomputing [1] Group 2 - On December 8, the optical communication sector experienced a surge, with CPO, optical chips, and optical module indices each rising over 5% in a single day, driven by the increasing demand for high-speed data transmission for AI model training and inference [1] - Zhongyin Securities pointed out that the demand for AI computing power is extending from the ground to space, forming an "air-ground-space integrated" computing network with commercial space and optical communication, suggesting a three-year high prosperity cycle for optical modules, optical chips, and space computing infrastructure [1] - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting component stocks that provide technology, basic resources, and application end stocks for AI, focusing on the midstream and upstream of the AI industry chain, known as the "robot brain" creators and "ground" of the Internet of Everything [2]

Policy and Industry Trends - The Chinese government aims to make the smart economy a key growth driver by 2030, as outlined in the "Artificial Intelligence+" action plan released on August 26, 2025[9] - Local governments are actively promoting AI integration with the economy, with Shanghai's "AI+ Manufacturing" initiative targeting 3,000 companies for smart applications by 2028[13] AI Sector Performance - The communication industry achieved a revenue of CNY 13,249.50 billion in H1 2025, marking a 3.0% year-on-year growth, with net profit increasing by 7.7% to CNY 1,376.05 billion[15] - The optical module sector saw revenues of CNY 49.61 billion in H1 2025, a 63.4% increase, and net profits surged by 115.5% to CNY 11.16 billion[21] Market Indices and Investment Opportunities - The CSI STAR & CHINEXT Artificial Intelligence Index has an annualized return of 19.02% since its inception, significantly outperforming broader indices like the CSI 300[48] - The index covers 15 sub-industries, with the top three being communication equipment, semiconductors, and software development, reflecting strong market interest in AI[48] Profitability and Growth Projections - The computer industry reported a net profit of CNY 38.92 billion in Q1-Q3 2025, a 61.52% increase year-on-year, driven by strong demand for computing power[43] - The AI chip market in China is projected to grow from CNY 65.2 billion in 2023 to CNY 161.1 billion by 2026, indicating a robust demand for high-performance chips[37] Risk and Investment Considerations - The upcoming rebalancing of the CSI STAR & CHINEXT AI Index is expected to improve stock concentration and lower valuation levels, enhancing the risk-return profile for investors[48] - Investors should be aware of the high-risk nature of equity funds, as past performance does not guarantee future results[48]

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 15.74 | 3984.58 | 253.15 | -17.27 | 招商证券股份有限公司北京 | 国金证券股份有限公司北 | | | | | | 车公庄西路证券营业部 | 京长椿街证券营业部 | 金山办公12月10日大宗交易平台出现一笔成交，成交量15.74万股，成交金额3984.58万元，大宗交易成 交价为253.15元，相对今日收盘价折价17.27%。该笔交易的买方营业部为招商证券股份有限公司北京车 公庄西路证券营业部，卖方营业部为国金证券股份有限公司北京长椿街证券营业部。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为7844.38万元。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是华创证券，12月9日华创证券发 布的研报预计公司目标价为432.90元。（数据宝） 12月10日金山办公大宗交易 ...

Core Insights - A total of 553 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of December 10 [1] - ST Jinglan has the longest streak of net outflows, with 23 days, followed by Aier Eye Hospital with 22 days [1] - The largest total net outflow amount is from Changcheng Military Industry, which has seen a cumulative outflow of 2.123 billion yuan over 12 days [1] Summary by Category Stocks with Longest Net Outflow Duration - ST Jinglan: 23 days of net outflow [1] - Aier Eye Hospital: 22 days of net outflow [1] - Sairisi: 7 days of net outflow [1] Stocks with Largest Net Outflow Amount - Changcheng Military Industry: 2.123 billion yuan over 12 days [1] - Aier Eye Hospital: 1.706 billion yuan over 22 days [1] - Sairisi: 1.370 billion yuan over 7 days [1] Stocks with Highest Net Outflow Proportion - *ST Zhengping: 26.44% decline over the last 5 days [1] - Aier Eye Hospital: 14.30% decline over 22 days [1] - Sairisi: 11.26% decline over 7 days [1] Additional Notable Stocks - Keda Xunfei: 1.209 billion yuan net outflow over 12 days with a 2.75% decline [1] - Dongfang Precision: 1.171 billion yuan net outflow over 7 days with a 10.92% decline [1] - Huaying Technology: 939 million yuan net outflow over 5 days with a 7.32% decline [1]

12月10日，金山办公大宗交易成交15.74万股，成交额3984.58万元，占当日总成交额的3.42%，成交价 253.15元，较市场收盘价306元折价17.27%。 | belly of a "a villion should I box Charles | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商除 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | 025-12-10 | 金山办公 | 688111 | 253.15 | 3984.58 | 15.74 | 公司正经常坚查理 | 器直播最高返 | Ki | ...