计算机 相关研究报告 《重视商业航天产业大趋势—行业周 报》-2025.12.7 《商业航天有望进入高速发展期—行 业周报》-2025.11.30 《商业航天三年行动计划出台，关注 行 业 投 资 机 会 — 行 业 点 评 报 告 》 -2025.11.28 商业航天，大国重器 ——行业深度报告 2025 年 12 月 11 日 投资评级：看好（维持） 行业走势图 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 计算机 沪深300 数据来源：聚源 liuxiaoyao@kysec.cn 证书编号：S0790520090001 商业航天作为战略性新兴产业，国家重视程度日益提升 中国作为传统航天领域的领先国家之一，发展商业航天成为我国提升综合国力、 抢占未来科技与经济发展制高点的关键举措。2024 年，商业航天作为新质生产 力的代表首次被写入《政府工作报告》，商业航天上升为国家战略性新兴产业； 2025 年，政府工作报告再度提出"推动商业航天、低空经济、深海科技等新兴 产业安全健康发展"。近期商业航天司的设立及《推进商业航天高质量安全发展 行动计划（2 ...

Core Insights - The global AI agent market is experiencing explosive growth, with projections indicating a market size of $11.3 billion by 2025 and nearly $50 billion by 2030 [4] - The introduction of AutoGLM by Zhiyu, an AI agent capable of mobile operations, is a significant development, allowing for complex tasks like food ordering and flight booking [2] - Major technology companies are increasing capital expenditures to accelerate the commercial application of generative AI, with Chinese cloud service providers spending approximately $45 billion over the past year [6] Market Growth - The AI agent market is expected to see a compound annual growth rate (CAGR) exceeding 30% from 2025 to 2030 in China, with the market size reaching approximately 30 billion yuan by 2030 [4] - The Chinese government's policy aims for over 70% adoption of new intelligent terminals and agents by 2027, and over 90% by 2030, positioning the intelligent economy as a key growth driver [4] Capital Expenditure Trends - Capital expenditures in the AI sector are on the rise, with a projected total of 26.53 billion yuan for 2024, reflecting a year-on-year increase of over 10% [6] - The A-share market shows a significant increase in capital expenditure among AI agent concept stocks, with a total of nearly 30.5 billion yuan spent in the first three quarters of 2025, up nearly 15% from the previous year [6] Stock Performance - The average annual increase for AI agent concept stocks in the A-share market exceeds 25%, with over half of the stocks rising more than 10% this year [7] - Eight specific stocks have seen significant institutional interest, with Shanghai Steel Union receiving over 150 institutional surveys this year [8][9] - Financing balances for AI agent concept stocks have increased by nearly 45% compared to the end of last year, indicating strong investor interest [7]

（文章来源：证券日报） 证券日报网讯 12月3日，亚信安全在互动平台回答投资者提问时表示，截至2025年三季度末，公司普通 股股东总数为9271户。 ...

南京安融、南京安宸、天津毅信、南京信智、南京践信拟通过集中竞价交易、大宗交易方式合计减 持公司股份数量不超过7,000,000股，即不超过公司总股本的1.75%。其中，通过集中竞价方式减持公司 股份合计不超过4,000,100股，即不超过公司总股本的1.00%；通过大宗交易方式减持公司股份合计不超 过2,999,900股，即不超过公司总股本的0.75%。减持期限为自公告披露之日起15个交易日后的3个月内 实施。公司部分董事、高管合计拟间接减持公司股份不超过4,500,000股,即不超过公司总股本的 1.1250%。减持主体中公司实际控制人合伙人不参与本次减持计划，不涉及控股股东、实际控制人拟减 持公司股份的情况。 亚信安全于2022年2月9日在上交所科创板上市，公开发行的股票4001万股，发行价格为30.51元/ 股，保荐机构（主承销商）为中国国际金融股份有限公司，保荐代表人为江涛、徐石晏。 中国经济网北京12月3日讯 亚信安全(688225.SH)昨晚披露股东减持股份计划公告称，截至公告披露 日，公司股东南京安融企业管理合伙企业（有限合伙）（以下简称"南京安融"）持有公司股份 10,809,779股，占公司 ...

Group 1 - The core point of the article is that AsiaInfo Security (688225.SH) experienced a decline of 4.32% in its stock price, reaching a new low of 17.93 yuan since April 10, marking an 8-month low [1] - AsiaInfo Security announced that several entities, including Nanjing Anrong, Nanjing Anchun, Tianjin Yixin, Nanjing Xinzhi, and Nanjing Jianxin, plan to reduce their holdings by a total of up to 7,000,000 shares, which represents no more than 1.75% of the company's total share capital [1] - The reduction period for the shareholding is set to begin 15 trading days after the announcement and will last for three months [1]

【2025分析师大会】 中国顶级投资盛会丨邢志强、但斌、李蓓等投资大咖谈牛市、谈AI、谈未来…… 全文精修版+现场高清PPT！但斌最新观点：国内对标谷歌的公司只有两家 新鲜出炉！30位中国行研"第一人"最新观点汇总：金股名单、投资图谱、产业解读……一应俱全！ 【头条要闻】 中央金融办王江人民日报撰文：加快建设金融强国 加快建设金融强国，是以习近平同志为核心的党中央着眼于以中国式现代化全面推进强国建设、民族复 兴伟业全局，为我国金融事业发展擘画的壮阔蓝图，对于做好新时代新征程金融工作具有极其重大而深 远的指导意义。 加快建设金融强国是全面建成社会主义现代化强国的必然要求。实现社会主义现代化是由各领域分目标 耦合而形成的整体目标，建设金融强国与全面建成社会主义现代化强国之间是局部服从整体、分目标服 务于整体目标的关系。一方面，现代化强国必然是金融强国，金融是国民经济的血脉，是国家核心竞争 力的重要组成部分，是大国博弈的必争之地，社会主义现代化强国建设离不开强大金融体系的关键支 撑。另一方面，金融强国建设又不是孤立的，金融必须始终扎根和服务于高水平社会主义市场经济，始 终做到与实体经济共生共荣，才能在推进中国式现代 ...

Group 1: Share Buybacks and Increases - Jiangsu Shentong plans to continue increasing its shareholding by 100 million to 155 million yuan [3] - Pingmei Shenhua's directors and senior management plan to increase their shareholding [3] - CATL has repurchased a total of 15.99 million A-shares as of November 30 [3] - Lanke Technology has repurchased a total of 1.505 million A-shares as of November 30 [3] - Century Huatong has made its first share purchase amounting to 499.95 million yuan [3] Group 2: Share Reductions - Youyou Foods' shareholder plans to reduce holdings by no more than 0.26% [5] - *ST Wanfang's shareholder plans to reduce holdings by no more than 3% [5] - Yaxin Security's shareholders plan to collectively reduce holdings by no more than 1.75% [5] - Bixingsource reduced its holdings by 177,700 shares from December 1 to December 2 [5] - Pioneering Technology's shareholder plans to reduce holdings by no more than 3% [5] - Northern Shares' shareholder plans to reduce holdings by no more than 3% [5] - Tianfu Communication's executives plan to collectively reduce holdings by no more than 475,000 shares [5] - Luguan Technology's shareholder plans to reduce holdings by no more than 2% [5] - Xince Standards' shareholder plans to reduce holdings by no more than 2.77% [5] - Meili Technology's shareholder plans to reduce holdings by no more than 1.11% [5] - Rongneng Technology's shareholder has reduced holdings by 1.5 million shares as of December 1, 2025 [5] - Fuhui Technology's senior management plans to reduce holdings by no more than 0.74% [5] - Hefei China’s largest shareholder plans to reduce holdings by no more than 2% [5]

证券代码：688225 证券简称：亚信安全 公告编号：2025-073 亚信安全科技股份有限公司 股东减持股份计划公告 南京安融、南京安宸、天津毅信、南京信智、南京践信保证本公告内容不存 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 整性依法承担法律责任。 重要内容提示： 南京安融、南京安宸、天津毅信、南京信智、南京践信拟通过集中竞价交易、 大宗交易方式合计减持公司股份数量不超过 7,000,000 股，即不超过公司总股本 的 1.75%。其中，通过集中竞价方式减持公司股份合计不超过 4,000,100 股，即 1 不超过公司总股本的 1.00%；通过大宗交易方式减持公司股份合计不超过 2,999,900 股，即不超过公司总股本的 0.75% 。减持期限为自本公告披露之日起 15 个交易日后的 3 个月内实施。若减持期间公司发生派发红利、送红股、转增 股本、增发新股或配股等股本除权、除息事项的，则上述减持计划将作相应调整。 公司部分董事、高管合计拟间接减持公司股份不超过 4,500,000 股,即不超 过公司总股本的 1.1250%。前述董事、高级管理人员本次减持股份均不会超过其 各 ...

Group 1 - The company Axon Security (688225.SH) announced that Nanjing Anrong, Nanjing Anchun, Tianjin Yixin, Nanjing Xinzhi, and Nanjing Jianxin plan to reduce their holdings in the company by a total of up to 7 million shares, which represents no more than 1.75% of the company's total share capital [1]

Core Viewpoint - AsiaInfo Security (688225.SH) announced a plan for share reduction by several entities, indicating a potential shift in shareholder structure and market sentiment [1] Summary by Categories Share Reduction Plan - Nanjing Anrong, Nanjing Anchun, Tianjin Yixin, Nanjing Xinzhi, and Nanjing Jianxin plan to collectively reduce their holdings by up to 7 million shares, which represents no more than 1.75% of the total share capital [1] - The reduction will occur through two methods: up to 4 million shares (1.00% of total share capital) via centralized bidding and up to 3 million shares (0.75% of total share capital) through block trading [1] - The reduction period is set to begin 15 trading days after the announcement and will last for three months [1] Management's Share Reduction - Some directors and senior executives intend to indirectly reduce their holdings by up to 4.5 million shares, equating to 1.125% of the total share capital [1] - The actual controller's partners will not participate in this reduction plan, and there are no plans for the controlling shareholder or actual controller to reduce their shares [1]