17日，A股午后全线爆发，沪指涨超1%，创业板指大涨超3%；港股亦上扬，恒生指数、恒生科技指数 双双涨约1%。 具体来看，沪指早盘窄幅震荡，午后在保险、券商等板块的带动下强势拉升，创业板指表现尤为强势。 截至收盘，沪指涨1.19%报3870.28点，深证成指涨2.4%，创业板指涨3.39%，科创50指数涨2.47%，沪 深北三市合计成交18345亿元，较此前一日放量约860亿元。 对于券商，银河证券表示，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调板块未来走 向，流动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板 块景气度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态 势，财富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于 历史低位，防御反弹攻守兼备。 AI产业链股强势 CPO概念等AI产业链股盘中集体走高，截至收盘，奕东电子、联特科技20%涨停，生益电子、源杰科技 等涨超10%，天孚通信、新易盛涨超9%，中际旭创涨约7%。 | 代码 | 名称 | � | 米幅% | 现价 | 涨跌 ...

Core Viewpoint - N Muxi-U (沐曦股份) debuted on the A-share Sci-Tech Innovation Board on December 17, achieving a maximum intraday increase of 755.15% and closing at 829.9 yuan per share, resulting in a total market capitalization of 332 billion yuan [1]. Group 1 - On its first trading day, N Muxi-U's stock price reached a closing increase of 692.95%, with a trading volume exceeding 11 billion yuan [1][2]. - The stock's closing price positioned it as the third highest in the A-share market, following Kweichow Moutai and Cambricon Technologies, which closed at 1433.1 yuan and 1315.6 yuan per share, respectively [2][3]. - The stock exhibited a significant trading amplitude of 234.09%, indicating high volatility during its debut [3].

每经AI快讯，12月17日，午后算力硬件股持续走强，联特科技、中瓷电子涨停，奕东电子回封涨停， 炬光科技、源杰科技涨超10%，天孚通信、新易盛、生益电子、太辰光、长芯博创等跟涨。 （文章来源：每日经济新闻） ...

15 December 2025 | 2:01PM HKT Equity Research GC Tech: YJ Semi (688498.SS): Mgmt. meeting: Local CW laser supplier, positive on 800G/ 1.6T rising SiPh penetration Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certificatio ...

以最新收盘价计算，科创板平均股价为40.75元，其中股价超100元的有71只，股价最高的是寒武纪-U。 证券时报·数据宝统计显示，科创板股今日上涨的有172只，下跌的有416只，以收盘价为基准测算，科 创板平均股价为40.75元，其中，收盘价超过100元的有71只，股价在50元至100元之间的有136只，股价 在30元至50元的有143只。 科创板百元股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688256 | 寒武纪-U | 1331.90 | -0.90 | 1.53 | 电子 | | 688795 | 摩尔线程-U | 764.90 | -6.13 | 28.64 | 电子 | | 688498 | 源杰科技 | 633.00 | -5.68 | 6.35 | 电子 | | 688027 | 国盾量子 | 504.80 | -1.62 | 4.93 | 通信 | 科创板股中，收盘价最高的是寒武纪-U，今日报收1331.90元，下跌0.90%，其次是摩尔线程-U、源杰科 ...

Market Performance - The A-share semiconductor sector experienced a significant decline, with notable stocks such as Chipone Technology falling over 10% and Fuxin Technology and Zhongli Group dropping by 9% [1][2] - The semiconductor index (886063) decreased by 1.76%, closing at 7326.63, down 131.03 points [2] - In the Hong Kong market, the Hang Seng Technology Index fell by 2%, with Huahong Semiconductor down over 7% and SMIC down 4% [3][4] Stock Specifics - Chipone Technology (688521.SH) saw a decline of 10.49%, closing at 133.40 [2] - Fuxin Technology (688662.SH) dropped by 9.25%, closing at 53.54 [2] - Zhongli Group (002309.SZ) fell by 9%, closing at 3.64 [2] - Other notable declines included Shengke Communication (-8.22%), Guosheng Technology (-7.12%), and Canxin Technology (-6.24%) [2][3] Broader Industry Trends - The overall trend in the semiconductor industry indicates a bearish sentiment, with multiple companies experiencing significant stock price drops [1][3] - The decline in the semiconductor sector is reflected in both A-share and Hong Kong markets, suggesting a broader industry challenge [3][4]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: The model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{\text{ts\_max}(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ \text{ts\_max}(Close, 250) $ is the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price has fallen from the high, the distance is a positive value, indicating the degree of decline[11]. - **Model Evaluation**: The model effectively identifies stocks and indices that are leading the market, providing insights into market trends and potential investment opportunities[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable momentum characteristics, avoiding extreme price jumps. It incorporates factors such as analyst attention, price stability, and trend continuation to identify stocks with strong and consistent performance[26][28]. - **Model Construction Process**: The selection process involves the following steps: 1. **Analyst Attention**: Stocks must have at least five "Buy" or "Overweight" ratings in the past three months. 2. **Relative Strength**: Stocks must rank in the top 20% of the market in terms of 250-day price performance. 3. **Price Stability**: Stocks are scored based on: - **Price Path Smoothness**: Measured by the ratio of price displacement to the total price path. - **Momentum Continuity**: The average 250-day new high distance over the past 120 days. 4. **Trend Continuation**: The average 250-day new high distance over the past five days is calculated, and the top 50 stocks are selected based on these criteria[26][28]. - **Model Evaluation**: The model emphasizes stable momentum and avoids stocks with erratic price movements, making it suitable for identifying consistent performers[26][28]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 3.48% - Shenzhen Component Index: 3.40% - CSI 300: 3.52% - CSI 500: 5.02% - CSI 1000: 3.62% - CSI 2000: 2.46% - ChiNext Index: 3.91% - STAR 50 Index: 12.36%[12][13][33] 2. Stable New High Stock Selection Model - **Selected Stocks**: 44 stocks were identified as stable new high performers, including Zhongji Xuchuang, Guangku Technology, and Yuanjie Technology. - **Sector Distribution**: - Cyclical and technology sectors had the highest number of selected stocks, with 16 stocks each. - Within the cyclical sector, the non-ferrous metals industry had the most stocks. - Within the technology sector, the electronics industry had the most stocks[29][34]. --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: Measures the relative position of a stock's or index's price compared to its 250-day high, serving as a momentum indicator[11]. - **Factor Construction Process**: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{\text{ts\_max}(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ \text{ts\_max}(Close, 250) $ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor is effective in identifying leading stocks and indices, providing a clear signal of market momentum[11][18]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: Evaluates the stability of a stock's price movement over time, favoring stocks with smoother price paths[26]. - **Factor Construction Process**: - Calculate the ratio of price displacement to the total price path over a specified period. - Higher scores indicate smoother price paths, which are preferred for stable momentum strategies[26]. - **Factor Evaluation**: This factor helps avoid stocks with erratic price movements, improving the reliability of momentum-based strategies[26]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 3.48% - Shenzhen Component Index: 3.40% - CSI 300: 3.52% - CSI 500: 5.02% - CSI 1000: 3.62% - CSI 2000: 2.46% - ChiNext Index: 3.91% - STAR 50 Index: 12.36%[12][13][33] 2. Price Path Smoothness Factor - **Selected Stocks**: 44 stocks were identified as stable new high performers, including Zhongji Xuchuang, Guangku Technology, and Yuanjie Technology. - **Sector Distribution**: - Cyclical and technology sectors had the highest number of selected stocks, with 16 stocks each. - Within the cyclical sector, the non-ferrous metals industry had the most stocks. - Within the technology sector, the electronics industry had the most stocks[29][34].

（记者 王瀚黎） 2024年1至12月份，源杰科技的营业收入构成为：光芯片占比99.27%，其他业务占比0.73%。 截至发稿，源杰科技市值为577亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 每经AI快讯，源杰科技（SH 688498，收盘价：671.11元）12月12日晚间发布公告称，公司限售股份约 2385.07万股将于2025年12月22日解禁并上市流通，占公司总股本比例为27.76%。 ...

证券代码：688498 证券简称：源杰科技 公告编号：2025-068 本公司董事会及全体董事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。 陕西源杰半导体科技股份有限公司 首次公开发行部分限售股上市流通的公告 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 23,850,729股。 本次股票上市流通总数为23,850,729股。 本次股票上市流通日期为2025 年 12 月 22 日（因 2025 年 12 月 21 日是非 交易日，上市流通日期顺延至 2025 年 12 月 22 日）。 一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意陕西源杰半导体科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕2638 号）批准，陕西源杰半导体 科技股份有限公司（以下简称"公司"、"源杰科技"）首次向社会公开发行人 民币普通股（A 股）15,000,000 股，并于 2022 年 12 月 21 日在上海证券交易所科 创板上市。公司首次公开发行股票完成后，总股本为 60,000,000 ...

一、本次上市流通的限售股类型 经中国证券监督管理委员会《关于同意陕西源杰半导体科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2022〕2638 号）批准，公司首次向社 会公开发行人民币普通股（A 股）15,000,000 股，并于 2022 年 12 月 21 日在上 海证券交易所科创板上市。公司首次公开发行股票完成后，总股本为 60,000,000 股，其中有限售条件流通股为47,329,650股，无限售条件流通股为12,670,350股。 本次上市流通的限售股为公司首次公开发行部分限售股，限售股股东数量为 5 名，限售期为自公司首次公开发行的股票上市之日起 36 个月。本次上市流通 的限售股数量为 23,850,729 股（含资本公积转增股本数量），占公司股本总数的 比例为 27.75%。现该部分限售股的限售期即将届满，将于 2025 年 12 月 22 日起 上市流通（因 2025 年 12 月 21 日是非交易日，上市流通日期顺延至 2025 年 12 月 22 日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 国泰海通证券股份有限公司 关于陕西源杰半导体科技股份有限公司 首 ...