New Stock Listings - One new stock listed today: Muxi Co., Ltd. (688802) with an issue price of 104.66 yuan [1] Industry News - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork products from the EU for a period of five years starting today [1] - The 2025 Xiaomi Human-Vehicle Home Ecosystem Partner Conference is being held today [1] - The 2025 China Artificial Intelligence Industry Innovation and Development Conference is taking place today [1] - The Second Global Data Technology Conference (GDTC) is being held in Beijing from today until the 18th [1] - The Fourth Computing Power Network and Digital Economy Forum, along with the 2025 "Computing Power Puxiang" Conference, is being held today [1] - Dell announced a price increase for all its commercial product lines starting today, attributed to demand for memory chips [1] - The U.S. Trade Representative's office warned of potential retaliatory measures against the EU's service industry and may initiate a Section 301 investigation [1] - The U.S. FDA approved a twice-a-year asthma medication from GlaxoSmithKline [1] - Autonomous driving company Waymo is reportedly discussing raising several billion dollars at a valuation exceeding $100 billion [1] - Tesla's stock price reached a historic high, with a market capitalization exceeding $1.6 trillion, reflecting growing optimism about autonomous driving [1] - Level 3 autonomous driving has been approved, with Changan Automobile and BAIC Blue Valley models receiving pilot approval [1] - Apple plans to expand its iPhone product line from five to seven models before fall 2027 [1] - OpenAI appointed former UK Chancellor Osborne to lead the "OpenAI for Countries" initiative [1] - AI data platform Databricks is reportedly raising over $4 billion at a valuation of $134 billion [1] - The European Commission plans to issue approximately €90 billion in bonds in the first half of next year [1] Economic Data - A total of 189.8 billion yuan in 7-day reverse repos is maturing today [1] - Various economic indicators are being released, including Japan's trade balance, export and import amounts for November, and the UK's core CPI [1] - Germany's Ifo Business Climate Index for December and HICP data for November are being published [1] - Italy's HICP data for November is also being released [1] - Eurozone's November CPI and core CPI data are being reported [1] - U.S. retail inventory adjustments and EIA crude oil inventory changes for the week ending December 12 are being released [1] A-Share Market Dynamics - Six listed companies are facing stock unlocks, including Oke Technology with 70 million shares (74.99% of total shares) and Meino Biological with 13.88 million shares (9.86%) [1] - Several companies announced dividend distributions, with Chongqing Brewery (10 shares for 13 yuan) and Wuliangye (10 shares for 25.78 yuan) among those with significant payouts [1] - Dongjie Intelligent is planning to acquire a controlling stake in Aobo Intelligent, leading to a stock suspension [1] - Multiple companies released important announcements, including 360 clarifying rumors of financial fraud and Longping High-Tech planning a 1 billion yuan investment in production bases in Vietnam and Malaysia [1] - Lianhua Holdings' subsidiary plans to purchase acceleration cards for intelligent computing business for 200 million yuan [1] - Hualing Cable intends to acquire 70% of San Zhu Technology for 183 million yuan [1] - Xiechuang Data signed a strategic cooperation framework agreement to enter the optical chip and module industry [1]

Core Insights - Shanghai is set to launch ten initiatives to support the development of the gaming and esports industry, with an annual funding of 50 million yuan, aiming for high-quality growth and a globally influential industry ecosystem [1] - The gaming industry in China is projected to reach approximately 350.8 billion yuan in revenue by 2025, with a user base exceeding 680 million, indicating a year-on-year growth of 7.7% and 1.4% respectively [2] - Shanghai has established itself as a leading city for esports, hosting the most esports events in the country, accounting for 17.8% of the total, and achieving a total sales revenue of 83.283 billion yuan in the online gaming sector in the first half of the year, marking a 10.8% increase [3][4] Group 1: Shanghai's Initiatives - The "Game Shanghai Ten Measures" focuses on building influential esports clusters and providing comprehensive services to enterprises, targeting key areas such as creative excellence and technological innovation [1] - Shanghai aims to enhance international cooperation and create a full-chain service platform for cultural export, positioning itself as a global hub for esports [1] Group 2: Industry Growth and Trends - The gaming industry is evolving from mere entertainment to a digital medium that integrates culture, technology, and cross-industry collaboration, becoming a dual engine for cultural and digital economic innovation [2] - Other cities like Guangzhou, Beijing, and Chengdu are also developing policies to support the gaming and esports industry, indicating a competitive landscape for digital economic development [5][6]

要闻速递 1、中央财办有关负责同志：扩大内需是明年排在首位的重点任务，明年要把握消费的结构性变化，从供需两侧发力提振消 费 针对内需发展现状如何？提振消费、扩大投资的空间和动力在哪里？中央财办有关负责同志表示，扩大内需是明年排在首 位的重点任务。今年我国内需总体保持稳健，前三季度内需对经济增长贡献率达到71%。提振消费政策成效明显，扩大有 效投资扎实推进。我们也注意到，近几个月消费和投资增速有所放缓，需要持续加力扩内需。明年要把握消费的结构性变 化，从供需两侧发力提振消费。明年要着眼惠民生增后劲，推动投资止跌回稳。 2、中央财办有关负责同志：投资和消费增速明年有望恢复 产业转型升级加快 中央财办有关负责同志表示，展望明年，世界经济有望延续温和增长态势，但变数较多。从国内看，我们面临的困难挑战 不少，但经济基础稳、优势多、韧性强、潜能大等长期向好的支撑条件和基本趋势没有改变，中国特色社会主义制度优 势、超大规模市场优势、完整产业体系优势、丰富人才资源优势将更加彰显。活跃的要素流动和创新为发展持续注入新动 能，人流、物流、信息流、资金流保持较快增长态势，投资和消费增速明年有望恢复，产业转型升级加快，科技和产业创 ...

- The report discusses the market performance on December 22, 2025, highlighting that most indices were in an upward trend, with the CSI 500 Index performing particularly well among scale indices, and the ChiNext Index performing well among sector indices[2][7] - The market sentiment was high, with 104 stocks hitting the daily limit up and 8 stocks hitting the daily limit down at the close of trading[2][14] - The financing balance as of December 19, 2025, was 24,871 billion yuan, and the securities lending balance was 167 billion yuan, with the total margin balance accounting for 2.6% of the market's circulating market value[2][20][23] - The report also provides data on ETF premiums and discounts, noting that the Sci-Tech Growth ETF from Southern Fund had the highest premium at 1.49%, while the Creation 50 ETF from ICBC had the highest discount at 0.51% on December 19, 2025[3][24][26] - The report includes information on block trading, indicating that the average daily transaction amount of block trades in the past six months was 2.1 billion yuan, with a discount rate of 5.21% on December 19, 2025[3][27][29] - The annualized discount rates for the main contracts of stock index futures for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices were 0.27%, 4.53%, 8.15%, and 12.34%, respectively, on December 22, 2025[3][29][32] - The report lists the top stocks in terms of net inflow and outflow from institutional seats and Northbound funds, with Sannong Seed Industry, Snowman Group, and Aisen Co., Ltd. among the top net inflow stocks[4][37][38]

证券研究报告 | 2025年12月22日 金融工程日报 沪指四连阳重上 3900 点，海南自贸港概念持续发酵 核心观点 金融工程日报 市场表现：20251222 大部分指数处于上涨状态，规模指数中中证 500 指数 表现较好，板块指数中创业板指表现较好，风格指数中中证 500 成长指数表 现较好。通信、有色金属、电子、消费者服务、综合金融行业表现较好，传 媒、银行、纺织服装、轻工制造、电力公用事业行业表现较差。海南自贸港、 海航系、钨矿、半导体设备、光通信等概念表现较好，SPD、降落伞、家纺、 银行精选、胶原蛋白等概念表现较差。 市场情绪：20251222 市场情绪较为高涨，收盘时有 104 只股票涨停，有 8 只股票跌停。昨日涨停股票今日收盘收益为 2.28%，昨日跌停股票今日收盘 收益为 1.06%。今日封板率 71%，较前日下降 2%，连板率 25%，较前日 下降 2%。 市场资金流向：截至 20251219 两融余额为 25038 亿元，其中融资余额 24871 亿元，融券余额 167 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 10.1%。 折溢价：20251219 当日 ...

Group 1: Industry Trends - 2025 marks a pivotal year for the global technology industry, transitioning from "smart connectivity" to "intelligent autonomy" [1] - Hardware products are entering a new era of "edge AI explosion," driven by advancements in AI technology, the proliferation of 5G-A, and sustainable development [1] - The transformation of smart hardware is shifting from "single hardware parameters" to a "full-scenario intelligent ecosystem" [1] Group 2: Consumer Electronics and Innovations - Seamless integration between different types of devices is becoming more common, enhancing user experience across smartphones, computers, and tablets [1] - The rise of smart home appliances, automotive technology, and drones is significantly transforming lifestyles and industrial models [1] - The automotive sector is redefining its role, moving beyond being just a transportation tool to becoming part of a broader economic opportunity in low-altitude airspace [1] Group 3: 2025 EDGE Awards - The 2025 EDGE Awards will recognize outstanding technological products that have made significant contributions in functionality, design, user experience, and market performance [3] - Award-winning products are expected to address industry pain points, optimize user experiences, and explore new scenarios, setting market benchmarks and driving innovation [3] - The awards will highlight the most innovative products of the year, showcasing the profound impact of technological innovation on human life [3]

Core Insights - The report highlights the approval of China's first batch of L3 autonomous driving vehicles, marking a significant step towards commercial application in limited scenarios [3][15] - Multiple companies have successfully commercialized L4 level autonomous taxis overseas, indicating a growing trend in the global autonomous driving market [3][17] - Google has launched Gemini 3 Flash, which innovatively breaks the "speed-quality-cost" trade-off, positioning itself as a leading model in the AI landscape [3][36] Industry Trends - China's first L3 autonomous driving vehicles, including Changan's SC7000AAARBEV and Arcfox's BJ7001A61NBEV, have received approval for limited road testing in Beijing and Chongqing, with specific operational speed limits of 50 km/h and 80 km/h respectively [15][18] - The domestic autonomous driving sector is expanding internationally, with companies like Momenta partnering with Grab in Singapore and launching Robotaxi services in Abu Dhabi and Dubai [17][19] - The report notes that the global autonomous driving market is on the verge of rapid expansion, with L3/4/5 penetration rates expected to rise significantly by 2030, driven by increasing demand and technological advancements [27][31] Investment Recommendations - The report suggests focusing on five key sectors with marginal improvements: AI hardware, commercial aerospace, AI applications, non-ferrous metals, and innovative pharmaceuticals, as they present potential investment opportunities [4][56] - In the AI hardware sector, the report anticipates continued performance from leading companies like NVIDIA, which has exceeded earnings expectations, and highlights the acceleration of global AI infrastructure development [56][58] - The commercial aerospace sector is expected to benefit from government policies encouraging expansion and investment, indicating a favorable environment for growth [56][59] Global Market Performance - The report notes mixed performance in global stock markets, with financial, consumer staples, and materials sectors showing strength, while other sectors performed moderately [60]

Investment Rating - The report maintains a recommendation for the automotive industry [7] Core Insights - The penetration rate of new energy vehicles in the passenger car market has exceeded 60% [2] - The sales volume of passenger cars in China for the first half of December is 764,000 units, a year-on-year decrease of 24% but a month-on-month increase of 2% [2] - Cumulative retail sales for the year reached 22.247 million units, reflecting a year-on-year growth of 5% [2] - The wholesale volume for the same period is 734,000 units, down 31% year-on-year and down 15% month-on-month, with a cumulative wholesale of 27.499 million units, up 9% year-on-year [2] - The report highlights the significance of L3 autonomous driving trials and the potential expansion of the L4 ROBOTAXI industry [5] Summary by Sections Weekly Market Review (2025.12.13-12.19) - The automotive sector index decreased by 0.10%, with most related sub-sectors also declining [13] - The passenger vehicle sector experienced the largest drop at -1.71% [13] - Notable stock performances include BAIC BluePark up by 8.5% and BYD down by 2.9% [13][16] Weekly Data Tracking (2025.12.13-12.19) - Passenger car retail sales from December 1-14 were 764,000 units, with a year-on-year decline of 24% [20] - New energy vehicle retail sales during the same period were 476,000 units, down 4% year-on-year but up 1% month-on-month [20] - The penetration rate for new energy vehicles reached 62.3% [20] Industry News (2025.12.13-12.19) - The first batch of L3 autonomous driving vehicles received approval for road testing, marking a significant step towards commercialization [3][32] - Multiple companies, including Xpeng and BYD, have initiated L3 autonomous driving trials [4][39] - The Ministry of Commerce announced measures to boost consumption, including reducing penalties for early loan settlements in vehicle trade-ins [34] Key Company Announcements - Changan Automobile plans to raise approximately 6.122 billion yuan through a capital increase for its subsidiary, Deep Blue Automotive [31] - Xpeng has received an L3 road testing license in Guangzhou and plans to implement L3 features across its models by Q1 next year [39] - BYD has completed over 150,000 kilometers of L3 autonomous driving testing in Shenzhen [43]

Group 1 - The first L3-level autonomous driving license has been issued, marking a significant acceleration in the industry chain with Changan Automobile leading the way in the L3 autonomous driving era [2] Group 2 - Another AI unicorn has entered the Hong Kong stock market, following Zhipu, as MiniMax has passed the hearing and disclosed its prospectus for an IPO, indicating a rapid commercialization process for AI applications [3]

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！ 来源：证券市场周刊市场号 文 | 尚扬 据Wind数据统计，12月以来，全A市场共有471家公司被机构投资者公开调研，从调研热度来看，23家 公司接待调研机构家数超50家，9家公司接待调研机构家数超过了百家（见表1）。 | | 表I: 接待调研机构家数超过 | | | | --- | --- | --- | --- | | | EFFICAL | | | | 证券代码 | 证券简称 | 被调研总次数 | 合计 | | 603019.SH | 中科曙光 | 3 | 365 | | 688041.SH | 海光信息 | 3 | રૂદર | | 000625.SZ 13 1 长安汽车 | | 2 | 227 | | 002353.SZ | 杰瑞股份 | 9 | 221 | | 301468.SZ | 博盈特焊 | | 139 | | 300723.SZ | 品红 | | 119 | | 688698.SH | 伟创电气 | | 112 | | 300900.SZ | 广联航空 | 3 | 102 | | 605196.SH | 花瘦线碟 | ...