Market Overview - The black home appliance sector increased by 0.23% on January 6, with *ST Gauss leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Stock Performance - *ST Gauss (002848) closed at 9.90, with a rise of 4.98% and a trading volume of 13,100 shares, amounting to 12.95 million yuan [1] - Tongzhou Electronics (002052) closed at 13.26, up by 2.24%, with a trading volume of 231,300 shares and a transaction value of 305 million yuan [1] - Zhaochi Co., Ltd. (002429) closed at 7.53, increasing by 1.76%, with a trading volume of 1,044,400 shares and a transaction value of 782 million yuan [1] - JiuLian Technology (688609) closed at 10.34, up by 1.57%, with a trading volume of 141,400 shares and a transaction value of 14.5 million yuan [1] - Sichuan Jiuzhou (000801) closed at 17.40, increasing by 1.22%, with a trading volume of 389,000 shares and a transaction value of 674 million yuan [1] - Sichuan Changhong (600839) closed at 9.39, down by 0.42%, with a trading volume of 1,198,700 shares and a transaction value of 1.121 billion yuan [1] Capital Flow - The black home appliance sector saw a net inflow of 59.15 million yuan from institutional investors, while retail investors experienced a net outflow of 57.89 million yuan [1] - The main capital inflow and outflow for specific stocks include: - Non-Chi Co., Ltd. (002429) had a net inflow of 12.4 million yuan from main investors [2] - Tongzhou Electronics (002052) saw a net inflow of 26.84 million yuan from main investors [2] - Sichuan Jiuzhou (000801) had a net inflow of 22.44 million yuan from main investors [2] - *ST Gauss (002848) experienced a net inflow of 2.12 million yuan from main investors [2] - Sichuan Changhong (600839) faced a net outflow of 48.33 million yuan from main investors [2]

从资金流向上来看，当日黑色家电板块主力资金净流入1.94亿元，游资资金净流出1.08亿元，散户资金净 流出8538.58万元。黑色家电板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600839 四川长虹 | | 1.89 Z | 12.43% | -6312.11万 | -4.15% | -1.26 Z | -8.28% | | 000810 | 创维数字 | 5420.66万 | 10.68% | -2907.25万 | -5.73% | -2513.41万 | -4.95% | | 600060 | 海信视像 | 1737.86万 | 9.34% | -352.41万 | -1.89% | -1385.45万 | -7.45% | | 688696 极米科技 | | 495.36万 | 3.51% | -1719.45万 | -12.18% | 1224.09万 | 8.67% | ...

Core Viewpoint - The black home appliance sector experienced a slight decline of 0.29% on December 31, with Zhaochi Co., Ltd. leading the losses, while the Shanghai Composite Index rose by 0.09% to close at 3968.84 [1] Group 1: Market Performance - The black home appliance sector's stocks showed mixed performance, with notable gainers including *ST Gauss, which rose by 5.03%, and Jiulian Technology, which increased by 3.55% [1] - The sector's overall trading volume was significant, with Zhaochi Co., Ltd. recording a trading volume of 67,180,000 yuan [1] Group 2: Capital Flow - The black home appliance sector saw a net outflow of 76.2042 million yuan from main funds, while retail investors contributed a net inflow of 55.0643 million yuan [1] - Individual stocks within the sector experienced varied capital flows, with *ST Gauss attracting a net inflow of 11.6348 million yuan from main funds, while Zhaochi Co., Ltd. faced a net outflow of 31.0489 million yuan [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688696 | 极米科技 | 109.32 | 4.56% | 1.59万 | | 1.73亿 | | 002848 | *ST高斯 | 8.55 | 4.14% | 10.27万 | | 8684.79万 | | 600060 | 海信视像 | 24.30 | 1.17% | 9.44万 | | 2.30亿 | | 000810 | 创维数字 | 11.71 | -0.17% | 11.51万 | | 1.35亿 | | 301578 | 辰奕智能 | 33.57 | -0.50% | 6161.75 | | 2076.78万 | | 600839 | 四川长虹 | 9.08 | -0.77% | 62.59万 | | 5.68亿 | | 000801 | 四川九洲 | 16.91 | -1.17% | 24.59万 | | 4.18亿 | | 002429 | 非驰股份 | 7.61 | -1.55% | 88.46万 | | ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002052 同洲电子 | | 8432.60万 | 9.23% | -3375.72万 | -3.70% | -5056.88万 | -5.54% | | 143116 688009 | | 3490.84万 | 3.52% | 91.00万 | 0.09% | -3581.84万 | -3.61% | | 688696 极米科技 | | 842.53万 | 11.52% | -14.06万 | -0.19% | -828.47万 | -11.32% | | 688609 九联科技 | | 801.13万 | 6.92% | -190.09万 | -1.64% | -611.04万 | -5.28% | | 000810 创维数字 | | 668.86万 | 3.39% | 386.02万 | 1.96% | -1054.88万 | -5.35% | | 600060 ...

Core Insights - The A-share market in 2025 saw a significant increase in the number of doubling stocks, with 528 stocks doubling in value, which is more than four times the number in 2024 [2][3] - The top two stocks with the highest gains were Shangwei New Materials (688585.SH) and Tiangpu Co., Ltd. (605255.SH), achieving increases of 15.6 times and 13.42 times, respectively [3][4] Doubling Stocks - In 2025, 528 stocks achieved over 100% increase, compared to only 125 in 2024, indicating a strong bull market [3][11] - Among these, 124 stocks rose over 200%, and 6 stocks exceeded 500% [3][11] - Notable five-fold stocks included Shenghong Technology (300476.SZ), Dingtai High-tech (301377.SZ), Filinger (603226.SH), and Pinming Technology (688109.SH), with increases ranging from 503.25% to 596.54% [3][4] Characteristics of High-Growth Stocks - The high-performing stocks primarily fall into two categories: AI concept stocks and merger and acquisition (M&A) concept stocks [4][5] - Shenghong Technology and Dingtai High-tech are recognized as leaders in AI PCB manufacturing, benefiting from the AI market trend [4][5] M&A Activity - Companies like Shangwei New Materials and Tiangpu Co., Ltd. are categorized as "first-level acquisition second-level" M&A stocks, with acquirers being either industry players or private equity funds [5][6] - The China Securities Regulatory Commission's new policies aimed at revitalizing the M&A market have led to increased activity in this sector [5][6] - The acquisition of Shangwei New Materials by Zhiyuan Robotics exemplifies a new M&A model that may raise regulatory scrutiny due to its structure [5][6] Market Trends - The average stock price in the A-share market rose from 20 CNY at the beginning of the year to 26.8 CNY by year-end, reflecting a broader market uptrend [7][9] - The low-price stock index increased by 28.53%, outperforming the overall A-share index [7][9] - The total market capitalization of A-shares grew from 92.97 trillion CNY to 115.86 trillion CNY, marking a nearly 25% increase [11][9] Large Market Capitalization Stocks - The number of stocks in the "trillion market cap club" increased from 8 to 12, with notable additions including Industrial Fulian (601138.SH) and China Ping An (601318.SH) [10][9] - Industrial Fulian's market cap surged from 420 billion CNY to approximately 1.3 trillion CNY, driven by the rising demand for AI servers [10][9]

从资金流向上来看，当日黑色家电板块主力资金净流出1.6亿元，游资资金净流出729.27万元，散户资金 净流入1.67亿元。黑色家电板块个股资金流向见下表： 证券之星消息，12月26日黑色家电板块较上一交易日上涨0.28%，兆驰股份领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。黑色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002429 | 兆驰股份 | 7.81 | 4.27% | 163.76万 | | 12.85 Z | | 000801 | 四川九洲 | 17.44 | 0.75% | 44.23万 | | 7.69亿 | | 000810 | 创维数字 | 11.61 | 0.17% | 10.23万 | | 261T | | 688609 | 九联科技 | 9.82 | -0.20% | 6.71万 | 6575.96万 | | | 600839 | 四川长虹 | 9.05 | -0 ...

Core Viewpoint - The company, Tongzhou Electronics, is experiencing a decline in stock price despite benefiting from various market trends, including the depreciation of the RMB and growth in the IoT and lithium battery sectors [2][3]. Financial Performance - In 2024, the company's overseas revenue accounted for 79.72%, benefiting from the depreciation of the RMB [2]. - For the fiscal year 2022, the company reported a revenue of 255 million, representing a year-on-year growth of 82.99%, with a significant contribution from the new energy battery business [2]. - From January to September 2025, the company achieved a revenue of 657 million, marking a year-on-year increase of 176.75%, and a net profit of 232 million, which is a staggering growth of 1724.48% [7]. Business Segments - The main business segments include high-power power supply (90.23% of revenue), trade (4.47%), and battery business (3.73%) [7]. - The company is focusing on high-power power supply products, primarily used in computing server applications [2]. Market Activity - On December 26, the stock price of Tongzhou Electronics fell by 1.52%, with a trading volume of 209 million and a turnover rate of 2.44%, leading to a total market capitalization of 9.27 billion [1]. - The stock has seen a net outflow of 56.69 million from major investors, indicating a reduction in holdings over the past two days [4][5]. Technical Analysis - The average trading cost of the stock is 13.88, with current price levels between resistance at 12.77 and support at 11.58, suggesting potential for range trading [6]. Corporate Developments - The company has received approval to remove risk warnings, and its stock name has been changed to Tongzhou Electronics [3].

Core Viewpoint - The company, Tongzhou Electronics, is experiencing growth driven by factors such as the depreciation of the RMB, advancements in the Internet of Things (IoT), and developments in lithium battery technology, alongside a recent removal of risk warnings from trading. Group 1: Financial Performance - In 2022, the company achieved a revenue of 255 million, marking a year-on-year increase of 82.99%, with a significant contribution from the new energy battery business [2] - For the period from January to September 2025, Tongzhou Electronics reported a revenue of 657 million, reflecting a year-on-year growth of 176.75%, and a net profit attributable to shareholders of 232 million, which is a staggering increase of 1724.48% [7] Group 2: Business Segments - The company’s main business segments include high-power power supply (90.23% of revenue), trade (4.47%), and battery business (3.73%) [7] - The company is focusing on high-power power supply products, primarily used in computing server applications [2] Group 3: Market Position and Stock Performance - As of December 22, the stock price of Tongzhou Electronics increased by 1.74%, with a trading volume of 186 million and a market capitalization of 9.263 billion [1] - The company has received approval to remove risk warnings, leading to a change in its stock name to Tongzhou Electronics [3] Group 4: Shareholder Information - As of November 30, the number of shareholders stood at 51,700, with an average of 13,326 shares held per shareholder [7] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which is a new shareholder holding 4.9922 million shares [8]

具体来看，*ST铖昌今日换手率达12.81%，成交额19.20亿元创新高，而其股价实现"10天9板"或与近期商业航天热度升温有关。 *ST铖昌主营业务为微波毫米波相控阵T/R芯片的研发、生产、销售和技术服务，该公司产品T/R芯片是相控阵天线系统核心元器件之一， 其性能则直接影响整机的各项关键指标。 华西证券指出，随着国家加速推动商业航天建设，手机直连卫星、北斗短信等应用有望加速普及。卫星物联网商用试验将加速推动包括运 营商、卫星、模组与芯片厂商等产业协同，在海洋、应急、能源、交通、农业等行业构建广域连接能力。 *ST铖昌2025年第三季度业绩表现亮眼，营收同比增长266.57%，净利润同比增长565.20%，扭亏为盈。 *ST铖昌称，公司在相控阵T/R芯片领域具备核心技术，产品达宇航级质量标准，星载、机载、地面三大业务板块均快速增长，在手订单数 量与金额显著增长。 12月18日，A股ST板块整体火热，截至发稿，ST思科瑞、*ST沪科、*ST万方、ST尔雅等多只股票5%涨停。 | | 代码 | 名称 | 涨幅％v | 现价 | | --- | --- | --- | --- | --- | | 1 | 6880 ...