Group 1: Digital Human Industry - The first national standard for virtual digital humans in China has been officially released, providing unified technical requirements and evaluation standards for customer service virtual digital humans [1] - The standard covers a comprehensive technical specification system, including modules for image generation, visual interaction, voice interaction, emotional interaction, image driving, and operation maintenance [1] - The virtual digital human industry is transitioning from a technical exploration phase to a large-scale application phase, with the core market expected to reach 48.06 billion yuan by 2025, driving the overall market size to exceed 640 billion yuan [1] Group 2: Environmental Protection Equipment - The Ministry of Industry and Information Technology and the Ministry of Ecology and Environment have jointly released the "National Encouraged Major Environmental Protection Technology Equipment Catalog (2025 Edition)," which includes 115 major environmental protection technology equipment items [2] - The catalog focuses on high-quality development needs in environmental protection equipment, guiding enterprises to concentrate on breakthroughs in key core technologies [2] - The environmental protection equipment manufacturing industry is expected to reach a production value of 1.5 trillion yuan by 2027, with the penetration rate of intelligent environmental protection equipment technology projected to increase from 60% in 2025 to 85% by 2030 [2] Group 3: 3D Printing Technology - A fully 3D-printed turbofan engine developed by a collaboration of institutions has completed ground testing, marking China's first fully 3D-printed turbofan engine [3] - This engine utilizes additive manufacturing technology to achieve integrated component formation, reducing the number of core components by over 40% and decreasing structural weight by 25% [3] - The design improvements enhance the engine's high-temperature component cooling, operational energy efficiency, and reliability [3] Group 4: Macro and Industry News - The State Council has issued opinions on combating illegal activities related to tobacco, including internet sales of tobacco products and electronic cigarettes [4] - The Ministry of Agriculture and Rural Affairs reports that over 95% of crop varieties are independently bred, with domestic seed sources holding over 80% market share in livestock, aquaculture, and vegetables [4] - The Shenzhen Stock Exchange will review the IPO application of Shenzhen Dapu Microelectronics Co., Ltd., which is the first unprofitable company to be accepted for listing [4]

九个交易日暴涨194%，天力复合做到了。 12月18日，天力复合再度大涨9%，收于82.3元，继续刷新历史新高。值得注意的是，在12月5日，该股 收盘价仅为28.01元。 资料显示，天力复合主营涉及层状金属复合材料，属于金属新材料板块。消息面上，公司受到核聚变和 商业航天两重概念集中催化，引发资金"抢筹"。 据悉，早在6月份，天力复合便参与了中国科学院合肥物质科学研究院相关项目，现具备聚变装置第一 壁相关材料的批量供货能力；同时，公司还是《卫星用钛-不锈钢爆炸复合过渡接头棒规范》国军标 （GJB3797A-2015）的起草单位，近年来承担多个航天项目建设任务。 伴随着天力复合大幅异动，身为公司控股股东的西部材料借此"母凭子贵"。目前，西部材料总市值也飙 升至167亿元，而其握有天力复合的持股市值已近40亿元。 天力复合九个交易日涨近194% 12月18日，天力复合报收82.3元，涨9.01%，盘中一度暴涨超22%，触及92.5元历史新高。 从走势上看，近期天力复合展现了惊人爆发力。在12月5日，该股尚以28.01元收盘，按此价格为基础计 算，其在最近九个交易日内累计涨幅高达194%。 那么，天力复合为何方神圣 ...

行 业 及 产 业 行 业 研 究 / 相关研究 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 研究支持 达邵炜 A0230124030001 dasw@swsresearch.com 联系人 达邵炜 A0230124030001 dasw@swsresearch.com 2025 年 12 月 18 日 军工外延效应显著，继续关注商业 航天板块 看好 ——国防军工行业周报（2025 年第 51 周） 本期投资提示： ⚫ 上周申万国防军工指数上涨 2.8%，中证军工龙头指数上涨 1.73%，同期上证综指下跌 0.34%，沪深 300 下跌 0.08%，创业板指上涨 2.74%，申万国防军工指数跑赢创业板 指、跑赢沪深 300、跑赢上证综指、跑赢军工龙头指数。1、从细分板块来看，上周国 防军工板块 2.8%的涨幅在 31 个申万一级行业涨跌幅排名第 2 位。2、从我们构建的军 工集团指数变化来看，上周中证民参军涨跌 ...

Group 1 - The commercial aerospace sector is experiencing significant growth, with stocks like China Satellite and others reaching their daily limit, driven by new policies and planning initiatives [1][2] - The Shanghai Municipal Government is drafting a new industrial plan that focuses on accelerating the development of commercial aerospace [1] - Recent technological breakthroughs in reusable rockets are propelling China's aerospace industry towards lower costs and higher reuse, marking a shift from technology validation to engineering application and large-scale development [2][3] Group 2 - Analysts highlight three core areas of focus within the commercial aerospace sector: the rocket side, satellite side, and space computing, each presenting unique investment opportunities [3] - The commercial aerospace theme is moving beyond the "warming" phase, with improved top-level design and policy support enhancing market confidence in long-term development [2] - The acceleration of low-orbit satellite launches in China is expected to lead to a normalized and frequent launch phase, providing substantial benefits to the entire industry chain [2]

西部材料今日涨停，全天换手率18.62%，成交额30.46亿元，振幅8.51%。龙虎榜数据显示，机构净卖出 6925.21万元，深股通净卖出1999.50万元，营业部席位合计净买入1.41亿元。 深交所公开信息显示，当日该股因日涨幅偏离值达10.70%上榜，机构专用席位净卖出6925.21万元，深 股通净卖出1999.50万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交8.10亿元，其中，买入成交额为4.31亿 元，卖出成交额为3.79亿元，合计净买入5225.18万元。 资金流向方面，今日该股主力资金净流入3.45亿元，其中，特大单净流入3.53亿元，大单资金净流出 763.86万元。近5日主力资金净流入2.69亿元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即卖二，合计净卖出6925.21万元，深股 通为第一大买入营业部及第一大卖出营业部，买入金额为1.24亿元，卖出金额为1.44亿元，合计净卖出 1999.50万元。 近半年该股累计上榜龙虎榜7次，上榜次日股价平均涨2.61%，上榜后5日平均涨12.67%。 | 买/卖 | 会员营业部名称 | 买入金额（万元） | 卖出金 ...

Banking Sector - The banking sector experienced a rebound, with Shanghai Bank and Chongqing Rural Commercial Bank both rising over 3% [7][9] - Recent reports indicate that listed banks are expected to see improved revenue and profit growth in 2026 and 2027, driven by narrowing net interest margin pressure, quality-focused credit issuance, and stabilizing fee income growth [9] - The average dividend yield for the banking sector is currently at 5.2%, significantly higher than the 10-year government bond yield, indicating a shift towards a "high dividend + high quality" investment cycle [9][10] Retail Sector - The retail sector showed strength, with Central Plaza and Shanghai Jiubai hitting the daily limit, and New World achieving a rapid surge shortly after market opening [3] - New World is focusing on attracting the "Z generation" consumer group and has plans to launch popular IP exhibitions [3] Commercial Aerospace Sector - The commercial aerospace sector is witnessing a surge, with companies like Star Technology and Shunhao Co. hitting the daily limit [5][11] - Star Technology has secured several orders in the commercial aerospace field and plans to initiate mass production in 2026 to meet the growing demand from private aerospace companies [14] - Recent policy support from the National Space Administration aims to promote high-quality development in the commercial aerospace sector, which is expected to accelerate the implementation of various industry chain segments [14][15]

Market Overview - A-shares showed mixed performance on December 18, with the Shanghai Composite Index rising by 0.16% to 3876.37 points, while the Shenzhen Component Index fell by 1.29% to 13053.97 points, and the ChiNext Index dropped by 2.17% to 3107.06 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.66 trillion, with nearly 2900 stocks rising [1] Sector Performance Banking Sector - Bank stocks experienced a broad increase, with Shanghai Bank and Chongqing Rural Commercial Bank rising over 3% [1] Retail Sector - Retail concepts showed strength, with Central Plaza and Shanghai Jiubai hitting the daily limit [1] Commercial Aerospace - The commercial aerospace sector was active, with multiple stocks including Shengyang Technology and Shunhao Co. hitting the daily limit [1][2] Pharmaceutical Sector - The pharmaceutical sector continued to perform well, with stocks like Luyan Pharmaceutical and Zhongyao Holdings hitting the daily limit [1][3] Consumer Sector - The consumer sector, including retail, apparel, and food and beverage, led the gains, with stocks like Baida Group achieving six consecutive limits [1][4] Institutional Insights Economic Policy Outlook - Everbright Securities anticipates a favorable cross-year market for A-shares, supported by ongoing domestic economic policies and historical performance trends [5] - Huaxi Securities suggests focusing on the consumer sector as technology rotation slows down, with an emphasis on the high-low cut logic [6] - Bank of China Securities views A-shares as being in a "bull market continuation" phase, highlighting the importance of technology and anti-involution themes for future investment [7]

纳米银板块领涨，上涨2.11%，其中西部材料上涨10.01%，扬子新材上涨2.61%，欧菲光上涨0.57%。 （AI生成） ...

Market Overview - The A-share market showed mixed performance on December 18, with the Shanghai Composite Index turning positive while the ChiNext Index fell nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 192 billion yuan compared to the previous trading day, with over 3,600 stocks rising [1] Sector Performance - The commercial aerospace and pharmaceutical sectors led the gains, while battery and securities sectors experienced declines [1] - Notable stocks in the commercial aerospace sector included China Satellite (600118), Beimo High-tech (002985), and Tianjian Technology (002977), all of which hit the daily limit [3][5] - The pharmaceutical sector also showed strength, with companies like Huaren Health (301408) and Yingte Group (000411) achieving daily limit gains [6][8] Noteworthy Developments - The Long March 12甲 reusable launch vehicle, developed by the China Aerospace Science and Technology Corporation, is scheduled for its historic first launch in December 2025 [3] - The brain-computer interface and innovative medical device sectors have seen significant breakthroughs, with analysts optimistic about investment opportunities due to supportive policies [8] Individual Stock Highlights - On December 18, China International Capital Corporation (601995) and Dongxing Securities resumed trading with limit-up prices, while Xinda Securities (601059) opened 6.8% higher [9] - Newly listed Yuan Chuang Co., Ltd. (001325) saw its stock price surge over 200% at the opening, closing at 70.99 yuan per share, with a leading market share in rubber track products [9][10] Future Market Outlook - Analysts from Industrial Securities express a positive outlook for the A-share market in 2026, citing limited negative external impacts and favorable trends in AI and liquidity [11] - Key sectors expected to drive growth include AI, new energy, military industry, and innovative pharmaceuticals, with a focus on companies with global competitive advantages [11]

记者丨金珊 孙永乐 编辑丨黎雨桐 视频 丨 陈泽锴 12月18日，A股三大指数涨跌不一，截至午间收盘，沪指拉升翻红，创业板指跌近2%。沪深两市半日成交额1.05万亿元，较上个交易日放量 192亿元，全市场超3600只个股上涨。 板块方面，医药商业、商业航天等涨幅居前，电池、证券等跌幅居前。 今日早盘，商业航天概念走势强劲，中国卫星、 北摩高科、西部材料、天箭科技等多股涨停 。航天环宇、邵阳液压、西测测试等涨超10%。 消息面上，由中国航天科技集团八院抓总研制的长征十二号甲可重复使用运载火箭，计划于2025年12月中下旬在酒泉卫星发射中心执行其历史 性的首次发射任务。 北摩高科 002985 融 30.65 +10.01% +8.46% 首板 | 最终涨停 10:33 盛洋科技 15.49 +10.01% +19.34% | | | 商业航天 ① 2092.74 2.49% | | 100 | | --- | --- | --- | --- | --- | | 成分股 | 基金 | 资金 | 分析 | 新闻 简况(F10) | | 名称/代码 | | 最新 ◆ | | 涨幅 = 5日涨幅 = > | | 神剑股 ...