Core Viewpoint - The professional services sector experienced a mixed performance on December 29, with a slight overall increase of 0.0%, while the Shanghai Composite Index rose by 0.04% and the Shenzhen Component Index fell by 0.49% [1]. Group 1: Stock Performance - Leading the gains in the professional services sector was Lihe Kexin, which closed at 10.81 with a rise of 5.88% and a trading volume of 624,200 shares, resulting in a transaction value of 673 million yuan [1]. - Other notable performers included Lingdian Youshu, which increased by 3.05% to close at 50.08, and Xince BiaoZhun, which rose by 2.14% to close at 33.39 [1]. - Conversely, C Tianshu saw a significant decline of 9.11%, closing at 104.21, with a trading volume of 84,400 shares and a transaction value of 857 million yuan [2]. Group 2: Capital Flow - The professional services sector experienced a net outflow of 200 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2]. - Notably, the stock Puni Testing had a net inflow of 26.49 million yuan from institutional investors, despite a net outflow of 20.30 million yuan from retail investors [3]. - Other stocks like Guangdian Jiliang and Zhonggang Tianyuan also saw varying levels of net inflow and outflow from different investor categories, indicating a mixed sentiment among investors [3].

- The report discusses a **volume-timing model** for broad-based indices, which provides signals based on market volume trends. As of December 26, 2025, the model indicates a "cautious" view for the SSE 50 index, while other indices such as SSE Composite, CSI 300, CSI 500, CSI 1000, ChiNext, and Beijing 50 show "bullish" signals[2][23][24] - A **momentum sentiment indicator** is introduced, which calculates the proportion of stocks in the CSI 300 index with positive returns over a specific period (N days). The formula is: $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns in the past N days}}{\text{Total number of CSI 300 stocks}} $ This indicator is effective in capturing upward opportunities but has limitations in avoiding risks during market downturns. Recently, the indicator's value has been around 71%[24][25][28] - A **moving average sentiment indicator** is also discussed, which uses eight moving averages (8, 13, 21, 34, 55, 89, 144, 233) to assess market trends. The indicator assigns values based on the number of moving averages above or below the current price. When the number of moving averages above the price exceeds five, the market is considered bullish. This indicator currently shows that the CSI 300 index is in a positive sentiment zone[30][33][36] - The report evaluates **cross-sectional volatility** and **time-series volatility** as measures of alpha generation potential. Cross-sectional volatility for CSI 300, CSI 500, and CSI 1000 stocks shows mixed trends, with CSI 500 experiencing an increase, indicating a better short-term alpha environment. Time-series volatility for all three indices has decreased recently, suggesting a weaker short-term alpha environment[41][42][43] - A **fund clustering degree indicator** is used to monitor the degree of fund concentration. This is measured by the standard deviation of cross-sectional returns of clustered funds. A lower standard deviation indicates higher clustering. Recently, the clustering degree has slightly increased, and both clustered funds and stocks have shown higher excess returns over the past week[83][85][87]

Group 1 - The international gold price is reported at $4531.8 per ounce, while international palladium is at $1923.4 per ounce, and international silver is at $79.13 per ounce [1] - The domestic gold price is reported at ¥1016.5 per gram [1] Group 2 - Major domestic gold retailers have varying prices, with Lao Miao Gold at ¥1417 per gram as the highest and China Gold at ¥1312 per gram as the lowest [1] - Other notable prices include Chow Tai Fook at ¥1413 per gram, Chow Sang Sang at ¥1412 per gram, and Liufuk Jewelry at ¥1413 per gram [1] - Additional prices from other retailers include Xie Rui Lin at ¥1413 per gram, Jin Zhi Zun at ¥1413 per gram, Chao Hong Ji at ¥1413 per gram, Cai Bai Jewelry at ¥1372 per gram, Lao Feng Xiang at ¥1408 per gram, and Zhou Liu Fu at ¥1398 per gram [1]

证券日报网12月26日讯 ，广电计量在接受投资者提问时表示，今年，公司海外产能布局取得关键性突 破，紧跟核心大客户出海战略步伐，同步推进海外市场业务拓展与本地化服务落地。2025年8月，广电 计量成功入选亚马逊玩具品类DV TIC认可机构，为企业提供玩具出口"一站式"合规检测，助力出海企 业稳健前行。同时，公司根据客户出海计划，积极布局印尼、越南、马来西亚等东南亚市场。2025年11 月，公司拟投资50万美元设立广电计量检测（越南）有限公司，以实体化布局加速海外市场拓展进程。 2025年12月，公司与印尼国家标准局（BSN）在印尼雅加达签署谅解备忘录，致力于推动印尼SNI标准 及认证在中国市场的普及与推广，促进中印尼两国经贸合作与技术交流。 （文章来源：证券日报） ...

Group 1 - The company aims to establish a comprehensive quality assurance system covering the entire lifecycle of satellite development, production, launch, and operation [2] - The core strategy includes "full-chain quality assurance + technology platform drive + capital and ecological synergy" [2] - The goal is to become the most comprehensive third-party testing institution in the field, with the highest efficiency in response and the widest customer coverage [2] Group 2 - The company supports the construction of integrated space-ground networks and the development of the 6G industry [2]

证券日报网12月26日讯 ，广电计量在接受投资者提问时表示，公司拟投入3.44亿元建设卫星互联网质量 保障平台，在广州、成都等地配置热真空试验系统、高强度振动台等高端设备，强化空天地一体化验证 与测试评价公共服务平台，覆盖卫星全层级测试需求。 （文章来源：证券日报） ...

Core Viewpoint - The company has established a dedicated commercial aerospace institution, "Tianxing Institute," focusing on new technologies and standards in the aerospace industry [2] Group 1: Company Initiatives - The company has formed a professional team of over 40 members to concentrate on the development of new technologies, standards, tools, systems, and ecosystems in commercial aerospace [2] - Eight major technology platforms have been created, covering advanced aerospace material evaluation, high-resolution industrial CT testing, space environment adaptability verification, and quality assurance for commercial aerospace components [2] - The company has developed a one-stop testing service system that spans the entire lifecycle of satellite design, manufacturing, testing, and certification, aligning with the stringent inspection standards of the commercial aerospace industry [2] Group 2: Laboratory Expansion - The company has established laboratories in multiple cities, including Beijing, Shanghai, Tianjin, Chongqing, Guangzhou, Shenzhen, Wuxi, and Wuhan, to enhance its service capabilities [2] - The laboratories provide services in electronic wireless communication, space radiation resistance verification, thermal vacuum testing, vacuum discharge, magnetic experiments, noise experiments, and strong impact testing [2]

Core Viewpoint - The company has established a comprehensive testing platform for airborne systems in the aviation equipment inspection sector, providing a one-stop technical service capability that includes standard formulation, research and development, training consulting, airworthiness certification, and testing validation [2] Group 1: Technical Capabilities - The company possesses high-intensity electromagnetic environment testing platforms for both system-level and equipment-level [2] - It has capabilities in quality characteristic design, testing, and reliability verification and analysis of electronic components for airborne equipment and systems [2] - The company offers comprehensive technical service support from the initial certification acceptance planning, through mid-term system construction and program development, to final testing [2] Group 2: Industry Contributions - The company has authored the first domestic guidebook on environmental testing for civil aircraft equipment, titled "Environmental Conditions and Testing Procedures for Airborne Equipment," which provides systematic interpretation and practical guidance for aviation equipment testing standards and airworthiness regulations [2]

Core Viewpoint - The company has established core competitive advantages in technology innovation, service capability, brand reputation, and quality control across various sectors including special equipment, aerospace, low-altitude economy, and new energy vehicles [2] Group 1 - The company adheres to a long-termism philosophy, focusing on four core principles: industry deepening, technology innovation, quality assurance, and risk management [2] - The company aims to build a sustainable business ecosystem by aligning innovation with the demands of key customers, thereby activating technological breakthroughs [2] - By leveraging core technologies as a means of expansion, the company precisely connects with strategic industry clients, continuously enhancing its core competitiveness [2] Group 2 - The company provides comprehensive support for the high-quality development of the high-end manufacturing industry [2]

Core Insights - The company's core growth is primarily driven by four strategic sectors: reliability and environmental testing, integrated circuit testing and analysis, data science analysis and evaluation, and electromagnetic compatibility testing [2] Business Strategy - The company is experiencing a continuous increase in revenue contribution from emerging businesses, indicating a steady improvement in development quality [2] - The company is strategically shrinking low-growth traditional businesses and reallocating resources towards strategic emerging industries such as special equipment, aerospace, satellite internet, unmanned equipment, low-altitude economy, new energy, automotive, embodied intelligence, semiconductors and integrated circuits, and software and information technology [2] - The focus is on deeply covering the quality assurance needs across the entire industry chain, aiming to build a core growth engine for high-quality development [2]