近期，金融监管总局下调保险公司多项风险因子，充分发挥险资作为耐心资本的优势，这意味着险资投资A股的资金规模进一步拓展。招商证 券认为调降保险公司股票投资风险因子，能够鼓励保险公司加大入市力度，支持稳定和活跃资本市场，建议左侧布局金融科技。 东吴证券认为，2026年金融科技机会主要围绕两条主线展开：短期看市场活跃的持续性，2025年资本市场活跃度仍在持续，互联网券商在 2025年及2026年上半年仍会有一定的业绩释放；中期关注金融IT业绩弹性，随着政策发力推动金融行业基本面改善，同时券商信创稳步推 进，也将使金融IT公司收益逐步增长。 从估值端看，当前中证金融科技主题指数当前处近半年低位，较高点回落明显，估值消化较为充分。叠加后市资本市场高活跃预期、数字经 济、AI金融等热点催化，当前金融科技左侧配置或正当时。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类013478），按照申万一级行业，标的指数 重仓计算机+非银金融，全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证 ...

每经AI快讯，互联网金融板块异动拉升，指南针涨超4%，华泰证券、银之杰、同花顺、大智慧、东方 财富跟涨。 （文章来源：每日经济新闻） ...

截至12月15日收盘，同花顺果指数概念下跌2.08%，位居概念板块跌幅榜前列，板块内，东山精密、立 讯精密、长盈精密等跌幅居前，股价上涨的有2只，涨幅居前的有信维通信、环旭电子等，分别上涨 5.56%、5.17%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300115 | 长盈精密 | -4.96 | 9.14 | -142089.59 | | 002475 | 立讯精密 | -5.00 | 1.69 | -137505.45 | | 601138 | 工业富联 | -4.23 | 0.69 | -95017.62 | | 002600 | 领益智造 | -3.25 | 2.38 | -37389.17 | | 002241 | 歌尔股份 | -2.94 | 1.98 | -28919.05 | | 300433 | 蓝思科技 | -3.33 | 1.54 | -18798.94 | | 600745 | 闻泰科技 | -2.76 | 2.62 | -18617.13 | | 002938 ...

| 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 300250 | 初灵 | -6.37 | 11.94 | 28.33 | 28.78 | -1.55 | 25.30 | -12.08 | | | 信息 | | | | | | | | | 002474 | 榕基 软件 | -1.83 | 10.53 | 10.81 | 10.96 | -1.40 | 10.21 | -6.83 | | 603950 | 长源 | -1.09 | 0.41 | 29.90 | 30.28 | -1.25 | 29.04 | -4.09 | | | 东谷 | | | | | | | | | 000020 | 深华 发A | -2.80 | 3.25 | 16.01 | 16.19 | -1.12 | 14.90 | -7.9 ...

石岩对金瑞期货一行的到访表示热烈欢迎，并系统展示了同花顺在期货领域的核心产品与服务。他介 绍，同花顺已依托金融大模型在期货数据服务、智能投顾、智能投研、智能风控等领域形成成熟应用体 系，助力期货公司实现数智化经营升级。"期望在大模型赋能下，携手挖掘更多合作可能，为双方业务 拓展与创新注入更多新动能。" 近日，同花顺与金瑞期货在杭州正式签署深度合作协议。同花顺总裁助理石岩、金瑞期货总经理侯心强 代表双方出席签约仪式并签字，标志着两家企业在前期交易服务合作基础上，开启以AI技术为核心、 覆盖多业务领域的数智化协同新篇章。 签约仪式上，侯心强介绍了公司的业务优势与发展规划。他表示，金瑞期货长期深耕期货衍生品领域， 尤其在贵金属风险管理、产业链产融服务方面积累了丰富实践经验。"当前期货行业正加速迈入数智化 转型关键期，金瑞期货早在三年前便启动'数字金瑞'建设，已构建起智能投研平台、衍生品对客系统等 数字化基础。此次选择与同花顺深度合作，正是希望借助其金融大模型技术优势，进一步升级数字化与 智能化水平，在策略定制、数据融合、合规风控等领域实现突破，持续优化客户服务体验。" 侯心强强 调。 作为行业内率先布局数智化转型的 ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Group 1: Industry Changes - The computer industry in 2026 will witness a convergence of "industrial cycles" and "policy cycles," marking a decisive year for both existing tasks and new growth opportunities [2][3] - AI applications are expected to reach a critical point of explosion, transitioning from a phase of high expenditure to profitability, with significant scale deployment in vertical scenarios [11] - Domestic computing power has evolved from being a backup to becoming fully usable in training and inference for domestic large models, with 2026 anticipated to be a year of comprehensive replacement [12] - The completion of the "信创" (Xinchuang) initiative is set for 2027, making 2026 a peak year for bidding and delivery, with strong performance certainty for related companies [13] Group 2: Policy Changes - The "十四五" (14th Five-Year Plan) elevates commercial aerospace to a national strategic level, with 2026 expected to be a year of industry explosion driven by satellite networking and reusable rockets [6] - The low-altitude economy is transitioning from policy enthusiasm to industrial heat, with substantial construction expected in 2026 due to infrastructure standards and special bonds [6] - The integration of AI with various industries is emphasized in the "十四五" plan, aiming for deep integration in manufacturing, healthcare, transportation, and finance, which will enhance productivity and create greater economic value [20][36] Group 3: Investment Recommendations - Companies in the AI application sector should be selected based on their alignment with national policies and the "AI+" initiative, focusing on sectors like agriculture, industrial software, and healthcare [36] - Companies with strong foundational platforms and aggregation entry points for large models are recommended for long-term investment, such as Alibaba and iFlytek [37] - Data barrier companies that possess proprietary data to train models are crucial, with a focus on firms like 海天瑞声 (Haitian Ruisheng) and 同花顺 (Tonghuashun) [38] - Companies that dominate high-frequency usage scenarios, such as 金山办公 (Kingsoft Office) and 东方财富 (Eastmoney), are positioned to benefit significantly from AI integration [40]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The non-bank financial index increased by 0.81%, outperforming the CSI 300 index which decreased by 0.08%. The brokerage and insurance sectors continue to show good trends, with valuations at low levels and relatively stagnant performance throughout the year. The Federal Reserve's interest rate cuts are beneficial for the equity market, directly favoring the profitability of securities firms' overseas businesses due to lower liability costs and asset expansion [4][5] - The average daily trading volume of stock funds reached 2.39 trillion, a 15.1% increase month-on-month, indicating a recovery in trading activity. The cumulative average daily trading volume for the year is 2.05 trillion, a 69.5% year-on-year increase [5] - The China Securities Regulatory Commission's recent positive stance signals a potential "policy easing period" for the industry, which may lead to an increase in leverage limits and support for the profitability of the securities industry. The report recommends focusing on strategic opportunities in undervalued leading companies in the brokerage and insurance sectors [5][6] Summary by Sections Brokerage Sector - The Federal Reserve's interest rate cuts are favorable for the overseas business of brokerages, and new regulations are set to standardize fund sales practices. The report highlights three main lines of recommended stocks: Huatai Securities, Guotai Junan, and CICC for their advantages in overseas and institutional business; GF Securities and Dongfang Securities for their wealth management strengths; and Guosen Securities for its retail advantages [5][6][7] Insurance Sector - The liability side is expected to achieve a "good start," with the transformation of dividend insurance continuing to progress. The demand for "savings" from residents is likely to persist, and the insurance distribution channel is expected to maintain high growth. On the asset side, stable long-term interest rates and a favorable equity market are expected to boost investment returns in the medium to long term [6][7]

这不仅仅是一次简单的馈赠，更是一场关于"市值管理"的深刻实验。当股东拆开来自自家公司的产品礼盒时，他 们打开的究竟是一份小心意，还是一个足以重构"投资-消费"双向循环的新生态？ 一份来自30家上市公司的"投喂"清单 文 | 观潮新消费 11月28日晚间，峨眉山Ａ公布，为让股东沉浸式体验其核心文旅资源，直观感受峨眉山的 "科技+文化+生态"的发 展魅力，公司将开展2025年"峨眉山A"股东回馈活动：作为上市公司股东，只要持有公司股票超过500股，享受峨 眉山景区进山门票免票。 2025年的资本市场，正悄然上演一场静悄悄的变革。当传统的"高转送""现金分红"不再是投资者眼中的常规操 作，一种更具体验感、更具黏性的互动模式，正携带着浓浓的"烟火气"，席卷而来。 据不完全统计，年初至今，已有超过30家上市公司，通过赠送自家核心产品、优惠券乃至文旅权益，与投资者展 开了一场别开生面的互动。 从五芳斋的粽子到全聚德的烤鸭券，从倍轻松的按摩仪到水羊集团的高端化妆品……一股"实物分红"的新风尚， 正成为A股市场一道独特的风景线。让我们暂时抛开冰冷的K线图，来看看这份充满温情的"股东回馈清单"：覆盖 了食品、家电、健康产品、文 ...

Core Insights - The report emphasizes that the computer industry is driven by model iteration, application breakthroughs, and domestic computing power leadership, with a buy rating for the sector [2][4][17]. Industry Overview - The AI infrastructure sector is transitioning from "testing and trial" to "large-scale rollout in 2026" for domestic AI chip replacements, with a narrowing gap between domestic and international leading models [8][17][26]. - The AI application sector is categorized into three types of companies: those with recognized benchmark clients but in early stages, those with long-term trends but uncertain timelines, and those leveraging AI with reachable inflection points [8][17][19]. - The EDA and R&D software sector is seeing rapid improvement in domestic product capabilities, with mergers and acquisitions expected to accelerate due to policy support [8][17][21]. - In the intelligent driving and robotics sector, the report suggests focusing on competitive chip tracks, overseas expansion, and new autonomous driving opportunities, recommending global AMR leader Geek+ [8][18][21]. - The report notes that traditional trust and innovation directions are facing funding delays, while the release of HarmonyOS PC in 2025 is seen as a catalyst for business growth and technological upgrades [8][18][21]. - The energy information sector is expected to benefit from stable capital expenditures and market reforms, although policy implementation timelines need to be monitored [8][18][21]. Key Companies - In the AI infrastructure sector, recommended companies include Cambricon, Inspur, and Unisoc, with attention to Sugon [8][19]. - For AI applications, notable companies are Jingtaikong, Rainbowsoft, and Kingdee International, with additional focus on Hancloud and Guangyun Technology [8][19][21]. - In the intelligent driving and robotics sector, key players include Geek+, Black Sesame Intelligence, and Rui Ming Technology, with recommendations to monitor Desay SV and SOTER [8][19][21]. - In the EDA and R&D software sector, companies like GigaDevice, Gexin Electronics, and BGI are highlighted, with attention to Zhongkong Technology and Haocen Software [8][19][21]. - For trust and innovation, recommended companies include Kingsoft and Softcom, with additional focus on Taiji Co. and China Software International [8][19][21]. - In the energy information sector, notable companies are Guoneng Rixin and Longxin Group, with attention to State Grid Information and South Grid Digital [8][19][22].