Core Viewpoint - As of December 10, the total market financing balance reached 2.50 trillion yuan, marking an increase of 35.10 billion yuan from the previous trading day, with a continuous rise over three consecutive trading days [1] Group 1: Market Financing Overview - The financing balance in the Shanghai market is 1.26 trillion yuan, up by 1.25 million yuan; in the Shenzhen market, it is 1.23 trillion yuan, increasing by 33.47 million yuan; and in the Beijing Stock Exchange, it stands at 75.74 million yuan, rising by 3.805 million yuan [1] - A total of 1,826 stocks received net financing purchases on December 10, with 370 stocks having net purchases exceeding 10 million yuan, and 31 stocks exceeding 100 million yuan [1] Group 2: Top Net Purchases by Individual Stocks - The stock with the highest net financing purchase on December 10 is NewEase, with a net purchase of 1.15 billion yuan, followed by Zhongji Xuchuang and Feilihua with net purchases of 752 million yuan and 511 million yuan, respectively [2] - Other notable stocks with significant net purchases include China Merchants Bank, Zhongci Electronics, and Aerospace Development [1] Group 3: Industry Analysis - The industries with the highest concentration of stocks receiving net purchases over 100 million yuan include telecommunications, electronics, and national defense, with 7, 7, and 4 stocks respectively [1] - In terms of board distribution, there are 17 stocks on the main board, 8 on the ChiNext board, and 6 on the Sci-Tech Innovation board that received large net purchases [1] Group 4: Financing Balance and Market Value Ratios - The average ratio of financing balance to circulating market value for stocks with significant net purchases is 3.93%, with Huagong Technology having the highest ratio at 7.33% [2] - Other stocks with high financing balance ratios include Xibu Materials, Dongtian Micro, and Shunhao Shares, with ratios of 7.01%, 6.68%, and 6.63% respectively [2]

与杠杆资金大幅加仓股相比，有1926股融资余额出现下降，其中，融资余额降幅超过5%的有147只。C 摩尔-U融资余额降幅最大，最新融资余额11.27亿元，与前一个交易日相比，融资余额下降了44.72%； 融资余额降幅较大的个股还有路桥信息、丰光精密等，融资余额分别下降了30.87%、25.10%。 融资余额增幅前20只个股中，从市场表现来看，平均上涨4.33%，涨幅居前的有博盈特焊、西部材料、 中瓷电子，涨幅分别为10.74%、10.01%、10.00%。跌幅居前的有美之高、鼎泰高科、信音电子，跌幅 分别为5.15%、2.64%、2.12%。 融资余额增幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 003031 | 中瓷电 | 51423.00 | 101.44 | 10.00 | 通信 | | | 子 | | | | | | 301061 | 匠心家 | 2378.37 | 42.54 | 3.36 | 轻工制造 ...

Core Insights - The latest financing balance of the ChiNext market is 539.282 billion yuan, with a week-on-week increase of 2.667 billion yuan, indicating a positive trend in financing activities [1][2] - A total of 28 stocks saw their financing balances increase by over 10%, while 48 stocks experienced a decline of more than 5% [1][3] Financing Balance Overview - The total margin balance for ChiNext stocks reached 541.163 billion yuan, marking an increase of 2.683 billion yuan over the previous trading day, continuing a four-day upward trend [1] - The financing balance specifically increased to 539.282 billion yuan, with a week-on-week rise of 2.667 billion yuan, also reflecting four consecutive days of growth [1][3] Stocks with Significant Financing Balance Increases - The stock with the highest increase in financing balance is Jiangxin Home, which saw a 42.54% rise to 23.7837 million yuan, with a corresponding price increase of 3.36% [3] - Other notable stocks with significant increases include Feili Hua (29.83% increase) and Boying Special Welding (26.10% increase) [3][4] - On average, stocks with over 10% increase in financing balance rose by 2.54% on the same day, with top performers including Xiaocheng Technology (13.66% increase) and Boying Special Welding (10.74% increase) [1][3] Stocks with Decreased Financing Balances - A total of 492 stocks experienced a decrease in financing balance, with 48 stocks declining by more than 5% [4] - The stock with the largest decrease is Tongxing Technology, which saw a 16.93% drop to 11.5867 million yuan [4] - Other significant declines were noted in Jingxue Energy (15.62% decrease) and Huanle Home (15.48% decrease) [4][5] Capital Flow Analysis - Among the stocks with increased financing balances, 17 stocks saw net inflows of main funds, with Feili Hua leading at 338 million yuan [2] - Conversely, 11 stocks experienced net outflows, with Nanshan Zhishang facing the largest outflow of 82.0863 million yuan [2]

（原标题：创业板融资余额增加26.67亿元 28股获融资客大手笔加仓） 创业板股最新融资余额为5392.82亿元，环比增加26.67亿元，28只股融资余额环比增长超10%，融资余 额环比降幅超5%的有48只。 证券时报·数据宝统计显示，12月10日创业板指下跌0.02%，创业板股两融余额合计5411.63亿元，较上 一交易日增加26.83亿元，已连续4个交易日增加。其中，融资余额合计5392.82亿元，环比上一日增加 26.67亿元；为连续4个交易日增加。融券余额18.81亿元，环比增加1642.04万元。 具体来看，融资余额增长的创业板股有455只，其中，28股融资余额增幅超过10%。增幅最大的是匠心 家居，该股最新融资余额2378.37万元，环比上一交易日增幅为42.54%；股价表现上，该股当日上涨 3.36%，表现强于创业板指；融资余额增幅较多的还有菲利华、博盈特焊等，分别增长29.83%、 26.10%。 融资余额增幅10%以上的个股中，从市场表现来看，当日平均上涨2.54%，上涨的有18只，涨幅居前的 有晓程科技、博盈特焊、中科环保，涨幅分别为13.66%、10.74%、9.67%。跌幅居前的有南山 ...

技术外溢推动新兴领域成长，大飞机、低空经济、商业航天开启发展新阶段 该行认为，1)大飞机： 2026 年国产大飞机批产及交付能力有望继续提升，国产化需求有望牵引航空产 业链升级;2)商业航天：卫星互联网空间段建设进入常态化组网阶段，2026年应用环节产业化进程有望 加速，商业火箭技术进步与资本运作标志性事件有望密集落地;3)低空经济场景试点逐步进入落地阶 段，2026 年低空经济有望延续高质量发展态势。 盈利预测与估值 智通财经APP获悉，中金发布研报称，展望2026年，内外需求共振有望助力航空航天行业景气延续，新 域新质方向弹性有望释放，受益于特种技术外溢的商业航天等板块发展有望加速。该行建议关注新域新 质领域、特种贸易核心标的及受益于特种技术外溢的新质生产力三大方向。 中金主要观点如下： "十五五"规划与特种贸易需求叠加，内外需求共振行业再续景气 1)2026 年是"十五五"计划开篇之年，百年建军目标牵引下，特种装备列装、换装进程持续推进。该行认 为内需层面行业仍有望维持景气。2)据SIPRI，2024 年全球国防开支同比增长9.4%至2.72 万亿美元，日 益复杂的地缘局势加剧特种装备需求。该行认为我国 ...

关键词：石英晶体谐振器行业相关政策、石英晶体谐振器行业产业链、石英砂产量、全球石英晶体谐振 器销量、全球石英晶体谐振器行业市场规模、中国石英晶体谐振器行业产量、中国石英晶体谐振器行业 需求量、中国石英晶体谐振器行业市场规模、石英晶体谐振器行业竞争格局、石英晶体谐振器行业发展 趋势 内容概况：当前，在国内市场对高端石英晶体谐振器需求持续旺盛的背景下，本土厂商正积极扩大产能 规模，并不断加大对高端产品的研发投入，以显著提升自身在高端市场的供应能力，这一系列举措有力 推动了我国石英晶体谐振器行业的整体发展。与此同时，国内5G通信、可穿戴电子、汽车电子、物联 网等下游产业保持良好发展态势，为石英晶体谐振器行业提供了坚实的市场需求基础。从市场规模来 看，中国石英晶体谐振器行业已从2015年的54.96亿元增长至2024年的82.88亿元，年复合增长率为 4.67%。随着国内5G通信技术日益成熟和网络建设持续推进，车联网、工业互联网、智能制造、智慧城 市等新兴应用场景不断涌现，万物互联的产业生态加速形成，各类智能终端与网络连接设备数量预计将 大幅增长，这将为石英晶体谐振器行业带来广阔的市场空间和新的发展机遇。 相关上市企 ...

数据显示，截至2025年11月28日，中证高端装备细分50指数前十大权重股分别为中航沈飞、航发动力、 中航光电、中航西飞、菲利华、西部超导、中航机载、中国长城、航天电子、中国卫星，前十大权重股 合计占比44.74%。 高端装备ETF(159638)紧密跟踪中证高端装备细分50指数，聚焦航空航天、军工装备、卫星导航等细分 领域龙头企业。 场外投资者可通过中证高端装备细分50ETF联接基金（018028）布局行业轮动机会。 国泰海通发布研报称，军工板块上涨，商业航天迎来密集催化，朱雀三号重复使用运载火箭发射入 轨，"千帆星座"与空客达成合作，二十届四中全会提出"如期实现建军一百年奋斗目标，高质量推进国 防和军队现代化"，军工行业长期向好。 开源证券则表示，伴随着太空算力建设需求拉动和可回收运载火箭技术逐步成熟，中国商业航天有望迎 来成本下降与发射能力双提升，产业或迎来快速增长拐点。建议关注卫星载荷、下游应用、商业火箭等 板块机会。 截至2025年12月9日 10:36，中证高端装备细分50指数下跌1.00%。成分股方面涨跌互现，光电股份领涨 1.90%，菲利华上涨1.81%，电科网安上涨0.97%；中天火箭领跌， ...

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

证券日报网12月5日讯菲利华在12月5日回答调研者提问时表示，高性能石英玻璃材料及制品，石英玻璃 纤维和以石英玻璃纤维为基材的复合材料及制品，是半导体、航空航天、光学及电子电路等行业和国家 相关重大工程不可或缺的重要基础性材料及制品。在上述高新技术领域高景气度与国产替代相叠加的背 景下，公司面临良好发展机遇。 （文章来源：证券日报） ...

证券日报网12月5日讯菲利华在12月5日回答调研者提问时表示，合肥光微光掩膜基版精密加工项目具备 批量供货能力，并实现小批量出货；济南光微高端电子专用材料精密加工项目目前基础规格产品量产线 已完成通线并就量产工艺进行优化，同时高阶产品的生产工艺已按照计划同步启动开发，为后续产品升 级与工艺迭代奠定基础。 （文章来源：证券日报） ...