证券研究报告 | 金融工程 2025 年 12 月 09 日 碳市场新增行业配额方案落地，国际政策分化下绿色金融保持活跃 ——ESG 动态跟踪月报（2025 年 11 月） 本报告重点关注 ESG 领域的监管动态、市场趋势与产品发行情况，系统梳理过去 一个月的重要信息，供投资者参考。 定期报告 相关报告 1、《欧盟 SFDR 2.0 解析：国 际 ESG 投资影响与中国市场启 示——ESG 热点洞察系列报告 之三》2025-11-30 2、《ESG 动态跟踪月报（2025 年 10 月）：宏观锚定加快全面 绿色转型，海外 ESG 信披监管 多方调整》2025-11-05 3、《ESG 动态跟踪月报（2025 年 9 月）：NDC 新目标锚定长 期转型，荷兰养老金战略调整 引关注》2025-10-09 4、《ESG 动态跟踪月报（2025 年 8 月）：全国碳市场纲领性 文件落地，国际气候金融监管 分化》2025-09-05 5、《ESG 动态跟踪月报（2025 年 7 月）：国内绿金标准升 级，海外气候金融热度不减》 2025-08-08 任瞳 S1090519080004 rentong@cmschina. ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].

Core Insights - The reintroduction of NVIDIA's H200 to China is seen as a strategic move that could significantly benefit the AI industry in the country, addressing critical supply chain bottlenecks and enhancing computational capabilities [4][28] - The demand for AI computing power in China is expected to surge, with the number of generative AI models nearly doubling from 197 to 439 by mid-2025, indicating a substantial need for high-end computing resources [5][28] Beneficial Sectors - The core sectors that will benefit from the H200's approval include: 1. CPO (Coherent Photonic Optics) sector, which is projected to see a market size exceeding $2.2 billion by 2025, with Chinese companies holding over 30% market share [11][12] 2. AI cloud computing industry, where major players like Alibaba Cloud and Tencent Cloud are expected to increase their AI server clusters significantly, with NVIDIA's solutions regaining a market share of over 60% [14][15] Performance Metrics - CPO companies have shown impressive quarterly performance, with revenue growth rates of 56.83% for Zhongji Xuchuang and 152.53% for Xinyi Sheng, indicating a robust demand for AI computing infrastructure [16] - In the cloud computing sector, Alibaba Cloud reported a 34% year-on-year revenue increase, highlighting the growing importance of AI as a core growth driver [17] Investment Trends - Institutional investments in the AI computing and cloud sectors have surged, with active equity funds holding approximately 40% of their portfolios in computer, communication, and electronic sectors, marking a five-year peak [19][20] - The AI computing sector has become a focal point for institutional investors, with significant increases in holdings for leading CPO companies and AI server manufacturers [21][22] ETF Growth - The AI-focused ETF (159819) has seen substantial inflows, exceeding 6.8 billion yuan in 2025, making it the largest in its category, while the cloud computing ETF (516510) has also attracted over 300 million yuan [23][26][27] Conclusion - The approval of NVIDIA's H200 for the Chinese market is not merely a technical concession but a strategic interaction that could reshape the global AI industry landscape, providing immediate relief and long-term innovation incentives for China [28][29]

龙虎榜方面，多只福建本地股遭游资抛售，其中海欣食品遭一家一线游资席位（广发证券深圳福华一路）卖出8672万，榕基软件遭两家一线游资席位（国盛 证券宁波桑田路、国泰海通证券上海新闸路）合计卖出1.06亿，红相股份遭一家一线游资席位（国泰海通证券成都北一环路）卖出1.1亿。 从深股通前十大成交个股来看，中际旭创位居首位；胜宏科技和新易盛分居二、三位。 二、板块个股主力大单资金 从板块表现来看，算力硬件、零售、福建等板块涨幅居前，海南、有色金属、煤炭等板块跌幅居前。 | 排名 | 板块名称 | 主力资金净流入(亿元) | 主力资金净流入率(%) | | --- | --- | --- | --- | | 1 | 商贸零售 | 8.99 | 2.61 | | 2 | 电力设备 | 5.49 | 1.08 | | 3 | 影视院线 | 0.90 | 0.79 | | 4 | 出版 银行 | -0.36 -0.67 | -1.00 -0.28 | 算力硬件概念股德科立今日20cm涨停，两家机构买入2.91亿，一家机构卖出1.16亿。 一、沪深股通前十大成交 今日沪股通总成交金额为996.46亿，深股通总成交金额为1199 ...

002796 世嘉科技 3.54 8.01 889.33 沪指12月9日下跌0.37%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为综合、通信，涨幅分 别为3.45%、2.23%。通信行业位居今日涨幅榜第二。跌幅居前的行业为有色金属、钢铁，跌幅分别为 3.03%、2.47%。 资金面上看，两市主力资金全天净流出529.92亿元，主力资金净流入的行业仅有3个，商贸零售行业净 流入资金11.43亿元；综合行业净流入资金4.32亿元；银行行业净流入资金7057.87万元。 主力资金净流出的行业有28个，有色金属行业主力资金净流出规模居首，全天净流出资金79.37亿元， 其次是计算机行业，净流出资金为56.16亿元，净流出资金较多的还有机械设备、非银金融、电力设备 等行业。 通信行业今日上涨2.23%，全天主力资金净流出31.25亿元，该行业所属的个股共124只，今日上涨的有 43只，涨停的有4只；下跌的有77只。以资金流向数据进行统计，该行业资金净流入的个股有34只，其 中，净流入资金超亿元的有7只，净流入资金居首的是中际旭创，今日净流入资金6.91亿元，紧随其后 的是新易盛、德科立，净流入资金分别为3.27 ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 12月9日，三大指数涨跌不一，沪指、深成指震荡回落，创业板指冲高回落尾盘拉升。截至收盘，沪 指跌0.37%，深成指跌0.39%，创业板指涨0.61%。 板块方面，算力硬件、零售、福建等板块涨幅居前，海南、有色金属、煤炭等板块跌幅居前。 全市场超4000只个股下跌。沪深两市成交额1.9万亿元，较上一个交易日缩量1327亿。 连续反弹后，A股今天出现了预期内的震荡分歧，但盘面上有个 现象 值得关注和思考，用一句话+一张图 来概括就是： 有 9只股票成交额超过了百亿元，它们合计"占用"了全市场约7.5%的量能，却大部分来自同一板块—— 算力硬件。 | 名称 | 涨跌幅 | 成交额 ▼ | 年初至今 | | --- | --- | --- | --- | | 中际相创 | 6.32% | 221.79亿 | 393.12% | | 胜宏科技 | 10.81% | 213.19 Z | 658.71% | | 新易盛 | 3.61% | 201.85 Z | 409.74% | | 工业富联 | 7.22% | 195.62亿 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 连续反弹后，A股今天出现了预期内的震荡分歧，但盘面上有个现象值得关注和思考，用一句话+一张 图来概括就是： 有9只股票成交额超过了百亿元，它们合计"占用"了全市场约7.5%的量能，却大部分来自同一板块—— 算力硬件。 | 名称 | 涨跌幅 | 成交额 ▼ | 年初至今 | | --- | --- | --- | --- | | 中际旭创 | 6.32% | 221.79亿 | 393.12% | | 胜宏科技 | 10.81% | 213.19 Z | 658.71% | | 新易盛 | 3.61% | 201.85 Z | 409.74% | | 工业富联 | 7.22% | 195.62亿 | 222.43% | | 天孚通信 | 1.37% | 137.40亿 | 271.08% | | 航天发展 | 0.59% | 136.71 Z | 202.74% | | 赛武纪-U | 1.28% | 128.93亿 | 118.24% | | 阳光电源 | 0.93% | 119.33 Z | 157.87% | | 香农芯创 | 1. ...

【导读】上午三大指数涨跌不一，CPO持续走强，创新药、消费电子、零售股上涨；而贵金属、房地产等板块走弱 12月9日上午，A股三大股指涨跌不一。截至午间收盘，沪指报3918.83点，跌0.13%，深证成指涨0.09%，创业板指涨1.07%。 12月9日上午，A股通信设备板块继续领涨市场，光模块（CPO）概念板块再度上涨，已实现四连涨，中际旭创、天孚通信股价再创新高。 "易中天"大涨。中际旭创涨6.94%，现报609.58元/股，创历史新高，最新市值达6773亿元。 新易盛涨4.42%，现报422.4元/股，最新市值为4199亿元。 沪深两市半日成交额为1.26万亿元，较上个交易日缩量347亿元。个股涨多跌少，全市场共1738只个股上涨，40只个股涨停，有3555只个股下跌。 从板块看，光模块（CPO）持续拉涨，创新药、消费电子、商业百货、培育钻石概念板块走强；而贵金属、房地产等板块领跌。 | | | Wind热门概念指数 | | | | | Wind中国行业指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 覆铜板 | ...

Group 1 - The A-share market showed mixed performance, with the communication and electronics sectors experiencing significant gains, with many stocks hitting the daily limit or rising over 10% [1][2][3] - The Shanghai Composite Index fell by 0.13% to 3918.83, while the Shenzhen Component Index rose by 0.09% to 13341.62, and the ChiNext Index increased by 1.07% to 3224.38 [3][4] - The communication sector saw a rise of over 3%, with stocks like Hengxin Oriental, Dekeli, and Online Offline hitting the daily limit, while others like Zhongji Xuchuang and Xinyisheng also saw gains [4][5] Group 2 - The electronics sector also experienced substantial growth, with stocks such as Purun Co., Yidong Electronics, and Shengyi Electronics rising over 10%, while others like ChaoSheng Electronics and Junya Technology hit the daily limit [5][6] - Several stocks in the A-share market continued to show active performance, with many hitting the daily limit after consecutive gains in previous trading days [8] Group 3 - The Hong Kong stock market showed a downward trend, with the Hang Seng Index falling nearly 1% and the Hang Seng Tech Index dropping over 1.5% [18] - In the Hong Kong market, stocks like Xinyi Glass, Xinyi Solar, Longfor Group, and Zijin Mining saw declines of over 4%, while WuXi Biologics and Hang Lung Properties were among the top gainers [18]

Group 1 - The core point of the article highlights the performance of the Chuangye 50 ETF (159682), which rose by 1.15% to 1.498 yuan with a trading volume of 200 million yuan as of the midday close [1] - Major holdings in the Chuangye 50 ETF include companies like Ningde Times, which fell by 0.65%, and Shenghong Technology, which increased by 8.96% [1] - The fund's performance benchmark is the return rate of the ChiNext 50 Index, managed by Invesco Great Wall Fund Management Co., with a return of 48.18% since its establishment on December 23, 2022, and a return of 0.02% over the past month [1]