数据显示，易米基金旗下1只基金重仓新易盛。易米中证科创创业50指数增强发起A（016392）三季度 减持6080股，持有股数7100股，占基金净值比例为7.98%，位居第二大重仓股。根据测算，今日浮盈赚 取约16.51万元。 易米中证科创创业50指数增强发起A（016392）成立日期2023年1月4日，最新规模2800.84万。今年以来 收益49.61%，同类排名471/4197；近一年收益47.99%，同类排名424/4152；成立以来收益39.5%。 12月22日，新易盛涨5.35%，截至发稿，报457.55元/股，成交41.21亿元，换手率1.03%，总市值4547.92 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 截至发稿，贺文奇累计任职时间2年354天，现任基金资产总规模7830.64万元，任职期间最佳基金回报 39.5%， ...

天治趋势精选混合（350007）成立日期2009年7月15日，最新规模929.74万。今年以来收益56.18%，同 类排名637/8170；近一年收益53.08%，同类排名678/8139；成立以来收益33.33%。 12月22日，新易盛涨5.35%，截至发稿，报457.55元/股，成交39.95亿元，换手率1.00%，总市值4547.92 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 从基金十大重仓股角度 数据显示，天治基金旗下1只基金重仓新易盛。天治趋势精选混合（350007）三季度增持300股，持有股 数1460股，占基金净值比例为5.74%，位居第一大重仓股。根据测算，今日浮盈赚取约3.39万元。 天治趋势精选混合（350007）基金经理为梁莉。 截至发稿，梁莉累计任职时间4年253天，现任基金资产总规模6431.4万元，任职期间最佳基金回报 18. ...

Core Viewpoint - The article discusses the performance of the China Securities Artificial Intelligence ETF (159381) on December 22, highlighting its opening increase and the performance of its constituent stocks [1] Group 1: ETF Performance - The China Securities Artificial Intelligence ETF (159381) opened with a gain of 1.33%, priced at 1.822 yuan [1] - Since its inception on March 14, 2025, the fund has achieved a return of 79.76%, with a monthly return of 13.06% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Zhongji Xuchuang increased by 3.20%, Xinyi Sheng by 3.88%, and Tianfu Communication by 1.85% [1] - Other notable performances include: - Xiechuang Data decreased by 0.10% - Ruantong Power decreased by 0.17% - Quanzhi Technology increased by 0.49% - Shenxinfeng increased by 0.36% - Beijing Junzheng increased by 1.00% - Zhongke Chuangda increased by 1.05% - Jingjiamei increased by 0.20% [1]

Group 1 - On December 19, a total of 3,747 stocks in the A-share market received financing funds, with 367 stocks having a buying amount exceeding 100 million [1] - The top three stocks by financing buying amount were Xin Yiseng, Zhongji Xuchuang, and Aerospace Electronics, with amounts of 2.908 billion, 2.162 billion, and 1.485 billion respectively [1] - Seven stocks had financing buying amounts accounting for over 30% of the total transaction amount on that day [1] Group 2 - The top three stocks by the proportion of financing buying amount to total transaction amount were Jindalai, Longlide, and Songjing Co., with proportions of 46.11%, 39.64%, and 36.25% respectively [1] - There were 22 stocks that received a net financing buying amount exceeding 100 million [1] - The top three stocks by net financing buying amount were China Ping An, Zhaoyi Innovation, and C You Xun, with net buying amounts of 587 million, 576 million, and 521 million respectively [1]

Core Insights - The A-share market has seen significant net buying in the electronics sector, with a net inflow of 1.728 billion yuan, leading all industries, and New Yisheng alone received 609 million yuan in net buying, surprising many investors [1] - Despite the Shanghai Composite Index reaching a nearly ten-year high, over 40% of stocks have not reached new highs in four years, indicating a disconnect between index performance and individual stock performance [3] Group 1: Market Behavior and Analysis - Market changes are driven by trading behavior, which is often overlooked in traditional analysis methods [4] - Quantitative trading systems can filter out market noise and reveal the true trading behaviors that influence stock prices [4] - Price fluctuations are merely superficial; understanding institutional behavior is essential for making informed investment decisions [10] Group 2: Institutional Investment in Electronics - The concentrated inflow of institutional funds into the electronics sector reflects a strategic approach typical of professional institutions, which adhere to planned trading strategies despite short-term volatility [10] - Institutional investment in the electronics sector is not a fleeting trend; data indicates sustained activity over a significant period [11] - Funds are not evenly distributed across the sector but are highly concentrated in a few leading stocks, showcasing a clear investment strategy [11] Group 3: Recommendations for Investors - Investors should focus on trading behavior rather than price movements, as price is a result rather than a cause [11] - Continuous data analysis is crucial, as single-day data can be misleading; valuable insights come from persistent behavioral patterns [11] - Understanding the long-term strategies and risk management approaches of institutional investors is vital, as they prioritize medium to long-term positions over short-term fluctuations [11]

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Views - The report highlights the potential recovery in fiber optic cable prices driven by increased demand from AI applications and the acceleration of domestic AI bidding processes [6][19] - The AI ecosystem is continuously evolving, with significant advancements in models and infrastructure, particularly from major players like ByteDance and Google [15][16] - The demand for fiber optic cables is expected to rise due to the increasing requirements for internal network connectivity in AI model training and application deployment [18] Summary by Sections 1. Weekly Investment Insights - The opening of the Volcano Engine FORCE conference showcased advancements in AI agent technology and cloud-native architecture [13] - The daily token usage of the Doubao model has surpassed 50 trillion, indicating rapid industry adoption [15] - Google is enhancing its AI ecosystem, with new TPU chips expected to drive demand for liquid cooling solutions [16] - Companies are increasingly interested in renting TPU chips, which will further stimulate ASIC demand [17] - AI is driving the demand for fiber optic cables, with prices expected to recover [18] - Investment recommendations focus on key sectors such as optical networks, liquid cooling, and domestic computing power [19] 2. Communication Data Tracking - As of October 2025, the total number of 5G base stations in China reached 4.758 million, with a net increase of 507,000 from the end of 2024 [28] - The number of 5G mobile phone users reached 1.184 billion, reflecting a year-on-year growth of 18.99% [28] - The shipment of 5G mobile phones in September 2025 was 24.106 million units, representing an 8.02% year-on-year increase [28] 3. Operator Performance - The revenue from cloud services for major operators showed strong growth, with China Mobile's cloud revenue reaching 56.1 billion yuan, up 11.3% year-on-year [47] - China Telecom's cloud revenue for the first half of 2025 was 57.3 billion yuan, a 3.8% increase [47] - The ARPU values for major operators remained stable, with slight decreases noted for China Unicom [47][52]

Market Overview - A-shares experienced a collective rise with nearly 4,500 stocks closing in the green, and the total trading volume in Shanghai and Shenzhen reached 1.73 trillion yuan, an increase of 704 billion yuan from the previous day [1][19][20] - The Shanghai Composite Index has shown three consecutive days of gains, recovering the 10-day and 20-day moving averages, with a key resistance level at approximately 3,912 points [1][19] Economic Indicators - Recent economic data from the US, including November's non-farm payrolls and CPI, along with Japan's central bank raising its target interest rate by 25 basis points to 0.75%, have alleviated external uncertainties for the A-share market [20] - The US CPI data has boosted market confidence, leading to increased expectations for a rate cut by the Federal Reserve in January [20][29] Sector Performance - The chemical sector continues to perform strongly, with the Chemical ETF (516020) rising by 1.75% and attracting over 2 billion yuan in net inflows over the past five trading days [4][20][25] - Key stocks in the chemical sector, such as Zangge Mining and Hangyang Co., saw significant gains, with Zangge Mining increasing by 6.56% [4][23] Investment Trends - The market is shifting focus from external factors to internal dynamics, with a notable interest in sectors benefiting from the "anti-involution" trend, particularly in chemicals and non-ferrous metals [20][22] - The Hong Kong market is also seeing a rebound, with the Hong Kong Internet ETF (513770) experiencing a net inflow of 13.3 billion yuan over the past ten days, indicating strong investor interest [20][30] Future Outlook - Analysts from Zhongyin Securities believe that the A-share market remains in an upward channel, with a transition from policy-driven momentum to profit-driven growth expected [22] - The chemical industry is anticipated to see a marginal improvement in its economic outlook, with supply-demand dynamics expected to stabilize [25][26] - The Hong Kong market is positioned for a rebound, with a focus on technology growth stocks as the market prepares for a potential upward trend [30][31]

证券研究报告 | 2025年12月19日 热点追踪周报 由创新高个股看市场投资热点（第 224 期） 乘势而起：市场新高趋势追踪：截至 2025 年 12 月 19 日，上证指数、深 证成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 3.45%、4.26%、3.78%、5.03%、4.16%、 2.16%、6.08%、14.98%。中信一级行业指数中轻工制造、有色金属、通 信、国防军工、消费者服务行业指数距离 250 日新高较近，食品饮料、 综合金融、房地产、医药、建筑行业指数距离 250 日新高较远。概念指 数中，十大军工集团、卫星导航、家居用品、卫星互联网、金属非金属、 航天军工、林木等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2025 年 12 月 19 日，共 620 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是国防军工、有 色金属、轻工制造行业。按照板块分布来看，本周制造、科技板块创新高股 票数量最多；按 ...

周五（12月19日），创业板人工智能表现活跃，AI应用多只成份股飘红，荣科科技、中科创达、航宇 微等多股涨超2%。光模块CPO等算力硬件表现较为分化，新易盛涨超2%，中际旭创飘红，光库科技则 领跌5%，天孚通信、锐捷网络、太辰光等多股跟跌逾2%。 热门ETF方面，同类规模最大、流动性最佳的创业板人工智能ETF（159363）全天冲高回落，盘中一度 上探1.79%，收盘微涨0.32%，但周线收四连阳。资金近五日猛烈加仓，创业板人工智能ETF（159363） 累计吸金超3.7亿元，日均成交额超6亿元，吸金力度、成交金额均居全市场AI主题类ETF首位。 业内机构认为，从近期各大厂商亮相的多款产品来看，具有明确应用场景和商业化模式的产品已成行业 趋势。方正证券认为，当前模型能力持续提升、算力成本不断下降、Agent成熟度显著增强，三者共振 将促使2026年成为AI应用投资元年。 光模块CPO等算力硬件方面，市场分析指出AI需求驱动光模块需求超预期，2026年1.6T需求预期翻倍至 2000万只。头部厂商中际旭创、新易盛、天孚通信泰国产能将于2026年集中释放，行业进入"产能释放- 业绩爬坡"新阶段，龙头厂商有望迎来量 ...

Group 1: Market Overview - The total trading amount for the Shanghai Stock Connect was 940.49 billion, while the Shenzhen Stock Connect reached 1,048.92 billion [2] - The top traded stocks on the Shanghai Stock Connect included Zhaoyi Innovation with 23.86 billion, followed by Sanfang Qianhe and Luoyang Copper with 16.87 billion and 15.55 billion respectively [3] - On the Shenzhen Stock Connect, the leading stock was Zhongji Xuchuang with 26.44 billion, followed by Sunshine Power and New Yisheng with 26.09 billion and 25.89 billion respectively [3] Group 2: Sector Performance - Sectors such as Hainan, dairy, and retail showed significant gains, while precious metals and semiconductors experienced declines [4] - The mechanical equipment sector led in net inflow of funds with 38.67 billion, followed by non-ferrous metals and transportation equipment with 35.32 billion and 31.28 billion respectively [5] - The electronic sector had the highest net outflow of funds at -57.70 billion, followed by semiconductors and pharmaceuticals with -30.20 billion and -17.73 billion respectively [6] Group 3: Individual Stock Activity - The top stocks with net inflow included Xue Ren Group with 13.84 billion, followed by N Youxun and Shanzi Gaoke with 13.69 billion and 10.55 billion respectively [7] - The stocks with the highest net outflow were Meinian Health at -9.05 billion, followed by Shenwei Electronics and C Muxi-U with -6.98 billion and -6.81 billion respectively [8] Group 4: ETF Trading - The top ETFs by trading amount included A500 ETF Huatai Baichuan with 133.655 billion, and Hong Kong Securities ETF with 104.353 billion, showing increases of 7.50% and 18.61% respectively [9] - The ETFs with the highest growth in trading amount compared to the previous trading day included Hengsheng Dividend Low Volatility ETF with 183.92% increase and Industrial Nonferrous ETF with 140.82% increase [10] Group 5: Futures Market - In the futures market, all four major index contracts (IH, IF, IC, IM) saw both long and short positions increase, with IF and IM contracts showing a higher number of short position increases [11] Group 6: Institutional and Retail Activity - Institutional activity showed a decrease compared to the previous day, with notable purchases in Aerospace Intelligence and Shanzi Gaoke, while significant sales were observed in Meinian Health and Xue Ren Group [12][13] - Retail investors were active, with significant buying in Xue Ren Group and Shanzi Gaoke, while selling was noted in Huaren Health and other stocks [14][15]