人民财讯12月4日电，中信证券指出，11月以来国内低轨卫星组网加速催化，卫星载荷为实现卫星组网 通信功能的关键，其中"星间激光链路"负责星-星传输，为微波通信的升级技术，技术壁垒高，为太空 算力从概念走向实用的关键支撑。预计伴随卫星数量增加、单星算力提升、卫星网络复杂度提升，星间 激光的重要性将进一步提升，建议关注当前在载荷端卡位领先的企业。 ...

Core Insights - The next-generation large models (Gemini 3.0/GPT-5) are significantly beneficial for complex reasoning scenarios, indicating that the AI industry is entering a phase of large-scale implementation [1] - The business model is evolving from AI project delivery to AI-enabled existing applications and functional AI applications [1] - Compared to the domestic market, the overseas market is ahead in terms of technological advancement, payment environment, business models, and market space [1] Industry Trends - Overseas AI application Annual Recurring Revenue (ARR) data is continuously growing and accelerating in implementation [1] - Companies with over 10% of their revenue from overseas and a 50% increase in overseas revenue can see an overall revenue growth increase of 5%, potentially raising the growth rate to 20% when combined with an existing 15% organic growth [1]

Core Viewpoint - The report from CITIC Securities indicates that despite entering a "seller's market" in Q4 2025, the industry is still in the early stages of a super cycle, with high visibility of shortages in the next six months [1] Group 1: Market Conditions - The main storage segments, including DRAM and NAND, are expected to see price increases in the first half of 2026 [1] - Contract prices are anticipated to rise rapidly, catching up with the increases in spot prices [1] - The industry is expected to experience a supply-demand imbalance that will last at least until the end of 2026 [1] Group 2: Industry Outlook - The current cycle's prosperity is viewed optimistically, suggesting a sustained period of growth in the storage market [1]

中信证券研报表示，亨斯迈海外MDI装置意外停车，叠加国内主要企业MDI（二苯基甲烷二异氰酸酯） 和TDI（甲苯二异氰酸酯）计划检修，MDI与TDI行业短期供给明显收紧。叠加行业库存处于历史低 位，产品价格已呈现上涨态势，且后续仍有上行空间。龙头企业凭借领先的成本控制能力、自主技术及 持续扩张的规模优势，有望充分受益于价格上涨，获得显著的业绩弹性。长期来看，行业需求平稳、集 中度高，头部企业优势稳固。 （文章来源：第一财经） ...

中信证券研报表示，11月以来国内低轨卫星组网加速催化，北京发布了太空数据中心建设规划方案，计 划到2030年建成首个太空数据中心，到2035年建成大规模太空数据中心；此前，国防科工局成立商业航 天司+四中全会提及"航天强国"；根据根据上海证券报消息，可回收火箭"长征十二号"/"朱雀三号"首发 在即。卫星载荷为实现卫星组网通信功能的关键，其中"星间激光链路"负责星-星传输，为微波通信的 升级技术，技术壁垒高，为太空算力从概念走向实用的关键支撑。我们预计伴随卫星数量增加、单星算 力提升、卫星网络复杂度提升，星间激光的重要性将进一步提升，建议关注当前在载荷端卡位领先的企 业。 （文章来源：第一财经） ...

每经AI快讯，12月4日，中信证券研报认为，下一代大模型(Gemini3.0/GPT5)实质利好复杂推理类场 景，AI产业正走向规模化落地阶段，商业模式逐步从AI项目交付、AI赋能存量应用、AI功能性应用演 进。相较国内市场，海外市场在技术进展、付费环境、商业模式和市场空间等维度均领先于国内，海外 AI应用ARR数据持续增长，正在加速落地。我们重视AI应用公司海外收入增长带来的投资机遇：例如 有10%以上海外收入占比的公司，海外收入增长50%以上，那么对公司整体收入的增速能上提5%，配合 原本15%左右的内生增长，增速就有望提升至20%，实现系统性价值提升。 ...

（文章来源：第一财经） 中信证券研报表示，下一代大模型（Gemini 3.0/GPT5）实质利好复杂推理类场景，AI产业正走向规模 化落地阶段，商业模式逐步从AI项目交付、AI赋能存量应用、AI功能性应用演进。相较国内市场，海 外市场在技术进展、付费环境、商业模式和市场空间等维度均领先于国内，海外AI应用ARR数据持续 增长，正在加速落地。我们重视AI应用公司海外收入增长带来的投资机遇：例如有10%以上海外收入占 比的公司，海外收入增长50%以上，那么对公司整体收入的增速能上提5%，配合原本15%左右的内生增 长，增速就有望提升至20%，实现系统性价值提升。 ...

Company Overview - Lin Qingxuan has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities and Huatai International as joint sponsors [1] - The company is a high-end domestic skincare brand in China, focusing on the anti-wrinkle and firming skincare market, characterized by its use of natural camellia flower ingredients and the innovative "oil-based skincare" concept [1] Product Performance - Lin Qingxuan launched its camellia facial essence oil in 2014, with cumulative sales exceeding 45 million bottles, maintaining the top position in the national facial essence oil product rankings for 11 consecutive years [1] - It is the only facial essence oil that has achieved over 100 million RMB in retail sales for 8 consecutive years [1] Product Range and Market Position - As of June 30, 2025, Lin Qingxuan will offer 230 SKUs, covering a full range of high-end skincare solutions including essence oils, creams, toners, emulsions, serums, masks, and sunscreens [1] - According to data from Zhi Zhi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales in 2024, with a market share of 1.4% [1] - The company is also the only domestic brand to enter the top 15 high-end skincare brands in China (including both domestic and international brands), ranking 13th [1] Market Growth Potential - The market size for high-end skincare products in China is expected to grow from 114.4 billion RMB in 2024 to 218.5 billion RMB by 2029, with significant growth potential in the high-end anti-wrinkle and firming products market and the facial essence oil market, projected to reach 155.5 billion RMB and 13.9 billion RMB respectively by 2029 [1] Sales Strategy - The company has established an OMO (Online-Merge-Offline) integrated sales network, combining online direct sales, online retailers, and offline stores, including direct stores, partner stores, retailers, corporate clients, and distributors [1]

（记者 王晓波） 每经AI快讯，亿道信息发布公告称，2025年12月3日，亿道信息接受中信证券调研，公司董事会秘书乔 敏洋等人参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 ...

每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 每经AI快讯，云汉芯城发布公告称，2025年12月3日，云汉芯城接受中信证券调研，公司董事、首席财 务官、董事会秘书周雪峰参与接待，并回答了投资者提出的问题。 （记者 曾健辉） ...