截至午盘，上证指数跌0.13%，深证成指涨0.09%，创业板指涨1.07%，北证50跌1.1%。全市场成交额 1.26万亿元，较上日成交额缩量353亿元。板块题材上，CPO、元件、零售板块活跃，海南板块调整。 盘面上，CPO板块持续走强，德科立20CM涨停封板，陕西华达、奕东电子等数只个股涨超10%，中瓷 电子等涨停封板。元件板块活跃，骏亚科技欸、超声电子涨停，胜宏科技涨超9%。零售板块持续走 强，中央商场、茂业商业、东百集团等数只个股涨停。海南板块大幅调整，新大洲A跌停，欣龙控股跌 超7%。 ...

Market Overview - The A-share market showed an overall upward trend last week, with major indices rising: CSI 300 up 1.28%, CSI 500 up 0.94%, CSI 1000 up 0.11%, and ChiNext 50 up 2.58% [1][10] - The average daily trading volume in the A-share market was around 1.7 trillion yuan [1][10] - The market is currently in a performance and policy vacuum period, suggesting a focus on policy support and technology-driven growth sectors, particularly in the global AI industry chain and the improving demand for new energy (storage) sectors [1][10] Industry Focus Technology, AI, and Communication - The ChiNext 50 index includes 46% of the information technology sector, with 20% weight in optical modules, which saw a rebound last week [3][14] - The acceleration of technological iteration is evident, with major cloud providers expanding, such as AWS announcing nearly 1.3 GW of new AI/HPC data centers [3][14] - The demand for 800G/1.6T optical modules is expected to increase due to the growing number of paid users for AI services [3][14] - Companies with full industry chain capabilities and strong ties to overseas clients, like Zhongji Xuchuang and Tianfu Communication, are likely to lead the market [3][14] New Energy Photovoltaics - The new energy photovoltaic sector showed stable performance last week, with policy support from Guizhou Province requiring a minimum conversion efficiency of 22.3% for photovoltaic components [4][14] - Domestic photovoltaic installations are expected to grow over 47% year-on-year in the first three quarters of 2025, with distributed photovoltaic systems accounting for 53.4% [4][14] - The average transaction price for n-type raw materials remained stable at 53,200 yuan per ton, alleviating short-term cost pressures [4][14] Pharmaceutical and Biotechnology - The trend in the innovative drug industry remains positive, with increasing global competitiveness and successful commercialization [5][16] - Attention is drawn to innovative drug candidates with overseas progress, as well as the improving fundamentals in the innovative drug supply chain [5][16] - The industry is gradually recovering, suggesting a focus on traditional Chinese medicine and medical devices [5][16] ChiNext 50 ETF Overview - The ChiNext 50 ETF (159949) tracks the ChiNext 50 index, focusing on high-quality leading companies in five key technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [6][17] - The ETF has a substantial liquidity, with an average daily trading volume of 1.442 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [6][17] - The latest fund size is 25.825 billion yuan, making it one of the largest funds related to the ChiNext index [6][17] Performance of ChiNext 50 ETF - The ChiNext 50 ETF had a net value of 1.4824 and a fund size of 25.825 billion yuan, with an average daily trading volume of 1.291 billion yuan last week [7][18] - The top ten weighted stocks in the ChiNext 50 index showed varied performance, with notable gains in Tianfu Communication (25.79% increase) and other companies like Ningde Times and Zhongji Xuchuang also performing well [8][18]

纳百川新能源股份有限公司（以下简称"纳百川""发行人"或"公司"）首次公开发行不超过２，７９１． ７４万股人民币普通股（Ａ股）并在创业板上市（以下简称"本次发行"）的申请已经深圳证券交易所 （以下简称"深交所"）上市审核委员会审议通过，并已获中国证券监督管理委员会（以下简称"中国证 监会"）同意注册（证监许可〔２０２５〕２１０１号）。本次发行的保荐人（主承销商）为浙商证券 股份有限公司（以下简称"主承销商"）。 登录新浪财经APP 搜索【信披】查看更多考评等级 特别提示 发行人与主承销商协商确定本次发行股份数量为２，７９１．７４万股，发行价格为人民币２２．６３ 元／股。发行价格不超过剔除最高报价后网下投资者报价的中位数和加权平均数，剔除最高报价后通过 公开募集方式设立的证券投资基金、全国社会保障基金、基本养老保险基金、企业年金基金和职业年金 基金、符合《保险资金运用管理办法》等规定的保险资金和合格境外投资者资金报价中位数和加权平均 数孰低值，故保荐人相关子公司无需参与本次发行的战略配售。 本次发行初始战略配售数量为５５８．３４８０万股，占本次发行数量的２０．００％。根据最终确定 的发行价格，本次发行最终战略配 ...

周二早间，市场低开高走，"双创"板块表现相对强势。截至10:36，创业板指上涨1.2%，科创板50指数 上涨0.1%，双双冲击4连阳，胜宏科技、北京君正、精测电子与生益电子、天岳先进、寒武纪等分别在 两只指数成份股中领涨。 消息面上，人工智能方向近期消息密集。有报道称，美国政府将允许英伟达向中国出售其H200人工智 能芯片。谷歌则官宣，首款搭载Gemini的AI眼镜将于2026年推出。此外，有机构指出，在AI算力需求 驱动下，全球光模块产业正加速向800G/1.6T升级，2026年全球800G光模块出货量有望达4000万只， 1.6T光模块有望超过700万只。 （文章来源：每日经济新闻） 热门ETF中，跟踪上述指数的创业板ETF（159915）、科创板50ETF（588080）开盘一小时成交额分别 达到16.6亿元和4.3亿元，与昨日量能相近。 资料显示，创业板指数由创业板中市值大、流动性好的100只股票组成，CPO等AI硬件产业链权重约 30%，科创板50指数则由科创板中市值大、流动性好的50只股票组成，半导体行业占比超65%。 创业板ETF（159915）、科创板50ETF（588080）规模分别位居以上 ...

创业板50ETF国泰（159375）跟踪的是创业板50指数（399673），单日涨跌幅达20%，该指数从创业板 市场中筛选出流动性优异、市值规模领先的50只证券，重点覆盖电力设备及新能源、医药生物等战略性 新兴产业，集中反映具有高成长性和科技创新特质的上市公司证券整体表现。指数成分以中大市值风格 为主导，突出对行业创新动能与长期发展潜力的考量。 （文章来源：每日经济新闻） 华创证券指出，创业板50行业在科技板块中具备较强的盈利质量因子，呈现高毛利和高自由现金流的特 征。从成长因子看，创业板50过去三年处于低基期，预计2026年可实现较高增长，主要权重产业包括半 导体、创新药、新能源、AI、人形机器人、高端装备等。在通胀回归的宏观背景下，盈利与成长因子 的有效性预计将大幅增强，创业板50等指数在业绩上行周期中有望跑赢纯粹的现金分红高股息品种。此 外，随着企业自由现金流增加，权益资产属性变化形成高夏普、低波动的交易格局，创业板50的配置价 值进一步凸显。 ...

Group 1 - The Dachen ChiNext AI ETF (159242) has seen a 3.10% increase, marking its fourth consecutive rise, with a trading volume of 40.78 million yuan and a turnover rate of 14.43% [1] - The underlying index, the ChiNext AI Index, rose by 3.26%, with significant gains from constituent stocks such as Hengxin Dongfang (20.04%), Zhishang Technology (10.19%), and Taichuang (9.34%) [1] - The ChiNext AI Index focuses on the engineering and industrialization of AI, covering foundational technologies like optical modules, computing chips, edge computing, and operating systems, distinguishing itself from other tech-focused indices [1] Group 2 - Trump announced that the U.S. government will allow Nvidia to sell its H200 AI chips to China, with a 25% revenue share for the U.S. on each chip sold, and similar arrangements for other companies like AMD and Intel [2] - BlackRock indicated that capital expenditures in AI infrastructure are still on the rise, driven by competition among tech giants, with chip manufacturers and energy producers being clear investment winners [2] - The demand for data center electricity is expected to double by 2030, reflecting the ongoing investment trend in AI infrastructure despite market bubble concerns [2] Group 3 - Domestic AI model capabilities are improving, with DeepSeek releasing version 3.2 and increasing pre-training scale, which enhances model inference and tool integration [3] - Domestic manufacturers are advancing in computing infrastructure autonomy amid limited overseas GPU supply, with a focus on super-node architecture [3] - The mobile AI application market is accelerating, with products like Doubao Assistant driving the adoption of AI agents in consumer devices, with 2026 projected as a key year for scaling [3]

Core Insights - The domestic demand for energy storage continues to grow rapidly, with a year-on-year increase of 19.3% in power and 28.41% in capacity for the first nine months of 2025, indicating that annual domestic demand may exceed expectations [3] - The wholesale forecast for electric passenger vehicles in November is estimated at 1.72 million units, reflecting a month-on-month increase of 20% and a year-to-date growth of 29% [3] - The overseas demand for energy storage remains strong, with continuous breakthroughs in China's energy storage export orders, driven by surging demand in the U.S. and a moderate recovery in Europe [3] Domestic Energy Storage Market - The domestic energy storage installation capacity reached 31.77 GW and 85.11 GWh in the first nine months of 2025, maintaining high growth despite a high base effect [3] - The strong demand for energy storage is supported by rising prices of energy storage cells, indicating robust downstream demand [3] Lithium Battery and Raw Materials - The demand for lithium carbonate is expected to improve due to stable growth in downstream power demand and rising energy storage needs, alongside supply-side disruptions from domestic and overseas lithium mining operations [4] - The lithium battery industry is projected to benefit directly from the growth in energy storage installations, with an expected shipment volume of 473 GWh by 2026, reflecting a year-on-year growth rate of 22% [3][4] Investment Opportunities - The energy storage industry is experiencing a favorable supply-demand dynamic, with leading battery companies operating at full capacity, suggesting sustained industry prosperity [4] - Investors are encouraged to monitor the performance of New Energy Vehicle ETFs (159806) and ChiNext New Energy ETFs (159387) as potential investment opportunities [4]

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.10%, while the Shenzhen Component Index rose by 0.06% and the ChiNext Index increased by 0.51% [1] - The ChiNext Growth ETF (159967) experienced a significant increase of 1.43%, with a latest price of 0.639 yuan and a trading volume of 0.68 billion yuan, resulting in a turnover rate of 1.92% [1] - Among the constituent stocks, Eurocontinental led with an increase of 11.68%, followed by Taicheng Light with 8.16%, Ruijie Networks with 7.68%, Shenghong Technology with 5.19%, and Feiliwa with 4.62% [1] Group 2 - The ChiNext Growth ETF has shown strong performance recently, with an excess return of nearly 8 percentage points compared to the ChiNext Index over the past 11 trading days from November 25 [1] - In terms of capital flow, the ChiNext Growth ETF saw a net inflow of 1.17 billion yuan yesterday, indicating active capital accumulation [2] - The latest price-to-earnings ratio (PE-TTM) for the ChiNext Growth ETF is 39.99 times, which is below the 42.38% percentile of the past 10 years, suggesting a moderate valuation compared to historical levels [2]

有券商表示，近期美股AI相关板块整体小幅回落，主要受高估值压力与全球市场风险偏好下降影响，投资者情绪趋于谨慎。尽 管短期波动加剧，但多家AI相关龙头企业最新财报表现稳健，为市场带来一定支撑。AMD发布2025年第三季度财报显示，营 收利润双线增长，与OpenAI达成的部署协议将在未来贡献超千亿美元的营收，反映出市场对AI基础设施投入的长期信心。 每日经济新闻 人工智能概念股走强，中际旭创、北京君正涨超3%，新易盛、协创数据涨超2%。 受盘面影响，创业板人工智能ETF涨超2%。 | 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 159363 | 创业板人工智能ETF华宝 | 0.978 | 0.023 | 2.41% | | 159382 | 创业板人工智能ETF南方 | 2.095 | 0.048 | 2.34% | | 159388 | 创业板人工智能ETF国泰 | 2.000 | 0.047 | 2.41% | | 159279 | 创业板人工智能ETF华安 | 1.114 | 0.024 | 2.20% | | 159381 ...

12月8日算力板块表现强势，延续前期上涨势头，创业板人工智能ETF（159388）收涨5.51%，通信ETF（515880）收涨5.49%。 资料来源：wind 事件方面，谷歌全栈AI生态持续发酵。谷歌加速了产业链进展，谷歌TPU的出货量预期持续上调。谷歌的成长，不仅在硬件侧带来更多的 计算芯片出货增量，而且在模型、应用等方面极大推动了产业成长。随着大模型持续不断迭代跃进，巨头的AI军备竞赛持续，必然会拉动 整体算力需求的进一步增长（无论NVGPU还是谷歌TPU）。A股光模块、服务器等厂商"卖铲人"逻辑较强，不管在芯片端的竞争中时谁获 胜，板块都将受益。 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行长期投资、平均投资成本的一种简 单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期风险水平高于混合型基金、债券型 基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易 ...