Summary of Key Points Core Viewpoint - On December 25, a total of 15 stocks from the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 287 million yuan and a total trading volume of 4.1073 million shares [1]. Group 1: Trading Overview - The stock with the highest transaction amount was Tuojing Technology, with a trading volume of 310,000 shares and a transaction amount of 108 million yuan [1]. - Other notable transactions included Laplace and Haiguang Information, with transaction amounts of 60.86 million yuan and 42.79 million yuan, respectively [1]. - All stocks involved in block trading were sold at a discount, with the highest discount rates observed in Hechuan Technology, Times Electric, and Guoxin Technology, at 25.79%, 20.15%, and 18.89% respectively [1]. Group 2: Price Performance - The STAR 50 Index fell by 0.23% on the same day, while 439 stocks (73.41%) on the STAR Market saw an increase [1]. - The average increase for stocks involved in block trading was 2.25%, with the largest gains seen in Aerospace Software, Guobo Electronics, and Hechuan Technology, which rose by 10.46%, 8.67%, and 7.86% respectively [1]. - Conversely, the largest declines were recorded by Canxin Co., Dekeli, and Huaguang New Materials, with decreases of 1.95%, 1.81%, and 0.87% respectively [1]. Group 3: Institutional Participation - Among the block trades, there were 5 transactions involving institutional buyers or sellers, with the highest buying amounts in Tuojing Technology, Haiguang Information, and Dekeli, at 108 million yuan, 21.384 million yuan, and 13.2 million yuan respectively [2]. - The leading selling amount was from Guobo Electronics, totaling 3.5615 million yuan [2]. - In terms of capital flow, 7 stocks experienced net inflows, with Haiguang Information, Dekeli, and Guobo Electronics leading with net inflows of 170 million yuan, 39.3281 million yuan, and 28.2074 million yuan respectively [2].

进一步统计，近3个月内该股累计发生53笔大宗交易，合计成交金额为2.17亿元。 证券时报·数据宝统计显示，德科立今日收盘价为152.80元，下跌1.81%，日换手率为9.14%，成交额为 22.23亿元，全天主力资金净流入3932.81万元，近5日该股累计下跌5.75%，近5日资金合计净流入3.67亿 元。 12月25日德科立大宗交易一览 德科立12月25日大宗交易平台出现一笔成交，成交量10.00万股，成交金额1320.00万元，大宗交易成交 价为132.00元，相对今日收盘价折价13.61%。该笔交易的买方营业部为机构专用，卖方营业部为国泰海 通证券股份有限公司无锡湖滨路证券营业部。 两融数据显示，该股最新融资余额为11.22亿元，近5日增加1.17亿元，增幅为11.66%。 据天眼查APP显示，无锡市德科立光电子技术股份有限公司成立于2000年01月31日，注册资本 15828.5329万人民币。（数据宝） | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） ...

Group 1 - A total of 101 stocks in the A-share market experienced block trades today, with a total transaction value of 1.984 billion yuan [1] - The top three stocks by transaction value were Zhongtai Automobile (138 million yuan), Jingda Co., Ltd. (126 million yuan), and Tuojing Technology (108 million yuan) [1] - Among the stocks, 8 were traded at par, 8 at a premium, and 85 at a discount; the highest premium rates were for Shengye Electric (29.03%), Aidi Te (11.14%), and ST Bailing (10.35%) [1] Group 2 - The top stocks by institutional buying were Tuojing Technology (108 million yuan), Wuzhou Xinchun (77.445 million yuan), and Chaojie Co., Ltd. (49.7342 million yuan) [2] - Other notable institutional purchases included Hengbo Co., Ltd. (48.7648 million yuan) and Nuo Puxin (33.32 million yuan) [2] - The total buying activity reflects significant interest in these companies from institutional investors [2] Group 3 - The top stocks by institutional selling were Wanda Information (8.3869 million yuan), Guobo Electronics (3.5615 million yuan), and Wens Foodstuffs Group (2.7473 million yuan) [3]

12月25日，德科立大宗交易成交10万股，成交额1320万元，占当日总成交额的0.59%，成交价132元， 较市场收盘价152.8元折价13.61%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 2025-12-25 | 德科立 | 688205 | 132 1320 10 | 机构专用 | 费商公司是多感度 | Ka | ...

Group 1 - The CPO concept has strengthened again in early trading, with companies such as Yongding Co., Dongshan Precision, and Zhongji Xuchuang reaching new historical highs [1] - Tengjing Technology has seen an increase of over 10%, indicating strong market performance [1] - Other companies like Robotec, Dongtian Micro, Dekeli, and Xinyisheng have also experienced gains, reflecting a positive trend in the sector [1]

3 2025 年 12 月 24 日 谷歌联手 Meta 强化 TPU 对 PyTorch 的支持，亚 马逊拟百亿投资 OpenAI 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 电子(申万) 6.7 43.4 70.8 沪深 300 2.1 15.0 18.8 市场表现 -20 0 20 40 60 80 (%) 电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《电子行业周报：存储芯片进入 新一轮周期，国产 AI 芯片大时代已 经开启》2025-09-29 2、《电子行业周报：高端光刻机国 产化进程加速，华为全联接大会成 功举办》2025-09-23 3、《电子行业周报：对原产于美国 的进口相关模拟芯片进行反倾销立 案 调 查 ， 英 伟 达 发 布 全 新 RubinCPXGPU》2025-09-14 ▌谷歌联手 Meta 强化 TPU 对 PyTorch 的支持 据报道，谷歌正在推进一项新计划，使其 AI 芯片在运行 PyTorch 方面表现更佳，此举旨在挑战英伟达长期以来在 AI 芯片领 ...

Investment Rating - The communication industry is rated as "Recommended" due to sustained high prosperity driven by AI, 5.5G, and satellite communication [1][4]. Core Insights - The report highlights the expansion of computing hardware and the accelerated penetration of liquid cooling technology as a mainstream choice due to increasing heat density from high-performance chips [2]. - Major global manufacturers, including NVIDIA and Google, have fully adopted liquid cooling solutions, indicating a shift from pilot projects to large-scale implementation [2]. - The Taiwanese liquid cooling manufacturer, Qihong, reported a year-on-year revenue growth of 80.63% and a net profit increase of 115.10% in Q3 2025, driven by increased orders from overseas clients [2]. Market Overview - The overall market performance for the week of December 15-21, 2025, saw the Shanghai Composite Index rise by 0.03%, while the Shenzhen Component Index and the ChiNext Index fell by 0.89% and 2.26%, respectively. The communication sector also experienced a decline of 0.89% [1][9]. - Within the communication sector, the highest gain was seen in the communication cable and accessories sub-sector, which rose by 4.29%, while the communication application value-added services sub-sector experienced the largest decline of 4.13% [1][12]. Stock Performance - Notable stock performances for the week included Wanlong Optoelectronics with a gain of 34.20%, followed by Tongding Interconnection at 24.74% and Zhenyou Technology at 21.89% [1][14]. Industry News - A report indicated that the single-channel 100G LPO/LRO optical modules are set to ramp up production, supporting the efficient expansion of computing clusters [16]. - LightCounting forecasts that the optical module market will exceed $23 billion in 2025, with significant capital expenditures from major tech companies like Alphabet, Amazon, Meta, and Microsoft [18][19].

Group 1 - The core viewpoint of the article highlights the performance of the Zhongzheng 2000 ETF Enhanced (159556), which increased by 1.43% to 1.205 yuan with a trading volume of 693,000 yuan as of the midday close [1] - The fund's performance benchmark is the Zhongzheng 2000 Index return, managed by Ping An Fund Management Co., with a return of 18.91% since its establishment on December 27, 2023, and a return of 5.54% over the past month [1] Group 2 - The top holdings of the Zhongzheng 2000 ETF Enhanced include Huajian Group, which rose by 0.65%, Dekeli, which fell by 2.73%, and Xuguang Electronics, which increased by 5.62% [1] - Other notable stock performances include Beihua Co. rising by 1.01%, Electric Wind Power by 7.37%, Xinke Materials by 2.07%, and Jiayuan Technology by 8.28% [1] - The article also mentions Hongjing Technology with a slight increase of 0.10%, Yongding Co. with a decrease of 0.28%, and Furui Electronics rising by 2.09% [1]

Wind统计显示，12月23日，科创板两融余额合计2673.32亿元，较上一交易日增加22.78亿元。其中，融 资余额合计2663.9亿元，较上一交易日增加22.67亿元；融券余额合计9.42亿元，较上一交易日增加0.11 亿元。 （文章来源：证券时报网） 从个股来看，12月23日，有328只科创板个股获融资净买入，净买入金额在3000万元以上的有31只。其 中，寒武纪-U获融资净买入额居首，净买入8.79亿元；融资净买入金额居前的还有鼎通科技、和林微 纳、华丰科技、德科立、东芯股份等股。 ...

Group 1 - The core transaction on December 23 involved a block trade of 100,000 shares of Dekoli, with a transaction value of 13.50 million yuan, at a price of 135.00 yuan, representing a discount of 14.56% compared to the closing price of the day [2] - In the last three months, Dekoli has recorded a total of 52 block trades, with a cumulative transaction value of 204 million yuan [3] - The closing price of Dekoli on the day of the transaction was 158.00 yuan, reflecting an increase of 2.52%, with a daily turnover rate of 12.24% and a total trading volume of 3.004 billion yuan, indicating a net inflow of 210 million yuan in main funds for the day [3] Group 2 - The latest margin financing balance for Dekoli is 1.023 billion yuan, which has decreased by 183 million yuan over the past five days, representing a decline of 15.15% [4] - Dekoli was established on January 31, 2000, with a registered capital of 1.58285329 billion yuan [4]