卓创资讯分析师 宋洪潇：核心矛盾点在于铜矿品位下降，与新能源、AI（人工智能）需求持续释放的 预期矛盾。全球铜矿平均品位已降至0.8%以下，且开采成本持续攀升，导致市场供应速度放缓，而新 能源汽车、光伏及AI服务器需求年增速超20%，供需缺口持续扩大。市场对远期供应紧张持续推高铜 价，形成"易涨难跌"的局面。 | 千京 | 行情列表 | | 墙仓排名 | | 英金流向 | | DDE决策 | 温利预测 | 風才: | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 自选 | ECTN 2 MH | | 名称 | | 海景 | | 张唱歌十 | 今年涨幅% | | | | | 财 (经 BK0478 | 有色金属 | | | 26387.23 | -0.41 | 72.54 | 584 | | *深京 | | 300337 | 银邦股份 | R | t | 15.62 | 14.18 | 40.59 | 18 | | 板块 | 2 | 603876 | 鼎胜新材 | 113 | | 15.76 | 9.98 | 80.11 | 66 ...

今天，经历两天休市的伦敦金属交易所重启交易，伦铜主力合约价格一度飙升至每吨12960美元，创出历史新高。今年以来，国际铜价累计 涨幅已超40％，也带动A股相关上市公司股价上涨。 铜价在年末迎来历史性突破，成为全球大宗商品市场的焦点。12月29日早间，伦铜开盘后快速拉升，价格一度飙升至每吨12960美元，沪铜 主力合约价格一度冲上每吨102660元，创出历史新高。从今年表现来看，国际铜价自年初起便进入上升通道，持续震荡走高，累计涨幅达到 41.28%。 业内人士表示，铜涨价是产业需求、资本炒作与宏观环境共同作用的结果。产业需求的结构性增长是近年来铜价上涨的核心驱动力之一。目 前，全球新建的数据中心冷却系统和计算设施需要大量铜组件，全球电网升级、新能源汽车发展等也持续提升了铜的需求，2026年全球铜需 求增幅预计达到2.5%左右。 国信期货研究所首席分析师 顾冯达：美联储降息周期的开启使得美元走入走弱的下行周期，利好美元计价的国际商品。机构和各路资金正在 加注追捧铜等战略性的稀缺资源，以增强保值避险的安全性。 | 壬京 | 行情列表 | | 增仓排名 | | 英菲流可 | | DDE决策 | 盈利预测 | 则注 ...

创业板指今日下跌0.66%，报收3222.61点，创业板全日成交额5439.51亿元，比上个交易日减少347.76亿 元。今日可交易创业板股中，605只股收盘上涨，涨幅超过10%的有18只，其中，迈为股份 资金流向方面，高换手率个股中，有15股今日获主力资金净流入，净流入金额较多的有银邦股份 （300337）、英飞特、昊志机电，净流入金额分别为4.28亿元、1.70亿元、1.63亿元，净流出金额较多 的有海峡创新（300300）、神农种业（300189）、东方日升（300118），净流出金额分别为2.44亿元、 1.39亿元、1.32亿元。 换手率最高的是纳百川，该股为上市5日内的新股，收盘涨幅为10.87%，换手率64.26%，日成交额12.90 亿元，全天主力资金净流入1.24亿元；其次是天溯计量，该股为上市5日内的新股，收盘跌幅为9.11%， 换手率60.69%，日成交额8.57亿元，全天主力资金净流出6704.06万元；换手率居前的还有海科新源 （301292）、广联航空（300900）、佳缘科技（301117）等，换手率分别为40.17%、40.10%、 38.19%。 统计显示，换手率超20%的高 ...

截至12月29日收盘，大飞机概念上涨1.34%，位居概念板块涨幅第8，板块内，84股上涨，航天环宇20% 涨停，中超控股、海格通信、派克新材等涨停，超捷股份、光威复材、银邦股份等涨幅居前，分别上涨 16.35%、14.86%、14.18%。跌幅居前的有西测测试、宏达电子、再升科技等，分别下跌6.02%、 5.53%、5.10%。 | 000733 | 振华科 | 0.71 | 3.41 | 1263.41 | 1.27 | | --- | --- | --- | --- | --- | --- | | | 技 | | | | | | 002984 | 森麒麟 | -0.38 | 1.71 | 1251.14 | 4.87 | | 600038 | 中直股 | 0.87 | 1.21 | 858.16 | 2.95 | | | 份 | | | | | | 688586 | 江航装 | -0.16 | 1.73 | 757.83 | 4.32 | | | 备 | | | | | | 300447 | 全信股 | -0.56 | 7.36 | 723.59 | 2.75 | | | 份 | | | | | | 60 ...

从资金流向上来看，当日工业金属板块主力资金净流出33.68亿元，游资资金净流出1.28亿元，散户资金 净流入34.96亿元。工业金属板块个股资金流向见下表： 证券之星消息，12月29日工业金属板块较上一交易日下跌2.03%，国城矿业领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300337 | 银邦股份 | 15.62 | 14.18% | 184.78万 | 27.06亿 | | 603876 | 鼎胜新材 | 15.76 | 9.98% | 66.30万 | 10.25亿 | | 601212 | 白银有色 | 6.24 | 6.30% | 600.40万 | 37.80亿 | | 000603 | 盛达资源 | 31.22 | 4.52% | 67.85万 | 21.27亿 | | 002988 | 豪美新材 | 38.16 | 3.92% | 5.60万 ...

Important Market News - The National Financial Work Conference was held in Beijing from December 27 to 28, emphasizing the continuation of a more proactive fiscal policy in 2026, which includes expanding fiscal expenditure, optimizing government bond tools, enhancing the effectiveness of transfer payments, and improving expenditure structure [1] Industry Insights - The Shanghai Stock Exchange released guidelines for commercial rocket companies to apply for the Sci-Tech Innovation Board, marking a clear path for these companies to meet specific technical and commercial requirements. This follows the inclusion of commercial aerospace in the fifth set of standards under the "1+6" reform in June. Several companies, including Blue Arrow Aerospace and Star River Power, have completed IPO counseling [2] - The satellite communication industry is projected to exceed 200 billion to 400 billion by 2030, with an annual compound growth rate between 10% and 28%. The industry is at a critical turning point from "concept verification" to "scale application," driven by technological maturity and cost reduction [2] - The International Thermonuclear Experimental Reactor (ITER) project has completed the manufacturing of correction field coils, marking a significant milestone in the project. This project aims to develop controlled nuclear fusion as a clean and sustainable energy source [3] - Controlled nuclear fusion is seen as the ultimate energy solution, capable of providing green energy with minimal carbon emissions. It is expected to drive human civilization into a new developmental stage [4] - Sichuan Province is actively promoting the hydrogen energy industry, focusing on policy improvement, industrial chain strengthening, and key technology breakthroughs. The province aims to create typical application scenarios and reduce costs to accelerate high-quality development in the hydrogen sector [5] - The hydrogen energy industry in Sichuan is structured around a full-chain layout, enhancing production capabilities and fostering technological advancements. Companies like Dongfang Electric are leading this initiative [5] - ST Huluwawa announced that it and its chairman are under investigation by the China Securities Regulatory Commission for suspected information disclosure violations, while operations remain normal [6] - Jiamei Packaging reported no significant changes in its main business operations, despite experiencing stock and convertible bond trading fluctuations [6]

证券研究报告 | 行业周报 gszqdatemark 2025 12 28 年 月 日 基础化工 商业航天乘风起，关注 3D 打印及上游材料 事件：商业火箭企业科创板第五套上市标准发布，全球商业航天有望迎来 "上市潮"。12 月 26 日晚间，上交所正式发布《上海证券交易所发行上 市审核规则适用指引第 9 号——商业火箭企业适用科创板第五套上市标 准》，更好支持尚未形成一定收入规模的优质商业火箭企业适用第五套上 市标准，加快推进商业航天创新发展、主动服务航天强国战略。美国方面， 根据《华尔街日报》和彭博社报道，SpaceX 目标在 2026 年中后期完成 IPO，计划募资规模远超 300 亿美元，目标估值高达 1.5 万亿美元。若实 现，将一举超越 2019 年沙特阿美创下的 290 亿美元纪录，成为世界历史 上最大规模的 IPO。国内方面，根据《《科创板日报》统计，目前已有至少 10 家商业航天企业开启 IPO 进程，5 家主营业务为运载火箭，分别为蓝箭 航天、星际荣耀、中科宇航、星河动力、天兵科技。 商业航天万亿市场，迎来全球共振。商业航天是推动航天产业发展、建设 航天强国的重要力量，目前已进入全球共振阶 ...

Core Insights - The A-share market's AI narrative is clearly defined by a "hardware-first" approach, with exponential growth in computing power driving significant revenue increases in hardware sectors like CPO, AI servers, and storage chips [1] - The focus is shifting from hardware to applications as the AI industry matures, with expectations for a dual explosion in performance and valuation for AI application companies in 2026 [1][2] - The advertising sector is leading the commercialization of AI applications, particularly in digital advertising, where companies are leveraging AI for operational efficiency and new revenue streams [1][2] Hardware Sector Performance - Industrial Fulian (601138.SH) reported a fivefold year-on-year revenue increase in AI server-related business, while Zhongji Xuchuang (300308.SZ) saw significant growth in optical module revenue [1] - The hardware infrastructure is expected to provide the necessary support for application layers, with several brokerages indicating a shift in investment opportunities from hardware to application sides in 2026 [1] Advertising Sector Developments - Applovin (APP.US) exemplifies the success of AI in advertising, with a stock price increase of up to 56 times since the launch of ChatGPT, and a 71% year-on-year revenue growth in Q1 2025 [2] - BlueFocus (300058.SZ) and Leo Group (002131.SZ) have also begun to realize AI advertising business revenue, benefiting from large existing businesses and rich data resources [2][3] Vertical Industry Applications - Companies in vertical industries such as industrial AI, tax services, and office automation are achieving significant revenue growth through AI integration [5][6] - Nengke Technology (603859.SH) reported AI business revenue of 335 million yuan, accounting for 30.79% of total revenue, driven by its AI Agent products [5] - TaxFriend (603171.SH) achieved a 42.33% year-on-year increase in net profit, attributed to AI-driven revenue growth and efficiency improvements [6] 3D Printing Innovations - The release of Google's Nano Banana Pro is expected to revolutionize the 3D printing industry by significantly reducing design cycles and costs, thus driving demand for raw materials [8] - Companies like Changjiang Materials (001296.SZ) and Yinbang Co. (300337.SZ) are positioned to benefit from the anticipated growth in the 3D printing sector [9][10] Future Outlook - The A-share AI investment landscape is expected to transition from hardware speculation to application performance validation in 2026, with companies that have deep industry knowledge and data barriers likely to see significant profit growth [10] - The common traits among successful AI application companies include strong industry expertise, focus on vertical scenarios, and clear monetization strategies [7][10]

《2025-079银邦股份关于收到政府补贴的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年12月26日收盘，银邦股份（300337）报收于13.68元，较前一交易日上涨1.18%，最新总市值 为112.44亿元。该股当日开盘13.46元，最高13.96元，最低13.3元，成交额达11.91亿元，换手率为 12.27%。 公司近日发布公告称，银邦金属复合材料股份有限公司及子公司近期收到政府补助合计21,500,000元， 均为现金形式，不具备可持续性。其中与资产相关的补助为15,000,000元，包括设备补贴和固定资产补 贴；与收益相关的补助为6,500,000元，主要为贷款贴息及规上工业企业奖励。补助资金已到账，具体会 计处理及对公司损益的影响以审计机构年度审计确认结果为准。 最新公告列表 ...

银邦金属复合材料股份有限公司 关于收到政府补贴的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、获取补助的基本情况 银邦金属复合材料股份有限公司（以下简称"公司"）及子公司（含全资、 控股子公司）近期收到各项与资产及收益相关的政府补助21,500,000元，为现金 形式，但不具备可持续性。具体情况如下： | 证券代码：300337 | 证券简称：银邦股份 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：123252 | 债券简称：银邦转债 | | 根据《企业会计准则第16号—政府补助》的规定，与资产相关的政府补助， 是指企业取得的、用于购建或以其他方式形成长期资产的政府补助；与收益相关 的政府补助，是指除与资产相关的政府补助之外的政府补助。本次公司及下属子 公司获得的政府补助属于与资产及收益相关的政府补助。 公司将根据相关法律法规及相关政府部门要求，合理合规的使用政府补助资 金，实现政府补助资金的高效使用。 公司将严格按照《企业会计准则》的规定对上述补贴进行相应的会计处理， 有关本次补贴的具体会计处理及最终对 ...