Group 1: Overview of the Computer Sector - The computer sector is experiencing a recovery in fund allocation, with a 4.46% holding ratio in Q3 2025, an increase of 1.93 percentage points from Q2 2025 and 2.24 percentage points year-on-year from Q3 2024 [7][12] - The computer sector's market capitalization accounts for 5.27% of the total A-share market, indicating a low allocation that presents upward potential [7][12] - The computer index has risen by 27.62% as of December 1, 2025, outperforming the CSI 300 index by 11.32 percentage points [12] Group 2: Domestic Substitution Trends - The domestic substitution trend is clear, with significant replacement opportunities in the computer industry, particularly in EDA, electronic measurement instruments, and cybersecurity [3][21] - The EDA market is projected to reach $14.5 billion by 2025, with domestic firms increasing their competitiveness through self-developed and acquired technologies [26][31] - The electronic measurement instrument market is expected to grow rapidly, driven by technological advancements and increased R&D investments [63][75] Group 3: Artificial Intelligence Applications - The AI sector is expanding across various industries, with demand for GPU, servers, IDC, power supplies, and liquid cooling systems driving growth [3][21] - The domestic and international AI model iterations are ongoing, with a focus on world models and physical AI as future trends [3][21] - End-side AI applications, including smart glasses, robotics, and intelligent driving, are emerging as key areas for implementation [3][21] Group 4: Future Industries and Innovations - Quantum technology is anticipated to bring disruptive innovations in computing, communication, and measurement, creating new opportunities [3][21] - The satellite internet sector is accelerating constellation construction, with potential releases in measurement and simulation demands [3][21] - The integration of technology and finance is expected to yield significant dividends through innovative disruptions [3][21] Group 5: Investment Recommendations - Recommended investment targets in the EDA sector include Huada Jiutian, GY Electronics, and Broadcom [53][90] - In the CAD sector, focus on Zhongwang Software and Haocen Software [53][90] - For CAE, consider Zhongwang Software and Holley Technology [53][90]

上市公司：创远信科（831961），奥迪威（832491），同惠电子（833509），海能技术（430476），新 芝生物（430685），基康仪器（830879），天罡股份（832651），驰诚股份（834407），莱赛激光 （871263） 2016-2025年1-10月仪器仪表制造业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国仪器仪表市场供需预测及未来发展趋势报告》 2025年1-10月，仪器仪表制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为7664 个，和上年同期相比，增加了391个，同比增长5.38%，占工业总企业的比重为1.46%。 ...

Group 1: Consumer Industry Outlook - The consumer industry is showing signs of bottoming out, with fundamental recovery acting as a catalyst for stock prices. Positive information is increasing, and companies are focusing more on dividends and buybacks, improving the competitive landscape [1][5] - The "dividend +" strategy is recommended as a short-term stable allocation strategy, with a focus on high-end consumption and certain mass-market products showing signs of recovery [5] - The market is expected to gradually return its focus to the consumer sector, although there are still concerns regarding valuation and the performance of non-mainstream sectors [5] Group 2: Insurance Industry Strategy - The insurance sector is expected to be a growth area in the financial industry, with leading companies benefiting from scale effects, brand recognition, and customer loyalty [10] - The insurance stocks' performance in 2025 was driven by asset performance, with distinct phases observed throughout the year, including periods of market volatility and policy support [8][10] - Key metrics for insurance companies include asset under management (AUM) growth and interest spread improvement, which are essential for stable investment returns [9][10] Group 3: Biotechnology Company - Baiaosaitu - Baiaosaitu is an innovative biotechnology company focused on drug development, utilizing proprietary gene editing technology to create various therapeutic antibodies [12][14] - The company has seen significant revenue growth, with projections indicating revenues of 1.387 billion, 1.809 billion, and 2.306 billion yuan for 2025-2027, representing year-on-year growth rates of 41.5%, 30.4%, and 27.4% respectively [13][14] - The company has established a global presence with its animal model sales, which have increased from 50 million yuan in 2019 to 389 million yuan in 2024, reflecting a strong demand for its innovative models [13][14] Group 4: Domestic Policy Insights - The central government's focus for 2026 emphasizes a balanced approach to economic development, with a strong emphasis on enhancing quality and efficiency [16][17] - Policies will likely prioritize expanding domestic demand and optimizing supply, with specific measures expected to support consumption and innovation [17][18] - The government aims to address risks in key areas while ensuring the stability of people's livelihoods, indicating a comprehensive approach to economic governance [18]

行业周报 | 北交所 科技主线引领结构性修复，政策与资金共振强化配置价值 证券研究报告 2025 年 12 月 09 日 北交所市场周报——251201-251205 核心结论 北交所市场复盘：当周北交所全部 A 股日均成交额达 138.8 亿元，环比上涨 4.2%。当周北证 50 收涨 1.49%，当周日均换手率达 1.8%。当周涨幅前五 大个股分别为：豪声电子（13.9%）、优机股份（13.6%）、星图测控（13.3%）、 三协电机（13.2%）、创远信科（11.2%）；跌幅前五大个股分别为：大鹏工业 （-15.0%）、昆工科技（-13.8%）、恒拓开源（-10.6%）、迪尔化工（-9.5%）、 美登科技（-8.8%）。 重点新闻及政策：1）Palantir 携手英伟达开发软件平台，以加快 AI 数据中 心建设：Palantir、英伟达和美国公用事业公司 CenterPoint Energy 宣布， 三方正共同开发一款新的软件平台，以加速新一代人工智能（AI）数据中心 的建设；该软件系统被命名为"连锁反应"（Chain Reaction），将使用 AI 工具来协助客户；2）两部门：支持具备资质和条件的企业 ...

Group 1 - The North Exchange 50 index increased by 1.49%, indicating a market that is oscillating above the annual line, with trading volume increasing by 4.23% [7][17]. - The North Exchange market has shown increased activity in sectors such as satellite internet, edge AI, and humanoid robots, with notable stocks including Star Map Control, Haoshen Electronics, and Sanxie Electric [7][8]. - Eight North Exchange thematic public funds are entering their second open period, with a total estimated scale of 4.58 billion yuan, and there is speculation about a potential market rebound after December 20 [8][10]. Group 2 - This week, one new stock, Jingchuang Electric, was listed on the North Exchange, with a first-day price increase of 330.74% and a turnover rate of 93.84% [28][29]. - The North Exchange had 109 stocks rise and 173 stocks fall, resulting in a rise-fall ratio of 0.63, with Haoshen Electronics and Youji Co. leading the gains [35][39]. - The average PE ratio for the North Exchange is 81.73 times, with a median of 39.47 times, while the trading volume reached 3.069 billion shares, reflecting a 1.09% increase [21][22]. Group 3 - The new third board saw six new listings and ten delistings this week, with planned financing of 49 million yuan and completed financing of 38 million yuan [46][48]. - The North Exchange's financing balance increased to 7.510 billion yuan, up by 0.38 billion yuan from the previous week [24][22]. - The thematic public funds have reported a weak performance in their heavy-weight stocks, with an average decline of 8.29% since the National Day [9][8].

Group 1 - The North Exchange 50 index increased by 1.49%, remaining above the annual line, with trading volume increasing by 4.23% week-on-week [9][20][25] - Eight North Exchange thematic public funds entered their second open period, with a total estimated scale of 45.8 billion yuan, indicating potential market recovery after December 20 [10][12][14] - The thematic public funds have reported a weak performance in their heavy holdings, with an average decline of 8.29% since the National Day, suggesting a need to monitor net subscription data post-open period [11][10][14] Group 2 - The North Exchange saw 109 stocks rise and 173 fall, with a decline ratio of 0.63, indicating a significant number of stocks are underperforming [37] - The trading volume for the North Exchange was 30.69 billion shares, with a total transaction value of 693.83 billion yuan, reflecting a week-on-week increase [25][20] - The average PE (TTM) for the North Exchange is 81.73 times, with a median of 39.47 times, indicating a relatively high valuation compared to other exchanges [24][20] Group 3 - This week, one new stock, Jingchuang Electric, was listed on the North Exchange, with a first-day increase of 330.74% and a turnover rate of 93.84% [30][31] - The new three-board market saw six new listings and ten delistings, with a total of 5991 companies currently listed [49][51] - The new three-board market raised 0.38 billion yuan this week, with no companies raising over 1 billion yuan [51][55]

12月5日，北交所个股合计成交量5.94亿股，成交额133.01亿元，成交额相对上一交易日增加4.87亿元， 个股来看，收盘上涨的共257只。 证券时报·数据宝统计显示，今日可交易北交所个股中，收盘股价上涨的有257只，占可交易个股的 90.18%，收盘涨幅居前的有科强股份、龙竹科技、华信永道，分别上涨13.73%、10.31%、10.03%。收 盘股价下跌的有25只，跌幅居前的有海希通讯、凯德石英、三协电机等，分别下跌1.78%、1.72%、 1.57%。 股票活跃度来看，今日可交易的北交所个股中，换手率超10%的有11只，其中，5股换手率超20%，换 手率在5%~10%之间的有24只，换手率在1%~5%之间的有208只。全天换手率居前的股票有大鹏工业、 精创电气、三协电机等，换手率分别为28.17%、26.32%、24.94%。（数据宝） 北交所个股今日成交明细 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 换手率（%） | 成交额（万元） | | --- | --- | --- | --- | --- | --- | | 920116 | 星图测控 | 82.46 | 0.19 | 21. ...

Core Insights - As of December 4, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 7.516 billion yuan, a decrease of 9.0086 million yuan from the previous trading day, marking a continuous decline for three consecutive trading days [1] - The stocks with the highest margin financing balances included Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with latest balances of 408 million yuan, 343 million yuan, and 313 million yuan respectively [1] - A total of 143 stocks on the BSE received net margin purchases on December 4, with 24 stocks having net purchases exceeding 1 million yuan, led by Chuangyuan Xinke with a net purchase of 7.9072 million yuan [1][2] Margin Financing Overview - The margin financing balance on December 4 was 7.515 billion yuan, down by 8.9486 million yuan from the previous day [1] - The securities lending balance was 634,100 yuan, a decrease of 60,000 yuan [1] - The average margin financing balance as a percentage of market capitalization for the top stocks was 1.40%, with leading stocks like Chenguang Cable, Audiwei, and Haidaer having ratios of 5.06%, 4.59%, and 4.10% respectively [1] Industry Performance - The industries with the highest concentration of stocks receiving net margin purchases over 1 million yuan were computer, electronics, and power equipment, with 4, 3, and 3 stocks respectively [2] - On December 4, stocks with net margin purchases over 1 million yuan had an average decline of 0.96%, with the top gainers being Sanxie Electric, Chuangyuan Xinke, and Fujida, which increased by 17.59%, 6.84%, and 1.82% respectively [2] - The average turnover rate for stocks with net margin purchases over 1 million yuan was 3.72%, with the highest turnover rates recorded for Sanxie Electric, Gais Food, and Chuangyuan Xinke at 39.13%, 14.54%, and 14.41% respectively [2] Notable Stocks - Stocks with the largest increases in margin financing on December 4 included Chuangyuan Xinke (increase of 7.9072 million yuan), Sanxie Electric (increase of 4.8019 million yuan), and Kaiter Co. (increase of 4.3903 million yuan) [2][3] - Other notable stocks with significant margin financing balances included Better Energy (31.332 billion yuan), Fujida (7.876 billion yuan), and Audiwei (14.560 billion yuan) [2][3]

Core Insights - The "Qianfan Constellation" satellite internet project is advancing towards global applications, with a significant partnership established between Shanghai Yuanxin Satellite Technology Co., Ltd. and Airbus [3][4] - The conference highlighted the establishment of a comprehensive financial service ecosystem for the satellite internet industry in Shanghai, aiming to enhance its global influence [3][6] Group 1: Project Developments - The "Qianfan Constellation" has successfully completed the launch of 108 satellites, including 4 experimental satellites and 6 batches of network satellites [5] - In-orbit testing results for the "Qianfan Constellation" show a download speed exceeding 500 Mbps and an upload speed over 100 Mbps, with successful demonstrations of high-definition video calls [4][5] Group 2: Industry Collaboration - A series of partnerships were formed during the conference, including the signing of agreements among various satellite manufacturing and communication companies to enhance the satellite internet ecosystem [6][7] - The establishment of the Shanghai Satellite Internet Financial Service Matrix aims to create a multi-faceted financial ecosystem to support the industry from seed to maturity stages [7][8] Group 3: Market Opportunities - Several projects presented at the conference have financing needs exceeding 1 billion yuan, including a 2 billion yuan requirement for rocket design and launch services [7][8] - The demand for satellite internet services is growing, with one company reporting an increase in its satellite internet business share from less than 5% to nearly 20% [7]

二、对公司影响 上述专利证书的取得，有利于增强公司对知识产权的保护力度， 进一步完善知识产权保护体系，发挥自主知识产权优势，促进公司持 证券代码：920961 证券简称：创远信科 公告编号：2025-130 创远信科（上海）技术股份有限公司 关于取得专利证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、基本情况 2025 年 11 月 28 日，创远信科（上海）技术股份有限公司（以下 简称"公司"或"创远信科"）收到了由国家知识产权下发的 1 项《专 利证书》。具体情况如下： | 专利类型 | 专利名称 | 专利号 | | --- | --- | --- | | | 基于矢量信号发生器实现复杂复合模拟调 | | | 发明 | 制处理的方法、装置、处理及计算机可读存 | ZL 202411436156.4 | | | 储介质 | | 截至本公告日止，创远信科及其合并报表范围内子公司累计申请 国内外专利 561 项，其中发明专利 394 项，占比 70.23%，授权专利 317 项，其中发明专 ...