领益智造公告，公司与张强等11位股东签订了《关于东莞市立敏达电子科技有限公司之股权转让协 议》。公司将以8.75亿元人民币的价格，使用自筹资金现金收购上述股东合计持有的东莞市立敏达电子 科技有限公司35%股权，并通过表决权委托的形式取得张强持有目标公司17.78%股权的表决权，合计控 制目标公司52.78%表决权，从而取得对目标公司的控制权。本次交易完成后，立敏达将纳入公司合并 报表范围。 ...

国证机器人产业指数聚焦人形机器人本体和核心零部件，近期的成份股调整中，指数纳入三花智控、领 益智造等5只机器人零部件产业链公司，人形机器人占比进一步提升，领跑同类其他指数，有望更好地 受益于人形机器人产业未来发展趋势。 Wind数据显示，截至昨日，机器人ETF易方达（159530） 最新规模超120亿元，在以上指数相关产品中 位居第一，流动性较好，可助力投资者一键布局人形机器人产业链核心标的。 （文章来源：每日经济新闻） 12月22日，人形机器人板块高开高走，午后涨幅进一步扩大。截至14:23，国证机器人产业指数上涨 2.1%，成分股中，兆威机电强势封板，三丰智能涨超9%，三花智控涨超4%。相关ETF中，机器人ETF 易方达（159530）盘中成交额近5亿元，资金净申购达2400万份。 消息面上，近日王力宏成都演唱会首次引入宇树科技G1人形机器人伴舞，共同演绎作品《火力全 开》，实现了全球首个机器人演唱会舞台。相关视频在网上发布后，受到海内外的关注。 特斯拉CEO 马斯克转发并配文"令人印象深刻"，话题迅速登上社交媒体热搜，引发市场热议。 据IDC预测，2025年中国商用人形机器人出货量约5000台，到203 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The electronic industry index decreased by 3.02% during the week of December 15-19, 2025, with semiconductor and consumer electronics sectors experiencing declines of 3.26% and 4.12%, respectively [3] - The storage sector showed resilience, with significant gains in major companies such as Micron and SanDisk, indicating a strong performance amidst overall market fluctuations [3][4] - The report highlights the ongoing updates in AI models and the sustained high demand in the storage sector, suggesting a positive outlook for companies involved in AI computing and storage solutions [4][6] Market Review - The U.S. tech sector rebounded after a significant drop, while the A-share electronic sector faced a general decline [3] - Notable performances included Nvidia rising by 3.41%, Tesla by 4.85%, and Micron by 10.28%, while Apple and Google saw slight declines [3] Industry Updates - Multiple significant AI model updates were released, with companies like Xiaomi and Google launching advanced models that enhance performance and efficiency [4] - Apple is collaborating with Broadcom to develop an AI inference chip, expected to enter mass production in 2026 [5] Storage Sector Insights - Storage prices are continuing to rise, impacting downstream terminal pricing, with Dell planning to increase commercial PC prices by 10% to 30% [6] - Micron's FY26Q1 revenue reached $13.64 billion, a year-over-year increase of 57%, with guidance for FY26Q2 revenue also exceeding market expectations [6] Investment Recommendations - The report suggests focusing on high-growth sectors such as storage and AI computing, as well as the end-side AI sector, which is expected to maintain strong demand [7] - Beneficiary companies include North Huachuang, Tuojing Technology, and others involved in the AI and storage sectors [7]

17 December 2025 | 12:40PM HKT Portfolio Strategy Research ASIA STRATEGY BASKETS Focusing on Value Cyclicals, AI, and Policy-Driven Themes Our strategy baskets provide investors with a unique investment platform to generate ideas and track Asian equities through macro slices, geographic exposure, styles/factors, positioning, and thematic lenses. In this update, we rebalance 50 strategy baskets, which can be tracked in real time on Bloomberg and GS Marquee. Top Basket and Thematic Ideas Alvin So, CFA +852-29 ...

Group 1 - The overall performance of the Co-Packaged Optics (CPO) sector declined by 0.39%, ranking among the top losers in the concept sector as of the market close on December 19 [1] - Notable declines within the CPO sector included companies such as Tengjing Technology, Demingli, and Dekeli, while the top gainers were Kaige Precision Machinery, Anfu Technology, and Shaanxi Huada, with increases of 11.29%, 10.00%, and 9.33% respectively [1][6] Group 2 - The CPO sector experienced a net outflow of 3.23 billion yuan in principal funds today, with 85 stocks seeing net outflows, and 22 stocks exceeding 100 million yuan in outflows [2] - The stock with the highest net outflow was Saiwei Electronics, with a net outflow of 692.86 million yuan, followed by Shenghong Technology, Changguang Huaxin, and Tianfu Communication with net outflows of 483.44 million yuan, 293.23 million yuan, and 274.98 million yuan respectively [2][3] Group 3 - The top gainers in terms of net inflow of principal funds included companies like Fenghuo Communication, Xinyi Sheng, and Lingyi Zhizao, with net inflows of 500 million yuan, 369 million yuan, and 250 million yuan respectively [2][6] - The CPO sector's performance was contrasted with other sectors such as Hainan Free Trade Zone, which gained 5.33%, and Dairy Industry, which increased by 3.73% [2]

数据来源：wind 截至2025年12月19日 13:17，中证消费电子主题指数(931494)上涨0.29%，成分股电连技术(300679)上涨 3.77%，信维通信(300136)上涨3.72%，传音控股(688036)上涨3.72%，安克创新(300866)上涨2.61%，领 益智造(002600)上涨2.41%。消费电子ETF(561600)上涨0.35%，最新价报1.15元。 数据显示，截至2025年11月28日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密 (002475)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、京东方A(000725)、澜起科技 (688008)、兆易创新(603986)、豪威集团(603501)、东山精密(002384)、亿纬锂能(300014)，前十大权重 股合计占比56.39%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 消息面上，存储芯片短缺与涨价成为 ...

文 | GPLP看科技，作者 | 马赫环 2025年对于人形机器人行业来说，确实可以被称为"量产元年"，其中的重要标志就是已经有企业初步构 建了一定的量产能力。如智元机器人已经于12月8日宣布，其通用具身机器人已经累计下线5000台，其 中远征系列（A1/A2）下线1742台，精灵系列（G1/G2）为1412台，灵犀系列（X1/X2）达到了1846 台。 在目前的政策态度、市场氛围以及技术发展方向来看，2026年的国内人形机器人企业将具备更大规模的 量产能力。然而，现在的问题是当前阶段的市场能承载下快速增长的产能吗？ 海内外同频，人形机器人产能扩张势不可挡 日前，人形机器人赛道正上演着预期与现实的激烈碰撞，这种碰撞不止是源于核心零部件对现有产品的 制约，也有产能快速扩张与现有市场的不匹配。 11月就有报道称，高盛发布了《中国人形机器人供应链实地调研报告》，高盛调研9家中国机器人产业 链企业，认为这些机器人零部件公司正规划中国及海外产能，规划年产能10万台至100万台机器人。但9 家公司中，尚无任何一家获得确定性大额订单，也没有明确的量产计划。 这9家企业中包括了三花智控（002050.SZ/2050.HK）、 ...

18 December 2025 | 2:58PM HKT Equity Research Global Tech: Action/360 camera: Use cases; Ecosystem; TAM size; AI enhances functions; from adventure to lifestyle We see increasing adoption of Action and 360 cameras driven by (1) the expanding base of internet and social media users, (2) the growing trend of video content, which attract more viewership and engagement than photo and text, (3) higher interest in sports, travel, adventure and daily life sharing, (5) easy to use and creative functions that are in ...

| 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 ◆ | 交易日期 ◆ | | 1 | 300502.SZ | 新易盛 | 2025-12-18 | | 2 | 601318.SH | 中国平安 | 2025-12-18 | | 3 | 600118.SH | 中国卫星 | 2025-12-18 | | ব | 600343.SH | 航天动力 | 2025-12-18 | | 5 | 600879.SH | 航天电子 | 2025-12-18 | | 6 | 002600.SZ | 领益智造 | 2025-12-18 | | 7 | 603986.SH | 兆易创新 | 2025-12-18 | | 8 | 002837.SZ | 英维克 | 2025-12-18 | | 9 | 300274.SZ | 阳光电源 | 2025-12-18 | | 10 | 002536.SZ | 飞龙股份 | 2025-12-18 | 资金流向方面，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入17.28亿元；获融资 ...

截至12月18日，A股两融余额为24993.66亿元，较上一交易日减少34.80亿元，占A股流通市值比例为2.61%。当日两融交易额为1718.86亿元，较上一交易日 减少134.06亿元，占A股成交额的10.23%。 上证报中国证券网讯（刘禹希 记者 徐蔚）截至12月18日，A股两融余额为24993.66亿元，较上一交易日减少34.80亿元，占A股流通市值比例为2.61%。当日 两融交易额为1718.86亿元，较上一交易日减少134.06亿元，占A股成交额的10.23%。 资金流向方面，申万31个一级行业中有14个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入17.28亿元；获融资净买入居前的行业还 有国防军工、机械设备、通信、电力设备、非银金融等。 个股方面，29只个股获融资净买入额超1亿元。新易盛获融资净买入额居首，净买入6.09亿元；融资净买入金额居前的还有中国平安、中国卫星、航天动 力、航天电子、领益智造、兆易创新、英维克、阳光电源、飞龙股份等。 | 序号 | 证券代码 ◆ | 证券简称 ◆ | 交易日期 ◆ | | --- | --- | --- | --- | | 1 | 300 ...