12月30日早盘，跨境支付、数字货币板块表现活跃。截至10时02分，数字认证20cm涨停，翠微股份、 航天信息涨停，飞天诚信、拉卡拉等涨幅居前。 | (-CRS | 名称 | | FFFT | 涨幅% ↓ | | --- | --- | --- | --- | --- | | 603123 | 幸微股份 | 1 | 17.63 | 9.98 | | 300773 | 拉卡拉 | 1 | 28.50 | 7.18 | | 002152 | 广电运通 | # | 13.54 | 5.95 | | 688201 | 信安世纪 | | 14.32 | 4.91 | | 000997 | 新大陆 | | 28.34 | 4.34 | | 300130 | 新国都 | 事 | 27.98 | 3.36 | | 002987 | 京北方 | 事 | 21.45 | 3.13 | | 代码 | 名称 | | 最新 | 蛋糕帽 1 | | 300579 | 数字认证 | 1 | 35.75 | 20.01 | | 603123 | 幸微股份 | 1 | 17.63 | 9.98 | | 600271 | 航天信息 | 1 | ...

英大证券研究所证券研究报告 金 点 策 略 晨 报 2025 年 12 月 30 日 沪指九连阳后或有惯性上冲，获利盘了结需求也在积累 观点： 总量视角 【A 股大势研判】 周一 A 股市场震荡分化，沪指险守 9 连阳。早盘三大指数涨跌不一，沪指震 荡上扬，创业板指翻红后再度回落；午后沪指一度回升，但深成指与创业板指走 低翻绿带动市场承压，三大指数随小幅下行，不过尾盘略有回升，最终沪指顽强 收红险守 9 连阳。两市全天成交额突破 2 万亿。 近期市场缓步上行得益于全球流动性担忧的缓解、政策利好及汇率改善的多 重驱动。另外，成交额实现温和释放，市场活跃度提升。根据历史经验，出现类 似连阳走势后，市场往往仍有惯性上冲的余力。不过结合当前市场表现，还是需 要警惕风险：其一，连阳之后，获利盘了结需求逐步累积，大概率会引发阶段性 调整；其二，上周五至周一，市场盘中多次出现跳水波动，这一信号表明短期上 行后，上方抛压已有所加大，市场短期承压明显。 对于市场而言，政策面的刺激无疑是重要的期待点，但结合此前重要会议释 放的信号来看，增量政策的出台大概率集中在春节前后，短期内政策面难以出现 超预期的利好支撑，这也在一定程度上限 ...

Core Viewpoint - Zhongke Jiangnan's stock price has experienced a significant decline of 25.04% this year, despite a recent uptick of 5.42% over the last five trading days, indicating potential volatility in its market performance [1]. Group 1: Stock Performance - As of December 30, Zhongke Jiangnan's stock price rose by 2.01% to 20.81 CNY per share, with a trading volume of 25.03 million CNY and a turnover rate of 0.37%, resulting in a total market capitalization of 7.34 billion CNY [1]. - The company has seen a net outflow of 832,900 CNY in principal funds, with large orders accounting for 9.60% of purchases and 12.93% of sales [1]. - Over the past 60 days, the stock has decreased by 8.73%, highlighting ongoing challenges in its market performance [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhongke Jiangnan reported a revenue of 364 million CNY, reflecting a year-on-year decrease of 26.28%, while the net profit attributable to shareholders was -64.25 million CNY, a significant decline of 1048.15% [2]. - The company has distributed a total of 473 million CNY in dividends since its A-share listing, with 365 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Zhongke Jiangnan was 21,300, a slight decrease of 0.02%, while the average circulating shares per person increased by 0.02% to 15,428 shares [2]. - Among the top ten circulating shareholders, Huabao Zhongzheng Financial Technology Theme ETF holds 2.40 million shares, an increase of 1.19 million shares compared to the previous period [3].

半岛电视台发文称，中国人民银行副行长陆磊发表在《金融新闻》（Financial News）上的文章中表示："数字 人民币的未来将建立在基于区块链的新型支付、交易和发行金融系统之上。"截至11月底，中国已经处理了348 亿笔数字人民币交易，总价值达到16.7万亿元人民币（2.38万亿美元）。 【环球网财经综合报道】日前，中国人民银行出台了《关于进一步加强数字人民币管理服务体系和相关金融基 础设施建设的行动方案》，该《行动方案》将于2026年1月1日起正式启动实施。 根据方案部署，新一代数字人民币的计量框架、管理体系、运行机制与生态体系将同步落地。其中主要亮点包 括：数字人民币钱包余额将计付利息；银行类运营机构的数字人民币纳入准备金制度框架管理，其钱包余额统 一计入存款准备金交存基数；参与运营的非银行支付机构则需实行100%的数字人民币保证金要求等。 据此，中国将成为首个为央行数字货币计息的经济体。届时，数字人民币钱包余额将按照活期存款计付利息， 数字人民币将从"数字现金时代"迈入"数字存款货币"时代。 报道还提到，数字人民币的下一步是到2026年1月推出"新一代"数字人民币，包括评估框架、管理体系、运营 机制和 ...

Group 1 - LeiKe Defense benefits from the market enthusiasm for commercial aerospace and the synergy with the military industry, covering radar systems, satellite applications, and secure storage, aligning with trends in military equipment informatization and commercial aerospace development [1] - Aerospace Development's rise is attributed to multiple factors, including SpaceX's IPO plans and the anticipated launch of Long March 12, alongside national policies supporting commercial aerospace, leading to significant improvements in fundamentals [1] - Goldwind Technology, as a leader in the wind power industry, benefits from favorable policies and increasing installation trends, while also venturing into commercial aerospace through investments in hydrogen and methanol projects [1] Group 2 - Cuiwei Co. benefits from favorable digital currency policies, actively participating in the central bank's digital currency research and aligning with trends in digital currency and mobile payments [1] - Shenjian Co. focuses on new chemical materials and high-end equipment manufacturing, with significant growth in net profit supporting its position in the commercial aerospace sector [2] - China Satellite benefits from dual drivers of satellite internet policy support and industry development, being a core supplier for the StarNet project and holding a strong national background [2] Group 3 - TuoWei Information is deeply integrated with the Huawei ecosystem, focusing on AI server technology and smart transportation projects, attracting significant market attention from institutional investors [2] - Pingtan Development benefits from the upcoming implementation of the Pingtan Comprehensive Experimental Zone's closure policy and national support for cross-strait integration, making it a target for speculative trading [2] - The top ten popular stocks in the A-share market include LeiKe Defense, Aerospace Development, Goldwind Technology, Cuiwei Co., Shenjian Co., China Satellite, TuoWei Information, Pingtan Development, Zhongchao Holdings, and Shengtong Energy [3]

跨境支付、数字货币板块盘初表现活跃，翠微股份涨停，飞天诚信、拉卡拉涨超4%，京北方、四方精 创、楚天龙跟涨。 ...

Core Viewpoint - The digital renminbi will transition from a cash-type 1.0 version to a deposit currency-type 2.0 version starting January 1, 2026, enhancing its functionality and application in various payment scenarios [1]. Group 1 - The People's Bank of China has issued an action plan to strengthen the management and service system for digital renminbi, which will allow banks to pay interest on customer digital renminbi wallet balances, aligning with the bank's current deposit rates [1][2]. - The new digital renminbi framework will include banks' digital renminbi operations under the reserve requirement system, enabling banks to manage their assets and liabilities more effectively [2]. - The implementation of the action plan is expected to address potential risks such as "financial disintermediation" and "deposit migration," thereby better supporting the real economy [2]. Group 2 - Currently, there are 10 institutions participating in the operation of digital renminbi, allowing the public to choose their digital renminbi wallet service providers based on the banks' deposit rates and financial services [1]. - The future development of digital renminbi will focus on meeting the needs of the real economy, with a balanced approach to account-based and value-based digital currency models [2].

12月29日，A股缩量微跌，逾3000只个股收绿，但成交额仍在2.1万亿元上方。有色金属、电力设备等板块拖累科创50、创业板指小幅下挫；石油石化、银 行等板块护盘，沪指微红。 受访人士表示，年末资金避险情绪显著升温，机构正加速向低估值、高股息的防御板块调仓。2025年仅剩两个交易日，市场大概率维持震荡收官，同时为 跨年结构性行情蓄势。操作上延续"哑铃型"均衡配置，一手抓成长弹性，一手抓防御高股息。 沪市跑赢深市 指数涨跌互现，沪指收涨0.04%报3965.28点，创业板指收跌0.66%报3222.61点，深证成指微跌0.49%。科创50微涨，沪深300、上证50、北证50微跌。 量能较上一个交易日减少234.5亿元，今日成交额2.16万亿元。杠杆资金方面，截至12月26日，沪深京两融余额为2.54万亿元。 盘面上，石油天然气、页岩气、航空机场、Chiplet概念、数字货币涨势不错，但锂矿概念、黄金概念、氟化工、磷化工领跌，基础金属、贵金属、稀有金 属、电力、化肥农药跌幅也靠前。 | | 灰财概念指数 | | | 东财行业指数 | | | | A股市场核心指数 | | | | | --- | --- | --- ...

据央视新闻报道，从中国人民银行了解到，中国人民银行现已出台《关于进一步加强数字人民币办理服务系统和相关金融基础设施建造的行动计划》，新一 代数字人民币计量结构、办理系统、运行机制和生态系统将于2026年1月1日正式发动实施。 随后，数字钱银概念股纷繁异动拉升。仅用3分钟时间，御银股份便直线拉至涨停，*ST天喻大涨超10%。拉卡拉、四方精创、赢时胜、中亦科技、新晨科技 等纷繁冲高。 数字钱银利好 数字钱银利好来了！ 随后，央视新闻报道称，据中国人民银行，中国人民银行现已出台《关于进一步加强数字人民币办理服务系统和相关金融基础设施建造的行动计划》，新一 代数字人民币计量结构、办理系统、运行机制和生态系统将于2026年1月1日正式发动实施。 数据显现，到2025年11月末，数字人民币累计处理买卖34.8亿笔，累计买卖金额16.7万亿元。经过数字人民币App开立个人钱包2.3亿个，数字人民币单位钱 包已开立1884万个。多边央行数字钱银桥（mBridge）累计处理跨境付出业务4047笔，累计买卖金额折合人民币3872亿元，其中数字人民币在各币种买卖额 占比约95.3%。 数字钱银板块集体异动。御银股份直线涨停，芯原股 ...

记者丨刘雪莹 编辑丨曾静娇 视频丨见习编辑 陈泽锴 12月29日间， 中国卫星(600118.SH)公告称，公司股票自 2025年12月3日以来收盘价格累计上 涨幅度为106.19% ，明显高于同期行业及上证指数涨幅，存在市场情绪过热、非理性炒作风 险。公司基本面未发生重大变化，但股价已处于历史最高点，脱离基本面。公司最新滚动市盈 率为 1810.79倍 ，显著高于行业平均水平，存在估值偏高风险。同时，公司股票换手率较高， 近期日均换手率高于日常水平。 今日A股商业航天概念爆发，中 国卫星在收盘前最后不到10分钟封死涨停，连续第4日封板， 股价创历史新高，今年以来大涨超222%，市值1041亿元 ； 成 交 额 133.56 亿 元 ， 换 手 率 13.44%，盘后龙虎榜数据显示，沪股通专用席位买入4.03亿元。 板块内除中国卫星外，航天环宇也在临近收盘20%涨停，创历史新高，海格通信、航天发展等 超20股涨停或涨超10%。 消息面上，《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》近日出台，旨在鼓励商业火箭企业开展关键核心技术产品研发创新，增强制 度的包容性、适应 ...