Core Viewpoint - The company has clarified that it does not have a "6G terahertz prototype achieving 1Tbps transmission rate" or a "quantum encryption antenna" [1] Group 1: Company Developments - The company has completed the research and development of satellite communication antennas and has received mass production orders for low Earth orbit satellite antennas, with upcoming bulk deliveries [1] - The company has delivered over 100,000 units of high-orbit satellite antennas to leading domestic customers this year [1] - The company is closely following the development of 6G technology and is actively engaging in related work [1] Group 2: Investor Inquiries - Investors have inquired about the company's progress in quantum encryption antenna research and whether it has established collaborations with domestic operators or aerospace companies for 6G pre-research [3] - Questions were raised regarding the company's ability to maintain a technological lead in the terahertz communication field for the next 2-3 years and the completeness of its related patent layout [3]

Core Viewpoint - The company has clarified that it does not possess a "6G terahertz prototype achieving 1Tbps transmission rate" or a "quantum encryption antenna" [1] Group 1: Company Developments - The company has completed the research and development of satellite communication antennas [1] - The company has received mass production orders for low Earth orbit satellite communication antennas and is preparing for bulk delivery [1] - The company has delivered over 100,000 units of vehicle-mounted high orbit satellite communication antennas to leading domestic customers this year [1] Group 2: Industry Engagement - The company is closely following the development of 6G technology and is actively engaging in related work [1]

Core Viewpoint - The company has clarified that it does not possess a "6G terahertz prototype achieving 1Tbps transmission rate" or a "quantum encryption antenna" [1] Group 1: Company Developments - The company has completed the research and development of satellite communication antennas [1] - It has received mass production orders for low Earth orbit satellite communication antennas and is preparing for bulk delivery [1] - The company has delivered over 100,000 units of high Earth orbit satellite communication antennas to leading domestic customers this year [1] Group 2: Industry Engagement - The company is closely monitoring the development of 6G technology and is actively pursuing related work [1]

Market Overview - On December 29, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3983 points, closing at 3965.28 points, up 0.04%[2][7] - The Shenzhen Component Index closed at 13537.10 points, down 0.49%, while the ChiNext Index fell by 0.66%[7][8] - Total trading volume for both markets was 21,578 billion yuan, slightly lower than the previous trading day[3][7] Sector Performance - Strong performers included banking, petrochemicals, wind power equipment, and software development sectors, while energy metals, pharmaceutical commerce, batteries, and electricity sectors lagged[3][7] - Over 60% of stocks in the two markets declined, with notable gains in sectors like petrochemicals and aerospace, while energy metals and pharmaceuticals saw significant losses[7][9] Valuation and Investment Strategy - The average P/E ratios for the Shanghai Composite and ChiNext are 16.28 times and 50.25 times, respectively, above the median levels of the past three years, indicating a suitable environment for medium to long-term investments[3][16] - The recent Central Economic Work Conference emphasized a shift towards quality and sustainability in macro policies, focusing on technology and industrial strength[3][16] Economic Outlook - The domestic monetary policy is expected to remain "moderately loose," with the market anticipating that the Federal Reserve will continue its rate-cutting cycle into 2026, contributing to a more favorable global liquidity environment[3][16] - The recent strengthening of the RMB enhances the attractiveness of RMB-denominated assets, likely facilitating capital inflows[3][16] Short-term Recommendations - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, with a focus on sectors such as electronic components, petrochemicals, finance, and wind power equipment for short-term investment opportunities[3][16]

Key Points - The article emphasizes the importance of systematic and practical strategies in investment analysis [2] - It discusses the favorable conditions for the spring market rally, including liquidity support and upcoming events that may influence market sentiment [8] - The article provides a detailed valuation comparison of various A-share indices, highlighting their current price-to-earnings (PE) and price-to-book (PB) ratios relative to historical percentiles [11][13] - It identifies specific industry sectors with high valuations, such as real estate and electronics, which are above the 85th percentile historically [11] - The article outlines investment themes for the upcoming year, including quantum technology, hydrogen energy, and brain-machine interfaces, indicating potential growth areas [16][18] - A strategic outlook for gold in 2026 is presented, focusing on the implications of the U.S. fiscal deficit and the trend of de-dollarization on gold prices [19]

国新证券指出，6G将不再是传统通信能力的线性延伸，而是以"AI原生"为核心范式的智能网络革 命，标志着通信网络从"连接管道"向"智能服务平台"根本性转变。6G发展的三大主线为AI原生化、通 感一体化和绿色智能化，通过深度融合AI、通感算智等新兴能力，支撑工业互联网、智能交通等垂直 场景。中国在6G布局上已从"跟跑"转向"并跑"甚至局部"领跑"，未来3-5年是技术定型与生态构建的关 键窗口期，需强化基础研究、推进行业示范并主导国际标准。通信行业传统业务稳健发展，创新应用积 极布局，企业正探索新增长点，但需应对技术不确定性、标准碎片化等挑战。 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达 20%，该指数从创业板市场中选取涉及人工智能技术及相关应用领域的上市公司证券作为指数样本，覆 盖从硬件制造到软件开发等多个环节，以反映创业板市场内人工智能相关上市公司证券的整体表现，具 有突出的科技创新和成长性特征。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that commercial aerospace and 6G are key areas for industrial layout, driven by policy and technology [3][4] - A recent policy from Shanghai supports the construction of a world-class industrial cluster focusing on commercial aerospace and 6G, emphasizing application-based research and key technology breakthroughs [12][13] - The third Commercial Aerospace Development Conference indicated that the industry has entered a new phase of scale and commercialization, with a projected market size to achieve a leap forward [13] - The establishment of a 2 billion yuan fund for commercial aerospace and a talent training program to supply 1,000 skilled workers annually over the next 3-5 years were also announced [13][4] Summary by Sections 1. Industry Perspective - The report discusses the Shanghai policy aimed at supporting the G60 Science and Technology Corridor, focusing on commercial aerospace and 6G industries [12] - It emphasizes the need for collaboration among enterprises, academic institutions, and research organizations to drive innovation and technology development [12] 2. Market Performance Review - The computer industry index increased by 2.20% this week, outperforming the Shanghai Composite Index by 0.32 percentage points [15] - Year-to-date, the computer industry index has risen by 16.89%, ranking 14th among 31 industry indices [15][16] 3. Technology Software Industry News - The report covers various sectors including computing power, low-altitude economy, automotive intelligence, cybersecurity, data elements, and artificial intelligence, highlighting significant developments in each area [23][24][25][26][27][29][30] - For instance, the computing power sector in Yangzhou has reached a scale of 34,000 P, leading the province [23] - The automotive sector is seeing advancements in intelligent driving systems, with companies like Huawei and Audi launching new technologies [26] 4. Company Dynamics - The report mentions several companies involved in stock buybacks and incentive plans, indicating active corporate governance and management strategies [32]

Group 1: Macro and Industry Policy Tracking - The report highlights a focus on multi-field collaborative advancement in industry policies, including the cultivation of emerging industries such as integrated circuits and low-altitude economy, as well as strengthening 6G research [1][10] - The housing and urban-rural construction meeting emphasizes stabilizing the real estate market and developing a new model characterized by the sale of existing homes, with a focus on policies tailored to individual cities [1][12] - The transportation department predicts that yacht and cruise consumption will evolve towards mass-market and large-scale development, indicating a shift in consumer behavior [1][13] Group 2: Financial Regulations - The financial regulatory authority has standardized the information disclosure of asset management products to protect investor rights, ensuring transparency and accountability in financial products [1][16] Group 3: Energy and Technology Developments - The energy sector is promoting the large-scale development of solar thermal power and has introduced the world's first mandatory standard for electric vehicle energy consumption, which will enhance vehicle performance and consumer experience [1][18] - A significant technological breakthrough was achieved in the field of superconducting magnetic levitation, with a test speed of 700 km/h, marking a milestone in China's technological advancement [1][19] Group 4: Stock Market Performance - The A-share market showed mixed performance, with the top five sectors by growth being industrial trade and comprehensive (+7.34%), non-ferrous metals (+6.55%), chemicals (+5.86%), national defense and military industry (+5.81%), and hardware equipment (+4.99%) [1][22] Group 5: Popular Concepts Tracking - The report identifies the top five popular concepts this week, with lithium battery electrolyte (+17.80%), Hainan Free Trade Port (+10.98%), 6G (+9.40%), RF and antennas (+9.27%), and power batteries (+8.78%) showing significant growth [2][25]

Group 1 - The report highlights that Jinma Amusement has achieved significant performance growth through technological breakthroughs and a comprehensive industry chain layout, covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, with exports to nearly 50 countries [1][2][14] - The amusement equipment industry in China is undergoing structural upgrades driven by policy support and market demand, with the global theme park market expected to reach USD 55.9 billion in 2024, growing by 8.21% year-on-year, indicating a strong recovery trend [2][14] - Jinma Amusement is positioned as a benchmark enterprise in the industry, holding over 240 authorized patents and participating in the formulation of 26 industry standards, while continuously enhancing its R&D capabilities and accelerating the application of AI and robotics in the cultural tourism sector [2][14] Group 2 - The company has a broad customer network, deeply binding with leading domestic theme park groups and entering high-end markets in Europe and the "Belt and Road" emerging markets, with new orders expected to grow by over 40% year-on-year in 2024 [3][14] - Jinma Amusement's strategic investment in Shanghai Matrix Super Intelligence aims to promote the implementation of cultural tourism robotics, establishing a joint venture to create a digital service ecosystem [3][14] - The report projects Jinma Amusement's net profit attributable to shareholders to be CNY 1.09 billion, CNY 2.07 billion, and CNY 3.46 billion for 2025-2027, with corresponding PE ratios of 83, 44, and 26 times, respectively, and assigns a target price of CNY 81.16, indicating a potential upside of 40.7% from the current stock price [3][14]

格隆汇12月29日丨光弘科技(300735.SZ)在投资者互动平台表示，移动通信行业发展迅速，从2G、3G、 4G到5G，每隔5-10年就会出现一次大规模的技术升级和更新迭代。在前述每次技术迭代升级中，公司 均及时响应市场和客户需求调整业务，而如今5G相关产品已成为公司业务最重要的组成部分。虽然目 前6G通信技术尚处于前沿研究和探索阶段，尚无具体的6G标准，但公司多年来在通信领域有着丰富的 沉淀和积累，将积极配合客户在6G生态领域从基础的通讯设备到最终的智慧应用终端的发展。 ...