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。 ...

Core Viewpoints - The A-share market saw collective gains last Friday, with the Shanghai Composite Index rising by 0.1%, the Shenzhen Component Index increasing by 0.54%, and the ChiNext Index up by 0.14%. The total trading volume in the Shanghai and Shenzhen markets reached 21,600.31 billion yuan [1][7]. - In terms of industry performance, non-ferrous metals, electric equipment, and steel led the gains, while electronics, light industry manufacturing, and telecommunications lagged behind. Concept sectors such as Hainan Free Trade Zone, zinc, and lead also saw gains, while sectors like new technology stocks and photolithography experienced declines [1][7]. Important 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. Key tasks include supporting domestic demand, enhancing financial collaboration, and promoting green transformation [2][8]. - The National Venture Capital Guidance Fund officially commenced operations on December 26. This fund aims to focus on early-stage investments in hard technology sectors such as artificial intelligence and quantum technology, with a lifespan of 15 to 20 years to match the long-term R&D needs [3][9].

今年以来，未来产业备受资金青睐。 "十五五"规划建议提出，培育壮大新兴产业和未来产业。前瞻布局未来产业，探索多元技术路线、典型 应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、氢能和核聚变能、脑机接口、具 身智能、第六代移动通信等成为新的经济增长点。 多地积极培育未来产业 作为引领经济社会变革的前沿力量，近年来，全国各地积极支持未来产业的发展。公开报道显示，北京 自去年7月启动的"创赢未来"公开路演活动目前已举办9场，累计支持83家未来产业潜力企业，推动60家 企业获得融资超20亿元、36家企业获得银行信贷19.8亿元。 今年上半年，深圳提出15条金融措施，全力支持未来产业高质量发展。9月，上海印发的《关于加快推 动前沿技术创新与未来产业培育的若干措施》提出，支持未来产业生态主导型科技企业前瞻谋划新赛 道，加速投资、孵化未来产业创新主体。 10月，《广州市关于加快培育发展未来产业的实施意见》提出，到2029年，未来产业技术创新、产业培 育全面发展，突破一批重点领域关键核心技术，场景示范效应深度拓展，创新主体活力充分，产业竞争 力加速跃升，基本形成未来产业集聚发展态势。 在政策红利的推动下，自去年 ...

2026未来产业新材料博览会 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 新材料是未来高新技术产业发展的基石和先导，新材料的突破将加速未来产业变革! 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，由 「 DT新材料 」 主办的 第十届国际碳材料产业博览 会 (Carbontech 2026)、 第七届热管理产业博览会 (iTherM 2026)和 新材料科技创新博览会 (AMTE 2026)三大展重磅升级而来，旨在打造一个以未来产业终端为 引领、立足国际视野的新材料领域标杆展会。 FINE 2026 ， 以 50,000平 展区 与 超过 300场 战 略与前沿科技报告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、 AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产业的热门创新成果， 并重点聚焦 未来产业五大共性需求（先进半导体、先进电池、轻量化、 低碳可持续、热管理） ， 呈现从终端、部件、材料、技术装备到前 ...

《公告全知道》每周日至每周四推送明日股市重大公告！内容包含"停复牌、增减持、投资中标、收 购、业绩、解禁、高送转"等一系列个股利好利空公告，其中重要公告均以红色标注，帮助投资者提前 寻找到投资热点，防范各类黑天鹅事件，并且有充足的时间进行分辨和寻找合适的上市公司。 ①6G+商业航天+芯片+算力+低空经济+人工智能！这家公司深度参与我国低轨卫星互联网建设；②商业 航天+人工智能+军工+无人机！这家公司产品可广泛应用于导弹、火箭弹、探空火箭以及商业航天运载火 箭的动力；③商业航天+航空发动机+核电！公司产品助力长征、神舟、嫦娥等航天任务圆满完成。 前言 ...

Core Insights - The national industrial and information technology work conference held on December 25-26 outlined key tasks for the "15th Five-Year Plan" period, emphasizing growth stabilization, innovation enhancement, integration promotion, governance optimization, and risk prevention [1] Group 1: Key Focus Areas for 2026 - The conference identified ten key areas for 2026, including consolidating the positive trend of the industrial economy, enhancing the resilience and security of industrial chains, and accelerating technological innovation capabilities [1] - The meeting emphasized the need to optimize traditional industries through standard leadership, equipment upgrades, process improvements, and management innovation [1] Group 2: Emerging and Future Industries - The Ministry of Industry and Information Technology (MIIT) aims to develop emerging pillar industries such as integrated circuits, new displays, new materials, aerospace, low-altitude economy, and biomedicine, while supporting AI advancements and satellite IoT commercial trials [2] - The MIIT plans to establish national emerging industry development demonstration bases and innovative industrial clusters, focusing on innovation tasks in future industry segments [2] Group 3: Industry Performance and Projections - Data from the conference indicated that from January to November 2025, the value added of high-tech manufacturing and equipment manufacturing industries grew by 9.2% and 9.3% year-on-year, respectively, with the core AI industry exceeding 1 trillion yuan and new energy vehicle exports surpassing 2 million units [2] - The MIIT projects that by 2025, the total telecommunications business volume and software business revenue will grow by approximately 9% and 12% year-on-year, respectively, with digital industry revenue also expected to increase by around 9% [2] Group 4: Governance and Competition - The 2025 Central Economic Work Conference highlighted the need to address "involution" competition, with the MIIT reporting steady progress in modernizing industry governance and implementing significant reform measures [3] - The MIIT aims to enhance the supply capacity of high-quality standard systems and promote coordinated policies between industry, finance, and taxation to foster industrial and financial cooperation [3]

Market Trends - The US stock market has initiated a "Christmas rally," with the Shanghai Composite Index achieving an eight-day winning streak and a weekly increase of 1.88%[10] - The discussion around "year-end rally" and "spring surge" is intensifying, driven primarily by liquidity and risk appetite rather than macroeconomic fundamentals[1] Liquidity and Monetary Policy - Liquidity is not a concern for the upcoming spring surge, with expectations of policy rate cuts and reserve requirement ratio reductions in the first half of 2026, although urgency is low[2] - The People's Bank of China (PBOC) has continued to signal stable liquidity through medium-term lending facility (MLF) operations, with a net injection of 1,000 billion yuan in December[56] Currency and Asset Performance - The Chinese yuan has shown orderly appreciation, with the offshore yuan briefly surpassing the 7.0 mark against the US dollar, indicating a return of correlation between stock and currency movements[17] - The A-share sentiment index rose to approximately 45 on December 26, up nearly 13 percentage points from the previous week, reflecting improved market confidence[19] Industry Insights - Silver and lithium carbonate prices have continued to perform strongly, while industrial production remains weakly differentiated, particularly in the petroleum sector[47] - The automotive sales growth has improved on a month-on-month basis, alongside rising wholesale prices for agricultural products and fruits[47] Risk Factors - Potential risks include unexpected changes in the global economic landscape, geopolitical disturbances, and policy implementations falling short of expectations[3]

Group 1 - The three major indices in the stock market have risen, with the Shanghai Composite Index increasing by 1.88%, the Shenzhen Component Index by 3.53%, and the ChiNext Index by 3.90, indicating a positive market trend [1][16] - Citic Securities suggests that the market requires more diverse sources of economic growth to sustain upward momentum, emphasizing the need for structural opportunities in a fluctuating market [2][17] - Everbright Securities highlights the potential for a "spring rally" driven by policy support and increased capital inflows, suggesting that historical patterns indicate a seasonal market uptrend [3][18] Group 2 - The focus on growth and consumption sectors is recommended, with particular attention to the commercial aerospace concept as a potential investment opportunity [4][19] - Zhongtai Securities notes that the market has room for upward movement before the Spring Festival, with a favorable risk appetite and a focus on low-cost positioning [5][20] - Zheshang Securities identifies three driving factors for the market's shift towards a bullish sentiment, including strong performance from the CSI A500 ETF and the ongoing popularity of commercial aerospace [6][21] Group 3 - The overall valuation of A-shares has expanded, with the non-ferrous metals sector leading the gains, driven by global liquidity and tight supply conditions [10][26] - The current PB (LF) for the non-ferrous metals sector is at the 84.4% historical percentile, indicating that valuations have not reached extreme levels [10][26] - Long-term strategies under the current trend include focusing on technology and defensive sectors, particularly in light of the ongoing appreciation of the RMB [11][27] Group 4 - The market is expected to stabilize around the 4000-point mark on the Shanghai Composite Index, with a focus on macroeconomic data and policy changes [12][28] - The upcoming Spring Festival is anticipated to bring about a continuation of the spring rally, with a focus on technology and cyclical sectors [13][29] - The outlook for January includes expectations of further policy support and a potential increase in liquidity, which may enhance market conditions [14][30]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板成分指数全天表现与主板市场基本同步。 后市研判及投资建议 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中原证券股份有限公司 A 股市场综述 周五（12 月26 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低后震荡上行，盘中沪指在3977 点附 近遭遇阻力，午后股指维持震荡，盘中航天航空、光伏设备、电池以及有色金属等行业表现较好；酿 酒、医疗器械、电源设备以及半导体等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特征。创 业板市场周五震荡上扬，创业板 ...

Core Viewpoint - The commercial aerospace sector is becoming a central battlefield for fund managers as the commercialization inflection point becomes increasingly clear, indicated by the frequent net value deviations and anomalies in fund products [1] Group 1: Fund Performance and Market Signals - Recent significant deviations in net value performance of certain fund products signal a surge of capital into the commercial aerospace sector, suggesting a strategic shift in investment focus [3] - For instance, Dongcai Fund's Dongcai Prosperity Driven Fund saw a net value increase of nearly 8% on December 24, despite its top holdings showing lackluster performance, indicating potential cross-year portfolio adjustments by fund managers [3] - Similar patterns were observed with Changcheng Jiujia Fund and Huian Fund, where net value increases were not aligned with the performance of their top holdings, further suggesting a shift towards the commercial aerospace theme [3][4] Group 2: ETF Launches and Industry Positioning - The public fund industry is increasingly focusing on the commercial aerospace sector, as evidenced by the rapid issuance and establishment of satellite and commercial aerospace-themed ETFs by major fund houses [5] - The recent launch of the Penghua Satellite Industry ETF, which ended its fundraising early due to high market demand, exemplifies the growing consensus around the commercial aerospace theme as a new investment frontier [6] - Public funds are extending their research efforts deeper into the industry chain, conducting targeted investigations into various segments of the commercial aerospace sector, which is crucial for informed investment decisions [6][7] Group 3: Industry Transformation and Future Outlook - The commercial aerospace industry is undergoing a significant transformation from concept to reality, with recent successful rocket launches capturing market attention and indicating a high risk appetite among investors [8] - The successful launch of reusable rockets is seen as a pivotal moment for the commercial aerospace industry, overcoming 90% of technical challenges and paving the way for a new trillion-dollar market [9] - Fund managers anticipate that the rapid advancement of reusable rocket technology will facilitate the launch of thousands of satellites, driving the commercial aerospace sector into a new phase of large-scale development [9]