对于2026年的跨年行情，华夏、嘉实、中信保诚、鹏华、永赢、中信建投、德邦、博时、东吴、银华、 中泰证券资管、国寿安保、兴全等十几家知名公募旗下的明星基金经理给予了本刊回复 。 2025年进入最后一月，大牛市中荡气回肠的一年即将收官。岁末回眸，最值得铭记的瞬间就是10月底， 市场成功站上4000点的十年新高。这不仅是一次整数点位的突破，更是市场信心与估值体系实现根本性 修复的标志。同样值得铭记的是，中国产业升级与科技创新的时代缩影，已经在2025年映射到股市的方 方面面。 年初，以DeepSeek为代表的大模型公司在算法与多模态推理上实现里程碑式突破，点燃了整个人工智 能产业链的投资热情，推动算力、数据、应用等环节个股股价迭创新高。与此同时，一批具备全球竞争 力的高端制造业龙头强势崛起，在出海拓展与技术领先上取得实质性进展，其中部分龙头市值超越部分 传统蓝筹，成为中国经济转型升级在资本市场上的生动印证。久违的赚钱效应回归，也让股票投资者和 公募基金投资者赚到了真金白银。 对于2026年的资本市场，由此他们更多了一份期待。但经历过今年热点的快速轮动后，他们对于2026年 的市场会有哪些变化，尤其是投向哪些赛道还 ...

12月8日，市场高开高走，深成指涨超1%，创业板指涨超2%。截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨 2.6%。 板块方面，算力硬件、能源金属、福建等板块涨幅居前，煤炭、贵金属、油气等板块跌幅居前。 全市场超3400只个股上涨。沪深两市成交额2.04万亿，较上一个交易日放量3109亿。 受周末多重利好刺激，今天A股延续上周五涨势，并且是难得的"带量上攻"，成交额重回2万亿元关口。 流动性增强，让市场高开后的回落变得有限，也让成长风格的弹性也开始展露。 而从复盘角度，我们认为，A股的爆发离不开两个关键词。 第一个关键词：券商 回顾本月首个交易日（12月1日），A股也是在放量之下迎来开门红，但随后陷入连续3天回调。 本周，市场会不会再强势些，减少回调或"拒绝回调"呢？ 更不必说，作为"牛市旗手"的券商板块，今年以来累计涨幅还是个位数——截至12月5日，中证全指证券公司指数年内 仅上涨1.08%，"补涨"需求很高。 广发证券研报称，2025年市场活跃度回升，经纪两融高增，泛自营贡献分化弹性，券商业绩高增但估值滞涨。2026年随 着慢牛预期改善、政策利好，行业ROE持续提升，alpha有望更加突出， ...

Core Viewpoint - The company, Zuxing New Materials, has successfully broken the foreign monopoly in the aluminum pigment sector and is poised for growth in high-value industries such as new energy and semiconductors through its upcoming IPO and innovative technologies [1][6]. Group 1: Company Growth and Financial Performance - Zuxing New Materials has achieved a revenue growth of 265% over the past decade, with projected revenues reaching 788 million yuan by 2025 [2][3]. - The company has increased its domestic market share to over 11%, establishing stable partnerships with global coating giants [1][3]. - The company’s total assets have grown from 350 million yuan to 966 million yuan, and net assets have increased from 275 million yuan to 807 million yuan during the same period [2]. Group 2: Technological Innovation and Market Position - Zuxing New Materials has developed seven core technologies in aluminum pigment production, establishing a strong technological moat [4][5]. - The company has successfully replaced foreign products in the high-performance aluminum pigment market, becoming a benchmark for domestic alternatives [4][5]. - Zuxing New Materials has been recognized as a key player in the new energy vehicle supply chain, supplying major automotive companies like BYD and Seres [1][5]. Group 3: IPO and Future Investments - The company plans to raise 208 million yuan through its IPO, focusing on high-end projects such as high-purity micro-fine spherical aluminum powder [6][7]. - The investment will enhance the company’s capabilities in high-performance aluminum pigments and improve product quality through technological upgrades [7]. - The market for micro-fine aluminum powder is expected to reach 3.789 billion yuan by 2030, indicating significant growth potential for the company [7]. Group 4: Strategic Partnerships and Market Expansion - Zuxing New Materials has established long-term collaborations with international coating companies, enhancing its competitive edge [3][4]. - The company is positioned to benefit from the growing demand in sectors like photovoltaics and aerospace, further solidifying its market presence [6][8]. - The upcoming listing on the Beijing Stock Exchange is expected to optimize the company's governance structure and enhance its brand influence [8].

Group 1 - Semiconductor stocks are mostly rising, with Hua Hong Semiconductor up 4.01% at HKD 79.1 and SMIC up 3.58% at HKD 72.25 [1] - According to the Semiconductor Industry Association (SIA), global semiconductor sales surged 33% year-on-year in October, reaching USD 71.3 billion (approximately RMB 504 billion), with DRAM sales skyrocketing by 90% [1] - The main driver behind this growth is the surge in demand driven by artificial intelligence (AI), leading to a shift in production capacity towards high-bandwidth memory (HBM) for AI accelerators, resulting in reduced wafer output for standard DRAM and 3D NAND [1] Group 2 - Dongguan Securities projects that AI will remain the main innovation line in the technology sector through 2026, benefiting various segments including computing power, storage, equipment, and advanced packaging [2] - Domestic AI chip companies have rapidly developed in recent years, achieving significant progress in domestic substitution, with companies like Moer and Muxi accelerating their capital market layouts [2] - The formation of a domestic computing power ecosystem is expected to accelerate, supported by internet companies like Tencent actively adapting to domestic computing power chips [2]

消电ETF（561310）跟踪的是消费电子指数（931494），该指数从市场中选取涉及智能手机、家用电 器、个人电脑等消费电子产品相关业务的上市公司证券作为指数样本，以反映消费电子行业相关上市公 司证券的整体表现。消费电子指数成分股通常具有较高的科技含量和创新能力，行业配置上侧重于电子 制造、信息技术等领域，能够较好地体现消费电子行业的整体发展趋势。 东莞证券指出，据世界半导体贸易统计组织（WSTS）预计，2026年全球半导体市场规模将达到9750亿 美元，实现25%+同比增长，逼近1万亿美元大关，增长主要原因为AI与数据中心需求带动逻辑芯片与存 储器市场持续火热。人工智能仍为科技行业创新主线，算力、存力、设备、先进封装等多环节有望受 益。以算力芯片为例，国内AI芯片企业快速发展并在国产替代方面取得阶段性成果，摩尔、沐曦等企 业加快资本市场布局，叠加互联网厂商积极适配国产算力芯片，行业国产算力生态有望加速形成。一方 面，关注AI带来的半导体硬件增量机遇，另一方面，关注外部限制之下算力、存储、设备等环节的国 产替代进程。 （文章来源：每日经济新闻） ...

Group 1 - Baidu's stock price surged due to rumors of its AI chip subsidiary Kunlun Chip planning to go public in Hong Kong, despite the company cautioning that the split is subject to regulatory approval and not guaranteed [2][7] - Kunlun Chip, initially started as an internal project in 2011, has grown into a unicorn valued over 20 billion RMB, with significant milestones in chip deployment and technology development [3][4] - The company transitioned from an internal supplier to an industry service provider, with its second-generation chips achieving mass production and significant performance improvements [5][6] Group 2 - The potential spin-off of Kunlun Chip could enhance its market position as an independent supplier, attracting more clients and increasing its valuation, which would benefit Baidu's share value [7][9] - The domestic AI chip market is experiencing growth, with local brands expected to reach a 30% penetration rate by 2024, driven by geopolitical factors and government support for AI development [8] - The spin-off may also allow Baidu to mitigate supply chain risks and reduce financial pressure, while enhancing collaboration between Kunlun Chip and Baidu's cloud services [10][11] Group 3 - The market's positive reaction to the spin-off rumors indicates investor interest in Baidu's AI business value, with the potential for a clearer structure in its AI ecosystem if the spin-off proceeds [11] - Baidu's stock has risen by 52.48% this year, reflecting a market valuation that is significantly lower compared to its competitors, suggesting room for reevaluation [9][11] - The upcoming release of the "Top 100 Hong Kong Stocks" list may be influenced by Baidu's AI business developments and capital movements, highlighting the importance of its ongoing investments in AI [11]

科创人工智能ETF国泰（589110）跟踪的是科创AI指数（950180），单日涨跌幅达20%，该指数从科创 板市场中选取30只涉及人工智能主题的上市公司证券作为指数样本，以反映该领域相关上市公司证券的 整体表现。 （文章来源：每日经济新闻） 兴业证券指出，2025年第三季度全球半导体市场规模达到2080亿美元，首次突破2000亿美元大关，环比 增长15.8%，创2009年以来最高季度环比增长率。AI浪潮带动算力需求爆发，服务器、AI芯片、光芯 片、存储、PCB板等环节价值量将大幅提升。未来3年，"先进工艺扩产"将成为自主可控主线，国产设 备先进工艺突破持续推进。 ...

Group 1 - The core viewpoint highlights the strong performance of the Sci-Tech Innovation Board, with the Sci-Tech 100 Index rising by 2.16% and notable stocks like Yuanjie Technology and Guodun Quantum seeing significant gains [1] - The Sci-Tech 100 ETF (588800) has shown active trading with a turnover rate of 10.47% and a transaction volume of 279 million yuan, indicating a vibrant market [1] - The semiconductor materials and equipment theme index also experienced a robust increase of 1.79%, with key stocks such as Shengen Co. and Jingsheng Shares performing well [1] Group 2 - Guojin Securities reports that the demand for GPUs is rapidly expanding due to the AI era, with the global GPU market expected to exceed 1 trillion yuan in 2024 and a CAGR of 24.5% from 2025 to 2029 [2] - The Chinese GPU market is projected to grow even faster, from 142.5 billion yuan in 2024 to 1,336.8 billion yuan by 2029, with a CAGR of 53.7% from 2025 to 2029, benefiting domestic GPU manufacturers [2] - The Sci-Tech 100 ETF closely tracks the Sci-Tech 100 Index, focusing on high-growth sectors such as semiconductors, pharmaceuticals, and new energy [2]

智通财经获悉，港股恒生指数跌1.10%，跌285点，报25799点；恒生科技指数跌0.24%。港股早盘成交 1154亿港元。 中资券商股涨幅居前。证监会主席提拓宽券商资本空间，优质券商ROE天花板有望打开。弘业期货 (03678)涨7.67%；华泰证券(06886)涨6.09%；国泰海通(02611)涨5.45%。 耐世特(01316)涨超6%，我国汽车转向新国标发布，机构看好线控转向有望顺利量产。 煤炭股跌幅居前。焦煤焦炭期货日内大跌，机构称主流钢厂已对焦炭提出提降。中国秦发(00866)跌 12%；中煤能源(01898)跌4%；中国神华(01088)跌3%。 重塑能源(02570)重挫逾20%创历史新低，上市届满一年今迎来解禁。 信达生物(01801)加入恒生指数首日，重挫逾8%。市前现多宗大手成交，涉资超12亿港元。 本文源自：智通财经网 AI与算力主线强劲上行，光通信概念逆市走高。长飞光纤光缆(06869)涨超5%，汇聚科技(01729)涨超 4%。 剑桥科技(06166)涨超6%，全球光模块产业正加速向800G/1.6T升级，行业受益AI算力需求持续增长。 速腾聚创(02498)再涨超4%，公司获得 ...

Core Viewpoint - The recent bipartisan proposal in the U.S. Congress aims to prohibit the export of advanced AI chips to countries like China and Russia, reinforcing the ongoing trend of tightening technology controls against China [1][3]. Group 1: Legislative Actions - A bipartisan bill led by Republican Senator Peter and Democratic Senator Chris requires the U.S. Department of Commerce to ban exports of AI chips that exceed current licensing standards to China and Russia within the next 30 months [1]. - This legislative move is seen as a counterbalance to potential policy relaxations by the Trump administration regarding technology exports to China [3]. - The proposal reflects a continuation of the alternating tightening and loosening of U.S. chip control policies, which can be traced back to early 2025 when Nvidia's H20 chip was added to the control list [3]. Group 2: Impact on U.S. Companies - Companies like Nvidia and AMD, which had received partial export licenses for certain chips, will find their next-generation products, such as the H200, completely barred from export to China [3]. - The U.S. government's tightening of AI chip exports has led to significant losses for American chip manufacturers, as they can no longer sell high-end GPUs to China, resulting in a substantial loss of orders [4]. Group 3: China's Response - Despite the U.S. tightening its grip on AI chip exports, China's AI development has not stalled; instead, it has accelerated due to a shift towards domestic chip production and self-reliance [3][4]. - Reports indicate that the demand for AI chips in China is increasingly being met by domestic manufacturers, with the market share of local AI chips expected to rise to approximately 40% by 2026 [4].