包括前述两家公司在内，Wind数据显示，截至12月15日记者发稿时，12月以来已有超过520家上市公司 接待机构调研。从单家公司情况看，杰瑞股份、伟创电气、广联航空3家公司同时期均接待了超100家机 构调研，关注度相对较高；天华新能、伟测科技、三峡旅游、灿芯股份等公司成12月机构调研较为青睐 的标的，涵盖汽车、电子、社会服务等多个行业。 ● 本报记者 胡雨 近期A股市场高位震荡之际，机构调研上市公司热情不减，部分市场热门板块公司尤其受到关注。Wind 数据显示，截至12月15日中国证券报记者发稿时，12月以来已有超过520家上市公司获得机构调研，合 并告吹的中科曙光、海光信息以及商业航天概念股超捷股份等关注度居前，机械、电子、汽车、基础化 工等行业标的也受到机构密集调研。 对于后市相关领域投资机遇，业内人士认为，2025年是人形机器人批量应用元年，建议关注核心供应 商；可回收火箭的发射试验突破，给行业底层逻辑带来明确拐点；AI硬件尤其值得关注，重点配置TPU 产业链特别是光模块、PCB、OCS、光纤供应商等，此外关注硬件端紧缺环节的存储芯片、AI电力等。 多家热门公司受机构青睐 从机构12月调研上市公司路径看 ...

Market Overview - The A-share market experienced a volatile adjustment on December 15, with major indices showing a "V" shaped trend. The Shanghai Composite Index closed at 3867.92 points, down 0.55%, while the Shenzhen Component Index fell 1.10% to 13112.09 points. The ChiNext Index led the decline, closing at 3137.80 points, down 1.77% [2] - Market trading activity decreased, with total turnover at 1.79 trillion yuan, a drop of 324.6 billion yuan from the previous trading day [2] Sector Performance - The consumer sector showed resilience, with dairy stocks like Huangshi Group and Sunshine Dairy hitting the daily limit shortly after market open. Retail stocks also performed well, with Baida Group achieving three consecutive limit-ups [2] - The liquor sector rebounded, led by Huangtai Liquor, with other brands like Jiu Gui Liquor and Gujing Gongjiu also seeing gains [2] Financial Sector Insights - The insurance sector saw strong performance, with China Ping An rising nearly 5%, reaching its highest level since March 2021, supported by favorable regulatory policies. The brokerage sector also showed resilience, with firms like Huatai Securities and Zhongyin Securities gaining over 2% [3] - The technology sector faced downward pressure, particularly in the CPO and chip segments, with stocks like Shijia Optoelectronics and Changfei Fiber experiencing significant declines [3] Future Market Outlook - Analysts from various brokerages suggest that the market may improve due to key events and data aligning with or exceeding expectations. The year-end asset reallocation and institutional fund inflows are expected to enhance market liquidity and trading activity, indicating a potential cross-year rally [3] - According to CITIC Securities, the underlying logic for an upward trend remains intact, driven by structural market dynamics and capital market reforms. The market has largely completed its adjustment phase, and a new wave of growth is anticipated [3] - Everbright Securities forecasts a favorable cross-year market, supported by ongoing domestic economic policies and historical performance trends during the start of the 13th and 14th Five-Year Plans [4]

李家庆 2023年7月，全国社保基金与北京市携手推出第一只专项基金——社保基金中关村自主创新专项基金在 北京设立。君联资本被委以重任，成为这只基金的管理人。谈及彼时的心路历程时，李家庆也直言"压 力不小"。 李家庆介绍，社保基金中关村自主创新专项基金选择的项目并不强调早期覆盖，而是选择具有突破性、 前瞻性的硬科技项目进行重点培育和投资，加速标的企业的技术发展。具有产业链带动作用的项目，具 有成为"链主型"潜力的企业，能够带来产业链或技术链突破的企业都是这支基金的关注对象。 为管理好这只"特殊"的基金，君联资本团队展开了大量调研和前期准备工作。截至目前，规模50亿元的 首期基金已经完成了19个项目的投资，投资组合中包含人工智能、商业航天、量子计算、脑机接口、半 导体新材料、高端医疗装备以及科学仪器仪表等领域。 "我们选择的这一批领域或者项目本身，都是长跑型的项目，其中部分项目我们已经进行了复投。"李家 庆表示，作为"耕耘者"，要把地耕好，把项目管好。"日常我们花了大量时间精力去帮助被投企业规范 化运作，帮助它们制订面对外部纷繁复杂局面和比较有压力的经济环境下的清晰战略。"他表示。 君联资本总裁李家庆在接受上海证 ...

蓝箭航天研制的朱雀三号遥一运载火箭发射升空 ◎记者 刘怡鹤 12月4日，在2025卫星互联网产业生态大会上，照片定格下垣信卫星和空中客车公司代表的握手一刻， 双方就千帆星座市场合作成功签约。 这是商业航天产业在2025年高光时刻不断的一个缩影：这一年，我国商业航天产业全链条能力全面提 升，商业航天迎来纳入国家航天发展总体布局的新时期，资本市场与商业航天产业也在"双向奔赴"。 2025年，是我国商业航天开放的第十年，也为行业即将开启下一个黄金十年打下了坚实基础。 产业全链条能力提升 ——三大运营商集齐手机直连卫星业务牌照。继中国电信2023年在全球率先推出手机直连卫星服务之 后，工业和信息化部今年又相继向中国移动、中国联通两家基础电信企业颁发了卫星移动通信业务经营 许可。至此，三大运营商均可依法开展手机直连卫星等业务。 资本市场与产业发展共振 2025年，也是科创板"商业航天第一股"的竞逐之年。 6月，《关于在科创板设置科创成长层 增强制度包容性适应性的意见》发布，其将商业航天企业纳入第 五套上市标准，即允许未盈利但有核心技术的公司上市。政策发布后，蓝箭航天、中科宇航等头部火箭 公司，以及商业卫星公司微纳星空相 ...

配置方面，华西证券建议关注三条线索：一是受益产业政策支持的成长方向，如国产化、机器人、航空航天、创新药、储能等；二是受益于"反内卷"政策的 周期方向，如化工、能源金属、资源品等；三是促消费政策的深化或带来消费板块的阶段性催化机会。 值得关注的是，兴业证券指出，科技成长仍将是最终引领本轮躁动行情突破的胜负手！无惧行情波动，资金积极加仓AI双子星，光模块含量超56%的创业板 人工智能ETF华宝（159363）近2日连续吸金1.29亿元，重仓端侧AI的科创人工智能ETF（589520）场内价格收跌2.42%，资金或迎逢跌布局机遇。 | 序号 代码 | | 名称 | 涨跌幅 ▼ | | --- | --- | --- | --- | | 1 | 159275 | 农牧渔ETF | 1.02% | | 2 | 512810 | 国防军工ETF | 0.98% | | 3 | 510030 | 价值ETF | 0.74% | | 4 | 515710 | 食品ETF | 0.68% | | | FLOADO | 券商ETF | 0.53% | 近期海外美联储议息会议和国内政治局会议、中央经济工作会议相继落地，且整体基调符 ...

Core Viewpoint - The article highlights significant announcements in the stock market from Sunday to Thursday, focusing on key events such as suspensions, investments, acquisitions, and performance reports, aiming to help investors identify potential opportunities and risks in the market [1]. Group 1: Aerospace and Technology Developments - Aerospace Electronics plans to increase capital by 728 million yuan in its subsidiary, Aerospace Long March Rocket Technology Co., which will enhance its integration into the commercial aerospace sector [3]. - The investment will support the production capacity of aerospace electronic information-related businesses, addressing the mismatch between current capacity and market demand during the 14th Five-Year Plan period [4]. - Aerospace Electronics has developed technologies for "Heaven and Earth" communication networks, providing products and technical support for the commercial aerospace sector [4][5]. Group 2: AI Chip Advancements - Jingjia Micro's subsidiary has successfully completed key stages for its edge AI SoC chip CH37 series, which targets high-performance computing markets including robotics and smart terminals [6]. - The CH37 series integrates high-end processing units and is designed for applications requiring significant computational power, marking a significant milestone in the company's product development [6][7]. Group 3: Quantum Technology Collaboration - Xinghua New Materials has signed a strategic cooperation agreement with Guangdong Guoteng Quantum Technology Co., focusing on the commercialization of quantum technology and related applications [8]. - The partnership aims to leverage Xinghua's experience in reflective materials to support the industrialization of quantum technologies, enhancing both companies' capabilities in the field [8].

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 沐曦股份：公司股票将于12月17日在科创板上市 沐曦股份公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。根据《上海证券交易所科创板上市公司自律监管指引第5号——科创成长 层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告披露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。普通投资者 参与科创成长层股票或者存托凭证交易的，应当符合科创板投资者适当性管理的要求，并按照上海证券交易所有关规定，在首次参与交易前以纸面或者电子 形式签署《科创成长层风险揭示书》，由证券公司充分告知相关风险。本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初 期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 *ST名家：每10股转增10.5股 *ST名家公告，根据《重整计划》，以名家汇现有总股本6.96亿股为基数，按每10股转增10.5股的比例实施资本公积转增股本，共计转增7.3亿股。转增后， 名家汇总股本将增至14.26亿股。本次资本公积金转增股本的股权登记日为2025年12月19日，转增股本上市日为202 ...

重要的消息有哪些 12月16日（周二）申购提示 新股方面，江天科技申购代码920121，发行价21.21元/股，申购上限59.46万股。 投资有风险，申购需谨慎。 1．近日，中国证监会党委书记、主席吴清主持召开党委（扩大）会议，传达学习中央经济工作会议精 神，结合全国金融系统工作会议要求，研究部署证监会系统贯彻落实举措。会议强调，坚持固本强基， 持续增强市场内在稳定性。积极培育高质量上市公司群体，开展新一轮公司治理专项行动，引导优质公 司持续加大分红回购力度。全面推动落实中长期资金长周期考核机制，大力发展权益类公募基金，推动 指数化投资高质量发展。加强跨市场跨行业跨境风险监测监控，强化逆周期跨周期调节，健全长效化稳 市机制。强化政策解读和预期引导，及时回应市场关注关切，压实行业机构、上市公司的声誉管理责 任，持续讲好"股市叙事"。 2．近日，国家外汇管理局党组书记、局长朱鹤新主持召开党组（扩大）会议，传达学习中央经济工作 会议精神，结合全国金融系统工作会议要求，研究部署贯彻落实措施。会议强调，维护外汇市场稳健运 行。坚持守牢底线，加强外汇市场宏观审慎管理和预期引导，保持人民币汇率在合理均衡水平上的基本 稳定， ...

Core Insights - The report emphasizes the importance of "globalization and AI+" in advancing high-quality development in the defense and military industry, highlighting the need for modernization and efficiency improvements in military systems [5][30][34] - The investment strategy focuses on balancing value and growth, with traditional sectors entering an S-curve evolution phase while new demands and replacements coexist [5][30] Section Summaries 1. Current Development Stage from the S-Curve Perspective - The defense and military industry is in a growth phase, with traditional sectors experiencing rapid development during the previous five-year plan, but not yet entering a slowdown [16][26] - The S-curve model indicates that the industry lifecycle includes multiple product lifecycles, with the current focus on extending product lifespans through innovation [23][24] 2. S-Curve Cycle Expansion - Global military trade remains robust, emphasizing the importance of lifecycle management from equipment to services [9][18] - The report anticipates that the demand for large aircraft and low-altitude economic activities will accelerate due to supportive policies [9][28] 3. S-Curve Cycle Evolution - Supply chain reforms are crucial for reducing costs and complexity, enhancing the focus on maintenance and repair services [9][33] - The integration of unmanned systems and intelligent technologies is expected to drive significant advancements in military capabilities [9][51] 4. New Cycle of the S-Curve: Emerging Industries - The report identifies commercial aerospace, AI, controllable nuclear fusion, quantum information, and deep-sea technology as key areas for future growth [9][57][65] - The acceleration of technological advancements and policy support is expected to unlock new market opportunities in these sectors [9][58] 5. Investment Recommendations - The report recommends focusing on companies that align with the evolving S-curve, particularly those involved in supply chain reform, maintenance, and unmanned systems [5][30] - Specific companies highlighted for investment include 航发动力, 中航高科, and 国睿科技, among others, which are positioned to benefit from these trends [6][9]

两则重磅消息占据全球财经版面：国家统计局披露的11月国民经济运行数据勾勒出国内经济的运行图景。 而马斯克旗下SpaceX筹划史上最大规模IPO的消息，则搅动着全球资本市场的神经。 一边是宏观经济的稳步前行，一边是商业航天巨头的资本跃级，看似无关的两大事件，背后却折射出全球经济与产业发展的新动向。 11月经济数据，虽部分指标仍显承压，但核心领域的积极信号已足够引人关注。 规模以上工业增加值的表现尤为亮眼，11月单月同比实际增长4.8%，而1—11月累计增速达到6.0%，这一数据背后，是制造业转型升级的持续发力与重点产 业链的稳定运行。 国内经济数据中藏着哪些复苏密码？SpaceX这场备受瞩目的IPO，又能否如其估值般一路坦途？ 在全球工业复苏节奏放缓的背景下，国内工业领域能保持这样的增长态势，离不开稳增长政策对实体经济的精准滴灌，也彰显了制造业企业应对市场波动的 韧性。 这些数据的分化，既体现了经济转型期的阶段性特征，也为后续政策调控指明了方向，那么，在国内经济寻求更均衡复苏的同时，全球资本市场又在上演怎 样的资本故事？ 马斯克旗下SpaceX计划于2026年开启首次公开募股的消息，无疑是近期全球财经领域的最大 ...