Market Overview - The market experienced a significant rebound during the last complete trading week of 2025, with key sectors such as CPO, liquid cooling servers, humanoid robots, and commercial aerospace witnessing strong surges [1][4] - Major stocks like Shenjian Co. and Haoshi Electromechanical achieved consecutive daily limits, indicating robust market performance [1][4] Index Performance - Major indices, including the Shanghai Composite, Shenzhen Component, and ChiNext, recorded consecutive gains, with the Shanghai Composite achieving an 8-day winning streak since December 17 [2][16] - Several sectors saw weekly gains exceeding 6%, with some sectors showing even higher increases since their lows on November 24 [2][16] Leading Sectors - Key sectors leading the market include: - Hainan Free Trade Zone: 9.08% weekly increase, 9.20% since November 24 - Storage Chips: 13.87% increase since November 24 - Liquid Cooling Servers: 5.66% weekly increase, 12.71% since November 24 - CPO: 12.11% increase since November 24 - Humanoid Robots: 4.57% weekly increase [3][17] Policy and Funding Support - The National Venture Capital Guidance Fund officially launched on December 26, focusing on artificial intelligence and 6G technologies, with initial regional funds exceeding 500 billion [4][18] - The Jiangxi Province's "Artificial Intelligence+" action plan aims for a computing service scale of 5000 PFlops by 2030, further stimulating the computing sector [4][18] Commercial Aerospace Developments - The commercial aerospace sector has seen numerous catalytic events, including the release of a report indicating 325 global space launches and 4026 satellites in orbit, with China contributing significantly [5][18] - The Commercial Aerospace Industry Alliance's innovation fund has been initiated, with an initial scale of 10-20 billion, aiming to expand to 100 billion [5][18] Humanoid Robots Sector - The humanoid robot sector has seen a resurgence, with a weekly increase of over 4% and nearly 10% since November 24 [8][21] - Notable stocks include: - Tianqi Co. with consecutive daily limits - Haoshi Electromechanical achieving historical highs - Chaojie Co. doubling in price over the past month [8][21] Capitalization and Market Events - Recent capital operations in the humanoid robot sector include a significant acquisition by leading company UBTECH, which plans to acquire approximately 43% of Fenglong Co. [9][22] - Additional events include the establishment of the Beijing Robotics Industry Association and the upcoming humanoid robot marathon in 2026 [9][22]

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to attract a wide range of participants to form a fund scale of trillions of yuan, with a focus on early-stage investments and hard technology sectors [1][5]. Group 1: Fund Structure and Operation - The fund adopts a three-tier structure: "Fund Company - Regional Fund - Sub-fund," which is described as a "mother fund of mother funds" [6][8]. - The National Venture Capital Guidance Fund will operate under a company system, with a 20-year duration, allowing for a more patient investment approach [7][5]. - Sub-funds will operate under a market-oriented model, with an average scale not exceeding 1 billion yuan, and at least 70% of investments directed towards seed and early-stage enterprises [9][10]. Group 2: Investment Strategy - The fund emphasizes a "four investment" approach: investing early, investing small, investing long-term, and investing in hard technology [3][4]. - At least 70% of the fund's capital will be allocated to seed and early-stage companies, with individual investments capped at 50 million yuan for companies valued below 500 million yuan [4][5]. - The fund will have a 20-year lifespan, breaking away from the traditional 7-10 year investment cycle, which is particularly beneficial for long-cycle sectors like innovative pharmaceuticals [5]. Group 3: Regional Funds - Three regional funds have been established: Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, each with a target scale exceeding 50 billion yuan [1][16]. - The Beijing-Tianjin-Hebei fund will be managed by China Investment Corporation's subsidiary, focusing on mobilizing central financial enterprises [13][14]. - The Yangtze River Delta fund will be managed by State Development Investment Corporation, aiming to gather various social capital to empower regional tech enterprises [14][15]. - The Guangdong-Hong Kong-Macao Greater Bay Area fund will be managed by Shenzhen Capital Group, encouraging diverse market participants to engage [15]. Group 4: Investment Focus - The funds will target key sectors such as integrated circuits, quantum technology, biomedicine, brain-computer interfaces, and aerospace [17]. - The investment strategy aligns with national planning documents, focusing on strategic emerging industries and future industries [5][12].

Metal Market - Domestic base metals collectively surged, with copper leading at a 3.6% increase, reaching a record high of 99,730 yuan/ton [1] - Aluminum rose by 1.06%, lead by 1.68%, tin by 1.37%, and nickel by 1.31%, while zinc increased by 0.72% [1] - Alumina futures saw a significant rise of 5.6%, hitting a peak of 2,830 yuan/ton, marking a new high since November 2024 [1] - Lithium carbonate futures skyrocketed by 8.12%, reaching 131,000 yuan/ton, a new high since November 2023 [1] - The black metal sector experienced a downturn, with stainless steel remaining stable at 12,955 yuan/ton, while iron ore rose by 0.71% [1] Precious Metals - COMEX gold increased by 0.86%, reaching a peak of $4,561.6/oz, continuing to set a historical high [2] - COMEX silver surged by 4.38%, hitting a record high of $75.495/oz [2] - Domestic gold rose by 0.75%, reaching a historical high of 1,023.96 yuan/gram, while silver increased by 6.6%, reaching 18,658 yuan/kg [2] - Platinum futures rose by 9.29%, reaching a historical high of 709.85 yuan/gram before slightly retracting [2] Macroeconomic Developments - The National Venture Capital Guiding Fund focuses on cutting-edge fields such as AI, biopharmaceuticals, quantum technology, and 6G, aiming to leverage trillions in social capital [5] - The fund will adopt a three-tier structure to attract local governments, financial institutions, and enterprises, with a focus on long-term investments [5] - The National Development and Reform Commission announced increased investment in early-stage projects in integrated circuits, AI, aerospace, and low-altitude economy [6][7] - As of November, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1% [7] Oil Market - Both U.S. and Brent crude oil prices rose slightly, with U.S. oil up by 0.26% and Brent by 0.19% [13] - Oil prices are expected to face the largest annual decline since 2020, with Brent and U.S. crude projected to drop approximately 17% and 18%, respectively [13] - The U.S. Energy Information Administration (EIA) will release official inventory data, reflecting demand from the world's largest oil consumer [13]

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 有色新能源领涨 A 股小幅上行 ——市场分析 分析师：张刚 相关报告 《市场分析：航天机器人领涨 A 股震荡上行》 2025-12-25 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-24 《市场分析：电池贵金属领涨 A 股小幅上行》 2025-12-23 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 12 月 26 日 投资要点： ◼ 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 ...

Group 1 - The core viewpoint of the news highlights the performance and growth of the Sci-Tech Innovation 100 Index and its ETF, indicating a positive trend in the market with a recent increase in both index and ETF values [1][3] - The Sci-Tech Innovation 100 Index ETF has seen a significant increase in its scale, reaching 6.158 billion yuan, marking a new high in the past month [3] - The ETF has experienced a notable inflow of funds, with a net inflow of 8.1815 million yuan recently, and a total of 140 million yuan over the last ten trading days [3] Group 2 - The National Venture Capital Guidance Fund has been launched, focusing on early-stage investments in hard technology sectors such as artificial intelligence, biopharmaceuticals, quantum technology, and 6G, with a long-term investment horizon of 15 to 20 years [1] - A strategic emerging industry development fund of 51 billion yuan has been initiated, targeting sectors like artificial intelligence, aerospace, high-end equipment, and future energy, which are expected to receive dual support from policies and funding [2] - The top ten weighted stocks in the Sci-Tech Innovation 100 Index account for 26.72% of the index, indicating a concentration in key companies such as Huahong Semiconductor and East China Semiconductor [3]

12月25日，上海出台《关于支持长三角G60科创走廊策源地建设的若干措施》（下称《若干措 施》），明确支持松江区高水平建设长三角G60科创走廊策源地，推动科技创新和产业创新深度融合。 《若干措施》围绕共筑科技创新策源地、共建世界级产业集群、共育国际一流创新生态、共享科技 创新资源等四方面，研究提出23条支持政策，包括打造松江大学城科创源，布局科学仪器产业和6G产 业等。 据介绍，松江大学城科创源分为创新策源核心区和产业转化承载区两大区域，具备创新研发、技术 转化、产业孵化和生产制造等功能。未来将围绕推动高校科技成果转化、推进城区园区资源盘活利用、 深化校企地产业化合作、强化各类创新要素保障等四个方面进行重点建设。目前，松江大学城科创源综 合赋能中心已正式投入使用。 "当前，G60科创走廊已从构建平台、打响品牌的第一阶段，进入走深走实、放大效应的第二阶 段。"上海市松江区副区长王晔介绍，《若干措施》在"共建世界级产业集群"框架下，对科学仪器产业 与未来产业作出系统布局，为上海培育高端世界级产业集群提供核心支撑，具体包括打造松江科学仪器 产业园区、建设科学仪器创新港、创建国家6G综合试验地方基地等措施。 上海6G ...

Core Viewpoint - The future of the Chinese economy lies in achieving a dual focus on "starry sea" innovation and "daily necessities" improvement, emphasizing the need for collaboration between technological self-reliance and enhancing people's livelihoods [1][4]. Group 1: Dual-Driven Approach - The "starry sea" represents future-oriented innovation leveraging China's industrial chain, engineer advantages, and market policies, while the "daily necessities" focus on improving livelihoods and boosting domestic demand [4][5]. - The "15th Five-Year Plan" aims to significantly increase the household consumption rate, reflecting the strategic importance of balancing innovation and consumption [5]. Group 2: Capital Market Role - The capital market should support both innovation and consumption, enhancing residents' consumption capacity and promoting a sustainable innovation ecosystem [6][7]. - A robust domestic demand market can provide fertile ground for technological innovation and stable profit sources, fostering a virtuous cycle of investment and returns [7]. Group 3: Market Confidence Recovery - Since September 2024, market confidence has been recovering due to a threefold awakening in policy, enterprise resilience, and capital dynamics [9]. - Policy reforms have included expansionary fiscal measures and support for consumption, signaling a commitment to development alongside security [9][10]. Group 4: Structural Reforms - Key reforms during the "15th Five-Year Plan" include deepening the construction of a unified national market and substantial social security reforms to enhance consumer potential [10][11]. - Increasing the basic pension for farmers and migrant workers could raise household consumption's share of GDP from under 40% to around 45% by 2030, creating a $10 trillion consumption market [11]. Group 5: Fiscal Transformation - The shift from "investment in material" to "investment in people" is crucial for addressing structural issues of high savings and low consumption [13][14]. - The strategy involves increasing the proportion of state-owned capital transferred to social security funds and reallocating fiscal resources from infrastructure to social welfare [14]. Group 6: Real Estate Market Stability - To stabilize the real estate market, strategies include purchasing unsold properties for affordable housing, restructuring debts of key real estate firms, and providing interest subsidies on mortgages to alleviate buyer burdens [15].

每经AI快讯，有投资者在投资者互动平台提问：公司产品或技术有无涉及"6G"？ （记者 王晓波） 春兴精工（002547.SZ）12月26日在投资者互动平台表示，公司通信业务以射频技术为核心，为客户提 供滤波器、双工器、合路器等移动通信射频器件，产品主要应用于移动通信基站天馈系统射频前端。公 司深耕移动通信领域多年，会持续关注行业发展和客户需求，并结合自身发展规划及市场需求推进业务 发展。 ...

导读： 3只区域基金已与49只子基金和27个直投项目签订投资意向。 作者｜FOFWEEKLY 2025年12月26日上午，备受瞩目的国家创业投资引导基金启动仪式在国家发展改革委召开。 国家创业投资引导基金有限公司董事长霍福鹏在会上表示，今年以来，在国家发展改革委、财政部 联合推动下，在相关部门的大力支持下，引导基金筹备组与有关地方政府、央国企、金融机构等方 面密集磋商，经过一系列紧密的部署谋划，目前，国家创业投资引导基金已完成工商注册和管理制 度建设。引导基金设置"基金公司—区域基金—子基金"3层架构。 其中，区域基金是落实国家战略意图的重要载体，是实现国家资金放大、开展投资业务的功能主 体，也是推动基金承上启下运转、保障平稳高效运行的关键环节。本周一，京津冀创业投资引导基 金、长三角创业投资引导基金、粤港澳大湾区创业投资引导基金均已完成工商注册，未来三只区域 基金总规模均将超过500亿元。其中， 京津冀创业投资引导基金，由中投公司下属中金资本作为 管理团队。 京津冀区域基金将充分调动中央金融企业的积极性，做好科技金融大文章，银行、保 险、证券也将重点参与。 长三角创业投资引导基金，由国投集团下属国投创合作为 ...

Core Insights - The report highlights the strong performance of the A-share market, with a focus on sectors such as aerospace, robotics, and general equipment, indicating potential investment opportunities in these areas [5][7][8][9][10]. - The animation film industry is experiencing significant growth, with domestic animated films accounting for nearly 50% of total box office revenue in 2025, showcasing a shift from a niche category to a major player in the film market [13][14][15]. - The automotive industry is maintaining good growth, particularly in the electric vehicle sector, with a notable increase in production and sales, indicating a robust market outlook [17][18][21]. - The semiconductor industry continues to show strong demand, driven by AI and cloud computing, with significant growth in global semiconductor sales and a positive outlook for the sector [32][33]. Domestic Market Performance - The Shanghai Composite Index closed at 3,959.62, with a slight increase of 0.47%, while the Shenzhen Component Index rose by 0.33% to 13,531.41 [3]. - The average price-to-earnings ratio for the Shanghai Composite and ChiNext indices is at 16.19 and 49.94, respectively, indicating a favorable long-term investment environment [7][8][9]. Industry Analysis Animation Film Industry - In 2025, animated films accounted for over 250 billion yuan in box office revenue, representing nearly 50% of the total market share, with top films like "Nezha 2" and "Zootopia 2" leading the charge [13][14]. - The influence of domestic animated films is on the rise, with a significant increase in box office share from 32.28% (2013-2019) to 67.59% (2019-2025) [15]. Automotive Industry - In November, the automotive sector saw production and sales reach 3.53 million and 3.43 million vehicles, respectively, marking a month-on-month increase of 5.15% and 3.22% [17]. - The penetration rate of new energy vehicles reached 53.16%, with production and sales of 1.88 million and 1.82 million units, reflecting a year-on-year growth of 20.03% and 20.59% [18][21]. Semiconductor Industry - The semiconductor industry is experiencing a robust growth cycle, with global sales increasing by 27.2% year-on-year in October 2025, driven by strong demand for AI computing hardware [32][33]. - The introduction of new models like Google's Gemini 3 is expected to reshape the competitive landscape in the AI sector, highlighting the importance of semiconductor technology in future developments [33]. Investment Recommendations - The report suggests focusing on sectors such as aerospace, robotics, and electric vehicles for short-term investment opportunities, while also highlighting the animation film industry as a growing area of interest [5][7][18]. - In the semiconductor sector, companies involved in AI and cloud computing technologies are recommended for investment due to their strong growth potential [32][33].