Market Analysis - The stock market is experiencing a volatile divergence, with a slow bull market continuing. The Shanghai Composite Index closed at 3965.12 points, remaining flat, while the Shenzhen Component Index rose by 0.49% to 13604.07 points, and the ChiNext Index increased by 0.63% to 3242.90 points. The total market turnover was 2.16 trillion, maintaining above 2 trillion for three consecutive days, indicating a further increase in market divergence [2][5][7]. Sector Performance - The technology sector is leading the market, particularly driven by the robotics concept, which saw significant gains. Notable increases include Yushun Robotics up by 3.66% and other related stocks reaching their daily limit. The establishment of a standardization committee for humanoid robots and embodied intelligence is expected to catalyze growth in this sector [5][6][7]. - Conversely, the consumer sector is under pressure, with declines in retail, transportation, real estate, and consumer services, attributed to profit-taking after previous gains from stimulus policies [5][6]. Investment Strategy - The report suggests that the slow bull market remains intact, with the Shanghai Composite Index approaching 4000 points and a stable turnover of around 2 trillion providing ample liquidity. The market's financing balance has surpassed 2.5 trillion, and the depreciation of the US dollar against the RMB is expected to attract foreign investment, maintaining a loose liquidity environment [7][9]. - The report emphasizes the importance of monitoring industry catalysts, particularly in technology and resource sectors, as the market is currently experiencing a combination of technological growth and resource cycle trends [7][9]. Bond Market Insights - The bond market is showing a mixed trend, with the long-end of the government bond futures leading gains. The 30-year government bond futures closed at 111.83, up by 0.17%, while the 10-year futures slightly declined. The liquidity expectations for the year-end remain stable, with the interbank market continuing to show a loose funding environment [10][11]. Commodity Market Overview - The commodity index has risen, but precious metals are experiencing increased volatility. The Nanhua Commodity Index rose by 0.43%, while precious metals like platinum and palladium faced significant declines of 13%. The market sentiment is influenced by profit-taking and regulatory tightening in trading policies [9][14]. - Industrial products are rebounding, particularly those related to domestic demand, as the government continues to push for anti-involution policies, which are expected to impact supply and pricing dynamics positively [14]. Recent Trading Hotspots - Key trading hotspots include precious metals, commercial aerospace, nuclear fusion, AI applications, and consumer sectors, with each sector having specific catalysts and monitoring points for future developments [11][12][13].

新一轮热点浮现背景下，部分年末调仓的基金经理"锁定"了商业航天赛道。 近日，多只偏股型基金的净值随商业航天主题指数大涨而出现异动。其中，景气驱动、汇安价值蓝筹等 小规模基金的净值暴涨，与其三季度末披露的重仓股表现严重背离，暗示其可能在近期向商业航天方向 进行了调仓。同时，一些中等规模基金也呈现加仓该热门赛道的迹象。 基金经理此番调仓，究竟是年终短线的博弈，还是基于长期产业趋势的布局？进入2026年，这轮由政策 和产业进展驱动的行情又将如何演绎？ 净值异动背后的调仓线索 自11月下旬起，商业航天板块成为市场最受瞩目的主线之一。 截至12月29日，商业航天主题指数自11月24日以来的区间涨幅达44.25%，卫星及应用产业指数的同期 涨幅更是接近50%，领涨全市场。 板块急涨之下，一些基金的净值波动揭开了其调仓的蛛丝马迹。 数据显示，2025年12月24日，景气驱动A的净值单日大涨7.97%。而该基金截至三季度末的前十大重仓 股（在基金资产净值中的占比合计为54.89%）主要集中在传媒、半导体、游戏等行业，仅有中航沈飞 为航天军工股。前述10只个股在12月24日的平均涨幅不到1%，显然不足以支撑基金净值大涨近8%。 ...

北京商报讯（记者 陶凤 王天逸）12月30日，针对投资者关于SpaceX相关提问，蓝思科技在互动平台回 复称，公司与北美大客户已有10年深度合作，是其一级核心供应商。公司凭借全面的材料技术、完整的 技术路线及从模组到整机的ODM能力，深度参与大客户智能座舱、人形机器人、商业航天等多项核心 业务。在商业航天方面，公司已批量出货卫星地面接收器外观件、结构件模组。凭借全球领先的超薄玻 璃后道加工技术，已自主研发厚度小于1mm的超薄光伏玻璃模组、大尺寸UTG柔性玻璃等，配合超高 难度的多重镀膜工艺，可满足抗原子氧剥蚀、抗辐射和热控制等太空光伏技术需求，目前已与相关客户 对接合作开发中。 ...

（文章来源：证券日报） 证券日报网讯 12月30日，久之洋在互动平台回答投资者提问时表示，公司取得商业航天产品相关资 质，严格执行相关质量体系标准，有利于公司争取相关市场的更多合作机会。 ...

Core Viewpoint - Yilian Technology (301631) emphasizes the high demands of commercial aerospace on electrical connection components, particularly in terms of extreme environmental reliability, ultra-lightweight design, and radiation resistance [1] Group 1: Company Insights - The company is continuously deepening its technical reserves in electrical connection products [1] - Yilian Technology is closely following industry chain development trends to explore commercial opportunities [1]

证券日报网讯12月30日，瑞立科密（001285）在互动平台回答投资者提问时表示，公司现有产品尚未在 商业航天领域形成实质性的业务应用或产生相关收入。公司始终关注包括商业航天在内的前沿科技与高 成长性赛道的发展动态，并评估其未来与公司技术及业务战略的潜在协同机会。 ...

Group 1: Domestic Chip Replacement - The rise of domestic AI chip manufacturers is marked by significant stock price increases, with companies like Cambrian Technology surpassing major brands like Kweichow Moutai [1] - The market anticipates more AI chip companies to go public, with notable performances from companies like Moer Thread and Muxi, indicating strong investor interest in domestic chip alternatives [1] - The domestic market share for smart computing chips is projected to grow from approximately 20% in 2024 to about 60% by 2029, reflecting a shift towards local production [2] Group 2: AI Edge Computing - The emergence of AI in hardware is expected to redefine traditional devices, with predictions that mobile phones and apps may become obsolete in favor of AI-driven edge devices [3] - The global edge AI market is forecasted to grow from 321.9 billion yuan to 1.22 trillion yuan between 2025 and 2029, with a compound annual growth rate of 40% [4] - The focus of competition is shifting from hardware specifications to AI experience and ecosystem collaboration, indicating a transformation in the value chain [5] Group 3: Quantum Computing Advances - Quantum technology is recognized as a strategic frontier for technological revolution, with significant breakthroughs expected in the coming years [6] - China's advancements in quantum communication and computing are positioning it alongside global leaders, with the "Zu Chongzhi No. 3" quantum computer expected to maintain a competitive edge [7] - The practical application of quantum computing in fields like finance and protein simulation is anticipated to grow, marking a critical step towards commercialization [6] Group 4: Commercial Space Acceleration - The commercial space sector is entering a new phase of rapid evolution, supported by government policies and increased capital investment [8] - The global commercial space market is projected to grow at a compound annual growth rate of 10.5% over the next five years [8] - The demand for satellite launches is expected to surge, with significant increases in the number of satellites being deployed [9] Group 5: Solid-State Battery Development - Solid-state batteries are gaining attention as a transformative technology for electric vehicles, with major manufacturers announcing plans for testing and production [10] - The timeline for mass production is set for 2027, with initial production expected to be in small batches [11] - The industry faces challenges in cost and manufacturing processes, with a consensus that semi-solid batteries will precede full solid-state solutions [10] Group 6: L3 Autonomous Driving - The introduction of L3 autonomous driving is accelerating due to supportive policies and decreasing costs in the supply chain [12] - The commercial application of L3 technology is expected to expand significantly in 2026, with several manufacturers already in the approval process [13] - The transition from assisted to fully automated driving represents a critical milestone for the industry, with ongoing improvements in technology and data accumulation [13] Group 7: Real Estate Debt Restructuring - Major real estate companies like Country Garden and Sunac have successfully completed debt restructuring, indicating a shift in the industry’s approach to financial challenges [14] - The total scale of debt restructuring in 2025 reached approximately 1.2 trillion yuan, significantly alleviating short-term repayment pressures for affected companies [14] - The focus for 2026 will be on balancing risk management and transformation within the real estate sector, with expectations for continued progress in debt resolution [15] Group 8: "15th Five-Year Plan" Initiatives - The "15th Five-Year Plan" emphasizes high-quality development and technological self-reliance as key objectives for the next five years [16] - The plan outlines initiatives to enhance the modern industrial system and promote strategic emerging industries, including quantum technology and renewable energy [17] - Increasing the resident consumption rate is highlighted as a crucial goal, with measures aimed at boosting consumer spending and improving living standards [18]

证券日报网讯12月30日，乾照光电（300102）在互动平台回答投资者提问时表示，公司目前是国内砷化 镓太阳能电池外延片第一供应商，并积极布局国际市场。公司已储备太阳能电池规模化生产的产能，能 够满足公司未来在商业航天领域的增长需求。此外，公司通过延伸应用场景至商业"空天地"全领域，积 极把握商业航天发展（000547）机遇，持续稳固公司砷化镓太阳能电池市场份额的领先地位。 ...

证券日报网讯12月30日，蓝思科技（300433）在互动平台回答投资者提问时表示，公司与北美大客户已 有10年深度合作，是其一级核心供应商。公司凭借全面的材料技术、完整的技术路线及从模组到整机的 ODM能力，深度参与大客户智能座舱、人形机器人、商业航天等多项核心业务。在商业航天方面，公 司已批量出货卫星地面接收器外观件、结构件模组。凭借全球领先的超薄玻璃后道加工技术，已自主研 发厚度小于1mm的超薄光伏玻璃模组、大尺寸UTG柔性玻璃等，配合超高难度的多重镀膜工艺，可满 足抗原子氧剥蚀、抗辐射和热控制等太空光伏技术需求，目前已与相关客户对接合作开发中。 ...

回复：在商业航天领域，液态氢作为高比冲、零碳排放的核心推进剂， 正随着可重复使用火箭、深空探测及太空加油等前沿任务的加速发展而迎 来增长机遇。 证券代码：300540 证券简称：蜀道装备 四川蜀道装备科技股份有限公司 投资者关系活动记录表 编号：2025-012 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 ☑ 电话会议 参与单位名称 及人员姓名 1、招商证券、四川发展证券基金 2、中邮证券、国泰基金、松熙资产 时间 2025年12月29日上午 10:00-12:00 2025年12月30日上午 10:00-11:00 地点 公司会议室 腾讯会议 上市公司接待 人员姓名 副总经理、董事会秘书 马继刚 董事会办公室副主任、证券事务代表 贾雪 证券事务代表 向星睿 投资者关系 活动主要内容 介绍 1、请问公司与日本丰田的合作模式及合资公司进展情况？ 回复：公司与日本丰田的合作主要通过双方共同设立的合资公司开 展。合作模式上日本丰田方主要提供核心技术支持，而公司则聚焦于本地 市场开发、供应链整合及商业化落地。技术研发方面，合资公司将组建独 立的 ...