本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 12月8日，A股的AI算力概念股大涨。 当日市场成交额超100亿元的个股有11只，其中AI算力概念股占7只，成交额前6均是AI算力概念股，呈现 霸榜之势，光模块三杰"易中天"再次占据成交额前3强，足见资金的追捧程度。中际旭创、天孚通信均创下历史新高。东田微、汇绿生态、宏和 科技、景旺电子、光库科技等多只AI算力概念股涨停或大涨。 展望2026年，AI算力板块依然是很多机构看好的方向。 经过最近2-3个月的震荡盘整之后，资金再次聚集AI算力板块，或是部分机构在布局 2026年的行情。 AI算力板块走强背后主要是机构资金在推动 。为了给读者提供一些参考，笔者梳理出了公募基金、北向资金重仓以及机构最近调研过的AI算力 概念股。 （ 点此查看名单 ） 01 公募基金重仓中际旭创、新易盛均达千亿元！ 公募基金是 A股的主要机构投资者之一，也是史上多个赛道板块的主力资金之一 。根据Choice数据 统计，2025年三季度末， 有 38只AI算力概 念股被基金持股均超10亿元 ，其中，光模块公司中际旭创、新易盛均被基金持股超1100亿元，寒武纪、天孚通信等11 ...

Group 1 - The core focus of the news is the explosive performance of the CPO (Co-Packaged Optics) sector in the Chinese A-share market, with a trading volume reaching approximately 110 billion yuan within the first hour of trading, leading to a 5.36% increase in the sector index [1] - Major companies such as Tianfu Communication and Guangku Technology saw significant stock price increases, with industry giants like Zhongji Xuchuang and Renjia Photon hitting historical price records [1] - The surge in the CPO sector is attributed to a series of unexpected positive developments in the domestic and international AI industry, dispelling previous concerns about an "AI bubble" [2] Group 2 - Internationally, tech giants are engaged in an escalating arms race, with Amazon releasing the Trainium3 chip, which boasts a fourfold performance increase and a 40% improvement in energy efficiency compared to its predecessor [3] - AMD has received U.S. government approval to export its AI chip MI308 to China, injecting new vitality into one of the world's largest AI markets, despite a 15% tax [3] - Domestic AI advancements include DeepSeek's V3.2 release, achieving performance levels comparable to GPT-5, and ByteDance's collaboration with ZTE to develop a mobile AI agent prototype [3] Group 3 - Analysts from CITIC Securities highlight that the developments in AI technology, including Google's TPU and Amazon's Trainium3, illustrate a clear picture of the booming AI industry, likening it to an industrial revolution [4] - The performance of companies in the CPO and computing power sectors is robust, with significant profit growth reported ahead of the upcoming annual report disclosures [5] - Companies like Dongtianwei and Zhongji Xuchuang reported net profit increases of 99.2% and 90% respectively, while Xinyisheng's growth reached an astonishing 284% [5][6] Group 4 - The upcoming annual reports are expected to reveal strong performance, with the market anticipating a wave of exceeding expectations in the computing power sector [6] - Securities firms believe that the CPO and AI computing power sectors are far from over, with AI demand driving key components like high-end PCBs and CPOs into a phase of rising volume and price [6] - The domestic PCB industry, which accounts for over 50% of the global market, is expected to benefit from this global trend, with domestic AI chip market share projected to surpass that of foreign brands by 2026 [6]

Market Performance - On December 8, the A-share market experienced a significant increase, with the Shanghai Composite Index rising by 0.54% to 3924.08 points, the Shenzhen Component Index up by 1.39% to 13329.99 points, and the ChiNext Index soaring by 2.60% [1] - The total trading volume exceeded 2 trillion yuan, indicating a notable increase compared to the previous trading day [1] Sector Focus - Market capital flowed into two main sectors: optical communication, represented by computing power chains, and commercial aerospace, with CPO concept stocks showing particularly strong performance [1] - Leading stocks such as Zhongji Xuchuang and Tianfu Communication reached historical highs, reflecting the robust demand for AI computing power [1] - The commercial aerospace sector was active due to multiple catalysts, including policy support, technological advancements, and performance improvements, with stocks like Aerospace Power and Aerospace Engineering hitting the daily limit [1] ETF Performance - Several ETFs under GF Fund performed exceptionally well, with 12 products rising over 2%, covering various technology growth sectors such as communication, cloud computing, and the ChiNext market [1] - The GF ChiNext ETF (159952) recorded a daily increase of 2.60%, with its tracked index's top ten weighted stocks including leading stocks from the current market rally, achieving a year-to-date increase of 49% [1] - The GF ChiNext ETF has a current scale of 14 billion yuan and a low annual fee rate of 0.20%, making it an effective tool for investors to gain exposure to the technology growth sector [1] Valuation Insights - The current price-to-earnings ratio (TTM) of the ChiNext Index is approximately 39.8 times, positioned at about 38% of its historical percentile over the past decade, indicating a favorable margin of safety and potential for recovery [2] - With the ongoing AI industry wave and domestic policies promoting technological self-reliance, the profitability of ChiNext companies is expected to gradually recover, leading to a dual catalyst of "valuation recovery" and "growth premium" for the index [2] Future Outlook - According to Zhongyin International, the market is currently supported by capital and policy, remaining in an upward trend [3] - The A-share market is expected to continue its bull market next year, supported by valuation and stable earnings, with a potential early start to the cross-year allocation [3] - The investment focus is anticipated to shift towards "critical" areas such as storage and power, as well as AI applications driven by the AI interaction revolution [3]

2025 年 12 月 08 日 再提"实现量的合理增长" ——2025 年 12 月政治局会议点评 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com A 股 策 略 - 证券分析师 ⚫ 本次政治局会议工作基调与年中保持一致，重点强调"坚持稳中求进工作总基调，统筹发 展和安全"的同时提出了"增强政策前瞻性针对性协同性，持续扩大内需、优化供给，做 优增量、盘活存量" 。结构方面再次强调"因地制宜发展新质生产力，纵深推进全国统 一大市场建设，持续防范化解重点领域风险"。细节方面可以看到，2025 年连续两次政 治局会议提及"实现量的合理增长"，时隔半年政治局会议再提"更好统 ...

Market Overview and Sector Characteristics - The Shanghai Composite Index closed up 0.54%, and the Shenzhen Component Index rose by 1.39%, with a median increase of 0.44% in A-shares [1] - A total of 74 stocks hit the daily limit up, an increase of 1 from the previous trading day, while 2 stocks hit the limit down, unchanged from the last trading day [2] Sector Performance - The sectors with the most limit-up stocks included General Equipment (5 stocks), Communication Equipment (4 stocks), and Commercial Retail (4 stocks) [2][3] - The General Equipment sector is benefiting from policy support and the release of demand for equipment upgrades, with a positive outlook for orders [3] - The Communication Equipment sector is gaining from accelerated 5G construction and increased demand for AI computing [3] - The Commercial Retail sector is stimulated by consumer policies and year-end promotions [3] Conceptual Characteristics - The most represented concepts among limit-up stocks were Haixi Concept (17 stocks), Aerospace (11 stocks), and Big Consumption (8 stocks) [4] - The Haixi Concept is driven by policy catalysts and regional economic recovery expectations [4] - The Aerospace sector is supported by industry policies and the realization of orders [4] - The Big Consumption sector is boosted by policy support and increased consumer spending during the year-end peak [4] Limit-Up Stock List - Six stocks reached historical highs, including Hezhi China, Fuzhong Technology, Wuzhou New Spring, Dongtian Micro, Zhishang Technology, and Ice Wheel Environment [5][6] Main Capital Flow - The top five stocks with the highest net inflow of main capital included Fulongma, Demingli, Aerospace Power, Yonghui Supermarket, and Hainan Development [7] - The top five stocks with the highest net inflow as a percentage of market value were Fulongma, Rongji Software, Yinbang Shares, Nankuang Group, and Huamai Technology [7][8] Continuous Limit-Up Situation - There were 48 stocks that hit their first limit-up, 20 stocks that achieved a second consecutive limit-up, and 6 stocks with three or more consecutive limit-ups [9] - The top five stocks with the most consecutive limit-ups included Anji Food, Longzhou Shares, Junya Technology, Ruikang Pharmaceutical, and Double Star New Materials [9]

Market Overview - The A-share market opened high and closed higher, with the Shanghai Composite Index rising by 0.54%, the Shenzhen Component Index by 1.39%, the ChiNext Index by 2.6%, and the North Star 50 by 1.27%. The total market turnover reached 2.05 trillion yuan, an increase of 312.6 billion yuan compared to the previous day [2]. CPO Sector Performance - The CPO sector led the market, with "Yizhongtian" dominating the top three spots in A-share trading volume. Companies like Zhongji Xuchuang and Xinyi Sheng had trading volumes exceeding 20 billion yuan, while Tianfu Communication saw a surge of over 60% in the last ten trading days. Other companies like Dongtianwei and Zhishang Technology hit the daily limit of 20% [5][4]. AI and Optical Module Demand - Major tech companies like Microsoft, Nvidia, and Anthropic announced a $30 billion investment to expand AI capabilities on the Microsoft Azure cloud platform, supported by Nvidia's computing power. The demand for optical modules is expected to grow significantly, with projections indicating that the demand for 800G optical modules will continue to rise rapidly, and the shipment scale for 1.6T modules will also increase substantially [7]. - The optical module industry is anticipated to enter a new growth phase in Q1 2026, driven by capacity releases from leading manufacturers in mainland China and Thailand. The industry is expected to maintain high prosperity due to the ongoing demand for AI computing power [8]. Commercial Aerospace Sector - The commercial aerospace sector showed strong performance, with companies like Feiwo Technology and Yinbang Shares hitting the daily limit of 20%. The National Space Administration recently issued a plan to promote high-quality development in commercial aerospace, outlining 22 key measures to support the industry [12]. - Internationally, SpaceX has initiated a secondary transaction with a valuation of $800 billion and plans for an IPO in 2026, which could position it as the highest-valued private tech company globally. This event intensifies competition in low Earth orbit resources and technology routes [12]. Securities Sector Dynamics - The securities sector experienced a pullback after an initial surge, with firms like Industrial Securities reaching a peak before closing up by 6.94%. The China Securities Regulatory Commission emphasized the need for securities firms to shift from price competition to value competition, encouraging resource integration and the use of mergers and acquisitions [14][16]. - Analysts suggest that optimizing capital leverage could enhance the long-term growth potential of securities firms, particularly benefiting leading firms in capital intermediation businesses such as margin trading and derivatives [16].

Core Viewpoint - The CPO concept stocks have strengthened again, with Tianfu Communication reaching a historical high of 238.5 yuan per share, reflecting a year-to-date increase of 159% and a market capitalization of 184.2 billion yuan [1] Industry Summary - The global optical module industry is accelerating its upgrade to 800G/1.6T driven by AI computing power demand, with optical isolators becoming a critical bottleneck due to a global supply shortage of Faraday rotators [1] - Continuous deployment of AI applications such as Google's new model and Amazon's Trainium3 is expected to drive the construction of computing infrastructure, creating investment opportunities in the related industry chain [1] Company Summary - Tianfu Communication is a core supplier of optical devices and components for optical modules and is also a manufacturer of 800G and 1.6T optical modules, possessing key technologies such as multi-channel fiber coupling arrays and high-power optical engines [1] - The company has achieved mass production capability for 800G and 1.6T high-speed optical engines, with normal deliveries of 1.6T optical engine products [1] - The production capacity is expanding, with the first phase of the Thailand production base expected to be operational by mid-2024 and the second phase launched in 2023, with increased capacity anticipated by 2026 [2] - In the first three quarters of the year, Tianfu Communication reported revenue of 3.918 billion yuan, a year-on-year increase of 63.63%, and a net profit of 1.465 billion yuan, up 50.07% year-on-year [2] - However, the third quarter saw a sequential revenue decline of 3.23% to 1.463 billion yuan, with net profit growth slowing to 0.80% due to supply chain constraints [2] - Despite the stock price surge, the controlling shareholder and executives have been frequently reducing their holdings, with a planned transfer of 8.5 million shares at 140 yuan per share [2]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report emphasizes a bullish outlook on copper, driven by warehouse cancellations and supply-demand dynamics, suggesting that adjustments in price should be seen as buying opportunities [6] - The report also highlights the performance of precious metals, particularly silver, which has shown volatility but is expected to perform well in the long term due to ongoing de-dollarization trends and ETF inflows [5] - The aluminum market is following copper's upward trend, although it is experiencing seasonal demand weakness [7] - Tin prices are influenced by geopolitical factors, with expectations of long-term supply tightness despite recent price corrections [8] - Tungsten prices are reaching new highs due to supply constraints and export controls, indicating a persistent upward trend in the industry [9] - Investment suggestions include companies such as Shengda Resources, Xingye Silver Tin, Chifeng Gold, Shenhuo Co., and Zijin Mining [10] Summary by Sections Industry Performance - The non-ferrous metals sector saw a weekly increase of 4.30%, ranking second among industry sectors [18] Prices - LME copper rose by 4.38%, aluminum by 1.24%, zinc by 1.56%, lead by 1.41%, and tin by 2.23% during the week [21] Inventory - Global visible copper inventories increased by 8,709 tons, while aluminum saw a decrease of 10,852 tons, indicating varied inventory trends across metals [35][37]

AI算力爆发，引发全球用电紧张，此前，微软声称AI行业的发展瓶颈是缺电，AI算力引发的电力缺 口、电网升级的刚性需求，都为行业长期发展提供了有力支撑。 中信证券表示，"十五五"规划建议中进一步明确了新型能源体系的重要地位，针对电力系统建设指引了 消纳、韧性、电气化等中长期的发展重心。该机构认为，政策进一步指引和夯实了特高压、柔性直流输 配电、数智化电网等环节的中长期机遇。同时，中短期来看，输变电设备内外需景气共振，结构性需求 持续显现，特高压、智能电网等环节有望迎来景气反转。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达65%，全市场最高。 （文章来源：每日经济新闻） 12月8日，A股三大指数集体反弹，电网设备板块近期呈现企稳反弹迹象，截止14点30分，全市场唯一 的电网设备ETF（159326）涨幅0.28%，成功站上20日均线，实时成交额达3.2亿元，持仓股宝胜股份涨 停，中能电气涨超8%，东材科技、金龙羽、电工合金 ...

Core Insights - The article discusses the upcoming GAIR 2025 conference, focusing on the evolution of AI technology and the strategic development of domestic AI chips in China, aiming to explore the future of the intelligent industry both locally and globally [1][3]. Event Overview - The GAIR 2025 conference will take place on December 12-13, 2025, in Shenzhen, featuring three thematic forums that will cover topics such as large models, embodied intelligence, computational power transformation, and world models [2][24]. - The conference aims to gather global scholars, entrepreneurs, and investors to share insights and advancements in AI technology [2][3]. Key Themes - The conference will focus on two main themes: 1. "Who is the next Cambrian?" which will analyze the potential leaders in the AI chip sector and their paths to commercialization [5][6]. 2. "Who will define China's intelligent computing future?" which will explore the evolution of intelligent computing systems and their integration into various industries [10][11]. Morning Session Highlights - The morning session will feature discussions on the challenges and opportunities facing domestic AI chips, including ecosystem construction and the growth logic of startups [7][8]. - Notable speakers include experts from leading universities and companies, providing insights into the future of AI chip technology [9]. Afternoon Session Highlights - The afternoon session will delve into the operational sustainability, architectural extensibility, and commercial viability of intelligent computing systems [11][12]. - Key discussions will focus on how to build a robust computational infrastructure and the transition from construction to commercial closure [12][18]. Conclusion - GAIR 2025 aims to be a platform for deep dialogue and collaboration among industry leaders, fostering innovation and the integration of technology, industry, and capital to drive the growth of the intelligent era [19][20].