金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上昨夜今晨的财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及 政策更新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 中信建投2026年度十大展望：A股、经济、产业多领域预判 中信建投对2026年作出十大展望。包括A股牛市有望持续，驱动逻辑延续强化；资本市场"新四牛"推动 市场向上；2026年铜价或因2025年金价上涨逻辑上行；预计GDP增长目标5%左右，增速或呈"前低后 高"；"十五五"规划刺激经济，财政赤字率扩张；中国经济或有关税缓和、科技创新等五大亮点；算 力、人形机器人、储能、医药等产业也有新发展机遇。 详情>> 特朗普推迟家具与橱柜关税上调，物价压力下调整策略 当地时间2025年12月31日，特朗普签署公告将软体家具、橱柜和浴室柜的关税上调推迟至2027年，现行 25%的关税税率继续维持。分析认为，这是在选民对物价不满背景下，放缓加征关税节奏。此前特朗普 因加征关税面临诸多批评，且美国企业破产数量激增，就业市场也受影响。 详情>> 贵金属市场火爆，黄金白银消费端热度高 ...

Core Viewpoint - The communication ETF (515880) has shown exceptional performance in the A-share market, achieving a year-to-date increase of 125.81% as of December 31, making it the top-performing ETF in the market [1] Group 1: Market Performance - The communication ETF (515880) has been identified as the "top gainer" in the ETF market for the year 2025, driven by the narrative surrounding AI [1] - As of December 22, the communication ETF has a leading scale among its peers, with over 48% of its holdings in optical modules and nearly 20% in servers, indicating a strong foundational support for overseas computing power [1] Group 2: Future Outlook - Looking ahead to 2026, computing power is expected to remain one of the most promising sectors in technology, with Google’s comprehensive AI ecosystem potentially accelerating advancements in the AI industry [1] - The demand for optical modules is projected to exceed supply in 2026, with expectations for continued growth in pluggable optical modules and enhanced market increments from emerging technologies like CPO [1]

Group 1 - The core viewpoint of the article highlights the remarkable performance of the Yongying Technology Smart Selection Fund, managed by Ren Jie, achieving a unit net value growth rate of 233.29%, making it the top-performing fund in the public offering market for 2025, surpassing the previous record held for 17 years [1][3] - The fund, established on October 30, 2024, reached a scale of 11.521 billion yuan by the end of Q3 2025, with 91.59% of its total assets invested in stocks, primarily focused on the global cloud computing industry and key sectors like optical communication and PCB [3][10] - Ren Jie emphasizes that the current market rally is underpinned by a more solid foundation than in the past, driven by internal changes in the Chinese economy, with new productive forces becoming a new engine for economic growth [9][10] Group 2 - The investment strategy of Ren Jie is characterized by a focus on capturing "changes" in the market, relying on deep research to understand industry dynamics and company fundamentals, rather than short-term market sentiments [5][7] - Ren Jie transitioned from traditional industry classifications to a trend-based investment framework, allowing for a broader understanding of technological advancements and cross-industry opportunities, particularly in AI and cloud computing [6][10] - The article notes that the global cloud computing industry remains a key area of focus, with significant developments in AI models and their commercialization, indicating a potential for higher investment levels in the sector [10][11] Group 3 - Ren Jie advises that any risk asset is not guaranteed to rise indefinitely, urging investors to manage their expectations and understand the risk-return profile of the funds they invest in [4][12] - Recommendations for investors include implementing risk control measures before making investment decisions, diversifying investments to mitigate risks, and avoiding attempts to predict short-term market fluctuations [13] - The article underscores the importance of a rational approach to investment, particularly in high-growth sectors, and emphasizes the need for investors to be aware of the inherent volatility associated with such investments [4][12][13]

Group 1 - The core viewpoint indicates that the A-share market is expected to continue a "slow bull" trend in 2026, with stable index support and technology growth as the main focus [2][5] - The sectors expected to lead the market include artificial intelligence and computing power, which are part of the hard technology track [2][5] - High dividend yield assets are highlighted as having significant bottom-line value, providing stable cash flow in an environment of weak economic recovery and declining interest rates, with current valuations at relatively low levels [2][5] Group 2 - The total trading volume in the two markets reached 2.05 trillion yuan, a decrease of 972 billion yuan from the previous day [5] - The number of stocks that rose and fell in the market was 2,776 and 2,474 respectively, indicating a mixed performance [5] - The top three sectors for net capital inflow were identified as media, defense, and light manufacturing [5]

Group 1: Core Insights - The top ten stocks of 2025 have all seen price increases exceeding 500%, with the highest being a staggering 1821% for Shangwei New Materials [3][7] - The surge in stock prices is primarily driven by advancements in technology, particularly in computing power, with significant contributions from companies involved in robotics and AI [3][11] Group 2: Individual Stock Performances - Shangwei New Materials has transformed from a traditional chemical materials company to a key player in the robotics industry, benefiting from national policies supporting humanoid robot innovation, resulting in a 23.73% year-on-year revenue growth and a 49.66% increase in net profit for Q3 [7] - Tianpu Co., Ltd. ranks second with a 1662% increase, driven by the TPU theme and expectations surrounding the acquisition by Zhonghao Xinying, with a notable rise in stock price following the positive developments in domestic computing power [11] - *ST Yushun and *ST Yazhen follow with increases of 719% and 636% respectively, indicating a strong performance among ST stocks [3][6] - Shenghong Technology, with a 588% increase, has capitalized on the demand for AI-driven PCB products, reporting a 324% increase in net profit for the first three quarters [12]

Group 1 - The core viewpoint of the article highlights the significant performance of stocks in the A-share market, particularly focusing on the commercial aerospace and robotics sectors, with multiple stocks achieving consecutive trading limits [1] - A total of 63 stocks reached their daily limit up on December 31, indicating strong market activity [1] - Notable stocks include Daya Co., which is part of the commercial aerospace sector and achieved a six-day consecutive limit up, alongside Fenglong Co. in the robotics sector [1] Group 2 - Daya Co. and Fenglong Co. both recorded six consecutive limit ups, showcasing their strong market performance in their respective sectors [1] - Other notable stocks include Tailor Co. with five consecutive limit ups in the commercial aerospace sector, and Hongying Intelligent with three consecutive limit ups in both robotics and commercial aerospace [1] - The article also lists several other stocks with consecutive limit ups, including Yuyin Co. and Leike Defense, further emphasizing the robust activity in the commercial aerospace sector [1]

Core Viewpoint - The communication ETF (515880) has shown exceptional performance in the A-share market, achieving a year-to-date increase of 125.81% as of December 31, 2025, making it the top-performing ETF in the market [1]. Group 1: ETF Performance - The communication ETF (515880) has not only excelled in growth but also in scale, reaching a latest size of 14 billion yuan, which is the largest among its peers, with a nearly 500% increase compared to the beginning of the year [4]. - The ETF's strong performance is attributed to its strategic allocation in key areas of computing power, with 48% in optical modules, nearly 20% in servers, and over 9% in optical fibers, reflecting the fundamental progress in artificial intelligence [7][8]. Group 2: Market Dynamics - The AI narrative has been a significant driver for the communication ETF, with the optical module sector being highlighted as a crucial component in AI data centers, essential for long-distance data transmission [7]. - The market for optical modules is expected to double in growth by 2026, driven by increased demand from GPU and ASIC shipments and ongoing technological advancements [8]. Group 3: Future Outlook - The demand for computing power is anticipated to continue growing, particularly in the inference segment, with advancements in large model training and innovative approaches in video generation [9]. - The overall outlook for 2026 indicates a strong demand for optical modules, with supply likely to fall short, and emerging technologies expected to contribute additional market growth [10].

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating a positive outlook for its stock performance in the coming months [5][11]. Core Insights - The company plans to acquire a 35% stake in Limin Da for 875 million yuan, which will allow it to control 52.78% of the voting rights in Limin Da, subsequently consolidating it into the company's financial statements [3][5]. - Limin Da specializes in thermal management solutions and has been a key player in the industry for over 30 years, focusing on liquid cooling and air cooling technologies [5][6]. - The financial projections for the company show significant growth, with expected revenues increasing from 44.211 billion yuan in 2024 to 73.481 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 16% [4][14]. - The net profit forecast for the company is adjusted to 2.453 billion yuan for 2025, with a projected CAGR of 44% from 2025 to 2027 [5][11]. Financial Data Summary - As of September 30, 2025, the company has a net asset value of 3.18 yuan per share and a debt-to-asset ratio of 55.03% [1]. - The total revenue for Limin Da in Q1-Q3 of 2025 was 486 million yuan, with a net profit of 21.21 million yuan [6][7]. - The company's gross profit margin is projected to improve from 15.8% in 2024 to 18.6% by 2027 [4][14]. Product and Market Position - Limin Da's product offerings include liquid cooling plates, quick connectors, and manifolds, positioning it as a core supplier in the NVIDIA liquid cooling supply chain [5][8]. - The company serves major clients in the computing power industry, including NVIDIA, Intel, and Foxconn, indicating a strong market presence [5][8].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next 6 months [14]. Core Insights - The competition among AI models, particularly between Gemini, OpenAI, and Claude, is expected to enhance user experience and drive advancements in model capabilities [3][7]. - The competition in computing power between Nvidia and Google TPU is intensifying, with Google leveraging its TPU architecture to improve total cost of ownership (TCO) [5][7]. - The semiconductor manufacturing landscape is evolving, with TSMC and Samsung competing in AI chip production, which may accelerate capacity expansion in the AI chip foundry sector [6][7]. Summary by Sections Model Section - Recent releases from Google, including Gemini 3 Pro and others, have heightened market interest and impacted competitors like OpenAI and Claude, leading to a competitive environment that fosters model capability improvements [3]. Computing Power Section - Google is advancing its TPU technology, particularly with the TorchTPU initiative aimed at optimizing the performance of the PyTorch framework on its TPU chips, which could enhance its competitive stance against Nvidia [5]. Capacity Section - AI chip startup Groq has entered a non-exclusive licensing agreement with Nvidia for inference technology, utilizing Samsung's manufacturing capabilities, which may intensify competition in the AI chip foundry market and prompt TSMC to accelerate its production efforts [6].

从个股角度看，上纬新材年内累计涨幅超18倍问鼎最牛股票，天普股份则以超16倍的涨幅紧随其后。 展望2026年，"乘势而上""再攀高峰"成为机构共识，行情脉络有望从估值驱动过渡为盈利支撑。德邦证 券预计科技成长仍是主线，人工智能、算力等硬科技赛道有望继续引领行情；开源证券表示，明年风格 或更均衡，看好科技为先，同时红利风格在2026年的表现会优于2025年。 资金动向 今日主力资金重点抢筹汽车零部件、广告营销、通用设备等板块，主力净流入居前的个股包括山子高 科、中国卫通、硕贝德等。 要闻回顾 1、发改委：2026年提前批"两重"项目安排约2200亿元 支持城市地下管网等281个项目 2025年正式收官！沪指顽强收出11连阳，深成指、创业板指则震荡调整。 纵观全年，主要宽基股指均在4月初触底后一路高歌猛进，沪指从年内低位3040点起步，一度冲破4000 点大关，全年涨幅接近20%，创出近6年来最佳年度表现，创业板指全年涨幅更是高达50%左右。 2025年A股注定载入中国资本市场发展史册：总市值首破百万亿元大关，实现历史性体量跨越；科技板 块强势回归重塑市场主线，成为行情核心引擎；两融余额攀升至2.55万亿元；增量 ...