■张敏 2025年，A股市场交易活跃度持续提升。截至12月30日，全年累计成交金额达417.8万亿元，同比增长超 60%。在此之前，上证指数连续9个交易日上涨，引发市场广泛关注。 在政策护航下，2025年，多个高科技领域迎来了从技术突破到产业落地的关键跨越，生动印证了市场正 在实践的科技叙事。 今年以来，以DeepSeek为代表的国产大模型取得关键突破，推动行业重心从技术攻坚转向真实场景落 地；机器人领域加速从"技术展示"到"商业闭环"的快速演进，以宇树科技为代表的企业不仅产品亮 相"惊艳全场"，更凭借亿元级商业订单，完成了从实验室到规模化赋能产业的进阶；国产创新药全年对 外授权(licence-out)金额突破1000亿元大关，凸显行业全球竞争力提升；商业航天领域，朱雀三号、长 征十二号甲先后发射，不仅实现了技术上的重大突破，更进一步推动可重复使用火箭技术从试验阶段迈 向工程化应用。 这些高新科技产业的崛起，不仅展现了各自鲜明的演进路径，更强劲拉动了上下游产业链的订单增长与 整体价值提升。 制度护航与产业突破形成合力，正深刻改变A股市场的整体生态。 这种变化最直观的体现是A股行业结构的优化。十年前，金融、地 ...

（来源：智通财经） 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经12月30日电，据海南日报，12月30日，海南省航天领导小组会议在海口召开，听取海南商业航 天发射场2026年发射计划安排、商业发射任务组织指挥模式优化、相关系统和配套项目论证建设等情况 汇报，研究部署下一步工作。会议指出，要抢抓商业航天发展战略机遇期，狠抓重大牵引性项目建设， 扩大商业航天的先发优势，培育"向天图强"新质生产力，力争在全国乃至全球商业航天领域占据更加重 要的地位。要顺势而为，强化商业航天产业链招商，提升航天旅游产品和服务质量，做好航天领域人才 保障、服务配套、营商环境等各方面工作，切实将全国首个商业航天发射场的行业优势、自贸港政策优 势和"三度一色"优势，转化为项目实体、经济流量、产业集聚。 ...

Group 1 - Dongjie Intelligent has decided to terminate the planning of a major asset restructuring involving the acquisition of control over Aobo Intelligent Technology, with no adverse impact on its business operations or financial status [2] - Aobo Intelligent's stock will resume trading on December 31, 2025, after a one-month commitment not to plan any major asset restructuring [2] - Aoyuan Ceiling announced a change in its actual controller to Shi Qiming, following a share transfer agreement involving significant shareholders [3] - The share transfer price is set at 29.41 yuan per share, with the new controller acquiring a total of 29.99% of the voting rights [3] Group 2 - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. for cash, which is expected to constitute a major asset restructuring [4] - The acquisition will enhance Mingde Bio's emergency rescue business, extending its services from medical institutions to industrial and household scenarios [4] - China National Airlines intends to purchase 60 Airbus A320NEO aircraft for a total catalog price of approximately $9.53 billion, with deliveries scheduled between 2028 and 2032 [6] Group 3 - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronic Engineering Design Institute for a transaction price of 6.026 billion yuan [7] - Jiangmei Packaging has experienced significant stock price fluctuations, with a potential application for suspension of trading if prices continue to rise abnormally [8] - Shichuang Energy's actual controller has undergone a divorce, resulting in a transfer of shares valued at approximately 446 million yuan [9] Group 4 - Shengxin Lithium Energy intends to acquire a 30% stake in Qicheng Mining for 2.08 billion yuan, aiming for full ownership post-transaction [10] - Yanshan Co. plans to acquire a 51% stake in Wukuang Yanshan for 4.605 billion yuan, with the transaction subject to shareholder approval [11] - Enjie Co. plans to use up to 3 billion yuan of idle funds to purchase bank wealth management products [12] Group 5 - Zijin Mining expects a net profit increase of 59%-62% for 2025, driven by higher production and sales prices of key mineral products [17] - Zhongju High-tech plans to repurchase shares worth between 300 million and 600 million yuan for capital reduction purposes [19] - Baili Tianheng intends to repurchase shares for 100 million to 200 million yuan, with a maximum price of 546 yuan per share [20] Group 6 - Shenxin Technology's major shareholder plans to reduce its stake by up to 3% due to funding needs [23] - Chaojie Co. has completed its previously disclosed share reduction plan, with a total reduction of 3.00% of the company's total shares [24] - Youbo Technology's major shareholder plans to reduce its stake by up to 2.96% for operational needs [25] Group 7 - Shensi Electronics has won a bid for a 200 million yuan project related to low-altitude flight management services [29] - Zhejiang Construction's subsidiary has signed an 1.8 billion yuan construction contract for a university campus project [30] - Jinpan Technology has signed a contract for an overseas data center project worth approximately 696 million yuan [31]

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]