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 ...

Core Viewpoint - Taihe New Materials (002254.SZ) is actively developing materials for robotics, with its aramid paper already being utilized as insulation material in robotic servo motors [1] Group 1 - The company has confirmed that its aramid paper is being used in insulation for robotic servo motors [1] - The company is also focused on the development of additional materials suitable for robotics applications [1]

格隆汇12月8日丨中南文化(002445.SZ)在投资者互动平台表示，公司目前的产品暂无应用于机器人和无 人机领域。 ...

格隆汇12月8日丨中南文化(002445.SZ)在互动平台表示，公司目前的产品暂无应用于机器人和无人机领 域。 ...

格隆汇12月8日丨兆新股份(002256.SZ)在投资者互动平台表示，青海锦泰核心产品涵盖氯化钾等钾肥品 类及碳酸锂等新能源领域关键原材料，将依托自身资源禀赋构建核心优势。公司当前暂未涉及机器人相 关业务，未来将聚焦行业发展趋势与自身资源优势，积极探索新的增长路径。若后续推出收购、重组等 事项，公司将严格按照相关法律法规的要求，及时履行信息披露义务。 ...

Investment Rating - The report indicates a strong growth potential for the LiDAR industry, with a projected market size increase from $300 million in 2020 to $17.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 60.6% [4]. Core Insights - The global LiDAR market is experiencing rapid growth, transitioning from mechanical to semi-solid and eventually to fully solid-state technologies, with costs significantly reduced to the "thousand-yuan level," facilitating adoption in mainstream vehicles and expanding into robotics and industrial automation [4]. - The upstream core components (lasers, detectors) have a low domestic production rate, dominated by companies from Europe, the US, and Japan, while the midstream market is primarily occupied by Chinese firms, which hold over 60% of the global market share [4]. - The primary application of LiDAR is in the automotive sector, with increasing demand driven by the penetration of L2+ intelligent driving systems, while robotics is emerging as a second growth driver, expected to reach a market size of $5.1 billion by 2029 [4]. Summary by Sections 1. Introduction to LiDAR - LiDAR is a sensing technology that uses pulsed laser beams to measure distances, providing high-resolution data unaffected by lighting or weather conditions [5]. 2. Advantages of LiDAR Products - LiDAR excels in three-dimensional perception and all-weather night vision capabilities, outperforming other sensors like millimeter-wave radar and cameras in terms of resolution and adaptability [11]. 3. Technological Pathways - The technology has evolved from mechanical scanning to semi-solid and fully solid-state systems, with significant improvements in size, cost, and performance [14]. 4. Industry Development - The LiDAR industry has progressed through four phases: technology emergence (pre-2007), automotive-driven growth (2010-2021), cost reduction and expansion (2022-2024), and the transition to fully solid-state technology (2025 and beyond) [17]. 5. Market Size - The global LiDAR market is expected to grow from $300 million in 2020 to $1.6 billion by 2024, with a CAGR of 52%, and further to $17.1 billion by 2029, indicating a high growth phase [18]. 6. Industry Value Chain - The LiDAR industry encompasses upstream components, midstream product integration, and downstream applications, with a focus on ADAS and robotics [24]. 7. Upstream Industry - The upstream segment is characterized by low domestic production rates of core components, with most high-end parts sourced from foreign companies [25]. 8. Midstream Industry - The midstream sector is highly concentrated, with four out of the top five global suppliers being Chinese companies, reflecting a significant shift in market leadership [26]. 9. Downstream Applications - Automotive applications dominate the LiDAR market, with the share of automotive use expected to rise from 50% in 2022 to over 63% by 2024, driven by the adoption of intelligent driving technologies [32]. 10. Future Opportunities - The industry is poised for growth due to economies of scale, policy support for intelligent driving, and advancements in digital chip technology [49]. 11. Challenges Ahead - Despite significant cost reductions, LiDAR remains more expensive than alternatives like millimeter-wave radar, posing challenges for broader adoption [51].

12月8日，A股三大指数高开。科创50ETF（588000）早盘持续拉升，最大涨幅为1.79%。盘面上， 持仓股佰维存储大涨7.21%，前四大持仓股涨幅均超3%，寒武纪上涨3.46%，海光信息上涨4.19%，中 芯国际上涨3.08%，澜起科技上涨3.36%；资金上，科创50ETF（588000）近期持续受到资金青睐，近五 日资金净流入12.98亿元。截至发文，科创50ETF（588000）成交额达20.38亿元。 消息面上，据悉，联想、戴尔、惠普等都计划涨价，涨幅最高达到20%。其中，联想已开始通知客 户即将进行涨价调整。当前所有的服务器和电脑的报价将于2026年1月1日到期，届时新的报价将会大幅 涨价。戴尔同样向客户发出了涨价预警。惠普CEO则警告称，2026年下半年"可能尤其艰难"，必要时将 上调价格。他指出，内存芯片约占一台PC成本的15%~18%。 展望后市，华泰证券表示，闪迪、美光、三星等海外存储原厂陆续发布涨价函，奠定2025Q4存储 价格持续上涨趋势。我们看到AI数据中心建设持续加码、AI应用进一步深化对存储需求的显著拉动， 且短期存储产能供给释放有限，看好2026年存储周期持续上行。国内存储模 ...

Group 1 - The current market trading focus is on the technology sector, with strong performance in the semiconductor and domestic computing power sectors [1] - The listing of Moore Threads on the Sci-Tech Innovation Board saw a significant surge, leading to a revaluation of the semiconductor industry chain and igniting interest in upstream and downstream sectors such as photolithography machines and advanced packaging [1] - As the Central Economic Work Conference approaches, policy signals are expected to concentrate on structural optimization and stable growth, benefiting core areas of the technology chain such as robotics, storage, and consumer electronics due to improved liquidity and rising risk appetite [1] Group 2 - The Guotai Sci-Tech Innovation Index ETF (589630) tracks the Sci-Tech Innovation Index (000680), with a single-day fluctuation of 20%, reflecting the overall performance of eligible listed companies on the Sci-Tech Innovation Board [1] - The index has a balanced industry distribution, focusing on "hard technology" fields such as electronics, biomedicine, and machinery equipment, showcasing the high growth potential and core characteristics of technological innovation on the Sci-Tech Innovation Board [1]

Core Insights - The report indicates that the market is experiencing a bullish trend, although it may enter a phase of wide fluctuations in the short term. The current index has significant room for growth compared to previous bull markets, but the duration of the bull market may be more critical than the magnitude of the increase due to government policies promoting a "slow bull" market [2] - The report highlights the attractiveness of fixed-income assets in a low-interest-rate environment, suggesting that the 10-year government bond ETF offers a favorable risk-reward ratio for investors [3] - The report notes that the A-share market is showing signs of recovery, with a focus on defensive and consumer sectors in the short term, while TMT and advanced manufacturing sectors are recommended for medium-term investment [4] Market Data Summary - The A-share market indices showed positive performance, with the Shanghai Composite Index closing at 3902.81, up 0.70%, and the Shenzhen Component Index closing at 13147.68, up 1.08% [8] - The report indicates a slight net inflow into stock ETFs, with small and mid-cap theme ETFs being the main contributors to this inflow [4] - The report also mentions that the issuance of credit bonds increased by 16.86% month-on-month, with a total issuance of 13153.34 billion yuan in November 2025 [7] Industry Research Summary - The report categorizes the electric power equipment and new energy sector into high-growth segments (such as AIDC power supplies, solid-state batteries, hydrogen ammonia, and energy storage) and "anti-involution" segments (including lithium batteries, wind power, and photovoltaics), each presenting unique investment opportunities [12] - The chemical industry is expected to see a recovery in profitability due to macroeconomic improvements and supply-side policy advancements, with a focus on sectors like phosphate chemicals, potassium fertilizers, and lithium battery materials [14] - The report emphasizes the investment potential in the hydrogen ammonia and energy storage sectors, particularly in the context of domestic bidding and overseas opportunities [15]

Core Viewpoint - The company is currently in the business integration and technical validation stage for its robotic tendon protection sleeve products, with various factors influencing production processes and equipment selection [1] Group 1: Business Development - The company is focusing on the integration of its robotic tendon protection sleeve products, which are still undergoing business alignment and technical validation [1] - Production processes, verification of domestic fully electric injection molding machines, and future equipment selection will depend on R&D progress, customer needs, and actual business advancement [1] Group 2: Confidentiality and Future Outlook - Certain information related to the company's operations is subject to confidentiality agreements and cannot be disclosed at this time [1] - The company will continue to monitor the development and progress of domestic high-end equipment technology and its potential for replacement [1]