每日经济新闻 今日早盘，AI产业链题材局部活跃，CPO、消费电子等板块涨幅居前，指数层面，创业板成长指数上涨1.9%，创业板指数上涨1.1%，创业板中盘200指数下 跌0.01%，创业板ETF（159915）半日成交额约23亿元。Wind数据显示，该ETF最新规模超1000亿元，位居创业板相关ETF第一。 ...

截至收盘，创业板成长指数上涨3.2%，创业板指数上涨2.6%，创业板中盘200指数上涨1.7%，创业板ETF（159915）全天成交额超40亿元。Wind数据显示， 该产品最新规模近1000亿元，位居同类产品第一。 有分析称，展望短期未来，市场对美联储降息预期较高，且市场近两日表现也说明在前期情绪释放后，市场对日本加息等其它流动性利空消息相对钝化，创 业板在整体市场震荡环境下有望体现更好的回补弹性。在技术面上，前两日的下影阳线叠加今日的放量上涨，可同时关注创业板长期配置价值和短期交易节 奏。 每日经济新闻 ...

策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 2025 年 12 月 07 日 证券研究报告 | 策略周报 由守转攻，布局高景气方向等风起 敬请参阅报告结尾处免责声明 华宝证券 1/9 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 企稳 —策略周报》2025-11-23 2、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 3、《波动再度放大，如何应对？ —策略 周报》2025-10-12 4、《长假期间国内外大事一览—策略周 报》2025-10-09 5、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 投资要点 分析师：刘芳 【债市方面】年末仍有扰动，静待利空落地。年末多重因素仍可能限制债市 表现，银行负债端成本管理加强，导致资产端通过拉长久期的诉求减弱；同时 年末机构卖出获利老券兑现利润需求提升，也削弱了往年的"抢配"行情；此 外 ...

从估值层面来看，创业板成长ETF跟踪的创成长最新市盈率（PE-TTM）仅38.18倍，处于近10年 39.00%的分位，即估值低于近10年61.00%以上的时间，估值适中。 建议逢低关注。 截至2025年12月5日 10点44分 ，A股三大指数涨跌互现，上证指数跌0.15%，深证成指涨0.08%，创 业板指涨0.14%。创业板成长ETF（159967）上涨0.51%，最新报价0.596元，盘中成交额1.1亿元，换手 率3.41%。成分股方面涨跌互现，太辰光领涨8.12%，光库科技上涨6.38%，天孚通信上涨5.16%，惠城 环保上涨3.31%，锐科激光上涨2.41%；鼎龙股份领跌1.45%，深信服下跌1.27%，全志科技下跌1.23%， 胜宏科技下跌1.07%，汇川技术下跌0.78%。 从近期表现来看，创业板成长ETF走势明显强于创业板指数近8个交易日上涨8.81%，同期创业板指 数上涨4.73%。 | 涨跌幅 | | | 振唱 | (VI /7 / | | --- | --- | --- | --- | --- | | 159967(创业板成长) . | 0.0 | 0.048 | | % 1298.20% ...

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net profit for the last quarter [3] - It emphasizes the company's strategic investments in research and development, which are expected to drive future growth [3] Financial Performance - The company reported a revenue of $10 billion for the last quarter, representing a 15% increase year-over-year [3] - Net profit reached $2 billion, marking a 20% increase compared to the same period last year [3] Strategic Initiatives - The company has increased its R&D spending by 25% to $1 billion, focusing on innovative technologies and product development [3] - Partnerships with other tech firms are being pursued to enhance product offerings and market reach [3] Market Position - The company maintains a strong market share of 30% in its sector, positioning it as a leader among competitors [3] - The article notes that the overall industry is expected to grow by 10% annually, providing a favorable environment for the company [3]

Group 1 - The domestic commodity futures market showed mixed results, with the shipping index (European line) rising over 3% and lithium carbonate dropping over 4% [1] - The China convertible bond index closed down 0.67%, with notable gainers including Zhongneng Convertible Bond and Zhenhua Convertible Bond, which rose 13.15% and 9.57% respectively [1] - The ETF market had varied performances, with the Asia-Pacific Selected ETF leading gains at 2.35%, while the Nikkei 225 ETF fell by 5.76% [1] Group 2 - UBS Securities expressed a positive mid-term outlook for the A-share market, suggesting that growth style remains the main investment theme, with the ChiNext board showing a favorable risk-reward ratio [2] - In the context of AI investments, Invesco's Chief Global Market Strategist noted that the potential of AI is undeniable, but the ultimate winners in the sector will take time to identify, recommending a diversified investment approach [2] - CICC highlighted that the market's upward trend is likely to continue, with structural highlights in sectors such as AI computing power, machinery, automotive, and innovative pharmaceuticals [2] Group 3 - The Chief Economist of AVIC Securities indicated that external risks are easing, leading to improved market risk appetite, and suggested a balanced investment approach focusing on themes like smart technology and aerospace [3] - The recent announcement regarding gold tax policies aims to encourage on-site gold trading by clarifying distinctions between investment and non-investment uses [2]

打新平台与项目分析 - Buidlpad 上的 @MMTFinance 项目问题本质是参与者过多导致资源分配不足[1] - Buidlpad 推出创业板 Vibe，可能存在一定的 alpha 机会[1] - 中文区域买盘和资金量过大，对打新阶段的资源分配造成压力[1] 市场趋势与周期 - 公平发射到 VC 币再到公平发射的周期切换速度加快，以往三个月以上的周期现在缩短到一个甚至几周[1] - 以 Bsc meme 为代表的新一轮，一个月内市值从 4 美元增长到 500 million 美元，达到天花板位置[1]

Core Viewpoint - The article highlights the significant evolution of the ChiNext market over the past 16 years, showcasing its role as a bridge between innovation and finance, and its success in nurturing a diverse range of companies, particularly in technology and emerging industries [1][6][20]. Group 1: Historical Development - The ChiNext was established on October 30, 2009, as a response to the demand for a platform supporting innovation and entrepreneurship in China, growing from 28 initial companies to 1,389 listed companies with a total market capitalization exceeding 17.67 trillion yuan [1][6]. - The ChiNext has consistently outperformed the CSI 300 index in various market cycles, with maximum increases of over 580% from 2012 to 2015, 200% from 2018 to 2021, and over 110% in the current cycle from September 2024 to October 2025 [3][4]. Group 2: Market Performance and Investor Engagement - As of October 29, 2025, the number of investors in the ChiNext exceeded 50 million, with the total scale of ETFs tracking the ChiNext index surpassing 187 billion yuan, indicating strong investor interest and participation [6][29]. - The ChiNext has evolved from primarily small companies to a mix of large, medium, and small enterprises, reflecting its growth and the diverse opportunities it offers [6][10]. Group 3: Notable Companies and Success Stories - The ChiNext hosts prominent companies such as CATL in the electric vehicle sector, Mindray in medical devices, and Eastmoney in internet finance, illustrating the market's diversity and the emergence of "star stocks" [2][18]. - Companies like EVE Energy have successfully leveraged the ChiNext for funding, raising over 20.1 billion yuan to develop a competitive lithium battery platform, showcasing the market's role in supporting technological innovation [8][20]. Group 4: Innovation and Sectoral Focus - The ChiNext has been pivotal in supporting new industries, particularly in renewable energy and biotechnology, with companies like Ningde Times achieving significant revenue growth from 19.997 billion yuan to 400.917 billion yuan, a nearly 19-fold increase [18][19]. - The article emphasizes the importance of R&D investment, noting that ChiNext companies generally have a higher R&D intensity compared to the A-share market average, reflecting a commitment to innovation [20]. Group 5: Future Trends and AI Revolution - The ChiNext is currently experiencing a surge driven by artificial intelligence, with companies in the AI sector showing remarkable growth, such as Zhongji Xuchuang, which has seen its stock price increase by 30 times since the AI wave began [22][24]. - The article predicts that the ChiNext will continue to play a crucial role in the integration of technology, industry, and finance, particularly in the context of the ongoing AI revolution [24][30].

Core Insights - The report highlights that in Q3 2025, the performance of the power equipment, military industry, and pharmaceuticals has accelerated upward, with a disclosure rate of 99.5% for quarterly reports. The cumulative year-on-year net profit for the entire A-share market and non-financial A-shares increased by 5.9% and -0.1%, respectively, compared to Q2, which represents an improvement of 3.2 and 0.3 percentage points. Revenue year-on-year decreased by 1.2% and 3%, respectively, but showed a marginal improvement compared to Q2 [2][6][9] Performance Overview - In terms of sectors, the ChiNext board outperformed, with a cumulative year-on-year net profit growth of 18.8%, an increase of 7.4 percentage points from Q2. The Sci-Tech Innovation Board saw a year-on-year decline of 3.9%, but this was an improvement of over 20 percentage points compared to Q2 [6][9] - From an index perspective, the ChiNext Index and CSI 300 performed well, with cumulative year-on-year net profit growth of 0.7% and 0.2% in Q3 2025, while the North Star 50 index lagged behind [6][9] - Industry-wise, power equipment, military, pharmaceuticals, and communications showed continuous improvement in both performance and revenue over two consecutive periods, indicating a strong upward trend. The steel, military, non-bank financials, and non-ferrous metals sectors exhibited the most significant quarter-on-quarter improvements in Q3 [6][9][10] Sector Performance - The report provides detailed performance metrics for various sectors in Q3 2025. For instance, the power equipment sector recorded a 50% year-on-year growth in net profit, while the military sector saw a 73% increase. The pharmaceuticals sector, however, reported no growth in net profit [10] - The report also highlights that the coal sector experienced a significant decline, with a year-on-year net profit decrease of 24%, while the steel sector showed a remarkable recovery with a 203% increase [10]

Group 1 - The article discusses the recent financial performance of a leading company in the technology sector, highlighting a revenue increase of 15% year-over-year, reaching $5 billion [3] - The company has successfully expanded its market share, now holding 25% of the industry, which is a 5% increase from the previous year [3] - The article emphasizes the company's strategic investments in research and development, which have grown by 20% to $1 billion, aiming to enhance product innovation [3] Group 2 - The overall industry is experiencing a growth trend, with a projected compound annual growth rate (CAGR) of 10% over the next five years [3] - Competitive analysis reveals that the company is outperforming its main rivals, who have only achieved a 10% revenue growth during the same period [3] - The article notes potential challenges in the supply chain, which could impact future production capabilities, although specific figures are not provided [3]